Document:

Exhibit 10.2

 

EXECUTION VERSION

NINTH AMENDMENT TO CREDIT AND SECURITY
AGREEMENT

 

This NINTH AMENDMENT
TO CREDIT AND SECURITY AGREEMENT, dated as of January 20, 2021 (this “Amendment”), among BDCA-CB Funding, LLC,
as borrower (the “Borrower”), the Lenders (as defined below) party hereto, Citibank, N.A., as administrative
agent (the “Administrative Agent”), U.S. Bank National Association, as collateral agent (in such capacity, the
 “Collateral Agent”) and as custodian (in such capacity, the “Custodian”), and BDCA Senior
Loan Fund LLC (“Equityholder JV”), as collateral manager (in such capacity, “Collateral Manager”),
and acknowledged and agreed to by Business Development Corporation of America (“BDCA”), as the collateral manager
immediately prior to the effectiveness of this Amendment (in such capacity, the “Former Collateral Manager”).

 

WHEREAS, the Borrower,
the Former Collateral Manager, the Administrative Agent, U.S. Bank National Association, as Collateral Agent and Custodian, and
the financial institutions from time to time party thereto as lenders (the “Lenders”) are parties to the Credit
and Security Agreement, dated as of June 27, 2014 (as previously amended and in effect immediately prior to the effectiveness of
this Amendment, the “Existing Credit Agreement”, and as amended by this Amendment and as may be further amended,
supplemented or otherwise modified and in effect from time to time, the “Amended Credit Agreement”; except as
otherwise defined in this Amendment, terms defined in the Amended Credit Agreement are used herein as defined therein).

 

WHEREAS, the Borrower
requests that the Lenders and the Administrative Agent amend the Existing Credit Agreement upon and subject to the terms and conditions
set forth in this Amendment.

 

WHEREAS, these recitals shall be construed as part
of this Amendment.

 

NOW THEREFORE, in consideration
of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto
hereby agree as follows:

 

Section 1. Amendments
to the Existing Credit Agreement. From and after the Amendment Effective Date (as defined below), the Existing Credit Agreement
shall be amended as follows:

 

1.01. References
Generally. References in the Existing Credit Agreement (including references to the Existing Credit Agreement as amended hereby)
to “this Agreement” (and indirect references such as “hereunder”, “hereby”, “herein”
and “hereof”) and each reference to the Existing Credit Agreement in the other Facility Documents (and indirect references
such as “thereunder”, “thereby”, “therein” and “thereof”) shall be deemed to be
references to the Existing Credit Agreement as amended hereby.

 

1.02. Amended
Language. Subject to Section 3 hereof, the Existing Credit Agreement is hereby amended to delete the red, stricken text
(indicated textually in the same manner as the following example: stricken
text) and to add the blue, double-underlined text (indicated textually in the same manner as the following
example: double-underlined text)
as set forth in the pages of the Amended Credit Agreement attached as Exhibit A hereto.

 

     

     

    

 

Section 2. Representations
and Warranties of the Borrower and Collateral Manager. The Borrower and the Collateral Manager represent and warrant to the
Administrative Agent, the Lenders, the Collateral Agent and the Custodian that as of the Amendment Effective Date:

 

2.01. each of the representations
and warranties set forth in the Amended Credit Agreement and in the other Facility Documents are true and correct in all material
respects (or in all respects for such representations and warranties that are by their terms already qualified as to materiality)
as of the date hereof, 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 in all respects for such representations and warranties
that are by their terms already qualified as to materiality) as of such earlier date;

 

2.02. both immediately
before and after giving effect to this Amendment and the transactions contemplated hereby, no Default, Event of Default or Collateral
Manager Default shall have occurred and be continuing, or would result therefrom;

 

2.03. no action, suit
or proceeding (including, without limitation, any inquiry or investigation) shall be pending or threatened with respect to the
financing contemplated hereby or any documentation executed in connection therewith, and no injunction or other restraining order
shall have been issued or a hearing therefor be pending or noticed with respect to this Amendment or the transactions contemplated
hereby;

 

2.04. all necessary
governmental and material third party approvals and/or consents in connection with the transactions contemplated by this Amendment
and otherwise referred to herein shall have been obtained and remain in effect; and

 

2.05. each of the conditions
in Section 3 hereof has been satisfied or waived by the Administrative Agent (other than such conditions to the extent required
to be satisfactory to the Administrative Agent or the Lenders).

 

Section 3. Conditions
Precedent. The amendments to the Existing Credit Agreement set forth in Section 1 above shall become effective as of the date
(the “Amendment Effective Date”), upon which each of the following conditions precedent shall be satisfied or
waived:

 

3.01. Execution.
The Administrative Agent shall have received counterparts of this Amendment executed by the Borrower, the Collateral Manager and
the Lenders.

 

3.02. Amendment
Fee. The Borrower shall have paid the Amendment Fee, as set forth in the Amendment Fee Letter Agreement, dated as of the date
hereof (the “Amendment Fee Letter”), by and among the Borrower, the Collateral Manager and the Administrative
Agent.

 

3.03. Costs
and Expenses. The Borrower shall have paid all reasonable and documented out-of-pocket costs and expenses of the
Administrative Agent, the Collateral Agent, and the Custodian incurred in connection with this Amendment payable pursuant to
Section 12.04 of the Amended Credit Agreement, including without limitation all reasonable and documented fees and
out-of-pocket expenses of counsel to the Administrative Agent incurred in connection with the closing of the transactions
contemplated this Amendment to the extent invoiced at least one (1) Business Day prior to the Amendment Effective Date.

 

    -2-

     

    

 

3.04. Lien Searches.
The Administrative Agent shall have received the results of a recent lien search in the jurisdiction of organization of the Borrower,
Equityholder and the Collateral Manager and each jurisdiction where assets of the Borrower, Equityholder and the Collateral Manager
are located, and such search shall reveal no Liens on any of the assets of the Borrower, Equityholder and the Collateral Manager
except for Permitted Liens.

 

3.05. Good Standing
Certificates. The Administrative Agent shall have received good standing certificates for the Borrower, Equityholder and the
Collateral Manager from their respective jurisdictions of organization.

 

3.06. Certain Documents.
The Administrative Agent shall have received each of the following, unless otherwise agreed by the Administrative Agent:

 

(a)              
a fully executed copy of the Amendment Fee Letter;

 

(b)             
a fully executed copy of the Sale and Contribution Agreement, dated as of the date hereof (the “New Equityholder
Sale Agreement”), by and among the Equityholder and the Borrower;

 

(c)              
a fully executed copy of the Sale and Contribution Agreement, dated as of the date hereof (the “Jsi
Interest Transfer Agreement”), by and among
the Equityholder and BDCA in respect of the transfer by BDCA of its equity interests in the Borrower to the Equityholder;

 

(d)              
a certificate of a Responsible Officer of the Borrower certifying (i) as to its Constituent Documents, (ii) as to its resolutions
or other action of its board of directors or members approving this Amendment, the Amendment Fee Letter, the New Equityholder Sale
Agreement and the other Facility Documents and the transactions contemplated hereby and thereby, (iii) that its representations
and warranties set forth in this Amendment, the Amendment Fee Letter, the New Equityholder Sale Agreement and the other Facility
Documents to which it is a party are true and correct in all material respects as of the Amendment Effective Date (except to the
extent such representations and warranties expressly relate to any earlier date, in which case such representations and warranties
shall be true and correct in all material respects as of such earlier date), (iv) to its knowledge, that no Default or Event of
Default has occurred and is continuing, and (v) as to the incumbency and specimen signature of each of its Responsible Officers
authorized to execute this Amendment, the Amendment Fee Letter, the New Equityholder Sale Agreement and the other Facility Documents
to which it is a party;

 

(e)               a
certificate of a Responsible Officer of the Equityholder and the Collateral Manager certifying (i) as to its Constituent
Documents, (ii) as to its resolutions or other action of its board of managers or members approving this Amendment, the New
Equityholder Sale Agreement, the Jsi Interest Transfer
Agreement and the other Facility Documents and the transactions contemplated hereby and thereby, (iii) that its
representations and warranties set forth in this Amendment, the New Equityholder Sale Agreement and the other Facility
Documents to which it is a party are true and correct in all material respects as of the Amendment Effective Date
(except to the extent such representations and warranties expressly relate to any earlier date, in which case such
representations and warranties shall be true and correct in all material respects as of such earlier date), (iv) to its
knowledge, that no Default or Event of Default has occurred and is continuing, and (v) as to the incumbency and specimen
signature of each of its Responsible Officers authorized to execute this Amendment, the New Equityholder Sale Agreement, the
JV Interest Transfer Agreement and the other Facility Documents to which it is a party;

 

    -3-

     

    

 

(f)               
legal opinions (addressed to each of the Secured Parties) of Ropes & Gray LLP, counsel to the Borrower, Equityholder
and the Collateral Manager, covering customary corporate matters of the Equityholder and the Collateral Manager, substantive nonconsolidation
of the Borrower with the Equityholder or the Collateral Manager, and such other matters as the Administrative Agent and its counsel
shall reasonably request, each in form and substance reasonably satisfactory to the Administrative Agent;

 

(g)              
financing statements in proper form for filing under the UCC with the Delaware Secretary of State in order to perfect the
interests of the Borrower and the Collateral Agent in connection the New Equityholder Sale Agreement; and

 

(h)              
such other instruments, certificates and documents from the Borrower or the Collateral Manager as the Administrative Agent,
any Lender, the Collateral Agent or the Custodian shall have reasonably requested.

 

Section 4. Reference to and Effect Upon
the Existing Credit Agreement.

 

4.01. Except as specifically
amended or waived above, the Existing Credit Agreement and the other Facility Documents shall remain unchanged and in full force
and effect and are hereby ratified and confirmed.

 

4.02. The execution,
delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative
Agent or any Lender under the Existing Credit Agreement or any Facility Document, nor constitute a waiver of any provision of the
Existing Credit Agreement or any Facility Document.

 

Section 5. Reaffirmation.
Each of the Borrower and the Collateral Manager hereby reaffirms its obligations under each Facility Document to which it is a
party. The Borrower hereby reaffirms the grant of security contained in Section 7.01(a) of the Amended Credit Agreement.

 

    -4-

     

    

 

Section 6. Assignment
and Assumption. The Former Collateral Manager hereby irrevocably transfers and assigns to the Collateral Manager,
effective as of the date hereof (i) the Former Collateral Manager’s right, title, and interest in, to and under the
Existing Credit Agreement and the Collateral Administration Agreement, and (ii) any and all duties, obligations, agreements,
representations, warranties and covenants of the Former Collateral Manager under the Existing Credit Agreement and the
Collateral Administration Agreement, including all indemnities set forth therein and responsibility for any damages or claims
that have arisen or may arise in relation to any of the foregoing in the future (the “Assumed
Obligations”). The Collateral Manager hereby irrevocably accepts the assignment of all of the Former Collateral
Manager’s right, title and interest in and to the Existing Credit Agreement and the Collateral Administration
Agreement, accepts assignment to it of the Assumed Obligations effective as of the date hereof, and agrees and acknowledges
that it has become solely liable for the payment and performance of all of the duties, obligations, agreements,
representations, warranties and covenants of the Former Collateral Manager comprising Assumed Obligations, including assuming
responsibility for all indemnities set forth therein and responsibility for any damages or claims that have arisen or may
arise in relation to any of the foregoing in the future. Nothing contained in this Amendment shall be construed as
substitution or novation of the liabilities and obligations outstanding under the Existing Credit Agreement or the other
Facility Documents prior to the date hereof, which shall remain in full force and effect with respect to the Former
Collateral Manager.

 

In furtherance of the
foregoing, the Existing Credit Agreement and each other Facility Document is hereby amended to replace BDCA as the collateral manager
and equityholder with the Equityholder as the “Collateral Manager” and “Equityholder”. After the date hereof,
BDCA shall no longer be a party to the Facility Documents (other than in respect of the Sale Agreement). Nothing contained in this
Amendment shall be construed as a release of BDCA from its obligations under the Sale Agreement, which shall remain in full force
and effect with respect to BDCA.

 

Section 7. Miscellaneous.
This Amendment is a Facility Document for all purposes of the Amended Credit Agreement. This Amendment may be executed in any number
of counterparts, and by different parties hereto on separate counterpart signature pages, and all such counterparts taken together
shall be deemed to constitute one and the same instrument. Delivery of a counterpart signature page by facsimile transmission or
by e-mail transmission of an Adobe portable document format file (also known as a “PDF” file) shall be effective
as delivery of a manually executed counterpart signature page. Section headings used in this Amendment are for reference only and
shall not affect the construction of this Amendment. The Administrative Agent and the Lender hereby direct the Collateral Agent
and the Custodian to execute this Amendment. The Collateral Agent and the Custodian shall be entitled to the same rights, protections
and indemnities available to them under the Amended Credit Agreement.

 

Section 8. GOVERNING
LAW. THIS AMENDMENT, AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT AND ANY CLAIM, CONTROVERSY, DISPUTE
OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AMENDMENT AND THE
TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.

 

[signature pages follow]

 

    -5-

     

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Amendment to be duly executed and delivered as of the day and year first above written.

 

	 	BDCA-CB
    FUNDING, LLC, as Borrower
	 	 
	 	 	By:  
    	/s/
    Nina Baryski
	 	 	Name:
    Nina Baryski
	 	 	Title:
    Authorized Signatory
	 	 
	 	BDCA
    SENIOR LOAN FUND LLC, as Collateral Manager
	 	 
	 	 	By:
    	/s/
    Nina Baryski
	 	 	Name:
    Nina Baryski
	 	 	Title:
    Authorized Signatory

 

[Signature Page to Ninth Amendment to Credit
and Security Agreement]

 

     

     

    

 

	 	Acknowledged and Agreed:
	 	 
	 	BUSINESS DEVELOPMENT CORPORATION
    OF AMERICA, as Former Collateral Manager
	 	 
	 	 	By:   	/s/ Nina Baryski
	 	 	Name: Nina Kang Baryski
	 	 	Title: Chief Financial Officer and Treasurer

 

[Signature Page to Ninth Amendment to Credit
and Security Agreement]

 

     

     

    

 

	 	CITIBANK,
    N.A., as Administrative Agent and as a Lender
	 	 
	 	By:  	/s/
    Vincent Nocerino
	 	 	Name:
    Vincent Nocerino
	 	 	Title:
    Vice President

 

[Signature Page to Ninth Amendment to Credit
and Security Agreement]

 

     

     

    

 

	 	U.S.
    BANK NATIONAL ASSOCIATION, as Collateral Agent and Custodian
	 	 
	 	By:  	/s/
    Stanley Wong
	 	Name:
    Stanley Wong
	 	Title:
    Vice President

 

[Signature Page to Ninth Amendment to Credit
and Security Agreement]

 

     

     

    

 

Exhibit A

 

Form of Amended Credit Agreement

 

[see attached]

 

     

     

    

 

CONFORMED
COPY THROUGH EIGHTHNINTH
AMENDMENT

 

 

CREDIT AND SECURITY AGREEMENT

 

among

 

BDCA-CB FUNDING, LLC,

as Borrower,

 

THE LENDERS FROM TIME TO TIME PARTIES HERETO,

 

CITIBANK, N.A.,

as Administrative Agent,

 

U.S. BANK NATIONAL ASSOCIATION,

as Collateral Agent and as Custodian

 

and

 

BUSINESS
DEVELOPMENT CORPORATION OF AMERICABDCA SENIOR LOAN FUND
LLC, 

as Collateral Manager

 

 

 

Dated
as of June 27, 2014

 

 

     

     

    

 

TABLE
OF CONTENTS

Page

 

	ARTICLE I DEFINITIONS; RULES OF CONSTRUCTION; COMPUTATIONS	1
	 	 
	Section 1.01.	Definitions	1
	Section 1.02.	Rules of Construction	44
	Section 1.03.	Computation of Time Periods	45
	Section 1.04.	Collateral Value Calculation Procedures	45
	 	 	 
	ARTICLE II ADVANCES	46
	 	 
	Section 2.01.	Revolving Credit
    Facility; Approval Requests	46
	Section 2.02.	Making of the Advances	47
	Section 2.03.	Evidence of Indebtedness;
    Notes	48
	Section 2.04.	Payment of Principal
    and Interest	48
	Section 2.05.	Prepayment of Advances	49
	Section 2.06.	Changes of Commitments	50
	Section 2.07.	Maximum Lawful Rate	50
	Section 2.08.	Several Obligations	50
	Section 2.09.	Increased Costs	50
	Section 2.10.	Compensation; Breakage Payments	51
	Section 2.11.	Illegality; Inability to Determine Rates; Effect of Benchmark Transition Event	52
	Section 2.12.	Fees	5452
	Section 2.13.	Rescission or Return
    of Payment	5453
	Section 2.14.	Post-Default Interest	5453
	Section 2.15.	Payments Generally	5453
	Section 2.16.	Replacement of Lenders	5554
	Section 2.17.	Defaulting Lenders.	55 
	Section 2.18.	Benchmark Replacement Setting.	56
	 	 	 
	ARTICLE III CONDITIONS PRECEDENT	5762
	 	 
	Section 3.01.	Conditions Precedent to Initial Advances	5762
	Section 3.02.	Conditions Precedent to Each Borrowing	5964
	 	 	 
	ARTICLE IV REPRESENTATIONS AND WARRANTIES	5965
	 	 	 
	Section 4.01.	Representations and Warranties of the Borrower	5965
	Section 4.02.	Representations and Warranties of the Collateral
    Manager	6368
	 	 	 
	ARTICLE V COVENANTS	6470
	 	 
	Section 5.01.	Affirmative Covenants
    of the Borrower	6470
	Section 5.02.	Negative Covenants of the Borrower	6874
	Section 5.03.	Affirmative Covenants
    of the Collateral Manager	7176
	Section 5.04.	Negative Covenant of the Collateral Manager	7277
	Section 5.05.	Certain Undertakings
    Relating to Separateness	7277
	 	 	 
	ARTICLE VI EVENTS OF DEFAULT	7378
	 	 
	Section 6.01.	Events of Default	7378

 

    i

     

    

 

TABLE
OF CONTENTS

(continued)

Page

 

	ARTICLE VII PLEDGE OF COLLATERAL; RIGHTS OF THE COLLATERAL AGENT	7681
	 	 
	Section 7.01.	Grant of Security	7681
	Section 7.02.	Release of Security Interest	7782
	Section 7.03.	Rights and Remedies	7783
	Section 7.04.	Remedies Cumulative	7883
	Section 7.05.	Related Documents	7883
	Section 7.06.	Borrower Remains
    Liable	7984
	Section 7.07.	Protection of Collateral	7984
	 	 	 
	ARTICLE VIII ACCOUNTS, ACCOUNTINGS AND RELEASES	8085
	 	 
	Section 8.01.	Collection of Money	8085
	Section 8.02.	Collection Account	8085
	Section 8.03.	Payment Account	8186
	Section 8.04.	The Unfunded Reserve Account; Fundings	8186
	Section 8.05.	[Reserved]	8287
	Section 8.06.	Reinvestment of Funds in Covered Accounts; Reports by Collateral Agent	8287
	Section 8.07.	Accountings	8388
	Section 8.08.	Release of Collateral	8489
	Section 8.09.	Reports by Independent Accountants	8490
	 	 	 
	ARTICLE IX APPLICATION OF MONIES	8691
	 	 
	Section 9.01.	Disbursements of Monies from Payment Account	8691
	 	 	 
	ARTICLE X SALE OF COLLATERAL LOANS; PURCHASE OF
    ADDITIONAL COLLATERAL LOANS	8893
	 	 	 
	Section 10.01.	Sales of Collateral Loans	8893
	Section 10.02.	Purchase of Additional Collateral Loans	8994
	Section 10.03.	Conditions Applicable to All Sale and Purchase Transactions	8995
	Section 10.04.	Additional Equity Contributions	8995
	 	 	 
	ARTICLE XI THE AGENTS	9095
	 	 
	Section 11.01.	Authorization and Action	9095
	Section 11.02.	Delegation of Duties	9196
	Section 11.03.	Agents’ Reliance, Etc.	9196
	Section 11.04.	Indemnification	9398
	Section 11.05.	Successor Agents	9399
	 	 	 
	ARTICLE XII MISCELLANEOUS	94100
	 	 
	Section 12.01.	No Waiver; Modifications in Writing	94100
	Section 12.02.	Notices, Etc.	95100
	Section 12.03.	Taxes	95100
	Section 12.04.	Costs and Expenses; Indemnification	97103
	Section 12.05.	Execution in Counterparts	99104
	Section 12.06.	Assignability	99104
	Section 12.07.	Governing Law	101106
	Section 12.08.	Severability of Provisions	101107
	Section 12.09.	Confidentiality	101107
	Section 12.10.	Merger	102107 
	Section 12.11.	Survival	102108
	Section 12.12.	Submission to Jurisdiction; Waivers; Etc.	102108

 

    ii

     

    

 

TABLE OF CONTENTS

(continued)

Page

 

	Section 12.13.	IMPORTANT WAIVERS	103108
	Section 12.14.	PATRIOT Act Notice	104109
	Section 12.15.	Legal Holidays	104109
	Section 12.16.	Non-Petition	104110
	Section 12.17.	Waiver of Setoff	105110
	Section 12.18.	Option to Acquire Rating	105110
	 	 	 
	ARTICLE XIII	105110
	 	 
	CUSTODIAN	105110
	 	 
	Section 13.01.	Appointment of Custodian	105110
	Section 13.02.	Duties of Custodian	105111
	Section 13.03.	Delivery of Collateral Loans to Custodian.	106111
	Section 13.04.	Release of Documents/Control By Agents.	106112
	Section 13.05.	Records.	107112
	Section 13.06.	Reporting	107112
	Section 13.07.	Certain General Terms	107113
	Section 13.08.	Compensation of Custodian	109114
	Section 13.09.	Responsibility of Custodian	109115
	 	 	 
	ARTICLE XIV	113118
	 	 
	COLLATERAL MANAGEMENT	113118
	 	 
	Section 14.01.	Designation of the
    Collateral Manager	113118
	Section 14.02.	Duties of the Collateral Manager	113118
	Section 14.03.	Authorization of
    the Collateral Manager	114119
	Section 14.04.	Realization Upon
    Defaulted Collateral Loans	114120
	Section 14.05.	Compensation	115120
	Section 14.06.	Expense Reimbursement; Indemnification	115121
	Section 14.07.	The Collateral Manager
    Not to Resign; Assignment	116122
	Section 14.08.	Appointment of Successor Collateral Manager	117122

 

    iii

     

    

 

CREDIT AND SECURITY AGREEMENT

 

CREDIT AND
SECURITY AGREEMENT, dated as of June 27, 2014, among BDCA-CB FUNDING, LLC, a Delaware limited liability company, as borrower (the
 “Borrower”), the LENDERS from time to time party hereto, CITIBANK, N.A. (“Citibank”), as
administrative agent for the Secured Parties (as hereinafter defined) (in such capacity, the “Administrative Agent”),
U.S. BANK NATIONAL ASSOCIATION (“U.S. Bank”), as collateral agent for the Secured Parties (as hereinafter defined)
(in such capacity, the “Collateral Agent”) and as collateral custodian for the Secured Parties (in such capacity,
the “Custodian”), and BUSINESS DEVELOPMENT CORPORATION OF AMERICA, a Maryland
corporation (“BDCA”)BDCA SENIOR LOAN FUND
LLC, a Delaware limited liability company, as collateral manager (in such capacity,
the “Collateral Manager”).

 

W
I T N E S S E T H: 

 

WHEREAS,
the Borrower desires that the Lenders make advances on a revolving basis to the Borrower on the terms and subject to the conditions
set forth in this Agreement; and

 

WHEREAS,
each Lender is willing to make such advances to the Borrower on the terms and subject to the conditions set forth in this Agreement.

 

NOW, THEREFORE,
in consideration of the premises and of the mutual covenants herein contained, the parties hereto agree as follows:

 

ARTICLE I

DEFINITIONS; RULES OF CONSTRUCTION;
COMPUTATIONS

Section 1.01. Definitions

 

As used in this Agreement, the following terms
shall have the meanings indicated:

 

“Account
Control Agreement” means the Account Control Agreement, dated as of the date hereof, among the Borrower, the Collateral
Agent and U.S. Bank National Association, as the Securities Intermediary, as the same may be amended, modified, waived, supplemented
or restated from time to time.

 

“Adjusted
Eurodollar Rate” means, for any Interest Accrual Period, an interest rate per annum equal to the greater of (a)
a fraction, expressed as a percentage, (i) the numerator of which is equal to the LIBOR Rate for such Interest Accrual Period and
(ii) the denominator of which is equal to 100% minus the Eurodollar Reserve Percentage for such Interest Accrual Period
and (b) 0.0%.

 

“Administrative
Agent” has the meaning assigned to such term in the introduction to this Agreement.

 

“Administrative
Agent Fee Letter” means that certain fee letter, dated as of the date hereof, by and among the Administrative Agent and
the Borrower.

 

“Administrative
Expense Cap” means, for any Payment Date, an amount equal (when taken together with any Administrative Expenses paid
during the period since the preceding Payment Date or, in the case of the first Payment Date, the Closing Date) to $200,000 per
annum.

 

     

     

    

 

“Administrative
Expenses” means the fees and expenses (including indemnities) and other amounts of the Borrower (or any Permitted Subsidiary)
due or accrued with respect to any Payment Date and payable in the following order:

 

(a)           
first, to the Collateral Agent, the Collateral Administrator and the Custodian, any amounts and indemnities payable
to such entities pursuant to the Facility Documents;

 

(b)          
second, to the Administrative Agent for fees and accrued expenses;

 

(c)           
third, to the Collateral Manager for expenses incurred by the Collateral Manager in connection with the services
provided under this Agreement, excluding any Collateral Management Fee; and

 

(d)           
fourth, on a pro rata basis, to:

 

(i)                
the Independent Accountants, agents (other than the Collateral Manager) and counsel of the Borrower (or any Permitted Subsidiary)
for fees and expenses related to the Collateral and the Facility Documents;

 

(ii)              
any rating agency for fees and expenses in connection with the rating of (or provision of credit estimates in respect of)
any Collateral Loan;

 

(iii)            
any other Person in respect of any other fees or expenses permitted under or incurred pursuant to or in connection with
the Facility Documents;

 

(iv)             
the Lenders and the Agents (or related indemnified parties) for fees, expenses and other amounts payable by the Borrower
under any Facility Document; and

 

(v)               
indemnification obligations owing by the Borrower or any Permitted Subsidiary to the Borrower’s or any Permitted Subsidiary’s
directors under its Constituent Documents;

 

provided that, for the
avoidance of doubt, (1) amounts that are expressly payable to any Person under the Priority of Payments in respect of an amount
that is stated to be payable as an amount other than as Administrative Expenses (including Interest and principal and other amounts
owing in respect of the Advances and the Commitments and any Collateral Management Fee) shall not constitute Administrative Expenses
and (2) expenses paid for on the Closing Date with proceeds of the Advances comprising the initial Borrowing shall not constitute
Administrative Expenses.

 

“Advance” has the meaning
assigned to such term in Section 2.01(c).

 

“Advance
Rate” means, as of any date of determination, (xa)
for any First Lien Obligation that, as of the date the Borrower commits to acquire such Collateral Loan, has a Moody’s Rating
of at least “B3” and an S&P Rating of at least “B-”, 75%; (b)
for any Secured Bond, 65%; (c) for any Unsecured Bond, 35%; and (yd) for any other Collateral Loan, 40%.

 

“Advances
Outstanding” means, as of any date of determination, the aggregate principal amount of all Advances outstanding on such
date, after giving effect to all repayments of Advances made on or prior to such date and any new Advances made on such date.

 

    2

     

    

 

Loan
as of such date and (b) the unfunded commitments of each such Delayed Drawdown Collateral Loan as of such date.

 

“Agreement” means this Credit and
Security Agreement.

 

“Applicable
Law” means any Law of any Governmental Authority, including all federal and state banking or securities laws, to which
the Person in question is subject or by which it or any of its assets or properties are bound.

 

“Applicable
Margin” means (a) (x) during the period from and including the Closing Date through and including October 31, 2017, 1.70%
and (y) during the period from and including November 1, 2017 through and including the last day of the Reinvestment Period,

 

“Applicable
Margin” means the percentage determined in accordance with the following formula, rounded to four decimal places: 

 

Applicable
Margin = (AM L x Percentage L) + (AM B
x Percentage B)

 

where:

 

AM L                      =      1.60% per annum; or, on and (b)
after the last day of the Reinvestment Period, 2.00% per
annum.

 

AM
B                      =      2.35% per annum or, on and after the last day of the Reinvestment Period,
2.75% per annum

 

Percentage
L =      Average L / Average AGG

 

Percentage
B =      Average B / Average AGG

 

Average
L               =      (the aggregate Asset Cost of all Loans on the first day of the related Interest
Accrual Period + the aggregate Asset Cost of all Loans on the last day of the related Interest Accrual Period) / 2

 

Average
B               =      (the aggregate Asset Cost of all Bonds on the first
day of the related Interest Accrual Period (or, solely in the case of the Interest Accrual Period commencing immediately prior
to the Ninth Amendment Effective Date, on the Ninth Amendment Effective Date) + the aggregate Asset Cost of all Bonds on the last
day of the related Interest Accrual Period) / 2 

 

Average
AGG         =      Average L
+ Average B

 

“Approval Request” has the meaning
assigned to such term in Section 2.01(a).

 

“Amortization
Period” means the period beginning on the last day of the Reinvestment Period and ending on the date on which all Obligations
are paid in full.

 

“Asset
Cost” means, for each Collateral Loan included in the Collateral, the product of (i) the Purchase Price paid by the Borrower
for such Collateral Loan times (ii) the Principal Balance of such Collateral Loan at such time.

 

    3

     

    

 

“Asset
Coverage Ratio” means the ratio, determined on a consolidated basis, without duplication, in accordance with GAAP,
of (a) the fair value of the total assets of BDCA and its subsidiaries as required by, and in accordance with, the Investment
Company Act and any orders of the SEC issued, or exemptive relief granted by the SEC, in each case to BDCA to be determined
by the Board of Directors of BDCA and reviewed by its auditors, less all liabilities (other than indebtedness, including
indebtedness hereunder) of BDCA and its subsidiaries, to (b) the aggregate amount of indebtedness of BDCA and its
subsidiaries; provided that the calculation of the Asset Coverage Ratio shall not include subsidiaries that are not required
to be included by the Investment Company Act as affected by such orders of the SEC issued, or exemptive relief granted by the
SEC, in each case to BDCA including, if set forth in any such order or exemptive relief, any subsidiary which is a small
business investment company which is licensed by the Small Business Administration to operate under the Small Business
Investment Act of 1958.

 

“Assignment
and Acceptance” means an Assignment and Acceptance in substantially the form of Exhibit D hereto, entered into
by a Lender, an assignee, the Administrative Agent and, if applicable, the Borrower.

 

“Authorized Person(s)” has
the meaning assigned to such term in Section 13.07(d)(i).

 

“Bankruptcy Code” means the United States Bankruptcy
Code.

 

“Base Rate”
means, on any date, a fluctuating interest rate per annum equal to the highest of (a) the Prime Rate, (b) the Federal Funds
Rate plus 1.50% or (c) the LIBOR Rate for a three month period plus 1.0%. The Base Rate is a reference rate and does
not necessarily represent the lowest or best rate actually charged to any customer of any Agent or any Lender. Interest calculated
pursuant to clauses (a), (b) and (c) above will be determined based on a year of 360 days and actual days
elapsed.

 

“BDCA”
has the meaning assigned to such term in the introduction to this Agreement.means
Business Development Corporation of America, a Maryland corporation.

 

“Benchmark
Replacement Adjustment” means, with respect to any replacement of LIBOR with an Unadjusted Benchmark Replacement for each
applicable Interest Accrual Period, the spread adjustment, or method for calculating or determining such spread adjustment (which
may be a positive or negative value or zero), that has been selected by the Administrative Agent and the Borrower giving due consideration
to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment,
for the replacement of LIBOR with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (ii) any
evolving or then prevailing market convention for determining a spread adjustment, or method for calculating or determining such
spread adjustment, for the replacement of LIBOR with the applicable Unadjusted Benchmark Replacement for Dollar denominated syndicated
credit facilities at such time.

 

“Benchmark
Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational
changes (including changes to the definitions of “Prime Rate,” “Federal Funds Rate,” “Interest Accrual
Period,” timing and frequency of determining rates and making payments of interest and other administrative matters) that
the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and
to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or,
if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if
the Administrative Agent determines that no market practice for the administration of the Benchmark Replacement exists, in such
other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration
of this Agreement).

 

    4

     

    

 

“Benchmark Replacement
Date” means the earlier to occur of the following events with respect to LIBOR: (i) in the case of clause (a) or (b) of the
definition of “Benchmark Transition Event,” the later of (x) the date of the public statement or publication of information
referenced therein and (y) the date on which the administrator of LIBOR permanently or indefinitely ceases to provide LIBOR; or
(ii) in the case of clause (c) of the definition of “Benchmark Transition Event,” the date of the public statement
or publication of information referenced therein.

 

“Benchmark
Transition Event” means the occurrence of one or more of the following events with respect to LIBOR: (a) a public statement
or publication of information by or on behalf of the administrator of LIBOR announcing that such administrator has ceased or will
cease to provide LIBOR, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor
administrator that will continue to provide LIBOR; (b) a public statement or publication of information by the regulatory supervisor
for the administrator of LIBOR, the U.S. Federal Reserve System, an insolvency official with jurisdiction over the administrator
for LIBOR, a resolution authority with jurisdiction over the administrator for LIBOR or a court or an entity with similar insolvency
or resolution authority over the administrator for LIBOR, which states that the administrator of LIBOR has ceased or will cease
to provide LIBOR permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor
administrator that will continue to provide LIBOR; or (c) a public statement or publication of information by the regulatory supervisor
for the administrator of LIBOR announcing that LIBOR is no longer representative.

 

“Benchmark Transition
Start Date” means (a) in the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark Replacement
Date and (ii) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the
90th day prior to the expected date of such event as of such public statement or publication of information (or if the
expected date of such prospective event is fewer than ninety (90) days after such statement or publication, the date of such statement
or publication) and (b) in the case of an Early Opt in Election, the date specified by the Administrative Agent or the Required
Lenders, as applicable, by notice to the Borrower, the Administrative Agent (in the case of such notice by the Required Lenders)
and the Lenders. 

 

“Benchmark
Unavailability Period” means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with
respect to LIBOR and solely to the extent that LIBOR has not been replaced with a Benchmark Replacement, the period (x) beginning
at the time that such Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced LIBOR for
all purposes hereunder in accordance with Section 2.11(e) and (y) ending at the time that a Benchmark Replacement has replaced
LIBOR for all purposes hereunder pursuant to Section 2.11(e). 

 

“Beneficial
Ownership Certification” means a certification regarding beneficial ownership as required by the Beneficial Ownership
Regulation in a form as agreed to by the Administrative Agent.

 

“Beneficial Ownership
Regulation” means 31 C.F.R. § 1010.230.

 

“Block Notice” has the meaning
assigned to such term in Section 13.04(b).

 

“Bond”
means any obligation for the payment or repayment of borrowed money that is in the form of, or represented by, a bond, note (other
than notes delivered pursuant to Loans) or other debt security, in each case owned or acquired by the Borrower.

 

“Borrower” has the meaning
assigned to such term in the introduction to this Agreement.

 

“Borrower Information”
has the meaning assigned to such term in Section 12.09. authority) or the United States or foreign regulatory
authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”.

 

    5

     

    

 

“Change
in Yield” means, with respect to any Collateral Loan on any date of determination, an amount equal to (a) the Published
Yield reported at the opening of business on the “settlement date” for the purchase or other acquisition by the Borrower
of such Collateral Loan minus (b) the Published Yield reported at the opening of business on such date of determination (and, if
such date of determination is not a Business Day, as so reported at the opening of business on the most recent Business Day prior
to such date of determination).

 

“Change
of Control” means, at any time, the occurrence of one of the following events: (a) if an Affiliate of BDCA
the Equityholder is the Collateral Manager, such Person shall
cease to be an Affiliate of the Equityholder; (b) the dissolution, termination or liquidation in whole or in part, transfer or
other disposition, in each case, of all or substantially all of the assets of, BDCA
the Equityholder; (c) the Management Agreement shall fail
to be in full force and effect; or (d) Benefit
Street Partners L.L.C. or an Affiliate thereof fails to own BDCA Adviser, LLC (or any successor entity that serves as investment
manager or adviser to BDCA); (e) the Borrower ceases, at
any time, to be 100% owned by either of the Equityholder
or BDCA, and if the Borrower ceases to be 100% owned by BDCA, (i) BDCA ceases, at such time, to directly own at least 50% of the
outstanding equity interests in the Equityholder or (ii) a Person (other than BDCA) has Control of the Equityholder.

 

“Citibank”
has the meaning assigned to such term in the introduction of this Agreement.

 

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

 

“Clearing
Corporation” means each entity included within the meaning of “clearing corporation” under Section 8-102(a)(5)
of the UCC.

 

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

 

“Closing Date” means June
27, 2014.

 

“Closing
Date Participation Agreement” means the Participation Agreement, dated as of the Closing Date, between the Borrower and
405 II Loan Funding LLC relating to the Closing Date Participation Interest.

 

“Closing
Date Participation Interest” means an undivided 100% participation interest granted by 405 II Loan Funding LLC to the
Borrower in and to each Collateral Loan identified on the schedule attached to the Closing Date Participation Agreement and in
which a Lien is granted therein by the Borrower to the Collateral Agent pursuant to this Agreement.

 

“Code” means the Internal
Revenue Code of 1986.

 

“Collateral” has the meaning
assigned to such term in Section 7.01(a).

 

    6

     

    

 

“Collateral
Administration Agreement” means that certain Collateral Administration Agreement, dated as of the Closing Date, among
the Collateral Administrator, the Borrower, the Collateral Manager and the Administrative Agent.

 

“Collateral
Administrator” means U.S. Bank National Association, and any successor thereto under the Collateral Administration Agreement.

 

“Collateral Agent” has the
meaning assigned to such term in the introduction to this Agreement.

 

“Collateral
Agent Fee Letter” means the fee letter, dated June 12, 2014, by U.S. Bank National Association and acknowledged by the
Borrower as of the Closing Date, setting forth the amounts payable by the Borrower to the Collateral Agent, Custodian, Securities
Intermediary and Collateral Administrator in connection with the transactions contemplated by this Agreement.

 

“Collateral
Interest Amount” means, as of any date of determination, without duplication, the aggregate amount of Interest Proceeds
that has been received or that is expected to be received (other than Interest Proceeds expected to be received from Ineligible
Collateral Loans, in each case unless actually received), in each case during the Collection Period (and, if such Collection Period
does not end on a Business Day, the next succeeding Business Day) in which such date of determination occurs.

 

“Collateral
Loan” means a commercial loan owned or acquired by the BorrowerBond
or a Loan that, solely for purposes of the definitions of “Borrowing Base,” “Equity Coverage Ratio,”
 “Equity Percentage,” “Excess Concentration Amount” and any component or
calculation thereof, and subject to Section 1.04, (A) has been approved by the Administrative Agent, in its sole
discretion, prior to the date on which the Borrower commits to acquire such loanLoan
or Bond, and (B) satisfies each of the following eligibility requirements on any date of determination (unless the Administrative
Agent in its sole discretion agrees to waive any such eligibility requirement with respect to such loanLoan
or Bond); provided that, that for purposes of determining whether a Collateral
Loan constitutes an Ineligible Collateral Loan at any time after the acquisition thereof by the Borrower (or its binding commitment
to do the same), the criteria set forth in clauses (h), (k)(ii), (v) and (aa) shall be evaluated solely as of the date the Borrower
commits to acquire such loanLoan
or Bond:

 

(a)               
is (i) a First Lien Obligation, (ii) a Second Lien Obligation or, (iii)
the Closing Date Participation Interest, (iv) a Secured Bond or (v)
an Unsecured Bond;

 

(b)               
permits the purchase thereof by or assignment thereof to the Borrower and the pledge to the Collateral Agent;

 

(c)               
[reserved]in
the case of a Bond, such Bond: (i) has a quoted bid-side price from TRACE or another independent nationally recognized pricing
service selected by the Administrative Agent in its sole discretion; (ii) is part of a global issuance size of at least $500,000,000;
(iii) has a Bloomberg Valuation Service score of 6 or higher and (iv) at the time such Bond is acquired by the Borrower, if such
Bond is rated by Moody’s, has a Moody’s Rating of at least “B3” and, if such Bond is rated by S&P,
has an S&P Rating of at least “B-”; 

 

(d)               
is denominated and payable in Dollars and does not permit the currency in which such loanLoan
or Bond is payable to be changed;

 

(e)               
is an obligation of an Obligor organized or incorporated in (i) the United States (or any state thereof), (ii) Canada (or
any province thereof), or (iii) any other jurisdiction approved by the Administrative Agent in its sole discretion;

 

    7

     

    

 

(f)                
 the Related Documents for which are governed by the laws of a state in the United States or any other jurisdiction approved
by the Administrative Agent in its sole discretion;

 

(g)               
[reserved]in
the case of a Bond, such Bond is transferable to institutional investors without any contractual, statutory or regulatory restriction;
provided that none of the following shall be considered contractual, statutory or regulatory restrictions; (A) contractual, statutory
or regulatory restrictions that provide for eligibility for resale pursuant to Rule 144A or Regulation S promulgated under the
United States Securities Act of 1933, as amended; (B) any contractual, statutory or regulatory restrictions promulgated under the
laws of any jurisdiction having a similar effect in relation to the eligibility for resale of an obligation; or (C) restrictions
on permitted investments such as statutory or regulatory investment restrictions on insurance companies and pension funds;

 

(h)               
is not the subject of an offer or called for redemption;

 

(i)                
does not constitute Margin Stock;

 

(j)                
does not subject the Borrower to withholding tax unless the Obligor is required to make “gross-up” payments
constituting 100% of such withholding tax;

 

(k)               
is not (i) a Defaulted Collateral Loan or (ii) a Credit Risk Collateral Loan;

 

(l)                
is not an Equity Security or a component thereof and does not provide for mandatory or optional conversion or exchange into
an Equity Security; provided that any Equity Security purchased as part of a “unit” with a Collateral Loan (including
any attached warrants) and that itself is not eligible for purchase by the Borrower as a Collateral Loan shall not cause the Collateral
Loan portion to lose its eligibility hereunder;

 

(m)             
is not a PIK Loan;

 

(n)               
is not a Structured Finance Obligation, a bridge loan or other obligation that (i) is incurred in connection with a merger,
acquisition, consolidation, or sale of all or substantially all of the assets of a Person or similar transaction and (ii) by its
terms, is required to be repaid within one year of the incurrence thereof with proceeds from additional borrowings or other refinancing,
a bond, a synthetic security, a finance lease or chattel paper;

 

(o)               
provides for the full principal balance to be payable at or prior to its maturity;

 

(p)               
EBITDA of the related Obligor is at least $40,000,000;

 

(q)               
the sum of the aggregate original loan facility amounts corresponding to (i) the applicable loan tranche (which, for the
avoidance of doubt, will be determined by aggregating only loans that, in accordance with then-prevailing market practice, are
typically bought and sold together and are “tax fungible”) and (ii) any other loan tranche that is issued under the
same loan facility and is pani passu in all respects with the applicable loan tranche,
is at least $150,000,000 as of the date the Borrower commits to acquire such loan;

 

(r)                
has an original term to maturity of not more than seven and one-half (7.5) years;

 

(s)                
provides for payment of interest at least semi-annually;

 

(t)                
bears interest at a floating rate;

 

    8

     

    

 

(u)                
is not subject to material non-credit related risk (such as a loan, the payment of which is expressly contingent upon the
non-occurrence of a catastrophe), as determined by the Collateral Manager in its reasonable discretion;

 

(v)                  
is not an obligation (other than a Delayed Drawdown Collateral Loan) pursuant to which any future advances or payments
to the Obligor may be required to be made by the Borrower;

 

(w)                 if
evidenced by a note or other instrument, such note or other instrument has been delivered to the Custodian in accordance with
this Agreement;

 

(x)                 
is not a participation interest (other than the Closing Date Participation Interest);

 

(y)                  the
acquisition of such loanLoan
or Bond will not cause the Borrower or the pool of Collateral to be (x) required to register as an “investment
company” under the Investment Company Act or (y) a “covered fund” under the Volcker Rule;

 

(z)                  such
loanLoan
or Bond is not underwritten as a commercial real estate loanobligation
principally secured by real property;

 

(aa)    as
to which no payment default, breach of negative pledge or financial covenant or other material default exists;

 

(bb)    is not a letter of credit;

 

(cc)    is in “registered”
form for U.S. federal income tax purposes;

 

(dd)   constitutes indebtedness for
U.S. federal income tax purposes;

 

(ee)    the acquisition of such
loanLoan
or Bond will not cause the Borrower to violate any Law;

 

(ff)      in
the case
of a Loan, the transfer thereof is effected pursuant to an LSTA Par/Near Par Trade Confirmation, subject to Standard
Terms and Condition for Par/Near Par Trade Confirmations, as published by The Loan Syndications and Trading Association, Inc.,
or the equivalent thereof as published by the Loan Market Association; and

 

(gg)    is not subject to any
Lien other than Permitted Liens.

 

“Collateral
Management Fee” means the fee payable to the Collateral Manager in arrears on each Payment Date (prorated for the related
Interest Accrual Period) pursuant to Section 9.01 of this Agreement, in an amount equal to 0.35% per annum (calculated
on the basis of a 360-day year and the actual number of days elapsed during the applicable Interest Accrual Period) of the Quarterly
Asset Amount at the beginning of the Collection Period relating to such Payment Date.

 

“Collateral
Management Standard” means, with respect to any Collateral Loan included in the Collateral, to service and administer
such Collateral Loan in accordance with the Related Documents and all customary and usual servicing practices (a) which are consistent
with the same care, skill, prudence and diligence with which the Collateral Manager services and administers loans or
bonds for its own account or for the account of others; (b) to the extent not inconsistent with clause (a), with a
view to maximize the value of the Collateral Loans; and (c) without regard to: (i) any relationship that the Collateral Manager
or any Affiliate of the Collateral Manager may have with any Obligor or any Affiliate of any Obligor, (ii) the Collateral Manager’s
obligations to incur servicing and administrative expenses with respect to a Collateral Loan, (iii) the Collateral Manager’s
right to receive compensation for its services hereunder or with respect to any particular transaction, (iv) the ownership by
the Collateral Manager or any Affiliate thereof of any retained interest or one or more loans or
bonds of the same class as any Collateral Loan, (v) the ownership, servicing or management for others by the Collateral
Manager of any other loans,
bonds or property by the Collateral Manager or (vi) any relationship that the Collateral Manager or any Affiliate of
the Collateral Manager may have with any holder of other loans or
bonds of the Obligor with respect to such Collateral Loans.

 

    9

     

    

 

“Collateral
Manager” has the meaning assigned to such term in the introduction to this Agreement.

 

“Collateral Manager Default”
means the occurrence of any one of the following:

 

(a)               
any failure by the Collateral Manager to make any payment, transfer or deposit into the Collection Account as required
by this Agreement which continues unremedied for a period of two (2) Business Days;

 

(b)              
except as otherwise provided in this definition, a default in any material respect in the performance, or breach in any
material respect, of any covenant or agreement of the Collateral Manager under this Agreement or the other Facility Documents
to which it is a party, or the failure of any representation or warranty of the Collateral Manager made in this Agreement or in
any other Facility Document to be correct, in each case, in all material respects when the same shall have been made, and the
continuation of such default, breach or failure for a period of thirty days after the earlier of (i) written notice to the Collateral
Manager (which may be by e-mail) by either Agent, and (ii) actual knowledge of the Collateral Manager;

 

(c)               
an Insolvency Event shall occur with respect to the Collateral Manager;

 

(d)               
the occurrence of any Change of Control with respect to the Collateral Manager;

 

(e)               the
rendering of one or more final judgments, decrees or orders by a court or arbitrator of competent jurisdiction for the payment
of money in excess individually or in the aggregate of $5,000,000 against the Collateral Manager (exclusive of judgment amounts
fully covered by insurance), and the Collateral Manager shall not have either (i) discharged or provided for the discharge of
any such judgment, decree or order in accordance with its terms or (ii) perfected a timely appeal of such judgment, decree or
order and caused the execution of same to be stayed during the pendency of the appeal, in each case, within forty-five (45) days
from the date of entry thereof;

 

(f)                 the
failure of the Collateral Manager to make any payment when due (after giving effect to any related grace period) under one or
more agreements for recourse indebtedness to which it is a party in an aggregate amount in excess of $5,000,000, individually
or in the aggregate, or the occurrence of any event or condition that has resulted in the acceleration of such recourse indebtedness
in excess of $5,000,000, or the occurrence and continuation for at least sixty (60) days of any event or condition that permits
the acceleration of such amount of recourse indebtedness, whether or not waived;

 

(g)               (i)
the Collateral Manager commits any act that constitutes fraud or criminal activity in the performance of its obligations hereunder
(as determined pursuant to a final adjudication by a court of competent jurisdiction) or (ii) any Responsible Officer of the Collateral
Manager primarily responsible for the performance by the Collateral Manager of its obligations hereunder (in the performance of
his or her investment management duties) is indicted for a criminal offense materially related to the business of the Collateral
Manager providing management services and continues to have responsibility for the performance by the Collateral Manager hereunder
for a period of thirty (30) days after such indictment;

 

    10

     

    

 

(h)               
So long as the Collateral Manager is the Equityholder or an Affiliate thereof, either
(A) prior to the completion of the proposed sale by AR Global Investments, LLC (“AR Global”) of its membership interest
in BDCA Adviser, LLC to an affiliate of Benefit Street Partners L.L.C. (the “Proposed Transaction”), any three (3)
Key People (or replacements reasonably acceptable to the Administrative Agent) shall (i) not be officers, employees or partners
of the Equityholder, AR Capital, LLC (“ARC”), or AR Global, as applicable, or (ii) not be actively involved in the
management of the Equityholder, ARC or AR Global, including, but not limited to, general management, management of the Collateral
portfolio, underwriting, the credit approval process and credit monitoring activities, other than due to temporary absences for
family leave, and such persons are not replaced with other individuals reasonably acceptable to the Administrative Agent within
60 days, or (B) upon the completion of the Proposed Transaction, (x) Thomas Gahan and (y) Michael E. Paasche or
Blair Faulstich (or, in the case of subclause (x) and (y) above, a replacement reasonably acceptable to the Administrative Agent)
shall (i) not be an officer, employee or partner of the EquityholderBDCA
or Benefit Street Partners L.L.C., as applicable, or (ii) not be actively involved in the management of the
EquityholderBDCA
or Benefit Street Partners L.L.C., including, but not limited to, general management, management of the Collateral
portfolio, underwriting, the credit approval process and credit monitoring activities, other than due to temporary absences for
family leave, and such persons are not replaced with other individuals reasonably acceptable to the Administrative Agent within
60 days;

 

(i)                 
the Collateral Manager shall assign any of its rights or obligations under any Facility Document to any Person (other than
an Affiliate thereof that is reasonably acceptable to the Administrative Agent) or BDCAthe
Equityholder (or an Affiliate thereof that is reasonably acceptable to the Administrative Agent) otherwise ceases to
be the Collateral Manager hereunder;

 

(j)                 
at the end of any fiscal quarter of BDCA, BDCAtthe
Majority Equityholder, the Majority Equityholder fails to maintain the Asset Coverage Ratio at greater than or equal
to 2.0 : 1.0 (or
1.5: 1.0 if such level is applicable to the Majority Equityholder under the Investment Company Act); or

 

(k)                
BDCAthe
Majority Equityholder permits its shareholders’ equity (as reflected in its most recently posted 10-Q or 10-K
and without any deductions) as of the last day of any of its fiscal quarters to be less than the sum of (x) $466,527,000 plus
(y) 80% of the net proceeds of any equity issuance by BDCAthe
Majority Equityholder after March 31, 2014.

 

“Collateral
Quality Test” means a test that is satisfied if, as of any date of determination, in the aggregate, the Collateral Loans
owned (or, in relation to a proposed purchase of a Collateral Loan, both owned and proposed to be owned) by the Borrower satisfy
each of the tests set forth below, calculated, in each case, in accordance with Section 1.04:

 

(a)                
the Maximum Moody’s Weighted Average Rating Factor Test;

 

(b)                
the Minimum Weighted Average Spread Test; and

 

    11

     

    

 

(c)                
 the Maximum Weighted Average Life Test.

 

“Collection
Account” has the meaning assigned to such term in Section 8.02 and includes the Principal Collection Subaccount
and the Interest Collection Subaccount.

 

“Collection
Period” means, with respect to (a) the first Payment Date, the period from and including the Closing Date to and including
the Determination Date immediately preceding the first Payment Date, and (b) any subsequent Payment Date, the period from but
excluding the Determination Date immediately preceding the previous Payment Date to and including the Determination Date immediately
preceding the current Payment Date (or, in the case of the final Payment Date, to and including such Payment Date).

 

“Collections”
means all cash collections, distributions, payments or other amounts received, or to be received, by the Borrower from any Person
in respect of any Collateral Loan constituting Collateral, including all principal, interest, fees, distributions, recoveries
and redemption and withdrawal proceeds payable to the Borrower under or in connection with any such Collateral Loans and all Proceeds
from any sale or disposition of any such Collateral Loans.

 

“Commitment”
means, as to each Lender, the obligation of such Lender to make, on and subject to the terms and conditions hereof, Advances to
the Borrower pursuant to Section 2.01 in an aggregate principal amount at any one time outstanding for such Lender up to
but not exceeding the amount set forth opposite the name of such Lender on Schedule 1 or in the Assignment and Acceptance
pursuant to which such Lender shall have assumed its Commitment, as applicable, as such amount may be reduced from time to time
pursuant to Section 2.06 or increased or reduced from time to time pursuant to assignments effected in accordance with
Section 12.06(a).

 

“Commitment Fee” has the
meaning assigned to such term in Section 2.12(a).

 

“Commitment
Fee Rate” means with respect to any portion of the Unused Amount (i) less than 25% of the Facility Amount on such day, 0.75%,
(ii) equal to or greater than 25% of the Facility Amount on such day, 1.25%.

 

“Commitment
Termination Date” means the last day of the Reinvestment Period; provided that, if the Commitment Termination
Date would otherwise not be a Business Day, then the Commitment Termination Date shall be the immediately succeeding Business
Day.

 

“Concentration
Limitations” means, as of any date of determination, the following limitations (as applied to the Aggregate Asset Cost
of the Collateral Loans owned (or, in relation to a proposed purchase of a Collateral Loan, proposed to be owned) by the Borrower,
calculated as a percentage of the Aggregate Asset Cost plus the aggregate amount of cash then on deposit in the Principal
Collection Subaccount and in each case in accordance with the procedures set forth in Section 1.04; provided that
for purposes of this definition, in determining the Asset Cost of any Delayed Drawdown Collateral Loan, any unfunded commitments
in respect of such Delayed Drawdown Collateral Loan shall be assumed to have been fully funded as of such date of determination):

 

(a)                
not more than 5.00% consists of Collateral Loans of any one Obligor (and Affiliates thereof);

 

(b)                
not more than 10.00% consists of Collateral Loans with Obligors in any one Moody’s Industry Classification, except
that (i) Collateral Loans with Obligors in one Moody’s Industry Classification may constitute up to 20% of the Aggregate
Principal Balance, (ii) Collateral Loans with Obligors in two other Moody’s Industry Classifications may each constitute
up to 15% of the Aggregate Principal Balance and (iii) Collateral Loans with Obligors in one other Moody’s Industry Classification
may constitute up to 12.5% of the Aggregate Principal Balance;

 

    12

     

    

 

(c)                
not more than 10.00% consists of Collateral Loans with Obligors that have EBITDA less than $50,000,000;

 

(d)                
not more than 10.00% consists of Second Lien Obligations;

 

(e)                
not more than 5.00% consists of Unquoted Collateral Loans;

 

(f)                 
not more than 20.00% consists of Collateral Loans with a Moody’s Rating of less than “B3” or an S&P
Rating less than “B-”;

 

(g)                
not more than 5.00% consists of Partial PIK Loans;

 

(h)                
not more than 65.00% consists of Covenant Lite Loans;

 

(i)                 
not more than 10.00% consists of Collateral Loans that provides for payment of interest less frequently than quarterly;

 

(j)                 
not more than 5.00% consists of DIP Loans;

 

(k)                
not more than 5% consists of Delayed Drawdown Collateral Loans; and

 

(l)                 
not more than 20.00% consists of Collateral Loans the original loan facility amount corresponding to the applicable loan
tranche thereof (which, for the avoidance of doubt, will be determined by aggregating only loans that, in accordance with then-prevailing
market practice, are typically bought and sold together and are “tax fungible”) is less than $200,000,000 as of the
date the Borrower commits to acquire such loan;
and

 

(m)             
(i)
not more than 15.00% consists of Bonds and (ii) not more than 5.00% consists of Unsecured Bonds.

 

“Connection
Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that
are franchise Taxes or branch profits Taxes.

 

“Constituent
Documents” means, in respect of any Person, the certificate or articles of formation or organization, the limited liability
company agreement, operating agreement, partnership agreement, joint venture agreement or other applicable agreement of formation
or organization (or equivalent or comparable constituent documents) and other organizational documents and by-laws and any certificate
of incorporation, certificate of formation, certificate of limited partnership and other agreement, similar instrument filed or
made in connection with its formation or organization, in each case, as the same may be amended, restated, replaced, supplemented
or otherwise modified from time to time.

 

“Continued Errors” has the meaning
assigned to such term in Section 14.08(c).

 

“Control”
means the direct or indirect possession of the power to direct or cause the direction of the management or policies of a Person,
whether through ownership, by contract, arrangement or understanding, or otherwise. “Controlled” and “Controlling”
have the meaning correlative thereto.

 

    13

     

    

 

“Covenant
Lite Loan” means a Collateral Loan that (a) does not contain any financial covenants or (b) requires the borrower to
comply with an Incurrence Covenant, but does not require the borrower to comply with a Maintenance Covenant (regardless of whether
compliance with one or more Incurrence Covenants is otherwise required by the Related Documents).

 

“Coverage Test” means each of
(a) the Borrowing Base Test and (b) the Equity Coverage Test.

 

“Covered
Account” means each of the Collection Account (including the Interest Collection Subaccount and Principal Collection
Subaccount therein), the Payment Account and the Unfunded Reserve Account.

 

“Credit Risk
Collateral Loan” means a loanLoan
or Bond which, in the judgment of the Collateral Manager, (a) has a significant risk of declining in credit quality
and, with lapse of time, becoming a Defaulted Collateral Loan or (b) as a result of one or more factors, including credit quality,
has a significant risk of declining in market price (but not including any such decline experienced by the market generally as
a result of interest rate movement, general economic conditions or similar factors).

 

“Custodian” has the meaning
assigned to such term in the introduction to this Agreement.

 

“Data File” has the meaning specified in Section
8.07(a).

 

“Default”
means any event which, with the passage of time, the giving of notice, or both, would constitute an Event of Default.

 

“Defaulted Collateral Loan” means
any loanLoan or Bond
as to which:

 

(a)               
a default as to all or any portion of one or more payments of principal and/or interest has occurred with respect to such
loanLoan or Bond
(giving effect to any grace period applicable thereto but in no event exceeding three (3) Business Days past the applicable due
date); or

 

(b)               
except in the case of a DIP Collateral Loan, an Insolvency Event (without giving effect to any grace period set forth in
such definition) with respect to the related Obligor of such loan Loan
or Bond has occurred; or

 

(c)               
a Material Modification (subject to the proviso contained in the definition thereof) with respect to such loanLoan
or Bond has occurred; or

 

(d)               
has (i) a Moody’s Rating below “Caa3” (or a Moody’s probability of default rating of “D”
or “LD”) or (ii) an S&P Rating below “CCC-” (or of “D” or “SD”), or in each
case had such rating before such rating was withdrawn and which has not been reinstated as of the date of determination.

 

“Defaulting
Lender” means, at any time, any Lender that (a) has failed for two (2) or more Business Days after a Borrowing Date
to fund its portion of an Advance required pursuant to the terms of this Agreement (other than failures to fund as a result of
a bona fide dispute as to whether the conditions to borrowing were satisfied on the relevant Borrowing Date), (b) has notified
the Borrower or the Administrative Agent in writing that it does not intend to comply with its funding obligations hereunder,
or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation
to fund an Advance hereunder and states that such position is based on such Lender’s determination that a condition precedent
to funding (which condition precedent, together with any Section 364(d) of the Bankruptcy Code or (iii) secured by a junior Lien
on the debtor’s encumbered assets (so long as such loan is fully secured based on the most recent current valuation or appraisal
report, if any, of the debtor).

 

    14

     

    

 

“Document
Checklist” means an electronic or hard copy list delivered by the Borrower (or by the Collateral Manager on behalf of
the Borrower) to the Custodian that identifies each of the documents contained in each Loan File and whether such document is
an original or a copy and whether a hard copy or electronic copy will be delivered to the Custodian related to a Collateral Loan
and includes the name of the Obligor with respect to such Collateral Loan, in each case as of the related date of Advance or acquisition
by the Borrower.

 

“Dollars” and “$”
mean lawful money of the United States of America.

 

“Due
Date” means each date on which any payment is due on a Collateral Loan in accordance with its terms.

 

“Early
Opt in Election” means the occurrence of: (a)(i) a determination by the Administrative Agent or (ii) a notification by the
Required Lenders to the Administrative Agent (with a copy to the Borrower) that the Required Lenders have determined that Dollar
denominated syndicated credit facilities being executed at such time, or that include language similar to that contained in Section
2.11(e) are being executed or amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace LIBOR,
and (b)(i) the election by the Administrative Agent or (ii) the election by the Required Lenders to declare that an Early Opt
in Election has occurred and the provision, as applicable, by the Administrative Agent of written notice of such election to the
Borrower and the Lenders or by the Required Lenders of written notice of such election to the Administrative Agent. 

 

“EBITDA”
means, with respect to any trailing twelve month period and any Collateral Loan, the meaning of the term “Adjusted EBITDA”,
the term “EBITDA” or any comparable definition in the Related Documents for such period and Collateral Loan (or, in
the case of a Collateral Loan for which the Related Documents have not been executed, as set forth in the relevant marketing materials
or financial model in respect of such Collateral Loan) as determined in the good faith discretion of the Collateral Manager, and
in any case that the term “Adjusted EBITDA”, the term “EBITDA” or such comparable definition is not defined
in such Related Documents, an amount, for the principal Obligor thereunder and any of its parents or Subsidiaries that are obligated
as guarantor pursuant to the Related Documents for such Collateral Loan (determined on a consolidated basis without duplication
in accordance with GAAP (and also on a pro forma basis as determined in good faith by the Collateral Manager in case of any acquisitions))
equal to earnings from continuing operations for such period plus interest expense, income taxes, unallocated depreciation and
amortization for such period (to the extent deducted in determining earnings from continuing operations for such period), extraordinary,
one-time and/or non-recurring losses or charges, and any other item the Collateral Manager and the Administrative Agent deem to
be appropriate.

 

“Eighth Amendment Effective Date”
means June 22, 2020.

 

“Eligible
Investment Required Ratings” means, with respect to any obligation or security, with respect to ratings assigned by
Moody’s, “Aa2” (and not on credit watch for possible downgrade) or “P-1” for one-month instruments,
 “Aa2” (and not on credit watch for possible downgrade) and “P-1” for three-month instruments, “Aa3”
(and not on credit watch for possible downgrade) and “P-1” for six-month instruments and “Aa2” (and not
on credit watch for possible downgrade) and “P-1” for instruments with a term in excess of six months and (b) with
respect to rating assigned by S&P, “A-1” July 21, 2015 (or such later date as may be determined by the Borrower and the
Collateral Manager based upon such advice), Eligible Investments may only include obligations or securities that constitute cash
equivalents for purposes of the rights and assets in paragraph (c)(8)(i)(B) of the exclusions from the definition of “covered
fund” for purposes of the Volcker Rule.

 

    15

     

    

 

“Equity
Advance Rate” means, with respect to any Collateral Loan on any date of determination, 100% minus the Advance Rate with
respect to such Collateral Loan on such date of determination.

 

“Equity
Amount” means, on any date of determination, the sum, for all Collateral Loans held by the Borrower on such date of
determination (determined, for this purpose, on a “settlement date” basis), of the products of (a) the Equity Advance
Rate in effect on such date with respect to such Collateral Loan multiplied by (b) the Asset Cost of such Collateral Loan on such
date of determination; provided that for purposes of clause (b) of this definition, in determining the Asset Cost of any
Delayed Drawdown Collateral Loan, any unfunded commitments in respect of such Delayed Drawdown Collateral Loan shall be assumed
to have been fully funded as of such date of determination.

 

“Equity
Coverage Percentage” means, on any date of determination, the excess, if any, of (a) the Equity Percentage on such date
of determination over (b) 5%.

 

“Equity
Coverage Ratio” means, on any date of determination, (a) the sum of (i) the aggregate amount of Eligible Investments
held by the Borrower on such date of determination plus (ii) the sum, for all Collateral Loans held by the Borrower on such date
of determination, of the Market Values of such Collateral Loans on such date of determination minus (iii) the aggregate Advances
Outstanding on such date of determination divided by (b) the Aggregate Asset Cost of all Collateral Loans held by the Borrower
on such date of determination; provided that for purposes of clause (b) of this definition, in determining the Asset Cost
of any Delayed Drawdown Collateral Loan, any unfunded commitments in respect of such Delayed Drawdown Collateral Loans shall be
assumed to have been fully funded as of such date of determination.

 

“Equity
Coverage Test” means a test that is satisfied if, as of any date of determination, the Equity Coverage Ratio (including
after giving effect to the making of any Advance on such date and the application of the proceeds thereof) is equal to or greater
than the Equity Coverage Percentage.

 

“Equity
Percentage” means, on any date of determination, (a) the Equity Amount on such date of determination divided by (b)
the Aggregate Asset Cost of all Collateral Loans held by the Borrower on such date of determination; provided that for
purposes of clause (b) of this definition, in determining the Asset Cost of any Delayed Drawdown Collateral Loan, any unfunded
commitments in respect of such Delayed Drawdown Collateral Loans shall be assumed to have been fully funded as of such date of
determination.

 

“Equityholder”
means BDCA Senior Loan Fund LLC, a Delaware limited liability company.

 

“Equity
Security” means any stock or similar security, certificate of interest or participation in any profit sharing agreement,
reorganization certificate or subscription, transferable share, voting trust certificate or certificate of deposit for an equity
security, limited partnership interest, interest in a joint venture, or certificate of interest in a business trust; any security
future on any such security; or any security convertible, with or without consideration into such a security, or carrying any
warrant or right to subscribe to or purchase such a security; or any such warrant or right.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974 and the regulations promulgated and rulings issued thereunder.

 

    16

     

    

 

“Errors” has the meaning assigned
to such term in Section 14.08(c).

 

“Eurocurrency
Liabilities” is defined in Regulation D of the Board of Governors of the Federal Reserve System, as in effect from time
to time.

 

“Eurodollar
Disruption Event” means the occurrence of any of the following: (a) any Lender shall have notified the Administrative
Agent of a determination by such Lender that it would be contrary to Law or to the directive of any central bank or other governmental
authority (whether or not having the force of law) to obtain Dollars in the London interbank market to fund any Advance, (b) the
CollateralAdministrative
Agent shall have notified the Administrative Agent, the Borrower and
each Lender of the inability, for any reason, to determine the Adjusted Eurodollar Rate, (c) the Required Lenders shall have notified
the Administrative Agent of a determination by such Lenders that the rate at which deposits of Dollars are being offered to such
Lenders in the London interbank market does not accurately reflect the cost to such Lenders of making, funding or maintaining
any Advance or (d) any Lender shall have notified the Administrative Agent of the inability of such Lender to obtain Dollars in
the London interbank market to make, fund or maintain any Advance; provided that a Eurodollar Disruption Event shall not occur
if the circumstances under Section 2.112.18(ea)
are applicable.

 

“Eurodollar
Reserve Percentage” means, for any period, the percentage, if any, applicable during such period (or, if more than one
such percentage shall be so applicable, the daily average of such percentages for those days in such period during which any such
percentage shall be so applicable) under regulations issued from time to time by the Board of Governors of the Federal Reserve
System (or any successor) for determining the maximum reserve requirement (including any basic, emergency, supplemental, marginal
or other reserve requirements) with respect to liabilities or assets consisting of or including Eurocurrency Liabilities having
a term of one month.

 

“Event of
Default” means the occurrence of any of the events, acts or circumstances set forth in Section 6.01.

 

“Excess Concentration
Amount” means, at any time in respect of which any one or more of the Concentration Limitations are exceeded, the portions
(calculated without duplication) of each Collateral Loan that cause such Concentration Limitations to be exceeded.

 

“Excess Interest
Proceeds” means, on any date of determination, the excess of (1) amounts then on deposit in the Collection Account representing
Interest Proceeds over (2) the sum of (x) the projected amounts required to be paid pursuant to Sections 9.01(a)(i)(A)
through (I) on the next succeeding Payment Date or the Final Maturity Date, as applicable, minus (y) any Excess Interest
Proceeds withdrawn during the related Interest Accrual Period pursuant to Section 8.03, as determined by the Borrower (or
the Collateral Manager on its behalf) (in the case of clause (1) and clause (2)) in good faith and in a commercially
reasonable manner and, in the case of clause (1), verified by the Collateral Agent and, in the case of clause (2),
verified by the Administrative Agent.

“Exchange
Act” means the Securities Exchange Act of 1934 and the rules and regulations promulgated thereunder, all as from time
to time in effect, or any successor law, rules or regulations, and any reference to any statutory or regulatory provision shall
be deemed to be a reference to any successor statutory or regulatory provision.

 

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to a Secured Party or required to be withheld or
deducted from a payment to a Secured Party (a) Taxes imposed on or measured by net income, net profits, or capital (however denominated),
or that are franchise Taxes or branch profits Taxes, in each case, (i) imposed by the jurisdiction (or any political subdivision
thereof) under the laws of which such Secured Party is organized or in which its principal office is located, or in the case of
any Lender, in which its applicable lending office is located or (ii) that are Other Connection Taxes and (b) Taxes on any “withholdable
payment” payable to such Secured Party as a result of the failure of such Secured Party to satisfy the applicable requirements
of FATCA.

 

    17

     

    

 

“Facility
Amount” means (a) on or prior to the Commitment Termination Date, $400,000,000 (as such amount may be reduced from time
to time pursuant to Section 2.06) and (b) following the Commitment Termination Date, the outstanding principal balance
of all the Advances.

 

“Facility
Documents” means this Agreement, the Notes, the Account Control Agreement, the Collateral Administration Agreement,
the Administrative Agent Fee Letter, the Collateral Agent Fee Letter, the Sale Agreement,
the New Equityholder Sale Agreement and any other security agreements and other instruments
entered into or delivered by or on behalf of the Borrower pursuant to Section 5.01(c) to create, perfect or otherwise evidence
the Collateral Agent’s security interest in the Collateral.

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended versions of Sections 1471 through
1474 of the Code that are substantively comparable and not materially more onerous to comply with), any current or future regulations
or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any intergovernmental
agreements entered into in connection with the implementation of such Sections.

 

“Federal
Funds Rate” means, for any period, a fluctuating interest rate per annum equal for each day during such period to the
weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal
funds brokers, as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal
Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations
for such day on such transactions received by the Administrative Agent from three federal funds brokers of recognized standing
selected by it; provided that, if at any time a Lender is borrowing overnight funds from a Federal Reserve Bank that day,
the Federal Funds Rate for such Lender for such day shall be the average rate per annum at which such overnight borrowings are
made on that day as promptly reported by such Lender to the Borrower and the Agents in writing. Each determination of the Federal
Funds Rate by a Lender pursuant to the foregoing proviso shall be conclusive and binding except in the case of manifest error.

 

“Federal
Reserve Bank of New York’s Website” means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org,
or any successor source.

 

“Final Maturity Date” means
May 31, 20222024.

 

“Final
Order” means an order, judgment, decree or ruling the operation or effect of which has not been stayed, reversed or
amended and as to which order, judgment, decree or ruling (or any revision, modification or amendment thereof) the time to appeal
or to seek review or rehearing has expired and as to which no appeal or petition for review or rehearing was filed or, if filed,
remains pending.

 

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

 

“Firm
Bid” means with respect to any Collateral Loan, a good and irrevocable bid for value, to purchase the par amount of
such Collateral Loan, expressed as a percentage of the par amount of such Collateral Loan and exclusive of accrued interest and
premium, for scheduled settlement substantially in accordance with the then-current market practice in the principal market for
such Collateral Loan, as determined by the Administrative Agent, submitted as of 11:00 a.m. (New York time) or as soon as practicable
thereafter. The Administrative Agent shall be entitled to disregard any Firm Bid submitted by a broker-dealer (a) if, in the Administrative
Agent's commercially reasonable judgment, (i) such broker-dealer may be ineligible to accept assignment or transfer of the par
amount of such Collateral Loan substantially in accordance with the then-current market practice in the principal market for such
Collateral Loan, as determined by the Administrative Agent, or (ii) such broker-dealer would not, through the exercise of its
commercially reasonable efforts, be able to obtain any consent required under the Related Documents for such Collateral Loan to
the assignment or transfer to such broker-dealer of the par amount of such Collateral Loan or (b) if the Administrative Agent
determines that such Firm Bid is not bona fide, including, without limitation, due to (i) the insolvency of the bidder, (ii) the
inability, failure or refusal of the bidder to settle the purchase of the par amount of such Collateral Loan or otherwise settle
transactions in the relevant market or perform its obligations generally or (iii) the Administrative Agent not having pre-approved
trading lines with the broker-dealer that would permit settlement of the sale to such broker-dealer of the par amount of such
Collateral Loan.

 

    18

     

    

 

“First
Lien Obligation” means any loanLoan
(and not a bondBond
or similar security) that meets the following criteria:

 

(i)                 
is not (and is not expressly permitted by its terms to become) subordinate in right of payment to any other obligation
for borrowed money of the obligor of such loanLoan;

 

(ii)                
is secured by a valid first priority perfected Lien in, to or on specified collateral securing the obligor’s obligations
under such loanLoan
(whether or not such loanLoan
is also secured by any lower priority Lien on other collateral);

 

(iii)               
is secured, pursuant to such first priority perfected Lien, by collateral having a value (determined as set forth below)
not less than the outstanding principal balance of such loanLoan
plus the aggregate outstanding principal balances of all other loans or
other obligations of equal seniority secured by a first Lien in the same collateral; and

 

(iv)              is
not a loanLoan
which is secured solely or primarily by the common stock of its obligor or any of its Affiliates.

 

The determination
as to whether clause (iii) of this definition is satisfied shall be based on the Collateral Manager’s judgment at
the time the loanLoan
is acquired by the Borrower (which value may include an assessment of the Obligor’s cash flow, enterprise value,
general financial condition and other attributes). The limitation set forth in clause (iv) above shall not apply with respect
to a loanLoan
made to a parent entity that is secured solely or primarily by the stock of one or more of the subsidiaries of such parent entity
to the extent that the granting by any such subsidiary of a Lien on its own property would (1) in the case of a subsidiary that
is not part of the same consolidated group as such parent entity for U.S. Federal income tax purposes, result in a deemed dividend
by such subsidiary to such parent entity for such tax purposes, (2) violate Law applicable to such subsidiary (whether the obligation
secured is such loanLoan
or any other similar type of indebtedness owing to third parties) or (3) cause such subsidiary to suffer adverse economic
consequences under capital adequacy or other similar rules, in each case, so long as (x) the Related Documents limit the incurrence
of indebtedness by such subsidiary and (y) the aggregate amount of all such indebtedness is not material relative to the aggregate
value of the assets of such subsidiary.

 

“Floor Obligation” means,
as of any date:

 

(a)       a
Collateral Loan (i) for which the Related Documents provides for a Libor rate option and that such Libor rate is calculated as
the greater of a specified “floor” rate per annum of the Borrower or other Affiliates that are structured to be “bankruptcy
remote”); (ii) a customer or supplier of the Borrower or any of its Affiliates (other than his or her service as an Independent
Manager of the Borrower); or (iii) any member of the immediate family of a person described in (i) or (ii), and (B) has, (i) prior
experience as an Independent Manager for a corporation or limited liability company whose charter documents required the unanimous
consent of all Independent Managers thereof before such corporation or limited liability company could consent to the institution
of bankruptcy or insolvency proceedings against it or could file a petition seeking relief under any applicable federal or state
law relating to bankruptcy and (ii) at least three years of employment experience with one or more entities that provide, in the
ordinary course of their respective businesses, advisory, management or placement services to issuers of securitization or structured
finance instruments, agreements or securities.

 

    19

     

    

 

“Ineligible
Collateral Loan” means, at any time, a loanLoan
or other obligationBond,
or any portion thereof, that fails to satisfy any criteria of the definition of “Collateral Loan” giving
effect to the proviso in the introductory language to the definition of “Collateral Loan”.

 

“Insolvency
Event” means, with respect to a specified Person, (a) the filing of a decree or order for relief by a court having jurisdiction
in the premises in respect of such Person or any substantial part of its property in an involuntary case under the Bankruptcy
Code or any other applicable insolvency law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian,
trustee, sequestrator or similar official for such Person or for any substantial part of its property, or ordering the winding-up
or liquidation of such Person’s affairs, and such decree or order shall remain unstayed and in effect for a period of sixty
(60) consecutive days; or (b) the commencement by such Person of a voluntary case under the Bankruptcy Code or any other applicable
insolvency law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary
case under any such law, or the consent by such Person to the appointment of or taking possession by a receiver, liquidator, assignee,
custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or the making
by such Person of any general assignment for the benefit of creditors, or the failure by such Person generally to pay its debts
as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing.

 

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

 

“Interest”
means, for each day during an Interest Accrual Period and each Advance outstanding by a Lender on such day, the sum of the products
(for each day during such Interest Accrual Period) of:

 

IR P 1

 ́  ́

D

 

where:

 

IR=  the Interest Rate for such Advance
on such day;

 

P=the principal amount of such Advance on
such day; and

 

D=360 days.

 

“Interest
Accrual Period” means (a) with respect to the first Payment Date after the Eighth Amendment Effective Date, (i) the
period commencing on the first day of the calendar month in which the preceding Payment Date occurred and ending on June 30, 2020
and (ii) the period from and including July 1, 2020 to but excluding the first Payment Date after the Eighth Amendment Effective
Date, and (b) with respect to any subsequent Payment Date, the period from and including the preceding Payment Date

 

    20

     

    

 

 

“Investment
Company Act” means the Investment Company Act of 1940 and the rules and regulations promulgated thereunder.

 

“Key
People” means Peter Budko, Robert Grunewald, William Kahane, Nick Radesca and Nicholas S. Schorsch (and any replacements
reasonably acceptable to the Administrative Agent). 

 

“Law”
means any action, code, consent decree, constitution, decree, directive, enactment, finding, guideline, law, injunction, interpretation,
judgment, order, ordinance, policy statement, proclamation, promulgation, regulation, requirement, rule, rule of law, treaty,
rule of public policy, settlement agreement, statute, or writ, of any Governmental Authority, or any particular section, part
or provision thereof.

 

“Lender”
means each Person listed on Schedule 1 and any other Person that shall have become a party hereto in accordance with the
terms hereof pursuant to an Assignment and Acceptance, other than any such Person that ceases to be a party hereto pursuant to
an Assignment and Acceptance.

 

“Liabilities”
means all liabilities, obligations, losses, claims, damages, penalties, actions, judgments, suits, costs, expenses (including
reasonable and documented out-of-pocket attorneys’ fees and expenses) and disbursements of any kind or nature whatsoever.

 

“LIBOR
Rate” or “LIBOR” means, for any Interest Accrual Period, (i) with respect to any Advance made or
outstanding on the first day of an Interest Accrual Period, a rate per annum equal to the ICE Benchmark Administration Limited
LIBOR Rate (“ICE LIBOR”), as published by Reuters (or another commercially available source providing quotations of
ICE LIBOR as designated by Administrative Agent from time to time) at approximately 11:00 a.m. (London time) two (2) Business
Days prior to the commencement of such Interest Accrual Period, for Dollar deposits (for delivery on the first day of such Interest
Accrual Period) with a term equivalent to three (3) months and (ii) with respect to any Advance not made or outstanding on the
first day of an Interest Accrual Period, the rate per annum equal to ICE LIBOR, as published by Reuters (or another commercially
available source providing quotations of ICE LIBOR as designated by Administrative Agent from time to time) at approximately 11:00
a.m. (London time) two (2) Business Days prior to the date on which such Advance is made, for Dollar deposits (for delivery on
the date on which such Advance is made) with a term equivalent to three (3) months; provided that, if no such rate is published
by Reuters (or another commercially available source providing quotations of ICE LIBOR as designated by Administrative Agent from
time to time), the LIBOR Rate shall be the rate per annum determined by the Administrative Agent using the average of the rates
for London interbank deposits for a three (3) month period in United States dollars at approximately 11:00 a.m. (London time)
on the applicable rate setting day to prime banks in the London interbank market. If the LIBOR Rate is less than zero percent
then the LIBOR Rate shall be deemed to equal zero percent for all purposes of this Agreement.

 

“Lien”
means any mortgage, pledge, hypothecation, assignment, encumbrance, lien or security interest (statutory or other), or preference,
priority or other security agreement, charge or preferential arrangement of any kind or nature whatsoever (including any conditional
sale or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing,
and the filing authorized by the Borrower of any financing statement under the UCC or comparable law of any jurisdiction).

 

“Loan”
means a commercial loan or debt obligation (other than a Bond) owned or acquired by the Borrower.

 

    21

     

    

 

“Loan
File” means, with respect to each Collateral Loan delivered to the Custodian, each of the Required Loan Documents in
original or copy as identified on the related Document Checklist and any other document delivered in connection therewith.

 

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

 

“Losses” has the meaning
assigned to such term in Section 13.09(d)(i).

 

“Maintenance
Covenant” means a covenant by any Obligor to comply with one or more financial covenants during each reporting period
(but not more frequently than quarterly), whether or not such Obligor has taken any specified action.

 

“Majority
Equityholder” means any equityholder indirectly owning more than 50% of the equity interests of the Borrower through the
Equityholder. As of the Ninth Amendment Effective Date, the Majority Equityholder is BDCA.

 

“Management
Agreement” means the Amended and Restated Investment Advisory Agreement and Management Services Agreement, dated as
of June 23February
1, 20112019,
between BDCA and BDCA Adviser, LLC, or any comparable investment advisory agreement entered into in replacement thereof between
BDCA and BDCA Adviser, LLC that is approved by both a majority of the noninterested directors and a majority of the outstanding
stockholders of BDCA.

 

“Mandatory
Amortization Amount” means, with respect to the applicable Payment Dates set forth below, an amount sufficient to reduce
Advances Outstanding as of such Payment Date (i) on the first Payment Date during the Amortization Period, to 87.5% of Advances
Outstanding as of the last day of the Reinvestment Period, (ii) on the second Payment Date during the Amortization Period, to
75.0% of Advances Outstanding as of the last day of the Reinvestment Period, and (iii) on the third Payment Date during the Amortization
Period, to 50.0% of Advances Outstanding as of the last day of the Reinvestment Period.

 

“Margin Stock” has the meaning
assigned to such term in Regulation U.

 

“Market
Value” means, with respect to any Collateral Loan, the amount (determined by the Administrative Agent) equal to the
product of (x) the principal amount thereof (determined exclusive of accrued interest and premium) and (y) the price (expressed
as a percentage of par) determined in the following manner:

 

(i)                 the
bid-side quote determined by any of Loan X, Inc., Loan Pricing Corporation, MarkIt Partners (or,
in the case of a Bond, TRACE) or any other nationally recognized loan
pricing service selected by the Administrative Agent; provided that, if the Administrative Agent reasonably determines
that the quote of any such loan pricing service is not current or accurate, the
Administrative Agent may reject such quote; or

 

(ii)              
if the value of a Collateral Loan is not determined in accordance with clause (i) above (either because no bid-side quote
is available or the Administrative Agent rejects one or more loan
pricing services), the average of the bid-side quotes determined by at least two independent broker-dealers active in the trading
of such assetCollateral
Loan; or if only one such bid can be obtained, such bid; provided that, if
the Administrative Agent determines that the quote of any such independent broker-dealer is not current or accurate, the Administrative
Agent may reject such quote; or

 

    22

     

    

 

(iii)               if
the value of a Collateral Loan is not determined in accordance with clause (i) or (ii) above (either because no bid-side quote
is available or the Administrative Agent reasonably rejects one or more bid-side quotes), the value of such Collateral Loan (expressed
as a percentage of par) shall be the Valuation Price then in effect for such Collateral Loan.

 

If the Borrower disputes
the Market Value of any Collateral Loan determined pursuant to the foregoing clause (i) or (ii), then the Borrower may (at its
sole expense), no later than three hours after the Borrower is given notice of such determination, (i) designate two nationally
recognized broker-dealers active in the trading of such loanCollateral
Loan and (ii) provide to the Administrative Agent within such three-hour period with respect to each such broker-dealer
a Firm Bid with respect to not less than the principal amount of such Collateral Loan. The highest of such two Firm Bids will
be the Market Value for the relevant date of determination.

 

“Material
Adverse Effect” means a material adverse effect on (a) the business, assets, financial condition or operations of the
Borrower or the Collateral Manager both individually or taken as a whole,

(b) the validity
or enforceability of this Agreement or any other Facility Document or the validity, enforceability or collectability of any material
portion of the Collateral Loans or the Related Documents,

(c) 
the rights and remedies of the Administrative Agent, the Lenders and the other Secured Parties with respect to matters
arising under this Agreement or any other Facility Document, or (d) the ability of each of the Borrower or the Collateral Manager
to perform its obligations under any Facility Document to which it is a party.

 

“Material
Modification” means, with respect to any Collateral Loan, any amendment, waiver, consent or modification of a Related
Document with respect thereto executed or effected after the date on which such Collateral Loan is acquired by the Borrower, that:

 

(a)               
reduces or waives one or more interest payments or permits any interest due with respect to such Collateral Loan in cash
to be deferred or capitalized and added to the principal amount of such Collateral Loan (other than any deferral or capitalization
already expressly permitted by the terms of its underlying instruments as of the date such Collateral Loan was acquired by the
Borrower);

 

(b)               
contractually or structurally subordinates such Collateral Loan by operation of a priority of payments, turnover provisions
or the transfer of assets in order to limit recourse to the related Obligor or releases any material guarantor or co-Obligor from
its obligations with respect thereto;

 

(c)             
substitutes or releases the underlying assets securing such Collateral Loan (other than as expressly permitted by the Related
Documents as of the date such Collateral Loan was acquired by the Borrower), and such substitution or release materially and adversely
affects the value of such Collateral Loan (as determined in the sole discretion of the Administrative Agent);

 

(d)             waives,
extends or postpones any date fixed for any scheduled payment or mandatory prepayment of principal on such Collateral Loan; or

 

(e)               
reduces or forgives any principal amount of such Collateral Loan; or

 

(f)                delays
or extends the maturity date of such Collateral Loan.

 

“Maximum
Moody’s Weighted Average Rating Factor Test” means a test that will be satisfied on any date of determination
if the Weighted Average Moody’s Rating Factor of the Collateral Loans is,

 

    23

     

    

 

during
the Reinvestment Period, less than or equal to 3200 or, following the termination
of the Reinvestment Period, 3490.

 

“Maximum Weighted
Average Life Test” means a test that will be satisfied on any date of determination if the Weighted Average Life of the
Collateral Loans as of such date is less than or equal to 7.0 years.

 

“Measurement
Date” means (a) the Closing Date, (b) each Borrowing Date, (c) the date on which a Collateral Loan is acquired or disposed
of by the Borrower and (d) each Monthly Report Determination Date.

 

“Minimum Weighted
Average Spread Test” means a test that will be satisfied on any date of determination if the Weighted Average Spread
equals or exceeds 3.00%.

 

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

 

“Monthly Report”
has the meaning specified in Section 8.07(a).

 

“Monthly Report Determination
Date” has the meaning specified in Section 8.07(a).

 

“Monthly Reporting Date”
has the meaning specified in Section 8.07(a).

 

“Moody’s”
means Moody’s Investors Service, Inc., together with its successors.

 

“Moody’s
Industry Classification” means the industry classifications set forth in Schedule 5 hereto, as such industry classifications
shall be updated at the option of the Collateral Manager if Moody’s publishes revised industry classifications.

 

“Moody’s Rating” means, with respect to any Collateral
Loan, as of any date of determination:

 

(a)             
if such Collateral Loan has a monitored rating, an unpublished monitored rating expressly assigned to a debt obligation
(or facility), or a monitored estimated rating expressly assigned to a debt obligation (or facility) by Moody’s that addresses
the full amount of the principal interest promised, such rating,

 

(b)            
if the foregoing paragraph is not applicable, then, if the related Obligor has a corporate family rating by Moody’s,
the rating specified in the applicable row of the table below under “Relevant Rating” opposite the row in the table
below that describes such Collateral Loan:

 

	Collateral Loan	Relevant Rating
	 	 
	 	 
	The Collateral Loan is a secured obligation, but is not a Second Lien Obligation and is not subordinate	The rating by Moody’s that is one rating subcategory above such corporate family rating
	 	 
	 	 
	The Collateral Loan is an unsecured obligation or is a Second Lien Obligation, but is not	The rating by Moody’s that is one rating subcategory below such corporate family

 

    24

     

    

 

“Net
Aggregate Exposure Amount” means, at any time, the excess (if any) of (a) the aggregate unfunded amounts in respect of
all Delayed Drawdown Collateral Loans at such time over (b) the aggregate amount on deposit in the Unfunded Reserve Account
at such time.

 

“Net
Asset Value” means, with respect to the Majority Equityholder, the net asset value of the Majority Equityholder calculated
in accordance with GAAP for inclusion in the Majority Equityholder’s financial statements and adjusted for (a) any distributions
made by the Majority Equityholder to its members and (b) any deductions and distributions made on assets held by the Majority Equityholder,
in each case, since the most recent financial statements of the Majority Equityholder.

 

“New Lending Office” has the meaning
assigned to such term in Section 12.03(d).

 

“New
Equityholder Sale Agreement” means the Sale and Contribution Agreement, dated as of the Ninth Amendment Effective Date, by
and among the Equityholder and the Borrower. 

 

“Ninth
Amendment Effective Date” means January 20, 2021.

 

“Non-Excluded Taxes” mean all Taxes
other than Excluded Taxes.

 

“Non-U.S. Lender” has the meaning
assigned to such term in Section 12.03(g).

 

“Note”
means each promissory note, if any, issued by the Borrower to a Lender in accordance with the provisions of Section 2.03,
substantially in the form of Exhibit E hereto.

 

“Noteless
Loan” means a Collateral Loan with respect to which (a) the related loan agreement does not require the obligor to execute
and deliver an Underlying Note to evidence the indebtedness created under such Collateral Loan and (b) no Underlying Notes issued
to the Borrower are outstanding with respect to the portion of the Collateral Loan transferred to the Borrower.

 

“Notice of Borrowing” has the
meaning assigned to such term in Section 2.02.

 

“Notice of Prepayment” has the meaning assigned to such
term in Section 2.05.

 

“Obligations”
means all indebtedness, whether absolute, fixed or contingent, at any time or from time to time owing by the Borrower to any Secured
Party or any Affected Person under or in connection with this Agreement, the Notes or any other Facility Document, including all
amounts payable by the Borrower in respect of the Advances, with interest thereon, and all other amounts payable hereunder or thereunder
by the Borrower.

 

“Obligor”
means, in respect of any Collateral Loan, the Person primarily obligated to pay Collections in respect of such Collateral Loan,
including any applicable guarantors.

 

“OFAC” has the meaning assigned
to such term in Section 4.01(f).

 

“Other
Connection Taxes” means, in the case of any Secured Party, any Taxes imposed by any jurisdiction by reason of such Secured
Party having any present or former connection with such jurisdiction (other than a connection arising solely from such Secured
Party having executed, delivered, become a party to, performed its obligations under, received any payment under, received or perfected
a security interest under, engaged in any other transaction pursuant to or enforced its rights under this Agreement, the Notes
or any other Facility Document or sold or assigned an interest in any Loan or Facility Document).

 

    25

     

    

 

“Permitted
Liens” means any of the following as to which no enforcement, collection, execution, levy or foreclosure proceeding shall
have been commenced: (a) Liens created in favor of the Collateral Agent hereunder or under the other Facility Documents for the
benefit of the Secured Parties; (b) Liens for state, municipal or other local Taxes if such Taxes shall not at the time be due
and payable or if a Person shall currently be contesting the validity thereof in good faith by appropriate proceedings and with
respect to which reserves in accordance with GAAP have been provided on the books of such Person; and (c) Liens imposed by law,
such as materialmen’s, warehousemen’s, mechanics’, carriers’, workmen’s and repairmen’s Liens
and other similar Liens, arising by operation of law in the ordinary course of business for sums that are not overdue or are being
contested in good faith and with respect to which reserves in accordance with GAAP have been provided on the books of such Person.

 

“Permitted
Subsidiary” means any subsidiary (a) that meets the then-current general criteria of Moody’s and S&P for bankruptcy
remote entities and that includes, in its Constituent Documents, “special purpose” provisions substantially similar
to those in the Constituent Documents of the Borrower, and (b) that is formed for the sole purpose of holding any Equity Security
in one or more Persons or other assets received in a workout of a Defaulted Collateral Loan or otherwise acquired in connection
with a workout of a Collateral Loan.

 

“Person”
means an individual or a corporation (including a business trust), partnership, trust, incorporated or unincorporated association,
joint stock company, limited liability company, government (or an agency or political subdivision thereof) or other entity of any
kind.

 

“PIK Loan”
means a Collateral Loan (other than a Partial PIK Loan) that permits the Obligor thereon to defer or capitalize any portion of
the accrued interest thereon.

 

“Post-Default
Rate” means a rate per annum equal to the rate of interest otherwise in effect pursuant to this Agreement (or,
if no such rate is specified, the Base Rate) plus 2.00% per annum.

 

“Potential Terminated Lender” has
the meaning specified in Section 2.16(a).

 

“Predecessor
Collateral Manager Work Product” has the meaning assigned to such term in Section 14.08(c).

 

“Prepayment Fee” has the meaning
assigned to such term in Section 2.12(b).

 

“Prime Rate”
means the rate announced by Citibank from time to time as its prime rate in the United States, such rate to change as and when
such designated rate changes. The Prime Rate is not intended to be the lowest rate of interest charged by Citibank in connection
with extensions of credit to debtors.

 

“Principal
Balance” means, with respect to any loanCollateral
Loan, as of any date of determination, the outstanding principal amount of such loanCollateral
Loan, excluding any capitalized interest.

 

“Principal Collection Subaccount”
has the meaning specified in Section 8.02(a).

 

“Principal
Proceeds” means, with respect to any Collection Period or the related Determination Date, all amounts received by the
Borrower during such Collection Period that do not constitute Interest Proceeds, including unapplied proceeds of the Advances and
any amounts received by the Borrower as equity contributions (howsoever designated).

 

    26

     

    

 

“Priority of Payments” has the
meaning specified in Section 9.01(a).

 

“Private
Authorizations” means all franchises, permits, licenses, approvals, consents and other authorizations of all Persons
(other than Governmental Authorities).

 

“Proceeds”
has, with reference to any asset or property, the meaning assigned to it under Section 9-102(a)(64) of the UCC and, in any event,
shall include, but not be limited to, any and all amounts from time to time paid or payable under or in connection with such asset
or property.

 

“Process Agent” has the meaning
assigned to such term in Section 12.14.

 

“Prohibited
Transaction” means a transaction described in Section 406(a) of ERISA, that is not exempted by a statutory or administrative
or individual exemption pursuant to Section 408 of ERISA.

 

“Proper
Instructions” means instructions (including Trade Confirmations) received by the Custodian from the Borrower, or the
Collateral Manager on behalf of the Borrower, in any of the following forms acceptable to the Custodian: (a) in writing signed
by an Authorized Person (and delivered by hand, by mail, by overnight courier or by telecopier); (b) by electronic mail from an
Authorized Person; (c) in tested communication; (d) in a communication utilizing access codes effected between electro mechanical
or electronic devices; or (e) such other means as may be agreed upon from time to time by the Custodian and the party giving such
instructions.

 

“Published
Yield” means, on any date of determination, the average yield to maturity for single “B”-rated bank loans
or bond as published on such date of determination by MarkIt
Partners or, in the case of a Bond, TRACE; provided
that, if (a) such average yield to maturity ceases to be published by MarkIt Partners or
TRACE, as applicable, or a successor sponsor acceptable to the Administrative Agent or (b) the Administrative Agent
determines in good faith that such average yield to maturity as so published is no longer representative of actual market data,
 “Published Yield” shall mean such average yield to maturity as determined by the Administrative Agent (or any Person
designated by the Administrative Agent) using the same or a substantially similar method of calculation as that used by MarkIt
Partners or TRACE, as applicable, on the date hereof.

 

“Purchase
Price” means, with respect to any Collateral Loan, the aggregate purchase price paid by the Borrower to purchase such
Collateral Loan (which (a) shall be expressed as a percentage of par and (b) shall be determined exclusive of accrued interest
and premium).

 

“QIB” has the meaning assigned
to such term in Section 12.06(e).

 

“Qualified
Institution” means a depository institution or trust company organized under the laws of the United States of America
or any one of the States thereof or the District of Columbia (or any domestic branch of a foreign bank), (a)(i) that has either
(A) a long-term unsecured debt rating of “A” or better by S&P and “A2” or better by Moody’s or
(B) a short-term unsecured debt rating or certificate of deposit rating of “A-1” or better by S&P or “P-1”
or better by Moody’s, (ii) the parent corporation of which has either (A) a long-term unsecured debt rating of “A”
or better by S&P and “A2” or better by Moody’s or (B) a short-term unsecured debt rating or certificate of
deposit rating of “A-1” or better by S&P and “P-1” or better by Moody’s or (iii) is otherwise
acceptable to the Administrative Agent and (b) the deposits of which are insured by the Federal Deposit Insurance Corporation.

 

“Qualified Purchaser” has the
meaning assigned to such term in Section 12.06(e).

 

    27

     

    

 

“Quarterly
Asset Amount” means, for any Payment Date, the arithmetical average of (a) the sum of the Principal Balances of all Collateral
Loans and the cash and the principal balance of any Eligible Investments on deposit in the Principal Collection Subaccount, measured
as of the first day of the related Collection Period and (b) the sum of the Principal Balances of all Collateral Loans and the
cash and the principal balance of any Eligible Investments on deposit in the Principal Collection Subaccount, measured as of the
related Determination Date.

 

“Register” has the meaning assigned to
such term in Section 12.06(d).

 

“Regulation
T”, “Regulation U”, “Regulation W” and “Regulation X” mean Regulation
T, U, W and X, respectively, of the Board of Governors of the Federal Reserve System, as in effect from time to time.

 

“Reinvestment
Period” means the period from and including the Closing Date to and includingbut
excluding the earliest of (a) May 31, 20212023
and (b) the date of the termination of the Commitments pursuant to Section 6.01.

 

“Related Documents”
means, with respect to any Collateral Loan, all agreements or documents evidencing, securing, governing or giving rise to such
Collateral Loan.

 

“Relevant
Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially
endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.

 

“Replacement Lender” has the
meaning assigned to such term in Section 2.16(a). “Requested Amount” has the meaning assigned to such
term in Section 2.02.

 

“Required
Lenders” means, as of any date of determination, Lenders whose aggregate principal amount of Advances Outstanding plus
unused Commitments aggregate more than 50% of the aggregate amount of the Commitments (used and unused) or, if the Commitments
have expired or been terminated or otherwise reduced to zero, the aggregate principal amount of all Advances Outstanding; provided,
however, that if any Lender shall be a Defaulting Lender at such time, then there shall be excluded from the determination
of Required Lenders Advances owing to such Defaulting Lender and such Defaulting Lender’s unfunded Commitments.

 

“Required Loan Documents” means,
for each Collateral Loan:

 

		(a)	an executed copy of the assignment for such Collateral Loan;

 

		(b)	other than in the case of a Noteless Loan, the original executed Underlying Note endorsed by
the issuer or the prior holder of record of such Collateral Loan in blank or to the Borrower;

 

		(c)	an executed copy of the Underlying Loan Agreement, together with a copy of all amendments and
modifications thereto;
	 	 	 

		(d)	a copy of each related security agreement (if any) signed by each applicable Obligor;
	 	 	 

		(e)	a copy of each related guarantee (if any) then executed in connection with such Collateral Loan;

 

    28

     

    

 

		(f)	a Document Checklist; and

 

		(g)	for the Closing Date Participation Interest, the fully executed Closing Date Participation Agreement.

 

“Responsible
Officer” means (a) in the case of (i) a corporation or (ii) a partnership or limited liability company that, in each
case, pursuant to its Constituent Documents, has officers, any chief executive officer, chief financial officer, chief administrative
officer, managing director, president, senior vice president, vice president, assistant vice president, treasurer, director or
manager, and, in any case where two Responsible Officers are acting on behalf of such entity, the second such Responsible Officer
may be a secretary or assistant secretary (provided that a director of the Borrower shall be a Responsible Officer regardless of
whether its Constituent Documents provide for officers), (b) without limitation of clause (a)(ii), in the case of a limited
partnership, the Responsible Officer of the general partner, acting on behalf of such general partner in its capacity as general
partner, (c) without limitation of clause (a)(ii), in the case of a limited liability company, any Responsible Officer of
the sole member or managing member, acting on behalf of the sole member or managing member in its capacity as sole member or managing
member, (d) in the case of a trust, the Responsible Officer of the trustee, acting on behalf of such trustee in its capacity as
trustee, (e) an “authorized signatory” or ”authorized officer” that has been so authorized pursuant to
customary corporate proceedings, limited partnership proceedings, limited liability company proceedings or trust proceedings, as
the case may be, and that has responsibilities commensurate with the matter for which it is acting as a Responsible Officer, and
(f) in the case of the Collateral Administrator, the Collateral Agent or Administrative Agent, an officer of the Collateral Administrator,
the Collateral Agent or Administrative Agent, as applicable, responsible for the administration of this Agreement.

 

“Sale
Agreement” means the Sale and Contribution Agreement, dated as of the date hereof, by and among the
EquityholderBDCA and the Borrower.

 

“S&P”
means Standard & Poor’s Ratings Service, a Standard & Poor’s Financial Services LLC business.

 

“S&P Rating” means,
with respect to any Collateral Loan as of any date of determination:

 

(a)             if such Collateral Loan has a monitored rating expressly assigned to a debt obligation (or facility) or a monitored estimated
rating expressly assigned to a debt obligation (or facility) by S&P, such rating,

 

(b)            
if the foregoing paragraph is not applicable, then, if the related Obligor has a corporate issuer rating by S&P, the
rating specified in the applicable row of the table below under “Relevant Rating” opposite the row in the table below
that describes such Collateral Loan:

 

	Collateral Loan	Relevant
    Rating
	 	 
	 	 
	The
Collateral Loan is a secured obligation, but is not a Second Lien Obligation and is not subordinate	The
    rating by S&P that is one rating subcategory above such corporate issuer rating

 

    29

     

    

 

(f)                if
the foregoing paragraphs are not applicable, then the S&P Rating shall be “CC”; provided that (x) if application
has been made to S&P to rate a Collateral Loan and such Collateral Loan has a Moody’s Rating, then the S&P Rating
with respect to such Collateral Loan shall, pending the receipt of such rating from S&P, be equal to the S&P Rating that
is equivalent to such Moody’s Rating and (y) Collateral Loans constituting no more than 10% of the Aggregate Asset Cost may
be given an S&P Rating based on a rating given by Moody’s as provided in clause (x) (after giving effect to the addition
of the relevant Collateral Loan, if applicable).

 

“Scheduled
Distribution” means, with respect to any Collateral Loan, for each Due Date, the scheduled payment of principal and/or
interest and/or fees due on such Due Date with respect to such Collateral Loan.

 

“SEC”
means the Securities and Exchange Commission or any other governmental authority of the United States of America at the time administrating
the Securities Act, the Investment Company Act or the Exchange Act.

 

“Second
Lien Obligation” means any loanLoan
(and not a bondBond
or similar security) that meets the following criteria:

 

(i)               
is not (and is not expressly permitted by its
terms to become) subordinate in right of payment to any other obligation for borrowed money of the obligor of such loanLoan
other than “First Lien Debt” (as defined below) with respect to the liquidation of such obligor or the collateral for
such loanLoan;

 

(ii)              
is secured by a valid second priority perfected Lien in, to or on specified collateral securing the obligor’s obligations
under such loanLoan
(whether or not such loanLoan
is also secured by any higher or lower priority Lien on other collateral); but as to which the beneficiary or beneficiaries of
such collateral security agree for the benefit of the holder or holders of other indebtedness secured by the same collateral (“First
Lien Debt”) as to one or more of the following: (1) to defer their right to enforce such collateral security either permanently
or for a specified period of time while First Lien Debt is outstanding, (2) to permit a holder or holders of First Lien Debt to
sell such collateral free and clear of the security in favor of such beneficiary or beneficiaries, (3) not to object to sales of
assets by the obligor on such obligation following the commencement of a bankruptcy or other insolvency proceeding with respect
to such obligor or to an application by the holder or holders of First Lien Debt to obtain adequate protection in any such proceeding
and (4) not to contest the creation, validity, perfection or priority of First Lien Debt;

 

(iii)            
is secured, pursuant to such second priority
perfected Lien, by collateral having a value (determined as set forth below) not less than the outstanding principal balance of
such loanLoan
plus the aggregate outstanding principal balances of all other loansLoans
of equal or higher seniority secured by a first or second Lien in the same collateral;

 

(iv)             
is not a loanLoan
which is secured solely or primarily by the common stock of its obligor or any of its Affiliates; and

 

    30

     

    

 

(v)            such
loanLoan
is priced by at least two independent sources (as evidenced by data from Loan X, Inc., Loan Pricing Corporation, MarkIt Partners
or any other nationally recognized loan pricing service selected by the Administrative Agent).

 

The
determination as to whether clause (iii) of this definition is satisfied shall be based on the Collateral Manager’s judgment
at the time the loanLoan
is acquired by the Borrower (which value may include an assessment of the Obligor’s cash flow, enterprise value, general
financial condition and other attributes). The limitation set forth in clause (iv) above shall not apply with respect to a loanLoan
made to a parent entity that is secured solely or substantially by the stock of one or more of the subsidiaries of such parent
entity to the extent that the granting by any such subsidiary of a Lien on its own property would (1) in the case of a subsidiary
that is not part of the same consolidated group as such parent entity for U.S. federal income tax purposes, result in a deemed
dividend by such subsidiary to such parent entity for such tax purposes, (2) violate Law applicable to such subsidiary (whether
the obligation secured is such loanLoan
or any other similar type of indebtedness owing to third parties) or (3) cause such subsidiary to suffer adverse economic consequences
under capital adequacy or other similar rules, in each case, so long as (x) the Related Documents limit the incurrence of indebtedness
by such subsidiary and (y) the aggregate amount of all such indebtedness is not material relative to the aggregate value of the
assets of such subsidiary.

 

“Secured
Bond” means a Bond that is secured by a valid perfected security interest or lien in, to or on specified collateral securing
the Obligor’s obligations under the Bond and otherwise meets the requirements for a First Lien Obligation (but for the fact
that the related obligation is a Bond and not a Loan).

 

“Secured
Parties” means the Administrative Agent, the Collateral Agent, the Custodian, the Collateral Administrator and the Lenders.

 

“Secured Party Representative”
has the meaning assigned to such term in Section 12.09.

 

“Securities
Act” means the Securities Act of 1933 and the rules and regulations promulgated thereunder, all as from time to time
in effect.

 

“Securities Intermediary”
has the meaning assigned to it in Section 8-102(a)(14) of the UCC.

 

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

 

“Seventh Amendment Effective Date” means June 27, 2019.

 

“SOFR”
with respect to any day means the secured overnight financing rate published for such day by the Federal Reserve Bank of New York,
as the administrator of the benchmark (or a successor administrator), on the Federal Reserve Bank of New York’s Website.

 

“Solvent”
as to any Person means that such Person is not “insolvent” within the meaning of Section 101(32) of the Bankruptcy
Code or Section 271 of the New York Debtor and Creditor Law.

 

“Specified
Eligible Investment” means an Eligible Investment meeting the requirements of Section 8.06(a) and that is
available to the Collateral Agent, to be specified by the Collateral Manager to the Collateral Agent (with a copy to the
Administrative Agent) on or prior to the initial Borrowing Date; provided that, so long as no Default or Event of
Default shall have occurred and then be continuing, at any time with not less than five Business Days’ notice to the
Collateral Agent (with a copy to the Administrative Agent), the Collateral Manager may (and, if the then Specified Eligible
Investment is no longer available to the Collateral Agent, shall) designate another Eligible Investment that meets the
requirements of Section 8.06(a) and that is available to the Collateral Agent to be the Specified Eligible Investment
for purposes hereof. After the occurrence and continuation of a Default or Event of Default, a Specified Eligible Investment
shall mean an Eligible Investment meeting the requirements of Section 8.06(a) and which has been selected by the
Administrative Agent.

 

    31

     

    

 

“Structured
Finance Obligation” means any Collateral Loan owing by a finance vehicle that is secured directly and primarily by, primarily
referenced to, and/or primarily representing ownership of, a pool of receivables or a pool of other assets, including collateralized
debt obligations, residential mortgage-backed securities, commercial mortgage-backed securities, other asset-backed securities,
 “future flow” receivable transactions and other similar obligations; provided that ABL Facilities, loans to
financial service companies, factoring businesses, health care providers and other genuine operating businesses do not constitute
Structured Finance Obligations.

 

“Subject Laws” has the meaning
assigned to such term in Section 4.01(f).

 

“Successor Collateral
Manager” has the meaning assigned to such term in Section 14.08(a).

 

“Taxes”
means all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed
by any taxing Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

 

“Trade
Confirmation” means a confirmation of the Borrower’s acquisition of a Collateral Loan delivered to the Collateral
Agent (with a copy to the Custodian and the Administrative Agent) by the Borrower pursuant to Section 13.03(b), and setting
forth applicable information with respect to such Collateral Loan, which confirmation shall contain such information in respect
of such Collateral Loan as the Custodian may reasonably require in order to enable the Custodian to perform its duties hereunder
in respect of such Collateral Loan in the form of a customary trade confirmation as agreed to by, the Custodian and the Borrower
from time to time.

 

“Termination
Percentage” means, on any date of determination, the excess, if any, of (a) the Equity Percentage on such date of determination
over (b) 7.5%.

“TRS
Agreement” means the Total Return Swap, dated July 31, 2012 (as amended and restated as of May 6, 2014), between 405
TRS I, LLC and Citibank.

 

“UCC”
means the New York Uniform Commercial Code; provided that if, by reason of any mandatory provisions of law, the perfection,
the effect of perfection or non-perfection or priority of the security interests granted to the Collateral Agent pursuant to this
Agreement are governed by the Uniform Commercial Code as in effect in a jurisdiction of the United States of America other than
the State of New York, then “UCC” means the Uniform Commercial Code as in effect from time to time in such other
jurisdiction for purposes of such perfection, effect of perfection or non-perfection or priority.

 

“Unadjusted
Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

 

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

 

“Underlying
Loan Agreement” means, with respect to any Collateral Loan, the document or documents evidencing the commercial loan
agreement or facility or indenture pursuant to which such
Collateral Loan is made or issued.

 

    32

     

    

 

“Underlying
Note” means one or more promissory notes, if any, executed by an Obligor evidencing a Collateral Loan.

 

“Unfunded Reserve Account” has
the meaning specified in Section 8.04. “Unfunded Reserve Required Amount” has the meaning specified in
Section 8.04.

 

“Unquoted
Collateral Loan” means a commercial
loanLoan that (A) that
has been approved by the Administrative Agent, in its sole discretion, prior to the date on which the Borrower commits to acquire
such loanLoan,
(B) satisfies the eligibility requirements set forth in the definition of “Collateral Loan” on any date of determination
and (C) satisfies the following additional requirements:

 

(a)   
is not a Covenant- Lite Loan;

 

(b)   
is not a DIP Collateral Loan;

 

(c)   
on the date of purchase or other acquisition thereof by the Borrower, and thereafter, as of the last day of the most recent
fiscal quarter for which financial information is available in relation to the relevant Obligor (i) the ratio of (A) Aggregate
Indebtedness in relation to such Collateral Loan as of the last day of the most recent fiscal quarter for which financial information
is available in relation to the relevant Obligor to (B) EBITDA in relation to such Collateral Loan for the most recent period of
four consecutive fiscal quarters for which financial information is available in relation to the relevant Obligor is less than
4.25 and (ii) EBITDA of such Obligor is greater than $20,000,000; and

 

(d)   
such commercial loanLoan
is not quoted by any nationally recognized pricing or quotation service.

 

“Unsecured
Bond” means an unsecured Bond that is not (and is not expressly permitted by its terms to become) subordinate in right of
payment or lien to any other obligation for borrowed money of the Obligor of such Bond.

 

“Unused
Amount” means, for any day, an amount equal to the excess of (a) the Facility Amount on such day over (b) the
Advances Outstanding on such day.

 

“U.S. Bank”
has the meaning assigned to such term in the introduction to this Agreement.

 

“Valuation
Price” means, with respect to any Collateral Loan for which the Market Value thereof is not determined pursuant to clause
(i) or (ii) of the definition of “Market Value” on any date of determination, the lower of (a) the most recent valuation
of such Collateral Loan provided to the Borrower (with a copy to the Administrative Agent) by any one of the valuation firms set
forth on Schedule 8 or any other nationally recognized valuation firm acceptable to the Administrative Agent and (b) the sum of
(i) the Purchase Price plus (or minus the absolute value of such product if negative) (ii) the product of (x) the Change in Yield
with respect to such Collateral Loan on such date of determination multiplied by (y) the lesser of (A) 1,620 and (B) the number
of days during the period from and including such date of determination to but excluding the stated maturity of such Collateral
Loan divided by (z) 360.

 

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

 

    33

     

    

 

“Weighted
Average Spread” means, as of any date, the number obtained by dividing:

 

(e)               
 As a condition to the payment of principal of and Interest on any Advance without the imposition of withholding tax, the
Borrower or either Agent may require certification acceptable to it to enable the Borrower and the Agents to determine their duties
and liabilities with respect to any taxes or other charges that they may be required to deduct or withhold from payments in respect
of such Advance under any present or future law or regulation of the United States and any other applicable jurisdiction, or any
present or future law or regulation of any political subdivision thereof or taxing authority therein or to comply with any reporting
or other requirements under any such law or regulation.

 

(f)                
Notwithstanding any other provision of this Agreement, the obligations of the Borrower under this Agreement are limited
recourse obligations of the Borrower payable solely from the Collateral in accordance with the Priority of Payments and, following
realization of the Collateral, and application of the proceeds thereof in accordance with the Priority of Payments and, subject
to Section 2.12, all obligations of and any claims against the Borrower hereunder or in connection herewith after such realization
shall be extinguished and shall not thereafter revive. No recourse shall be had against any officer, director, employee, shareholder,
Affiliate, member, manager, agent, partner, principal or incorporator of the Borrower or their respective successors or assigns
for any amounts payable under this Agreement. It is understood that the foregoing provisions of this clause (f) shall not
(i) prevent recourse to the Collateral for the sums due or to become due under any security, instrument or agreement which is part
of the Collateral or (ii) constitute a waiver, release or discharge of any indebtedness or obligation evidenced by this Agreement
until such Collateral has been realized. It is further understood that the foregoing provisions of this clause (f) shall
not limit the right of any Person to name the Borrower as a party defendant in any proceeding or in the exercise of any other remedy
under this Agreement, so long as no judgment in the nature of a deficiency judgment or seeking personal liability shall be asked
for or (if obtained) enforced against the Borrower.

 

Section 2.05. Prepayment of Advances

 

(a)               
Optional Prepayments. The Borrower may, from time to time on any Business Day, voluntarily prepay Advances in whole
or in part, without penalty or premium, subject to Section 2.10; provided that the Borrower shall have delivered to the
Collateral Agent and the Administrative Agent written notice of such prepayment (such notice, a “Notice of Prepayment”)
in the form of Exhibit C hereto not later than 12:00 noon one (1) Business Day prior to the date of such prepayment (provided
that same day notice may be given to cure any non-compliance with the Coverage Tests). The CollateralAdministrative
Agent shall promptly notify the Lenders of such Notice of Prepayment. Each such Notice of Prepayment shall be irrevocable
and effective upon receipt and shall be dated the date such notice is being given, signed by a Responsible Officer of the Borrower
and otherwise appropriately completed. Each prepayment of any Advance by the Borrower pursuant to this Section 2.05(a)
(other than a prepayment made in order to cure any non-compliance with the Coverage Tests) shall in each case be in a principal
amount of at least $500,000. If a Notice of Prepayment is given by the Borrower, the Borrower shall make such prepayment and the
payment amount specified in such notice shall be due and payable on the date specified therein.

 

(b)               
Mandatory Prepayments. The Borrower shall prepay the Advances on each Payment Date in the manner and to the extent
provided in the Priority of Payments. The Borrower shall provide, in each Payment Date Report, notice of the aggregate amounts
of Advances that are to be prepaid on the related Payment Date in accordance with the Priority of Payments.

 

(c)               
Additional Prepayment Provisions. Each prepayment pursuant to this Section 2.05 shall be subject to Sections
2.04(c) and 2.10 and applied to the Advances in accordance with the Lenders’ respective Percentages.

 

    34

     

    

 

sustained by such Affected Person
in connection with the re-employment of such funds but excluding loss of anticipated profits), which such Affected Person may sustain:
(i) if for any reason (including any failure of a condition precedent set forth in Article III but excluding a default by
the applicable Lender) a Borrowing of any Advance bearing interest that was computed by reference to the LIBOR Rate by the Borrower
does not occur on the Borrowing Date specified therefor in the applicable Notice of Borrowing delivered by the Borrower, (ii) if
any payment, prepayment or conversion of any of the Borrower’s Advances bearing interest that was computed by reference to
the LIBOR Rate occurs on a date that is not the last day of the relevant Interest Accrual Period, and (iii) if any payment or prepayment
of any Advance bearing interest that was computed by reference to the LIBOR Rate is not made on a Payment Date or pursuant to a
Notice of Prepayment given by the Borrower. A certificate as to any amounts payable pursuant to this Section 2.10 submitted to
the Borrower by any Lender (with a copy to the Agents, and accompanied by a reasonably detailed calculation of such amounts and
a description of the basis for requesting such amounts) shall be conclusive in the absence of manifest error.

 

Section 2.11. Illegality;
Inability to Determine Rates; Effect of Benchmark Transition
Event

 

(a)               
Notwithstanding any other provision in this Agreement, in the event of a Eurodollar Disruption Event, then the affected
Lender shall promptly notify the Agents and the Borrower thereof, and such Lender’s obligation to make or maintain Advances
hereunder based on the Adjusted Eurodollar Rate shall be suspended until such time as such Lender may again make and maintain Advances
based on the Adjusted Eurodollar Rate.

 

(b)               
Upon the occurrence of any event giving rise to a Lender’s suspending its obligation to make or maintain Advances
based on the Adjusted Eurodollar Rate pursuant to Section 2.11(a), such Lender will, if requested by the Borrower, use reasonable
efforts (subject to overall policy considerations of such Lender) to designate a different lending office if such designation would
enable such Lender to again make and maintain Advances based on the Adjusted Eurodollar Rate; provided that such designation
is made on such terms that such Lender and its lending office suffer no unreimbursed cost or material legal or regulatory disadvantage
(as reasonably determined by such Lender), with the object of avoiding future consequence of the event giving rise to the operation
of any such provision.

 

(c)               
If, prior to the first day of any Interest Accrual
Period or prior to the date of any Advance, as applicable, either (i) the CollateralAdministrative
Agent determines that for any reason adequate and reasonable means do not exist for determining the LIBOR Rate for the applicable
Advances, or (ii) the Required Lenders determine and notify the Administrative Agent that the Adjusted Eurodollar Rate with respect
to such Advances does not adequately and fairly reflect the cost to such Lenders of funding such Advances, the Administrative Agent
will promptly so notify the Borrower, the Collateral Agent and each Lender. Thereafter, the obligation of the Lenders to make or
maintain Advances based on the Adjusted Eurodollar Rate shall be suspended until the Administrative Agent (upon the instruction
of the Required Lenders) revokes such notice.

 

(d)               
Upon receipt of any notice described in Section
2.11(a) or (c), the Borrower may revoke any pending request for the making or continuation of an Advance based on the
Adjusted LIBOREurodollar
Rate, or, failing that, will be deemed to have converted such request into a request for an Advance based on the Base Rate.

 

(e)               
Notwithstanding anything to the contrary herein or in any other Facility Document:

 

(i)       Upon the occurrence
of a Benchmark Transition Event or an Early Opt-in asElection, applicable, the Administrative Agent and the Borrower may amend
this Agreement to replace LIBOR with a Benchmark
Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. on the fifth (5th)
Business Day after the Administrative Agent has posted such amendment to all Lenders and the Borrower so long as the Administrative
Agent has not received, by such time, written notice of objection to such amendment from Lenders comprising the Required Lenders.
Any such amendment with respect to an Early Opt in Election will become effective on the date that Lenders comprising the Required
Lenders have delivered to the Administrative Agent written notice that such Required Lenders accept such amendment. No replacement
of LIBOR with a Benchmark Replacement pursuant to this Section 2.11(e) will occur prior to the applicable Benchmark Transition
Start Date.

 

    35

     

    

 

(ii)       In
connection with the implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Benchmark
Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Facility
Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further
action or consent of any other party to this Agreement; provided that the Administrative Agent will promptly notify the Borrower
and the Lenders of any such amendment.

 

(iii)___       The
Administrative Agent will promptly notify the Borrower and the Lenders of (a) any occurrence of a Benchmark Transition Event or
an Early Opt in Election, as applicable, and its related Benchmark Replacement Date and Benchmark Transition Start Date, (b) the
implementation of any Benchmark Replacement, (c) the effectiveness of any Benchmark Replacement Conforming Changes and (d) the
commencement or conclusion of any Benchmark Unavailability Period. 

 

(iv)___       Any
determination, decision or election that may be made by the Administrative Agent or Lenders pursuant to this Section 2.11(e) including
any determination with respect to a tenor, rate or adjustment or of the occurrence or non occurrence of an event, circumstance
or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may
be made in its or their sole discretion and without consent from any other party hereto, except, in each case, as expressly required
pursuant to this Section 2.11(e). 

 

(v)___       During
any Benchmark Unavailability Period, the Base Rate will be used instead of LIBOR for all Advances Outstanding; provided that,
upon the Borrower’s receipt of notice of t                     
he commencement of a Benchmark Unavailability Period, the Borrower may revoke any request
for an Advance during such Benchmark Unavailability Period. 

 

(f)       None of the Collateral
Agent, the Collateral Administrator or the Custodian shall be nder any obligation (i) to monitor, determine or verify the unavailability
or cessation of the LIBOR Rate (or other applicable benchmark), or whether or when there has occurred, or to give notice to any
other transaction party of the occurrence of, any Eurodollar Disruption Event, (ii) to select, determine or designate any Base
Rate, or other successor or replacement benchmark index, or whether any conditions to the designation of such a rate have been
satisfied, or (iii) to select, determine or designate any adjustment or other modifier to any replacement or successor index,
or (iv) to determine whether or what conforming changes or amendments are necessary or advisable, if any, in connection with any
of the foregoing. None of the Collateral Agent, the Collateral Administrator or the Custodian shall be liable for any inability,
failure or delay on its part to perform any of its duties set forth in the Facility Documents as a result of the unavailability
of the LIBOR Rate (or other applicable benchmark) and absence of a designated Base Rate, including as a result of any inability,
delay, error or inaccuracy on the part of any other transaction party, in providing any direction, instruction, notice
or information required or contemplated by the terms of the Facility Documents and reasonably required for the performance of
such duties.

 

    36

     

    

 

Section 2.12. Fees

 

(a)               
Commitment Fee. On each Payment Date, the Borrower shall pay to the CollateralAdministrative
Agent (for the account of the Lenders on a pro rata basis) a commitment fee (a “Commitment Fee”)
in an amount equal to the sum, for each day during the related Interest Accrual Period from
and including the Closing Date to and beforeexcluding
the last day
of the Reinvestment
PeriodCommitment Termination Date,
of the product of (i) 0.50% per annumthe
applicable Commitment Fee Rate, divided by 360 and (ii) the
applicable portion of the Unused Amount, in each case for each such day during the related Interest Accrual Period.

 

(b)               
Prepayment Fee. If, during the Reinvestment Period, the Facility Amount is reduced in whole or in part at the option
or election of the Borrower, the Borrower shall pay to the Collateral Agent (for the account of the Lenders on a pro rata basis),
a prepayment fee (a “Prepayment Fee”) equal to the product of (i) 0.50% of the Facility Amount (in the event
the Commitments are terminated or the Facility Amount is reduced in whole) or the amount of such reduction of the Facility Amount
(in the event the Facility Amount is reduced in part) and (ii) the actual number of days remaining in the Reinvestment Period,
divided by 360. Such Prepayment Fee shall be payable on the date of the termination of this Agreement (in the event this
Agreement is terminated in whole) or on the first Payment Date immediately succeeding the reduction of the Facility Amount (in
the event the Facility Amount is reduced in part).

 

(c)               
Administrative Agent Fees. The Borrower agrees to pay to the Administrative Agent and such fees as are mutually agreed
to in writing from time to time by the Borrower and the Administrative Agent, including the fees set forth in the Administrative
Agent Fee Letter.

 

Section 2.13. Rescission or Return of Payment

 

The Borrower
agrees that, if at any time (including after the occurrence of the Final Maturity Date) all or any part of any payment theretofore
made by it to any Secured Party or any designee of a Secured Party is or must be rescinded or returned for any reason whatsoever
(including the insolvency, bankruptcy or reorganization of the Borrower or any of its Affiliates), the obligation of the Borrower
to make such payment to such Secured Party shall, for the purposes of this Agreement, to the extent that such payment is or must
be rescinded or returned, be deemed to have continued in existence and this Agreement and any other applicable Facility Document
shall continue to be effective or be reinstated, as the case may be, as to such obligations, all as though such payment had not
been made.

 

Section 2.14. Post-Default Interest

 

During the
existence of an Event of Default, all Obligations shall bear interest at the Post-Default Rate. Interest payable at the Post-Default
Rate shall be payable on each Payment Date in accordance with the Priority of Payments.

 

Section 2.15. Payments Generally

 

(a)       All
amounts owing and payable to any Secured Party, any Affected Person or any Indemnified Party, in respect of the Advances and
other Obligations, including the principal thereof, interest, fees, indemnities, expenses or other amounts payable under this
Agreement or any other Facility Document, shall be paid by the Borrower to the applicable recipient in Dollars, in
immediately available Borrower shall not be required to pay any such fee that otherwise would have been required to have been
paid to such Defaulting Lender.

 

    37

     

    

 

(b) Defaulting
Lender Cure. If the Borrower and the Administrative Agent agree in writing that a Lender is no longer a Defaulting Lender,
the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject
to any conditions set forth therein, that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans
of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Advances
Outstanding to be held on a pro rata basis by the Lenders in accordance with their Percentages, whereupon such Lender will cease
to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments
made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided, further, that except
to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute
a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.

 

Section
2.18. Benchmark Replacement Setting. 

 

(a)
Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other Facility Document, if a Benchmark Transition
Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred prior to the Reference
Time in respect of any setting of the then-current Benchmark, then, (x) if a Benchmark Replacement is determined in accordance
with clause (1) or (2) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, in connection
with a Benchmark Transition Event, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under
any Facility Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further
action or consent of any other party to, this Agreement or any other Facility Document and (y) if a Benchmark Replacement is determined
in accordance with clause (3) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, or
in connection with an Early Opt-in Election, such Benchmark Replacement will replace such Benchmark for all purposes hereunder
and under any Facility Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th)
Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to this Agreement
or any other Facility Document, or further action or consent of any other party to this Agreement or any other Facility Document,
so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from
the Lenders comprising the Required Lenders. 

 

If
(i) a Benchmark Replacement Date has occurred and the applicable Benchmark Replacement on such Benchmark Replacement Date is a
Benchmark Replacement other than the sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment, (ii) subsequently,
the Relevant Governmental Body recommends for use a forward-looking term rate based on SOFR and the Borrower requests that the
Administrative Agent review the administrative feasibility of such recommended forward-looking term rate for purposes of this Agreement
and (iii) following such request from the Borrower, the Administrative Agent determines (in its sole discretion) that such forward
looking term rate is administratively feasible for the Administrative Agent, then the Administrative Agent may (in its sole discretion)
provide the Borrower with written notice that from and after a date identified in such notice: (i) a Benchmark Replacement Date
shall be deemed to have occurred, the Benchmark Replacement on such Benchmark Replacement Date shall be deemed to be a Benchmark
Replacement determined in accordance with clause (1) of the definition of “Benchmark Replacement” under this Section
titled Benchmark Replacement Setting; provided, however, that if upon such Benchmark Replacement Date the Benchmark Replacement
Adjustment is unable to be determined in accordance with
clause (1) of the definition of Benchmark Replacement and the corresponding definition of Benchmark Replacement Adjustment, then
the Benchmark Replacement Adjustment in effect immediately prior to such new Benchmark Replacement Date shall be utilized for purposes
of this Benchmark Replacement (for avoidance of doubt, for purposes of this proviso, such Benchmark Replacement Adjustment shall
be the Benchmark Replacement Adjustment which was established in accordance with the definition of “Benchmark Replacement
Adjustment” on the date determined in accordance with clauses (1) or (2), as applicable, of the definition of “Benchmark
Replacement Date” hereunder) and (ii) such forward looking term rate shall be deemed to be the forward looking term rate
referenced in the definition of Term SOFR for all purposes hereunder or under any Facility Document in respect of any Benchmark
setting and any subsequent Benchmark settings, without any amendment to, or further action or consent of any other party to, this
Agreement or any other Facility Document. For the avoidance of doubt, if the circumstances described in the immediately preceding
sentence shall occur, all applicable provisions set forth in this Section titled “Benchmark Replacement Setting” shall
apply with respect to such election of the Administrative Agent as completely as if such forward-looking term rate was initially
determined in accordance with clause (1) of the definition of Benchmark Replacement, including, without limitation, the provisions
set forth in clauses (b) and (f) of this Section 2.18. 

 

    38

     

    

 

 

(b)       Benchmark
Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, the Administrative Agent will
have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary
herein or in any other Facility Document, any amendments implementing such Benchmark Replacement Conforming Changes will become
effective without any further action or consent of any other party to this Agreement or any other Facility Document. 

 

(c)       Notices; Standards for Decisions and Determinations. The Administrative Agent
will promptly notify the Borrower and the Lenders of (i) any Benchmark Replacement Date and the related Benchmark Replacement,
(ii) the effectiveness of any Benchmark Replacement Conforming Changes, (iii) the removal or reinstatement of any tenor of a Benchmark
pursuant to clause (d) below and (iv) the commencement of any Benchmark Unavailability Period. For the avoidance of doubt, any
notice required to be delivered by the Administrative Agent as set forth in this Section 2.18 may be provided, at the option of
the Administrative Agent (in its sole discretion), in one or more notices and may be delivered together with, or as part of any
amendment which implements any Benchmark Replacement or Benchmark Replacement Conforming Changes. Any determination, decision or
election that may be made by the Administrative Agent pursuant to this Section 2.18, including any determination with respect to
a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or
refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its sole
discretion and without consent from any other party to this Agreement or any other Facility Document, except, in each case, as
expressly required pursuant to this Section 2.18. 

 

(d)       Unavailability
of Tenor of Benchmark. Notwithstanding anything to the contrary herein or in any other Facility Document, at any time (including
in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including
Term SOFR or LIBOR Rate) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service
that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory
supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that
any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition of
Interest Accrual Period for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor
and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information
service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it
is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may
modify the definition of Interest Accrual Period for all Benchmark settings at or after such time to reinstate such previously
removed tenor.

 

    39

     

    

 

(e)       Benchmark
Unavailability Period. Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the
Borrower may revoke any request for Advances at the LIBOR Rate during any Benchmark Unavailability Period and, failing that, the
Borrower will be deemed to have converted any such request into a request for a Borrowing of or conversion to Advances bearing
interest at the Base Rate. During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark
is not an Available Tenor, the component of the Base Rate based upon the then-current Benchmark or such tenor for such Benchmark,
as applicable, will not be used in any determination of the Base Rate. 

 

(f)        Disclaimers.
The Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to (i)
the administration, submission or any other matter related to the London interbank offered rate or other rates in the definition
of LIBOR Rate or with respect to any alternative or successor rate thereto, or replacement rate thereof (including, without limitation
any Benchmark Replacement implemented hereunder), (ii) the composition or characteristics of any such Benchmark Replacement, including
whether it is similar to, or produces the same value or economic equivalence to LIBOR Rate (or any other Benchmark) or have the
same volume or liquidity as did LIBOR Rate (or any other Benchmark), (iii) any actions or use of its discretion or other decisions
or determinations made with respect to any matters covered by this Section 2.18 including, without limitation, whether or not
a Benchmark Transition Event has occurred, the removal or lack thereof of unavailable or non-representative tenors, the implementation
or lack thereof of any Benchmark Replacement Conforming Changes, the delivery or non-delivery of any notices required by clause
(d) above or otherwise in accordance herewith, and (iv) the effect of any of the foregoing provisions of this Section 2.18. 

 

(g)       Certain
Definitions. As used in this Section 2.18: 

 

“Available
Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, any tenor for
such Benchmark or payment period for interest calculated with reference to such Benchmark, as applicable, that is or may be used
for determining the length of an Interest Accrual Period pursuant to this Agreement as of such date and not including, for the
avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Accrual Period”
pursuant to clause (d) of this Section 2.18. 

 

“Benchmark”
means, initially, LIBOR Rate; provided that if a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its
related Benchmark Replacement Date have occurred with respect to LIBOR Rate or the then-current Benchmark, then “Benchmark”
means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate
pursuant to clause (a) of this Section 2.18. 

 

“Benchmark
Replacement” means, for any Available Tenor, the first alternative set forth in the order below that can be determined by
the Administrative Agent for the applicable Benchmark Replacement Date: 

 

(1)  the
sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment; 

 

(2)  the
sum of: (a) Daily Simple SOFR and (b) the related Benchmark Replacement Adjustment; 

 

    40

     

    

 

(3)  the
sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower as the replacement
for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation
of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving
or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for U.S.
dollar-denominated syndicated or bilateral credit facilities at such time and (b) the related Benchmark Replacement Adjustment;
provided that, in the case of clause (1), such Unadjusted Benchmark Replacement is displayed on a screen or other information
service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion. 

 

If
the Benchmark Replacement as determined pursuant to clause (1), (2) or (3) above would be less than the Floor, the Benchmark Replacement
will be deemed to be the Floor for the purposes of this Agreement and the other Facility Documents.

 

“Benchmark
Replacement Adjustment” means, with respect to any replacement of the then current Benchmark with an Unadjusted Benchmark
Replacement for any applicable Interest Accrual Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement:

 

(1)  for
purposes of clauses (1) and (2) of the definition of “Benchmark Replacement,” the first alternative set forth in the
order below that can be determined by the Administrative Agent: (a) the spread adjustment, or method for calculating or determining
such spread adjustment, (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement
is first set for such Interest Accrual Period that has been selected or recommended by the Relevant Governmental Body for the
replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for the applicable Corresponding Tenor; (b)
the spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement
is first set for such Interest Accrual Period that would apply to the fallback rate for a derivative transaction referencing the
ISDA Definitions to be effective upon an index cessation event with respect to such Benchmark for the applicable Corresponding
Tenor; and 

 

(2)  for purposes of clause (3) of the definition of “Benchmark Replacement,”
the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value
or zero) that has been selected by the Administrative Agent and the Borrower for the applicable Corresponding Tenor giving due
consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread
adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental
Body on the applicable Benchmark Replacement Date or (ii) any evolving or then-prevailing market convention for determining a
spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with
the applicable Unadjusted Benchmark Replacement for U.S. dollar denominated syndicated or bilateral credit facilities; provided
that, in the case of clause (1) above, such adjustment is displayed on a screen or other information service that publishes such
Benchmark Replacement Adjustment from time to time as selected by the Administrative Agent in its reasonable discretion.

 

“Benchmark
Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational
changes (including changes to the definition of “Base Rate,” the definition of “Business Day,” the definition
of “Interest Accrual Period,” timing and frequency of determining rates and making payments of interest, timing of
borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage
provisions, the formula for calculating any successor rates identified pursuant to the definition of “Benchmark Replacement”,
the formula, methodology or convention for applying the successor Floor to the successor Benchmark Replacement and other technical,
administrative or operational smatters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation
of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent
with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively
feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark Replacement
exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with
the administration of this Agreement and the other Facility Documents).

 

    41

     

    

 

“Benchmark
Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark: 

 

(1)  in
the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the
later of(a) the date of the public statement or publication of information referenced therein and (b) the date on which
the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases
to provide all Available Tenors of such Benchmark (or such component thereof); 

 

(2)  in
the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication
of information referenced therein; or

 

(3)  in the case of an Early Opt-in Election, the sixth (6th) Business Day after
the date notice of such Early Opt-in Election is provided to the Lenders, so long as the Administrative Agent has not received,
by 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Early Opt-in Election is provided
to the Lenders, written notice of objection to such Early Opt-in Election from the Lenders comprising the Required Lenders. 

 

For
the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than,
the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the
Reference Time for such determination and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in
the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein
with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).

 

“Benchmark
Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:

 

(1)  a
public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component
used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of
such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement or publication,
there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);

 

(2)  a
public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof), the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of
New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution
authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar
insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator
of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component
thereof) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator
that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or

 

    42

     

    

 

(3)  a
public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof)
are no longer representative. 

 

For
the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark
if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor
of such Benchmark (or the published component used in the calculation thereof). 

 

“Benchmark
Unavailability Period” means the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to
clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark
for all purposes hereunder and under any Facility Document in accordance with this Section 2.18 and (y) ending at the time that
a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Facility Document in accordance
with this Section 2.18. 

 

“Corresponding
Tenor” with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment
period having approximately the same length (disregarding business day adjustment) as such Available Tenor. 

 

“Daily
Simple SOFR” means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established
by the Administrative Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental
Body for determining “Daily Simple SOFR” for business loans; provided, that if the Administrative Agent decides that
any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish
another convention in its reasonable discretion. 

 

“Early
Opt-in Election” means, if the then-current Benchmark is LIBOR Rate, the occurrence of the following on or after December
31, 2020: 

 

(1)  a
notification by the Administrative Agent to (or the request by the Borrower to the Administrative Agent to notify) each of the
other parties hereto that at least five currently outstanding U.S. dollar-denominated syndicated or bilateral credit facilities
in the U.S. syndicated or bilateral loan market at such time contain (as a result of amendment or as originally executed) a SOFR-based
rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark rate (and such credit facilities are identified
in such notice and are publicly available for review), and

 

(2)  the
joint election by the Administrative Agent and the Borrower to trigger a fallback from LIBOR Rate and the provision by the Administrative
Agent of written notice of such election to the Lenders.

 

    43

     

    

 

“Floor”
means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification,
amendment or renewal of this Agreement or otherwise) with respect to LIBOR Rate. 

 

“ISDA
Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any
successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives
published from time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto. 

 

“Reference
Time” with respect to any setting of the then-current Benchmark means (1) if such Benchmark is LIBOR Rate, 11:00 a.m. (London
time) on the day that is two London banking days preceding the date of such setting, and (2) if such Benchmark is not LIBOR Rate,
the time determined by the Administrative Agent in its reasonable discretion. 

 

“Relevant
Governmental Body” means the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or
a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank
of New York, or any successor thereto. 

 

“SOFR”
means, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day published
by the SOFR Administrator on the SOFR Administrator’s Website on the immediately succeeding Business Day. 

 

“SOFR
Administrator” means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing
rate). 

 

“SOFR
Administrator’s Website” means the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org,
or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

 

“Term
SOFR” means, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based
on SOFR that has been selected or recommended by the Relevant Governmental Body. 

 

“Unadjusted
Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

 

ARTICLE III

CONDITIONS PRECEDENT

Section 3.01. Conditions Precedent to Initial Advances

 

The obligation
of each Lender to make its initial Advance hereunder shall be subject to the conditions precedent that the Administrative Agent
shall have received on or before the Closing Date the following, each in form and substance reasonably satisfactory to the Administrative
Agent:

 

(a)          each
of the Facility Documents duly executed and delivered by the parties thereto, which shall each be in full force and effect;

 

(b)          a
certificate of a Responsible Officer of the Borrower certifying (i) as to its Constituent Documents, (ii) as to its resolutions
or other action of its board of directors or members approving this

 

    44

     

    

 

(c)          each of the representations and warranties of the Borrower contained in the Facility Documents shall be true and correct
in all material respects as of such Borrowing Date (except to the extent such representations and warranties expressly relate
to any earlier date, in which case such representations and warranties shall be true and correct in all material respects as of
such earlier date as if made on such date);

 

(d)          no
Default or Event of Default shall have occurred and be continuing at the time of the making of such Advance or shall result upon
the making of such Advance;

 

(e)          the
Borrower and the Collateral Manager shall have received written notice from the Administrative Agent, evidencing the approval
of the Administrative Agent in its sole discretion, in accordance with clause (A) of the definition of “Collateral Loan”,
of the loansCollateral
Loans to be added to the Collateral; and

 

(f)           after
the making of such Advances and the deposit of any portion thereof into the Unfunded Reserve Account, the amount on deposit thereon
is at least equal to the Unfunded Reserve Required Amount.

 

ARTICLE IV

REPRESENTATIONS AND WARRANTIES

 

Section 4.01. Representations and Warranties
of the Borrower

 

The Borrower
represents and warrants to each of the Secured Parties on and as of each Measurement Date, as follows:

 

(a)          Due Organization. The Borrower is a limited liability company formed and validly existing under the laws of the
State of Delaware, with full power and authority to own and operate its assets and properties, conduct the business in which it
is now engaged and to execute and deliver and perform its obligations under this Agreement and the other Facility Documents to
which it is a party.

 

(b)          Due
Qualification and Good Standing. The Borrower is in good standing in the State of Delaware. The Borrower is duly qualified
to do business and, to the extent applicable, is in good standing in each other jurisdiction in which the nature of its business,
assets and properties, including the performance of its obligations under this Agreement, the other Facility Documents to which
it is a party and its Constituent Documents, requires such qualification, except where the failure to be so qualified or in good
standing would not reasonably be expected to have a Material Adverse Effect.

 

(c)          Due Authorization; Execution and Delivery; Legal, Valid and Binding; Enforceability. The execution and delivery
by the Borrower of, and the performance of its obligations under the Facility Documents to which it is a party and the other instruments,
certificates and agreements contemplated thereby are within its powers and have been duly authorized by all requisite action by
it and have been duly executed and delivered by it and constitute its legal, valid and binding obligations enforceable against
it in accordance with their respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting creditors’ rights generally or general principles of equity, regardless of whether
considered in a proceeding in equity or at law.

 

(d)          Non-Contravention.
None of the execution and delivery by the Borrower of this Agreement or the other Facility Documents to which it is a party,
the Borrowings or the pledge of the Collateral hereunder, the consummation of the transactions herein or therein
contemplated, or or other similar laws affecting creditors’ rights generally or general principles of equity,
regardless of whether considered in a proceeding in equity or at law;

 

    45

     

    

 

(vi)            the
Borrower has received all consents and approvals required by the terms of the Related Documents in respect of such Collateral
to the pledge hereunder to the Collateral Agent of its interest and rights in such Collateral;

 

(vii)           with
respect to the Collateral that constitutes Security Entitlements, all such Collateral has been and will have been credited to
the applicable Covered Account; and

 

(viii)          with
respect to Collateral that constitutes accounts or general intangibles, the Borrower has caused or will have caused, on or prior
to the Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions
under Applicable Law in order to perfect the security interest in the Collateral granted to the Collateral Agent, for the benefit
and security of the Secured Parties, hereunder (which the Borrower hereby agrees may be an “all asset” filing).

 

(n)          Prior
Activities of the Borrower. The Borrower has not conducted any business or other activities other than entry into and performance
under the TRS Agreement and activities incidental thereto, including in connection with the termination of the TRS Agreement and
the merger of 405 Loan Funding LLC with and into the Borrower on the Closing Date. As of the Closing Date, the TRS Agreement has
been terminated. As of the Closing Date, the Borrower has no creditors other than the Lenders under this Agreement or arising
out of activities incidental to or contemplated by the Facility Documents or its Constituent Documents.

 

(o)          Prior Name of the Borrower. The Borrower was previously known as “405 TRS I, LLC” and “CB Funding
I, LLC.” The Borrower’s name was changed to (i) “CB Funding I, LLC” pursuant to a Certificate of Amendment
filed on June 10, 2014 with the Office of the Secretary of State of Delaware and to (ii) “BDCA-CB Funding, LLC” pursuant
to a Certificate of Amendment filed on June 19, 2014 with the Office of the Secretary of State of Delaware.

 

(p)          Beneficial
Ownership Certification. As of the EighthNinth
Amendment Effective Date, the information included in the Beneficial Ownership Certification is true and correct in
all respects.

 

Section 4.02. Representations and Warranties of
the Collateral Manager

 

The Collateral
Manager represents and warrants to each of the Secured Parties on and as of each Measurement Date, as follows:

 

(a)          Due
Organization. The Collateral Manager is a corporationlimited
liability company duly organized and validly existing under the laws of the State of MarylandDelaware,
with full power and authority to own and operate its assets and properties, conduct the business in which it is now engaged and
to execute and deliver and perform its obligations under this Agreement and the other Facility Documents to which it is a party.

 

(b)          Due Qualification and Good Standing. The Collateral Manager is in good standing in the State of MarylandDelaware.
The Collateral Manager is duly qualified to do business and, to the extent applicable, is in good standing in each other jurisdiction
in which the nature of its business, assets and properties, including the performance of its obligations under this Agreement,
the other Facility Documents to which it is a party and its Constituent Documents, requires such qualification, except where the
failure to be so qualified or in good standing would not reasonably be expected to have a Material Adverse Effect.

 

    46

     

    

 

(c)          Due
Authorization; Execution and Delivery; Legal, Valid and Binding; Enforceability. The execution and delivery by the Collateral
Manager of, and the performance of its obligations under the Facility Documents to which it is a party and the other instruments,
certificates and agreements contemplated thereby are within its powers and have been duly authorized by all requisite action by
it and have been duly executed and delivered by it and constitute its legal, valid and binding obligations enforceable against
it in accordance with their respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting creditors’ rights generally or general principles of equity, regardless of whether
considered in a proceeding in equity or at law.

 

(d)          Non-Contravention.
None of the execution and delivery by the Collateral Manager of this Agreement or the other Facility Documents to which it is
a party, the consummation of the transactions herein or therein contemplated, or compliance by it with the terms, conditions and
provisions hereof or thereof, will (i) conflict with, or result in a breach or violation of, or constitute a default under its
Constituent Documents, (ii) conflict with or contravene (A) any Applicable Law, (B) any indenture, agreement or other contractual
restriction binding on or affecting it or any of its assets, including any Related Document, or (C) any order, writ, judgment,
award, injunction or decree binding on or affecting it or any of its assets or properties or (iii) result in a breach or violation
of, or constitute a default under, or permit the acceleration of any obligation or liability in any contractual obligation or
any agreement or document to which it is a party or by which it or any of its assets are bound (or to which any such obligation,
agreement or document relates), except in the case of clause (i) above, where such conflicts, breaches, violations or defaults
would not reasonably be expected to have a Material Adverse Effect.

 

(e)          Governmental Authorizations; Private Authorizations; Governmental Filings. The Collateral Manager has obtained,
maintained and kept in full force and effect all Governmental Authorizations and Private Authorizations which are necessary for
it to properly carry out its business, except where the failure to do so would not reasonably be expected to have a Material Adverse
Effect, and made all material Governmental Filings necessary for the execution and delivery by it of the Facility Documents to
which it is a party, and the performance by the Collateral Manager of its obligations under this Agreement and the other Facility
Documents to which it is a party, and no material Governmental Authorization, Private Authorization or Governmental Filing which
has not been obtained or made is required to be obtained or made by it in connection with the execution and delivery by it of
any Facility Document to which it is a party or the performance of its obligations under this Agreement and the other Facility
Documents to which it is a party.

 

(f)           Compliance
with Agreements, Laws, Etc. The Collateral Manager has duly observed and complied in all material respects with all Applicable
Laws relating to the conduct of its business and its assets. The Collateral Manager has preserved and kept in full force and effect
its legal existence. The Collateral Manager has preserved and kept in full force and effect its rights, privileges, qualifications
and franchises, except where the failure to do so would not reasonably be expected to result in a Material Adverse Effect. Without
limiting the foregoing, neither the Collateral Manager nor, to the knowledge of the Collateral Manager, any Affiliate of the Collateral
Manager is (i) a country, territory, organization, person or entity named on an OFAC list; (ii) a Person that resides or has a
place of business in a country or territory named on such lists or which is designated as a “Non-Cooperative Jurisdiction”
by the Financial Action Task Force on Money Laundering, or whose subscription funds are transferred from or through such a jurisdiction;
(iii) a “Foreign Shell Bank” within the meaning of the PATRIOT Act, i.e., a foreign bank that does not have a physical
presence in any country and that is not affiliated with a bank that has a physical presence and an acceptable level of regulation
and supervision; or (iv) a person or entity that resides in or is organized under the laws of a jurisdiction designated by the
United States Secretary of the Treasury under Sections 311 or 312 of the PATRIOT Act as warranting special measures due to money
laundering concerns. The Collateral Manager is in compliance with all applicable OFAC rules and regulations and also in compliance
with all applicable provisions of the PATRIOT Act.

 

    47

     

    

 

(g)          Investment
Company Act, Investment Advisers Act of 1940, Etc. The Collateral Manager
is not required to be registered as an externally
managed, non diversified closed end investment company that has elected to be
treated as a business development company under the Investment Company Act. The
Collateral Manager has elected to be treated for U.S. federal income tax purposes as, and qualifies as, a regulated investment
company under Subchapter M of the Code. The Collateral Manager is managed by BDCA Adviser, LLC, a private investment firm that
is registered as an investment adviser under the Investment Advisers Act of 1940, as amended.

 

ARTICLE V

COVENANTS

 

Section 5.01. Affirmative Covenants of the
Borrower

 

The Borrower
covenants and agrees that, until the Final Maturity Date (and thereafter until the date that all Obligations, other than contingent
indemnification obligations as to which no claim giving rise thereto has been asserted, have been paid in full):

 

(a)          Compliance
with Agreements, Laws, Etc. It shall (i) duly observe and comply in all material respects with all Applicable Laws relative
to the conduct of its business or to its assets, (ii) preserve and keep in full force and effect its legal existence, (iii) preserve
and keep in full force and effect its rights, privileges, qualifications and franchises, except where the failure to do so would
not reasonably be expected to result in a Material Adverse Effect, (iv) comply with the terms and conditions of each Facility
Document to which it is a party, its Constituent Documents and each Related Document to which it is a party and (v) obtain, maintain
and keep in full force and effect all Governmental Authorizations, Private Authorizations and Governmental Filings which are necessary
or appropriate to properly carry out its business and the transactions contemplated to be performed by it under the Facility Documents
to which it is a party, its Constituent Documents and the Related Documents to which it is a party.

 

(b)          Enforcement.

 

(i)             It
shall not take any action that would release any Obligor from any of such Obligor’s covenants or obligations under any instrument
or agreement included in the Collateral, except in the case of (A) repayment of Collateral Loans, (B) subject to the terms of
this Agreement, (1) amendments to Collateral Loans in accordance with the Collateral Management Standard and (2) actions taken
in connection with the work out or restructuring of any Collateral Loan in accordance with the provisions hereof, and (C) other
actions by the Collateral Manager required hereby or otherwise to the extent not prohibited by, or in conflict with, this Agreement.

 

(ii)            It
will not, without the prior written consent of the Administrative Agent and the Required Lenders, contract with other Persons
(other than the Collateral Manager and the Collateral Administrator) for the performance of actions and obligations to be performed
by the Borrower or the Collateral Manager hereunder. Notwithstanding any such arrangement, the Borrower shall remain primarily
liable with respect thereto. The Borrower will punctually perform, and use commercially reasonable efforts to cause the Collateral
Manager and the Collateral Administrator to perform, all of their obligations and agreements contained in this Agreement or any
other Facility Document to which such Person is a party.

 

    48

     

    

 

(c)          Further
Assurances. It shall promptly upon the reasonable request of either Agent or the Required Lenders (through the Administrative
Agent), at the Borrower’s expense, execute and deliver such further instruments and take such further action in order to
maintain and protect the Collateral Agent’s first-priority perfected security interest in the Collateral pledged by the
Borrower for the benefit of the Secured Parties free and clear of any Liens (other than Permitted Liens). At the reasonable request
of either Agent or the Required Lenders (through the Administrative Agent), the Borrower shall promptly take, at the Borrower’s
expense, such further action in order to establish and protect the rights, interests and remedies created or intended to be created
under this Agreement in favor of the Secured Parties in the Collateral, including all actions which are necessary to (x) enable
the Secured Parties to enforce their rights and remedies under this Agreement and the other Facility Documents, and (y) effectuate
the intent and purpose of, and to carry out the terms of, the Facility Documents.

 

(d)          Financial
Statements; Other Information. It shall provide to the Administrative Agent or cause to be provided to the Administrative
Agent (with enough additional copies for each Lender):

 

(i)             within
120 days after the end of each fiscal year of BDCAthe
Majority Equityholder, an annual report containing an audited consolidated statement
of assets, liabilities, and capital as of the end of such fiscal year, and audited consolidated statements of operations and cash
flows, for the year then ended, prepared in accordance with GAAP, each reported on by independent public accountants of recognized
national standing (without a “going concern” or like qualification or exception and without any qualification or exception
as to the scope of such audit) to the effect that such consolidated financial statements present fairly in all material respects
the financial condition and results of operations of BDCAthe
Majority Equityholder and its consolidated subsidiaries on a consolidated basis;

 

(ii)            within
60 days after the end of each of the first three quarters of each fiscal year of BDCAthe
Majority Equityholder, an unaudited financial report containing a consolidated statement
of assets, liabilities, and capital, consolidated statements of operations and cash flows, and a market value report regarding
BDCAthe Majority Equityholder’s
investments, in each case for the period then ended, all certified by one of its senior financial officers as presenting
fairly in all material respects the financial condition and results of operations of BDCAthe
Majority Equityholder and its consolidated subsidiaries on a consolidated basis in accordance with GAAP consistently
applied, subject to normal year-end audit adjustments and the absence of footnotes;

 

(iii)           within
three Business Days after a Responsible Officer of the Borrower obtains actual knowledge of the occurrence and continuance of
any (A) Default or (B) Event of Default, a certificate of a Responsible Officer of the Borrower setting forth the details thereof
and the action which the Borrower is taking or proposes to take with respect thereto;

 

(iv)           to
the extent received by the Collateral Manager (on behalf of the Borrower) pursuant to the Related Documents, on or prior to date
the Borrower commits to acquire a Collateral Loan, audited financial statements for the two year period most recently ended with
respect to the related Obligor;

 

(v)            to
the extent received by the Collateral Manager (on behalf of the Borrower) pursuant to the Related Documents, the complete financial
reporting package with respect to each Obligor and with respect to each Collateral Loan for such Obligor (including any financial
statements, management discussion and analysis, executed covenant compliance certificates and related covenant calculations with
respect to such Obligor and with respect to each Collateral Loan for such Obligor) provided to the Collateral Manager (on behalf
of the Borrower) for the periods required by the Related Documents, which delivery shall be made within ten (10) Business Days
after receipt by the Borrower or the Collateral Manager (on behalf of the Borrower) as specified in the Related Documents;

 

    49

     

    

 

(vi)          the
portfolio monitoring report prepared by the Collateral Manager with respect to each Obligor on a quarterly basis (including covenant
testing), which delivery shall be made no later than 30 days after the end of each quarter;

 

(vii)         copies
of any material amendment, restatement, supplement, waiver or other modification to the Related Documents of any Loan (along with
any internal documents prepared by the Collateral Manager and provided to its investment committee in connection with such amendment,
restatement, supplement, waiver or other modification) within ten (10) Business Days of the effectiveness of such amendment, restatement,
supplement, waiver or other modification; and

 

(viii)        from
time to time such additional information regarding the Borrower’s financial position or business and the Collateral (including
reasonably detailed calculations of each Coverage Test and Collateral Quality Test) as the Administrative Agent or the Required
Lenders (through the Administrative Agent) may reasonably request.

 

Notwithstanding
the foregoing, the requirement to deliver financial statements set forth in Section 5.01(d)(i)-(ii) will be satisfied at
any such time as such financial statements are publicly posted on the official web site of BDCAthe
Majority Equityholder, appropriately filed with the SEC, or upon receipt of such information
through e-mail (with confirmation of receipt) or another delivery method acceptable to the Administrative Agent.

 

(e)        Access
to Records and Documents. It shall permit the Administrative Agent (or any Person designated by the Administrative Agent,
subject to delivery of standard confidentiality agreements) to, upon reasonable advance notice and during normal business hours,
visit and inspect and make copies thereof at reasonable intervals (i) its books, records and accounts relating to its business,
financial condition, operations, assets and its performance under the Facility Documents and the Related Documents and to discuss
the foregoing with its and such Person’s officers, partners, employees and accountants, and (ii) all of its Related Documents,
in each case all as often as the Administrative Agent may reasonably request; provided that so long as no Event of Default
has occurred, the Borrower shall be responsible for all costs and expenses for only one such visit per fiscal year by the Administrative
Agent or its designee; provided, further, however, that so long as no Event of Default has occurred, the Administrative
Agent shall not make more than one visit or inspection per calendar quarter and no Lender (that is not the Administrative Agent)
shall make more than one visit or inspection per calendar year. The Administrative Agent shall be permitted to schedule such visits
on behalf of the Lenders and shall (1) coordinate in good faith with the Lenders to determine dates which are acceptable to a
majority of the Lenders and (2) provide 10 days’ prior notice to the Lenders of any such visit and any Lender shall be permitted
to accompany the Administrative Agent in such visit.

 

(f)         Use of Proceeds. It shall use the proceeds of each Advance made hereunder solely:

 

(i)             to
fund or pay the purchase price of Collateral Loans (other than Ineligible Collateral Loans) or Eligible Investments owned or acquired
by the Borrower in accordance with the terms and conditions set forth herein;

 

    50

     

    

 

(ii)            to
fund additional extensions of credit under Delayed Drawdown Collateral Loans held by the Borrower in accordance with the terms
of this Agreement; and

 

(ix)           to
fund the Unfunded Reserve Account on or prior to the Commitment Termination Date to the extent the Unfunded Reserve Account is
required to be funded pursuant to Section 8.04 (and the Borrower shall submit a Notice of Borrowing requesting a Borrowing
of Advances for a Borrowing Date falling no more than five and no less than one Business Day prior to the Commitment Termination
Date with a Requested Amount sufficient to fully fund the Unfunded Reserve Account under Section 8.04).

 

Without
limiting the foregoing, it shall use the proceeds of each Advance in a manner that does not, directly or indirectly, violate any
provision of its Constituent Documents or any Applicable Law, including Regulation T, Regulation U, Regulation W and Regulation
X.

 

(g)          Information
and Reports. Each Notice of Borrowing, each Monthly Report, each Payment Date Report and all other written information, reports,
certificates and statements furnished by or on behalf of the Borrower to any Secured Party for purposes of or in connection with
this Agreement, the other Facility Documents or the transactions contemplated hereby or thereby shall be true, complete and correct
in all material respects as of the date such information is stated or certified.

 

(h)          No
Other Business. The Borrower shall not engage in any business or activity other than borrowing Advances pursuant to this Agreement,
funding, acquiring, owning, holding, administering, selling, enforcing, lending, exchanging, redeeming, pledging, contracting
for the management of and otherwise dealing with Collateral Loans, Eligible Investments and the Collateral in connection therewith
and entering into the Facility Documents, any applicable Related Documents and any other agreement contemplated by this Agreement.

 

(i)           Tax Matters. The Borrower shall (and each Lender hereby agrees to) treat the Advances and the Notes as debt for U.S. federal
income tax purposes and will take no contrary position, unless otherwise required pursuant to a closing agreement with the U.S.
Internal Revenue Service or a non-appealable judgment of a court of competent jurisdiction. Notwithstanding any contrary agreement
or understanding, the Collateral Manager, the Borrower, the Agents and the Lenders (and each of their respective employees, representatives
or other agents) may disclose to any and all Persons, without limitation of any kind, the tax treatment and tax structure of the
transactions contemplated by this Agreement and all materials of any kind (including opinions or other tax analyses) that are
provided to them relating to such tax treatment and tax structure. The foregoing provision shall apply from the beginning of discussions
between the parties. For this purpose, the tax treatment of a transaction is the purported or claimed U.S. tax treatment of the
transaction under applicable U.S. federal, state or local law, and the tax structure of a transaction is any fact that may be
relevant to understanding the purported or claimed U.S. tax treatment of the transaction under applicable U.S. federal, state
or local law.

 

(j)           Collections. The Borrower shall direct all Obligors (and related paying agents) to pay all Collections directly
to the Collection Account.

 

(k)          Priority of Payments. The Borrower shall instruct (or cause the Collateral Manager to instruct) the Collateral Agent
to apply all Interest Proceeds and Principal Proceeds solely in accordance with the Priority of Payments and the other provisions
of this Agreement.

 

(l)           Acquisition
of Collateral Loans from BDCA and the Equityholder. Any acquisition
of Collateral Loans by the Borrower from BDCA or the Equityholder
shall be effected pursuant to the Sale Agreement or the New Equityholder
Sale Agreement, respectively, and subject in all respects to the terms and conditions set forth therein.

 

    51

     

    

 

(m)         Certificate
of Assignment for Closing Date Participation Interest. As soon as practicable, but in no event later than the date that is
ninety (90) days after the Closing Date (or such longer period to which the Administrative Agent may agree), the Borrower shall
use its commercially reasonable efforts deliver to the Custodian and the Administrative Agent a copy of the fully executed assignment
agreement assigning the Collateral Loan related to the Closing Date Participation Interest directly to the Borrower, certified
by an officer of the Borrower (or the Collateral Manager on behalf of the Borrower) and written evidence satisfactory to the Administrative
Agent that the Borrower is recognized as the owner of record by the related administrative agent in respect of the Related Documents.

 

(n)          Beneficial
Ownership Regulation. Promptly following any request therefor, the Borrower shall deliver to the Administrative Agent information
and documentation reasonably requested by the Administrative Agent or any Lender for purposes of compliance with the Beneficial
Ownership Regulation. The Borrower shall deliver to the Administrative Agent prompt written notice of any change in the information
provided in the Beneficial Ownership Certification delivered to the Administrative Agent that would result in a change to the
list of beneficial owners identified in such certification.

 

Section 5.02. Negative Covenants of the Borrower

 

The Borrower
covenants and agrees that, until the Final Maturity Date (and thereafter until the date that all Obligations, other than contingent
indemnification obligations as to which no claim giving rise thereto has been asserted, have been paid in full):

 

(a)          Restrictive
Agreements. It shall not enter into or suffer to exist or permit to become effective any agreement that prohibits, limits
or imposes any condition upon its ability to create, incur, assume or suffer to exist any Lien (other than Permitted Liens) upon
any of its property or revenues constituting Collateral, whether now owned or hereafter acquired, to secure its obligations under
the Facility Documents other than this Agreement and the other Facility Documents or to perform its obligations under the Facility
Documents to which it is a party or arising out of activities incidental to or contemplated by the Facility Documents or its Constituent
Documents.

 

(b)          Liquidation; Merger; Sale of Collateral. It shall not consummate any plan of liquidation, dissolution, division,
partial liquidation, merger (other than the merger of 405 Loan Funding LLC with and into the Borrower on the Closing Date) or
consolidation (or suffer any liquidation, dissolution, division or partial liquidation) nor sell, transfer, exchange or otherwise
dispose of any of its assets, or enter into an agreement or commitment to do so or enter into or engage in any business with respect
to any part of its assets, except as expressly permitted by this Agreement and the other Facility Documents (including in connection
with the repayment in full of the Obligations).

 

(c)          Amendments to Constituent Documents, Etc. Without the consent of the Administrative Agent (such consent not to be
unreasonably withheld or delayed), (i) it shall not, in any material respect, amend, modify or take any action inconsistent with
its Constituent Documents (provided, however, in the event of any amendment or other modification to its Constituent
Documents required by Law, the Borrower shall only be required to give the Administrative Agent prior written notice of such amendment
or other modification) and (ii) it will not amend, modify or waive in any material respect any term or provision in any Facility
Document (other than in accordance with any provision thereof requiring the consent of the Administrative Agent or all or a specified
percentage of the Lenders).

 

    52

     

    

 

Section 5.03. Affirmative Covenants of the Collateral
Manager

 

The Collateral Manager
covenants and agrees that, until the Final Maturity Date (and thereafter until the date that all Obligations, other than contingent
indemnification obligations as to which no claim giving rise thereto has been asserted, have been paid in full):

 

(a)          Compliance
with Agreements, Laws, Etc. It shall (i) duly observe and comply in all material respects with all Applicable Laws relative
to the conduct of its business or to its assets, (ii) preserve and keep in full force and effect its legal existence, (iii) preserve
and keep in full force and effect its rights, privileges, qualifications and franchises, except where the failure to do so would
not reasonably be expected to result in a Material Adverse Effect, (iv) comply with the terms and conditions of each Facility
Document to which it is a party, its Constituent Documents and each Related Document to which it is a party and (v) obtain, maintain
and keep in full force and effect all Governmental Authorizations, Private Authorizations and Governmental Filings which are necessary
or appropriate to properly carry out its business and the transactions contemplated to be performed by it under the Facility Documents
to which it is a party, its Constituent Documents and the Related Documents to which it is a party.

 

(b)          Information and Reports. Each Notice of Borrowing, each Monthly Report, each Payment Date Report and all other written
information, reports, certificates and statements furnished by the Collateral Manager to any Secured Party for purposes of or
in connection with this Agreement, the other Facility Documents or the transactions contemplated hereby or thereby shall be true,
complete and correct in all material respects as of the date such information is stated or certified.

 

(c)          Notice
of Default. Within three Business Days after a Responsible Officer of the Collateral Manager obtains actual knowledge of the
occurrence and continuance of any (A) Default or (B) Event of Default, a certificate of a Responsible Officer of the Collateral
Manager setting forth the details thereof and the action which the Collateral Manager is taking or proposes to take with respect
thereto.

 

Section 5.04. Negative Covenant of the Collateral
Manager

 

The Collateral Manager
covenants and agrees that, until the Final Maturity Date (and thereafter until the date that all Obligations, other than contingent
indemnification obligations as to which no claim giving rise thereto has been asserted, have been paid in full), it shall not enter
into or suffer to exist or permit to become effective any agreement that prohibits, limits or imposes any condition upon its ability
to perform its obligations under the Facility Documents to which it is a party.

 

Section 5.05. Certain Undertakings Relating to
Separateness

 

Without
limiting any, and subject to all, other covenants of the Borrower contained in this Agreement, the Borrower shall conduct its business
and operations separate and apart from that any other Person (including BDCAthe
Equityholder and any of its Affiliates) and in furtherance of the foregoing:

 

(a)          The
Borrower shall maintain its accounts, financial statements (which may be consolidated for accounting purposes and included in
the consolidated financial statements of its equityholders or the Collateral Manager as required by GAAP or applicable law),
books, accounting and other records separate from those of any other Person. shall not have either (i) discharged or provided
for the discharge of any such judgment, decree or order in accordance with its terms or (ii) perfected a timely appeal of
such judgment, decree or order and caused the execution of same to be stayed during the pendency of the appeal, in each case,
within forty-five (45) days from the date of entry thereof; or

 

    53

     

    

 

(f)           the
Borrower shall have made payments totaling more than $500,000 in the aggregate to settle any litigation, claim or dispute (excluding
the amount of any payment made from insurance proceeds); or

 

(g)          an Insolvency Event relating to the Borrower occurs; or

 

(h)          (i)
any Facility Document shall (except in accordance with its terms) terminate, cease to be effective or cease to be the legally
valid, binding and enforceable obligation of the Borrower or the Collateral Manager, (ii) the Borrower or the Collateral Manager
shall, directly or indirectly, contest in any manner the effectiveness, validity, binding nature or enforceability of any Facility
Document or any Lien purported to be created thereunder, or (iii) any Lien securing any obligation under any Facility Document
shall, in whole or in part, cease to be a first priority perfected security interest of the Collateral Agent, except as otherwise
expressly permitted in accordance with the applicable Facility Document (including, for the avoidance of doubt, as provided in
Section 5.02(k)(ii)); or

 

(i)           (i)
the Internal Revenue Service shall file notice of a Lien pursuant to Section 6323 of the Code with regard to any asset of the
Borrower and such Lien shall not have been released within five Business Days or (ii) the PBGC shall file notice of a Lien pursuant
to Section 4068 of ERISA with regard to any asset of the Borrower and such Lien shall not have been released within five (5) Business
Days; or

 

(j)           a Change of Control occurs; or

 

(k)          a Collateral Manager Default occurs; or

 

(l)           [reserved];
or

 

(m)         the Borrowing Base Test shall not be satisfied and such failure shall continue for two (2) Business Days; or

 

(n)          the Equity Coverage Ratio is less than the Termination Percentage and such deficiency shall continue for one (1) Business
Day; or

 

(o)          the
Majority Equityholder fails to maintain unencumbered liquidity
(calculated as the sum of (i) unrestricted cash or cash equivalents and (ii) undrawn available liquidity under committed credit
facilities of the Majority Equityholder and its Subsidiaries
(other than the Borrower)) in an amount at least equal to the cumulative amount of principal payments owed by the Majority
Equityholder in the subsequent thirty -day period; or

 

(p)          the
Majority Equityholder fails to maintain a Net Asset Value in an amount equal to or greater than $600,000,000; or

 

(q)          (p)
(i) failure of the Borrower to maintain at least one Independent Manager, (ii) the removal of any Independent Manager of the
Borrower without “cause” (as such term is defined in the organizational document of the Borrower) or without
giving prior written notice to the Administrative Agent, each as required in the organizational documents of the Borrower,
(iii) an Independent Manager of the Borrower which is not provided by a nationally recognized service reasonably acceptable
to the Administrative Agent shall be appointed without the consent of the Administrative Agent or (iv) the Borrower shall
fail to qualify as a bankruptcy-remote entity based upon the criteria set forth in this Agreement, such that reputable
counsel of national standing could no longer render a substantive nonconsolidation opinion with respect thereto; or

 

    54

     

    

 

(r)         (q)
any Monthly Report or Payment Date Report shall fail to be delivered when due and such failure shall continue for three
(3) Business Days.

 

Upon the
occurrence and during the continuance of any Event of Default, in addition to all rights and remedies specified in this Agreement
and the other Facility Documents, including Article VII, and the rights and remedies of a secured party under Applicable
Law, including the UCC, the Administrative Agent shall, at the request of, or may with the consent of, the Required Lenders, by
notice to the Borrower (with a copy to the Collateral Agent), do any one or more of the following: (1) declare the Commitments
to be terminated forthwith, whereupon the Commitments shall forthwith terminate, and (2) declare the principal of and the accrued
Interest on the Advances and all other amounts whatsoever payable by the Borrower hereunder to be forthwith due and payable, whereupon
such amounts shall be immediately due and payable without presentment, demand, protest or other formalities of any kind, all of
which are hereby waived by the Borrower; provided that, upon the occurrence of any Event of Default described in clause
(g) of this Section 6.01 with respect to the Borrower, the Commitments shall automatically terminate and the Advances
and all such other amounts shall automatically become due and payable, without any further action by any party.

 

In
addition, upon the occurrence and during the continuation of an Event of Default, following written notice by the Administrative
Agent (provided in its sole discretion or at the direction of the Required Lenders) to the Collateral Manager of the exercise of
control rights with respect to the Collateral, the Administrative Agent may exercise such rights, including: (v) the exercise of
the Collateral Manager’s rights and obligations under the Facility Documents, including its unilateral power to (A) consent
to modifications to Collateral Loans, (B) take any discretionary action with respect to Collateral Loans and (C) direct the acquisition,
sales and other dispositions of Collateral Loans may be immediately terminated; (w) the transfer of the Collateral Manager’s
rights and obligations under the Facility Documents to a successor Collateral Manager; (x) if the Collateral Manager is not terminated
or otherwise replaced in accordance with this Agreement, to require the Collateral Manager to obtain the consent of the Administrative
Agent before agreeing to any modification of any Collateral Loan, taking any discretionary action with respect to any Collateral
Loan or causing the Borrower to sell or otherwise dispose of any Collateral Loan; (y) if the Collateral Manager is not terminated
or otherwise replaced in accordance with this Agreement, to require the Collateral Manager to cause the Borrower to sell or otherwise
dispose of any Collateral Loan as directed by the Administrative Agent pursuant to Section 7.03, and (z) with respect to
any specific Collateral Loan, to require the Collateral Manager to take such discretionary action with respect to such Collateral
Loan as directed by the Administrative Agent. In connection with any sale or proposed sale of the Collateral during the continuance
of an Event of Default (whether pursuant to the Facility Documents or applicable law), BDCAthe
Equityholder (or any Affiliate or designee thereof) shall have the exclusive right to purchase all Collateral Loans
(but not in part) so long as (1) BDCAthe
Equityholder provides notice to the Administrative Agent of its intent to acquire and/or refinance the entire Collateral
portfolio within three (3) days of receipt of notice by the Collateral Manager of the intent to liquidate the Collateral, (2) the
Proceeds of such acquisition and/or refinancing are sufficient to extinguish all Obligations under the Facility Documents (other
than unasserted contingent obligations) and (3) such acquisition and/or refinancing is completed within ten (10) Business Days
of the date of the Administrative Agent’s notice of intent to liquidate the Collateral.

 

    55

     

    

 

(a)          Monthly. Not later than fifteen (15) Business Days following the last calendar day of each calendar month (other
than the months for which a Payment Date Report is delivered) (the “Monthly Reporting Date”), the Borrower
shall compile and provide (or cause to be compiled and provided) to the Agents, the Collateral Manager, and the Lenders, a monthly
report (which includes a Borrowing Base Calculation Statement prepared by the Collateral Manager and provided to the Collateral
Agent for inclusion in the Monthly Report) (each, a “Monthly Report”) in accordance with this Section 8.07.
The Borrower shall compile and provide (or cause to be compiled and provided) to the Administrative Agent a loan
data file (the “Data File”) for the previous monthly period ending on the Monthly Report Determination
Date (containing such information agreed upon by the Borrower (or the Collateral Manager on its behalf), and the Administrative
Agent). The Borrower shall provide (or cause to be provided) the Data File no later than fifteen (15) Business Days following
the Monthly Reporting Date. As used herein, the “Monthly Report Determination Date” with respect to any calendar
month will be the last calendar day of the prior calendar month. For the avoidance of doubt, the first Monthly Report following
the Seventh Amendment Effective Date shall be delivered on July 22, 2019 and shall be determined with respect to the Monthly Report
Determination Date that is June 30, 2019. The Monthly Report for a calendar month shall be in a form reasonably acceptable to
the Borrower, the Collateral Agent, the Collateral Manager and the Administrative Agent and shall contain the information with
respect to the Collateral Loans and Eligible Investments included in the Collateral set forth in Schedule 2 hereto, and
shall be determined as of the Monthly Report Determination Date for such calendar month.

 

(b)          Payment
Date Accounting. The Borrower shall render (or cause to be rendered) an accounting (each, a “Payment Date Report”),
determined as of the close of business on each Determination Date preceding a Payment Date, and shall deliver such Payment Date
Report to the Agents, the Collateral Manager and each Lender not later than the second Business Day preceding the related Payment
Date. The Payment Date Report shall be in a form reasonably acceptable to the Borrower, the Collateral Agent, the Collateral Manager
and the Administrative Agent and shall contain the information set forth in Schedule 3 hereto.

 

In addition,
the Borrower shall provide (or cause to be provided) in each Payment Date Report a statement setting forth in reasonable detail
each amendment, modification or waiver under any Related Document for each Collateral Loan that constitutes a Material Modification
that became effective since the immediately preceding Payment Date Report (or, in respect of the first Payment Date Report, from
the Closing Date).

 

(c)          Failure to Provide Accounting. If the Collateral Agent shall not have received any accounting provided for in this
Section 8.07 on the first Business Day after the date on which such accounting is due to the Collateral Agent, the Collateral
Agent shall notify the Collateral Manager who shall use reasonable efforts to obtain such accounting by the applicable Payment
Date.

 

For the
avoidance of doubt, the Borrower has engaged the Collateral Administrator pursuant to the Collateral Administration Agreement to
compile and provide the information and reports to be provided in this Section 8.07.

 

    56

     

    

 

Section 8.08. Release of Collateral

 

(a)          If
no Event of Default has occurred and is continuing, the Borrower may, by delivery of a certificate of a Responsible Officer
of the Collateral Manager delivered to the Collateral Agent at least one (1) Business Day prior to the settlement date for
any sale of any item of Collateral certifying that the sale of such security is being made in accordance with Section
10.01 and such sale complies with all applicable requirements of Section 10.01, direct the Collateral Agent to
release or cause to be released such item from the Lien of this Agreement and, upon receipt of such certificate, the
Collateral Agent (or this Section 10.02 and Section 10.03 are met, invest Principal Proceeds (and accrued
interest received with respect to any Collateral Loan to the extent used to pay for accrued interest on additional Collateral
Loans) in additional Collateral Loans; provided that no Collateral Loan may be purchased unless each of the following
conditions are satisfied as of the date the Collateral Manager commits on behalf of the Borrower to make such purchase and
after giving effect to such purchase and all other sales or purchases previously or simultaneously committed to:

 

(i)             On
or prior to the first purchase of additional Collateral Loans after the Ninth Amendment Effective Date, the Administrative Agent
shall have received legal opinions (addressed to each of the Secured Parties) of Ropes & Gray LLP, counsel to the Borrower,
Equityholder and the Collateral Manager, covering the true sale nature of any transfers to the Borrower of Collateral Loans from
the Equityholder and such other matters as the Administrative Agent and its counsel shall reasonably request, each in form and
substance reasonably satisfactory to the Administrative Agent; 

 

(ii)            (i)
such obligation is a Collateral Loan;

 

(iii)           (ii)
each Collateral Quality Test is satisfied (or, if not satisfied immediately prior to such investment, compliance with such
Collateral Quality Test is maintained or improved); and

 

(iv)          (iii)
each Coverage Test is satisfied.

 

Section 10.03. Conditions Applicable to All Sale
and Purchase Transactions

 

(a)          Any transaction effected under this Article X or in connection with the acquisition of additional Collateral Loans
shall be for fair market value and, if effected with a Person that is an Affiliate of the Collateral Manager (or with an account
or portfolio for which the Collateral Manager or any of its Affiliates serves as investment adviser), shall be (i) on terms no
less favorable to the Borrower than would be the case if such Person were not an Affiliate or as otherwise expressly permitted
in this Agreement and (ii) effected in accordance with all Applicable Laws.

 

(b)          Upon
each acquisition by the Borrower of a Collateral Loan (i) all of the Borrower’s right, title and interest to such Collateral
Loan shall be subject to the Lien granted to the Collateral Agent pursuant to this Agreement and (ii) such Collateral Loan shall
be Delivered to the Collateral Agent.

 

Section 10.04. Additional Equity Contributions

 

The
Equityholder may, but shall have no obligation to, at any time or from time to time make a capital contribution to the
Borrower for any purpose, including for the purpose of curing any Default, satisfying any Coverage Test, enabling the
acquisition or sale of any Collateral Loan or satisfying any conditions under Section 3.02. Each contribution shall
either be made (a) in Cash, (b) by assignment and contribution of an Eligible Investment and/or (c) by assignment of a
Collateral Loan that is not an Ineligible Collateral Loan. All Cash contributed or loaned to the Borrower shall be treated as
Principal Proceeds, except to the extent that the Collateral Manager specifies that such Cash shall constitute Interest
Proceeds and shall be deposited into a Collection Account in accordance with Section 8.02 as designated by the
Collateral Manager. and fund administration)) shall be reimbursed by the Borrower. To the extent that such expenses are
incurred in connection with obligations that are also held by any Affiliate of the Borrower or any other account managed by
the Collateral Manager, the Collateral Manager shall allocate the expenses among the accounts in a fair and equitable manner.
Any amounts payable pursuant to this Section 14.06 shall constitute “Administrative Expenses” hereunder
and shall be reimbursed by the Borrower to the extent funds are available therefor in accordance with the Priority of
Payments. Other than as stated above, the Borrower shall bear, and shall pay directly in accordance with this Agreement, all
costs and expenses incurred by it in connection with its organization, operation or liquidation.

 

    57

     

    

 

(b)          The
Collateral Manager agrees to indemnify and hold harmless each Indemnified Party from
and against any and all Liabilities that may be incurred by or asserted or awarded against any Indemnified Party, in each
case arising out of or in connection with any acts or omissions of the Collateral Manager in connection with this Agreement,
any other Facility Document, any Related Document or any transaction contemplated hereby or thereby (and regardless of
whether or not any such transactions are consummated), including any such Liability that is incurred or arises out of or in
connection with, or by reason of any one or more of the following: (i) any breach or alleged breach of any covenant by the
Collateral Manager contained in any Facility Document; (ii) any representation or warranty made or deemed made by the
Collateral Manager contained in any Facility Document or in any certificate, statement or report delivered in connection
therewith is, or is alleged to be, false or misleading in any material respect; (iii) any failure by the Collateral Manager
to comply with any Applicable Law or contractual obligation binding upon it; (iv) any action or omission, not expressly
authorized by the Facility Documents, by the Collateral Manager which has the effect of impairing the validity or
enforceability of the Collateral or the rights of the Agents or the other Secured Parties with respect thereto; (v) the
commingling by the Collateral Manager of Collections on the Collateral at any time with other funds; (vi) the failure of the
Collateral Manager or any of its agents or representatives to remit to the Collection Account, within two (2) Business Days
of receipt, Collections on the Collateral Loans remitted to the Collateral Manager or any such agent or representative as
provided in this Agreement; (vii) the treatment or representation, in any computations made by it in connection with any
Monthly Report, Payment Date Report, Borrowing Base Calculation Statement or other report prepared by it hereunder of any commercial
loans or bonds as Collateral Loans, which were
Ineligible Collateral Loans as of the date of any such computation; (viii) any litigation, proceedings or investigation
against the Collateral Manager in connection with this Agreement or the other Facility Documents or its role as Collateral
Manager hereunder or thereunder; and (ix) any failure or delay in assisting a successor Collateral Manager in assuming each
and all of the Collateral Manager’s obligations to service and administer the Collateral, or failure or delay in
complying with instructions from the Agents with respect thereto; except to the extent any such Liability is found in
a final, non-appealable judgment by a court of competent jurisdiction to have resulted solely from such Indemnified
Party’s bad faith, gross negligence or willful misconduct. In the case of an investigation, litigation or proceeding to
which the indemnity in this paragraph applies, such indemnity shall be effective whether or not such investigation,
litigation or proceeding is brought by the Collateral Manager, any of the Collateral Manager’s equityholders or
creditors, an Indemnified Party or any other Person, whether or not an Indemnified Party is otherwise a party hereto. The
Collateral Manager shall not have any liability hereunder to any Indemnified Party to the extent an Indemnified Party affects
any settlement of a matter that is (or could be) subject to indemnification hereunder without the prior written consent of
the Collateral Manager. In no case shall the Collateral Manager be responsible for any Indemnified Party’s lost
revenues or lost profits or for any indirect, special, punitive or consequential damages. This Section 14.06(b) shall not
apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax
claim.

 

    58

     

    

 

Section 14.07. The Collateral Manager Not to Resign;
Assignment

 

Schedule 6

Notice Information

 

	If to the Administrative
    Agent:	390 Greenwich Street, 4th
    Floor
	 	New York, New York 10013
	 	Attention: Vincent Nocerino
	 	Tel: (212) 723-1154
	 	Fax: (626) 236-4469
	 	 
	If to the Borrower:	c/o Business Development
    Corporation of America 
	 	405 Park Avenue,
    3rdBDCA-CB
    Funding, LLC 
	 	9
    West 57th Street, 49th Floor
	New York,
    Suite
    4920	 
	 	New York 10022
    ,
    New York 10019
	 	Attention: Shiloh
    Bates
	TelMichael
    Frick	 
	 	Email:
    (646) 861-7702
	 	861
    7702m.frick@benefitstreetpartners.com
	 	Fax: (212) 421 5799
	 	 
	If to the Collateral Manager:                  	405 Park AvenueBDCA
    Senior Loan Fund LLC
	 	9
    West 57th Street,
    3rd49th
    Floor
	 	 
	New York,
    Suite
    4920	 
	 	New York 10022
    ,
    New York 10019
	 	Attention: Shiloh
    Bates
	 	TelMichael
    Frick
	 	Email:
    (646) 861
    7702m.frick@benefitstreetpartners.com
	 	Fax: (212) 421 5799
	 	 
	If to the Collateral Agent:	1 Federal Street, 3rd Floor
	 	Boston, MA 02110
	 	Attention: Jeffrey B. Stone
	 	Tel: (617) 603-6538
	 	Fax: (866) 373-5984
	 	 
	If to the Custodian:	1 Federal Street, 3rd
	 	Floor Boston, MA 02110
	 	Attention: Jeffrey B. Stone
	 	Tel: (617) 603-6538
	 	Fax: (866) 373-5984
	 	 
	If
    to BDCA:____________________	 Business
    Development Corporation of America 
	 	 
	______________________________ 	9 West 57th Street,
    49th Floor, Suite 4920 
	 	New
    York, New York 10019 
	 	Attention:
    Michael Frick 
	 	Email:
    m.frick@benefitstreetpartners.comExhibit 10.3

 

Execution Version

 

First Amendment to Loan and Security
Agreement and First Commitment Increase Request

 

January 21, 2021

JPMorgan Chase Bank, National Association,

as Administrative Agent

c/o JPMorgan Services Inc.

500 Stanton Christiana Rd., 3rd Floor

Newark, Delaware 19713

DE_Custom_Business

Attention: Ryan Hanks

Email: de_custom_business@jpmorgan.com

           brian.m.larocca@jpmorgan.com

 

JPMorgan Chase Bank, National Association,

as Administrative Agent

383 Madison Avenue

New York, New York 10179

Email: NA_Private_Financing_Diligence@jpmorgan.com

 

JPMorgan Chase Bank, National Association,

as Lender

c/o JPMorgan Services Inc.

500 Stanton Christiana Rd., 3rd Floor

Newark, Delaware 19713

Attention: Ryan Hanks

 

	cc:	U.S. Bank National Association, as Collateral Agent, Securities Intermediary and Collateral Administrator
	 	One Federal Street, 3rd Floor
	 	Boston, Massachusetts 02110
	 	Attention: Global Corporate Trust – BDCA 57TH Street Funding, LLC
	 	Email: BDCABostonCustody@usbank.com, with a copy to Stanley.Wong@usbank.com

 

Ladies and Gentlemen:

 

Reference is hereby made
to the Loan Agreement, dated as of August 28, 2020 (as amended or modified from time to time, the "Agreement"),
among BDCA 57th STREET FUNDING, LLC (the "Company"), JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as
lender (in such capacity, the "Lender") and administrative agent (in such capacity, the "Administrative
Agent"), U.S. BANK NATIONAL ASSOCIATION, as collateral agent (in such capacity, the "Collateral Agent"),
collateral administrator (in such capacity, the "Collateral Administrator") and as securities intermediary (in
such capacity, the "Securities Intermediary") and BUSINESS DEVELOPMENT CORPORATION OF AMERICA, as portfolio manager
(the "Portfolio Manager"). Capitalized terms used herein and not otherwise defined herein shall have the respective
meanings given such terms in the Agreement.

 

     

     

    

 

 

(A)          Amendment
to the Agreement

 

The Loan Agreement is
hereby amended in accordance with Section 10.05 thereof to delete the stricken text (indicated textually in the same manner as
the following example: stricken text) and to add the bold and double-underlined text (indicated
textually in the same manner as the following example: bold and double-underlined text) as set forth on the pages
of the Loan and Security Agreement attached as Exhibit A hereto. Exhibit A hereto constitutes a conformed copy of
the Loan and Security Agreement.

 

(B)           Pursuant
to the Agreement, the Administrative Agent is hereby notified that the Company hereby makes a Commitment Increase Request to the
Administrative Agent pursuant to Section 2.06 of the Agreement (this "First Commitment Increase Request") and
requests an increase of the Financing Commitments by an amount equal to $100,000,000, on January 21, 2021 (which such date shall
constitute a "Commitment Increase Date" under the Agreement).

 

(C)           The
effectiveness of this First Amendment to Loan Agreement and First Commitment Increase Request shall be subject to receipt by the
Administrative Agent of (i) an upfront fee in an aggregate amount specified in a letter agreement, dated as of the date hereof,
by and between the Company and the Administrative Agent (once paid, such fees or any part thereof shall not be refundable under
any circumstances) and (ii) an opinion of counsel for the Company and the Portfolio Manager with respect to the enforceability
of this First Amendment to Loan Agreement and First Commitment Increase Request in form and substance reasonably satisfactory
to the Administrative Agent.

 

(D)           The
Administrative Agent hereby acknowledges and agrees that the requirements of Section 2.06(h) of the Agreement as it relates to
Section 2.04(d) of the Agreement are satisfied by the delivery of the certifications in Clause (H) below.

 

(E)           Except
as expressly set forth herein, the Administrative Agent (in its own capacity and in its capacity as agent of the Lenders) reserves
all of its rights, privileges, powers and remedies under the Agreement and the other Loan Documents, as well as under applicable
law (whether determined at law or in equity). Except as specifically provided herein, the Agreement shall remain in full force
and effect and the execution of this First Amendment to Loan and Security Agreement and First Commitment Increase Request shall
not operate as a waiver of any violation of, or any right, privilege, power or remedy of any party under, the Agreement or any
other Loan Document; all such rights, privileges, powers and remedies are expressly reserved. The Administrative Agent's or any
Lender's exercise or failure to exercise any rights, privileges, powers and remedies under any of the foregoing in a particular
instance shall not operate as a waiver of its right to exercise the same or different rights, privileges, powers and/or remedies
in any other instance or instances.

 

(F)           THIS
FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT AND FIRST COMMITMENT INCREASE REQUEST AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

(G)           This
First Amendment to Loan and Security Agreement and First Commitment Increase Request may be executed in any number of counterparts
by facsimile or other written form of communication, each of which shall be deemed to be an original as against any party whose
signature appears thereon, and all of which shall together constitute one and the same instrument.

 

     

     

    

 

(H)          (i) Each of the
Portfolio Manager and the Company hereby certifies (solely as to itself) that all of its representations and warranties set forth
in Section 6.01 of the Agreement are true and correct in all material respects (or with respect to such representations and warranties
which by their terms contain materiality qualifiers, are true and correct), in each case on and as of the date hereof, except
to the extent that such representations and warranties specifically refer to an earlier date, in which case they were true and
correct in all material respects (or with respect to such representations and warranties which by their terms contain materiality
qualifiers, were true and correct) as of such earlier date and (ii) the Company hereby certifies that, as of the date hereof,
no Default, Event of Default or Market Value Event has occurred and the Borrowing Base Test is satisfied.

 

(I)            The Company hereby
reaffirms the grant of Liens to secure the Secured Obligations and acknowledges that the liens securing the Secured Obligations
will remain in full force and effect after giving effect to this First Amendment to Loan and Security Agreement and First Commitment
Increase Request.

 

(J)            The Collateral
Agent, the Collateral Administrator and the Securities Intermediary are hereby directed to execute and deliver this First Amendment
to Loan and Security Agreement and First Commitment Increase Request.

 

[REMAINDER OF PAGE LEFT INTENTIONALLY
BLANK]

 

     

     

    

 

	 	Very truly yours,
	 	 
	 	BDCA 57TH STREET FUNDING, LLC, as Company

 

		By: 	/s/ Nina K. Baryski

		Name: Nina Kang Baryski
	 	Title: Chief Financial Officer

 

Signature Page to First Amendment
to Loan and Security Agreement

and First Commitment Increase Request

 

     

     

    

 

	 	BUSINESS DEVELOPMENT CORPORATION OF AMERICA, as Portfolio Manager

 

		By:	Nina.
                                         K. Baryski

	 	Name: Nina Kang Baryski
	 	Title: Chief Financial Officer

 

Signature Page to First Amendment
to Loan and Security Agreement

and First Commitment Increase Request

 

     

     

    

 

The Administrative Agent hereby approves the First Commitment
Increase Request in accordance with the terms of the Agreement upon satisfaction of the conditions precedent specified above and
the Administrative Agent and the Lender agree to the modifications of the Agreement set forth in this First Amendment to Loan and
Security Agreement and First Commitment Increase Request above upon satisfaction of the conditions precedent specified above.

 

	 	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as Administrative Agent

  

		By:	James
                                         Greenfield

	 	Name: James Greenfield
	 	Title: Executive Director

 

 

	 	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as Lender

 

		By:	James
                                         Greenfield

	 	Name: James Greenfield
	 	Title: Executive Director

 

Signature Page to First Amendment
to Loan and Security Agreement

and First Commitment Increase Request

 

     

     

    

 

	 	U.S. BANK NATIONAL ASSOCIATION, as Collateral Agent

 

	 	By: 	/s/ Stanley Wong

	 	Name: Stanley Wong

	 	Title: Vice President

 

 

	 	U.S. BANK NATIONAL ASSOCIATION, as Securities Intermediary

 

	 	By: 	/s/ Stanley Wong

	 	Name: Stanley Wong

	 	Title: Vice President

 

	 	U.S. BANK NATIONAL ASSOCIATION, as Collateral Administrator

 

	 	By: 	/s/ Stanley Wong

	 	Name: Stanley Wong

	 	Title: Vice President

 

Signature Page to First Amendment
to Loan and Security Agreement

and First Commitment Increase Request

 

     

     

    

 

Exhibit A

 

Conformed Loan Agreement

 

Signature Page to First Amendment to Loan
and Security Agreement

and First Commitment Increase Request

 

     

     

    

 

 

 

Execution Version

Conformed through the First Amendment and First
Commitment Increase Request dated as of January 21, 2021

 

 

LOAN
AND SECURITY AGREEMENT

 

dated as of

 

August 28, 2020

 

among

 

BDCA 57th STREET FUNDING, LLC

The Lenders Party Hereto

The Collateral Administrator, Collateral Agent and Securities Intermediary Party Hereto

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,

as Administrative Agent

and

 

BUSINESS DEVELOPMENT CORPORATION OF AMERICA,

as Portfolio Manager

 

 

      

     

    

 

Table of Contents

 

	 	 	Page
	 	 	 
	 	ARTICLE I	
	 	THE PORTFOLIO INVESTMENTS	 
	 	 	 
	SECTION
    1.01.	Purchases
    of Portfolio Investments	28
	SECTION
    1.02.	Procedures for Purchases
    and Related Advances	28
	SECTION
    1.03.	Conditions to Purchases.
    	29
	SECTION
    1.04.	Sales of Portfolio
    Investments	30
	SECTION
    1.05.	Certain Assumptions
    relating to Portfolio Investments	32
	 	 	 
		ARTICLE II	 
		THE ADVANCES	 
	 	 	 
	SECTION
    2.01. 	Financing Commitments	32
	SECTION
    2.02.	[Reserved]	32
	SECTION
    2.03.	Advances;
    Use of Proceeds	32
	SECTION
    2.04.	Conditions
    to Effective Date.	33
	SECTION
    2.05.	Conditions
    to Advances	35
	SECTION
    2.06. 	Commitment Increase
    Option.	35
	 	 	 
		ARTICLE III	 
		ADDITIONAL TERMS APPLICABLE TO THE
    ADVANCES	 
	 	 	 
	SECTION
    3.01. 	The Advances	36
	SECTION
    3.02.	[Reserved]	41
	SECTION
    3.03. 	Taxes	41
	 	 	 
		ARTICLE IV	 
		COLLECTIONS AND PAYMENTS	 
	 	 	 
	SECTION
    4.01.	Interest
    Proceeds	44
	SECTION
    4.02.	Principal
    Proceeds	45
	SECTION
    4.03.	Principal
    and Interest Payments; Prepayments; Commitment Fee	45
	SECTION
    4.04. 	MV Cure Account	47
	SECTION
    4.05.	Priority
    of Payments	47
	SECTION
    4.06. 	Payments Generally	48
	SECTION
    4.07. 	Termination or Reduction
    of Financing Commitments	48
	 	 	 
		ARTICLE V	 
		THE PORTFOLIO MANAGER	 
	 	 	 
	SECTION
    5.01.	Appointment
    and Duties of the Portfolio Manager	49
	SECTION
    5.02.	Portfolio
    Manager Representations as to Eligibility Criteria; Etc	49
	SECTION
    5.03.	Indemnification	49

 

    - 2 -

     

    

 

	 	ARTICLE VI	 
	 	REPRESENTATIONS, WARRANTIES AND COVENANTS	 
	 	 	 
	SECTION 6.01.	Representations and Warranties	50
	SECTION
    6.02. 	Covenants of the Company
    and the Portfolio Manager	53
	SECTION 6.03.	Amendments of Portfolio Investments, Etc	59
	 	 	 
	 	ARTICLE VII	 
	 	EVENTS OF DEFAULT	 
	 	 	 
	 	ARTICLE VIII	 
	 	COLLATERAL ACCOUNTS; COLLATERAL SECURITY	 
	 	 	 
	SECTION 8.01.	The Collateral Accounts; Agreement as to Control	62
	SECTION 8.02.	Collateral Security; Pledge; Delivery	63
	 	 	 
	 	ARTICLE IX	 
	 	THE AGENTS	 
	 	 	 
	SECTION 9.01.	Appointment of Administrative Agent and Collateral Agent	66
	SECTION 9.02.	Additional
    Provisions Relating to the Collateral Agent and the Collateral Administrator 	70
	 	 	 
	 	ARTICLE X	 
	 	MISCELLANEOUS	 
	 	 	 
	SECTION 10.01. 	Non-Petition; Limited Recourse	73
	SECTION 10.02.	Notices	73
	SECTION 10.03. 	No Waiver	73
	SECTION 10.04. 	Expenses;
    Indemnity; Damage Waiver; Right of Setoff	74
	SECTION 10.05.	Amendments	75
	SECTION 10.06. 	Successors; Assignments	75
	SECTION 10.07. 	Governing
    Law; Submission to Jurisdiction; Etc	77
	SECTION 10.08. 	Interest Rate Limitation	77
	SECTION 10.09. 	PATRIOT Act	77
	SECTION 10.10. 	Counterparts	78
	SECTION 10.11. 	Headings.	78
	SECTION 10.12. 	Confidentiality	78
	SECTION 10.13. 	Acknowledgement and Consent to Bail-In of EEA Financial Institutions.	79

 

	Schedules	 
	 	 
	Schedule 1	Transaction Schedule
	Schedule 2	Contents of Notice of Acquisition
	Schedule 3	Eligibility Criteria
	Schedule 4	Concentration Limitations
	Schedule 5	Initial Portfolio Investments
	Schedule 6	Moody's Industry Classifications
	Schedule 7	Ineligible Persons

 

    - 3 -

     

    

 

	Exhibits	 
	 	 
	Exhibit A	Form of Request for Advance

 

    - 4 -

     

    

 

Interest
Rates; LIBOR Notification

 

The interest rate on an Advance may be derived
from an interest rate benchmark that is, or may in the future become, the subject of regulatory reform. Regulators have signaled
the need to use alternative benchmark reference rates for some of these interest rate benchmarks and, as a result, such interest
rate benchmarks may cease to comply with applicable laws and regulations, may be permanently discontinued, and/or the basis on
which they are calculated may change. The London interbank offered rate is intended to represent the rate at which contributing
banks may obtain short-term borrowings from each other in the London interbank market. In July 2017, the U.K. Financial Conduct
Authority announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions
to the ICE Benchmark Administrator (together with any successor to the ICE Benchmark Administrator, the "IBA") for purposes
of the IBA setting the London interbank offered rate. As a result, it is possible that commencing in 2022, the London interbank
offered rate may no longer be available or may no longer be deemed an appropriate reference rate upon which to determine the interest
rate on Advances. In light of this eventuality, public and private sector industry initiatives are currently underway to identify
new or alternative reference rates to be used in place of the London interbank offered rate. Upon the occurrence of a Benchmark
Transition Event or an Early Opt-in Election, Section 3.01(h) provides a mechanism for determining an alternative rate of interest.
The Administrative Agent will promptly notify the Company, pursuant to Section 3.01(h)(iv), of any change to the reference rate
upon which the interest rate on Advances is based. However, the Administrative Agent does not warrant or accept any responsibility
for, and shall not, except for its own actions under this Agreement, have any liability with respect to, the administration, submission
or any other matter related to the London interbank offered rate or other rates in the definition of "LIBO Rate" or with
respect to any alternative or successor rate thereto, or replacement rate thereof (including, without limitation, (1) any such
alternative, successor or replacement rate implemented pursuant to Section 3.01(h)(ii), whether upon the occurrence of a Benchmark
Transition Event or an Early Opt-in Election, and (2) the implementation of any Benchmark Replacement Conforming Changes pursuant
to Section 3.01(h)(iii), including without limitation, whether the composition or characteristics of any such alternative, successor
or replacement reference rate will be similar to, or produce the same value or economic equivalence of, the LIBO Rate or have the
same volume or liquidity as did the London interbank offered rate prior to its discontinuance or unavailability.

 

    - 5 -

     

    

 

LOAN AND SECURITY AGREEMENT dated as
of August 28, 2020 (this "Agreement") among BDCA 57th STREET FUNDING, LLC, as borrower (the "Company");
BUSINESS DEVELOPMENT CORPORATION OF AMERICA, as portfolio manager (in such capacity, the "Portfolio Manager");
the Lenders party hereto; U.S. BANK NATIONAL ASSOCIATION, in its capacities as collateral agent (in such capacity, the "Collateral
Agent"), collateral administrator (in such capacity, the "Collateral Administrator") and securities intermediary
(in such capacity, the "Securities Intermediary"); and JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as administrative
agent for the Lenders hereunder (in such capacity, the "Administrative Agent").

 

The Portfolio Manager and the Company
wish for the Company to acquire and finance certain loans and other corporate debt securities (the "Portfolio Investments"),
all on and subject to the terms and conditions set forth herein.

 

Furthermore, the Company intends to enter
into a Master Participation Agreement, dated as of August 28, 2020 (the "Participation Agreement") by and between
the Company and BDCA Funding I, LLC (in such capacity, the "MPA Seller"), pursuant to which the Company shall
acquire Portfolio Investments on the Effective Date.

 

Furthermore, the Company intends to enter
into a Sale and Contribution Agreement, dated as of August 28, 2020 (the "Sale Agreement") by and between the
Company and the Parent (in such capacity, the "Seller"), pursuant to which the Company shall from time to time
acquire Portfolio Investments from the Parent.

 

On and subject to the terms and
conditions set forth herein, JPMorgan Chase Bank, National Association ("JPMCB") and its respective successors
and permitted assigns (together with JPMCB, the "Lenders") have agreed to make advances to the Company ("Advances")
hereunder to the extent specified on the transaction schedule attached as Schedule 1 hereto (the "Transaction Schedule").

 

Accordingly, the parties hereto agree as follows:

 

Certain Defined Terms

 

"Account Control Agreement"
means the Securities Account Control Agreement, dated as of August 28, 2020, among the Company, the Administrative Agent, the Collateral
Agent and the Securities Intermediary.

 

"Additional Distribution Date" has
the meaning set forth in Section 4.05.

 

"Adjusted Applicable Margin"
means the stated Applicable Margin for Advances set forth on the Transaction Schedule plus 2% per annum.

 

"Administrative Agent"
has the meaning set forth in the introductory section of this Agreement.

 

"Advances" has the meaning set forth
in the introductory section of this Agreement.

 

    - 6 -

     

    

 

"Adverse Proceeding"
means any action, suit, proceeding (whether administrative, judicial or otherwise), governmental investigation or arbitration (whether
or not purportedly on behalf of the Company) at law or in equity, or before or by any Governmental Authority, whether pending,
active or, to the Company's or the Portfolio Manager's knowledge, threatened against or affecting the Company or the Portfolio
Manager or their respective property that would reasonably be expected to result in a Material Adverse Effect.

 

"Affiliate" means, with respect
to any Person, any Person directly or indirectly controlling, controlled by, or under common control with, such former Person but
which shall not include the obligors under any Portfolio Investment or any Portfolio Company of the Portfolio Manager. For the
purposes of this definition, control of a Person shall mean the power, direct or indirect, (i) to vote more than 50% of the securities
having ordinary voting power for the election of directors of any such Person or (ii) to direct or cause the direction of the management
and policies of such Person whether by contract or otherwise.

 

"Agent" has the meaning set forth in
Section 9.01.

 

"Agent Business Day"
means any day on which commercial banks settle payments in each of New York City and the city in which the corporate trust office
of the Collateral Agent is located (which shall initially be Boston, Massachusetts).

 

"Agreement" has the meaning set forth
in the introductory paragraph hereto.

 

"Agreement Party" has the meaning set
forth in Article VII.

 

"Amendment" has the meaning set forth
in Section 6.03.

 

"Anti-Corruption Laws"
means all laws, rules, and regulations of any jurisdiction applicable to the Company from time to time concerning or relating to
bribery or corruption.

 

"Applicable Law"
means, for any Person, all existing and future laws, rules, regulations (including temporary and final income tax regulations),
statutes, treaties, codes, ordinances, permits, certificates, orders, licenses of and interpretations by any Governmental Authority
applicable to such Person and applicable judgments, decrees, injunctions, writs, awards or orders of any court, arbitrator or other
administrative, judicial, or quasi-judicial tribunal or agency of competent jurisdiction.

 

"Base Rate" means,
for any day, a rate per annum equal to the greater of (a) the Prime Rate in effect on such day and (b) the Federal Funds
Effective Rate in effect on such day plus 0.50%. Any change in the Base Rate due to a change in the Prime Rate or the Federal Funds
Effective Rate shall be effective from and including the effective date of such change in the Prime Rate or the Federal Funds Effective
Rate, respectively. In the event that the Base Rate is below zero at any time during the term of this Agreement, it shall be deemed
to be zero until it exceeds zero again.

 

"Benchmark Replacement"
means the sum of: (a) the alternate benchmark rate (which, may be a SOFR-Based Rate) that has been selected by the
Administrative Agent and the Company giving due consideration to (i) any selection or recommendation of a replacement rate or
the mechanism for determining such a rate by the Relevant Governmental Body and/or (ii) any evolving or then-prevailing
market convention for determining a rate of interest as a replacement to the LIBO Rate for syndicated credit facilities
denominated in U.S. dollars and (b) the Benchmark Replacement Adjustment; provided that, if the Benchmark Replacement
as so determined would be less than zero, the Benchmark Replacement will be deemed to be zero for purposes of this Agreement; provided
further that any such Benchmark Replacement shall be administratively feasible as determined by the Administration Agent
in its sole discretion.

 

    - 7 -

     

    

 

"Benchmark Replacement Adjustment"
means the spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative
value or zero) that has been selected by the Administrative Agent and the Company giving due consideration to (i) any selection
or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement
of the LIBO Rate with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body and/or (ii) any evolving
or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread
adjustment, for the replacement of the LIBO Rate with the applicable Unadjusted Benchmark Replacement for syndicated credit facilities
denominated in U.S. dollars at such time. For the avoidance of doubt, such Benchmark Replacement Adjustment shall not be in the
form of a reduction to the Applicable Margin.

 

"Benchmark Replacement Conforming
Changes" means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including
changes to the definition of "Base Rate," the definition of "Calculation Period," timing and frequency of determining
rates and making payments of interest and other administrative matters) that the Administrative Agent decides in its reasonable
discretion, in consultation with the Company, may be appropriate to reflect the adoption and implementation of such Benchmark Replacement
and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice
(or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible
or if the Administrative Agent determines that no market practice for the administration of the Benchmark Replacement exists, in
such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration
of this Agreement).

 

"Benchmark
Replacement Date" means the earlier to occur of the following events with respect to the LIBO Rate:

 

(1)          in the case of clause (1) or (2) of the definition of "Benchmark Transition Event," the later of (a) the date
of the public statement or publication of information referenced therein and (b) the date on which the administrator of the LIBO
Rate permanently or indefinitely ceases to provide the LIBO Rate: or

 

(2)          in the case of clause (3) of the definition of "Benchmark Transition Event," the date of the public statement
or publication of information referenced therein.

 

"Benchmark Transition Event"
means the occurrence of one or more of the following events with respect to the LIBO Rate:

 

(1)          a
public statement or publication of information by or on behalf of the administrator of the LIBO Rate announcing that such administrator
has ceased or will cease to provide the LIBO Rate, permanently or indefinitely; provided that, at the time of such statement
or publication, there is no successor administrator that will continue to provide the LIBO Rate;

 

(2)          a
public statement or publication of information by the regulatory supervisor for the administrator the LIBO Rate, the Federal Reserve
System of the United States of America, an insolvency official with jurisdiction over the administrator for the LIBO Rate or a
court or an entity with similar insolvency or resolution authority over the administrator for the LIBO Rate, in each case which
states that the administrator of the LIBO Rate has ceased or will cease to provide the LIBO Rate permanently or indefinitely;
provided that, at the time of such statement or publication, there is no successor administrator that will continue to
provide the LIBO Rate; and/or

 

    - 8 -

     

    

 

(3)          a
public statement or publication of information by the regulatory supervisor for the administrator of the LIBO Rate announcing
that the LIBO Rate is no longer representative.

 

"Benchmark Transition Start Date"
means (a) in the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark Replacement Date and (ii) if
such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th
day prior to the expected date of such event as of such public statement or publication of information (or if the expected date
of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication)
and (b) in the case of an Early Opt-in Election, the date specified by the Administrative Agent or the Required Lenders, as applicable,
by notice to the Company, the Administrative Agent (in the case of such notice by the Required Lenders) and the Lenders.

 

"Benchmark Unavailability Period"
means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the LIBO Rate and
solely to the extent that the LIBO Rate has not been replaced with a Benchmark Replacement, the period (x) beginning at the time
that such Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the LIBO Rate for all
purposes hereunder in accordance with Section 3.01(h) and (y) ending at the time that a Benchmark Replacement has replaced the
LIBO Rate for all purposes hereunder pursuant to Section 3.01(h).

 

"Beneficial Ownership Certification"
means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.

 

"Beneficial Ownership Regulation" means
31 C.F.R. § 1010.230.

 

"Board" means
the Board of Governors of the Federal Reserve System of the United States of America.

 

"Borrowing Base Test"
means a test that will be satisfied on any date of determination if the following is true:

 

 

 

Where:

 

AR = 60%.

 

"Business Day" means any
day on which commercial banks are open in each of New York City and the city in which the corporate trust office of the Collateral
Agent is located; provided that, with respect to any LIBO Rate related provisions herein, "Business Day" shall
be deemed to exclude any day on which banks are required or authorized to be closed in London, England.

 

    - 9 -

     

    

 

"Calculation Period"
means the quarterly period from and including the date on which the first Advance is made hereunder to but excluding the first
Calculation Period Start Date following the date of such Advance and each successive quarterly period from and including a Calculation
Period Start Date to but excluding the immediately succeeding Calculation Period Start Date (or, in the case of the last Calculation
Period, if the last Calculation Period does not end on the last calendar day of March, June, September or December, the period
from and including the related Calculation Period Start Date to but excluding the Maturity Date).

 

"Calculation Period Start
Date" means the first calendar day of January, April, July and October of each year (or, if any such date is not a Business
Day, the immediately succeeding Business Day), commencing in October 2020.

 

"Cash
Equivalents" means, any of the following: (i) marketable securities (a) issued or directly and unconditionally
guaranteed as to interest and principal by the United States Government or (b) issued by any agency of the United States the
obligations of which are backed by the full faith and credit of the United States, in each case maturing within one year
after such date; (ii) marketable direct obligations issued by any state of the United States or any political subdivision of
any such state or any public instrumentality thereof, in each case maturing within one year after such date and having, at
the time of the acquisition thereof, a rating of at least "A-1" from S&P or at least "P-1" from
Moody's; (iii) commercial paper maturing no more than three months from the date of creation thereof and having, at the time
of the acquisition thereof, a rating of at least "A-1" from S&P or at least "P-1" from Moody's; (iv)
certificates of deposit or bankers' acceptances maturing within three months after such date and issued or accepted by any
Lender or by any commercial bank organized under the laws of the United States of America or any state thereof or the
District of Columbia that (a) is at least "adequately capitalized" (as defined in the regulations of its primary
Federal banking regulator) and (b) has Tier 1 capital (as defined in such regulations) of not less than $1,000,000,000; and
(v) shares of any money market mutual fund that (a) has substantially all of its assets invested continuously in the types of
investments referred to in clauses (i) and (ii) above, (b) has net assets of not less than $5,000,000,000, and (c) has
the highest rating obtainable from either S&P or Moody's. Subject to the foregoing, Cash Equivalents may include
investments in which the Collateral Agent or its Affiliates provide services and receive compensation.

 

"Change in Law"
means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking effect of any law,
rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation
or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive
(whether or not having the force of law) by any Governmental Authority; provided that all requests, rules, guidelines or
directives concerning liquidity and capital adequacy issued by any United States regulatory authority (i) under or in connection
with the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act and (ii) in connection with the implementation
of the recommendations of the Bank for International Settlements or the Basel Committee on Banking Regulations and Supervisory
Practices (or any successor or similar authority) shall be deemed to have occurred after the date of this Agreement for purposes
of this definition, regardless of the date adopted, issued, promulgated or implemented.

 

    - 10 -

     

    

 

"Change of Control"
means an event or series of events by which (A) the Parent or its Affiliates, collectively, (i) shall cease to possess,
directly or indirectly, the right to elect or appoint (through contract, ownership of voting securities, or otherwise)
managers that at all times have a majority of the votes of the board of managers (or similar governing body) of the Company
or to direct the management policies and decisions of the Company or (ii) shall cease, directly or indirectly, to own and
control legally and beneficially all of the equity interests of the Company, (B) BDCA Adviser, LLC or its Affiliates shall
cease to be the investment advisor of the Parent or (C) Benefit Street Partners L.L.C. or its Affiliates, collectively, (i)
shall cease to possess, directly or indirectly, the right to elect or appoint (through contract, ownership of voting
securities, or otherwise) managers that at all times have a majority of the votes of the board of managers (or similar
governing body) of BDCA Adviser, LLC or to direct the management policies and decisions of BDCA Adviser, LLC or (ii) shall
cease, directly or indirectly, to own and control legally and beneficially all of the equity interests of BDCA Adviser,
LLC.

 

"Charges" has the meaning set forth
in Section 10.08.

 

"Code" means the Internal Revenue
Code of 1986, as amended.

 

"Collateral" has the meaning set forth in Section 8.02(a).

 

"Collateral Accounts" has the meaning
set forth in Section 8.01(a).

 

"Collateral Administrator"
has the meaning set forth in the introductory section of this Agreement.

 

"Collateral Agent"
has the meaning set forth in the introductory section of this Agreement.

 

"Collateral Principal Amount"
means on any date of determination (A) the aggregate principal balance of the Portfolio, excluding the unfunded balance on any
Delayed Funding Term Loan, as of such date plus (B) the amounts on deposit in the Collateral Accounts (including cash and
Eligible Investments) representing Principal Proceeds as of such date and the amounts on deposit in the Unfunded Exposure Account
(including cash and Eligible Investments) as of such date minus (C) the aggregate principal balance of all Ineligible Investments
as of such date.

 

"Collection Account" means
the Interest Collection Account and the Principal Collection Account, collectively.

 

"Commitment Increase Date"
means any Business Day on which the Administrative Agent (in its sole discretion) approves in writing (which may be by email) a
Commitment Increase Request.

 

"Commitment Increase Request"
means, on any date during the Reinvestment Period, the request of the Company in writing (which may be by email) to the Administrative
Agent and the Lenders for an increase of the Financing Commitments pursuant to Section 2.06.

 

"Company" has the meaning set forth
in the introductory section of this Agreement.

 

"Compounded SOFR"
means the compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology for this rate, and
conventions for this rate (which may include compounding in arrears with a lookback and/or suspension period as a mechanism to
determine the interest amount payable prior to the end of each Calculation Period) being established by the Administrative Agent
in accordance with:

 

(1) the rate, or methodology for
this rate, and conventions for this rate selected or recommended by the Relevant Governmental Body for determining compounded SOFR;
or

 

    - 11 -

     

    

 

(2) if, and to the extent that,
the Administrative Agent determines that Compounded SOFR cannot be determined in accordance with clause (1) above, then the rate,
or methodology for this rate, and conventions for this rate that the Administrative Agent determines in its reasonable discretion
are substantially consistent with any evolving or then-prevailing market convention for determining compounded SOFR for syndicated
credit facilities denominated in U.S. dollars at such time;

 

provided that, if the Administrative
Agent decides that any such rate, methodology or convention determined in accordance with clause (1) or clause (2) is not administratively
feasible for the Administrative Agent, then Compounded SOFR will be deemed unable to be determined for purposes of the definition
of "Benchmark Replacement".

 

"Concentration Limitation Excess"
means, on any date of determination, without duplication, all or the portion of the principal amount of any Portfolio Investment
(other than any Ineligible Investment) that exceeds any Concentration Limitation as of such date; provided that the Portfolio
Manager shall select in its sole discretion which Portfolio Investment(s) constitute part of the Concentration Limitation Excess;
provided further that with respect to any Delayed Funding Term Loan, the Portfolio Manager shall select any term Portfolio
Investment from the same obligor and/or any funded portion of the aggregate commitment amount of such Delayed Funding Term Loan
before selecting any unfunded portion of such aggregate commitment amount; provided further that if the Portfolio Manager
does not so select any Portfolio Investment(s), the applicable portion of the Portfolio Investment(s) determined by the Administrative
Agent shall make up the Concentration Limitation Excess.

 

"Concentration Limitations" has the
meaning set forth in Schedule 4.

 

"Corresponding Tenor" means
with respect to a Benchmark Replacement a tenor (including overnight) having approximately the same length (disregarding business
day adjustment) as the applicable tenor for the applicable Calculation Period with respect to the LIBO Rate.

 

"Custodial Account" means
the account(s) established by the Securities Intermediary and set forth on the Transaction Schedule and any successor accounts
established in connection with the resignation or removal of the Securities Intermediary.

 

"Default" has the meaning set forth
in Section 1.03.

 

"Delayed Funding Term Loan"
means any Loan that (a) requires the holder thereof to make one or more future advances to the obligor under the underlying instruments
relating thereto, (b) specifies a maximum amount that can be borrowed on or prior to one or more fixed dates, and (c) does not
permit the re-borrowing of any amount previously repaid by the obligor thereunder; but, for the avoidance of doubt, any such Loan
will be a Delayed Funding Term Loan only until all commitments by the holders thereof to make such future advances to the obligor
thereon expire or are terminated or reduced to zero.

 

"Deliver" (and
its correlative forms) means the taking of the following steps by the Company or the Portfolio Manager:

 

(1)        except
as provided in clauses (3) or (4) below, in the case of Portfolio Investments and Eligible Investments and amounts on deposit
in the Collateral Accounts, by (x) causing the Securities Intermediary to indicate by book entry that a financial asset
comprised thereof has been credited to the applicable Collateral Account and (y) causing the Securities Intermediary to
agree, pursuant to the Account Control Agreement, that it will comply with entitlement orders originated by the Collateral
Agent with respect to each such security entitlement without further consent by the Company;

 

    - 12 -

     

    

 

(2)         in
the case of each general intangible, by notifying the obligor thereunder of the security interest of the Collateral Agent (except
to the extent that the requirement for consent by any person to the pledge hereunder or transfer thereof to the Collateral Agent
or the Administrative Agent is rendered ineffective under Section 9-406 of the UCC, no such requirement for consent exists in
the underlying documents or such consent has otherwise been obtained);

 

(3)         in the case of Portfolio Investments consisting of money or instruments (the "Possessory Collateral") that
do not constitute a financial asset forming the basis of a security entitlement delivered to the Collateral Agent pursuant to clause
(1) above, by causing (x) the Collateral Agent to obtain possession of such Possessory Collateral in the State of New York, or
(y) a Person other than the Company and a securities intermediary (A)(I) to obtain possession of such Possessory Collateral in
the State of New York, and (II) to then authenticate a record acknowledging that it holds possession of such Possessory Collateral
for the benefit of the Collateral Agent or (B)(I) to authenticate a record acknowledging that it will take possession of such Possessory
Collateral for the benefit of the Collateral Agent and (II) to then acquire possession of such Possessory Collateral in the State
of New York;

 

(4)         in
the case of any account which constitutes a "deposit account" under Article 9 of the UCC, by causing the Securities
Intermediary to continuously identify in its books and records the security interest of the Collateral Agent in such account and,
except as may be expressly provided herein to the contrary, establishing dominion and control over such account in favor of the
Collateral Agent;

 

(5)         in
all cases, by filing or causing the filing of a financing statement with respect to such Collateral with the Delaware Secretary
of State; and

 

(6)         in all cases by otherwise ensuring that all steps, if any, required under applicable Law or reasonably requested by the
Administrative Agent to ensure that this Agreement creates a valid, first priority Lien (subject only to Permitted Liens) on such
Collateral in favor of the Collateral Agent, shall have been taken, and that such Lien shall have been perfected by filing and,
to the extent applicable, possession or control.

 

"Designated Email Notification
Address" means m.frick@benefitstreetpartners.com; provided that, so long as no Event of Default shall have
occurred and be continuing and no Market Value Event shall have occurred, the Company may, upon at least five (5) Business Days'
(or such shorter period as the Administrative Agent shall agree in its sole discretion) written notice to the Administrative Agent,
the Collateral Administrator and the Collateral Agent, designate any other email address as the Designated Email Notification
Address.

 

"Designated Independent Dealer"
means J.P. Morgan Securities LLC; provided that, so long as no Market Value Event shall have occurred and no Event of Default
shall have occurred and be continuing, the Portfolio Manager may, upon at least five (5) Business Days' (or such shorter period
as the Administrative Agent shall agree in its sole discretion) written notice to the Administrative Agent, the Collateral Administrator
and the Collateral Agent, designate another Independent Dealer as the Designated Independent Dealer.

 

    - 13 -

     

    

 

"Early Opt-in Election" means the
occurrence of:

 

(1)          (i) a determination by the Administrative Agent or (ii) a notification by the Required Lenders to the Administrative Agent
(with a copy to the Company) that the Required Lenders have determined that syndicated credit facilities denominated in U.S. dollars
being executed at such time, or that include language similar to that contained in Section 3.01(h) are being executed or amended,
as applicable, to incorporate or adopt a new benchmark interest rate to replace the LIBO Rate, and

 

(2)          (i) the election by the Administrative Agent or (ii) the election by the Required Lenders to declare that an Early Opt-in
Election has occurred and the provision, as applicable, by the Administrative Agent of written notice of such election to the Company
and the Lenders or by the Required Lenders of written notice of such election to the Administrative Agent.

 

"Effective Date" has the meaning set
forth in Section 2.04.

 

"Effective Date Letter"
means the letter agreement, dated as of the date hereof, by and between the Company and the Administrative Agent.

 

"Eligibility Criteria" has the
meaning set forth in Section 1.03.

 

"Eligible Investments" has the meaning set forth in Section 4.01.

 

"ERISA" means the United
States Employee Retirement Income Security Act of 1974, as amended.

 

"ERISA Affiliate" means any
trade or business (whether or not incorporated) under common control with the Company within the meaning of Section 414(b) or (c)
of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412, 430 or 431 of the Code).

 

"ERISA Event"
means that (1) any of the Company or the Parent has underlying assets which constitute "plan assets" within the meaning
of the Plan Asset Rules or (2) any of the Company, the Parent or any ERISA Affiliate sponsors, maintains, contributes to, is required
to contribute to or has any material liability with respect to any Plan.

 

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

 

"Excess Funded Amount" has the meaning
set forth in Section 4.03(c)(ii).

 

"Excess Interest Proceeds"
means, at any time of determination, the excess of (1) amounts then on deposit in the Collateral Accounts representing Interest
Proceeds over (2) the projected amount required to be paid pursuant to Section 4.05(a) and (b) on the next Interest Payment Date,
the next Additional Distribution Date or the Maturity Date, as applicable, in each case, as determined by the Company in good faith
and in a commercially reasonable manner and verified by the Administrative Agent.

 

    - 14 -

     

    

 

"Excluded
Taxes" means any of the following Taxes imposed on or with respect to a Secured Party or required to be withheld or
deducted from a payment to a Secured Party, (a) Taxes imposed on or measured by net income (however denominated), franchise
Taxes and branch profits Taxes, in each case, (i) imposed as a result of such Secured Party being organized under the laws
of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction
imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a
Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender that are or would be
required to be withheld pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the
Financing Commitment or Advance or (ii) such Lender changes its lending office, except in each case to the extent that,
pursuant to Section 3.03, amounts with respect to such Taxes were payable either to such Lender's assignor immediately before
such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Taxes attributable
to such Secured Party's failure to comply with Section 3.03(f) and (d) any U.S. federal withholding Taxes imposed under
FATCA.

 

"Extension Option"
means an option that may be exercised by the Administrative Agent in its sole discretion on or after May 28, 2023 (but prior to
the Scheduled Termination Date set forth on the Transaction Schedule on the Effective Date) to extend the Scheduled Termination
Date to August 28, 2024.

 

"FATCA" means
Sections 1471 through 1474 of the Code as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof,
and intergovernmental agreements thereunder, similar or related non-U.S. law that corresponds to Sections 1471 to 1474 of the Code,
any agreements entered into pursuant to Section 1471(b)(1) of the Code, any intergovernmental agreement entered into in connection
with the implementation of such sections of the Code and any U.S. or non-U.S. fiscal or regulatory law, legislation, rules, guidance,
notes or practices adopted pursuant to such intergovernmental agreement.

 

"Federal Funds Effective
Rate" means, for any day, the rate calculated by the Federal Reserve Bank of New York based on such day's federal funds
transactions by depositary institutions, as determined in such manner as the Federal Reserve Bank of New York shall set forth on
its public website from time to time, and published on the next succeeding Business Day by the Federal Reserve Bank of New York
as the effective federal funds rate, provided that if the Federal Funds Effective Rate as so determined would be less than
zero, such rate shall be deemed to be zero for the purposes of this Agreement.

 

"Federal Reserve Bank of New York's Website"
means the website of the NYFRB at http://www.newyorkfed.org, or any successor source.

 

"Financing Commitment"
means, with respect to each Lender, the commitment of such Lender to provide Advances to the Company hereunder in an amount up
to but not exceeding the amount set forth opposite such Lender's name on the Transaction Schedule.

 

"First
Commitment Increase Date" means January 21, 2021. 

 

"Foreign Lender" means a Lender that is not
a U.S. Person.

 

"Foreign Subsidiary"
means (i) any Subsidiary that is not incorporated or organized under the laws of a State within the United States of America or
the District of Columbia, and that is a "controlled foreign corporation" within the meaning of Section 957 of the Code
with respect to which a Company is a "US Shareholder" within the meaning of Section 951(b) of the Code, or (ii) any Subsidiary
that is a disregarded entity for U.S. federal income tax purposes and which assets are all or substantially all stock or stock
equivalents of, or debt interests in, one or more Subsidiaries described in clause (i) above.

 

"GAAP" means generally
accepted accounting principles in the effect from time to time in the United States, as applied from time to time by the Company.

 

    - 15 -

     

    

 

 

"Governmental Authority"
means the government of the United States of America or any other nation, or of any political subdivision thereof, whether state
or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national
bodies such as the European Union or the European Central Bank).

 

"Indebtedness" as applied
to any Person, means, without duplication, as determined in accordance with GAAP, (i) all indebtedness of such Person for borrowed
money; (ii) all obligations of such Person evidenced by bonds, debentures, notes, deferrable securities or other similar instruments;
(iii) all obligations of such Person to pay the deferred purchase price of property or services, except trade accounts payable
arising in the ordinary course of business; (iv) that portion of obligations with respect to capital leases that is properly classified
as a liability of such Person on a balance sheet; (v) all obligations of such Person to reimburse or prepay any bank or other Person
in respect of amounts paid under a letter of credit, banker's acceptance or similar instrument (but only to the extent such amounts
have been drawn and not reimbursed); (vi) all debt of others secured by a Lien on any asset of such Person, whether or not such
debt is assumed by such Person; and (vii) all debt, capital lease obligations or similar obligations to repay money of others guaranteed
by such Person or for which such Person acts as surety. Notwithstanding the foregoing, "Indebtedness" shall not include
a commitment arising in the ordinary course of business to purchase a future Portfolio Investment in accordance with the terms
of this Agreement.

 

"Indemnified Person" has the meaning
specified in Section 5.03.

 

"Indemnified Taxes"
means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of
the Company under this Agreement and (b) to the extent not otherwise described in (a), Other Taxes.

 

"Indemnitee" has the meaning set forth
in Section 10.04(b).

 

"Independent Dealer"
means any of the following (as such list may be revised from time to time by mutual agreement of the Company and the Administrative
Agent): Bank of America/Merrill Lynch, Barclays Bank, BNP Paribas, Citibank, Credit Suisse, Deutsche Bank, Goldman Sachs, Morgan
Stanley, UBS and any Affiliate of any of the foregoing, but in no event including the Company or any Affiliate of the Company.

 

"Ineligible Investment" means
any Portfolio Investment that fails, at any time, to satisfy the Eligibility Criteria; provided that with respect to any
Portfolio Investment for which the Administrative Agent has waived one or more of the criteria set forth on Schedule 3, the Eligibility
Criteria in respect of such Portfolio Investment shall be deemed not to include such waived criteria at any time after such waiver
and such Portfolio Investment shall not be considered an "Ineligible Investment" by reason of its failure to meet such
waived criteria; provided further that any Portfolio Investment (other than an Initial Portfolio Investment) which has not
been approved by the Administrative Agent pursuant to Section 1.02 on or prior to its Trade Date will be deemed to be an Ineligible
Investment until such later date (if any) on which such Portfolio Investment is so approved; provided further that any Participation
Interest that has not been elevated to an absolute assignment on or prior to the 30th calendar day (or such later date
as the Administrative Agent may agree in its sole discretion) following the Effective Date shall constitute an Ineligible Investment
until the date on which such elevation has occurred.

 

"Ineligible Person" means any Person
listed in Schedule 7.

 

    - 16 -

     

    

 

"Information"
means all information received from the Company or the Portfolio Manager relating to the Company or its business or any obligor
in respect of any Portfolio Investment.

 

"Initial Portfolio Investments" means
the Portfolio Investments listed in Schedule 5.

 

"Interest Collection Account"
means the account(s) established by the Securities Intermediary and set forth on the Transaction Schedule for the deposit of Interest
Proceeds and any successor accounts established in connection with the resignation or removal of the Securities Intermediary.

 

"Interest Payment Date" has the meaning
set forth in Section 4.03(b).

 

"Interest Proceeds" means
all payments of interest received in respect of the Portfolio Investments and Eligible Investments acquired with the proceeds of
Portfolio Investments (in each case other than accrued interest purchased using Principal Proceeds, but including proceeds received
from the sale of interest accrued after the date on which the Company acquired the related Portfolio Investment), all other payments
on the Eligible Investments acquired with the proceeds of Portfolio Investments (for the avoidance of doubt, such other payments
shall not include principal payments (including, without limitation, prepayments, repayments or sale proceeds) with respect to
Eligible Investments acquired with Principal Proceeds) and all payments of fees, dividends and other similar amounts received in
respect of the Portfolio Investments or deposited into any of the Collateral Accounts (including closing fees, commitment fees,
facility fees, late payment fees, amendment fees, waiver fees, prepayment fees and premiums, ticking fees, delayed compensation,
customary syndication or other up-front fees and customary administrative agency or similar fees); provided, however,
that for the avoidance of doubt, Interest Proceeds shall not include amounts or Eligible Investments in the MV Cure Account or
Unfunded Exposure Account or any proceeds therefrom.

 

"Investment" means (a) the
purchase of any debt or equity security of any other Person, or (b) the making of any Loan or advance to any other Person, or (c)
becoming obligated with respect to a contingent obligation in respect of obligations of any other Person.

 

"IRS" means the United States Internal Revenue
Service.

 

"JPMCB" has the meaning set forth in
the introductory section of this Agreement.

 

"Lender Participant" has the meaning
set forth in Section 10.06(c).

 

"Lenders" has the meaning set forth
in the introductory section of this Agreement.

 

"Liabilities" has the meaning set forth
in Section 5.03.

 

"LIBO Rate" means, for each
Calculation Period relating to an Advance, the LIBO Screen Rate at approximately 11:00 a.m., London time, two (2) Business Days
prior to the commencement of such Calculation Period; provided that if the LIBO Screen Rate shall not be available at such
time then the LIBO Rate for such Calculation Period shall be the rate per annum (rounded to the same number of decimal
places as the LIBO Screen Rate) determined by the Administrative Agent (which determination shall be conclusive and binding absent
manifest error) to be equal to the rate that results from interpolating on a linear basis between (a) the LIBO Screen Rate for
the longest period available that is shorter than three months and (b) the LIBO Screen Rate for the shortest period available
that is longer than three months, in each case, at such time.

 

    - 17 -

     

    

 

"LIBO Screen Rate"
means, for each Calculation Period relating to an Advance, the London interbank offered rate as administered by ICE Benchmark Administration
(or any other Person that takes over the administration of such rate) for U.S. Dollars for a period equal to three months as displayed
on such day and time on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate (or, in the event such rate does
not appear on a Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or on the appropriate
page of such other information service that publishes such rate from time to time as selected by the Administrative Agent in its
reasonable discretion); provided that if the LIBO Screen Rate as so determined would be less than zero, such rate shall
be deemed to zero for the purposes of this Agreement.

 

"Lien" means any security interest,
lien, charge, pledge, preference, equity or encumbrance of any kind, including tax liens, mechanics' liens and any liens that
attach by operation of law.

 

"Liquid Portfolio Investment"
means any Portfolio Investment other than a Mezzanine Obligation that, on the applicable date of determination (i) in the case
of a Loan, has at least two bids available through LoanX/Markit Group Limited or (ii) in the case of a bond, has traded volume
through TRACE of at least $2,000,000 during the thirty day period immediately preceding such date of determination.

 

"Loan" means any
obligation for the payment or repayment of borrowed money that is documented by a term and/or revolving loan agreement or other
similar credit agreement.

 

"Loan Documents"
means this Agreement, the Participation Agreement, the Sale Agreement, the Effective Date Letter, the Account Control Agreement,
the Portfolio Management Agreement (including any amendments or supplements thereto or modifications or waivers thereof) and any
certifications (including in any Notice of Acquisition), requests (including Commitment Increase Requests and Requests for Advance)
or similar documents delivered in accordance herewith or therewith.

 

"Margin Stock"
has the meaning provided such term in Regulation U of the Board of Governors of the Federal Reserve Board.

 

"Market Value" means, on
any date of determination (i) with respect to any Liquid Portfolio Investment, the average indicative bid-side price (expressed
as a percentage) determined by LoanX/Markit Group Limited or TRACE (or, if the Administrative Agent determines in its sole discretion
that such bid price is not available or is not indicative of the actual current market value, the market value of such Portfolio
Investment as determined by the Administrative Agent in good faith and in a commercially reasonable manner) and (ii) with respect
to any other Portfolio Investment, the market value of such Portfolio Investment as determined by the Administrative Agent in good
faith and in a commercially reasonable manner, in each case, expressed as a percentage of par.

 

So long as no Market Value Event
has occurred or Event of Default has occurred and is continuing, the Portfolio Manager shall have the right to initiate a dispute
of the Market Value of certain Portfolio Investments as set forth below; provided that the Portfolio Manager provides the
executable bid or valuation set forth below no later than 12:00 p.m. New York City time on the second Business Day following the
related date of determination; provided, further, that with respect to each Portfolio Investment, the Portfolio Manager
may not initiate a dispute of the Market Value thereof until the earlier of (x) the date that is six (6) months following the Trade
Date of such Portfolio Investment and (y) the date on which the Administrative Agent provides a Market Value with respect to such
Portfolio Investment that is at least 5% lower than the Market Value of such Portfolio Investment on the Trade Date of such Portfolio
Investment.

 

    - 18 -

     

    

 

If the Portfolio Manager disputes the determination
of Market Value with respect to any Portfolio Investment: (i) with respect to any Liquid Portfolio Investment, the Portfolio Manager
may, at the expense of the Company, obtain a written executable bid from an Independent Dealer for the full principal amount of
such Portfolio Investment and submit evidence of such bid to the Administrative Agent; provided that the Administrative
Agent has the ability to execute any such bid by selling any portion of such Liquid Portfolio Investment held by the Administrative
Agent or any of its Affiliates for its own account directly to any such Independent Dealer (or indirectly through a broker or other
intermediary reasonably acceptable to the Administrative Agent) at the time such bid is delivered to the Administrative Agent by
the Portfolio Manager and (ii) with respect to any other Portfolio Investment, the Portfolio Manager may, with respect to up to
three such Portfolio Investments in each calendar quarter, engage a Nationally Recognized Valuation Provider, at the expense of
the Company, to provide a valuation of the applicable Portfolio Investments and submit evidence of such valuation to the Administrative
Agent; provided that if the Company engages a Nationally Recognized Valuation Provider that provides a range of valuations,
then the valuation for the purposes of this clause (ii) shall be equal to the mean of the highest and lowest valuations of such
range.

 

The market value of any Portfolio
Investment determined in accordance with the immediately preceding paragraph will be the Market Value for the applicable Portfolio
Investment from and after the Business Day following receipt of notice of such executable bid or valuation by the Administrative
Agent unless and until the Administrative Agent has made a good faith and commercially reasonable determination that the Market
Value of such Portfolio Investment has changed, in which case the Administrative Agent may determine another Market Value (in accordance
with the definition of Market Value).

 

Notwithstanding anything to the contrary herein,
(A) the Market Value for any Portfolio Investment shall not be greater than the par amount thereof, (B) the Market Value of any
Ineligible Investment shall be deemed to be zero, (C) the Administrative Agent shall be entitled to disregard as invalid any bid
submitted by the Portfolio Manager from any Independent Dealer if, in the Administrative Agent's good faith judgment: (i) such
Independent Dealer is ineligible to accept assignment or transfer of the relevant Portfolio Investment or portion thereof, as applicable,
substantially in accordance with the then-current market practice in the principal market for such Portfolio Investment, as reasonably
determined by the Administrative Agent; or (ii) such firm bid or such firm offer is not bona fide, including due to the insolvency
of the Independent Broker-Dealer and (D) no valuation provided by a Nationally Recognized Valuation Provider shall be effective
unless it is in form and substance reasonably acceptable to the Administrative Agent and takes into account factors commonly used
by market participants in conducting valuation processes, including without limitation (i) industry and comparable company analysis,
(ii) market yield assumptions, (iii) credit fundamentals, cyclical nature, and outlook of the business of the Portfolio Investment's
obligor; and (iv) historical material debt-financed acquisitions consummated by the Portfolio Investment's obligor.

 

The Administrative Agent shall
notify the Company, the Portfolio Manager and the Collateral Administrator in writing of the then-current Market Value of each
Portfolio Investment in the Portfolio on a monthly basis or upon the reasonable request of the Portfolio Manager (but no more frequently
than 3 requests per calendar month). Any notification from the Administrative Agent to the Company that a Market Value Trigger
Event has occurred and is continuing shall be accompanied by a written statement showing the then-current Market Value of each
Portfolio Investment.

 

    - 19 -

     

    

 

"Market Value
Cure" means, on any date of determination, (i) with the consent of the Administrative Agent, the contribution by the
Parent of additional Portfolio Investments to the Company and the Delivery thereof by the Company to the Collateral Agent
pursuant to the terms hereof, (ii) the contribution by the Parent of cash to the Company and the Delivery thereof by the
Company to the Collateral Agent pursuant to the terms hereof (which amounts shall be deposited in the MV Cure Account), (iii)
the sale by the Company of one or more Portfolio Investments in accordance with the requirements of this Agreement, (iv) the
prepayment by the Company of an aggregate principal amount of Advances (together with accrued and unpaid interest thereon) or
(v) any combination of the foregoing clauses (i), (ii), (iii) and (iv), in each case during the Market Value Cure Period, at
the option of the Portfolio Manager, and in an amount such that immediately after giving effect to all such actions the Net
Advances are less than the product of (a) the Net Asset Value and (b) the Market Value Cure Level; provided that, any
Portfolio Investment contributed to the Company in connection with the foregoing must meet all of the applicable Eligibility
Criteria (unless otherwise consented to by the Administrative Agent) and the Concentration Limitations shall be satisfied
after such contribution. In connection with any Market Value Cure, a Portfolio Investment shall be deemed to have been
contributed to the Company if there has been a valid, binding and enforceable contract for the assignment of such Portfolio
Investment to the Company and, in the reasonable judgment of the Portfolio Manager, such assignment will settle, in the case
of a Loan, within fifteen (15) Business Days thereof and, in the case of any other Portfolio Investment, within three (3)
Business Days thereof. The Portfolio Manager shall use its commercially reasonable efforts to effect any such assignment
within such time period.

 

"Market Value Cure Failure"
means the failure by the Company to effect a Market Value Cure as set forth in the definition of such term.

 

"Market Value Cure Level" has the meaning
set forth in the Transaction Schedule.

 

"Market Value Cure Period"
means the period commencing on the Business Day on which the Portfolio Manager receives notice from the Administrative Agent (which
if received after 2:00 p.m., New York City time, on any Business Day, shall be deemed to have been received on the next succeeding
Business Day) of the occurrence of a Market Value Trigger Event and ending at the close of business in New York two (2) Business
Days thereafter.

 

"Market Value Event"
means (A) the occurrence of both of the following events (i) a Market Value Trigger Event and (ii) a Market Value Cure Failure
or (B) if in connection with any Market Value Cure, a Portfolio Investment sold, contributed or deemed to have been contributed
to the Company shall fail to settle within (i) in the case of a Loan, fifteen (15) Business Days (or such longer period of time
agreed to by the Administrative Agent in its sole discretion) from the related Trade Date thereof and (ii) in the case of any other
Portfolio Investment, three (3) Business Days (or such longer period of time agreed to by the Administrative Agent in its sole
discretion) from the related Trade Date thereof.

 

"Market Value Trigger" has the meaning
set forth in the Transaction Schedule.

 

"Market Value Trigger Event"
means an event that shall have occurred if the Administrative Agent has determined and notified the Portfolio Manager in writing
as of any date that the Net Advances exceed the product of (a) the Net Asset Value and (b) the Market Value Trigger.

 

"Material Adverse Effect"
means a material adverse effect on (a) the business, assets, operations or condition, financial or otherwise, of the Company or
the Portfolio Manager, (b) the ability of the Company, the Seller, the MPA Seller or the Portfolio Manager to perform its obligations
under this Agreement or any of the other Loan Documents or (c) the rights of or benefits available to the Agents or the Lenders
under this Agreement or any of the other Loan Documents.

 

    - 20 -

     

    

 

"Material
Amendment" means any amendment, modification or supplement to this Agreement that (i) increases the Financing
Commitment of any Lender, (ii) reduces the principal amount of any Advance or reduces the rate of interest thereon, or
reduces any fees payable to a Lender hereunder, (iii) postpones the scheduled date of payment of the principal amount of any
Advance, or any interest thereon, or any other amounts payable hereunder, or reduces the amount of, waives or excuses any
such payment, or postpones the scheduled date of expiration of any Financing Commitment, (iv) changes any provision in a
manner that would alter the pro rata sharing of payments required hereby or (v) changes any of the provisions of this
definition or the definition of "Required Lenders" or any other provision hereof specifying the number or
percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent
hereunder.

 

"Maturity Date" means
the date that is the earliest of (1) the Scheduled Termination Date set forth on the Transaction Schedule, (2) the date on which
the Secured Obligations become due and payable upon the occurrence of an Event of Default under Article VII and the acceleration
of the Secured Obligations, (3) the date on which the principal amount of the Advances is irrevocably reduced to zero as a result
of one or more prepayments and the Financing Commitments are irrevocably terminated and (4) the date after a Market Value Event
on which all Portfolio Investments have been sold and the proceeds therefrom have been received by the Company.

 

"Maximum Rate" has the meaning set
forth in Section 10.08.

 

"Mezzanine Obligation"
means a Portfolio Investment which is not a Senior Secured Loan, a Second Lien Loan or other senior secured corporate debt security.

 

"Minimum Funding Amount"
means, on any date of determination, the amount set forth in the table below; provided that, on and after any Commitment
Increase Date, the Minimum Funding Amount shall be the amount set forth in the last row below plus 80% of the increase in
the Financing Commitment resulting from the Commitment Increase Request and any prior Commitment Increase Request:

 

	Period Start Date	Period End Date	Minimum Funding Amount (U.S.$)
	Effective Date	 	240,000,000
	 
	To and including the last day of
	the Reinvestment Period January 20, 2021
	First Commitment Increase Date	February 20, 2021	266,400,000
	 	 	 
	February 21, 2021	March 20, 2021	292,800,000
	 	 	 
	March 21, 2021	To and including the last day of	320,000,000
	 	the Reinvestment Period	 
	 

 

"MPA Seller" has the meaning set
forth in the introductory section of this Agreement.

 

"MV Cure Account"
means the account established by the Securities Intermediary and set forth on the Transaction Schedule and any successor accounts
established in connection with the resignation or removal of the Securities Intermediary.

 

"Nationally
Recognized Valuation Provider" means (i) Lincoln International LLC (f/k/a Lincoln Partners LLC), (ii) Valuation
Research Corporation and (iii) Alvarez & Marsal; provided that any independent entity providing professional asset
valuation services may be added to this definition by the Company (with the consent of the Administrative Agent) or added to
this definition by the Administrative Agent from time to time by notice thereof to the Company and the Portfolio Manager; provided, further,
that the Administrative Agent may remove any provider from this definition by written notice to the Company and the Portfolio
Manager so long as, after giving effect to such removal, there are at least three providers designated pursuant to this
definition.

 

    - 21 -

     

    

 

"Net Advances" means
the principal amount of the outstanding Advances (inclusive of Advances that have been requested for any outstanding Purchase Commitments
which have traded but not settled) minus the amounts then on deposit in the Collateral Accounts (including cash and Eligible Investments)
representing Principal Proceeds (other than Principal Proceeds that have been identified for use to settle outstanding Purchase
Commitments which have traded but not settled).

 

"Net Asset Value" means,
on any date of determination, the sum of (A) the sum of the product for each Portfolio Investment, other than, for any Loan, the
unfunded commitment amount of a Delayed Funding Term Loan of (x) the Market Value of such Portfolio Investment multiplied by (y)
the funded principal amount of such Portfolio Investment plus (B) the amounts then on deposit in the Unfunded Exposure Account
(including cash and Eligible Investments); provided that, for the avoidance of doubt, (1) the Concentration Limitation Excess,
(2) any Portfolio Investment which has traded but not settled (x) in the case of a Loan, within fifteen (15) Business Days (or
such longer period of time agreed to by the Administrative Agent in its sole discretion) from the related Trade Date thereof and
(y) in the case of any other Portfolio Investment, within three (3) Business Days (or such longer period of time agreed to by the
Administrative Agent in its sole discretion) from the related Trade Date thereof and (3) any Ineligible Investments will, in each
case, be excluded from the calculation of the Net Asset Value and assigned a value of zero for such purposes. In addition, any
Portfolio Investment in respect of which the requirements of Section 6.02(ll)(x) have not been satisfied will be excluded from
the calculation of the Net Asset Value and assigned a value of zero for such purposes until such time (if any) as such requirements
are satisfied.

 

"Non-Call Period"
means the period beginning on, and including, the Effective Date and ending on, but excluding the earlier of (a) the date of a
Non-Call Termination Event and (b) August 28, 2021.

 

"Non-Call Termination
Event" means the termination of the Non-Call Period by the Company upon at least five (5) Business Days' prior written
notice to the Administrative Agent, the Collateral Administrator and the Collateral Agent following the occurrence of either of
the following events: (a) the Lenders default in their funding obligations hereunder and such default continues for ten (10) Business
Days or (b) JPMorgan Chase Bank, National Association ceases to act as Administrative Agent.

 

"Notice of Acquisition" has
the meaning set forth in Section 1.02(a).

 

"NYFRB" means the Federal Reserve Bank of New York.

 

"Other Connection Taxes"
means, with respect to any Secured Party, Taxes imposed as a result of a present or former connection between such Secured Party
and the jurisdiction imposing such Tax (other than connections arising solely from (and that would not have existed but for) such
Secured Party having executed, delivered, become a party to, performed its obligations under, received payments under, received
or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document).

 

    - 22 -

     

    

 

"Other Taxes"
means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment
made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security
interest under, or otherwise with respect to, any Loan Document, except (i) any such Taxes that are Other Connection Taxes imposed
with respect to an assignment, grant of a participation, designation of a new office for receiving payments by or on account of
the Company or other transfer and (ii) for the avoidance of doubt, any Excluded Taxes.

 

"Parent" means Business Development
Corporation of America.

 

"Participant Register" has the meaning specified in Section 10.06(d).

 

"Participation
Interest" means a participation interest in a Loan.

 

"PATRIOT Act" has the meaning set forth in Section
2.04(f).

 

"Permitted Distribution"
means, on any Business Day, distributions of Interest Proceeds or Principal Proceeds (at the discretion of the Company) to the
Parent (or other permitted equity holders of the Company) or to the Portfolio Manager in respect of accrued management fees or
expenses in accordance with the Portfolio Management Agreement; provided that amounts may be distributed pursuant to this
definition (a) in the case of Interest Proceeds, only to the extent of available Excess Interest Proceeds and (b) in the case of
Principal Proceeds, only prior to the last day of the Reinvestment Period and, in each case, only so long as (i) no Default or
Event of Default has occurred and is continuing (or would occur after giving effect to such Permitted Distribution), (ii) no Market
Value Event shall have occurred (or would occur after giving effect to such Permitted Distribution), (iii) the Borrowing Base Test
is satisfied (and will be satisfied after giving effect to such Permitted Distribution), (iv) the Company gives at least two (2)
Business Days' prior written notice thereof to the Administrative Agent, the Collateral Agent and the Collateral Administrator,
(v) not more than three Permitted Distributions are made in any single Calculation Period and (vi) the Company and the Administrative
Agent confirm in writing (which may be by email) to the Collateral Agent and the Collateral Administrator that the conditions to
a Permitted Distribution set forth herein are satisfied. Nothing in this definition shall limit the right or ability of the Company
to make a Permitted RIC Distribution at any time.

 

"Permitted Lien" means
any of the following: (a) Liens for Taxes if such Taxes shall not at the time be due and payable or if a Person shall currently
be contesting the validity thereof in good faith by appropriate proceedings and with respect to which reserves, if necessary, in
accordance with GAAP have been provided on the books of such Person, (b) Liens imposed by law, such as materialmen's, warehousemen's,
mechanics', carriers', workmen's and repairmen's Liens and other similar Liens, arising by operation of law in the ordinary course
of business for sums that are not overdue or are being contested in good faith, (c) Liens granted pursuant to or by the Loan Documents,
(d) judgement Liens not constituting an Event of Default hereunder and (e) bankers' Liens, rights of setoff and other similar Liens
existing solely with respect to cash and Cash Equivalents on deposit in one or more accounts maintained by such Person, in each
case granted in the ordinary course of business in favor of the bank or banks with which such accounts are maintained, securing
amounts owing to such bank with respect to cash management, operating account arrangements and netting arrangements.

 

    - 23 -

     

    

 

"Permitted
RIC Distribution" means distributions to the Parent (from the Collection Accounts or otherwise) to the extent
reasonably required to allow the Parent to make sufficient distributions to qualify as a regulated investment company within
the meaning of Section 851 of the Code and to otherwise eliminate or minimize federal or state income or excise taxes payable
by the Parent in or with respect to any taxable year of the Parent (or any calendar year, as relevant); provided that
(A) the amount of any such payments made in or with respect to any such taxable year (or calendar year, as relevant) of the
Parent shall not exceed the amount that would be required to allow the Company to make sufficient distributions to qualify as
a regulated investment company within the meaning of Section 851 of the Code, calculated assuming that the Company had
qualified to be taxed as a RIC under the Code, (B) after the occurrence and during the continuance of an Event of Default,
the amount of Permitted RIC Distributions made in any calendar quarter shall not exceed U.S.$1,500,000 (or such greater
amount consented to by the Administrative Agent in its sole discretion) and (C) amounts may be distributed pursuant to this
definition only to the extent of available Excess Interest Proceeds and/or Principal Proceeds and only so long as (x) the
Borrowing Base Test is satisfied immediately prior to and immediately after giving effect to such Permitted RIC Distribution
(unless otherwise consented to by the Administrative Agent in its sole discretion), (y) the Company gives at least one (1)
Business Day's prior written notice thereof to the Administrative Agent, the Collateral Agent and the Collateral
Administrator and (z) the Company and the Administrative Agent confirm in writing (which may be by email) to the Collateral
Agent and the Collateral Administrator that the conditions to a Permitted RIC Distribution set forth herein are
satisfied.

 

"Permitted Working
Capital Lien" has meaning set forth in the definition of "Senior Secured Loan".

 

"Person"
means any natural person, corporation, partnership, trust, limited liability company, association, Governmental Authority or unit,
or any other entity, whether acting in an individual, fiduciary or other capacity.

 

"Plan" means any
 "employee benefit plan" (as such term is defined in Section 3(3) of ERISA) subject to Section 412 of the Code or Title
IV of ERISA established by the Company, the Parent or any ERISA Affiliate.

 

"Plan Asset Rules"
means the regulations issued by the United States Department of Labor at Section 2510.3-101 of Part 2510 of Chapter XXV, Title
29 of the United States Code of Federal Regulations, as modified by Section 3(42) of ERISA.

 

"Portfolio"
means all Portfolio Investments Purchased hereunder and not otherwise sold or liquidated.

 

"Portfolio Company"
means any Person that meets the definition of the term "Affiliate" with respect to the Company or the Portfolio Manager
solely as a result of portfolio investments made by any Affiliates of the Portfolio Manager or Benefit Street Partners L.L.C.

 

"Portfolio Investments"
has the meaning set forth in the introductory section of this Agreement.

 

"Portfolio Management
Agreement" means the portfolio management agreement, dated as of the date hereof, by and between the Company and the Portfolio
Manager.

 

"Portfolio Manager"
has the meaning set forth in the introductory section of this Agreement.

 

"Possessory Collateral"
has the meaning set forth in the definition of Deliver.

 

    - 24 -

     

    

 

"Prime Rate"
means the rate of interest per annum publicly announced from time to time by JPMCB as its prime rate in effect at its principal
office in New York City; each change in the Prime Rate shall be effective from and including the date such change is publicly announced
as being effective.

 

"Principal Collection
Account" means the account(s) established by the Securities Intermediary and set forth on the Transaction Schedule for
the deposit of Principal Proceeds and any successor accounts established in connection with the resignation or removal of the Securities
Intermediary.

 

"Principal Proceeds"
means all amounts received by the Company with respect to the Portfolio Investments or any other Collateral, and all amounts otherwise
on deposit in the Collateral Accounts (including cash contributed by the Company), in each case other than Interest Proceeds or
amounts on deposit in the Unfunded Exposure Account.

 

"Priority of Payments" has the
meaning set forth in Section 4.05.

 

"Proceeding" has the meaning set forth in Section 10.07(b).

 

"Purchase" means each
acquisition of a Portfolio Investment hereunder, including by way of a contribution by the Parent to the Company pursuant to the
Sale Agreement and the acquisition of a participation interest pursuant to the Participation Agreement.

 

"Purchase Commitment" has the
meaning set forth in Section 1.02(a).

 

"Register" has the meaning set forth in Section 3.01(c).

 

"Reinvestment Period"
means the period beginning on, and including, the Effective Date and ending on, but excluding, the earliest of (i) August 28, 2023,
(ii) the date on which a Market Value Event occurs and (iii) the date on which an Event of Default occurs.

 

"Related Parties" has the meaning
set forth in Section 9.01.

 

"Relevant Governmental
Body" means the Board and/or the NYFRB, or a committee officially endorsed or convened by the Board and/or the NYFRB or,
in each case, any successor thereto.

 

"Request for Advance" has the meaning
set forth in Section 2.03(d).

 

"Required Lenders"
means Lenders holding 50.1% or more of the sum of (i) the aggregate principal amount of the outstanding Advances plus (ii)
the aggregate undrawn amount of the outstanding Financing Commitments.

 

"Responsible Officer"
means with respect to the Collateral Agent, the Securities Intermediary or the Collateral Administrator, any officer of the Collateral
Agent, the Securities Intermediary or the Collateral Administrator customarily performing functions with respect to corporate trust
matters and, with respect to a particular corporate trust matter under this Agreement, any other officer to whom such matter is
referred because of such officer's knowledge of and familiarity with the particular subject and, in each case, having direct responsibility
for the administration of this Agreement.

 

"Restricted
Payment" means (i) any dividend or other distribution (including, without limitation, a distribution of non-cash
assets), direct or indirect, on account of any shares or other equity interests in the Company now or hereafter outstanding;
(ii) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or
indirect, by the Company of any shares or other equity interests in the Company now or hereafter outstanding; and (iii) any
payment made to retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire shares or
other equity interests in the Company now or hereafter outstanding.

 

    - 25 -

     

    

 

"Reuters" means Thomson Reuters
Corp., Refinitiv or any successor thereto.

 

"Revolving Loan"
means any Loan (other than a Delayed Funding Term Loan, but including funded and unfunded portions of revolving credit lines) that
under the underlying instruments relating thereto may require one or more future advances to be made to the obligor by a creditor,
but any such Loan will be a Revolving Loan only until all commitments by the holders thereof to make advances to the obligor thereon
expire or are terminated or are irrevocably reduced to zero.

 

"Sale Agreement"
has the meaning set forth in the introductory section of this Agreement.

 

"Sanctioned Country"
means, at any time, a country, region or territory which is itself the subject or target of any Sanctions (at the time of this
Agreement, Cuba, Iran, North Korea, Syria and Crimea).

 

"Sanctioned Person"
means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign
Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or by the United Nations Security Council,
the European Union, any EU member state, Her Majesty's Treasury of the United Kingdom or any other relevant sanctions authority,
(b) any Person operating, organized or resident in a Sanctioned Country, (c) any Person owned or controlled by any such Person
or Persons described in the foregoing clauses (a) or (b) or (d) any Person otherwise the subject of Sanctions.

 

"Sanctions"
means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government,
including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department
of State, or (b) the United Nations Security Council, the European Union, any EU member state, Her Majesty's Treasury of the United
Kingdom or any other relevant sanctions authority.

 

"Second Lien Loan"
means a Loan or note (i) that is secured by a pledge of collateral, which security interest is validly perfected and second priority
(subject to liens permitted under the related underlying instruments that are reasonable and customary for similar Loans or notes)
under Applicable Law (other than a Loan or note that is second priority to a Permitted Working Capital Lien) and (ii) the Portfolio
Manager determines in good faith that the value of the collateral securing the Loan or note (including based on enterprise value)
on or about the time of origination or acquisition by the Company equals or exceeds the outstanding principal balance of the Loan
or note plus the aggregate outstanding balances of all other Loans or notes of equal or higher seniority secured by the same collateral.

 

"Secured Obligation" has the
meaning set forth in Section 8.02(a).

 

"Secured Party" has the meaning set forth in Section 8.02(a).

 

"Securities Intermediary"
has the meaning set forth in the introductory section of this Agreement.

 

    - 26 -

     

    

 

"Seller" has the meaning set forth
in the introductory section of this Agreement.

 

"Senior Secured Loan"
means any Loan or note, that (i) is not (and is not expressly permitted by its terms to become) subordinate in right of payment
to any obligation of the obligor in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings
(other than pursuant to a Permitted Working Capital Lien and customary waterfall provisions contained in the applicable loan agreement),
(ii) is secured by a pledge of collateral, which security interest is (a) validly perfected and first priority under Applicable
Law (subject to liens permitted under the related underlying instruments that are reasonable for similar Loans or notes, and liens
accorded priority by law in favor of any Governmental Authority) or (b)(1) validly perfected and second priority in the accounts,
documents, instruments, inventory, chattel paper, letter-of-credit rights, supporting obligations, deposit accounts, investments
accounts (as such terms are defined in the UCC) and any other assets securing any Working Capital Revolver under Applicable Law
and proceeds of any of the foregoing (a first priority lien on such assets a "Permitted Working Capital Lien")
and (2) validly perfected and first priority (subject to liens permitted under the related underlying instruments that are reasonable
and customary for similar Loans or notes) in all other collateral under Applicable Law, and (iii) the Portfolio Manager determines
in good faith that the value of the collateral for such Loan or note (including based on enterprise value) on or about the time
of acquisition equals or exceeds the outstanding principal balance of the Loan or note plus the aggregate outstanding balances
of all other Loans or notes of equal or higher seniority secured by a first priority Lien over the same collateral.

 

"Settlement Date" has the meaning
set forth in Section 1.03.

 

"SOFR" with respect
to any day means the secured overnight financing rate published for such day by the NYFRB, as the administrator of the benchmark
(or a successor administrator), on the Federal Reserve Bank of New York's Website.

 

"SOFR-Based Rate" means SOFR, Compounded
SOFR and Term SOFR.

 

"Solvent"
means, with respect to any Person, that as of the date of determination, (a) the sum of such Person's debt (including contingent
liabilities) does not exceed the present fair value of such Person's present assets; (b) such Person's capital is not unreasonably
small in relation to its business as contemplated on the date of this Agreement; and (c) such Person has not incurred debts beyond
its ability to pay such debts as they become due (whether at maturity or otherwise). For purposes of this definition, the amount
of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing
at such time, represents the amount that can reasonably be expected to become an actual or matured liability.

 

"Subsidiary" of a Person
means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority of the
shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other
than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned,
or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such
Person.

 

"Taxes" means
all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees
or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

 

"Term
SOFR" means the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental
Body.

 

    - 27 -

     

    

 

"Trade Date" has the meaning set
forth in Section 1.03.

 

"Transaction Schedule"
has the meaning set forth in the introductory section of this Agreement.

 

"UCC" means the Uniform Commercial
Code in effect in the State of New York.

 

"Unadjusted Benchmark Replacement"
means the Benchmark Replacement excluding the Benchmark Replacement Adjustment; provided that, if the Unadjusted Benchmark
Replacement as so determined would be less than zero, the Unadjusted Benchmark Replacement will be deemed to be zero for the purposes
of this Agreement.

 

"Unfunded Exposure
Account" means the account established by the Securities Intermediary and set forth on the Transaction Schedule for the
deposit of funds used to cash collateralize the Unfunded Exposure Amount and any successor accounts established in connection with
the resignation or removal of the Securities Intermediary.

 

"Unfunded Exposure
Amount" means, on any date of determination, with respect to any Delayed Funding Term Loan, an amount equal to the aggregate
amount of all unfunded commitments associated with such Delayed Funding Term Loan.

 

"Unfunded
Exposure Shortfall" means, on any date of determination, an amount equal to the greater of (i) 0 and (ii) the aggregate
Unfunded Exposure Amount for all Portfolio Investments minus the sum of (x) the amounts on deposit in the Unfunded Exposure
Account and (y) 2.5% of the Collateral Principal Amount.

 

"U.S.
Person" means any Person that is a "United States Person" as defined in Section 7701(a)(30) of the Code.

 

"U.S. Tax Compliance
Certificate" has the meaning set forth in Section 3.03(f).

 

"Withholding Agent"
means the Company and the Administrative Agent.

 

"Working
Capital Revolver" means a revolving lending facility secured on a first lien basis solely by all or a portion of the
current assets of the related obligor, which current assets subject to such security interest do not constitute a
material portion of the obligor's enterprise value.

 

ARTICLE I

THE PORTFOLIO INVESTMENTS

 

SECTION 1.01.        Purchases of Portfolio
Investments. On the Effective Date, the Company shall acquire the Initial Portfolio Investments from the MPA Seller pursuant
to the Participation Agreement. From time to time during the Reinvestment Period the Company may Purchase additional Portfolio
Investments, or request that Portfolio Investments be Purchased for the Company's account, all on and subject to the terms and
conditions set forth herein.

 

SECTION 1.02.         Procedures for Purchases and
Related Advances.

 

(a)       Timing
of Notices of Acquisition. No later than five (5) Agent Business Days (or such shorter period as the Administrative Agent
may agree in its sole discretion) before the date on which the Company proposes that a binding commitment to acquire any
Portfolio Investment (other than an Initial Portfolio Investment) be made by it or for its account (a "Purchase
Commitment"), the Portfolio Manager, on behalf of the Company, shall deliver to the Administrative Agent a notice of
acquisition (a "Notice of Acquisition").

 

    - 28 -

     

    

 

(b)       Contents
of Notices of Acquisition. Each Notice of Acquisition shall consist of one or more electronic submissions to the Administrative
Agent (in such format and transmitted in such a manner as the Administrative Agent, the Portfolio Manager and the Company may
reasonably agree (which shall initially be the format and include the information regarding such Portfolio Investment identified
on Schedule 2)), and shall be accompanied by such other information as the Administrative Agent may reasonably request.

 

(c)       Eligibility
of Portfolio Investments. The Administrative Agent shall have the right, on behalf of all Lenders, to request additional information
regarding any proposed Portfolio Investment. The Administrative Agent shall notify the Portfolio Manager and the Company of its
approval or failure to approve each Portfolio Investment proposed to be acquired pursuant to a Notice of Acquisition (and, if
approved, an initial determination of the Market Value for such Portfolio Investment) no later than the fifth (5th)
Agent Business Day succeeding the date on which it receives such Notice of Acquisition and any information reasonably requested
in connection therewith); provided that (i) any Initial Portfolio Investment shall be deemed to be approved by the Administrative
Agent and (ii) the failure of the Administrative Agent to notify the Portfolio Manager and the Company of its approval in accordance
with this Section 1.02(c) shall be deemed to be a disapproval of such proposed acquisition.

 

(d)       The
failure of the Administrative Agent to approve the acquisition of a Portfolio Investment will not prohibit the Company from acquiring
such Portfolio Investment (subject to the conditions set forth in Section 1.03); provided that any Portfolio Investment
not so approved prior to its Trade Date shall be deemed to be an Ineligible Investment until such later date (if any) on which
such Portfolio Investment is so approved.

 

SECTION 1.03.        Conditions
to Purchases. No Purchase Commitment or Purchase shall be entered into or made unless each of the following conditions is satisfied
as of the date on which such Purchase Commitment is entered into or such Purchase would otherwise be made (such Portfolio Investment's
 "Trade Date"):

 

(1)       the
information contained in the Notice of Acquisition accurately describes, in all material respects, such Portfolio Investment and
such Portfolio Investment satisfies the eligibility criteria set forth in Schedule 3 (the "Eligibility Criteria");

 

(2)       with
respect to a Purchase, the proposed Settlement Date for such Portfolio Investment is not later than (i) in the case of a Loan,
the date that is fifteen (15) Business Days (or such longer period of time agreed to by the Administrative Agent in its sole discretion)
after such Trade Date or (ii) in the case of any other Portfolio Investment, the date that is three (3) Business Days (or such
longer period of time agreed to by the Administrative Agent in its sole discretion) after such Trade Date;

 

(3)       no
Market Value Event has occurred and no Event of Default or event that, with notice or lapse of time or both, would constitute
an Event of Default (a "Default"), has occurred and is continuing, and the Reinvestment Period has not otherwise
ended; and

 

(4)       after
giving pro forma effect to the Purchase of such Portfolio Investment and the related Advance, the Borrowing Base Test is satisfied.

 

    - 29 -

     

    

 

In addition, it shall be a
condition to the first Purchase Commitment in respect of any Purchase made by the Company pursuant to the Sale Agreement that the
Administrative Agent has received an opinion of counsel of Ropes & Gray LLP in form and substance reasonably satisfactory to
it with respect to certain true sale matters relating to Purchases by the Company under the Sale Agreement.

 

If the above conditions to a Purchase
Commitment or a Purchase are satisfied or waived by the Administrative Agent, the Portfolio Manager shall determine, in consultation
with the Administrative Agent and with notice to the Lenders and the Collateral Administrator, the date on which such Purchase
(if any) shall settle (the "Settlement Date" for such Portfolio Investment). Promptly following the Settlement
Date for a Portfolio Investment and its receipt thereof (and at other times thereafter promptly following the written request of
the Administrative Agent (including via email)), the Collateral Administrator shall provide to the Administrative Agent, to the
extent received from the Company, a copy of the executed assignment agreement pursuant to which such Portfolio Investment was assigned,
sold or otherwise transferred to the Company.

 

SECTION 1.04.        Sales of Portfolio
Investments. The Company will not sell, transfer or otherwise dispose of any Portfolio Investment or any other asset without
the prior consent of the Administrative Agent (acting at the direction of the Required Lenders), except that, subject to Section
6.02(w), the Company may sell any Portfolio Investment (including any Ineligible Investment) or other asset without the prior consent
of the Administrative Agent so long as, (x) after giving effect thereto, no Market Value Trigger Event has occurred (unless such
sale is made in connection with a Market Value Cure) and no Default or Event of Default has occurred and is continuing and (y)
the sale of such asset by the Company shall be on an arm's-length basis at fair market value and in accordance with the Portfolio
Manager's standard market practices. In addition, (a) within two (2) Business Days (or such longer period as the Administrative
Agent may agree in its sole discretion) of any Delayed Funding Term Loan with an unfunded commitment becoming an Ineligible Investment,
the Company, subject to clauses (x) and (y) in the immediately preceding sentence, shall sell such Delayed Funding Term Loan and
shall pay any amount payable in connection with such sale and (b) upon the request of the Administrative Agent within two (2) Business
Days (or such longer period as the Administrative Agent may agree in its sole discretion) of any other Portfolio Investment becoming
an Ineligible Investment, the Company shall, subject to clauses (x) and (y) in the immediately preceding sentence, sell such Portfolio
Investment.

 

Notwithstanding
anything in this Agreement to the contrary (but subject to this Section 1.04): (i) following the occurrence and during the
continuance of an Event of Default, neither the Company nor the Portfolio Manager on its behalf shall have any right to cause
the sale, transfer or other disposition of a Portfolio Investment or any other asset (including, without limitation, the
transfer of amounts on deposit in the Collateral Accounts) without the prior written consent of the Administrative Agent
(which consent may be granted or withheld in the sole discretion of the Administrative Agent), (ii) following the occurrence
of a Market Value Event, the Company shall use commercially reasonable efforts to sell Portfolio Investments (individually or
in lots, including a lot comprised of all of the Portfolio Investments) at the sole direction of, and in the manner
(including, without limitation, the time of sale, sale price, principal amount to be sold and purchaser) required by the
Administrative Agent (provided that the Administrative Agent shall only require sales at the direction of the Required
Lenders and at least equal to the then-current fair market value and in accordance with the Administrative Agent's standard
market practices) and the proceeds from such sales shall be used to prepay the Advances outstanding hereunder and (iii)
following the occurrence of a Market Value Event, the Portfolio Manager shall have no right to act on behalf of, or otherwise
direct, the Company, the Administrative Agent, the Collateral Agent or any other Person in connection with a sale of
Portfolio Investments pursuant to any provision of this Agreement except with the prior written consent of the Administrative
Agent. Following the occurrence of a Market Value Event and in connection with the sale of any Portfolio Investment by or at
the direction of the Administrative Agent, the Portfolio Manager shall take such actions as the Administrative Agent may
reasonably request in writing (including via email) to facilitate the consummation of such sale including, without limitation
and if so requested, using commercially reasonable efforts to cause any of its Affiliates acting as administrative agent with
respect to such Portfolio Investment to execute and deliver an assignment agreement in respect of such Portfolio Investment
naming the Administrative Agent or such other Person designated by it as assignee.

 

    - 30 -

     

    

 

Any prepayments made pursuant
to this paragraph shall automatically reduce the Financing Commitments as provided in Section 4.07(c).

 

In connection with any sale
of Portfolio Investments required by the Administrative Agent following the occurrence of a Market Value Event, the Administrative
Agent or a designee of the Administrative Agent shall:

 

(i)        notify the Company at the Designated Email Notification Address promptly upon distribution of bid solicitations regarding
the sale of such Portfolio Investments;

 

(ii)       use commercially reasonable efforts to solicit a bid for such Portfolio Investments from the Designated Independent Dealer; and

 

(iii)      direct
the Company to sell such Portfolio Investments to the Designated Independent Dealer if the Designated Independent Dealer provides
the highest bid in the case where bids are received in respect of the sale of such Portfolio Investments, it being understood
that if the Designated Independent Dealer provides a bid to the Administrative Agent that is the highest bona fide bid to purchase
a Portfolio Investment on a line-item basis where such Portfolio Investment is part of a pool of Portfolio Investments for which
there is a bona fide bid on a pool basis proposed to be accepted by the Administrative Agent (in its sole discretion), then the
Administrative Agent shall accept any such line-item bid only if such line-item bid (together with any other line-item bids by
the Designated Independent Dealer or any other bidder for other Portfolio Investments in such pool) is greater than the bid on
a pool basis.

 

For purposes of this paragraph,
the Administrative Agent shall be entitled to disregard as invalid any bid submitted by the Designated Independent Dealer if, in
the Administrative Agent's judgment (acting reasonably):

 

(A)      either:

 

(x)        the Designated Independent Dealer is ineligible to accept assignment or transfer of the relevant Portfolio Investments or
any portion thereof, as applicable, substantially in accordance with the then-current market practice in the principal market for
the relevant Portfolio Investments; or

 

(y)       the
Designated Independent Dealer would not, through the exercise of its commercially reasonable efforts, be able to obtain any consent
required under any agreement or instrument governing or otherwise relating to the relevant Portfolio Investments to the assignment
or transfer of the relevant Portfolio Investments or any portion thereof, as applicable, to it; or

 

(B)      such
bid is not bona fide, including, without limitation, due to (x) the insolvency of the Designated Independent Dealer or (y) the
inability, failure or refusal of the Designated Independent Dealer to settle the purchase of the relevant Portfolio Investments
or any portion thereof, as applicable, or otherwise settle transactions in the relevant market or perform its obligations generally.

 

    - 31 -

     

    

 

In connection with any sale
of a Portfolio Investment directed by the Administrative Agent pursuant to this Section 1.04 and the application of the net proceeds
thereof, the Company hereby appoints the Administrative Agent as the Company's attorney-in-fact (it being understood that the Administrative
Agent shall not be deemed to have assumed any of the obligations of the Company by this appointment), with full authority in the
place and stead of the Company and in the name of the Company to effectuate the provisions of this Section 1.04 (including, without
limitation, the power to execute any instrument which the Administrative Agent or the Required Lenders may deem necessary or advisable
to accomplish the purposes of this Section 1.04 or any direction or notice to the Collateral Agent in respect of the application
of net proceeds of any such sales). None of the Administrative Agent, the Lenders, the Collateral Administrator, the Securities
Intermediary, the Collateral Agent or any Affiliate of any thereof shall incur any liability to the Company, the Portfolio Manager,
any Lender or any other Person in connection with any sale effected at the direction of the Administrative Agent in accordance
with this Section 1.04, including, without limitation, as a result of the price obtained for any Portfolio Investment, the timing
of any sale or sales of Portfolio Investments or the notice or lack of notice provided to any Person in connection with any such
sale, so long as, in the case of the Administrative Agent only, any such sale does not violate Applicable Law.

 

SECTION 1.05.        Certain Assumptions
relating to Portfolio Investments. For purposes of all calculations hereunder, any Portfolio Investment for which the trade
date in respect of a sale thereof by the Company has occurred, but the settlement date for such sale has not occurred, shall be
considered to be owned by the Company until such settlement date.

 

ARTICLE II

THE ADVANCES

 

SECTION 2.01.        Financing
Commitments. Subject to the terms and conditions set forth herein, only during the Reinvestment Period, each Lender hereby
severally agrees to make available to the Company Advances, in U.S. dollars, in an aggregate amount outstanding not exceeding the
amount of such Lender's Financing Commitment. The Financing Commitments shall terminate on the earliest of (a) the last day of
the Reinvestment Period, (b) the Maturity Date and (c) the occurrence of a Market Value Event.

 

SECTION 2.02.        [Reserved].

 

SECTION 2.03.         Advances; Use of Proceeds.

 

(a)       Subject
to the satisfaction or waiver of the conditions to the Purchase of a Portfolio Investment set forth in Section 1.03 and/or an
Advance set forth in Section 2.05 as of (i) the related Trade Date (in the case of the conditions to Purchase) and (ii) the Advance
date (in the case of the conditions to Advance), the Lenders will (ratably in accordance with their respective Financing Commitments)
make the applicable Advance available to the Company on the related Settlement Date (or otherwise on the related Advance date
if no Portfolio Investment is being acquired on such date) as provided herein.

(b)       Except
as expressly provided herein, the failure of any Lender to make any Advance required hereunder shall not relieve any other Lender
of its obligations hereunder. If any Lender shall fail to provide any Advance to the Company required hereunder, then the Administrative
Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative
Agent for the account of such Lender to satisfy such Lender's obligations hereunder until all such unsatisfied obligations are
fully paid.

 

    - 32 -

     

    

 

(c)       Subject to Section 2.03(f), the Company shall use the proceeds of the Advances received by it hereunder to purchase the
Portfolio Investments identified in the related Notice of Acquisition or to make advances to the obligor of Delayed Funding Term
Loans in accordance with the underlying instruments relating thereto; provided that, if the proceeds of an Advance are
deposited in the Collection Account as provided in Section 3.01 prior to or on the Settlement Date for any Portfolio Investment
but the Company is unable to Purchase such Portfolio Investment on the related Settlement Date, or if there are proceeds of such
Advance remaining after such Purchase, then, subject to Section 3.01(a), upon written notice from the Portfolio Manager the Collateral
Agent shall apply such proceeds as provided in Section 4.05. The proceeds of the Advances shall not be used for any other purpose
except to the extent expressly set forth in the Effective Date Letter.

 

(d)       With respect to any Advance, the Portfolio Manager shall, on behalf of the Company, submit a request substantially in the
form of Exhibit A (a "Request for Advance") to the Lenders and the Administrative Agent, with a copy to the Collateral
Agent and the Collateral Administrator, not later than 2:00 p.m. New York City time, one (1) Business Day prior to the Business
Day specified as the date on which such Advance shall be made and, upon receipt of such request, the Lenders shall make such Advances
in accordance with the terms set forth in Section 3.01. Any requested Advance shall be in an amount such that, after giving effect
thereto and the related purchase (if any) of the applicable Portfolio Investment(s), the Borrowing Base Test is satisfied.

 

(e)       [Reserved]

 

(f)        If,
on any date of determination prior to the last day of the Reinvestment Period, there exists an Unfunded Exposure Shortfall, the
Company shall (i) request an Advance and, if the conditions to such Advance are satisfied and such Advance is made in accordance
with this Agreement, deposit the proceeds thereof in the Unfunded Exposure Account and/or (ii) deposit cash from other sources
into the Unfunded Exposure Account in an aggregate amount at least equal to the aggregate Unfunded Exposure Shortfall. If two
Business Days prior to the end of the Reinvestment Period there exists any Unfunded Exposure Amount, then the Portfolio Manager,
on behalf of the Company, shall be deemed to have requested an Advance on such date, and the Lenders shall make a corresponding
Advance on the last day of the Reinvestment Period (with written notice to the Collateral Administrator by the Administrative
Agent) in accordance with Article III in an amount, to be deposited in the Unfunded Exposure Account, equal to the least of (i)
the aggregate Unfunded Exposure Amount, (ii) the Financing Commitments in excess of the aggregate principal amount of the outstanding
Advances and (iii) an amount such that the Borrowing Base Test is satisfied after giving effect to such Advance; provided that,
if the Company provides evidence to the Administrative Agent that it has cash from other sources that is available in accordance
with the terms of this Agreement to make any such future advances in respect of any Delayed Funding Term Loan, then the amount
of any such Advance shall be reduced by the amount of such funds. After giving effect to such Advance, the Company shall cause
the proceeds of such Advance and cash from other sources that are available in accordance with the terms of this Agreement in
an amount (together with amounts already on deposit in the Unfunded Exposure Account) equal to the aggregate Unfunded Exposure
Amount to be deposited in the Unfunded Exposure Account.

 

SECTION 2.04.        Conditions
to Effective Date. Notwithstanding anything to the contrary herein, this Agreement shall not become effective until the date
(the "Effective Date") on which each of the following conditions is satisfied (or waived by the Administrative
Agent in its sole discretion):Executed Counterparts. The Administrative Agent (or its counsel) shall have received from
each party hereto either (i) a counterpart of this Agreement signed on behalf of such party or (ii) written evidence reasonably
satisfactory to the Administrative Agent (which may include electronic transmission of a signed signature page of this Agreement)
that such party has signed a counterpart of this Agreement.

 

    - 33 -

     

    

 

(b)       Loan Documents. The Administrative Agent (or its counsel) shall have received reasonably satisfactory evidence that
the Sale Agreement, the Account Control Agreement, the Participation Agreement and the Portfolio Management Agreement have been
executed and are in full force and effect, and that the initial grant of Participation Interests contemplated by the Participation
Agreement shall have been consummated in accordance with the terms thereof.

 

(c)       Opinions. The Administrative Agent (or its counsel) shall have received one or more reasonably satisfactory written
opinions of counsel for the Company, the Portfolio Manager, the MPA Seller and the Seller, covering such matters relating to the
transactions contemplated hereby and by the other Loan Documents as the Administrative Agent shall reasonably request (including,
without limitation, certain true participation matters relating to the Participation Agreement and certain non-consolidation matters).

 

(d)       Corporate
Documents. The Administrative Agent (or its counsel) shall have received such certificates of resolutions or other action,
incumbency certificates and/or other certificates of officers of the Company, the MPA Seller, the Seller and the Portfolio Manager
as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each officer thereof or
other Person authorized to act in connection with this Agreement and the other Loan Documents, and such other documents and certificates
as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of
the Company, the MPA Seller, the Seller and the Portfolio Manager and any other legal matters relating to the Company, the Parent,
the Portfolio Manager, this Agreement or the transactions contemplated hereby, all in form and substance satisfactory to the Administrative
Agent and its counsel; provided that the Portfolio Manager shall not be required to provide a copy of its operating agreement
to the Administrative Agent.

 

(e)       Payment
of Fees, Etc. The Administrative Agent, the Lenders, the Collateral Agent and the Collateral Administrator shall have received
all fees and other amounts due and payable by the Company in connection herewith on or prior to the Effective Date, including
the fee payable pursuant to Section 4.03(e) and, to the extent invoiced, reimbursement or payment of all reasonable and documented
out-of-pocket expenses (including legal fees and expenses) required to be reimbursed or paid by the Company hereunder.

 

(f)        PATRIOT Act, Etc. (i) To the extent requested by the Administrative Agent, the Collateral Agent or any Lender, the
Administrative Agent, Collateral Agent or such Lender, as the case may be, shall have received all documentation and other information
required by regulatory authorities under the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the
 "PATRIOT Act") and other applicable "know your customer" and anti-money laundering rules and regulations
and (ii) to the extent the Company qualifies as a "legal entity customer" under the Beneficial Ownership Regulation,
at least two Business Days prior to the Effective Date, any Lender that has requested, in a written notice to the Company at least
10 days prior to the Effective Date, a Beneficial Ownership Certification in relation to the Company shall have received such Beneficial
Ownership Certification.

 

(g)       Filings. Copies of proper financing statements, as may be necessary or, in the opinion of the Administrative Agent,
desirable under the UCC of all appropriate jurisdictions or any comparable law to perfect the security interest of the Collateral
Agent on behalf of the Secured Parties in all Collateral in which an interest may be pledged hereunder.

 

    - 34 -

     

    

 

(h)       Certain
Acknowledgements. The Administrative Agent shall have received (i) UCC, tax and judgment lien searches, bankruptcy and
pending lawsuit searches or equivalent reports or searches indicating that there are no effective lien notices or comparable
documents that name the Company as debtor and that are filed in the jurisdiction in which the Company is organized and (ii) a
UCC lien search indicating that there are no effective lien notices or comparable documents that name the MPA Seller or the
Seller as debtor which cover any of the Portfolio Investments (other than any lien notices with respect to which the
underlying lien will be released in connection with the transfers contemplated by the Participation Agreement).

 

(i)        Officer's
Certificate. The Administrative Agent (or its counsel) shall have received

a certificate of an officer of the Company, certifying
that the conditions set forth in Sections 2.05(4) and 2.05(6) have been satisfied on and as of the Effective Date.

 

SECTION 2.05.        Conditions
to Advances. No Advance shall be made unless each of the following conditions is satisfied as of the proposed date of such
Advance:

 

(1)       the
Effective Date shall have occurred;

 

(2)       the Company shall have delivered a Request for Advance in accordance with Section 2.03(d);

 

(3)       no
Market Value Event has occurred;

 

(4)       no
Event of Default or Default has occurred and is continuing;

 

(5)       the Reinvestment Period has not ended;

 

(6)       all
of the representations and warranties contained in Article VI and in any other Loan Document shall be true and correct in all
material respects (or with respect to such representations and warranties which by their terms contain materiality qualifiers,
shall be true and correct), in each case on and as of the date of such Advance, 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
with respect to such representations and warranties which by their terms contain materiality qualifiers, shall be true and correct)
as of such earlier date; and

 

(7)       after giving pro forma effect to such Advance (and any related Purchase) hereunder:

 

(x)        the
Borrowing Base Test is satisfied;

 

(y)        the aggregate principal balance of Advances then outstanding will not exceed the limit for Advances set forth in the Transaction
Schedule; and

 

(z)         in the case of an Advance made in connection with a Purchase, the amount of such Advance shall be not less than U.S.$1,000,000.

 

If the above conditions to
an Advance are satisfied or waived by the Administrative Agent, the Portfolio Manager shall determine, in consultation with the
Administrative Agent and with notice to the Lenders and the Collateral Administrator, the date on which any Advance shall be provided.

 

SECTION
2.06.         Commitment Increase Option. The Company may, at any time during the Reinvestment Period, submit a Commitment
Increase Request for an increase in the Financing Commitment to up to U.S.$600,000,000 (in the aggregate including the
Financing Commitment prior to the effectiveness of such Commitment Increase Request), subject to satisfaction of the
following conditions precedent:

 

    - 35 -

     

    

 

(a)       each
of the Lenders and Administrative Agent (in their sole discretion) approve in writing (which may be by email) such Commitment
Increase Request;

 

(b)       no Market Value Event shall have occurred and no Event of Default shall have occurred and be continuing, in each case on
and as of the Commitment Increase Date;

 

(c)       the Borrowing Base Test is satisfied on and as of the Commitment Increase Date;

 

(d)       all of the representations and warranties contained in Article VI and in any other Loan Document shall be true and correct
in all material respects (or with respect to such representations and warranties which by their terms contain materiality qualifiers,
shall be true and correct), in each case on and as of the Commitment Increase 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
with respect to such representations and warranties which by their terms contain materiality qualifiers, shall be true and correct)
as of such earlier date;

 

(e)       no
commitment reduction shall have occurred pursuant to Section 4.07(a) in connection with a Non-Call Termination Event prior to
the Commitment Increase Date;

 

(f)        the
Company shall have paid to the Administrative Agent on the Commitment Increase Date, for the account of each Lender, an
upfront fee in an aggregate amount specified in the Effective Date Letter;

 

(g)       any
Commitment Increase Request shall be in an amount not less than $50,000,000; and

 

(h)       receipt by the Administrative Agent of such other documentation as the Administrative Agent may reasonably request, including
without limitation, documentation similar to that provided pursuant to Sections 2.04(c) and (d) on the Effective Date.

 

ARTICLE III

ADDITIONAL TERMS APPLICABLE TO
THE ADVANCES

 

SECTION 3.01.        The Advances.

 

(a)       Making
the Advances. If the Lenders are required to make an Advance to the Company as provided in Section 2.03, then each Lender
shall make such Advance on the proposed date thereof by wire transfer of immediately available funds by 12:00 noon, New York
City time, to the Collateral Agent for deposit to the Principal Collection Account; provided that the Company hereby
directs the Lenders to pay proceeds of the Advance to be made on the Effective Date (to the extent that such Advance is made
under this Agreement upon satisfaction of the conditions thereto) in the amounts specified in the Effective Date Letter, in
accordance with the instructions set forth in the Effective Date Letter. Each Lender at its option may make any Advance by
causing any domestic or foreign branch or Affiliate of such Lender to make such Advance; provided that any exercise of
such option shall not affect the obligation of the Company to repay such Advance in accordance with the terms of this
Agreement. Subject to the terms and conditions set forth herein, the Company may borrow and prepay Advances. The Company may,
during the Reinvestment Period, reborrow Advances in an amount up to (x) the aggregate Financing Commitments of the Lenders
on such date minus (y) the Minimum Funding Amount, subject to the terms and conditions set forth herein. Except as set forth
in the immediately preceding sentence, once prepaid, Advances may not be reborrowed.

 

    - 36 -

     

    

 

Payment of the proceeds of Advances by
the Lenders in accordance with the instructions set forth in the Effective Date Letter as provided in the immediately preceding
paragraph will constitute the making of the applicable Advances (or portions thereof, as applicable) to the Company for all purposes
and all obligations of the Lenders to make such Advance shall be satisfied thereby.

 

(b)       Interest on the Advances. Subject to Section 3.01(h), all outstanding Advances shall bear interest (from and including
the date on which such Advance is made) at a per annum rate equal to the LIBO Rate for each Calculation Period in effect plus
the Applicable Margin for Advances set forth on the Transaction Schedule; provided that, following the occurrence and
during the continuance of an Event of Default, all outstanding Advances and any unpaid interest thereon shall bear interest (from
and including the date of such Event of Default) at a per annum rate equal to the LIBO Rate for each Calculation Period in effect
plus the Adjusted Applicable Margin ; provided further that, for purposes of this Section 3.01(b), if the aggregate
amount of outstanding Advances at any time is less than the Minimum Funding Amount, the amount of outstanding Advances at such
time shall be deemed to equal the Minimum Funding Amount.

 

(c)       Evidence of the Advances. Each Lender shall maintain in accordance with its usual practice an account or accounts
evidencing the indebtedness of the Company to such Lender resulting from each Advance made by such Lender, including the amounts
of principal and interest payable and paid to such Lender from time to time hereunder. The Administrative Agent, acting solely
for this purpose as an agent of the Company, shall maintain at one of its offices in the United States a register (the "Register")
in which it shall record (1) the name and address of each Lender, (2) the amount of each Advance made hereunder, (3) the amount
of any principal or interest due and payable or to become due and payable from the Company to each Lender hereunder and (4) the
amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender's share thereof.
The entries made in the Register maintained pursuant to this paragraph (c) shall be conclusive absent manifest error; provided
that the failure of any Lender or the Administrative Agent to maintain such Register or any error therein shall not in any
manner affect the obligation of the Company to repay the Advances in accordance with the terms of this Agreement.

 

Any Lender may request that
Advances made by it be evidenced by a promissory note. In such event, the Company shall prepare, execute and deliver to such Lender
a promissory note payable to such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in a
form approved by the Administrative Agent (such approval not to be unreasonably withheld, conditioned or delayed). Thereafter,
the Advances evidenced by such promissory note and interest thereon shall at all times be represented by one or more promissory
notes in such form payable to the payee named therein (or, to such payee and its registered assigns).

 

(d)       Pro Rata Treatment. Except as otherwise provided herein, all borrowings of, and payments in respect of, the Advances
shall be made on a pro rata basis by or to the Lenders in accordance with their respective portions of the Financing Commitments
in respect of Advances held by them.

 

    - 37 -

     

    

 

(e)       Illegality.
Notwithstanding any other provision of this Agreement, if any Lender or the Administrative Agent shall notify the Company
that the adoption of any law, rule or regulation, or any change therein or any change in the interpretation or administration
thereof by any Governmental Authority charged with the interpretation or administration thereof, makes it unlawful, or any
Governmental Authority asserts that it is unlawful, for a Lender or the Administrative Agent to perform its obligations
hereunder to fund or maintain Advances hereunder, then (1) the obligation of such Lender or the Administrative Agent
hereunder shall immediately be suspended until such time as such Lender or the Administrative Agent determines (in its sole
discretion) that such performance is again lawful, (2) at the request of the Company, such Lender or the Administrative
Agent, as applicable, shall use reasonable efforts (which will not require such party to incur a loss, other than immaterial,
incidental expenses), until such time as the Advances are required to be prepaid as required under clause (3) below, to
transfer all of its rights and obligations under this Agreement to another of its offices, branches or Affiliates with
respect to which such performance would not be unlawful, and (3) if such Lender or the Administrative Agent is unable to
effect a transfer under clause (2), then any outstanding Advances of such Lender shall be promptly paid in full by the
Company (together with all accrued interest and other amounts owing hereunder) but not later than the earlier of (x) if the
Company requests such Lender or the Administrative Agent to take the actions set forth in clause (2) above, 20 calendar days
after the date on which such Lender or the Administrative Agent notifies the Company in writing that it is unable to transfer
its rights and obligations under this Agreement as specified in such clause (2) and (y) such date as shall be mandated by
law; provided that, to the extent that any such adoption or change makes it unlawful for the Advances to bear interest
by reference to the LIBO Rate, then the foregoing clauses (1) through (3) shall not apply and the Advances shall bear
interest (from and after the last day of the Calculation Period ending immediately after such adoption or change) at a per
annum rate equal to the Base Rate plus the Applicable Margin for Advances set forth on the Transaction Schedule.

 

(f)       Increased
Costs.

 

(i)       If any
Change in Law shall:

 

(A)       impose, modify or deem applicable any reserve, special deposit, liquidity or similar requirement (including any compulsory
loan requirement, insurance charge or other assessment) against assets of, deposits with or for the account of, or credit extended
by, any Lender;

 

(B)       impose on any Lender or the London interbank market any other condition, cost or expense (other than Taxes) affecting this
Agreement or Advances made by such Lender; or

 

(C)       subject
any Lender or the Administrative Agent to any Taxes (other than (x) Indemnified Taxes and (y) Excluded Taxes) on its loans, loan
principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable
thereto;

 

and the result of any of
the foregoing shall be to increase the cost to such Lender or the Administrative Agent of making, continuing, converting or maintaining
any Advance or to reduce the amount of any sum received or receivable by such Lender or the Administrative Agent hereunder (whether
of principal, interest or otherwise), then, upon request by such Lender or the Administrative Agent, the Company will pay to such
Lender or the Administrative Agent, as the case may be, such additional amount or amounts as will compensate such Lender or the
Administrative Agent, as the case may be, for such additional costs incurred or reduction suffered.

 

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

 

    - 38 -

     

    

 

(iii)            
A certificate of a Lender setting forth the amount or amounts necessary to compensate, and the basis for such compensation
of, such Lender or its holding company, as the case may be, as specified in paragraph (i) or (ii) of this Section shall be delivered
to the Company and shall be conclusive absent manifest error. The Company shall pay such Lender the amount shown as due on any
such certificate within 10 Business Days after receipt thereof.

 

(iv)             
Failure or delay on the part of any Lender or the Administrative Agent to demand compensation pursuant to this Section shall
not constitute a waiver of such Lender's or the Administrative Agent's right to demand such compensation; provided that
the Company shall not be required to compensate a Lender or the Administrative Agent pursuant to this Section for any increased
costs or reductions incurred more than 180 days prior to the date that such Lender or the Administrative Agent notifies the Company
of the Change in Law giving rise to such increased costs or reductions and of such Lender's or the Administrative Agent's intention
to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions
is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof.

 

(v)               
Each of the Lenders and the Administrative Agent agrees that it will take such commercially reasonable actions as the Company
may reasonably request that will avoid the need to pay, or reduce the amount of, any increased amounts referred to in this Section
3.01(f); provided that no Lender or the Administrative Agent shall be obligated to take any actions that would, in the reasonable
opinion of such Lender or the Administrative Agent, be materially disadvantageous to such Lender or the Administrative Agent (including,
without limitation, due to a loss of money). In no event will the Company be responsible for increased amounts referred to in this
Section 3.01(f) which relates to any other entities to which any Lender provides financing.

 

(vi)             
If any Lender (A) provides notice of unlawfulness or requests compensation under clause (e) above or this clause (f) or
(B) defaults in its obligation to make Advances hereunder, then the Company may, at its sole expense and effort, upon written notice
to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and
subject to the restrictions contained in, and consents required by, Section 10.06), all of its interests, rights and obligations
under this Agreement and the related transaction documents to an assignee identified by the Company that shall assume such obligations
(whereupon such Lender shall be obligated to so assign), provided that, (x) such Lender shall have received payment of an
amount equal to the outstanding principal of its Advances, accrued interest thereon, accrued fees and all other amounts payable
to it hereunder through the date of such assignment and (y) a Lender shall not be required to make any such assignment or delegation
if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Company to require such
assignment and delegation cease to apply. No prepayment fee that may otherwise be due hereunder shall be payable to such Lender
in connection with any such assignment.

 

    - 39 -

     

    

 

(g)       No
Set-off or counterclaim. Subject to Section 3.03, all payments to be made hereunder by the Company in respect of the
Advances shall be made without set-off or counterclaim and in such amounts as may be necessary in order that every such
payment (after deduction or withholding for or on account of any Taxes imposed by the jurisdiction in which the Company is
organized or any political subdivision or taxing authority therein or thereof) shall not be less than the amounts otherwise
specified to be paid under this Agreement.

 

(h)       Interest
Rate Unascertainable, Inadequate or Unfair. (i) In the event that (A) the Administrative Agent determines (in its commercially
reasonable credit judgment) that adequate and fair means do not exist for ascertaining the applicable interest rates by reference
to which the LIBO Rate then being determined is to be fixed (including because the Reuters screen is not available or published
on a current basis); provided that no Benchmark Transition Event shall have occurred at such time or (B) the Required Lenders
notify the Administrative Agent that the LIBO Rate for the applicable Calculation Period will not adequately reflect the cost to
the Lenders (or Lender) of making or maintaining their Advances (or its Advance) for such Calculation Period (determined in their
commercially reasonable credit judgment), the Administrative Agent shall forthwith so notify the Company and the Lenders, whereupon
(x) any Request for Advance for the applicable Calculation Period shall be ineffective and (y) the obligations of the Lenders to
make any Advance shall be suspended until the Administrative Agent shall notify the Company that the Required Lenders have determined
(in their commercially reasonable credit judgment) that the circumstances causing such suspension no longer exist. Furthermore,
if any Advance is outstanding on the date of the Company's receipt of the notice from the Administrative Agent referred to in this
Section 3.01(h)(i), then on the last day of the Calculation Period (or the next succeeding Business Day if such day is not
a Business Day), such Advance shall accrue interest at the Base Rate plus the Applicable Margin as of such day.

 

(ii)              
Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark Transition
Event or an Early Opt-in Election, as applicable, the Administrative Agent and the Company may amend this Agreement to replace
the LIBO Rate with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective
at 5:00 p.m. on the fifth (5th) Business Day after the Administrative Agent has posted such proposed amendment to all
Lenders and the Company, so long as the Administrative Agent has not received, by such time, written notice of objection to such
proposed amendment from Lenders compromising the Required Lenders; provided that with respect to any proposed amendment
containing any SOFR-Based Rate, the Lenders shall be entitled to object only to the Benchmark Replacement Adjustment contained
therein. Any such amendment with respect to an Early Opt-in Election will become effective on the date that Lenders comprising
the Required Lenders have delivered to the Administrative Agent written notice that such Required Lenders accept such amendment.
No replacement of the LIBO Rate with a Benchmark Replacement will occur prior to the applicable Benchmark Transition Start Date.

 

(iii)            
In connection with the implementation of a Benchmark Replacement, the Administrative Agent, in consultation with the Company,
will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary
herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective
without any further action or consent of any other party to this Agreement.

 

(iv)              The
Administrative Agent will promptly notify the Company and the Lenders of (i) any occurrence of a Benchmark Transition Event
or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date and Benchmark Transition Start Date,
(ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes
and (iv) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that
may be made by the Administrative Agent or Lenders pursuant to this Section 3.01(h), including any determination with respect
to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to
take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in its or their
sole discretion and without consent from any other party hereto, except, in each case, as expressly required pursuant to this
Section 3.01(h).

 

    - 40 -

     

    

 

(v)       Upon
the Company's receipt of notice of the commencement of a Benchmark Unavailability Period, any Request for Advance shall be ineffective
and the obligations of the Lenders to make Advances shall be ineffective. Furthermore, if any Advance is outstanding on the date
of the Company's receipt of notice of the commencement of a Benchmark Unavailability Period with respect to the LIBO Rate, then
on the last day of the Calculation Period applicable to such Advance (or the next succeeding Business Day if such day is not a
Business Day), such Advance shall accrue interest at the Base Rate plus the Applicable Margin as of such day.

 

SECTION 3.02.        [Reserved].

 

SECTION 3.03.        Taxes.

 

(a)       Payments
Free of Taxes. All payments to be made hereunder by the Company in respect of the Advances shall be made without deduction
or withholding for any Taxes, except as required by Applicable Law (including FATCA). If any Applicable Law (as determined in
good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment
by an applicable Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding
and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with Applicable
Law and, if such Tax is an Indemnified Tax, then the sum payable by the Company shall be increased as necessary so that after
such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable
under this Section) the applicable Lender receives an amount equal to the sum it would have received had no such deduction or
withholding been made.

 

(b)       Payment of Other Taxes by the Company. Without duplication of other amounts payable by the Company under this Section,
the Company shall timely pay to the relevant Governmental Authority in accordance with Applicable Law, or at the option of the
Administrative Agent timely reimburse it for the payment of, any Other Taxes.

 

(c)       Indemnification by the Company. The Company shall indemnify each Lender, within 10 Business Days after demand therefor,
for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable
under this Section) payable or paid by such Lender or required to be withheld or deducted from a payment to such Lender and any
reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally
imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered
to the Company by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf
of a Lender, shall be conclusive absent manifest error.

 

(d)       Indemnification
by the Lenders. Each Lender shall indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any
Indemnified Taxes attributable to such Lender (but only to the extent that the Company has not already indemnified the
Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Company to do so), (ii) any Taxes
attributable to such Lender's failure to comply with the provisions of 10.06 relating to the maintenance of a Participant
Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the
Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect
thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A
certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be
conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all
amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the
Lender from any other source against any amount due to the Administrative Agent under this paragraph (d).

 

    - 41 -

     

    

 

(e)       Evidence of Payments. As soon as practicable after any payment of Taxes by the Company to a Governmental Authority
pursuant to this Section 3.03, the Company shall deliver to the Administrative Agent the original or a certified copy of a receipt
issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of
such payment reasonably satisfactory to the Administrative Agent.

 

(f)        Status
of Secured Parties. (i) Any Secured Party that is entitled to an exemption from or reduction of withholding Tax with respect
to payments made under any Loan Document shall deliver to the Company and the Administrative Agent, at the time or times reasonably
requested by the Company or the Administrative Agent, such properly completed and executed documentation reasonably requested
by the Company or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of
withholding. In addition, any Lender, if reasonably requested by the Company or the Administrative Agent, shall deliver such other
documentation prescribed by Applicable Law or reasonably requested by the Company or the Administrative Agent as will enable the
Company or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting
requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission
of such documentation (other than such documentation set forth in Section 3.03(f) (ii)(A), (ii)(B) and (ii)(D) below) shall not
be required if in the Lender's reasonable judgment such completion, execution or submission would subject such Lender to any material
unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender (it being understood
that providing any information currently required by any U.S. federal income tax withholding form shall not be considered prejudicial
to the position of a Recipient).

 

(ii)       Without
limiting the generality of the foregoing,

 

(A)      any
Lender that is a U.S. Person shall deliver to the Company and the Administrative Agent on or prior to the date on which such Lender
becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Company or the Administrative
Agent), an executed IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax; provided,
however, that if the Lender is a disregarded entity for U.S. federal income tax purposes, it shall provide the appropriate
withholding form of its owner (together with appropriate supporting documentation);

 

(B)      any
Foreign Lender shall deliver to the Company and the Administrative Agent (in such number of copies as shall be reasonably requested
by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to
time thereafter upon the reasonable request of the Company or the Administrative Agent), whichever of the following is applicable:

 

(i)         in
the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with
respect to payments of interest under any Loan Document, an executed IRS Form W-8BEN, IRS Form W-8BEN-E or applicable
successor form establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the
 "interest" article of such tax treaty and (y) with respect to any other applicable payments under any Loan
Document, an IRS Form W-8BEN or IRS Form W-8BEN-E or any applicable successor form establishing an exemption from, or
reduction of, U.S. federal withholding Tax pursuant to the "business profits" or "other income" article
of such tax treaty;

 

    - 42 -

     

    

 

(ii)        an
executed IRS Form W-8ECI;

 

(iii)       in
the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x)
a certificate to the effect that such Foreign Lender is not a "bank" within the meaning of Section 881(c)(3)(A) of the
Code, is not a "10 percent shareholder" of the Company or the Parent within the meaning of Section 881(c)(3)(B) of the
Code, and is not a "controlled foreign corporation" described in Section 881(c)(3)(C) of the Code (a "U.S. Tax
Compliance Certificate") and (y) an executed IRS Form W-8BEN, IRS Form W-8BEN-E or applicable successor form; or

 

(iv)       to
the extent a Foreign Lender is not the beneficial owner, an executed IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form
W-8BEN, IRS Form W-8BEN-E or applicable successor form, a U.S. Tax Compliance Certificate, IRS Form W-9, and/or other certification
documents from each beneficial owner, as applicable;

 

(C)       any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Company and the Administrative Agent (in such
number of copies as shall be reasonably requested by the recipient) on or prior to the date on which such Foreign Lender becomes
a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Company or the Administrative
Agent), executed originals of any other form prescribed by Applicable Law as a basis for claiming exemption from or a reduction
in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by Applicable
Law to permit the Company or the Administrative Agent to determine the withholding or deduction required to be made; and

 

(D)             
if a payment made to a Lender under any Loan Document would be subject to withholding Tax imposed by FATCA if such Lender
were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b)
of the Code, as applicable), such Lender shall deliver to the Company and the Administrative Agent at the time or times prescribed
by law and at such time or times reasonably requested by the Company or the Administrative Agent such documentation prescribed
by Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably
requested by the Company or the Administrative Agent as may be necessary for the Company and the Administrative Agent to comply
with their obligations under FATCA and to determine that such Lender has complied with such Lender's obligations under FATCA or
to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), "FATCA" shall
include any amendments made to FATCA after the date of this Agreement.

 

Each Lender agrees that if
any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such
form or certification, provide such successor form, or promptly notify the Company and the Administrative Agent in writing of its
legal inability to do so.

 

    - 43 -

     

    

 

(E)       The
Administrative Agent and any successor thereto shall, upon becoming a party under this Agreement, deliver to the Company an
electronic copy of either (i) an IRS Form W-9 or any successor thereto or (ii) with respect to payments received on account
of any Lender, a U.S. branch withholding certificate on IRS Form W-8IMY or any successor thereto evidencing its agreement
with the Company to be treated as a U.S. Person for U.S. federal withholding purposes, as applicable. The Administrative
Agent represents to the Company that it is a "U.S. person" and a "financial institution" within the
meaning of Treasury Regulations Section 1.1441-1 and a "U.S. financial institution" within the meaning of Treasury
Regulations Section 1.1471-3T and that it will comply with its obligations to withhold under Section 1441 and FATCA.

 

(g)       Treatment
of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund
of any Taxes as to which it has been indemnified pursuant to this Section 3.03 (including by the payment of additional amounts
pursuant to this Section 3.03), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent
of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket
expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental
Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such
indemnified party the amount paid over pursuant to this paragraph (g) (plus any penalties, interest or other charges imposed by
the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental
Authority. Notwithstanding anything to the contrary in this paragraph (g), in no event will the indemnified party be required
to pay any amount to an indemnifying party pursuant to this paragraph (g) the payment of which would place the indemnified party
in a less favorable net after-Tax position than the indemnified party would have been in if the indemnification payments or additional
amounts giving rise to such refund had never been paid. This paragraph shall not be construed to require any indemnified party
to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying
party or any other Person.

(h)      
Delay in Requests. The Company shall not be required to compensate a Lender pursuant to this Section for any Taxes
or related costs suffered more than 180 days prior to the date that such Lender, as the case may be, notifies the Company of such
Taxes or related costs, and of such Lender's intention to claim compensation therefor (except that, if the Change in Law giving
rise to such Taxes or related costs is retroactive, then the six-month period referred to above shall be extended to include the
period of retroactive effect thereof).

 

(i)        Survival.
Each party's obligations under this Section 3.03 shall survive the resignation or replacement of the Administrative Agent or any
assignment of rights by, or the replacement of, a Lender, the termination of the Financing Commitments, and the repayment, satisfaction
or discharge of all obligations under any Loan Document.

 

ARTICLE IV

COLLECTIONS AND PAYMENTS

 

SECTION 4.01.        Interest Proceeds.
The Company shall notify the obligor with respect to each Portfolio Investment to remit all amounts that constitute Interest Proceeds
to the Interest Collection Account. To the extent Interest Proceeds are received other than by deposit into the Interest Collection
Account, the Company shall cause all Interest Proceeds on the Portfolio Investments to be deposited in the Interest Collection
Account or remitted to the Collateral Agent, and the Collateral Agent shall credit (or cause to be credited) to the Interest Collection
Account all Interest Proceeds received by it immediately upon receipt thereof in accordance with the written direction of the Portfolio
Manager.

 

    - 44 -

     

    

 

Interest
Proceeds shall be retained in the Interest Collection Account and held in cash and/or invested (and reinvested) at the
written direction of the Company (or the Portfolio Manager on its behalf) delivered to the Collateral Agent in
dollar-denominated Cash Equivalents selected by the Portfolio Manager (unless an Event of Default has occurred and is
continuing or a Market Value Event has occurred, in which case, selected by the Administrative Agent) ("Eligible
Investments"). Eligible Investments shall mature no later than the end of the then-current Calculation Period. In
the absence of any written direction from the Company (or the Portfolio Manager on its behalf) or the Administrative Agent,
as applicable, Interest Proceeds shall remain uninvested.

Interest Proceeds on deposit in the Interest
Collection Account shall be withdrawn by the Collateral Agent (at the written direction of the Company (or, following the occurrence
and during the continuance of an Event of Default or following the occurrence of a Market Value Event, the Administrative Agent))
and applied (i) to make payments in accordance with this Agreement or (ii) to make Permitted Distributions or Permitted RIC Distributions
in accordance with this Agreement.

 

SECTION 4.02.        Principal Proceeds.
The Company shall notify the obligor with respect to each Portfolio Investment to remit all amounts that constitute Principal Proceeds
to the Principal Collection Account. To the extent Principal Proceeds are received other than by deposit into the Principal Collection
Account, the Company shall cause all Principal Proceeds received on the Portfolio Investments to be deposited in the Principal
Collection Account or remitted to the Collateral Agent, and the Collateral Agent shall credit (or cause to be credited) to the
Principal Collection Account all Principal Proceeds received by it immediately upon receipt thereof in accordance with the written
direction of the Portfolio Manager .

 

All Principal Proceeds shall be retained
in the Principal Collection Account and held in cash and/or invested (and reinvested) at the written direction of the Administrative
Agent in Eligible Investments selected by the Portfolio Manager (unless an Event of Default has occurred and is continuing or a
Market Value Event has occurred, in which case, selected by the Administrative Agent). All investment income on such Eligible Investments
shall constitute Interest Proceeds. In the absence of any written direction from the Company (or the Portfolio Manager on its behalf)
or the Administrative Agent, as applicable, Interest Proceeds shall remain uninvested.

 

Principal Proceeds on deposit in the
Principal Collection Account shall be withdrawn by the Collateral Agent (at the written direction of the Company (or, following
the occurrence and during the continuance of an Event of Default or following the occurrence of a Market Value Event, the Administrative
Agent)) and applied (i) to make payments in accordance with this Agreement, (ii) towards the purchase price of Portfolio Investments
purchased in accordance with this Agreement or (iii) to make Permitted Distributions or Permitted RIC Distributions in accordance
with this Agreement, in each case with prior notice to the Administrative Agent.

 

SECTION 4.03.        Principal and Interest Payments;
Prepayments; Commitment Fee.

 

(a)        The Company shall pay the unpaid principal amount of the Advances (together with accrued interest thereon) to the Administrative
Agent for the account of each Lender on the Maturity Date in accordance with the Priority of Payments and any and all cash in the
Collateral Accounts shall be applied to the satisfaction of the Secured Obligations on the Maturity Date and on each Additional
Distribution Date in accordance with the Priority of Payments.

 

(b)       Accrued
interest on the Advances shall be payable in arrears on each Interest Payment Date, each Additional Distribution Date and on
the Maturity Date in accordance with the Priority of Payments; provided that (i) interest accrued pursuant to the
first proviso to Section 3.01(b) shall be payable on demand and (ii) in the event of any repayment or prepayment of any
Advances, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or
prepayment. "Interest Payment Date" means the second Business Day after the last day of each Calculation
Period.

 

    - 45 -

     

    

 

(c)       (i)Subject to the requirements of this Section 4.03(c), the Company shall have the right from time to time to prepay
outstanding Advances in whole or in part (A) on any Business Day after a Non-Call Termination Event occurs, (B) in connection with
a Market Value Cure or (C) subject to the payment of the premium described in clause (ii) below, up to but not more than three
times during any Calculation Period; provided that the Company may not prepay any outstanding Advances pursuant to this
Section 4.03(c)(i)(C) during the Non-Call Period in an amount that would cause the aggregate outstanding principal amount of the
Advances to be below the Minimum Funding Amount. The Company shall notify the Administrative Agent, the Collateral Agent and the
Collateral Administrator by electronic mail of an executed document (attached as a .pdf or similar file) of any prepayment pursuant
to Section 4.03(c)(i)(A) or Section 4.03(c)(i)(C) not later than 2:00 p.m., New York City time, two (2) Business Days before the
date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of the
Advances to be prepaid. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the
contents thereof. Except in connection with a Market Value Cure, each partial prepayment of outstanding Advances shall be in an
amount not less than U.S.$2,000,000. Prepayments shall be accompanied by accrued and unpaid interest.

 

(ii)      Each
prepayment or commitment reduction pursuant to Section 4.03(c)(i)(C) and Section 4.07(a) that is made after the Non-Call Period
and during the period to and including August 28, 2022, whether in full or in part, shall, except if a Non-Call Termination Event
has occurred, be accompanied by a premium equal to 1% of the principal amount of such prepayment or commitment reduction and, at
the request of any Lender in respect of any prepayment on a date other than an Interest Payment Date, any costs incurred by it
in respect of the breakage of its funding at the LIBO Rate for the related Calculation Period; provided that no such premium
shall be payable with respect to any prepayment (or portion thereof) that does not exceed the positive difference (if any) of (x)
the then-current aggregate outstanding principal amount of the Advances over (y) the then-current Minimum Funding Amount (the "Excess
Funded Amount").

 

(d)       The Company agrees to pay to the Administrative Agent, for the account of each Lender, a commitment fee in accordance with
the Priority of Payments which shall accrue during the period from and including the Effective Date to and excluding the Maturity
Date, 0.75% (or, for any applicable period agreed to by the Administrative Agent, such other percentage set forth in the Effective
Date Letter) per annum on the average daily unused amount of the Financing Commitment of such Lender during such period. Accrued
commitment fees shall be payable in arrears on each Interest Payment Date, and on the date on which the Financing Commitments terminate.
All commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed
(including the first day but excluding the last day).

 

(e)       The
Company agrees to pay the Administrative Agent (i) on the date of this Agreement, for the account of each Lender, an upfront fee
on the date hereof as specified in the Effective Date Letter and (ii) if the Administrative Agent exercises an Extension Option,
on or prior to the Scheduled Termination Date as in effect on the Effective Date, for the account of each Lender, a fee as specified
in the Effective Date Letter. Once paid, such fees or any part thereof shall not be refundable under any circumstances.

 

(f)        Without
limiting Section 4.03(c), the Company shall have the obligation from time to time to prepay outstanding Advances in whole or
in part on any date with proceeds from sales of Portfolio Investments directed by the Administrative Agent pursuant to
Section 1.04 and as set forth in Section 8.01(c). All such prepayments shall be accompanied by accrued and unpaid
interest.

 

    - 46 -

     

    

 

SECTION
4.04.         MV Cure
Account.

 

(a)       The
Company shall cause all cash received by it in connection with a Market Value Cure to be deposited in the MV Cure Account or remitted
to the Collateral Agent, and the Collateral Agent shall credit to the MV Cure Account such amounts received by it (and identified
in writing as such) immediately upon receipt thereof. Prior to the Maturity Date, all cash amounts in the MV Cure Account shall
be invested in overnight Eligible Investments at the written direction of the Administrative Agent (as directed by the Required
Lenders). In the absence of any written direction from the Administrative Agent, cash amounts in the MV Cure Account shall remain
uninvested. All amounts contributed to the Company by Parent in connection with a Market Value Cure shall be paid free and clear
of any right of chargeback or other equitable claim.

 

(b)       Amounts on deposit in the MV Cure Account may be withdrawn by the Collateral Agent (at the written direction of the Company (or,
following the occurrence and during the continuance of an Event of Default or following the occurrence of a Market Value Event,
the Administrative Agent)) and remitted to the Company with prior notice to the Administrative Agent (or, following the occurrence
and during the continuance of an Event of Default or following the occurrence of a Market Value Event, to the Lenders for prepayment
of Advances and reduction of Financing Commitment); provided that the Company may not direct any withdrawal from the MV
Cure Account if the Borrowing Base Test is not satisfied (or would not be satisfied after such withdrawal).

 

SECTION 4.05.        Priority
of Payments. On (w) each Interest Payment Date, (x) the Maturity Date, (y) each Agent Business Day after the occurrence of
a Market Value Event and (z) each Agent Business Day after the occurrence of an Event of Default and the declaration of the Secured
Obligations as due and payable (each date set forth in clauses (y) and (z) above, an "Additional Distribution Date"),
the Collateral Agent shall distribute all amounts in the Collection Accounts in the following order of priority (the "Priority
of Payments"):

 

(a)       to pay (i) first, amounts due or payable to the Collateral Agent, the Collateral Administrator and the Securities
Intermediary hereunder and under the Account Control Agreement (including fees, out-of-pocket expenses and indemnities) up to a
maximum amount under this subclause (i) of U.S.$50,000 on each Interest Payment Date, the Maturity Date and each Additional Distribution
Date (in the case of any Additional Distribution Date or the Maturity Date, after giving effect to all payments of such amounts
on any other Additional Distribution Date or Interest Payment Date occurring in the same calendar quarter); provided that
if any such amount is not utilized during any calendar quarter then such unutilized amount may be applied during any of the three
succeeding calendar quarters, and (ii) second, any other accrued and unpaid fees and out-of pocket expenses (other than
the commitment fee payable to the Lenders, but including Lender indemnities) due hereunder and under the Account Control Agreement,
up to a maximum amount under this clause (a) of U.S.$100,000 on each Interest Payment Date, the Maturity Date and each Additional
Distribution Date (in the case of any Additional Distribution Date or the Maturity Date, after giving effect to all payments of
such amounts on any other Additional Distribution Date or Interest Payment Date occurring in the same calendar quarter); provided
that if any such amount is not utilized during any calendar quarter, then such unutilized amount may be applied during any
of the three succeeding calendar quarters;

 

(b)       to
pay interest due in respect of the Advances and any increased costs and commitment fees payable to the Lenders (pro rata based
on amounts due);

 

    - 47 -

     

    

 

(c)       (i) on each Interest Payment Date, (1) first, to pay all prepayments of the Advances permitted or required under this
Agreement (including any applicable premium) and (2) second, without duplication, after the Reinvestment Period from amounts on
deposit in the Principal Collection Account, to pay principal of the Advances until the Advances are paid in full, and (ii) on
the Maturity Date (and, if applicable, any Additional Distribution Date), to pay principal of the Advances until the Advances
are paid in full;

 

(d)       (i) prior to the end of the Reinvestment Period, at the direction of the Portfolio Manager, to fund the Unfunded Exposure Account
up to the Unfunded Exposure Amount and (ii) after the Reinvestment Period, to fund the Unfunded Exposure Account up to the Unfunded
Exposure Amount (without the requirement for any direction by the Portfolio Manager);

 

(e)       to pay all amounts set forth in clause (a) above not paid due to the limitation set forth therein;

 

(f)        to make any Permitted Distributions or Permitted RIC Distributions directed pursuant to this Agreement; and

 

(g)       (i) on any Interest Payment Date, to deposit any remaining amounts in the Principal Collection Account as Principal Proceeds
and (ii) on the Maturity Date and any Additional Distribution Date, any remaining amounts to the Company.

 

SECTION 4.06.        Payments Generally.
All payments to the Lenders or the Administrative Agent shall be made to the Administrative Agent at the account designated in
writing to the Company and the Collateral Agent for further distribution by the Administrative Agent (if applicable). The Administrative
Agent shall give written notice to the Collateral Agent and the Collateral Administrator (on which the Collateral Agent and the
Collateral Administrator may conclusively rely) and the Portfolio Manager of the calculation of amounts payable to the Lenders
in respect of the Advances and the amounts payable to the Portfolio Manager. At least two (2) Business Days prior to each Interest
Payment Date, the Administrative Agent shall deliver an invoice to the Portfolio Manager, the Collateral Agent and the Collateral
Administrator in respect of the interest due on such Interest Payment Date. All payments not made to the Administrative Agent for
distribution to the Lenders shall be made as directed in writing by the Administrative Agent. Subject to Section 3.03 hereof, all
payments by the Company hereunder shall be made without setoff or counterclaim. All payments hereunder shall be made in U.S. dollars.
All interest calculated using the LIBO Rate hereunder shall be computed on the basis of a year of 360 days and all interest calculated
using the Base Rate hereunder shall be computed on the basis of a year of 365 days in each case, payable for the actual number
of days elapsed (including the first day but excluding the last day).

 

SECTION
4.07.        Termination or Reduction of Financing Commitments.

 

(a)       After
the Non-Call Period, the Company shall be entitled at its option, subject to the payment of any applicable premium described in
Section 4.03(c)(ii), and upon three (3) Business Days' prior written notice to the Administrative Agent (with a copy to the Collateral
Agent and the Collateral Administrator) to either (i) terminate the Financing Commitments in whole upon payment in full of all
Advances, all accrued and unpaid interest, all applicable premium and all other Secured Obligations (other than unmatured contingent
indemnification and reimbursement obligations) or (ii) reduce in part the portion of the Financing Commitments that exceeds the
sum of the outstanding Advances. In addition, the Financing Commitments shall be automatically and irrevocably reduced by the amount
of any prepayment of Advances pursuant to Section 4.03(c)(i)(C) during the Reinvestment Period that exceeds the Excess Funded Amount.

 

    - 48 -

     

    

 

(b)       The Financing Commitments shall be automatically and irrevocably reduced on the date of any prepayment made in accordance
with the definition of "Market Value Cure" in an amount equal to the amount of such prepayment.

 

(c)       The
Financing Commitments shall be automatically and irrevocably reduced by all amounts that are used to prepay or repay Advances
following the occurrence of a Market Value Event or during the continuation of an Event of Default.

 

(d)       All
unused Financing Commitments as of the last day of the Reinvestment Period shall automatically be terminated.

 

(e)       The Financing Commitments shall be irrevocably reduced by the amount of any repayment or prepayment of Advances following
the last day of the Reinvestment Period.

 

ARTICLE V

THE PORTFOLIO MANAGER

 

SECTION 5.01.        Appointment
and Duties of the Portfolio Manager. The Company has appointed the Portfolio Manager as its portfolio manager under this Agreement
and the Portfolio Management Agreement pursuant to the terms of the Portfolio Management Agreement and the Portfolio Manager has
accepted such appointment. The Portfolio Manager shall perform the investment management functions of the Company set forth herein
and therein.

SECTION
5.02.         Portfolio Manager Representations as to Eligibility
Criteria; Etc. The Portfolio Manager agrees to direct the Company to comply with all covenants and restrictions imposed
on the Company hereunder and not to act in contravention of this Agreement. The Portfolio Manager represents to the other
parties hereto that (a) as of the Trade Date for each Portfolio Investment purchased, such Portfolio Investment meets all of
the applicable Eligibility Criteria (unless otherwise consented to by the Administrative Agent) and, except as otherwise
permitted hereunder, the Concentration Limitations shall be satisfied (unless otherwise consented to by the Administrative
Agent) and (b) all of the information contained in the related Notice of Acquisition is true, correct and complete in all
material respects; provided that, to the extent any such information was furnished to the Company by any third party,
such information is as of its delivery date true, complete and correct in all material respects to the knowledge of the
Portfolio Manager.

 

SECTION
5.03.        Indemnification. The Portfolio Manager and the Parent shall indemnify and hold harmless the Company, the
Agents, the Collateral Administrator, the Securities Intermediary and the Lenders and their respective affiliates, directors,
officers, stockholders, partners, agents, employees and controlling persons (each, an "Indemnified Person")
from and against any and all losses, claims, demands, damages or liabilities of any kind, including reasonable and documented
legal fees and disbursements (collectively, "Liabilities"), and shall reimburse each such Indemnified Person
on a current basis for all reasonable and documented expenses (including fees and disbursements of counsel), incurred by such
Indemnified Person in connection with investigating, preparing, responding to or defending any investigative, administrative,
judicial or regulatory action, suit, claim or proceeding, relating to or arising out of (a) any breach by the Portfolio
Manager of any of its obligations hereunder or under the Portfolio Management Agreement and (b) the failure of any of the
representations or warranties of the Portfolio Manager set forth herein or in the Portfolio Management Agreement to be true
when made or when deemed made or repeated, except to the extent that such Liabilities or expenses are found in a final,
non-appealable judgment by a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct
of any Indemnified Person or its Related Parties or the material noncompliance by the Agents or Lenders of their respective
obligations under this Agreement. This Section 5.03 shall not apply with respect to Taxes other than any Taxes that represent
losses, claims, demands, damages or liabilities arising from any non-Tax claim, and, so long as such losses are not caused by
a breach by the Portfolio Manager of the terms of this Agreement, shall not apply to any losses in the Market Value of any
Collateral.

 

    - 49 -

     

    

 

This Section 5.03 shall survive
the termination of this Agreement and the repayment of all amounts owing to the Secured Parties hereunder.

 

ARTICLE VI

REPRESENTATIONS, WARRANTIES AND
COVENANTS

 

SECTION 6.01.Representations
and Warranties. The Company (and, with respect to clauses (a) through (e), (l), (n) and (t) through (v), the Portfolio Manager)
represents to the other parties hereto solely with respect to itself that as of the date hereof and each Trade Date (or as of such
other date as maybe expressly set forth below):

 

(a)       it is duly organized or incorporated, as the case may be, and validly existing under the laws of the jurisdiction of its
organization or incorporation and has all requisite power and authority to execute, deliver and perform this Agreement and each
other Loan Document to which it is a party and to consummate the transactions herein and therein contemplated;

 

(b)       the execution, delivery and performance of this Agreement and each such other Loan Document, and the consummation of the
transactions contemplated herein and therein have been duly authorized by it and this Agreement and each other Loan Document to
which it is a party constitutes its legal, valid and binding obligation enforceable against it in accordance with its terms (subject
to (A) bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of creditors' rights generally and
(B) equitable limitations, regardless of whether such enforceability is considered in a proceeding in equity or at law);

 

(c)       the execution, delivery and performance of this Agreement and each other Loan Document to which it is a party and the consummation
of the transactions contemplated herein and therein do not conflict with the provisions of its governing instruments and will not
violate in any material way any provisions of Applicable Law or regulation or any applicable order of any court or regulatory body
and will not result in the material breach of, or constitute a default, or require any consent, under any material agreement, instrument
or document to which it is a party or by which it or any of its property may be bound or affected;

 

(d)       it is not subject to any Adverse Proceeding;

 

(e)       it has obtained all consents and authorizations (including all required consents and authorizations of any Governmental
Authority) that are necessary or advisable to be obtained by it in connection with the execution, delivery and performance of this
Agreement and each other Loan Document to which it is a party and each such consent and authorization is in full force and effect
except where the failure to do so would not reasonably be expected to have a Material Adverse Effect;

 

(f)        it is not required to register as an "investment company" as defined in the Investment Company Act of 1940, as
amended;

 

(g)       it has not issued any securities that are or are required to be registered under the Securities Act of 1933, as amended,
and it is not a reporting company under the Securities Exchange Act of 1934, as amended;

 

    - 50 -

     

    

 

(h)       it
has no Indebtedness other than (i) Indebtedness incurred under the terms of the Loan Documents, (ii) Indebtedness incurred pursuant
to certain ordinary business expenses arising pursuant to the transactions contemplated by this Agreement and the other Loan Documents
and (iii) to the extent constituting Indebtedness, if applicable, the obligation to make future payments under any Delayed Funding
Term Loan;

 

(i)        (x) it does not have underlying assets which constitute "plan assets" within the meaning of the Plan Asset Rules;
and (y) neither it nor any ERISA Affiliate has within the last six years sponsored, maintained, contributed to, or been required
to contribute to and does not have any liability with respect to any Plan;

 

(j)        as
of the date of this Agreement it is, and after giving effect to any Advance it will be, Solvent and it is not entering into this
Agreement or any other Loan Document or consummating any transaction contemplated hereby or thereby with any intent to hinder,
delay or defraud any of its creditors;

 

(k)       it is not in default under any other contract to which it is a party except where such default would not reasonably be expected
to have a Material Adverse Effect;

 

(l)        it is in compliance in all material respects with all Applicable Laws, judgments, agreements with governmental authorities,
decrees and orders with respect to its business and properties and the Portfolio;

 

(m)      it does not have any Subsidiaries or own any Investments in any Person other than (1) the Portfolio Investments or (2) Investments
(i) constituting Eligible Investments (as measured at their time of acquisition), (ii) acquired by the Company with the approval
of the Administrative Agent, or (iii) those the Company shall have acquired or received as a distribution in connection with a
workout, bankruptcy, foreclosure, restructuring or similar process or proceeding involving a Portfolio Investment or any issuer
thereof;

 

(n)       (x) it has disclosed to the Administrative Agent all agreements, instruments and corporate or other restrictions to which
it is subject, and all other matters actually known to it that, individually or in the aggregate, could reasonably be expected
to result in a Material Adverse Effect and (y) no information (other than projections, forward-looking information, general economic
data or industry information) heretofore furnished by or on behalf of the Company in writing to the Administrative Agent or any
Lender in connection with this Agreement or any transaction contemplated hereby (after taking into account all updates, modifications
and supplements to such information) contains (or, to the extent any such information was furnished by a third party, to the Company's
knowledge contains), when taken as a whole, as of its delivery date, any material misstatement of fact or omits to state any material
fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;

 

(o)       all
of the conditions to the acquisition of the Portfolio Investments to be acquired on such Trade Date specified in Section 1.03
have been satisfied or waived;

 

(p)       the
Company has timely filed all Tax returns required by Applicable Law to have been filed by it; all such Tax returns are true
and correct in all material respects; the Company has paid or withheld (as applicable) all Taxes owing or required to be
withheld by it (if any) shown on such Tax returns, except (a) any such Taxes which are being contested in good faith by
appropriate proceedings and for which adequate reserves shall have been set aside in accordance with GAAP on its books and
records or (b) to the extent that the failure to do so could not reasonably be expected to have a Material Adverse Effect;
and there are no final judgments for Taxes against the Company which have not been satisfied in full;

 

    - 51 -

     

    

 

(q)       the Company is treated as a disregarded entity for U.S. federal income tax purposes;

 

(r)        the Company is wholly owned by the Parent, which is a U.S. Person or a disregarded entity owned by a U.S. Person for U.S.
federal income tax purposes;

 

(s)       prior to the date hereof, the Company has not engaged in any business operations or activities other than as an ownership
entity for Portfolio Investments and similar Loan or debt obligations and activities incidental thereto;

 

(t)        neither
it nor any of its Affiliates is (i) the subject or target of Sanctions; (ii) a Person that resides or has a place of business
in a Sanctioned Country or a country or territory which is designated as a "Non-Cooperative Jurisdiction" by the Financial
Action Task Force on Money Laundering, or whose subscription funds are transferred from or through such a jurisdiction; (iii)
a "Foreign Shell Bank" within the meaning of the PATRIOT Act (i.e., a foreign bank that does not have a physical presence
in any country and that is not affiliated with a bank that has a physical presence and an acceptable level of regulation and supervision);
or (iv) a person or entity that resides in or is organized under the laws of a jurisdiction designated by the United States Secretary
of the Treasury under Sections 311 or 312 of the PATRIOT Act as warranting special measures due to money laundering concerns.
It is in compliance in all material respects with all applicable Sanctions and also in compliance in all material respects with
all applicable provisions of the PATRIOT Act;

 

(u)       the Company has implemented and maintains in effect policies and procedures designed to ensure compliance by the Company,
its agents and their respective directors, managers, officers and employees (as applicable) with Anti-Corruption Laws and applicable
Sanctions, and the Company and its officers and directors and, to its knowledge, its employees, members and agents are in compliance
with Anti-Corruption Laws and applicable Sanctions in all material respects and are not knowingly engaged in any activity that
would reasonably be expected to result in the Company being designated as a Sanctioned Person. None of (i) the Company or its directors,
officers, managers or employees or (ii) to the knowledge of the Company, any director, manager or agent of the Company that will
act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person;

 

(v)       the Loan Documents represent all of the material agreements between the Portfolio Manager, the Parent, the MPA Seller and
the Seller, on the one hand, and the Company, on the other;

 

(w)      the
Company is not relying on any advice (whether written or oral) of any Lender, Agent or any of their respective Affiliates in connection
with the consummation of the transaction contemplated by this Agreement;

 

(x)        the Company has good and marketable title to all Portfolio Investments and other Collateral free of any Liens (other than
Permitted Liens) and no effective financing statement (other than with respect to Permitted Liens) or other instrument similar
in effect naming the Company or any of its Affiliates as debtor and covering all or any part of the Collateral is on file in any
recording office, except such as may have been filed in favor of the Collateral Agent as "Secured Party" pursuant hereto,
as necessary or advisable in connection with the Participation Agreement and the Sale Agreement or which has been terminated;

 

    - 52 -

     

    

 

(y)       as
of the Effective Date, to the best knowledge of the Company, the information included in the Beneficial Ownership Certification
(if any) provided on or prior to the Effective Date to any Lender in connection with this Agreement is true and correct in all
respects;

 

(z)        upon
the making of each Advance, the Collateral Agent, for the benefit of the Secured Parties, will have acquired a perfected, first
priority and valid security interest (except, as to priority, for any Permitted Liens) in the Collateral acquired with the proceeds
of such Advance, free and clear of any adverse claim (other than Permitted Liens) or restrictions on transferability;

 

(aa) no ERISA Event has occurred; and

 

(bb) no part of the proceeds of any Advance
will be used by the Company to purchase or carry any Margin Stock or to extend credit to others for the purpose of purchasing or
carrying Margin Stock. Neither the making of any Advance nor the use of the proceeds thereof will violate or be inconsistent with
the provisions of Regulation T, U or X of the Board of Governors of the Federal Reserve Board. No Advance is secured, directly
or indirectly, by Margin Stock, and the Collateral does not include Margin Stock.

 

SECTION 6.02.         Covenants
of the Company and the Portfolio Manager. The Company (and, with respect to clauses (e), (k), (r), (gg), (hh) and (ii), the
Portfolio Manager):

 

(a)       shall at all times: (i) provide that its general partner will maintain at least one independent manager or director (who
is in the business of serving as an independent manager or director); (ii) maintain its own separate books and records and bank
accounts; (iii) hold itself out to the public and all other Persons as a legal entity separate from any other Person; (iv) provide
that its general partner will have a board of managers separate from that of any other Person; (v) file its own Tax returns, except
to the extent that the Company is treated as a "disregarded entity" for Tax purposes and is not required to file any
Tax returns under Applicable Law; (vi) not commingle its assets with assets of any other Person; (vii) conduct its business in
its own name and comply with all organizational formalities to maintain its separate existence; (viii) pay its own liabilities
only out of its own funds; (ix) maintain an arm's length relationship with the Parent and each of its other Affiliates; (x) not
hold out its credit or assets as being available to satisfy the obligations of others; (xi) allocate fairly and reasonably any
overhead expenses that are shared with an Affiliate, including for shared office space; (xii) use separate stationery, invoices
and checks; (xiii) correct any known misunderstanding regarding its separate identity; (xiv) maintain adequate capital in light
of its contemplated business purpose, transactions and liabilities and pay its operating expenses and liabilities from its own
assets; (xv) not acquire the obligations or any securities of its Affiliates; (xvi) cause the managers, officers, agents and other
representatives of the Company to act at all times with respect to the Company consistently and in furtherance of the foregoing
and in the best interests of the Company; and (xvii) provide that its general partner shall maintain at least one special member,
who, upon the dissolution of the sole member or the withdrawal or the disassociation of the sole member from the general partner
of the Company, shall immediately become the member of the general partner of the Company in accordance with its organizational
documents;

 

(b)       shall
not (i) engage, directly or indirectly, in any business, other than the actions required or permitted to be performed under
the preceding clause (a), including, other than with respect to any warrants received in connection with a Portfolio
Investment, controlling the decisions or actions respecting the daily business or affairs of any other Person except as
otherwise permitted hereunder (which, for the avoidance of doubt, shall not prohibit the Company from taking, or refraining
to take, any action under or with respect to a Portfolio Investment); (ii) fail to be Solvent; (iii) release, sell, transfer,
convey or assign any Portfolio Investment unless in accordance with the Loan Documents; (iv) except for capital contributions
or capital distributions permitted under the terms and conditions of this Agreement and properly reflected on the books and
records of the Company, enter into any transaction with an Affiliate of the Company except on commercially reasonable terms
similar to those available to unaffiliated parties in an arm's-length transaction; (v) identify itself as a department or
division of any other Person; or (vi) own any asset or property other than the Collateral and the related assets and
incidental personal property necessary for the ownership or operation of these assets;

 

    - 53 -

     

    

 

(c)       shall not take any action contrary to the "Facts and Assumptions" sections in the opinions of Ropes & Gray
LLP, dated the date hereof, relating to certain true sale and non-consolidation matters (or any subsequent opinion of Ropes &
Gray LLP relating to certain true sale matters provided in accordance with Section 1.03);

 

(d)       shall
not create, incur, assume or suffer to exist any Indebtedness other than (i) Indebtedness incurred under the terms of the Loan
Documents, (ii) Indebtedness incurred pursuant to certain ordinary business expenses arising pursuant to the transactions contemplated
by this Agreement and the other Loan Documents and (iii) to the extent constituting Indebtedness, if applicable, the obligation
to make future payments under any Delayed Funding Term Loan;

 

(e)       shall
comply in all material respects with all Anti-Corruption Laws and applicable Sanctions and shall maintain in effect and enforce
policies and procedures designed to ensure compliance by the Company and its directors, managers, officers, employees and agents
with Anti-Corruption Laws and applicable Sanctions;

 

(f)        shall
not (i) amend (A) any of its constituent documents or (B) any Loan Document to which it is a party in any manner that would reasonably
be expected to adversely affect the Lenders in any material respect or (ii) cease to be wholly owned by the Parent, without, in
each case, the prior written consent of the Administrative Agent;

 

(g)       shall not (A) permit the validity or effectiveness of this Agreement or any grant hereunder to be impaired, or permit the
Lien of this Agreement to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released
from any covenants or obligations with respect to this Agreement, any other Loan Document or the Advances, except as may be expressly
permitted hereby, (B) permit any Lien to be created on or extend to or otherwise arise upon or burden the Collateral or any part
thereof, any interest therein or the proceeds thereof, in each case, other than Permitted Liens or (C) take any action that would
cause the Lien of this Agreement not to constitute a valid perfected security interest in the Collateral that is of first priority,
free of any adverse claim or the legal equivalent thereof, as applicable, except for Permitted Liens;

 

(h)       shall
not, without the prior consent of the Administrative Agent (acting at the direction of the Required Lenders), which consent may
be withheld in the sole and absolute discretion of the Required Lenders, enter into any hedge agreement;

 

(i)        shall not change its name, identity or corporate structure in any manner that would make any financing statement or continuation
statement filed by the Company (or by the Collateral Agent on behalf of the Company) in accordance with subsection (a) above materially
misleading or change its jurisdiction of organization, unless the Company shall have given the Administrative Agent and the Collateral
Agent at least 30 days' (or such shorter period as the Administrative Agent may agree in its sole discretion) prior written notice
thereof, and shall promptly file, or authorize the filing of, appropriate amendments to all previously filed financing statements
and continuation statements (and, if filed by the Company, shall provide a copy of such amendments to the Collateral Agent and
Administrative Agent);

 

    - 54 -

     

    

 

(j)        shall do or cause to be done all things reasonably necessary to (i) preserve and keep in full force and effect its existence
as a limited partnership and take all reasonable action to maintain its rights, franchises, licenses and permits material to its
business in the jurisdiction of its formation and (ii) qualify and remain qualified as a limited partnership in good standing
in each jurisdiction in which such qualification is necessary to protect the validity and enforceability of the Loan Documents
or any of the Collateral;

 

(k)       shall
comply with all Applicable Law (whether statutory, regulatory or otherwise), except where the failure to do so, individually or
in the aggregate, would not reasonably be expected to result in a Material Adverse Effect;

 

(l)        shall
not merge into or consolidate with any Person or dissolve, terminate or liquidate in whole or in part, in each case, without the
prior written consent of the Administrative Agent;

 

(m)      except for Investments permitted by Section 6.02(u)(C) and without the prior written consent of the Administrative Agent,
shall not form, or cause to be formed, any Subsidiaries; or make or suffer to exist any Loans or advances to, or extend any credit
to, or make any investments (by way of transfer of property, contributions to capital, purchase of stock or securities or evidences
of indebtedness, acquisition of the business or assets, or otherwise) in, any Affiliate or any other Person except investments
as otherwise permitted herein and pursuant to the other Loan Documents;

 

(n)               
shall ensure that (i) its affairs are conducted so that its underlying assets do not constitute "plan assets"
within the meaning of the Plan Asset Rules, and (ii) neither it nor any ERISA Affiliate sponsors, maintains, contributes to or
is required to contribute to or has any liability with respect to any Plan;

 

(o)               
except as otherwise permitted hereunder, shall not sell or transfer any Collateral or any interest therein to any other
Person and the Company shall defend the right, title, and interest of the Collateral Agent (for the benefit of the Secured Parties)
and the Lenders in and to the Collateral against all claims of third parties claiming to be purchasers of Collateral not sold or
transferred in accordance with this Agreement;

 

(d)

 

(i)       shall
promptly furnish to the Administrative Agent, and the Administrative Agent shall furnish to the Lenders, copies of the following
financial statements, reports and information: (i) within 120 days after the end of each fiscal year of the Parent, a copy of the
audited consolidated balance sheet of the Parent and its consolidated Subsidiaries as at the end of such year, the related consolidated
statements of income for such year and the related consolidated statements of changes in net assets and of cash flows for such
year, setting forth in each case in comparative form the figures for the previous year; (ii) within 45 days after the end of each
fiscal quarter of each fiscal year (other than the last fiscal quarter of each fiscal year), an unaudited consolidated balance
sheet of the Parent and its consolidated Subsidiaries as of the end of such fiscal quarter and including the prior comparable period
(if any), and the unaudited consolidated statements of income of the Parent and its consolidated Subsidiaries for such fiscal quarter
and for the period commencing at the end of the previous fiscal year and ending with the end of such fiscal quarter, and the unaudited
consolidated statements of cash flows of the Parent and its consolidated Subsidiaries for the period commencing at the end of the
previous fiscal year and ending with the end of such fiscal quarter; and (iii) from time to time, such other information or documents
(financial or otherwise) as the Administrative Agent or the Required Lenders may reasonably request;

 

    - 55 -

     

    

 

(ii)      shall
furnish to the Administrative Agent together with any financial statements delivered pursuant to Section 6.02(p)(i) or (ii), a
compliance certificate, certified by an authorized signatory of the Company to be true and correct, (i) stating whether any Default
or Event of Default exists and (ii) stating that Company is in compliance with the covenants set forth in this Agreement, including
a certification that the Collateral has been Delivered to the Collateral Agent, or specifying any non-compliance with the covenants
contained herein;

 

(q)       shall pay or discharge or cause to be paid or discharged, before the same shall become delinquent, all Taxes levied or imposed
upon the Company or upon the income, profits or property of the Company; provided that the Company shall not be required
to pay or discharge or cause to be paid or discharged any such Tax (i) the amount, applicability or validity of which is being
contested in good faith by appropriate proceedings and for which disputed amounts adequate reserves in accordance with GAAP have
been made or (ii) the failure of which to pay or discharge could not reasonably be expected to have a Material Adverse Effect;

 

(r)        shall
permit representatives of the Administrative Agent at any time and from time to time as the Administrative Agent shall reasonably
request, and at the Company's expense, (A) to inspect and make copies of and abstracts from its records relating to the Portfolio
Investments and (B) to visit its properties in connection with the collection, processing or managing of the Portfolio Investments
for the purpose of examining such records, and to discuss matters relating to the Portfolio Investments or such Person's performance
under this Agreement and the other Loan Documents with any officer or employee or auditor (if any) of such Person having knowledge
of such matters (including, if requested by the Administrative Agent, quarterly telephone conferences with representatives of
the Company with respect to review of the Portfolio Investments). The Company agrees to render to the Administrative Agent such
clerical and other assistance as may be reasonably requested with regard to the foregoing; provided that such assistance
shall not interfere in any material respect with the Company's or the Portfolio Manager's business and operations. So long as
no Event of Default has occurred and is continuing and no Market Value Event has occurred, such visits and inspections shall occur
only (i) upon five (5) Business Days' prior written notice, (ii) during normal business hours and (iii) no more than once in any
calendar year. Following the occurrence of a Market Value Event or following the occurrence and during the continuance of an Event
of Default, there shall be no limit on the timing or number of such inspections and only three (3) Business Days' prior notice
will be required before any inspection;

 

(s)       shall not use any part of the proceeds of any Advance, whether directly or indirectly, for any purpose that entails a violation
of any of the regulations of the Board of Governors of the Federal Reserve System of the United States of America, including Regulations
T, U and X;

 

(t)        shall
not make any Restricted Payments without the prior written consent of the Administrative Agent; provided that the Company
may make Permitted Distributions or Permitted RIC Distributions subject to the other requirements of this Agreement;

 

(u)       shall
not make or hold any Investments, except (A) the Portfolio Investments or (B) Investments constituting (x) Eligible Investments
(measured at the time of acquisition), (y) those that have been consented to by the Administrative Agent or (z) those the Company
shall have acquired or received as a distribution in connection with a workout, bankruptcy, foreclosure, restructuring or similar
process or proceeding involving a Portfolio Investment or any issuer thereof;

 

(v)       shall
not request any Advance, and the Company shall not directly or, to the knowledge of the Company, indirectly, use, and shall
procure that its directors, officers, employees and agents shall not directly or, to the knowledge of the Company, indirectly
use, the proceeds of any Advance (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or
giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (B) for the purpose of
funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any
Sanctioned Country, except to the extent permitted for a Person required to comply with Sanctions, or (C) in any manner that
would result in the violation of any Sanctions applicable to any party hereto;

 

    - 56 -

     

    

 

(w)      other
than pursuant to the Participation Agreement and the Sale Agreement, shall not transfer to any of its Affiliates any Portfolio
Investment purchased from any of its Affiliates (other than sales to Affiliates conducted on terms and conditions consistent with
those of an arm's length transaction and at fair market value);

 

(x)        shall
post on a password protected website maintained by the Administrative Agent to which the Portfolio Manager will have access or
deliver via email to the Administrative Agent, with respect to each Portfolio Investment, without duplication of any other reporting
requirements set forth in this Agreement or any other Loan Document, (A) any management discussion and analysis provided by the
related obligor, (B) any financial reporting packages provided by the related obligor and (C) any written notifications of credit
events with respect to such obligor and with respect to each Portfolio Investment for such obligor (including, in each case, any
attached or included information, statements and calculations). The Company (or the Portfolio Manager on its behalf) shall post
or deliver via email all information and notices set forth in the immediately preceding sentence (1) in the case of notifications
of credit events, on the date of receipt thereof by the Company or the Portfolio Manager and (2) in all other cases, within five
(5) Business Days of the receipt thereof by the Company or the Portfolio Manager. The Company shall cause the Portfolio Manager
to provide such other information as the Administrative Agent may reasonably request with respect to any Portfolio Investment
or obligor (to the extent reasonably available to the Portfolio Manager);

 

(y)       shall not elect to be classified as other than a disregarded entity or partnership for U.S. federal income tax purposes,
nor shall the Company take any other action or actions that would cause it to be classified, taxed or treated as a corporation
or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes (including transferring interests
in the Company on or through an established securities market or secondary market (or the substantial equivalent thereof), within
the meaning of Section 7704(b) of the Code (and Treasury regulations thereunder);

 

(z)        shall only have partners or owners that are treated as U.S. Persons or that are disregarded entities owned by a U.S. Person
and shall not recognize the transfer of any interest in the Company that constitutes equity for U.S. federal income tax purposes
to a Person that is not a U.S. Person;

 

(aa)      shall
from time to time execute and deliver all such supplements and amendments hereto and all such financing statements,
continuation statements, instruments of further assurance and other instruments, and shall take such other action as may be
reasonably necessary to secure the rights and remedies of the Secured Parties hereunder and to grant more effectively all or
any portion of the Collateral, maintain or preserve the security interest (and the priority thereof, subject to Permitted
Liens) of this Agreement or to carry out more effectively the purposes hereof, perfect, publish notice of or protect the
validity of any grant made or to be made by this Agreement, preserve and defend title to the Collateral and the rights
therein of the Collateral Agent and the Secured Parties in the Collateral and the Collateral Agent against the claims of all
Persons and parties, or give, execute, deliver, file and/or record any financing statement, notice, instrument, document,
agreement or other papers that may be necessary or desirable to create, preserve, perfect or validate the security interest
granted pursuant to this Agreement or to enable the Collateral Agent to exercise and enforce its rights hereunder with
respect to such pledge and security interest, and hereby authorizes the Collateral Agent to file a UCC financing statement
listing 'all assets of the debtor' (or substantially similar language) in the collateral description of such financing
statement;

 

    - 57 -

     

    

 

(bb)     shall use all commercially
reasonable efforts to elevate all Participation Interests to absolute assignments within the applicable then-current standard settlement
timeframes set forth in LSTA guidelines;

 

(cc)     shall not hire any
employees (other than any officers appointed pursuant to its limited partnership agreement);

 

(dd)     shall not maintain
any bank accounts or securities accounts other than the Collateral Accounts;

 

(ee)     except as otherwise
expressly permitted herein (including pursuant to Section 6.03), shall not cancel or terminate any of the underlying instruments
in respect of a Portfolio Investment to which it is party or beneficiary (in any capacity), or consent to or accept any cancellation
or termination of any of such agreements unless (in each case) the Administrative Agent shall have consented thereto in writing
in its sole discretion;

 

(ff)     shall not make or incur
any capital expenditures except as reasonably required to perform its functions in accordance with this Agreement;

 

(gg)     shall not cancel, terminate or
consent to or accept any cancellation or termination of, amend, modify or change in any manner any term or condition of the Portfolio
Management Agreement in any manner that adversely affects the Lenders in any material respect;

 

(hh)     shall not act on behalf of, a
country, territory, entity or individual that, at the time of such act, is the subject or target of Sanctions, and none of the
Company, the Portfolio Manager or any of their respective Affiliates, owners, directors or officers is a natural person or entity
with whom dealings are prohibited under Sanctions for a natural person or entity required to comply with such Sanctions. The Company
does not own and will not acquire, and the Portfolio Manager will not cause the Company to own or acquire, any security issued
by, or interest in, any country, territory, or entity whose direct ownership would be or is prohibited under Sanctions for a natural
person or entity required to comply with Sanctions;

 

(ii)       shall
give notice to the Administrative Agent (with a copy to the Collateral Agent) promptly in writing upon (and in no event later than
one (1) Business Day after) the occurrence of any of the following:

 

(1)               
any Adverse Proceeding;

 

(2)               
any Default or Event of Default;

 

(3)               
any adverse claim asserted against any of the Portfolio Investments, the Collateral Accounts or any other Collateral; and

 

(4)               
any change in the information provided in the Beneficial Ownership Certification delivered to any Lender that would result
in a change to the list of beneficial owners identified in such certification;

 

    - 58 -

     

    

 

(jj)     shall not acquire
any Delayed Funding Term Loan if such acquisition would cause the Unfunded Exposure Amount, collateralized or uncollateralized,
to exceed 5% of the Collateral Principal Amount;

 

(kk)     shall either (x) deposit
cash into the Collection Account as Principal Proceeds, (y) Deliver Portfolio Investments received from the Parent as a contribution
to the Custodial Account and/or (z) prepay Advances in accordance with Section 4.03(c)(i)(C) to the extent necessary to cause the
Borrowing Base Test to be satisfied; and

 

(ll)shall (x) in connection with
the Purchase of a Portfolio Investment, cause the Portfolio Manager to provide to the Administrative Agent (with a copy to the
Collateral Administrator) (I) on the Trade Date, copies of any trade ticket for purchase and (II) promptly following the Trade
Date, copies of (i) any assignment agreement or other instrument of transfer for purchase, (ii) any loan agreement or other primary
underlying instruments, (iii) if such Portfolio Investment is evidenced by a note or other instrument, such note or other instrument
and (iv) such other documents received by the Company in connection with the purchase of the Portfolio Investment as the Administrative
Agent shall reasonably request and (y) in connection with the sale of a Portfolio Investment, within five (5) Business Days of
the settlement date for the sale of such Portfolio Investment, cause the Portfolio Manager to provide to the Administrative Agent
copies of (i) any trade ticket for sale, (ii) any assignment agreement or other instrument of transfer for sale and (iii) such
other documents received by the Company in connection with the sale of the Portfolio Investment as the Administrative Agent shall
reasonably request.

 

SECTION 6.03.Amendments of Portfolio Investments,
Etc. If the Company or the

Portfolio Manager receives any notice or other communication
concerning any amendment, supplement, consent, waiver or other modification of any Portfolio Investment or any related underlying
instrument or rights thereunder (each, an "Amendment") with respect to any Portfolio Investment or any related
underlying instrument, or makes any affirmative determination to exercise or refrain from exercising any rights or remedies thereunder,
it will give prompt (and in any event, not later than three (3) Business Days') notice thereof to the Administrative Agent. In
any such event, the Company shall exercise all voting and other powers of ownership relating to such Amendment or the exercise
of such rights or remedies as the Portfolio Manager shall deem appropriate under the circumstances; provided that if an
Event of Default has occurred and is continuing or a Market Value Event has occurred, the Company will exercise all voting and
other powers of ownership as the Administrative Agent (acting at the direction of the Required Lenders) shall instruct (it being
understood that if the terms of the related underlying instrument expressly prohibit or restrict any such rights given to the Administrative
Agent, then such right shall be limited to the extent necessary so that such prohibition or restriction is not violated). In any
such case, following the Company's receipt thereof, the Company shall promptly provide to the Administrative Agent copies of all
executed amendments to underlying instruments, executed waiver or consent forms or other documents executed or delivered in connection
with any Amendment.

 

ARTICLE VII

 

EVENTS OF DEFAULT

 

If any of the following events ("Events of
Default") shall occur:

 

(a)       the
Company shall fail to pay (i) any principal amount owing by it in respect of

the Secured Obligations when and as the same
shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise or (ii) any
other amount in respect of the Secured Obligations (whether for interest, fees or other amounts owing by it) within one (1) Business
Day of when such amount becomes due and payable;

 

    - 59 -

     

    

 

(b)       any representation or warranty made or deemed made by or on behalf of the Company or the Portfolio Manager (collectively,
the "Agreement Parties") herein or in any Loan Document (other than projections, forward-looking information,
general economic data or industry information), shall prove to have been incorrect in any material respect when made or deemed
made (it being understood that the failure of a Portfolio Investment to satisfy the Eligibility Criteria after the date of its
purchase shall not constitute a failure);

 

(c)      (A) the Company shall fail to observe or perform any covenant, condition or agreement contained in Section 6.02(a)(i) through
(vii), (x) or (xvii), (b)(i) through (iv), (d), (f), (h), (i), (l), (m), (o), (t), (v), (w), (cc), (hh), (ii), (kk) or (ll)(y),
Section 8.02(b) or the last sentence of the first paragraph of Section 1.04 or (B) any Agreement Party shall fail to observe or
perform any other covenant, condition or agreement contained herein (it being understood that the failure of a Portfolio Investment
to satisfy the Eligibility Criteria after the date of its purchase shall not constitute such a failure) or in any other Loan Document
and, in the case of this clause (B), if such failure is capable of being remedied, such failure shall continue for a period of
30 days following the earlier of (i) receipt by such Agreement Party of written notice of such failure from the Administrative
Agent and (ii) an officer of such Agreement Party becoming aware of such failure;

 

(d)       an
involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or
other relief in respect of any Agreement Party or its debts, or of a substantial part of its assets, under any Federal, state
or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver,
trustee, custodian, sequestrator, conservator or similar official for any Agreement Party or for a substantial part of its assets,
and, in any such case, such proceeding or petition shall continue undismissed for sixty (60) days or an order or decree approving
or ordering any of the foregoing shall be entered;

 

(e)       any
Agreement Party shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other
relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii)
consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in
clause (d) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator
or similar official for such Agreement Party or for a substantial part of its assets, (iv) file an answer admitting the material
allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors
or (vi) take any action for the purpose of effecting any of the foregoing;

 

(f)        any
Agreement Party shall become unable, admit in writing its inability or fail generally to pay its debts as they become due;

 

(g)       the
passing of a resolution by the equity holders of the Company in respect of the winding up on a voluntary basis of the Company;

 

 

(h)       any final judgments or orders (not subject to appeal or otherwise non-appealable) by one or more courts of competent jurisdiction
for the payment of money in an aggregate amount in excess of U.S.$2,500,000 (after giving effect to insurance, if any, available
with respect thereto) shall be rendered against the Company, and the same shall remain unsatisfied, unvacated, unbonded or unstayed
for a period of thirty (30) days after the date on which the right to appeal has expired;

 

(i)        an
ERISA Event occurs;

 

    - 60 -

     

    

 

 

(j)                
 a Change of Control occurs;

 

(k)               
the Company or the pool of Collateral shall become required to register as an "investment company" within the
meaning of the Investment Company Act of 1940, as amended;

 

(l)                
the Portfolio Manager (i) resigns as Portfolio Manager under this Agreement and/or the Portfolio Management Agreement, (ii)
assigns any of its obligations or duties as Portfolio Manager in contravention of the terms of this Agreement or (iii) otherwise
ceases to act as Portfolio Manager in accordance with the terms of this Agreement and the Portfolio Management Agreement and, in
each case, an Affiliate of the Portfolio Manager consented to by the Administrative Agent is not appointed (and has accepted such
appointment) in accordance with the Portfolio Management Agreement;

 

(m)             
the Net Advances are greater than the product of (1) the Net Asset Value multiplied by (2) 75%;

 

(n)                (i)
failure of the Company to fund the Unfunded Exposure Account when required in accordance with Section 2.03(f) other
than in the case that any Lender fails to make the Advance required in accordance with Section 2.03(f) or (ii) failure
of the Company to satisfy its obligations in respect of unfunded obligations with respect to any Delayed Funding Term Loan
(including the payment of any amount in connection with the sale thereof to the extent required under this Agreement); provided that
the failure of the Company to undertake any action set forth in this clause (n) is not remedied within two (2) Business
Days;

 

(o)               
any representation or warranty made or deemed made by the Seller or the MPA Seller in connection with the Sale Agreement
or the Participation Agreement, as applicable, or any other Loan Document (other than projections, forward-looking information,
general economic data, industry information or information relating to third parties included in any representation or warranty)
shall prove to have been incorrect or misleading in any material respect when made or deemed made; provided that this clause
(o) shall apply with respect to the MPA Seller only until the date on which all of the Participation Interests granted under the
Participation Agreement have been elevated to assignments and the MPA Seller has paid all required distributions on the underlying
Portfolio Investments to the Company;

 

(p)               
the Seller shall fail to observe or perform any covenant, condition or agreement contained in the Sale Agreement and (other
than with respect to any covenant, condition or agreement of the Seller set forth in Sections 2.5, 5.1(d), 5.1(e), 5.2(a), 5.2(b),
5.2(d), 6.1, and 9.1(a) of the Sale Agreement), if such failure is capable of being remedied, such failure shall continue for a
period of 30 days following the earlier of (i) receipt by the Company of written notice of such failure from the Administrative
Agent and (ii) an officer of the Company becoming aware of such failure; or

 

(q)                the
MPA Seller shall fail to observe or perform any covenant, condition or agreement contained in the Participation Agreement and
(other than with respect to any covenant, condition or agreement of the MPA Seller relating to the payment of amounts
received by it in respect of the Portfolio Investments underlying the Participation Interests to the Company, the exercise of
voting rights with respect to such Portfolio Investments and the incurrence of indebtedness or liens by the MPA Seller), if
such failure is capable of being remedied, such failure shall continue for a period of 30 days following the earlier of (i)
receipt by the Company of written notice of such failure from the Administrative Agent and (ii) an officer of the Company
becoming aware of such failure; provided that this clause (q) shall apply with respect to the MPA Seller only until
the date on which all of the Participation Interests granted under the Participation Agreement have been elevated to
assignments and the MPA Seller has paid all required distributions on the underlying Portfolio Investments to the
Company; then, and in every such event (other than an event with
respect to the Company described in clause (d) or (e) of this Article), and at any time thereafter in each case during the continuance
of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Company, take either
or both of the following actions, at the same or different times: (i) terminate the Financing Commitments, and thereupon the Financing
Commitments shall terminate immediately, and (ii) declare all of the Secured Obligations then outstanding to be due and payable
in whole (or in part, in which case any Secured Obligations not so declared to be due and payable may thereafter be declared to
be due and payable), and thereupon the Secured Obligations so declared to be due and payable, together with accrued interest thereon
and all fees and other obligations of the Company accrued hereunder, shall become due and payable immediately, without presentment,
demand, protest or other notice of any kind, all of which are hereby waived by the Company; and in case of any event with respect
to the Company described in clause (d) or (e) of this Article, the Financing Commitments shall automatically terminate and all
Secured Obligations then outstanding, together with accrued interest thereon and all fees and other obligations of the Company
accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind,
all of which are hereby waived by the Company.

 

    - 61 -

     

    

 

 

ARTICLE VIII

COLLATERAL ACCOUNTS; COLLATERAL
SECURITY

 

SECTION 8.01.The Collateral Accounts; Agreement
as to Control.

 

(a)               
Establishment and Maintenance of Collateral Accounts. The Company hereby appoints the Securities Intermediary to
establish, and the Securities Intermediary does hereby establish pursuant to the Account Control Agreement, each of the Custodial
Account, the Principal Collection Account, the Interest Collection Account, the MV Cure Account and the Unfunded Exposure Account
(collectively, the "Collateral Accounts"). The Securities Intermediary agrees to maintain the Collateral Accounts
in accordance with the Account Control Agreement as a "securities intermediary" (within the meaning of Section 8-102(a)(14)
of the UCC), in the name of the Company subject to the lien of the Collateral Agent.

 

(b)               
Investment of Funds on Deposit in the Unfunded Exposure Account. All amounts on deposit in the Unfunded Exposure
Account shall be invested (and reinvested) in Eligible Investments at the written direction of the Company (or the Portfolio Manager
on its behalf) delivered to the Collateral Agent; provided that, following the occurrence and during the continuance of
an Event of Default or following a Market Value Event, all amounts on deposit in the Unfunded Exposure Account shall be invested,
reinvested and otherwise disposed of at the written direction of the Administrative Agent delivered to the Collateral Agent.

 

(c)               
Unfunded Exposure Account.

 

(i)                
Amounts may be deposited into the Unfunded Exposure Account from time to time in accordance with Section 4.05. Amounts
shall also be deposited into the Unfunded Exposure Account as set forth in Section 2.03(f).

 

    - 62 -

     

    

 

(ii)               While
no Event of Default has occurred and is continuing and no Market Value Event has occurred and subject to satisfaction of the
Borrowing Base Test (after giving effect to such release), the Portfolio Manager may direct, by means of an instruction in
writing to the Securities Intermediary (with a copy to the Collateral Administrator), the release of funds on deposit
in the Unfunded Exposure Account (i) for the purpose of funding the Company's unfunded commitments with respect to Delayed
Funding Term Loans, for deposit into the Principal Collection Account and (ii) so long as no Unfunded Exposure Shortfall
exists or would exist after giving effect to the withdrawal. Following the occurrence and during the continuance of an Event
of Default or following the occurrence of a Market Value Event, at the written direction of the Administrative Agent (at the
direction of the Required Lenders) (with a copy to the Collateral Administrator), the Securities Intermediary shall transfer
all amounts in the Unfunded Exposure Account to the Principal Collection Account to be applied pursuant to Section
4.05. Upon the direction of the Company by means of an instruction in writing to the Securities Intermediary (with a copy
to the Collateral Administrator, the Collateral Agent and the Administrative Agent), any amounts on deposit in the Unfunded
Exposure Account in excess of outstanding funding obligations of the Company shall be released to the Principal Collection
Account and applied pursuant to Section 4.05; provided that any such prepayment does not cause the aggregate
outstanding principal amount of the Advances to be less than the Minimum Funding Amount.

 

SECTION 8.02.Collateral Security; Pledge;
Delivery.

 

(a)               
Grant of Security Interest. As collateral security for the prompt payment in full when due of all the Company's
obligations to the Agents, the Lenders, the Collateral Administrator and the Securities Intermediary (collectively, the "Secured
Parties") under this Agreement and the other Loan Documents (collectively, the "Secured Obligations"),
the Company hereby pledges to the Collateral Agent for the benefit of the Secured Parties and grants a continuing security interest
in favor of the Collateral Agent for the benefit of the Secured Parties in all of the Company's right, title and interest in,
to and under (in each case, whether now owned or existing, or hereafter acquired or arising) all accounts, payment intangibles,
general intangibles, chattel paper, electronic chattel paper, instruments, deposit accounts, letter-of-credit rights, investment
property, and any and all other property of any type or nature owned by it (all of the property described in this clause (a) being
collectively referred to herein as "Collateral"), including, without limitation: (1) each Portfolio Investment,
(2) all of the Company's interests in the Collateral Accounts and all investments, obligations and other property from time to
time credited thereto, (3) the Participation Agreement, the Sale Agreement, the Portfolio Management Agreement, any other Loan
Document and all rights related to each such agreement (4) all other property of the Company and (5) all proceeds thereof, all
accessions to and substitutions and replacements for, any of the foregoing, and all rents, profits and products of any thereof.

 

Notwithstanding any provision of any
Loan Document to the contrary, no interests in or of any Foreign Subsidiary of the Company shall be pledged or similarly hypothecated
to guarantee or support any obligations of the Company; provided that this exception shall not apply to a pledge of equity
interests of any Foreign Subsidiary which is a first tier controlled foreign corporation (as defined in Section 957(a) of the Code)
representing sixty-five percent (65%) or less of the voting equity interests and (100% or less of the non-voting equity interests)
of such Foreign Subsidiary. The parties agree that any pledge, guaranty or security or similar interest made or granted in contravention
of the immediately preceding sentence shall be void ab initio.

 

(b)               
Delivery and Other Perfection. In furtherance of the collateral arrangements contemplated herein, the Company shall
(1) Deliver to the Collateral Agent the Collateral hereunder as and when acquired by the Company; (2) if any of the securities,
monies or other property pledged by the Company hereunder are received by the Company, forthwith take such action as is necessary
to ensure the Collateral Agent's continuing perfected security interest in such Collateral (including Delivering such securities,
monies or other property to the Collateral Agent); and (3) on the date of this Agreement, deliver to the Administrative Agent,
the Lenders and the Collateral Agent, at the expense of the Company, legal opinions from Ropes & Gray LLP or other counsel
reasonably acceptable to the Administrative Agent and the Lenders, as to the perfection of the Collateral Agent's security interest
in any of the Collateral.

 

    - 63 -

     

    

 

(c)       Remedies,
Etc. During the period in which an Event of Default shall have occurred and be continuing, the Collateral Agent shall (but
only if and to the extent directed in writing by the Required Lenders) do any of the following:

 

(i)                
Exercise in respect of the Collateral, in addition to other rights and remedies provided for herein or otherwise available
to it, all the rights and remedies of a secured party under the UCC (whether or not the UCC applies to the affected Collateral)
and also may, without notice except as specified below, sell the Collateral or any part thereof in one or more parcels at public
or private sale, at any of the Collateral Agent's or its designee's offices or elsewhere, for cash, on credit or for future delivery,
and upon such other terms as the Collateral Agent or a designee of the Collateral Agent (acting at the direction of the Required
Lenders) may deem commercially reasonable. The Company agrees that, to the extent notice of sale shall be required by law, at least
ten (10) calendar days' prior notice to the Company of the time and place of any public sale or the time after which any private
sale is to be made shall constitute reasonable notification. The Collateral Agent shall not be obligated to make any sale of the
Collateral regardless of notice of sale having been given. The Collateral Agent or its designee may adjourn any public or private
sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made
at the time and place to which it was so adjourned;

 

(ii)              
Transfer all or any part of the Collateral into the name of the Collateral Agent or a nominee thereof;

 

(iii)            
Enforce collection of any of the Collateral by suit or otherwise, and surrender, release or exchange all or any part thereof,
or compromise or extend or renew for any period (whether or not longer than the original period) any obligations of any nature
of any party with respect thereto;

 

(iv)             
Endorse any checks, drafts, or other writings in the Company's name to allow collection of the Collateral;

 

(v)               
Take control of any proceeds of the Collateral;

 

(vi)             
Execute (in the name, place and stead of any of the Company) endorsements, assignments, stock powers and other instruments
of conveyance or transfer with respect to all or any of the Collateral; and/or

 

(vii)          
Perform such other acts as may be reasonably required to do to protect the Collateral Agent's rights and interest hereunder.

 

(d)       Compliance
with Restrictions. The Company and the Portfolio Manager agree that in any sale of any of the Collateral whenever an Event
of Default shall have occurred and be continuing, the Collateral Agent or its designee are hereby authorized to comply with any
limitation or restriction in connection with such sale as it may be advised by counsel in writing is necessary in order to avoid
any violation of Applicable Law (including compliance with such procedures as may restrict the number of prospective bidders and
purchasers, require that such prospective bidders and purchasers have certain qualifications, and restrict such prospective bidders
and purchasers to Persons who will represent and agree that they are purchasing for their own account for investment and not with
a view to the distribution or resale of such Collateral), or in order to obtain any required approval of the sale or of the purchaser
by any governmental regulatory authority or official, and the Company and the Portfolio Manager further agree that such compliance
shall not, in and of itself, result in such sale being considered or deemed not to have been made in a commercially reasonable
manner, nor shall the Collateral Agent be liable or accountable to the Company or the Portfolio Manager for any discount allowed
by the reason of the fact that such Collateral is sold in good faith compliance with any such limitation or restriction.

 

    - 64 -

     

    

 

(e)               
Private Sale. The Collateral Agent shall incur no liability as a result of a sale of the Collateral, or any part
thereof, at any private sale pursuant to clause (c) above conducted in a commercially reasonable manner. The Company and the Portfolio
Manager hereby waive any claims against each Agent and Lender arising by reason of the fact that the price at which the Collateral
may have been sold at such a private sale was less than the price which might have been obtained at a public sale.

 

(f)                
Collateral Agent Appointed Attorney-in-Fact. The Company hereby appoints the Collateral Agent as the Company's attorney-in-fact
(it being understood that the Collateral Agent shall not be deemed to have assumed any of the obligations of the Company by this
appointment), with full authority in the place and stead of the Company and in the name of the Company, from time to time in the
Collateral Agent's discretion (exercised at the written direction of the Administrative Agent or the Required Lenders, as the
case may be), after the occurrence and during the continuation of an Event of Default, to take any action and to execute any instrument
which the Administrative Agent or the Required Lenders may deem necessary or advisable to accomplish the purposes of this Agreement.
The Company hereby acknowledges, consents and agrees that the power of attorney granted pursuant to this clause is irrevocable
during the term of this Agreement and is coupled with an interest.

 

(g)               
Further Assurances. The Company covenants and agrees that, from time to time upon the request of the Collateral
Agent (as directed by the Administrative Agent), the Company will execute and deliver such further documents, and do such other
acts and things as the Collateral Agent (as directed by the Administrative Agent) may reasonably request in order fully to effect
the purposes of this Agreement and to protect and preserve the priority and validity of the security interest granted hereunder
or to enable the Collateral Agent to exercise and enforce its rights and remedies hereunder with respect to any Collateral; provided
that no such document may alter the rights and protections afforded to the Company or the Portfolio Manager herein. 

(h)               
Release of Security Interest upon Disposition of Collateral. Upon any sale, transfer or other disposition of any
Collateral (or portion thereof) that is permitted hereunder, the security interest granted hereunder in such Portfolio Investment
or other Collateral (or the portion thereof which has been sold or otherwise disposed of) shall, immediately upon the sale or
other disposition of such Portfolio Investment or other Collateral (or such portion) and without any further action on the part
of the Collateral Agent or any other Secured Party, be released. Upon any such release, the Collateral Agent will, at the Company's
sole expense, deliver to the Company, or cause the Securities Intermediary to deliver, without any representations, warranties
or recourse of any kind whatsoever, all certificates and instruments representing or evidencing all of the Collateral held by
the Securities Intermediary hereunder, and execute and deliver to the Company or its nominee such documents as the Company shall
reasonably request to evidence such release.

 

(i)                
Termination. Upon the payment in full of all Secured Obligations and termination of the Financing Commitments, the
security interest granted herein shall automatically (and without further action by any party) terminate and all rights to the
Collateral shall revert to the Company.

Upon the sale of any Portfolio Investments in accordance
with the terms hereof, the security interest granted herein shall automatically (and without further action by any party) terminate
and such Portfolio Investments shall be sold free and clear of the lien of the Collateral Agent; provided that the lien
of the Collateral Agent shall attach to the proceeds of any such sale. Upon any such termination described in the preceding two
sentences, the Collateral Agent will, at the Company's sole expense, deliver to the Company, or cause the Securities Intermediary
to deliver, without any representations, warranties or recourse of any kind whatsoever, all certificates and instruments representing
or evidencing all of the Collateral held by the Securities Intermediary hereunder, and execute and deliver to the Company or its
nominee such documents as the Company shall reasonably request to evidence such termination.

 

    - 65 -

     

    

 

ARTICLE IX

THE AGENTS

 

SECTION 9.01.Appointment of
Administrative Agent and Collateral Agent. Each of the Lenders hereby irrevocably appoints each of the Administrative
Agent and the Collateral Agent (each, an "Agent" and collectively, the "Agents") as its
agent and authorizes such Agents to take such actions on its behalf and to exercise such powers as are delegated to such
Agent by the terms hereof, together with such actions and powers as are reasonably incidental thereto. Anything contained
herein to the contrary notwithstanding, each Agent and each Lender hereby agree that no Lender shall have any right
individually to realize upon any of the Collateral hereunder, it being understood and agreed that all powers, rights and
remedies hereunder with respect to the Collateral shall be exercised solely by the Collateral Agent for the benefit of the
Secured Parties at the direction of the Administrative Agent or the Required Lenders, as applicable.

 

Each financial institution
serving as an Agent hereunder shall have the same rights and powers in its capacity as a Lender (if applicable) as any other Lender
and may exercise the same as though it were not an Agent, and such financial institution and its Affiliates may accept deposits
from, lend money to and generally engage in any kind of business with the Company as if it were not an Agent hereunder.

 

No Agent or the Collateral
Administrator shall have any duties or obligations except those expressly set forth herein. Without limiting the generality
of the foregoing, (a) no Agent shall be subject to any fiduciary or other implied duties, regardless of whether a Default has
occurred and is continuing, (b) no Agent shall have any duty to take any discretionary action or exercise any discretionary
powers, except that the foregoing shall not limit any duty expressly set forth in this Agreement to include such rights and
powers expressly contemplated hereby or that such Agent is required to exercise as directed in writing by (i) in the case of
the Collateral Agent (A) in respect of the exercise of remedies under Section 8.02(c), the Required Lenders, or (B) in all
other cases, the Administrative Agent or (ii) in the case of any Agent, the Required Lenders (or such other number or
percentage of Lenders as shall be necessary under the circumstances as provided herein), and (c) except as expressly set
forth herein, no Agent shall have any duty to disclose, and shall not be liable for the failure to disclose, any information
relating to the Company that is communicated to or obtained by the financial institution serving in the capacity of such
Agent (except insofar as provided to it as Agent hereunder) or any of its Affiliates in any capacity. No Agent shall be
liable for any action taken or not taken by it in the absence of its own gross negligence or willful misconduct or with the
consent or at the request or direction of the Administrative Agent (in the case of the Collateral Administrator and the
Collateral Agent only) or the Required Lenders (or such other number or percentage of Lenders that shall be permitted herein
to direct such action or forbearance). None of the Collateral Agent, the Collateral Administrator or the Securities
Intermediary shall be deemed to have knowledge or notice of any matter, including any Default, Event of Default, Market Value
Event, Market Value Trigger Event or failure of the Borrowing Base Test unless and until a Responsible Officer has received
written notice thereof from the Company, a Lender or the Administrative Agent. None of the Collateral Agent, the Collateral
Administrator, the Securities Intermediary or the Administrative Agent shall be responsible for or have any duty to ascertain
or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement, (ii) the contents
of any certificate, report or other document or electronic communication delivered hereunder or in connection herewith, (iii)
the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or any other
Loan Document, (iv) the validity, enforceability, effectiveness, genuineness, value or sufficiency of this Agreement, any
other agreement, instrument or document or the Collateral, or (v) the satisfaction of any condition set forth herein or any
other Loan Document, other than to confirm receipt of items expressly required to be delivered to such Agent, the Collateral
Administrator or the Securities Intermediary, as applicable. None of the Collateral Agent, the Collateral Administrator, the
Securities Intermediary or the Administrative Agent shall be required to risk or expend its own funds in connection with the
performance of its obligations hereunder if it reasonably believes it will not receive reimbursement therefor hereunder.

 

    - 66 -

     

    

 

Each Agent shall be entitled to rely
upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, direction,
opinion, document or other writing reasonably believed by it to be genuine and to have been signed or sent by the proper Person.
Each Agent also may rely upon any statement made to it orally or by telephone and reasonably believed by it to be made by the proper
Person, and shall not incur any liability for relying thereon. Each Agent may consult with legal counsel (who may be counsel for
the Company), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken
by it in accordance with the advice of any such counsel, accountants or experts.

 

In the event the Collateral Agent or
the Collateral Administrator shall receive conflicting instruction from the Administrative Agent and the Required Lenders, the
instruction of the Required Lenders shall govern. Neither the Collateral Administrator nor the Collateral Agent shall have any
duties or obligations under or in respect of any other agreement (including any agreement that may be referenced herein) to which
it is not a party. The grant of any permissive right or power to the Collateral Agent hereunder shall not be construed to impose
a duty to act.

 

It is expressly acknowledged and agreed
that neither the Collateral Administrator nor the Collateral Agent shall be responsible for, and shall not be under any duty to
monitor or determine, the Market Value of any Portfolio Investment, compliance with the Eligibility Criteria or the Concentration
Limitations in any instance, to determine if the conditions of "Deliver" have been satisfied or otherwise to monitor
or determine compliance by any other Person with the requirements of this Agreement.

 

Each of the Collateral Administrator,
the Securities Intermediary and each Agent may perform any and all its duties and exercise its rights and powers by or through
any one or more sub-agents appointed by it. None of the Collateral Administrator, the Securities Intermediary or any Agent shall
be responsible for any misconduct or negligence on the part of any sub-agent or attorney appointed by such Person with due care.
Each of the Collateral Administrator, the Securities Intermediary and each Agent and any such sub-agent may perform any and all
its duties and exercise its rights and powers through their respective Affiliates and the respective directors, officers, employees,
agents and advisors of such Person and its Affiliates (the "Related Parties") for such Agent. The exculpatory
provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of the Collateral Administrator,
the Securities Intermediary and each Agent and any such sub-agent, and shall apply to their respective activities in connection
with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent or Collateral Agent,
as the case may be.

 

    - 67 -

     

    

 

Subject to the
appointment and acceptance of a successor as provided in this paragraph, each of the Collateral Administrator, the Collateral
Agent, the Securities Intermediary and the Administrative Agent may resign at any time upon 30 days' (or such shorter period
as the Company may agree) notice to each other agent, the Lenders, the Portfolio Manager, the Securities Intermediary and the
Company. Upon any such resignation, the Required Lenders (with, so long as no Event of Default has occurred and is continuing
or no Market Value Event has occurred, the consent of the Company and the Portfolio Manager) shall have the right to appoint
a successor; provided, however, that any such successor receiving payment from the Company shall be a "U.S.
person" and a "financial institution" within the meaning of Treasury Regulations Section 1.1441-1. If no
successor shall have been so appointed by the Required Lenders, consented to by the Company and the Portfolio Manager (if
applicable) and accepted such appointment within thirty (30) days after the retiring Collateral Administrator, Collateral
Agent, Securities Intermediary or Administrative Agent, as applicable, gives notice of its resignation, then the
Administrative Agent may, on behalf of the Lenders and without the consent of the Company or the Portfolio Manager, appoint a
successor which shall be a financial institution with an office in New York, New York, or an Affiliate of any such financial
institution; provided, however, that any such successor receiving payment from the Company shall be a "U.S.
person" and a "financial institution" within the meaning of Treasury Regulations Section 1.1441-1. If no
successor shall have been so appointed by the Administrative Agent and shall have accepted such appointment within sixty (60)
days after the retiring Agent, Collateral Administrator or Securities Intermediary gives notice of its resignation, such
Agent, Collateral Administrator or Securities Intermediary may petition a court of competent jurisdiction for the appointment
of a successor; provided, however, that any such successor receiving payment from the Company shall be a "U.S.
person" and a "financial institution" within the meaning of Treasury Regulations Section 1.1441-1. Upon the
acceptance of its appointment as Collateral Administrator, Securities Intermediary, Administrative Agent or Collateral Agent,
as the case may be, hereunder (and, if applicable, under the Account Control Agreement) by a successor, such successor shall
succeed to and become vested with all the rights, powers, privileges and duties of the retiring Agent, Collateral
Administrator or Securities Intermediary, as applicable, hereunder and under the Account Control Agreement, and the retiring
Agent, Collateral Administrator or Securities Intermediary, as applicable, shall be discharged from its duties and
obligations hereunder and under the Account Control Agreement. After the retiring Agent's, Collateral Administrator's or
Securities Intermediary's, as applicable, resignation hereunder, the provisions of this Article and Sections 5.03 and 10.04
shall continue in effect for the benefit of such retiring Agent, Collateral Administrator or Securities Intermediary, as
applicable, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any
of them while it was acting as Collateral Administrator, Securities Intermediary, Administrative Agent or Collateral Agent,
as the case may be.

 

Subject to the appointment and
acceptance of a successor as provided in this paragraph, each of the Collateral Administrator, the Collateral Agent and the
Securities Intermediary may be removed at any time with 30 days' (or such shorter period as the Administrative Agent may
agree in its sole discretion) notice by the Company (with the written consent of the Administrative Agent), with notice to
the Collateral Administrator, the Collateral Agent, the Securities Intermediary, the Lenders and the Portfolio Manager (which
removal of the Collateral Agent or the Securities Intermediary will also be effective as removal under the Account Control
Agreement). Upon any such removal, the Company shall have the right (with the written consent of the Administrative Agent) to
appoint a successor to the Collateral Agent, the Collateral Administrator and/or the Securities Intermediary, as applicable.
If no successor to any such Person shall have been so appointed by the Company and shall have accepted such appointment
within thirty (30) days after such notice of removal, then the Administrative Agent may appoint a successor which shall be a
financial institution with an office in New York, New York, or an Affiliate of any such financial institution. If no
successor shall have been so appointed and shall have accepted such appointment within sixty (60) days after the retiring
Agent, Collateral Administrator or Securities Intermediary gives notice of its resignation, such Agent, Collateral
Administrator or Securities Intermediary may petition a court of competent jurisdiction for the appointment of a successor.
Upon the acceptance of its appointment as Collateral Administrator, Securities Intermediary or Collateral Agent, as the case
may be, hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges
and duties of the removed Collateral Agent, Collateral Administrator and/or Securities Intermediary hereunder and under the
Account Control Agreement, and the removed Collateral Agent, Collateral Administrator and/or Securities Intermediary shall be
discharged from its duties and obligations hereunder (and, if applicable, under the Account Control Agreement). After the
removed Collateral Agent's, Collateral Administrator's and/or Securities Intermediary's removal hereunder, the provisions of
this Article and Sections 5.03 and 10.04 shall continue in effect for the benefit of such removed Collateral Agent,
Collateral Administrator and/or Securities Intermediary, its sub-agents and their respective Related Parties in respect of
any actions taken or omitted to be taken by any of them while it was acting as Collateral Administrator, Securities
Intermediary or Collateral Agent, as the case may be.

 

    - 68 -

     

    

 

Upon the request of the Company or the
Administrative Agent or the successor Agent, Collateral Administrator or Securities Intermediary, any such retiring or removed
Agent, Collateral Administrator or Securities Intermediary shall, upon payment of its charges then unpaid, execute and deliver
an instrument transferring to such successor party all the rights, powers and trusts of the retiring or removed Agent, Collateral
Administrator or Securities Intermediary, and shall duly assign, transfer and deliver to such successor agent all property and
money held by such retiring or removed Agent, Collateral Administrator or Securities Intermediary hereunder (and under the Account
Control Agreement, if applicable). Upon request of any such successor, the Company and the Administrative Agent shall execute any
and all instruments for more fully and certainly vesting in and confirming to such successor agent all such rights, powers and
trusts.

 

Notwithstanding anything to
the contrary contained herein or in any other Loan Document, any corporation into which the Collateral Agent, the Securities Intermediary
or the Collateral Administrator may be merged or converted or with which it may be consolidated, or any corporation resulting from
any merger, conversion or consolidation to which the Collateral Agent, the Securities Intermediary or the Collateral Administrator
shall be a party, or any corporation succeeding to the business of the Collateral Agent, the Securities Intermediary or the Collateral
Administrator shall be the successor of the Collateral Agent, the Securities Intermediary or the Collateral Administrator hereunder
(and, if applicable, under the Account Control Agreement) without the execution or filing of any paper with any Person or any further
act on the part of any Person.

 

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

 

Anything in this Agreement notwithstanding,
in no event shall any Agent, the Collateral Administrator or the Securities Intermediary be liable for special, punitive, indirect
or consequential loss or damage of any kind whatsoever (including lost profits), even if such Agent, the Collateral Administrator
or the Securities Intermediary, as the case may be, has been advised of such loss or damage and regardless of the form of action.

 

Each Agent and the Collateral Administrator
shall not be liable for any error of judgment made in good faith by an officer or officers of such Agent or the Collateral Administrator,
unless it shall be conclusively determined by a court of competent jurisdiction that such Agent or the Collateral Administrator
was grossly negligent in ascertaining the pertinent facts.

 

    - 69 -

     

    

 

Each Agent and the Collateral
Administrator shall not be responsible for the accuracy or content of any certificate, statement, direction or opinion furnished
to it in connection with this Agreement.

 

Each Agent and the Collateral
Administrator shall not be bound to make any investigation into the facts stated in any resolution, certificate, statement, instrument,
opinion, report, consent, order, approval, bond or other document or electronic communication or have any responsibility for filing
or recording any financing or continuation statement in any public office at any time or to otherwise perfect or maintain the perfection
of any security interest or lien granted to it hereunder.

 

In the absence of gross negligence, willful
misconduct or bad faith on the part of the Agents, the Agents may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon any request, instruction, certificate, opinion or other document or electronic
communication furnished to the Agents, reasonably believed by the Agents to be genuine and to have been signed or presented by
the proper party or parties and conforming to the requirements of this Agreement but, in the case of a request, instruction, document
or certificate which by any provision hereof is specifically required to be furnished to the Agents, the Agents shall be under
a duty to examine the same in accordance with the requirements of this Agreement to determine that it conforms to the form required
by such provision.

 

No Agent shall be responsible for delays
or failures in performance resulting from acts beyond its control. Such acts include but are not limited to acts of God, strikes,
lockouts, riots and acts of war. In connection with any payment, the Collateral Agent and the Collateral Administrator are entitled
to rely conclusively on any instructions provided to them by the Administrative Agent.

 

The rights, protections and
immunities given to the Collateral Agent in this Section 9.01 and 9.02 shall likewise be available and applicable in all respects
to the Securities Intermediary and the Collateral Administrator.

 

SECTION 9.02.Additional
Provisions Relating to the Collateral Agent and the Collateral Administrator

 

(a)       Collateral
Agent May Perform. The Collateral Agent shall from time to time take such action (at the written direction of the Administrative
Agent or the Required Lenders) for the maintenance, preservation or protection of any of the Collateral or of its security interest
therein and the Administrative Agent may direct the Collateral Agent in writing to take any action incidental thereto; provided
that in each case the Collateral Agent shall have no obligation to take any such action in the absence of such direction and
shall have no obligation to comply with any such direction if it reasonably believes that the same (1) is contrary to Applicable
Law or (2) is reasonably likely to subject the Collateral Agent to any loss, liability, cost or expense, unless the Administrative
Agent or the Required Lenders, as the case may be, issuing such instruction make provision reasonably satisfactory to the Collateral
Agent for payment of same (which provision may be payment of such cost or expense by the Company in accordance with the Priority
of Payments if such arrangement is reasonably satisfactory to the Collateral Agent). With respect to other actions which are incidental
to the actions specifically delegated to the Collateral Agent hereunder, the Collateral Agent shall not be required to take any
such incidental action hereunder, but shall be required to act or to refrain from acting (and shall be fully protected in acting
or refraining from acting) upon the written direction of the Administrative Agent.

If, in performing its duties
under this Agreement, the Collateral Agent is required to decide between alternative courses of action the Collateral Agent shall
request written instructions from the Administrative Agent as to the course of action desired by it. The Collateral Agent shall
act in

accordance with instructions received after such
five (5) Business Day period except to the extent it has already, in good faith, taken or committed itself to take action inconsistent
with such instructions. The Collateral Agent shall be entitled to rely on the advice of legal counsel and independent accountants
in performing its duties hereunder and shall be deemed to have acted in good faith if it acts in accordance with such advice.

 

    - 70 -

     

    

 

(b)               
Custody and Preservation. The Collateral Agent is required to hold in custody and preserve any of the Collateral
in its possession pursuant to the terms of this Agreement and the standard of care set forth herein, provided that the
Collateral Agent shall be deemed to have complied with the terms of this Agreement with respect to the custody and preservation
of any of the Collateral if it takes such action for that purpose as the Company reasonably requests (or, following the occurrence
of a Market Value Event or following the occurrence and during the continuance of an Event of Default, as the Administrative Agent
reasonably requests), but failure of the Collateral Agent to comply with any such request at any time shall not in itself be deemed
a failure to comply with the terms of this Agreement. The Collateral Agent will not be responsible for filing any financing or
continuation statements or recording any documents or instruments in any public office at any time or times or otherwise perfecting
or maintaining the perfection of any liens thereon.

 

(c)               
Collateral Agent Not Liable. Except to the extent arising from the gross negligence, willful misconduct, criminal
conduct, fraud or reckless disregard of the Collateral Agent, the Collateral Agent shall not be liable by reason of its compliance
with the terms of this Agreement with respect to (1) the investment of funds held thereunder in Eligible Investments (other than
for losses attributable to the Collateral Agent's failure to make payments on investments issued by the Collateral Agent, in its
commercial capacity as principal obligor and not as collateral agent, in accordance with their terms) or (2) losses incurred as
a result of the liquidation of any Eligible Investment prior to its stated maturity. It is expressly agreed and acknowledged that
the Collateral Agent is not guaranteeing performance of or assuming any liability for the obligations of the other parties hereto
or any parties to the Portfolio Investments or other Collateral.

 

(d)               
Certain Rights and Obligations of the Collateral Agent. Without further consent or authorization from any Lenders,
the Collateral Agent may execute any documents or instruments necessary to release any lien encumbering any item of Collateral
that is the subject of a sale or other disposition of assets permitted by this Agreement or as otherwise permitted or required
hereunder or to which the Required Lenders have otherwise consented. Anything contained herein to the contrary notwithstanding,
in the event of a foreclosure by the Collateral Agent on any of the Collateral pursuant to a public or private sale, any Agent
or Lender may be the purchaser of any or all of such Collateral at any such sale and the Collateral Agent, as agent for and representative
of the Lenders (but not any Lender in its individual capacity unless the Required Lenders shall otherwise agree), shall be entitled,
for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold
at any such public sale, to use and apply any of the Secured Obligations as a credit on account of the purchase price for any
Collateral payable by the purchaser at such sale.

 

(e)               
Collateral Agent, Securities Intermediary and Collateral Administrator Fees and Expenses. The Company agrees to
pay to the Collateral Agent, the Securities Intermediary and the Collateral Administrator such fees as the Administrative Agent,
the Collateral Agent, the Securities Intermediary, the Collateral Administrator and the Portfolio Manager, may agree in writing,
subject to the Priority of Payments. The Company further agrees to pay to the Collateral Agent, the Securities Intermediary and
the Collateral Administrator, or reimburse the Collateral Agent, the Securities Intermediary and the Collateral Administrator
for paying, reasonable and documented out-of-pocket expenses, including attorney's fees, in connection with this Agreement and
the transactions contemplated hereby, subject to the Priority of Payments.

 

    - 71 -

     

    

 

(f)                
 Execution by the Collateral Agent, the Securities Intermediary and the Collateral Administrator. The Collateral
Agent, the Securities Intermediary and the Collateral Administrator are executing this Agreement solely in their capacity as Collateral
Agent, Securities Intermediary and Collateral Administrator, respectively, hereunder and in no event shall have any obligation
to make any Advance, provide any Advance or perform any obligation of the Administrative Agent hereunder.

 

(g)               
Reports by the Collateral Administrator. The Company hereby appoints U.S. Bank National Association as Collateral
Administrator and directs the Collateral Administrator to prepare the reports substantially in the form reasonably agreed by the
Company, the Collateral Administrator and the Administrative Agent. The Company and the Portfolio Manager shall cooperate with
the Collateral Administrator in connection with the preparation of the reports described herein, including calculations relating
to the reports contemplated herein or as otherwise reasonably requested hereunder. Without limiting the generality of the foregoing,
the Portfolio Manager shall supply in a timely fashion any determinations, designations, classifications or selections made by
it relating to a Portfolio Investment, including in connection with the acquisition or disposition thereof, and any information
maintained by it that the Collateral Administrator may from time to time reasonably request with respect to the Portfolio Investment
and reasonably need to complete the reports required to be prepared by the Collateral Administrator hereunder or reasonably required
to permit the Collateral Administrator to perform its obligations hereunder. The Collateral Administrator shall deliver a draft
of each such report to the Portfolio Manager and the Portfolio Manager shall have an opportunity to review, verify and approve
the contents of the aforesaid reports. To the extent any of the information in such reports conflicts with data or calculations
in the records of the Portfolio Manager, the Portfolio Manager shall notify the Collateral Administrator of such discrepancy and
use reasonable efforts to assist the Collateral Administrator in reconciling such discrepancy. Upon reasonable request by the
Collateral Administrator, the Portfolio Manager further agrees to provide to the Collateral Administrator from time to time during
the term of this Agreement, on a timely basis, any information relating to the Portfolio Investments and any proposed purchases,
sales or other dispositions thereof as to enable the Collateral Administrator to perform its duties hereunder.

 

(h)               
Information Provided to Collateral Agent and Collateral Administrator. Without limiting the generality of any terms
of this Section, neither the Collateral Agent nor the Collateral Administrator shall have liability for any failure, inability
or unwillingness on the part of the Portfolio Manager, the Administrative Agent, the Company or the Required Lenders to provide
accurate and complete information on a timely basis to the Collateral Agent or the Collateral Administrator, as applicable, or
otherwise on the part of any such party to comply with the terms of this Agreement, and, absent gross negligence, willful misconduct,
criminal conduct, fraud or reckless disregard of the Collateral Agent or the Collateral Administrator, as applicable, shall have
no liability for any inaccuracy or error in the performance or observance on the Collateral Agent's or Collateral Administrator's,
as applicable, part of any of its duties hereunder that is caused by or results from any such inaccurate, incomplete or untimely
information received by it, or other failure on the part of any such other party to comply with the terms hereof.

 

    - 72 -

     

    

 

ARTICLE X

MISCELLANEOUS

 

SECTION 10.01. Non-Petition; Limited
Recourse. Each of the Collateral Agent, the Securities Intermediary, the Collateral Administrator, the Portfolio Manager and
the other parties hereto (other than the Administrative Agent acting at the direction of the Required Lenders) hereby agrees not
to commence, or join in the commencement of, any proceedings in any jurisdiction for the bankruptcy, winding-up or liquidation
of the Company or any similar proceedings, in each case prior to the date that is one year and one day (or if longer, any applicable
preference period plus one day) after the payment in full of all amounts owing to the parties hereto. The foregoing restrictions
are a material inducement for the parties hereto to enter into this Agreement and are an essential term of this Agreement. The
Administrative Agent or the Company may seek and obtain specific performance of such restrictions (including injunctive relief),
including, without limitation, in any bankruptcy, winding-up, liquidation or similar proceedings. The Company shall promptly object
to the institution of any bankruptcy, winding-up, liquidation or similar proceedings against it and take all necessary or advisable
steps to cause the dismissal of any such proceeding; provided that such obligation shall be subject to the availability
of funds therefor. Nothing in this Section 10.01 shall limit the right of any party hereto to file any claim or otherwise take
any action with respect to any proceeding of the type described in this Section that was instituted by the Company or against
the Company by any Person other than a party hereto.

 

Notwithstanding any other provision of
this Agreement or any other Loan Document, no recourse under any obligation, covenant or agreement of the Company or the Portfolio
Manager contained in this Agreement shall be had against any incorporator, stockholder, partner, officer, director, member, manager,
employee or agent of the Company, the Portfolio Manager or any of their respective Affiliates (solely by virtue of such capacity)
by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly
agreed and understood that this Agreement is solely an obligation of the Company and (with respect to the express obligations of
the Portfolio Manager under the Loan Documents) the Portfolio Manager and that no personal liability whatever shall attach to or
be incurred by any incorporator, stockholder, officer, director, member, manager, employee or agent of the Company, the Portfolio
Manager or any of their respective Affiliates (solely by virtue of such capacity) or any of them under or by reason of any of the
obligations, covenants or agreements of the Company or the Portfolio Manager contained in this Agreement or any other Loan Document,
or implied therefrom, and that any and all personal liability for breaches by the Company or the Portfolio Manager of any of such
obligations, covenants or agreements, either at common law or at equity, or by statute, rule or regulation, of every such incorporator,
stockholder, officer, director, member, manager, employee or agent is hereby expressly waived as a condition of and in consideration
for the execution of this Agreement.

 

SECTION 10.02. Notices. All notices
and other communications in respect hereof (including, without limitation, any modifications hereof, or requests, waivers or consents
hereunder) to be given or made by a party hereto shall be in writing (including by electronic mail or other electronic messaging
system of .pdf or other similar files) to the other parties hereto at the addresses for notices specified on the Transaction Schedule
(or, as to any such party, at such other address as shall be designated by such party in a notice to each other party hereto).
All such notices and other communications shall be deemed to have been duly given when (a) transmitted by facsimile, (b) personally
delivered, (c) in the case of a mailed notice, upon receipt, or (d) in the case of notices and communications transmitted by electronic
mail or any other electronic messaging system, upon delivery, in each case given or addressed as aforesaid.

 

SECTION 10.03. No Waiver.
No failure on the part of any party hereto to exercise and no delay in exercising, and no course of dealing with respect to, any
right, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any
right, power or privilege under this Agreement preclude any other or further exercise thereof or the exercise of any other right,
power or privilege. The remedies provided herein are cumulative and not exclusive of any remedies provided by law.

 

    - 73 -

     

    

 

SECTION 10.04. Expenses; Indemnity; Damage Waiver;
Right of Setoff.

 

(a)                The
Company shall pay (1) all fees and reasonable and documented out-of-pocket expenses incurred by the Agents, the Collateral Administrator,
the Securities Intermediary and their Related Parties, including the fees, charges and disbursements of outside counsel for
each Agent, the Collateral Administrator and the Securities Intermediary in connection with the preparation and administration
of this Agreement, the Account Control Agreement or any amendments, modifications or waivers of the provisions hereof or thereof
(whether or not the transactions contemplated hereby or thereby shall be consummated) and (2) all reasonable and documented out-of-pocket
expenses incurred by the Agents, the Collateral Administrator, the Securities Intermediary and the Lenders, including the fees,
charges and disbursements of outside counsel for each Agent, the Collateral Administrator, the Securities Intermediary and such
other local counsel as required for all of them, in connection herewith, including the enforcement or protection of their rights
in connection with this Agreement and the Account Control Agreement, including their rights under this Section, or in connection
with the Advances provided by them hereunder, including all such reasonable and documented out-of-pocket expenses incurred during
any workout, restructuring or negotiations in respect of such Advances.

 

(b)               
The Company shall indemnify the Agents, the Collateral Administrator, the Securities Intermediary, the Lenders and their
Related Parties (each such Person being called an "Indemnitee"), against, and hold each Indemnitee harmless from,
any and all losses, claims, damages, liabilities and related expenses, including the fees, charges and disbursements of outside
counsel for each Indemnitee and such other local counsel as required for any Indemnitees, incurred by or asserted against any Indemnitee
arising out of, in connection with, or as a result of (1) the execution or delivery of this Agreement or any agreement or instrument
contemplated thereby, the performance by the parties thereto of their respective obligations or the exercise or enforcement of
the parties thereto of their respective rights or the consummation of the transactions contemplated hereby, (2) any Advance or
the use of the proceeds therefrom, or (3) any actual or prospective claim, litigation, investigation or proceeding relating to
any of the foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto
or is pursuing or defending any such action; provided that such indemnity shall not, as to any Indemnitee, be available
to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction
by final and nonappealable judgment to have resulted from (x) the gross negligence or willful misconduct of such Indemnitee and
its Related Parties or (y) the material noncompliance by the Administrative Agent or Lenders of their respective obligations under
this Agreement (it being understood that this clause (y) shall not be applicable to an Indemnitee that is not a Related Party of
the Administrative Agent or Lender in material noncompliance). This Section 10.04(b) shall not apply with respect to Taxes other
than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim. Payments under this Section 10.04(b)
to the Administrative Agent, the Lenders or their Related Parties shall be made by the Company to the Administrative Agent for
the account of the applicable recipient.

 

(c)               
To the extent permitted by Applicable Law, neither the Company nor any Indemnitee shall assert, and each hereby waives,
any claim against the Company or any Indemnitee, as applicable, on any theory of liability, for special, indirect, consequential
or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement,
any other Transaction Document or any agreement, instrument or transaction contemplated hereby or thereby, any Advance or the use
of the proceeds thereof; provided, that nothing contained in this sentence shall limit the Company's indemnification obligations
hereunder to the extent that such damages are included in a third party claim in connection with which an Indemnitee is entitled
to indemnification hereunder.

 

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

 

(e)       This
Section 10.04 shall survive the termination of this Agreement, the repayment of all amounts owing to the Secured Parties hereunder
and, if applicable, the earlier resignation or removal of any Indemnitee.

 

    - 74 -

     

    

 

SECTION 10.05. Amendments.
Subject to Section 3.01(h)(ii), no amendment, modification or waiver in respect of this Agreement will be effective unless in writing
(including, without limitation, a writing evidenced by a facsimile transmission or electronic mail) and executed by each of the
Agents, the Collateral Administrator, the Securities Intermediary, the Required Lenders, the Company and the Portfolio Manager;
provided, however, that any amendment to this Agreement that the Administrative Agent determines in its commercially
reasonable judgment is necessary to effectuate the purposes of Section 1.04 hereof following the occurrence and during the continuance
of an Event of Default or following the occurrence of a Market Value Event and which would not result in an increase or decrease
in the rights, duties or liabilities of the Portfolio Manager or the Company shall not be required to be executed by the Portfolio
Manager or the Company; provided further that the Administrative Agent may waive any of the Eligibility Criteria and the
requirements set forth in Schedule 3 or Schedule 4 in its sole discretion; provided further that none of the Collateral
Agent, the Collateral Administrator or the Securities Intermediary shall be required to execute any amendment that affects its
rights, duties, protections or immunities; provided further that any Material Amendment shall require the prior written
consent of each Lender affected thereby.

 

SECTION 10.06. Successors; Assignments.

 

(a)               
The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns permitted hereby, except that the Company may not assign or otherwise transfer any of its rights or obligations
hereunder without the prior written consent of the Portfolio Manager, the Administrative Agent and each Lender (and any attempted
assignment or transfer by the Company without such consent shall be null and void) and the Portfolio Manager may not assign or
otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent. Except
as expressly set forth herein, nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person any
legal or equitable right, remedy or claim under or by reason of this Agreement.

 

(b)               
Subject to the conditions set forth below, any Lender may assign to any other Person, all or a portion of its rights and
obligations under this Agreement (including all or a portion of its Financing Commitment and the Advances at the time owing to
it) with the prior written consent (such consent not to be unreasonably withheld) of the Administrative Agent and, unless an Event
of Default has occurred and is continuing or a Market Value Event shall have occurred, if such assignee is an Ineligible Person,
the Portfolio Manager; provided that no consent of the Administrative Agent or the Portfolio Manager shall be required for
an assignment of any Financing Commitment to an assignee that is a Lender (or any Affiliate thereof) immediately prior to giving
effect to such assignment.

 

Assignments shall be subject
to the following additional conditions: (A) each partial assignment shall be made as an assignment of a proportionate part of all
the assigning Lender's rights and obligations under this Agreement; and (B) the parties to each assignment shall execute and deliver
to the Administrative Agent an assignment and assumption agreement in form and substance acceptable to the Administrative Agent.

 

    - 75 -

     

    

 

Subject to acceptance and recording thereof
below, from and after the effective date specified in each assignment and assumption the assignee thereunder shall be a party hereto
and, to the extent of the interest assigned by such assignment and assumption, have the rights and obligations of a Lender under
this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such assignment and assumption,
be released from its obligations under this Agreement (and, in the case of an assignment and assumption covering all of the assigning
Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto as a Lender but shall continue
to be entitled to the benefits of Sections 5.03 and 10.04).

The Administrative Agent, acting solely
for this purpose as an agent of the Company, shall maintain at one of its offices a copy of each assignment and assumption delivered
to it and the Register. The entries in the Register shall be conclusive absent manifest error, and the parties hereto shall treat
each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this
Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Company, any Lender and
the Portfolio Manager, at any reasonable time and from time to time upon reasonable prior notice. Upon its receipt of a duly completed
assignment and assumption executed by an assigning Lender and an assignee, the Administrative Agent shall accept such assignment
and assumption and record the information contained therein in the Register.

(c)               
Any Lender may sell participations to one or more banks or other entities (a "Lender Participant") in all
or a portion of such Lender's rights and obligations under this Agreement (including all or a portion of its Financing Commitment
and the Advances owing to it); provided that (1) such Lender's obligations under this Agreement shall remain unchanged,
(2) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, (3) the Company,
the Agents and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender's rights
and obligations under this Agreement and (4) the sale to a Lender Participant is recorded in the Participant Register. Any agreement
or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right
to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided
that such agreement or instrument may provide that such Lender will not, without the consent of the Lender Participant, agree
to any Material Amendment that affects such Lender Participant.

 

(d)                Each
Lender that sells a participation shall, acting solely for this purpose as an agent of the Company, maintain a register on
which it enters the name and address of each Lender Participant and the principal amounts (and stated interest) of each
Lender Participant's interest in the Advances or other obligations under this Agreement (the "Participant
Register"); provided that no Lender shall have any obligation to disclose all or any portion of the
Participant Register (including the identity of any Lender Participant or any information relating to a Lender Participant's
interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except
to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation
is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations or is otherwise required
thereunder. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat
each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this
Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity
as Administrative Agent) shall have no responsibility for maintaining a Participant Register. The Company agrees that each
Lender Participant shall be entitled through the Lender granting such participation (and, for the avoidance of doubt, shall
have no direct rights against the Company) to the benefits of Sections 3.01(e) and 3.03 (subject to the requirements and
limitations therein, including the requirements under Section 3.03(f) (it being understood that the documentation required
under Section 3.03(f) shall be delivered to the Lender that sells the participation)) to the same extent as if it were a
Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such
Lender Participant (A) agrees to be subject to the provisions of Section 3.01(f) relating to replacement of Lenders as if it
were an assignee under paragraph (b) of this Section 10.06 and (B) shall not be entitled to receive any greater payment under
Sections 3.01(e) and 3.03, with respect to any participation, than the Lender that sells the participation would have been
entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that
occurs after the Lender Participant acquired the applicable participation. Each Lender that sells a participation agrees, at
the Company's request and expense, to use reasonable efforts to cooperate with the Company to effectuate the replacement of
Lenders provisions set forth in Section 3.01(f) with respect to any Lender Participant.

 

    - 76 -

     

    

 

SECTION 10.07. Governing Law; Submission to Jurisdiction;
Etc.

 

(a)               
Governing Law. This Agreement will be governed by and construed in accordance with the law of the State of New York.

 

(b)               
Submission to Jurisdiction. Any suit, action or proceedings relating to this Agreement (collectively, "Proceedings")
shall be tried and litigated in the courts of the State of New York and the United States District Court located in the Borough
of Manhattan in New York City. With respect to any Proceedings, each party hereto irrevocably (i) submits to the non-exclusive
jurisdiction of the courts of the State of New York and the United States District Court located in the Borough of Manhattan in
New York City and (ii) waives any objection which it may have at any time to the laying of venue of any Proceedings brought in
any such court, waives any claim that such Proceedings have been brought in an inconvenient forum and further waives the right
to object, with respect to such Proceedings, that such court does not have any jurisdiction over such party. Nothing in this Agreement
precludes any party hereto from bringing Proceedings to enforce any judgment against any such party arising out of or relating
to this Agreement in the courts of any place where such party or any of its assets may be found or located, nor will the bringing
of such Proceedings in any one or more jurisdictions preclude the bringing of such Proceedings in any other jurisdiction.

 

(c)               
Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY.

 

SECTION 10.08. Interest Rate Limitation.
Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Advance, together with all
fees, charges and other amounts which are treated as interest on such Advance under Applicable Law (collectively the "Charges"),
shall exceed the maximum lawful rate (the "Maximum Rate") which may be contracted for, charged, taken, received
or reserved by the Lender holding such Advance in accordance with Applicable Law, the rate of interest payable in respect of such
Advance hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent
lawful, the interest and Charges that would have been payable in respect of such Advance but were not payable as a result of the
operation of this Section 10.08 shall be cumulated and the interest and Charges payable to such Lender in respect of other Advances
or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon
at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender.

 

SECTION 10.09. PATRIOT
Act. Each Lender and Agent that is subject to the requirements of the PATRIOT Act hereby notifies the Company that
pursuant to the requirements of the PATRIOT Act, it is required to obtain, verify and record information that identifies the
Company, which information includes the name and address of the Company and other information that will allow such Lender or
Agent to identify the Company in accordance with the PATRIOT Act.

 

    - 77 -

     

    

 

SECTION 10.10. Counterparts. This
Agreement may be executed in any number of counterparts by facsimile or other written form of communication, each of which shall
be deemed to be an original as against the party whose signature appears thereon, and all of which shall together constitute one
and the same instrument. This Agreement shall be valid, binding, and enforceable against a party when executed and delivered by
an authorized individual on behalf of the party by means of (i) an original manual signature; (ii) a faxed, scanned, or photocopied
manual signature, or (iii) any other electronic signature permitted by the federal Electronic Signatures in Global and National
Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law,
including any relevant provisions of the UCC (collectively, "Signature Law"), in each case to the extent applicable.
Each faxed, scanned, or photocopied manual signature, or other electronic signature, shall for all purposes have the same validity,
legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively
rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic
signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof.
For the avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under
the UCC or other Signature Law due to the character or intended character of the writings.

 

SECTION 10.11. Headings.Article
and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement
and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

 

SECTION 10.12. Confidentiality.
Each Agent and each Lender agrees to maintain the confidentiality of the Information for a period of two (2) years after
receipt thereof (or, with respect to Information relating to or provided by an obligor in respect of a Portfolio Investment,
for a period commencing upon receipt thereof and ending on the date on which the confidentiality obligations of the Company
with respect to such obligor terminate), except that Information may be disclosed (i) to its and its Affiliates' directors,
officers, employees and agents, including accountants, legal counsel and other advisors (it being understood that the Persons
to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such
Information confidential), (ii) to the extent requested by any regulatory authority (including any self-regulatory
authority), (iii) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (iv)
to any other party to this Agreement, (v) in connection with the exercise of any remedies hereunder, any sale of Portfolio
Investments by or at the direction of the Administrative Agent pursuant to Section 1.04 hereof or any suit, action or
proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (vi)
subject to an agreement containing provisions substantially the same as those of this Section 10.12, to (x) any assignee of
or Participant in (to the extent such Person is permitted to become an assignee or Participant hereunder), or any prospective
assignee of or Participant in, any of its rights or obligations under this Agreement or (y) any actual or prospective
counterparty (or its advisors) to any swap or derivative transaction relating to the Company and its obligations, (vii) with
the consent of the Company or (viii) to the extent such Information (x) becomes publicly available other than as a result of
a breach of this Section 10.12 by the delivering party or its Affiliates or (y) becomes available to any Agent or Lender on a
nonconfidential basis from a source other than the Company. Each party's obligations under this Section 10.12 shall survive
the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender,
the termination of the Financing Commitments, and the repayment, satisfaction or discharge of all obligations under any Loan
Document. Any Person required to maintain the confidentiality of Information as provided in this Section 10.12 shall be
considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the
confidentiality of such Information as such Person would accord its own confidential information.

 

    - 78 -

     

    

 

SECTION 10.13. Acknowledgement
and Consent to Bail-In of EEA Financial Institutions.Notwithstanding anything to the contrary in this Agreement or in any other
agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender
that is an Affected Financial Institution arising under this Agreement may be subject to the Write-Down and Conversion Powers of
the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 

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

 

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

 

(1)   
a reduction in full or in part or cancellation of any such liability;

 

(2)   
a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial
Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares
or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement;
or

 

(3)   
the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of
any applicable Resolution Authority.

 

As used herein:

 

"Affected Financial
Institution" means (a) any EEA Financial Institution or (b) any UK Financial Institution.

 

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

 

"Bail-In Legislation"
means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and
of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in
the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as
amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of
unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation,
administration or other insolvency proceedings).

 

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

 

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

 

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

 

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

 

"Resolution Authority"
means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

 

"UK Financial Institution"
means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form time to time) promulgated by the United
Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time)
promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms,
and certain affiliates of such credit institutions or investment firms.

 

"UK Resolution Authority"
means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial
Institution.

 

"Write-Down and Conversion
Powers" means (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution
Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion
powers are described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, any powers of the applicable
Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial
Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares,
securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect
as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under
that Bail-In Legislation that are related to or ancillary to any of those powers.

 

    - 79 -

     

    

 

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

 

	 	BDCA 57TH STREET FUNDING, LLC, as Company
	 	 
	 	 
	 	By	                      
	 	Name:
	 	Title:
	 	 
	 	BUSINESS DEVELOPMENT CORPORATION
    OF AMERICA,
	 	as Portfolio Manager
	 	 
	 	 
	 	By	 
	 	Name:
	 	Title:

 

     

     

    

 

	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as Collateral Agent
	 	 
	 	 
	 	By	                
	 	Name:
	 	Title:
	 	 
	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as Collateral Administrator
	 	 
	 	 
	 	By	 
	 	Name:
	 	Title:
	 	 
	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as Securities Intermediary
	 	 
	 	 
	 	By 	 
	 	Name:
	 	Title:

 

     

     

    

 

	 	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as Administrative Agent
	 	 
	 	 
	 	By	                  
	 	Name:
	 	Title:
	 	 
	 	The Lenders
	 	 
	 	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as Lender
	 	 
	 	 
	 	By	 
	 	Name:
	 	Title:

 

     

     

    

 

 

 

SCHEDULE 1

 

Transaction Schedule

 

	1.	Types of Financing	 	Available Financing Limit
	 	 	 	 
	 	Advances	yes	Prior
    to After the First Commitment Increase Date: U.S.$300,000,000.400,000,000.
    After aany additional
    Commitment Increase Date, if any, U.S.$300,000,000400,000,000
    plus the principal amount of each increase in the Financing Commitment set forth in the applicable Commitment
    Increase Requests up to U.S.$300,000,000200,000,000
    in aggregate Financing Limit after giving effect to all such Commitment Increase Requests
		 	 	
	 	 	 	 
	2. 	Lenders Financing Commitment	 	 
	 	 	 	 
	 	JPMorgan Chase Bank, National
    Association	 	Prior to aAfter
    the First Commitment Increase Date: U.S.$300,000,000400,000,000.
    After aany additional Commitment Increase Date,
    if any, U.S.$300,000,000400,000,000
    plus the principal amount of each increase in the Financing Commitment set forth in the applicable Commitment Increase
    Requests up to U.S.$300,000,000200,000,000
    in aggregate Financing Commitment after giving effect to all such Commitment Increase Requests, in each case, as reduced from
    time to time pursuant to Section 4.07

 

	3.	Scheduled Termination
                                Date:	 	August 28, 2023
                                    (or, upon exercise of the Extension Option, August 28, 2024)

 

	4.	Interest Rates

 

	 	Applicable
    Margin for Advances:	 	With respect
    to interest based on the LIBO Rate, 2.75% per annum (subject to increase in accordance with Section 3.01(b)). With
    respect to interest based on the Base Rate, 2.75% per annum (subject to increase in
accordance with Section 3.01(b)).

 

    

    -2-

    

 

	5.	Account Numbers	 	 
	 	 	 	 
	 	Custodial Account:	 	XXXXX
	 	Interest Collection Account:	 	XXXXX
	 	Principal Collection Account:	 	XXXXX
	 	MV Cure Account:	 	XXXXX
	 	Unfunded Exposure Account:	 	XXXXX
	 	 	 	 
	6.	Market Value Trigger:	 	70.0%
	 	 	 	 
	7.	Market Value Cure Level:	 	60.0%
	 	 	 	 
	8.	Purchases of Restricted Securities	 	 
	 	 	 	 
	 	Notwithstanding anything herein to the contrary, no Portfolio Investment may constitute, at the time of initial purchase, a Restricted Security. As used herein, "Restricted Security" means any security that forms part of a new issue of publicly issued securities (a) with respect to which an Affiliate of any Lender that is a "broker" or a "dealer", within the meaning of the Securities Exchange Act of 1934, participated in the distribution as a member of a selling syndicate or group within 30 days of the proposed purchase by the Company and (b) which the Company proposes to purchase from any such Affiliate of any Lender.

 

    

    -3-

    

 

Addresses for Notices

 

	The
    Company:	 	BDCA
                                         57TH Street Funding, LLC

                                                                                c/o
                                         Benefit Street Partners L.L.C.

9 West
57th Street, Suite 4920

New York, NY 10019

	Attn:
                                         Michael Frick

Telephone: (212) 588-6770

Email: m.frick@benefitstreetpartners.com

  
	 	 	 	 
	The
    Portfolio Manager:	 	Business
                                         Development

Corporation
of America

 c/o Benefit Street Partners L.L.C.

9 West
57th Street, Suite 4920

 New York, NY 10019

  	Attn:
                                         Michael Frick

Telephone: (212) 588-6770

Email: m.frick@benefitstreetpartners.com

	 	 	 	 
	The
    Administrative Agent:	 	JPMorgan
                                         Chase Bank, 

National Association 

c/o JPMorgan Services Inc. 

500 Stanton Christiana Rd.,
                                         3rd Floor

Newark,
Delaware 19713

	Attention: Ryan Hanks

    Telephone: (302) 634-2030
	 	 	 	 
	 	 	 

                                                                                                with
                                         a copy to

                                                                                                 

JPMorgan
Chase Bank,

National
Association

383 Madison
Ave.

New York,
New York 10179

  	Attention:
                                         Louis Cerrotta

Telephone: 212-622-7092

Email: louis.cerrotta@jpmorgan.com

With a copy to: de_custom_business@jpmorgan.com and

brian.m.larocca@jpmorgan.com

	 	 	 	 
	The
    Collateral Agent:	 	U.S.
                                         Bank National Association

One Federal
Street, 

3rd Floor Boston, 

Massachusetts, 02110

  	Attention: Global Corporate
    Trust – BDCA 57TH Street Funding, LLC Email: BDCABostonCustody@usbank.com, with a copy to Stanley.Wong@usbank.com

 

	The Securities 

    Intermediary:	 	U.S. Bank National Association

 One Federal Street, 

3rd Floor
    Boston, 

Massachusetts, 02110	Attention: Global Corporate Trust – BDCA 57TH Street
    Funding, LLC Email: BDCABostonCustody@usbank.com, with a copy to Stanley.Wong@usbank.com

 

    

    -4-

    

 

	The Collateral Administrator:	 	U.S. Bank National Association

                                            One Federal Street, 3rd Floor

                                            Boston, Massachusetts, 02110
	Attention: Global Corporate Trust – BDCA 57TH
    Street Funding, LLC

 Email: BDCABostonCustody@usbank.com, 

with a copy to

 Stanley.Wong@usbank.com

 

	JPMCB:	 	JPMorgan
        Chase Bank,

                                            National
Association 

c/o JPMorgan Services Inc.

                                            500
Stanton Christiana Rd., 3rd Floor

        Newark,
        Delaware 19713

         

        with
        a copy to:

         

        JPMorgan
        Chase Bank,

        National
        Association

        383
        Madison Ave.

        New
        York, New York 10179
	Attention:
        Robert Nichols

        Facsimile: (302) 634-1092

         

         

         

         

         

         

         

         

        Attention:
Louis Cerrotta

Telephone: 212-622-7092

	 	 	 	 
	Each other Lender:	 	The address (or facsimile number or electronic mail address) provided by it to the Administrative
    Agent.	 

 

    

     

    

 

SCHEDULE 2

 

Contents of Notices of Acquisition

 

Each Notice of Acquisition shall include the following information
for the related Portfolio Investment(s):

 

JPMorgan Chase Bank, National Association,

as Administrative Agent

c/o JPMorgan Services Inc.

500 Stanton Christiana Rd., 3rd Floor

Attention: Ryan Hanks

Email: de_custom_business@jpmorgan.com

brian.m.larocca@jpmorgan.com

 

JPMorgan Chase Bank, National Association,

as Administrative Agent

383 Madison Avenue

New York, New York 10179

Attention: Michael Grogan

Email: NA_Private_Financing_Diligence@jpmorgan.com

 

JPMorgan Chase Bank, National Association,

as Lender

c/o JPMorgan Services Inc.

500 Stanton Christiana Rd., 3rd Floor

Newark, Delaware 19713

Attention: Ryan Hanks

 

cc:

 

U.S. Bank National Association, as Collateral Agent and Collateral
Administrator

One Federal Street, 3rd Floor

Boston, Massachusetts 02110

Attention: Global Corporate Trust – BDCA 57TH
Street Funding, LLC

 

    

    -2-

    

 

Ladies and Gentlemen:

 

Reference is hereby made
to the Loan and Security Agreement, dated as of August 28, 2020 (as amended, the "Agreement"), among BDCA 57TH
Street Funding, LLC, as borrower (the "Company"), JPMorgan Chase Bank, National Association, as administrative
agent (the "Administrative Agent"), Business Development Corporation of America, as portfolio manager (the "Portfolio
Manager"), the lenders party thereto and the collateral agent, collateral administrator and securities intermediary party
thereto. Capitalized terms used herein and not otherwise defined herein shall have the respective meanings given such terms in
the Agreement.

 

Pursuant to the Agreement, the
Portfolio Manager hereby [requests approval for the Company to acquire][notifies the Administrative Agent of the Company's intention
to acquire] the following Portfolio Investment(s):1

 

	Fund
	Issuer / Obligor
	Jurisdiction
	Identifier (LoanX; CUSIP)
	Requested Notional Amount
	Asset
    Class
	Current Pay (Y/N)
	Syndication Type
	Lien
	Tranche
    Size
	Price
	Spread / Coupon
	Base
    Rate
	LIBOR
    Floor
	Maturity
	Moody's Industry Classification
	LTM EBITDA (In Millions)
	 
	LTM
    Capital Expenditures (in Millions) Leverage Through Tranche (Net)
	Interest Coverage
	Financial
    Covenants
	Security Identifier
	Security Description
	Quantity

 

 

1 Company to complete as applicable.

 

    

    -3-

    

 

To the extent available, we have included
herewith (1) the material underlying instruments (including , in the case of a Loan, the final credit agreement and collateral
and security documents) relating to each such Portfolio Investment, (2) an audited financial statement for the previous most recently
ended three years of the obligor of each such Portfolio Investment, (3) quarterly statements for the previous most recently ended
eight fiscal quarters of the obligor of each such Portfolio Investment, (4) any appraisal or valuation reports conducted by third
parties in connection with the proposed investment by the Company, (5) applicable "proof of existence" details (if requested
by the Administrative Agent), and (6) investment committee memo. The Portfolio Manager acknowledges that it will provide such other
information from time to time reasonably requested by the Administrative Agent.

 

We hereby certify that all
conditions to the Purchase of such Portfolio Investment(s) set forth in Section 1.03 of the Agreement are satisfied.

 

	 	Very truly
    yours,
	 	 
	 	Benefit Street
    Partners L.L.C.,
	 	as Portfolio Manager
	 	 
	 	By	 
	 	Name:
	 	Title:

 

    

     

    

 

 

SCHEDULE 3

Eligibility Criteria

 

		1.	Such obligation is a Senior Secured Loan, a Second Lien Loan or a corporate debt security and
is not a Mezzanine Obligation, a Synthetic Security, a Zero-Coupon Security, a Structured Finance Obligation, a Participation Interest
(other than Initial Portfolio Investments), a Revolving Loan or a letter of credit or an interest therein.

		2.	Such obligation does not require the making of any future advance or payment by the Company to
the issuer thereof or any related counterparty except in connection with a Delayed Funding Term Loan.

		3.	Such obligation is eligible to be entered into by, sold or assigned to the Company and pledged
to the Collateral Agent.

		4.	Such obligation is denominated and payable in U.S. dollars and purchased at a price that is at
least 80% of the par amount of such obligation.

		5.	Such obligation is issued by a company organized in an Eligible Jurisdiction.

		6.	It is an obligation upon which no payments are subject to deduction or withholding for or on
account of any withholding Taxes imposed by any jurisdiction unless the related obligor is required to make "gross-up"
payments that cover the full amount of any such withholding Taxes (subject to customary conditions to such payments which the Company
(or the Portfolio Manager on behalf of the Company) in its good faith reasonable judgment expects to be satisfied).

		7.	Such obligation is not subject to an event of default (as defined in the underlying instruments
for such obligation) in accordance with its terms (including the terms of its underlying instruments after giving effect to any
grace and/or cure period set forth in the related loan agreement or other primary underlying instruments, but not to exceed five
(5) days) and no Indebtedness of the obligor thereon ranking pari passu with or senior to such obligation is in default
with respect to the payment of principal or interest or is subject to any other event of default that would trigger a default under
the related loan agreement or other primary underlying instruments (after giving effect to any grace and/or cure period set forth
in the related loan agreement or other primary underlying instruments, but not to exceed five (5) days) (a "Defaulted Obligation").

		8.	The timely repayment of such obligation is not subject to non-credit-related risk as determined
by the Portfolio Manager in its good faith and reasonable judgment.

		9.	It is not at the time of purchase or commitment to purchase the subject of an offer other than
an offer pursuant to the terms of which the offeror offers to acquire a debt obligation in exchange for consideration consisting
solely of cash in an amount equal to or greater than the full face amount of such debt obligation plus any accrued and unpaid interest.

		10.	Such obligation is not an equity security and does not provide, on the date of acquisition, for
conversion or exchange at any time over its life into an equity security.

		11.	Such obligation provides for periodic payments of interest thereon in cash at least semi-annually.

 

    

    -2-

    

 

		12.	Such obligation will not cause the Company or the pool of Collateral to be required to register
as an investment company under the Investment Company Act of 1940, as amended.

		13.	The Portfolio Investment has been, or substantially concurrently with the acquisition thereof
will be, Delivered to the Collateral Agent.

		14.	In the case of a Portfolio Investment that is a Loan, (i) to the knowledge of the Company and
the Portfolio Manager after reasonable inquiry, the Administrative Agent is an "eligible Assignee" (as such term, or
comparable term, is defined in the documents evidencing such Portfolio Investment) and such Portfolio Investment is otherwise permitted
to be entered into by, sold or assigned to the Administrative Agent and (ii) the Company has delivered to the Collateral Agent
to hold in custody in accordance with this Agreement (to be provided to the Administrative Agent upon written request (including
via email) following the occurrence and during the continuance of an Event of Default or following the occurrence of a Market Value
Event) an assignment agreement duly executed by the administrative agent (as required to effect an assignment pursuant to such
Underlying Instruments) in respect of such Portfolio Investment, naming the Administrative Agent as assignee; provided that
the preceding clause (ii) shall be applicable with respect to each Portfolio Investment only if the Company or the Portfolio Manager
(or in each case, an affiliate thereof) acts as the administrative agent in respect of such Portfolio Investment; provided further
that with respect of each such Initial Portfolio Investment the Company shall have delivered any documents required under the
preceding clause (ii) by October 12, 2020.

		15.	Following the relevant Trade Date, such Portfolio Investment has not been amended to (a) reduce
the principal amount of such Portfolio Investment, (b) postpone the maturity date or any scheduled prepayment date in respect of
such Portfolio Investment, (c) alter the pro rata allocation or sharing of payments or distributions required by any related underlying
instruments in a manner adverse to the Company, (d) release any material guarantor of such Portfolio Investment from its obligations,
or (e) terminate or release any lien on a material portion of the collateral securing such Portfolio Investment, in each case without
the prior written consent of the Administrative Agent (at the direction of the Required Lenders); provided that this clause
15 shall not be applicable for purposes of Section 1.03 of the Agreement.

 

The following capitalized terms used in this Schedule
3 shall have the meanings set forth below:

 

"Eligible Jurisdictions"
means the United States and any State therein, Canada, the United Kingdom, the Netherlands, France and Luxembourg.

 

"Letter of Credit"
means a facility whereby (i) a fronting bank ("LOC Agent Bank") issues or will issue a letter of credit ("LC")
for or on behalf of a borrower pursuant to an underlying instrument, (ii) if the LC is drawn upon, and the borrower does not reimburse
the LOC Agent Bank, the lender/participant is obligated to fund its portion of the facility and (iii) the LOC Agent Bank passes
on (in whole or in part) the fees and any other amounts it receives for providing the LC to the lender/participant.

 

"Structured Finance
Obligation" means any obligation issued by a special purpose vehicle and secured directly by, referenced to, or representing
ownership of, a pool of receivables or other financial assets of any obligor, including collateralized debt obligations and mortgage-backed
securities.

 

    

    -3-

    

 

 

"Synthetic
Security" means a security or swap transaction, other than a participation interest or a letter of credit, that has payments
associated with either payments of interest on and/or principal of a reference obligation or the credit performance of a reference
obligation.

 

"Zero-Coupon Security"
means any debt security that by its terms (a) does not bear interest for all or part of the remaining period that it is outstanding
or (b) pays interest only at its stated maturity.

 

     

     

    

 

SCHEDULE
4

Concentration Limitations

 

The "Concentration Limitations"
shall be satisfied on any date of determination if, in the aggregate, the Portfolio Investments (other than any Ineligible Investments)
owned (or in relation to a proposed purchase of a Portfolio Investment, proposed to be owned) by the Company comply with all the
requirements set forth below:

 

		1.	Portfolio Investments issued by a single obligor and its affiliates may not exceed an aggregate
principal balance equal to 4% of the Collateral Principal Amount; provided that Portfolio Investments which are Senior Secured
Loans issued by three (3) obligors and their respective affiliates may each constitute up to an aggregate principal balance equal
to 6% of the Collateral Principal Amount.

		2.	Not more than 1020% of the Collateral Principal Amount may consist of Portfolio Investments
that are Second Lien Loans or a corporate debt security.

		3.	Not less than 9080% of the Collateral Principal Amount may consist of Senior Secured Loans and
cash and Cash Equivalents on deposit in the Principal Collection Account as Principal Proceeds.

		4.	Not more than 20% of the Collateral Principal Amount may consist of Portfolio Investments that
are issued by obligors that belong to the same Moody's Industry Classification; provided that Portfolio Investments that
are issued by obligors that belong to one Moody's Industry Classification may constitute up to 30% of the Collateral Principal
Amount. As used herein, "Moody's Industry Classifications" means the industry classifications set forth in Schedule
6 hereto, as such industry classifications shall be updated at the option of the Portfolio Manager (with the consent of the Administrative
Agent) if Moody's publishes revised industry classifications.

		5.	The Unfunded Exposure Amount shall not exceed 5% of the Collateral Principal
Amount.

 

     

     

    

 

SCHEDULE
5

Initial Portfolio Investments

 

	Security Code	Issuer Group	Instrument	Notional (USD)

 

	FLORIDAFP_TL	Florida Food Products, Inc	TL	22,002,105.00
	GCSERVICES_TL	GC Services	TL	21,623,996.91
	LX180854	AccentCare	2nd Lien	17,795,000.00
	Pivot_TL	PT Network LLC	TL	16,909,495.76
	LX177987	Western Dental	TLB	16,843,434.34
	LX168517	Playcore	2nd Lien	16,134,000.00
	PSKW_TL20	PSKW Intermediate	TL	14,962,500.00
	PLANETGROUP_TL	The Planet Group	TL	14,866,295.00
	IDEALTRI_TL	Ideal Tridon	TL	14,201,466.49
	CCW_TL	CCW, LLC	TL	13,362,500.00
	LX166517	Mood Media Corp	TL	13,234,339.13
	LX186049	Kissner Milling Co Ltd	TLB	12,487,500.00
	StAugust_TL	St Augustine	TL	11,941,343.75
	LX149988	Abaco Systems	TL	11,546,940.74
	LX153144	Northstar Travel	TL	11,297,590.36
	MSC_TL	Material Sciences Corp	TL	10,991,112.73
	LX179874	PlayPower	TL	10,867,741.98
	LX172015	Carlisle Foods	2nd Lien	10,719,000.00
	LX174890	Spring Education	2nd Lien	10,122,000.00
	Tillamook_TL	Tillamook Country Smoker	TL	9,936,680.00
	LX181212	Reddy Ice Corp	TL	9,720,810.00
	Mobility_TL	MobilityWorks	TL	9,602,896.90
	LX157025	Drive DeVilbiss	TL	9,520,484.41
	Midwest_TL20	Midwest Can	TL	8,797,635.00
	REDRIVER_TL	Red River Technology	TL	8,550,040.00
	Questex_TL	Questex	TL	7,953,828.75
	MuthMirror_TL	Muth Mirror Systems, LLC	TL	7,809,130.00
	LX169351	American Beacon Advisors	2nd Lien	7,758,000.00
	LX164257	Hyland Software	2nd Lien	6,903,963.15
	CORFIN_TL20	Corfin Industries	TL	6,133,128.75
	LX188238	Internap Corp	TL (Second Out)	5,853,914.56
	Miller_TL	Miller Environmental Group	TL	5,760,581.25
	Miller_TL19	Miller Environmental Group	TL	5,268,027.50
	Lionbridge_TL20	Lionbridge Technologies, Inc.	TL	5,146,140.00
	K2_TL	K2 Intelligence	TL	5,125,663.11
	LX182650	Aldevron	TLB	4,673,287.50
	LX182636	CoAdvantage	TL	4,672,193.75
	Coldspring_TL20	Cold Spring Brewing Company	TLB	4,386,767.67
	LX173943	Vertex Aerospace	TLB	4,340,910.00
	LX181313	AMC Situs	TLB	4,221,855.00
	LX181928	Kaman Distribution Corp	TL	3,890,360.00
	ASC_TL	American Safety Council	TL	3,507,500.00

 

    

    -2-

    

 

	LX182113	Shields Health Solutions	TLB	3,463,825.00
	LX179713	Arch Global Precision LLC	TL	3,277,644.91
	Magnitude_TL	Magnitude Software	TL	3,051,675.00
	LX186193	Aptos	TLB	2,875,692.50
	LX175307	Veritext	TL	2,474,825.38
	Olaplex_TL	Olaplex	TL	2,450,250.00
	LX145294	National Technical Systems, Inc	TL	2,238,166.94
	ICR_TL	ICR, LLC	TL	2,232,636.15
	LX165895	Cirque Du Soleil	TL	1,989,795.92
	LX175997	Kymera International	TLB	1,881,564.11
	LX174558	Mitel Networks	2nd Lien	1,500,000.00
	Miller_DDTL19	Miller Environmental Group	DDTL	565,500.00
	Childrens_TL	Children's Dental	TL	531,044.52
	IDEALTRI_TL19	Ideal Tridon	TL	416,295.00
	Labrie_TL	Labrie Environmental Group	TL	22,866,000.00

 

     

     

    

 

SCHEDULE 6

 

	Moody's Industry Classifications
	Industry Code Description
	1 Aerospace & Defense
	2 Automotive
	3 Banking, Finance, Insurance & Real Estate
	4 Beverage, Food & Tobacco
	5 Capital Equipment
	6 Chemicals, Plastics & Rubber
	7 Construction & Building
	8 Consumer goods: Durable
	9 Consumer goods: Non-durable
	10 Containers, Packaging & Glass
	11 Energy: Electricity
	12 Energy: Oil & Gas
	13 Environmental Industries
	14 Forest Products & Paper
	15 Healthcare & Pharmaceuticals
	16 High Tech Industries
	17 Hotel, Gaming & Leisure
	18 Media: Advertising, Printing & Publishing
	19 Media: Broadcasting & Subscription
	20 Media: Diversified & Production
	21 Metals & Mining
	22 Retail
	23 Services: Business
	24 Services: Consumer
	25 Sovereign & Public Finance
	26 Telecommunications
	27 Transportation: Cargo
	28 Transportation: Consumer
	29 Utilities: Electric
	30 Utilities: Oil & Gas
	31 Utilities: Water
	32 Wholesale

 

     

     

    

 

SCHEDULE 7

 

Ineligible Persons

 

None

 

     

     

    

 

EXHIBIT A

Form of Request for Advance

 

JPMorgan Chase Bank, National Association,

as Administrative Agent

c/o JPMorgan Services Inc.

500 Stanton Christiana Rd., 3rd Floor

Attention: Ryan Hanks

 

JPMorgan Chase Bank, National Association,

as Administrative Agent

383 Madison Avenue

New York, New York 10179

Attention: Louis Cerrotta

Email: louis.cerrotta@jpmorgan.com

de_custom_business@jpmorgan.com

brian.m.larocca@jpmorgan.com

 

JPMorgan Chase Bank, National Association,

as Lender

c/o JPMorgan Services Inc.

500 Stanton Christiana Rd., 3rd Floor

Newark, Delaware 19713

Attention: Robert Nichols

 

cc:

 

U.S. Bank National Association, as Collateral Agent
and Collateral Administrator

One Federal Street, 3rd Floor

Boston, Massachusetts 02110

Attention: Global Corporate Trust – BDCA 57TH
Street Funding, LLC

 

Ladies and Gentlemen:

 

Reference is hereby made to the
Loan and Security Agreement, dated as of August 28, 2020 (as amended, the "Agreement"), among BDCA 57TH
Street Funding, LLC, as borrower (the "Company"), JPMorgan Chase Bank, National Association, as administrative
agent (the "Administrative Agent"), Business Development Corporation of America, as portfolio manager (the "Portfolio
Manager"), the lenders party thereto, and the collateral agent, collateral administrator and securities intermediary party
thereto. Capitalized terms used herein and not otherwise defined herein shall have the respective meanings given such terms in
the Agreement.

 

Pursuant to the Agreement, you
are hereby notified of the following:

 

(1)       The
Company hereby requests an Advance under Section 2.03 of the Agreement to be funded on [          ].

 

    

    -2-

    

 

(2)         
The aggregate amount of the Advance requested hereby is U.S.$[].2

 

(3)         
The proposed purchases (if any) relating to this request are as follows:

 

	Security	Par	Price	Purchased Interest (if any)

 

We hereby certify that all conditions
[to the Purchase of such Portfolio Investment(s) set forth in Section 1.03 of the Agreement and] to an Advance set forth in Section
2.05 of the Agreement have been satisfied or waived as of the [related Trade Date (and shall be satisfied or waived as of the related
Settlement Date) and] Advance date[, as applicable].

 

		Very truly yours,
		 	 
		BDCA 57TH Street Funding, LLC

 

		By	

		Name:
		Title:

 

 

2
Note: The requested Advance shall be in an amount such that, after giving effect thereto and the related purchase of the
applicable Portfolio Investment(s) (if any), the Borrowing Base Test is satisfied.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00319-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00319-of-00352.parquet"}]]