Document:

Exhibit 4.1

 

METEN
EDTECHX EDUCATION GROUP LTD.

 

2020
SHARE INCENTIVE PLAN

 

As
Amended and Restated effective as of November 23, 2020

 

1.
Purposes of the Plan.  The purposes of this 2020 Share Incentive Plan are to attract and retain the best available
personnel for positions of substantial responsibility, to provide additional incentive to Employees and Consultants, and to promote
the success of the Company’s business.

 

This
Plan was adopted by the Company in connection with the consummation of the Business Combination and the assumption by the Company
pursuant to the Business Combination of outstanding awards previously granted to employees and other service providers under the
Prior Plan (the “Assumed Awards”). The Board amended the Plan on November 23, 2020.

 

This
Plan is intended to constitute an amendment and restatement and continuation of the Prior Plan, such that from and after the assumption
of the Assumed Awards by the Company in the Business Combination, the Assumed Awards shall be deemed granted under and governed
by this Plan, it being understood that the adoption of this Plan is not intended to modify the terms and conditions of any Assumed
Awards. In connection with the Business Combination, the Assumed Awards are being adjusted as required under the terms of the
Prior Plan, as set forth in a written notice provided or to be provided to each applicable Participant, and the terms and conditions
of such Assumed Awards shall otherwise continue to be as set forth in the applicable Award Agreements covering each of the Assumed
Awards.

 

In
addition to the Assumed Awards, from and after the time of the Business Combination, the Company intends to use this Plan to grant
new Awards to eligible Employees and Consultants from time to time, subject to and in accordance with the terms and conditions
described herein.

 

2.
Definitions.  As used herein, the following definitions shall apply:

 

(a)
“Administrator” means the Board, a Committee or any delegate of the Board or a Committee, in any
case acting in its capacity as administrator of the Plan, as described in Section 5.

 

(b)
“Applicable Laws” means all applicable laws, rules, regulations and requirements, including, but
not limited to, any Share Exchange rules or regulations, and the applicable laws, rules or regulations of any jurisdiction
where Awards are granted under the Plan or Participants reside or provide services, as such laws, rules, and regulations shall
be in effect from time to time.

 

(c)
“Assumed Award” has the meaning set forth in Section 1.

 

(d)
“Award” means any of the following awards authorized for issuance or grant under the Plan: Options,
share appreciation rights, Share awards, restricted share units, dividend equivalents or other Share-based awards.

 

(e)
“Award Agreement” means a written document (which may be in electronic form), the form(s) of
which shall be approved from time to time by the Administrator, reflecting the terms of an Award granted under the Plan and includes
any documents attached to or incorporated into such Award Agreement, including, but not limited to, a notice of grant, purchase
agreement, or exercise notice, as applicable. For the avoidance of doubt, award agreements previously entered into with respect
to Assumed Awards shall constitute Award Agreements for all purposes hereunder.

 

(f)
“Board” means the Board of Directors of the Company.

 

(g)
“Business Combination” means the transactions contemplated by that certain Agreement and Plan of Reorganization
dated as of December 12, 2019, by and among by and among the Company, EdtechX Holdings Acquisition Corp., Meten Education Inc.,
Meten Education Group Ltd., and Meten International Education Group, as amended from time to time.

 

(h)
“Cause” for termination of a Participant’s Continuous Service Status will exist (unless another
definition is provided in an applicable Award Agreement, employment agreement or other applicable written agreement) if the Participant’s
Continuous Service Status is terminated for any of the following reasons:  (i) any material breach by Participant of
any material written agreement between Participant and any of the Company, its Parent or Subsidiary, as the case may be, and Participant’s
failure to cure such breach within 30 days after receiving written notice thereof; (ii) any failure by Participant to comply
with material written policies or rules of the Company, its Parent or Subsidiary, as the case may be, as they may be in effect
from time to time; (iii) Participant’s repeated failure to follow reasonable and lawful instructions from the Board
or chief executive officer and Participant’s failure to cure such condition within 30 days after receiving written notice
thereof; (iv) Participant’s conviction of, or plea of guilty or nolo contendere to, any crime that results in, or is
reasonably expected to result in, material harm to the business or reputation of the Company; (v) Participant’s commission
of or participation in an act of fraud against the Company, its Parent or Subsidiary; (vi) Participant’s intentional
material damage to the Company’s business, property or reputation; (vii) Participant’s unauthorized use or disclosure
of any proprietary information or trade secrets of the Company, its Parent or Subsidiary, or any other party to whom the Participant
owes an obligation of nondisclosure as a result of his or her relationship with the Company, its Parent or Subsidiary; or (viii) any
breach by Participant of any non-disclosure undertakings/agreements or non-competition undertakings/agreements between Participant
and the Company, its Parent or Subsidiary.  For purposes of clarity, a termination without “Cause” does not include
any termination that occurs as a result of Participant’s death or disability.  The determination as to whether a Participant’s
Continuous Service Status has been terminated for Cause shall be made in good faith by the Company and shall be final and binding
on the Participant.  The foregoing definition does not in any way limit the Company’s ability to terminate a Participant’s
employment, consulting or other service relationship at any time, and the term “Company” will be interpreted to include
any Parent or Subsidiary, or any successor thereto, if appropriate.

 

     

     

    

 

(i)
“Change of Control” means (unless another definition is provided in an applicable Award Agreement,
employment agreement or other applicable written agreement) any of the following transactions, provided, however, that the Administrator
shall determine under (iii) and (iv) whether multiple transactions are related, and its determination shall be final,
binding and conclusive:

 

(i)
an amalgamation, arrangement or consolidation or scheme of arrangement (A) in which the Company is not the surviving entity,
and (B) following which the holders of the voting securities of the Company do not continue to hold more than 50% of the
combined voting power of the voting securities of the surviving entity;

 

(ii)
the sale, transfer or other disposition of all or substantially all of the assets of the Company;

 

(iii)
a change in the composition of the Board over a period of 24 consecutive months or less such that a majority of the Board members
ceases to be comprised of individuals who either (A) have been Board members continuously since the beginning of such period
(“Incumbent Directors”) or (B) have been elected or nominated for election as Board members during such period
by at least a majority of the Incumbent Directors who were still in office at the time the Board approved such election or nomination;
provided that any individual who becomes a Board member subsequent to the beginning of such period and whose election or nomination
was approved by two-thirds of the Board members then comprising the Incumbent Directors will be considered an Incumbent Director;

 

(iv)
any reverse takeover or series of related transactions culminating in a reverse takeover (including, but not limited to, a
tender offer followed by a reverse takeover) in which the Company is the surviving entity but (A) the Company’s
equity securities outstanding immediately prior to such takeover are converted or exchanged by virtue of the takeover into
other property, whether in the form of securities, cash or otherwise, or (B) in which securities possessing more than
50% of the total combined voting power of the Company’s outstanding securities are transferred to a person or persons
different from those who held such securities immediately prior to such takeover or the initial transaction culminating in
such takeover, but excluding any such transaction or series of related transactions that the Administrator determines shall
not be a Change of Control; or

 

(v)
acquisition in a single or series of related transactions by any person or related group of persons (other than the Company or
by a Company-sponsored employee benefit plan) of beneficial ownership (within the meaning of Rule 13d-3 of the Exchange Act)
of securities possessing more than 50% of the total combined voting power of the Company’s outstanding securities but excluding
any such transaction or series of related transactions that the Administrator determines shall not be a Change of Control.

 

(j)
“Code” means the United States Internal Revenue Code of 1986, as amended.

 

(k)
“Committee” means one or more committees or subcommittees of the Board consisting of two or more
Directors (or such lesser or greater number of Directors as shall constitute the minimum number permitted by Applicable Laws to
establish a committee or subcommittee of the Board) appointed by the Board to administer the Plan in accordance with Section 5
below.

 

(l)
“Company” means Meten EdtechX Education Group Ltd., a company incorporated under the laws of the
Cayman Islands, and any successor company to all or substantially all of the assets or voting shares of Meten EdtechX Education
Group Ltd..

 

(m)
“Consultant” means any individual consultant or advisor who renders services to the Company, or
any Parent or Subsidiary and is compensated for such services, and any director of the Board, or the board of directors of any
Parent or Subsidiary whether compensated for such services or not.

 

(n)
“Continuous Service Status” means the following:

 

(i)
Continuous Service Status shall have the meaning assigned to such term in the Award Agreement for the particular Award or in any
other agreement incorporated by reference into the Award Agreement for purposes of defining such term.

 

(ii)
In the absence of any other definition of Continuous Service Status in the Award Agreement for a particular Award (or in any other
agreement incorporated by reference into the Award Agreement), Continuous Service Status means the absence of any interruption
or termination of service as an Employee or Consultant.  For purposes of this particular definition of Continuous Service
Status, a Participant shall be deemed to cease Continuous Service Status immediately upon the occurrence of either of the following
events:  (A) the Participant no longer performs services as an Employee or Consultant for the Company or any Parent
or Subsidiary or (B) the entity for which the Participant is performing such services ceases to remain a Parent or Subsidiary
of the Company, even though the Participant may subsequently continue to perform services for that entity.  Continuous Service
Status as an Employee or Consultant shall not be considered interrupted or terminated in the case of:  (A) Company approved
sick leave; (B) military leave; or (C) any other bona fide leave of absence approved by the Company, provided that,
if an Employee is holding an Incentive Share Option and such leave exceeds 3 months then, for purposes of Incentive Share Option
status only, such Employee’s service as an Employee shall be deemed terminated on the 1st day following such 3-month period
and the Incentive Share Option shall thereafter automatically become a Nonstatutory Share Option in accordance with Applicable
Laws, unless reemployment upon the expiration of such leave is guaranteed by contract or statute, or unless provided otherwise
pursuant to a written Company policy.  Except to the extent otherwise required by Applicable Law or expressly authorized
by the Administrator or by the Company’s written policy on leaves of absence, a Participant shall not be deemed to be in
Continuous Service Status for vesting purposes for any period the Participant is on a leave of absence.  Continuous Service
Status as an Employee or Consultant shall not be considered interrupted or terminated in the case of a transfer between locations
of the Company or between the Company, its Parents or Subsidiaries, or their respective successors, or a change in status from
an Employee to a Consultant or from a Consultant to an Employee.

 

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(o)
“Control” means the power or authority, whether exercised or not, to direct the business, management
and policies of a person, directly or indirectly, or by effective control whether through the ownership of voting securities,
by contract or otherwise, which power or authority shall conclusively be presumed to exist upon possession of beneficial ownership
or power to direct the vote of more than 50% of the votes entitled to be cast at a meeting of the members or shareholders of such
person or power to control the composition of the board of directors of such person; the terms “Controlled” and “Controlling”
have the meaning correlative to the foregoing.

 

(p)
“Director” means a member of the Board.

 

(q)
“Disability” means (unless another definition is provided in an applicable Award Agreement, employment
agreement or other applicable written agreement) that the Participant qualifies to receive long-term disability payments under
the Participant’s employer’s long-term disability insurance program, as it may be amended from time to time, regardless
of whether the Participant is covered by such policy.  If the Participant’s employer does not have a long-term disability
plan in place, “Disability” means that a Participant is unable to carry out the responsibilities and functions of
the position held by the Participant by reason of any medically determinable physical or mental impairment for a period of not
less than 90 consecutive days. A Participant will not be considered to have incurred a Disability unless he or she furnishes
proof of such impairment sufficient to satisfy the Administrator in its discretion.  Notwithstanding the foregoing, with
respect to any Incentive Share Option, “Disability” shall mean “disability” within the meaning of Section 22(e)(3) of
the Code.

 

(r)
“Employee” means any person employed by the Company, or any Parent or Subsidiary, with the status
of employment determined pursuant to such factors as are deemed appropriate by the Company in its sole discretion, subject to
any requirements of Applicable Laws.  The payment by the Company of a director’s fee shall not be sufficient to constitute
“employment” of such director by the Company or any Parent or Subsidiary.

 

(s)
“Exchange Act” means the United States Securities Exchange Act of 1934, as amended.

 

(t)
“Fair Market Value” means, except as otherwise provided in the applicable Award Agreement, (i) the
closing per Share sales price of the Shares (A) as reported for such date by the stock exchange on which the Shares are listed
or (B) if the Shares (or other securities representing the Shares) are listed on any other national stock exchange, as reported
on the stock exchange composite tape for securities traded on such stock exchange for such date or, with respect to each of clauses (A) and
(B), if there were no sales on such date, on the closest preceding date on which there were sales of Shares or (ii) in the
event there shall be no public market for the Shares on such date, the fair market value of the Shares as determined in good faith
by the Administrator.

 

(u)
“Family Members” means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse,
former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law
(including adoptive relationships) of the Participant, any person sharing the Participant’s household (other than a tenant
or employee), a trust in which these persons (or the Participant) have more than 50% of the beneficial interest, a foundation
in which these persons (or the Participant) control the management of assets, and any other entity in which these persons (or
the Participant) own more than 50% of the voting interests.

 

(v)
“Incentive Share Option” means an Option intended to, and which does, in fact, qualify as an incentive
share option within the meaning of Section 422 of the Code.

 

(w)
“Nonstatutory Share Option” means an Option that is not intended to, or does not, in fact, qualify
as an Incentive Share Option.

 

(x)
“Option” means a share option granted pursuant to the Plan.

 

(y)
“Optioned Shares” means Shares that are subject to an Option or that were issued pursuant to the
exercise of an Option.

  

(z)
“Optionee” means an Employee or Consultant who receives an Option.

 

(aa)
“Parent” means any corporation (other than the Company) in an unbroken chain of corporations ending
with the Company if each of the corporations other than the Company owns shares possessing 50% or more of the total combined voting
power of all classes of shares in one of the other corporations in such chain.

 

(bb)
“Participant” means any holder of one or more Awards or Shares issued pursuant to an Award.

 

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(cc)
“Plan” means this 2020 Share Incentive Plan.

 

(dd)
“Plan Effective Date” has the meaning set forth in Section 7.

 

(ee)
“PRC” means People’s Republic of China, excluding, for the purposes of this Plan, the Award
Agreement and any Award granted pursuant to this Plan, Hong Kong, the Macau Special Administrative Region and the island of Taiwan.

 

(ff)
“Prior Plan” means the Meten International Education Group 2018 Share Incentive Plan.

 

(gg)
“Rule 16b-3” means Rule 16b-3 promulgated under the Exchange Act, as amended from time
to time, or any successor provision.

 

(hh)
“Share” means the Company’s ordinary shares, as may be adjusted in accordance with Section 17
below.

 

(ii)
“Share Exchange” means any share exchange or consolidated share price reporting system on which
prices for the Shares are quoted at any given time.

 

(jj)
“Subsidiary” means any corporation or other entity (i) of which a majority of the outstanding
voting shares or voting power is owned or directed directly or indirectly by the Company, or (ii) that is Controlled by or
under common Control with the Company.  Notwithstanding the foregoing, with respect to any Incentive Share Option, “Subsidiary”
shall mean any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company if each of
the corporations other than the last corporation in the unbroken chain owns shares possessing 50% or more of the total combined
voting power of all classes of shares in one of the other corporations in such chain.

 

(kk)
“Ten Percent Holder” means a person who owns shares (as determined under Code Section 424(d))
representing more than 10% of the voting power of all classes of shares of the Company or any Parent or Subsidiary measured as
of an Award’s date of grant.

 

(ll)
“Withholding Taxes” shall mean the applicable federal, state, local and foreign income and employment
withholding taxes and other payments to which the holder of an Award under the Plan may become subject in connection with the
issuance, exercise, vesting or settlement of that Award.

 

3.
Awards.  Awards under the Plan may consist of (i) Options, (ii) share appreciation rights, (iii) share
awards, (iv) restricted share units, (iv) dividend equivalents and (v) other share-based awards.

 

4.
Shares Subject to the Plan.

 

(a)
Subject to the provisions of Section 17 below, the maximum aggregate number of Shares that may be issued under the Plan is
initially the sum of (i) 3,050,701 Shares underlying the Assumed Awards, and (ii) one percent (1%) of the total issued and outstanding
ordinary shares of the Company upon the consummation of the Business Combination. The Shares issued under the Plan may be authorized,
but unissued, or reacquired Shares (subject to Applicable Laws), including Shares repurchased by the Company on the open market.

  

(b)
The number of Shares available for issuance under the Plan shall automatically increase on the first trading day in January each
calendar year during the term of the Plan, beginning on the first trading day in January 2020, by an amount equal to 3.5%
of the total number of Shares outstanding as measured as of the last trading day in the immediately preceding calendar year, or
such fewer number of Shares as determined by the Board, but in no event shall any such annual increase exceed 2,200,000 Shares.

 

(c)
If an Award (including an Assumed Award) should expire, terminate, be forfeited or cancelled or become unexercisable for any reason
without having been exercised in full, or is surrendered pursuant to Section 14, the unissued Shares that were subject thereto
shall, unless the Plan shall have been terminated, continue to be available under the Plan for issuance pursuant to future Awards. 
In addition, any Shares that are retained by the Company, and any Shares tendered by the Participant, in either case, upon exercise
of an Award (including an Assumed Award) in order to satisfy the exercise or purchase price for such Award, and Shares withheld
by the Company or tendered by the Participant in payment of the withholding taxes relating to an Award (including an Assumed Award),
shall be treated as not issued and shall continue to be available under the Plan for issuance pursuant to future Awards. 
Shares issued under the Plan (including an Assumed Award) and later forfeited to the Company due to the failure to vest or repurchased
by the Company at the original purchase price paid to the Company for the Shares (including, without limitation, upon forfeiture
to or repurchase by the Company in connection with the termination of a Participant’s Continuous Service Status) shall again
be available for future grant under the Plan.  Upon the exercise of any share appreciation right under the Plan, the number
of Shares available for issuance under the Plan shall be reduced only by the net number of Shares actually issued by the Company
upon such exercise.

 

(d)
Notwithstanding the foregoing, subject to the provisions of Section 17 below, the maximum aggregate number of Shares that
may be issued under the Plan pursuant to Incentive Share Options shall be the number set forth in the first sentence of Section 4(a) plus,
to the extent allowable under Section 422 of the Code and the United States Treasury Regulations promulgated thereunder,
any Shares that again become available for issuance pursuant to the remaining provisions of this Section 4.  Such share
limitation shall automatically be increased pursuant to the provisions of subsection (b) above.

 

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(e)
Outstanding Awards granted pursuant to the Plan shall in no way effect the right of the Company to adjust, reclassify, reorganize
or otherwise change its capital or business structure or to merge, consolidate, dissolve, liquidate or sell or transfer all or
any part of its business or assets.

 

(f)
Substitute Awards (as defined below) shall not reduce the Shares authorized for issuance under the Plan, nor shall Shares subject
to a terminated, cancelled or forfeited Substitute Award be added to the Shares available for issuance under the Plan as provided
above.  Additionally, except with respect to the Prior Plan, in the event that a company acquired by the Company or any Subsidiary
(or Parent) or with which the Company or any Subsidiary (or Parent) combines has shares available under a pre-existing plan approved
by shareholders and not adopted in contemplation of such acquisition or combination, the shares available for grant pursuant to
the terms of such pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation
ratio or formula used in such acquisition or combination to determine the consideration payable to the holders of shares of the
entities party to such acquisition or combination) may be used for Awards under the Plan and shall not reduce the Shares authorized
for issuance under the Plan (and Shares subject to such Awards shall not be added to the Shares available for issuance under the
Plan as provided above), provided that Awards using such available Shares shall not be made after the date awards or grants could
have been made under the terms of the pre-existing plan, absent the acquisition or combination, and shall only be made to individuals
who were not Employees or Consultants prior to such acquisition or combination.  For purposes of this section, “Substitute
Awards” shall mean Awards granted or Shares issued by the Company in assumption of, or in substitution or exchange for,
awards previously granted, or the right or obligation to make future awards, in each case by a company acquired by the Company
or any Subsidiary (or Parent) or with which the Company or any Subsidiary (or Parent) combines, which shall not include the Assumed
Awards.

 

5.
Administration of the Plan.

 

(a)
General.  The Plan shall be administered by the Board, a Committee appointed by the Board, or any combination
thereof, as determined by the Board in accordance with Applicable Laws.  The Plan may be administered by different Committees
(that may be different administrative bodies) with respect to different classes of Participants, as determined by the Board and
as may be required by Applicable Laws.  If permitted by Applicable Laws, the Board may authorize one or more officers of
the Company to make Awards under the Plan to Employees and Consultants (who are not subject to Section 16 of the Exchange
Act) within parameters specified by the Board.  The Board may, at any time, terminate the functions of any Committee or officer
under the Plan and resume all powers and authority previously delegated to such Committee or officer.  Decisions of the Administrator
shall be final and binding on all parties who have an interest in the Plan or any Award thereunder.

 

(b)
Committee Composition.  If a Committee has been appointed pursuant to this Section 5, such Committee
shall continue to serve in its designated capacity until otherwise directed by the Board.  From time to time the Board may
increase the size of any Committee and appoint additional members thereof, remove members (with or without cause) and appoint
new members in substitution therefor, fill vacancies (however caused) and dissolve a Committee and thereafter directly administer
the Plan, all to the extent permitted by Applicable Laws and, in the case of a Committee administering the Plan in accordance
with the requirements of Rule 16b-3, to the extent permitted or required by such provision.

 

(c)
Powers of the Administrator.  Subject to the provisions of the Plan and, in the case of a Committee, the specific
duties delegated by the Board to such Committee, the Administrator shall have the authority, in its sole discretion:

 

(i)
to determine the Fair Market Value in accordance with the Plan, provided that such determination shall be applied consistently
with respect to Participants under the Plan;

 

(ii)
to select the Employees and Consultants to whom Awards may from time to time be granted and the time or times when those Awards
are to be made;

 

(iii)
to determine the number of Shares to be covered by each Award;

 

(iv)
to approve the form(s) of agreement(s) and other related documents used under the Plan;

 

(v)
to determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder, which terms
and conditions include but are not limited to the exercise or purchase price, the time or times when Awards may vest and/or be
exercised (which may be based on performance criteria), the circumstances (if any) when vesting will be accelerated or forfeiture
restrictions will be waived, the maximum term for which an Award is to remain outstanding, the cash consideration (if any) payable
for the Shares under an Award, the form (cash or Shares) in which the Award is to be settled, the status of a granted Option as
either an Incentive Share Option or Nonstatutory Share Option, and any restriction or limitation regarding any Award, or Optioned
Shares;

 

(vi)
to amend any outstanding Award or agreement related to any Optioned Shares or Award, including any amendment adjusting vesting
(e.g., in connection with a change in the terms or conditions under which such person is providing services to the Company), provided
that no amendment shall be made that would materially and adversely affect the rights of any Participant without his or her consent;

 

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(vii)
subject to Applicable Laws, to implement a repricing program, as set forth in Section 14, and establish the terms and conditions
of such program without consent of the holders of capital shares of the Company, provided that no amendment or adjustment to an
Option or SAR that would materially and adversely affect the rights of any Participant shall be made without his or her consent;

 

(viii)
to approve addenda pursuant to Section 24 below or to grant Awards to, or to modify the terms of, any outstanding Award Agreement
or any agreement related to any Optioned Shares or Award held by Participants who are foreign nationals or employed outside of
the PRC with such terms and conditions as the Administrator deems necessary or appropriate to accommodate differences in local
law, tax policy or custom which deviate from the terms and conditions set forth in this Plan to the extent necessary or appropriate
to accommodate such differences;

 

(ix)
implement any procedures, steps, additional or different requirements as may be necessary to comply with any laws of the PRC or
any other country that may be applicable to the Plan, any Award or any related documents, including but not limited to foreign
exchange laws, tax laws and securities laws of the PRC or any other applicable country; and

 

(x)
to construe and interpret the terms of the Plan, any Award Agreement, and any agreement related to any Optioned Shares or Awards,
which constructions, interpretations and decisions shall be final and binding on all Participants.

 

(d)
Indemnification.  To the maximum extent permitted by Applicable Laws, each member of the Committee (including
officers of the Company, if applicable), and of the Board, and any delegate of the Board or a Committee, as applicable, shall
be indemnified and held harmless by the Company against and from (i) any loss, cost, liability, or expense that may be imposed
upon or reasonably incurred by him or her in connection with or resulting from any claim, action, suit, or proceeding to which
he or she may be a party or in which he or she may be involved by reason of any action taken or failure to act under the Plan
or pursuant to the terms and conditions of any Award except for actions taken in bad faith or failures to act in good faith, and
(ii) any and all amounts paid by him or her in settlement thereof, with the Company’s approval, or paid by him or her
in satisfaction of any judgment in any such claim, action, suit, or proceeding against him or her, provided that such member shall
give the Company an opportunity, at its own expense, to handle and defend any such claim, action, suit or proceeding before he
or she undertakes to handle and defend it on his or her own behalf.  The foregoing right of indemnification shall not be
exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s Memorandum and
Articles of Association, as amended from time to time, by contract, as a matter of law, or otherwise, or under any other power
that the Company may have to indemnify or hold harmless each such person.

 

6.
Eligibility.

 

(a)
Recipients of Grants.  Employees and Consultants are eligible to participate in the Plan.

 

(b)
No Employment or Service Rights.  Neither the Plan nor any Award shall confer upon any Employee or Consultant
any right with respect to continuation of an employment, consulting or other service relationship with the Company (any Parent
or Subsidiary), nor shall it interfere in any way with such Employee’s or Consultant’s right or the Company’s
(Parent’s or Subsidiary’s) right to terminate his or her employment, consulting or other service relationship at any
time, with or without Cause.

 

7.
Term of Plan.  The Plan became effective upon the closing of the Business Combination (the “Plan Effective
Date”) and shall continue in effect for a term of five (5) years unless sooner terminated under Section 21 below. 
All Awards outstanding at the time of the termination of the Plan shall continue to have full force and effect in accordance with
the provisions of the documents evidencing those Awards.

  

8.
Options.

 

(a)
Authority.  The Administrator shall have full power and authority, exercisable in its sole discretion, to grant
Options evidenced by an Award Agreement in the form approved by the Administrator.

 

(b)
Type of Option.  Each Option shall be designated in the Award Agreement as either an Incentive Share Option
or a Nonstatutory Share Option.  Nonstatutory Share Options may be granted to Employees and Consultants.  Incentive
Share Options may be granted only to Employees.

 

(c)
Term of Option.  The term of each Option shall be the term stated in the Award Agreement; provided that the
term shall be no more than 10 years from the date of grant thereof or such shorter term as may be provided in the Award Agreement
and provided further that, in the case of an Incentive Share Option granted to a person who at the time of such grant is a Ten
Percent Holder, the term of the Option shall be 5 years from the date of grant thereof or such shorter term as may be provided
in the Award Agreement.

  

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(d)
Option Exercise Price and Consideration.

 

(i)
Exercise Price.  The per Share exercise price for the Shares to be issued pursuant to the exercise of an Option
shall be such price as is determined by the Administrator and set forth in the Award Agreement, but shall be subject to the following:

 

(1)
In the case of an Incentive Share Option

 

a.
granted to an Employee who at the time of grant is a Ten Percent Holder, the per Share exercise price shall be no less than 110%
of the Fair Market Value on the date of grant; and

 

b.
granted to any other Employee, the per Share exercise price shall be no less than 100% of the Fair Market Value on the date of
grant.

 

(2)
Except as provided in subsection (3) below, in the case of a Nonstatutory Share Option the per Share exercise price shall
be such price as is determined by the Administrator, and may be a fixed or variable price, provided that, if the per Share exercise
price is or could be less than 100% of the Fair Market Value on the date of grant, it shall otherwise comply with all Applicable
Laws, and provided further that the per Share exercise price of an Option granted to a U.S. taxpayer shall not be less than 100%
of the Fair Market Value of a Share on the date of grant of the Option; and

 

(3)
Notwithstanding the foregoing, Options may be granted with a per Share exercise price other than as required above pursuant to
a merger or other corporate transaction.

 

(ii)
Permissible Consideration.  The consideration to be paid for the Shares to be issued upon exercise of
an Option, including the method of payment, shall be determined by the Administrator (and, in the case of an Incentive Share Option
and to the extent required by Applicable Laws, shall be determined at the time of grant) and may consist entirely of any of the
following forms of consideration, to the extent permitted under, and in accordance with, Applicable Laws:

 

(1)
cash or check denominated in U.S. dollars, Chinese Renminbi or any other local currency;

 

(2)
other previously owned Shares (whether delivered in the form of actual stock certificates or through attestation of ownership)
that have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which the Option
is exercised, provided that such Shares must have been previously held for any minimum duration required to avoid financial accounting
charges under applicable accounting guidance;

 

(3)
Shares otherwise issuable under the Option but withheld by the Company in satisfaction of the exercise price, with such withheld
Shares to be valued at Fair Market Value on the exercise date;

 

(4)
to the extent the Option is exercised for vested Shares, through a special sale and remittance procedure pursuant to which the
Optionee shall concurrently provide instructions to (A) a brokerage firm (reasonably satisfactory to the Company for purposes
of administering such procedure in compliance with the Company’s pre-clearance/pre-notification policies) to effect the
immediate sale of the purchased shares and remit to the Company, out of the sale proceeds available on the settlement date, sufficient
funds to cover the aggregate exercise price payable for the purchased Shares plus all applicable income and employment taxes required
to be withheld by the Company by reason of such exercise and (B) the Company to deliver the certificates for the purchased Shares
directly to such brokerage firm on such settlement date in order to complete the sale.

 

(5)
such other consideration and method of payment permitted under Applicable Laws; or

 

(6)
any combination of the foregoing methods of payment.  In making its determination as to the type of consideration to accept,
the Administrator shall consider if acceptance of such consideration may be reasonably expected to benefit the Company and the
Administrator may, in its sole discretion, refuse to accept a particular form of consideration at the time of any Option exercise.

 

(e)
Exercise of Option.

 

(i)
General.

 

(1)
Exercisability.  Any Option granted hereunder shall be exercisable at such times and under such conditions
as determined by the Administrator, consistent with the terms of the Plan and reflected in the Award Agreement, including vesting
requirements and/or performance criteria with respect to the Company, and Parent or Subsidiary, and/or the Optionee.  Notwithstanding
the foregoing, unless otherwise approved by the Board, any Option granted hereunder shall vest in accordance with the vesting
schedule as stated in the Award Agreement.

 

(2)
Minimum Exercise Requirements.  An Option may not be exercised for a fraction of a Share.  The Administrator
may require that an Option be exercised as to a minimum number of Shares, provided that such requirement shall not prevent an
Optionee from exercising the full number of Shares as to which the Option is then exercisable.  Further, the Administrator
may impose on any Optionee, or all Optionees, reasonable limitations on the number of requested exercises during any monthly or
weekly period as determined by the Administrator.

 

    	 	7	 

     

    

  

(3)
Procedures for and Results of Exercise.  Unless otherwise set forth in the Award Agreement, an Option
shall be deemed exercised when written notice of such exercise has been received by the Company in accordance with the terms of
the Award Agreement by the person entitled to exercise the Option and the Company has received full payment for the Shares with
respect to which the Option is exercised and has paid, or made arrangements to satisfy, any applicable taxes, withholding, required
deductions or other required payments in accordance with Section 16 below.  The exercise of an Option shall result in
a decrease in the number of Shares that thereafter may be available, both for purposes of the Plan and for sale under the Option,
by the number of Shares as to which the Option is exercised. 

(ii)
Termination of Continuous Service Status.  The Administrator shall establish and set forth in the applicable
Award Agreement the terms and conditions upon which an Option shall remain exercisable, if at all, following termination of an
Optionee’s Continuous Service Status.  During the applicable post-Continuous Service Status exercise period (as set
forth in the Award Agreement), the Option may not be exercised for more than the number of vested Optioned Shares for which the
Option is at the time exercisable.  No additional Optioned Shares shall vest under the Option following the Optionee’s
cessation of Continuous Service Status except to the extent (if any) specifically authorized by the Administrator in its sole
discretion pursuant to an express written agreement with the Optionee.  Upon the expiration of the applicable exercise period
or (if earlier) upon the expiration of the Option term, the Option shall terminate and cease to be outstanding for any Optioned
Shares for which the Option has not been exercised.  Notwithstanding the foregoing, the Administrator shall have complete
discretion, exercisable either at the time an Option is granted or at any time while the Option remains outstanding, to: (A) extend
the period of time for which the Option is to remain exercisable following the Optionee’s cessation of Continuous Service
Status from the limited exercise period otherwise in effect for that Option to such greater period of time as the Administrator
shall deem appropriate, but in no event beyond the expiration of the Option term; and/or (B) permit the Option to be exercised,
during the applicable post-Continuous Service Status exercise period, not only with respect to the number of vested Optioned Shares
for which such Option is exercisable at the time of the Optionee’s cessation of Continuous Service Status but also with
respect to one or more additional installments in which the Optionee would have vested had the Optionee continued in Continuous
Service Status. 

(iii)
Option Exercise by PRC Participants.  The Administrator may take all actions necessary to alter the
method of Option exercise and the exchange and transmittal of proceeds with respect to Participants that are PRC citizens or resident
in PRC in order to comply with applicable PRC foreign exchange and tax regulations and any other applicable PRC laws and regulations. 

(f)
ISO $100,000 Limitation.  Notwithstanding any designation under Section 8(b) above, to the extent
that the aggregate Fair Market Value of Shares with respect to which one or more options designated as incentive share options
are exercisable for the first time by any Optionee during any calendar year (under all plans of the Company or any Parent or Subsidiary)
exceeds $100,000, such excess portion of the options shall be treated as nonstatutory share options.  For purposes of this
Section 8(f), incentive share options shall be taken into account in the order in which they were granted, and the Fair Market
Value of the Shares subject to an incentive share option shall be determined as of the date of the grant of such option. 

9.
Share Appreciation Rights.  A share appreciation right or “SAR” is a right to receive a payment,
in cash and/or Shares, equal to the excess of the Fair Market Value of a specified number of Shares on the date the SAR is exercised
over the “base price” of the Award, which base price shall be determined by the Administrator and set forth in the
applicable Award Agreement; provided, however, that the base price of a SAR granted to a U.S. taxpayer shall not be less than
100% of the fair market value of an Share on the date of grant of the SAR.  The maximum term of a SAR shall be 10 years. 
The terms and conditions of a SAR shall be evidence by an Award Agreement in the form approved by the Administrator. 

10.
Share Awards. 

(a)
Share Awards.  A share award is an award of Shares issued for such cash or other valid consideration as determined
by the Administrator. 

(b)
Authority.  The Administrator shall have full power and authority, exercisable in its sole discretion, to grant
share awards either as vested or unvested Shares, through direct and immediate issuances.  Each share award shall be evidenced
by an Award Agreement in the form approved by the Administrator, provided, however, that the terms of each such Award Agreement
shall not be inconsistent with the terms specified below. 

(c)
Consideration.  Shares may be issued under a share award for any of the following items of consideration, which
the Administrator may deem appropriate in each individual instance:   

(i)
cash or check made payable to the Company; 

(ii)
past services rendered to the Company (or any Parent or Subsidiary); or 

(iii)
any other valid consideration, as determined in accordance with Applicable Laws. 

(d)
Vesting Provisions. 

(i)
Share awards may, in the discretion of the Administrator, be fully and immediately vested upon issuance as a bonus for service
rendered or may vest in one or more installments over the Participant’s period of Continuous Service Status and/or upon
the attainment of specified performance objectives.  The elements of the vesting schedule applicable to any share award shall
be determined by the Administrator and incorporated into the Award Agreement. 

(ii)
The Administrator shall also have the discretionary authority to structure one or more share awards so that the Shares subject
to those Awards shall vest upon the achievement of pre-established performance objectives based on one or more performance goals
and measured over the performance period specified by the Administrator at the time of the grant of the Award. 

    	 	8	 

     

    

 

(iii)
Should the Participant cease to remain in Continuous Service Status while holding one or more unvested Shares issued under a share
award or should the performance objectives not be attained with respect to one or more such unvested Shares, then those Shares
shall be immediately surrendered to the Company for cancellation, and the Participant shall have no further shareholder rights
with respect to those Shares.  To the extent the surrendered Shares were previously issued to the Participant for consideration
paid in cash or cash equivalent, the Company shall repay to the Participant the lower of (i) the
cash consideration paid for the surrendered Shares or (ii) the Fair Market Value of those Shares at the time of cancellation.

 

(iv)
The Administrator may in its discretion waive the surrender and cancellation of one or more unvested Shares which would otherwise
occur upon the cessation of the Participant’s Continuous Service Status or the non-attainment of the performance objectives
applicable to those shares.  Any such waiver shall result in the immediate vesting of the Participant’s interest in
the Shares as to which the waiver applies.

 

11.
Restricted Share Units.

 

(a)
RSUs.  A restricted share unit or “RSU” is a right to receive a Share (or an amount based on the
value of the Share) upon vesting or upon the expiration of a designated time period following the vesting of the Award.

 

(b)
Authority.  The Administrator shall have the full power and authority, exercisable in its sole discretion,
to grant RSUs evidenced by an Award Agreement in the form approved by the Administrator, provided, however, that the terms of
each such Award Agreement shall not be inconsistent with the terms specified below.

 

(c)
Terms.  Each RSU Award shall entitle the Participant to receive the Shares underlying that Award (or an amount
based on the value of the Shares) upon vesting or upon the expiration of a designated time period following the vesting of those
Awards.  Payment of Shares underlying a RSU Award (or any amount based on the value of the Shares) may be deferred for a
period specified by the Administrator at the time the RSU is initially granted or (to the extent permitted by the Administrator)
designated by the Participant pursuant to a timely deferral election made in accordance with the requirements of Applicable Laws
(including Code Section 409A).  RSUs subject to performance vesting may also be structured so that the underlying Shares
are convertible into Shares (or a payment based on the value of the Shares), but the rate at which each share is to so convert
shall be based on the attained level of performance for each applicable performance objective.

 

(d)
Vesting Provisions.

 

(i)
RSUs may, in the discretion of the Administrator, vest in one or more installments over the Participant’s period of Continuous
Service Status or upon the attainment of specified performance objectives.

 

(ii)
The Administrator shall also have the discretionary authority to structure one or more RSU Awards so that the Shares subject to
those Awards shall vest (or vest and become issuable) upon the achievement of pre-established performance objectives based on
one or more performance goals and measured over the performance period specified by the Administrator at the time of the grant
of the Award.

 

(iii)
Outstanding RSUs shall automatically terminate without any payment if the designated performance goals or Continuous Service Status
requirements established for those Awards are not attained or satisfied.  The Administrator, however, shall have the discretionary
authority to make a payment under one or more outstanding Awards of RSUs as to which the designated performance goals or Continuous
Service Status requirements have not been attained or satisfied.

 

(iv)
Payment.  RSUs that vest may be settled in (i) cash, (ii) Shares valued at Fair Market Value on the
payment date or (iii) a combination of cash and Shares, as determined by the Administrator in its sole discretion.

 

12.
Dividend Equivalents.

 

(a)
Authority.  The Administrator shall have full power and authority, exercisable in its sole discretion, to grant
dividend equivalent rights evidenced by an Award Agreement in the form approved by the Administrator, provided however, that the
terms of each such Award Agreement shall not be inconsistent with the terms specified below.

 

(b)
Terms.  The dividend equivalent rights may be granted as stand-alone awards or in tandem with other Awards
made under the Plan, except dividend equivalent rights shall not be granted in connection with an Option, share appreciation right
or cash incentive award.  The term of each dividend equivalent right award shall be established by the Administrator at the
time of grant, but no such award shall have a term in excess of 10 years.

 

(c)
Entitlement.  Each dividend equivalent right shall represent the right to receive the economic equivalent of
each dividend or distribution, whether in cash, securities or other property (other than Shares), which is made per issued and
outstanding Share during the term the dividend equivalent right remains outstanding.  A special account on the books of the
Company shall be maintained for each Participant to whom a dividend equivalent right is granted, and that account shall be credited
per dividend equivalent right with each such dividend or distribution made per issued and outstanding Share during the term of
that dividend equivalent right remains outstanding.

 

    	 	9	 

     

    

 

(d)
Timing of Payment.  Payment of the amounts credited to such book account may be made to the Participant either
concurrently with the actual dividend or may be subject to vesting and become payable to the same extent as the Shares subject
to the Award, subject to the requirements of Applicable Laws (including Code Section 409A).

 

(e)
Form of Payment.  Payment of the amounts due with respect to dividend equivalent rights may be made
in (i) cash, (ii) Shares or (iii) a combination of cash and Shares, as determined by the Administrator in its sole
discretion and set forth in the Award Agreement.  If payment is to be made in the form of Shares, the number of Shares into
which the cash dividend or distribution amounts are to be converted for purposes of the Participant’s book account may be
based on the Fair Market Value per Share on the date of conversion, a prior date or an average of the Fair Market Value per Share
over a designated period, as determined by the Administrator in its sole discretion.

 

13.
Other Share-Based Awards.  The other types of awards that may be granted under this Plan include: (a) phantom
shares or similar rights to purchase or acquire Shares, whether at a fixed or variable price or ratio related to the Shares, upon
the passage of time, the occurrence of one or more events, or the satisfaction of performance criteria or other conditions, or
any combination thereof; (b) any similar securities with a value derived from the value of or related to the Shares and/or
returns thereon; or (c) cash awards.

 

14.
Repricing Programs.  The Administrator shall have the discretionary authority to (i) implement cancellation/regrant
programs pursuant to which outstanding Options or SARs under the Plan are cancelled and new Options or SARs are granted in replacement
with a lower exercise or base price per Share, (ii) cancel outstanding Options or SARs under the Plan with exercise or base
prices per Share in excess of the then current Fair Market Value per Share for consideration payable in cash, other Awards, or
in equity securities of the Company (except in the event of a Change of Control) or (iii) reduce the exercise or base price
in effect for outstanding Options or SARs under the Plan, in any case without shareholder approval.

 

15.
Rights as Holder of Capital Share.  A Participant shall not have any of the rights of a shareholder with
respect to Shares covered by an Award until the Participant becomes the holder of record of such Shares.  However, a Participant
may be granted the right to receive dividend equivalents under Section 12 with respect to one or more outstanding Awards.

 

16.
Taxes.

 

(a)
As a condition of the grant, vesting and exercise of an Award, the Participant (or in the case of the Participant’s death
or a permitted transferee, the person holding or exercising the Award) shall make such arrangements as the Administrator may require
for the satisfaction of any applicable tax, withholding, and any other required deductions or payments that may arise in connection
with such Award.  The Company shall not be required to issue any Shares under the Plan until such obligations are satisfied.

 

(b)
The Administrator may, to the extent permitted under Applicable Laws, permit a Participant (or in the case of the Participant’s
death or a permitted transferee, the person holding or exercising the Award) to use Shares in satisfaction of all or part of the
Withholding Taxes to which such holders may become subject in connection with the issuance, exercise, vesting or settlement of
those Awards or the issuance of Shares thereunder.  Such right may be provided to any such individual in either or both of
the following formats:

 

(i)
Share Withholding: The election to have the Company withhold, from the Shares otherwise issuable upon the issuance,
exercise, vesting or settlement of such Award or the issuance of Shares thereunder, a portion of those Shares with an aggregate
Fair Market Value at the time of delivery equal to the percentage of the Withholding Taxes based on the minimum required tax withholding
rate for the Participant, or such other rate as determined by the Administrator.

 

(ii)
Share Delivery: The election to deliver to the Company, at the time of the issuance, exercise, vesting or settlement
of such Award, one or more Shares previously acquired by such individual (other than in connection with the exercise, share issuance
or share vesting triggering the Withholding Taxes) with an aggregate Fair Market Value equal to the percentage of the Withholding
Taxes (not to exceed 100%) designated by the individual.

 

Shares
withheld or delivered under this subsection (b) shall be limited to avoid financial accounting charges under applicable accounting
guidance and any such surrendered Shares must have been previously held for any minimum duration required to avoid financial accounting
charges under applicable accounting guidance, as determined by the Administrator.  Any payment of Withholding Taxes by surrendering
Shares to the Company may be subject to restrictions, including, but not limited to, any restrictions required by rules of
the United States Securities and Exchange Commission.

 

    	 	10	 

     

    

 

17.
Adjustments Upon Changes in Capitalization, Merger or Certain Other Transactions.

 

(a)
Changes in Capitalization.  Subject to any action required under Applicable Laws by the holders of capital
shares of the Company, should any change be made to the Shares by reason of any share split, reverse share split, share dividend,
combination, consolidation, reclassification of the Shares, subdivision of the Shares, increase or decrease in the number of issued
Shares effected without receipt of consideration by the Company, a declaration of an extraordinary dividend with respect to the
Shares payable in a form other than Shares in an amount that has a material effect on the Fair Market Value, a recapitalization
(including a recapitalization through a large nonrecurring cash dividend), a rights offering, a reorganization, merger, a spin-off,
split-up, change in corporate structure or a similar occurrence, the Administrator shall make equitable adjustments, in its discretion,
in one or more of (i) the numbers and class of Shares or other shares or securities:  (x) available for future
Awards under Section 4 above (including as Incentive Share Options) and (y) covered by each outstanding Award, (ii) the
exercise price per Share of each outstanding Option and (iii) any repurchase price per Share applicable to Shares issued
pursuant to any Award.  Any such adjustment by the Administrator under this Section 17(a) shall be made in the
Administrator’s sole and absolute discretion and shall be final, binding and conclusive.  Except as expressly provided
herein, no issuance by the Company of shares of any class, or securities convertible into shares of any class, shall affect, and
no adjustment by reason thereof shall be made with respect to, the number or price of Shares subject to an Award.  If, by
reason of a transaction described in this Section 17(a) or an adjustment pursuant to this Section 17(a), a Participant’s
Award Agreement or agreement related to any Optioned Shares or Award covers additional or different shares or securities, then
such additional or different shares, and the Award Agreement or agreement related to the Optioned Shares or Award in respect thereof,
shall be subject to all of the terms, conditions and restrictions which were applicable to the Award or Optioned Shares prior
to such adjustment.

 

(b)
Dissolution or Liquidation.  In the event of the dissolution or liquidation of the Company, each Award will
terminate immediately prior to the consummation of such action, unless otherwise determined by the Administrator.

 

(c)
Change of Control.  In the event of a Change of Control, each outstanding Award (vested or unvested) will be
treated as the Administrator determines, which determination may be made without the consent of any Participant and need not treat
all outstanding Awards (or portion thereof) in an identical manner.  Such determination, without the consent of any Participant,
may provide (without limitation) for one or more of the following in the event of a Change of Control:  (A) the continuation
of such outstanding Awards by the Company (if the Company is the surviving corporation); (B) the assumption of such outstanding
Awards by the surviving corporation or its parent; (C) the substitution by the surviving corporation or its parent of new
options or equity awards for such Awards; (D) the cancellation of such Awards in exchange for a payment to the Participants
equal to the excess of (1) the Fair Market Value of the Shares subject to such Awards as of the closing date of such Change
of Control over (2) the exercise price or purchase price paid or to be paid for the Shares subject to the Awards; or (E) the
cancellation of any outstanding Award for no consideration.  Notwithstanding anything herein, under this Plan, any Award
Agreement or otherwise, any escrow, holdback, earn-out or similar provisions agreed to pursuant to, or in connection with, a Change
of Control shall, unless otherwise determined by the Administrator, apply to any payment or other right a Participant may be entitled
to under this Plan, if any, to the same extent and in the same manner as such provisions apply generally to the holders of the
Company’s Shares with respect to the Change of Control, but only to extent permitted by Applicable Law, including (without
limitation), Section 409A of the Code.

 

18.
Non-Transferability of Awards.

   

(a)
General.  Except as set forth in this Section 18, Awards (or any rights of such Awards) may not be sold,
pledged, encumbered, assigned, hypothecated, or disposed of or otherwise transferred in any manner other than by will or by the
laws of descent or distribution.  The designation of a beneficiary by a Participant will not constitute a transfer. 
An Option may be exercised, during the lifetime of the holder of the Option, only by such holder or a transferee permitted by
this Section 18.

  

(b)
Limited Transferability Rights.  Notwithstanding anything else in this Section 18, the Administrator
may in its sole discretion provide that any Award (other than an Incentive Share Option) may be transferred (i) by instrument
to an inter vivos or testamentary trust in which the Award is to be passed to beneficiaries upon the death of the trustor (settlor)
or (ii) to a Family Member through a gift or domestic relations order.

 

(c)
Beneficiaries.  If permitted by the Company, a Participant may designate one or more beneficiaries with respect
to an Award by timely filing the prescribed form with the Company.  A beneficiary designation may be changed by filing the
prescribed form with the Company at any time before the Participant’s death.  Except as otherwise provided in an Award
Agreement, if no beneficiary was designated or if no designated beneficiary survives the Participant, then after a Participant’s
death any vested Award(s) shall be transferred or distributed to the Participant’s estate or to any person who has
the right to acquire the Award by bequest or inheritance.

 

19.
Time of Granting Awards.  The date of grant of an Award shall, for all purposes, be the date on which the Administrator
completes the action authorizing the grant of the Award to a Participant or such other later date as is determined by the Administrator.

 

    	 	11	 

     

    

 

20.
Recoupment.  Participants shall be subject to any clawback, recoupment or other similar policy required by
law or regulations or adopted by the Board as in effect from time to time and Awards and any cash, Shares or other property or
amounts due, paid or issued to a Participant shall be subject to the terms of such policy, as in effect from time to time.

 

21.
Amendment and Termination of the Plan.  The Board may at any time amend or terminate the Plan, but no amendment
or termination shall be made that would materially and adversely affect the rights of any Participant under any outstanding Award,
without his or her consent.  In addition, to the extent necessary and desirable to comply with Applicable Laws, the Company
shall obtain the approval of holders of capital shares with respect to any Plan amendment in such a manner and to such a degree
as required.

 

22.
Conditions Upon Issuance of Shares.  Notwithstanding any other provision of the Plan or any agreement entered
into by the Company pursuant to the Plan, the Company shall not be obligated, and shall have no liability for failure, to issue
or deliver any Shares under the Plan unless such issuance or delivery would comply with Applicable Laws, including without limitation
all applicable securities laws and all applicable listing requirements of any Share Exchange on which the Shares are then listed
for trading, with such compliance determined by the Company in consultation with its legal counsel.

 

23.
Approval of Holders of Capital Shares.  If required by Applicable Laws, continuance of the Plan shall be subject
to approval by the holders of capital shares of the Company within 12 months before or after the date the Plan is adopted or,
to the extent required by Applicable Laws, any date the Plan is amended.  Such approval shall be obtained in the manner and
to the degree required under Applicable Laws.

 

24.
Addenda.  The Administrator may approve such addenda to the Plan as it may consider necessary or appropriate
for the purpose of granting Awards to Employees or Consultants, which Awards may contain such terms and conditions as the Administrator
deems necessary or appropriate to accommodate differences in local law, tax policy or custom, which may deviate from the terms
and conditions set forth in this Plan.  The terms of any such addenda shall supersede the terms of the Plan to the extent
necessary to accommodate such differences but shall not otherwise affect the terms of the Plan as in effect for any other purpose.

   

25.
Foreign Currency.  A Participant may be required to provide evidence that any currency used to pay the exercise
or purchase price of any Award was acquired and taken out of the jurisdiction in which the Participant resides in accordance with
Applicable Laws, including foreign exchange control laws and regulations.  In the event the Company permits payment of the
exercise or purchase price for an Award in currency other than as provided by the applicable Award Agreement, the amount payable
will be determined by conversion from the currency provided by the applicable Award Agreement to the other currency based on the
exchange rate selected by the Company, in its sole discretion, on the date of exercise.  Notwithstanding anything stated
herein, the Company shall not be responsible for any fluctuation in applicable exchange rates, or by the selection of any exchange
rate, that in either case may affect the value of the Award or any taxes or other amounts related thereto.

 

 

12FS KKR Capital Corp. 8-K

 

Exhibit 10.1

 

EXECUTION
VERSION

 

FS
KKR MM CLO 1 LLC
 Issuer

 

U.S.
BANK NATIONAL ASSOCIATION

Trustee

 

AMENDED
AND RESTATED 

INDENTURE

 

Dated
as of December 22, 2020

 

     

     

    

 

TABLE
OF CONTENT 

 

	 	 	Page
	 	 	 
	PRELIMINARY STATEMENT	1
	 	 
	GRANTING CLAUSES	2
	 	 
	ARTICLE I DEFINITIONS	3
	 	 
	Section 1.1.	Definitions	3
	Section 1.2.	Assumptions as to Assets	71
	 	 	 
	ARTICLE II THE NOTES	75
	 	 
	Section 2.1.	Forms Generally	75
	Section 2.2.	Forms of Notes	76
	Section 2.3.	Authorized Amount; Stated Maturity; Denominations	77
	Section 2.4.	Execution, Authentication, Delivery and Dating	78
	Section 2.5.	Registration, Registration of Transfer and Exchange	79
	Section 2.6.	Mutilated, Defaced, Destroyed, Lost or Stolen
    Note	92
	Section 2.7.	Payment of Principal and Interest and Other
    Amounts; Principal and Interest Rights Preserved	93
	Section 2.8.	Persons Deemed Owners	96
	Section 2.9.	Cancellation	96
	Section 2.10.	DTC Ceases to be Depository	97
	Section 2.11.	Notes Beneficially Owned by Persons Not QIB/QPs
    or IAI/QPs or in Violation of ERISA Representations or Holder Reporting Obligations	97
	Section 2.12.	Deduction or Withholding from Payments on Notes;
    No Gross Up	99
	Section 2.13.	Additional Issuance	99
	Section 2.14.	Issuer Purchases of Notes	102
	 	 
	ARTICLE III CONDITIONS PRECEDENT	104
	 	 	 
	Section 3.1.	Conditions to Issuance of Notes on Refinancing
    Date	104
	Section 3.2.	Conditions to Additional Issuance	108
	Section 3.3.	Delivery of Collateral Obligations and Eligible
    Investments	110
	 	 
	ARTICLE IV SATISFACTION AND DISCHARGE;
    ILLIQUID ASSETS; LIMITATION ON ADMINISTRATIVE EXPENSES	110
	 	 
	Section 4.1.	Satisfaction and Discharge of Indenture	110
	Section 4.2.	Application of Trust Money	112
	Section 4.3.	Repayment of Monies Held by Paying Agent	112
	Section 4.4.	Disposition of Illiquid Assets	112
	Section 4.5.	Limitation on Obligation to Incur Administrative
    Expenses	113
	 	 	 
	ARTICLE V REMEDIES	114
	 	 	 
	Section 5.1.	Events of Default	114
	Section 5.2.	Acceleration of Maturity; Rescission and Annulment	116
	Section 5.3.	Collection of Indebtedness and Suits for Enforcement
    by Trustee	117

 

    -i- 

     

    

 

TABLE
OF CONTENT 

 (continued)

 

	 	 	Page
	 	 	 
	Section 5.4.	Remedies	119
	Section 5.5.	Optional Preservation of Assets	122
	Section 5.6.	Trustee May Enforce Claims Without Possession
    of Notes	123
	Section 5.7.	Application of Money Collected	124
	Section 5.8.	Limitation on Suits	124
	Section 5.9.	Unconditional Rights of Holders to Receive Principal
    and Interest	125
	Section 5.10.	Restoration of Rights and Remedies	125
	Section 5.11.	Rights and Remedies Cumulative	125
	Section 5.12.	Delay or Omission Not Waiver	125
	Section 5.13.	Control by Supermajority of Controlling Class	126
	Section 5.14.	Waiver of Past Defaults	126
	Section 5.15.	Undertaking for Costs	127
	Section 5.16.	Waiver of Stay or Extension Laws	127
	Section 5.17.	Sale of Assets	127
	Section 5.18.	Action on the Notes	128
	 	 	 
	ARTICLE VI THE TRUSTEE	129
	 	 	 
	Section 6.1.	Certain Duties and Responsibilities	129
	Section 6.2.	Notice of Default	132
	Section 6.3.	Certain Rights of Trustee	132
	Section 6.4.	Not Responsible for Recitals or Issuance of
    Notes	136
	Section 6.5.	May Hold Notes	136
	Section 6.6.	Money Held in Trust	136
	Section 6.7.	Compensation and Reimbursement	136
	Section 6.8.	Corporate Trustee Required; Eligibility	138
	Section 6.9.	Resignation and Removal; Appointment of Successor	139
	Section 6.10.	Acceptance of Appointment by Successor	140
	Section 6.11.	Merger, Conversion, Consolidation or Succession
    to Business of Trustee	141
	Section 6.12.	Co-Trustees	141
	Section 6.13.	Certain Duties of Trustee Related to Delayed
    Payment of Proceeds	142
	Section 6.14.	Authenticating Agents	143
	Section 6.15.	Withholding	143
	Section 6.16.	Representative for Holders Only; Agent for each
    other Secured Party	144
	Section 6.17.	Representations and Warranties of the Bank	144
	 	 
	ARTICLE VII COVENANTS	145
	 	 
	Section 7.1.	Payment of Principal and Interest	145
	Section 7.2.	Maintenance of Office or Agency	145
	Section 7.3.	Money for Note Payments to be Held in Trust	145
	Section 7.4.	Existence of Issuer	147
	Section 7.5.	Protection of Assets	148

    -ii- 

     

    

 

TABLE
OF CONTENT 

 (continued)

 

	 	 	Page
	 	 	 
	Section 7.6.	Opinions as to Assets	149
	Section 7.7.	Performance of Obligations	149
	Section 7.8.	Negative Covenants	150
	Section 7.9.	Statement as to Compliance	152
	Section 7.10.	Issuer May Consolidate, Etc., Only on Certain
    Terms	152
	Section 7.11.	Successor Substituted	154
	Section 7.12.	No Other Business	154
	Section 7.13.	Acknowledgment of Portfolio Manager Standard
    of Care	154
	Section 7.14.	Ratings; Review of Credit Estimates	155
	Section 7.15.	Reporting	155
	Section 7.16.	Calculation Agent	155
	Section 7.17.	Certain Tax Matters	157
	Section 7.18.	[Reserved]	158
	Section 7.19.	Representations Relating to Security Interests
    in the Assets	158
	Section 7.20.	Rule 17g-5 Compliance	159
	Section 7.21.	Contesting Insolvency Filings	161
	Section 7.22.	Use of Name	161
	 	 	 
	ARTICLE VIII SUPPLEMENTAL INDENTURES	161
	 	 
	Section 8.1.	Supplemental Indentures Without Consent of Holders	161
	Section 8.2.	Supplemental Indentures With Consent of Holders	167
	Section 8.3.	Execution of Supplemental Indentures	168
	Section 8.4.	Effect of Supplemental Indentures	170
	Section 8.5.	Reference in Notes to Supplemental Indentures	171
	Section 8.6.	Re-Pricing Amendment	171
	 	 	 
	ARTICLE IX REDEMPTION OF NOTES	171
	 	 
	Section 9.1.	Mandatory Redemption	171
	Section 9.2.	Optional Redemption	171
	Section 9.3.	Tax Redemption	175
	Section 9.4.	Redemption Procedures	175
	Section 9.5.	Notes Payable on Redemption Date	178
	Section 9.6.	Special Redemption	179
	Section 9.7.	Clean-Up Call Redemption	179
	Section 9.8.	Re-Pricing of the Notes	180
	 	 	 
	ARTICLE X ACCOUNTS, ACCOUNTING AND
    RELEASES	184
	 	 
	Section 10.1.	Collection of Money	184
	Section 10.2.	Collection Account	185
	Section 10.3.	Transaction Accounts	188
	Section 10.4.	The Revolver Funding Account	190
	Section 10.5.	[Reserved]	191
	Section 10.6.	Reinvestment of Funds in Accounts; Reports by
    Trustee	191

 

    -iii- 

     

    

 

TABLE
OF CONTENT 

 (continued)

 

	 	 	Page
	 	 	 
	Section 10.7.	Accountings	194
	Section 10.8.	Release of Assets	202
	Section 10.9.	Reports by Independent Accountants	204
	Section 10.10.	Reports to Rating Agency and Additional Recipients	205
	Section 10.11.	Procedures Relating to the Establishment of
    Accounts Controlled by the Trustee	206
	Section 10.12.	Section 3(c)(7) Procedures	206
	 	 	 
	ARTICLE XI APPLICATION OF MONIES	207
	 	 
	Section 11.1.	Disbursements of Monies from Payment Account	207
	 	 	 
	ARTICLE XII SALE OF COLLATERAL OBLIGATIONS;
    PURCHASE OF ADDITIONAL COLLATERAL OBLIGATIONS	214
	 	 
	Section 12.1.	Sales of Collateral Obligations	214
	Section 12.2.	Purchase of Additional Collateral Obligations	216
	Section 12.3.	Conditions Applicable to All Sale and Purchase
    Transactions	219
	Section 12.4.	Exchange Transactions	220
	Section 12.5.	Optional Repurchase or Substitution of Collateral
    Obligations.	221
	Section 12.6.	Purchases and Sales of Restructured Loans and
    Workout Securities	224
	 	 	 
	ARTICLE XIII HOLDERS’ RELATIONS	224
	 	 
	Section 13.1.	Subordination	224
	Section 13.2.	Standard of Conduct	226
	 	 	 
	ARTICLE XIV MISCELLANEOUS	226
	 	 
	Section 14.1.	Form of Documents Delivered to Trustee	226
	Section 14.2.	Acts of Holders	227
	Section 14.3.	Notices, etc., to Certain Parties	228
	Section 14.4.	Notices to Holders; Waiver	229
	Section 14.5.	Effect of Headings and Table of Contents	231
	Section 14.6.	Successors and Assigns	231
	Section 14.7.	Severability	231
	Section 14.8.	Benefits of Indenture	231
	Section 14.9.	Legal Holidays	232
	Section 14.10.	Governing Law	232
	Section 14.11.	Submission to Jurisdiction	232
	Section 14.12.	Waiver of Jury Trial	232
	Section 14.13.	Counterparts	233
	Section 14.14.	Acts of Issuer	233
	Section 14.15.	Confidential Information	233
	 	 	 
	ARTICLE XV ASSIGNMENT OF PORTFOLIO
    MANAGEMENT AGREEMENT	235
	 	 
	Section 15.1.	Assignment of Portfolio Management Agreement	235
	Section 15.2.	Standard of Care Applicable to the Portfolio
    Manager	237

    -iv- 

     

    

Schedules
and Exhibits

 

	Schedule 1	–	S&P Industry Classifications
	Schedule 2	–	S&P CDO Monitor Test Definitions
	Schedule 3	–	Moody’s Rating Definitions
	Schedule 4	–	Approved Index List
	Schedule 5	–	S&P Recovery Rate Tables
	 	 	 
	Exhibit A	–	Forms of Notes
	 	 	 
	 	 	A-1	–	Form of Class A -1R
    Note
	 	 	A-2	–	Form of Class A -2R Note
	 	 	A-3	–	Form of Class B -1R Note
	 	 	A-3	–	Form of Class B -2R Note
	 	 	A-4	–	Form of Class C -R Note
	 	 	 	 	 
	Exhibit B	–	Forms of Transfer and Exchange Certificates
	 	 	 
	 	 	B-1	–	Form of Transferor and Transferee Certificate
    for Transfer to Rule 144A Global Note
	 	 	B-2	–	Form of Transferor and Transferee Certificate
    for Transfer to Regulation S Global Note
	 	 	B-3	–	Form of Transferor and Transferee Certificate
    for Transfer to Certificated Note
	 	 	 	 	 
	Exhibit C	–	Calculation of LIBOR
	Exhibit D	–	Form of Security Owner Certificate
	Exhibit E	–	Issuer Payment Account Information
	Exhibit F	–	Form of Contribution Notice
	Exhibit G	–	Form of Notice of Substitution

 

    -v- 

     

    

 

AMENDED
AND RESTATED INDENTURE, dated as of December 22, 2020 (as may be further amended, restated, supplemented or otherwise modified
from time to time, this “Indenture”), between FS KKR MM CLO 1 LLC, a Delaware limited liability company (the
“Issuer”) and U.S. Bank National Association, as trustee (herein, together with its permitted successors and
assigns in the trusts hereunder, the “Trustee”), hereby amending and restating the indenture, dated as of June
25, 2019, between the Issuer and the Trustee (the “Original Indenture”).

 

PRELIMINARY
STATEMENT

 

WHEREAS,
capitalized terms used but not defined in these Recitals have the respective meanings assigned to such terms in the Original Indenture,
as the context so requires;

 

WHEREAS,
pursuant to Section 9.2(a)(i) of the Original Indenture, a Majority of the Interests, with the consent of the Portfolio Manager,
directed an Optional Redemption and Refinancing of the Notes in whole, but not in part, to occur on the Refinancing Date (as defined
below), and the conditions set forth in the Original Indenture with respect to such Optional Redemption and Refinancing have been
satisfied;

 

WHEREAS,
(i) pursuant to Section 8.1(a)(xxi) of the Original Indenture, without the consent of any Holder, but with the written consent
of the Portfolio Manager, the Issuer, when authorized by Resolutions, at any time and from time to time, may, subject to Section
8.3 and without an Opinion of Counsel being provided to the Issuer or the Trustee as to whether any Class of Notes would be materially
and adversely affected thereby, enter into one or more indentures supplemental to the Original Indenture, in form reasonably satisfactory
to the Trustee and subject to the approval of a Majority of the Interests, in connection with a Refinancing of all Classes of
Notes in full, to (a) effect an extension of the end of the Reinvestment Period, (b) establish a non-call period for the replacement
notes or loans or other financial arrangements issued or entered into in connection with such Refinancing, (c) modify the Weighted
Average Life Test, (d) provide for a stated maturity of the replacement notes or loans or other financial arrangements issued
or entered into in connection with such Refinancing that is later than the Stated
Maturity of the Notes or (e) make any other amendments that would otherwise be subject to the consent rights of the Notes pursuant
to Article VIII of the Indenture and (ii) pursuant to Section 8.2(a) of the Original Indenture, with the consent of the Portfolio
Manager, a Majority of the Notes of each Class materially and adversely affected thereby, if any, the Trustee and the Issuer may
execute one or more indentures supplemental thereto to add any provisions to, or change in any manner or eliminate any of the
provisions of, the Original Indenture or modify in any manner the rights of the Holders of the Notes of any Class under the Original
Indenture;

 

WHEREAS,
the Issuer desires to enter into this Indenture to (i) make changes necessary to issue the classes of replacement securities described
in Section 2.3 of this Indenture in connection with a Refinancing of each Class of Notes issued on the Closing Date pursuant
to the Original Indenture and (ii) amend certain provisions of the Original Indenture as set forth herein;

 

WHEREAS,
(A) the Portfolio Manager has consented to the execution of this Indenture and the transactions contemplated hereby, (B) a Majority
of the Interests has approved of this Indenture and the transactions contemplated hereby, (C) this Indenture is reasonably satisfactory
to the Trustee and (D) the conditions to entering into this Indenture and the transactions contemplated hereby, each as set forth
in the Original Indenture, have been satisfied;

 

     

     

    

 

WHEREAS,
each purchaser of a Refinancing Note (as defined herein) will be deemed to have consented to the execution of this Indenture;

 

WHEREAS,
the conditions precedent hereto having been satisfied, the Issuer is duly authorized to execute and deliver this Indenture to
provide for the Notes issuable as provided in this Indenture. Except as otherwise provided herein, all covenants and agreements
made by the Issuer herein are for the benefit and security of the Secured Parties. The Issuer is entering into this Indenture,
and the Trustee is accepting the trusts and agreements created hereby, for good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged;

 

WHEREAS,
all things necessary to make this Indenture a valid agreement of the Issuer in accordance with the agreement’s terms have
been done; and

 

WHEREAS,
the Issuer hereby directs the Trustee to execute this Indenture and acknowledges and agrees that the Trustee will be fully protected
in relying upon the foregoing direction.

 

NOW,
THEREFORE, in consideration of the mutual agreements and covenants set forth herein, the parties hereby agree as follows.

 

GRANTING
CLAUSES

 

I.                   
Subject to the priorities and the exclusions, if any, specified below in this Granting
Clause, the Issuer Granted on the Closing Date, and hereby confirms such Grant, to
the Trustee for the benefit and security of Holders of the Notes, the Trustee, the Portfolio Manager and the Collateral Administrator
(collectively, the “Secured Parties”) to the extent of such Secured Party’s interest hereunder, including
under the Priority of Payments, all of its right, title and interest in, to and under, in each case, whether now owned or existing,
or hereafter acquired or arising, all securities, loans and investments and, in each case as defined in the UCC, accounts, chattel
paper, deposit accounts, instruments, financial assets, investment property, general intangibles, letter of credit rights, and
other supporting obligations, and other property of any type or nature in which the Issuer has an interest, including all proceeds
(as defined in the UCC) with respect to the foregoing (subject to the exclusions noted below, the “Assets”).
Such Grants include, but are not limited to:

 

		(a)	the
                                         Collateral Obligations, Restructured Loans, Workout Securities and Equity Securities
                                         that the Issuer causes to be delivered to the Trustee (directly or through an intermediary
                                         or bailee) pursuant to this Indenture and all payments thereon or with respect thereto,
                                         and all Collateral Obligations which are delivered to the Trustee in the future pursuant
                                         to the terms of this Indenture and all payments thereon or with respect thereto,

 

		(b)	the
                                         Issuer’s interest in each Account and all Eligible Investments purchased with funds
                                         on deposit therein, and all income from the investment of funds therein,

 

    2

     

    

 

		(c)	the
                                         Issuer’s rights under the EU Retention Undertaking Letter, the Account Agreement,
                                         the Portfolio Management Agreement and the Collateral Administration Agreement,

 

		(d)	all
                                         Cash or money delivered to the Trustee (directly or through an intermediary or its bailee)
                                         for the benefit of the Secured Parties,

 

		(e)	any
                                         Selling Institution Collateral, subject to the prior lien of the relevant Selling Institution,

 

		(f)	all
                                         accounts, chattel paper, deposit accounts, financial assets, general intangibles, instruments,
                                         investment property, letter-of-credit rights and other supporting obligations relating
                                         to the foregoing,

 

		(g)	any
                                         other property otherwise delivered to the Trustee by or on behalf of the Issuer (whether
                                         or not constituting Collateral Obligations or Eligible Investments), and

 

		(h)	all
                                         proceeds (as defined in the UCC) with respect to the foregoing.

 

Such
Grants are made in trust to secure the Notes equally and ratably without prejudice, priority or distinction between any Note and
any other Note by reason of difference of time of issuance or otherwise, except as expressly provided in this Indenture, and to
secure, in accordance with the priorities set forth in the Priority of Payments, (A) the payment of all amounts due on the Notes
in accordance with their terms, (B) the payment of all other sums payable under this Indenture to any Secured Party and (C) compliance
with the provisions of this Indenture, all as provided in this Indenture (collectively, the “Secured Obligations”).

 

II.                
The Trustee acknowledges such Grant, accepts its appointment as Trustee and the trusts hereunder in accordance with the provisions
hereof, and agrees to perform the duties herein in accordance with the terms hereof.

 

ARTICLE
I

DEFINITIONS

 

Section
1.1.            Definitions

 

Except
as otherwise specified herein or as the context may otherwise require, the following terms have the respective meanings set forth
below for all purposes of this Indenture, and the definitions of such terms are equally applicable both to the singular and plural
forms of such terms and to the masculine, feminine and neuter genders of such terms. Except as otherwise specified herein or as
the context may otherwise require: (i) references to an agreement or other document are to it as amended, supplemented, restated
and otherwise modified from time to time and to any successor document (whether or not already so stated); (ii) references to
a statute, regulation or other government rule are to it as amended from time to time and, as applicable, are to corresponding
provisions of successor governmental rules (whether or not already so stated); (iii) the word “including” and correlative
words shall be deemed to be followed by the phrase “without limitation” unless actually followed by such phrase or
a phrase of like import; (iv) the word “or” is always used inclusively herein (for example, the phrase “A or
B” means “A or B or both,” not “either A or B but not both”), unless used in an “either ...
or” construction; (v) references to a Person are references to such Person’s successors and assigns (whether or not
already so stated); (vi) all references in this Indenture to designated “Articles”, “Sections”, “subsections”
and other subdivisions are to the designated articles, sections, subsections and other subdivisions of this Indenture; and (vii)
the words “herein”, “hereof”, “hereunder” and other words of similar import refer to this
Indenture as a whole and not to any particular article, section, subsection or other subdivision.

 

    3

     

    

 

“17g-5
Website”: The Issuer’s website, which is located at https://www.structuredfn.com,
or such other address as the Issuer may provide to the Trustee, the Collateral Administrator, the Portfolio Manager and
the Rating Agency.

 

“Accepted
Purchase Request”: The meaning specified in Section 9.8(c).

 

“Account
Agreement”: The securities account control agreement dated as of the Closing Date among the Issuer, the Trustee and
the Bank, as Custodian.

 

“Accountants’
Report”: An agreed upon procedures report from the firm or firms appointed by the Issuer pursuant to Section 10.9(a).

 

“Accounts”:
(i) the Payment Account, (ii) the Collection Account, (iii) the Revolver Funding Account, (iv) the Expense Reserve Account, (v)
the Custodial Account, (vi) the Contribution Account and (vii) the Interest Reserve Account.

 

“Act”
and “Act of Holders”: The meanings specified in Section 14.2(a).

 

“Adjusted
Collateral Principal Amount”: As of any date of determination:

 

		(a)	the
Aggregate Principal Balance of the Collateral Obligations (other than Defaulted Obligations, Discount Obligations and Long-Dated
Obligations); plus

 

		(b)	without
                                         duplication, the amounts on deposit in the Collection Account (including Eligible Investments
                                         therein) representing Principal Proceeds; plus

 

		(c)	for
                                         each Defaulted Obligation, (i) if such Defaulted Obligation has been a Defaulted Obligation
                                         for 30 days or less, the S&P Recovery Amount for such Defaulted Obligation and (ii)
                                         if such Defaulted Obligation has been a Defaulted Obligation for more than 30 days, the
                                         S&P Collateral Value for such Defaulted Obligation; plus

 

		(d)	the
                                         aggregate, for each Discount Obligation, of the product of (i) the ratio of the purchase
                                         price, excluding accrued interest but including, at the discretion of the Portfolio Manager,
                                         the amount of any related transaction costs (including assignment fees) paid by the Issuer
                                         to the seller of such Collateral Obligation or its agent, expressed as a Dollar amount,
                                         over the Principal Balance of the Discount Obligation as of the date of acquisition and
                                         (ii) the current Principal Balance of such Discount Obligation; plus

 

    4

     

    

 

		(e)	the
                                         sum of the Long-Dated Obligation Amount for each Long-Dated Obligation; minus

 

		(f)	the
                                         Excess CCC Adjustment Amount;

 

provided,
that with respect to any Collateral Obligation that satisfies more than one of the definitions of Defaulted Obligation, Discount
Obligation or Long-Dated Obligation, or any Collateral Obligation that falls into the Excess CCC Adjustment Amount, such Collateral
Obligation shall, for purposes of this definition, be treated as belonging to the category of Collateral Obligations to which
it otherwise belongs and which results in the lowest Adjusted Collateral Principal Amount on any date of determination; provided,
further, that any Deferring Obligation that has not paid interest in Cash for the lesser of six consecutive months and one
accrual period shall be treated as a Defaulted Obligation that has been a Defaulted Obligation for more than 30 days for the purpose
of determining the Adjusted Collateral Principal Amount; provided further that, for the avoidance
of doubt, the Adjusted Collateral Principal Amount of any Restructured Loan that is not a Workout Loan shall be zero.

 

“Administrative
Expense Cap”: An amount equal on any Payment Date (when taken together with any Administrative Expenses paid in the
order of priority contained in the definition thereof during the period since the preceding Payment Date or in the case of the
first Payment Date after the Refinancing Date, the period since the Refinancing Date), to the sum of (a) 0.02% per annum (prorated
for the related Interest Accrual Period on the basis of a 360-day year and the actual number of days elapsed) of the Fee Basis
Amount on the related Determination Date and (b) U.S.$200,000 per annum (prorated for the related Interest Accrual Period on the
basis of a 360-day year and the actual number of days elapsed); provided that, (1) in respect of any Payment Date
after the third Payment Date following the Refinancing Date, if the aggregate amount of Administrative Expenses paid pursuant
to Sections 11.1(a)(i)(A), 11.1(a)(ii)(A) and 11.1(a)(iii)(A) (including any excess applied in accordance with this proviso) on
the three immediately preceding Payment Dates and during the related Collection Periods is less than the stated Administrative
Expense Cap (without regard to any excess applied in accordance with this proviso) in the aggregate for such three preceding Payment
Dates, then the excess may be applied to the Administrative Expense Cap with respect to the then-current Payment Date; and (2)
in respect of the third Payment Date following the Refinancing Date, such excess amount shall be calculated based on the Payment
Dates preceding such Payment Date and may be applied to the Administrative Expense Cap to the then-current Payment Date.

 

“Administrative
Expenses”: The fees, expenses (including indemnities) and other amounts due or accrued with respect to any Payment Date
(including, with respect to any Payment Date, any such amounts that were due and not paid on any prior Payment Date) and payable
in the following order by the Issuer: first, to the Trustee pursuant to Section 6.7 and the other provisions of this Indenture,
second, to the Bank (in each of its capacities) including as Collateral Administrator pursuant to the Collateral Administration
Agreement, third, on a pro rata basis, the following amounts (excluding indemnities) to the following parties:

 

		(i)	the
Independent accountants, agents (other than the Portfolio Manager) and counsel of the Issuer for fees and expenses;

 

    5

     

    

 

		(ii)	the
Rating Agency for fees and expenses (including any annual fee, amendment fees and surveillance fees) in connection with any rating
of the Notes or in connection with the rating of (or provision of credit estimates in respect of) any Collateral Obligations;

 

		(iii)	the
Portfolio Manager under this Indenture and the Portfolio Management Agreement, including without limitation reasonable expenses
of the Portfolio Manager (including, without limitation, (x) actual fees incurred and paid by the Portfolio Manager for its accountants,
agents, counsel and administration of the Issuer and (y) reasonable costs and expenses incurred in connection with the Portfolio
Manager’s management of the Collateral Obligations, Eligible Investments and other assets of the Issuer) actually incurred
and paid in connection with the Portfolio Manager’s management of the Collateral Obligations and any other amounts payable
pursuant to Section 26 of the Portfolio Management Agreement, but excluding the Management Fees;

 

		(iv)	the
Independent Manager of the Issuer for any fees or expenses due under the engagement letter between Lord
Securities Corporation and the Issuer;

 

		(v)	any
other Person in respect of any other fees or expenses permitted under this Indenture and the documents delivered pursuant to or
in connection with this Indenture (including expenses incurred in connection with complying with tax laws, fees and expenses incurred
in connection with a Refinancing or Re-Pricing, the payment of facility rating fees and all legal and other fees and expenses
incurred in connection with the purchase or sale of any Collateral Obligations and any other expenses incurred in connection with
the Collateral Obligations, including Excepted Advances) and the Notes, including but not limited to, if applicable, any amounts
due in respect of the listing of the Notes on any stock exchange or trading system; and

 

		(vi)	any
other Person in connection with satisfying the U.S.
Risk Retention Rules or the EU Securitization Laws, as applicable, including any costs or fees related to additional due diligence
or reporting requirements;

 

and
fourth, on a pro rata basis, indemnities payable to any Person pursuant to any Transaction Document or the Purchase
Agreement or any purchase agreement, placement agreement or similar agreement signed in connection with a refinancing; provided
that, (x) for the avoidance of doubt, 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, without limitation,
interest and principal in respect of the Notes and distributions made to the Issuer) shall not constitute Administrative Expenses,
(y) no amount shall be payable to the Portfolio Manager as Administrative Expenses in reimbursement of fees or expenses of any
third party unless the Portfolio Manager shall have first paid the fees or expenses that are the subject of such reimbursement
and (z) the Portfolio Manager may direct the payment of Rating Agency fees (only out of amounts available pursuant to clause (b)
of the definition of “Administrative Expense Cap”) other than in the order required pursuant to items third and fourth
above if, in the Portfolio Manager’s commercially reasonable judgment, such payments are necessary to avoid the withdrawal
of any currently assigned rating on any Class of Notes that is Outstanding and rated by a Rating Agency.

 

    6

     

    

 

“Advisers
Act”: The Investment Advisers Act of 1940, as amended from time to time.

 

“Advisor”:
FS/KKR Advisor, LLC.

 

“Affected
Class”: Any Class of Notes that, as a result of the occurrence of a Tax Event, has not received 100% of the aggregate
amount of principal and interest that would otherwise be due and payable to such Class on any Quarterly Payment Date.

 

“Affiliate”
or “Affiliated”: With respect to a Person, any other Person who, directly or indirectly, is in control of,
or controlled by, or is under common control with, such Person. For the purposes of this definition, “control” of
a Person shall mean the power, direct or indirect, (x) to vote more than 50% of the securities having ordinary voting power
for the election of directors of any such Person or (y) to direct or cause the direction of the management and policies of
such Person whether by contract or otherwise; provided that, no special purpose company to which the Portfolio Manager
provides investment advisory services shall be considered an Affiliate of the Portfolio Manager. For the avoidance of doubt, (A)
for the purposes of calculating compliance with clause (iii) of the Concentration Limitations, an Obligor will not be considered
an “Affiliate” of any other Obligor solely due to the fact that each such Obligor is under the control of the same
financial sponsor and (B) Obligors in respect of Collateral Obligations shall be deemed not to be Affiliates if they have distinct
corporate family ratings and/or distinct issuer credit ratings.

 

“Agent
Members”: Members of, or participants in, DTC, Euroclear or Clearstream.

 

“Aggregate
Coupon”: As of any date of determination, the sum of the products obtained by multiplying, in the case of each
Fixed Rate Obligation, (a) the stated coupon on such Collateral Obligation (excluding the unfunded portion of any Delayed Drawdown
Collateral Obligation or Revolving Collateral Obligation and, in the case of any security that in accordance with its terms is
making payments due thereon “in kind” in lieu of Cash, any interest to the extent not paid in Cash) expressed as a
percentage; and (b) the Principal Balance (including for this purpose any capitalized interest) of such Collateral Obligation.

 

“Aggregate
Excess Funded Spread”: As of any date of determination, the amount obtained by multiplying: (a) the amount equal
to LIBOR applicable to the Notes during the Interest Accrual Period in which such date of determination occurs; by (b)
the amount (not less than zero) equal to (i) the Aggregate Principal Balance (including for this purpose any capitalized interest)
of the Collateral Obligations as of such date of determination minus (ii) the Reinvestment Target Par Balance; by (c) the
Aggregate Principal Balance of Floating Rate Obligations divided by the Aggregate Principal Balance of Collateral Obligations.

 

“Aggregate
Funded Spread”: As of any date of determination, the sum of:

 

		(a)	(i)
in the case of each Floating Rate Obligation that bears interest at a spread over a London interbank offered rate based index,
the stated interest rate spread (excluding the unfunded portion of any Delayed Drawdown Collateral Obligation and Revolving Collateral
Obligation and, in the case of any security that in accordance with its terms is making payments due thereon “in kind”
in lieu of Cash, any interest to the extent not paid in Cash) on such Collateral Obligation above such index, multiplied by
(ii) the Principal Balance (including for this purpose any capitalized interest but excluding the unfunded portion of any
Delayed Drawdown Collateral Obligation or Revolving Collateral Obligation) of such Collateral Obligation; and

 

    7

     

    

 

		(b)	(i)
                                         in the case of each Floating Rate Obligation that bears interest at a spread over an
                                         index other than a London interbank offered rate based index, the excess of the sum of
                                         such spread and such index (excluding the unfunded portion of any Delayed Drawdown Collateral
                                         Obligation and Revolving Collateral Obligation and, in the case of any security that
                                         in accordance with its terms is making payments due thereon “in kind” in
                                         lieu of Cash, any interest to the extent not paid in Cash) over LIBOR as of the immediately
                                         preceding Interest Determination Date (which spread or excess may be expressed as a negative
                                         percentage), multiplied by (ii) the Principal Balance (including for this purpose
                                         any capitalized interest but excluding the unfunded portion of any Delayed Drawdown Collateral
                                         Obligation or Revolving Collateral Obligation) of each such Collateral Obligation;

 

provided,
that for purposes of this definition, the interest rate spread will be deemed to be, with respect to any Floating Rate Obligation
that has a LIBOR floor, the stated interest rate spread plus, if positive, (x) the LIBOR floor value minus (y) LIBOR as
in effect for the current Interest Accrual Period.

 

“Aggregate
Outstanding Amount”: With respect to any of the Notes as of any date, the aggregate unpaid principal amount of such
Notes Outstanding on such date.

 

“Aggregate
Principal Balance”: When used with respect to all or a portion of the Collateral Obligations or the Assets, the sum
of the Principal Balances of all or of such portion of the Collateral Obligations or Assets, respectively.

 

“Aggregate
Unfunded Spread”: As of any date of determination, the sum of the products obtained by multiplying (i) for each Delayed
Drawdown Collateral Obligation and Revolving Collateral Obligation (other than Defaulted Obligations), the related commitment
fee then in effect as of such date and (ii) the undrawn commitments of each such Delayed Drawdown Collateral Obligation and Revolving
Collateral Obligation as of such date.

 

“Alternative
Rate”: The meaning specified in Exhibit C hereto.

 

“Anti-Money
Laundering Laws”: The meaning specified in Section 2.5(h)(xvi).

 

“Applicable
Qualified Valuation”: The meaning specified in Section 12.3(a).

 

“Approved
Index List”: The nationally recognized indices specified in Schedule 4 hereto as amended from time to time by the Portfolio
Manager with prior notice of any amendment to S&P in respect of such amendment and a copy of any such amended Approved Index
List to the Collateral Administrator.

 

    8

     

    

 

“Assets”:
The meaning assigned in the Granting Clauses hereof.

 

“Assumed
Reinvestment Rate”: LIBOR (as determined on the most recent Interest Determination Date relating to an Interest Accrual
Period beginning on a Payment Date or the Refinancing Date, as applicable) minus 0.20% per annum; provided that,
the Assumed Reinvestment Rate shall not be less than 0.00%.

 

“Authenticating
Agent”: With respect to the Notes or a Class of the Notes, the Person designated by the Trustee to authenticate such
Notes on behalf of the Trustee pursuant to Section 6.14.

 

“Authorized
Officer”: With respect to the Issuer, any Officer or any other Person who is authorized to act for the Issuer, as applicable,
in matters relating to, and binding upon, the Issuer and, for the avoidance of doubt, shall include any duly appointed attorney-in-fact
of the Issuer. With respect to the Portfolio Manager, any Officer, employee, member or agent of the Portfolio Manager who is authorized
to act for the Portfolio Manager in matters relating to, and binding upon, the Portfolio Manager with respect to the subject matter
of the request, certificate or order in question. With respect to the Collateral Administrator, any Officer, employee, partner
or agent of the Collateral Administrator who is authorized to act for the Collateral Administrator in matters relating to, and
binding upon, the Collateral Administrator with respect to the subject matter of the request, certificate or order in question.
With respect to the Trustee or any other bank or trust company acting as trustee of an express trust or as custodian, a Bank Officer.
With respect to any Authenticating Agent, any Officer of such Authenticating Agent who is authorized to authenticate the Notes.
Each party may receive and accept a certification of the authority of any other party as conclusive evidence of the authority
of any person to act, and such certification may be considered as in full force and effect until receipt by such other party of
written notice to the contrary.

 

“Average
Life”: The meaning specified in the definition of “Weighted Average Life.”

 

“Balance”:
On any date, with respect to Cash or Eligible Investments in any Account, the aggregate of the (i) current balance of Cash, demand
deposits, time deposits, certificates of deposit and federal funds; (ii) principal amount of interest-bearing corporate and government
securities, money market accounts and repurchase obligations; and (iii) purchase price (but not greater than the face amount)
of non-interest-bearing government and corporate securities and commercial paper.

 

“Bank”:
U.S. Bank National Association, in its individual capacity and not as Trustee, or any successor thereto.

 

“Bank
Officer”: When used with respect to the Trustee, any Officer within the Corporate Trust Office (or any successor group
of the Trustee) including any Officer to whom any corporate trust matter is referred at the Corporate Trust Office because of
such person’s knowledge of and familiarity with the particular subject and, in each case, having direct responsibility for
the administration of this transaction.

 

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

 

    9

     

    

 

“Bankruptcy
Exchange”: The exchange (without the payment of any additional funds other than any reasonable and customary transfer
costs, except to the extent permitted under this Indenture) of (x) a Defaulted Obligation for one or more other debt obligations
issued by another Obligor (and any related Equity Securities (if any)) or (y) a Credit Risk Obligation for any other Credit Risk
Obligations (and any related Equity Securities (if any)) and, in each case which, but for the fact that such debt obligation is
a Defaulted Obligation or a Credit Risk Obligation (as applicable), would otherwise qualify as a Collateral Obligation (except
to the extent of any Equity Securities acquired in connection therewith) and (i) in the Portfolio Manager’s reasonable business
judgment, at the time of the exchange, such debt obligation received in exchange has a better likelihood of recovery than the
Defaulted Obligation or Credit Risk Obligation to be so exchanged, (ii) as determined by the Portfolio Manager, at the time of
the exchange, the debt obligation received in exchange is no less senior in right of payment vis-à-vis such Obligor’s
other outstanding indebtedness than the Defaulted Obligation or Credit Risk Obligation to be exchanged vis-à-vis its Obligor’s
other outstanding indebtedness, (iii) as determined by the Portfolio Manager, both prior to and after giving effect to such exchange,
each Overcollateralization Ratio Test is satisfied or, if any of the Overcollateralization Ratio Tests was not satisfied prior
to such exchange, such Overcollateralization Ratio Test will be maintained or improved after giving effect to such exchange, (iv)
as determined by the Portfolio Manager, if such debt obligation received in exchange is a Credit Risk Obligation, both prior to
and after giving effect to such exchange, each of the Coverage Tests, the Collateral Quality Test and the Concentration Limitations
is satisfied or, if any of the Coverage Tests, the Collateral Quality Test or the Concentration Limitations was not satisfied
prior to such exchange, such Coverage Test, Collateral Quality Test or Concentration Limitation will be maintained or improved
after giving effect to such exchange, (v) as determined by the Portfolio Manager, both prior to and after giving effect to such
exchange, not more than 5.0% of the Collateral Principal Amount consists of obligations received in a Bankruptcy Exchange, (vi)
the period for which the Issuer held the Defaulted Obligation or Credit Risk Obligation to be exchanged will be included for all
purposes in this Indenture when determining the period for which the Issuer holds the debt obligation received in exchange; (vii)
as determined by the Portfolio Manager, such exchanged Defaulted Obligation or Credit Risk Obligation was not acquired in a Bankruptcy
Exchange; and (viii) if the exchanged obligation is a Credit Risk Obligation and the debt obligation received in exchange is a
Credit Risk Obligation then (A) the obligation received does not have a lower S&P Rating
than the S&P Rating of the exchanged obligation and (B) the obligation received has a stated maturity no longer than the stated
maturity of the exchanged obligation or (z) an Equity Security for any other Equity Securities, any Credit Risk Obligations
and/or any Defaulted Obligations, in each case, regardless of whether such debt obligation satisfies the definition of “Collateral
Obligation” (which debt obligation, for the avoidance of doubt, will be treated as a Collateral Obligation to the extent
provided in the definition thereof) if, after giving effect to such exchange, the Collateral Principal Amount plus the Market
Value of all Defaulted Obligations will be equal to or greater than the Reinvestment Target Par Balance.

 

“Bankruptcy
Filing”: The institution against, or joining any other Person in instituting against, the Issuer, any bankruptcy, reorganization,
arrangement, insolvency, winding up, moratorium or liquidation Proceedings, or other Proceedings under U.S. federal or state bankruptcy
or similar laws.

 

“Base
Management Fee”: The fee payable to the Portfolio Manager in arrears on each Payment Date pursuant to Section 8 of the
Portfolio Management Agreement and the Priority of Payments in an amount equal to the product of 0.20% per annum (calculated on
the basis of a 360-day year and the actual number of days elapsed during the related Interest Accrual Period) of the Fee Basis
Amount measured as of the first day of the Collection Period relating to each Payment Date.

 

    10

     

    

 

“Benefit
Plan Investor”: Any of the following: (a) any “employee benefit plan” (as defined in Section 3(3) of ERISA)
that is subject to the fiduciary responsibility provisions of Title I of ERISA, (b) any “plan” as defined in Section
4975(e)(1) of the Code to which Section 4975 of the Code applies or (c) any entity whose underlying assets are deemed to include
“plan assets” by reason of an employee benefit plan’s or a plan’s investment in the entity within the
meaning of the Plan Asset Regulation or otherwise.

 

“Bond”:
Any debt security not in the form of a loan or an interest therein.

 

“Bridge
Loan”: Any loan or other obligation or debt security that (x) is incurred or issued in connection with a merger, acquisition,
consolidation, or sale of all or substantially all of the assets of a Person or similar transaction and (y) by its terms, is required
to be repaid within one year of the incurrence thereof with proceeds from additional borrowings or other refinancings (other than
any additional borrowing or refinancing if one or more financial institutions shall have provided the issuer of such obligation
or security with a binding written commitment to provide the same, so long as (i) such commitment is equal to the outstanding
principal amount of the Bridge Loan and (ii) such committed replacement facility has a maturity of at least one year and
cannot be extended beyond such maturity pursuant to the terms thereof).

 

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

 

“Calculation
Agent”: The meaning specified in Section 7.16.

 

“Cash”:
Such money (as defined in Article 1 of the UCC) or funds denominated in currency of the United States of America as at the time
shall be legal tender for payment of all public and private debts, including funds standing to the credit of any Account.

 

“CCC
Collateral Obligation”: A Collateral Obligation (other than a Defaulted Obligation or a Deferring Obligation) with an
S&P Rating of “CCC+” or lower.

 

“CCC
Excess”: An amount equal to the excess of the Principal Balance of all CCC Collateral Obligations over an amount equal
to 17.5% of the Collateral Principal Amount as of such date of determination; provided that, in determining which of the
CCC Collateral Obligations will be included in the CCC Excess, the CCC Collateral Obligations with the lowest Market Value (assuming
that such Market Value is expressed as a percentage of the Aggregate Principal Balance of such Collateral Obligations as of such
date of determination) shall be deemed to constitute such CCC Excess.

 

“Certificate
of Authentication”: The meaning specified in Section 2.1.

 

    11

     

    

 

“Certificated
Note”: Any Note issued in the form of a definitive, fully registered note without coupons registered in the name of
the owner or nominee thereof, duly executed by the Issuer and authenticated by the Trustee as herein provided.

 

“Certificated
Security”: The meaning specified in Article 8 of the UCC.

 

“Certifying
Person”: Any Person that certifies that it is the owner of a beneficial interest in a Global Note substantially in the
form of Exhibit D.

 

“CFR”:
The meaning specified on Schedule 3 hereto.

 

“Class”:
In the case of (x) the Notes, all of the Notes having the same Interest Rate (except for additional notes issued after the Refinancing
Date having the same designation but issued at a different Interest Rate), Stated Maturity and designation and (y) in the case
of the Interests, all of the Interests. For purposes of exercising any rights to consent, give direction or otherwise vote, any
Pari Passu Classes will be treated as a single Class in each case except as expressly provided herein.

 

“Class
A Notes”: The Class A-1 Notes and the Class A-2 Notes, collectively.

 

“Class
A-1 Notes”: The Class A-1R Senior Secured Floating Rate Notes issued pursuant to this Indenture and having the characteristics
specified in Section 2.3(b).

 

“Class
A-2 Notes”: The Class A-2R Senior Secured Floating Rate Notes issued pursuant to this Indenture and having the characteristics
specified in Section 2.3(b).

 

“Class
A/B Coverage Tests”: The Overcollateralization Ratio Test and the Interest Coverage Test as applied to the Class A Notes
and the Class B Notes.

 

“Class
B Notes”: The Class B-1 Notes and the Class B-2 Notes, collectively.

 

“Class
B-1 Notes”: The Class B-1R Senior Secured Floating Rate Notes issued pursuant to this Indenture and having the characteristics
specified in Section 2.3(b).

 

“Class
B-2 Notes”: The Class B-2R Senior Secured Fixed Rate Notes issued
pursuant to this Indenture and having the characteristics specified in Section 2.3(b).

 

“Class
C Coverage Tests”: The Overcollateralization Ratio Test and the Interest Coverage Test as applied to the Class C Notes.

 

“Class
C Notes”: The Class C-R Secured Deferrable Floating Rate Notes
issued pursuant to this Indenture and having the characteristics specified in Section 2.3(b).

 

“Class
Default Differential”: With respect to the Highest Ranking S&P Class, at any time, the rate calculated by subtracting
the S&P CDO Monitor SDR at such time for such Class of Notes from the S&P CDO Monitor Adjusted BDR for such Class of Notes
at such time.

 

“Clean-Up
Call Redemption”: The meaning specified in Section 9.7(a).

 

    12

     

    

 

“Clean-Up
Call Redemption Price”: The meaning specified in Section 9.7(b).

 

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

 

“Clearing
Corporation”: (i) Clearstream, (ii) DTC, (iii) Euroclear and (iv) any entity included within the meaning of “clearing
corporation” under Article 8 of the UCC.

 

“Clearing
Corporation Note”: Notes that 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.

 

“Clearstream”:
Clearstream Banking, société anonyme, a corporation organized under the laws of the Duchy
of Luxembourg.

 

“CLO
Information Service”: Intex, or any third-party vendor that compiles and provides access to information regarding collateralized
loan obligation transactions and is selected by the Portfolio Manager to receive copies of the Monthly Report and Distribution
Report.

 

“Closing
Date”: June 25, 2019.

 

“Code”:
The United States Internal Revenue Code of 1986, as amended.

 

“Collateral
Administration Agreement”: The amended and restated agreement dated as of the Refinancing Date among the Issuer, the
Portfolio Manager and the Collateral Administrator, as amended from time to time in accordance with its terms.

 

“Collateral
Administrator”: The Bank, in its capacity as collateral administrator under the Collateral Administration Agreement,
and any successor thereto.

 

“Collateral
Interest Amount”: 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 Defaulted Obligations
and Deferring Obligations, but including Interest Proceeds actually received from Defaulted Obligations and Deferring Obligations),
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 (or after such Collection Period but on or prior to the related Payment
Date if such Interest Proceeds would be treated as Interest Proceeds with respect to such Collection Period).

 

“Collateral
Obligation”: A Senior Secured Loan, Second Lien Loan, an Unsecured Loan (including, but not limited to, interests in
bank loans acquired by way of a purchase or assignment) or Participation Interest therein that, as of the date of acquisition
or commitment to acquire by the Issuer:

 

		(i)	is
                                         U.S. Dollar denominated and is neither convertible by the issuer thereof into, nor payable
                                         in, any other currency;

 

    13

     

    

 

		(ii)	is
                                         not a Defaulted Obligation or a Credit Risk Obligation, unless in either case such obligation
                                         is a Purchased Defaulted Obligation or is being acquired in connection with a Bankruptcy
                                         Exchange;

 

		(iii)	is
                                         not a lease (including a finance lease);

 

		(iv)	is
                                         not an Interest Only Obligation;

 

		(v)	provides
                                         (in the case of a Delayed Drawdown Collateral Obligation or Revolving Collateral Obligation,
                                         with respect to amounts drawn thereunder) for a fixed amount of principal payable in
                                         Cash on scheduled payment dates and/or at maturity and does not by its terms provide
                                         for earlier amortization or prepayment at a price of less than par;

 

		(vi)	does
                                         not constitute Margin Stock;

 

		(vii)	provides
                                         for payments that do not, at the time the obligation is acquired, subject the Issuer
                                         to withholding tax or other tax, other than withholding tax as to which the Obligor or
                                         issuer is required to make “gross-up” payments that ensure that the net amount
                                         actually received by the Issuer (after payment of all taxes, whether imposed on such
                                         Obligor or the Issuer) will equal the full amount that the Issuer would have received
                                         had no such taxes been imposed;

 

		(viii)	has
                                         an S&P Rating of “CCC-” or higher (unless such obligation is a Purchased
                                         Defaulted Obligation or is being acquired in a Bankruptcy Exchange);

 

		(ix)	is
                                         not a debt obligation whose repayment is subject to substantial non-credit related risk
                                         as determined by the Portfolio Manager in its reasonable judgment;

 

		(x)	except
                                         for Delayed Drawdown Collateral Obligations and Revolving Collateral Obligations, is
                                         not an obligation pursuant to which any future advances or payments (other than Excepted
                                         Advances) to the borrower or the Obligor thereof may be required to be made by the Issuer;

 

		(xi)	is
                                         not a Zero Coupon Bond or a Structured Finance Obligation;

 

		(xii)	will
                                         not require the Issuer or the pool of Assets to be registered as an investment company
                                         under the Investment Company Act;

 

		(xiii)	if
                                         it is a Participation Interest, the Third Party Credit Exposure Limits are satisfied
                                         with respect to the acquisition thereof;

 

		(xiv)	is
                                         not the subject of an Offer other than (A) a Permitted Offer or (B) an exchange offer
                                         in which an obligation that is not registered under the Securities Act is exchanged for
                                         an obligation that has substantially identical terms (except for transfer restrictions)
                                         but is registered under the Securities Act or an obligation that would otherwise qualify
                                         for purchase under the Investment Criteria;

 

    14

     

    

 

		(xv)	if
                                         a Floating Rate Obligation, accrues interest at a floating rate determined by reference
                                         to (a) the Dollar prime rate, federal funds rate or LIBOR or (b) a similar interbank
                                         offered rate or commercial deposit rate or (c) any other then-customary index;

 

		(xvi)	is
                                         Registered;

 

		(xvii)	is
                                         not a Synthetic Obligation;

 

		(xviii)	does
                                         not pay interest less frequently than semi-annually;

 

		(xix)	is
                                         not a Senior Secured Bond, Senior Unsecured Bond, other Bond, Senior Secured Floating
                                         Rate Note or Letter of Credit Reimbursement Obligation;

 

		(xx)	does
                                         not include or support a letter of credit;

 

		(xxi)	is
                                         not an interest in a grantor trust;

 

		(xxii)	is
                                         not a Loan secured by real property;

 

		(xxiii)	is
                                         not issued by a sovereign, or by a corporate issuer located in a country, which sovereign
                                         or country on the date on which the obligation is acquired by the Issuer imposed foreign
                                         exchange controls that effectively limit the availability or use of U.S. Dollars to make
                                         when due the scheduled payments of principal thereof and interest thereon;

 

		(xxiv)	is
                                         not issued by an Obligor with a most recently calculated EBITDA (calculated in accordance
                                         with the related Underlying Instruments) of less than $5,000,000;

 

		(xxv)	is
                                         not, by its terms, convertible into or exchangeable for an Equity Security at any time
                                         over its life or attached with a warrant to purchase Equity Securities;

 

		(xxvi)	does
                                         not mature after the earliest Stated
                                         Maturity of the Notes;

 

		(xxvii)	is
                                         issued by a Non-Emerging Market Obligor;

 

		(xxviii)	does
                                         not have an “f”, “p”, “pi”, “sf” or “t”
                                         subscript assigned by S&P or an “sf” subscript assigned by Moody’s;

 

		(xxix)	is
                                         purchased at a purchase price (expressed as a percentage of the par amount of such Collateral
                                         Obligation) not less than 60.0%;

 

		(xxx)	if
                                         (x) a Deferrable Obligation, is not, at the time of purchase (or commitment to purchase)
                                         deferring payment of any accrued and unpaid interest which would have otherwise been
                                         due and continues to remain unpaid, or (y) a Partial Deferring Obligation, is not,
                                         at the time of purchase (or commitment to purchase) in default with respect to the portion
                                         of the interest due thereon to be paid in Cash on each payment date with respect thereto
                                         (in each case, unless such obligation is a Purchased Defaulted Obligation or is being
                                         acquired in connection with a Bankruptcy Exchange); provided that, nothing in
                                         this clause (xxx) shall be construed to prohibit the acquisition of a Purchased Defaulted
                                         Obligation pursuant to Section 12.4;

 

    15

     

    

 

		(xxxi)	is
                                         not a Step-Up Obligation or a Step-Down Obligation; and

 

		(xxxii)	is
                                         not an obligation of a Portfolio Company.

 

“Collateral
Principal Amount”: As of any date of determination, the sum of (a) the Aggregate Principal Balance of the Collateral
Obligations (other than Defaulted Obligations), including, without duplication, the funded and unfunded balance of any Revolving
Collateral Obligation or Delayed Drawdown Collateral Obligation plus (b) without duplication, the amounts on deposit in
the Collection Account (including Eligible Investments therein) representing Principal Proceeds.

 

“Collateral
Quality Test”: A test satisfied on any date of determination during the Reinvestment Period if, in the aggregate, the
Collateral Obligations owned (or in relation to a proposed purchase of a Collateral Obligation, proposed to be owned) by the Issuer
satisfy each of the tests set forth below (or, if a test is not satisfied on such date of determination, the degree of compliance
with such test is maintained or improved after giving effect to any purchase effected on such date of determination or any applicable
Trading Plan), calculated in each case as required by Section 1.2 herein:

 

		(i)	the
                                         Minimum Floating Spread Test;

 

		(ii)	the
                                         Minimum Weighted Average Coupon Test;

 

		(iii)	the
                                         S&P CDO Monitor Test;

 

		(iv)	the
                                         Maximum Fitch Equivalent Rating Factor Test; and

 

		(v)	the
                                         Weighted Average Life Test.

 

“Collection
Account”: The meaning specified in Section 10.2(a).

 

“Collection
Period”: (i) With respect to the Refinancing Date, the period commencing on the Determination Date which occurred immediately
prior to the immediately preceding Quarterly Payment Date and ending at the close of business on the eighth Business Day prior
to the Refinancing Date; (ii) with respect to the first Payment Date following the Refinancing Date, the period commencing on
the seventh Business Day immediately preceding the Refinancing Date and ending at the close of business on the last Business Day
of the month prior to the first Payment Date; and (iii) with respect to any other Payment Date, the period commencing on the day
immediately following the prior Collection Period and ending (a) in the case of the final Collection Period preceding the latest
Stated Maturity of any Class of Notes, on the day preceding such Stated Maturity, (b) in the case of the final Collection Period
preceding an Optional Redemption (other than a Refinancing) or a Tax Redemption in whole of the Notes or a Clean-Up Call Redemption
of the Notes, on the day preceding the Redemption Date and (c) in any other case, at the close of business on the last Business
Day of each month prior to such Payment Date.

 

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“Concentration
Limitations”: Limitations satisfied on any date of determination during the Reinvestment Period if, in the aggregate,
the Collateral Obligations owned (or in relation to a proposed purchase of a Collateral Obligation, proposed to be owned) by the
Issuer comply with all of the requirements set forth below (or in relation to a proposed purchase, except to the extent that compliance
is otherwise expressly required, if not in compliance, the relevant requirements must be maintained or improved after giving effect
to the purchase), calculated in each case as required by Section 1.2 herein:

 

		(i)	not
                                         less than 92.5% of the Collateral Principal Amount may consist of Senior Secured Loans,
                                         Cash and Eligible Investments;

 

		(ii)	not
                                         more than 7.5% of the Collateral Principal Amount may consist, in the aggregate, of Second
                                         Lien Loans and Unsecured Loans;

 

		(iii)	not
                                         more than 2.5% of the Collateral Principal Amount may consist of Collateral Obligations
                                         issued by a single Obligor and its Affiliates, except that Collateral Obligations (other
                                         than DIP Collateral Obligations) issued by up to five Obligors and their respective Affiliates
                                         may each constitute up to 3.0% of the Collateral Principal Amount; provided that, not
                                         more than 1.5% of the Collateral Principal Amount may consist of Collateral Obligations
                                         that are not Senior Secured Loans issued by a single Obligor and its Affiliates, except
                                         that Collateral Obligations that are not Senior Secured Loans issued by up to two Obligors
                                         and their respective Affiliates may exceed 1.5% of the Collateral Principal Amount;

 

		(iv)	not
                                         more than 17.5% of the Collateral Principal Amount may consist of CCC Collateral Obligations;

 

		(v)	reserved;

 

		(vi)	not
                                         more than 5.0% of the Collateral Principal Amount may consist of Collateral Obligations
                                         that pay interest less frequently than quarterly;

 

		(vii)	not
                                         more than 5.0% of the Collateral Principal Amount may consist of Fixed Rate Obligations;

 

		(viii)	not
                                         more than 5.0% of the Collateral Principal Amount may consist of Current Pay Obligations;

 

		(ix)	not
                                         more than 5.0% of the Collateral Principal Amount may consist of DIP Collateral Obligations;

 

		(x)	not
                                         more than 10.0% of the Collateral Principal Amount may consist, in the aggregate, of
                                         unfunded commitments under Delayed Drawdown Collateral Obligations and unfunded and funded
                                         commitments under Revolving Collateral Obligations;

 

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		(xi)	not
                                         more than 5.0% of the Collateral Principal Amount may consist of Deferrable Obligations
                                         and not more than 20.0% of the Collateral Principal Amount may consist of Partial Deferring
                                         Obligations;

 

		(xii)	not
                                         more than 10.0% of the Collateral Principal Amount may consist of Participation Interests
                                         and the Third Party Credit Exposure Limits may not be exceeded with respect thereto;

 

		(xiii)	reserved;

 

		(xiv)	not
                                         more than 10.0% of the Collateral Principal Amount may consist of Collateral Obligations
                                         with an S&P Rating derived from a Moody’s Rating as set forth in clause (iii)(a)
                                         of the definition of the term “S&P Rating”;

 

		(xv)	no
                                         more than the percentage listed below of the Collateral Principal Amount may be issued
                                         by Obligors Domiciled in the country or
                                         countries set forth opposite such percentage:

 

	%
    Limit	Country
    or Countries
	15.0%	all
    countries (in the aggregate) other than the United States;
	10.0%	all
    countries (in the aggregate) other than the United States and Canada;
	15.0%	Canada;
	10.0%	all
    countries (in the aggregate) other than the United States, Canada and the United Kingdom;
	10.0%	any
    individual Group I Country other than Australia or New Zealand;
	7.5%	all
    Group II Countries in the aggregate;
	5.0%	any
    individual Group II Country;
	7.5%	all
    Group III Countries in the aggregate;
	12.0%	all
    Group II Countries and Group III Countries in the aggregate;
	5.0%	all
    Tax Jurisdictions in the aggregate;
	0.0%	Greece,
    Italy, Portugal and Spain in the aggregate; and
	5.0%	any
    individual country other than the United States, the United Kingdom, Canada, the Netherlands, any Group II Country or any
    Group III Country;

    18

     

    

	 	 	 
		(xvi)	not
                                         more than 12.0% of the Collateral Principal Amount may consist of Collateral Obligations
                                         that are issued by Obligors that belong to any single S&P Industry Classification,
                                         except that (x) the largest S&P Industry Classification may represent up to 20.0%
                                         of the Collateral Principal Amount and (y) Collateral Obligations in up to two S&P
                                         Industry Classification groups may each represent up to 17.0% of the Collateral Principal
                                         Amount and (z) Collateral Obligations in one S&P Industry Classification group may
                                         represent up to 15.0% of the Collateral Principal Amount;

 

		(xvii)	not
                                         more than 10.0% of the Collateral Principal Amount may consist of Cov-Lite Loans; and

 

		(xviii)	not
                                         more than 20.0% of the Collateral Principal Amount may consist of Collateral Obligations
                                         that are issued by Obligors with a most recently calculated EBITDA (calculated in accordance
                                         with the related Underlying Instruments) of less than $10,000,000 at the time of acquisition.

 

For
the avoidance of doubt, no portion of the Collateral Principal Amount may consist of Senior Secured Bonds, Senior Unsecured Bonds,
other Bonds, Senior Secured Floating Rate Notes or Letter of Credit Reimbursement Obligations.

 

“Confidential
Information”: The meaning specified in Section 14.15(b).

 

“Contribution”:
The meaning specified in Section 10.3(f).

 

“Contribution
Account”: The contribution account established pursuant to Section 10.3(f).

 

“Contribution
Notice”: The meaning specified in Section 10.3(f).

 

“Contributor”:
The meaning specified in Section 10.3(f).

 

“Controlling
Class”: The Class A-1 Notes so long as any Class A-1 Notes are Outstanding; then the Class A-2 Notes so long as any
Class A-2 Notes are Outstanding; then the Class B Notes so long as any Class B Notes are Outstanding; and then the Class C Notes
so long as any Class C Notes are Outstanding.

 

“Controlling
Person”: A Person (other than a Benefit Plan Investor) that has discretionary authority or control with respect to the
assets of the Issuer or any Person who provides investment advice for a fee (direct or indirect) with respect to such assets or
an affiliate of any such Person. For this purpose, an “affiliate” of a Person includes any Person, directly or indirectly,
through one or more intermediaries, controlling, controlled by, or under common control with the Person. “Control,”
with respect to a Person other than an individual, means the power to exercise a controlling influence over the management or
policies of such Person.

 

“Co-Placement
Agents”: KKR Capital Markets, LLC and GreensLedge Capital Markets LLC, in their respective capacities as co-placement
agents with respect to the Notes issued on the Closing Date.

 

    19

     

    

 

“Corporate
Trust Office”: The designated corporate trust office of the Trustee, currently located at U.S. Bank National Association,
(i) for purposes of Note transfer issues: 111 Fillmore Avenue East, St. Paul, Minnesota 55107-1042, Attention: Bondholder Services
– EP – MN – WS2N— FS KKR MM CLO 1 LLC, (ii) for all other purposes: 8 Greenway Plaza, Suite 1100, Houston,
Texas 77046, Attention: Global Corporate Trust–FS KKR MM CLO 1 LLC, Email: kkr.team@usbank.com,
Facsimile No.: 713-212-3722, or such other address as the Trustee may designate from time to time by notice to the Holders,
the Portfolio Manager and the Issuer, or the principal corporate trust office of any successor Trustee.

 

“Cov-Lite
Loan”: A Collateral Obligation that is an interest in a loan, the Underlying Instruments for which do not (i) contain
any financial covenants or (ii) require the borrower thereunder to comply with any Maintenance Covenants (regardless of whether
compliance with one or more Incurrence Covenants is otherwise required by such Underlying Instruments); provided that,
except for purposes of determining the S&P Recovery Rate of the applicable loan, a loan which either contains a cross-default
or cross-acceleration provision to, or is pari passu with, another loan of the underlying Obligor that requires such underlying
Obligor to comply with both an Incurrence Covenant and a Maintenance Covenant will be deemed not to be a Cov-Lite Loan.

 

“Coverage
Tests”: The Overcollateralization Ratio Test and the Interest Coverage Test, each as applied each specified Class of
Notes.

 

“Credit
Amendment”: Any Maturity Amendment that is consummated (a) in connection with the workout or restructuring of a Collateral
Obligation as a result of the financial distress, or actual or imminent bankruptcy or insolvency, of the related Obligor or (b)
(i) to prevent the related Collateral Obligation from becoming a Defaulted Obligation, (ii) due to the materially adverse financial
condition of the Obligor, to minimize material losses on the related Collateral Obligation or (iii) because the related Collateral
Obligation will have a greater market value after giving effect to such Maturity Amendment.

 

“Credit
Improved Criteria”: The criteria that will be met with respect to any Collateral Obligation upon the occurrence of any
of the following:

 

		(i)	the
                                         Obligor of such Collateral Obligation has shown improved financial results since the
                                         published financial reports first produced after it was purchased by the Issuer;

 

		(ii)	the
                                         Obligor of such Collateral Obligation since the date on which such Collateral Obligation
                                         was purchased by the Issuer has raised significant equity capital or has raised other
                                         capital that has improved the liquidity or credit standing of such Obligor;

 

		(iii)	such
                                         Collateral Obligation has a market price that is greater than the price that is warranted
                                         by its terms and credit characteristics, or improved in credit quality since its acquisition
                                         by the Issuer;

 

		(iv)	such
                                         Collateral Obligation has been upgraded or put on a watch list for possible upgrade by
                                         a Rating Agency since the date on which such Collateral Obligation was acquired by the
                                         Issuer;

 

    20

     

    

 

		(v)	the
                                         proceeds received with respect to its disposition (excluding such proceeds that constitute
                                         Interest Proceeds) of such Collateral Obligation would be at least 101.00% of its purchase
                                         price;

 

		(vi)	the
                                         price of such Collateral Obligation has changed during the period from the date on which
                                         it was acquired by the Issuer to the proposed sale date by a percentage either at least
                                         0.25% more positive, or 0.25% less negative, as the case may be, than the percentage
                                         change in the average price of any index specified on the Approved Index List selected
                                         by the Portfolio Manager over the same period;

 

		(vii)	the
                                         spread over the applicable reference rate for such Collateral Obligation has been decreased
                                         in accordance with the underlying Collateral Obligation since the date of acquisition;

 

		(viii)	the
                                         spread over the applicable reference rate for such Collateral Obligation has been decreased
                                         in accordance with the underlying Collateral Obligation since the date of acquisition
                                         by (1) 0.25% or more (in the case of a loan with a spread (prior to such decrease) less
                                         than or equal to 2.00%), (2) 0.375% or more (in the case of a loan with a spread (prior
                                         to such decrease) greater than 2.00% but less than or equal to 4.00%) or (3) 0.50% or
                                         more (in the case of a loan with a spread (prior to such decrease) greater than 4.00%)
                                         due, in each case, to an improvement in the related borrower’s financial ratios
                                         or financial results; or

 

		(ix)	with
                                         respect to Fixed Rate Obligations, there has been a decrease in the difference between
                                         its yield compared to the yield on the relevant United States Treasury security of more
                                         than 7.5% since the date of purchase, or it has a projected cash flow interest coverage
                                         ratio (earnings before interest and taxes divided by cash interest expense as estimated
                                         by the Portfolio Manager) of the underlying borrower or other Obligor of such Collateral
                                         Obligation that is expected to be more than 1.15 times the current year’s projected
                                         cash flow interest coverage ratio.

 

“Credit
Improved Obligation”: Any Collateral Obligation which, in the Portfolio Manager’s reasonable commercial judgment
(which judgment will not be called into question as a result of subsequent events), has significantly improved in credit quality
after it was acquired by the Issuer; provided that, during a Restricted Trading Period, a Collateral Obligation
will qualify as a Credit Improved Obligation only if (i) one or more of the Credit Improved Criteria referred to in clauses (iv)
through (ix) of the definition thereof are satisfied with respect to such Collateral Obligation or (ii) a Majority of the Controlling
Class votes to treat such Collateral Obligation as a Credit Improved Obligation.

 

“Credit
Risk Criteria”: The criteria that will be met with respect to any Collateral Obligation upon the occurrence of any of
the following:

 

		(i)	such
                                         Collateral Obligation has been downgraded or put on a watch list for possible downgrade
                                         or on negative outlook by the Rating Agency since the date on which such Collateral Obligation
                                         was acquired by the Issuer;

 

    21

     

    

 

		(ii)	the
                                         price of such Collateral Obligation has changed during the period from the date on which
                                         it was acquired by the Issuer to the proposed sale date by a percentage either at least
                                         0.25% more negative, or at least 0.25% less positive, as the case may be, than the percentage
                                         change in the average price of any index specified on the Approved Index List selected
                                         by the Portfolio Manager over the same period;

 

		(iii)	the
                                         price of such Collateral Obligation has decreased or is at risk of decreasing by at least
                                         1.00% of the price paid by the Issuer for such Collateral Obligation;

 

		(iv)	the
                                         spread over the applicable reference rate for such Collateral Obligation has been increased
                                         in accordance with the underlying Collateral Obligation since the date of acquisition;

 

		(v)	such
                                         Collateral Obligation has a projected cash flow interest coverage ratio (earnings before
                                         interest and taxes divided by cash interest expense as estimated by the Portfolio Manager)
                                         of the underlying borrower or other Obligor of such Collateral Obligation of less than
                                         1.00 or that is expected to be less than 0.85 times the current year’s projected
                                         cash flow interest coverage ratio; or

 

		(vi)	with
                                         respect to Fixed Rate Obligations, an increase since the date of purchase of more than
                                         7.5% in the difference between the yield on such Collateral Obligation and the yield
                                         on the relevant United States Treasury security.

 

“Credit
Risk Obligation”: Any Collateral Obligation that, in the Portfolio Manager’s reasonable commercial judgment (which
judgment shall not be called into question as a result of subsequent events), has a significant risk of declining in credit quality
or price and with the lapse of time, becoming a Defaulted Obligation; provided, that during a Restricted Trading Period,
a Collateral Obligation will qualify as a Credit Risk Obligation for purposes of sales of Collateral Obligations only if, in addition
to the foregoing, (i) such Collateral Obligation has been downgraded by any Rating Agency at least one rating subcategory or has
been placed and remains on a credit watch with negative implication by Moody’s, Fitch or S&P since it was acquired by
the Issuer, (ii) the Credit Risk Criteria are satisfied with respect to such Collateral Obligation or (iii) a Majority of the
Controlling Class votes to treat such Collateral Obligation as a Credit Risk Obligation.

 

“Current
Pay Obligation”: Any Collateral Obligation (other than a DIP Collateral Obligation) that would otherwise be treated
as a Defaulted Obligation but as to which no payments are due and payable that are unpaid and with respect to which the Portfolio
Manager has certified to the Trustee (with a copy to the Collateral Administrator) in writing that it believes, in its reasonable
business judgment, that the issuer or Obligor of such Collateral Obligation (a) will continue to make scheduled payments of interest
(and/or fees, as applicable, in the case of a Delayed Drawdown Collateral Obligation or Revolving Collateral Obligation) thereon
and will pay the principal thereof by maturity or as otherwise contractually due, (b) if the issuer or Obligor is subject to a
bankruptcy proceeding, it has been the subject of an order of a bankruptcy court that permits it to make the scheduled payments
on such Collateral Obligation and all payments authorized by the bankruptcy court have been paid in Cash when due and (c) either
(i) has a Market Value of at least 80% of its par value; provided that Market Value will be determined, solely for the
purposes of this clause (c), without taking into consideration clause (iii) of the definition of the term “Market Value”
or (ii) (A) if the Obligor of such Collateral Obligation has made a Distressed Exchange Offer and such Collateral Obligation is
subject to the Distressed Exchange Offer or ranks equal to or higher in priority than the obligation subject to the Distressed
Exchange Offer, (B) in the case of an Distressed Exchange Offer that is a repurchase of debt for Cash, the repurchased debt will
be extinguished and (C) the Issuer does not hold any obligation of the Obligor making the Distressed Exchange Offer that ranks
lower in priority than the obligation subject to the Distressed Exchange Offer.

 

    22

     

    

 

“Current
Portfolio”: At any time, the portfolio of Collateral Obligations and Eligible Investments representing Principal Proceeds
(determined in accordance with Section 1.2 to the extent applicable), then held by the Issuer.

 

“Custodial
Account”: The custodial account established pursuant to Section 10.3(b).

 

“Custodian”:
The meaning specified in the first sentence of Section 3.3(a) with respect to items of collateral referred to
therein, and each entity with which an Account is maintained, as the context may require, each of which shall be a Securities
Intermediary.

 

“Cut-Off
Date”: The meaning specified in the Loan Sale Agreement.

 

“Default”:
Any Event of Default or any occurrence that is, or with notice or the lapse of time or both would become, an Event of Default.

 

“Defaulted
Obligation”: (x) Each Workout Loan unless and until such Workout Loan constitutes a Collateral Obligation in accordance
with the requirements of the definition of “Collateral Obligation” (provided that for the avoidance of doubt, any
Workout Loan that satisfies the requirements of the definition of “Collateral Obligation” will be treated as a Collateral
Obligation for all purposes hereunder) and (y) any Collateral Obligation included in the Assets as to which:

 

		(a)	a
default as to the payment of principal and/or interest has occurred and is continuing with respect to such debt obligation (without
regard to any grace period applicable thereto, or waiver or forbearance thereof), after the passage (in the case of a default
that in the Portfolio Manager’s judgment, as certified to the Trustee in writing, is not due to credit-related causes) of
five Business Days or seven calendar days, whichever is greater, but in no case beyond the passage of any grace period applicable
thereto;

 

		(b)	a
                                         default known to a Responsible Officer of the Portfolio Manager as to the payment of
                                         principal and/or interest has occurred and is continuing on another debt obligation of
                                         the same issuer which is senior or pari passu in right of payment to such Collateral
                                         Obligation (without regard to any grace period applicable thereto, or waiver or forbearance
                                         thereof), after the passage (in the case of a default that in the Portfolio Manager’s
                                         judgment, is not due to credit-related causes) of five Business Days or seven calendar
                                         days, whichever is greater (but in no case beyond the passage of any grace period applicable
                                         thereto); provided that, both the debt obligation and such other debt obligation
                                         are full recourse obligations of the applicable issuer or secured by the same collateral;
                                         provided, further, that such debt obligation shall constitute a Defaulted Obligation
                                         under this clause (b) only until such acceleration has been rescinded;

 

    23

     

    

 

		(c)	the
                                         issuer or others have instituted proceedings to have the issuer of such debt obligation
                                         adjudicated as bankrupt or insolvent or placed into receivership and such proceedings
                                         have not been stayed or dismissed within 60 days of filing or such issuer has filed for
                                         protection under the Bankruptcy Code;

 

		(d)	(i)
                                         such Collateral Obligation has an S&P Rating of “CC” or below or “SD”
                                         or had such rating immediately before such rating was withdrawn, or is junior to an obligation
                                         of the same issuer that has an S&P Rating of “CC” or below or “SD”
                                         or had such rating immediately before such rating was withdrawn;

 

		(e)	such
                                         Collateral Obligation is pari passu in right of payment as to the payment of principal
                                         and/or interest to another debt obligation of the same Obligor which has an S&P Rating
                                         of “CC” or below or “SD” or had such rating immediately before
                                         such rating was withdrawn; provided that, both the debt obligation and
                                         such other debt obligation are full recourse obligations of the applicable issuer or
                                         secured by the same collateral;

 

		(f)	a
                                         default with respect to which a Responsible Officer of the Portfolio Manager has received
                                         written notice or has knowledge that a default has occurred under the Underlying Instruments
                                         and any applicable grace period has expired and the holders of such debt obligation have
                                         accelerated the repayment of the debt obligation (but only until such default is cured
                                         or waived or such acceleration has been rescinded) in the manner provided in the Underlying
                                         Instrument;

 

		(g)	the
                                         Portfolio Manager has in its reasonable commercial judgment otherwise declared such debt
                                         obligation to be a Defaulted Obligation;

 

		(h)	such
                                         Collateral Obligation is a Participation Interest with respect to which the Selling Institution
                                         has defaulted in any respect in the performance of any of its payment obligations under
                                         the Participation Interest (except to the extent such defaults were cured within the
                                         applicable grace period under the Underlying Instruments of the Obligor thereof); or

 

		(i)	such
                                         Collateral Obligation is a Participation Interest in a loan that would, if such loan
                                         were a Collateral Obligation, constitute a Defaulted Obligation or with respect to which
                                         the Selling Institution has an S&P Rating of “CC” or below or “SD”
                                         or had such rating before such rating was withdrawn

 

provided
that, (x) a Collateral Obligation shall not constitute a Defaulted Obligation pursuant to any of clauses (b) through
(e) and (i) above if such Collateral Obligation (or, in the case of a Participation Interest, the underlying Senior Secured Loan,
Second Lien Loan or Unsecured Loan) is a Current Pay Obligation (provided that, the Aggregate Principal Balance
of Current Pay Obligations exceeding 5.0% of the Collateral Principal Amount will be treated as Defaulted Obligations) and (y)
a Collateral Obligation shall not constitute a Defaulted Obligation pursuant to any of clauses (b), (c), (d), (e) and (i) if such
Collateral Obligation (or, in the case of a Participation Interest, the underlying Senior Secured Loan, Second Lien Loan or Unsecured
Loan) is a DIP Collateral Obligation.

 

    24

     

    

 

Each
obligation or security received in connection with a Distressed Exchange that (A) would be a Collateral Obligation but for the
fact that it is a Defaulted Obligation or (B) would satisfy the proviso in the definition of “Distressed Exchange”
but for the fact that it exceeds the percentage limit therein, shall in each case be deemed to be a Defaulted Obligation, and
each other obligation (other than a Workout Loan) received in connection with a Distressed Exchange shall be deemed to be an Equity
Security.

 

“Deferrable
Obligation”: A Collateral Obligation (not including any Partial Deferring Obligation) which by its terms permits the
deferral or capitalization of payment of accrued, unpaid interest.

 

“Deferred
Base Management Fee”: The meaning specified in the Portfolio Management Agreement.

 

“Deferred
Base Management Fee Cap”: The meaning specified in the Portfolio Management Agreement.

 

“Deferred
Interest”: With respect to any specified Class of Deferred Interest Notes, the meaning specified in Section 2.7(a)(i).

 

“Deferred
Interest Notes”: The Notes specified as “Deferred Interest Notes” in Section 2.3(b), which as of the Refinancing
Date shall include the Class C Notes.

 

“Deferred
Management Fees”: Collectively the Deferred Base Management Fee and the Deferred Subordinated Management Fee.

 

“Deferred
Subordinated Management Fee”: The meaning specified in the Portfolio Management Agreement.

 

“Deferring
Obligation”: A Deferrable Obligation that is deferring the payment of Cash interest due thereon such that (a) in the
case of any Floating Rate Obligation, the spread paid in Cash for a given accrual period is less than the spread in Cash payable
on such security when it was acquired by the Issuer and has been so deferring the payment of interest due thereon but does not
include the deferral of LIBOR or the applicable floating rate index or (b) in the case of any Fixed Rate Obligation, the total
coupon paid in Cash for a given accrual period is less than the total coupon payable in Cash on such security when it was acquired
by the Issuer and has been so deferring the payment of interest due thereon, in each case, (i) with respect to Collateral Obligations
that have an S&P Rating of at least “BBB-” for the shorter of two consecutive accrual periods or one year, and
(ii) with respect to Collateral Obligations that have an S&P Rating of at least “BB+” or below, for the shorter
of one accrual period or six consecutive months, which deferred capitalized interest has not, as of the date of determination,
been paid in Cash; provided that, such Deferring Obligation will cease to be a Deferring Obligation at such time as it
(a) ceases to defer or capitalize the payment of interest, (b) pays in Cash all accrued and unpaid interest and (c) commences
payment of all current interest in Cash.

 

    25

     

    

 

“Delayed
Drawdown Collateral Obligation”: A Collateral Obligation that (a) requires the Issuer to make one or more future advances
to the borrower under the Underlying Instruments relating thereto, (b) specifies a maximum amount that can be borrowed on one
or more fixed borrowing dates, and (c) does not permit the re-borrowing of any amount previously repaid by the borrower thereunder;
provided that, any such Collateral Obligation will be a Delayed Drawdown Collateral Obligation only until all commitments
by the Issuer to make advances to the borrower expire or are terminated or are reduced to zero.

 

“Deliver”
or “Delivered” or “Delivery”: The taking of the following steps:

 

		(a)	in
                                         the case of each Certificated Security or Instrument (other than a Clearing Corporation
                                         Note or an Instrument evidencing debt underlying a Participation Interest), (i) causing
                                         the delivery of such Certificated Security or Instrument to the Custodian registered
                                         in the name of the Custodian or its affiliated nominee or endorsed to the Custodian or
                                         in blank, (ii) causing the Custodian to continuously identify on its books and records
                                         that such Certificated Security or Instrument is credited to the relevant Account and
                                         (iii) causing the Custodian to maintain continuous possession of such Certificated Security
                                         or Instrument;

 

		(b)	in
                                         the case of each Uncertificated Security (other than a Clearing Corporation Note), (i)
                                         causing such Uncertificated Security to be continuously registered on the books of the
                                         Obligor thereof to the Custodian and (ii) causing the Custodian to continuously identify
                                         on its books and records that such Uncertificated Security is credited to the relevant
                                         Account;

 

		(c)	in
                                         the case of each Clearing Corporation Note, causing (i) the relevant Clearing Corporation
                                         to continuously credit such Clearing Corporation Note to the securities account of the
                                         Custodian at such Clearing Corporation and (ii) the Custodian to continuously identify
                                         on its books and records that such Clearing Corporation Note is credited to the relevant
                                         Account;

 

		(d)	in
                                         the case of any Financial Asset that is maintained in book-entry form on the records
                                         of an FRB, causing (i) the continuous crediting of such Financial Asset to a securities
                                         account of the Custodian at any FRB and (ii) the Custodian to continuously identify on
                                         its books and records that such Financial Asset is credited to the relevant Account;

 

		(e)	in
                                         the case of Cash, (i) causing the delivery of such Cash to the Custodian, (ii) causing
                                         the Custodian to agree to treat such Cash as a Financial Asset and (iii) causing the
                                         Custodian to continuously credit such Cash to the relevant Account;

 

		(f)	in
                                         the case of each Financial Asset not covered by the foregoing clauses (a) through (d),
                                         causing the transfer of such Financial Asset to the Custodian in accordance with applicable
                                         law and regulation and causing the Custodian to continuously credit such Financial Asset
                                         to the relevant Account;

 

		(g)	in
                                         the case of each general intangible (including any participation interest) that is not,
                                         or the debt underlying which is not, evidenced by an Instrument or a Certificated Security,
                                         notifying the Obligor thereunder of the Grant to the Trustee (unless no applicable law
                                         requires such notice);

 

    26

     

    

 

		(h)	in
                                         the case of each participation interest in a loan as to which the underlying debt is
                                         represented by an Instrument or a Certificated Security, obtaining the acknowledgment
                                         of the Person in possession of such Instrument or Certificated Security (which may not
                                         be the Issuer) that it holds the Issuer’s interest in such Instrument or Certificated
                                         Security solely on behalf and for the benefit of the Trustee; and

 

		(i)	in
                                         all cases, the filing of an appropriate Financing Statement in the appropriate filing
                                         office in accordance with the Uniform Commercial Code as in effect in any relevant jurisdiction.

 

“Depository
Event”: An event that will occur if DTC (1) notifies the Issuer that it is unwilling or unable to continue as depositary
for Global Notes of any Class or Classes or (2) ceases to be a Clearing Agency registered under the Exchange Act and, in each
case, a successor depositary is not appointed by the Issuer within 90 days after such event.

 

“Determination
Date”: The last day of each Collection Period.

 

“DIP
Collateral Obligation”: A loan made to a debtor-in-possession pursuant to Section 364 of the Bankruptcy Code having
the priority allowed by either Section 364(c) or 364(d) of the Bankruptcy Code and fully secured by senior liens.

 

“Discount
Obligation”: Any Loan or Participation Interest therein (other than a Defaulted Obligation) which, at the time of acquisition
or commitment to acquire by the Issuer, (a) in the case of a Senior Secured Loan, was acquired for less than (i) 85.0% of its
Principal Balance, if such Collateral Obligation has an S&P Rating lower than “B-” or (ii) 80.0% of its Principal
Balance, if such Collateral Obligation has an S&P Rating of “B-” or higher or (b) in the case of a Loan that is
not a Senior Secured Loan, was acquired for less than (i) 80.0% of its Principal Balance, if such Collateral Obligation has an
S&P Rating lower than “B-” or (ii) 75.0% of its Principal Balance, if such Collateral Obligation has an S&P
Rating of “B-” or higher; provided that, in the case clause (a) or (b) above:

 

		(x)	such
                                         Collateral Obligation shall cease to be a Discount Obligation at such time as (1) if
                                         such Collateral Obligation is a Senior Secured Loan, the Market Value (expressed as a
                                         percentage of the par amount of such Collateral Obligation) determined for such Collateral
                                         Obligation on each day during any period of 22 consecutive Business Days since the acquisition
                                         (or commitment to acquire) by the Issuer of such Collateral Obligation, equals or exceeds
                                         90.0% on each such day or (2) if such Collateral Obligation is not a Senior Secured Loan,
                                         the Market Value (expressed as a percentage of the par amount of such Collateral Obligation)
                                         determined for such Collateral Obligation on each day during any period of 22 consecutive
                                         Business Days since the acquisition (or commitment to acquire) by the Issuer of such
                                         Collateral Obligation, equals or exceeds 85.0% on each such day; and

 

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		(y)	any
                                         Collateral Obligation that would otherwise be considered a Discount Obligation, but that
                                         is purchased in accordance with the Investment Criteria with the proceeds of sale of
                                         a Collateral Obligation that was not a Discount Obligation at the time of its purchase
                                         so long as such purchased Collateral Obligation (A) is purchased or committed to be purchased
                                         within 10 Business Days of such sale, (B) is purchased at a purchase price (expressed
                                         as a percentage of the par amount of such Collateral Obligation) equal to or greater
                                         than the sale price (expressed as a percentage of the par amount) of the sold Collateral
                                         Obligation, (C) is purchased at a purchase price (expressed as a percentage of the par
                                         amount of such Collateral Obligation) not less than 65.0% and (D) has an S&P Rating
                                         equal to or greater than the S&P Rating of the sold Collateral Obligation, will not
                                         be considered to be a Discount Obligation; provided that, this paragraph
                                         shall not apply to any such Collateral Obligation or portion thereof at any time on or
                                         after the acquisition by the Issuer of such Collateral Obligation if, as determined at
                                         the time of such acquisition, such application would result in (i) more than 7.5% of
                                         the Collateral Principal Amount consisting of Collateral Obligations or portions thereof
                                         to which this paragraph applies or (ii) the Aggregate Principal Balance of all Collateral
                                         Obligations to which this paragraph has been applied since the Refinancing Date being
                                         more than 12.5% of the Target Initial Par Amount.

 

“Dissolution
Expenses”: The sum of (i) an amount not to exceed the greater of (a) 0.006% of the Target Initial Par Amount and (b)
the amount (if any) reasonably determined by the Portfolio Manager or the Issuer, including but not limited to fees and expenses
incurred by the Trustee and reported to the Portfolio Manager, as the sum of expenses reasonably likely to be incurred in connection
with the discharge of this Indenture, the liquidation of the Assets and the dissolution of the Issuer and (ii) any accrued and
unpaid Administrative Expenses.

 

“Distressed
Exchange”: In connection with any Collateral Obligation, a distressed exchange or other debt restructuring has occurred,
as reasonably determined by the Portfolio Manager, pursuant to which the issuer or Obligor of such Collateral Obligation has issued
to the holders of such Collateral Obligation a new security or obligation or package of securities or obligations that, in the
sole judgment of the Portfolio Manager, amounts to a diminished financial obligation or has the purpose of helping the issuer
of such Collateral Obligation avoid default; provided that, no Distressed Exchange shall be deemed to have occurred
if the securities or obligations received by the Issuer in connection with such exchange or restructuring satisfy the definition
of Collateral Obligation (provided that the Aggregate Principal Balance of all securities and obligations to which this
proviso applies or has applied, measured cumulatively from the Refinancing Date onward, may not exceed 25.0% of the Target Initial
Par Amount).

 

“Distressed
Exchange Offer”: An offer by the issuer of a Collateral Obligation to exchange one or more of its outstanding debt obligations
for a different debt obligation or to repurchase one or more of its outstanding debt obligations for Cash, or any combination
thereof in a distressed exchange or other debt restructuring, as reasonably determined by the Portfolio Manager, pursuant to which
the obligor of such Collateral Obligation has issued to the holders of such Collateral Obligation a new security or package of
securities or obligations that, in the sole judgment of the Portfolio Manager, amounts to a diminished financial obligation or
has the purpose of helping the obligor of such Collateral Obligation avoid default; provided that, an offer by such issuer
to exchange unregistered debt obligations for registered debt obligations shall not be considered a Distressed Exchange Offer.

 

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“Distribution
Report”: The meaning specified in Section 10.7(b).

 

“Dodd-Frank
Act”: The Dodd-Frank Wall Street Reform and Consumer Protection Act, as amended.

 

“Dollar”
or “U.S.$”: A dollar or other equivalent unit in such coin or currency of the United States of America as at
the time shall be legal tender for all debts, public and private.

 

“Domicile”
or “Domiciled”: With respect to any issuer of, or Obligor with respect to, a Collateral Obligation:

 

		(a)	except
as provided in clause (b) below, its country of organization;

 

		(b)	if
                                         it is organized in a Tax Jurisdiction, each of such jurisdiction and the country in which,
                                         in the Portfolio Manager’s good faith estimate, a substantial portion of its operations
                                         are located or from which a substantial portion of its revenue is derived, in each case
                                         directly or through subsidiaries (which shall be any jurisdiction and country known at
                                         the time of designation by the Portfolio Manager to be the source of the majority of
                                         revenues, if any, of such issuer or Obligor); or

 

		(c)	if
                                         its payment obligations of such Collateral Obligation are guaranteed by a Person that
                                         is organized in the United States or Canada, then the United States or Canada, as applicable.

 

“DTC”:
The Depository Trust Company, its nominee and their respective successors.

 

“Due
Date”: Each date on which any payment is due on an Asset in accordance with its terms.

 

“EBITDA”:
With respect to any date of determination and any Collateral Obligation, the meaning of “EBITDA”, “Adjusted
EBITDA” or any comparable definition set forth in the applicable Underlying Instrument for such Collateral Obligation (together
with all add-backs and exclusions as designated in such Underlying Instrument, which add-backs and exclusions have been reviewed
and determined on a commercially reasonable best efforts basis by the Portfolio Manager to be consistent with its customary practices
and in accordance with the Portfolio Manager Standard) and, in the event that “EBITDA”, “Adjusted
EBITDA” or such comparable definition is not defined in such Underlying Instrument, an amount, with respect to the Obligor
on such Collateral Obligation 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).

 

“Eligible
Custodian”: A custodian that (i) is a state or national bank or trust company that has (A) capital and surplus of at
least U.S.$200,000,000 and (B) is rated at least “A” and “A-1” by S&P (or at least “A+”
by S&P if such institution has no short-term rating) and (ii) is a Securities Intermediary.

 

“Eligible
Investment Required Ratings”: “A-1” or higher (or, in the absence of a short-term credit rating, “A+”
or higher) from S&P.

 

    29

     

    

 

“Eligible
Investments”: (i) Cash or (ii) any Dollar investment that, at the time it is Delivered to the Trustee (directly or through
an intermediary or bailee), is one or more of the following obligations or securities:

 

		(a)	direct
Registered obligations of, and Registered obligations the timely payment of principal and interest on which is fully and expressly
guaranteed by, the United States of America or any agency or instrumentality of the United States of America the obligations of
which are expressly backed by the full faith and credit of the United States of America and which satisfy the Eligible Investment
Required Ratings;

 

		(b)	demand
                                         and time deposits in, certificates of deposit of, bank deposit products of, trust accounts
                                         with, bankers’ acceptances issued by, or federal funds sold by any depository institution
                                         or trust company incorporated under the laws of the United States of America (including
                                         the Bank or Affiliates of the Bank) or any state thereof and subject to supervision and
                                         examination by federal and/or state banking authorities, in each case payable within
                                         183 days of issuance, so long as the commercial paper and/or the debt obligations of
                                         such depository institution or trust company (or, in the case of the principal depository
                                         institution in a holding company system, the commercial paper or debt obligations of
                                         such holding company) at the time of such investment or contractual commitment providing
                                         for such investment have the Eligible Investment Required Ratings;

 

		(c)	commercial
                                         paper or other short-term obligations (excluding extendible commercial paper or asset
                                         backed commercial paper) which satisfy the Eligible Investment Required Ratings and that
                                         either bear interest or are sold at a discount from the face amount thereof and have
                                         a maturity of not more than 183 days from their date of issuance; and

 

		(d)	registered
                                         money market funds which funds have, at all times, credit ratings of “AAAm”
                                         by S&P;

 

provided,
however, that Eligible Investments purchased with funds in the Collection Account shall be held until maturity except as
otherwise specifically provided herein and shall include only such obligations or securities, other than those referred to in
clause (d) above, as mature (or are putable at par to the issuer or Obligor thereof) no later than the earlier of 60 days from
the date of purchase and the Business Day prior to the next Payment Date unless such Eligible Investments are issued by the Trustee
in its capacity as a banking institution, in which event such Eligible Investments may mature on such Payment Date; provided,
further, that none of the foregoing obligations or securities shall constitute Eligible Investments if (1) all, or substantially
all, of the remaining amounts payable thereunder consist of interest and not principal payments, (2) payments with respect to
such obligations or securities or proceeds of disposition are subject to withholding taxes by any jurisdiction unless the payor
is required to make “gross-up” payments that cover the full amount of any such withholding tax on an after-tax basis,
(3) such obligation or security is secured by real property, (4) such obligation or security is purchased at a price greater than
100% of the principal or face amount thereof, (5) such obligation or security is the subject of a tender offer, voluntary redemption,
exchange offer, conversion or other similar action, (6) in the Portfolio Manager’s judgment, such obligation or security
is subject to material non-credit related risks, (7) such obligation invests in or constitutes a Structured Finance Obligation
or (8) such obligation or security is represented by a certificate of interest in a grantor trust. Eligible Investments may include,
without limitation, those investments (x) issued by or made with the Bank or an Affiliate of the Bank or for which the Bank or
an Affiliate of the Bank acts as offeror or provides services and receives compensation or (y) for which the Portfolio Manager
or an Affiliate of the Portfolio Manager provides services and receives compensation.

 

    30

     

    

 

“Enforcement
Event”: The meaning specified in Section 5.4(a).

 

“Entitlement
Order”: The meaning specified in Article 8 of the UCC.

 

“Equity
Security”: Any security or debt obligation (other than a Restructured Loan or Workout Security) which at the time of
acquisition, conversion or exchange, does not satisfy the requirements of a Collateral Obligation and is not an Eligible Investment;
it being understood that the Issuer may only acquire Equity Securities and securities received in connection with an insolvency,
bankruptcy, reorganization, debt restructuring or workout of the issuer or Obligor thereof.

 

“ERISA”:
The United States Employee Retirement Income Security Act of 1974, as amended.

 

“EU
Retention Holder”: As of the Refinancing Date, FS KKR Capital Corp., in its capacity as an originator, and thereafter
any successor, assignee or transferee of the Retention Interest permitted under the EU Securitization Laws.

 

“EU
Retention Undertaking Letter”: The letter from the EU Retention Holder, dated as of the Refinancing Date, and addressed
to the Issuer, the Refinancing Placement Agents and the Trustee pursuant to which the EU Retention Holder will make certain undertakings
and agreements in respect of the EU Securitization Laws, which shall replace and supersede the EU retention undertaking letter
entered into on the Closing Date.

 

“EU
Securitization Laws”: Regulation (EU) 2017/2402, together with any supplementary regulatory technical standards, implementing
technical standards and any official guidance published in relation thereto by the European supervisory authorities, and any implementing
laws or regulations in force on the Refinancing Date.

 

“Euroclear”:
Euroclear Bank S.A./N.V.

 

“Event
of Default”: The meaning specified in Section 5.1.

 

“Excepted
Advances”: Customary advances made to protect or preserve rights against the borrower of or Obligor under a Collateral
Obligation or to indemnify an agent or representative for lenders (for which the Issuer may receive a participation interest or
other right of repayment) pursuant to the Underlying Instrument.

 

    31

     

    

 

“Excess
CCC Adjustment Amount”: As of any date of determination, an amount equal to the excess, if any, of (i) the Aggregate
Principal Balance of all Collateral Obligations included in the CCC Excess, over (ii) the sum of the Market Values of all Collateral
Obligations included in the CCC Excess.

 

“Excess
Par Amount”: An amount, as of any Determination Date, equal to the greater of (a) zero and (b)(i) the Collateral Principal
Amount less (ii) the Reinvestment Target Par Balance.

 

“Excess
Weighted Average Coupon”: A percentage equal as of any date of determination to a number obtained by multiplying (a)
the excess, if any, of the Weighted Average Coupon over the Minimum Weighted Average Coupon by (b) the number obtained, including
for this purpose any capitalized interest, by dividing the Aggregate Principal Balance of all Fixed Rate Obligations by the Aggregate
Principal Balance of all Floating Rate Obligations.

 

“Excess
Weighted Average Floating Spread”: A percentage equal as of any date of determination to a number obtained by multiplying
(a) the excess, if any, of the Weighted Average Floating Spread over the Minimum Floating Spread by (b) the number obtained, including
for this purpose any capitalized interest, by dividing the Aggregate Principal Balance of all Floating Rate Obligations by the
Aggregate Principal Balance of all Fixed Rate Obligations.

 

“Exchange
Act”: The United States Securities Exchange Act of 1934, as amended.

 

“Exchange
Transaction”: The meaning specified in Section 12.4(a).

 

“Exchanged
Defaulted Obligation”: The meaning specified in Section 12.4(a).

 

“Expense
Reserve Account”: The trust account established pursuant to Section 10.3(d).

 

“FATCA”:
Sections 1471 through 1474 of the Code and any related provisions of law, court decisions or administrative guidance, treaty or
intergovernmental agreement between the United States and another taxing jurisdiction, any implementing legislation, regulations,
guidance notes or rules in respect of any intergovernmental agreement, or any agreement entered into with a taxing authority under
or with respect to any of the foregoing, including the Issuer entering into and complying with an agreement with the IRS contemplated
by Section 1471(b).

 

“Fee
Basis Amount”: As of any date of determination, the sum of (a) the Aggregate Principal Balance of the Collateral Obligations,
(b) without duplication, the Aggregate Principal Balance of the Defaulted Obligations, (c) without duplication, the amounts on
deposit in the Collection Account (including Eligible Investments therein) representing Principal Proceeds and (d) the aggregate
amount of all Principal Financed Accrued Interest.

 

“Fiduciary”:
The meaning specified in Section 2.5(o).

 

“Filing
Holder”: The meaning specified in Section 13.1(d).

 

“Financial
Asset”: The meaning specified in Article 8 of the UCC.

 

“Financing
Statements”: The meaning specified in Article 9 of the UCC.

 

    32

     

    

 

“First
Lien Last Out Loan”: Any assignment of or Participation Interest in a Loan that: (a) may by its terms become subordinate
in right of payment to any other obligation of the Obligor of the Loan solely upon the occurrence of a default or event of default
by the Obligor of the Loan and (b) is secured by a valid perfected first priority security interest or lien in, to or on specified
collateral securing the Obligor’s obligations under the Loan.

 

“Fitch”:
Fitch Ratings, Inc. and any successor in interest.

 

“Fitch
Equivalent Rating Factor”: In respect of any Collateral Obligation, the number set forth in the table below opposite
the S&P Rating in respect of such Collateral Obligation:

 

	S&P
    Rating	Rating
    Factor
	AAA	0.19
	AA+	0.35
	AA	0.64
	AA-	0.86
	A+	1.17
	A	1.58
	A-	2.25
	BBB+	3.19
	BBB	4.54
	BBB-	7.13
	BB+	12.19
	BB	17.43
	BB-	22.80
	B+	27.80
	B	32.18
	B-	40.60
	CCC+	62.80
	CCC	62.80
	CCC-	62.80
	CC	100.00
	C,
    D or SD	100.00

 

“Fitch
Equivalent Weighted Average Rating Factor”: The number determined by (a) summing the products of (i) the Principal Balance
of each Collateral Obligation multiplied by (ii) its Fitch Equivalent Rating Factor, (b) dividing such sum by the Aggregate Principal
Balance of all such Collateral Obligations and (c) rounding the result down to the nearest two decimal places. For the purposes
of determining the Principal Balance and Aggregate Principal Balance of Collateral Obligations in this definition, the Principal
Balance of each Defaulted Obligation shall be excluded.

 

“Fixed
Rate Notes”: Any notes issued under this Indenture that bear a fixed rate of interest.

 

    33 

     

    

“Fixed
Rate Obligation”: Any Collateral Obligation that bears a fixed rate of interest.

 

“Floating
Rate Notes”: Any notes issued under this Indenture, collectively, other than the Fixed Rate Notes.

 

“Floating
Rate Obligation”: Any Collateral Obligation that bears a floating rate of interest.

 

“FRB”:
Any Federal Reserve Bank.

 

“GAAP”:
The meaning specified in Section 6.3(i).

 

“Global
Note”: Any Rule 144A Global Note, Temporary Global Note or Regulation S Global Note.

 

“Governmental
Authority”: Whether U.S. or non-U.S., (i) any national, state, county, municipal or regional government or quasi-governmental
authority or political subdivision thereof; (ii) any agency, regulator, arbitrator, board, body, branch, bureau, commission, corporation,
department, master, mediator, panel, referee, system or instrumentality of any such government or quasi-government entity, or
political subdivision thereof; and (iii) any court.

 

“Grant”
or “Granted”: To grant, bargain, sell, alienate, convey, assign, transfer, mortgage, pledge, create and grant
a security interest in and right of set off against. A Grant of property shall include all rights, powers and options (but none
of the obligations) of the granting party thereunder, including without limitation the immediate and continuing right to claim
for, collect, receive and receipt for principal and interest payments in respect thereof, and all other amounts payable thereunder,
to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights and options,
to bring legal or other proceedings in the name of the granting party or otherwise, and generally to do and receive anything that
the granting party is or may be entitled to do or receive thereunder or with respect thereto.

 

“Group
I Country”: The Netherlands, Australia, New Zealand, Canada and the United Kingdom (or such other countries as may be
specified in publicly available published criteria from Moody’s from time to time and/or identified by Moody’s to
the Portfolio Manager from time to time).

 

“Group
II Country”: Germany, Ireland, Sweden and Switzerland (or such other countries as may be specified in publicly available
published criteria from Moody’s from time to time and/or identified by Moody’s to the Portfolio Manager from time
to time).

 

“Group
III Country”: Austria, Belgium, Denmark, Finland, France, Hong Kong, Iceland, Liechtenstein, Luxembourg, Singapore and
Norway (or such other countries as may be specified in publicly available published criteria from Moody’s from time to time
and/or identified by Moody’s to the Portfolio Manager from time to time).

 

“hedge
agreement”: The meaning specified in Section 8.2(e).

 

“Highest
Ranking S&P Class”: As of any date of determination, the Outstanding Class of Notes (other than the Class A-1 Notes)
that is rated by S&P on such date and ranks higher in right of payment than each other Class of Notes in the Note Payment
Sequence. For the avoidance of doubt, the Class A-2 Notes shall be the Highest Ranking S&P Class as of the Refinancing Date.

 

    34 

     

    

“Holder”:
With respect to any Note, the Person(s) whose name(s) appear on the Register as the registered holder(s) of such Note or the holder
of a beneficial interest in (i.e., a beneficial owner of) such Note except as otherwise provided herein or, with respect to any
Interest, the Person whose name appears on the books and records of the Issuer as the owner of such Interest.

 

“IAI/QP”:
Any Person that, at the time of its acquisition, purported acquisition or proposed acquisition of Notes is both an Institutional
Accredited Investor and a Qualified Purchaser.

 

“Illiquid
Asset”: (a) A Defaulted Obligation, an Equity Security, an obligation received in connection with an Offer or other
exchange or any other security or debt obligation that is part of the Assets, in respect of which (i) the Issuer has not received
a payment in Cash during the preceding twelve calendar months and (ii) the Portfolio Manager certifies that it is not aware, after
reasonable inquiry, that the issuer or Obligor of such asset has publicly announced or informed the holders of such asset that
it intends to make a payment in Cash in respect of such asset within the next twelve calendar months or (b) any asset, claim or
other property identified in a certificate of the Portfolio Manager as having a Market Value of less than U.S.$1,000.

 

“Incurrence
Covenant”: A covenant by any borrower to comply with one or more financial covenants only upon the occurrence of certain
actions of the borrower, including a debt issuance, dividend payment, share purchase, merger, acquisition or divestiture, unless,
as of any date of determination, such action was taken or such event has occurred, in each case the effect of which causes such
covenant to meet the criteria of a Maintenance Covenant.

 

“Indenture”:
This instrument as originally executed and, if from time to time supplemented or amended by one or more indentures supplemental
hereto entered into pursuant to the applicable provisions hereof, as so supplemented or amended.

 

“Independent”:
As to any Person, any other Person (including, in the case of an accountant or lawyer, a firm of accountants or lawyers, and any
member thereof, or an investment bank and any member thereof) who (i) does not have and is not committed to acquire any material
direct or any material indirect financial interest in such Person or in any Affiliate of such Person, and (ii) is not connected
with such Person as an Officer, employee, promoter, underwriter, voting trustee, partner, director or Person performing similar
functions. When used with respect to any accountant, “Independent” may include an accountant who audits the books
of such Person if in addition to satisfying the criteria set forth above the accountant is independent with respect to such Person
within the meaning of Rule 101 of the Code of Professional Conduct of the American Institute of Certified Public Accountants.

 

Whenever
any Independent Person’s opinion or certificate is to be furnished to the Trustee, such opinion or certificate shall state
that the signer has read this definition and that the signer is Independent within the meaning hereof.

 

Any
pricing service, certified public accountant or legal counsel that is required to be Independent of another Person under this
Indenture must satisfy the criteria above with respect to the Issuer, the Portfolio Manager and their respective Affiliates; provided,
however, that Dechert LLP shall be deemed for all purposes of this Indenture to be “Independent” with respect
to the Issuer and the Portfolio Manager.

 

    35 

     

    

“Independent
Manager”: A natural person who, (A) for the five-year period prior to his or her appointment as Independent Manager,
has not been, and during the continuation of his or her service as Independent Manager is not: (i) an employee, director, member,
manager, or officer or direct or indirect legal or beneficial owner (or a person who controls, whether directly, indirectly, or
otherwise any of the foregoing) of the Issuer or any of its Affiliates (other than his or her service as an independent special
member or an independent manager of the Issuer or other Affiliates that are structured to be “bankruptcy remote”);
(ii) a substantial customer, consultant, creditor, contractor or supplier (or a person who controls, whether directly, indirectly,
or otherwise any of the foregoing) of the Issuer, the member of the Issuer or any of their respective Affiliates (other than an
Independent Manager provided by a nationally recognized company that provides independent special members, independent managers
and other corporate services in the ordinary course of its business); or (iii) any member of the immediate family of a person
described in (i) or (ii) (other than with respect to clause (i), or (ii) relating to his or her service as (y) an Independent
Manager of the Issuer or (z) an independent special member or independent manager of any Affiliate of the Issuer which is a bankruptcy
remote limited purpose entity), and (B) has, (i) prior experience as an independent special member, independent director or independent
manager for a trust, corporation or limited liability company whose charter documents required the unanimous consent of all independent
special members, independent directors or independent managers thereof before such trust, 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.

 

“Index
Maturity”: With respect to any Class of Notes (other than any Class that bears interest at a fixed rate), three months;
provided, that with respect to the first Interest Accrual Period after the Refinancing Date, LIBOR will be determined by
interpolating linearly (and rounding to five decimal places) between the rate appearing on the Reuters Screen for deposits with
a term of the next shorter period of time (relative to the length of such first Interest Accrual Period) for which rates are available
and the rate appearing on the Reuters Screen for deposits with a term of the next longer period of time (relative to the length
of such first Interest Accrual Period) for which rates are available; provided, further, that for the first Interest Accrual
Period with respect to any additional notes issued after the Refinancing Date in connection with a Refinancing, LIBOR will be
determined by interpolating linearly (and rounding to five decimal places) between the rate appearing on the Reuters Screen for
deposits with a term of the next shorter period of time (relative to the length of such Interest Accrual Period) for which rates
are available and the rate appearing on the Reuters Screen for deposits with a term of the next longer period of time (relative
to the length of such Interest Accrual Period) for which rates are available.

 

“Information”
means S&P’s “Credit Estimate Information Requirements” dated April 2011 and any other available information
S&P reasonably requests in order to produce a credit estimate for a particular asset.

 

    36 

     

    

“Information
Agent”: The meaning specified in Section 7.20(b).

 

“Initial
Principal Amount”: With respect to any Class of Notes, the Dollar amount specified with respect to such Class in Section
2.3(b).

 

“Initial
Purchaser”: Citigroup Global Markets Inc., in its capacity as initial purchaser of the Notes issued on the Closing Date.

 

“Initial
Rating”: With respect to the Notes, the rating or ratings, if any, indicated in Section 2.3(b).

 

“Institutional
Accredited Investor”: The meaning set forth in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities
Act.

 

“Instrument”:
The meaning specified in Article 9 of the UCC.

 

“Interest
Accrual Period”: (i) With respect to the first Payment Date after the Refinancing Date, the period from and including
the Refinancing Date to but excluding such Payment Date; and (ii) with respect to each succeeding Payment Date, the period from
and including the immediately preceding Payment Date to but excluding the following Payment Date until the principal of the Notes
is paid or made available for payment; provided that, any interest-bearing notes issued after the Refinancing Date
in accordance with the terms of this Indenture shall accrue interest during the Interest Accrual Period in which such additional
notes are issued from and including the applicable date of issuance of such additional notes to but excluding the last day of
such Interest Accrual Period at the applicable Interest Rate. For purposes of determining the Interest Accrual Period for any
Fixed Rate Notes, the Payment Dates referenced shall be deemed to be the dates set forth in the definition of “Payment Date”
(irrespective of whether such day is a Business Day).

 

“Interest
Collection Account”: The meaning specified in Section 10.2(a).

 

“Interest
Coverage Ratio”: For any designated Class or Classes of Notes, as of any date of determination on or after the Determination
Date immediately preceding the second Payment Date following the Refinancing Date, the percentage derived from the following equation:
(A – B) / C, where:

 

A
= The Collateral Interest Amount as of such date of determination;

 

B
= Amounts payable (or expected as of the date of determination to be payable) on the following Payment Date as set forth in clauses
(A) and (B) in Section 11.1(a)(i); and

 

C
= Interest due and payable on the Notes of such Class or Classes and each Class of Notes that ranks senior to or pari passu
with such Class or Classes (excluding Deferred Interest, but including any interest on Deferred Interest with respect to the
Deferred Interest Notes) on such Payment Date.

 

For
the avoidance of doubt, any Base Management Fees that would otherwise be payable on the following Payment Date, but that as of
such date of determination have been designated by the Portfolio Manager as Waived Management Fees in accordance with Section
11.1(e) shall be excluded from the calculation set forth in item (B) above.

 

    37 

     

    

“Interest
Coverage Test”: A test that is satisfied with respect to any Class or Classes of Notes as of any date of determination
on, or subsequent to, the Determination Date occurring immediately prior to the second Payment Date following the Refinancing
Date, if (i) the Interest Coverage Ratio for such Class or Classes on such date is at least equal to the Required Interest Coverage
Ratio for such Class or Classes or (ii) such Class or Classes of Notes is/are no longer Outstanding.

 

“Interest
Determination Date”: With respect to each Interest Accrual Period, the second London Banking Day preceding the first
day of such Interest Accrual Period; provided that, for the first Interest Accrual Period with respect to any additional
notes issued after the Refinancing Date in connection with a Refinancing, the Interest Determination Date shall be the second
London Banking Day preceding the date of such Refinancing.

 

“Interest
Only Obligation”: Any obligation or security that does not provide in the related Underlying Instruments for the payment
or repayment of a stated principal amount in one or more installments on or prior to its stated maturity.

 

“Interest
Proceeds”: With respect to any Collection Period or Determination Date, without duplication, the sum of:

 

		(i)	all
                                         payments of interest and delayed compensation (representing compensation for delayed
                                         settlement) received in Cash by the Issuer during the related Collection Period on the
                                         Collateral Obligations and Eligible Investments, including the accrued interest received
                                         in connection with a sale thereof during the related Collection Period, less any such
                                         amount that represents Principal Financed Accrued Interest;

 

		(ii)	all
                                         principal and interest payments received by the Issuer during the related Collection
                                         Period on Eligible Investments purchased with Interest Proceeds;

 

		(iii)	commitment
                                         fees and other similar fees received by the Issuer during such Collection Period in respect
                                         of Revolving Collateral Obligations and Delayed Drawdown Collateral Obligations;

 

		(iv)	any
                                         amounts deposited in the Collection Account from the Expense Reserve Account, the Contribution
                                         Account and/or the Interest Reserve Account that are designated as Interest Proceeds
                                         pursuant to this Indenture in respect of the related Determination Date;

 

		(v)	[reserved];

 

		(vi)	all
                                         amendment and waiver fees (other than those in connection with a Maturity Amendment),
                                         all late payment fees, prepayment fees, call premiums, commitment fees and all other
                                         fees and commissions (other than (x) fees and commissions received in connection with
                                         the purchase, sale, restructuring or default of Collateral Obligations and (y) except
                                         with respect to call premiums or prepayment fees, the reduction of the par amount of
                                         the related Collateral Obligation, in each case, as determined by the Portfolio Manager
                                         with notice to the Trustee and the Collateral Administrator) received during such Collection
                                         Period in connection with the Collateral Obligations (unless otherwise designated as
                                         Principal Proceeds by the Portfolio Manager in writing to the Trustee);

 

    38 

     

    

		(vii)	any
                                         Principal Proceeds designated by the Portfolio Manager as Interest Proceeds in connection
                                         with a Refinancing pursuant to which all Notes are being refinanced, up to the Excess
                                         Par Amount for payment on the Redemption Date of a Refinancing;

 

		(viii)	Trading
                                         Gains not previously distributed may be designated by the Portfolio Manager at any time
                                         as Interest Proceeds so long as (a) the Retention Designation Condition is satisfied,
                                         (b) a Retention Deficiency has occurred or it is reasonably likely that a Retention Deficiency
                                         would occur absent such designation, (c) the designation of such Trading Gains as Interest
                                         Proceeds is in an amount not to exceed the amount determined by the Portfolio Manager
                                         to be necessary to cure or prevent the Retention Deficiency and (d) the designation of
                                         such Trading Gains as Interest Proceeds would not cause the Adjusted Collateral Principal
                                         Amount to be equal to or lower than the Reinvestment Target Par Balance (it being understood
                                         that the amount of Trading Gains which are not deposited into the interest collection
                                         subaccount as Interest Proceeds pursuant to this clause (viii) will constitute Principal
                                         Proceeds); and

 

		(ix)	any
                                         payments received as repayment for Excepted Advances;

 

provided
that, (1) any amounts received in respect of any Defaulted Obligation that is not a Workout Loan will constitute Principal
Proceeds (and not Interest Proceeds) until the aggregate of all collections in respect of such Defaulted Obligation since it became
a Defaulted Obligation equals the Principal Balance of such Collateral Obligation at the time it became a Defaulted Obligation;
(2) any amounts received in respect of any Defaulted Obligation that was exchanged for an Equity Security will constitute Principal
Proceeds (and not Interest Proceeds) until the aggregate of all collections (including proceeds received upon the disposition
of the Equity Security received in the exchange) in respect of such Defaulted Obligation since the time it became a Defaulted
Obligation equals the Principal Balance of the Collateral Obligation at the time it became a Defaulted Obligation and any amounts
received in excess thereof (such amounts, “Exchanged Equity Security Excess Proceeds”) shall be calculated
by the Issuer and will be deposited in the Collection Account and distributed as Interest Proceeds on the following Payment Date;
provided that, if any additional amounts are received after the initial distribution of Exchanged Equity Security
Excess Proceeds such additional amounts will be distributed as Interest Proceeds on the next succeeding Payment Date following
the Payment Date relating to the period in which such additional amounts were received and (3) (x) any amounts received by the
Issuer in respect of any Workout Loan shall be treated as Principal Proceeds until, as determined by the Portfolio Manager (with
notice to the Trustee), the aggregate of all collections in respect of such Workout Loan is at least equal to the greater of (i)
the outstanding principal balance of the Related Restructuring Collateral Obligation with respect to such Workout Loan (determined
immediately prior to the related workout or restructuring of such Related Restructuring Collateral Obligation) and (ii) the amount
attributed to such Workout Loan for purposes of the Adjusted Collateral Principal Amount and (y) to the extent not required to
be treated as Principal Proceeds pursuant to clause (x), all Restructured Asset Proceeds shall, at the direction of the Issuer
(or the Portfolio Manager on behalf of the Issuer in its sole discretion), be designated as Interest Proceeds or Principal Proceeds.

 

    39 

     

    

“Interest
Rate”: With respect to any Class of Notes, (i) unless a Re-Pricing has occurred with respect to such Class of Notes,
the per annum stated interest rate payable on such Class with respect to each Interest Accrual Period as specified in Section
2.3(b) and (ii) upon the occurrence of a Re-Pricing with respect to such Class of Notes, a per annum stated interest rate
equal to (x) the applicable Re-Pricing Rate plus (y) in the case of a floating rate of interest, LIBOR.

 

“Interest
Reserve Account”: The meaning specified in Section 10.3(e).

 

“Interest
Reserve Amount”: The meaning specified in Section 3.1(a)(xii).

 

“Interests”:
The Interests issued by the Issuer on or prior to the Closing Date and any additional Interests issued pursuant to the Issuer
LLCA subject to compliance with the terms of this Indenture.

 

“Intex”:
Intex Solutions, Inc.

 

“Investment
Company Act”: The United States Investment Company Act of 1940, as amended.

 

“Investment
Criteria”: The criteria specified in Section 12.2(a).

 

“Investment
Criteria Adjusted Balance”: With respect to each Collateral Obligation (other than a Defaulted Obligation), the Principal
Balance of such Collateral Obligation; provided that, the Investment Criteria Adjusted Balance of any:

 

		(a)	Deferring
                                         Obligation will be the S&P Collateral Value of such Deferring Obligation;

 

		(b)	Discount
                                         Obligation will be the product of the (i) purchase price (expressed as a percentage of
                                         par and, for the avoidance of doubt, without averaging) and (ii) Principal Balance of
                                         such Discount Obligation; and

 

		(c)	Collateral
                                         Obligation included in the CCC Excess will be the Market Value of such Collateral Obligation;

 

provided
further that the Investment Criteria Adjusted Balance for any Collateral Obligation that satisfies more than one of the definitions
of Deferring Obligation or Discount Obligation, or is included in the CCC Excess, as applicable, will be the lowest amount determined
pursuant to any of clauses (a), (b) and (c) above that are applicable for such Collateral Obligation.

 

    40 

     

    

“Issuer”:
As defined in the first sentence of this Indenture, until a successor Person shall have become the Issuer pursuant to the applicable
provisions of this Indenture, and thereafter “Issuer” shall mean such successor Person.

 

“Issuer
LLCA”: The Amended and Restated Limited Liability Company Agreement of the Issuer, dated as of the Closing Date, as
may be amended from time to time.

 

“Issuer
Order” and “Issuer Request”: A written order or request (which may be a standing order or request)
dated and signed in the name of the Issuer by an Authorized Officer of the Issuer, or by the Portfolio Manager by an Authorized
Officer thereof, on behalf of the Issuer. An order or request provided in an email or other electronic communication by an Authorized
Officer of the Issuer or by an Authorized Officer of the Portfolio Manager on behalf of the Issuer shall constitute an Issuer
Order, except in each case to the extent the Trustee requests otherwise in writing.

 

“Junior
Class”: With respect to a particular Class of Notes, each Class of Notes that is subordinated to such Class, as indicated
in Section 2.3(b).

 

“Junior
Mezzanine Notes”: The meaning specified in Section 2.13(a).

 

“Lead
Placement Agent”: Citigroup Global Markets Inc., in its capacity as lead placement agent with respect to the Notes issued
on the Closing Date.

 

“Letter
of Credit Reimbursement Obligation”: A facility whereby (i) a fronting bank (the “LOC Agent Bank”)
issues or will issue a letter of credit for or on behalf of a borrower pursuant to an Underlying Instrument, (ii) in the event
that the letter of credit 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 letter of credit to the lender/participant.

 

“LIBOR”:
The meaning set forth in Exhibit C hereto.

 

“Loan”:
Any obligation for the payment or repayment of borrowed money that is documented by a term loan agreement, revolving loan agreement
or other similar credit agreement.

 

“Loan
Sale Agreement”: The master loan sale agreement, dated as of the Closing Date, by and between the Transferor and the
Issuer, as amended from time to time in accordance with its terms.

 

“LOC
Agent Bank”: The meaning specified in the definition of the term Letter of Credit Reimbursement Obligation.

 

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

 

“Long-Dated
Obligation”: Any Collateral Obligation (or portion thereof) with a maturity later than the earliest Stated Maturity
of the Notes.

 

    41 

     

    

“Long-Dated
Obligation Amount”: As of any date of determination, for each Long-Dated Obligation, an amount equal to the product
of the Principal Balance of such Long-Dated Obligation multiplied by 70%.

 

“Maintenance
Covenant”: A covenant by a borrower that requires such borrower to comply with one or more financial covenants during
the periods or as of a specified day in each reporting period, as the case may be, as specified in the underlying loan agreement,
regardless of any action taken by such borrower; provided that, a covenant that otherwise satisfies this definition and
only applies to a related loan when specified amounts are outstanding under such loan shall be a Maintenance Covenant.

 

“Majority”:
With respect to any Class or Classes of Notes, the Holders of more than 50% of the Aggregate Outstanding Amount of the Notes of
such Class or Classes. With respect to any Interests, the Majority Members (as defined in the Issuer LLCA) of the Issuer.

 

“Management
Fees”: The Base Management Fee and the Subordinated Management Fee.

 

“Manager
Notes”: As of any date of determination, all Notes held on such date by (i) the Portfolio Manager, (ii) any Affiliate
of the Portfolio Manager, or (iii) any account, fund, client or portfolio managed or advised on a discretionary basis by the Portfolio
Manager or any of its Affiliates; provided that, no such Notes shall constitute Manager Notes hereunder for any
period of time during which the right to control the voting of such Notes has been assigned to (i) another Person not controlled
by the Portfolio Manager or any Affiliate of the Portfolio Manager or (ii) an advisory board or other independent committee of
the governing body of the Portfolio Manager or such Affiliate.

 

“Margin
Stock”: “Margin Stock” as defined under Regulation U issued by the Board of Governors of the Federal Reserve
System, including any debt security which is by its terms convertible into Margin Stock.

 

“Market
Value”: With respect to any Loans or other Assets, the amount (determined by the Portfolio Manager) equal to the product
of the principal amount thereof and the price determined in the following manner:

 

		(i)	the
                                         bid price determined by the Loan Pricing Corporation, Markit Group Limited, LoanX Mark-It
                                         Partners, FT Interactive, Bridge Information Systems, KDP, IDC, Bank of America High
                                         Yield Index, Interactive Data Pricing and Reference Data, Inc., Pricing Direct Inc.,
                                         S&P Security Evaluations Service, Thompson Reuters Pricing Service, TradeWeb Markets
                                         LLC or any other nationally recognized loan pricing service selected by the Portfolio
                                         Manager (with notice to the Rating Agency); or

 

		(ii)	if
                                         a price described in clause (i) is not available or the Portfolio Manager determines
                                         in accordance with the Portfolio Manager Standard that such price does not reflect the
                                         value of such asset,

 

    42 

     

    

		(A)	the
                                         average of the bid prices determined by three broker-dealers active in the trading of
                                         such asset that are Independent from each other and the Issuer and the Portfolio Manager;

 

		(B)	if
                                         only two such bids can be obtained, the lower of the bid prices of such two bids; or

 

		(C)	if
                                         only one such bid can be obtained, such bid; provided that this subclause (C)
                                         shall not apply at any time at which neither the Portfolio Manager nor FS/KKR Advisor,
                                         LLC is a registered investment adviser (or relying adviser) under the Advisers Act; or

 

		(iii)	if
                                         a price described in clause (i) or (ii) cannot be determined by the Portfolio Manager
                                         exercising reasonable efforts, then the value determined as the bid side market value
                                         of such asset as reasonably determined by the Portfolio Manager consistent with the Portfolio
                                         Manager Standard, as certified by the Portfolio Manager to the Trustee; provided,
                                         however, that if neither the Portfolio Manager nor FS/KKR Advisor, LLC is a registered
                                         investment adviser (or relying adviser) under the Advisers Act, the Market Value of any
                                         such asset may not be determined in accordance with this clause (iii) for more than 30
                                         days; or

 

		(iv)	if
                                         the Market Value of an asset is not determined in accordance with clause (i), (ii) or
                                         (iii) above, then such Market Value shall be deemed to be zero until such determination
                                         is made in accordance with clause (i), (ii) or (iii) above.

 

“Master
Participation Agreement”: Each master participation and assignment agreement, dated as of the Closing Date, between
the Transferor, as parent, and the applicable wholly-owned financing subsidiary of the Transferor.

 

“Material
Covenant Default”: A default by an Obligor with respect to any Collateral Obligation, and subject to any grace periods
contained in the related Underlying Instruments, that gives rise to the right of the lender(s) thereunder to accelerate the principal
of such Collateral Obligation.

 

“Maturity”:
With respect to any Note, the date on which the unpaid principal of such Note becomes due and payable as therein or herein provided,
whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise.

 

“Maturity
Amendment”: With respect to any Collateral Obligation, any waiver, modification, amendment or variance (other than in
connection with an insolvency, bankruptcy, reorganization, debt restructuring or workout of the Obligor thereof if the Portfolio
Manager determines (i) in the case of a Collateral Obligation that in the Portfolio Manager’s determination is likely to
become a Defaulted Obligation, that such amendment in connection therewith would reduce the likelihood that such Collateral Obligation
will become a Defaulted Obligation or (ii) if such Collateral Obligation is already a Defaulted Obligation, would in the Portfolio
Manager’s determination be advisable to increase recovery) that would extend the stated maturity date of such Collateral
Obligation. For the avoidance of doubt, a waiver, modification, amendment or variance that would extend the stated maturity date
of any tranche of the credit facility of which a Collateral Obligation is part, but would not extend the stated maturity date
of the Collateral Obligation held by the Issuer, does not constitute a Maturity Amendment.

 

    43 

     

    

“Maximum
Fitch Equivalent Rating Factor Test”: A test that will be satisfied on any date of determination if the Fitch Equivalent
Weighted Average Rating Factor as of such date is less than or equal to 44.5.

 

“Measurement
Date”: (i) Any day on which the Issuer purchases, or enters into a commitment to purchase, a Collateral Obligation,
(ii) any Determination Date, (iii) the date as of which the information in any Monthly Report is calculated and (iv) with five
Business Days’ prior written notice to the Issuer and the Trustee (with a copy to the Portfolio Manager), any Business Day
requested by any Rating Agency.

 

“Merging
Entity”: The meaning specified in Section 7.10.

 

“Minimum
Denominations”: With respect to the Notes, U.S.$250,000 and integral multiples of U.S.$1.00 in excess thereof, or such
other authorized minimum denominations as may be permitted from time to time pursuant to a supplemental indenture entered into
in accordance with Article VIII.

 

“Minimum
Floating Spread”: 3.00%

 

“Minimum
Floating Spread Test”: A test that will be satisfied on any date of determination if the Weighted Average Floating Spread
plus the Excess Weighted Average Coupon equals or exceeds the Minimum Floating Spread.

 

“Minimum
Weighted Average Coupon”: 7.00%.

 

“Minimum
Weighted Average Coupon Test”: The test that will be satisfied on any date of determination if the Weighted Average
Coupon plus the Excess Weighted Average Floating Spread equals or exceeds the Minimum Weighted Average Coupon.

 

“Money”:
The meaning specified in Article 1 of the UCC.

 

“Monthly
Report”: The meaning specified in Section 10.7(a).

 

“Monthly
Report Determination Date”: The meaning specified in Section 10.7(a).

 

“Moody’s”:
Moody’s Investors Service, Inc. and any successor thereto.

 

“Moody’s
Default Probability Rating”: With respect to any Collateral Obligation, the rating determined pursuant to Schedule 3
hereto (or such other schedule provided by Moody’s to the Issuer, the Trustee, the Collateral Administrator and the Portfolio
Manager).

 

“Moody’s
Derived Rating”: With respect to any Collateral Obligation whose Moody’s Rating or Moody’s Default Probability
Rating cannot otherwise be determined pursuant to the definitions thereof, the rating determined for such Collateral Obligation
as set forth in Schedule 3 hereto (or such other schedule provided by Moody’s to the Issuer, the Trustee, the Collateral
Administrator and the Portfolio Manager).

 

    44 

     

    

“Moody’s
Rating”: With respect to any Collateral Obligation, the rating determined pursuant to the methodology set forth under
the heading “Moody’s Rating” on Schedule 3 hereto (or such other schedule provided by Moody’s to the Issuer,
the Trustee, the Collateral Administrator and the Portfolio Manager).

 

“Net
Exposure Amount”: As of the applicable Cut-Off Date, with respect to any Collateral Obligation which is a Revolving
Collateral Obligation or Delayed Drawdown Collateral Obligation, the lesser of (i) the aggregate amount of the then unfunded funding
obligations thereunder and (ii) the amount necessary to cause, on the applicable Cut-Off Date with respect to such Collateral
Obligation, the amount of funds on deposit in the Revolver Funding Account to be at least equal to the sum of the unfunded funding
obligations under all Delayed Drawdown Collateral Obligations and Revolving Collateral Obligations then included in the Assets.

 

“Net
Purchased Loan Balance”: As of any date of determination, an amount equal to the sum of (i) the Aggregate Principal
Balance of all Collateral Obligations conveyed, directly or indirectly, by the Portfolio Manager to the Issuer under the Loan
Sale Agreement prior to such date, calculated as of the respective Cut-Off Dates of such Collateral Obligations, and (ii) the
Aggregate Principal Balance of all Collateral Obligations acquired by the Issuer other than directly or indirectly from the Portfolio
Manager prior to such date.

 

“Non-Call
Period”: The period from (x) with respect to all Notes, the Refinancing Date to but excluding December 22, 2021 and
(y) with respect to a Class of Notes subject to a Partial Redemption, if applicable, from such Partial Redemption Date to but
excluding such later date as determined in connection therewith.

 

“Non-Consenting
Holder”: The meaning specified in Section 9.8(b).

 

“Non-Emerging
Market Obligor”: An Obligor that is Domiciled in (i) the United States, (ii) any country that has a country ceiling
for foreign currency bonds of at least “Aa3” by Moody’s, (iii) any country that has a foreign currency issuer
credit rating of at least “AA-” by S&P or (iv) a Tax Jurisdiction; provided that, an Obligor that is Domiciled
in any country that has a foreign currency issuer credit rating of at least “AA-” by S&P shall be deemed a Non-Emerging
Market Obligor on the date of acquisition of the related Collateral Obligation by the Issuer so long as the Aggregate Principal
Balance of all Collateral Obligations falling under this proviso does not exceed 10.0% of the Collateral Principal Amount on such
date.

 

“Non-Permitted
ERISA Holder”: Any Person is or becomes the beneficial owner of an interest in any Note who has made or is deemed to
have made a prohibited transaction representation or a Benefit Plan Investor, Controlling Person or Similar Laws representation,
as applicable, required by this Indenture that is subsequently shown to be false or misleading, or whose beneficial ownership
otherwise causes a violation of the 25% limitation set out in the Plan Asset Regulation, as applicable.

 

“Non-Permitted
Holder”: The meaning specified in Section 2.11(b).

 

    45 

     

    

“Note
Interest Amount”: With respect to any Class of Notes and any Payment Date, the amount of interest for the related Interest
Accrual Period payable in respect of each U.S.$100,000 Aggregate Outstanding Amount of such Class of Notes.

 

“Note
Payment Sequence”: The application, in accordance with the Priority of Payments, of Interest Proceeds or Principal Proceeds,
as applicable, in the following order:

 

		(i)	to
                                         the payment of accrued and unpaid interest on the Class A-1 Notes, until such amount
                                         has been paid in full;

 

		(ii)	to
                                         the payment of principal of the Class A-1 Notes, until the Class A-1 Notes have been
                                         paid in full;

 

		(iii)	to
                                         the payment of accrued and unpaid interest on the Class A-2 Notes, until such amount
                                         has been paid in full;

 

		(iv)	to
                                         the payment of principal of the Class A-2 Notes, until the Class A-2 Notes have been
                                         paid in full;

 

		(v)	to
                                         the payment, pro rata, based on their respective
                                         Aggregate Outstanding Amounts, of accrued and unpaid interest on the Class B-1
                                         Notes and the Class B-2 Notes, until such amounts have been paid in full;

 

		(vi)	to
                                         the payment, pro rata, based on their respective
                                         Aggregate Outstanding Amounts, of principal of the Class B-1 Notes and the Class
                                         B-2 Notes, until the Class B-1 Notes and the Class B-2 Notes have been paid in full;

 

		(vii)	to
                                         the payment of, first, accrued and unpaid interest (including interest on Deferred
                                         Interest) and then, any Deferred Interest on the Class C Notes, until such amounts
                                         have been paid in full; and

 

		(viii)	to
                                         the payment of principal of the Class C Notes, until the Class C Notes have been paid
                                         in full.

 

“Note
Purchase Offer”: The meaning specified in Section 2.14(b).

 

“Notes”:
The Class A-1 Notes, the Class A-2 Notes, the Class B-1 Notes, the Class B-2 Notes and the Class C Notes.

 

“Notice
of Substitution”: The meaning specified in Section 12.5(a)(ii).

 

“NRSRO”:
The meaning specified in Section 7.20(f).

 

“Obligor”:
The Obligor or guarantor under a loan, as the case may be.

 

“OFAC”:
The U.S. Department of the Treasury’s Office of Foreign Assets Control.

 

“Offer”:
The meaning specified in Section 10.8(c).

 

    46 

     

    

“Offering”:
The offering of the Notes pursuant to the Offering Circular.

 

“Offering
Circular”: The final offering circular, dated December 17, 2020, relating to the offer and sale of the Notes, and any
supplements thereto.

 

“Officer”:
(a) With respect to the Issuer and any limited liability company, any managing member or manager thereof or any Person to whom
the rights and powers of management thereof are delegated in accordance with the limited liability company agreement of such limited
liability company; (b) with respect to any corporation, any director, the chairman of the board of directors, the president, any
vice president, the secretary, an assistant secretary, the treasurer or an assistant treasurer of such entity or any Person authorized
by such entity; and (c) with respect to the Trustee and any bank or trust company acting as trustee of an express trust or as
custodian or agent, any vice president or assistant vice president of such entity or any officer customarily performing functions
similar to those performed by a vice president or assistant vice president of such entity.

 

“offshore
transaction”: The meaning specified in Regulation S.

 

“Opinion
of Counsel”: A written opinion addressed to the Trustee (or upon which the Trustee is permitted to rely) and, if required
by the terms hereof, a Rating Agency, in form and substance reasonably satisfactory to the Trustee of a nationally or internationally
recognized and reputable law firm one or more of the partners of which are admitted to practice before the highest court of any
State of the United States or the District of Columbia, which law firm may, except as otherwise expressly provided in this Indenture,
be counsel for the Issuer or the Portfolio Manager, as the case may be, but must be Independent of the Portfolio Manager. Whenever
an Opinion of Counsel is required hereunder, such Opinion of Counsel may rely on opinions of other counsel who are so admitted
and so satisfactory, which opinions of other counsel shall accompany such Opinion of Counsel, and certificates and opinions of
accountants, investment banks, and any other Person as to relevant factual matters, all of which such certificates and opinions
shall either be addressed to the same addressees or state that the addressees of the Opinion of Counsel shall be entitled to rely
thereon.

 

“Optional
Redemption”: The meaning specified in Section 9.2(a).

 

“Other
Accounts”: An investment vehicle managed by the Portfolio Manager or an Affiliate.

 

“Outstanding”:
With respect to the Notes or the Notes of any specified Class, as of any date of determination, all of the Notes or all of the
Notes of such Class, as the case may be, theretofore authenticated and delivered under this Indenture, except:

 

		(i)	Notes
                                         theretofore canceled by the Registrar or delivered to the Registrar for cancellation
                                         in accordance with the terms of Section 2.9 or registered in the Register on the date
                                         the Trustee provides notice to Holders that this Indenture has been discharged in accordance
                                         with Article IV;

 

		(ii)	Notes
                                         or portions thereof for whose payment or redemption funds in the necessary amount have
                                         been theretofore irrevocably deposited with the Trustee or any Paying Agent in trust
                                         for the Holders of such Notes pursuant to Section 4.1(a)(x)(ii); provided that, if such
                                         Notes or portions thereof are to be redeemed, notice of such redemption has been duly
                                         given pursuant to this Indenture or provision therefor satisfactory to the Trustee has
                                         been made;

 

    47 

     

    

		(iii)	Notes
                                         in exchange for or in lieu of which other Notes have been authenticated and delivered
                                         pursuant to this Indenture, unless proof satisfactory to the Trustee is presented that
                                         any such Notes are held by a Protected Purchaser; and

 

		(iv)	Notes
                                         alleged to have been mutilated, destroyed, lost or stolen for which replacement Notes
                                         have been issued as provided in Section 2.6;

 

provided
that, in determining whether the Holders of the requisite Aggregate Outstanding Amount have given any request, demand,
authorization, direction, notice, consent or waiver hereunder, the following Notes shall be disregarded and deemed not to be Outstanding:

 

		(i)	Notes
                                         owned by the Issuer or any other obligor upon the Notes; and

 

		(ii)	only
                                         in the case of a vote to (i) terminate the Portfolio Management Agreement, (ii) remove
                                         the Portfolio Manager or (iii) waive an event constituting “cause” under
                                         the Portfolio Management Agreement as a basis for termination of the Portfolio Management
                                         Agreement or removal of the Portfolio Manager, any Manager Notes;

 

except
that (1) in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction,
notice, consent or waiver, only Notes that a Bank Officer of the Trustee actually knows to be so owned or to be Manager Notes
shall be so disregarded; and (2) Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee
establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee
is not one of the Persons specified above.

 

“Overcollateralization
Ratio”: With respect to any specified Class or Classes of Notes as of any date of determination, the percentage derived
from: (i) the Adjusted Collateral Principal Amount on such date; divided by (ii) the Aggregate Outstanding Amount on such date
of the Notes of such Class or Classes (including, in the case of Deferred Interest Notes, any accrued Deferred Interest that remains
unpaid), each Priority Class of Notes and each Pari Passu Class or Classes of Notes; provided that, for the purposes
of this definition, the Class A-1 Notes and the Class A-2 Notes shall be treated as a single Class.

 

“Overcollateralization
Ratio Test”: A test that is satisfied with respect to any Class or Classes of Notes as of any date of determination
on which such test is applicable if (i) the Overcollateralization Ratio for such Class or Classes on such date is at least equal
to the Required Overcollateralization Ratio for such Class or Classes or (ii) such Class or Classes of Notes is no longer Outstanding.

 

    48 

     

    

“Pari
Passu Class”: With respect to any specified Class of Notes, each Class of Notes that ranks pari passu to such
Class, as indicated in Section 2.3(b).

 

“Partial
Deferring Obligations”: A Collateral Obligation on which the interest, in accordance with its related underlying instrument,
is currently being (i) partly paid in Cash (with a minimum Cash payment of LIBOR plus 1.00% required under its Underlying Instruments)
and (ii) partly deferred, or paid by the issuance of additional debt securities identical to such debt security or through additions
to the principal amount thereof.

 

“Partial
Redemption Date”: Any Redemption Date on which one or more but not every Class of Notes is being refinanced with Refinancing
Proceeds.

 

“Partial
Redemption Interest Proceeds”: In connection with a redemption of the Notes in part by Class, Interest Proceeds in an
amount equal to the sum of (a) the lesser of (i) the amount of accrued interest on the Classes being refinanced (after giving
effect to payments pursuant to Section 11.1(a)(i) if the Partial Redemption Date would have been a Quarterly Payment Date without
regard to the redemption of the Notes in part by Class) and (ii) if the Partial Redemption Date is not a Quarterly Payment Date,
the amount the Portfolio Manager reasonably determines would have been available for distribution under the Priority of Payments
for the payment of accrued interest on the Classes being refinanced on the next subsequent Quarterly Payment Date if such Notes
had not been refinanced plus (b) if the Partial Redemption Date is not a Quarterly Payment Date, the amount (i) the Portfolio
Manager reasonably determines would have been available for distribution under the Priority of Payments for the payment of Administrative
Expenses on the next subsequent Payment Date and (ii) any reserve established by the Issuer with respect to such redemption of
the Notes in part by Class.

 

“Participation
Interest”: A participation interest in a loan originated by a bank or financial institution that, at the time of acquisition,
or the Issuer’s commitment to acquire the same, satisfies each of the following criteria: (i) such participation would constitute
a Collateral Obligation were it acquired directly, (ii) the Selling Institution is a lender on the loan, (iii) the aggregate participation
in the loan granted by such Selling Institution to any one or more participants does not exceed the principal amount or commitment
with respect to which the Selling Institution is a lender under such loan, (iv) such participation does not grant, in the aggregate,
to the participant in such participation a greater interest than the Selling Institution holds in the loan or commitment that
is the subject of the participation, (v) the entire purchase price for such participation is paid in full (without the benefit
of financing from the Selling Institution or its affiliates) at the time of the Issuer’s acquisition (or, to the extent
of a participation in the unfunded commitment under a Revolving Collateral Obligation or Delayed Drawdown Collateral Obligation,
at the time of the funding of such loan), (vi) the participation provides the participant all of the economic benefit and risk
of the whole or part of the loan or commitment that is the subject of the loan participation and (vii) such participation is documented
under a Loan Syndications and Trading Association, Loan Market Association or similar agreement standard for loan participation
transactions among institutional market participants. For the avoidance of doubt, a Participation Interest shall not include a
sub-participation interest in any loan.

 

“Paying
Agent”: Any Person authorized by the Issuer to pay the principal of or interest on any Notes on behalf of the Issuer
as specified in Section 7.2.

 

    49 

     

    

“Payment
Account”: The payment account of the Trustee established pursuant to Section 10.3(a).

 

“Payment
Date”: The Refinancing Date, each Quarterly Payment Date and any other date or dates on which payments are made in accordance
with the Special Priority of Payments.

 

“PBGC”:
The United States Pension Benefit Guaranty Corporation.

 

“Pending
Transfer Deposit Amount Collection Account”: The meaning specified in Section 10.2(a).

 

“Percentage
Interests”: The meaning specified in the Issuer LLCA.

 

“Permitted
Liens”: (i) Security interests, liens and other encumbrances created pursuant to the Transaction Documents, (ii) with
respect to agented Collateral Obligations, security interests, liens and other encumbrances in favor of the lead agent, the collateral
agent or the paying agent on behalf of all holders of indebtedness of such Obligor under the related facility, (iii) solely with
respect to any Equity Security, any security interests, liens and other encumbrances granted on such Equity Security to secure
indebtedness of the related Obligor and/or any security interests, liens and other rights or encumbrances granted under any governing
documents or other agreement between or among or binding upon the Issuer as the holder of equity in such Obligor and (iv) security
interests, liens and other encumbrances, if any, which have priority over first priority perfected security interests in the Collateral
Obligations or any portion thereof under the UCC or any other applicable law.

 

“Permitted
Offer”: An Offer (i) pursuant to the terms of which the offeror offers to acquire a debt obligation (including a Collateral
Obligation) in exchange for consideration consisting of (x) cash in an amount equal to or greater than the full face amount of
the debt obligation being exchanged plus any accrued and unpaid interest or (y) other debt obligations that rank pari passu
or senior to the debt obligation being exchanged which have a face amount equal to or greater than the full face amount of
the debt obligation being exchanged and are eligible to be Collateral Obligations plus any accrued and unpaid interest
in cash and (ii) as to which the Portfolio Manager has determined in its reasonable commercial judgment that the offeror has sufficient
access to financing to consummate the Offer.

 

“Permitted
Use”: With respect to any Contribution received into the Contribution Account, any proceeds deposited into the Contribution
Account pursuant to the Priority of Payments or any proceeds received from the issuance of Junior Mezzanine Notes in accordance
with Section 2.13, any of the following uses: (i) the transfer of the applicable portion of such amount to the Collection Account
for application as Interest Proceeds; (ii) the transfer of the applicable portion of such amount to the Collection Account for
application as Principal Proceeds; provided that amounts designated as Principal Proceeds pursuant to this clause (ii)
shall not be re-designated as Interest Proceeds; (iii) the repurchase of Notes by the Issuer; (iv) for application to pay fees
and expenses in connection with a Refinancing, Re-Pricing or an issuance of additional notes (including, as applicable, any supplemental
indenture or other modification to the indenture to be effected in connection therewith), in each case as determined by the Portfolio
Manager; (v) to the purchase, acquisition or funding, or otherwise to make payments in connection with the acquisition or exercise,
of an option, warrant, right of conversion, pre-emptive right, rights offering, credit bid or similar right in connection with
a workout or restructuring of a Collateral Obligation or any securities or loan assets acquired or received in connection therewith
(including, without limitation, Restructured Loans and Workout Securities); provided that, notwithstanding anything herein
to the contrary, any Permitted Use described in this clause (v) shall not be required to satisfy the Investment Criteria; (vi)
to make payments in connection with the acquisition of an Equity Security or other security subject to the limitations set forth
in Section 12.2(b); and (vii) any other use not otherwise prohibited by this Indenture.

 

    50 

     

    

“Person”:
An individual, corporation (including a business trust), partnership, limited liability company, joint venture, association, joint
stock company, trust (including any beneficiary thereof), unincorporated association or government or any agency or political
subdivision thereof.

 

“Placement
Agents”: The Lead Placement Agent and the Co-Placement Agents.

 

“Plan
Asset Regulation”: U.S. Department of Labor regulation 29 C.F.R. Section 2510.3-101 (as modified by Section 3(42) of
ERISA).

 

“Portfolio
Company”: Any company that is controlled by the Portfolio Manager, an Affiliate thereof, or any account, fund, client
or portfolio established and controlled by the Portfolio Manager or an Affiliate thereof.

 

“Portfolio
Management Agreement”: The amended and restated agreement dated as of the Refinancing Date entered into between the
Issuer and the Portfolio Manager relating to the management of the Collateral Obligations and the other Assets by the Portfolio
Manager on behalf of the Issuer, as amended from time to time in accordance with the terms hereof and thereof.

 

“Portfolio
Manager”: FS KKR Capital Corp., a Maryland corporation with its principal offices in Philadelphia, Pennsylvania, until
a successor Person shall have become the Portfolio Manager pursuant to the provisions of the Portfolio Management Agreement, and
thereafter Portfolio Manager shall mean such successor Person.

 

“Portfolio
Manager Standard”: The meaning specified in the Portfolio Management Agreement.

 

“Post-Reinvestment
Period Settlement Obligation”: The meaning specified in Section 12.2(a)(y).

 

“Prepaid
Obligation”: A Collateral Obligation as to which Unscheduled Principal Payments are received after the Reinvestment
Period.

 

“Principal
Balance”: Subject to Section 1.2, with respect to (a) any Asset other than a Revolving Collateral Obligation, Delayed
Drawdown Collateral Obligation or Workout Loan, as of any date of determination, the outstanding principal amount of such Asset
(excluding any capitalized interest) and (b) any Revolving Collateral Obligation, Delayed Drawdown Collateral Obligation or Workout
Loan, as of any date of determination, the outstanding principal amount of such Revolving Collateral Obligation, Delayed Drawdown
Collateral Obligation or Workout Loan (excluding any capitalized interest), plus (except as expressly set forth in this
Indenture) any undrawn commitments that have not been irrevocably reduced or withdrawn with respect to such Revolving Collateral
Obligation, Delayed Drawdown Collateral Obligation or (if applicable) Workout Loan; provided that, for all purposes the
Principal Balance of (1) any Equity Security or interest only strip shall be deemed to be zero, (2) any Restructured Loan (other
than a Workout Loan) or Workout Security shall be deemed to be zero until such Restructured Loan or Workout Security otherwise
qualifies as a Collateral Obligation hereunder and (3) any Defaulted Obligation that is not sold or terminated within three years
after becoming a Defaulted Obligation shall be deemed to be zero.

 

    51 

     

    

“Principal
Collection Account”: The meaning specified in Section 10.2(a).

 

“Principal
Financed Accrued Interest”: With respect to: (i) any Collateral Obligation owned or purchased by the Issuer on or before
the Refinancing Date, an amount equal to the unpaid interest on such Collateral Obligation that accrued prior to the Refinancing
Date that is owing to the Issuer and remains unpaid as of the Refinancing Date and (ii) any Collateral Obligation purchased after
the Refinancing Date, the amount of Principal Proceeds, if any, applied towards the purchase of accrued interest on such Collateral
Obligation; provided, however, in the case of this clause (ii), Principal Financed Accrued Interest shall not include any
accrued interest purchased with Interest Proceeds deemed to be Principal Proceeds as set forth in the definition of “Interest
Proceeds”.

 

“Principal
Proceeds”: With respect to any Collection Period or Determination Date, all amounts received by the Issuer during the
related Collection Period that do not constitute Interest Proceeds, other than Refinancing Proceeds (other than Refinancing Proceeds
received in a redemption in part by Class which are not applied to redeem the Notes being refinanced or to pay expenses in connection
with such Refinancing, which will be Principal Proceeds) and any amounts that have been designated as Principal Proceeds pursuant
to the terms of this Indenture.

 

“Priority
Class”: With respect to any specified Class of Notes, each Class of Notes that ranks senior to such Class, as indicated
in Section 2.3(b).

 

“Priority
of Payments”: The meaning specified in Section 11.1(a).

 

“Proceedings”:
The meaning specified in Section 14.11.

 

“Proposed
Portfolio”: The portfolio of Collateral Obligations and Eligible Investments resulting from the proposed purchase, sale,
maturity or other disposition of a Collateral Obligation or a proposed reinvestment in an additional Collateral Obligation, as
the case may be.

 

“Protected
Purchaser”: The meaning specified in Article 8 of the UCC.

 

“Purchase
Agreement”: The purchase and placement agreement dated as of the Closing Date by and among the Issuer, the Initial Purchaser
and the Placement Agents, as amended from time to time.

 

“Purchased
Defaulted Obligation”: The meaning specified in Section 12.4.

 

“QIB/IAI/non-U.S.
person”: The meaning specified in Section 10.7(e).

 

“QIB/QP”:
Any Person that, at the time of its acquisition, purported acquisition or proposed acquisition of Notes is both a Qualified Institutional
Buyer and a Qualified Purchaser.

 

    52 

     

    

“Qualified
Institutional Buyer”: Any Person that, at the time of its acquisition, purported acquisition or proposed acquisition
of Notes, is a qualified institutional buyer within the meaning of Rule 144A.

 

“Qualified
Purchaser”: Any Person that, at the time of its acquisition, purported acquisition or proposed acquisition of Notes,
is a qualified purchaser within the meaning of Section 2(a)(51) of the Investment Company Act and Rule 2a51-1, 2a51-2 or 2a51-3
under the Investment Company Act, or any corporation, partnership, limited liability company or other entity (other than a trust)
each shareholder, partner, member or other equity owner of which is a Qualified Purchaser.

 

“Quarterly
Payment Date” The 15th day of January, April, July and October of each year (or, if such day is not a Business Day,
the next succeeding Business Day), commencing in April 2021.

 

“Rating
Agency”: S&P, for so long as it assigns a rating at the request of the Issuer to the Class or Classes to which it
assigned a rating on the Refinancing Date.

 

“Record
Date”: With respect to the Global Notes, the date one day prior to the applicable Payment Date and, with respect to
any Certificated Notes, the date 15 days prior to the applicable Payment Date.

 

“Redemption
Date”: Any Business Day specified for a redemption of Notes pursuant to Article IX.

 

“Redemption
Price”: For each Class of Notes to be redeemed (x) 100% of the Aggregate Outstanding Amount of such Class, plus (y)
accrued and unpaid interest thereon (including interest on any accrued and unpaid Deferred Interest, in the case of the Deferred
Interest Notes) to the Redemption Date; provided that, the Holders of 100% of the Aggregate Outstanding Amount of
a Class of Notes may in their sole discretion, by written notice to the Issuer, the Trustee, the Paying Agent and the Portfolio
Manager, elect to receive less than 100% of the Redemption Price that would otherwise be payable to the Holders of such Class
of Notes in any Optional Redemption (including a Refinancing), Tax Redemption or Clean-Up Call Redemption, which lesser amount
shall be deemed to be the “Redemption Price” of such Class of Note.

 

“Refinancing”:
A loan or an issuance of replacement notes, whose terms in each case will be negotiated by the Portfolio Manager on behalf of
the Issuer, from one or more financial institutions or purchasers to refinance the Notes in connection with an Optional Redemption,
it being understood that any rating of such loans or replacement notes by a Rating Agency will be based on a credit analysis specific
to such loans or replacement notes and independent of the rating of the Notes being refinanced.

 

“Refinancing
Date”: December 22, 2020.

 

“Refinancing
Initial Purchaser”: Barclays Capital Inc., in its capacity as refinancing initial purchaser with respect to the Notes
issued on the Refinancing Date.

 

“Refinancing
Placement Agents”: GreensLedge Capital Markets LLC and Barclays Capital Inc., in their respective capacities as refinancing
placement agents with respect to the Notes issued on the Refinancing Date.

 

    53 

     

    

“Refinancing
Proceeds”: The Cash proceeds received in a Refinancing.

 

“Refinancing
Purchase Agreement”: The purchase and placement agreement dated as of the Refinancing Date, among the Issuer, the Refinancing
Initial Purchaser and the Refinancing Placement Agents with respect to the Notes, as amended from time to time.

 

“Refinancing
Structuring Agents”: GreensLedge Capital Markets LLC, in its capacity as lead structuring agent, and KKR Capital Markets,
LLC, in its capacity as co-structuring agent.

 

“Register”
and “Registrar”: The respective meanings specified in Section 2.5(a)(i).

 

“Registered”:
In registered form for U.S. federal income tax purposes.

 

“Regulation
S”: Regulation S under the Securities Act.

 

“Regulation
S Global Note”: Any Note sold outside the United States to non-”U.S. persons” in reliance on Regulation
S and issued in the form of a permanent global note as specified in Section 2.2(c) in definitive, fully registered form without
interest coupons or a Temporary Global Note, in each case, substantially in the form set forth in the applicable Exhibit A hereto.

 

“Reinvestment
Period”: The period from and including the Closing Date to and including the earliest of (i) the Quarterly Payment Date
in January 2023, (ii) any date on which the Maturity of any Class of Notes is accelerated following an Event of Default pursuant
to this Indenture and (iii) any date on which the Portfolio Manager reasonably determines that it can no longer reinvest in additional
Collateral Obligations in accordance with this Indenture or the Portfolio Management Agreement; provided, in the case of
this clause (iii), (x) the Portfolio Manager notifies the Issuer, the Trustee (who shall notify the Holders), the Rating Agency
and the Collateral Administrator thereof at least five Business Days prior to the applicable Special Redemption Date and (y) the
Reinvestment Period may be reinstated at the direction of the Portfolio Manager with notice to the Trustee, the Collateral Administrator
and the Rating Agency if no other events that would otherwise terminate the Reinvestment Period have occurred and are continuing.

 

“Reinvestment
Target Par Balance”: As of any date of determination, the Target Initial Par Amount minus (i) the amount of any
reduction in the Aggregate Outstanding Amount (excluding, for purposes of this calculation, any reduction of Deferred Interest)
of the Notes through the payment of Principal Proceeds or Interest Proceeds plus (ii) the aggregate amount of Principal
Proceeds that result from the issuance of any additional notes pursuant to Sections 2.13 (after giving effect to such issuance
of any additional notes).

 

“Related
Restructuring Collateral Obligation”: The meaning specified in the definition of Restructured Loan.

 

“Re-Priced
Class”: The meaning specified in Section 9.8(a).

 

“Re-Pricing”:
The meaning specified in Section 9.8(a).

 

“Re-Pricing
Amendment”: The meaning specified in Section 8.6.

 

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“Re-Pricing
Date”: The meaning specified in Section 9.8(b).

 

“Re-Pricing
Eligible Notes”: With respect to any Class of Notes, the Notes specified as such in Section 2.3.

 

“Re-Pricing
Intermediary”: The meaning specified in Section 9.8(a).

 

“Re-Pricing
Rate”: The meaning specified in Section 9.8(b).

 

“Re-Pricing
Replacement Notes”: Notes issued in connection with a Re-Pricing that have terms identical to the Re-Priced Class (after
giving effect to the Re-Pricing) and are issued in an aggregate principal amount such that the Re-Priced Class will have the same
aggregate principal amount after giving effect to the Re-Pricing as it did before the Re-Pricing.

 

“Repurchase
and Substitution Limit”: The meaning specified in Section 12.5(c).

 

“Required
Interest Coverage Ratio”: (a) For the Class A Notes and the Class B Notes, 115.0% and (b) for the Class C Notes, 110.0%.

 

“Required
Overcollateralization Ratio”: (a) For the Class A Notes and the Class B Notes, 135.5% and (b) for the Class C Notes,
125.4%.

 

“Required
Redemption Amount”: The meaning specified in Section 9.2(b).

 

“Resolution”:
The minutes of a meeting of the board of directors of the designated manager of the Issuer.

 

“Responsible
Officer”: Any officer, authorized person or employee of the Portfolio Manager or the Advisor set forth on the list provided
by the Portfolio Manager to the Issuer and the Trustee, which list shall include any portfolio manager having day-to-day responsibility
for the performance of the Portfolio Manager under the Portfolio Management Agreement, as such list may be amended from time to
time.

 

“Restricted
Trading Period”: The period (i) while any Class A-1 Notes are Outstanding during which either the S&P rating of
the Class A-1 Notes is one or more subcategories below its Initial Rating on the Refinancing Date or has been withdrawn and not
reinstated and (ii) while any Class A-2 Notes, Class B Notes or Class C Notes are Outstanding, as applicable, during which the
S&P rating of the Class A-2 Notes, the Class B Notes or the Class C Notes, as applicable, is two or more subcategories below
its respective Initial Rating on the Refinancing Date or has been withdrawn and not reinstated; provided that, (1)
such period will not be a Restricted Trading Period if (A) after giving effect to any sale of the relevant Collateral Obligations,
the Aggregate Principal Balance of the Collateral Obligations (excluding the Collateral Obligations being sold) and Eligible Investments
constituting Principal Proceeds (including, without duplication, the anticipated net proceeds of such sale) will be at least equal
to the Reinvestment Target Par Balance, (B) each test specified in the definition of Collateral Quality Test other than the S&P
CDO Monitor Test is satisfied and (C) each Overcollateralization Ratio Test is satisfied; (2) such period will not be a Restricted
Trading Period (so long as such S&P rating has not been further downgraded, withdrawn or put on watch for potential downgrade)
upon the direction of the Majority of the Controlling Class, which direction shall remain in effect until the earlier of (i) a
further downgrade or withdrawal of such S&P rating that, disregarding such direction, would cause the conditions set forth
above to be true and (ii) a subsequent direction to the Issuer (with a copy to the Trustee and the Collateral Administrator) by
a Majority of the Controlling Class declaring the beginning of a Restricted Trading Period and (3) no Restricted Trading Period
will restrict any sale of a Collateral Obligation entered into by the Issuer at a time when a Restricted Trading Period was not
in effect, regardless of whether such sale has settled.

 

    55 

     

    

“Restructured
Asset Proceeds”: Any proceeds received by the Issuer (including all Sale Proceeds and payments of interest and principal
in respect thereof) on a Restructured Loan (including a
Workout Loan) or a Workout Security.

 

“Restructured
Loan”: A loan acquired by the
Issuer resulting from, or received in connection with, the workout or restructuring of a Collateral Obligation (such Collateral
Obligation, the “Related Restructuring Collateral Obligation” with respect to such Restructured Loan), which
for the avoidance of doubt is not a bond or an equity security. The acquisition of Restructured Loans will not be required to
satisfy the Investment Criteria.

 

“Retention
Deficiency”: A failure by the EU Retention Holder to hold the Retention Interest as required by the EU Retention Undertaking
Letter.

 

“Retention
Designation Condition”: As of any date of determination, a condition that is satisfied if (x) the Collateral Principal
Amount is greater than or equal to 101% of the Target Initial Par Amount and (y) compliance with each Overcollateralization Ratio
Test is maintained or improved.

 

“Retention
Holder”: As of the Refinancing Date, FS KKR Capital Corp., in its respective capacities as EU Retention Holder and U.S.
Retention Holder, as applicable, together with its successors and assigns.

 

“Retention
Interest”: With respect to the Issuer, an interest in the first loss tranche within the meaning of the EU Securitization
Laws, by way of holding, subject to the provisions of the EU Retention Undertaking Letter, at least the minimum amount of Interests
currently required by the applicable the EU Securitization Laws, being an amount equal to 5% (or such lower amount, including
0%, if such lower amount is required or allowed under the then-applicable the EU Securitization Laws as a result of amendment,
repeal or otherwise and in no event an amount in excess of 5%) of the nominal value of the Collateral Obligations and Eligible
Investments representing Principal Proceeds.

 

“Reuters
Screen”: The meaning set forth in Exhibit C hereto.

 

“Revolver
Funding Account”: The account established pursuant to Section 10.4.

 

“Revolving
Collateral Obligation”: Any Collateral Obligation (other than a Delayed Drawdown Collateral Obligation) that is a loan
(including, without limitation, revolving loans, including funded and unfunded portions of revolving credit lines, unfunded commitments
under specific facilities and other similar loans and investments) that by its terms may require one or more future advances to
be made to the borrower by the Issuer; provided that, any such Collateral Obligation will be a Revolving Collateral
Obligation only until all commitments to make advances to the borrower expire or are terminated or irrevocably reduced to zero.

 

    56 

     

    

“Risk
Retention Issuance”: An additional issuance of Notes solely for the purpose of enabling the Portfolio Manager or the
U.S. Retention Holder to comply with the U.S. Risk Retention Rules or otherwise to cure any Retention Deficiency.

 

“Rule
144A”: Rule 144A, as amended, under the Securities Act.

 

“Rule
144A Global Note”: Any Note sold in reliance on Rule 144A and issued in the form of a permanent global security as specified
in Section 2.2(d) in definitive, fully registered form without interest coupons substantially in the form set forth in the applicable
Exhibit A hereto.

 

“Rule
144A Information”: The meaning specified in Section 7.15.

 

“Rule
17g-5”: Rule 17g-5 under the Exchange Act.

 

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

 

“S&P
Asset Specific Recovery Rating”: With respect to any Collateral Obligation, the corporate recovery rating assigned by
S&P (i.e., the S&P Recovery Rate) to such Collateral Obligation.

 

“S&P
CDO Monitor Test”: A test that will be satisfied on any date of determination during the Reinvestment Period if, after
giving effect to the purchase of a Collateral Obligation, the S&P CDO Monitor Adjusted BDR is equal to or greater than the
S&P CDO Monitor SDR. On any date of determination, the S&P CDO Monitor Test will be considered to be improved if the Class
Default Differential of the Proposed Portfolio is greater than the Class Default Differential of the Current Portfolio. The S&P
CDO Monitor Test shall be calculated in accordance with the definitions set forth in Schedule 2 hereto.

 

“S&P
Collateral Value”: With respect to any Defaulted Obligation, the lesser of (i) the S&P Recovery Amount of such Defaulted
Obligation as of the relevant Measurement Date and (ii) the Market Value of such Defaulted Obligation as of the relevant Measurement
Date.

 

“S&P
Industry Classification”: The S&P Industry Classifications set forth in Schedule 1 hereto, and such industry classifications
shall be updated at the option of the Portfolio Manager if S&P publishes revised industry classifications.

 

“S&P
Issue Rating”: With respect to a Collateral Obligation that (i) is publicly rated by S&P, such public rating or
(ii) is not publicly rated by S&P, the applicable S&P Rating.

 

    57 

     

    

“S&P
Rating”: With respect to any Collateral Obligation (excluding Current Pay Obligations whose issuer has made a Distressed
Exchange Offer), as of any date of determination, the rating determined in accordance with the following methodology:

 

		(i)	(a)
                                         if there is an issuer credit rating of the issuer of such Collateral Obligation by S&P
                                         as published by S&P, or the guarantor which unconditionally and irrevocably guarantees
                                         such Collateral Obligation pursuant to a form of guaranty that complies with the then-current
                                         S&P criteria, then the S&P Rating shall be such rating (regardless of whether
                                         there is a published rating by S&P on the Collateral Obligations of such issuer held
                                         by the Issuer; provided that, private ratings (that is, ratings provided
                                         at the request of the Obligor) may be used for purposes of this definition if the related
                                         Obligor has consented to the disclosure thereof and a copy of such consent has been provided
                                         to S&P) or (b) if there is no issuer credit rating of the issuer by S&P but (1)
                                         there is a senior secured rating on any obligation or security of the issuer, then the
                                         S&P Rating of such Collateral Obligation shall be one subcategory below such rating;
                                         (2) if clause (1) above does not apply, but there is a senior unsecured rating on any
                                         obligation or security of the issuer, the S&P Rating of such Collateral Obligation
                                         shall equal such rating; and (3) if neither clause (1) nor clause (2) above applies,
                                         but there is a subordinated rating on any obligation or security of the issuer, then
                                         the S&P Rating of such Collateral Obligation shall be one subcategory above such
                                         rating;

 

		(ii)	with
                                         respect to any Collateral Obligation that is a DIP Collateral Obligation, (a) the S&P
                                         Rating thereof shall be the credit rating assigned to such issue by S&P, or if such
                                         DIP Collateral Obligation was assigned a point-in-time rating by S&P that was withdrawn,
                                         such withdrawn rating may be used for 12 months after the assignment of such rating,
                                         and (b) the Portfolio Manager (on behalf of the Issuer) will notify S&P if the Portfolio
                                         Manager has actual knowledge of the occurrence of any material amendment or event with
                                         respect to such Collateral Obligation that would, in the reasonable business judgment
                                         of the Portfolio Manager, have a material adverse impact on the credit quality of such
                                         Collateral Obligation, including any amortization modifications, extensions of maturity,
                                         reductions of principal amount owed, or non-payment of timely interest or principal due;
                                         or

 

		(iii)	if
                                         there is not a rating by S&P on the issuer or on an obligation of the issuer, then
                                         the S&P Rating may be determined pursuant to clauses (a) through (c) below:

 

		(a)	if
                                         an obligation of the issuer is publicly rated by Moody’s, then the S&P Rating
                                         will be determined in accordance with the methodologies for establishing the Moody’s
                                         Rating set forth above except that the S&P Rating of such obligation will be (1)
                                         one sub-category below the S&P equivalent of the Moody’s Rating if such Moody’s
                                         Rating is “Baa3” or higher and (2) two sub-categories below the S&P equivalent
                                         of the Moody’s Rating if such Moody’s Rating is “Ba1” or lower;

 

    58 

     

    

		(b)	the
                                         S&P Rating may be based on a credit estimate provided by S&P, and in connection
                                         therewith, the Issuer, the Portfolio Manager (on behalf of the Issuer) or the issuer
                                         or Obligor of such Collateral Obligation shall, prior to or within 30 days after the
                                         acquisition of such Collateral Obligation, apply (and concurrently submit all available
                                         Information in respect of such application) to S&P for a credit estimate which shall
                                         be its S&P Rating; provided that, until the receipt from S&P of such estimate,
                                         such Collateral Obligation shall have an S&P Rating as determined by the Portfolio
                                         Manager in its sole discretion if the Portfolio Manager certifies to the Trustee that
                                         it believes that such S&P Rating determined by the Portfolio Manager is commercially
                                         reasonable and will be at least equal to such rating; provided further, that if
                                         such Information is not submitted within such 30-day period, then, pending receipt from
                                         S&P of such estimate, the Collateral Obligation shall have (1) the S&P Rating
                                         as determined by the Portfolio Manager for a period of up to 90 days after the acquisition
                                         of such Collateral Obligation and (2) an S&P Rating of “CCC-” following
                                         such 90-day period; unless, during such 90-day period, the Portfolio Manager has requested
                                         the extension of such period and S&P, in its sole discretion, has granted such request;
                                         provided further, that if the Collateral Obligation has had a public rating by
                                         S&P that S&P has withdrawn or suspended within six months prior to the date of
                                         such application for a credit estimate in respect of such Collateral Obligation, the
                                         S&P Rating in respect thereof shall be “CCC-” pending receipt from S&P
                                         of such estimate, and S&P may elect not to provide such estimate until a period of
                                         six months (or such other period as provided in S&P’s then-current criteria)
                                         have elapsed after the withdrawal or suspension of the public rating; provided further
                                         that with respect to any Collateral Obligation for which S&P has provided a credit
                                         estimate, the Portfolio Manager (on behalf of the Issuer) will request that S&P confirm
                                         or update such estimate annually (and pending receipt of such confirmation or new estimate,
                                         the Collateral Obligation will have the prior estimate); provided further that
                                         such credit estimate shall expire 12 months after the acquisition of such Collateral
                                         Obligation, following which such Collateral Obligation shall have an S&P Rating of
                                         “CCC-” unless, during such 12-month period, the Issuer applies for renewal
                                         thereof in accordance with Section 7.14(b) (and concurrently submits all available Information
                                         in respect of such renewal), in which case such credit estimate shall continue to be
                                         the S&P Rating of such Collateral Obligation until S&P has confirmed or revised
                                         such credit estimate, upon which such confirmed or revised credit estimate shall be the
                                         S&P Rating of such Collateral Obligation; provided further that such confirmed
                                         or revised credit estimate shall expire on the next succeeding 12-month anniversary of
                                         the date of the acquisition of such Collateral Obligation and (when renewed annually
                                         in accordance with Section 7.14(b)) on each 12-month anniversary thereafter; provided
                                         further that the Issuer will submit all available Information in respect of such
                                         Collateral Obligation to S&P notwithstanding that the Issuer is not applying to S&P
                                         for a confirmed or updated credit estimate; provided further that the Issuer will
                                         promptly notify S&P of any material events affecting any such Collateral Obligation
                                         if the Portfolio Manager reasonably determines that such notice is required in accordance
                                         with S&P’s publication on credit estimates titled “What Are Credit Estimates
                                         And How Do They Differ From Ratings?” dated April 2011 (as the same may be amended
                                         or updated from time to time); or

 

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		(c)	with
                                         respect to a Collateral Obligation that is not a Defaulted Obligation, the S&P Rating
                                         of such Collateral Obligation will at the election of the Issuer (at the direction of
                                         the Portfolio Manager) be “CCC-”; provided that, (i) neither
                                         the issuer of such Collateral Obligation nor any of its Affiliates are subject to any
                                         bankruptcy or reorganization proceedings and (ii) the issuer has not defaulted on any
                                         payment obligation in respect of any debt security or other obligation of the issuer
                                         at any time within the two year period ending on such date of determination, all such
                                         debt securities and other obligations of the issuer that are pari passu with or
                                         senior to the Collateral Obligation are current and the Portfolio Manager reasonably
                                         expects them to remain current; provided that, the Issuer will submit all
                                         available Information in respect of such Collateral Obligation to S&P as if the Issuer
                                         were applying to S&P for a credit estimate; provided further that the Issuer
                                         will promptly notify S&P of any material events affecting any such Collateral Obligation
                                         if the Portfolio Manager reasonably determines that such notice is required in accordance
                                         with S&P’s publication on credit estimates titled “What Are Credit
                                         Estimates And How Do They Differ From Ratings?” dated April 2011 (as the same
                                         may be amended or updated from time to time); or

 

		(iv)	with
                                         respect to a DIP Collateral Obligation that has no issue rating by S&P, the S&P
                                         Rating of such DIP Collateral Obligation will be, at the election of the Issuer (at the
                                         direction of the Portfolio Manager), “CCC-” or, for a period of up to 90
                                         days (or such earlier date if an S&P Rating is assigned prior to the expiration of
                                         such 90-day period), such higher rating as reasonably
                                         determined by the Portfolio Manager (not to be called into question as a result of subsequent
                                         events) so long as the Portfolio Manager reasonably expects that such DIP Collateral
                                         Obligation will be assigned an S&P Rating equal to or higher than such S&P Rating
                                         determined by the Portfolio Manager no later than 90 days after such determination; provided,
                                         that (A) if such DIP Collateral Obligation has no issue rating by S&P at the
                                         expiration of such 90-day period, the S&P Rating will be, at the election of the
                                         Issuer “CCC-” or such lower rating as applicable in accordance with this
                                         definition of “S&P Rating” and (B) the
                                         Portfolio Manager will provide Information with respect to such DIP Collateral Obligation
                                         to S&P, if available;

 

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provided
that, for purposes of the determination of the S&P Rating, (x) if the applicable rating assigned by S&P to an Obligor
or its obligations is on “credit watch positive” by S&P, such rating will be treated as being one sub-category
above such assigned rating and (y) if the applicable rating assigned by S&P to an Obligor or its obligations is on “credit
watch negative” by S&P, such rating will be treated as being one sub-category below such assigned rating; provided
further that, for purposes of the determination of the S&P Rating, if (x) the issuer or Obligor of any Collateral Obligation
was a debtor under the Bankruptcy Code, during which time such issuer, Obligor or Selling Institution, as applicable, or any of
its obligations (including any Collateral Obligation) either had an S&P rating of “SD” or “CC” or
lower from S&P or had an S&P rating that was withdrawn by S&P and (y) such issuer, Obligor or Selling Institution,
as applicable, is no longer a debtor under the Bankruptcy Code, then, notwithstanding the fact that such issuer, Obligor or Selling
Institution, as applicable, or any of its obligations (including any Collateral Obligation) continues to have an S&P rating
of “SD” or “CC” or lower from S&P (or, in the case of any withdrawal, continues to have no S&P
rating), the S&P Rating for any such obligation (including any Collateral Obligation), issuer, Obligor or Selling Institution,
as applicable, shall be deemed to be “CCC-”, so long as S&P has not taken any rating action with respect thereto
since the date on which the issuer, Obligor or Selling Institution, as applicable, ceased to be a debtor under the Bankruptcy
Code.

 

The
S&P Rating of any Collateral Obligation that is a Current Pay Obligation will be the higher of (a) such Current Pay Obligation’s
S&P Issue Rating and (b) “CCC”.

 

“S&P
Rating Condition”: With respect to any action taken or to be taken by or on behalf of the Issuer, a condition that is
satisfied if S&P has, upon request of the Portfolio Manager or the Issuer, confirmed in writing (including by means of electronic
message, facsimile transmission, press release, posting to its internet website, or any other means implemented by S&P), or
has waived the review of such action by such means, to the Issuer, the Trustee, the Collateral Administrator and the Portfolio
Manager that no immediate withdrawal or reduction with respect to S&P’s then-current rating of any Class of Notes will
occur as a result of such action; provided that, the S&P Rating Condition will (i) be satisfied if any Class
of Notes that receives a solicited rating from S&P are not Outstanding or rated by S&P or (ii) not be required if (a)
S&P makes a public statement to the effect that it will no longer review events or circumstances of the type requiring satisfaction
of the S&P Rating Condition in this Indenture for purposes of evaluating whether to confirm the then-current ratings (or Initial
Ratings) of obligations rated by it; (b) S&P communicates to the Issuer, the Portfolio Manager or the Trustee (or their respective
counsel) that it will not review such event or circumstance for purposes of evaluating whether to confirm the then-current ratings
(or Initial Ratings) of the Notes; or (c) with respect to amendments requiring unanimous consent of all Holders of Notes, such
Holders have been advised prior to consenting that the current ratings of the Notes may be reduced or withdrawn as a result of
such amendment.

 

“S&P
Recovery Amount”: With respect to any Collateral Obligation or Workout Loan, an amount equal to:

 

		(a)	the
                                         applicable S&P Recovery Rate; multiplied by

 

		(b)	the
                                         Principal Balance of such Collateral Obligation.

 

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“S&P Recovery Rate”:
With respect to a Collateral Obligation, the recovery rate set forth in Schedule 5 using the Initial Rating of the Highest Ranking
S&P Class at the time of determination.

 

“S&P Recovery Rating”:
With respect to a Collateral Obligation for which an S&P Recovery Rate is being determined, the “Recovery Rating”
assigned by S&P to such Collateral Obligation based upon the tables set forth in Schedule 5.

 

“S&P Weighted Average Recovery
Rate”: As of any date of determination, the number, expressed as a percentage and determined separately for each Class
of Notes, obtained by summing the product of the S&P Recovery Rate on such date of determination of each Collateral
Obligation (excluding any Defaulted Obligation) and the Principal Balance of such Collateral Obligation, dividing such sum
by the Aggregate Principal Balance of all such Collateral Obligations and rounding to the nearest tenth of a percent.

 

“Sale”: The meaning
specified in Section 5.17(a).

 

“Sale Proceeds”: All
proceeds (excluding accrued interest, if any) received with respect to Assets as a result of sales or other dispositions of such
Assets in accordance with Article XII (or Section 4.4 or Article V, as applicable) less any reasonable expenses incurred by the
Portfolio Manager, the Collateral Administrator or the Trustee (other than amounts payable as Administrative Expenses) in connection
with such sales or other dispositions.

 

“Scheduled Distribution”:
With respect to any Asset, for each Due Date, the scheduled payment of principal and/or interest due on such Due Date with respect
to such Asset, determined in accordance with the assumptions specified in Section 1.2 or, in the case of Collateral Obligations
acquired after the Closing Date, the related Cut-Off Date, as adjusted pursuant to the terms of the Underlying Instruments.

 

“Second Lien Loan”:
Any assignment of or Participation Interest in a (1) First Lien Last Out Loan or (2) a Loan that: (a) is not (and cannot by its
terms become) subordinate in right of payment to any other obligation of the Obligor of the Loan (other than with respect to trade
claims, capitalized leases or similar obligations) but which is subordinated (with respect to liquidation preferences with respect
to pledged collateral) to a Senior Secured Loan of the Obligor; (b) is secured by a valid second-priority perfected security interest
or lien in, to or on specified collateral securing the Obligor’s obligations under the Second Lien Loan the value of which
is adequate (in the commercially reasonable judgment of the Portfolio Manager) to repay the Loan in accordance with its terms and
to repay all other Loans of equal or higher seniority secured by a lien or security interest in the same collateral and (c) is
not secured solely or primarily by common stock or other equity interests; provided that, the limitation set forth
in this clause (c) shall not apply with respect to a Loan made to a parent entity that is secured solely or primarily by the stock
of one or more of the subsidiaries of such parent entity to the extent that the granting by any such subsidiary of a lien on its
own property would violate law or regulations applicable to such subsidiary (whether the obligation secured is such Loan or any
other similar type of indebtedness owing to third parties).

 

“Secured Obligations”:
The meaning specified in the Granting Clauses.

 

“Secured Parties”: The
meaning specified in the Granting Clauses.

 

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“Securities Act”: The
United States Securities Act of 1933, as amended.

 

“Securities Intermediary”:
The meaning specified in Section 8-102(a)(14) of the UCC.

 

“Selling Institution”:
The entity obligated to make payments to the Issuer under the terms of a Participation Interest.

 

“Selling Institution Collateral”:
The meaning specified in Section 10.4.

 

“Senior Secured Bond”:
Any obligation that: (a) constitutes borrowed money, (b) is in the form of, or represented by, a bond, note, certificated debt
security or other debt security (other than any of the foregoing that evidences a Loan, a Senior Secured Floating Rate Note or
a Participation Interest), (c) is not secured solely by common stock or other equity interests, (d) if it is subordinated by its
terms, is subordinated only to indebtedness for borrowed money, trade claims, capitalized leases or other similar obligations and
(e) is secured by a valid first priority perfected security interest or lien in, to or on specified collateral securing the Obligor’s
obligations under such obligation.

 

“Senior Secured Floating Rate
Note”: Any obligation that: (a) constitutes borrowed money, (b) is in the form of, or represented by, a bond, note (other
than any note evidencing a Loan), certificated debt security or other debt security, (c) is expressly stated to bear interest based
upon a London interbank offered rate for Dollar deposits in Europe or a relevant reference bank’s published base rate or
prime rate for Dollar-denominated obligations in the United States or the United Kingdom, (d) does not constitute, and is not secured
by, Margin Stock, (e) if it is subordinated by its terms, is subordinated only to indebtedness for borrowed money, trade claims,
capitalized leases or other similar obligations and (f) is secured by a valid first priority perfected security interest or lien
in, to or on specified collateral securing the Obligor’s obligations under such obligation.

 

“Senior Secured Loan”:
Any assignment of or Participation Interest in a Loan that: (a) is not (and cannot by its terms become) subordinate in right of
payment to any other obligation of the Obligor of the Loan (other than with respect to liquidation, trade claims, capitalized leases
or similar obligations); (b) is secured by a valid first-priority perfected security interest or lien in, to or on specified collateral
securing the Obligor’s obligations under the Loan; and (c) the value of the collateral securing the Loan at the time of purchase
together with other attributes of the Obligor (including, without limitation, its general financial condition, ability to generate
cash flow available for debt service and other demands for that cash flow) is adequate (in the commercially reasonable judgment
of the Portfolio Manager) to repay the Loan in accordance with its terms and to repay all other Loans of equal seniority secured
by a first lien or security interest in the same collateral.

 

“Senior Unsecured Bond”:
Any unsecured obligation that: (a) constitutes borrowed money, (b) is in the form of, or represented by, a bond, note, certificated
debt security or other debt security (other than any of the foregoing that evidences a Loan or Participation Interest) and (c)
if it is subordinated by its terms, is subordinated only to indebtedness for borrowed money, trade claims, capitalized leases or
other similar obligations.

 

“Similar Laws”: Local,
state, federal, non-U.S. laws or other applicable laws that are substantially similar to the prohibited transaction provisions
of ERISA or Section 4975 of the Code.

 

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“Special Priority of Payments”:
The meaning specified in Section 11.1(a)(iii).

 

“Special Redemption”:
The meaning specified in Section 9.6.

 

“Special Redemption Date”:
The meaning specified in Section 9.6.

 

“Specified Amendment”:
With respect to any Collateral Obligation, any amendment, waiver or modification which would:

 

		(i)	modify the amortization schedule with respect to such Collateral Obligation in a manner that (A)
reduces the dollar amount of any Scheduled Distribution by more than the greater of (x) 25% and (y) U.S.$250,000, (B) postpones
any Scheduled Distribution by more than two payment periods or (C) causes the Weighted Average Life of the applicable Collateral
Obligation to increase by more than 25%;

 

		(ii)	reduce or increase the cash interest rate payable by the Obligor thereunder by more than 100 basis
points (excluding any increase in an interest rate arising by operation of a default or penalty interest clause under a Collateral
Obligation or as a result of an increase in the interest rate index for any reason other than such amendment, waiver or modification);

 

		(iii)	extend the stated maturity date of such Collateral Obligation by more than 24 months or beyond
the Stated Maturity;

 

		(iv)	contractually or structurally subordinate such Collateral Obligation by operation of a priority
of payments, turnover provisions, the transfer of assets in order to limit recourse to the related Obligor or the granting of liens
(other than Permitted Liens) on any of the underlying collateral securing such Collateral Obligation;

 

		(v)	release any party from its obligations under such Collateral Obligation, if such release would
have a material adverse effect on the Collateral Obligation; or

 

		(vi)	reduce the principal amount of the applicable Collateral Obligation.

 

“Standby Direct Investment”:
U.S. Bank Money Market Deposit Account (which for the avoidance of doubt is an Eligible Investment) or such other Eligible Investment
designated by the Issuer, or the Portfolio Manager on behalf of the Issuer, by written notice to the Trustee.

 

“Stated Maturity”: With
respect to the Notes of any Class, the date specified as such in Section 2.3(b).

 

“Step-Down Obligation”:
An obligation or security which by the terms of the related Underlying Instruments provides for a decrease in the per annum interest
rate on such obligation or security (other than by reason of any change in the applicable index or benchmark rate used to determine
such interest rate) or in the spread over the applicable index or benchmark rate, solely as a function of the passage of time;
provided that, an obligation or security providing for payment of a constant rate of interest at all times after
the date of acquisition by the Issuer shall not constitute a Step-Down Obligation.

 

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“Step-Up Obligation”:
An obligation or security which by the terms of the related Underlying Instruments provides for an increase in the per annum interest
rate on such obligation or security, or in the spread over the applicable index or benchmark rate, solely as a function of the
passage of time; provided that, an obligation or security providing for payment of a constant rate of interest at
all times after the date of acquisition by the Issuer shall not constitute a Step-Up Obligation.

 

“Structured Finance Obligation”:
Any debt obligation which is secured directly, or represents the ownership of, a pool of consumer receivables, auto loans, auto
leases, equipment leases, home or commercial mortgages, corporate debt or sovereign debt obligations or similar assets, including,
without limitation, collateralized bond obligations, collateralized loan obligations or any similar asset backed security.

 

“Subordinated Management Fee”:
The fee payable to the Portfolio Manager in arrears on each Payment Date, pursuant to Section 8 of the Portfolio Management Agreement
and the Priority of Payments, equal to 0.0% per annum (calculated on the basis of a 360-day year and the actual number of days
elapsed during the related Interest Accrual Period) of the Fee Basis Amount measured as of the first day of the Collection Period
relating to each Payment Date.

 

“Substitute Collateral Obligations”:
Collateral Obligations conveyed by the Transferor to the Issuer as substitute Collateral Obligations pursuant to Section 12.5(a).

 

“Substitute Collateral Obligations
Qualification Conditions”: The following conditions:

 

		(i)	each Coverage Test, Collateral Quality Test and Concentration Limitation remains satisfied or,
if not in compliance at the time of substitution, any such Coverage Test, Collateral Quality Test or Concentration Limitation is
maintained or improved;

 

		(ii)	the Principal Balance of such Substitute Collateral Obligation (or, if more than one Substitute
Collateral Obligation will be added in replacement of a Collateral Obligation or Collateral Obligations, the Aggregate Principal
Balance of such Substitute Collateral Obligations) equals or exceeds the Principal Balance of the Collateral Obligation being substituted
for and the Net Exposure Amount, if any, with respect thereto shall have been deposited in the Revolver Funding Account;

 

		(iii)	the Market Value of such Substitute Collateral Obligation (or, if more than one Substitute Collateral
Obligation will be added in replacement of a Collateral Obligation or Collateral Obligations, the aggregate Market Value of such
Substitute Collateral Obligations) equals or exceeds the Market Value of the Collateral Obligation being substituted;

 

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		(iv)	(a) if any of the Collateral Obligations being substituted for are Second Lien Loans, the
Aggregate Principal Balance of all Substitute Collateral Obligations that are Second Lien Loans equals or is less than the Principal
Balance of the Collateral Obligations being substituted that are Second Lien Loans and (b) if none of the Collateral Obligations
being substituted are Second Lien Loans, no Substitute Collateral Obligation is a Second Lien Loan;

 

		(v)	the S&P Rating of each Substitute Collateral Obligation is equal to or higher than the S&P
Rating of the Collateral Obligation being substituted; and

 

		(vi)	solely after the Reinvestment Period, the stated maturity date of each Substitute Collateral Obligation
is the same or earlier than the stated maturity date of the Collateral Obligation being substituted for.

 

“Substitution Event”:
An event which shall have occurred with respect to any Collateral Obligation that:

 

		(i)	becomes a Defaulted Obligation;

 

		(ii)	has a Material Covenant Default;

 

		(iii)	becomes subject to a proposed Specified Amendment; or

 

		(iv)	becomes a Credit Risk Obligation.

 

“Substitution Period”:
The meaning specified in Section 12.5(a)(ii).

 

“Successor Entity”:
The meaning specified in Section 7.10(a).

 

“Supermajority”: With
respect to any (x) Class of Notes, the Holders of at least 66-2/3% of the Aggregate Outstanding Amount of the Notes of such Class
and (y) Interests, the members of the Issuer having Percentage Interests aggregating at least 66-2/3% Percentage Interests in the
Issuer.

 

“Synthetic Obligation”:
A security or swap transaction, other than a Participation Interest, 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.

 

“Target Initial Par Amount”:
U.S.$511,700,000.

 

“Target Initial Par Balance”:
As of any date of determination, an amount equal to the Aggregate Principal Balance of Collateral Obligations that are held by
the Issuer and that the Issuer has committed to purchase on such date, together with any Principal Financed Accrued Interests and
the amount of any Principal Proceeds (on a trade date basis and without duplication on the settlement date) received in respect
of Collateral Obligations purchased by the Issuer prior to such date (other than any such proceeds that have been reinvested in
Collateral Obligations held by the Issuer on such date).

 

“Tax”: Any tax, levy,
impost, duty, charge or assessment of any nature (including interest, penalties and additions thereto) imposed by any governmental
taxing authority.

 

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“Tax Advice”: Written
advice from Dechert LLP, or an opinion from tax counsel of nationally recognized standing in the United States experienced
in transactions of the type being addressed that (i) is based on knowledge by the Person giving the advice of all relevant facts
and circumstances of the Issuer and proposed action (which are described in the advice or in a written description referred to
in the advice which may be provided by the Issuer or Portfolio Manager) and (ii) is intended by the Person rendering the advice
to be relied upon by the Issuer in determining whether to take such action.

 

“Tax Event”: An event
that occurs if (i) any Obligor under any Collateral Obligation is required to deduct or withhold from any payment under such Collateral
Obligation to the Issuer for or on account of any Tax for whatever reason and such Obligor is not required to pay to the Issuer
such additional amount as is necessary to ensure that the net amount actually received by the Issuer (free and clear of Taxes,
whether assessed against such Obligor or the Issuer) will equal the full amount that the Issuer would have received had no such
deduction or withholding occurred or (ii) any jurisdiction imposes net income, profits or similar Tax on the Issuer.

 

“Tax Jurisdiction”:
A sovereign jurisdiction that is commonly used as the place of organization of special purpose vehicles (including, without limitation,
the Bahamas, Bermuda, the British Virgin Islands, the Cayman Islands, the Channel Islands, Curaçao, St. Maarten).

 

“Tax Redemption”: The
meaning specified in Section 9.3(a).

 

“Temporary Global Note”:
Any Note sold outside the United States to Qualified Purchasers that are non-“U.S. persons” in reliance on Regulation
S and issued in the form of a temporary global note as specified in Section 2.2(c) in definitive, fully registered form without
interest coupons.

 

“Third Party Credit Exposure”:
As of any date of determination, the Principal Balance of each Collateral Obligation that consists of a Participation Interest.

 

“Third Party Credit Exposure Limits”:
Limits that shall be satisfied if the Third Party Credit Exposure with counterparties having the ratings below from S&P do
not exceed the percentage of the Collateral Principal Amount specified below:

 

	S&P’s credit 

rating of Selling Institution	Aggregate 

Percentage 

Limit	Individual 

Percentage 

Limit
	AAA	20%	20%
	AA+	10%	10%
	AA	10%	10%
	AA-	10%	10%
	A+	5%	5%
	A	5%	5%
	A- and below	0%	0%
	 	 	 

 

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provided that, a Selling
Institution having an S&P credit rating of “A” must also have a short-term S&P rating of “A-1”
otherwise its “Aggregate Percentage Limit” and “Individual Percentage Limit” shall be 0%.

 

“Trading Gains”: With
respect to any Collateral Obligation which is repaid, prepaid, redeemed or sold, an amount equal to any excess of (a) the Principal
Proceeds or the Sale Proceeds, as applicable, received in respect thereof over (b) an amount equal to the greater of (1) the Principal
Balance thereof and (2) the purchase price thereof (expressed as a percentage of par) multiplied by the Principal Balance, in each
case net of (i) any expenses incurred in connection with any repayment, prepayment, redemption or sale thereof, and (ii) in the
case of a sale of such Collateral Obligation, any interest accrued but not paid thereon which has not been capitalized as principal
and included in the sale price thereof.

 

“Trading Plan”: The
meaning specified in Section 1.2(i).

 

“Trading Plan Period”:
The meaning specified in Section 1.2(i).

 

“Transaction Documents”:
This Indenture, the Portfolio Management Agreement, the Collateral Administration Agreement, the Refinancing Purchase Agreement,
the Account Agreement, the Loan Sale Agreement, the EU Retention Undertaking Letter and the Master Participation Agreements.

 

“Transaction Parties”:
The Issuer, the Portfolio Manager, the Refinancing Placement Agents, the Refinancing Initial Purchaser, the Refinancing Structuring
Agents, the Retention Holder, the Transferor, the Trustee and the Collateral Administrator.

 

“Transfer Agent”: The
Person or Persons, which may be the Issuer, authorized by the Issuer to exchange or register the transfer of Notes.

 

“Transfer Certificate”:
A duly executed certificate substantially in the form of the applicable Exhibit B.

 

“Transfer Deposit Amount”:
On any date of determination with respect to any Collateral Obligation, an amount equal to the sum of the outstanding principal
balance of such Collateral Obligation, together with accrued interest thereon through such date of determination, and in connection
with any Collateral Obligation which is a Revolving Collateral Obligation or a Delayed Drawdown Collateral Obligation, an amount
equal to the Net Exposure Amount thereof as of the applicable Cut-Off Date.

 

“Transferor”: FS KKR
Capital Corp., in its capacity as transferor under the Loan Sale Agreement.

 

“Treasury Regulation”:
The regulations promulgated under the Code.

 

“Trustee”: As defined
in the first sentence of this Indenture.

 

“Trustee’s Website”:
The Trustee’s internet website, which is currently located at https://pivot.usbank.com, or
such other address as the Trustee may provide to the Issuer, the Portfolio Manager and the Rating Agency.

 

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“U.S. person”: The meaning
specified in Regulation S.

 

“U.S. Retention Holder”:
As of the Refinancing Date, FS KKR Capital Corp., and thereafter any successor, assignee or transferee thereof permitted under
the U.S. Risk Retention Rules.

 

“U.S. Risk Retention Rules”:
(i) The federal interagency credit risk retention rules, codified at 17 C.F.R. Part 246 and (ii) any other future law, rules or
regulations relating to credit risk retention that may apply to the issuance of Notes pursuant to this Indenture.

 

“U.S. Tax Person”: A
“United States person” within the meaning of Section 7701(a)(30) of the Code.

 

“UCC”: The Uniform Commercial
Code, as in effect from time to time in the State of New York.

 

“Uncertificated Security”:
The meaning specified in Article 8 of the UCC.

 

“Underlying Instrument”:
The indenture or other agreement pursuant to which an Asset has been issued or created and each other agreement that governs the
terms of or secures the obligations represented by such Asset or of which the holders of such Asset are the beneficiaries.

 

“Unregistered Securities”:
The meaning specified in Section 5.17(c).

 

“Unscheduled Principal Payments”:
All Principal Proceeds received in respect of Collateral Obligations from optional or nonscheduled mandatory redemptions or amortizations,
exchange offers, tender offers or other payments made at the option of the issuer thereof or that are otherwise not scheduled to
be made.

 

“Unsecured Loan”: A
senior unsecured Loan which is not (and by its terms is not permitted to become) subordinate in right of payment to any other debt
for borrowed money incurred by the Obligor under such Loan.

 

“Valuation”: With respect
to any Collateral Obligation, a recent (as determined by the Portfolio Manager in accordance with the Portfolio Manager Standard)
valuation of the fair market value of such Collateral Obligation established by (a) reference to the “bid side” price
listed on a third-party pricing service such as LoanX or LPC or other service selected by the Portfolio Manager in accordance with
the Portfolio Manager Standard; provided that, if a fair market value is available from more than one pricing service,
the highest such “bid side” value so obtained shall be used, or (b) if data for such Collateral Obligation is not available
from such a pricing service, an analysis performed by a nationally recognized valuation firm to establish a fair market value of
such Collateral Obligation which reflects the “bid side” price that would be paid by a willing buyer to a willing seller
of such Collateral Obligation in an expedited sale on an arm’s-length basis.

 

“Volcker Rule”: Section
13 of the Bank Holding Company Act of 1956, as amended, and the rules and regulations promulgated thereunder.

 

“Volcker Change Recission Event”:
Means the invalidation by Congress pursuant to the Congressional Review Act of the amendments to the implementing regulations of
the Volcker Rule which became effective October 1, 2020.

 

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“Waived Management Fee”:
The meaning specified in Section 11.1(e).

 

“Weighted Average Coupon”:
As of any date of determination, the number obtained by dividing:

 

		(a)	the amount equal to the Aggregate Coupon; by

 

		(b)	an amount equal to the Aggregate Principal Balance of all Fixed Rate Obligations as of such date
of determination (excluding (1) any Deferrable Obligation or Partial Deferring Obligation to the extent of any non-cash interest
and (2) the unfunded portion of any Delayed Drawdown Collateral Obligation or Revolving Collateral Obligation that are Fixed Rate
Obligations).

 

“Weighted Average Floating Spread”:
As of any date of determination, the number obtained by dividing: (a) the amount equal to (i) the Aggregate Funded Spread plus
(ii) the Aggregate Unfunded Spread plus (iii) the Aggregate Excess Funded Spread; by (b) an amount equal to the Aggregate
Principal Balance (including for this purpose any capitalized interest) of all Floating Rate Obligations as of such date of determination;
provided that, solely for purposes of the S&P CDO Monitor Test, the Weighted Average Floating Spread shall be determined
using an Aggregate Excess Funded Spread deemed to equal zero.

 

“Weighted Average Life”:
As of any date of determination with respect to all Collateral Obligations other than Defaulted Obligations, the number of years
following such date obtained by:

 

(I) summing the products obtained
by multiplying:

 

		(a)	the Average Life at such time of each such Collateral
Obligation, by

 

		(b)	the Principal Balance of such Collateral Obligation,

 

and

 

(II) dividing such sum by: the Aggregate
Principal Balance at such time of all Collateral Obligations other than Defaulted Obligations.

 

For the purposes of the foregoing, the
“Average Life” is, on any date of determination with respect to any Collateral Obligation, the quotient obtained
by dividing (i) the sum of the products of (a) the number of years (rounded to the nearest one hundredth thereof)
from such date of determination to the respective dates of each successive Scheduled Distribution of principal of such Collateral
Obligation and (b) the respective amounts of principal of such Scheduled Distributions by (ii) the sum of all successive
Scheduled Distributions of principal on such Collateral Obligation.

 

“Weighted Average Life Test”:
A test satisfied on any date of determination if the Weighted Average Life of all Collateral Obligations as of such date is less
than or equal to (a) 7.0 minus (b) the product of (i) 0.25 and (ii) the number of Quarterly Payment Dates that have then occurred
since the Refinancing Date (and such difference between clause (a) and (b) shall have a floor of zero).

 

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“Workout
Loan”: A Restructured Loan that (i) satisfies the definition of “Collateral
Obligation” other than clauses (ii), (viii) (subject to clause (iii) below), (xviii), (xxiv), (xxv) (subject to clause (iv)
below) and (xxix) thereof, (ii) is senior or pari passu in right of payment to the corresponding Related Restructuring Collateral
Obligation, (iii) has an S&P Rating on the date the Issuer commits to acquire such loan or, if it does not have an S&P
Rating, the Portfolio Manager reasonably expects it will have an S&P Rating within 90 days of such date and (iv)
is not an Equity Security or convertible or exchangeable for an Equity Security, but may include Equity Securities which
are received as part of a package (but with respect to which no part of the purchase price is attributed), including warrants to
acquire equity securities, it being understood that only such Workout Loan, and no such Equity Security, shall be counted for purposes
of any Coverage Test.

 

“Workout
Security”: An equity security (A) purchased by the Issuer with Interest Proceeds or a Contribution or (B) received by
the Issuer, in the case of each of clauses (A) and (B), in connection with and resulting from the exercise of an option, a warrant,
right of conversion, pre-emptive right, rights offering, credit bid or similar right in connection with the workout or restructuring
of a Collateral Obligation or an equity security or interest received in connection with the workout or restructuring of a Collateral
Obligation. The acquisition of Workout Securities will not be required to satisfy
the Investment Criteria.

 

“Zero Coupon Bond”:
Any debt security that by its terms (a) does not bear interest for all or part of the remaining period that it is outstanding,
(b) provides for periodic payments of interest in Cash less frequently than semi-annually or (c) pays interest only at its stated
maturity.

 

Section 1.2.         
Assumptions as to Assets

 

In connection with all calculations required
to be made pursuant to this Indenture with respect to Scheduled Distributions on any Asset, or any payments on any other assets
included in the Assets, with respect to the sale of and reinvestment in Collateral Obligations, and with respect to the income
that can be earned on Scheduled Distributions on such Assets and on any other amounts that may be received for deposit in the Collection
Account, the provisions set forth in this Section 1.2 shall be applied. The provisions of this Section 1.2 shall be applicable
to any determination or calculation that is covered by this Section 1.2, whether or not reference is specifically made to this
Section 1.2, unless some other method of calculation or determination is expressly specified in the particular provision.

 

		(a)	All calculations with respect to Scheduled Distributions on the Assets shall be made on the basis
of information as to the terms of each such Asset and upon reports of payments, if any, received on such Asset that are furnished
by or on behalf of the issuer of such Asset and, to the extent they are not manifestly in error, such information or reports may
be conclusively relied upon in making such calculations.

 

		(b)	For purposes of calculating the Coverage Tests, except as otherwise specified in such tests, such
calculations will not include scheduled interest and principal payments on Defaulted Obligations, unless such payments have actually
been received in Cash.

 

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		(c)	For each Collection Period and as of any date of determination, the Scheduled Distribution on any
Asset (other than a Defaulted Obligation, which, except as otherwise provided herein, shall be assumed to have a Scheduled Distribution
of zero) shall be the sum of (i) the total amount of payments and collections to be received during such Collection Period in respect
of such Asset (including the proceeds of the sale of such Asset received and, in the case of sales which have not yet settled,
to be received during the Collection Period and not reinvested in additional Collateral Obligations or Eligible Investments or
retained in the Collection Account for subsequent reinvestment pursuant to Section 12.2) that, if received as scheduled, will be
available in the Collection Account at the end of the Collection Period and (ii) any such amounts received in prior Collection
Periods that were not disbursed on or prior to such date of determination.

 

		(d)	Each Scheduled Distribution receivable with respect to an Asset shall be assumed to be received
on the applicable Due Date, and each such Scheduled Distribution shall be assumed to be immediately deposited in the Collection
Account to earn interest at the Assumed Reinvestment Rate. All such funds shall be assumed to continue to earn interest until the
date on which they are required to be available in the Collection Account for application, in accordance with the terms hereof,
to payments on the Notes or other amounts payable pursuant to this Indenture. For purposes of the applicable determinations required
by Section 10.7(b)(iv), Article XII and the definition of Interest Coverage Ratio, the expected interest on the Notes and Floating
Rate Obligations will be calculated using the then current interest rates applicable thereto.

 

		(e)	References in Section 11.1(a) to calculations made on a “pro forma basis” shall
mean such calculations after giving effect to all payments, in accordance with the Priority of Payments described herein, that
precede (in priority of payment) or include the clause in which such calculation is made.

 

		(f)	For purposes of calculating all Concentration Limitations, in both the numerator and the denominator
of any component of the Concentration Limitations, Defaulted Obligations will be treated as having a Principal Balance equal to
zero.

 

		(g)	If a Collateral Obligation included in the Assets would be deemed a Current Pay Obligation but
for the applicable percentage limitation in the proviso to clause (x) of the proviso to the definition of Defaulted Obligation,
then the Current Pay Obligations with the lowest Market Value (assuming that such Market Value is expressed as a percentage of
the Principal Balance of such Current Pay Obligations as of the date of determination) shall be deemed Defaulted Obligations. Each
such Defaulted Obligation will be treated as a Defaulted Obligation for all purposes until such time as the Aggregate Principal
Balance of Current Pay Obligations would not exceed, on a pro forma basis including such Defaulted Obligation, the applicable
percentage of the Collateral Principal Amount.

 

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		(h)	Except where expressly referenced herein for inclusion in such calculations, Defaulted Obligations
will not be included in the calculation of the Collateral Quality Test.

 

		(i)	For purposes of calculating compliance with the Investment Criteria, at the election of the Portfolio
Manager in its sole discretion, any proposed investment (whether a single Collateral Obligation or a group of Collateral Obligations)
identified by the Portfolio Manager as such at the time when compliance with the Investment Criteria is required to be calculated
(a “Trading Plan”) may be evaluated after giving effect to all sales and reinvestments proposed to be entered
into within a specified period of no longer than 10 Business Days (which period does not extend over a Determination Date) following
the date of determination of such compliance (such period, the “Trading Plan Period”); provided that,
(i) the Portfolio Manager, on behalf of the Issuer, notifies the Trustee and the Rating Agency promptly upon the commencement
of a Trading Plan, (ii) no Trading Plan may result in the purchase of Collateral Obligations having an Aggregate Principal Balance
that exceeds 5.0% of the Collateral Principal Amount as of the first day of the Trading Plan Period, (iii) no Trading Plan Period
may include a Payment Date, (iv) no more than one Trading Plan may be in effect at any time during a Trading Plan Period and (v)
if the Investment Criteria are not satisfied with respect to any such identified reinvestment, notice will be provided to the Trustee,
the Collateral Administrator and the Rating Agency; provided, further, that in connection with calculating compliance with
the Investment Criteria in connection with any Trading Plan, the Portfolio Manager, at its discretion, may exclude from such calculations
any Credit Risk Obligations sold during the applicable Trading Plan Period; provided, however, that, (x) subject to the
restrictions set forth above, the Portfolio Manager may modify any Trading Plan during the related Trading Plan Period, and such
modification will not be deemed to constitute a failure of such Trading Plan and (y) so long as the Investment Criteria are satisfied
upon the expiry of the applicable Trading Plan Period (as it may be amended), the failure to satisfy any of the terms and assumptions
specified in such Trading Plan will not be deemed to constitute a failure of such Trading Plan.

 

		(j)	For purposes of calculating compliance with the Collateral Quality Test, the Concentration Limitations
and other Investment Criteria, upon the direction of the Portfolio Manager by notice to the Trustee and the Collateral Administrator,
any Eligible Investment representing Principal Proceeds received as part of a scheduled distribution or an unscheduled distribution
with respect to a Collateral Obligation or received upon the sale or other disposition of a Collateral Obligation may be deemed
to have the characteristics of such Collateral Obligation until reinvested in an additional Collateral Obligation. Such calculations
shall be based upon the principal amount of such Collateral Obligation, except in the case of Defaulted Obligations and Credit
Risk Obligations, in which case the calculations will be based upon the Principal Proceeds received on the sale or other disposition
of such Defaulted Obligation or Credit Risk Obligation.

 

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		(k)	For purposes of calculating the Sale Proceeds of a Collateral Obligation in sale transactions,
Sale Proceeds will include any Principal Financed Accrued Interest received in respect of such sale.

 

		(l)	For purposes of calculating clause (i) of the Concentration Limitations, the amounts on deposit
in the Collection Account (including Eligible Investments therein) representing Principal Proceeds shall each be deemed to be a
Floating Rate Obligation that is a Senior Secured Loan.

 

		(m)	For purposes of calculating compliance with each of the Concentration Limitations, all calculations
will be rounded to the nearest 0.1%. All other calculations, unless otherwise set forth herein or the context otherwise requires,
shall be rounded to the nearest ten-thousandth if expressed as a percentage, and to the nearest one-hundredth if expressed otherwise.

 

		(n)	Notwithstanding any other provision of this Indenture to the contrary, all monetary calculations
under this Indenture shall be in Dollars.

 

		(o)	[Reserved].

 

		(p)	Any reference in this Indenture to an amount of the Trustee’s or the Collateral Administrator’s
fees calculated with respect to a period at a per annum rate shall be computed on the basis of a 360-day year and the actual number
of days elapsed during the related Interest Accrual Period and shall be based on the Fee Basis Amount.

 

		(q)	To the extent there is, in the reasonable determination of the Collateral Administrator or the
Trustee, any ambiguity in the interpretation of any definition or term contained in this Indenture or to the extent the Collateral
Administrator or the Trustee reasonably determines that more than one methodology can be used to make any of the determinations
or calculations set forth herein, the Collateral Administrator and/or the Trustee, as the case may be, shall be entitled to request
direction from the Portfolio Manager as to the interpretation and/or methodology to be used, and the Collateral Administrator and
the Trustee, as applicable, shall be entitled to follow such direction and conclusively rely thereon without any responsibility
or liability therefor.

 

		(r)	For purposes of calculating compliance with any tests hereunder (including the Collateral Quality
Test and Concentration Limitations), the trade date with respect to any acquisition or disposition of a Collateral Obligation or
Eligible Investment shall be used to determine whether and when such acquisition or disposition has occurred.

 

		(s)	For purposes of the definition of Collateral Obligation, the reference to the “purchase”
of a Collateral Obligation shall include the purchase of an obligation with cash, the receipt of an obligation by the Issuer in
connection with a Contribution and the receipt of a new obligation in connection with the redemption and re-issuance of an obligation
in a cashless roll where the redemption proceeds with respect to the Collateral Obligation being redeemed are “rolled”
into the new obligation.

 

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		(t)	For all purposes (including calculation of the Coverage Tests) except in connection with calculations
for the Weighted Average Floating Spread, the Principal Balance of a Revolving Collateral Obligation, a Delayed Drawdown Collateral
Obligation or a Workout Loan will include all unfunded commitments that have not been irrevocably reduced or withdrawn.

 

		(u)	All calculations related to Maturity Amendments, sales of Collateral Obligations, the Investment
Criteria (and definitions related to sales of Collateral Obligations and the Investment Criteria), and other tests that would be
calculated cumulatively beginning on the Refinancing Date will be reset at zero on the date of any Optional Redemption or Refinancing
of the Notes other than on any Partial Redemption Date unless the S&P Rating Condition has been satisfied with respect to the
Notes that are not subject to the refinancing on such Partial Redemption Date.

 

		(v)	Measurement of the degree of compliance with the Coverage Tests shall be required as of each date
of determination occurring (i) in the case of each Overcollateralization Ratio Test, on or after the Refinancing Date and (ii)
in the case of the Interest Coverage Test, on or after the Determination Date immediately preceding the second Payment Date following
the Refinancing Date.

 

		(w)	Any direction or Issuer Order required hereunder relating to the purchase, acquisition, sale, disposition
or other transfer of a Collateral Obligation may be in the form of a trade ticket, confirmation of trade, instruction to post or
to commit to the trade or similar instrument or document or other written instruction (including by e-mail or other electronic
communication or file transfer protocol) from an Authorized Officer of the Portfolio Manager on which the Trustee may rely.

 

		(x)	[Reserved].

 

		(y)	For purposes of calculating the Collateral Quality Test, DIP Collateral Obligations will be treated
as having an S&P Recovery Rate (as applicable) equal to the S&P Recovery Rate for Senior Secured Loans.

 

ARTICLE
II

THE NOTES

 

Section 2.1.         
Forms Generally

 

The Notes and the Trustee’s or Authenticating
Agent’s certificate of authentication thereon (the “Certificate of Authentication”) shall be in substantially
the forms required by this Article II, with such appropriate insertions, omissions, substitutions and other variations as are required
or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements
placed thereon, as may be consistent herewith, determined by an Authorized Officer of the Issuer executing such Notes as evidenced
by their execution of such Notes. Any portion of the text of any such Note may be set forth on the reverse thereof, with an appropriate
reference thereto on the face of such Note.

 

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Section 2.2.         
Forms of Notes

 

		(a)	The forms of the Notes will be as set forth in the applicable Exhibit A hereto.

 

		(b)	Notes of each Class will be duly executed by the Issuer and authenticated by the Trustee or the
Authenticating Agent as hereinafter provided.

 

		(c)	Except for Notes issued in the form of Certificated Notes, the Notes of each Class offered to Qualified
Purchasers that are non-“U.S. persons” in offshore transactions in reliance on Regulation S will be issued initially
in the form of Temporary Global Notes and with the applicable legend set forth in the applicable Exhibit A added thereto, which
will be deposited on behalf of the subscribers for such Notes represented thereby with the Trustee as custodian for DTC and registered
in the name of a nominee of DTC for the respective accounts of Euroclear and Clearstream. On or after the 40th day following the
later of the Refinancing Date and the commencement of the offering of the Notes (the “Restricted Period”), beneficial
interests in a Temporary Global Note of any Class of Notes may be exchanged for interests in a Regulation S Global Note of the
same Class upon certification that the beneficial owner(s) of such Temporary Global Note are Qualified Purchasers that are not
“U.S. persons” (as defined under Regulation S). Upon the exchange of a Temporary Global Note for a Regulation S Global
Note after the Restricted Trading Period, the Regulation S Global Note will be deposited with the Trustee as custodian for DTC
and registered in the name of a nominee of DTC for the account of Euroclear and Clearstream. During the Restricted Period, interests
in a Temporary Global Note will not be transferable to a person that takes delivery in the form of any interest in a Rule 144A
Global Note or a Certificated Note.

 

		(d)	Except for Notes issued in the form of Certificated Notes, the Notes of each Class sold to Persons
that are QIB/QPs will be issued initially in the form of one Rule 144A Global Note per Class and will be deposited on behalf of
the subscribers for such Notes represented thereby with the Trustee as custodian for DTC and registered in the name of a nominee
of DTC. Notes issued to an Other Account on the Refinancing Date that is both an Institutional Accredited Investor and a Qualified
Purchaser will be issued in the form of Certificated Notes.

 

		(e)	All of the Notes issued on the Refinancing Date, other than Certificated Notes issued to an Other
Account, will be issued in the form of Global Notes and will be deposited, in the case of the Rule 144A Global Notes, with the
Trustee as custodian for DTC and registered in the name of a nominee of DTC, and, in the case of Regulation S Global Notes, registered
in the name of a nominee of DTC for the account of Euroclear and Clearstream. After the Refinancing Date, all of the Notes shall
be in the form of Global Notes except (x) Certificated Notes held by an Other Account and (y) Certificated Notes issued following
a Depository Event or upon the request of a Holder during the continuance of an Event of Default. Certificated Notes held by an
Other Account may not be exchanged at any time except in connection with a transfer of such Certificated Notes in accordance with
Section 2.5(f) of this Indenture.

 

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		(f)	Book Entry Provisions. This Section 2.2(f) shall apply only to Global Notes deposited with
or on behalf of DTC.

 

		(i)	The Aggregate Outstanding Amount of Global Notes may from time to time be increased or decreased
by adjustments made on the records of the Trustee or DTC or its nominee, as the case may be, as hereinafter provided.

 

		(ii)	The provisions of the “Operating Procedures of the Euroclear System” of Euroclear and
the “Terms and Conditions Governing Use of Participants” of Clearstream, respectively, will be applicable to the Global
Notes insofar as interests in such Global Notes are held by the Agent Members of Euroclear or Clearstream, as the case may be.

 

		(iii)	Agent Members and owners of beneficial interests in Global Notes shall have no rights under this
Indenture with respect to any Global Notes held on their behalf by the Trustee, as custodian for DTC and DTC may be treated by
the Issuer, the Trustee, and any agent of the Issuer or the Trustee as the absolute owner of such Note for purposes of this Indenture.
Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Trustee, or any agent of the Issuer or the Trustee,
from giving effect to any written certification, proxy or other authorization furnished by DTC or impair, as between DTC and its
Agent Members, the operation of customary practices governing the exercise of the rights of a Holder of any Note.

 

Section 2.3.         
Authorized Amount; Stated Maturity; Denominations

 

		(a)	The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture
is limited to U.S.$383,700,000 aggregate principal amount of Notes (except for (i) Deferred Interest with respect to the Deferred
Interest Notes, (ii) Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other
Notes pursuant to Section 2.5, Section 2.6 or Section 8.5 or (iii) additional notes issued in accordance with Sections 2.13 and
3.2).

 

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		(b)	Such Notes shall be divided into the Classes, having the designations, original principal amounts
and other characteristics as follows:

 

	Designation	Class A-1R

Notes	Class A-2R 

Notes	Class B-1R Notes	Class B-2R Notes	Class C-R Notes
	Type	Senior Secured Floating Rate	Senior Secured Floating Rate	
        Senior Secured 

        Floating Rate

         
	
        Senior Secured

        Fixed Rate

         
	
        Secured Deferrable

        Floating Rate

         

	Initial 

Principal 

Amount 

(U.S.$)	$281,400,000	$20,500,000	$32,421,000	$17,379,000	$32,000,000
	Expected S&P Initial Rating	“AAA (sf)”	“AAA (sf)”	“AA (sf)”	“AA (sf)”	“A (sf)”
	Index 

Maturity	3 month	3 month	3 month	n/a	3 month
	Interest Rate1	
        LIBOR +

        1.85%
	
        LIBOR +

        2.25%
	
        LIBOR +

        2.60%
	3.011%	
        LIBOR +

        3.10%

	Deferred Interest Notes	No	No	No	No	Yes
	Re-Pricing Eligible2	No	Yes	Yes	Yes	Yes
	
        Stated

Maturity

        (Quarterly Payment Date in)
	January 2031	January 2031	January 2031	January 2031	January 2031
	Minimum Denominations (U.S.$) (Integral Multiples)	$250,000

($1)	$250,000

($1)	$250,000

($1)	$250,000

($1)	$250,000

($1)
	Priority Class(es)	None	A-1	A-1, A-2	A-1, A-2	A-1, A-2, B-1, B-2
	Pari Passu Class(es)	None	None	B-2	B-1	None
	Junior Class(es)	A-2, B-1, B-2, C, Interests	B-1, B-2, C, Interests	C, Interests	C, Interests	Interests

 

		1	LIBOR shall be calculated in accordance with the definition set forth
in Exhibit C hereto; provided, that LIBOR for the first Interest Accrual Period will be set on two different Interest Determination
Dates and, therefore, two different rates may apply during that period. 

 

		2	The spread over LIBOR (or the stated interest rate, in the case of
Fixed Rate Notes) applicable to any Class of Re-Pricing Eligible Notes may be reduced in connection with a Re-Pricing of such Class
of Re-Pricing Eligible Notes, subject to the conditions set forth in Section 9.8.

 

		(c)	The Notes will be issued in Minimum Denominations. Notes shall only be transferred or resold in
compliance with the terms of this Indenture.

 

Section 2.4.         
Execution, Authentication, Delivery and Dating

 

The Notes shall be executed on behalf of
the Issuer by one of its Authorized Officers. The signature of such Authorized Officer on the Notes may be manual or facsimile.

 

Notes bearing the manual, electronic or
facsimile signatures of individuals who were at the time of execution Authorized Officers of the Issuer, shall bind the Issuer,
notwithstanding the fact that such individuals or any of them have ceased to hold such offices prior to the authentication and
delivery of such Notes or did not hold such offices at the date of issuance of such Notes.

 

At any time and from time to time after
the execution and delivery of this Indenture, the Issuer may deliver Notes executed by the Issuer to the Trustee or the Authenticating
Agent for authentication and the Trustee or the Authenticating Agent, upon Issuer Order (which Issuer Order shall be deemed to
be provided upon delivery of such executed Notes), shall authenticate and deliver such Notes as provided in this Indenture and
not otherwise.

 

Each Note authenticated and delivered by
the Trustee or the Authenticating Agent upon Issuer Order on the Refinancing Date shall be dated as of the Refinancing Date. All
other Notes that are authenticated and delivered after the Refinancing Date for any other purpose under this Indenture shall be
dated the date of their authentication.

 

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Notes issued upon transfer, exchange or
replacement of other Notes shall be issued in Minimum Denominations reflecting the original Aggregate Outstanding Amount of the
Notes so transferred, exchanged or replaced, but shall represent only the Aggregate Outstanding Amount of the Notes so transferred,
exchanged or replaced. In the event that any Note is divided into more than one Note in accordance with this Article II, the original
principal amount of such Note shall be proportionately divided among the Notes delivered in exchange therefor and shall be deemed
to be the original aggregate principal amount of such subsequently issued Notes.

 

No Note shall be entitled to any benefit
under this Indenture or be valid or obligatory for any purpose, unless there appears on such Note a Certificate of Authentication,
substantially in the form provided for herein, executed by the Trustee or by the Authenticating Agent by the manual signature of
one of its Authorized Officers, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such
Note has been duly authenticated and delivered hereunder.

 

Section 2.5.         
Registration, Registration of Transfer and Exchange

 

		(a)	(i)	The Issuer shall cause the Notes to be registered and shall cause to be kept a register
(the “Register”) at the Corporate Trust Office in which, subject to such reasonable regulations as it may prescribe,
the Issuer shall provide for the registration of Notes and the registration of transfers of Notes. The Trustee has been appointed
as “registrar” (the “Registrar”) for the purpose of maintain the Register and registering Notes
and transfers of such Notes in the Register. Upon any resignation or removal of the Registrar, the Issuer shall promptly appoint
a successor or, in the absence of such appointment or until such appointment is effective, assume the duties of Registrar.

 

		(ii)	If a Person other than the Trustee is appointed by the Issuer as Registrar, the Issuer will give
the Trustee prompt written notice (with a copy to the Portfolio Manager) of the appointment of a Registrar and of the location,
and any change in the location, of the Register, and the Trustee shall have the right to inspect the Register at all reasonable
times and to obtain copies thereof and the Trustee shall have the right to rely upon a certificate executed on behalf of the Registrar
by an Officer thereof as to the names and addresses of the Holders and the principal amounts and numbers of such Notes. Upon written
request at any time, the Registrar shall provide to the Issuer, the Portfolio Manager or any Holder a current list of Holders as
reflected in the Register. At the expense of the Issuer and at the direction of the Issuer or the Portfolio Manager, the Trustee
shall request a list of participants from the book-entry depositories and provide such list to the Issuer or the Portfolio Manager,
as applicable.

 

		(iii)	Subject to this Section 2.5, upon surrender for registration of transfer of any Notes at the office
or agency of the Issuer to be maintained as provided in Section 7.2, the Issuer shall execute, and the Trustee shall authenticate
and deliver, in the name of the designated transferee or transferees, one or more new Notes of any Minimum Denomination and of
a like aggregate principal or face amount.

 

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		(iv)	At the option of the Holder, Notes may be exchanged for Notes of like terms, in any Minimum Denominations
and of like aggregate principal amount, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Note
is surrendered for exchange, the Issuer shall execute, and the Trustee shall authenticate and deliver, the Notes that the Holder
making the exchange is entitled to receive.

 

		(v)	All Notes authenticated and delivered upon any registration of transfer or exchange of Notes shall
be the valid obligations of the Issuer, evidencing the same debt (to the extent they evidence debt), and entitled to the same benefits
under this Indenture as the Notes surrendered upon such registration of transfer or exchange.

 

		(vi)	Every Note presented or surrendered for registration of transfer or exchange shall be duly endorsed,
or be accompanied by a written instrument of transfer in form reasonably satisfactory to the Registrar duly executed by the Holder
thereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor
institution” meeting the requirements of the Registrar, which requirements include membership or participation in Securities
Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be
determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act.

 

		(vii)	No service charge shall be made to a Holder for any registration of transfer or exchange of Notes,
but the Issuer, the Registrar or the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith. The Registrar or the Trustee shall be permitted to request such evidence reasonably satisfactory
to it documenting the identities and/or signatures of the transferor and transferee.

 

		(b)	(i)	No Note may be sold or transferred (including, without limitation, by pledge or hypothecation)
unless such sale or transfer is exempt from the registration requirements of the Securities Act, is exempt from the registration
requirements under applicable state securities laws and will not cause either of the Issuer or the pool of collateral to become
subject to the requirement that it register as an investment company under the Investment Company Act.

 

		(ii)	No Note may be offered, sold, delivered or transferred (including, without limitation, by pledge
or hypothecation) except (i) to (A) a Qualified Purchaser that is not a “U.S. person” (as defined under Regulation
S) in accordance with the requirements of Regulation S, (B) a QIB/QP or (C) solely in the case of Certificated Notes, an IAI/QP
and (ii) in accordance with any applicable law.

 

		(iii)	[Reserved].

 

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		(iv)	No Note may be offered, sold or delivered (i) as part of the distribution by the Refinancing Placement
Agents at any time or (ii) otherwise until after the Restricted Period within the United States or to, or for the benefit of, “U.S.
persons” (as defined under Regulation S) except in accordance with Rule 144A or an exemption from the registration requirements
of the Securities Act, to Qualified Purchasers that are (x) purchasing for their own account or for the accounts of one or more
Qualified Institutional Buyers for which the purchaser is acting as a fiduciary or agent or (y) solely in the case of Certificated
Notes issued to an Other Account, an Institutional Accredited Investor. The Notes may be sold or resold, as the case may be, in
offshore transactions to Qualified Purchasers that are non-“U.S. persons” (as defined under Regulation S) in reliance
on Regulation S. No Rule 144A Global Note may at any time be held by or on behalf of any Person that is not a QIB/QP, and no Temporary
Global Note or Regulation S Global Note may be held at any time by or on behalf of any Person that is either (A) not a Qualified
Purchaser or (B) a U.S. person. None of the Issuer, the Trustee or any other Person may register the Notes under the Securities
Act or any state or other securities laws or the applicable laws of any other jurisdiction.

 

		(c)	No transfer of a beneficial interest in a Note will be effective if the transferee’s acquisition,
holding or disposition of such interest would constitute or result in a prohibited transaction under Section 406 of ERISA or Section
4975 of the Code (or in a violation of any Similar Law or other applicable law), unless an exemption is available and all conditions
have been satisfied.

 

		(d)	Notwithstanding anything contained herein to the contrary, the Trustee will not be responsible
for ascertaining whether any transfer complies with, or for otherwise monitoring or determining compliance with, the registration
provisions of or any exemptions from the Securities Act, applicable state securities laws or the applicable laws of any other jurisdiction,
ERISA, the Code or the Investment Company Act; provided that, if a Transfer Certificate is specifically required
by the terms of this Section 2.5 to be provided to the Trustee, the Trustee shall be under a duty to receive and examine the same
to determine whether or not the certificate substantially conforms on its face to the applicable requirements of this Indenture
and shall promptly notify the party delivering the same if such certificate does not comply with such terms; provided further,
the Trustee shall not be required to obtain any certificate specifically required by the terms of this Section 2.5 if the Trustee
is not notified of or in a position to know of any transfer requiring such a certificate to be presented by the proposed transferor
or transferee.

 

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		(e)	Transfers of Global Notes shall only be made in accordance with this Section 2.5(e).

 

		(i)	Rule 144A Global Note to Regulation S Global Note. If a holder of a beneficial interest
in a Rule 144A Global Note deposited with DTC wishes at any time to exchange its interest in such Rule 144A Global Note for an
interest in the corresponding Regulation S Global Note, or to transfer its interest in such Rule 144A Global Note to a Person who
wishes to take delivery thereof in the form of an interest in the corresponding Regulation S Global Note, such holder (provided
that, such holder or, in the case of a transfer, the transferee, is a Qualified Purchaser that is not a U.S. person
and is acquiring such interest in an offshore transaction in accordance with Regulation S) may, subject to the immediately succeeding
sentence and the rules and procedures of DTC, exchange or transfer, or cause the exchange or transfer of, such interest for an
equivalent beneficial interest in the corresponding Regulation S Global Note. Upon receipt by the Trustee or the Registrar of (A)
instructions given in accordance with DTC’s procedures from an Agent Member directing the Trustee or the Registrar to credit
or cause to be credited a beneficial interest in the corresponding Regulation S Global Note, but not less than the Minimum Denomination
applicable to such holder’s Notes, in an amount equal to the beneficial interest in the Rule 144A Global Note to be exchanged
or transferred, (B) a written order given in accordance with DTC’s procedures containing information regarding the participant
account of DTC and the Euroclear or Clearstream account to be credited with such increase and (C) a Transfer Certificate from the
transferor and the transferee in the form of Exhibit B-2, then the Trustee or the Registrar shall approve the instructions at DTC
to reduce the principal amount of the Rule 144A Global Note and to increase the principal amount of the Regulation S Global Note
by the aggregate principal amount of the beneficial interest in the Rule 144A Global Note to be exchanged or transferred, and to
credit or cause to be credited to the securities account of the Person specified in such instructions a beneficial interest in
the corresponding Regulation S Global Note equal to the reduction in the principal amount of the Rule 144A Global Note.

 

		(ii)	Regulation S Global Note to Rule 144A Global Note. If a holder of a beneficial interest
in a Regulation S Global Note deposited with DTC wishes at any time to exchange its interest in such Regulation S Global Note for
an interest in the corresponding Rule 144A Global Note or to transfer its interest in such Regulation S Global Note to a Person
who wishes to take delivery thereof in the form of an interest in the corresponding Rule 144A Global Note, such holder may, subject
to the immediately succeeding sentence and the rules and procedures of Euroclear, Clearstream and/or DTC, as the case may be, exchange
or transfer, or cause the exchange or transfer of, such interest for an equivalent beneficial interest in the corresponding Rule
144A Global Note. Upon receipt by the Trustee or the Registrar of (A) instructions from Euroclear, Clearstream and/or DTC, as the
case may be, directing the Registrar to cause to be credited a beneficial interest in the corresponding Rule 144A Global Note in
an amount equal to the beneficial interest in such Regulation S Global Note, but not less than the Minimum Denomination applicable
to such holder’s Notes to be exchanged or transferred, such instructions to contain information regarding the participant
account with DTC to be credited with such increase and (B) a Transfer Certificate from the transferor and the transferee in the
form of Exhibit B-1, then the Registrar will approve the instructions at DTC to reduce, or cause to be reduced, such Regulation
S Global Note by the aggregate principal amount of the beneficial interest in such Regulation S Global Note to be transferred or
exchanged and the Registrar shall instruct DTC, concurrently with such reduction, to credit or cause to be credited to the securities
account of the Person specified in such instructions a beneficial interest in the corresponding Rule 144A Global Note equal to
the reduction in the principal amount of such Regulation S Global Note.

 

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		(f)	Transfers and exchanges of or for Certificated Notes will only be made in accordance with this
Section 2.5(f) and Section 2.10.

 

		(i)	If a Depository Event has occurred or an Event of Default has occurred and is continuing and a
holder of a Certificated Note wishes at such time to exchange its interest in such Certificated Note for one or more Certificated
Notes or to transfer such Certificated Note to a Person who wishes to take delivery thereof in the form of a Certificated Note,
such holder may exchange or transfer its interest upon delivery of the documents set forth in the following sentence. Upon receipt
by the Registrar of (A) a Holder’s Certificated Note properly endorsed for assignment to the transferee, and (B) a Transfer
Certificate from the transferor and the transferee in the form of Exhibit B-3, the Registrar shall cancel such Certificated Note
in accordance with Section 2.9, record the transfer in the Register in accordance with Section 2.5(a) and upon execution by the
Issuer and authentication and delivery by the Trustee, deliver one or more Certificated Notes bearing the same designation as the
Certificated Note endorsed for transfer, registered in the names specified in the assignment described in clause (A) above, in
principal amounts designated by the transferee (the aggregate of such principal amounts being equal to the aggregate principal
amount of the Certificated Note surrendered by the transferor), and in Minimum Denominations.

 

		(ii)	If an Other Account holding a Certificated Note wishes at any time to transfer such Certificated
Note to a Person who wishes to take delivery thereof in the form of an interest in a Rule 144A Global Note, such Other Account
may, subject to the immediately succeeding sentence and the rules and procedures of Euroclear, Clearstream and/or DTC, as the case
may be, transfer, or cause the transfer of, such Certificated Note to such Person in the form of a beneficial interest in a Rule
144A Global Note. Upon receipt by the Registrar of (A) such Other Account’s Certificated Note properly endorsed for assignment
to the transferee, (B) instructions given in accordance with DTC’s procedures from an Agent Member directing the Registrar
to credit or cause to be credited a beneficial interest in a Rule 144A Global Note in an amount equal to the Certificated Note
to be transferred, but not less than the Minimum Denomination applicable to such Other Account’s Certificated Notes, such
instructions to contain information regarding the participant account with DTC to be credited with such increase and (C) a Transfer
Certificate from the transferor and the transferee in the form of Exhibit B-1, then the Registrar shall cancel such Certificated
Note in accordance with Section 2.9, record the transfer in the Register in accordance with Section 2.5(a) and the Registrar shall
instruct DTC, concurrently with such cancellation, to credit or cause to be credited to the securities account of the Person specified
in such instructions a beneficial interest in a Rule 144A Global Note equal to the principal amount of the Certificated Note transferred.

 

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		(iii)	If an Other Account holding a Certificated Note wishes at any time to transfer such Certificated
Note to a Person who wishes to take delivery thereof in the form of an interest in a Regulation S Global Note, such Other Account
(provided that, the transferee is a Qualified Purchaser that is not a U.S. person and is acquiring such interest
in an offshore transaction) may, subject to the immediately succeeding sentence and the rules and procedures of Euroclear, Clearstream
and/or DTC, as the case may be, transfer, or cause the transfer of, such Certificated Note to such Person in the form of a beneficial
interest in a Regulation S Global Note. Upon receipt by the Registrar of (A) such Other Account’s Certificated Note properly
endorsed for assignment to the transferee, (B) instructions given in accordance with Euroclear, Clearstream or DTC’s procedures,
as the case may be, from an Agent Member directing the Registrar to credit or cause to be credited a beneficial interest in a Regulation
S Global Note in an amount equal to the Certificated Note to be transferred, but not less than the Minimum Denomination applicable
to such Other Account’s Certificated Notes, such instructions to contain information regarding the participant account with
DTC and the Euroclear or Clearstream account to be credited with such increase and (C) a Transfer Certificate from the transferor
and the transferee in the form of Exhibit B-2, then the Registrar shall cancel such Certificated Note in accordance with Section
2.9, record the transfer in the Register in accordance with Section 2.5(a) and the Registrar shall instruct DTC, concurrently with
such cancellation, to credit or cause to be credited to the securities account of the Person specified in such instructions a beneficial
interest in a Regulation S Global Note equal to the principal amount of the Certificated Note transferred.

 

		(g)	If Notes are issued upon the transfer, exchange or replacement of Notes bearing the applicable
legends set forth in the applicable Exhibit A hereto, and if a request is made to remove such applicable legend on such Notes,
the Notes so issued shall bear such applicable legend, or such applicable legend shall not be removed, as the case may be, unless
there is delivered to the Trustee and the Issuer such satisfactory evidence, which may include an Opinion of Counsel acceptable
to them, as may be reasonably required by the Issuer (and which shall by its terms permit reliance by the Trustee), to the effect
that neither such applicable legend nor the restrictions on transfer set forth therein are required to ensure that transfers thereof
comply with the provisions of the Securities Act, the Investment Company Act, ERISA or the Code. Upon provision of such satisfactory
evidence, the Trustee or its Authenticating Agent, at the written direction of the Issuer shall, after due execution by the Issuer
authenticate and deliver Notes that do not bear such applicable legend.

 

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		(h)	Each Person who becomes a beneficial owner of an interest in a Global Note will be deemed to have
represented and agreed as follows:

 

		(i)	In connection with the purchase of such Notes: (A) none of the Issuer, the Portfolio Manager, the
Transferor, the Retention Holder, the Refinancing Initial Purchaser, the Refinancing Placement Agents, the Refinancing Structuring
Agents, the Trustee, the Collateral Administrator or any of their respective Affiliates is acting as a fiduciary or financial or
investment adviser for such beneficial owner; (B) such beneficial owner is not relying (for purposes of making any investment decision
or otherwise) upon any advice, counsel or representations (whether written or oral) of the Issuer, the Portfolio Manager, the Transferor,
the Retention Holder, the Trustee, the Collateral Administrator, the Refinancing Initial Purchaser, the Refinancing Placement Agents,
the Refinancing Structuring Agents or any of their respective Affiliates other than any statements in the Offering Circular, and
such beneficial owner has read and understands the Offering Circular; (C) such beneficial owner has consulted with its own legal,
regulatory, tax, business, investment, financial and accounting advisors to the extent it has deemed necessary and has made its
own independent investment decisions (including decisions regarding the suitability of any transaction pursuant to this Indenture)
based upon its own judgment and upon any advice from such advisors as it has deemed necessary and not upon any view expressed by
the Issuer, the Portfolio Manager, the Trustee, the Collateral Administrator, the Refinancing Initial Purchaser, the Refinancing
Placement Agents, the Refinancing Structuring Agents or any of their respective Affiliates; (D) such beneficial owner is either
(1) (in the case of a Rule 144A Global Note) both (a) a “qualified institutional buyer” (as defined under Rule 144A
under the Securities Act) that is not a broker-dealer which owns and invests on a discretionary basis less than U.S.$25,000,000
in securities of issuers that are not affiliated persons of the dealer and is not a plan referred to in paragraph (a)(1)(i)(D)
or (a)(1)(i)(E) of Rule 144A under the Securities Act or a trust fund referred to in paragraph (a)(1)(i)(F) of Rule 144A under
the Securities Act that holds the assets of such a plan, if investment decisions with respect to the plan are made by beneficiaries
of the plan and (b) a Qualified Purchaser for purposes of Section 3(c)(7) of the Investment Company Act (or a corporation, partnership,
limited liability company or other entity (other than a trust), each shareholder, partner, member or other equity owner of which
is a Qualified Purchaser) or (2) (in the case of a beneficial owner of an interest in a Regulation S Global Note) a Qualified Purchaser
that is not a “U.S. person” and is acquiring the Notes in an offshore transaction (as defined in Regulation S) in reliance
on the exemption from registration provided by Regulation S; (E) such beneficial owner is acquiring its interest in such Notes
for its own account; (F) such beneficial owner was not formed for the purpose of investing in such Notes; (G) such beneficial owner
understands that the Issuer or the Portfolio Manager may receive a list of participants holding interests in the Notes from one
or more book-entry depositories; (H) such beneficial owner will hold and transfer at least the Minimum Denomination of such Notes;
(I) such beneficial owner is a sophisticated investor and is purchasing the Notes with a full understanding of all of the terms,
conditions and risks thereof, and is capable of and willing to assume those risks; (J) such beneficial owner will provide notice
of the relevant transfer restrictions to subsequent transferees; (K) it will not hold the Notes for the benefit of any other Person
and will be the sole beneficial owner thereof for all purposes; (L) in accordance with the provisions therefor in this Indenture,
it will not sell participation interests in such Notes or enter into any other arrangement pursuant to which any other Person will
be entitled to a beneficial interest in the distributions on such Notes; (M) all Notes purchased directly or indirectly by it will
constitute an investment of no more than 40% of its assets; and (N) such beneficial owner is not purchasing such Notes with a view
to the resale, distribution or other disposition thereof in violation of the Securities Act; provided that, none of the
representations set forth in clauses (A) through (C) above is made by the Portfolio Manager, any affiliate thereof, or any account
or fund managed by the Portfolio Manager or any of its affiliates.

 

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		(ii)	Such beneficial owner’s acquisition, holding and disposition of the Notes will not constitute
or result in a prohibited transaction under Section 406 of ERISA or Section 4975 of the Code (or in a non-exempt violation of any
Similar Laws or other applicable law) unless an exemption is available and all conditions have been satisfied. If the purchaser
or transferee of any Note or beneficial interest therein is a Benefit Plan Investor, it will be required or deemed to represent,
warrant and agree that (i) none of the Transaction Parties, nor any of their affiliates, has provided any investment advice within
the meaning of Section 3(21)(A)(ii) of ERISA, and regulations thereunder, to the Benefit Plan Investor or to the Fiduciary (as
defined below), in connection with its acquisition of Notes, and (ii) the Fiduciary is exercising its own independent
judgment in evaluating the transaction. Such beneficial owner understands that the representations made in this clause will be
deemed made on each day from the date of its acquisition of an interest in such Notes through and including the date on which it
disposes of such interest. If any such representation becomes untrue, or if there is a change in its status as a Benefit Plan Investor,
it will immediately notify the Trustee. It agrees to indemnify and hold harmless the Issuer, the Trustee, the Refinancing Initial
Purchaser, the Refinancing Placement Agents, the Refinancing Structuring Agents and the Portfolio Manager and their respective
Affiliates from any cost, damage, or loss incurred by them as a result of any such representation being untrue.

 

		(iii)	Such beneficial owner understands that such Notes are being offered only in a transaction not involving
any public offering in the United States within the meaning of the Securities Act, such Notes have not been and will not be registered
under the Securities Act, and, if in the future such beneficial owner decides to offer, resell, pledge or otherwise transfer such
Notes, such Notes may be offered, resold, pledged or otherwise transferred only in accordance with the provisions of this Indenture
and the legend on such Notes. Such beneficial owner acknowledges that no representation has been made as to the availability of
any exemption under the Securities Act or any state or other securities laws for resale of such Notes. Such beneficial owner understands
that neither the Issuer nor the pool of collateral has been registered under the Investment Company Act, and acknowledges that
the Issuer is exempt from registration as such by virtue of Section 3(c)(7) of the Investment Company Act.

 

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		(iv)	Such beneficial owner is aware that, except as otherwise provided in this Indenture, any Notes
being sold to it in reliance on Regulation S will be represented by one or more Temporary Global Notes or Regulation S Global Notes,
as applicable, and that beneficial interests therein may be held only through DTC for the respective accounts of Euroclear or Clearstream.

 

		(v)	Such beneficial owner will provide notice to each person to whom it proposes to transfer any interest
in the Notes of the transfer restrictions and representations set forth in this Section 2.5, including the Exhibits referenced
herein.

 

		(vi)	It acknowledges and agrees that the failure to provide the Issuer and the Trustee (and any of their
agents) with the properly completed and signed tax certifications (generally, in the case of U.S. federal income tax, an IRS Form
W-9 (or applicable successor form) in the case of a person that is a U.S. Tax Person or the appropriate IRS Form W-8 (or applicable
successor form) in the case of a person that is not a U.S. Tax Person) may result in withholding from payments in respect of the
Note, including U.S. federal withholding or back-up withholding.

 

		(vii)	Such beneficial owner agrees that it will not, prior to the date which is one year (or, if longer,
the applicable preference period then in effect) plus one day after the payment in full of all Notes, cause a Bankruptcy Filing
against the Issuer. Such beneficial owner further acknowledges and agrees that if it causes any such Bankruptcy Filing against
the Issuer prior to the expiration of the period specified in the previous sentence, (A) any claim that it has against the Issuer
(including under all Notes of any Class held by such Filing Holder(s)) or with respect to any Assets (including any proceeds thereof)
will, notwithstanding anything to the contrary in the Priority of Payments and notwithstanding any objection to, or rescission
of, such filing, be fully subordinate in right of payment to the claims of each Holder of any Note (and each other secured creditor
of the Issuer) that is not a Filing Holder, with such subordination being effective until each Note held by each Holder of any
Note (and each claim of each other secured creditor of the Issuer) that is not a Filing Holder is paid in full in accordance with
the Priority of Payments (after giving effect to such subordination), (B) it will promptly return or cause all amounts received
by it following such Bankruptcy Filing to be returned to the Issuer and (C) it will take all necessary action to give effect to
this agreement. This agreement will constitute a “subordination agreement” within the meaning of Section 510(a) of
the Bankruptcy Code.

 

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		(viii)	Such beneficial owner understands and agrees that the Notes are limited recourse obligations of
the Issuer, payable solely from proceeds of the Assets in accordance with the Priority of Payments and following realization of
the Assets, and application of the proceeds thereof in accordance with this Indenture, all obligations of and any claims against
the Issuer hereunder or in connection therewith after such realization shall be extinguished and shall not thereafter revive.

 

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

 

		(x)	It will treat the Notes as indebtedness for U.S. federal, state and local income and franchise
tax purposes, except as otherwise required by law.

 

		(xi)	It acknowledges and agrees that (A) the Trustee will provide to the Issuer and the Portfolio Manager
upon reasonable request all information reasonably available to the Trustee in connection with regulatory matters, including any
information that is necessary or advisable in order for the Issuer or the Portfolio Manager (or its parent or Affiliates) to comply
with regulatory requirements, (B) with respect to each Certifying Person, unless such Certifying Person instructs the Trustee otherwise,
the Trustee will upon request of the Issuer or the Portfolio Manager share with the Issuer and the Portfolio Manager the identity
of such Certifying Person, as identified to the Trustee by written certification from such Certifying Person, (C) the Trustee will
obtain and provide to the Issuer and the Portfolio Manager upon request a list of participants in DTC, Euroclear or Clearstream
holding positions in the Notes, (D) upon written request, the registrar shall provide to the Issuer, the Portfolio Manager, the
Refinancing Initial Purchaser, the Refinancing Placement Agents, the Refinancing Structuring Agents or any Holder a current list
of Holders as reflected in the Register, and by accepting such information, each Holder will be deemed to have agreed that such
information will be used for no purpose other than the exercise of its rights under this Indenture and (E) the Trustee will have
no liability for any such disclosure under (A) through (D) or, subject to the duties and responsibilities of the Trustee set forth
in this Indenture, the accuracy thereof.

 

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		(xii)	It agrees to provide to the Issuer and the Portfolio Manager all information reasonably available
to it that is reasonably requested by the Issuer or the Portfolio Manager in connection with regulatory matters, including any
information that is necessary or advisable in order for the Issuer or the Portfolio Manager (or its Affiliates) to comply with
regulatory requirements applicable to the Issuer or the Portfolio Manager from time to time.

 

		(xiii)	It agrees to provide the Issuer and any relevant intermediary with any information or documentation
that is required under FATCA or that the Issuer or relevant intermediary deems appropriate to enable the Issuer or relevant intermediary
to determine their duties and liabilities with respect to any taxes they may be required to withhold pursuant to FATCA in respect
of such Note or the holder of such Note or beneficial interest therein. In addition, each purchaser and subsequent transferee of
such Notes (or any interest therein) will be deemed to understand and acknowledge that the Issuer has the right under this Indenture
to withhold on any holder or any beneficial owner of an interest in a Note that fails to comply with FATCA.

 

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

 

		(xv)	Such beneficial owner acknowledges and agrees that the Issuer has the right to compel (A) any Non-Permitted
Holder or Non-Permitted ERISA Holder to sell its interest in the Notes or may sell such interest in the Notes on behalf of such
Non-Permitted Holder or Non-Permitted ERISA Holder and (B) in the case of Re-Pricing Eligible Notes, any Non-Consenting Holder
to sell its interest in such Notes, to sell such interest on behalf of such Non-Consenting Holder or to redeem such Notes.

 

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		(xvi)	Such beneficial owner covenants that it will not transfer all or any part of the Notes (or purport
to do so) if such transfer will cause (A) the Issuer to be in violation of the United States Bank Secrecy Act, as amended by the
USA PATRIOT Act of 2001, and the United States Money Laundering Control Act of 1986 (i.e., 18 U.S.C. §§ 1956 and 1957),
as amended, or any similar U.S. federal or state or non-U.S. laws or regulations (collectively “Anti-Money Laundering
Laws”); or (B) the Notes to be held by an entity that a U.S. person is prohibited from dealing with under the laws, regulations,
and Executive Orders administered by OFAC.

 

		(xvii)	Such beneficial owner represents and warrants that no officer, director, employee or agent of the
beneficial owner has, in connection with its acquisition of the Notes, been offered or received any payment of money or any other
thing of value, from the Issuer or any other person or entity, on behalf of the Issuer, for the purpose of influencing or inducing
any act or decision related to such investment, or providing any improper advantage in connection with such investment, in violation
of applicable anti-bribery laws and regulations, including but not limited to, the United States Foreign Corrupt Practices Act
of 1977, as amended.

 

		(xviii)	Such beneficial owner does not know or have any reason to suspect that (i) the monies used or to
be used to acquire the Notes are, were or will be derived from or related to any illegal activities, including but not limited
to, any activities that may contravene U.S. federal or state or non-U.S. laws and regulations, including Anti-Money Laundering
Laws, or (ii) the proceeds from the beneficial owner’s acquisition of the Notes will be used to finance any activities that
may contravene U.S. federal or state or non-U.S. laws and regulations, including Anti-Money Laundering Laws.

 

		(xix)	If such beneficial owner is a fund-of-funds or other entity investing on behalf of third parties,
such beneficial owner represents and warrants that (A) such beneficial owner is in compliance in all material respects with all
applicable Anti-Money Laundering Laws and, if applicable, with regulations administered by OFAC, (B) such beneficial owner has
anti-money laundering policies and procedures in place reasonably designed to verify the identity of its beneficial owners and/or
underlying investors and their sources of funds and to confirm that no beneficial owner and/or underlying investor is a party with
whom a U.S. person is prohibited from dealing under regulations administered by OFAC and (C) to the best of its knowledge, such
beneficial owner and its beneficial owners and/or underlying investors will not subject the Issuer to criminal or civil violations
of Anti-Money Laundering Laws or of regulations administered by OFAC.

 

		(xx)	It will indemnify the Issuer, the Trustee and their respective agents from any and all damages,
cost and expenses (including any amount of taxes, fees, interest, additions to tax, or penalties) resulting from the failure by
it to comply with its obligations under the Notes. The indemnification will continue with respect to any period during which such
Holder held a Note, notwithstanding it ceasing to be a Holder of the Notes.

 

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		(xxi)	It understands that the foregoing representations and agreements will be relied upon by the Transaction
Parties and their respective counsel, and by its purchase of the Notes it consents to such reliance.

 

		(i)	Each Person who becomes a Holder of a Certificated Note shall be required to make the representations
and agreements set forth in the applicable Transfer Certificate or, in the case of a purchase on the Refinancing Date, an investor
representation letter.

 

		(j)	Any purported transfer of a Note not in accordance with this Section 2.5 shall be null and void
and shall not be given effect for any purpose whatsoever.

 

		(k)	The Registrar, the Trustee and the Issuer shall be entitled to conclusively rely on any transferor
and transferee certificate delivered pursuant to this Section 2.5 (or any certificate of ownership delivered pursuant to Section
2.10(d)) and shall be able to presume conclusively the continuing accuracy thereof, in each case without further inquiry or investigation.

 

		(l)	Neither the Trustee nor the Registrar shall be liable for any delay in the delivery of directions
from DTC and may conclusively rely on, and shall be fully protected in relying on, such direction as to the names of the beneficial
owners in whose names such Certificated Notes shall be registered or as to delivery instructions for such Certificated Notes.

 

		(m)	Each purchaser, beneficial owner and subsequent transferee of Notes or interest therein, by acceptance
of such Notes or such an interest in such Notes, agrees or is deemed to agree that (A) the Transaction Documents contain limitations
on the rights of the holders to institute legal or other proceedings against the Issuer, the Issuer, the Refinancing Initial Purchaser,
the Refinancing Placement Agents, the Refinancing Structuring Agents, the Collateral Administrator, the Trustee and the Portfolio
Manager, (B) it will comply with the express terms of the applicable Transaction Documents if it seeks to institute any such proceeding
and (C) the Transaction Documents do not impose any duty or obligation on the Issuer or its officers, shareholders, members or
managers to institute on behalf of any holder, or join any holder or any other Person in instituting, any such proceeding.

 

		(n)	Each purchaser or subsequent transferee of Certificated Notes after the Refinancing Date (including
by way of a transfer of an interest in a Global Note) will be required to provide, and no such purchase or transfer will be recorded
or otherwise recognized unless such purchaser has provided, the Issuer and the Trustee with a Transfer Certificate in the form
required hereunder.

 

		(o)	If the purchaser or transferee of any Notes or beneficial interest therein is a Benefit Plan Investor,
it will be deemed to represent, warrant and agree that (i) none of the Transaction Parties or any of their respective affiliates,
has provided any investment advice within the meaning of Section 3(21)(A)(ii) of ERISA to the Benefit Plan Investor, or to any
fiduciary or other person investing the assets of the Benefit Plan Investor (“Fiduciary”), in connection with
its acquisition of Notes, and (ii) the Fiduciary is exercising its own independent judgment in evaluating the investment in the
Notes.

 

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		(p)	To the extent required by the Issuer, as determined by the Issuer or the Portfolio Manager on behalf
of the Issuer, the Issuer may, upon written notice to the Trustee, impose additional transfer restrictions on the Notes to comply
with the Anti-Money Laundering Laws, including, without limitation, requiring each transferee of a Note to make representations
to the Issuer in connection with such compliance.

 

Section 2.6.         
Mutilated, Defaced, Destroyed, Lost or Stolen Note

 

If (a) any mutilated or defaced Note is
surrendered to a Transfer Agent, or if there shall be delivered to the Issuer, the Trustee and the relevant Transfer Agent evidence
to their reasonable satisfaction of the destruction, loss or theft of any Note, and (b) there is delivered to the Issuer, the Trustee
and such Transfer Agent, and any agent of the Issuer, the Trustee and/or such Transfer Agent, such security or indemnity as may
be required by them to save each of them harmless, then, in the absence of notice to the Issuer, the Trustee or such Transfer Agent
that such Note has been acquired by a Protected Purchaser, the Issuer shall execute and, upon Issuer Order (which Issuer Order
shall be deemed to be provided upon delivery of such executed Notes), the Trustee shall authenticate and deliver to the Holder,
in lieu of any such mutilated, defaced, destroyed, lost or stolen Note, a new Note, of like tenor (including the same date of issuance)
and equal principal or face amount, registered in the same manner, dated the date of its authentication, bearing interest from
the date to which interest has been paid on the mutilated, defaced, destroyed, lost or stolen Note and bearing a number not contemporaneously
outstanding.

 

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

 

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

 

Upon the issuance of any new Note under
this Section 2.6, the Issuer, the Trustee or the applicable Transfer Agent may require the payment by the Holder thereof of a sum
sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including
the fees and expenses of the Trustee) connected therewith.

 

Every new Note issued pursuant to this
Section 2.6 in lieu of any mutilated, defaced, destroyed, lost or stolen Note shall constitute an original additional contractual
obligation of the Issuer and such new Note shall be entitled, subject to the second paragraph of this Section 2.6, to all the benefits
of this Indenture equally and proportionately with any and all other Notes of the same Class duly issued hereunder.

 

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The provisions of this Section 2.6 are
exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of
mutilated, defaced, destroyed, lost or stolen Notes.

 

Section 2.7.         
Payment of Principal and Interest and Other Amounts; Principal and Interest Rights Preserved

 

		(a)	Payments of interest on the Notes.

 

		(i)	Notes of each Class shall accrue interest during each Interest Accrual Period at the applicable
Interest Rate and such interest will be payable in arrears on each Payment Date on the Aggregate Outstanding Amount thereof on
the first day of the related Interest Accrual Period (after giving effect to payments of principal thereof on such date), except
as otherwise set forth below. Payment of interest on each Class of Notes (and payments of available Interest Proceeds to the Issuer)
will be subordinated to the payment of interest on each related Priority Class. Any payment of interest due on a Class of Deferred
Interest Notes on any Payment Date to the extent sufficient funds are not available to make such payment in accordance with the
Priority of Payments on such Payment Date, but only if one or more Priority Classes are Outstanding with respect to such Class
of Deferred Interest Notes, shall constitute “Deferred Interest” with respect to such Class and shall not be
considered “due and payable” for the purposes of Section 5.1(a) (and the failure to pay such interest shall not be
an Event of Default) until the earliest of (i) the Payment Date on which funds are available to pay such Deferred Interest in accordance
with the Priority of Payments, (ii) the Redemption Date with respect to such Class of Deferred Interest Notes and (iii) the Stated
Maturity (or the earlier date of Maturity) of such Class of Deferred Interest Notes. Deferred Interest shall be payable on the
first Payment Date on which funds are available to be used for such purpose in accordance with the Priority of Payments, but in
any event no later than the earlier of the Business Day (A) which is the Redemption Date with respect to such Class of Deferred
Interest Notes and (B) which is the Stated Maturity (or the earlier date of Maturity) of such Class of Deferred Interest Notes.
Regardless of whether any Priority Class is Outstanding with respect to any Class of Deferred Interest Notes, to the extent that
funds are not available on any Payment Date to pay previously accrued Deferred Interest, such previously accrued Deferred Interest
will not be due and payable on such Payment Date and any failure to pay such previously accrued Deferred Interest on such Payment
Date will not be an Event of Default. Interest will cease to accrue on each Note, or in the case of a partial repayment, on such
repaid part, from the date of repayment or the respective Stated Maturity. To the extent lawful and enforceable, interest on any
interest that is not paid when due on any Class A--1 Notes or Class A-2 Notes or, if no Class A-1 Notes or Class A-2 Notes are
Outstanding, any Class B Notes or, if no Class B Notes are Outstanding, any Class C Notes, shall accrue at the Interest Rate for
such Class until paid as provided herein.

 

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		(b)	The principal of each Note of each Class matures at par and is due and payable on the date of the
Stated Maturity for such Class, unless such principal has been previously repaid or unless the unpaid principal of such Note becomes
due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. Payments of principal on any
Class of Notes which are not paid, in accordance with the Priority of Payments, on any Quarterly Payment Date (other than the Quarterly
Payment Date which is the Stated Maturity (or the earlier date of Maturity) of such Class of Notes or any Redemption Date), because
of insufficient funds therefor shall not be considered “due and payable” for purposes of Section 5.1(a) until the Quarterly
Payment Date on which such principal may be paid in accordance with the Priority of Payments or all Priority Classes with respect
to such Class have been paid in full.

 

		(c)	Principal payments on the Notes will be made in accordance with the Priority of Payments and Section
9.5.

 

		(d)	The Paying Agent shall require the previous delivery of properly completed and signed applicable
tax certifications (generally, in the case of U.S. federal income tax, an IRS Form W-9 (or applicable successor form) in the case
of a U.S. Tax Person or the applicable IRS Form W-8 (or applicable successor form) in the case of a Person that is not a U.S. Tax
Person), or any other certification acceptable to it to enable the Issuer, the Trustee and any Paying Agent (including, in each
case, as any such other party may instruct) to determine their duties and liabilities with respect to any taxes or other charges
that they may be required to pay, deduct or withhold from payments in respect of such Note or the Holder or beneficial owner of
such Note under any present or future law or regulation of the United States, any other jurisdiction or any political subdivision
thereof or taxing authority therein or pursuant to the Issuer’s agreement with any governmental authority or to comply with
any reporting or other requirements under any such law or regulation (including any cost basis reporting obligations) and the delivery
of any information required under FATCA. The Issuer shall not be obligated to pay any additional amounts to the Holders or beneficial
owners of the Notes as a result of deduction or withholding for or on account of any present or future taxes, duties, assessments
or governmental charges with respect to the Notes. Nothing herein shall be construed to impose upon the Paying Agent a duty to
determine the duties, liabilities or responsibilities of any other party described herein under any applicable law or regulation.

 

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		(e)	Payments in respect of interest on and principal of any Note and any payment with respect to any
Interest will be made by the Trustee or by a Paying Agent, in Dollars to DTC or its nominee with respect to a Global Note, and
to the Holder or its nominee with respect to a Certificated Note, by wire transfer, as directed by the Holder, in immediately available
funds to a Dollar account maintained by DTC or its nominee with respect to a Global Note, and to the Holder or its nominee with
respect to a Certificated Note; provided that, (1) in the case of a Certificated Note, the Holder thereof shall have
provided written wiring instructions to the Trustee or the applicable Paying Agent on or before the related Record Date and (2)
if appropriate instructions for any such wire transfer are not received by the related Record Date, then such payment shall be
made by check drawn on a U.S. bank mailed to the address of the Holder specified in the Register. Upon final payment due on the
Stated Maturity of a Certificated Note, the Holder thereof shall present and surrender such Note at the Corporate Trust Office
of the Trustee upon final payment; provided that, in the absence of notice to the Issuer or the Trustee that the
applicable Note has been acquired by a Protected Purchaser, such final payment shall be made without presentation or surrender,
if the Trustee and the Issuer shall have been furnished such security or indemnity as may be required by them to save them harmless
and an undertaking thereafter to surrender such certificate. None of the Issuer, the Trustee, the Portfolio Manager or any Paying
Agent will have any responsibility or liability for any aspects of the records maintained by DTC, Euroclear, Clearstream or any
of the Agent Members relating to or for payments made thereby on account of beneficial interests in a Global Note. In the case
where any final payment of principal and interest is to be made on any Note (other than on the Stated Maturity thereof), the Trustee,
in the name and at the expense of the Issuer shall, not more than 30 nor less than three days prior to the date on which such payment
is to be made, provide to the applicable Holders a notice which shall specify the date on which such payment will be made, the
amount of such payment per U.S.$1,000 original principal amount of Notes, and the place where Certificated Notes may be presented
and surrendered for such payment.

 

		(f)	Payments of principal to Holders of each Class on each Payment Date shall be made ratably among
the Holders of such Class in the proportion that the Aggregate Outstanding Amount of the Notes of such Class registered in the
name of each such Holder on the applicable Record Date bears to the Aggregate Outstanding Amount of all Notes of such Class on
such Record Date.

 

		(g)	Interest accrued with respect to the Floating Rate Notes shall be calculated on the basis of the
actual number of days elapsed in the applicable Interest Accrual Period divided by 360. Interest accrued with respect to the Fixed
Rate Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months; provided that, if a redemption
occurs on a Business Day that would not otherwise be a Payment Date, interest on such Fixed Rate Notes shall be calculated on the
basis of the actual number of days elapsed in the applicable Interest Accrual Period divided by 360.

 

		(h)	All reductions in the principal amount of a Note (or one or more predecessor Notes) effected by
payments of installments of principal made on any Payment Date or Redemption Date shall be binding upon all future Holders of such
Note and of any Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, whether or not
such payment is noted on such Note.

 

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		(i)	Notwithstanding any other provision of this Indenture, the obligations of the Issuer under the
Notes and this Indenture are limited recourse obligations of the Issuer, payable solely from proceeds of the Assets at such time
and following realization of the Assets, and application of the proceeds thereof in accordance with this Indenture, all obligations
of and any remaining claims against the Issuer 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, manager, member
or incorporator of the Issuer, the Portfolio Manager or their respective Affiliates, successors or assigns for any amounts payable
under the Notes or this Indenture. It is understood that, except as expressly provided in this Indenture, the foregoing provisions
of this paragraph (i) shall not (A) prevent recourse to the Assets for the sums due or to become due under any security, instrument
or agreement which is part of the Assets or (B) constitute a waiver, release or discharge of any indebtedness or obligation evidenced
by the Notes or secured by this Indenture until such Assets have been realized. It is further understood that the foregoing provisions
of this paragraph (i) shall not limit the right of any Person to name the Issuer as a party defendant in any Proceeding or in the
exercise of any other remedy under the Notes or this Indenture, 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 any such Person or entity.

 

		(j)	Subject to the foregoing provisions of this Section 2.7, each Note delivered under this Indenture
and upon registration of transfer of or in exchange for or in lieu of any other Note shall carry the rights to unpaid interest
and principal (or other applicable amount) that were carried by such other Note.

 

Section 2.8.         
Persons Deemed Owners

 

The Issuer, the Trustee and any agent of
the Issuer or the Trustee shall treat as the owner of each Note the Person in whose name such Note is registered on the Register
on the applicable Record Date for the purpose of receiving payments on such Note and on any other date for all other purposes whatsoever
(whether or not such Note is overdue), and none of the Issuer, the Trustee or any agent of the Issuer or the Trustee shall be affected
by notice to the contrary.

 

Section 2.9.         
Cancellation

 

All Notes acquired by the Issuer, surrendered
for payment, registration of transfer, exchange or redemption, or mutilated, defaced or deemed lost or stolen shall be promptly
cancelled by the Trustee and may not be reissued or resold. No Note may be surrendered (including in connection with any abandonment,
donation, gift, contribution or other event or circumstance) except (a) for payment as provided herein, (b) for registration of
transfer, exchange or redemption, (c) purchase in accordance with Section 2.14 or (d) for replacement in connection with any Note
that is mutilated, defaced or deemed lost or stolen. The Issuer may not acquire any of the Notes except as described under Section
2.14. The preceding sentence shall not limit an Optional Redemption, Special Redemption, Clean-Up Call Redemption or any other
redemption effected pursuant to the terms of this Indenture.

 

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Section 2.10.     
DTC Ceases to be Depository

 

		(a)	A Global Note deposited with DTC pursuant to Section 2.2 shall be transferred in the form of a
corresponding Certificated Note to the beneficial owners thereof (as instructed by DTC) only if (A) such transfer complies with
Section 2.5 and (B) either (x) a Depository Event has occurred or (y) an Event of Default or Enforcement Event has occurred and
is continuing and such transfer is requested by the Holder of such Global Note.

 

		(b)	Any Global Note that is transferable in the form of a corresponding Certificated Note to the beneficial
owner thereof pursuant to this Section 2.10 shall be surrendered by DTC to the Trustee’s office located in the Borough of
Manhattan, the City of New York to be so transferred, in whole or from time to time in part, without charge, and the Issuer shall
execute and the Trustee shall authenticate and deliver, upon such transfer of each portion of such Global Note, an equal aggregate
principal amount of Certificated Notes (pursuant to the instructions of DTC) in Minimum Denominations. Any Certificated Note delivered
in exchange for an interest in a Global Note shall be in registered form and, except as otherwise provided by Section 2.5, bear
the legends set forth in the applicable Exhibit A and shall be subject to the transfer restrictions referred to in such legends.

 

		(c)	Subject to the provisions of paragraph (b) of this Section 2.10, the Holder of a Global Note may
grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members,
to take any action which such Holder is entitled to take under this Indenture or the Notes.

 

		(d)	In the event of the occurrence of either of the events specified in subsection (a) of this Section
2.10, the Issuer will promptly make available to the Trustee a reasonable supply of Certificated Notes.

 

In the event that Certificated
Notes are not so issued by the Issuer to such beneficial owners of interests in Global Notes as required by subsection (a) of this
Section 2.10, the Issuer expressly acknowledges that the beneficial owners shall be entitled to pursue any remedy that the Holders
of a Global Note would be entitled to pursue in accordance with Article V (but only to the extent of such beneficial owner’s
interest in the Global Note) as if corresponding Certificated Notes had been issued; provided that, the Trustee shall
be entitled to receive and rely upon any certificate of ownership provided by such beneficial owners (including a certificate in
the form of Exhibit D) and/or other forms of reasonable evidence of such ownership as it may require.

 

Section 2.11.     
Notes Beneficially Owned by Persons Not QIB/QPs or IAI/QPs or in Violation of ERISA Representations or Holder Reporting
Obligations

 

		(a)	Notwithstanding anything to the contrary elsewhere in this Indenture, any transfer of a beneficial
interest in any (i) Rule 144A Global Note to a U.S. person that is not a QIB/QP, (ii) Certificated Note to a U.S. person that is
not an IAI/QP, a QIB/QP or a non-U.S. person that is not a Qualified Purchaser, (iii) Regulation S Global Note to a (x) U.S. person
or (y) non-U.S. person that is not a Qualified Purchaser or (iv) Note to a Non-Permitted ERISA Holder and, in each case, that is
not made pursuant to an applicable exemption under the Securities Act and the Investment Company Act shall be null and void and
any such purported transfer of which the Issuer or the Trustee shall have notice may be disregarded by the Issuer and the Trustee
for all purposes.

 

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		(b)	If any Person shall become the Holder or beneficial owner of a Note (i) in the case of a Rule 144A
Global Note, that is not a QIB/QP, (ii) in the case of Certificated Notes only, that is not a QIB/QP or an IAI/QP, or that is not
both a non-U.S. person and a Qualified Purchaser, (iii) in the case of a Regulation S Global Note, that is (A) a U.S. person or
(B) a non-U.S. person that is a not a Qualified Purchaser, (iv) whose ownership of such Note would prevent the Issuer from having
an exemption available under the Securities Act or would cause the Issuer to lose the benefit of an exemption from registration
as an “investment company” under the Investment Company Act or (v) any Non-Permitted ERISA Holder (any such Person,
a “Non-Permitted Holder”), the Issuer shall, promptly after discovery that such Person is a Non-Permitted Holder
by the Issuer or the Trustee (or upon notice to the Issuer from the Trustee if a Bank Officer of the Trustee obtains actual knowledge
or if it makes the discovery (who agrees to notify the Issuer, with a copy to the Portfolio Manager, of such discovery, if any)),
send notice to such Non-Permitted Holder, with a copy to the Portfolio Manager, demanding that such Non-Permitted Holder transfer
its Notes or interest therein to a Person that is not a Non-Permitted Holder within 30 days (or, in the case of a Non-Permitted
ERISA Holder, seven days) after the date of such notice. If such Non-Permitted Holder fails to so transfer its Notes or interest
therein, the Issuer or the Portfolio Manager acting on behalf of the Issuer shall have the right, without further notice to the
Non-Permitted Holder, to sell such Notes or interest therein to a purchaser selected by the Issuer that is not a Non-Permitted
Holder on such terms as the Issuer may choose. The Issuer, or the Portfolio Manager (on its own or acting through an investment
bank or other financial intermediary selected by the Portfolio Manager at the Issuer’s expense), acting on behalf of the
Issuer, may select the purchaser by soliciting one or more bids from one or more brokers or other market professionals that regularly
deal in securities similar to the Notes, and selling such Notes to the highest such bidder; provided that the Portfolio
Manager, its Affiliates and Other Accounts shall be entitled to bid in any such sale. However, the Issuer (or the Portfolio Manager
on behalf of the Issuer) may select a purchaser by any other means determined by it in its sole discretion. The Holder of each
Note, the Non-Permitted Holder and each other Person in the chain of title from the Holder to the Non-Permitted Holder, by its
acceptance of an interest in the Notes agrees to cooperate with the Issuer, the Portfolio Manager and the Trustee to effect such
transfers. The proceeds of such sale, net of any commissions, expenses and taxes due in connection with such sale shall be remitted
to the Non-Permitted Holder. The terms and conditions of any sale under this sub-section shall be determined in the sole discretion
of the Issuer, and none of the Issuer, the Trustee or the Portfolio Manager shall be liable to any Person having an interest in
the Notes sold as a result of any such sale or the exercise of such discretion.

 

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Section 2.12.     
Deduction or Withholding from Payments on Notes; No Gross Up.

 

If the Issuer is required to deduct or
withhold tax from, or with respect to, payments to any Holder of the Notes for any Tax, then the Trustee or other Paying Agent,
as applicable, shall deduct, or withhold, the amount required to be deducted or withheld and remit to the relevant taxing authority
such amount. Without limiting the generality of the foregoing, the Trustee, the Paying Agent or the Issuer may withhold any amount
that it determines is required to be withheld from any amounts otherwise distributable to any Holder of a Note. The Issuer shall
not be obligated to pay any additional amounts to the Holders or beneficial owners of the Notes as a result of any withholding
or deduction for, or on account of, any Tax imposed on payments in respect of the Notes. The amount of any withholding tax or deduction
with respect to any Holder shall be treated as cash distributed to such Holder at the time it is withheld or deducted by the Trustee
or Paying Agent and remitted to the appropriate taxing authority.

 

Section 2.13.     
Additional Issuance

 

		(a)	At any time during the Reinvestment Period or, solely in the case of a Risk Retention Issuance,
during and after the Reinvestment Period, the Issuer may issue and sell additional notes of any one or more new classes of notes
that are fully subordinated to the existing Notes (or to the most junior class of notes of the Issuer issued pursuant to this Indenture,
if any class of Notes issued pursuant to this Indenture other than the Notes is then Outstanding (such additional notes, “Junior
Mezzanine Notes”)) and/or additional notes of any one or more existing Classes and use the net proceeds to purchase additional
Collateral Obligations or as otherwise permitted under this Indenture, subject to satisfaction by the Issuer of the conditions
set forth in Section 3.2 and provided that, the following conditions are met:

 

		(i)	the Portfolio Manager, the Retention Holder and a Supermajority of the Interests each consent in
writing prior to such issuance; provided that, only the consent of the Portfolio Manager and the Retention Holder
shall be required if additional notes are being issued in order to comply with the U.S. Risk Retention Rules;

 

		(ii)	solely in the case of an additional issuance of any Class A-1 Notes (other than any such additional
issuance that is a Risk Retention Issuance or that is being made contemporaneously with a Refinancing or an Optional Redemption
of the Class A-1 Notes), a Majority of the Class A-1 Notes consents to such issuance;

 

		(iii)	in the case of additional notes of any one or more existing Classes (other than a Risk Retention
Issuance), the aggregate principal amount of Notes of such Class issued in all additional issuances may not exceed 100% of the
respective original aggregate principal amount of the Notes of such Class, except that a larger proportion of Junior Mezzanine
Notes may be issued;

 

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		(iv)	in the case of additional notes of any one or more existing Classes, the terms of the notes issued
must be identical to the respective terms of previously issued Notes of the applicable Class (except that the interest due on additional
notes will accrue from the issue date of such additional notes) and, the interest rate and price of such notes do not have to be
identical to those of the initial Notes of that Class but, in the case of the Notes, the interest rate spread over LIBOR may not
exceed the interest rate spread over LIBOR applicable to the initial Notes of that Class;

 

		(v)	in the case of additional notes of an existing Class of Notes, such additional notes must be issued
at a Cash sales price equal to or greater than the principal amount thereof;

 

		(vi)	in the case of additional notes of any one or more existing Classes, unless only Junior Mezzanine
Notes are being issued or in the case of a Risk Retention Issuance, additional notes of all Classes must be issued and such issuance
of additional notes must be proportional across all Classes;

 

		(vii)	the Issuer notifies the Rating Agency of such issuance prior to the issuance date;

 

		(viii)	the proceeds of any additional notes (net of fees and expenses incurred in connection with such
issuance) shall be treated as Principal Proceeds and used to purchase additional Collateral Obligations, to invest in Eligible
Investments or be applied pursuant to the Priority of Payments or, solely with the proceeds of an issuance of Junior Mezzanine
Notes, applied as otherwise permitted under this Indenture (including any Permitted Use);

 

		(ix)	unless only Junior Mezzanine Notes are being issued or in the case of a Risk Retention Issuance,
the degree of compliance with respect to each Coverage Test is maintained or improved immediately after giving effect to such issuance
and the application of the proceeds thereof;

 

		(x)	Tax Advice shall be delivered to the Issuer to the effect that (A) such additional issuance shall
not result in the Issuer becoming subject to U.S. federal income taxation with respect to its net income or to any withholding
tax liability under Section 1446 of the Code and (B) any additional Class A-1 Notes, Class A-2 Notes, Class B-1 Notes, Class
B-2 Notes or Class C Notes will be treated as debt for U.S. federal income tax purposes; provided, however, that the Tax
Advice described in clause (x)(B) will not be required with respect to any additional Notes that bear a different CUSIP number
(or equivalent identifier) from the Notes of the same Class that are Outstanding at the time of the additional issuance;

 

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		(xi)	the Issuer shall comply with the requirements of Section 2.5, 7.9 and 8.1, as applicable;

 

		(xii)	in the case of any issuance of Junior Mezzanine Notes, either (A) Tax Advice is delivered to the
Trustee to the effect that such Junior Mezzanine Notes will be treated as debt for U.S. federal income tax purposes, or (B) (1)
unless otherwise specified in a signed investor representation letter in connection with the date such Junior Mezzanine Notes are
issued, each purchaser or transferee of any such note or any beneficial interest therein shall be deemed to represent that it is
not a Benefit Plan Investor or a Controlling Person, that for so long as it holds such notes, it will not be a Benefit Plan Investor
or a Controlling Person and, if it is subject to Similar Law, its acquisition and holding of such notes will not cause the Issuer
to be subject to any Similar Law, (2) any such Junior Mezzanine Notes sold to Persons that have represented (or are deemed to have
represented) that they are Benefit Plan Investors or Controlling Persons shall be issued in the form of Certificated Notes and
(3) no transfer of an interest in any such Junior Mezzanine Note to a proposed transferee that has represented that it is a Benefit
Plan Investor or Controlling Person will be effective, and the Trustee, the Registrar and the Issuer will not recognize any such
transfer, if to their knowledge, based on representations made or deemed to have been made by holders of such Junior Mezzanine
Notes, such transfer would result in Benefit Plan Investors owning 25% or more of the Aggregate Outstanding Amount of such class
of Junior Mezzanine Notes as determined in accordance with the Plan Asset Regulation and the Indenture; provided that, for
purposes of the foregoing calculation, (x) the investment by a Benefit Plan Investor shall be treated as plan assets for purposes
of calculating the 25% threshold under the significant participation test in accordance with the Plan Asset Regulation only the
extent of the percentage of the equity interests in such entity held by Benefit Plan Investors and (y) any such Junior Mezzanine
Note held by any Controlling Person shall be excluded and treated as not Outstanding; provided, further, that, for the avoidance
of doubt, if clause (xii)(A) above is not satisfied with respect to any Junior Mezzanine Notes issued after the Refinancing Date,
the Registrar shall not recognize any acquisition or transfer of Junior Mezzanine Notes if it knows, based on representations made
or deemed to have been made by the owners of such notes or any interest therein that such transfer would result in 25% or more
(or such lesser percentage determined by the Portfolio Manager and notified to the Trustee) of the Aggregate Outstanding Amount
of the class of Junior Mezzanine Notes to be transferred being held by Benefit Plan Investors, as calculated pursuant to the Plan
Asset Regulation and this Indenture, and (x) an Officer’s certificate of the Issuer shall be delivered to the Trustee
stating that the applicable conditions of this Section 2.13(a) have been satisfied; and

 

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		(xiii)	the Trustee has received an Officer’s certificate from the Issuer (or the Portfolio Manager
on behalf of the Issuer) certifying that the conditions to such additional issuance are satisfied.

 

		(b)	Any such additional issuance will be effected in a manner that will allow the Issuer to accurately
provide the information described in Treasury Regulations section 1.1275-3(b)(1)(i).

 

		(c)	Such additional notes of an existing Class may be offered at prices that differ from the applicable
initial offering price.

 

		(d)	Any additional notes of an existing Class issued as described above will, to the extent reasonably
practicable (and other than in the case of a Risk Retention Issuance), be offered first to Holders of such Class in such amounts
as are necessary to preserve their pro rata holdings of Notes of such Class. Notwithstanding the foregoing, the Portfolio
Manager and its Affiliates shall be afforded priority to purchase additional notes to the extent required, as determined by the
Portfolio Manager in its sole discretion, to comply with the U.S. Risk Retention Rules.

 

		(e)	Notwithstanding the foregoing, the Issuer may, with the written consent of the Portfolio Manager
and the Issuer, at any time issue Junior Mezzanine Notes to any Person for any reason and the proceeds of such issuance shall be
treated as Principal Proceeds or Interest Proceeds, as designated by the Portfolio Manager in its sole discretion.

 

Section 2.14.     
Issuer Purchases of Notes

 

		(a)	The Portfolio Manager, on behalf of the Issuer, may, during the Reinvestment Period only:

 

(i) use Principal
Proceeds (other than any such Principal Proceeds described in clause (a)(ii) below) to purchase the Notes (or beneficial interests
therein), in whole or in part, pursuant to a Note Purchase Offer (as defined below) and in accordance with, and subject to, the
terms described in this Section 2.14; and

 

(ii) use proceeds
from Contributions accepted and received into the Contribution Account (at the direction of the related Contributor or, if no such
direction, in the reasonable discretion of the Portfolio Manager) to purchase the Notes (or beneficial interests therein), in whole
or in part, through a tender offer, in the open market or in privately negotiated transactions (in each case, subject to applicable
law), and in accordance with, and subject to, clauses (c), (d) and (e) below.

 

The Trustee shall
cancel as described under Section 2.9 any such purchased Notes surrendered to it for cancellation, or, in the case of any Global
Notes, the Trustee shall decrease the Aggregate Outstanding Amount of such Global Notes in its records by the full par amount of
the purchased Notes, and instruct DTC or its nominee, as the case may be, to conform its records.

 

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		(b)	To effect a purchase of Notes with Principal Proceeds pursuant to clause (a)(i) above, the Portfolio
Manager on behalf of the Issuer shall, by notice to the Holders of the Notes of such Class, offer to purchase all or a portion
of the Notes (the “Note Purchase Offer”). The Note Purchase Offer shall specify (i) the purchase price (as a
percentage of par), which must be at a discount from par, (ii) the maximum amount of Principal Proceeds that will be used to effect
such purchase and (iii) the length of the period during which such offer will be open for acceptance. In connection with any such
purchase by the Issuer, the Issuer shall also pay accrued interest through the date of such purchase from Interest Proceeds. Pursuant
to the terms of the offer each such Holder shall have the right, but not the obligation, to accept such offer in accordance with
its terms. If the Aggregate Outstanding Amount of Notes of the relevant Class held by Holders who accept such offer exceeds the
amount of Principal Proceeds specified in such offer, a portion of the Notes of each accepting Holder shall be purchased pro
rata based on the respective principal amount held by each such Holder, subject to the Minimum Denomination applicable to such
Holder’s Notes.

 

		(c)	An Issuer purchase of the Notes may not occur unless each of the following conditions is satisfied:

 

		(i)	(A)	such purchases of Notes shall occur in the following
sequential order of priority: first, the Class A-1 Notes, until the Class A-1 Notes are retired in full; second,
the Class A-2 Notes, until the Class A-2 Notes are retired in full; third, the Class B-1 Notes and the Class B-2 Notes,
pro rata based on the respective Aggregate Outstanding Amounts of each such Class, until the Class B-1 Notes and the Class
B-2 Notes are retired in full and fourth, the Class C Notes until the Class C Notes are retired in full;

 

		(B)	each such purchase shall be effected only at prices discounted from par;

 

		(C)	each Coverage Test is satisfied immediately prior to each such purchase and will be satisfied,
maintained or improved after giving effect to such purchase;

 

		(D)	to the extent that Sale Proceeds are used to consummate any such purchase, either (I) each
requirement or test, as the case may be, of the Concentration Limitations and the Collateral Quality Test (other than the S&P
CDO Monitor Test) will be satisfied after giving effect to such purchase or (II) if any such requirement or test was not satisfied
immediately prior to such purchase, such requirement or test will be maintained or improved after giving effect to such purchase;

 

		(E)	no Event of Default shall have occurred and be continuing; and

 

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		(F)	each such purchase shall otherwise be conducted in accordance with applicable law;

 

		(ii)	the Trustee has received an Officer’s certificate of the Portfolio Manager to the effect
that the Note Purchase Offer has been provided to the holders of the Class of Notes subject to the purchase offer, and the conditions
in Section 2.14(c)(i) have been satisfied as determined in good faith by the Portfolio Manager; and

 

		(iii)	prior notice of such purchase shall have been provided to the Rating Agency.

 

		(d)	Any Notes purchased by the Issuer shall be surrendered to the Trustee for cancellation in accordance
with Section 2.9; provided that, any Notes purchased by the Issuer on a date that is later than a Record Date but
prior to the related Payment Date will not be cancelled until the day following the Payment Date; provided, further, that
for purposes of calculation of the Overcollateralization Ratio, any Notes purchased by the Issuer pursuant to this Section 2.14
shall be deemed to remain Outstanding until all Notes of the applicable Class and each Priority Class in the Note Payment Sequence
have been retired or redeemed in full, having an Aggregate Outstanding Amount equal to the Aggregate Outstanding Amount as of the
date of surrender, reduced proportionately with, and to the extent of, any payments of principal on Notes of the same Class thereafter.

 

		(e)	In connection with any purchase of Notes pursuant to this Section 2.14, the Issuer, or the Portfolio
Manager on its behalf, may by Issuer Order provide direction to the Trustee to take actions the Issuer, or the Portfolio Manager
on its behalf, deems necessary to give effect to the other provisions of this Indenture that may be affected by such purchase of
the Notes; provided that, no such direction may conflict with any express provision of this Indenture, including
a requirement to obtain the consent of the Holders prior to taking any such action.

 

ARTICLE
III

CONDITIONS PRECEDENT

 

Section 3.1.         
Conditions to Issuance of Notes on Refinancing Date

 

		(a)	The Notes to be issued on the Refinancing Date shall be registered in the names of the respective
Holders thereof and executed by the Issuer and delivered to the Trustee for authentication and thereupon the same shall be authenticated
and delivered by the Trustee upon Issuer Order and upon receipt by the Trustee of the following:

 

		(i)	Officer’s Certificate of the Issuer Regarding Corporate Matters. An Officer’s
certificate of the Issuer (A) evidencing the authorization by Resolution of the execution and delivery of this Indenture, the Portfolio
Management Agreement, the Collateral Administration Agreement and the Refinancing Purchase Agreement, the execution, authentication
and delivery of the Notes and specifying the Stated Maturity, principal amount and Interest Rate of each Class of Notes to be authenticated
and delivered and (B) certifying that (1) the copy of the Resolution attached thereto is a true and complete copy thereof, (2)
such Resolution has not been rescinded and is in full force and effect on and as of the Refinancing Date and (3) the Officers authorized
to execute and deliver such documents hold the offices and have the signatures indicated thereon.

 

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		(ii)	Governmental Approvals. From the Issuer either (A) a certificate of the Issuer or other
official document evidencing the due authorization, approval or consent of any governmental body or bodies, at the time having
jurisdiction in the premises, together with an Opinion of Counsel of the Issuer that no other authorization, approval or consent
of any governmental body is required for the performance by the Issuer of its obligations under this Indenture, the Portfolio Management
Agreement and the Collateral Administration Agreement or (B) an Opinion of Counsel of the Issuer that no such authorization, approval
or consent of any governmental body is required for the performance by the Issuer of its obligations under this Indenture, the
Portfolio Management Agreement, the Refinancing Purchase Agreement and the Collateral Administration Agreement except as has been
given (provided that, the opinions delivered pursuant to Section 3.1(a)(iii) below may satisfy this requirement).

 

		(iii)	U.S. Counsel Opinions. Opinions of Dechert LLP, special U.S. counsel to the Issuer and the
Portfolio Manager, Miles & Stockbridge P.C., special Maryland counsel to the Portfolio Manager, Richards, Layton & Finger,
P.A., special Delaware counsel to the Issuer, and Alston & Bird LLP, counsel to the Trustee and the Collateral Administrator,
each dated the Refinancing Date.

 

		(iv)	[Reserved].

 

		(v)	Officer’s Certificate of Issuer Regarding Indenture. An Officer’s certificate
of the Issuer stating that, to the best of the signing Officer’s knowledge, the Issuer is not in default under this Indenture
and that the issuance of the Notes will not result in a default or a breach of any of the terms, conditions or provisions of, or
constitute a default under, its organizational documents, any indenture or other agreement or instrument to which it is a party
or by which it is bound, or any order of any court or administrative agency entered in any Proceeding to which it is a party or
by which it may be bound or to which it may be subject; that all conditions precedent provided in this Indenture relating to the
authentication and delivery of the Notes have been complied with; that
all expenses due or accrued with respect to the Offering of such Notes or relating to actions taken on or in connection
with the Refinancing Date have been paid or reserves therefor have been made; and that all of its representations and warranties
contained in this Indenture are true and correct as of the Refinancing Date.

 

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		(vi)	Portfolio Management Agreement, Collateral Administration Agreement and Account Agreement.
An executed counterpart of the Portfolio Management Agreement and the Collateral Administration Agreement.

 

		(vii)	Certificate of the Portfolio Manager. An Officer’s certificate of the Portfolio Manager,
dated as of the Refinancing Date, to the effect that on the Refinancing Date, to the best of the Portfolio Manager’s knowledge:

 

		(A)	each Collateral Obligation included in the Assets as of the Refinancing Date satisfies the requirements
of the definition of “Collateral Obligation”;

 

		(B)	the Aggregate Principal Balance of the Collateral Obligations which the Issuer has purchased, acquired,
identified for acquisition or entered into binding commitments to purchase on or prior to the Refinancing Date is approximately
U.S.$511,700,000; and

 

		(C)	the execution of this Indenture and the issuance of the Notes on the Refinancing Date satisfies
the requirements of Section 9.2 of the Original Indenture.

 

		(viii)	Grant of Collateral Obligations. The Grant pursuant to the Granting Clauses of this Indenture
of all of the Issuer’s right, title and interest in and to the Collateral Obligations pledged to the Trustee for inclusion
in the Assets as of the Refinancing Date shall be effective, and Delivery of such Collateral Obligations (including each promissory
note and all other Underlying Instruments related thereto to the extent received by the Issuer) as contemplated by Section 3.3
shall have been effected which requirement shall be deemed satisfied by delivery of the Issuer’s certificate described in
clause (ix) below.

 

		(ix)	Certificate of the Issuer Regarding Assets. An Officer’s certificate of an Authorized
Officer of the Issuer, dated as of the Refinancing Date, to the effect that, with respect to each Collateral Obligation pledged
to the Trustee for inclusion in the Assets, on the Refinancing Date and immediately prior to Delivery thereof:

 

		(A)	the Issuer is the owner of such Collateral Obligation free and clear of any liens, claims or encumbrances
of any nature whatsoever except for (i) those which are being released on the Refinancing Date, (ii) those Granted pursuant to
or permitted by this Indenture, (iii) encumbrances arising from due bills, if any, with respect to interest, or a portion thereof,
accrued on such Collateral Obligation prior to the first Payment Date after the Refinancing Date and owed by the Issuer to the
seller of such Collateral Obligation and (iv) any other Permitted Liens;

 

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		(B)	the Issuer has acquired its ownership in such Collateral Obligation in good faith without notice
of any adverse claim, except as described in clause (A) above;

 

		(C)	the Issuer has not assigned, pledged or otherwise encumbered any interest in such Collateral Obligation
(or, if any such interest has been assigned, pledged or otherwise encumbered, it has been released) other than interests Granted
pursuant to this Indenture and the Account Agreement;

 

		(D)	the Issuer has full right to Grant a security interest in and assign and pledge all of its right,
title and interest in such Collateral Obligation to the Trustee;

 

		(E)	the Trustee has a first priority perfected security interest in such Collateral Obligation (assuming
that any Clearing Corporation, intermediary or other entity not within the control of the Issuer involved in the Delivery of such
Collateral Obligation takes the actions required of it for perfection of that interest), except as permitted by this Indenture;
and

 

		(F)	based on the certificate of the Portfolio Manager delivered pursuant to Section 3.1(a)(vii), the
Aggregate Principal Balance of the Collateral Obligations which the Issuer has purchased, acquired, identified for acquisition
or has entered into binding commitments to purchase prior to the Refinancing Date for settlement on or after the Refinancing Date
is approximately U.S.$511,700,000.

 

		(x)	Rating Letter. An Officer’s certificate of the Issuer to the effect that it has received
a true and correct copy of a letter from S&P and confirming that each Class of Notes has been assigned the applicable Initial
Rating and that such ratings are in effect on the Refinancing Date.

 

		(xi)	[Reserved].

 

		(xii)	Issuer Order for Deposit of Funds into Accounts. The Issuer has delivered to the Trustee
and the Trustee has deposited from the proceeds of the issuance of the Notes (A) the amount specified in such Issuer Order into
the Expense Reserve Account for use pursuant to Section 10.3(d); (B) U.S.$1,000,000 (the “Interest Reserve Amount”)
into the Interest Reserve Account for use pursuant to Section 10.3(e); and (C) U.S.$0 into the Revolver Funding Account for use
pursuant to Section 10.4.

 

		(xiii)	Required Consents. A Majority of the Interests and the Portfolio Manager have consented
to the execution of this Indenture and the Refinancing effected in connection herewith.

 

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		(xiv)	Other Documents. Such other documents as the Trustee may reasonably require; provided
that, nothing in this clause (xiv) shall imply or impose a duty on the part of the Trustee to require any other documents.

 

In addition, on the
Refinancing Date, the Trustee is hereby directed to (a) make distributions of Interest Proceeds and Principal Proceeds received
as of the end of the related Collection Period on deposit in the Collection Account pursuant to Section 11.1(a)(i) and Section
11.1(a)(ii) and (b) following the distribution under clause (a) above, deposit in the Payment Account the Refinancing Proceeds
(other than the amounts necessary to make the deposits described in clause (xii) above) to pay the Required Redemption Amount,
including the reasonable fees, costs, charges and expenses incurred by the Issuer, the Trustee, the Portfolio Manager and the Collateral
Administrator (including reasonable attorneys’ fees and expenses) in connection with the Refinancing occurring on the Refinancing
Date (as identified by Issuer or the Portfolio Manager on its behalf).

 

Section 3.2.         
Conditions to Additional Issuance

 

		(a)	Any additional notes to be issued in accordance with Section 2.13 may be executed by the Issuer
and delivered to the Trustee, in the case of additional notes, for authentication and thereupon the same shall be authenticated
and delivered by the Trustee upon Issuer Order and upon receipt by the Trustee of the following:

 

		(i)	Officer’s Certificate of the Issuer Regarding Corporate Matters. An Officer’s
certificate of the Issuer (A) evidencing the authorization by Resolution of the execution, authentication and delivery of the notes
applied for by it and specifying the Stated Maturity, principal amount and Interest Rate (if applicable) of the notes applied for
by it and (B) certifying that (1) the attached copy of the Resolution is a true and complete copy thereof, (2) such Resolution
has not been rescinded and is in full force and effect on and as of the date of issuance and (3) the Officers authorized to execute
and deliver such documents hold the offices and have the signatures indicated thereon.

 

		(ii)	Governmental Approvals. From the Issuer either (A) a certificate of the Issuer or other
official document evidencing the due authorization, approval or consent of any governmental body or bodies, at the time having
jurisdiction in the premises, together with an Opinion of Counsel of such Issuer that no other authorization, approval or consent
of any governmental body is required for the valid issuance of the additional notes or (B) an Opinion of Counsel of the Issuer
that no such authorization, approval or consent of any governmental body is required for the valid issuance of such additional
notes except as has been given.

 

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		(iii)	Officer’s Certificate of Issuer Regarding Indenture. An Officer’s certificate
of the Issuer stating that, to the best of the signing Officer’s knowledge, the Issuer is not in default under this Indenture
and that the issuance of the additional notes applied for by it will not result in a default or a breach of any of the terms, conditions
or provisions of, or constitute a default under, its organizational documents, any indenture or other agreement or instrument to
which it is a party or by which it is bound, or any order of any court or administrative agency entered in any Proceeding to which
it is a party or by which it may be bound or to which it may be subject; that the provisions of Section 2.13 and all conditions
precedent provided in this Indenture relating to the authentication and delivery of the additional notes applied for by it have
been complied with; that all expenses due or accrued with respect to the offering of such notes or relating to actions taken on
or in connection with the additional issuance have been paid or reserves therefor have been made; and that all of its representations
and warranties contained herein are true and correct as of the date of additional issuance.

 

		(iv)	Supplemental Indenture. A fully executed counterpart of any supplemental indenture making
such changes to this Indenture if necessary to permit such additional issuance.

 

		(v)	[Reserved].

 

		(vi)	Issuer Order for Deposit of Funds into Accounts. An Issuer Order signed in the name of the
Issuer by an Authorized Officer of the Issuer, dated as of the date of the additional issuance, authorizing the deposit of the
net proceeds of the issuance into the Collection Account for use pursuant to Section 10.2.

 

		(vii)	Evidence of Required Consents. A certificate of the Portfolio Manager consenting to such
additional issuance and satisfactory evidence of the consent of the holder of the Interests to such issuance (which may be in the
form of an Officer’s certificate of the Issuer).

 

		(viii)	Issuer Order for Deposit of Funds into Expense Reserve Account. An Issuer Order signed in
the name of the Issuer by an Authorized Officer of the Issuer, dated as of the date of the additional issuance, authorizing the
deposit of the requisite portion of the proceeds (if any), as directed by the Issuer (or the Portfolio Manager on behalf of the
Issuer) to the Trustee, of such additional issuance into the Expense Reserve Account for use pursuant to Section 10.3(d).

 

		(ix)	Evidence of Required Consents. Satisfactory evidence of the consent to such issuance by
the Portfolio Manager.

 

		(x)	Other Documents. Such other documents as the Trustee may reasonably require; provided
that, nothing in this clause (x) shall imply or impose a duty on the part of the Trustee to require any other documents.

 

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Section 3.3.         
Delivery of Collateral Obligations and Eligible Investments

 

		(a)	The Portfolio Manager, on behalf of the Issuer, shall Deliver or cause to be Delivered, within
two (2) Business Days after the related Cut-Off Date (with respect to any additional Collateral Obligations) to a custodian appointed
by the Issuer, which shall be a Securities Intermediary (the “Custodian”) or the Bank, as applicable, all Assets
in accordance with the definition of “Deliver.”

 

		(b)	The Custodian appointed hereby shall act as custodian for the Issuer and as custodian, agent and
bailee for the Trustee on behalf of the Secured Parties for purposes of perfecting the Trustee’s security interest in those
Assets in which a security interest is perfected by Delivery of the related Assets to the Custodian. As of the Refinancing Date,
the Custodian shall be the Bank. Any successor custodian shall be an Eligible Custodian. Subject to the limited right to relocate
Assets as provided in Section 7.5(b), the Trustee or the Custodian, as applicable, shall hold (i) all Collateral Obligations,
Eligible Investments, Cash and other investments purchased in accordance with this Indenture and (ii) any other property of
the Issuer otherwise Delivered to the Trustee or the Custodian, as applicable, by or on behalf of the Issuer, in the relevant Account
established and maintained pursuant to Article X; as to which in each case the Trustee shall have entered into the Account Agreement
with the Custodian providing, inter alia, that the establishment and maintenance of such Account will be governed by a law
of a jurisdiction satisfactory to the Issuer and the Trustee.

 

		(c)	Each time that the Portfolio Manager on behalf of the Issuer directs or causes the acquisition
of any Collateral Obligation, Eligible Investment or other investment, the Portfolio Manager (on behalf of the Issuer) shall, if
the Collateral Obligation, Eligible Investment or other investment is required to be, but has not already been, transferred to
the relevant Account, cause the Collateral Obligation, Eligible Investment or other investment to be Delivered to the Custodian
to be held in the Custodial Account (or in the case of any such investment that is not a Collateral Obligation, in the Account
in which the funds used to purchase the investment are held in accordance with Article X) for the benefit of the Trustee in accordance
with this Indenture. The security interest of the Trustee in the funds or other property used in connection with the acquisition
shall, immediately and without further action on the part of the Trustee, be released. The security interest of the Trustee shall
nevertheless come into existence and continue in the Collateral Obligation, Eligible Investment or other investment so acquired,
including all interests of the Issuer in any contracts related to and proceeds of such Collateral Obligation, Eligible Investment
or other investment.

 

ARTICLE
IV

SATISFACTION AND DISCHARGE; ILLIQUID ASSETS; LIMITATION ON

ADMINISTRATIVE EXPENSES

 

Section 4.1.         
Satisfaction and Discharge of Indenture

 

This Indenture shall be discharged and
shall cease to be of further effect except as to (i) rights of registration of transfer and exchange, (ii) substitution of mutilated,
defaced, destroyed, lost or stolen Notes, (iii) rights of Holders to receive payments of principal thereof and interest that accrued
prior to Maturity (and to the extent lawful and enforceable, interest on due and unpaid accrued interest) thereon, (iv) the rights,
obligations and immunities of the Portfolio Manager hereunder and under the Portfolio Management Agreement and of the Collateral
Administrator under the Collateral Administration Agreement, (v) the rights of Holders as beneficiaries hereof with respect to
the property deposited with the Trustee and payable to all or any of them (subject to Section 2.7(i)) and (vi) the rights and immunities
of the Trustee hereunder, and the obligations of the Trustee hereunder in connection with the foregoing clauses (i) through (v)
and otherwise under this Article IV (and the Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture) when:

 

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		(a)	(x) either:

 

		(i)	all Notes theretofore authenticated and delivered to Holders (other than (A) Notes which have been
mutilated, defaced, destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.6 or, (B) Notes for
whose payment Money has theretofore irrevocably been deposited in trust and thereafter repaid to the Issuer or discharged from
such trust, as provided in Section 7.3) have been delivered to the Trustee for cancellation; or

 

		(ii)	all Notes not theretofore delivered to the Trustee for cancellation (A) have become due and payable,
or (B) will become due and payable at their Stated Maturity within one year, or (C) are to be called for redemption pursuant to
Article IX under an arrangement satisfactory to the Trustee for the giving of notice of redemption by the Issuer pursuant to Sections
9.4 or 9.7 and the Issuer has irrevocably deposited or caused to be deposited with the Trustee, in trust for such purpose, Cash
or non-callable direct obligations of the United States of America (provided that, the obligations are entitled to
the full faith and credit of the United States of America or are debt obligations which are rated “AAA” by S&P,
in an amount sufficient, as recalculated in writing by a firm of Independent certified public accountants which are nationally
recognized) sufficient to pay and discharge the entire indebtedness on such Notes, for principal and interest payable thereon under
this Indenture to the date of such deposit (in the case of Notes which have become due and payable), or to their Stated Maturity
or Redemption Date, as the case may be, and shall have Granted to the Trustee a valid perfected security interest in such cash
or obligations that is of first priority or free of any adverse claim, as applicable, and shall have furnished an Opinion of Counsel
with respect to the creation and perfection of such security interest; provided that, this subsection (ii) shall
not apply if an election to act in accordance with the provisions of Section 5.5(a) shall have been made and not rescinded; and

 

(y)          the
Issuer has paid or caused to be paid all other sums payable by the Issuer hereunder and under the Collateral Administration Agreement
and the Portfolio Management Agreement; or

 

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		(b)	all Assets of the Issuer that are subject to the lien of this Indenture have been realized and
the proceeds thereof have been distributed, in each case in accordance with this Indenture, and the Accounts have been closed;

 

provided that, in
each case, the Issuer has delivered to the Trustee an Officer’s certificate (which may rely on information provided by the
Trustee or the Collateral Administrator as to the Cash, Collateral Obligations, Equity Securities and Eligible Investments included
in the Assets), stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture
have been complied with.

 

Notwithstanding the satisfaction
and discharge of this Indenture, the rights and obligations of the Issuer, the Trustee, the Portfolio Manager and, if applicable,
the Holders, as the case may be, under Sections 2.7, 4.2, 5.4(d), 5.9, 5.18, 6.1. 6.3, 6.6, 6.7, 7.1, 7.3, 13.1 and 14.15 shall
survive.

 

Section 4.2.         
Application of Trust Money

 

All Cash and obligations deposited with
the Trustee pursuant to Section 4.1 shall be held in trust and applied by it in accordance with the provisions of the Notes and
this Indenture, including, without limitation, the Priority of Payments, to the payment of principal and interest (or other amounts
with respect to the Interests), either directly or through any Paying Agent, as the Trustee may determine; and such Cash and obligations
shall be held in a segregated account identified as being held in trust for the benefit of the Secured Parties.

 

Section 4.3.         
Repayment of Monies Held by Paying Agent

 

In connection with the satisfaction and
discharge of this Indenture with respect to the Notes, all Monies then held by any Paying Agent other than the Trustee under the
provisions of this Indenture shall, upon demand of the Issuer, be paid to the Trustee to be held and applied pursuant to Section 7.3
and in accordance with the Priority of Payments and thereupon such Paying Agent shall be released from all further liability with
respect to such Monies.

 

Section 4.4.         
Disposition of Illiquid Assets

 

		(a)	If the Assets consist exclusively of Illiquid Assets, Eligible Investments and/or Cash, the Portfolio
Manager may request bids with respect to each such Illiquid Asset as described below after providing notice to the Holders and
requesting that any Holder that wishes to bid on any such Illiquid Asset notify the Trustee (with a copy to the Portfolio Manager)
of such intention within 15 Business Days after the date of such notice. The Trustee shall, after the end of such 15 Business Day
period, offer the Illiquid Assets for sale as determined and directed by the Portfolio Manager (in a manner and according to terms
determined by the Portfolio Manager (including from Persons identified to the Trustee by the Portfolio Manager) and pursuant to
sale documentation provided by the Portfolio Manager) and, if any Holder so notifies the Trustee that it wishes to bid, such Holder
shall be included in the distribution of sale offering or bid solicitation material in connection therewith and thereby given an
opportunity to participate with other bidders, if any. The Trustee shall request bids for the sale of each such Illiquid Asset,
in accordance with the procedures established by the Portfolio Manager, from (i) at least three Persons identified to the Trustee
by the Portfolio Manager that make a market in or specialize in obligations of the nature of such Illiquid Asset, (ii) the Portfolio
Manager, (iii) each Holder that so notified the Trustee that it wishes to bid and (iv) in the case of a public sale, any other
participating bidders, and the Trustee shall have no responsibility for the sufficiency or acceptability of such procedures for
any purpose or for any results obtained. The Trustee shall notify the Portfolio Manager promptly of the results of such bids. Subject
to the requirements of applicable law, (x) if the aggregate amount of the highest bids received (if any) is greater than or equal
to U.S.$100,000, the Issuer shall sell each Illiquid Asset to the highest bidder (which may include the Portfolio Manager and its
Affiliates) and (y) if the aggregate amount of the highest bids received is less than U.S.$100,000 or no bids are received, the
Trustee shall dispose of the Illiquid Assets as directed by the Portfolio Manager in its reasonable business judgment, which may
include (with respect to each Illiquid Asset) (I) selling it, at no cost to the Trustee, to the highest bidder (which may include
the Portfolio Manager and its Affiliates) if a bid was received; (II) donating it, at no cost to the Trustee, to a charitable organization
designated by the Portfolio Manager; (III) returning it to its issuer or Obligor for cancellation or (IV) abandonment.

 

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		(b)	Notwithstanding the foregoing, the Trustee shall not be under any obligation to dispose of or offer
for sale any Illiquid Assets pursuant to clause (a) above if the Trustee is not reasonably satisfied that payment of all expenses,
costs and liabilities to be incurred by the Trustee in connection with such disposition or offer, as the case may be, are indemnified
or provided for in a manner acceptable to the Trustee. In addition, the Trustee shall not dispose of Illiquid Assets in accordance
with Section 4.4(a) if directed not to do so, at any time following notice of such disposal and prior to release, or acceptance
of an offer for sale, of such Illiquid Asset, by a Majority of the Interests; provided that, arrangements satisfactory
to the Trustee have been made to pay for any accrued and unpaid Administrative Expenses and any additional Administrative Expenses
(including any dissolution and discharge expenses) reasonably expected to be incurred (after giving effect to Section 4.5). If
the Trustee is so directed and no satisfactory arrangements for payment have been made, then the Trustee shall be entitled to disregard
such direction and shall have no liability for taking or omitting to take any action in respect of such direction. In any event,
the Trustee shall have no liability for the results of any such sale or disposition of Illiquid Assets, including, without limitation,
if the proceeds received, if any, are insufficient to pay all outstanding Administrative Expenses in full.

 

Section 4.5.         
Limitation on Obligation to Incur Administrative Expenses

 

If at any time the sum of (i) the amount
of the Eligible Investments, (ii) Cash and (iii) amounts reasonably expected to be received by the Issuer in Cash during the current
Collection Period (as determined by the Portfolio Manager in its reasonable judgment) is less than the Dissolution Expenses, then
notwithstanding any other provision of this Indenture, the Issuer shall no longer be required to incur Administrative Expenses
as otherwise required by this Indenture to any Person or entity other than the Trustee, the Collateral Administrator (or any other
capacity in which the Bank is acting pursuant to the Transaction Documents) and their respective Affiliates, including for Opinions
of Counsel in connection with supplemental indentures pursuant to Article VIII, annual opinions under Section 7.6, services of
legal advisors and accountants under Sections 7.17 and 10.9 and fees of the Rating Agency under Section 7.14, and failure to pay
such amounts or provide or obtain such opinions, reports or services shall not constitute a Default hereunder, and the Trustee
shall have no liability for any failure to obtain or receive any of the foregoing opinions, reports or services. The foregoing
shall not, however, limit, supersede or alter any right afforded to the Trustee under this Indenture (or the Bank in any other
capacity) to refrain from taking action in the absence of its receipt of any such opinion, report or service which it reasonably
determines is necessary for its own protection.

 

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ARTICLE
V

REMEDIES

 

Section 5.1.         
Events of Default

 

“Event of Default”,
wherever used herein, means any one of the following events (whatever the reason for such Event of Default and whether it shall
be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any
order, rule or regulation of any administrative or governmental body):

 

		(a)	a default in the payment, when due and payable, of (i) any interest on any Class A-1 Note, Class
A-2 Note or Class B Note or, if there are no Class A-1 Notes, Class A-2 Notes or Class B Notes Outstanding, any Class C Note and,
in each case, the continuation of any such default for five Business Days, or (ii) any principal of, or interest or Deferred Interest
on, or any Redemption Price in respect of, any Note at its Stated Maturity or on any Redemption Date (other than a Special Redemption
Date); provided, that (x) in the case of a default under clause (i) or (ii) (other than such a default with respect to the
payment of interest on or principal of the Class A-1 Notes only) where (A) such default is due solely to a delayed or failed settlement
of any Asset sale by the Issuer (or the Portfolio Manager on the Issuer’s behalf), (B) the Issuer (or the Portfolio Manager
on the Issuer’s behalf) had entered into a binding agreement for the sale of such Asset prior to the applicable date on which
such payment is due and payable, (C) such delayed or failed settlement is due solely to circumstances beyond the control of the
Issuer and the Portfolio Manager and (D) the Issuer (or the Portfolio Manager on the Issuer’s behalf) has used commercially
reasonable efforts to cause such settlement to occur prior to such date and without such delay or failure, then such default will
not be an Event of Default unless such failure continues for 60 calendar days, (y) in the case of a default resulting from a failure
to disburse due to an administrative error or omission by the Portfolio Manager, the Trustee, the Collateral Administrator, the
Registrar or any Paying Agent, such default will not be an Event of Default unless such failure continues for 10 Business Days
after a Bank Officer of the Trustee receives written notice or has actual knowledge of such administrative error or omission (irrespective
of whether the cause of such administrative error or omission has been determined) and (z) in the case of any default on any Redemption
Date (other than a Special Redemption Date) with respect to which the notice of redemption has not been withdrawn in accordance
with this Indenture, such default will not be an Event of Default unless such default continues for a period of seven or more Business
Days;

 

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		(b)	the failure on any Payment Date to disburse amounts in excess of $100,000 that are available in
the Payment Account with respect to any amount payable in connection with the Notes, in each case, in accordance with the Priority
of Payments and continuation of such failure for a period of 10 Business Days; provided, that in the case of a default resulting
from a failure to disburse due to an administrative error or omission by the Portfolio Manager, the Trustee, the Collateral Administrator,
the Registrar or any Paying Agent or is due to another non-credit related reason, such default will not be an Event of Default
unless such failure continues for 10 Business Days after a Bank Officer of the Trustee receives written notice or has actual knowledge
of such administrative error or omission, irrespective of whether the cause of such administrative error or omission has been determined;

 

		(c)	either of the Issuer or the Assets becomes an investment company required to be registered under
the Investment Company Act (and such requirement has not been eliminated after a period of 45 days);

 

		(d)	except as otherwise provided in this Section 5.1, a default in any material respect in the performance,
or breach in any material respect, of any other covenant or other agreement of the Issuer in this Indenture (it being understood,
without limiting the generality of the foregoing, that any failure to meet any Concentration Limitation, Collateral Quality Test
or Coverage Test is not an Event of Default, except to the extent provided in clause (g) below), or the failure of any material
representation or warranty of the Issuer made in this Indenture or in any certificate or other writing delivered pursuant hereto
or in connection herewith to be correct in all material respects when the same shall have been made, which default, breach or failure
has a material adverse effect on the Holders, and the continuation of such default, breach or failure for a period of 45 Business
Days after notice by the Trustee at the direction of the Holders of a Majority of the Controlling Class to the Issuer and the Portfolio
Manager specifying such default, breach or failure and requiring it to be remedied and stating that such notice is a “Notice
of Default” hereunder; provided that, if the Issuer (as notified to the Trustee by the Portfolio Manager in writing),
has commenced curing such default, breach or failure during such 45 Business Day period specified above, such default, breach or
failure shall not constitute an Event of Default under this clause (d) unless it continues for a period of 60 Business Days (in
lieu of, but not in addition to, such 45 Business Day period specified above); provided, further, that the failure to effect
a Refinancing, Optional Redemption or Re-Pricing Amendment will not be an Event of Default;

 

		(e)	the entry of a decree or order by a court having competent jurisdiction adjudging the Issuer as
bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition
of or in respect of the Issuer under the Bankruptcy Code or any other applicable law, or appointing a receiver, liquidator, assignee,
or sequestrator (or other similar official) of the Issuer or of any substantial part of its property, respectively, or ordering
the winding-up or liquidation of its affairs, respectively, and the continuance of any such decree or order unstayed and in effect
for a period of 60 consecutive days;

 

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		(f)	the institution by the Issuer of Proceedings to have the Issuer adjudicated as bankrupt or insolvent,
or the consent of the Issuer to the institution of bankruptcy or insolvency Proceedings against the Issuer or the filing by the
Issuer of a petition or answer or consent seeking reorganization or relief under the Bankruptcy Code or any other similar applicable
law, or the consent by the Issuer to the filing of any such petition or to the appointment in a Proceeding of a receiver, liquidator,
assignee, trustee or sequestrator (or other similar official) of the Issuer or of any substantial part of its property, respectively,
or the making by the Issuer of an assignment for the benefit of creditors, or the admission by the Issuer in writing of its inability
to pay its debts generally as they become due, or the taking of any action by the Issuer in furtherance of any such action or the
members of the Issuer passing a resolution (in accordance with the Issuer LLCA) to have the Issuer wound up on a voluntary basis;
or

 

		(g)	on any Measurement Date on which any Class A-1 Notes are Outstanding, failure of the percentage
equivalent of a fraction, (i) the numerator of which is equal to (1) the sum of (x) the Aggregate Principal Balance of the Collateral
Obligations, excluding Defaulted Obligations and (y) without duplication, the amounts on deposit in the Collection Account (including
Eligible Investments therein) representing Principal Proceeds plus (2) the aggregate Market Value of all Defaulted Obligations
on such date and (ii) the denominator of which is equal to the Aggregate Outstanding Amount of the Class A-1 Notes, to equal or
exceed 102.5%.

 

Promptly upon obtaining knowledge
of the occurrence of an Event of Default, (i) the Issuer, (ii) the Trustee and (iii) the Portfolio Manager shall notify each other.
Upon the occurrence of an Event of Default known to a Bank Officer of the Trustee, the Trustee shall, not later than three Business
Days thereafter, notify the Holders, each Paying Agent, DTC and the Rating Agency of such Event of Default in writing (unless such
Event of Default has been waived as provided in Section 5.14).

 

Section 5.2.         
Acceleration of Maturity; Rescission and Annulment

 

		(a)	If an Event of Default occurs and is continuing (other than an Event of Default specified in Section
5.1(e) or (f)), the Trustee may (with the written consent of a Supermajority of the Controlling Class), and shall (upon the written
direction of a Supermajority of the Controlling Class), by notice to the Issuer, the Trustee, the Portfolio Manager and the Rating
Agency, declare the principal of the Notes to be immediately due and payable, and upon any such declaration the principal of the
Notes, together with all accrued and unpaid interest thereon (including, in the case of Deferred Interest Notes, any Deferred Interest)
through the date of acceleration and other amounts payable hereunder, shall become immediately due and payable. If an Event of
Default specified in Section 5.1(e) or (f) occurs, all unpaid principal, together with all accrued and unpaid interest thereon,
of all the Notes, and other amounts payable thereunder and hereunder, shall automatically become due and payable without any declaration
or other act on the part of the Trustee or any Holder.

 

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		(b)	At any time after such a declaration of acceleration of Maturity has been made and before a judgment
or decree for payment of the Money due has been obtained by the Trustee as hereinafter provided in this Article V, a Majority of
the Controlling Class by written notice to the Issuer, the Trustee, the Rating Agency and the Portfolio Manager, may rescind and
annul such declaration and its consequences if:

 

		(i)	The Issuer has paid or deposited with the Trustee a sum sufficient to pay:

 

		(A)	all unpaid installments of interest and principal then due and payable on the Notes (other than
the non-payment of amounts that have become due solely due to acceleration);

 

		(B)	to the extent that the payment of such interest is lawful, interest upon any Deferred Interest
at the applicable Interest Rate; and

 

		(C)	all unpaid taxes and Administrative Expenses (subject to the Administrative Expense Cap) of the
Issuer and other sums paid or advanced by the Trustee hereunder or by the Collateral Administrator under the Collateral Administration
Agreement or hereunder, accrued and unpaid Base Management Fee and any other amounts then payable by the Issuer hereunder prior
to such Administrative Expenses and such Base Management Fees; and

 

		(ii)	it has been determined that all Events of Default, other than the nonpayment of the interest on
or principal of the Notes that has become due solely by such acceleration, have (A) been cured, and a Majority of the Controlling
Class by written notice to the Trustee, with a copy to the Portfolio Manager, has agreed with such determination (which agreement
shall not be unreasonably withheld), or (B) been waived as provided in Section 5.14.

 

No such rescission shall affect
any subsequent Event of Default or impair any right consequent thereon. Any hedge agreement in effect upon such declaration of
an acceleration must remain in effect until liquidation of the Assets has begun and such declaration is no longer capable of being
rescinded or annulled; provided that, the Issuer shall nevertheless be entitled to designate an early termination date under
and in accordance with the terms of such hedge agreement.

 

Section 5.3.         
Collection of Indebtedness and Suits for Enforcement by Trustee

 

The Issuer covenants that if a default
shall occur in respect of the payment of any principal of or interest when due and payable on any Note, it will, upon demand of
the Trustee, pay to the Trustee, for the benefit of the Holder of such Note, the whole amount, if any, then due and payable on
such Note for principal and interest with interest upon the overdue principal and, to the extent that payments of such interest
shall be legally enforceable, upon overdue installments of interest, at the applicable Interest Rate, and, in addition thereto,
such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee and its agents and counsel.

 

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If the Issuer fails to pay such amounts
forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may, and shall upon the written direction
of a Supermajority of the Controlling Class, institute a Proceeding for the collection of the sums so due and unpaid, may prosecute
such Proceeding to judgment or final decree, and may enforce the same against the Issuer or any other Obligor upon the Notes and
collect the Monies adjudged or decreed to be payable in the manner provided by law out of the Assets.

 

If an Event of Default or Enforcement Event
occurs and is continuing, the Trustee may in its discretion, and shall (subject to its rights hereunder, including pursuant to
Section 6.3(d)) upon written direction of the Supermajority of the Controlling Class, proceed to protect and enforce its rights
and the rights of the Secured Parties by such appropriate Proceedings as the Trustee shall deem most effectual (if no such direction
is received by the Trustee) or as the Trustee may be directed by the Supermajority of the Controlling Class, to protect and enforce
any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise
of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Trustee by this Indenture
or by law.

 

In case there shall be pending Proceedings
relative to the Issuer or any other Obligor upon the Notes under the Bankruptcy Code or any other applicable bankruptcy, insolvency
or other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar
official shall have been appointed for or taken possession of the Issuer or its property or such other Obligor or its property,
or in the case of any other comparable Proceedings relative to the Issuer or other Obligor upon the Notes, or the creditors or
property of the Issuer or such other Obligor, the Trustee, regardless of whether the principal of any Note shall then be due and
payable as therein expressed or by declaration or otherwise and regardless of whether the Trustee shall have made any demand pursuant
to the provisions of this Section 5.3, shall be entitled and empowered, by intervention in such Proceedings or otherwise:

 

		(a)	to file and prove a claim or claims for the whole amount of principal and interest owing and unpaid
in respect of the Notes upon direction by a Majority of the Controlling Class and to file such other papers or documents as may
be necessary or advisable in order to have the claims of the Trustee (including any claim for reasonable compensation to the Trustee
and each predecessor Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all reasonable expenses
and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee, except as a result of negligence
or bad faith) and of the Holders of the Notes allowed in any Proceedings relative to the Issuer or other Obligor upon the Notes
or to the creditors or property of the Issuer or such other Obligor;

 

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		(b)	unless prohibited by applicable law and regulations, to vote on behalf of the Holders of the Notes
upon the written direction of a Majority of the Controlling Class, in any election of a trustee or a standby trustee in arrangement,
reorganization, liquidation or other bankruptcy or insolvency Proceedings or person performing similar functions in comparable
Proceedings; and

 

		(c)	to collect and receive any Monies or other property payable to or deliverable on any such claims,
and to distribute all amounts received with respect to the claims of the Holders and of the Trustee on their behalf; and any trustee,
receiver or liquidator, custodian or other similar official is hereby authorized by each of the Holders of the Notes to make payments
to the Trustee, and, in the event that the Trustee shall consent to the making of payments directly to the Holders of the Notes
to pay to the Trustee such amounts as shall be sufficient to cover reasonable compensation to the Trustee, each predecessor Trustee
and their respective agents, attorneys and counsel, and all other reasonable expenses and liabilities incurred, and all advances
made, by the Trustee and each predecessor Trustee except as a result of negligence or bad faith.

 

Nothing herein contained shall be deemed
to authorize the Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Holders of the Notes, any plan
of reorganization, arrangement, adjustment or composition affecting the Notes or any Holder thereof, or to authorize the Trustee
to vote in respect of the claim of any Holders of the Notes, as applicable, in any such Proceeding except, as aforesaid, to vote
for the election of a trustee in bankruptcy or similar person.

 

In any Proceedings brought by the Trustee
on behalf of the Holders of the Notes (and any such Proceedings involving the interpretation of any provision of this Indenture
to which the Trustee shall be a party), the Trustee shall be held to represent all the Holders of the Notes.

 

Notwithstanding anything in this Section
5.3 to the contrary, the Trustee may not sell or liquidate the Assets or institute Proceedings in furtherance thereof pursuant
to this Section 5.3 except according to the provisions specified in Section 5.5(a).

 

Section 5.4.         
Remedies

 

		(a)	If the Maturity of the Notes has been accelerated as provided in Section 5.2(a) and such acceleration
and its consequences have not been rescinded and annulled as provided in Section 5.2(b) (an “Enforcement Event”),
the Issuer agrees that the Trustee may, and shall, upon written direction (with a copy to the Portfolio Manager) of a Supermajority
of the Controlling Class (subject to the Trustee’s rights hereunder, including pursuant to Section 6.3(d)), to the extent
permitted by applicable law, exercise one or more of the following rights, privileges and remedies:

 

		(i)	institute Proceedings for the collection of all amounts then payable on the Notes or otherwise
payable under this Indenture, whether by declaration or otherwise, enforce any judgment obtained, and collect from the Assets any
Monies adjudged due;

 

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		(ii)	sell or cause the sale of all or a portion of the Assets or rights or interests therein, at one
or more public or private sales called and conducted in any manner permitted by law and in accordance with this Section 5.4 and
Section 5.17;

 

		(iii)	institute Proceedings from time to time for the complete or partial foreclosure of this Indenture
with respect to the Assets;

 

		(iv)	exercise any remedies of a secured party under the UCC and take any other appropriate action to
protect and enforce the rights and remedies of the Trustee and the Holders of the Notes hereunder (including exercising all rights
of the Trustee under the Account Agreement); and

 

		(v)	exercise any other rights and remedies that may be available at law or in equity;

 

provided that, the Trustee
may not sell or liquidate the Assets or institute Proceedings in furtherance thereof pursuant to this Section 5.4 except according
to the provisions of Section 5.5(a).

 

The Trustee may, but need not,
obtain and rely upon an opinion or advice of an Independent investment banking firm of national reputation (the cost of which shall
be payable as an Administrative Expense) experienced in structuring and distributing securities similar to the Notes, which may
be the Refinancing Initial Purchaser, the Refinancing Placement Agents or the Refinancing Structuring Agents or other appropriate
advisors, as to the feasibility of any action proposed to be taken in accordance with this Section 5.4 and as to the sufficiency
of the proceeds and other amounts receivable with respect to the Assets to make the required payments of principal of and interest
on the Notes, which opinion or advice shall be conclusive evidence as to such feasibility or sufficiency and the cost of which
shall be commercially reasonable.

 

		(b)	If an Event of Default as described in Section 5.1(d) has occurred and is continuing the Trustee
may, and at the written direction of the Holders of a Majority of the Controlling Class in accordance with Section 5.8(b) shall
(subject to the Trustee’s rights hereunder, including pursuant to Section 6.3(d)), institute a Proceeding solely to compel
performance of the covenant or agreement or to cure the representation or warranty, the breach of which gave rise to the Event
of Default under such Section 5.1(d), and enforce any equitable decree or order arising from such Proceeding.

 

		(c)	Upon any sale, whether made under the power of sale hereby given or by virtue of judicial Proceedings,
any Secured Party and any Affiliate of the Issuer may bid for and purchase the Assets or any part thereof and, upon compliance
with the terms of sale, may hold, retain, possess or dispose of such property in its or their own absolute right without accountability.

 

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Upon any sale, whether made under
the power of sale hereby given or by virtue of judicial Proceedings, the receipt of the Trustee, or of the Officer making a sale
under judicial Proceedings, shall be a sufficient discharge to the purchaser or purchasers at any sale for its or their purchase
Money, and such purchaser or purchasers shall not be obliged to see to the application thereof.

 

Any such sale, whether under any
power of sale hereby given or by virtue of judicial Proceedings, shall bind the Issuer, the Trustee and the Holders of the Notes,
shall operate to divest all right, title and interest whatsoever, either at law or in equity, of each of them in and to the property
sold, and shall be a perpetual bar, both at law and in equity, against each of them and their successors and assigns, and against
any and all Persons claiming through or under them.

 

		(d)	Notwithstanding any other provision of this Indenture, none of the Trustee, the Secured Parties
or the beneficial owners or Holders of any Notes may (and the beneficial owners and Holders of each Class of Notes agree, for the
benefit of all beneficial owners and Holders of each Class of Notes, that they shall not), prior to the date which is one year
(or if longer, any applicable preference period then in effect) plus one day after the payment in full of all Notes, institute
against, or join any other Person in instituting against, the Issuer, any bankruptcy, winding-up, reorganization, arrangement,
insolvency, winding-up, moratorium or liquidation Proceedings, or other Proceedings under U.S. federal or state bankruptcy or similar
laws. Nothing in this Section 5.4 shall preclude, or be deemed to estop, the Trustee, any Secured Party or any Holder (i) from
taking any action prior to the expiration of the aforementioned period in (A) any case or Proceeding voluntarily filed or commenced
by the Issuer or (B) any involuntary insolvency Proceeding filed or commenced by a Person other than the Trustee, such Secured
Party or such Holder, respectively, or (ii) from commencing against the Issuer or any of its properties any legal action which
is not a bankruptcy, reorganization, arrangement, insolvency, winding-up, moratorium or liquidation Proceeding.

 

		(e)	Notwithstanding anything to the contrary set forth herein, prior to the public sale of any Collateral
Obligation made under the power of sale hereby given in connection with an acceleration or other exercise of remedies, the Trustee
shall offer the Portfolio Manager or an Affiliate thereof a right of first refusal to purchase such Collateral Obligation (exercisable
within two Business Days after the related bid is provided by the Portfolio Manager to the Trustee) at a price equal to the highest
bid price determined by two of the nationally recognized loan pricing services identified in clause (i) of the definition of Market
Value received by the Portfolio Manager (and provided to the Trustee) in accordance with this Indenture (or if only one bid price
is available, such bid price). The Trustee shall have no responsibility or liability for (i) selling a Collateral Obligation to
the Portfolio Manager or an Affiliate thereof as described above, or the inability of any such party to provide a firm bid or (ii)
any delay, failure or loss of value in liquidating a Collateral Obligation as a result of the requirements above.

 

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Section 5.5.         
Optional Preservation of Assets

 

		(a)	If an Event of Default has occurred and is continuing (other than an Event of Default specified
in Section 5.1(e) or (f)) or an Enforcement Event has occurred (unless the Trustee has commenced remedies pursuant to Section 5.4),
then the Portfolio Manager may continue to direct sales and other dispositions, and purchases, of Collateral Obligations in accordance
with and to the extent permitted pursuant to Article XII and Section 4.4. If an Event of Default has occurred and is continuing
or an Enforcement Event has occurred, the Trustee shall retain the Assets securing the Notes intact (subject to the rights of the
Portfolio Manager pursuant to the preceding sentence), collect and cause the collection of the proceeds thereof and make and apply
all payments and deposits and maintain all accounts in respect of the Assets and the Notes in accordance with the Priority of Payments
and the provisions of Article X, Article XII and Article XIII, unless:

 

		(i)	the Trustee, pursuant to Section 5.5(c) and in consultation with the Portfolio Manager, determines
that the anticipated proceeds of a sale or liquidation of all or any portion of the Assets (after deducting the anticipated reasonable
expenses of any such sale or liquidation) would be sufficient to discharge in full the amounts then due (or, in the case of interest,
accrued) and unpaid on the Notes for principal and interest (including accrued and unpaid Deferred Interest) and all other amounts
that, pursuant to the Priority of Payments, are required to be paid prior to such payments on such Notes (including any amounts
due and owing, and any amounts anticipated to be due and owing), as Administrative Expenses (without regard to the Administrative
Expense Cap), and the Portfolio Manager and a Majority of the Controlling Class agrees with such determination; or

 

		(ii)	in the case of an Event of Default pursuant to Sections 5.1(a), (e), (f) or (g) (without regard
to the occurrence of any other Event of Default prior or subsequent to the occurrence of such Event of Default), (x) for so long
as any Class A-1 Notes remain Outstanding, a Supermajority of the Class A-1 Notes directs the sale and liquidation of the Assets
and (y) at any time when no Class A-1 Notes are Outstanding, a Supermajority of each Class of Notes (voting separately by Class)
directs the sale and liquidation of the Assets; or

 

		(iii)	in the case of an Event of Default pursuant to Sections 5.1(b), (c) or (d), a Supermajority of
each Class of the Notes (voting separately by Class) directs the sale and liquidation of the Assets.

 

Directions by Holders under clauses
(ii) and (iii) above will be effective when delivered to the Issuer, the Trustee and the Portfolio Manager. For the avoidance of
doubt, for the purposes of this Section 5.5, the Class A-1 Notes will constitute and vote together as a single Class and the Class
A-2 Notes will constitute and vote together as a single Class.

 

		(b)	Nothing contained in Section 5.5(a) shall be construed to require the Trustee to sell the Assets
securing the Notes if the conditions set forth in clause (i), (ii) or (iii) of Section 5.5(a) are not satisfied. Nothing contained
in Section 5.5(a) shall be construed to require the Trustee to preserve the Assets securing the Notes if prohibited by applicable
law.

 

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		(c)	In determining whether the condition specified in Section 5.5(a)(i) exists, the Trustee shall obtain,
with the cooperation and assistance of the Portfolio Manager, bid prices with respect to each security contained in the Assets
from two nationally recognized dealers (as specified (if possible) by the Portfolio Manager in writing) at the time making a market
in such securities and shall compute the anticipated proceeds of sale or liquidation on the basis of the lower of such bid prices
for each such security. In the event that the Trustee is only able to obtain bid prices with respect to each Asset from one nationally
recognized dealer at the time making a market in such Assets, the Trustee shall compute the anticipated proceeds of the sale or
liquidation on the basis of such one bid price for each such Asset. If the Trustee is unable to obtain any bids, the condition
specified in Section 5.5(a)(i) shall be deemed to not be satisfied. In addition, for the purposes of determining issues
relating to the execution of a sale or liquidation of the Assets and the execution of a sale or other liquidation thereof in connection
with a determination whether the condition specified in Section 5.5(a)(i) exists, the Trustee may retain and rely on an opinion
or advice of an Independent investment banking firm of national reputation or other appropriate advisors (the cost of which shall
be commercially reasonable and payable as an Administrative Expense).

 

The Trustee shall deliver to the
Holders and the Portfolio Manager a report stating the results of any determination required pursuant to Section 5.5(a)(i) no later
than 10 days after such determination is made. The Trustee shall make the determinations required by Section 5.5(a)(i) at the written
request of a Supermajority of the Controlling Class at any time during which the second sentence of Section 5.5(a) applies; provided
that, any such request made more frequently than once in any 90-day period shall be at the expense of such requesting party
or parties.

 

		(d)	The Trustee shall promptly give written notice to each Rating Agency then rating any Notes that
remain Outstanding of any such liquidation of the Assets (or subsequent rescission thereof) pursuant to this Section 5.5.

 

Section 5.6.         
Trustee May Enforce Claims Without Possession of Notes

 

All rights of action and claims under this
Indenture or under any of the Notes may be prosecuted and enforced by the Trustee without the possession of any of the Notes or
the production thereof in any trial or other Proceeding relating thereto, and any such action or Proceeding instituted by the Trustee
shall be brought in its own name as trustee and any recovery of judgment shall be applied as set forth in Section 5.7.

 

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Section
5.7.            Application of Money Collected

 

Following
the commencement of exercise of remedies by the Trustee pursuant to Section 5.4, any Money collected by the Trustee with respect
to the Notes pursuant to this Article V and any Money that may then be held or thereafter received by the Trustee with respect
to the Notes hereunder shall be applied, subject to Section 13.1 and in accordance with the Special Priority of Payments, at the
date or dates fixed by the Trustee. Upon the final distribution of all proceeds of any liquidation effected hereunder, the provisions
of Section 4.1(b) shall be deemed satisfied for the purposes of discharging this Indenture pursuant to Article IV.

 

Section
5.8.            Limitation on Suits

 

No
Holder of any Note shall have any right to institute any Proceedings, judicial or otherwise, with respect to this Indenture, any
other Transaction Document, any of the Notes or any other matter related thereto, or for the appointment of a receiver or trustee,
or for any other remedy hereunder, unless:

 

		(a)	such
                                         Holder previously has given to the Trustee (with a copy to the Portfolio Manager) written
                                         notice of an Event of Default;

 

		(b)	the
                                         Holders of a Majority of the Controlling Class shall have made a written request upon
                                         the Trustee to institute Proceedings in respect of such Event of Default in its own name
                                         as Trustee hereunder and such Holder or Holders have provided the Trustee indemnity or
                                         security reasonably satisfactory to the Trustee against the costs, expenses (including
                                         reasonable attorneys’ fees and expenses) and liabilities to be incurred in compliance
                                         with such request;

 

		(c)	the
                                         Trustee, for 30 days after its receipt of such notice, request and provision of such
                                         indemnity to the Trustee, has failed to institute any such Proceeding; and

 

		(d)	no
                                         direction inconsistent with such written request has been given to the Trustee during
                                         such 30-day period by a Supermajority of the Controlling Class; it being understood and
                                         intended that no one or more Holders shall have any right in any manner whatever by virtue
                                         of, or by availing itself of, any provision of this Indenture to affect, disturb or prejudice
                                         the rights of any other Holders of Notes of the same Class or to obtain or to seek to
                                         obtain priority or preference over any other Holders of the Notes of the same Class or
                                         to enforce any right under this Indenture, except in the manner herein provided and for
                                         the equal and ratable benefit of all the Holders of Notes of the same Class subject to
                                         and in accordance with Section 13.1 and the Priority of Payments.

 

In
the event the Trustee shall receive conflicting or inconsistent requests and indemnity pursuant to this Section 5.8 from two or
more groups of Holders of the Controlling Class, each representing less than a Majority of the Controlling Class, the Trustee
shall act in accordance with the request specified by the group of Holders with the greatest percentage of the Aggregate Outstanding
Amount of the Controlling Class, notwithstanding any other provisions of this Indenture. If all such groups represent the same
percentage, the Trustee, in its sole discretion, may determine what action, if any, shall be taken.

 

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Section
5.9.            Unconditional Rights of Holders to Receive Principal
and Interest

 

Subject
to Section 2.7(i), but notwithstanding any other provision of this Indenture, the Holder of any Note shall have the right, which
is absolute and unconditional, to receive payment of the principal of and interest on such Note (including, in the case of Deferred
Interest Notes, any Deferred Interest), as such principal, interest and other amounts become due and payable in accordance with
the Priority of Payments and Section 13.1, as the case may be, and, subject to the provisions of Section 5.4 and Section 5.8,
to institute proceedings for the enforcement of any such payment, and such right shall not be impaired without the consent of
such Holder. Holders of Notes ranking junior to Notes still Outstanding shall have no right to institute Proceedings for the enforcement
of any such payment until such time as no Note ranking senior to such Note remains Outstanding, which right shall be subject to
the provisions of Section 5.4(d) and Section 5.8, and shall not be impaired without the consent of any such Holder.

 

Section
5.10.        Restoration of Rights and Remedies

 

If
the Trustee or any Holder has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding
has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and
in every such case the Issuer, the Trustee and the Holder shall, subject to any determination in such Proceeding, be restored
severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Trustee and the
Holder shall continue as though no such Proceeding had been instituted.

 

Section
5.11.        Rights and Remedies Cumulative

 

No
right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right
or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right
and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right
or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or
remedy.

 

Section
5.12.        Delay or Omission Not Waiver

 

No
delay or omission of the Trustee or any Holder of Notes to exercise any right or remedy accruing upon any Event of Default or
Enforcement Event shall impair any such right or remedy or constitute a waiver of any such Event of Default or Enforcement Event
or an acquiescence therein or of a subsequent Event of Default or Enforcement Event. Every right and remedy given by this Article
V or by law to the Trustee or to the Holders of the Notes may be exercised from time to time, and as often as may be deemed expedient,
by the Trustee or by the Holders of the Notes.

 

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Section
5.13.        Control by Supermajority of Controlling Class

 

Notwithstanding
any other provision of this Indenture, a Supermajority of the Controlling Class shall have the right following the occurrence,
and during the continuance of, an Event of Default or Enforcement Event to cause the institution of and direct the time, method
and place of conducting any Proceeding for any remedy available to the Trustee or exercising any trust or power conferred upon
the Trustee under this Indenture; provided, that:

 

		(a)	such
                                         direction shall not conflict with any rule of law or with any express provision of this
                                         Indenture;

 

		(b)	the
                                         Trustee may take any other action deemed proper by the Trustee that is not inconsistent
                                         with such direction; provided, that subject to Section 6.1, the Trustee need not
                                         take any action that it determines might involve it in liability (unless the Trustee
                                         has received the indemnity as set forth in clause (c) below);

 

		(c)	the
                                         Trustee shall have been provided with security or indemnity reasonably satisfactory to
                                         it; and

 

		(d)	notwithstanding
                                         the foregoing, any direction to the Trustee to undertake a Sale and liquidation of the
                                         Assets must satisfy the requirements of Section 5.5.

 

Section
5.14.        Waiver of Past Defaults

 

Prior
to the time a judgment or decree for payment of the Money due has been obtained by the Trustee, as provided in this Article V,
a Majority of the Controlling Class may on behalf of the Holders of all the Notes waive (i) any past Event of Default, (ii) any
occurrence that is, or with notice or the lapse of time or both would become, an Event of Default and (iii) any future occurrence
that would give rise to an Event of Default of a type previously waived and its consequences, except any such Event of Default
or occurrence:

 

		(a)	in
                                         the payment of the principal of or interest on any Note (which may be waived only with
                                         the consent of the Holder of such Note);

 

		(b)	in
                                         respect of a covenant or provision hereof that under Section 8.2 cannot be modified or
                                         amended without the waiver or consent of the Holder of each Outstanding Note materially
                                         and adversely affected thereby (which may be waived only with the consent of each such
                                         Holder); or

 

		(c)	in
                                         respect of a representation contained in Section 7.19 (which may be waived by a Majority
                                         of the Controlling Class if the S&P Rating Condition is satisfied).

 

In
the case of any such waiver, the Issuer, the Trustee and the Holders shall be restored to their former positions and rights hereunder,
respectively, but no such waiver shall extend to any subsequent or other Event of Default or impair any right consequent thereto.
The Trustee shall promptly give written notice of any such waiver to the Rating Agency, the Portfolio Manager and each Holder.

 

Upon
any such waiver (other than a waiver of a future event), such Event of Default shall cease to exist, and any Event of Default
arising therefrom shall be deemed to have been cured, for every purpose of this Indenture. Any waiver of any future occurrence
must be revocable by a Majority of the Controlling Class, and may also be specifically limited to a designated period of time.

 

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Section
5.15.        Undertaking for Costs

 

All
parties to this Indenture agree, and each Holder of any Note by such Holder’s acceptance thereof shall be deemed to have
agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture,
or in any suit against the Trustee for any action taken, or omitted by it as the Trustee, the filing by any party litigant in
such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs,
including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good
faith of the claims or defenses made by such party litigant; but the provisions of this Section 5.15 shall not apply to any suit
instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in
Aggregate Outstanding Amount of the Controlling Class, or to any suit instituted by any Holder for the enforcement of the payment
of the principal of or interest on any Note on or after the applicable Stated Maturity (or, in the case of redemption, on or after
the applicable Redemption Date).

 

Section
5.16.        Waiver of Stay or Extension Laws

 

The
Issuer covenants (to the extent that they may lawfully do so) that it will not at any time insist upon, or plead, or in any manner
whatsoever claim or take the benefit or advantage of, any stay or extension law or any valuation, appraisement, redemption or
marshalling law or rights, in each case wherever enacted, now or at any time hereafter in force, which may affect the covenants,
the performance of or any remedies under this Indenture; and the Issuer (to the extent permitted by law) hereby expressly waives
all benefit or advantage of any such law or rights, and covenants that it will not hinder, delay or impede the execution of any
power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been
enacted or rights created.

 

Section
5.17.        Sale of Assets

 

		(a)	The
                                         power to effect any sale (a “Sale”) of any portion of the Assets pursuant
                                         to Sections 5.4 and 5.5 shall not be exhausted by any one or more Sales as to any portion
                                         of such Assets remaining unsold, but shall continue unimpaired until the entire Assets
                                         shall have been sold or all amounts secured by the Assets shall have been paid. The Trustee
                                         may upon notice to the Holders (with a copy to the Portfolio Manager), and shall, upon
                                         direction of a Majority of the Controlling Class, from time to time postpone any Sale
                                         by public announcement made at the time and place of such Sale. The Trustee hereby expressly
                                         waives its rights to any amount fixed by law as compensation for any Sale; provided
                                         that, the Trustee and the Portfolio Manager shall be authorized to deduct the reasonable
                                         costs, charges and expenses incurred by it in connection with such Sale from the proceeds
                                         thereof notwithstanding the provisions of Section 6.7; provided, further, that
                                         this Section 5.17 shall be qualified in its entirety by reference to Section 5.4(e).

 

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		(b)	Subject
                                         to Section 5.4(e), the Trustee may bid for and acquire any portion of the Assets in connection
                                         with a public Sale thereof, and may pay all or part of the purchase price by crediting
                                         against amounts owing on the Notes or other amounts secured by the Assets, all or part
                                         of the net proceeds of such Sale after deducting the reasonable costs, charges and expenses
                                         incurred by the Trustee in connection with such Sale notwithstanding the provisions of
                                         Section 6.7. The Notes need not be produced in order to complete any such Sale, or in
                                         order for the net proceeds of such Sale to be credited against amounts owing on the Notes.
                                         The Trustee may hold, lease, operate, manage or otherwise deal with any property so acquired
                                         in any manner permitted by law in accordance with this Indenture.

 

		(c)	If
                                         any portion of the Assets consists of securities issued without registration under the
                                         Securities Act (“Unregistered Securities”), the Trustee may seek an
                                         Opinion of Counsel, or, if no such Opinion of Counsel can be obtained and with the consent
                                         of a Majority of the Controlling Class, seek a no action position from the Securities
                                         and Exchange Commission or any other relevant federal or state regulatory authorities,
                                         regarding the legality of a public or private Sale of such Unregistered Securities.

 

		(d)	The
                                         Trustee shall execute and deliver an appropriate instrument of conveyance transferring
                                         its interest in any portion of the Assets in connection with a Sale thereof, without
                                         recourse, representation or warranty. In addition, the Trustee is has been irrevocably
                                         appointed the agent and attorney in fact of the Issuer to transfer and convey its interest
                                         in any portion of the Assets in connection with a Sale thereof, and to take all action
                                         necessary to effect such Sale. Such appointment as agent and attorney in fact is reaffirmed
                                         as of the Refinancing Date. No purchaser or transferee at such a sale shall be bound
                                         to ascertain the Trustee’s authority, to inquire into the satisfaction of any conditions
                                         precedent or see to the application of any Monies.

 

		(e)	Without
                                         limiting any rights of any party under Section 5.4(e), and notwithstanding any prior
                                         notice delivered thereunder, the Trustee shall provide notice as soon as reasonably practicable
                                         of any public Sale to the Holders of the Interests, and the Holders of the Interests
                                         and the Portfolio Manager shall be permitted to participate in any such public Sale to
                                         the extent permitted by applicable law and to the extent such Holders or the Portfolio
                                         Manager, as applicable, meet any applicable eligibility requirements with respect to
                                         such Sale.

 

Section
5.18.        Action on the Notes

 

The
Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall not be affected by the seeking or
obtaining of or application for any other relief under or with respect to this Indenture. Neither the lien of this Indenture nor
any rights or remedies of the Trustee or the Holders shall be impaired by the recovery of any judgment by the Trustee against
the Issuer or by the levy of any execution under such judgment upon any portion of the Assets or upon any of the assets of the
Issuer.

 

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ARTICLE
VI

THE TRUSTEE

 

Section
6.1.            Certain Duties and Responsibilities

 

		(a)	Except
                                         during the occurrence and continuation of an Event of Default known to the Trustee:

 

		(i)	the
                                         Trustee undertakes to perform such duties and only such duties as are specifically set
                                         forth in this Indenture, and no implied covenants or obligations shall be read into this
                                         Indenture against the Trustee; and

 

		(ii)	in
                                         the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth
                                         of the statements and the correctness of the opinions expressed therein, upon certificates
                                         or opinions furnished to the Trustee and conforming to the requirements of this Indenture;
                                         provided that, in the case of any such certificates or opinions which by any provision
                                         hereof are specifically required to be furnished to the Trustee, the Trustee shall be
                                         under a duty to examine the same to determine whether or not they substantially conform
                                         to the requirements of this Indenture and shall promptly, but in any event within three
                                         Business Days in the case of an Officer’s certificate furnished by the Portfolio
                                         Manager, notify the party delivering the same if such certificate or opinion does not
                                         conform. If a corrected form shall not have been delivered to the Trustee within 15 days
                                         after such notice from the Trustee, the Trustee shall so notify the Holders (with a copy
                                         to the Portfolio Manager).

 

		(b)	If
                                         an Event of Default known to the Trustee has occurred and is continuing, the Trustee
                                         shall, prior to the receipt of directions, if any, from a Majority (or Supermajority,
                                         as applicable) of the Controlling Class, or such other percentage as permitted by this
                                         Indenture, exercise such of the rights and powers vested in it by this Indenture, including
                                         providing direction to the Trustee on behalf of the Holders and use the same degree of
                                         care and skill in its exercise, as a prudent person would exercise or use under the circumstances
                                         in the conduct of such person’s own affairs.

 

		(c)	No
                                         provision of this Indenture shall be construed to relieve the Trustee from liability
                                         for its own negligent action, its own negligent failure to act, or its own willful misconduct,
                                         except that:

 

		(i)	this
                                         subsection shall not be construed to limit the effect of subsection (a) of this Section
                                         6.1;

 

		(ii)	the
                                         Trustee shall not be liable for any error of judgment made in good faith by a Bank Officer,
                                         unless it shall be proven that the Trustee was negligent in ascertaining the pertinent
                                         facts;

 

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		(iii)	the
                                         Trustee shall not be liable with respect to any action taken or omitted to be taken by
                                         it in good faith in accordance with the direction of the Issuer or the Portfolio Manager
                                         in accordance with this Indenture and/or a Majority (or such other percentage as may
                                         be required by the terms hereof) of the Controlling Class (or other Class if required
                                         or permitted by the terms hereof), relating to the time, method and place of conducting
                                         any Proceeding for any remedy available to the Trustee, or exercising any trust or power
                                         conferred upon the Trustee, under this Indenture;

 

		(iv)	no
                                         provision of this Indenture shall require the Trustee to expend or risk its own funds
                                         or otherwise incur any financial liability in the performance of any of its duties hereunder,
                                         or in the exercise of any of its rights or powers contemplated hereunder, if it shall
                                         have reasonable grounds for believing that repayment of such funds or adequate indemnity
                                         satisfactory to it against such risk or liability is not reasonably assured to it unless
                                         such risk or liability relates to the performance of its ordinary services, including
                                         providing notices under Article V, under this Indenture; and

 

		(v)	in
                                         no event shall the Trustee be liable for special, indirect, punitive or consequential
                                         loss or damage (including lost profits) even if the Trustee has been advised of the likelihood
                                         of such damages and regardless of such action.

 

		(d)	For
                                         all purposes under this Indenture, the Trustee shall not be deemed to have notice or
                                         knowledge of any Event of Default described in Sections 5.1(c), (d), (e), (f) or (g)
                                         unless a Bank Officer assigned to and working in the Corporate Trust Office has actual
                                         knowledge thereof or unless written notice of any event which is in fact such an Event
                                         of Default or Default is received by the Trustee at the Corporate Trust Office, and such
                                         notice references the Notes generally, the Issuer, the Assets or this Indenture. For
                                         purposes of determining the Trustee’s responsibility and liability hereunder, whenever
                                         reference is made in this Indenture to such an Event of Default or a Default, such reference
                                         shall be construed to refer only to such an Event of Default or Default of which the
                                         Trustee is deemed to have notice as described in this Section 6.1.

 

		(e)	The
                                         Trustee will deliver all notices to the Holders forwarded to the Trustee by the Issuer
                                         or the Portfolio Manager for such purpose. Upon the Trustee receiving written notice
                                         from the Portfolio Manager that an event constituting “cause” as defined
                                         in the Portfolio Management Agreement has occurred, the Trustee shall, not later than
                                         three Business Days thereafter, notify the Holders.

 

		(f)	Whether
                                         or not therein expressly so provided, every provision of this Indenture relating to the
                                         conduct or affecting the liability of or affording protection to the Trustee shall be
                                         subject to the provisions of this Section 6.1.

 

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		(g)	The
                                         Trustee shall, upon reasonable (but no less than three Business Days’) prior written
                                         notice to the Trustee, permit any representative of a Holder of a Note, during the Trustee’s
                                         normal business hours, to examine all books of account, records, reports and other papers
                                         of the Trustee (other than items protected by attorney-client privilege) relating to
                                         the Notes, to make copies and extracts therefrom (the reasonable out of pocket expenses
                                         incurred in making any such copies or extracts to be reimbursed to the Trustee by such
                                         Holder) and to discuss the Trustee’s actions, as such actions relate to the Trustee’s
                                         duties with respect to the Notes, with the Trustee’s Officers and employees responsible
                                         for carrying out the Trustee’s duties with respect to the Notes; provided that,
                                         no reports prepared by the Issuer’s Independent certified public accountants will
                                         be available for examination in violation of any confidentiality provisions contained
                                         therein.

 

		(h)	If
                                         within 80 calendar days of delivery of financial information or disbursements (which
                                         delivery may be via posting to the Trustee’s Website) the Bank receives written
                                         notice of an error or omission related thereto and, within five calendar days following
                                         the Bank’s providing a copy of such notice to the Portfolio Manager and the Issuer,
                                         the Portfolio Manager or the Issuer confirms such error or omission, the Bank shall use
                                         reasonable efforts to correct such error or omission and such use of reasonable efforts
                                         shall be the only obligation of the Bank in connection therewith. Beyond such period
                                         the Bank shall not be required to take any action and shall have no responsibility for
                                         the same. In no event shall the Bank be obligated to take any action at any time at the
                                         request or direction of any Person unless such Person shall have offered to the Bank
                                         indemnity or security reasonably satisfactory to it.

 

		(i)	The
                                         Trustee shall not have any obligation to (i) confirm the compliance by the Issuer, the
                                         Retention Holder or any other Person with EU Securitization Laws, U.S. Risk Retention
                                         Rules or the retention requirements of any other jurisdiction or (ii) determine or monitor
                                         whether a Retention Deficiency occurs.

 

		(j)	The
                                         Trustee is authorized, at the request of the Portfolio Manager, to accept directions
                                         or otherwise enter into agreements regarding the remittance of fees owing to the Portfolio
                                         Manager.

 

		(k)	The
                                         Trustee shall have no obligation to determine or verify the owners of the Interests in
                                         the Issuer. In connection with the provision of notices to such owners or the acceptance
                                         of an approval, consent or instruction therefrom, the Trustee shall be entitled to (i)
                                         provide any such notice to the Issuer as described in Section 14.4 hereof and (ii) conclusively
                                         rely upon any notice from the Issuer (or the Portfolio Manager on its behalf) as to any
                                         notice, consent, approval or instruction from the owners of the Interests, and shall
                                         have no liability for any failure or delay in acting hereunder as a result of a failure
                                         or delay on the part of the Issuer or the owners of such Interests to provide such notice,
                                         consent, approval or instruction.

 

		(l)	The
                                         Trustee shall have no obligation to determine or verify (i) if a Substitution Event has
                                         occurred, (ii) whether a Substitution Period has expired or if the Substitute Collateral
                                         Obligations Qualification Conditions in connection with any substitution have been satisfied,
                                         or (iii) the satisfaction of the Repurchase and Substitution Limit in connection with
                                         any repurchase or substitution or the calculation of the Transfer Deposit Amount in connection
                                         therewith.

 

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		(m)	The
                                         Trustee shall have no liability or responsibility for (i) the determination or selection
                                         of an Alternative Rate (including, without limitation, whether the conditions for the
                                         designation of such rate have been satisfied or whether any such rate constitutes a Designated
                                         Alternative Rate), (ii) the requirements for an Exchange Transaction or a Bankruptcy
                                         Exchange, (iii) the determination of Exchanged Equity Security Excess Proceeds, and makes
                                         no representation or warranty in respect of the sufficiency or validity of the Loan Sale
                                         Agreement or the terms thereof, (iv) the determination of whether the Retention Designation
                                         Condition is satisfied or whether it is reasonably likely that a Retention Deficiency
                                         would occur absent such designation, (v) the determination of Trading Gains or Restructured
                                         Asset Proceeds, (vi) the determination of whether the conditions to the designation by
                                         the Portfolio Manager of Trading Gains as Interest Proceeds in the definition of “Interest
                                         Proceeds” have been satisfied or (vii) the determination as to whether a Volcker
                                         Change Recission Event has occurred or the terms of any supplemental indenture in connection
                                         therewith.

 

Section
6.2.            Notice of Default

 

Promptly
(and in no event later than three Business Days) after the occurrence of any Default actually known to a Bank Officer of the Trustee
or after any declaration of acceleration has been made or delivered to the Trustee pursuant to Section 5.2, the Trustee shall
notify the Portfolio Manager, the Rating Agency and all Holders of all Defaults hereunder known to the Trustee, unless such Default
shall have been cured or waived.

 

Section
6.3.            Certain Rights of Trustee

 

Except
as otherwise provided in Section 6.1:

 

		(a)	the
                                         Trustee may conclusively rely and shall be fully protected in acting or refraining from
                                         acting upon any resolution, certificate, statement, instrument, opinion, report, electronic
                                         communication, notice, request, direction, consent, order, note or other paper or document
                                         believed by it to be genuine and to have been signed, sent or presented by the proper
                                         party or parties;

 

		(b)	any
                                         request or direction of the Issuer mentioned herein shall be sufficiently evidenced by
                                         an Issuer Request or Issuer Order, as the case may be;

 

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

 

		(d)	the
                                         Trustee shall be under no obligation to exercise or to honor any of the rights or powers
                                         vested in it by this Indenture at the request or direction of any of the Holders pursuant
                                         to this Indenture, unless such Holders shall have provided to the Trustee security or
                                         indemnity reasonably satisfactory to it against the costs, expenses (including reasonable
                                         attorneys’ fees and expenses) and liabilities which might reasonably be incurred
                                         by it in compliance with such request or direction;

 

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		(e)	the
                                         Trustee shall not be bound to make any investigation into the facts or matters stated
                                         in any resolution, certificate, statement, instrument, opinion, report, electronic communication,
                                         notice, request, direction, consent, order, note or other paper or document, but the
                                         Trustee, in its discretion, may, and upon the written direction of a Majority of the
                                         Controlling Class shall (subject to the right of the Trustee hereunder to be satisfactorily
                                         indemnified), make such further inquiry or investigation into such facts or matters as
                                         it may see fit or as it shall be directed, and the Trustee shall be entitled, on reasonable
                                         prior notice (but in any case, not less than five Business Days) to the Issuer and the
                                         Portfolio Manager, to examine the books and records relating to the Notes and the Assets,
                                         personally or by agent or attorney, during the Issuer’s or the Portfolio Manager’s
                                         normal business hours; provided that, the Trustee shall, and shall cause its agents
                                         to, hold in confidence all such information, except (i) to the extent disclosure may
                                         be required by law or any Governmental Authority and (ii) to the extent that the Trustee,
                                         in its sole discretion, may determine that such disclosure is consistent with its obligations
                                         hereunder; provided, further, that the Trustee may disclose on a confidential
                                         basis any such information to its agents, attorneys and auditors in connection with the
                                         performance of its responsibilities hereunder so long as the Trustee causes such agents,
                                         attorneys and auditors to hold in confidence all such information;

 

		(f)	the
                                         Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder
                                         either directly or by or through agents or attorneys; provided that, the Trustee
                                         shall not be responsible for any misconduct or negligence on the part of any agent appointed,
                                         or attorney appointed, with due care by it hereunder;

 

		(g)	the
                                         Trustee shall not be liable for any action it takes or omits to take in good faith that
                                         it reasonably believes to be authorized or within its rights or powers hereunder;

 

		(h)	nothing
                                         herein shall be construed to impose an obligation on the part of the Trustee to recalculate,
                                         monitor, evaluate or verify or independently determine the accuracy of any report, certificate
                                         or information received from the Issuer or Portfolio Manager (unless and except to the
                                         extent otherwise expressly set forth herein);

 

		(i)	to
                                         the extent any defined term hereunder, or any calculation required to be made or determined
                                         by the Trustee hereunder, is dependent upon or defined by reference to generally accepted
                                         accounting principles (as in effect in the United States) (“GAAP”),
                                         the Trustee shall be entitled to request and receive (and rely upon) instruction from
                                         the Issuer, from a firm of nationally recognized accountants (which may or may not be
                                         the Independent accountants appointed by the Issuer pursuant to Section 10.9(a)) or the
                                         accountants identified in the Accountants’ Report (and in the absence of its receipt
                                         of timely instruction therefrom, shall be entitled to obtain from an Independent accountant
                                         at the expense of the Issuer) as to the application of GAAP in such connection, in any
                                         instance;

 

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		(j)	the
                                         Trustee shall not be liable for the actions or omissions of, or any inaccuracies in the
                                         records of, the Portfolio Manager, the Issuer, the Transferor, the EU Retention Holder,
                                         DTC, Euroclear, Clearstream or any other clearing agency or depository or any Paying
                                         Agent (other than the Trustee), and without limiting the foregoing, the Trustee shall
                                         not be under any obligation to monitor, evaluate or verify compliance by the Portfolio
                                         Manager with the terms hereof or of the Portfolio Management Agreement, or by the Transferor
                                         with the terms of the Loan Sale Agreement or by the EU Retention Holder under the EU
                                         Retention Undertaking Letter, or to verify or independently determine (i) whether the
                                         Portfolio Manager has the authority to provide an instruction hereunder or under another
                                         Transaction Document or (ii) the accuracy of information received by the Trustee from
                                         the Portfolio Manager (or from any selling institution, agent bank, trustee or similar
                                         source) with respect to the Assets;

 

		(k)	notwithstanding
                                         any term hereof (or any term of the UCC that might otherwise be construed to be applicable
                                         to a Securities Intermediary) to the contrary, neither the Trustee nor the Custodian
                                         shall be under a duty or obligation in connection with the acquisition or Grant by the
                                         Issuer to the Trustee of any item constituting the Assets, or to evaluate the sufficiency
                                         of the documents or instruments delivered to it by or on behalf of the Issuer in connection
                                         with its Grant or otherwise, or in that regard to examine any Underlying Instrument,
                                         in each case, in order to determine compliance with applicable requirements of and restrictions
                                         on transfer in respect of such Assets;

 

		(l)	in
                                         the event the Bank is also acting in the capacity of Paying Agent, Registrar, Transfer
                                         Agent, Calculation Agent or Custodian, the rights, protections, benefits, immunities
                                         and indemnities afforded to the Trustee pursuant to this Article VI shall also be afforded
                                         to the Bank acting in such capacities; provided that, such rights, protections,
                                         benefits, immunities and indemnities shall be in addition to any rights, immunities and
                                         indemnities provided in the Account Agreement or any other documents to which the Bank
                                         in such capacity is a party; provided further that the foregoing shall not be
                                         construed to impose upon such Person the duties or standard of care (including any prudent
                                         person standard) of the Trustee;

 

		(m)	any
                                         permissive right of the Trustee to take or refrain from taking actions enumerated in
                                         this Indenture shall not be construed as a duty;

 

		(n)	to
                                         the extent permitted by applicable law, the Trustee shall not be required to give any
                                         bond or surety in respect of the execution of this Indenture or otherwise;

 

		(o)	the
                                         Trustee shall not be deemed to have notice or knowledge of any matter unless a Bank Officer
                                         has actual knowledge thereof or unless written notice thereof is received by the Trustee
                                         at the Corporate Trust Office and such notice references the Notes generally, the Issuer
                                         or this Indenture;

 

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

 

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		(q)	to
                                         the extent not inconsistent herewith, the rights, protections, indemnities and immunities
                                         afforded to the Trustee pursuant to this Indenture also shall be afforded to the Collateral
                                         Administrator; provided that, such rights, protections, immunities and
                                         indemnities shall be in addition to any rights, protections, immunities and indemnities
                                         provided in the Collateral Administration Agreement; provided further that the
                                         foregoing shall not be construed to impose upon the Collateral Administrator the duties
                                         or standard of care (including any prudent person standard) of the Trustee;

 

		(r)	in
                                         making or disposing of any investment permitted by this Indenture, the Trustee is authorized
                                         to deal with itself (in its individual capacity) or with any one or more of its Affiliates,
                                         in each case on an arm’s-length basis, whether it or such Affiliate is acting as
                                         a subagent of the Trustee or for any third person or dealing as principal for its own
                                         account. If otherwise qualified, obligations of the Bank or any of its Affiliates shall
                                         qualify as Eligible Investments hereunder;

 

		(s)	the
                                         Trustee or its Affiliates are permitted to receive additional compensation that could
                                         be deemed to be in the Trustee’s economic self-interest for (i) serving as investment
                                         adviser, administrator, shareholder, servicing agent, custodian or subcustodian with
                                         respect to certain of the Eligible Investments, (ii) using Affiliates to effect transactions
                                         in certain Eligible Investments and (iii) effecting transactions in certain Eligible
                                         Investments. Such compensation is not payable or reimbursable under Section 6.7;

 

		(t)	the
                                         Trustee shall have no duty (i) to see to any recording, filing, or depositing of this
                                         Indenture or any supplemental indenture or any financing statement or continuation statement
                                         evidencing a security interest, or to see to the maintenance of any such recording, filing
                                         or depositing or to any rerecording, refiling or redepositing of any thereof or (ii)
                                         to maintain any insurance;

 

		(u)	whenever
                                         in the administration of this Indenture the Trustee shall (i) deem it desirable that
                                         a matter be proved or established prior to taking, suffering or omitting any action hereunder,
                                         the Trustee (unless other evidence be herein specifically prescribed) may, in the absence
                                         of bad faith on its part, rely upon an Officer’s certificate or Issuer Order, or
                                         (ii) be required to determine the value of any Assets or funds hereunder or the cash
                                         flows projected to be received therefrom, the Trustee may, in the absence of bad faith
                                         on its part, rely on reports of nationally recognized accountants (which may or may not
                                         be the Independent accountants appointed by the Issuer), investment bankers or other
                                         Persons qualified to provide the information required to make such determination, including
                                         nationally recognized dealers in securities of the type being valued and securities quotation
                                         services; and

 

		(v)	the
                                         Trustee will be under no obligation to (i) confirm or verify whether the conditions to
                                         the Delivery of the Assets have been satisfied or (ii) determine whether or not a Collateral
                                         Obligation is eligible for purchase or exchange hereunder or meets the criteria in the
                                         definition thereof.

 

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Section
6.4.            Not Responsible for Recitals or Issuance of Notes

 

The
recitals contained herein and in the Notes, other than the Certificate of Authentication with respect to the Notes thereon, shall
be taken as the statements of the Issuer; and the Trustee assumes no responsibility for their correctness. The Trustee makes no
representation as to the validity or sufficiency of this Indenture (except as may be made with respect to the validity of the
Trustee’s obligations hereunder), the Assets or the Notes. The Trustee shall not be accountable for the use or application
by the Issuer of the Notes or the proceeds thereof or any Money paid to the Issuer pursuant to the provisions hereof.

 

Section
6.5.            May Hold Notes

 

The
Trustee, any Paying Agent, Registrar or any other agent of the Issuer, in its individual or any other capacity, may become the
owner or pledgee of Notes and may otherwise deal with the Issuer or any of its Affiliates with the same rights it would have if
it were not Trustee, Paying Agent, Registrar or such other agent.

 

Section
6.6.            Money Held in Trust

 

Money
held by the Trustee hereunder shall be held in trust to the extent required herein. The Trustee shall be under no liability for
interest on any Money received by it hereunder except to the extent of income or other gain on investments which are deposits
in or certificates of deposit of the Bank in its commercial capacity and income or other gain actually received by the Trustee
on Eligible Investments.

 

Section
6.7.            Compensation and Reimbursement

 

		(a)	The
                                         Issuer agrees:

 

		(i)	to
                                         pay the Trustee on each Payment Date reasonable compensation, as set forth in a separate
                                         fee schedule, for all services rendered by it hereunder (which compensation shall not
                                         be limited by any provision of law in regard to the compensation of a trustee of an express
                                         trust);

 

		(ii)	except
                                         as otherwise expressly provided herein, to reimburse the Trustee in a timely manner upon
                                         its request for all reasonable expenses, disbursements and advances incurred or made
                                         by the Trustee in accordance with any provision of this Indenture or other Transaction
                                         Document (including, without limitation, securities transaction charges and the reasonable
                                         compensation and expenses and disbursements of its agents and legal counsel and of any
                                         accounting firm or investment banking firm employed by the Trustee pursuant to Section
                                         5.4, 5.5 or 10.7, except any such expense, disbursement or advance as may be attributable
                                         to its negligence, willful misconduct or bad faith) but with respect to securities transaction
                                         charges, only to the extent any such charges have not been waived during a Collection
                                         Period due to the Trustee’s receipt of a payment from a financial institution with
                                         respect to certain Eligible Investments, as specified by the Portfolio Manager;

 

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		(iii)	to
                                         indemnify the Trustee and its Officers, directors, employees and agents for, and to hold
                                         them harmless against, any loss, liability or expense (including reasonable attorney’s
                                         fees and costs) incurred without negligence, willful misconduct or bad faith on their
                                         part, arising out of or in connection with the acceptance or administration of this trust
                                         or the performance of duties hereunder or under any of the other Transaction Documents,
                                         including the costs and expenses of defending themselves against any claim or liability
                                         in connection with the exercise or performance of any of their powers or duties hereunder
                                         and under any other agreement or instrument related hereto; and

 

		(iv)	to
                                         pay the Trustee reasonable additional compensation together with its expenses (including
                                         reasonable counsel fees) for any collection or enforcement action taken pursuant to Article
                                         V.

 

		(b)	The
                                         Trustee shall receive amounts pursuant to this Section 6.7 and any other amounts payable
                                         to it under this Indenture only as provided in Sections 11.1(a)(i), (ii) and (iii) (or
                                         in such other manner in which Administrative Expenses are permitted to be paid under
                                         this Indenture) and only to the extent that funds are available for the payment thereof.
                                         Subject to Section 6.9, the Trustee shall continue to serve as Trustee under this Indenture
                                         notwithstanding the fact that the Trustee shall not have received amounts due it hereunder;
                                         provided that, nothing herein shall impair or affect the Trustee’s
                                         rights under Section 6.9. No direction by the Holders shall affect the right of the Trustee
                                         to collect amounts owed to it under this Indenture. If on any date when a fee or expense
                                         shall be payable to the Trustee pursuant to this Indenture insufficient funds are available
                                         for the payment thereof, any portion of a fee or expense not so paid shall be deferred
                                         and payable on such later date on which a fee or expense shall be payable and sufficient
                                         funds are available therefor.

 

		(c)	The
                                         Trustee hereby agrees not to cause any Bankruptcy Filing with respect to the Issuer until
                                         at least one year (or if longer the applicable preference period then in effect) plus
                                         one day, after the payment in full of all Notes issued under this Indenture.

 

		(d)	The
                                         Issuer’s payment obligations to the Trustee under this Section 6.7 shall be secured
                                         by the lien of this Indenture, and shall survive the discharge of this Indenture and
                                         the resignation or removal of the Trustee. When the Trustee incurs expenses after the
                                         occurrence of a Default or an Event of Default under Section 5.1(e) or (f), the expenses
                                         are intended to constitute expenses of administration under Bankruptcy Code or any other
                                         applicable federal or state bankruptcy, insolvency or similar law.

 

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Section
6.8.            Corporate Trustee Required; Eligibility

 

		(a)	There
                                         shall at all times be a Trustee hereunder which shall be an Independent organization
                                         or entity organized and doing business under the laws of the United States of America
                                         or of any state thereof, authorized under such laws to exercise corporate trust powers,
                                         having a combined capital and surplus of at least U.S.$200,000,000, subject to supervision
                                         or examination by federal or state authority, having a rating of at least “BBB+”
                                         by S&P (or such other rating for which the S&P Rating Condition is satisfied)
                                         and having an office within the United States; provided, that if the Trustee is
                                         downgraded by the applicable Rating Agency below such Rating Agency’s minimum rating
                                         or counterparty risk assessment as set forth in this sentence, the Trustee (x) shall
                                         promptly notify the Issuer and the Portfolio Manager of such downgrade in writing and
                                         (y) may, with the consent of the Portfolio Manager and the Issuer to the following procedure,
                                         retain its eligibility if it obtains or has obtained (at its own expense) or, to the
                                         extent the Issuer or the Portfolio Manager requests that the Trustee retain its eligibility
                                         (at the Issuer’s expense), prior to appointment of a successor trustee, (i) a confirmation
                                         from the applicable Rating Agency that downgraded the Trustee or counterparty risk assessment
                                         that such Rating Agency’s then-current rating of the Notes will not be downgraded
                                         or withdrawn by reason of such downgrade of the Trustee’s rating or (ii) a written
                                         waiver or other written acknowledgement (which may be evidenced by an exchange of electronic
                                         messages or facsimiles) from such Rating Agency that it will not review such Rating Agency’s
                                         then-current rating of the Notes in such circumstances. If such organization or entity
                                         publishes reports of condition at least annually, pursuant to law or to the requirements
                                         of the aforesaid supervising or examining authority, then for the purposes of this Section
                                         6.8, the combined capital and surplus of such organization or entity shall be deemed
                                         to be its combined capital and surplus as set forth in its most recent published report
                                         of condition. The Trustee shall inform the Issuer and the Portfolio Manager upon satisfaction
                                         of the foregoing requirements. If at any time the Trustee shall cease to be eligible
                                         and fails to obtain such confirmation, waiver or acknowledgement in accordance with the
                                         provisions of this Section 6.8, it shall resign immediately in the manner and with the
                                         effect hereinafter specified in this Article VI.

 

		(b)	The
                                         Trustee shall be a “bank” (as defined under the Investment Company Act) and
                                         shall not be “affiliated” (as defined in Rule 405 under the Securities Act)
                                         with the Issuer or any person involved in the organization or operation of the Issuer
                                         and shall not offer or provide credit or credit enhancement to the Issuer.

 

		(c)	If
                                         such organization or entity publishes reports of condition at least annually, pursuant
                                         to law or to the requirements of the aforesaid supervising or examining authority, then
                                         for the purposes of this Section 6.8, the combined capital and surplus of such organization
                                         or entity shall be deemed to be its combined capital and surplus as set forth in its
                                         most recent published report of condition.

 

		(d)	If
                                         at any time the Trustee shall cease to be eligible in accordance with the provisions
                                         of this Section 6.8, it shall resign immediately in the manner and with the effect hereinafter
                                         specified in this Article VI.

 

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Section
6.9.            Resignation and Removal; Appointment of Successor

 

		(a)	No
                                         resignation or removal of the Trustee and no appointment of a successor Trustee pursuant
                                         to this Article VI shall become effective until the acceptance of appointment by the
                                         successor Trustee under Section 6.10.

 

		(b)	The
                                         Trustee may resign at any time by giving not less than 60 days’ written notice
                                         thereof to the Issuer, the Portfolio Manager, the Holders and the Rating Agency. Upon
                                         receiving such notice of resignation, the Issuer shall promptly appoint a successor trustee
                                         or trustees satisfying the requirements of Section 6.8 by written instrument, in duplicate,
                                         executed by an Authorized Officer of the Issuer, one copy of which shall be delivered
                                         to the Trustee so resigning and one copy to the successor Trustee or Trustees, together
                                         with a copy to each Holder and the Portfolio Manager; provided that, such
                                         successor Trustee shall be appointed only upon the written consent of a Majority of each
                                         Class of the Notes or, at any time when an Event of Default has occurred and is continuing
                                         or an Enforcement Event has occurred or when a successor Trustee has been appointed pursuant
                                         to Section 6.9(e), by an Act of a Majority of the Controlling Class. If no successor
                                         Trustee shall have been appointed and an instrument of acceptance by a successor Trustee
                                         shall not have been delivered to the Trustee within 30 days after the giving of such
                                         notice of resignation, the resigning Trustee or any Holder, on behalf of itself and all
                                         others similarly situated, may petition any court of competent jurisdiction for the appointment
                                         of a successor Trustee satisfying the requirements of Section 6.8.

 

		(c)	The
                                         Trustee may be removed at any time with 30 days’ notice by Act of a Majority of
                                         each Class of Notes (for which purpose, the Class A-1 Notes will constitute and vote
                                         together as a single Class, the Class A-2 Notes will constitute and vote together as
                                         a single Class, the Class B-1 Notes will constitute and vote together as a single Class,
                                         the Class B-2 Notes will constitute and vote together as a single Class and the Class
                                         C Notes will constitute and vote together as a single Class) or, at any time when an
                                         Event of Default has occurred and is continuing or an Enforcement Event has occurred
                                         by an Act of a Majority of the Controlling Class, delivered to the Trustee and to the
                                         Issuer.

 

		(d)	If
                                         at any time:

 

		(i)	the
                                         Trustee shall cease to be eligible under Section 6.8 and shall fail to resign after written
                                         request therefor by the Issuer or by any Holder; or

 

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

 

then,
in any such case (subject to Section 6.9(a)), (A) the Issuer, by Issuer Order, may remove the Trustee, or (B) subject to Section
5.15, any Holder may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for
the removal of the Trustee and the appointment of a successor Trustee.

 

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		(e)	If
                                         the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall
                                         occur in the office of the Trustee for any reason (other than resignation), the Issuer,
                                         by Issuer Order, shall promptly appoint a successor Trustee. If the Issuer shall fail
                                         to appoint a successor Trustee within 30 days after such resignation, removal or incapability
                                         or the occurrence of such vacancy, a successor Trustee may be appointed by a Majority
                                         of the Controlling Class by written instrument delivered to the Issuer and the retiring
                                         Trustee. The successor Trustee so appointed shall, forthwith upon its acceptance of such
                                         appointment, become the successor Trustee and supersede any successor Trustee proposed
                                         by the Issuer. If no successor Trustee shall have been so appointed by the Issuer or
                                         a Majority of the Controlling Class and shall have accepted appointment in the manner
                                         hereinafter provided, subject to Section 5.15, any Holder or the Trustee may, on behalf
                                         of itself and all others similarly situated, petition any court of competent jurisdiction
                                         for the appointment of a successor Trustee.

 

		(f)	The
                                         Issuer shall give prompt notice of each resignation and each removal of the Trustee and
                                         each appointment of a successor Trustee by providing notice of such event to the Portfolio
                                         Manager, to the Rating Agency and to the Holders. Each notice shall include the name
                                         of the successor Trustee and the address of its Corporate Trust Office. If the Issuer
                                         fails to provide such notice within 10 days after acceptance of appointment by the successor
                                         Trustee, the successor Trustee shall cause such notice to be given at the expense of
                                         the Issuer.

 

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

 

Section
6.10.        Acceptance of Appointment by Successor

 

Every
successor Trustee appointed hereunder shall meet the requirements of Section 6.8 and shall execute, acknowledge and deliver to
the Issuer and the retiring Trustee an instrument accepting such appointment and making the representations and warranties set
forth in this Indenture. Upon delivery of the required instruments, the resignation or removal of the retiring Trustee shall become
effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers,
trusts, duties and obligations of the retiring Trustee; but, on request of the Issuer or a Majority of any Class of Notes or the
successor Trustee, such retiring Trustee shall, upon payment of its charges then unpaid, execute and deliver an instrument transferring
to such successor Trustee all the rights, powers and trusts of the retiring Trustee, and shall duly assign, transfer and deliver
to such successor Trustee all property and Money held by such retiring Trustee hereunder. Upon request of any such successor Trustee,
the Issuer shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee
all such rights, powers and trusts.

 

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Section
6.11.        Merger, Conversion, Consolidation or Succession to Business of Trustee

 

Any
organization or entity into which the Trustee may be merged or converted or with which it may be consolidated, or any organization
or entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any organization or
entity succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee
hereunder, provided that, such organization or entity shall be otherwise qualified and eligible under this Article
VI, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any of the
Notes has been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation
to such authenticating Trustee may adopt such authentication and deliver the Notes so authenticated with the same effect as if
such successor Trustee had itself authenticated such Notes.

 

Section
6.12.        Co-Trustees

 

At
any time or times, for the purpose of meeting the legal requirements of any jurisdiction in which any part of the Assets may at
the time be located, the Issuer and the Trustee shall have power to appoint one or more Persons to act as co-trustee that satisfies
the eligibility requirements set forth in Section 6.8 (subject to notice to the Rating Agency), jointly with the Trustee, of all
or any part of the Assets, with the power to file such proofs of claim and take such other actions pursuant to Section 5.6 herein
and to make such claims and enforce such rights of action on behalf of the Holders, as such Holders themselves may have the right
to do, subject to the other provisions of this Section 6.12 and to perform such other acts as may be determined by the Issuer
and the Trustee.

 

The
Issuer shall join with the Trustee in the execution, delivery and performance of all instruments and agreements necessary or proper
to appoint a co-trustee. If the Issuer does not join in such appointment within 15 Business Days after the receipt by the Issuer
of a request to do so, the Trustee shall have the power to make such appointment.

 

Should
any written instrument from the Issuer be required by any co-trustee so appointed, more fully confirming to such co-trustee such
property, title, right or power, any and all such instruments shall, on request, be executed, acknowledged and delivered by the
Issuer. The Issuer agrees to pay as Administrative Expenses, to the extent funds are available therefor under the Priority of
Payments, for any reasonable fees and expenses in connection with such appointment.

 

Every
co-trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms:

 

		(a)	the
                                         Notes shall be authenticated and delivered, and all rights, powers, duties and obligations
                                         hereunder in respect of the custody of securities, Cash and other personal property held
                                         by, or required to be deposited or pledged with, the Trustee hereunder, shall be exercised,
                                         solely by the Trustee;

 

		(b)	the
                                         rights, powers, duties and obligations hereby conferred or imposed upon the Trustee in
                                         respect of any property covered by the appointment of a co-trustee shall be conferred
                                         or imposed upon and exercised or performed by the Trustee or by the Trustee and such
                                         co-trustee jointly as shall be provided in the instrument appointing such co-trustee;

 

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		(c)	the
                                         Trustee at any time, by an instrument in writing executed by it, with the concurrence
                                         of the Issuer evidenced by an Issuer Order, may accept the resignation of or remove any
                                         co-trustee appointed under this Section 6.12, and in case an Event of Default has occurred
                                         and is continuing or an Enforcement Event has occurred, the Trustee shall have the power
                                         to accept the resignation of, or remove, any such co-trustee without the concurrence
                                         of the Issuer. A successor to any co-trustee so resigned or removed may be appointed
                                         in the manner provided in this Section 6.12;

 

		(d)	no
                                         co-trustee hereunder shall be personally liable by reason of any act or omission of the
                                         Trustee hereunder;

 

		(e)	the
                                         Trustee shall not be liable by reason of any act or omission of a co-trustee; and

 

		(f)	any
                                         Act of Holders delivered to the Trustee shall be deemed to have been delivered to each
                                         co-trustee.

 

The
Issuer shall notify the Rating Agency and the Portfolio Manager of the appointment of a co-trustee hereunder.

 

Section
6.13.        Certain Duties of Trustee Related to Delayed Payment of Proceeds

 

In
the event that the Trustee shall not have received a payment with respect to any Asset on its Due Date, (a) the Trustee shall
promptly notify the Issuer and the Portfolio Manager in writing (including by email) and (b) unless within three Business Days
(or the end of the applicable grace period for such payment, if any) after such notice (x) such payment shall have been received
by the Trustee or (y) the Issuer, in its absolute discretion (but only to the extent permitted by Section 10.2(a)), shall
have made provision for such payment satisfactory to the Trustee in accordance with Section 10.2(a), the Trustee shall, not later
than the Business Day immediately following the last day of such period and in any case upon request by the Portfolio Manager,
request the issuer of such Asset, the trustee under the related Underlying Instrument or paying agent designated by either of
them, as the case may be, to make such payment as soon as practicable after such request but in no event later than three Business
Days after the date of such request. In the event that such payment is not made within such time period, the Trustee, subject
to the provisions of clause (iv) of Section 6.1(c), shall take such action as the Portfolio Manager shall direct. Any such action
shall be without prejudice to any right to claim a Default or Event of Default under this Indenture. In the event that the Issuer
or the Portfolio Manager requests a release of an Asset and/or delivers an additional Collateral Obligation in connection with
any such action under the Portfolio Management Agreement or this Indenture, such release and/or substitution shall be subject
to Section 10.8 and Article XII of this Indenture, as the case may be. Notwithstanding any other provision hereof, the Trustee
shall deliver to the Issuer or its designee any payment with respect to any Asset or any additional Collateral Obligation received
after the Due Date thereof to the extent the Issuer previously made provisions for such payment satisfactory to the Trustee in
accordance with this Section 6.13 and such payment shall not be deemed part of the Assets.

 

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Section
6.14.        Authenticating Agents

 

Upon
the request of the Issuer, the Trustee shall, and if the Trustee so chooses the Trustee may, appoint one or more Authenticating
Agents with power to act on its behalf and subject to its direction in the authentication of Notes in connection with issuance,
transfers and exchanges under Sections 2.4, 2.5, 2.6 and 8.5, as fully to all intents and purposes as though each such Authenticating
Agent had been expressly authorized by such Sections to authenticate such Notes. For all purposes of this Indenture, the authentication
of Notes by an Authenticating Agent pursuant to this Section 6.14 shall be deemed to be the authentication of Notes by the Trustee.

 

Any
corporation into which any Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any corporation
succeeding to the corporate trust business of any Authenticating Agent, shall be the successor of such Authenticating Agent hereunder,
without the execution or filing of any further act on the part of the parties hereto or such Authenticating Agent or such successor
corporation.

 

Any
Authenticating Agent may at any time resign by giving written notice of resignation to the Trustee and the Issuer (with a copy
to the Portfolio Manager). The Trustee may at any time terminate the agency of any Authenticating Agent by giving written notice
of termination to such Authenticating Agent and the Issuer (with a copy to the Portfolio Manager). Upon receiving such notice
of resignation or upon such a termination, the Trustee shall promptly appoint a successor Authenticating Agent and shall give
written notice of such appointment to the Issuer (with a copy to the Portfolio Manager).

 

Unless
the Authenticating Agent is also the same entity as the Trustee, the Issuer agrees to pay to each Authenticating Agent from time
to time reasonable compensation for its services, and reimbursement for its reasonable expenses relating thereto as an Administrative
Expense. The provisions of Sections 2.8, 6.4 and 6.5 shall be applicable to any Authenticating Agent.

 

Section
6.15.        Withholding

 

If
any withholding tax is imposed on the Issuer’s payment (or allocations of income) under the Notes by law or pursuant to
the Issuer’s agreement with a Governmental Authority, such tax shall reduce the amount otherwise distributable to the relevant
Holder. The Trustee is hereby authorized and directed to retain from amounts otherwise distributable to any Holder sufficient
funds for the payment of any tax that is legally owed or required to be withheld by the Issuer by law or pursuant to the Issuer’s
agreement with a Governmental Authority (but such authorization shall not prevent the Trustee from contesting any such tax in
appropriate proceedings and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings) and
to timely remit such amounts to the appropriate taxing authority. The amount of any withholding tax imposed by law or pursuant
to the Issuer’s agreement with a Governmental Authority with respect to any Note shall be treated as Cash distributed to
the relevant Holder at the time it is withheld by the Trustee. If there is a possibility that withholding is required by applicable
law with respect to a distribution, the Paying Agent or the Trustee may, in its sole discretion, withhold such amounts in accordance
with this Section 6.15. If any Holder or beneficial owner wishes to apply for a refund of any such withholding tax, the Trustee
shall reasonably cooperate with such Person in providing readily available information so long as such Person agrees to reimburse
the Trustee for any out-of-pocket expenses incurred. Nothing herein shall impose an obligation on the part of the Trustee to determine
the amount of any tax or withholding obligation on the part of the Issuer or in respect of the Notes.

 

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Section
6.16.        Representative for Holders Only; Agent for each other Secured Party

 

With
respect to the security interest created hereunder, the delivery of any Asset to the Trustee is to the Trustee as representative
of the Holders and agent for each other Secured Party. In furtherance of the foregoing, the possession by the Trustee of any Asset,
the endorsement to or registration in the name of the Trustee of any Asset (including without limitation as entitlement holder
of the Custodial Account) are all undertaken by the Trustee in its capacity as representative of the Holders and agent for each
other Secured Party.

 

Section
6.17.        Representations and Warranties of the Bank

 

The
Bank hereby represents and warrants as follows:

 

		(a)	Organization.
                                         The Bank has been duly organized and is validly existing as a national banking association
                                         with trust powers under the laws of the United States and has the power to conduct its
                                         business and affairs as a trustee, paying agent, registrar, transfer agent, Custodian,
                                         and Securities Intermediary.

 

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

 

		(c)	Eligibility.
                                         The Bank is eligible under Sections 6.8(a) and 6.8(b) to serve as Trustee.

 

		(d)	No
                                         Conflict. Neither the execution, delivery and performance of this Indenture, nor
                                         the consummation of the transactions contemplated by this Indenture, (i) is prohibited
                                         by, or requires the Bank to obtain any consent, authorization, approval or registration
                                         under, any law, statute, rule, regulation, judgment, order, writ, injunction or decree
                                         that is binding upon the Bank or any of its properties or assets, or (ii) will violate
                                         any provision of, result in any default or acceleration of any obligations under, result
                                         in the creation or imposition of any lien pursuant to, or require any consent under,
                                         any material agreement to which the Bank is a party or by which it or any of its property
                                         is bound.

 

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ARTICLE
VII

COVENANTS

 

Section
7.1.            Payment of Principal and Interest

 

The
Issuer will duly and punctually pay the principal of and interest on the Notes in accordance with the terms of such Notes and
this Indenture pursuant to the Priority of Payments.

 

Amounts
properly withheld under the Code or other applicable law (including FATCA) or pursuant to the Issuer’s agreement with a
Governmental Authority by any Person from a payment under a Note shall be considered as having been paid by the Issuer to the
relevant Holder for all purposes of this Indenture.

 

Section
7.2.            Maintenance of Office or Agency

 

The
Issuer hereby appoints the Trustee as a Paying Agent for payments on the Notes and the Trustee at its applicable Corporate Trust
Office, as the Issuer’s agent where Notes may be surrendered for registration of transfer or exchange. The Issuer may at
any time and from time to time appoint additional paying agents; provided that, no paying agent shall be appointed
in a jurisdiction which subjects payments on the Notes to withholding tax solely as a result of such Paying Agent’s activities
or its location. If at any time the Issuer shall fail to maintain the appointment of a paying agent, or shall fail to furnish
the Trustee with the address thereof, presentations and surrenders may be made (subject to the limitations described in the preceding
sentence), and Notes may be presented and surrendered for payment, to the Trustee at its main office.

 

Section
7.3.            Money for Note Payments to be Held in Trust

 

All
payments of amounts due and payable with respect to the Notes that are to be made from amounts withdrawn from the Payment Account
shall be made on behalf of the Issuer by the Trustee or a Paying Agent with respect to payments on the Notes.

 

When
the Issuer shall have a Paying Agent that is not also the Registrar and/or the Trustee, they shall furnish, or cause the Registrar
to furnish, no later than the fifth calendar day after each Record Date a list, if necessary, in such form as such Paying Agent
may reasonably request, of the names and addresses of the Holders and of the certificate numbers of individual Notes held by each
such Holder.

 

Whenever
the Issuer shall have a Paying Agent other than the Trustee, they shall, on or before the Business Day preceding each Payment
Date and any Redemption Date, as the case may be, direct the Trustee to deposit on such Payment Date or such Redemption Date,
as the case may be, with such Paying Agent, if necessary, an aggregate sum sufficient to pay the amounts then becoming due (to
the extent funds are then available for such purpose in the Payment Account), such sum to be held in trust for the benefit of
the Persons entitled thereto and (unless such Paying Agent is the Trustee) the Issuer shall promptly notify the Trustee, with
a copy to the Portfolio Manager, of its action or failure so to act. Any Monies deposited with a Paying Agent (other than the
Trustee) in excess of an amount sufficient to pay the amounts then becoming due on the Notes with respect to which such deposit
was made shall be paid over by such Paying Agent to the Trustee for application in accordance with Article X.

 

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The
initial Paying Agent shall be as set forth in Section 7.2. Any additional or successor Paying Agents shall be appointed by Issuer
Order with written notice thereof to the Trustee, with a copy to the Portfolio Manager; provided that, so long as
the Notes of any Class are rated by a Rating Agency, with respect to any additional or successor Paying Agent, either (i) such
Paying Agent has a long-term debt rating of “A+” or higher by S&P or a short-term debt rating of “A-1”
by S&P or (ii) the S&P Rating Condition is satisfied. If such successor Paying Agent ceases to have a long-term debt
rating of “A+” or higher by S&P or a short-term debt rating “A-1” by S&P, the Issuer shall promptly
remove such Paying Agent and appoint a successor Paying Agent. The Issuer shall not appoint any Paying Agent that is not, at the
time of such appointment, a depository institution or trust company subject to supervision and examination by federal and/or state
and/or national banking authorities. The Issuer shall cause each Paying Agent other than the Trustee to execute and deliver to
the Trustee an instrument in which such Paying Agent shall agree with the Trustee (and if the Trustee acts as Paying Agent, it
hereby so agrees), subject to the provisions of this Section 7.3, that such Paying Agent will:

 

		(a)	allocate
                                         all sums received for payment to the Holders of the Notes and the Issuer for which it
                                         acts as Paying Agent on each Payment Date and any Redemption Date among such Holders
                                         in the proportion specified in the applicable Distribution Report to the extent permitted
                                         by applicable law;

 

		(b)	hold
                                         all sums held by it for the payment of amounts due with respect to the Notes and otherwise
                                         to the Issuer in trust for the benefit of the Persons entitled thereto until such sums
                                         shall be paid to such Persons or otherwise disposed of as herein provided and pay such
                                         sums to such Persons as herein provided;

 

		(c)	if
                                         such Paying Agent is not the Trustee, immediately resign as a Paying Agent and forthwith
                                         pay to the Trustee all sums held by it in trust for the payment of Notes and otherwise
                                         to the Issuer if at any time it ceases to meet the standards set forth above required
                                         to be met by a Paying Agent at the time of its appointment;

 

		(d)	if
                                         such Paying Agent is not the Trustee, immediately give the Trustee, with a copy to the
                                         Portfolio Manager, notice of any default by the Issuer (or any other Obligor upon the
                                         Notes) in the making of any payment required to be made; and

 

		(e)	if
                                         such Paying Agent is not the Trustee, during the continuance of any such default, upon
                                         the written request of the Trustee, forthwith pay to the Trustee all sums so held in
                                         trust by such Paying Agent.

 

The
Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose,
pay, or by Issuer Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Issuer or such Paying Agent,
such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Issuer or such Paying
Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability
with respect to such Money.

 

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Except
as otherwise required by applicable law, any Money deposited with the Trustee or any Paying Agent in trust for any payment on
any Note and remaining unclaimed for two years after such amount has become due and payable shall be paid to the Issuer on Issuer
Order; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment of
such amounts (but only to the extent of the amounts so paid to the Issuer) and all liability of the Trustee or such Paying Agent
with respect to such trust Money shall thereupon cease. The Trustee or such Paying Agent, before being required to make any such
release of payment, may, but shall not be required to, adopt and employ, at the expense of the Issuer any reasonable means of
notification of such release of payment.

 

Section
7.4.            Existence of Issuer

 

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

 

		(b)	The
                                         Issuer (i) shall ensure that all limited liability company or other formalities regarding
                                         its existence (including, if required, holding regular meetings of its manager(s) and
                                         member(s), or other similar, meetings) are followed, except where the failure to do so
                                         could not reasonably be expected to have a material adverse effect on the validity and
                                         enforceability of this Indenture, the Notes or any of the Assets, and (ii) shall not
                                         have any employees (other than its officers to the extent such officers might be considered
                                         employees). The Issuer shall not take any action, or conduct its affairs in a manner,
                                         that is likely to result in its separate existence being ignored or in its assets and
                                         liabilities being substantively consolidated with any other Person in a bankruptcy, reorganization
                                         or other insolvency proceeding. Without limiting the foregoing, (i) the Issuer shall
                                         not have any subsidiaries, and (ii) (x) the Issuer shall not (A) except as
                                         contemplated by the Offering Circular, any Transaction Document or the Issuer LLCA, engage
                                         in any transaction with any member or affiliate that would constitute a conflict of interest
                                         or (B) make distributions other than in accordance with the Issuer LLCA, and (y) the
                                         Issuer shall, except when otherwise required for consolidated accounting purposes or
                                         tax purposes, (A) maintain books and records separate from any other Person, (B) maintain
                                         its accounts separate from those of any other Person, (C) not commingle its assets
                                         with those of any other Person, (D) conduct its own business in its own name, (E) maintain
                                         separate financial statements (except to the extent required to be consolidated under
                                         GAAP), (F) pay its own liabilities out of its own funds, (G) maintain an arm’s
                                         length relationship with its Affiliates, (H) use separate stationery, invoices and
                                         checks, (I) hold itself out as a separate Person, (J) correct any known misunderstanding
                                         regarding its separate identity and (K) have at least one Independent Manager.

 

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Section
7.5.            Protection of Assets

 

		(a)	The
                                         Issuer (or the Portfolio Manager on its behalf) will cause the taking of such action
                                         within the Portfolio Manager’s control as is reasonably necessary in order to maintain
                                         the perfection and priority of the security interest of the Trustee in the Assets; provided
                                         that, the Issuer (or the Portfolio Manager on its behalf) shall be entitled
                                         to rely on any Opinion of Counsel delivered pursuant to Section 7.6 and any Opinion of
                                         Counsel with respect to the same subject matter delivered pursuant to Section 3.1(a)(iii)
                                         and (iv) to determine what actions are reasonably necessary, and shall be fully protected
                                         in so relying on such an Opinion of Counsel, unless the Issuer (or the Portfolio Manager
                                         on its behalf) has actual knowledge that the procedures described in any such Opinion
                                         of Counsel are no longer adequate to maintain such perfection and priority. The Issuer
                                         shall from time to time execute and deliver all such supplements and amendments hereto
                                         and file or authorize the filing of all such Financing Statements, continuation statements,
                                         instruments of further assurance and other instruments, and shall take such other action
                                         as may be necessary or advisable or desirable to secure the rights and remedies of the
                                         Holders of the Notes hereunder and to:

 

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

 

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

 

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

 

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

 

		(v)	preserve
                                         and defend title to the Assets and the rights therein of the Trustee and the Holders
                                         of the Notes in the Assets against the claims of all Persons and parties; or

 

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

 

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The
Issuer hereby designates the Trustee as its agent and attorney in fact to prepare and file any Financing Statement, continuation
statement and all other instruments, and take all other actions, required pursuant to this Section 7.5. Such designation shall
not impose upon the Trustee, or release or diminish, the Issuer’s obligations under this Section 7.5. The Issuer has authorized
and caused the filing, without the Issuer’s signature, of a Financing Statement on the Closing Date that names the Issuer
as debtor and the Trustee, on behalf of the Secured Parties, as secured party and that describes “all assets” of the
Issuer as the Assets in which the Trustee has a Grant.

 

		(b)	The
                                         Trustee shall not, except in accordance with this Indenture, permit the removal of any
                                         portion of the Assets or transfer any such Assets from the Account to which it is credited,
                                         or cause or permit any change in the Delivery made pursuant to Section 3.3 with respect
                                         to any Assets, if, after giving effect thereto, the jurisdiction governing the perfection
                                         of the Trustee’s security interest in such Assets is different from the jurisdiction
                                         governing the perfection at the time of delivery of the most recent Opinion of Counsel
                                         pursuant to Section 7.6 (or, if no Opinion of Counsel has yet been delivered pursuant
                                         to Section 7.6, the Opinion of Counsel delivered at the Closing Date pursuant to Section
                                         3.1(a)(iii) of the Original Indenture) unless the Trustee shall have received an Opinion
                                         of Counsel to the effect that the lien and security interest created by the Original
                                         Indenture (and as amended and restated hereby) with respect to such property and the
                                         priority thereof will continue to be maintained after giving effect to such action or
                                         actions.

 

Section
7.6.            Opinions as to Assets

 

So
long as the Notes are Outstanding, within the six-month period preceding the fifth anniversary of the Closing Date (and every
five years thereafter), the Issuer shall furnish to the Trustee and the Rating Agency an Opinion of Counsel relating to the security
interest Granted by the Issuer to the Trustee, stating that, as of the date of such opinion, the lien and security interest created
by this Indenture with respect to the Assets remain in effect and that no further action (other than as specified in such opinion)
needs to be taken to ensure the continued effectiveness of such lien over the next year.

 

Section
7.7.            Performance of Obligations

 

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

 

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

 

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		(c)	The
                                         Issuer shall notify the Rating Agency (with a copy to the Portfolio Manager) within 10
                                         Business Days after any material breach of any Transaction Document, following any applicable
                                         cure period for such breach.

 

Section
7.8.            Negative Covenants

 

		(a)	The
                                         Issuer has not, since the Closing Date, and will not, on and after the Refinancing Date:

 

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

 

		(ii)	claim
                                         any credit on, make any deduction from, or dispute the enforceability of payment of the
                                         principal or interest payable (or any other amount) in respect of the Notes (other than
                                         amounts withheld or deducted in accordance with the Code or any applicable tax or similar
                                         laws of any other applicable jurisdiction or pursuant to the Issuer’s agreement
                                         with any Governmental Authority);

 

		(iii)	(A)
                                         incur or assume or guarantee any indebtedness, other than the Notes, this Indenture and
                                         the transactions contemplated hereby, or (B) (1) issue any additional class of notes
                                         except in accordance with Section 2.13 and 3.2 or (2) issue any additional limited liability
                                         company interests, except in accordance with the Issuer LLCA;

 

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

 

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

 

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

 

		(vii)	other
                                         than as expressly provided herein, pay any distributions other than in accordance with
                                         the Priority of Payments; provided that, the Issuer shall be permitted to make
                                         distributions to its members of any amounts received by it in accordance with the Priority
                                         of Payments;

 

		(viii)	permit
                                         the formation of any subsidiaries;

 

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

 

		(x)	have
                                         any employees (other than officers to the extent such officers might be considered are
                                         employees);

 

		(xi)	fail
                                         to maintain an Independent Manager in accordance with the Issuer LLCA;

 

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

 

		(xiii)	permit
                                         the transfer of any of its membership interests so long as any Notes are Outstanding;
                                         and

 

		(xiv)	subject
                                         to Section 8.2(e), enter into any hedge agreement.

 

		(b)	[Reserved].

 

		(c)	The
                                         Issuer shall not be party to any agreements under which it has a future payment obligation
                                         without including customary “non-petition” and “limited recourse”
                                         provisions therein (and shall not amend or eliminate such provisions in any agreement
                                         to which it is party), except for any agreements related to the purchase and sale of
                                         any Collateral Obligations or Eligible Investments which contain customary (as determined
                                         by the Portfolio Manager in its sole discretion) purchase or sale terms or which are
                                         documented using customary (as determined by the Portfolio Manager in its sole discretion)
                                         loan trading documentation.

 

		(d)	The
                                         Issuer shall not enter into any agreement amending, modifying or terminating any Transaction
                                         Document without notifying the Rating Agency (with a copy to the Portfolio Manager).

 

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		(e)	The
                                         Issuer may not acquire any of the Notes (including any Notes surrendered or abandoned)
                                         other than pursuant to and in accordance with Section 2.14. This Section 7.8(e) shall
                                         not be deemed to limit an optional special or mandatory redemption pursuant to the terms
                                         of this Indenture.

 

Section
7.9.            Statement as to Compliance

 

On
or before March 31 in each calendar year commencing in 2021, or immediately if there has been a Default under this Indenture and
prior to the issuance of any additional notes pursuant to Section 2.13, the Issuer shall deliver to the Trustee (to be forwarded
by the Trustee, to the Portfolio Manager, each Holder making a written request therefor and the Rating Agency) an Officer’s
certificate of the Issuer that, having made reasonable inquiries of the Portfolio Manager, and to the best of the knowledge, information
and belief of the Issuer, there did not exist, as at a date not more than five days prior to the date of the certificate, nor
had there existed at any time prior thereto since the date of the last certificate (if any), any Default hereunder or, if such
Default did then exist or had existed, specifying the same and the nature and status thereof, including actions undertaken to
remedy the same, and that the Issuer has complied with all of its obligations under this Indenture or, if such is not the case,
specifying those obligations with which it has not complied.

 

Section
7.10.        Issuer May Consolidate, Etc., Only on Certain Terms

 

The
Issuer (the “Merging Entity”) shall not consolidate or merge with or into any other Person or, except as permitted
under this Indenture, transfer or convey all or substantially all of its assets to any Person, unless permitted by United States
and Delaware law and unless:

 

		(a)	the
                                         Merging Entity shall be the surviving entity, or the Person (if other than the Merging
                                         Entity) formed by such consolidation or into which the Merging Entity is merged or to
                                         which all or substantially all of the assets of the Merging Entity are transferred (the
                                         “Successor Entity”) (i) if the Merging Entity is the Issuer, shall
                                         be a company organized and existing under the laws of the State of Delaware or such other
                                         jurisdiction approved by a Majority of the Controlling Class (provided that,
                                         no such approval shall be required in connection with any such transaction undertaken
                                         solely to effect a change in the jurisdiction of incorporation pursuant to Section 7.4),
                                         and (ii) in any case shall expressly assume, by an indenture supplemental hereto and
                                         an omnibus assumption agreement, executed and delivered to the Trustee, the Portfolio
                                         Manager, the Collateral Administrator and each Holder, the due and punctual payment of
                                         the principal of and interest on all Notes, the payments to the Issuer and the performance
                                         and observance of every covenant of this Indenture and of each other Transaction Document
                                         on its part to be performed or observed, all as provided herein or therein, as applicable;

 

		(b)	the
                                         Trustee shall have received, as soon as reasonably practicable and in any case no less
                                         than five (5) days prior to such merger or consolidation, notice of such consolidation
                                         or merger and shall have distributed copies of such notice to the Rating Agency of such
                                         merger or consolidation, and the Trustee shall have received written confirmation from
                                         the Rating Agency that its ratings issued with respect to the Notes then rated by such
                                         Rating Agency shall not be reduced or withdrawn as a result of the consummation of such
                                         transaction;

 

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		(c)	if
                                         the Merging Entity is not the Successor Entity, the Successor Entity shall have agreed
                                         with the Trustee (i) to observe the same legal requirements for the recognition of such
                                         formed or surviving corporation as a legal entity separate and apart from any of its
                                         Affiliates as are applicable to the Merging Entity with respect to its Affiliates and
                                         (ii) not to consolidate or merge with or into any other Person or transfer or convey
                                         the Assets or all or substantially all of its assets to any other Person except in accordance
                                         with the provisions of this Section 7.10;

 

		(d)	if
                                         the Merging Entity is not the Successor Entity, the Successor Entity shall have delivered
                                         to the Trustee and the Rating Agency an Officer’s certificate and an Opinion of
                                         Counsel each stating that such Person is duly organized, validly existing and in good
                                         standing in the jurisdiction in which such Person is organized; that such Person has
                                         sufficient power and authority to assume the obligations set forth in subsection (a)
                                         above and to execute and deliver an indenture supplemental hereto for the purpose of
                                         assuming such obligations; that such Person has duly authorized the execution, delivery
                                         and performance of an indenture supplemental hereto for the purpose of assuming such
                                         obligations and that such supplemental indenture is a valid, legal and binding obligation
                                         of such Person, enforceable in accordance with its terms, subject only to bankruptcy,
                                         reorganization, insolvency, moratorium and other laws affecting the enforcement of creditors’
                                         rights generally and to general principles of equity (regardless of whether such enforceability
                                         is considered in a Proceeding in equity or at law); if the Merging Entity is the Issuer,
                                         that, immediately following the event which causes such Successor Entity to become the
                                         successor to the Issuer, (i) such Successor Entity has title, free and clear of any lien,
                                         security interest or charge, other than the lien and security interest of this Indenture
                                         and any other Permitted Liens, to the Assets securing all of the Notes, and (ii) the
                                         Trustee continues to have a valid perfected first priority security interest in the Assets
                                         securing all of the Notes; and in each case as to such other matters as the Trustee or
                                         any Holder may reasonably require; provided that, nothing in this clause
                                         (d) shall imply or impose a duty on the Trustee to require such other documents;

 

		(e)	immediately
                                         after giving effect to such transaction, no Default, Event of Default or Enforcement
                                         Event has occurred and is continuing;

 

		(f)	the
                                         Merging Entity shall have notified the Portfolio Manager of such consolidation, merger,
                                         transfer or conveyance and shall have delivered to the Trustee and each Holder an Officer’s
                                         certificate and an Opinion of Counsel each stating that such consolidation, merger, transfer
                                         or conveyance and such supplemental indenture comply with this Article VII and that all
                                         conditions precedent in this Article VII relating to such transaction have been complied
                                         with and that such transaction will not (1) result in the Successor Entity becoming
                                         subject to U.S. federal income taxation with respect to its net income or to any withholding
                                         tax liability under Section 1446 of the Code or (2) have a material adverse
                                         effect on the tax treatment of the Issuer or the tax consequences to the Holders of any
                                         Class of Notes Outstanding at the time of such consolidation, merger, transfer or conveyance,
                                         as described in the Offering Circular under the heading “Certain U.S. Federal Income
                                         Tax Considerations”;

 

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		(g)	the
                                         Merging Entity shall have delivered to the Trustee an Opinion of Counsel stating that
                                         after giving effect to such transaction, the Issuer (or, if applicable, the Successor
                                         Entity) will not be required to register as an investment company under the Investment
                                         Company Act; and

 

		(h)	after
                                         giving effect to such transaction, the outstanding stock of the Merging Entity (or, if
                                         applicable, the Successor Entity) will not be beneficially owned within the meaning of
                                         the Investment Company Act by any U.S. person.

 

Section
7.11.        Successor Substituted

 

Upon
any consolidation or merger, or transfer or conveyance of all or substantially all of the assets of the Issuer in accordance with
Section 7.10 in which the Merging Entity is not the surviving corporation, the Successor Entity shall succeed to, and be substituted
for, and may exercise every right and power of, the Merging Entity under this Indenture with the same effect as if such Person
had been named as the Issuer herein. In the event of any such consolidation, merger, transfer or conveyance, the Person named
as the “Issuer” in the first paragraph of this Indenture or any successor which shall theretofore have become such
in the manner prescribed in this Article VII may be dissolved, wound up and liquidated at any time thereafter, and such Person
thereafter shall be released from its liabilities as Obligor and maker on all the Notes and from its obligations under this Indenture.

 

Section
7.12.        No Other Business

 

From
and after the Refinancing Date, the Issuer will not engage in any business or activity other than issuing and selling the Notes
and any additional notes pursuant to this Indenture and acquiring, owning, holding, selling, lending, exchanging, redeeming, pledging,
contracting for the management of and otherwise dealing with Collateral Obligations and the other Assets in connection therewith,
and entering into hedge agreements, the Collateral Administration Agreement, the Account Agreement, the Portfolio Management Agreement
and the other applicable Transaction Documents and agreements specifically contemplated by this Indenture and/or the Original
Indenture, and such other activities which are necessary, suitable or convenient to accomplish the foregoing or are incidental
thereto or connected therewith or ancillary thereto. The Issuer may amend, or permit the amendment of, the provisions of the Issuer
LLCA which relate to its bankruptcy remote nature or separateness covenants only if such amendment would satisfy the S&P Rating
Condition.

 

Section
7.13.        Acknowledgment of Portfolio Manager Standard of Care

 

The
Issuer acknowledges that it shall be responsible for its own compliance with the covenants set forth in this Article VII and that,
to the extent the Issuer has engaged the Portfolio Manager to take certain actions on its behalf in order to comply with such
covenants, the Portfolio Manager shall only be required to perform such actions in accordance with the Portfolio Manager Standard
set forth in Section 2(a) of the Portfolio Management Agreement (or the corresponding provision of any portfolio management agreement
entered into as a result of FS KKR Capital Corp. no longer serving as Portfolio Manager thereunder). The Issuer further acknowledges
and agrees that the Portfolio Manager shall have no obligation to take any action to cure any breach of a covenant set forth in
this Article VII until such time as a Responsible Officer of the Portfolio Manager has actual knowledge of such breach.

 

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Section
7.14.        Ratings; Review of Credit Estimates

 

		(a)	So
                                         long as any of the Notes of any Class remain Outstanding, on or before March 31 in each
                                         year commencing in 2020, the Issuer shall obtain and pay for an annual review of the
                                         rating of each such Class of Notes from the Rating Agency. The Issuer shall promptly
                                         notify the Trustee and the Portfolio Manager in writing (and the Trustee shall promptly
                                         provide the Holders with a copy of such notice) if at any time the then-current
                                         rating of any such Class of Notes has been, or is known will be, changed or withdrawn.

 

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

 

Section
7.15.        Reporting

 

At
any time when the Issuer is not subject to Section 13 or 15(d) of the Exchange Act and is not exempt from reporting pursuant to
Rule 12g3-2(b) under the Exchange Act, upon the written request of a Holder or, upon the written request to the Trustee in the
form of Exhibit D, a beneficial owner of a Note, the Issuer shall promptly furnish or cause to be furnished Rule 144A Information
to such Holder or beneficial owner, to a prospective purchaser of such Note designated by such Holder or beneficial owner, or
to the Trustee for delivery upon an Issuer Order to such Holder or beneficial owner or a prospective purchaser designated by such
Holder or beneficial owner, as the case may be, in order to permit compliance by such Holder or beneficial owner with Rule 144A
under the Securities Act in connection with the resale of such Note. “Rule 144A Information” shall be such
information as is specified pursuant to Rule 144A(d)(4) under the Securities Act (or any successor provision thereto).

 

Section
7.16.        Calculation Agent

 

		(a)	The
                                         Issuer hereby agrees that for so long as any Notes remain Outstanding there shall at
                                         all times be an agent appointed (which does not control or is not controlled or under
                                         common control with the Issuer or its Affiliates or the Portfolio Manager or its Affiliates)
                                         to calculate LIBOR in respect of each Interest Accrual Period (or, for the first Interest
                                         Accrual Period, the related portion thereof) in accordance with the terms of Exhibit
                                         C hereto (the “Calculation Agent”); provided that, “LIBOR”
                                         shall never be less than 0%. The Issuer hereby appoints the Collateral Administrator
                                         as the Calculation Agent. The Calculation Agent may be removed by the Issuer or the Portfolio
                                         Manager, on behalf of the Issuer, at any time. If the Calculation Agent is unable or
                                         unwilling to act as such or is removed by the Issuer or the Portfolio Manager, on behalf
                                         of the Issuer, the Issuer or the Portfolio Manager, on behalf of the Issuer, shall promptly
                                         appoint a replacement Calculation Agent which does not control or is not controlled by
                                         or under common control with the Issuer or its Affiliates or the Portfolio Manager or
                                         its Affiliates. The Calculation Agent may not resign its duties or be removed without
                                         a successor having been duly appointed.

 

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		(b)	The
                                         Calculation Agent shall be required to agree (and the Collateral Administrator as Calculation
                                         Agent does hereby agree) that, as soon as possible after 11:00 a.m. London time on each
                                         Interest Determination Date, but in no event later than 11:00 a.m. New York time on the
                                         London Banking Day immediately following each Interest Determination Date, the Calculation
                                         Agent shall calculate the Interest Rate applicable to each Class of Floating Rate Notes
                                         during the related Interest Accrual Period (or portion thereof, in the case of the first
                                         Interest Accrual Period) and the Note Interest Amount applicable to each Class of Floating
                                         Rate Notes (in each case, rounded to the nearest cent, with half a cent being rounded
                                         upward) payable on the related Payment Date in respect of such Class of Floating Rate
                                         Notes and the related Interest Accrual Period. At such time, the Calculation Agent shall
                                         communicate such rates and amounts to the Issuer, the Trustee, each Paying Agent, the
                                         Portfolio Manager, the Collateral Administrator, Euroclear and Clearstream. The Calculation
                                         Agent shall also specify to the Portfolio Manager (on behalf of the Issuer) and the Collateral
                                         Administrator the quotations upon which the foregoing rates and amounts are based, and
                                         in any event the Calculation Agent shall notify the Portfolio Manager (on behalf of the
                                         Issuer) and the Collateral Administrator before 5:00 p.m. (New York time) on every Interest
                                         Determination Date if it has not determined and is not in the process of determining
                                         any such Interest Rate or Note Interest Amount, together with its reasons therefor. The
                                         Calculation Agent’s determination of the foregoing rates and amounts for any Interest
                                         Accrual Period (or portion thereof) shall (in the absence of manifest error) be final
                                         and binding upon all parties. The Collateral Administrator, in its capacity as Calculation
                                         Agent, will have no (i) responsibility or liability for the selection or determination
                                         of an Alternative Rate as a successor or replacement base rate to LIBOR and will be entitled
                                         to rely upon any designation of such Alternative Rate in accordance with the definition
                                         thereof and (ii) liability for any failure or delay in performing its duties under the
                                         Collateral Administration Agreement as a result of the unavailability of a “LIBOR”
                                         rate as described in the definition thereof; provided that, it performs
                                         its duties thereunder in good faith without willful misconduct or gross negligence.

 

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		(c)	Neither
                                         the Trustee, Paying Agent nor Calculation Agent shall be under any obligation (i) to
                                         monitor, determine or verify the unavailability or cessation of LIBOR (or the Alternative
                                         Rate, Designated Alternative Rate or other applicable benchmark index), or whether or
                                         when there has occurred, or to give notice to any other transaction party of the occurrence
                                         of, any event set forth in the second paragraph of the definition of “LIBOR”,
                                         (ii) to select, determine or designate any Alternative Rate or Designated Alternative
                                         Rate, or other successor or replacement benchmark index, or determine whether any conditions
                                         to the designation of such a rate have been satisfied, (iii) to select, determine or
                                         designate any modifier to any replacement or successor index, or (iv) to determine whether
                                         or what conforming changes are necessary or advisable, if any, in connection with any
                                         of the foregoing. Neither the Trustee, Paying Agent, nor Calculation Agent shall be liable
                                         for any inability, failure or delay on its part to perform any of its duties set forth
                                         in this Indenture or other Transaction Document as a result of the unavailability of
                                         LIBOR (or other applicable benchmark index) and absence of a designated replacement Alternative
                                         Rate, Designated Alternative Rate or other applicable benchmark index, including as a
                                         result of any inability, delay, error or inaccuracy on the part of any other transaction
                                         party, including without limitation the Portfolio Manager, in providing any direction,
                                         instruction, notice or information required or contemplated by the terms of this Indenture
                                         or other Transaction Document and reasonably required for the performance of such duties.
                                         The Calculation Agent shall, in respect of any Interest Determination Date, have no liability
                                         for the application of LIBOR as determined on the previous Interest Determination Date
                                         if so required under the definition of LIBOR. If the Calculation Agent at any time or
                                         times determines in its reasonable judgment that guidance is needed to perform its duties,
                                         or if it is required to decide between alternative courses of action, the Calculation
                                         Agent may (but is not obligated to) reasonably request guidance in the form of written
                                         instructions (or, in its sole discretion, oral instruction followed by written confirmation)
                                         from the Portfolio Manager, including without limitation in respect of facilitating or
                                         specifying administrative procedures with respect to the calculation of any Alternative
                                         Rate, on which the Calculation Agent shall be entitled to rely without liability. The
                                         Calculation Agent shall be entitled to refrain from action pending receipt of such instruction.

 

Section
7.17.        Certain Tax Matters

 

		(a)	The
                                         Issuer shall treat the Notes as indebtedness for U.S. federal, state and local income
                                         and franchise tax purposes, except as otherwise required by law.

 

		(b)	The
                                         Issuer has not elected, and will not elect to treat itself, or take any other action
                                         that would cause it to be treated as an association taxable as a corporation for U.S.
                                         federal, state or local income or franchise tax purposes, and shall make any election
                                         necessary to avoid classification as an association taxable as a corporation for U.S.
                                         federal, state or local income or franchise tax purpose.

 

		(c)	The
                                         Issuer will treat each purchase of Collateral Obligations as a “purchase”
                                         for tax accounting and reporting purposes; provided that a purchase by the Issuer
                                         of a Collateral Obligation from a person whom the Issuer is disregarded as a separate
                                         entity will not be recognized.

 

		(d)	The
                                         Issuer shall file, or cause to be filed, any tax returns, including information tax returns,
                                         required by any Governmental Authority.

 

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		(e)	Upon
                                         the Issuer’s receipt of a request of a Holder of a Note that has been issued with
                                         more than a de minimis “original issue discount” (as defined in Section 1273
                                         of the Code) or written request of a Person certifying that it is an owner of a beneficial
                                         interest in a Note that has been issued with more than a de minimis “original
                                         issue discount” for the information described in Treasury Regulation section 1.1275-3(b)(1)(i)
                                         that is applicable to such Note, the Issuer will cause its Independent certified public
                                         accountants to provide promptly to the Trustee and such requesting Holder or owner of
                                         a beneficial interest in such a Note all of such information.

 

Section
7.18.        [Reserved].

 

Section
7.19.        Representations Relating to Security Interests in the Assets

 

		(a)	The
                                         Issuer hereby represents and warrants that, as of the Refinancing Date (which representations
                                         and warranties shall survive the execution of this Indenture and be deemed to be repeated
                                         on each date on which an Asset is Granted to the Trustee hereunder):

 

		(i)	The
                                         Issuer owns such Asset free and clear of any lien, claim or encumbrance of any person,
                                         other than such as are created under, or permitted by, this Indenture, other than such
                                         as are released on the related Cut-Off Date contemporaneously with the purchase of such
                                         Asset on the Cut-Off Date.

 

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

 

		(iii)	All
                                         Assets constitute Cash, accounts (as defined in Article 9 of the UCC), Instruments, general
                                         intangibles (as defined in Article 9 of the UCC), Uncertificated Securities, Certificated
                                         Securities or security entitlements to financial assets resulting from the crediting
                                         of financial assets to a “securities account” (as defined in Article 8 of
                                         the UCC).

 

		(iv)	All
                                         Accounts constitute “securities accounts” (as defined in Article 8 of the
                                         UCC) or related “deposit accounts” (as defined in Article 9 of the UCC).

 

		(v)	This
                                         Indenture creates a valid and continuing security interest (as defined in Article 1 of
                                         the UCC) in such Assets in favor of the Trustee, for the benefit and security of the
                                         Secured Parties, which security interest is prior to all other liens, claims and encumbrances
                                         (except as permitted otherwise in this Indenture), and is enforceable as such against
                                         creditors of and purchasers from the Issuer.

 

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		(vi)	The
                                         Issuer has caused the filing of all appropriate Financing Statements in the proper office
                                         in the appropriate jurisdictions under applicable law in order to perfect the security
                                         interest in the Assets Granted to the Trustee, for the benefit and security of the Secured
                                         Parties.

 

		(vii)	None
                                         of the Instruments that constitute or evidence the Assets has any marks or notations
                                         indicating that they have been pledged, assigned or otherwise conveyed to any Person
                                         other than the Trustee, for the benefit of the Secured Parties.

 

		(viii)	The
                                         Issuer has received all consents and approvals required by the terms of the Assets to
                                         the pledge hereunder to the Trustee of its interest and rights in the Assets.

 

		(ix)	All
                                         Assets other than the Accounts and the Selling Institution Collateral have been credited
                                         to one or more Accounts (other than any “general intangibles” within the
                                         meaning of the applicable Uniform Commercial Code and any instruments evidencing debt
                                         underlying a participation held by a collateral agent).

 

		(x)	(A)
                                         The Issuer has delivered to the Trustee a fully executed Account Agreement pursuant to
                                         which the Custodian has agreed to comply with all instructions and Entitlement Orders
                                         originated by the Trustee relating to the Accounts without further consent by the Issuer
                                         or (B) the Issuer has taken all steps necessary to cause the Custodian to identify in
                                         its records the Trustee as the person having a security entitlement against the Custodian
                                         in each of the Accounts or as the person who is the “customer” (within the
                                         meaning of Section 4-104(1)(e) of the UCC) with respect to each of the Accounts.

 

		(xi)	The
                                         Accounts are not in the name of any Person other than the Issuer or the Trustee. The
                                         Issuer has not consented to the Custodian to comply with the Entitlement Order or instruction
                                         of any Person other than the Trustee (and the Issuer prior to a notice of exclusive control
                                         being provided by the Trustee, which notice the Trustee agrees it shall not deliver except
                                         after the occurrence and during the continuance of an Event of Default or an Enforcement
                                         Event).

 

		(b)	The
                                         Issuer agrees to notify the Rating Agency, with a copy to the Portfolio Manager, promptly
                                         if it becomes aware of the breach of any of the representations and warranties contained
                                         in this Section 7.19 and shall not waive any of the representations and warranties in
                                         this Section 7.19 or any breach thereof.

 

Section
7.20.        Rule 17g-5 Compliance

 

		(a)	To
                                         enable the Rating Agency to comply with its obligations under Rule 17g-5, the Issuer
                                         shall cause to be posted on the 17g-5 Website, at the same time such information is provided
                                         to the Rating Agency, all information the Issuer provides to the Rating Agency for the
                                         purposes of determining the initial credit ratings of the Notes or undertaking credit
                                         rating surveillance of the Notes.

 

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		(b)	Pursuant
                                         to the Collateral Administration Agreement, the Issuer has appointed the Collateral Administrator
                                         as its agent (in such capacity, the “Information Agent”) to post to
                                         the 17g-5 Website any information that the Information Agent receives from the Issuer,
                                         the Trustee or the Portfolio Manager (or their respective representatives or advisors)
                                         that is designated as information to be so posted.

 

		(c)	The
                                         Issuer and the Trustee agree that any notice, report, request for the S&P Rating
                                         Condition to be satisfied or other information provided by any of the Issuer or the Trustee
                                         (or any of their respective representatives or advisors) to any Rating Agency hereunder
                                         or under any other Transaction Document for the purposes of undertaking credit rating
                                         surveillance of the Notes shall be provided, substantially concurrently, by the Issuer
                                         or the Trustee, as the case may be, to the Information Agent for posting on the 17g-5
                                         Website.

 

		(d)	The
                                         Trustee shall have no obligation to engage in or respond to any oral communications with
                                         respect to the transactions contemplated hereby, any Transaction Documents relating hereto
                                         or in any way relating to the Notes or for the purposes of determining the initial credit
                                         rating of the Notes or undertaking credit rating surveillance of the Notes with any Rating
                                         Agency or any of its respective officers, directors or employees.

 

		(e)	The
                                         Trustee will not be responsible for creating or maintaining the 17g-5 Website, posting
                                         any information to the 17g-5 Website or assuring that the 17g-5 Website complies with
                                         the requirements of this Indenture, Rule 17g-5 or any other law or regulation. In no
                                         event shall the Trustee be deemed to make any representation in respect of the content
                                         of the 17g-5 Website or compliance by the 17g-5 Website with this Indenture, Rule 17g-5
                                         or any other law or regulation.

 

		(f)	The
                                         Information Agent and the Trustee shall not be responsible or liable for the dissemination
                                         of any identification numbers or passwords for the 17g-5 Website, including by Issuer,
                                         the Rating Agency, a nationally recognized statistical rating organization (“NRSRO”),
                                         any of their respective agents or any other party. Additionally, neither the Information
                                         Agent nor the Trustee shall be liable for the use of the information posted on the 17g-5
                                         Website, whether by the Issuer, the Rating Agency, an NRSRO or any other third party
                                         that may gain access to the 17g-5 Website or the information posted thereon.

 

		(g)	Notwithstanding
                                         anything therein to the contrary, the maintenance by the Trustee of the Trustee’s
                                         Website described in Article X shall not be deemed as compliance by or on behalf of the
                                         Issuer with Rule 17g-5 or any other law or regulation related thereto.

 

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		(h)	The
                                         Information Agent’s forwarding of information to the 17g-5 Website is ministerial
                                         only and the Information Agent shall have no obligation or duty to verify, confirm or
                                         otherwise determine whether the information being delivered to the 17g-5 Website is accurate,
                                         complete, conforms to the transaction, or otherwise is or is not anything other than
                                         what it purports to be. The Collateral Administrator and the Information Agent shall
                                         not be deemed to have obtained actual knowledge of any information merely by the posting
                                         of such information to the 17g-5 Website to the extent such information was not produced
                                         by the Trustee, the Collateral Administrator or the Information Agent, as applicable.

 

		(i)	In
                                         accordance with SEC Release No. 34-72936, Form 15-E, only in its complete and unedited
                                         form shall be provided by the Independent accountants to the Issuer who shall post such
                                         Form 15-E on the 17g-5 Website. Any agreed-upon procedures report provided by the Independent
                                         accountants to the Issuer shall not be provided to any other party including the Rating
                                         Agency or posted on the 17g-5 Website except as expressly provided for herein.

 

Section
7.21.        Contesting Insolvency Filings

 

The
Issuer, upon receipt of notice of any Bankruptcy Filing, shall, provided funds are available for such purpose, timely file an
answer and any other appropriate pleading objecting to such Bankruptcy Filing. The reasonable fees, costs, charges and expenses
incurred by the Issuer (including reasonable attorneys’ fees and expenses) in connection with taking any such action shall
be “Administrative Expenses” unless paid on behalf of the Issuer.

 

Section
7.22.        Use of Name

 

The
Issuer acknowledges that it does not own the “Franklin Square”, “FS”, “FS Investments” “KKR”,
“FS KKR” or related name or trademark and is permitted to use such names solely (i) on non-exclusive, non-sublicensable
basis on their own print materials and (ii) for so long as FS KKR Capital Corp. (or an Affiliate thereof) remains the Portfolio
Manager and, if FS KKR Capital Corp. resigns or is removed as Portfolio Manager under the Portfolio Management Agreement, the
Issuer shall as soon as reasonably practical (but in no event later than 30 days after such resignation or removal) and at its
own expense, change its name to remove any reference to any such name, trademark or any similar or related reference thereto.

 

ARTICLE
VIII

SUPPLEMENTAL INDENTURES

 

Section
8.1.            Supplemental Indentures Without Consent of Holders

 

		(a)	Without
                                         the consent of any Holder, but with the written consent of the Portfolio Manager, the
                                         Issuer, when authorized by Resolutions, at any time and from time to time, may, subject
                                         to Section 8.3 and without an Opinion of Counsel being provided to the Issuer or the
                                         Trustee as to whether any Class of Notes would be materially and adversely affected thereby,
                                         enter into one or more indentures supplemental hereto, in form reasonably satisfactory
                                         to the Trustee for any of the following purposes:

 

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		(i)	to
                                         evidence the succession of another Person to the Issuer and the assumption by any such
                                         successor Person of the covenants of the Issuer herein and in the Notes;

 

		(ii)	to
                                         add to the covenants of the Issuer or the Trustee for the benefit of the Secured Parties
                                         or to surrender any right or power herein conferred upon the Issuer;

 

		(iii)	to
                                         convey, transfer, assign, mortgage or pledge any property to or with the Trustee or add
                                         to the conditions, limitations or restrictions on the authorized amount, terms and purposes
                                         of the issue, authentication and delivery of the Notes;

 

		(iv)	to
                                         evidence and provide for the acceptance of appointment hereunder by a successor Trustee
                                         and to add to or change any of the provisions of this Indenture as shall be necessary
                                         to facilitate the administration of the trusts hereunder by more than one Trustee, pursuant
                                         to the requirements of Sections 6.9, 6.10 and 6.12;

 

		(v)	to
                                         correct or amplify the description of any property at any time subject to the lien of
                                         this Indenture, or to better assure, convey and confirm unto the Trustee any property
                                         subject or required to be subjected to the lien of this Indenture (including, without
                                         limitation, any and all actions necessary or desirable as a result of changes in law
                                         or regulations, whether pursuant to Section 7.5 or otherwise) or to subject to the lien
                                         of this Indenture any additional property;

 

		(vi)	to
                                         modify the restrictions on and procedures for resales and other transfers of Notes to
                                         assure compliance with ERISA or to reflect any changes in ERISA or other applicable law
                                         or regulation (or the interpretation thereof) or to enable the Issuer to rely upon any
                                         exemption from registration under the Securities Act or upon any exemption from registration
                                         as, or exclusion or exception from the definition of, an “investment company”
                                         under the Investment Company Act or to remove restrictions on resale and transfer to
                                         the extent not required hereunder;

 

		(vii)	to
                                         make such changes (including the removal and appointment of any listing agent, transfer
                                         agent, paying agent or additional registrar in the country of any other listing) as shall
                                         be necessary or advisable in order for the Notes to be or remain listed on an exchange,
                                         including such changes required or requested by any Governmental Authority, stock exchange
                                         authority, listing agent, transfer agent, paying agent or additional registrar for any
                                         Class of Notes, or to be de-listed from an exchange;

 

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		(viii)	otherwise
                                         to correct or supplement any inconsistency or defective provisions, or cure any ambiguity,
                                         omission or manifest errors in this Indenture or to conform the provisions of this Indenture
                                         to the Offering Circular or any other Transaction Document or other document delivered
                                         in connection with the Notes; provided that, notwithstanding anything herein to
                                         the contrary and without regard to any other consent requirement specified herein, any
                                         supplemental indenture to be entered into pursuant to this clause (viii) may also provide
                                         for any corrective measures or ancillary amendments to this Indenture to give effect
                                         to such supplemental indenture as if it had been effective as of the Refinancing Date;

 

		(ix)	to
                                         take any action necessary, advisable or helpful to prevent the Issuer, the Holders of
                                         any Class of Notes or the Trustee from becoming subject to (or otherwise to minimize)
                                         any withholding or other taxes or assessments;

 

		(x)	at
                                         any time during the Reinvestment Period (or after the Reinvestment Period, in the case
                                         of clauses (C) and (D) below), to facilitate the issuance by the Issuer in accordance
                                         with Sections 2.13, 3.2, 9.1 and 9.2 (for which any required consent has been obtained)
                                         of (A) additional notes of any one or more new classes that are fully subordinated to
                                         the existing Notes (or to the most junior class of notes of the Issuer issued pursuant
                                         to this Indenture, if any class of securities issued pursuant to this Indenture other
                                         than the Notes is then Outstanding); (B) additional notes of any one or more existing
                                         Classes; (C) replacement notes in connection with a Refinancing; or (D) to make such
                                         changes as are necessary to effect a Risk Retention Issuance; provided that,
                                         any modifications in connection with the issuance of any additional notes or replacement
                                         notes in connection with a Refinancing (other than modifications determined by the Portfolio
                                         Manager to be necessary for such issuance of additional notes or replacement notes not
                                         to be subject to (or to comply with) any U.S. Risk Retention Rules, or in connection
                                         with a Risk Retention Issuance, which shall not require the consent of any Holder), which
                                         modifications may include the establishment of a non-call period, prohibition of future
                                         refinancings and establishment of a LIBOR floor as part of the interest rate, shall not
                                         require the consent of any Holder;

 

		(xi)	to
                                         accommodate the settlement of any Notes in book-entry form through the facilities of
                                         DTC or otherwise;

 

		(xii)	to
                                         change the name of the Issuer in connection with any change in name or identity of the
                                         Portfolio Manager or as otherwise required pursuant to a contractual obligation or to
                                         avoid the use of a trade name or trademark in respect of which the Issuer does not have
                                         a license;

 

		(xiii)	to
                                         amend, modify or otherwise accommodate changes to this Indenture to comply with any rule
                                         or regulation, enacted or modified by any regulatory agency of the United States federal
                                         government after the Refinancing Date that is applicable to the Notes;

 

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		(xiv)	to
                                         enter into any additional agreements not expressly prohibited by this Indenture or any
                                         amendment, modification or waiver (including, without limitation, amendments, modifications
                                         and waivers to this Indenture to the extent not described in this Section 8.1), so long
                                         as such agreement, amendment, modification or waiver is not reasonably expected to materially
                                         and adversely affect the rights or interests of any Holders of any Class of Notes; provided
                                         that, any such additional agreements include customary limited recourse and
                                         non-petition provisions; provided further that a Majority of the Controlling Class
                                         has consented to such additional agreements, amendment, modification or waiver;

 

		(xv)	to
                                         change the date (but not the frequency) on which reports are required to be delivered
                                         under this Indenture;

 

		(xvi)	to
                                         modify provisions of this Indenture relating to the creation, perfection and preservation
                                         of the security interest of the Trustee in Assets to conform with applicable law;

 

		(xvii)	to
                                         amend, modify or otherwise accommodate changes to this Indenture so that (A) the Issuer
                                         is not a “covered fund” under the Volcker Rule, (B) the Notes are not considered
                                         to constitute “ownership interests” under the Volcker Rule or (C) ownership
                                         of the Notes will otherwise be exempt from the Volcker Rule; provided that consent
                                         to such supplemental indenture has been obtained from (1) a Majority of the Controlling
                                         Class and (2) a Majority of the applicable Class of Notes to the extent a Majority of
                                         such Class notifies the Trustee in accordance with Section 8.3(d) that such supplemental
                                         indenture materially and adversely affects such Holders;

 

		(xviii)	to
                                         modify the procedures in this Indenture relative to compliance with Rule 17g-5 or to
                                         permit compliance with the Dodd-Frank Act (including the U.S. Risk Retention Rules),
                                         the EU Securitization Laws and/or the Commodity Exchange Act, as each may be amended
                                         or superseded from time to time, as applicable to the Issuer, the Portfolio Manager or
                                         the Notes or any rules or regulations thereunder or to reduce costs to the Issuer as
                                         a result thereof;

 

		(xix)	to
                                         accommodate an assignment by the Portfolio Manager, pursuant to the provisions of the
                                         Portfolio Management Agreement, of all of its rights and obligations under the Portfolio
                                         Management Agreement; provided that, a Majority of the Controlling Class,
                                         to the extent materially and adversely affected thereby, has consented to such supplemental
                                         indenture;

 

		(xx)	to
                                         make any changes to this Indenture necessary or advisable in connection with the adoption
                                         of an Alternative Rate duly adopted in accordance with the definition of LIBOR; provided
                                         that, for the avoidance of doubt, no supplemental indenture shall be entered into
                                         pursuant to this clause (xx) for purposes of adopting a new Alternative Rate itself or
                                         otherwise to modify the definition of LIBOR or the procedures for adopting an Alternative
                                         Rate provided therein;

 

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		(xxi)	subject
                                         to the approval of a Majority of the Interests, in connection with a Refinancing of all
                                         Classes of Notes in full, to (a) effect an extension of the end of the Reinvestment Period,
                                         (b) establish a non-call period for the replacement notes or loans or other financial
                                         arrangements issued or entered into in connection with such Refinancing, (c) modify the
                                         Weighted Average Life Test, (d) provide for a stated maturity of the replacement notes
                                         or loans or other financial arrangements issued or entered into in connection with such
                                         Refinancing that is later than the Stated Maturity of the Notes or (e) make any other
                                         amendments that would otherwise be subject to the consent rights of the Notes pursuant
                                         to this Article VIII;

 

		(xxii)	with
                                         the consent of a Majority of the Controlling Class, to modify any defined term in Section
                                         1.1 or any Schedule to this Indenture that begins with or includes the word “Fitch”,
                                         “Moody’s” or “S&P” (other than the defined term “S&P
                                         Rating Condition”);

 

		(xxiii)	with
                                         the consent of a Majority of the Controlling Class, to modify or amend (A) the Investment
                                         Criteria, (B) the restrictions on the sales of Collateral Obligations, (C) the Collateral
                                         Quality Test and the definitions related thereto or the calculation thereof or (D) any
                                         component of the Concentration Limitations and the definitions related thereto or the
                                         calculation thereof, so long as the Portfolio Manager certifies in an Officer’s
                                         certificate that no Class of Notes then-Outstanding (other than the Controlling Class)
                                         would be materially and adversely affected thereby;

 

		(xxiv)	with
                                         the consent of a Majority of the Controlling Class, to modify the definition of “Credit
                                         Improved Obligation”, “Equity Security”, “Defaulted Obligation”
                                         or “Credit Risk Obligation”, the restrictions on sales of Collateral Obligations
                                         set forth in Section 12.1 or the Investment Criteria set forth in Section 12.2, any limitation
                                         in the definition of “Concentration Limitations”, any Collateral Quality
                                         Test (so long as, in the case of any modification to the S&P CDO Monitor Test to
                                         which modifications under Section 8.1(b) would not apply, the S&P Rating Condition
                                         is satisfied with respect thereto);

 

		(xxv)	to
                                         take any action necessary or advisable to prevent the Issuer or the pool of Assets to
                                         be required to register under the Investment Company Act, or to avoid any requirement
                                         that the Portfolio Manager or any Affiliate consolidate with the Issuer on its financial
                                         statements for financial reporting purposes (provided that, no Holders
                                         are materially and adversely affected thereby);

 

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		(xxvi)	to
                                         modify any provision to facilitate an exchange of one obligation for another obligation
                                         of the same Obligor that has substantially identical terms except transfer restrictions,
                                         including to effect any serial designation relating to the exchange; provided that,
                                         no such supplemental indenture shall be required to facilitate any exchange of one
                                         obligation for another obligation in accordance with Article XII hereof;

 

		(xxvii)	to
                                         make any modification determined by the Portfolio Manager to be necessary or advisable
                                         to comply with the U.S. Risk Retention Rules, including (without limitation), in connection
                                         with an Optional Redemption, Refinancing, Re-Pricing, additional issuance of notes pursuant
                                         to Section 2.13 or material amendment to any of the Transaction Documents;

 

		(xxviii)	to
                                         amend, modify or otherwise accommodate changes to this Indenture to comply with any state,
                                         rule, regulation or technical or interpretive guidance enacted, effective or issued by
                                         any applicable Governmental Authority after the Refinancing Date that are applicable
                                         to the Issuer, the Notes or the transactions contemplated hereunder or by the Offering
                                         Circular, including any applicable EU Securitization Laws, U.S. Risk Retention Rules,
                                         securities laws or the Dodd-Frank Act and all rules, regulations and technical or interpretive
                                         guidance thereunder; and

 

		(xxix)	to
                                         reduce the Minimum Denominations of the Notes.

 

		(b)	In
                                         addition, with the consent of a Majority of the Class A-1 Notes (unless the Holders of
                                         the Class A-1 Notes fail to provide consent or objection within 30 days after the Trustee
                                         sends notice to the Holders of such proposed supplemental indenture, in which case such
                                         Holders will be deemed to have consented thereto) the Issuer and the Trustee may enter
                                         into supplemental indentures to (A) to evidence any waiver or elimination by any Rating
                                         Agency of any requirement or condition of such Rating Agency set forth herein or (B)
                                         conform to ratings criteria and other guidelines relating generally to collateral debt
                                         obligations published by any Rating Agency, including any alternative methodology published
                                         by any Rating Agency.

 

		(c)	Following
                                         the occurrence of a Volcker Change Recission Event, the Issuer and the Trustee (at the
                                         request or direction of the Issuer), with the consent of a Majority of the Controlling
                                         Class (but without the consent of any other Class of Notes, regardless of whether such
                                         Class would be materially and adversely affected thereby), shall enter into a supplemental
                                         indenture to amend, modify or otherwise accommodate changes to this Indenture so that
                                         (as determined by the Issuer) (A) the Issuer is not a “covered fund” under
                                         the Volcker Rule, (B) the Notes are not considered to constitute “ownership interests”
                                         under the Volcker Rule or (C) ownership of the Notes will otherwise be exempt from the
                                         Volcker Rule.

 

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Section
8.2.            Supplemental Indentures With Consent of Holders

 

		(a)	With
                                         the consent of the Portfolio Manager, a Majority of the Notes of each Class materially
                                         and adversely affected thereby (which consent may be deemed as set forth in Section 8.3(d)
                                         below), if any, the Trustee and the Issuer may execute one or more indentures supplemental
                                         hereto to add any provisions to, or change in any manner or eliminate any of the provisions
                                         of, this Indenture or modify in any manner the rights of the Holders of the Notes of
                                         any Class under this Indenture; provided that, notwithstanding anything
                                         in this Indenture to the contrary, no such supplemental indenture shall, without the
                                         consent of each Holder of each Outstanding Note of each Class materially and adversely
                                         affected thereby:

 

		(i)	change
                                         the Stated Maturity of the principal of or the due date of any installment of interest
                                         on any Note, reduce the principal amount thereof, reduce the rate of interest thereon
                                         (other than in connection with a Refinancing, Re-Pricing, or in connection with the adoption
                                         of an Alternative Rate), or, except as otherwise expressly permitted by this Indenture,
                                         reduce the Redemption Price with respect to any Note, or change the earliest date on
                                         which Notes of any Class may be redeemed to an earlier date, change the provisions of
                                         this Indenture relating to the application of proceeds of any Assets to the payment of
                                         principal of or interest on the Notes or distributions to the Issuer (other than, following
                                         a redemption in full of the Notes, an amendment to permit distributions to the Issuer
                                         or the holders of Interests on dates other than Payment Dates) or change any place where,
                                         or the coin or currency in which, Notes or the principal thereof or interest or any distribution
                                         thereon is payable, or impair the right to institute suit for the enforcement of any
                                         such payment on or after the Stated Maturity thereof (or, in the case of redemption,
                                         on or after the applicable Redemption Date); provided that, with respect
                                         to lowering the rate of interest payable on a Class of Notes, the consent of Holders
                                         of the other Classes of Notes shall not be required;

 

		(ii)	reduce
                                         or increase the percentage of the Aggregate Outstanding Amount of Holders of each Class
                                         whose consent is required for the authorization of any such supplemental indenture or
                                         for any waiver of compliance with certain provisions of this Indenture or certain defaults
                                         hereunder or their consequences provided for in this Indenture;

 

		(iii)	materially
                                         impair or materially adversely affect the Assets except as otherwise permitted in this
                                         Indenture;

 

		(iv)	except
                                         as otherwise permitted by this Indenture, permit the creation of any lien ranking prior
                                         to or on a parity with the lien of this Indenture with respect to any part of the Assets
                                         or terminate such lien on any property at any time subject hereto or deprive the Holder
                                         of any Note of the security afforded by the lien of this Indenture;

 

		(v)	reduce
                                         or increase the percentage of the Aggregate Outstanding Amount of Holders of any Class
                                         of Notes whose consent is required to request the Trustee to preserve the Assets or rescind
                                         the Trustee’s election to preserve the Assets pursuant to Section 5.5 or to sell
                                         or liquidate the Assets pursuant to Section 5.4 or 5.5;

 

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		(vi)	modify
                                         any of the provisions of this Indenture with respect to entering into supplemental indentures,
                                         except to increase the percentage of Outstanding Notes or Interests the consent of the
                                         Holders of which is required for any such action or to provide that certain other provisions
                                         of this Indenture cannot be modified or waived without the consent of the Holder of each
                                         Note or Interest Outstanding and materially and adversely affected thereby;

 

		(vii)	modify
                                         the definition of the term “Controlling Class,” the definition of the term
                                         “Class” (except changes that relate to a Re-Pricing or an Optional Redemption)
                                         the definition of the term “Notes,” the definition of the term “Majority,”
                                         the definition of the term “Supermajority,” the definition of the term “Outstanding”
                                         or the Priority of Payments set forth in Section 11.1(a); or

 

		(viii)	modify
                                         any of the provisions of this Indenture in such a manner as to affect the rights of the
                                         Holders of any Notes to the benefit of any provisions for the redemption of such Notes
                                         contained herein.

 

		(b)	With
                                         the consent of the Portfolio Manager and a Majority of the Controlling Class, the Trustee
                                         and the Issuer may execute one or more indentures supplemental hereto to modify or amend
                                         any component of the Concentration Limitations and the definitions related thereto which
                                         affect the calculation thereof.

 

		(c)	[Reserved].

 

		(d)	With
                                         the consent of the Portfolio Manager and a Majority of each Class materially and adversely
                                         affected thereby, the Trustee and the Issuer may execute one or more supplemental indentures
                                         to modify the Subordinated Management Fee.

 

		(e)	If
                                         any supplemental indenture permits the Issuer to enter into a Synthetic Obligation or
                                         other hedge agreement, swap or derivative transaction (each, a “hedge agreement”),
                                         the Issuer and the Trustee shall not enter into such supplemental indenture without the
                                         consent of a Majority of the Controlling Class and a Majority of the Interests; provided
                                         that, the supplemental indenture shall require that, before entering into
                                         any such hedge agreement, the following additional conditions are satisfied: (i) either
                                         (1) the Portfolio Manager is registered as a commodity pool operator with the CFTC or
                                         (2) the Portfolio Manager is exempt from registration with the CFTC as a commodity pool
                                         operator and (ii) the S&P Rating Condition has been satisfied with respect thereto.

 

Section
8.3.            Execution of Supplemental Indentures

 

		(a)	The
                                         Trustee shall join in the execution of any such supplemental indenture and to make any
                                         further appropriate agreements and stipulations which may be therein contained, but the
                                         Trustee shall not be obligated to enter into any such supplemental indenture which affects
                                         the Trustee’s own rights, duties, liabilities or immunities under this Indenture
                                         or otherwise, except to the extent required by law.

 

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		(b)	In
                                         executing or accepting the additional trusts created by any supplemental indenture permitted
                                         by this Article VIII or the modifications thereby of the trusts created by this Indenture,
                                         the Trustee will be entitled to receive, and (subject to Sections 6.1 and 6.3) will be
                                         fully protected in relying in good faith upon, an Opinion of Counsel stating that the
                                         execution of such supplemental indenture is authorized or permitted by this Indenture
                                         and that all conditions precedent thereto have been complied with.

 

		(c)	At
                                         the cost of the Issuer, for so long as any Notes shall remain Outstanding, not later
                                         than 10 Business Days (or, in the case of a supplemental indenture effecting a Refinancing,
                                         five Business Days) prior to the execution of any proposed supplemental indenture pursuant
                                         to Section 8.1 or Section 8.2, the Trustee will provide to the Portfolio Manager, the
                                         Collateral Administrator, the Rating Agency and the Holders a notice attaching a copy
                                         of such supplemental indenture. Any consent given to a proposed supplemental indenture
                                         by the Holder of any Note shall be irrevocable and binding on all future holders or beneficial
                                         owners of that Note, irrespective of the execution date of the supplemental indenture.
                                         If the required consent to a proposed supplemental indenture is received from the applicable
                                         Holders prior to the end of the applicable notice period, the supplemental indenture
                                         may be executed prior to the end of such period. If the Holders of the required percentage
                                         of the Aggregate Outstanding Amount of the relevant Notes have not consented to a proposed
                                         supplemental indenture within five Business Days prior to the proposed execution date
                                         thereof, on the first Business Day following such period, the Trustee shall provide all
                                         such consents (and any other applicable responses from the Holders) received to the Issuer
                                         and the Portfolio Manager so that they may determine which Holders have consented to
                                         the proposed supplemental indenture and which Holders (and, to the extent such information
                                         is available to the Trustee, which beneficial owners) have not consented to the proposed
                                         supplemental indenture. In the case of a supplemental indenture being entered into pursuant
                                         to Section 8.1(a)(x)(C), the foregoing notice periods shall not apply and a copy of the
                                         proposed supplemental indenture shall be included in the notice of Optional Redemption
                                         provided to each holder of Notes pursuant to Section 9.2.

 

		(d)	Unless,
                                         within 10 Business Days after the Trustee sends notice to the Holders of any proposed
                                         supplemental indenture, a Majority of any Class from whom consent is not being requested
                                         notifies the Trustee and the Issuer that the Holders of such Class believe that they
                                         will be materially and adversely affected by such proposed supplemental indenture, the
                                         Holders of such Class will be deemed for all purposes not to be materially and adversely
                                         affected by such proposed supplemental indenture. Notwithstanding anything herein to
                                         the contrary, and solely for purposes of any supplemental indenture proposed pursuant
                                         to Sections 8.1 or 8.2, a Holder shall be deemed to have provided consent to any amendment
                                         or modification undertaken pursuant thereto if (i) such Holder affirmatively provides
                                         written consent or (ii) such Holder fails to deliver written objection (including via
                                         e-mail to the address provided in the notice of supplemental indenture) to such amendment
                                         or modification on or prior to the 10th Business Day following the date on which notice
                                         of such amendment or modification is sent by the Trustee.

 

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		(e)	At
                                         the cost of the Issuer, the Trustee will provide to the Portfolio Manager, the Collateral
                                         Administrator, the Holders and the Rating Agency a copy of the executed supplemental
                                         indenture after its execution. Any failure of the Trustee to publish, mail or deliver
                                         such notice, or any defect therein, will not in any way impair or affect the validity
                                         of any such supplemental indenture.

 

		(f)	It
                                         shall not be necessary for any Act of Holders to approve the particular form of any proposed
                                         supplemental indenture, but it shall be sufficient, if the consent of any Holders to
                                         such proposed supplemental indenture is required, that such Act shall approve the substance
                                         thereof.

 

		(g)	The
                                         Portfolio Manager shall not be bound to follow any amendment or supplement to this Indenture
                                         unless it has received written notice of such amendment or supplement and a copy of such
                                         amendment or supplement from the Issuer or the Trustee. The Trustee will not be obligated
                                         to enter into any amendment or supplement that, as determined by the Trustee, adversely
                                         affects its duties, obligations, liabilities or protections under this Indenture. No
                                         amendment to this Indenture will be effective against the Collateral Administrator if
                                         such amendment would adversely affect the Collateral Administrator, including, without
                                         limitation, any amendment or supplement that would increase the duties or liabilities
                                         of, or adversely change the economic consequences to, the Collateral Administrator, unless
                                         the Collateral Administrator otherwise consents in writing. No amendment or supplement
                                         to this Indenture shall amend or modify this Section 8.3 without the Portfolio Manager’s
                                         prior written consent in its sole and absolute discretion.

 

		(h)	Notwithstanding
                                         any other provision relating to supplemental indentures herein, at any time after the
                                         expiration of the Non-Call Period, if any Class of Notes has been or, contemporaneously
                                         with the effectiveness of any supplemental indenture will be, paid in full in accordance
                                         with this Indenture as so supplemented or amended, the written consent of any Holder
                                         of any Note of such Class, as applicable, will not be required with respect to such supplemental
                                         indenture.

 

		(i)	Any
                                         Class of Notes being refinanced shall be deemed not to be materially and adversely affected
                                         by terms of the supplemental indenture related to such Refinancing or that become effective
                                         on the refinancing date. Any Non-Consenting Holders of a Re-Priced Class shall be deemed
                                         not to be materially and adversely affected by any terms of the supplemental indenture
                                         related to, in connection with and to become effective on or immediately after the Re-Pricing
                                         Date with respect to such Class.

 

Section
8.4.            Effect of Supplemental Indentures

 

Upon
the execution of any supplemental indenture under this Article VIII, this Indenture shall be modified in accordance therewith,
and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder theretofore and thereafter
authenticated and delivered hereunder shall be bound thereby.

 

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Section
8.5.            Reference in Notes to Supplemental Indentures

 

Notes
authenticated and delivered, including as part of a transfer, exchange or replacement pursuant to Article II of Notes originally
issued hereunder, after the execution of any supplemental indenture pursuant to this Article VIII may, and if required by the
Issuer shall, bear a notice as to any matter provided for in such supplemental indenture. If the Issuer shall so determine, new
Notes, so modified as to conform in the opinion of the Issuer to any such supplemental indenture, may be prepared and executed
by the Issuer and authenticated and delivered by the Trustee in exchange for Outstanding Notes.

 

Section
8.6.            Re-Pricing Amendment

 

For
the avoidance of doubt, the Issuer and the Trustee may, without regard for the provisions of this Article VIII (other than Section
8.3(b)), enter into a supplemental indenture pursuant to Section 9.8(d) solely to modify the spread over LIBOR (or stated
interest rate, in the case of Fixed Rate Notes) applicable to a Re-Priced Class, and, to the extent applicable, to extend the
Non-Call Period applicable to such Re-Priced Class or make changes to the definition of “Redemption Price” (any such
amendment, a “Re-Pricing Amendment”).

 

ARTICLE
IX

REDEMPTION OF NOTES

 

Section
9.1.            Mandatory Redemption

 

If
a Coverage Test is not met on any Determination Date on which such Coverage Test is applicable, the Issuer shall apply available
amounts in the Payment Account pursuant to the Priority of Payments on the related Quarterly Payment Date to make payments in
accordance with the Note Payment Sequence to the extent necessary to achieve compliance with such Coverage Test, as applicable.

 

Section
9.2.            Optional Redemption

 

		(a)	On
                                         any Business Day after the Non-Call Period, at the written direction of a Majority of
                                         the Interests and with the consent of the Portfolio Manager, (i) the Notes shall be redeemed
                                         by the Issuer in whole (with respect to all Classes of Notes) but not in part from Sale
                                         Proceeds and/or Refinancing Proceeds, all other available proceeds from a Contribution
                                         (if applicable) and all other funds available for such purpose in the Collection Account
                                         and the Payment Account; or (ii) the Notes shall be redeemed by the Issuer in part by
                                         Class from Refinancing Proceeds, Partial Redemption Interest Proceeds (so long as any
                                         Class of Notes to be redeemed represents not less than the entire Class of such Notes)
                                         and all other available proceeds from a Contribution (if applicable). In connection with
                                         any such redemption (each such redemption, an “Optional Redemption”),
                                         the Notes shall be redeemed at the applicable Redemption Prices. To effect an Optional
                                         Redemption, the above described written direction must be provided to the Issuer and
                                         the Trustee (with a copy to the Portfolio Manager) not later than 10 Business Days prior
                                         to the Business Day on which such redemption is to be made, or such shorter period (not
                                         to be less than five Business Days) as the Trustee and the Portfolio Manager may agree;
                                         provided that, all Notes to be redeemed must be redeemed simultaneously.
                                         For purposes of an Optional Redemption, the Class B-1 Notes and the Class B-2 Notes shall
                                         each constitute a separate Class.

 

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		(b)	Upon
                                         receipt of a notice of an Optional Redemption of the Notes in whole but not in part pursuant
                                         to Section 9.2(a)(i) (subject to Sections 9.2(d) and 9.2(e) with respect to a redemption
                                         from proceeds that include Refinancing Proceeds), the Portfolio Manager shall direct
                                         the sale (and the manner thereof), acting in accordance with the Portfolio Manager Standard
                                         to maximize the proceeds of such sale, of all or part of the Collateral Obligations and
                                         other Assets in an amount sufficient that the proceeds from such sale, any Refinancing
                                         Proceeds (if applicable), all other available proceeds from a Contribution (if applicable),
                                         and all other funds available for such purpose in the Collection Account and the Payment
                                         Account will be at least sufficient to pay the Redemption Prices of the Notes to be redeemed
                                         (or such lesser amount that the Holders of such Class have elected to receive, where
                                         Holders of such Class have elected to receive less than 100% of the Redemption Price
                                         that would otherwise be payable to the Holders of such Class), all amounts senior in
                                         right of payment to the Notes (including any accrued and unpaid Base Management Fee)
                                         and all accrued and unpaid Administrative Expenses (regardless of the Administrative
                                         Expense Cap) payable under the Priority of Payments (collectively, the “Required
                                         Redemption Amount”). If such proceeds of such sale, any Refinancing Proceeds
                                         (if applicable), all other available proceeds from a Contribution (if applicable) and
                                         all other funds available for such purpose in the Collection Account and the Payment
                                         Account would not be at least equal to the Required Redemption Amount, the Notes may
                                         not be redeemed. The Portfolio Manager, in its sole discretion, may effect the sale of
                                         all or any part of the Collateral Obligations or other Assets through the direct sale
                                         of such Collateral Obligations or other Assets or by participation or other arrangement.

 

		(c)	[Reserved].

 

		(d)	In
                                         addition to (or in lieu of) a sale of Assets in the manner provided in Section 9.2(b),
                                         the Notes may, on any Business Day after the Non-Call Period, be redeemed in whole from
                                         Refinancing Proceeds and Sale Proceeds or in part by Class from Refinancing Proceeds,
                                         Partial Redemption Interest Proceeds and all other available proceeds from a Contribution
                                         as provided in Section 9.2(a)(ii); provided that, the terms of such Refinancing
                                         must be acceptable to the Portfolio Manager and a Majority of the Interests and such
                                         Refinancing otherwise satisfies the conditions described below. For the avoidance of
                                         doubt, any Class of Notes may be redeemed from Refinancing Proceeds resulting from a
                                         loan obtained by the Issuer.

 

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		(e)	In
                                         the case of a Refinancing upon a redemption of the Notes in whole but not in part pursuant
                                         to Section 9.2(a)(i), such Refinancing will be effective only if: (i) the Refinancing
                                         Proceeds, all Sale Proceeds from the sale of Collateral Obligations and Eligible Investments
                                         in accordance with the procedures set forth herein, and all other available funds will
                                         be at least sufficient to redeem simultaneously the Notes, in whole but not in part,
                                         and to pay the other amounts included in the Required Redemption Amount, including the
                                         reasonable fees, costs, charges and expenses incurred by the Issuer, the Trustee, the
                                         Portfolio Manager and the Collateral Administrator (including reasonable attorneys’
                                         fees and expenses) in connection with such Refinancing, (ii) the Sale Proceeds, Refinancing
                                         Proceeds and other available funds are used (to the extent necessary) to make such redemption,
                                         (iii) the agreements relating to the Refinancing contain limited recourse and non-petition
                                         provisions equivalent (mutatis mutandis) to those contained in Section 2.7(i),
                                         Section 5.4(d) and Section 13.1(d) and (iv) the Portfolio Manager has consented to such
                                         Refinancing. The Portfolio Manager, in connection with a Refinancing pursuant to which
                                         all Notes are being refinanced, may designate Principal Proceeds up to the Excess Par
                                         Amount as of the related Determination Date as Interest Proceeds for payment on the Redemption
                                         Date. Notice of any such designation will be provided to the Trustee (with a copy to
                                         the Rating Agency) on or before the related Determination Date.

 

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		(f)	In
                                         the case of a Refinancing upon a redemption of the Notes in part by Class pursuant to
                                         Section 9.2(d), such Refinancing will be effective only if (i) the S&P Rating Condition
                                         has been satisfied with respect to any remaining Notes that were not the subject of the
                                         Refinancing; (ii) the Refinancing Proceeds together with any available Interest Proceeds
                                         and any Partial Redemption Interest Proceeds will be at least sufficient to pay in full
                                         the aggregate Redemption Prices of the entire Class or Classes of Notes subject to Refinancing;
                                         (iii) the Refinancing Proceeds are used (to the extent necessary) to make such redemption;
                                         (iv) the agreements relating to the Refinancing contain limited recourse and non-petition
                                         provisions equivalent (mutatis mutandis) to those contained in Section 2.7(i),
                                         Section 5.4(d) and Section 13.1(d); (v) for each Class of Notes being refinanced, the
                                         aggregate principal amount of any obligations providing the Refinancing is equal to the
                                         Aggregate Outstanding Amount of the Class of Notes being redeemed with the proceeds of
                                         such obligations, except that (x) in connection with a Refinancing of the Controlling
                                         Class of Notes, the aggregate principal amount of the obligations providing the Refinancing
                                         may be lower than the Aggregate Outstanding Amount of such Class of Notes being redeemed
                                         and (y) the aggregate principal amount of the obligations providing the Refinancing may
                                         be greater than the Aggregate Outstanding Amount of the Class of Notes being redeemed,
                                         so long as (A) the S&P Rating Condition has been satisfied with respect thereto and
                                         (B) after giving effect to such proposed Refinancing, each Overcollateralization Ratio
                                         Test is either satisfied or, if not satisfied, maintained or improved (disregarding from
                                         the principal amount of the refinancing obligations, for purposes of the comparison in
                                         this clause (B), an amount, as determined by the Portfolio Manager, up to U.S.$1,000,000
                                         representing the reasonable fees, costs, charges and expenses expected to be incurred
                                         in connection with the Refinancing of such Class); (vi) the stated maturity of each class
                                         of obligations providing the Refinancing is no earlier than the corresponding Stated
                                         Maturity of each Class of Notes being refinanced; (vii) the reasonable fees, costs, charges
                                         and expenses incurred in connection with such Refinancing have been paid or will be adequately
                                         provided for from the Refinancing Proceeds, Partial Redemption Interest Proceeds and
                                         all other available proceeds from a Contribution (except for expenses owed to persons
                                         that the Portfolio Manager informs the Trustee will be paid solely as Administrative
                                         Expenses payable in accordance with the Priority of Payments); (viii) either (x) the
                                         spread over LIBOR or the fixed interest rate, as applicable, of each class of obligations
                                         providing the Refinancing will not be greater than the spread over LIBOR or the fixed
                                         interest rate, as applicable, of the Notes of the corresponding Class being refinanced
                                         by such new class of obligations or (y) the weighted average of the spread over LIBOR
                                         and the fixed rates payable in respect of all of the obligations providing the Refinancing
                                         is less than or equal to the weighted average of the spread over LIBOR and the fixed
                                         rate payable on all of the Classes of Notes being refinanced (determined based on the
                                         respective spreads over LIBOR or the fixed interest rate, as applicable, of such Classes
                                         of Notes); provided that, (A) any Class of Notes that bears a fixed rate
                                         may be refinanced with obligations that bear interest at a floating rate (i.e., at a
                                         stated spread over LIBOR) so long as LIBOR plus the relevant spread with respect to such
                                         obligations comprising the Refinancing of such Class is less than the applicable Interest
                                         Rate with respect to such Class of Notes that bear a fixed rate on the date of such Refinancing
                                         and (B) any Class of Notes that bears a floating rate may be refinanced with obligations
                                         that bear interest at a fixed rate so long as the fixed rate of the obligations comprising
                                         the Refinancing of such Class is less than LIBOR plus the relevant spread with respect
                                         to such Class of Notes on the date of such Refinancing; (ix) the obligations providing
                                         the Refinancing are subject to the Priority of Payments and do not rank higher in priority
                                         pursuant to the Priority of Payments than the Class of Notes being refinanced; (x) the
                                         voting rights, consent rights, redemption rights and all other rights of the obligations
                                         providing the Refinancing are the same as the rights of the corresponding Class of Notes
                                         being refinanced except that, the earliest date on which the obligations providing the
                                         Refinancing may be redeemed at the option of the Issuer may be different from the earliest
                                         date on which the Notes redeemed in connection with such Refinancing were subject to
                                         redemption at the option of the Issuer; (xi) Tax Advice has been delivered to the Issuer
                                         to the effect that such Refinancing will not result in the Issuer becoming subject to
                                         U.S. federal income taxation with respect to its net income or to any withholding tax
                                         liability under Section 1446 of the Code and (xii) the Portfolio Manager has consented
                                         to such Refinancing.

 

		(g)	Notwithstanding
                                         anything herein to the contrary, any Refinancing Proceeds from a Refinancing upon a redemption
                                         of the Notes in part by Class pursuant to Section 9.2(d) will not constitute Interest
                                         Proceeds or Principal Proceeds, but shall be applied directly on the related Partial
                                         Redemption Date together with Partial Redemption Interest Proceeds and all other available
                                         proceeds from a Contribution to redeem the corresponding Class of Notes being refinanced
                                         without regard to the Priority of Payments; provided, that to the extent such
                                         proceeds are not applied to redeem the corresponding Class of Notes being refinanced
                                         or to pay related Administrative Expenses, such Refinancing Proceeds will be treated
                                         as Principal Proceeds.

 

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		(h)	Notwithstanding
                                         anything herein to the contrary, if a Refinancing is obtained meeting the requirements
                                         specified above as certified by the Portfolio Manager, the Issuer and, at the direction
                                         of the Portfolio Manager, the Trustee shall amend this Indenture to the extent necessary
                                         to reflect the terms of the Refinancing and no further consent for such amendments shall
                                         be required from the Holders of any Class of Notes. In connection with a Refinancing
                                         upon a redemption of Notes in whole or in part, any Refinancing Proceeds that remain
                                         after paying the applicable Redemption Prices and related Administrative Expenses will
                                         be transferred to the Collection Account as Principal Proceeds; provided that,
                                         in connection with a redemption upon a Refinancing in whole of the Notes the Portfolio
                                         Manager may designate any such remaining Refinancing Proceeds as Interest Proceeds for
                                         use on or after the Redemption Date.

 

Section
9.3.          Tax Redemption

 

		(a)	The
                                         Notes shall be redeemed on any Business Day in whole but not in part (any such redemption,
                                         a “Tax Redemption”) at the applicable Redemption Prices from Sale
                                         Proceeds and all other funds available for such purpose in the Collection Account and
                                         the Payment Account at the written direction (delivered to the Trustee, with a copy to
                                         the Portfolio Manager) of (x) a Majority of any Affected Class or (y) a Majority of the
                                         Interests, in either case following (I) the occurrence and continuation of a Tax Event
                                         with respect to payments under one or more Collateral Obligations forming part of the
                                         Assets which results in a payment by, or charge or tax burden to, the Issuer that results
                                         or will result in the withholding of 5.0% or more of Scheduled Distributions for any
                                         Collection Period or (II) the occurrence and continuation of a Tax Event resulting in
                                         a tax burden on the Issuer in an aggregate amount in any Collection Period in excess
                                         of U.S.$1,000,000.

 

		(b)	Upon
                                         its receipt of such written direction directing a Tax Redemption, the Trustee shall promptly
                                         notify the Holders and the Rating Agency thereof.

 

		(c)	If
                                         an Officer of the Portfolio Manager obtains actual knowledge of the occurrence of a Tax
                                         Event, the Portfolio Manager shall promptly notify the Issuer, the Collateral Administrator
                                         and the Trustee thereof, and upon receipt of such notice the Trustee shall promptly notify
                                         the Holders and the Rating Agency thereof.

 

		(d)	For
                                         purposes of a Tax Redemption, the Class B-1 Notes and the Class B-2 Notes shall each
                                         constitute a separate Class.

 

Section
9.4.          Redemption Procedures

 

		(a)	In
                                         the event of any Optional Redemption pursuant to Section 9.2, the written direction of
                                         the Issuer and/or the Portfolio Manager shall be provided to the Trustee (with a copy
                                         to the Portfolio Manager in the case of direction of the Issuer) not later than 10 Business
                                         Days (or such shorter period as the Trustee and the Portfolio Manager may agree, not
                                         to be less than five Business Days) prior to the Business Day on which such redemption
                                         is to be made (which date shall be designated in such notice) and the Issuer shall, at
                                         least 10 Business Days prior to the Redemption Date (or such shorter period as the Trustee
                                         and the Portfolio Manager may agree, not to be less than five Business Days), notify
                                         the Trustee in writing (and the Trustee in turn shall, in the name and at the expense
                                         of the Issuer, notify the Holders and the Rating Agency, with a copy to the Portfolio
                                         Manager, at least five Business Days prior to the Redemption Date) of such Redemption
                                         Date, the applicable Record Date, the principal amount of Notes to be redeemed on such
                                         Redemption Date and the applicable Redemption Prices. Notice of a Tax Redemption pursuant
                                         to Section 9.3 shall be provided not later than five Business Days prior to the applicable
                                         Redemption Date to each Holder at such Holder’s address in the Register and the
                                         Rating Agency.

 

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		(b)	All
                                         notices of redemption delivered pursuant to Section 9.4(a) shall state:

 

		(i)	the
                                         applicable Redemption Date;

 

		(ii)	the
                                         Redemption Prices of the Notes to be redeemed;

 

		(iii)	that
                                         all of the Notes to be redeemed are to be redeemed in full and that interest on such
                                         Notes shall cease to accrue on the Redemption Date specified in the notice; and

 

		(iv)	the
                                         place or places where Notes are to be surrendered for payment of the Redemption Prices,
                                         which shall be the Corporate Trust Office.

 

The
Issuer may, and, if directed by the Portfolio Manager, as applicable, shall, withdraw any notice of an Optional Redemption delivered
pursuant to Section 9.2 (or any notice of a Tax Redemption delivered pursuant to Section 9.3, if the Portfolio Manager believes
that the proceeds of the Assets will be insufficient to pay, together with other required amounts, the Redemption Price of any
Class of Notes, and Holders of such Class have not elected to receive the lesser amount that will be available), following good
faith efforts by the Issuer and the Portfolio Manager to facilitate such redemption on any day up to and including the Business
Day before the proposed Redemption Date. Any withdrawal of such notice of an Optional Redemption will be made by written notice
to the Trustee (with a copy to the Portfolio Manager, if applicable). If the Issuer so withdraws any notice of an Optional Redemption
or Tax Redemption or is otherwise unable to complete a redemption of the Notes pursuant to Section 9.2 or 9.3, the proceeds received
from the sale of any Collateral Obligations and other Assets sold in contemplation of such redemption may be reinvested in accordance
with the Investment Criteria during the Reinvestment Period at the Portfolio Manager’s sole discretion (on behalf of the
Issuer). The Trustee will provide notice, in the name and at the expense of the Issuer, to the Holders, the Portfolio Manager
and the Rating Agency of the withdrawal of any notice of redemption. Notwithstanding the foregoing, in the event that a scheduled
Refinancing upon a redemption of the Notes in whole fails to settle, such redemption will be deemed to be revoked and no payments
will be due to any Holder on account of such redemption.

 

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Notice
of redemption pursuant to Section 9.2 or 9.3 shall be given by the Issuer or, upon an Issuer Order, by the Trustee in the name
and at the expense of the Issuer. Failure to give notice of redemption, or any defect therein, to any Holder of any Note selected
for redemption shall not impair or affect the validity of the redemption of any other Notes.

 

		(c)	Unless
                                         Refinancing Proceeds are being used to redeem the Notes in whole or in part, in the event
                                         of any Optional Redemption or Tax Redemption pursuant to Section 9.2 or 9.3, no Notes
                                         may be optionally redeemed unless (i) at least two Business Days before the scheduled
                                         Redemption Date the Portfolio Manager shall have furnished to the Trustee evidence, in
                                         a form reasonably satisfactory to the Trustee, that the Portfolio Manager on behalf of
                                         the Issuer has entered into a binding agreement or agreements with (a) a financial or
                                         other institution or institutions whose short-term unsecured debt obligations (other
                                         than such obligations whose rating is based on the credit of a Person other than such
                                         institution) are rated, or guaranteed by a Person whose short-term unsecured debt obligations
                                         are rated, at least “A-1” by S&P or (b) a special purpose entity that
                                         satisfies all then-current bankruptcy remoteness criteria of the Rating Agency to purchase
                                         (directly or by participation or other arrangement), not later than the Business Day
                                         immediately preceding the scheduled Redemption Date in immediately available funds, all
                                         or part of the Assets at a purchase price at least sufficient, together with the Eligible
                                         Investments maturing, redeemable or putable to the issuer thereof at par on or prior
                                         to the scheduled Redemption Date, Scheduled Distributions from the Assets expected to
                                         be received on or prior to the scheduled Redemption Date and all other funds available
                                         for such purpose in the Collection Account and the Payment Account, to pay all Administrative
                                         Expenses (regardless of the Administrative Expense Cap) payable in accordance with the
                                         Priority of Payments and redeem all of the Notes on the scheduled Redemption Date at
                                         the applicable Redemption Prices (or in the case of any Class of Notes, such lesser amount
                                         that the Holders of such Class have elected to receive, where Holders of such Class have
                                         elected to receive less than 100% of the Redemption Price that would otherwise be payable
                                         to the Holders of such Class), (ii) at least two Business Days before the scheduled Redemption
                                         Date, the Issuer shall have received proceeds of disposition of all or part of the Assets
                                         that, together with Scheduled Distributions from the Assets expected to be received on
                                         or prior to the scheduled Redemption Date and all other funds available for such purpose
                                         in the Collection Account and the Payment Account, are at least sufficient to pay all
                                         Administrative Expenses (regardless of the Administrative Expense Cap) and any accrued
                                         and unpaid Base Management Fee and Subordinated Management Fee (other than any Waived
                                         Management Fees) payable in accordance with the Priority of Payments and redeem all of
                                         the Notes on the scheduled Redemption Date at the applicable Redemption Prices (or in
                                         the case of any Class of Notes, such lesser amount that the Holders of such Class have
                                         elected to receive, where Holders of such Class have elected to receive less than 100%
                                         of the Redemption Price that would otherwise be payable to the Holders of such Class),
                                         or (iii) prior to selling any Collateral Obligations and/or Eligible Investments, the
                                         Portfolio Manager shall certify to the Trustee that, in its judgment, the aggregate sum
                                         of (A) expected proceeds from the sale of Eligible Investments, (B) for each Collateral
                                         Obligation, its Market Value and (C) Scheduled Distributions from the Assets expected
                                         to be received on or prior to the scheduled Redemption Date and all other funds available
                                         for such purpose in the Collection Account and the Payment Account shall exceed the sum
                                         of (x) the aggregate Redemption Prices (or in the case of any Class of Notes, such lesser
                                         amount that the Holders of such Class have elected to receive, where Holders of such
                                         Class have elected to receive less than 100% of the Redemption Price that would otherwise
                                         be payable to the Holders of such Class) of the outstanding Notes and (y) all Administrative
                                         Expenses (regardless of the Administrative Expense Cap) payable under the Priority of
                                         Payments. Any certification delivered by the Portfolio Manager pursuant to this Section
                                         9.4(c) shall include (1) the prices of, and expected proceeds from, the sale (directly
                                         or by participation or other arrangement) of any Collateral Obligations and/or Eligible
                                         Investments and (2) all calculations required by this Section 9.4(c). Any Holder, the
                                         Portfolio Manager or any of the Portfolio Manager’s Affiliates or accounts or funds
                                         managed thereby shall have the right, subject to the same terms and conditions afforded
                                         to other bidders, to bid on Assets to be sold as part of an Optional Redemption or a
                                         Tax Redemption.

 

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Section
9.5.          Notes Payable on Redemption Date

 

		(a)	Notice
                                         of redemption pursuant to Section 9.4 or Section 9.7 having been given as set forth therein,
                                         the Notes to be redeemed shall, on the Redemption Date, subject to Section 9.4(c) and
                                         Section 9.7(b), as applicable, and the Issuer’s right to withdraw any notice of
                                         redemption pursuant to Section 9.4(b) and 9.7(c), as applicable, become due and payable
                                         at the Redemption Prices therein specified, and from and after the Redemption Date (unless
                                         the Issuer shall default in the payment of the Redemption Prices and accrued interest)
                                         all such Notes that are Notes shall cease to bear interest on the Redemption Date. Holders
                                         of Certificated Notes, upon final payment on a Note to be so redeemed, shall present
                                         and surrender such Note at the place specified in the notice of redemption on or prior
                                         to such Redemption Date; provided that, in the absence of notice to the
                                         Issuer or the Trustee that the applicable Note has been acquired by a Protected Purchaser,
                                         such final payment shall be made without presentation or surrender, if the Trustee and
                                         the Issuer shall have been furnished such security or indemnity as may be required by
                                         it to save it harmless and an undertaking thereafter to surrender such certificate. Payments
                                         of interest on Notes so to be redeemed which are payable on or prior to the Redemption
                                         Date shall be payable to the Holders, or holders of one or more predecessor Notes, registered
                                         as such at the close of business on the relevant Record Date according to the terms and
                                         provisions of Section 2.7(e).

 

		(b)	If
                                         any Note called for redemption shall not be paid upon surrender thereof for redemption,
                                         the principal thereof shall, until paid, bear interest from the Redemption Date at the
                                         applicable Interest Rate for each successive Interest Accrual Period such Note remains
                                         Outstanding; provided that, the reason for such non-payment is not the
                                         fault of such Holder.

 

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Section
9.6.          Special Redemption

 

The
Notes shall be redeemed in part by the Issuer on any Business Day (i) during the Reinvestment Period, if the Portfolio Manager
notifies the Trustee at least five Business Days prior to the applicable Special Redemption Date that it has been unable, for
a period of at least 20 consecutive Business Days, to identify additional Collateral Obligations that are deemed appropriate by
the Portfolio Manager, in its sole discretion, and which would satisfy the Investment Criteria in sufficient amounts to permit
the investment or reinvestment of all or a portion of the funds then in the Collection Account that are to be invested in additional
Collateral Obligations or (ii) if a Retention Deficiency exists, to the extent necessary to reduce such Retention Deficiency to
zero (in each case a “Special Redemption”). Any such notice in the case of clause (i) above shall be based
upon the Portfolio Manager having attempted, in accordance with the Portfolio Manager Standard, to identify additional Collateral
Obligations as described above. On the first Quarterly Payment Date (and all subsequent Quarterly Payment Dates) following the
Collection Period in which such notice is given (a “Special Redemption Date”), the amount in the Collection
Account representing (1) in the case of a Special Redemption during the Reinvestment Period pursuant to clause (i) above, Principal
Proceeds which the Portfolio Manager has determined cannot be reinvested in additional Collateral Obligations or (2) in the case
of a Special Redemption in connection with a Retention Deficiency, Principal Proceeds necessary to reduce such Retention Deficiency
to zero, will in each case be applied in accordance with the Priority of Payments. Notice of a Special Redemption described in
clause (i) above shall be given to each holder of Notes and to the Rating Agency (with a copy to the Portfolio Manager), in each
case not less than three Business Days prior to the applicable Special Redemption Date.

 

Section
9.7.          Clean-Up Call Redemption

 

		(a)	At
                                         the written direction of the Portfolio Manager to the Issuer and the Trustee, with a
                                         copy to the Rating Agency, at least 20 Business Days prior to the proposed Redemption
                                         Date, the Notes shall be subject to redemption by the Issuer, in whole but not in part
                                         (a “Clean-Up Call Redemption”), at the Redemption Prices therefor,
                                         on any Business Day after the Non-Call Period on which the Collateral Principal Amount
                                         is less than 20% of the Target Initial Par Amount. Upon receipt from the Portfolio Manager
                                         of a direction in writing to effect a Clean-Up Call Redemption, the Issuer shall set
                                         the related Redemption Date and the Record Date and give written notice thereof to the
                                         Trustee, the Collateral Administrator, the Portfolio Manager and the Rating Agency not
                                         later than 10 Business Days prior to the Redemption Date (and the Trustee in turn shall,
                                         in the name and at the expense of the Issuer, notify the Holders of the Redemption Date,
                                         the applicable Record Date, that the Notes shall be redeemed in full, and the Redemption
                                         Prices to be paid, at least 7 Business Days prior to the Redemption Date).

 

		(b)	A
                                         Clean-Up Call Redemption may not occur unless (i) on or before the second Business Day
                                         immediately preceding the related Redemption Date, the Portfolio Manager or any other
                                         Person purchases the Assets of the Issuer (other than the Eligible Investments referred
                                         to in clause (A)(4) below) for a price in Cash (the “Clean-Up Call Redemption
                                         Price”) at least equal to the greater of (A) the sum of (1) the Aggregate Outstanding
                                         Amount of the Notes, plus (2) all unpaid interest on the Notes accrued to the date of
                                         such redemption (including any shortfall amounts, if any), plus (3) the aggregate of
                                         all other amounts owing by the Issuer on the date of such redemption that are payable
                                         in accordance with the Priority of Payments (including, for the avoidance of doubt, all
                                         outstanding Administrative Expenses), minus (4) the balance of the Eligible Investments
                                         in the Collection Account; and (B) the Market Value of such Assets being purchased and
                                         (ii) the Portfolio Manager certifies in writing to the Trustee prior to the sale of the
                                         Assets that subclause (i) shall be satisfied upon such purchase. Upon receipt by the
                                         Trustee of the certification from the Portfolio Manager described in subclause (ii),
                                         the Trustee (pursuant to written direction from the Issuer) and the Issuer shall take
                                         all actions necessary to sell, assign and transfer the Assets to the Portfolio Manager
                                         or such other Person upon payment in immediately available funds of the Clean-Up Call
                                         Redemption Price. The Trustee shall deposit such payment into the Collection Account
                                         in accordance with the instructions of the Portfolio Manager.

 

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		(c)	Any
                                         notice of a Clean-Up Call Redemption delivered pursuant to Section 9.7(a) may be withdrawn
                                         by the Issuer on any day up to and including the Business Day prior to the related scheduled
                                         Redemption Date by written notice to the Trustee, the Rating Agency and the Portfolio
                                         Manager only if amounts at least equal to the Clean-Up Call Redemption Price are not
                                         received in full in immediately available funds by the second Business Day immediately
                                         preceding such Redemption Date.

 

		(d)	The
                                         Trustee will give notice of any such withdrawal of a Clean-Up Call Redemption, at the
                                         expense of the Issuer, to each Holder of Notes that were to be redeemed at such Holder’s
                                         address in the Register not later than the Business Day prior to the related scheduled
                                         Redemption Date.

 

		(e)	On
                                         the Redemption Date related to any Clean-Up Call Redemption, the Clean-Up Call Redemption
                                         Price shall be distributed pursuant to the Priority of Payments.

 

Section
9.8.          Re-Pricing of the Notes

 

		(a)	The
                                         Issuer, with the consent of the Portfolio Manager, may reduce the spread over LIBOR (or
                                         the stated interest rate, in the case of Fixed Rate Notes) applicable with respect to
                                         any Class of Re-Pricing Eligible Notes (any such reduction with respect to any such Class
                                         of Notes, a “Re-Pricing” and any Class of Re-Pricing Eligible Notes
                                         to be subject to a Re-Pricing, a “Re-Priced Class”) on any Business
                                         Day after the Non-Call Period; provided that, the Issuer shall not effect any
                                         Re-Pricing unless each condition specified in this Section 9.8 is satisfied with
                                         respect thereto. For the avoidance of doubt, no terms of any Re-Pricing Eligible Notes
                                         other than the Interest Rate applicable thereto may be modified or supplemented in connection
                                         with a Re-Pricing; provided that, in connection with any Re-Pricing, (x) the Non-Call
                                         Period with respect to such Re-Priced Class may, with the consent of the Issuer, be extended
                                         and/or (y) the definition of “Redemption Price” may be revised, with the
                                         written consent of the Issuer, to reflect any agreed upon make-whole payments for the
                                         applicable Re-Priced Class. In connection with any Re-Pricing, the Issuer may engage
                                         a broker-dealer (the “Re-Pricing Intermediary”) upon the recommendation
                                         and subject to the approval of the Issuer and such Re-Pricing Intermediary shall assist
                                         the Issuer in effecting the Re-Pricing.

 

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		(b)	At
                                         least fourteen (14) days prior to the Business Day fixed for any proposed Re-Pricing
                                         (the “Re-Pricing Date”), the Issuer or the Re-Pricing Intermediary
                                         on behalf of the Issuer, shall deliver a notice in writing (with a copy to the Portfolio
                                         Manager, the Trustee and the Rating Agency) to each Holder of the proposed Re-Priced
                                         Class, which notice shall (i) specify the proposed Re-Pricing Date and the revised spread
                                         (or range of spreads from which a single spread will be chosen prior to the Re-Pricing
                                         Date) over LIBOR to be applied with respect to such Class (such spread, the “Re-Pricing
                                         Rate”), (ii) request that each Holder of the Re-Priced Class approve the proposed
                                         Re-Pricing or provide a proposed Re-Pricing Rate at which it would consent to such Re-Pricing
                                         that is within the range provided, if any, in clause (i) above (such proposal, a “Holder
                                         Proposed Re-Pricing Rate”), (iii) request that each consenting Holder of the
                                         Re-Priced Class deliver a response in writing to the Issuer, or to the Re-Pricing Intermediary
                                         on behalf of the Issuer, which response (the “Holder Purchase Request”)
                                         shall indicate the aggregate principal amount of the Re-Priced Class that such Holder
                                         is willing to purchase (or retain) at such Re-Pricing Rate (including within any range
                                         provided) specified in such notice, and (iv) state that the Issuer (or in the case of
                                         the following clause (a), the Re-Pricing Intermediary on behalf of the Issuer) will have
                                         the right to (a) cause all such Holders that did not deliver an Accepted Purchase Request
                                         (each, a “Non-Consenting Holder”) to sell their Notes of the Re-Priced
                                         Class on the Re-Pricing Date to one or more transferees at a sale price equal to the
                                         applicable Redemption Price, (b) redeem such Notes at the applicable Redemption Price
                                         with the proceeds of an issuance of Re-Pricing Replacement Notes or (c) amend, without
                                         consent, the interest rate applicable to the Notes of the Re-Priced Class held by Non-Consenting
                                         Holders to the Re-Pricing Rate in the event that the Issuer is unable to issue Re-Pricing
                                         Replacement Notes; provided that, at the direction of the Portfolio Manager, the
                                         Issuer may delay the Re-Pricing Date or determine the Re-Pricing Rate taking into consideration
                                         any Holder Proposed Re-Pricing Rates at any time up to two (2) Business Days prior to
                                         the Re-Pricing Date (upon notice to each Holder of the proposed Re-Priced Class, with
                                         a copy to the Portfolio Manager, the Trustee and the Rating Agency). Failure to give
                                         a notice of Re-Pricing, or any defect therein, to any Holder of any Re-Priced Class shall
                                         not impair or affect the validity of the Re-Pricing or give rise to any claim based upon
                                         such failure or defect.

 

Any
notice of Re-Pricing may be withdrawn (thereby canceling the Re-Pricing) by (x) the Portfolio Manager or (y) the Issuer, with
the consent of the Portfolio Manager (to the extent applicable), in each case, for any reason by delivery of a written notice
to the Trustee and the Issuer no later than the Business Day prior to the proposed Re-Pricing Date. Once withdrawn, a subsequent
notice of Re-Pricing may be given in accordance with this Section 9.8. At the cost of the Issuer, the Trustee shall provide
a copy of such written notice to the Rating Agency.

 

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		(c)	In
                                         the event that any Holder of the Re-Priced Class does not deliver a written consent to
                                         the proposed Re-Pricing on or before the date that is at least five (5) Business Days
                                         (such date as determined by the Issuer in its sole discretion) after the date of such
                                         notice, the Issuer, or the Re-Pricing Intermediary on behalf of the Issuer, shall deliver
                                         written notice thereof to any Consenting Holder of the Re-Priced Class who delivered
                                         a Holder Purchase Request with a Holder Proposed Re-Pricing Rate that is equal to or
                                         less than the Re-Pricing Rate as determined by the Portfolio Manager (such request, an
                                         “Accepted Purchase Request” and any Holder providing such Accepted
                                         Purchase Request, a “Consenting Holder”) specifying the Aggregate
                                         Outstanding Amount of the Notes of the Re-Priced Class that such Consenting Holder has
                                         offered to purchase at the Re-Pricing Rate and the Aggregate Outstanding Amount of the
                                         Notes that will be sold to such Consenting Holder. Notwithstanding the above, the Issuer,
                                         or the Re-Pricing Intermediary on behalf of the Issuer, will cause the sale and transfer
                                         of Notes of any Non-Consenting Holders, without further notice to such Non-Consenting
                                         Holders, on the Re-Pricing Date to a transferee designated by the Re-Pricing Intermediary
                                         on behalf of the Issuer. All sales of Notes to be effected pursuant to this clause (c)
                                         will be made at the Redemption Price with respect to such Notes, and will be effected
                                         only if the related Re-Pricing is effected in accordance with this Section 9.8.
                                         The Holder of each Re-Pricing Eligible Note, by its acceptance of an interest in the
                                         Re-Pricing Eligible Notes, agrees to sell and transfer its Notes in accordance with this
                                         Section 9.8 and agrees to cooperate with the Issuer (or the Re-Pricing Intermediary
                                         on behalf of the Issuer) and the Trustee to effect such sales and transfers. In the event
                                         that the Issuer (or the Re-Pricing Intermediary on behalf of the Issuer) receives Accepted
                                         Purchase Requests with respect to more than the Aggregate Outstanding Amount of the Notes
                                         of the Re-Priced Class held by Non-Consenting Holders, the Issuer, or the Re-Pricing
                                         Intermediary on behalf of the Issuer, shall cause the sale and transfer of such Notes
                                         or will sell Re-Pricing Replacement Notes to such Consenting Holders at the applicable
                                         Redemption Prices and, if applicable, conduct a redemption of Non-Consenting Holders’
                                         Notes of the Re-Priced Class with the sale of Re-Pricing Replacement Notes, without further
                                         notice to the Non-Consenting Holders thereof, on the Re-Pricing Date to the Consenting
                                         Holders delivering Accepted Purchase Requests, with respect thereto, pro rata
                                         (subject to the applicable minimum denominations) based on the Aggregate Outstanding
                                         Amount of the Notes such Consenting Holders indicated an interest in purchasing pursuant
                                         to their Holder Purchase Requests. In the event that the Issuer receives Accepted Purchase
                                         Requests with respect to less than the Aggregate Outstanding Amount of the Notes of the
                                         Re-Priced Class held by Non-Consenting Holders, the Issuer, or the Re-Pricing Intermediary
                                         on behalf of the Issuer, shall cause the sale and transfer of such Notes of the Re-Priced
                                         Class or will sell Re-Pricing Replacement Notes to such Consenting Holders at the applicable
                                         Redemption Prices and, if applicable, conduct a redemption of Non-Consenting Holders’
                                         Notes of the Re-Priced Class with the sale of Re-Pricing Replacement Notes, without further
                                         notice to the Non-Consenting Holders thereof, on the Re-Pricing Date to the Consenting
                                         Holders delivering Accepted Purchase Requests with respect thereto, and any excess Notes
                                         of the Re-Priced Class held by Non-Consenting Holders shall be sold to one or more purchasers
                                         designated by the Issuer (or the Re-Pricing Intermediary on behalf of the Issuer) or
                                         redeemed with proceeds from the sale of Re-Pricing Replacement Notes. All sales of Non-Consenting
                                         Holders’ Notes or Re-Pricing Replacement Notes to be effectuated pursuant to this
                                         clause (c) shall be made at the applicable Redemption Price, and shall be effectuated
                                         only if the related Re-Pricing is effectuated in accordance with the provisions hereof.

 

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		(d)	The
                                         Issuer shall not effect any proposed Re-Pricing unless:

 

		(i)	the
                                         Issuer and the Trustee (at the direction of the Issuer) shall have entered into a supplemental
                                         indenture dated as of the Re-Pricing Date, which can be executed and delivered without
                                         regard to the provisions of Article VIII hereof, solely to modify the spread over LIBOR
                                         (or the stated interest rate, in the case of Fixed Rate Notes) applicable to the Re-Priced
                                         Class and, to the extent applicable, (with the consent of the Issuer) to extend the Non-Call
                                         Period applicable to such Re-Priced Class or make changes to the definition of “Redemption
                                         Price”;

 

		(ii)	confirmation
                                         has been received that all Notes of the Re-Priced Class held by Non-Consenting Holders
                                         have been sold and transferred pursuant to clause (c) above;

 

		(iii)	the
                                         Rating Agency shall have been notified of such Re-Pricing;

 

		(iv)	all
                                         expenses of the Issuer and the Trustee (including the fees of the Re-Pricing Intermediary
                                         and fees of counsel) incurred in connection with the Re-Pricing do not exceed the amount
                                         of Interest Proceeds available after taking into account all amounts required to be paid
                                         pursuant to Section 11.1(a)(i) on the subsequent Payment Date prior to the distribution
                                         of any remaining Interest Proceeds to the Issuer, unless such expenses have been paid
                                         or shall be adequately provided for (including without limitation, with Contributions)
                                         by an entity other than the Issuer; and

 

		(v)	the
                                         Issuer shall have obtained Tax Advice to the effect that such Re-Pricing will not result
                                         in the Issuer becoming subject to U.S. federal income taxation with respect to its net
                                         income or to any withholding tax liability under Section 1446 of the Code.

 

		(e)	The
                                         Issuer shall direct the Trustee to segregate payments and take other reasonable steps
                                         to effect the Re-Pricing and the Trustee shall have the authority to take such actions
                                         as may be directed by the Issuer or the Portfolio Manager on behalf of the Issuer (or
                                         the Re-Pricing Intermediary on behalf of the Issuer) or Portfolio Manager shall deem
                                         necessary or desirable to effect a Re-Pricing. In order to give effect to the Re-Pricing,
                                         the Issuer may, to the extent necessary, obtain and assign a separate CUSIP or CUSIPs
                                         to the Notes of each Class held by consenting Holders or Non-Consenting Holders.

 

		(f)	A
                                         second notice of a Re-Pricing shall be given by the Trustee not less than seven (7) Business
                                         Days prior to the proposed Re-Pricing Date, to each Holder of Notes of the Re-Priced
                                         Class at the address in the Register (with a copy to the Portfolio Manager), specifying
                                         the applicable Re-Pricing Date and the specific Re-Pricing Rate. Notice of Re-Pricing
                                         shall be given by the Trustee at the expense of the Issuer. Failure to give a notice
                                         of Re-Pricing, or any defect therein, to any Holder of any Re-Priced Class will not impair
                                         or affect the validity of the Re-Pricing or give rise to any claim based upon such failure
                                         or defect.

 

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		(g)	The
                                         Holder of each Note, by its acceptance of an interest in the Notes, agrees (i) to sell
                                         and transfer its Notes in accordance with the provisions hereof and to cooperate with
                                         the Issuer, the Re-Pricing Intermediary (if any) and the Trustee to effectuate such sales
                                         and transfers and (ii) in the event that such Holder (x) does not consent to a proposed
                                         Re-Pricing or to a sale of its interest and (y) does not otherwise cooperate with the
                                         Issuer, the Re-Pricing Intermediary (if any) and the Trustee, in each case to effectuate
                                         such sales and transfers within the time period described herein, then such Holder shall
                                         be deemed to consent to such Re-Pricing.

 

The
Trustee shall be entitled to receive, and shall be fully protected in relying upon an Opinion of Counsel stating that a Re-Pricing
is permitted by this Indenture and that all conditions precedent thereto have been complied with. The Trustee shall receive and
shall rely on an Issuer Order providing direction and any additional information requested by the Trustee in order to effect a
Re-Pricing in accordance with this Section 9.8.

 

ARTICLE
X

ACCOUNTS, ACCOUNTING AND RELEASES

 

Section
10.1.          Collection of Money

 

Except
as otherwise expressly provided herein, the Trustee may demand payment or delivery of, and shall receive and collect, directly
and without intervention or assistance of any fiscal agent or other intermediary, all Money and other property payable to or receivable
by the Trustee pursuant to this Indenture, including all payments due on the Assets, in accordance with the terms and conditions
of such Assets. The Trustee shall segregate and hold all such Money and property received by it in trust for the Holders and shall
apply it as provided in this Indenture. Each Account established under this Indenture has been established and shall be maintained
(a) with a federal or state chartered depository institution or trust company rated at least “A” and “A-1”
by S&P (or at least “A+” by S&P if such institution has no short-term rating) or (b) in segregated trust accounts
with the corporate trust department of a federal or state-chartered depository institution subject to regulations regarding fiduciary
funds on deposit similar to Title 12 of the Code of Federal Regulations Section 9.10(b), that is rated at least “BBB+”
by S&P and, if any such institution fails at any time to satisfy the requirements set forth in clauses (a) or (b) above, as
applicable, the assets held in such account shall be moved no later than 30 calendar days after such event to another institution
that satisfies such requirements. Such institution shall have a combined capital and surplus of at least U.S.$200,000,000. All
Cash deposited in the Accounts shall be invested only in Eligible Investments or Collateral Obligations in accordance with the
terms of this Indenture. To avoid the consolidation of the Assets of the Issuer with the general assets of the Bank under any
circumstances, the Trustee shall comply, and shall cause the Custodian to comply, with all law applicable to it as a national
bank with trust powers holding segregated trust assets in a fiduciary capacity; provided that, the foregoing shall
not be construed to prevent the Trustee or Custodian from investing the Assets of the Issuer in Eligible Investments described
in clause (b) of the definition thereof that are obligations of the Bank. The accounts established by the Trustee pursuant to
this Article X may include any number of sub-accounts deemed necessary for convenience in administering the Assets.

 

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Section
10.2.          Collection Account

 

		(a)	In
                                         accordance with this Indenture and the Account Agreement, the Trustee has established
                                         at the Custodian a single non-interest bearing segregated trust account, held in the
                                         name of the Trustee, for the benefit of the Secured Parties, which is designated as the
                                         “Collection Account” and which shall be maintained with the Custodian in
                                         accordance with the Account Agreement. The Trustee shall immediately upon receipt, or
                                         upon transfer from the Expense Reserve Account or Revolver Funding Account deposit into
                                         the Collection Account, all funds and property received by the Trustee and (x) designated
                                         for deposit in the Collection Account or (y) not designated under this Indenture for
                                         deposit in any other Account, including all proceeds received from the disposition of
                                         any Assets (unless simultaneously reinvested in additional Collateral Obligations in
                                         accordance with Article XII or in Eligible Investments). The Issuer may, but under no
                                         circumstances shall be required to, deposit from time to time into the Collection Account,
                                         in addition to any amount required hereunder to be deposited therein, such Monies received
                                         from external sources for the benefit of the Secured Parties (other than payments on
                                         or in respect of the Collateral Obligations, Eligible Investments or other existing Assets)
                                         as the Issuer deems, in its sole discretion, to be advisable and to designate them as
                                         Interest Proceeds or Principal Proceeds. All Monies deposited from time to time in the
                                         Collection Account pursuant to this Indenture shall be held by the Trustee as part of
                                         the Assets and shall be applied to the purposes herein provided. Subject to Sections
                                         10.2(d) and 10.2(f), amounts in the Collection Account shall be reinvested pursuant to
                                         Section 10.6(a). Notwithstanding the foregoing, for administrative purposes, the Collection
                                         Account described above may consist of three single non-interest bearing segregated trust
                                         accounts, each held in the name of the Trustee, for the benefit of the Secured Parties,
                                         one of which is designated as the “Interest Collection Account” into
                                         which Interest Proceeds which would otherwise be deposited in the Collection Account
                                         shall be held, another of which is designated as the “Principal Collection Account”
                                         into which Principal Proceeds which would otherwise be deposited in the Collection Account
                                         shall be held and another of which is designated as the “Pending Transfer Deposit
                                         Amount Collection Account” into which Transfer Deposit Amounts which would
                                         otherwise be deposited in the Collection Account shall be held in accordance with Section
                                         12.5(a).

 

		(b)	The
                                         Trustee, within one Business Day after receipt of any distribution or other proceeds
                                         in respect of the Assets which are not Cash, shall so notify the Issuer (with a copy
                                         to the Portfolio Manager) and the Issuer shall use its commercially reasonable efforts
                                         to, within five Business Days after receipt of such notice from the Trustee (or as soon
                                         as practicable thereafter), sell such distribution or other proceeds for Cash in an arm’s
                                         length transaction and deposit the proceeds thereof in the Collection Account; provided
                                         that, subject to the requirements of Section 12.1, the Issuer (i) need not
                                         sell such distributions or other proceeds if it delivers an Issuer Order or an Officer’s
                                         certificate to the Trustee certifying that such distributions or other proceeds constitute
                                         Collateral Obligations or Eligible Investments or (ii) may otherwise retain such distribution
                                         or other proceeds for up to two years from the date of receipt thereof if it delivers
                                         an Officer’s certificate to the Trustee certifying that (x) it will sell such distribution
                                         within such two-year period and (y) retaining such distribution is not otherwise prohibited
                                         by this Indenture.

 

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		(c)	At
                                         any time when reinvestment is permitted pursuant to Article XII, the Portfolio Manager
                                         on behalf of the Issuer may by Issuer Order direct the Trustee to, and upon receipt of
                                         such Issuer Order the Trustee shall, withdraw funds on deposit in the Collection Account
                                         representing Principal Proceeds (together with Interest Proceeds so long as, in the judgment
                                         of the Portfolio Manager (not to be called into question as a result of subsequent events),
                                         there will be sufficient Interest Proceeds remaining to make payments on the Notes on
                                         the following Payment Date in accordance with Section 11.1(a)(i)) and reinvest such funds
                                         in additional Collateral Obligations or exercise a warrant held in the Assets, in each
                                         case in accordance with the requirements of Article XII and such Issuer Order. At any
                                         time during the Reinvestment Period, and subject to Section 2.14, the Portfolio Manager
                                         on behalf of the Issuer may by Issuer Order direct the Trustee to, and upon receipt of
                                         such Issuer Order the Trustee shall, (i) withdraw funds on deposit in the Collection
                                         Account representing Principal Proceeds for purchases of Notes in accordance with the
                                         provisions of Section 2.14 and (ii) withdraw funds on deposit in the Collection Account
                                         representing Interest Proceeds to pay accrued interest through the date of such purchase
                                         in accordance with the provisions of Section 2.14. At any time, the Portfolio Manager
                                         on behalf of the Issuer may by Issuer Order direct the Trustee to, and upon receipt of
                                         such Issuer Order the Trustee shall, withdraw funds on deposit in the Collection Account
                                         representing Principal Proceeds and deposit such funds in the Revolver Funding Account
                                         to meet funding requirements with respect to Delayed Drawdown Collateral Obligations,
                                         Revolving Collateral Obligations or Workout Loans.

 

		(d)	The
                                         Portfolio Manager on behalf of the Issuer may by Issuer Order direct the Trustee to,
                                         and upon receipt of such Issuer Order the Trustee shall, pay from amounts on deposit
                                         in the Collection Account on any Business Day during any Interest Accrual Period (i)
                                         any amount required to exercise a warrant or right to acquire securities held in the
                                         Assets in accordance with the requirements of Article XII and such Issuer Order so long
                                         as, after giving effect to the application of any Principal Proceeds, the sum of (x)
                                         the Collateral Principal Amount and (y) for each Defaulted Obligation owned by the Issuer
                                         for less than three years, the S&P Collateral Value thereof, will be greater than
                                         or equal to the Reinvestment Target Par Balance, (ii) amounts permitted to be used for
                                         the purchase of a Restructured Loan or Workout Security in accordance with the terms
                                         of this Indenture and subject to the conditions set forth in this Section 10.2(d); provided
                                         that, for the avoidance of doubt, Principal Proceeds (other than Contributions or
                                         Interest Proceeds designated as Principal Proceeds) shall not be used pursuant to this
                                         sub-clause to acquire (A) a Restructured Loan (other than a Workout Loan) or (B) a Workout
                                         Security except to the extent such Workout Security is otherwise acquired pursuant to
                                         sub-clause (i) above and (iii) from Interest Proceeds only, any Administrative Expenses
                                         (such payments to be counted against the Administrative Expense Cap for the applicable
                                         period and to be subject to the order of priority as stated in the definition of Administrative
                                         Expenses); provided, that the aggregate Administrative Expenses paid pursuant
                                         to this Section 10.2(d) during any Collection Period shall not exceed the Administrative
                                         Expense Cap for the related Payment Date. The Trustee shall not be obligated to make
                                         such payment if, in the reasonable determination of the Trustee, such payment would leave
                                         insufficient funds, taking into account the Administrative Expense Cap, for payments
                                         anticipated to be or become due or payable on the next Payment Date that are given a
                                         higher priority in the definition of Administrative Expenses.

 

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If
Principal Proceeds would be used to acquire a Workout Loan pursuant to clause (ii) of this Section 10.2(d) above, as determined
by the Portfolio Manager,

 

		(1)	the
                                         aggregate amount of Principal Proceeds used for such purpose pursuant (A) since the Closing
                                         Date shall not exceed 5.0% of the Target Initial Par Amount and (B) during any one calendar
                                         year, shall not exceed 1.5% of the Target Initial Par Amount;

 

		(2)	each
                                         of the Overcollateralization Ratio Tests shall be satisfied after giving effect to such
                                         application of Principal Proceeds; and

 

		(3)	after
                                         application of such Principal Proceeds, the sum of (I) the Collateral Principal Amount
                                         and (II) for each Defaulted Obligation owned by the Issuer for less than three years,
                                         the S&P Collateral Value thereof will be greater than or equal to the Reinvestment
                                         Target Par Balance.

 

If
Interest Proceeds would be used to acquire any Restructured Loan (including a Workout Loan) or Workout Security pursuant to clause
(ii) of this Section 10.2(d) above, such acquisition shall not be made unless the Portfolio Manager determines that each Coverage
Test will be satisfied after giving effect to such acquisition and the application of such Interest Proceeds would not cause a
nonpayment or deferral of interest on any Class of Notes on the following Payment Date (as determined by the Portfolio Manager
in its reasonable discretion).

 

		(e)	The
                                         Trustee shall transfer to the Payment Account (other than, with respect to Exchanged
                                         Equity Security Excess Proceeds, any additional amounts received after the initial distribution
                                         thereof that will be distributed on a later Payment Date), from the Collection Account
                                         for application pursuant to Section 11.1(a), not later than the Business Day immediately
                                         preceding each Payment Date, the amount set forth to be so transferred in the Distribution
                                         Report for such Payment Date.

 

		(f)	Subject
                                         to the requirements in Section 10.6(a), amounts received in the Collection Account during
                                         a Collection Period shall be invested in Eligible Investments with stated maturities
                                         not later than the earlier of (A) the date that is 60 days after the date of delivery
                                         thereof and (B) the Business Day immediately preceding the Payment Date immediately following
                                         the date of delivery thereof. All proceeds from the Eligible Investments shall be retained
                                         in the Collection Account unless used to purchase additional Collateral Obligations in
                                         accordance with the Investment Criteria, or used as otherwise permitted under this Indenture.

 

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Section
10.3.          Transaction Accounts

 

		(a)	Payment
                                         Account. In accordance with this Indenture and the Account Agreement, the Trustee
                                         has established at the Custodian a single, segregated non-interest bearing trust account
                                         held in the name of the Trustee, for the benefit of the Secured Parties, which is designated
                                         as the “Payment Account” which shall be maintained with the Custodian
                                         in accordance with the Account Agreement. Except as provided in Section 11.1(a), the
                                         only permitted withdrawal from or application of funds on deposit in, or otherwise to
                                         the credit of, the Payment Account shall be to pay amounts due and payable on the Notes
                                         and distributions to the Issuer in accordance with their terms and the provisions of
                                         this Indenture and, upon Issuer Order, to pay Administrative Expenses, Management Fees
                                         and other amounts specified herein, each in accordance with the Priority of Payments.
                                         The Issuer shall not have any legal, equitable or beneficial interest in the Payment
                                         Account other than in accordance with this Indenture and the Priority of Payments. Amounts
                                         in the Payment Account shall remain uninvested.

 

		(b)	Custodial
                                         Account. In accordance with this Indenture and the Account Agreement, the Trustee
                                         has established at the Custodian a single, segregated non-interest bearing trust account
                                         held in the name of the Trustee, for the benefit of the Secured Parties, which is designated
                                         as the “Custodial Account” which shall be maintained with the Custodian
                                         in accordance with the Account Agreement. All Collateral Obligations and Equity Securities
                                         shall be credited to the Custodial Account as provided herein. The only permitted withdrawals
                                         from the Custodial Account shall be in accordance with the provisions of this Indenture.
                                         The Trustee agrees to give the Issuer, with a copy to the Portfolio Manager, immediate
                                         notice if an Authorized Officer of the Trustee receives written notice or has actual
                                         knowledge that the Custodial Account or any assets or securities on deposit therein,
                                         or otherwise to the credit of the Custodial Account, shall become subject to any writ,
                                         order, judgment, warrant of attachment, execution or similar process. The Issuer shall
                                         not have any legal, equitable or beneficial interest in the Custodial Account other than
                                         in accordance with this Indenture and the Priority of Payments. Amounts in the Custodial
                                         Account shall remain uninvested.

 

		(c)	The
                                         Issuer hereby directs the Custodian to close the “Ramp-Up Account” (as defined
                                         in the Original Indenture).

 

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		(d)	Expense
                                         Reserve Account. In accordance with this Indenture and the Account Agreement, the
                                         Trustee has established at the Custodian a single, segregated non-interest bearing trust
                                         account held in the name of the Trustee, for the benefit of the Secured Parties, which
                                         shall be designated as the “Expense Reserve Account” which is maintained
                                         with the Custodian in accordance with the Account Agreement. The Issuer hereby directs
                                         the Trustee to deposit to the Expense Reserve Account (i) the amount specified in Section
                                         3.1(a)(xii)(B) and (ii) in connection with any additional issuance of notes, the amount
                                         specified in Section 3.2(a)(viii). On any Business Day from the Refinancing Date to and
                                         including the Determination Date relating to the second Payment Date following the Refinancing
                                         Date, the Trustee shall apply funds from the Expense Reserve Account, as directed by
                                         the Portfolio Manager, to pay expenses of the Issuer incurred in connection with the
                                         structuring and consummation of the Offering and the issuance of the Notes and any additional
                                         issuance. By the Determination Date relating to the second Payment Date following the
                                         Refinancing Date, all funds in the Expense Reserve Account (after deducting any expenses
                                         paid on such Determination Date) will be deposited in the Collection Account as Interest
                                         Proceeds and/or Principal Proceeds (in the respective amounts directed by the Portfolio
                                         Manager in its sole discretion). On any Business Day after the Determination Date relating
                                         to the second Payment Date following the Refinancing Date, the Trustee shall apply funds
                                         from the Expense Reserve Account (except as provided in the next sentence), as directed
                                         by the Portfolio Manager, to pay expenses of the Issuer incurred in connection with any
                                         additional issuance of notes or as a deposit to the Collection Account as Principal Proceeds.
                                         Any income earned on amounts deposited in the Expense Reserve Account will be deposited
                                         in the Collection Account as Interest Proceeds as it is paid.

 

		(e)	Interest
                                         Reserve Account. The Trustee has established at the Custodian a single, segregated
                                         non-interest bearing trust account held in the name of the Trustee for the benefit of
                                         the Secured Parties which shall be designated as the “Interest Reserve Account”
                                         which is maintained with the Custodian in accordance with the Account Agreement. On the
                                         Refinancing Date, the Issuer hereby directs the Trustee to deposit the Interest Reserve
                                         Amount into the Interest Reserve Account. On or before the Determination Date in the
                                         second Collection Period after the Refinancing Date, at the direction of the Portfolio
                                         Manager, the Issuer may direct that any portion of the then remaining Interest Reserve
                                         Amount be transferred to the Collection Account and included as Interest Proceeds or
                                         Principal Proceeds for such Collection Period. On the Payment Date relating to the second
                                         Collection Period after the Refinancing Date, all amounts on deposit in the Interest
                                         Reserve Account shall be transferred to the Payment Account and applied as Interest Proceeds
                                         or Principal Proceeds (as directed by the Portfolio Manager) in accordance with the Priority
                                         of Payments, and the Trustee shall close the Interest Reserve Account. Amounts credited
                                         to the Interest Reserve Account shall be reinvested pursuant to Section 10.6(a). Any
                                         income earned on amounts deposited in the Interest Reserve Account will be deposited
                                         in the Interest Reserve Account.

 

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		(f)	Contribution
                                         Account. The Trustee has established a segregated, non-interest bearing trust account
                                         held in the name of the Trustee for the benefit of the Secured Parties, which is designated
                                         as the “Contribution Account.” At any time during or after the Reinvestment
                                         Period, any Holder of Interests may, by delivery of a written notice to the Trustee substantially
                                         in the form of Exhibit F hereto (a “Contribution Notice”) at least
                                         three Business Days prior to the date such Holder proposes to make such Contribution,
                                         and with the prior written consent of the Portfolio Manager, make a contribution of Cash,
                                         Eligible Investments and/or Collateral Obligations (each, a “Contribution”
                                         and each such Holder, a “Contributor”) to the Issuer for any purpose
                                         (including, without limitation, any Permitted Use). Other than Contributions designated
                                         for a Permitted Use pursuant to clause (v) of the definition thereof, each Contribution
                                         shall be in a minimum amount of U.S.$500,000 (counting all Contributions received on
                                         the same day as a single Contribution for this purpose). Each accepted Contribution shall
                                         be received into the Contribution Account and applied by the Portfolio Manager, on behalf
                                         of the Issuer, to a Permitted Use as directed by the Contributor in the related Contribution
                                         Notice or, if no direction is given by the Contributor, at the Portfolio Manager’s
                                         sole discretion. No Contribution or any portion thereof shall be returned to the Contributor
                                         at any time. Any income earned on amounts deposited in the Contribution Account shall
                                         be deposited in the Collection Account as Interest Proceeds. For the avoidance of doubt,
                                         Contributions shall not increase any rights held by any Holder.

 

Section
10.4.          The Revolver Funding Account

 

The
Trustee has established at the Custodian, a single, segregated non-interest bearing trust account held in the name of the Trustee
for the benefit of the Secured Parties which is designated as the “Revolver Funding Account” which shall be
maintained with the Custodian in accordance with the Account Agreement. On the Refinancing Date, the Issuer hereby directs the
Trustee to deposit the amount specified in Section 3.1(a)(xii)(C) into the Revolver Funding Account to be reserved for unfunded
funding obligations under any Delayed Drawdown Collateral Obligations, Revolving Collateral Obligations or Workout Loans purchased
on or before the Refinancing Date. Upon the purchase of any Delayed Drawdown Collateral Obligation, Revolving Collateral Obligation
or Workout Loan, Principal Proceeds in an amount equal to the undrawn portion of such obligation shall be withdrawn from the Collection
Account, as directed by the Portfolio Manager, and deposited by the Trustee pursuant to such direction in the Revolver Funding
Account; provided, that if such Delayed Drawdown Collateral Obligation, Revolving Collateral Obligation or Workout Loan
is a Participation Interest with respect to which the Selling Institution requires funds to be deposited with the Selling Institution
or its custodian in an amount equal to any portion of the undrawn amount of such obligation as collateral for the funding obligations
under such obligation (such funds, the “Selling Institution Collateral”), the Portfolio Manager on behalf of
the Issuer shall direct the Trustee to (and pursuant to such direction the Trustee shall) deposit such funds in the amount of
the Selling Institution Collateral with such Selling Institution or custodian rather than in the Revolver Funding Account; provided
that such Selling Institution or custodian is an Eligible Custodian.

 

Upon
initial purchase of any Delayed Drawdown Collateral Obligation, Revolving Collateral Obligation or Workout Loan, funds deposited
in the Revolver Funding Account in respect of such Collateral Obligation and Selling Institution Collateral deposited with the
Selling Institution in respect of such Collateral Obligation shall be treated as part of the purchase price therefor. Amounts
on deposit in the Revolver Funding Account shall be invested in overnight funds that are Eligible Investments selected by the
Portfolio Manager pursuant to Section 10.6 and earnings from all such investments shall be deposited in the Collection Account
as Interest Proceeds.

 

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Funds
shall be deposited in the Revolver Funding Account upon the purchase of any Delayed Drawdown Collateral Obligation, Revolving
Collateral Obligation or Workout Loan and upon the receipt by the Issuer of any Principal Proceeds with respect to a Revolving
Collateral Obligation or Workout Loan, as directed by the Portfolio Manager, such that the amount of funds on deposit in the Revolver
Funding Account shall be equal to or greater than the aggregate amount of unfunded funding obligations (disregarding the portion,
if any, of any such unfunded funding obligations that is collateralized by Selling Institution Collateral) under all such Delayed
Drawdown Collateral Obligations, Revolving Collateral Obligations and Workout Loans then included in the Assets, as determined
by the Portfolio Manager.

 

Any
funds in the Revolver Funding Account (other than earnings from Eligible Investments therein) shall be available, at the direction
of the Portfolio Manager, solely to cover any drawdowns on the Delayed Drawdown Collateral Obligations, Revolving Collateral Obligations
and Workout Loans; provided, that any excess of (i) the amounts on deposit in the Revolver Funding Account over (ii) the
sum of the unfunded funding obligations (disregarding the portion, if any, of any such unfunded funding obligations that is collateralized
by Selling Institution Collateral) under all Delayed Drawdown Collateral Obligations, Revolving Collateral Obligations and Workout
Loans that are included in the Assets (which excess may occur for any reason, including upon (A) the sale or maturity of a Delayed
Drawdown Collateral Obligation, Revolving Collateral Obligation or Workout Loan, (B) the occurrence of an event of default with
respect to any such Delayed Drawdown Collateral Obligation, Revolving Collateral Obligation or Workout Loan or (C) any other event
or circumstance which results in the irrevocable reduction of the undrawn commitments under such Delayed Drawdown Collateral Obligation,
Revolving Collateral Obligation or Workout Loan) may be transferred by the Trustee (at the written direction of the Portfolio
Manager on behalf of the Issuer) from time to time as Principal Proceeds to the Collection Account.

 

Section
10.5.          [Reserved].

 

Section
10.6.          Reinvestment of Funds in Accounts; Reports by Trustee

 

		(a)	By
                                         Issuer Order (which may be in the form of standing instructions), the Issuer (or the
                                         Portfolio Manager on behalf of the Issuer) shall at all times direct the Trustee to,
                                         and, upon receipt of such Issuer Order, the Trustee shall, invest all funds on deposit
                                         in the Collection Account, Interest Reserve Account, the Contribution Account, the Revolver
                                         Funding Account and the Expense Reserve Account as so directed in Eligible Investments
                                         having stated maturities no later than the Business Day preceding the next Payment Date
                                         (or such shorter maturities expressly provided herein). If at a time when no Event of
                                         Default has occurred and is continuing (regardless of any acceleration of the Maturity
                                         of the Notes), the Issuer shall not have given any such investment directions, the Trustee
                                         shall seek instructions from the Portfolio Manager within three Business Days after transfer
                                         of any funds to such accounts. If the Trustee does not thereafter receive written instructions
                                         from the Portfolio Manager within five Business Days after transfer of such funds to
                                         such accounts, it shall invest and reinvest the funds held in such accounts, as fully
                                         as practicable, in the Standby Direct Investment. If at a time when an Event of Default
                                         has occurred and is continuing, the Issuer shall not have given such investment directions
                                         to the Trustee for three consecutive days, the Trustee shall invest and reinvest such
                                         Monies as fully as practicable in the Standby Direct Investment. Except to the extent
                                         expressly provided otherwise herein, all interest and other income from such investments
                                         shall be credited to the Collection Account upon receipt as Interest Proceeds, any gain
                                         realized from such investments shall be credited to the Collection Account upon receipt
                                         as Principal Proceeds, and any loss resulting from such investments shall be charged
                                         to the Collection Account as a reduction in Principal Proceeds. The Trustee shall not
                                         in any way be held liable by reason of any insufficiency of such accounts which results
                                         from any loss relating to any such investment; provided that, nothing herein
                                         shall relieve the Bank of (i) its obligations or liabilities under any security or obligation
                                         issued by the Bank or any Affiliate thereof or (ii) liability for any loss resulting
                                         from negligence, willful misconduct or fraud on the part of the Bank or any Affiliate
                                         thereof. Except as expressly provided herein, the Trustee shall not otherwise be under
                                         any duty to invest (or pay interest on) amounts held hereunder from time to time. Notwithstanding
                                         anything to the contrary in this clause (a), if an Eligible Investment is issued by the
                                         Bank, such Eligible Investment may mature on the relevant Payment Date. For the avoidance
                                         of doubt, the stated maturity of each Eligible Investment must also be in compliance
                                         with the definition thereof (including any requirement in the definition of “Eligible
                                         Investment” that the stated maturity of an Eligible Investment be shorter than
                                         required pursuant to this Section 10.6(a)).

 

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		(b)	The
                                         Trustee agrees to give the Issuer, with a copy to the Portfolio Manager, immediate notice
                                         if any Bank Officer has actual knowledge that any Account or any funds on deposit in
                                         any Account, or otherwise to the credit of an Account, shall become subject to any writ,
                                         order, judgment, warrant of attachment, execution or similar process.

 

		(c)	The
                                         Trustee shall supply, in a timely fashion, to the Issuer, the Rating Agency and the Portfolio
                                         Manager any information regularly maintained by the Trustee that the Issuer, the Rating
                                         Agency or the Portfolio Manager may from time to time reasonably request with respect
                                         to the Assets, the Accounts and the other Assets and provide any other requested information
                                         reasonably available to the Trustee by reason of its acting as Trustee hereunder and
                                         required to be provided by Section 10.7 or to permit the Portfolio Manager to perform
                                         its obligations under the Portfolio Management Agreement or the Issuer’s obligations
                                         hereunder that have been delegated to the Portfolio Manager. The Trustee shall promptly
                                         forward to the Portfolio Manager copies of notices and other writings received by it
                                         from the issuer of any Collateral Obligation or from any Clearing Agency with respect
                                         to any Collateral Obligation which notices or writings advise the holders of such Collateral
                                         Obligation of any rights that the holders might have with respect thereto (including,
                                         without limitation, requests to vote with respect to amendments or waivers and notices
                                         of prepayments and redemptions) as well as all periodic financial reports received from
                                         such issuer and Clearing Agencies with respect to such issuer.

 

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		(d)	In
                                         addition to any credit, withdrawal, transfer or other application of funds with respect
                                         to any Account set forth in this Article X, any credit, withdrawal, transfer or other
                                         application of funds with respect to any Account authorized elsewhere in this Indenture
                                         is hereby authorized.

 

		(e)	Any
                                         account established under this Indenture may include (and shall be deemed to include)
                                         any number of subaccounts deemed necessary or advisable by the Trustee in the administration
                                         of the accounts.

 

		(f)	For
                                         the avoidance of doubt, the Accounts (including income, if any, earned on the investments
                                         of funds in any such Account) will be owned by the Issuer, for federal income tax purposes.
                                         The Issuer (i) has provided to the Trustee an IRS Form W-9 or appropriate IRS Form W-8,
                                         and (ii) shall provide to the Trustee any additional IRS forms (or updated versions of
                                         any previously submitted IRS forms) or other documentation upon the reasonable request
                                         of the Trustee as may be necessary (A) to reduce or eliminate the imposition of U.S.
                                         withholding taxes and (B) to permit the Trustee to fulfill its tax reporting obligations
                                         under applicable law with respect to the Accounts or any amounts paid to the Issuer.
                                         If any IRS form or other documentation previously delivered by the Issuer to the Trustee
                                         pursuant to this clause (f) becomes inaccurate in any respect, the Issuer shall timely
                                         provide to the Trustee accurately updated and complete versions of such IRS forms or
                                         other documentation. The Bank, both in its individual capacity and in its capacity as
                                         Trustee, shall have no liability to the Issuer or any other Person in connection with
                                         any tax withholding amounts paid or withheld from the Accounts pursuant to applicable
                                         law arising from the Issuer’s failure to timely provide an accurate, correct and
                                         complete IRS Form W-9, an appropriate IRS Form W-8 or such other documentation contemplated
                                         under this paragraph. For the avoidance of doubt, no funds shall be invested with respect
                                         to such Accounts absent the Trustee having first received (1) the requisite written investment
                                         direction with respect to the investment of such funds, and (2) the IRS forms and other
                                         documentation required by this paragraph.

 

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Section
10.7.          Accountings

 

		(a)	Monthly.
                                         Not later than the 15th calendar day (or, if such day is not a Business Day, the next
                                         succeeding Business Day) of each calendar month (other than a month in which a Payment
                                         Date occurs) and, following the Refinancing Date, commencing in February, 2021, the Issuer
                                         shall compile and make available (or cause to be compiled and made available) to the
                                         Rating Agency, the Trustee, the Portfolio Manager, the Refinancing Initial Purchaser,
                                         the Refinancing Placement Agents and the Refinancing Structuring Agents and, upon written
                                         instructions (which may be in the form of standing instructions) from the Portfolio Manager
                                         with all appropriate contact information, the CLO Information Service and, upon written
                                         request therefor, to any Holder and, upon written notice to the Trustee in the form of
                                         Exhibit D, any beneficial owner of a Note, a monthly report on a trade date basis (each
                                         such report a “Monthly Report”). As used herein, the “Monthly
                                         Report Determination Date” with respect to any calendar month will be the last
                                         Business Day of the month prior to such calendar month (other than a month in which a
                                         Quarterly Payment Date occurs). The Monthly Report for a calendar month shall contain
                                         the following information with respect to the Collateral Obligations and Eligible Investments
                                         included in the Assets, and shall be determined as of the Monthly Report Determination
                                         Date for such calendar month:

 

		(i)	Aggregate
                                         Principal Balance of Collateral Obligations and Eligible Investments representing Principal
                                         Proceeds.

 

		(ii)	Adjusted
                                         Collateral Principal Amount of Collateral Obligations.

 

		(iii)	Collateral
                                         Principal Amount of Collateral Obligations.

 

		(iv)	A
                                         list of Collateral Obligations, including, with respect to each such Collateral Obligation,
                                         the following information:

 

		(A)	The
                                         Obligor thereon (including the issuer ticker, if any);

 

		(B)	The
                                         CUSIP or security identifier thereof;

 

		(C)	The
                                         LoanX ID thereof;

 

		(D)	The
                                         Principal Balance thereof (other than any accrued interest that was purchased with Principal
                                         Proceeds (but excluding any capitalized interest));

 

		(E)	The
                                         percentage of the aggregate Collateral Principal Amount represented by such Collateral
                                         Obligation;

 

		(F)	The
                                         related interest rate or spread;

 

		(G)	The
                                         LIBOR floor, if any (as provided by or confirmed with the Portfolio Manager);

 

		(H)	The
                                         stated maturity thereof;

 

		(I)	The
                                         related S&P Industry Classification;

 

		(J)	The
                                         S&P Rating, unless such rating is based on a credit estimate unpublished by S&P
                                         or such rating is a confidential rating or a private rating by S&P;

 

		(K)	The
                                         country of Domicile;

 

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		(L)	An
                                         indication as to whether each such Collateral Obligation is (1) a Senior Secured Loan,
                                         (2) a Second Lien Loan, (3) an Unsecured Loan, (4) a Participation Interest (indicating
                                         the related Selling Institution and its ratings by the Rating Agency), (5) a Delayed
                                         Drawdown Collateral Obligation, (6) a Revolving Collateral Obligation, (7) a Fixed Rate
                                         Obligation, (8) a Current Pay Obligation, (9) a DIP Collateral Obligation, (10) a Discount
                                         Obligation, (11) a Discount Obligation purchased in the manner described in clause (y)
                                         of the proviso to the definition “Discount Obligation”, (12) a Bridge Loan,
                                         (13) a Cov-Lite Loan, (14) a Long-Dated Obligation, (15) a Deferrable Obligation, (16)
                                         a First Lien Last Out Loan or (17) a Purchased Defaulted Obligation;

 

		(M)	With
                                         respect to each Collateral Obligation that is a Discount Obligation purchased in the
                                         manner described in clause (y) of the proviso to the definition “Discount Obligation;”

 

		(I)	the
                                         identity of the Collateral Obligation (including whether such Collateral Obligation was
                                         classified as a Discount Obligation at the time of its original purchase) the proceeds
                                         of whose sale are used to purchase the purchased Collateral Obligation;

 

		(II)	the
                                         purchase price (as a percentage of par) of the purchased Collateral Obligation and the
                                         sale price (as a percentage of par) of the Collateral Obligation the proceeds of whose
                                         sale are used to purchase the purchased Collateral Obligation; and

 

		(III)	the
                                         Aggregate Principal Balance of Collateral Obligations that have been excluded from the
                                         definition of Discount Obligation and relevant calculations indicating whether such amount
                                         is in compliance with the limitations described in clause (y) of the proviso to the definition
                                         of Discount Obligation;

 

		(N)	The
                                         Fitch Equivalent Rating Factor;

 

		(O)	The
                                         S&P Recovery Rate;

 

		(P)	The
                                         Market Value of such Collateral Obligation;

 

		(Q)	The
                                         purchase price (as a percentage of par) of such Collateral Obligation; and

 

		(R)	The
                                         payment frequency of such Collateral Obligation.

 

		(v)	If
                                         the Monthly Report Determination Date occurs on or prior to Maturity (including after
                                         the last day of the Reinvestment Period), for each of the limitations and tests specified
                                         in the definitions of Concentration Limitations and Collateral Quality Test, (1) the
                                         result, (2) the related minimum or maximum test level and (3) a determination as to whether
                                         such result satisfies the related test.

 

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		(vi)	The
                                         calculation of each of the following:

 

		(A)	Each
                                         Interest Coverage Ratio (and setting forth the percentage required to satisfy each Interest
                                         Coverage Test); and

 

		(B)	Each
                                         Overcollateralization Ratio (and setting forth the percentage required to satisfy each
                                         Overcollateralization Ratio Test).

 

		(vii)	The
                                         calculation specified in Section 5.1(g).

 

		(viii)	For
                                         each Account, (A) the name of the financial institution that holds such account, (B)
                                         the applicable ratings from S&P required under Section 10.1 for such institution
                                         and (C) a schedule showing the beginning Balance, each credit or debit specifying the
                                         nature, source and amount, and the ending Balance.

 

		(ix)	A
                                         schedule showing for each of the following the beginning Balance, the amount of Interest
                                         Proceeds received from the date of determination of the immediately preceding Monthly
                                         Report, and the ending Balance for the current Measurement Date:

 

		(A)	Interest
                                         Proceeds from Collateral Obligations; and

 

		(B)	Interest
                                         Proceeds from Eligible Investments.

 

		(x)	Purchases,
                                         principal payments, and sales:

 

		(A)	The
                                         identity, Principal Balance (other than any accrued interest that was purchased with
                                         Principal Proceeds (but excluding any capitalized interest)), Principal Proceeds and
                                         Interest Proceeds received, and date for (X) each Collateral Obligation that was released
                                         for sale or other disposition pursuant to Section 12.1 since the last Monthly Report
                                         Determination Date and (Y) each prepayment or redemption of a Collateral Obligation,
                                         and in the case of (X), whether such Collateral Obligation was a Credit Risk Obligation
                                         or a Credit Improved Obligation, and whether the sale of such Collateral Obligation was
                                         a discretionary sale and whether such sale of a Collateral Obligation was to an Affiliate
                                         of the Portfolio Manager;

 

		(B)	The
                                         identity, Principal Balance (other than any accrued interest that was purchased with
                                         Principal Proceeds (but excluding any capitalized interest)), and Principal Proceeds
                                         and Interest Proceeds expended to acquire each Collateral Obligation acquired pursuant
                                         to Section 12.2 since the last Monthly Report Determination Date and whether such Collateral
                                         Obligation was obtained through a purchase from an Affiliate of the Portfolio Manager;
                                         and

 

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		(C)	Following
                                         the Reinvestment Period, with respect to each Prepaid Obligation and each Credit Risk
                                         Obligation sold since the prior Monthly Report, its stated maturity.

 

		(xi)	The
                                         identity of each Defaulted Obligation, the S&P Collateral Value and Market Value
                                         of each such Defaulted Obligation and date of default thereof.

 

		(xii)	The
                                         identity of each Collateral Obligation with an S&P Rating of “CCC+” or
                                         below and the Market Value of each such Collateral Obligation.

 

		(xiii)	The
                                         identity of each Deferring Obligation, the S&P Collateral Value and Market Value
                                         of each Deferring Obligation, and the date on which interest was last paid in full in
                                         Cash thereon.

 

		(xiv)	The
                                         identity of each Current Pay Obligation, the Market Value of each such Current Pay Obligation,
                                         and the percentage of the Collateral Principal Amount comprised of Current Pay Obligations.

 

		(xv)	The
                                         identity of each Restructured Loan, Workout Loan and Workout Security and the stated
                                         maturity of each Restructured Loan, Workout Loan and Workout Security.

 

		(xvi)	The
                                         Aggregate Principal Balance, measured cumulatively from the Refinancing Date onward,
                                         of all Collateral Obligations that would have been acquired through a Distressed Exchange
                                         but for the operation of the second proviso in the definition of Distressed Exchange.

 

		(xvii)	The
                                         Weighted Average Floating Spread.

 

		(xviii)	Whether
                                         any Trading Plans were entered into since the last Monthly Report Determination Date
                                         and the identity of any Assets acquired and/or disposed of in connection with each such
                                         Trading Plan.

 

		(xix)	For
                                         each Eligible Investment, the Obligor, credit rating, and maturity date.

 

		(xx)	Such
                                         other information as any Rating Agency or the Portfolio Manager may reasonably request.

 

		(xxi)	A
                                         list of any Credit Amendments effected since the last Monthly Report Determination Date
                                         and the Aggregate Principal Balance of all Assets that have been the subject of Credit
                                         Amendments since the Refinancing Date (as provided by the Portfolio Manager).

 

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		(xxii)	If
                                         a deposit is made into the Collection Account pursuant to Section 10.3(c), the Target
                                         Initial Par Balance as of the date specified in Section 10.3(c).

 

		(xxiii)	With
                                         respect to each Bankruptcy Exchange: (A) the sale price and S&P Recovery Rate of
                                         each Defaulted Obligation being exchanged, (B) the purchase price, Obligor, S&P Rating
                                         and S&P Recovery Rate of each debt obligation received in a Bankruptcy Exchange and
                                         (C) the Principal Balance of the debt obligations received in a Bankruptcy Exchange as
                                         a percentage of the Collateral Principal Amount and the Aggregate Principal Balance of
                                         all debt obligations received in Bankruptcy Exchanges since the Refinancing Date as a
                                         percentage of the Collateral Principal Amount.

 

		(xxiv)	The
                                         results of the Maximum Fitch Equivalent Rating Factor Test (with a statement as to whether
                                         it is passing or failing).

 

		(xxv)	The
                                         results of the S&P CDO Monitor Test (with a statement as to whether it is passing
                                         or failing), including, in addition to the information set forth in clause (xxiv) below,
                                         the Class Default Differential for the Highest Ranking S&P Class and the characteristics
                                         of the Current Portfolio.

 

		(xxvi)	The
                                         following information (with the terms used in clauses (A) through (I) below having the
                                         meanings assigned thereto in Schedule 2 hereto).

 

		(A)	S&P
                                         CDO Monitor Adjusted BDR;

 

		(B)	S&P
                                         CDO Monitor BDR;

 

		(C)	S&P
                                         CDO Monitor SDR;

 

		(D)	S&P
                                         Default Rate Dispersion;

 

		(E)	S&P
                                         Weighted Average Rating Factor;

 

		(F)	S&P
                                         Industry Diversity Measure;

 

		(G)	S&P
                                         Obligor Diversity Measure;

 

		(H)	S&P
                                         Regional Diversity Measure; and

 

		(I)	S&P
                                         Weighted Average Life.

 

		(xxvii)	The
                                         Aggregate Principal Balance of all Senior Secured Loans owned by the Issuer.

 

		(xxviii)	The
                                         Aggregate Principal Balance of all Cov-Lite Loans.

 

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Upon
receipt of each Monthly Report, the Trustee (if not the same Person as the Collateral Administrator) shall compare the information
contained in such Monthly Report to the information contained in its records with respect to the Assets and shall, within three
Business Days after receipt of such Monthly Report, notify the Issuer, the Collateral Administrator, the Rating Agency and the
Portfolio Manager if the information contained in the Monthly Report does not conform to the information maintained by the Trustee
with respect to the Assets. In the event that any discrepancy exists, the Trustee and the Issuer, or the Portfolio Manager on
behalf of the Issuer, shall attempt to resolve the discrepancy. If such discrepancy cannot be promptly resolved, the Trustee shall
within five Business Days notify the Portfolio Manager who shall, on behalf of the Issuer, request that the Independent accountants
appointed by the Issuer pursuant to Section 10.9 perform the agreed-upon procedures on such Monthly Report and the Trustee’s
records to determine the cause of such discrepancy. If such review reveals an error in the Monthly Report or the Trustee’s
records, the Monthly Report or the Trustee’s records shall be revised accordingly and, as so revised, shall be utilized
in making all calculations pursuant to this Indenture and notice of any error in the Monthly Report shall be sent as soon as practicable
by the Issuer to all recipients of such report which may be accomplished by making a notation of such error in the subsequent
Monthly Report.

 

		(b)	Quarterly
                                         Payment Date Accounting. The Issuer shall render an accounting (each a “Distribution
                                         Report”), determined as of the close of business on each Determination Date
                                         preceding a Quarterly Payment Date, and shall make available such Distribution Report
                                         to the Trustee, the Portfolio Manager, the Refinancing Placement Agents, the Refinancing
                                         Initial Purchaser, the Refinancing Structuring Agents, the CLO Information Service, each
                                         Rating Agency then rating a Class of Notes and, upon written request therefor, any Holder
                                         and, upon written notice to the Trustee in the form of Exhibit D, any beneficial owner
                                         of a Note not later than the Business Day preceding the related Quarterly Payment Date.
                                         For the avoidance of doubt, no Distribution Report will be prepared for the Refinancing
                                         to occur on the Refinancing Date. The Distribution Report shall contain the following
                                         information:

 

		(i)	the
                                         information required to be in the Monthly Report pursuant to Section 10.7(a);

 

		(ii)	(a)
                                         the Aggregate Outstanding Amount of the Notes of each Class at the beginning of the Interest
                                         Accrual Period and such amount as a percentage of the original Aggregate Outstanding
                                         Amount of the Notes of such Class, (b) the amount of principal payments to be made on
                                         the Notes of each Class on the next Payment Date, the amount of any Deferred Interest
                                         on any Class of Deferred Interest Notes and the Aggregate Outstanding Amount of the Notes
                                         of each Class after giving effect to the principal payments, if any, on the next Payment
                                         Date and such amount as a percentage of the original Aggregate Outstanding Amount of
                                         the Notes of such Class, and (c) the amount of distributions to be paid to the Issuer
                                         on the next Payment Date;

 

		(iii)	the
                                         Interest Rate and accrued interest for each Class of Notes for such Quarterly Payment
                                         Date;

 

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		(iv)	the
                                         amounts payable pursuant to each clause of Section 11.1(a)(i), each clause of Section
                                         11.1(a)(ii) and each clause of Section 11.1(a)(iii), as applicable, on the related Quarterly
                                         Payment Date;

 

		(v)	for
                                         the Collection Account:

 

		(A)	the
                                         Balance of Principal Proceeds on deposit in the Collection Account at the end of the
                                         related Collection Period and the Balance of Interest Proceeds on deposit in the Collection
                                         Account on the next Business Day following the end of the related Collection Period;

 

		(B)	the
                                         amounts payable from the Collection Account to the Payment Account, in order to make
                                         payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date
                                         (net of amounts which the Portfolio Manager intends to reinvest in additional Collateral
                                         Obligations pursuant to Article XII); and

 

		(C)	the
                                         Balance remaining in the Collection Account immediately after all payments and deposits
                                         to be made on such Quarterly Payment Date; and

 

		(vi)	such
                                         other information as the Portfolio Manager may reasonably request.

 

Each
Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer
such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in
Section 11.1 and Article XIII.

 

		(c)	Interest
                                         Rate Notice. The Issuer (or the Collateral Administrator on its behalf) shall include
                                         in the Monthly Report a notice setting forth the Interest Rate for each Class of Notes
                                         for the Interest Accrual Period preceding the next Payment Date.

 

		(d)	Failure
                                         to Provide Accounting. If the Trustee shall not have received any accounting provided
                                         for in this Section 10.7 on the first Business Day after the date on which such accounting
                                         is due to the Trustee, the Trustee shall notify the Portfolio Manager who shall use all
                                         reasonable efforts to obtain such accounting by the applicable Payment Date. To the extent
                                         the Portfolio Manager is required to provide any information or reports pursuant to this
                                         Section 10.7 as a result of the failure of the Issuer to provide such information or
                                         reports, the Portfolio Manager shall be entitled to retain an Independent certified public
                                         accountant in connection therewith and the reasonable costs incurred by the Portfolio
                                         Manager for such Independent certified public accountant shall be paid by the Issuer.

 

		(e)	Required
                                         Content of Certain Reports. Each Monthly Report and each Distribution Report sent
                                         to any Holder or beneficial owner of an interest in a Note shall contain, or be accompanied
                                         by, the following notices:

 

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“The
Investment Company Act of 1940, as amended (the “Investment Company Act”) requires that all holders of the
outstanding securities of the Issuer be “qualified purchasers” as defined in Section 2(a)(51)(A) of the Investment
Company Act and related rules (“Qualified Purchasers”). Under the rules, the Issuer must have a “reasonable
belief” that all holders of its outstanding securities, including transferees, are Qualified Purchasers. Consequently, all
sales and resales of the Notes must be made solely to purchasers that are Qualified Purchasers. Each purchaser of a Note will
be deemed (or required, as the case may be) to represent at the time of purchase that: (i) the purchaser is a Qualified Purchaser
who is either (x) an institutional “accredited investor” (“IAI”) within the meaning of Rule 501(a)(1),
(2), (3) or (7) under the Securities Act of 1933, as amended (the “Securities Act”), (y) a qualified institutional
buyer as defined in Rule 144A under the Securities Act (“QIB”) or (z) a non-U.S. person acquiring such notes
in an offshore transaction (as defined in Regulation S under the Securities Act) in reliance on the exemption from registration
provided by Regulation S under the Securities Act (a person satisfying one of clauses (x), (y) or (z), a “QIB/IAI/non-U.S.
person”); (ii) the purchaser is acting for its own account or the on behalf of the account of another Qualified Purchaser
that is a QIB/IAI/non-U.S. person (as applicable); (iii) the purchaser is not formed for the purpose of investing in the Issuer;
(iv) the purchaser, and each account for which it is purchasing, will hold and transfer at least the Minimum Denomination of the
Notes specified in the Indenture; (v) the purchaser can make the representations set forth in Section 2.5 of the Indenture or
the appropriate Exhibit to the Indenture; (vi) the purchaser understands that the Issuer may receive a list of participants holding
positions in securities from one or more book-entry depositories; (vii) the purchaser will provide written notice of the foregoing,
and of any applicable restrictions on transfer, to any subsequent transferees. The Notes may only be transferred to another Qualified
Purchaser and QIB/IAI/non-U.S. person (as applicable) and all subsequent transferees are deemed to have made representations (i)
through (vii) above.”

 

“The
Issuer directs that the recipient of this notice, and any recipient of a copy of this notice, provide a copy to any Person having
an interest in this Note as indicated on the books of DTC or on the books of a participant in DTC or on the books of an indirect
participant for which such participant in DTC acts as agent.”

 

“The
Indenture provides that if, notwithstanding the restrictions on transfer contained therein, the Issuer determines that any holder
of, or beneficial owner of an interest in a Note is determined not to have been a Qualified Purchaser at the time of acquisition
of such Note or beneficial interest therein, the Issuer may require, by notice to such Holder or beneficial owner, that such Holder
or beneficial owner sell all of its right, title and interest to such Note (or any interest therein) to a Person that is either
(x) Qualified Purchaser that is not a U.S. person (as defined in Regulation S) acquiring the Notes in an offshore transaction
(as defined in Regulation S) in reliance on the exemption from registration provided by Regulation S, or (y) a Qualified Purchaser
who is either an AI or a QIB (as applicable), with such sale to be effected within 30 days after notice of such sale requirement
is given. If such holder or beneficial owner fails to effect the transfer required within such 30-day period, (i) the Issuer or
the Portfolio Manager acting for the Issuer, without further notice to such holder, shall and is hereby irrevocably authorized
by such holder or beneficial owner, to cause its Note or beneficial interest therein to be transferred in accordance with Section
2.11 of the Indenture to a Person that certifies to the Trustee, the Issuer and the Portfolio Manager, in connection with such
transfer, that such Person meets the qualifications set forth in clauses (x) and (y) above and (ii) pending such transfer, no
further payments will be made in respect of such Note or beneficial interest therein held by such holder or beneficial owner.”

 

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Each
holder receiving this report agrees to keep all non-public information herein confidential and not to use such information for
any purpose other than its evaluation of its investment in the Notes; provided that, any holder may provide such
information on a confidential basis to any prospective purchaser of such holder’s Notes that is permitted by the terms of
this Indenture to acquire such holder’s Notes and that agrees to keep such information confidential in accordance with the
terms of this Indenture.

 

		(f)	Distribution
                                         of Reports and Documents. The Trustee will make the Monthly Report, the Distribution
                                         Report, this Indenture and the Portfolio Management Agreement available through the Trustee’s
                                         Website. Parties that are unable to use the above distribution option are entitled to
                                         have a paper copy mailed to them by first-class mail by calling the Trustee’s Corporate
                                         Trust Office. The Trustee shall have the right to change the way such statements and
                                         documents are distributed in order to make such distribution more convenient and/or more
                                         accessible to the above parties, and the Trustee shall provide timely and adequate notification
                                         to all above parties regarding any such changes. As a condition to access to the Trustee’s
                                         Website, the Trustee may require registration and the acceptance of a disclaimer. The
                                         Trustee shall be entitled to rely on, but shall not be responsible for, the content or
                                         accuracy of any information provided in the Monthly Report and the Distribution Report
                                         which the Trustee disseminates in accordance with this Indenture and may affix thereto
                                         any disclaimer it deems appropriate in its reasonable discretion. Furthermore, the Trustee
                                         is hereby directed to make available to Intex each Monthly Report and Distribution Report.

 

Section
10.8.          Release of Assets

 

		(a)	The
                                         Portfolio Manager may, by Issuer Order delivered to the Trustee no later than the settlement
                                         date of any sale of an obligation (or, in the case of physical settlement, no later than
                                         the Business Day preceding such date), certifying with respect to settlements that the
                                         applicable conditions set forth in Article XII have been met (which certification shall
                                         be deemed to have been provided by the Portfolio Manager upon delivery of an Issuer Order
                                         in respect of such sale), direct the Trustee to deliver such obligation against receipt
                                         of payment therefor.

 

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		(b)	The
                                         Portfolio Manager may, by Issuer Order delivered to the Trustee no later than the settlement
                                         date of any redemption or payment in full of a Collateral Obligation or Eligible Investment
                                         (or, in the case of physical settlement, no later than the Business Day preceding such
                                         date) certifying that such obligation is being redeemed or paid in full, direct the Trustee
                                         or, at the Trustee’s instruction, the Custodian, to deliver such obligation, if
                                         in physical form, duly endorsed, or, if such obligation is a Clearing Corporation Note,
                                         to cause it to be presented (or in the case of a general intangible or a participation,
                                         cause such actions as are necessary to transfer such obligation to the designated transferee
                                         free of liens, claims or encumbrances created by this Indenture), to the appropriate
                                         paying agent therefor on or before the date set for redemption or payment, in each case
                                         against receipt of the redemption price or payment in full thereof.

 

		(c)	Subject
                                         to Article XII, the Portfolio Manager may, by Issuer Order delivered to the Trustee no
                                         later than the settlement date of an exchange, tender or sale (or, in the case of physical
                                         settlement, no later than the Business Day preceding such date), certifying that a Collateral
                                         Obligation is subject to a tender offer, voluntary redemption, exchange offer, conversion
                                         or other action having a similar effect when required under this Indenture (an “Offer”)
                                         and setting forth in reasonable detail the procedure for response to such Offer, direct
                                         the Trustee or, at the Trustee’s instructions, the Custodian, to deliver such obligation,
                                         if in physical form, duly endorsed, or, if such obligation is a Clearing Corporation
                                         Note, to cause it to be delivered, in accordance with such Issuer Order, in each case
                                         against receipt of payment therefor.

 

		(d)	Subject
                                         to Article XII, the Portfolio Manager may, by Issuer Order delivered to the Trustee no
                                         later than the settlement date of an exchange (or in the case of physical settlement,
                                         no later than the Business Day preceding such date), certifying that the exchange satisfies
                                         the conditions set forth in the definition of Bankruptcy Exchange, direct the Trustee
                                         to deliver such obligation, if in physical form, duly endorsed, or, if such obligation
                                         is a Clearing Corporation Note, to cause it to be delivered, in accordance with the Issuer
                                         Order, in each case against receipt of another debt obligation therefor.

 

		(e)	The
                                         Trustee shall deposit any proceeds received by it from the disposition of a Collateral
                                         Obligation or Eligible Investment in the Collection Account, unless such proceeds are
                                         simultaneously applied to the purchase of Collateral Obligations or Eligible Investments.

 

		(f)	The
                                         Trustee shall, (i) upon receipt of an Issuer Order, release from the lien of this Indenture
                                         any Illiquid Assets sold, distributed or disposed of pursuant to Article IV, and (ii)
                                         upon receipt of an Issuer Order at such time as there are no Notes Outstanding and all
                                         obligations of the Issuer hereunder have been satisfied, release the Assets from the
                                         lien of this Indenture.

 

		(g)	[Reserved].

 

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		(h)	The
                                         Trustee shall, upon receipt of an Issuer Order, release from the lien of this Indenture
                                         any Selling Institution Collateral in accordance with Section 10.4.

 

		(i)	Following
                                         delivery of any obligation pursuant to clauses (a) through (c) and (e) through (g) above,
                                         such obligation shall be released from the lien of this Indenture without further action
                                         by the Trustee or the Issuer.

 

		(j)	The
                                         Trustee shall, upon receipt of an Issuer Order, release from the lien of this Indenture
                                         any Assets sold, transferred, exchanged or otherwise disposed of or distributed in accordance
                                         with the terms of this Indenture.

 

Section
10.9.          Reports by Independent Accountants

 

		(a)	The
                                         Issuer (or the Portfolio Manager on behalf of the Issuer) has appointed one or more firms
                                         of Independent certified public accountants of recognized international reputation for
                                         purposes of reviewing and delivering any Accountants’ Reports required by this
                                         Indenture, which may be the firm of Independent certified public accountants that performs
                                         accounting services for the Issuer or the Portfolio Manager. The Issuer (or the Portfolio
                                         Manager on behalf of the Issuer) may remove any firm of Independent certified public
                                         accountants at any time without the consent of any Holder. Upon any resignation by such
                                         firm or removal of such firm by the Issuer, the Issuer (or the Portfolio Manager on behalf
                                         of the Issuer) shall promptly appoint by Issuer Order delivered to the Trustee and the
                                         Rating Agency a successor thereto that shall also be a firm of Independent certified
                                         public accountants of recognized international reputation, which may be a firm of Independent
                                         certified public accountants that performs accounting services for the Issuer or the
                                         Portfolio Manager. If the Issuer shall fail to appoint a successor to a firm of Independent
                                         certified public accountants which has resigned within 30 days after such resignation,
                                         the Issuer shall promptly notify the Trustee, with a copy to the Portfolio Manager, of
                                         such failure in writing. If the Issuer shall not have appointed a successor within 10
                                         days thereafter, the Trustee shall promptly notify the Portfolio Manager, who shall appoint
                                         a successor firm of Independent certified public accountants of recognized international
                                         reputation. The fees of such Independent certified public accountants and its successor
                                         shall be payable by the Issuer.

 

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		(b)	On
                                         or before March 31 of each year commencing in 2021, the Issuer shall cause to be delivered
                                         to the Trustee a report (subject to the terms of an agreed upon procedures letter) from
                                         a firm of Independent certified public accountants for each Distribution Report received
                                         since the last statement (i) indicating that the calculations within those Distribution
                                         Reports have been recalculated and compared to the information provided by the Issuer
                                         in accordance with the applicable provisions of this Indenture and (ii) recalculating
                                         the Aggregate Principal Balance of the Assets and the Aggregate Principal Balance of
                                         the Collateral Obligations securing the Notes as of the immediately preceding Determination
                                         Dates; provided that, in the event of a conflict between such firm of Independent
                                         certified public accountants and the Issuer with respect to any matter in this Section
                                         10.9, the determination by such firm of Independent public accountants shall be conclusive.
                                         To the extent a Holder or a beneficial owner of a Note requests the yield to maturity
                                         in respect of the relevant Note in order to determine any “original issue discount”
                                         in respect thereof, the Trustee shall request that the firm of Independent certified
                                         public accountants appointed by the Issuer recalculate such yield to maturity. The Trustee
                                         shall have no responsibility to calculate the yield to maturity nor to verify the accuracy
                                         of such Independent certified public accountants’ calculation. In the event that
                                         the firm of Independent certified public accountants fails to calculate such yield to
                                         maturity, the Trustee shall have no responsibility to provide such information to Holder
                                         or a beneficial owner of a Note. Neither the Trustee nor the Collateral Administrator
                                         shall have any responsibility to the Issuer or the Secured Parties to make any inquiry
                                         or investigation as to, and shall have no obligation in respect of, the terms of any
                                         engagement of Independent public accountants by the Issuer (or the Portfolio Manager
                                         on behalf of the Issuer); provided, however, that the Trustee shall be
                                         authorized by the Issuer under this Section 10.9 to execute any acknowledgement or other
                                         agreement with the Independent accountants required for the Trustee to receive any of
                                         the reports or instructions provided for in this Indenture, which acknowledgment or agreement
                                         may include, among other things, (i) acknowledgement of the responsibility for the sufficiency
                                         of the procedures to be performed by the Independent accountants for its purposes, (ii)
                                         releases by the Trustee (on behalf of itself and the Holders) of claims against the Independent
                                         accountants and acknowledgment of other limitations of liability in favor of the Independent
                                         accountants and (iii) restrictions or prohibitions on the disclosure of information or
                                         documents provided to it by such firm of Independent accountants (including to the Holders).
                                         It is understood and agreed that the Trustee will deliver such letter of agreement in
                                         conclusive reliance on the foregoing direction of the Issuer, and the Trustee shall make
                                         no inquiry or investigation as to, and shall have no obligation in respect of, the sufficiency,
                                         validity or correctness of such procedures. The Trustee shall not be required to make
                                         any such agreements that adversely affect the Bank in its individual capacity.

 

		(c)	Upon
                                         the written request of the Trustee, or any Holder of an Interest, the Issuer will cause
                                         the firm of Independent certified public accountants appointed pursuant to Section 10.9(a)
                                         to provide any Holder of Interests with all of the information required to be provided
                                         by the Issuer pursuant to Section 7.17 or assist the Issuer in the preparation thereof.

 

Section
10.10.          Reports to Rating Agency and Additional Recipients

 

In
addition to the information and reports specifically required to be provided to the Rating Agency pursuant to the terms of this
Indenture, the Issuer shall provide the Rating Agency with all information or reports delivered to the Trustee hereunder (with
the exception of any Accountants’ Report other than as provided in the last sentence of this Section 10.10), and such additional
information as any Rating Agency may from time to time reasonably request (including, with respect to credit estimates or any
Collateral Obligation subject to a private rating or a credit opinion, notification to S&P in accordance with Section 14.3(a)
of any material modification that would result in substantial changes to the terms of any loan document relating to such Collateral
Obligation or any release of collateral thereunder not permitted by such loan documentation). In accordance with SEC Release No.
34-72936, Form 15-E, only in its complete and unedited form, shall be provided by the Independent accountants to the Issuer who
shall post such Form 15-E on the 17g-5 Website.

 

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Section
10.11.          Procedures Relating to the Establishment of Accounts Controlled by the Trustee

 

Notwithstanding
anything else contained herein, the Issuer agrees that with respect to each of the Accounts, it will cause the Custodian establishing
such accounts to enter into an Account Agreement and, if the Custodian is the Bank, shall cause the Bank to comply with the provisions
of such Account Agreement. Notwithstanding anything else contained herein, the Trustee may open such subaccounts of any such Account
as it deems necessary or appropriate for convenience of administration.

 

Section
10.12.          Section 3(c)(7) Procedures

 

		(a)	DTC
                                         Actions. The Issuer will direct DTC to take the following steps in connection with
                                         the Global Notes (or such other appropriate steps regarding legends of restrictions on
                                         the Global Notes under Section 3(c)(7) of the Investment Company Act and Rule 144A as
                                         may be customary under DTC procedures at any given time):

 

		(i)	The
                                         Issuer will direct DTC to include the marker “3c7” in the DTC 20-character
                                         security descriptor and the 48-character additional descriptor for the Global Notes.

 

		(ii)	The
                                         Issuer will direct DTC to cause each physical deliver order ticket that is delivered
                                         by DTC to purchasers to contain the 20-character security descriptor. The Issuer will
                                         direct DTC to cause each deliver order ticket that is delivered by DTC to purchasers
                                         in electronic form to contain a “3c7” indicator and a related user manual
                                         for participants. Such user manual will contain a description of the relevant restrictions
                                         imposed by Section 3(c)(7).

 

		(iii)	On
                                         or prior to the Refinancing Date, the Issuer will instruct DTC to send a Section 3(c)(7)
                                         notice to all DTC participants in connection with the offering of the Global Notes.

 

		(iv)	In
                                         addition to the obligations of the Registrar set forth in Section 2.5, the Issuer will
                                         from time to time (upon the request of the Trustee) make a request to DTC to deliver
                                         to the Issuer a list of all DTC participants holding an interest in the Global Notes.

 

		(v)	The
                                         Issuer will cause each CUSIP number obtained for a Global Note to have “3c7”
                                         and “144A” indicators, as applicable, attached to such CUSIP number.

 

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		(b)	Bloomberg
                                         Screens, Etc. The Issuer will from time to time request all third-party vendors to
                                         include on screens maintained by such vendors appropriate legends regarding restrictions
                                         on the Global Notes under Section 3(c)(7) of the Investment Company Act and Rule 144A.

 

ARTICLE
XI

APPLICATION OF MONIES

 

Section
11.1.          Disbursements of Monies from Payment Account

 

		(a)	Notwithstanding
                                         any other provision in this Indenture, but subject to the other subsections of this Section
                                         11.1 and to Section 13.1, on each Payment Date, the Trustee shall disburse amounts transferred
                                         from the Collection Account to the Payment Account pursuant to Section 10.2 (and in respect
                                         of the second Payment Date following the Refinancing Date, amounts transferred from the
                                         Interest Reserve Account to the Payment Account pursuant to Section 10.3(e)) in accordance
                                         with the following priorities (subject to the subsections described above in this sentence
                                         and the following proviso, the “Priority of Payments”); provided,
                                         that unless an Enforcement Event has occurred and is continuing or the Special Priority
                                         of Payments otherwise applies, (x) Interest Proceeds transferred from the Collection
                                         Account shall be applied solely in accordance with Section 11.1(a)(i); and (y) Principal
                                         Proceeds transferred from the Collection Account shall be applied solely in accordance
                                         with Section 11.1(a)(ii):

 

		(i)	On
                                         each Quarterly Payment Date, unless an Enforcement Event has occurred and is continuing
                                         or the Special Priority of Payments otherwise applies, Interest Proceeds on deposit in
                                         the Collection Account, to the extent received on or before the related Determination
                                         Date (or if such Determination Date is not a Business Day, the next succeeding Business
                                         Day) and in the case of the second Payment Date after the Refinancing Date, Interest
                                         Proceeds on deposit in the Interest Reserve Account, in each case that are transferred
                                         into the Payment Account, shall be applied in the following order of priority:

 

		(A)	(1)
                                         first, to the payment of taxes and governmental fees (including annual return
                                         fees and registered office fees) owing by the Issuer, if any, and (2) second,
                                         to the payment of the accrued and unpaid Administrative Expenses, in the priority stated
                                         in the definition thereof, up to the Administrative Expense Cap;

 

		(B)	to
                                         the extent not deferred by the Portfolio Manager pursuant to Section 11.1(d) or otherwise
                                         waived by the Portfolio Manager in accordance with Section 11.1(e), to the payment of
                                         the Base Management Fee due and payable to the Portfolio Manager (including any accrued
                                         and unpaid interest thereon) and any unpaid Deferred Base Management Fee that has been
                                         deferred with respect to prior Payment Dates which the Portfolio Manager elects to have
                                         paid on such Payment Date pursuant to Section 11.1(d); provided that, amounts
                                         paid as any Deferred Base Management Fee pursuant to this clause (B) may not exceed the
                                         Deferred Base Management Fee Cap; provided further that any accrued and unpaid
                                         interest pursuant to this clause (B) shall be paid solely to the extent that, after giving
                                         effect on a pro forma basis to such payment, sufficient Interest Proceeds remain
                                         to pay in full all interest (including Deferred Interest) due and payable on each Class
                                         of Notes on such Payment Date;

 

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		(C)	to
                                         the payment of accrued and unpaid interest on the Class A-1 Notes;

 

		(D)	to
                                         the payment of accrued and unpaid interest on the Class A-2 Notes;

 

		(E)	to
                                         the payment, pro rata, based on amounts
                                         due, of accrued and unpaid interest on the Class B-1 Notes and the Class B-2 Notes;

 

		(F)	if
                                         either of the Class A/B Coverage Tests is not satisfied on the related Determination
                                         Date, to make payments in accordance with the Note Payment Sequence to the extent necessary
                                         to cause all Class A/B Coverage Tests on such Payment Date to be satisfied on a pro
                                         forma basis after giving effect to all payments pursuant to this clause (F);

 

		(G)	to
                                         the payment of accrued and unpaid interest (excluding Deferred Interest, but including
                                         interest on Deferred Interest) on the Class C Notes;

 

		(H)	if
                                         either of the Class C Coverage Tests is not satisfied on the related Determination Date,
                                         to make payments in accordance with the Note Payment Sequence to the extent necessary
                                         to cause all Class C Coverage Tests on such Payment Date to be satisfied on a pro
                                         forma basis after giving effect to all payments pursuant to this clause (H);

 

		(I)	to
                                         the payment of any Deferred Interest on the Class C Notes;

 

		(J)	to
                                         the extent not deferred by the Portfolio Manager pursuant to Section 11.1(d) or otherwise
                                         waived by the Portfolio Manager in accordance with Section 11.1(e), to the payment of
                                         the Subordinated Management Fee due and payable to the Portfolio Manager (including any
                                         accrued and unpaid interest thereon) and any unpaid Deferred Subordinated Management
                                         Fee that has been deferred with respect to prior Payment Dates which the Portfolio Manager
                                         elects to have paid on such Payment Date pursuant to Section 11.1(d);

 

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		(K)	to
                                         the payment of (1) first (in the same manner and order of priority stated in the
                                         definition thereof) any Administrative Expenses not paid pursuant to clause (A)(2) above
                                         due to the limitation contained therein and (2) second, any Deferred Base Management
                                         Fee not paid pursuant to clause (B) above due to the limitations contained therein; and

 

		(L)	any
                                         remaining Interest Proceeds shall be paid to the Issuer or, at the direction of the Issuer,
                                         deposited directly into the Contribution Account for application to a Permitted Use as
                                         directed by the Portfolio Manager in its sole discretion.

 

		(ii)	On
                                         each Quarterly Payment Date, unless an Enforcement Event has occurred and is continuing
                                         or the Special Priority of Payments otherwise applies, Principal Proceeds on deposit
                                         in the Collection Account that are received on or before the related Determination Date
                                         (or if such Determination Date is not a Business Day, the next succeeding Business Day)
                                         and that are transferred to the Payment Account (which will not include (i) amounts required
                                         to meet funding requirements with respect to Delayed Drawdown Collateral Obligations,
                                         Revolving Collateral Obligations and Workout Loans that are deposited in the Revolver
                                         Funding Account, (ii) during the Reinvestment Period, Principal Proceeds that will be
                                         used to reinvest in Collateral Obligations that the Issuer has already committed to purchase,
                                         and (iii) after the Reinvestment Period, subject to Section 12.2(a)(y), Principal Proceeds
                                         permitted to be used to settle Post-Reinvestment Period Settlement Obligations) and in
                                         the case of the second Payment Date after the Refinancing Date, Principal Proceeds on
                                         deposit in the Interest Reserve Account that are transferred to the Payment Account,
                                         shall be applied in the following order of priority:

 

		(A)	to
                                         pay the amounts referred to in clauses (A) through (E) of Section 11.1(a)(i) (in the
                                         same manner and order of priority stated therein), but only to the extent not paid in
                                         full thereunder;

 

		(B)	to
                                         pay the amounts referred to in clause (F) of Section 11.1(a)(i) but only to the extent
                                         not paid in full thereunder and to the extent necessary to cause the Coverage Tests that
                                         are applicable on such Payment Date with respect to the Class A Notes and the Class B
                                         Notes to be met as of the related Determination Date on a pro forma basis after
                                         giving effect to any payments made through this clause (B);

 

		(C)	to
                                         pay the amounts referred to in clause (G) of Section 11.1(a)(i) to the extent not paid
                                         in full thereunder, only to the extent that the Class C Notes are the Controlling Class;

 

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		(D)	to
                                         pay the amounts referred to in clause (H) of Section 11.1(a)(i) but only to the extent
                                         not paid in full thereunder and to the extent necessary to cause the Coverage Tests that
                                         are applicable on such Payment Date with respect to the Class C Notes to be met as of
                                         the related Determination Date on a pro forma basis after giving effect to any
                                         payments made through this clause (D);

 

		(E)	to
                                         pay the amounts referred to in clause (I) of Section 11.1(a)(i) to the extent not paid
                                         in full thereunder, only to the extent that the Class C Notes are the Controlling Class;

 

		(F)	if
                                         such Quarterly Payment Date is a Special Redemption Date, to make payments in the amount,
                                         if any, of the Principal Proceeds that the Portfolio Manager has determined cannot be
                                         practicably reinvested in additional Collateral Obligations, in accordance with the Note
                                         Payment Sequence;

 

		(G)	(1)
                                         during the Reinvestment Period, to the Collection Account as Principal Proceeds to invest
                                         in Eligible Investments (pending the purchase of additional Collateral Obligations) and/or
                                         to apply toward the purchase of additional Collateral Obligations, and (2) subject to
                                         Section 12.2(a)(y), after the Reinvestment Period, as designated by the Portfolio Manager,
                                         to the Collection Account as Principal Proceeds to invest in any Eligible Investments
                                         (pending the purchase of Post-Reinvestment Period Settlement Obligations) and/or to settle
                                         Post-Reinvestment Period Settlement Obligations;

 

		(H)	to
                                         make payments in accordance with the Note Payment Sequence;

 

		(I)	to
                                         pay the amounts referred to in clause (J) of Section 11.1(a)(i) only to the extent not
                                         already paid;

 

		(J)	to
                                         pay the amounts referred to in clause (K) of Section 11.1(a)(i) only to the extent not
                                         already paid; and

 

		(K)	any
                                         remaining Principal Proceeds shall be paid to the Issuer.

 

		(iii)	Notwithstanding
                                         the provisions of the foregoing Sections 11.1(a)(i) and 11.1(a)(ii), (x) upon the occurrence
                                         of an Enforcement Event on each date or dates fixed by the Trustee pursuant to Section
                                         5.7, (y) on any Redemption Date (other than a Partial Redemption Date, any other Redemption
                                         Date relating to a Refinancing, a Special Redemption Date or a Redemption Date occurring
                                         in connection with a mandatory redemption pursuant to Section 9.1) and (z) at Stated
                                         Maturity, proceeds in respect of the Assets on deposit in the Collection Account that
                                         are received on or before the related Determination Date and that are transferred to
                                         the Payment Account in accordance with Section 10.2(e) will be applied in the following
                                         order of priority (the “Special Priority of Payments”):

 

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		(A)	(1)
                                         first, to the payment of taxes and governmental fees owing by the Issuer, if any,
                                         and (2) second, to the payment of the accrued and unpaid Administrative Expenses,
                                         in the priority stated in the definition thereof, up to the Administrative Expense Cap
                                         (provided that, following the commencement of any sales of Assets pursuant
                                         to Section 5.5(a), the Administrative Expense Cap shall be disregarded);

 

		(B)	to
                                         the extent not deferred by the Portfolio Manager pursuant to Section 11.1(d) or otherwise
                                         waived by the Portfolio Manager in accordance with Section 11.1(e), to the payment of
                                         the Base Management Fee due and payable to the Portfolio Manager (including any accrued
                                         and unpaid interest thereon) and any unpaid Deferred Base Management Fee that has been
                                         deferred with respect to prior Payment Dates which the Portfolio Manager elects to have
                                         paid on such Payment Date pursuant to Section 11.1(d); provided that, amounts
                                         paid as any Deferred Base Management Fee pursuant to this clause (B) may not exceed the
                                         Deferred Base Management Fee Cap; provided further that any accrued and unpaid
                                         interest pursuant to this clause (B) shall be paid solely to the extent that, after giving
                                         effect on a pro forma basis to such payment, sufficient Interest Proceeds remain
                                         to pay in full (after taking into account any Deferred Base Management Fee that the Portfolio
                                         Manager elects to have paid on such Payment Date) all amounts due under clauses (C) through
                                         (K) below;

 

		(C)	to
                                         the payment of accrued and unpaid interest (including any defaulted interest) on the
                                         Class A-1 Notes;

 

		(D)	to
                                         the payment of principal of the Class A-1 Notes;

 

		(E)	to
                                         the payment of accrued and unpaid interest (including any defaulted interest) on the
                                         Class A-2 Notes;

 

		(F)	to
                                         the payment of principal of the Class A-2 Notes;

 

		(G)	to
                                         the payment, pro rata, based on amounts
                                         due, of accrued and unpaid interest (including any defaulted interest) on the
                                         Class B-1 Notes and the Class B-2 Notes;

 

		(H)	to
                                         the payment, pro rata, based on amounts
                                         due, of principal of the Class B-1 Notes and the Class B-2 Notes;

 

		(I)	to
                                         the payment of accrued and unpaid interest (excluding Deferred Interest, but including
                                         interest on Deferred Interest) on the Class C Notes;

 

		(J)	to
                                         the payment of Deferred Interest on the Class C Notes;

 

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		(K)	to
                                         the payment of principal of the Class C Notes;

 

		(L)	to
                                         the extent not deferred by the Portfolio Manager pursuant to Section 11.1(d) or otherwise
                                         waived by the Portfolio Manager in accordance with Section 11.1(e), to the payment of
                                         the Subordinated Management Fee due and payable (including any accrued and unpaid interest
                                         thereon) to the Portfolio Manager and any unpaid Deferred Subordinated Management Fee
                                         that has been deferred with respect to prior Payment Dates which the Portfolio Manager
                                         elects to have paid on such Payment Date pursuant to Section 11.1(d);

 

		(M)	to
                                         the payment of (1) first, (in the same manner and order of priority stated in
                                         the definition thereof) any Administrative Expenses not paid pursuant to clause (A)(2)
                                         above due to the limitation contained therein and (2) second, any Deferred Base
                                         Management Fee not paid pursuant to clause (B) above due to the limitations contained
                                         therein; and

 

		(N)	any
                                         remaining Interest Proceeds and Principal Proceeds shall be paid to the Issuer.

 

		(b)	If
                                         on any Payment Date the amount available in the Payment Account is insufficient to make
                                         the full amount of the disbursements required by the Distribution Report, the Trustee
                                         shall make the disbursements called for in the order and according to the priority set
                                         forth under Section 11.1(a) above, subject to Section 13.1, to the extent funds are available
                                         therefor.

 

		(c)	In
                                         connection with the application of funds to pay Administrative Expenses of the Issuer
                                         in accordance with Section 11.1(a)(i), Section 11.1(a)(ii) and Section 11.1(a)(iii),
                                         the Trustee shall remit such funds, to the extent available, as directed and designated
                                         in an Issuer Order (which may be in the form of standing instructions, and standing instructions
                                         are hereby provided to pay Administrative Expenses in such amounts and to such entities
                                         as indicated in the Distribution Report in respect of such Payment Date) delivered to
                                         the Trustee no later than the Business Day prior to each Payment Date; provided that,
                                         such direction and designation by Issuer Order shall not be necessary for, and shall
                                         be subject to, the payment of amounts pursuant to, and in the priority stated in, the
                                         definition of Administrative Expenses.

 

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		(d)	The
                                         Portfolio Manager may, in its sole discretion, elect to defer payment of all or a portion
                                         of the Base Management Fee or the Subordinated Management Fee (other than any Waived
                                         Management Fees) on any Payment Date by providing notice to the Trustee and the Issuer
                                         of such election on or before the Determination Date preceding such Payment Date which
                                         notice shall specify the amount to be deferred. On any Payment Date following a Payment
                                         Date on which the Portfolio Manager has elected to defer all or a portion of the Base
                                         Management Fee or the Subordinated Management Fee, the Portfolio Manager may elect to
                                         receive all or a portion of the applicable Deferred Management Fee that has otherwise
                                         not been paid to the Portfolio Manager by providing notice to the Trustee of such election
                                         on or before the related Determination Date, which notice shall specify the amount of
                                         such Deferred Management Fee that the Portfolio Manager elects to receive on such Payment
                                         Date. Accrued and unpaid Base Management Fees or Subordinated Management Fees deferred
                                         at the election of the Portfolio Manager shall be deferred without interest. For the
                                         avoidance of doubt, accrued and unpaid Base Management Fees or Subordinated Management
                                         Fees that are deferred as a result of insufficient funds (other than any Waived Management
                                         Fees) in accordance with the Priority of Payments shall bear interest at LIBOR (calculated
                                         in the same manner as LIBOR in respect of the Notes) plus 0.30% per annum.

 

		(e)	The
                                         Portfolio Manager may, in its sole discretion, by written notice to the Trustee delivered
                                         not later than the related Determination Date, elect to irrevocably waive payment of
                                         or distribution in respect of all or any portion of the Base Management Fee and/or the
                                         Subordinated Management Fee (including any Deferred Management Fees and any accrued and
                                         unpaid interest thereon, if applicable) otherwise payable or distributable and available
                                         to be paid or distributed to it on any Payment Date in accordance with the Priority of
                                         Payments (the “Waived Management Fee”). Any such Waived Management
                                         Fee shall not thereafter become due and payable and any claim of the Portfolio Manager
                                         therein shall be extinguished.

 

		(f)	Not
                                         less than eight Business Days preceding each Payment Date, the Portfolio Manager shall
                                         certify to the Trustee (which may be a standing certification) the amount described in
                                         clause (i)(b) of the definition of Dissolution Expenses. If the distributions to be made
                                         pursuant to this Section 11.1 on any Payment Date would cause the Aggregate Principal
                                         Balance of the remaining Collateral Obligations immediately following such Payment Date
                                         (excluding Defaulted Obligations, Equity Securities and Illiquid Assets) to be less than
                                         the amount of Dissolution Expenses (as determined by the Trustee based on such certification
                                         by the Portfolio Manager), the Trustee will provide written notice thereof to the Issuer
                                         at least five Business Days before such Payment Date.

 

		(g)	Any
                                         amounts to be paid to the Issuer pursuant to the terms hereof shall be paid by the Trustee
                                         or Paying Agent directly to an account of the Issuer designated in writing by the Issuer
                                         (which account shall be as set forth on Exhibit E hereto, as may be amended from
                                         time to time).

 

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ARTICLE
XII

SALE OF COLLATERAL OBLIGATIONS; PURCHASE OF ADDITIONAL COLLATERAL OBLIGATIONS

 

Section
12.1.        Sales of Collateral Obligations

 

Subject
to the satisfaction of the conditions specified in Section 12.3 and, notwithstanding any acceleration of the Maturity of the Notes,
unless the Trustee has commenced exercising remedies pursuant to Section 5.4, the Portfolio Manager on behalf of the Issuer may,
but will not be required to (except as otherwise specified in this Section 12.1), direct the Trustee to sell or otherwise dispose
of, and the Trustee shall sell or otherwise dispose of, on behalf of the Issuer in the manner directed by the Portfolio Manager
pursuant to this Section 12.1, any Collateral Obligation or Equity Security, if, as certified by the Portfolio Manager (which
certification shall be deemed to be provided upon delivery of an Issuer Order or trade confirmation in respect of such sale or
disposition), to the best of its knowledge, such sale or other disposition meets the requirements of any one of Sections 12.1(a)
through (i) (subject in each case to any applicable requirement of disposition under Section 12.1(h)). For purposes of this Section
12.1, the Sale Proceeds of a Collateral Obligation sold by the Issuer shall include any Principal Financed Accrued Interest received
in respect of such sale or other disposition.

 

		(a)	Credit
                                         Risk Obligations. The Portfolio Manager may direct the Trustee to sell or otherwise
                                         dispose of any Credit Risk Obligation at any time without restriction.

 

		(b)	Credit
                                         Improved Obligations. The Portfolio Manager may direct the Trustee to sell or otherwise
                                         dispose of any Credit Improved Obligation at any time without restriction.

 

		(c)	Defaulted
                                         Obligations. The Portfolio Manager may direct the Trustee to sell or otherwise dispose
                                         of any Defaulted Obligation, or any other asset received by the Issuer in a workout,
                                         restructuring or similar transaction at any time without restriction. The Portfolio Manager
                                         may direct the Trustee to consummate a Bankruptcy Exchange at any time without restriction
                                         so long as the conditions set forth in the definition thereof are satisfied. With respect
                                         to each Defaulted Obligation that has not been disposed of within three years after becoming
                                         a Defaulted Obligation, the Market Value and Principal Balance of such Defaulted Obligation
                                         shall be deemed to be zero.

 

		(d)	Equity
                                         Securities. The Portfolio Manager (i) may direct the Trustee to sell or otherwise
                                         dispose of any Equity Security at any time without restriction and (ii) shall use its
                                         commercially reasonable efforts to direct the Trustee to sell or otherwise dispose of
                                         any Equity Security within 45 days after receipt if such Equity Security constitutes
                                         Margin Stock or otherwise within three years of receipt unless such sale or other disposition
                                         is prohibited by applicable law or an applicable contractual restriction, in which case
                                         such Equity Security shall be sold as soon as such sale or other disposition is permitted
                                         by applicable law and not prohibited by such contractual restriction.

 

		(e)	Optional
                                         Redemption. After the Issuer has notified the Trustee of an Optional Redemption of
                                         the Notes in accordance with Section 9.2, the Portfolio Manager shall, if necessary to
                                         effect the Optional Redemption, direct the Trustee to sell or otherwise dispose of (which
                                         disposition may be through participation or other arrangement) all or a portion of the
                                         Collateral Obligations if the requirements of Article IX are satisfied. If any such disposition
                                         is made through participations, the Issuer shall use reasonable efforts to cause such
                                         participations to be converted to assignments within six months after the disposition.

 

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		(f)	Tax
                                         Redemption. After a Majority of an Affected Class has directed (by a written direction
                                         delivered to the Trustee) a Tax Redemption and all of the requirements of Article IX
                                         are satisfied, the Issuer (or the Portfolio Manager on its behalf) shall, if necessary
                                         to effect the Tax Redemption, direct the Trustee to sell or otherwise dispose of (which
                                         disposition may be through participation or other arrangement) all or a portion of the
                                         Collateral Obligations. If any such disposition is made through participations, the Issuer
                                         shall use reasonable efforts to cause such participations to be converted to assignments
                                         within six months after the disposition.

 

		(g)	Discretionary
                                         Sales. The Portfolio Manager may direct the Trustee to sell or otherwise dispose
                                         of any Collateral Obligation at any time other than during a Restricted Trading Period
                                         if: (i) after giving effect to such disposition, the Aggregate Principal Balance of all
                                         Collateral Obligations disposed of as described in this Section 12.1(g) during the preceding
                                         period of 12 calendar months is not greater than 30% of the Collateral Principal Amount
                                         (measured as of the first day of such 12-calendar month period); provided that,
                                         for purposes of determining the percentage of Collateral Obligations disposed of during
                                         any such period, the amount of any Collateral Obligations disposed of shall be reduced
                                         to the extent of any purchases (or irrevocable commitments to purchase) of Collateral
                                         Obligations with the intention of purchasing another obligation of the same Obligor that
                                         would be pari passu or senior to such sold Collateral Obligation; and (ii) either:

 

		(A)	at
                                         any time (I) the proceeds from such sale are at least sufficient to maintain or improve
                                         the Adjusted Collateral Principal Amount (as measured before such sale), or (II) after
                                         giving effect to such sale, the Aggregate Principal Balance of all Collateral Obligations
                                         (excluding the Collateral Obligations being disposed of but including, without duplication,
                                         the anticipated net proceeds of such disposition) plus, the amounts on deposit
                                         in the Collection Account (including Eligible Investments therein) representing Principal
                                         Proceeds will be (x) maintained or increased or (y) equal to or greater than the Reinvestment
                                         Target Par Balance; or

 

		(B)	during
                                         the Reinvestment Period, the Portfolio Manager reasonably believes prior to such sale
                                         that it will be able to enter into binding commitments to reinvest all or a portion of
                                         the proceeds of such disposition in one or more additional Collateral Obligations with
                                         an Aggregate Principal Balance at least equal to the Investment Criteria Adjusted Balance
                                         of the Collateral Obligation sold within 45 Business Days of such sale.

 

		(h)	Mandatory
                                         Sales. The Portfolio Manager on behalf of the Issuer shall use its commercially reasonable
                                         efforts to effect the sale or other disposition of any Collateral Obligation that (A)
                                         no longer meets the criteria described in clause (vii) of the definition of Collateral
                                         Obligation, within 18 months after the failure of such Collateral Obligation to meet
                                         either such criteria and (B) no longer meets the criteria described in clause (vi) of
                                         the definition of Collateral Obligation (unless such disposition is prohibited by applicable
                                         law or an applicable contractual restriction) within 45 days after the failure of such
                                         Collateral Obligation to meet such criteria.

 

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		(i)	Unrestricted
                                         Sales. If the Aggregate Principal Balance of the Collateral Obligations is less than
                                         U.S.$10,000,000, the Portfolio Manager may direct the Trustee to sell the Collateral
                                         Obligations without regard to the foregoing limitations.

 

		(j)	Clean-Up
                                         Call Redemption. Notwithstanding the restrictions of Section 12.1(a), after the Portfolio
                                         Manager has notified the Issuer and the Trustee of a Clean-Up Call Redemption, the Portfolio
                                         Manager may at any time direct the Trustee to sell (and upon receipt of the certification
                                         from the Portfolio Manager required by Section 9.7(b) the Trustee shall sell in the manner
                                         specified) for settlement in immediately available funds any Collateral Obligation; provided
                                         that, the Sale Proceeds therefrom are used for the purposes specified in Section
                                         9.7 (and applied pursuant to the Priority of Payments).

 

		(k)	Stated
                                         Maturity. Notwithstanding the restrictions of Section 12.1, the Portfolio Manager
                                         shall, no later than the Determination Date for the earliest Stated Maturity, on behalf
                                         of the Issuer, direct the Trustee to sell (and the Trustee shall sell in the manner specified)
                                         for settlement in immediately available funds any Collateral Obligations scheduled to
                                         mature after such Stated Maturity of the Notes and cause the distribution of any proceeds
                                         thereof to the Issuer.

 

Section
12.2.        Purchase of Additional Collateral Obligations

 

On
any date during the Reinvestment Period, the Portfolio Manager on behalf of the Issuer may, subject to the other requirements
in this Indenture and certain limitations specified in Section 12.2(a), but will not be required to, direct the Trustee to
invest Principal Proceeds, proceeds of additional notes issued pursuant to Sections 2.13 and 3.2 and Principal Financed Accrued
Interest, and the Trustee shall invest such Principal Proceeds and other amounts in accordance with such direction.

 

		(a)	Investment
                                         Criteria. No obligation may be purchased by the Issuer unless the Portfolio Manager
                                         reasonably believes that the following conditions (the “Investment Criteria”)
                                         are satisfied on a pro forma basis as of the date the Portfolio Manager commits
                                         on behalf of the Issuer to make such purchase, in each case as determined by the Portfolio
                                         Manager after giving effect to the settlement of such purchase and all other sales (or
                                         other dispositions) or purchases previously or simultaneously committed to:

 

(x)
       During the Reinvestment Period:

 

		(A)	such
                                         obligation is a Collateral Obligation;

 

		(B)	each
                                         Coverage Test will be satisfied, or if not satisfied, such Coverage Test will be maintained
                                         or improved;

 

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		(C)	(1)
                                         in the case of an additional Collateral Obligation purchased with the proceeds from the
                                         sale or other disposition of a Credit Risk Obligation or a Defaulted Obligation, either
                                         (a) the Aggregate Principal Balance of all additional Collateral Obligations purchased
                                         with the proceeds from such disposition will at least equal the Sale Proceeds from such
                                         disposition, (b) the Aggregate Principal Balance of the Collateral Obligations will be
                                         maintained or increased (when compared to the Aggregate Principal Balance of the Collateral
                                         Obligations immediately prior to such disposition), or (c) the Aggregate Principal Balance
                                         of all Collateral Obligations (excluding the Collateral Obligation being sold but including,
                                         without duplication, the Collateral Obligation being purchased and the anticipated Cash
                                         proceeds, if any, of such disposition that are not applied to the purchase of such additional
                                         Collateral Obligation) plus, without duplication, the amounts on deposit in the
                                         Collection Account (including Eligible Investments therein) representing Principal Proceeds,
                                         will be equal to or greater than the Reinvestment Target Par Balance and (2) in the case
                                         of any other purchase of additional Collateral Obligations purchased with the proceeds
                                         from the sale or other disposition of a Collateral Obligation, either (a) the Aggregate
                                         Principal Balance of the Collateral Obligations will be maintained or increased (when
                                         compared to the Aggregate Principal Balance of the Collateral Obligations immediately
                                         prior to such disposition) or (b) the Aggregate Principal Balance of all Collateral Obligations
                                         (excluding the Collateral Obligation being sold but including, without duplication, the
                                         Collateral Obligation being purchased and the anticipated Cash proceeds, if any, of such
                                         disposition that are not applied to the purchase of such additional Collateral Obligation)
                                         plus, without duplication, the amounts on deposit in the Collection Account (including
                                         Eligible Investments therein) representing Principal Proceeds, will be (x) maintained
                                         or increased or (y) equal to or greater than the Reinvestment Target Par Balance; and

 

		(D)	other
                                         than in the case of a Bankruptcy Exchange or an Exchange Transaction, either (1) each
                                         requirement or test, as the case may be, of the Concentration Limitations and the Collateral
                                         Quality Test (except, in the case of an additional Collateral Obligation purchased with
                                         the proceeds from the sale or other disposition of a Credit Risk Obligation, a Defaulted
                                         Obligation or an Equity Security, the S&P CDO Monitor Test) will be satisfied or
                                         (2) if any such requirement or test was not satisfied immediately prior to such investment,
                                         such requirement or test will be maintained or improved after giving effect to the investment;

 

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provided
that, clauses (B), (C) and (D) above need not be satisfied with respect to one single reinvestment if they are satisfied
on an aggregate basis in connection with a Trading Plan; provided, further, that clause (B) and the Collateral Quality
Test in clause (D) above need not be satisfied with respect to any Purchased Defaulted Obligation or Defaulted Obligation acquired
in a Bankruptcy Exchange.

 

During
the Reinvestment Period, following the sale or other disposition of any Credit Improved Obligation or any discretionary sale or
other discretionary disposition of a Collateral Obligation, the Portfolio Manager shall use its reasonable efforts to purchase
additional Collateral Obligations within 45 Business Days after such disposition; provided that, any such purchase
must comply with the requirements of this Section 12.2.

 

(y)
       If the Issuer has entered into a written trade ticket or other binding commitment to
purchase a Collateral Obligation during the Reinvestment Period, the settlement date for which is not scheduled to occur prior
to the end of the Reinvestment Period (each such Collateral Obligation, a “Post-Reinvestment Period Settlement Obligation”),
such Post-Reinvestment Period Settlement Obligation shall be treated as having been purchased by the Issuer prior to the end of
the Reinvestment Period for purposes of the Investment Criteria, and Principal Proceeds received during or after the end of the
Reinvestment Period may be applied to the payment of the purchase price of such Collateral Obligation. Not later than the Business
Day immediately preceding the end of the Reinvestment Period, the Portfolio Manager shall deliver to the Trustee a schedule of
Post-Reinvestment Period Settlement Obligations, each of which shall be treated as a purchase made during the Reinvestment Period
for purposes of this Section 12.2, and the Portfolio Manager shall certify to the Trustee (which certification shall be deemed
to be made upon the delivery of such schedule) that sufficient Principal Proceeds are available (including for this purpose, Cash
on deposit in the Collection Account as well as any Principal Proceeds that will be received by the Issuer from the sale of Collateral
Obligations for which the trade date has already occurred but the settlement date has not yet occurred) to effect the settlement
of such Collateral Obligations. The Portfolio Manager agrees to use commercially reasonable efforts to settle the purchase of
any Collateral Obligation no later than 45 Business Days after the trade date of such Collateral Obligation.

 

		(b)	Investment
                                         in Eligible Investments. Cash on deposit in any Account (other than the Payment Account)
                                         may be invested at any time in Eligible Investments in accordance with Article X.

 

		(c)	[Reserved].

 

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		(d)	Maturity
Amendment. At any time, the Issuer (or the Portfolio Manager on the Issuer’s behalf) may not vote in favor of a Maturity
Amendment unless, as determined by the Portfolio Manager, (i) either (A) the Weighted Average Life Test will be satisfied after
giving effect to such Maturity Amendment or (B) if the Weighted Average Life Test was not satisfied immediately prior to giving
effect to such Maturity Amendment, the level of compliance with the Weighted Average Life Test will be improved or maintained
after giving effect to such Maturity Amendment, in either case after giving effect to any Trading Plan in effect during the applicable
Trading Plan Period and (ii) after giving effect to such Maturity Amendment, the stated maturity of the Collateral Obligation
that is the subject of such Maturity Amendment is not later than the earliest Stated Maturity of the Notes; provided that,
notwithstanding the foregoing requirements, clause (i) above (1) is not required to be satisfied if the Issuer (or the Portfolio
Manager on behalf of the Issuer) did not affirmatively vote in favor of such Maturity Amendment and (2) shall not apply to any
Credit Amendment if, (I) immediately after giving effect to such Credit Amendment, the Aggregate Principal Balance of all Collateral
Obligations subject to a Credit Amendment with the affirmative vote of the Issuer (or the Portfolio Manager on the Issuer’s
behalf) at any time will not exceed 10.0% of the Target Initial Par Amount or (II) such amendment or modification is in connection
with an insolvency, bankruptcy, reorganization, debt restructuring or workout of the Obligor of such Collateral Obligation and
the Aggregate Principal Balance of all Collateral Obligations that have been subject to this clause (II) since the Refinancing
Date does not exceed 10.0% of the Target Initial Par Amount; provided, further, that the Issuer (or the Portfolio Manager
on behalf of the Issuer) may vote in favor of any Maturity Amendment without regard to clause (i) above so long as the Portfolio
Manager intends to sell such Collateral Obligation within 30 days after the effective date of such Maturity Amendment and reasonably
believes that any such sale will be completed prior to the end of such 30-day period.

 

Section
12.3.        Conditions Applicable to All Sale and Purchase Transactions

 

		(a)	Any
                                         transaction effected under this Article XII or Section 10.6 shall be conducted on an
                                         arm’s length basis and, if effected with a Person Affiliated with the Portfolio
                                         Manager (or with an account or portfolio for which the Portfolio Manager or any of its
                                         Affiliates serves as investment adviser), shall be effected in accordance with the requirements
                                         of the Portfolio Management Agreement on terms no less favorable to the Issuer than would
                                         be the case if such Person were not so Affiliated; provided that, in the
                                         case of any Collateral Obligation sold or otherwise transferred to a Person so Affiliated,
                                         the Portfolio Manager shall either obtain (x) bids for such Collateral Obligation from
                                         three unaffiliated loan market participants (or, if the Portfolio Manager is unable to
                                         obtain bids from three such participants, then such lesser number of unaffiliated loan
                                         market participants from which the Portfolio Manager can obtain bids using efforts consistent
                                         with the Portfolio Manager Standard), or (y) if the Portfolio Manager is unable to obtain
                                         any bids for such Collateral Obligation from an unaffiliated loan market participant,
                                         a Valuation of the Collateral Obligation (the highest bid provided by an unaffiliated
                                         loan market participant described in clause (x) or the fair market value established
                                         by the Valuation described in clause (y), the “Applicable Qualified Valuation”),
                                         and such Affiliate shall acquire such Collateral Obligation for a price equal to the
                                         price established by such Applicable Qualified Valuation; provided further that
                                         an aggregate amount of Collateral Obligations not exceeding 15% of the Net Purchased
                                         Loan Balance may be sold or otherwise transferred to the Transferor pursuant hereto at
                                         a price greater than the Applicable Qualified Valuation, but no greater than the Transfer
                                         Deposit Amount with respect to such Collateral Obligation (and to the extent the Transfer
                                         Deposit Amount in respect of such Collateral Obligation exceeds the fair market value
                                         thereof, such excess shall be deemed to be a capital contribution from the Transferor
                                         to the Issuer); provided, further, that the Trustee shall have no responsibility
                                         to oversee compliance with this clause (a) by the other parties.

 

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		(b)	Upon
                                         any acquisition of a Collateral Obligation pursuant to this Article XII, all of the Issuer’s
                                         right, title and interest to the Asset or Assets shall be Assets Granted to the Trustee
                                         pursuant to this Indenture and shall be Delivered to the Trustee. The Trustee shall also
                                         receive, not later than the related Cut-Off Date, an Issuer Order certifying compliance
                                         with the provisions of this Article XII; provided that, such requirement
                                         shall be satisfied and such statements shall be deemed to have been made by the Issuer
                                         in respect of such acquisition by the delivery to the Trustee of a trade ticket or an
                                         Issuer Order in respect thereof.

 

		(c)	Notwithstanding
                                         anything contained in this Article XII to the contrary and without limiting the right
                                         to make any other permitted purchases, sales or other dispositions, the Issuer shall
                                         have the right to effect any sale or other disposition of any Asset or purchase of any
                                         Collateral Obligation (provided, that in the case of a purchase of a Collateral
                                         Obligation, such purchase complies with the applicable requirements of the Portfolio
                                         Management Agreement) and the Transferor shall have the right to exercise any optional
                                         purchase or substitution right (x) with the consent of the Holders evidencing at least
                                         75% of the Aggregate Outstanding Amount of each Class of Notes and (y) of which the Rating
                                         Agency and the Trustee (with a copy to the Portfolio Manager) have been notified.

 

		(d)	The
                                         Issuer shall not commit to acquire any Restructured Loan (including any Workout Loan)
                                         unless at least 30 days have elapsed since the Issuer committed to acquire the Related
                                         Restructuring Collateral Obligation with respect to such Restructured Loan.

 

Section
12.4.        Exchange Transactions

 

		(a)	Notwithstanding
                                         anything to the contrary set forth in Section 12.2, prior to the end of the
                                         Reinvestment Period, a Defaulted Obligation (a “Purchased Defaulted Obligation”)
                                         may be purchased with all or a portion of the Sale Proceeds of another Defaulted Obligation
                                         (an “Exchanged Defaulted Obligation”) (each such exchange referred
                                         to as an “Exchange Transaction”), if:

 

		(i)	when
                                         compared to the Exchanged Defaulted Obligation, the Purchased Defaulted Obligation (A)
                                         is issued by a different Obligor, (B) but for the fact that such debt obligation is a
                                         Defaulted Obligation, such Purchased Defaulted Obligation would otherwise qualify as
                                         a Collateral Obligation and (C) the expected recovery rate of such Purchased Defaulted
                                         Obligation, as determined by the Portfolio Manager in good faith, is no less than the
                                         expected recovery rate of the Exchanged Defaulted Obligation;

 

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		(ii)	at
                                         the time of the purchase, (i) the Purchased Defaulted Obligation is no less senior in
                                         right of payment vis-à-vis its related Obligor’s outstanding indebtedness
                                         than the seniority of the Exchanged Defaulted Obligation and (ii) the S&P Rating,
                                         if any, of the Purchased Defaulted Obligation is the same or better respective rating
                                         (as applicable), if any, of the Exchanged Defaulted Obligation;

 

		(iii)	after
                                         giving effect to the purchase, (i) each of the Coverage Tests is satisfied and (ii) the
                                         Collateral Principal Amount shall be maintained or improved;

 

		(iv)	after
                                         giving effect to such purchase, the Concentration Limitations will be satisfied or, if
                                         any Concentration Limitation was not satisfied prior to such purchase, such Concentration
                                         Limitation will be maintained or improved;

 

		(v)	the
                                         period for which the Issuer held the Exchanged Defaulted Obligation will be included
                                         for all purposes in this Indenture when determining the period for which the Issuer holds
                                         the Purchased Defaulted Obligation;

 

		(vi)	the
                                         Exchanged Defaulted Obligation was not previously a Purchased Defaulted Obligation acquired
                                         in a transaction pursuant to this Section 12.4; and

 

		(vii)	the
                                         Restricted Trading Period is not in effect; and

 

		(viii)	such
                                         purchase of the Purchased Defaulted Obligation will not, when taken together with all
                                         other Purchased Defaulted Obligations then held by the Issuer, cause the Aggregate Principal
                                         Balance of all of Purchased Defaulted Obligations purchased pursuant to an Exchange Transaction,
                                         measured cumulatively since the Refinancing Date, to exceed 10.0% of the Target Initial
                                         Par Amount.

 

For
the avoidance of doubt, Exchange Transactions may occur by separate purchase and sale transactions. If, at any time, a Purchased
Defaulted Obligation no longer satisfies the definition of Defaulted Obligation, it shall no longer be considered a Purchased
Defaulted Obligation.

 

Section
12.5.        Optional Repurchase or Substitution of Collateral Obligations.

 

		(a)	Optional
                                         Substitutions.

 

		(i)	With
                                         respect to any Collateral Obligation as to which a Substitution Event has occurred, subject
                                         to the limitations set forth in this Section 12.5, the Transferor may (but shall not
                                         be obligated to), with the consent of the Portfolio Manager (so long as FS KKR Capital
                                         Corp. is the Portfolio Manager) either (x) convey to the Issuer one or more Collateral
                                         Obligations in exchange for such Collateral Obligation or (y) deposit into the Pending
                                         Transfer Deposit Amount Collection Account the Transfer Deposit Amount with respect to
                                         such Collateral Obligation and then, prior to the expiration of the Substitution Period,
                                         convey to the Issuer one or more Collateral Obligations in exchange for the funds so
                                         deposited or a portion thereof.

 

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		(ii)	Any
                                         substitution pursuant to this Section 12.5(a) shall be initiated by delivery of written
                                         notice in the form of Exhibit G hereto (a “Notice of Substitution”)
                                         by the Transferor to the Trustee, the Issuer and the Portfolio Manager that the Transferor
                                         intends to substitute a Collateral Obligation pursuant to this Section 12.5(a) and shall
                                         be completed prior to the earliest of: (x) the expiration of 90 days after delivery of
                                         such notice; (y) delivery of written notice to the Trustee, the Issuer and the Portfolio
                                         Manager from the Transferor stating that the Transferor does not intend to convey any
                                         additional Substitute Collateral Obligations to the Issuer in exchange for any remaining
                                         amounts deposited in the Pending Transfer Deposit Amount Collection Account under clause
                                         (a)(i)(y); or (z) in the case of a Collateral Obligation which has become subject to
                                         a Specified Amendment, the effective date set forth in such Specified Amendment (such
                                         period described in clause (ii)(x), (y) or (z), as applicable, being the “Substitution
                                         Period”).

 

		(iii)	Each
                                         Notice of Substitution shall specify the Collateral Obligation to be substituted, the
                                         reasons for such substitution and the Transfer Deposit Amount with respect to the Collateral
                                         Obligation. On the last day of any Substitution Period, any amounts previously deposited
                                         in accordance with clause (a)(i)(y) above which relate to such Substitution Period that
                                         have not been applied to purchase one or more Substitute Collateral Obligations or to
                                         fund the Revolver Funding Account if necessary shall, at the direction of the Portfolio
                                         Manager, be deemed to constitute Principal Proceeds and such amounts shall be transferred
                                         from the Pending Transfer Deposit Amount Collection Account to the Principal Collection
                                         Account; provided that prior to the expiration of the related Substitution Period
                                         any such amounts shall not be deemed to be Principal Proceeds and shall remain in the
                                         Pending Transfer Deposit Amount Collection Account until applied to acquire Substitute
                                         Collateral Obligations or to fund the Revolver Funding Account if necessary (which amounts
                                         shall be identified by the Portfolio Manager to the Trustee). To the extent any cash
                                         or other property received by the Issuer from the Transferor in connection with a Substitution
                                         Event pursuant to this Section 12.5 exceeds the fair market value of the replaced
                                         Collateral Obligation, such excess shall be deemed a capital contribution from the Transferor
                                         to the Issuer.

 

		(iv)	The
                                         substitution of any Substitute Collateral Obligation will be subject to the satisfaction
                                         of the Substitute Collateral Obligations Qualification Conditions as of the related Cut-Off
                                         Date for each such Collateral Obligation (after giving effect to such substitution).
                                         Upon satisfaction of such conditions, the Portfolio Manager shall instruct the Issuer
                                         and the Trustee in effecting such substitution, including the release of any Transfer
                                         Deposit Amounts in connection therewith.

 

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		(v)	Prior
                                         to any substitution of a Collateral Obligation, the Portfolio Manager must provide written
                                         notice thereof to the Rating Agency.

 

		(b)	Repurchases.
                                         In addition to the right to substitute for any Collateral Obligations that become subject
                                         to a Substitution Event, the Transferor shall have the right, but not the obligation,
                                         to repurchase from the Issuer any such Collateral Obligation subject to the Repurchase
                                         and Substitution Limit. In the event of such a repurchase, the Transferor shall deposit
                                         in the Collection Account an amount equal to the Transfer Deposit Amount for such Collateral
                                         Obligation (or applicable portion thereof) as of the date of such repurchase (with the
                                         portion of the Transfer Deposit Amount representing the outstanding principal balance
                                         of the repurchased Collateral Obligation being deposited into the Principal Collection
                                         Account and the portion of the Transfer Deposit Amount representing accrued interest
                                         being deposited into the Interest Collection Account, regardless of whether such amounts
                                         are deemed to be capital contributions). The Issuer and, at the written direction of
                                         the Issuer, the Trustee shall execute and deliver such instruments, consents or other
                                         documents and perform all acts reasonably requested by the Transferor or by the Portfolio
                                         Manager in order to effect the transfer and release of any of the Issuer’s interests
                                         in the Collateral Obligations (together with the Assets related thereto) that are being
                                         repurchased and the release thereof from the lien of this Indenture. To the extent any
                                         cash or other property received by the Issuer from the Transferor in connection with
                                         such a repurchase exceeds the fair market value of the repurchased Collateral Obligation,
                                         such excess shall be deemed a capital contribution from the Transferor to the Issuer.

 

		(c)	Repurchase
                                         and Substitution Limit. At all times, (i) the Aggregate Principal Balance of all
                                         Substitute Collateral Obligations owned by the Issuer at any time since the Refinancing
                                         Date plus (ii) the Aggregate Principal Balance related to all Collateral Obligations
                                         that have been repurchased by the Transferor pursuant to its right of optional repurchase
                                         or substitution since the Refinancing Date and not subsequently applied to purchase a
                                         Substitute Collateral Obligation may not exceed an amount equal to (x) 20% of the Net
                                         Purchased Loan Balance in the aggregate and (y) 10% of the Net Purchased Loan Balance
                                         in the case of Defaulted Obligations or Credit Risk Obligations repurchased following
                                         a determination by the Portfolio Manager that such Collateral Obligation would with the
                                         passage of time become a Defaulted Obligation; provided that clause (ii) above
                                         shall not include (A) the Principal Balance related to any Collateral Obligation that
                                         is repurchased by the Transferor in connection with a proposed Specified Amendment to
                                         such Collateral Obligation so long as (x) the Transferor certifies in writing to the
                                         Portfolio Manager and the Trustee that such purchase is, in the commercially reasonable
                                         business judgment of the Transferor, necessary or advisable in connection with the restructuring
                                         of such Collateral Obligation and such restructuring is expected to result in a Specified
                                         Amendment to such Collateral Obligation, and (y) the Portfolio Manager certifies in writing
                                         to the Trustee that the Portfolio Manager either would not be permitted to or would not
                                         elect to enter into such Specified Amendment pursuant to the Portfolio Manager Standard
                                         or any provision of this Indenture or the Portfolio Management Agreement or (B) the purchase
                                         price of any Collateral Obligations or, for the avoidance of doubt, any Equity Securities
                                         sold by and at the option of the Issuer to the Transferor pursuant to Section 12.1(d)
                                         or Section 12.1(g). The foregoing provisions in this paragraph constitute the “Repurchase
                                         and Substitution Limit.”

 

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		(d)	Third
                                         Party Beneficiaries. The Issuer, the Trustee and each Holder agree that the Transferor
                                         shall be a third party beneficiary of this Indenture solely for purposes of this Section
                                         12.5, and shall be entitled to rely upon and enforce such provisions of this Section
                                         12.5 to the same extent as if it were a party hereto.

 

Section
12.6.        Purchases and Sales of Restructured Loans and Workout Securities

 

Notwithstanding
any other requirement set forth in this Indenture, in addition to Contributions and Interest Proceeds, Principal Proceeds may
be invested in Workout Loans and/or deposited into the Revolver Funding Account in connection with a Workout Loan, as applicable,
at the direction of the Portfolio Manager in accordance with Section 10.2(d) so long as, if the Issuer (or the Portfolio
Manager on its behalf) intends to invest Principal Proceeds in such Workout Loan, then at the time of such investment (or commitment
to invest), the Portfolio Manager reasonably believes (not to be called into question as a result of subsequent events) that making
such investment will (i) prevent bankruptcy or insolvency of the related Obligor, (ii) minimize material losses in connection
with the related Collateral Obligation or (iii) otherwise improve recovery prospects with respect to the related Obligor or Collateral
Obligation. For the avoidance of doubt and notwithstanding anything herein to the contrary, acquisitions of Restructured Loans
and Workout Securities shall not be required to satisfy the Investment Criteria and may be sold at any time during or after the
Reinvestment Period without restriction.

 

ARTICLE
XIII

HOLDERS’ RELATIONS

 

Section
13.1.        Subordination

 

		(a)	Anything
                                         in this Indenture or the Notes to the contrary notwithstanding, the Holders of each Class
                                         of Notes that constitute a Junior Class agree for the benefit of the Holders of the Notes
                                         of each Priority Class with respect to such Junior Class that such Junior Class shall
                                         be subordinate and junior to the Notes of each such Priority Class to the extent and
                                         in the manner set forth in this Indenture. If an Enforcement Event has occurred and is
                                         continuing in accordance with Article V, including as a result of an Event of Default
                                         specified in Section 5.1(e) or (f), each Priority Class shall be paid in full in Cash
                                         or, to the extent a Majority of such Class consents, other than in Cash, before any further
                                         payment or distribution of any kind is made on account of any Junior Class with respect
                                         thereto, in accordance with the Special Priority of Payments.

 

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		(b)	In
                                         the event that, notwithstanding the provisions of this Indenture, any Holder of Notes
                                         of any Junior Class shall have received any payment or distribution in respect of such
                                         Notes contrary to the provisions of this Indenture, then, unless and until all accrued
                                         and unpaid interest on and outstanding principal of each Priority Class with respect
                                         thereto shall have been paid in full in Cash or, to the extent a Majority of such Priority
                                         Class consents, other than in Cash in accordance with this Indenture, such payment or
                                         distribution shall be received and held in trust for the benefit of, and shall forthwith
                                         be paid over and delivered to, the Trustee, which shall pay and deliver the same to the
                                         Holders of the applicable Priority Class(es) in accordance with this Indenture; provided
                                         that, if any such payment or distribution is made other than in Cash, it shall be
                                         held by the Trustee as part of the Assets and subject in all respects to the provisions
                                         of this Indenture, including this Section 13.1.

 

		(c)	Each
                                         Holder of Notes of any Junior Class agrees with all Holders of the applicable Priority
                                         Classes that such Holder of Junior Class of Notes shall not demand, accept, or receive
                                         any payment or distribution in respect of such Notes in violation of the provisions of
                                         this Indenture including, without limitation, this Section 13.1; provided that,
                                         after all accrued and unpaid interest on and outstanding principal of a Priority Class
                                         has been paid in full, the Holders of the related Junior Class or Classes shall be fully
                                         subrogated to the rights of the Holders of such Priority Class to receive payments or
                                         distributions until all amounts due and payable on the Notes shall be paid in full. Nothing
                                         in this Section 13.1 shall affect the obligation of the Issuer to pay Holders of any
                                         Junior Class of Notes.

 

		(d)	In
                                         the event one or more Holders or beneficial owners of Notes causes a Bankruptcy Filing
                                         against the Issuer in violation of the prohibition described in this Indenture (including
                                         prior to the expiration of the period specified in Section 5.4(d)) (each, a “Filing
                                         Holder”), each such Holder or beneficial owner will be deemed to acknowledge
                                         and agree that (A) any claim that such Filing Holders have against the Issuer (including
                                         under all Notes of any Class held by such Filing Holders) or with respect to any Assets
                                         (including any proceeds thereof) shall, notwithstanding anything to the contrary in the
                                         Priority of Payments and notwithstanding any objection to, or rescission of, such filing,
                                         be fully subordinate in right of payment to the claims of each Holder and beneficial
                                         owner of any Note (and each other secured creditor of the Issuer) that is not a Filing
                                         Holder, with such subordination being effective until each Note held by each Holder or
                                         beneficial owner of any Note (and each claim of each other secured creditor of the Issuer)
                                         that is not a Filing Holder is paid in full in accordance with the Priority of Payments
                                         (after giving effect to such subordination) (B) it will promptly return or cause all
                                         amounts received by it following the filing of such petition to be returned to the Issuer,
                                         and (C) it will take all necessary action to give effect to this agreement. The foregoing
                                         agreement will constitute a “subordination agreement” within the meaning
                                         of Section 510(a) of the Bankruptcy Code (or any successor statute). The Issuer shall
                                         direct the Trustee to segregate payments and take other reasonable steps to effect the
                                         foregoing. The Issuer may obtain and assign a separate CUSIP or CUSIPs to the Notes of
                                         each Class held by such Holder(s).

 

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Section
13.2.        Standard of Conduct

 

In
exercising any of its or their voting rights, rights to direct and consent or any other rights as a Holder under this Indenture,
a Holder or Holders shall not have any obligation or duty to any Person or to consider or take into account the interests of any
Person and shall not be liable to any Person for any action taken by it or them or at its or their direction or any failure by
it or them to act or to direct that an action be taken, without regard to whether such action or inaction benefits or adversely
affects any Holder, the Issuer, or any other Person, except for any liability to which such Holder may be subject to the extent
the same results from such Holder’s taking or directing an action, or failing to take or direct an action, in bad faith
or in violation of the express terms of this Indenture.

 

ARTICLE
XIV

MISCELLANEOUS

 

Section
14.1.        Form of Documents Delivered to Trustee

 

In
any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary
that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered
by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such
Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.

 

Any
certificate or opinion of an Officer of the Issuer or the Portfolio Manager may be based, insofar as it relates to legal matters,
upon a certificate or opinion of, or representations by, counsel (provided that, such counsel is a nationally or
internationally recognized and reputable law firm one or more of the partners of which are admitted to practice before the highest
court of any State of the United States or the District of Columbia, which law firm may, except as otherwise expressly provided
in this Indenture, be counsel for the Issuer or the Portfolio Manager), unless such Officer knows, or should know that the certificate
or opinion or representations with respect to the matters upon which such certificate or opinion is based are erroneous. Any such
certificate of an Officer of the Issuer or the Portfolio Manager or Opinion of Counsel may be based, insofar as it relates to
factual matters, upon a certificate or opinion of, or representations by, the Issuer, the Portfolio Manager or any other Person
(on which the Trustee shall also be entitled to rely), unless such Officer of the Issuer or the Portfolio Manager or such counsel
knows that the certificate or opinion or representations with respect to such matters are erroneous. Any Opinion of Counsel may
also be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an Officer of
the Portfolio Manager or the Issuer, unless such counsel knows that the certificate or opinion or representations with respect
to such matters are erroneous.

 

Where
any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions
or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument.

 

Whenever
in this Indenture it is provided that, the absence of the occurrence and continuation of a Default, Event of Default or Enforcement
Event is a condition precedent to the taking of any action by the Trustee at the request or direction of the Issuer, then notwithstanding
that the satisfaction of such condition is a condition precedent to such Issuer’s right to make such request or direction,
the Trustee shall be protected in acting in accordance with such request or direction if it does not have knowledge of the occurrence
and continuation of such Default, Event of Default or Enforcement Event as provided in Section 6.1(d).

 

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Section
14.2.        Acts of Holders

 

		(a)	Any
                                         request, demand, authorization, direction, notice, consent, waiver or other action provided
                                         by this Indenture to be given or taken by Holders may be embodied in and evidenced by
                                         one or more instruments of substantially similar tenor signed by such Holders in writing
                                         or by an agent duly appointed in writing; and, except as herein otherwise expressly provided,
                                         such action shall become effective when such instrument or instruments are delivered
                                         to the Trustee and, where it is hereby expressly required, to the Issuer. Such instrument
                                         or instruments (and the action or actions embodied therein and evidenced thereby) are
                                         herein sometimes referred to as the “Act of Holders” or the “Act”
                                         of a specified percentage of the Holders signing such instrument or instruments. Proof
                                         of execution of any such instrument or of a writing appointing any such agent shall be
                                         sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and
                                         the Issuer, if made in the manner provided in this Section 14.2.

 

		(b)	The
                                         fact and date of the execution by any Person of any such instrument or writing may be
                                         proved in any manner which the Trustee deems sufficient.

 

		(c)	The
                                         principal amount and registered numbers of Notes held by any Person, and the date of
                                         such Person’s holding the same, shall be proved by the Register.

 

		(d)	Any
                                         request, demand, authorization, direction, notice, consent, waiver or other action by
                                         the Holder of any Notes shall bind the Holder (and any transferee thereof) of such and
                                         of every Note issued upon the registration thereof or in exchange therefor or in lieu
                                         thereof, in respect of anything done, omitted or suffered to be done by the Trustee,
                                         the Issuer in reliance thereon, whether or not notation of such action is made upon such
                                         Note.

 

		(e)	Notwithstanding
                                         anything herein to the contrary, a holder of a beneficial interest in a Global Note will
                                         have the right to receive access to reports on the Trustee’s Website and will be
                                         entitled to exercise rights to vote, give consents and directions which holders of the
                                         related Class of Notes are entitled to give under this Indenture upon delivery of a beneficial
                                         ownership certificate in a form acceptable to the Trustee which certifies (i) that such
                                         Person is a beneficial owner of an interest in a Global Note, and (ii) the amount and
                                         Class of Notes so owned; provided that, nothing shall prevent the Trustee from
                                         requesting additional information and documentation with respect to any such beneficial
                                         owner; provided further that the Trustee shall be entitled to conclusively rely
                                         on the accuracy and the currency of each beneficial ownership certificate and shall have
                                         no liability for relying thereon.

 

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Section
14.3.        Notices, etc., to Certain Parties

 

		(a)	Except
                                         as otherwise expressly provided herein, any request, demand, authorization, direction,
                                         order, request, notice, consent or waiver or other documents provided or permitted by
                                         this Indenture to be made upon, given or furnished to, or filed with any of the parties
                                         indicated below shall be sufficient for every purpose hereunder if made, given, furnished
                                         or filed in writing to and mailed, by certified mail, return receipt requested, hand
                                         delivered, sent by overnight courier service guaranteeing next day delivery or by facsimile
                                         or email in legible form at the following address (or at any other address provided in
                                         writing by the relevant party):

 

		(i)	the
                                         Trustee and the Collateral Administrator at the Corporate Trust Office;

 

		(ii)	the
                                         Issuer at c/o FS KKR Capital Corp., 201 Rouse Blvd., Philadelphia, Pennsylvania 19112,
                                         Attention: William Goebel, facsimile no. (215) 339-1931, email: FSIC_Team@fsinvestments.com;
                                         credit.notices@fsinvestments.com; portfolio.finance@fsinvestments.com;

 

		(iii)	Barclays
                                         Capital Inc., as a Refinancing Placement Agent and as Refinancing Initial Purchaser,
                                         at 745 Seventh Avenue, New York, New York 10019, Attention: CLO Structuring, or at any
                                         other address previously furnished in writing to the Issuer and the Trustee by Barclays
                                         Capital Inc.;

 

		(iv)	KKR
                                         Capital Markets LLC, as a Refinancing Structuring Agent, at 9 West 57th Street,
                                         41st Floor, Suite 4160, New York, New York 10019, or at any other address
                                         previously furnished in writing to the Issuer and the Trustee by KKR Capital Markets
                                         LLC;

 

		(v)	GreensLedge
                                         Capital Markets LLC, as a Refinancing Placement Agent and a Refinancing Structuring Agent,
                                         at 399 Park Ave, 37th Floor, New York, NY 10022, facsimile no. (212) 792-5270, Attention:
                                         CDO Group or at any other address previously furnished in writing to the Issuer and the
                                         Trustee by GreensLedge Capital Markets LLC;

 

		(vi)	the
                                         Portfolio Manager at FS KKR Capital Corp., 201 Rouse Blvd., Philadelphia, Pennsylvania
                                         19112;

 

		(vii)	S&P,
                                         in accordance with Section 7.20, 55 Water Street, 41st Floor, New York, New
                                         York, 10041-0003 or by email to CDO_Surveillance@spglobal.com; provided, that
                                         (x) in respect of any application for a credit estimate by S&P in respect of a Collateral
                                         Obligation, Information must be submitted to creditestimates@spglobal.com and (y) in
                                         respect of any request to S&P relating to the S&P CDO Monitor, such request must
                                         be submitted to CDOMonitor@spglobal.com; and

 

		(viii)	the
                                         CLO Information Service at any physical or electronic address provided by the Portfolio
                                         Manager for delivery of any Monthly Report or Distribution Report.

 

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

 

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

 

		(d)	Notwithstanding
                                         any provision to the contrary contained herein or in any agreement or document related
                                         thereto, any report, statement or other information required to be provided by the Issuer
                                         or the Trustee may be provided by providing access to the Trustee’s Website containing
                                         such information.

 

Section
14.4.        Notices to Holders; Waiver

 

		(a)	Except
                                         as otherwise expressly provided herein, where this Indenture provides for notice to Holders
                                         of any event,

 

		(i)	such
                                         notice shall be sufficiently given to Holders if in writing and mailed, first class postage
                                         prepaid, to each Holder affected by such event, at the address of such Holder as it appears
                                         in the Register (or, in the case of Holders of Global Notes, emailed to DTC for distribution
                                         to each Holder affected by such event and posted to the Trustee’s Website), not
                                         earlier than the earliest date and not later than the latest date, prescribed for the
                                         giving of such notice; and

 

		(ii)	such
                                         notice shall be in the English language.

 

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Such
notices will be deemed to have been given on the date of such mailing.

 

Where
this Indenture provides for notice to holders of Interests, such notice shall be sufficiently given if in writing and mailed,
first class postage prepaid, or by overnight delivery service to Issuer, or by electronic mail transmission, at the Issuer’s
address pursuant to Section 14.3 hereof with a copy to the Portfolio Manager. The Issuer (or the Portfolio Manager on the Issuer’s
behalf) shall forward all notices received pursuant to the preceding sentence to the holders of Interests. The Issuer (or the
Portfolio Manager on the Issuer’s behalf) shall provide notice and a consent solicitation package to each holder of an Interest
to the extent that such holder’s consent or approval is required hereunder. The Issuer (or the Portfolio Manager on the
Issuer’s behalf) shall provide written notice to the Trustee confirming any such approval or consent or other instructions
obtained from the requisite holders of the Interests.

 

		(b)	Notwithstanding
                                         clause (a) above, a Holder may give the Trustee a written notice that it is requesting
                                         that notices to it be given by email or by facsimile transmissions and stating the email
                                         address or facsimile number for such transmission. Thereafter, the Trustee shall give
                                         notices to such Holder by email or facsimile transmission, as so requested; provided
                                         that, if such notice also requests that notices be given by mail, then such
                                         notice shall also be given by mail in accordance with clause (a) above.

 

		(c)	Subject
                                         to the Trustee’s rights under Section 6.3(d), the Trustee will deliver to the Holders
                                         any information or notice relating to this Indenture in the possession of the Trustee
                                         and requested to be so delivered by at least 25% of the Holders of any Class of Notes
                                         (by Aggregate Outstanding Amount), at the expense of the Issuer; provided that,
                                         nothing herein shall be construed to obligate the Trustee to distribute any notice
                                         that the Trustee reasonably determines to be contrary to the terms of this Indenture
                                         or its duties and obligations hereunder or applicable law. The Trustee may require the
                                         requesting Holders to comply with its standard verification policies in order to confirm
                                         Holder status. For the avoidance of doubt, such information shall not include any Accountants’
                                         Report. The Trustee shall have no liability for such disclosure or, subject to the duties
                                         and responsibilities of the Trustee set forth in this Indenture, the accuracy thereof.

 

		(d)	Neither
                                         the failure to provide any notice, nor any defect in any notice so mailed, to any particular
                                         Holder shall affect the sufficiency of such notice with respect to other Holders. In
                                         case by reason of the suspension of regular mail service as a result of a strike, work
                                         stoppage or similar activity or by reason of any other cause it shall be impracticable
                                         to give such notice by mail of any event to Holders when such notice is required to be
                                         given pursuant to any provision of this Indenture, then such notification to Holders
                                         as shall be made with the approval of the Trustee shall constitute a sufficient notification
                                         to such Holders for every purpose hereunder.

 

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		(e)	Where
                                         this Indenture provides for notice in any manner, such notice may be waived in writing
                                         by any Person entitled to receive such notice, either before or after the event, and
                                         such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall
                                         be filed with the Trustee but such filing shall not be a condition precedent to the validity
                                         of any action taken in reliance upon such waiver.

 

		(f)	The
                                         Trustee shall provide to the Issuer and the Portfolio Manager upon request any information
                                         with respect to the identity of and contact information for any Holder that it has within
                                         its possession or may obtain without unreasonable effort or expense and, subject to Section
                                         6.1(c), the Trustee shall have no liability for any such disclosure or, subject to the
                                         duties and responsibilities of the Trustee set forth in this Indenture, the accuracy
                                         thereof.

 

		(g)	Notwithstanding
                                         any provision to the contrary in this Indenture or in any agreement or document related
                                         hereto, any information or documents (including, without limitation reports, notices
                                         or supplemental indentures) required to be provided by the Trustee to Persons identified
                                         in this Section 14.4 may be provided by providing notice of and access to the Trustee’s
                                         Website containing such information or document.

 

Section
14.5.        Effect of Headings and Table of Contents

 

The
Article and Section headings herein (including those used in cross-references herein) and the Table of Contents are for convenience
only and shall not affect the construction hereof.

 

Section
14.6.        Successors and Assigns

 

All
covenants and agreements in this Indenture by the Issuer shall bind its successors and assigns, whether so expressed or not.

 

Section
14.7.        Severability

 

If
any term, provision, covenant or condition of this Indenture or the Notes, or the application thereof to any party hereto or any
circumstance, is held to be unenforceable, invalid or illegal (in whole or in part) for any reason (in any relevant jurisdiction),
the remaining terms, provisions, covenants and conditions of this Indenture or the Notes, modified by the deletion of the unenforceable,
invalid or illegal portion (in any relevant jurisdiction), will continue in full force and effect, and such unenforceability,
invalidity, or illegality will not otherwise affect the enforceability, validity or legality of the remaining terms, provisions,
covenants and conditions of this Indenture or the Notes, as the case may be, so long as this Indenture or the Notes, as the case
may be, as so modified continues to express, without material change, the original intentions of the parties as to the subject
matter hereof and the deletion of such portion of this Indenture or the Notes, as the case may be, will not substantially impair
the respective expectations or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise
be conferred upon the parties.

 

Section
14.8.        Benefits of Indenture

 

Nothing
in this Indenture or in the Notes, expressed or implied, shall give to any Person, other than the parties hereto and their successors
hereunder, the Portfolio Manager, the Collateral Administrator, the Holders any benefit or any legal or equitable right, remedy
or claim under this Indenture.

 

    231

     

    

 

Section
14.9.        Legal Holidays

 

In
the event that the date of any Payment Date, Redemption Date or Stated Maturity shall not be a Business Day, then notwithstanding
any other provision of the Notes or this Indenture, payment need not be made on such date, but may be made on the next succeeding
Business Day with the same force and effect as if made on the nominal date of any such Payment Date, Redemption Date or Stated
Maturity date, as the case may be, and except as provided in the definition of Interest Accrual Period, no interest shall accrue
on such payment for the period from and after any such nominal date.

 

Section
14.10.    Governing Law

 

This
Indenture and the Notes shall be construed in accordance with, and this Indenture and the Notes, and any matters arising out of
or relating in any way whatsoever to any of the Notes or this Indenture, shall be governed by, the law of the State of New York.

 

Section
14.11.    Submission to Jurisdiction

 

With
respect to any suit, action or proceedings relating to this Indenture or any matter between the parties arising under or in connection
with this Indenture (“Proceedings”), to the fullest extent permitted by applicable law, each party irrevocably:
(i) submits to the exclusive jurisdiction of the United States District Court for the Southern District of New York or, if such
court does not have jurisdiction, any court of the State of New York located in New York County in any action or Proceeding arising
out of or relating to this Indenture; provided, that each party hereto consents to the jurisdiction of the courts of Minnesota
for any Proceeding brought by the Trustee under the Minnesota trust instruction procedure statute, (ii) agrees that all claims
in respect of such action or Proceeding may be heard and determined in any such courts and (iii) agrees not to bring any action
or Proceeding arising out of or relating to this Indenture in any other court. Each party hereto waives any defense of inconvenient
forum to the maintenance of any action or Proceeding so brought and waives any bond, surety or other security that might be required
of any other party with respect thereto. Each party agrees that a final, non-appealable judgment in any action or Proceeding so
brought shall be conclusive and may be enforced by suit on the judgment or in any other manner provided by applicable law.

 

Section
14.12.    Waiver of Jury Trial

 

EACH
OF THE ISSUER, THE HOLDERS AND THE TRUSTEE 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 INDENTURE, THE NOTES OR THE TRANSACTIONS
CONTEMPLATED HEREBY. Each party hereby (i) certifies that no representative, agent or attorney of the other has represented, expressly
or otherwise, that the other would not, in the event of a Proceeding, seek to enforce the foregoing waiver and (ii) acknowledges
that it has been induced to enter into this Indenture by, among other things, the mutual waivers and certifications in this paragraph.

 

    232

     

    

 

Section
14.13.    Counterparts

 

This
Indenture and the Notes (and each amendment, modification and waiver in respect of this Indenture or the Notes) may be executed
and delivered in counterparts (including by facsimile transmission, .jpeg file or any electronic signature complying with the
U.S. federal ESIGN Act of 2000, including Orbit, Adobe Sign, DocuSign, or any other similar platform identified by the Issuer
and reasonably available at no undue burden or expense to the Trustee), each of which will be deemed an original, and all of which
together constitute one and the same instrument. Delivery of an executed counterpart of this Indenture by email (PDF), telecopy
or other electronic transmission shall be effective as delivery of a manually executed counterpart of this Indenture. The Trustee
shall have no duty to inquire into or investigate the authenticity or authorization of any such electronic signature and shall
be entitled to conclusively rely on any such electronic signature without any liability with respect thereto.

 

Section
14.14.    Acts of Issuer

 

Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or performed
by the Issuer shall be effective if given or performed by the Issuer or by the Portfolio Manager on the Issuer’s behalf.

 

Section
14.15.    Confidential Information

 

		(a)	The
                                         Trustee, the Collateral Administrator and each Holder will maintain the confidentiality
                                         of all Confidential Information in accordance with procedures adopted by such Person
                                         in good faith to protect Confidential Information of third parties delivered to such
                                         Person; provided that, such Person may deliver or disclose Confidential
                                         Information: (i) with the prior written consent of the Portfolio Manager, (ii) as required
                                         by law, regulation, court order or the rules, regulations or request or order of any
                                         governmental, judiciary, regulatory or self-regulating organization, body or official
                                         having jurisdiction over such Person, (iii) in conjunction with the transactions described
                                         herein, to its Affiliates, members, partners, officers, directors and employees and to
                                         its attorneys, accountants and other professional advisers (each of whom it has advised
                                         of the confidential nature of the Confidential Information and its obligations to maintain
                                         the confidentiality of the Confidential Information), (iv) such information as may be
                                         necessary or desirable in order for such Person to prepare, publish and distribute to
                                         any Person any information relating to the investment performance of the Assets in the
                                         aggregate, or (v) in connection with the exercise or enforcement of such Person’s
                                         rights hereunder or in any dispute or proceeding related hereto, including defense by
                                         the Trustee or Collateral Administrator of any claim of liability that may be brought
                                         or charged against it. Notwithstanding the foregoing, delivery to any Person (including
                                         Holders) by the Trustee or the Collateral Administrator of any report, notice, document
                                         or other information required or expressly permitted by the terms of this Indenture or
                                         any of the other Transaction Documents to be provided to such Person or Persons, and
                                         delivery to Holders of copies of this Indenture or any of the other Transaction Documents,
                                         shall not be a violation of this Section 14.15. Each Holder agrees, except as set forth
                                         in clause (ii) above, that it shall use the Confidential Information for the sole purpose
                                         of making an investment in the Notes or administering its investment in the Notes; and
                                         that the Trustee and the Collateral Administrator shall neither be required nor authorized
                                         to disclose to Holders any Confidential Information in violation of this Section 14.15.
                                         In the event of any required disclosure of the Confidential Information by such Holder,
                                         such Holder agrees to use reasonable efforts to protect the confidentiality of the Confidential
                                         Information. Each Holder, by its acceptance of a Note, will be deemed to have agreed
                                         to be bound by and to be entitled to the benefits of this Section 14.15.

 

    233

     

    

 

		(b)	For
                                         the purposes of this Section 14.15, “Confidential Information” means
                                         information delivered to the Trustee, the Collateral Administrator or any Holder by or
                                         on behalf of the Issuer in connection with and relating to the transactions contemplated
                                         by or otherwise pursuant to this Indenture; provided that, such term does
                                         not include information that: (i) was publicly known or otherwise known to the Trustee,
                                         the Collateral Administrator or such Holder prior to the time of such disclosure; (ii)
                                         subsequently becomes publicly known through no act or omission by the Trustee, the Collateral
                                         Administrator, any Holder or any person acting on behalf of the Trustee, the Collateral
                                         Administrator or any Holder; (iii) otherwise is known or becomes known to the Trustee,
                                         the Collateral Administrator or any Holder other than (x) through disclosure by the Issuer
                                         or (y) to the knowledge of the Trustee, the Collateral Administrator or a Holder, as
                                         the case may be, in each case after reasonable inquiry, as a result of the breach of
                                         a fiduciary duty to the Issuer or a contractual duty to the Issuer; or (iv) is allowed
                                         to be treated as non-confidential by consent of the Issuer.

 

		(c)	Notwithstanding
                                         the foregoing, (i) each of the Trustee and the Collateral Administrator may disclose
                                         Confidential Information (x) to the Rating Agency and (y) as and to the extent it may
                                         reasonably deem necessary for the performance of its duties hereunder (including the
                                         exercise of remedies pursuant to Article V), including on a confidential basis to its
                                         agents, attorneys and auditors in connection with the performance of its duties hereunder
                                         and the Trustee will provide, upon delivery by a prospective purchaser of an executed
                                         non-disclosure agreement in form approved by the Portfolio Manager in its sole discretion,
                                         copies of this Indenture, the Portfolio Management Agreement, Monthly Reports and Distribution
                                         Reports to a prospective purchaser of an interest in Notes, and (ii) the Issuer may provide
                                         copies of any Monthly Report and any Distribution Report to the CLO Information Service
                                         pursuant to and in accordance with Section 10.7.

 

		(d)	Notwithstanding
                                         anything to the contrary contained herein, each recipient may disclose to any and all
                                         persons, without limitation of any kind, the U.S. federal, state and local tax treatment
                                         of the Notes and the Issuer, any fact that may be relevant to understanding the U.S.
                                         federal, state and local tax treatment of the Notes and the Issuer, and all materials
                                         of any kind (including opinions or other tax analyses) relating to such U.S. federal,
                                         state and local tax treatment and that may be relevant to understanding such U.S. federal,
                                         state and local tax treatment.

 

    234

     

    

 

ARTICLE
XV

ASSIGNMENT OF PORTFOLIO MANAGEMENT AGREEMENT

 

Section
15.1.        Assignment of Portfolio Management Agreement

 

		(a)	The
                                         Issuer, in furtherance of the covenants of this Indenture and as security for the Secured
                                         Obligations and the performance and observance of the provisions hereof, hereby assigns,
                                         transfers, conveys and sets over to the Trustee, for the benefit of the Secured Parties,
                                         all of the Issuer’s right, title and interest in, to and under the Portfolio Management
                                         Agreement, including, without limitation, (i) the right to give all notices, consents
                                         and releases thereunder, (ii) the right to give all notices of termination and to take
                                         any legal action upon the breach of an obligation of the Portfolio Manager thereunder,
                                         including the commencement, conduct and consummation of proceedings at law or in equity,
                                         (iii) the right to receive all notices, accountings, consents, releases and statements
                                         thereunder and (iv) the right to do any and all other things whatsoever that the Issuer
                                         is or may be entitled to do thereunder; provided, however, that the Issuer
                                         may exercise any of its rights under the Portfolio Management Agreement without notice
                                         to or the consent of the Trustee (except as otherwise expressly required by this Indenture),
                                         so long as an Event of Default has not occurred and is not continuing. From and after
                                         the occurrence and continuance of an Event of Default, the Portfolio Manager will continue
                                         to perform and be bound by the provisions of the Portfolio Management Agreement and this
                                         Indenture. The Trustee will be entitled to rely and be protected in relying upon all
                                         actions and omissions to act of the Portfolio Manager thereafter as fully as if no Event
                                         of Default had occurred.

 

		(b)	The
                                         assignment made hereby is executed as collateral security, and the execution and delivery
                                         hereof shall not in any way impair or diminish the obligations of the Issuer under the
                                         provisions of the Portfolio Management Agreement, nor shall any of the obligations contained
                                         in the Portfolio Management Agreement be imposed on the Trustee. Upon the retirement
                                         of the Notes and the release of the Assets from the lien of this Indenture, this assignment
                                         and all rights herein assigned to the Trustee shall cease and terminate and all of the
                                         estate, right, title and interest of the Trustee in, to and under the Portfolio Management
                                         Agreement shall revert to the Issuer and no further instrument or act shall be necessary
                                         to evidence such termination and reversion.

 

		(c)	The
                                         Issuer hereby agrees, and hereby undertakes to obtain the agreement and consent of the
                                         Portfolio Manager in the Portfolio Management Agreement, to the following:

 

		(i)	The
                                         Portfolio Manager consents to the provisions of this assignment and agrees to perform
                                         any provisions of this Indenture applicable to the Portfolio Manager subject to the terms
                                         of the Portfolio Management Agreement.

 

		(ii)	The
                                         Portfolio Manager acknowledges that the Issuer is assigning all of its right, title and
                                         interest (but none of its obligations) in, to and under the Portfolio Management Agreement
                                         to the Trustee as collateral for the benefit of the Secured Parties.

 

    235

     

    

 

		(iii)	The
                                         Portfolio Manager shall deliver to the Trustee duplicate original copies of all notices,
                                         statements, communications and instruments delivered or required to be delivered to the
                                         Issuer pursuant to the Portfolio Management Agreement.

 

		(iv)	Except
                                         as contemplated under the Portfolio Management Agreement, neither the Issuer nor the
                                         Portfolio Manager will enter into any agreement amending, modifying or terminating the
                                         Portfolio Management Agreement without (x) if the amendment or modification pertains
                                         to a provision of the Portfolio Management Agreement that requires satisfaction of the
                                         S&P Rating Condition to effect the action contemplated therein, satisfying the S&P
                                         Rating Condition, and (y) otherwise complying with the applicable provisions of the Portfolio
                                         Management Agreement.

 

		(v)	Except
                                         as otherwise set forth herein and therein, the Portfolio Manager shall continue to serve
                                         as Portfolio Manager under the Portfolio Management Agreement notwithstanding that the
                                         Portfolio Manager shall not have received amounts due to it under the Portfolio Management
                                         Agreement because sufficient funds were not then available hereunder to pay such amounts
                                         in accordance with the Priority of Payments. The Portfolio Manager agrees not to cause
                                         the filing of a petition in bankruptcy against the Issuer for the non-payment of the
                                         Management Fees or other amounts payable by the Issuer to the Portfolio Manager under
                                         the Portfolio Management Agreement prior to the date which is one year (or, if longer,
                                         the applicable preference period then in effect) plus one day after the payment in full
                                         of all Notes issued under this Indenture; provided, however, that nothing
                                         in this clause (v) shall preclude, or be deemed to estop, the Portfolio Manager or the
                                         Trustee (A) from taking any action (not inconsistent with the foregoing) prior to the
                                         expiration of the aforementioned one year and one day (or longer) period in (x) any case
                                         or proceeding voluntarily filed or commenced by the Issuer, or (y) any involuntary insolvency
                                         proceeding filed or commenced against the Issuer, by a Person other than the Portfolio
                                         Manager or its Affiliates, or (B) from commencing against the Issuer or any properties
                                         of the Issuer any legal action which is not a bankruptcy, reorganization, arrangement,
                                         insolvency, moratorium or liquidation proceeding.

 

    236

     

    

 

		(vi)	The
                                         Portfolio Manager irrevocably submits to the non-exclusive jurisdiction of any federal
                                         or New York state court sitting in the Borough of Manhattan in The City of New York in
                                         any action or Proceeding arising out of or relating to the Notes or this Indenture, and
                                         the Portfolio Manager irrevocably agrees that all claims in respect of such action or
                                         Proceeding may be heard and determined in such federal or New York state court. The Portfolio
                                         Manager irrevocably waives, to the fullest extent it may legally do so, the defense of
                                         an inconvenient forum to the maintenance of such action or Proceeding. The Portfolio
                                         Manager irrevocably consents to the service of any and all process in any action or Proceeding
                                         by the mailing or delivery of copies of such process to it at the office of the Portfolio
                                         Manager set forth in Section 14.3. The Portfolio Manager agrees that a final judgment
                                         in any such action or Proceeding shall be conclusive and may be enforced in other jurisdictions
                                         by suit on the judgment or in any other manner provided by law.

 

		(vii)	The
                                         Portfolio Manager agrees that, notwithstanding any other provision of the Portfolio Management
                                         Agreement, the obligations of the Issuer under the Portfolio Management Agreement are
                                         limited recourse obligations of the Issuer payable solely from the Assets at such time
                                         and, following realization thereof and application of the proceeds in accordance with
                                         the Priority of Payments or otherwise as described in this Indenture, any remaining claims
                                         against the Issuer shall be extinguished and shall not thereafter revive.

 

Section
15.2.        Standard of Care Applicable to the Portfolio Manager

 

For
the avoidance of doubt, the standard of care set forth in the Portfolio Management Agreement shall apply to the Portfolio Manager
with respect to those provisions of this Indenture applicable to the Portfolio Manager.

 

-
signature page follows –

 

    237

     

    

 

IN
WITNESS WHEREOF, we have set our hands as of the day and year first written above.

	 	 	 
	 	FS KKR MM CLO 1 LLC,
	 	as
    Issuer
	 	 	 
	 	By:	/s/ William
    Goebel
	 	Name: William Goebel
	 	Title: Chief Financial Officer

 

[Signatures
continue on the following page.]

 

FS
KKR MM CLO 1 (Reset)

Amended
and Restated Indenture

 

    

     

    

 

	 	 	 
	 	U.S.
BANK NATIONAL ASSOCIATION,  as Trustee
	 	as
    Issuer
	 	 	 
	 	By:	/s/ Elaine Mah
	 	Name: Elaine Mah
	 	Title: Senior Vice President

 

FS
KKR MM CLO 1 (Reset)

Amended
and Restated Indenture

 

    

     

    

Schedule
1

 

S&P
Industry Classifications

 

	Asset
Type Code	Asset
    Type Description
	1020000	Energy
    Equipment and Services
	1030000	Oil,
    Gas and Consumable Fuels
	1033403	Mortgage
    Real Estate Investment Trusts (REITs)
	2020000	Chemicals
	2030000	Construction
    Materials
	2040000	Containers
    and Packaging
	2050000	Metals
    and Mining
	2060000	Paper
    and Forest Products
	3020000	Aerospace
    and Defense
	3030000	Building
    Products 
	3040000	Construction
    & Engineering
	3050000	Electrical
    Equipment
	3060000	Industrial
    Conglomerates
	3070000	Machinery
	3080000	Trading
    Companies and Distributors
	3110000	Commercial
    Services and Supplies
	3210000	Air
    Freight and Logistics
	3220000	Airlines
	3230000	Marine
	3240000	Road
    and Rail
	3250000	Transportation
    Infrastructure
	4011000	Auto
    Components
	4020000	Automobiles
	4110000	Household
    Durables
	4120000	Leisure
    Products
	4130000	Textiles,
    Apparel and Luxury Goods
	4210000	Hotels,
    Restaurants and Leisure
	4300001	Entertainment
	4300002	Interactive
    Media and Services
	4310000	Media
	4410000	Distributors
	4420000	Internet
    and Direct Marketing Retail
	4430000	Multiline
    Retail
	4440000	Specialty
    Retail
	5020000	Food
    and Staples Retailing
	5110000	Beverages
	5120000	Food
    Products

 

    Schedule 1-1

     

    

 

	Asset
Type Code	Asset
    Type Description
	5130000	Tobacco
	5210000	Household
    Products
	5220000	Personal
    Products
	6020000	Healthcare
    Equipment and Supplies
	6030000	Healthcare
    Providers and Services
	6110000	Biotechnology
	6120000	Pharmaceuticals
	7011000	Banks
	7020000	Thrifts
    and Mortgage Finance
	7110000	Diversified
    Financial Services
	7120000	Consumer
    Finance
	7130000	Capital
    Markets
	7210000	Insurance
	7310000	Real
    Estate Management and Development
	7311000	Equity
    Real Estate Investment Trusts (REITs)
	8030000	IT
    Services
	8040000	Software
	8110000	Communications
    Equipment
	8120000	Technology
    Hardware, Storage and Peripherals
	8130000	Electronic
    Equipment, Instruments and Components
	8210000	Semiconductors
    and Semiconductor Equipment
	9020000	Diversified
    Telecommunication Services
	9030000	Wireless
    Telecommunication Services
	9520000	Electric
    Utilities
	9530000	Gas
    Utilities
	9540000	Multi-Utilities
	9550000	Water
    Utilities
	9551701	Diversified
    Consumer Services
	9551702	Independent
    Power and Renewable Electricity Producers
	9551727	Life
    Sciences Tools & Services
	9551729	Health
    Care Technology
	9612010	Professional
    Services

 

	PROJECT
    FINANCE
	Asset
    Type 	Description
	PF1	Project
    finance:  Industrial equipment
	PF2	Project
    finance:  Leisure and gaming
	PF3	Project
    finance:  Natural resources and mining
	PF4	Project
    finance:  Oil and gas

 

    Schedule 1-2

     

    

 

	PROJECT
    FINANCE
	Asset
    Type 	Description
	PF5	Project
    finance:  Power
	PF6	Project
    finance:  Public finance and real estate
	PF7	Project
    finance:  Telecommunications
	PF8	Project
    finance: Transport

 

    Schedule 1-3

     

    

 

Schedule
2

 

S&P
CDO Monitor Test Definitions

 

As
used for purposes of the S&P CDO Monitor Test, the following terms shall have the meanings set forth below:

 

“S&P
CDO Monitor Adjusted BDR”: The threshold value for the S&P CDO Monitor Test, calculated as a percentage by adjusting
the S&P CDO Monitor BDR for changes in the Principal Balance of the Collateral Obligations relative to the Target Initial
Par Amount as follows:

 

S&P
CDO Monitor BDR * (OP / NP) + (NP - OP) / (NP * (1 – S&P Weighted Average Recovery Rate)), where OP = Target
Initial Par Amount; NP = the sum of the aggregate principal balances of the Collateral Obligations with an S&P Rating of “CCC-”
or higher, Principal Proceeds, plus the sum of the lower of S&P Recovery Amount or the Market Value of each
obligation with an S&P Rating below “CCC-”.

 

“S&P
CDO Monitor BDR”: The value calculated using the following formula relating to the Issuer’s portfolio: C0 + (C1
* Weighted Average Floating Spread) + (C2 * S&P Weighted Average Recovery Rate), where: C0=0.148898, C1=2.345005 and C2=1.174335.

 

“S&P
CDO Monitor SDR”: The percentage derived from the following equation: 0.247621 + (SPWARF/9162.65) – (DRD/16757.2)
– (ODM/7677.8) – (IDM/1277.56) – (RDM/34.0948) – (WAL/27.3896), where SPWARF is the S&P Weighted Average
Rating Factor; DRD is the S&P Default Rate Dispersion; ODM is the S&P Obligor Diversity Measure; IDM is the S&P Industry
Diversity Measure; RDM is the S&P Regional Diversity Measure; and WAL is the S&P Weighted Average Life.

 

“S&P
Default Rate Dispersion”: With respect to all Collateral Obligations with an S&P Rating of “CCC-” or
higher, (A) the sum of the product of (i) the Principal Balance of each such Collateral Obligation and (ii) the absolute value
of (x) the S&P Rating Factor minus (y) the S&P Weighted Average Rating Factor divided by (B) the Aggregate
Principal Balance for all such Collateral Obligations.

 

“S&P
Industry Diversity Measure”: A measure calculated by determining the Aggregate Principal Balance of the Collateral Obligations
(with an S&P Rating of “CCC-” or higher) within each S&P Industry Classification in the portfolio, then dividing
each of these amounts by the Aggregate Principal Balance of the Collateral Obligations (with an S&P Rating of “CCC-”
or higher) from all the S&P Industry Classifications in the portfolio, squaring the result for each industry, then
taking the reciprocal of the sum of these squares.

 

“S&P
Obligor Diversity Measure”: A measure calculated by determining the Aggregate Principal Balance of the Collateral Obligations
(with an S&P Rating of “CCC-” or higher) from each obligor and its affiliates, then dividing each such
Aggregate Principal Balance by the Aggregate Principal Balance of Collateral Obligations (with an S&P Rating of “CCC-”
or higher) from all the obligors in the portfolio, then squaring the result for each obligor, then taking the reciprocal
of the sum of these squares.

 

    Schedule 2-1

     

    

 

“S&P
Rating Factor” means, for each Collateral Obligation (with an S&P Rating of “CCC-” or higher), a number
set forth to the right of the applicable S&P Rating Below, which table may be adjusted from time to time by S&P:

 

	S&P
Rating
	S&P
Rating Factor
	S&P
Rating
	S&P
Rating Factor

	AAA	13.51	BB+	784.92
	AA+	26.75	BB	1233.63
	AA	46.36	BB-	1565.44
	AA-	63.90	B+	1982.00
	A+	99.50	B	2859.50
	A	146.35	B-	3610.11
	A-	199.83	CCC+	4641.40
	BBB+	271.01	CCC	5293.00
	BBB	361.17	CCC-	5751.10
	BBB-	540.42	CC, D or SD	10,000

 

“S&P
Regional Diversity Measure”: A measure calculated by determining the Aggregate Principal Balance of the Collateral Obligations
(with an S&P Rating of “CCC-” or higher) within each S&P region set forth in S&P’s regions and associated
countries table (see “CDO Evaluator 7.2 Parameters Required to Calculate S&P Global Ratings Portfolio Benchmarks,”
or such other published table by S&P that the Portfolio Manager provides to the Collateral Administrator), then dividing
each of these amounts by the Aggregate Principal Balance of the Collateral Obligations (with an S&P Rating of “CCC-”
or higher) from all S&P regions in the portfolio, squaring the result for each region, then taking the reciprocal of
the sum of these squares.

 

“S&P
Weighted Average Rating Factor” means, with respect to all Collateral Obligations with an S&P Rating of “CCC-”
or higher, (A) the sum of the product of (i) the Principal Balance of each such Collateral Obligation and (ii) the S&P Rating
Factor for such Collateral Obligation divided by (B) the aggregate principal balance for all such Collateral Obligations.

 

“S&P
Weighted Average Life”: On any date of determination, a number calculated by determining the number of years between
the current date and the maturity date of each Collateral Obligation (with an S&P Rating of “CCC-”or higher),
multiplying each Collateral Obligation’s Principal Balance by its number of years, summing the results of
all Collateral Obligations in the portfolio, and dividing such amount by the Aggregate Principal Balance of all Collateral
Obligations (with an S&P Rating of “CCC-” or higher).

 

    Schedule 2-2

     

    

Schedule
3

 

Moody’s
Rating Definitions

 

“CFR”:
For purposes of this Schedule 3, with respect to an obligor of a Collateral Obligation, if such obligor has a corporate family
rating (including pursuant to a Moody’s Credit Estimate) by Moody’s, then such corporate family rating; provided
that, if such obligor does not have a corporate family rating by Moody’s but any entity in the obligor’s corporate
family does have a corporate family rating, then the CFR is such corporate family rating.

 

“Moody’s
Credit Estimate”: With respect to any Collateral Obligation as of any date of determination, an estimated credit rating
for such Collateral Obligation provided or confirmed by Moody’s in the previous 15 months; provided that, (a) if
Moody’s has been requested by the Issuer, the Portfolio Manager or the issuer or obligor of such Collateral Obligation to
assign or renew an estimate with respect to such Collateral Obligation but such rating estimate has not been received, pending
receipt of such estimate, the Moody’s Rating or Moody’s Default Probability Rating of such Collateral Obligation will
be (1) “B3” if the Portfolio Manager certifies to the Trustee and the Collateral Administrator that the Portfolio
Manager believes (such belief not to be called into question as a result of subsequent events) that such estimate will be at least
“B3” and if the Aggregate Principal Balance of all Collateral Obligations determined pursuant to this clause (1) does
not exceed 5% of the Collateral Principal Amount or (b) otherwise, with respect to a Collateral Obligation’s credit estimate
which has not been renewed, the Moody’s Credit Estimate will be (1) longer than 12 months but not beyond 15 months of issuance,
one subcategory lower than the estimated rating and (2) after 15 months of issuance, “Caa3”.

 

“Moody’s
Default Probability Rating”: With respect to a Collateral Obligation:

 

(a)               
if the Obligor of such Collateral Obligation has a CFR (including pursuant to a Moody’s Credit Estimate), then such CFR;

 

		(b)	if
                                         not determined pursuant to clause (a) above, if the Obligor of such Collateral Obligation
                                         has one or more senior unsecured obligations publicly rated by Moody’s, then the
                                         Moody’s public rating on any such senior unsecured obligation;

 

		(c)	if
                                         not determined pursuant to clause (a) or (b) above, if the Obligor of such Collateral
                                         Obligation has one or more senior secured obligations publicly rated by Moody’s,
                                         then the Moody’s rating that is one subcategory lower than the Moody’s public
                                         rating on any such senior secured obligation;

 

		(d)	if
                                         not determined pursuant to clause (a), (b) or (c) above, the Portfolio Manager may elect
                                         to use a Moody’s Credit Estimate;

 

		(e)	if
                                         not determined pursuant to clause (a), (b), (c) or (d) above and at the election of the
                                         Portfolio Manager, the Moody’s Derived Rating, if any; or

 

		(f)	if
                                         not determined pursuant to any of clauses (a), (b), (c), (d) or (e) above, the Collateral
                                         Obligation will be deemed to have a Moody’s Default Probability Rating of “Caa3”.

 

    Schedule 3-1

     

    

 

With
respect to a DIP Collateral Obligation, the rating which is one subcategory below the facility rating (whether public or private)
of such DIP Collateral Obligation rated by Moody’s (provided that, if a point-in-time rating as assigned by
Moody’s within the last 12 months from the date of determination, then the Moody’s Default Probability Rating will
be such point-in-time rating).

 

For
purposes of calculating a Moody’s Default Probability Rating, each applicable rating on credit watch by Moody’s with
positive or negative implication at the time of calculation will be treated as having been upgraded or downgraded by one rating
subcategory, as the case may be.

 

“Moody’s
Derived Rating”: With respect to a Collateral Obligation whose Moody’s Rating or Moody’s Default Probability
Rating cannot otherwise be determined pursuant to the definitions thereof, such Moody’s Rating or Moody’s Default
Probability Rating shall be determined as set forth below:

 

		(a)	With
respect to any DIP Collateral Obligation, one subcategory below the facility rating (whether public or private) of such DIP Collateral
Obligation rated by Moody’s.

 

		(b)	If
                                         not determined pursuant to clause (a) above, then by using any one of the methods provided
                                         below:

 

		(i)	(A) pursuant
                                         to the table below:

 

	Type
    of Collateral 

    Obligation	S&P
    Rating 

    (Public and 

    Monitored)	Collateral
    Obligation Rated 

    by S&P	Number
    of Subcategories 

    Relative to Moody’s 

    Equivalent of S&P Rating
	Not
    Structured Finance 

    Obligation	≥
    “BBB-”	Not
    a Loan or Participation 

    Interest in Loan	-1
	Not
    Structured Finance 

    Obligation	≤
    “BB+”	Not
    a Loan or Participation 

    Interest in Loan	-2
	Not
    Structured Finance 

    Obligation	 	Loan
    or Participation Interest 

    in Loan	-2

	 	 	 
		(B)	if
                                         such Collateral Obligation is not rated by S&P but another security or obligation
                                         of the Obligor has a public and monitored rating by S&P (a “parallel security”),
                                         then the rating of such parallel security will at the election of the Portfolio Manager
                                         be determined in accordance with the table set forth in subclause (b)(i)(A) above, and
                                         the Moody’s Derived Rating for purposes of clauses (b)(iv) or (c)(iv) of the definition
                                         of Moody’s Rating or clause (e) of the definition of Moody’s Default Probability
                                         Rating (as applicable) of such Collateral Obligation will be determined in accordance
                                         with the methodology set forth in the following table (for such purposes treating the
                                         parallel security as if it were rated by Moody’s at the rating determined pursuant
                                         to this subclause (b)(i)(B));

 

    Schedule 3-2

     

    

	Obligation
    Category of 

    Rated Obligation	Rating
    of Rated Obligation	Number
    of Subcategories 

    Relative to Rated Obligation 

    Rating
	Senior
    secured obligation	≥
    B2	-1
	Senior
    secured obligation	<
    B2	-2
	Subordinated
    obligation	≥
    B3	+1
	Subordinated
    obligation	<
    B3	0

	 	 	 
		(C)	if
                                         such Collateral Obligation is a DIP Collateral Obligation, no Moody’s Derived Rating
                                         may be determined based on a rating by S&P or any other rating agency; or

 

		(ii)	if
                                         such Collateral Obligation is not rated by Moody’s or S&P and no other security
                                         or obligation of the issuer of such Collateral Obligation is rated by Moody’s or
                                         S&P, and if Moody’s has been requested by the Issuer, the Portfolio Manager
                                         or the issuer of such Collateral Obligation to assign a rating or rating estimate with
                                         respect to such Collateral Obligation but such rating or rating estimate has not been
                                         received, pending receipt of such estimate, the Moody’s Derived Rating for purposes
                                         of clauses (b)(iv) or (c)(iv) of the definition of Moody’s Rating or clause (e)
                                         of the definition of Moody’s Default Probability Rating (as applicable) of such
                                         Collateral Obligation shall be (1) “B3” if the Portfolio Manager certifies
                                         to the Trustee and the Collateral Administrator that the Portfolio Manager believes (such
                                         belief not to be called into question as a result of subsequent events) that such estimate
                                         will be at least “B3” and if the Aggregate Principal Balance of Collateral
                                         Obligations determined pursuant to this clause (ii) does not exceed 5% of the Collateral
                                         Principal Amount of all Collateral Obligations or (2) otherwise, “Caa1.”

 

For
purposes of calculating a Moody’s Derived Rating, each applicable rating on credit watch by Moody’s with positive
or negative implication at the time of calculation will be treated as having been upgraded or downgraded by one rating subcategory,
as the case may be.

 

“Moody’s
Rating”: With respect to any Collateral Obligation, as of any date of determination, the rating determined in accordance
with the following methodology:

 

		(a)	If
a rating or rating estimate has been assigned to such Collateral Obligation by Moody’s upon the request of the Issuer, the
Portfolio Manager, or an affiliate of the Portfolio Manager pursuant to the proviso in clause (d) of Moody’s Default Probability
Rating, then such rating.

 

    Schedule 3-3

     

    

 

		(b)	With
                                         respect to a Collateral Obligation that is a Senior Secured Loan:

 

		(i)	if
                                         such Collateral Obligation is publicly rated by Moody’s, such public rating;

 

		(ii)	if
                                         not determined pursuant to clause (b)(i) above, if the Obligor of such Collateral Obligation
                                         has a CFR, then the Moody’s rating that is one subcategory higher than such CFR;

 

		(iii)	if
                                         not determined pursuant to clause (b)(i) or (b)(ii) above, if the Obligor of such Collateral
                                         Obligation has one or more senior unsecured obligations publicly rated by Moody’s,
                                         then the Moody’s public rating that is two subcategories higher than the Moody’s
                                         public rating on any such senior unsecured obligation; or

 

		(iv)	if
                                         not determined pursuant to clause (b)(i), (b)(ii) or (b)(iii) above, the Moody’s
                                         Derived Rating.

 

		(c)	With
                                         respect to a Collateral Obligation that is not a Senior Secured Loan:

 

		(i)	if
                                         such Collateral Obligation is publicly rated by Moody’s, such public rating;

 

		(ii)	if
                                         not determined pursuant to clause (c)(i) above, if the Obligor of such Collateral Obligation
                                         has one or more senior unsecured obligations publicly rated by Moody’s, then the
                                         Moody’s public rating on any such senior unsecured obligation;

 

		(iii)	if
                                         not determined pursuant to clause (c)(i) or (c)(ii) above, if the Obligor of such Collateral
                                         Obligation has a CFR by Moody’s, then the Moody’s rating that is one subcategory
                                         lower than such CFR; or

 

		(iv)	if
                                         not determined pursuant to clause (c)(i), (c)(ii) or (c)(iii) above, the Moody’s
                                         Derived Rating.

 

For
purposes of calculating a Moody’s Rating, each applicable rating on credit watch by Moody’s with positive or negative
implication at the time of calculation will be treated as having been upgraded or downgraded by one rating subcategory, as the
case may be.

 

    Schedule 3-4

     

    

 

Schedule 4

 

APPROVED INDEX LIST

 

1.            S&P/LSTA Leveraged Loan Indices

 

2.            CS Leveraged Loan Index (f/k/a CSFB Leveraged Loan Index)

 

3.            Deutsche Bank Leveraged Loan Index

 

4.            Goldman Sachs/Loan Pricing Corporation Liquid Leveraged Loan Index

 

5.            Banc of America Securities Leveraged Loan Index

 

    Schedule 4-1

     

    

 

Schedule 5

 

S&P RECOVERY RATE TABLES

 

		(a)	(i) If a Collateral Obligation has an S&P Recovery Rating, the S&P Recovery Rate for
such Collateral Obligation shall be determined as follows (taking into account, for any Collateral Obligation with an S&P Recovery
Rating of “1” through “6”, the recovery range indicated in the S&P published report therefor):

 

	S&P Recovery Rating

of a Collateral

Obligation	Recovery Estimate (%)* from S&P published reports**	Initial Liability Rating
	 	 	“AAA”	“AA”	“A”	“BBB”	“BB”	“B” and below
	1+	100	75.00%	85.00%	88.00%	90.00%	92.00%	95.00%
	1	95	70.00%	80.00%	84.00%	87.50%	91.00%	95.00%
	1	90	65.00%	75.00%	80.00%	85.00%	90.00%	95.00%
	2	85	62.50%	72.50%	77.50%	83.00%	88.00%	92.00%
	2	80	60.00%	70.00%	75.00%	81.00%	86.00%	89.00%
	2	75	55.00%	65.00%	70.50%	77.00%	82.50%	84.00%
	2	70	50.00%	60.00%	66.00%	73.00%	79.00%	79.00%
	3	65	45.00%	55.00%	61.00%	68.00%	73.00%	74.00%
	3	60	40.00%	50.00%	56.00%	63.00%	67.00%	69.00%
	3	55	35.00%	45.00%	51.00%	58.00%	63.00%	64.00%
	3	50	30.00%	40.00%	46.00%	53.00%	59.00%	59.00%
	4	45	28.50%	37.50%	44.00%	49.50%	53.50%	54.00%
	4	40	27.00%	35.00%	42.00%	46.00%	48.00%	49.00%
	4	35	23.50%	30.50%	37.50%	42.50%	43.50%	44.00%
	4	30	20.00%	26.00%	33.00%	39.00%	39.00%	39.00%
	5	25	17.50%	23.00%	28.50%	32.50%	33.50%	34.00%
	5	20	15.00%	20.00%	24.00%	26.00%	28.00%	29.00%
	5	15	10.00%	15.00%	19.50%	22.50%	23.50%	24.00%
	5	10	5.00%	10.00%	15.00%	19.00%	19.00%	19.00%
	6	5	3.50%	7.00%	10.50%	13.50%	14.00%	14.00%
	6	0	2.00%	4.00%	6.00%	8.00%	9.00%	9.00%
	 	 	Recovery rate

 

* The recovery estimate from S&P’s
published reports for a given loan is rounded down to the nearest 5%.

 

    Schedule 5-1

     

    

 

		(ii)	If (x) a Collateral Obligation does not have an S&P Recovery Rating and
such Collateral Obligation is a senior unsecured loan or second lien loan and (y) the issuer of such Collateral Obligation has
issued another debt instrument that is outstanding and senior to such Collateral Obligation (a “Senior Secured Debt Instrument”)
that has an S&P Recovery Rating, the S&P Recovery Rate for such Collateral Obligation shall be determined as follows:

 

For Collateral Obligations Domiciled
in Group A

 

	S&P Recovery 

Rating 

of the Senior 

Secured 

Debt Instrument	Initial Liability Rating
	 	“AAA”	“AA”	“A”	“BBB”	“BB”	“B” and below
	1+	18%	20%	23%	26%	29%	31%
	1	18%	20%	23%	26%	29%	31%
	2	18%	20%	23%	26%	29%	31%
	3	12%	15%	18%	21%	22%	23%
	4	5%	8%	11%	13%	14%	15%
	5	2%	4%	6%	8%	9%	10%
	6	-%	-%	-%	-%	-%	-%
	 	Recovery rate

 

For Collateral Obligations Domiciled
in Group B

 

	S&P Recovery 

Rating 

of the Senior 

Secured 

Debt Instrument	ial
Liability Rating
	 	“AAA”	“AA”	“A”	“BBB”	“BB”	“B” and below
	1+	13%	16%	18%	21%	23%	25%
	1	13%	16%	18%	21%	23%	25%
	2	13%	16%	18%	21%	23%	25%
	3	8%	11%	13%	15%	16%	17%
	4	5%	5%	5%	5%	5%	5%
	5	2%	2%	2%	2%	2%	2%
	6	-%	-%	-%	-%	-%	-%
	 	Recovery rate

 

For Collateral Obligations Domiciled
in Group C

 

	S&P Recovery 

Rating 

of the Senior 

Secured 

Debt Instrument	Initial Liability Rating
	 	“AAA”	“AA”	“A”	“BBB”	“BB”	“B” and below
	1+	10%	12%	14%	16%	18%	20%
	1	10%	12%	14%	16%	18%	20%
	2	10%	12%	14%	16%	18%	20%
	3	5%	7%	9%	10%	11%	12%
	4	2%	2%	2%	2%	2%	2%
	5	-%	-%	-%	-%	-%	-%
	6	-%	-%	-%	-%	-%	-%
	 	Recovery rate

 

    Schedule 5-2

     

    

 

		(iii)	If (x) a Collateral Obligation does not have an S&P Recovery Rating and
such Collateral Obligation is a subordinated loan and (y) the issuer of such Collateral Obligation has issued a Senior Secured
Debt Instrument that has an S&P Recovery Rating, the S&P Recovery Rate for such Collateral Obligation shall be determined
as follows:

 

For Collateral Obligations Domiciled
in Groups A and B

 

	S&P Recovery Rating

of the Senior Secured

Debt Instrument	Initial Liability Rating
	 	“AAA”	“AA”	“A”	“BBB”	“BB”	“B” and below
	1+	8%	8%	8%	8%	8%	8%
	1	8%	8%	8%	8%	8%	8%
	2	8%	8%	8%	8%	8%	8%
	3	5%	5%	5%	5%	5%	5%
	4	2%	2%	2%	2%	2%	2%
	5	-%	-%	-%	-%	-%	-%
	6	-%	-%	-%	-%	-%	-%
	 	Recovery rate

 

For Collateral Obligations Domiciled
in Group C

 

	S&P Recovery Rating

of the Senior Secured

Debt Instrument	Initial Liability Rating
	 	“AAA”	“AA”	“A”	“BBB”	“BB”	“B” and below
	1+	5%	5%	5%	5%	5%	5%
	1	5%	5%	5%	5%	5%	5%
	2	5%	5%	5%	5%	5%	5%
	3	2%	2%	2%	2%	2%	2%
	4	-%	-%	-%	-%	-%	-%

 

    Schedule 5-3

     

    

 

	S&P Recovery Rating

of the Senior Secured

Debt Instrument	Initial Liability Rating
	5	-%	-%	-%	-%	-%	-%
	6	-%	-%	-%	-%	-%	-%
	 	Recovery rate

 

		(b)	If a recovery rate cannot be determined using clause (a) and the Collateral
Obligation is secured solely or primarily by common stock, other equity interests and goodwill, and the issuer of such Collateral
Obligation has issued another debt instrument that is a senior unsecured loan, then the S&P Recovery Rate for such Collateral
Obligation will be equal to the S&P Recovery Rate for such senior unsecured loan (or such other S&P Recovery Rate as S&P
may provide, at the request of the Portfolio Manager, on a case-by-case basis).

 

		(c)	If a recovery rate cannot be determined using clause (a) or clause (b) and
the Collateral Obligation is secured solely or primarily by common stock, other equity interests and goodwill, then the recovery
rate shall be determined using the table following clause (e) as if such Collateral Obligation were an Unsecured Loan.

 

		(d)	If a recovery rate cannot be determined using clause (a), clause (b) or clause
(c), the recovery rate shall be determined using the following table.

 

    Schedule 5-4

     

    

 

Recovery rates for Obligors Domiciled
in Group A, B or C:

 

	Priority Category	Initial Liability Rating
	 	“AAA”	“AA”	“A”	“BBB”	“BB”	“B” and 

“CCC”
	Senior Secured Loans
	Group A	50%	55%	59%	63%	75%	79%
	Group B	39%	42%	46%	49%	60%	63%
	Group C	17%	19%	27%	29%	31%	34%
	Priority Category	Initial Liability Rating
	Senior Secured Loans (Cov-Lite Loans)
	Group A	41%	46%	49%	53%	63%	67%
	Group B	32%	35%	39%	41%	50%	53%
	Group C	17%	19%	27%	29%	31%	34%
	Unsecured Loans, Second Lien Loans and First Lien Last Out Loans
	Group A	18%	20%	23%	26%	29%	31%
	Group B	13%	16%	18%	21%	23%	25%
	Group C	10%	12%	14%	16%	18%	20%
	Subordinated loans
	Group A	8%	8%	8%	8%	8%	8%
	Group B	8%	8%	8%	8%	8%	8%
	Group C	5%	5%	5%	5%	5%	5%
	 
	Sovereign Debt	37	38	40	47	49	50
	 	Recovery rate
	
        Group A: Australia, Austria,
        Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Japan, Luxembourg, The Netherlands, Norway, Poland,
        Portugal, Singapore, Spain, Sweden, Switzerland, U.K. and United States of America

         

        Group B: Brazil, Dubai International
        Finance Centre, Greece, Italy, Mexico, South Africa, Turkey and United Arab Emirates

         

        Group C: India, Indonesia,
Kazakhstan, Russia, Ukraine and Vietnam

 

    Schedule 5-5

     

    

 

Exhibit A-1

 

FORM OF CLASS A-1R NOTE ([RULE 144A GLOBAL/TEMPORARY

GLOBAL/REGULATION S GLOBAL/CERTIFICATED]) 

 

THIS NOTE IS SUBJECT TO THE TERMS AND CONDITIONS
OF THE INDENTURE REFERRED TO BELOW. THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR THE SECURITIES
LAWS OF ANY OTHER JURISDICTION, AND NEITHER THE ISSUER NOR THE POOL OF COLLATERAL HAS BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT
COMPANY ACT OF 1940, AS AMENDED (THE “INVESTMENT COMPANY ACT”). THIS NOTE AND INTERESTS HEREIN MAY NOT BE OFFERED,
SOLD, DELIVERED OR TRANSFERRED (INCLUDING, WITHOUT LIMITATION, BY PLEDGE OR HYPOTHECATION), EXCEPT (A) TO A PERSON THAT IS (X)
A QUALIFIED PURCHASER (FOR PURPOSES OF THE INVESTMENT COMPANY ACT) AND (Y) (1) THAT THE SELLER REASONABLY BELIEVES IS A QUALIFIED
INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT THAT IS NOT A BROKER-DEALER WHICH OWNS AND INVESTS
ON A DISCRETIONARY BASIS LESS THAN U.S.$25 MILLION IN SECURITIES OF ISSUERS THAT ARE NOT AFFILIATED PERSONS OF THE DEALER AND IS
NOT A PLAN REFERRED TO IN PARAGRAPH (A)(1)(i)(D) OR (A)(1)(i)(E) OF RULE 144A OR A TRUST FUND REFERRED TO IN PARAGRAPH (A)(1)(i)(F)
OF RULE 144A THAT HOLDS THE ASSETS OF SUCH A PLAN, IF INVESTMENT DECISIONS WITH RESPECT TO THE PLAN ARE MADE BY THE BENEFICIARIES
OF THE PLAN, PURCHASING FOR ITS OWN ACCOUNT OR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER, IN A TRANSACTION EXEMPT FROM REGISTRATION
UNDER THE SECURITIES ACT, (2) THAT IS A NON-U.S. PERSON IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS
APPLICABLE) OF REGULATION S UNDER THE SECURITIES ACT OR (3) SOLELY IN THE CASE OF CERTIFICATED NOTES, AN INSTITUTIONAL “ACCREDITED
INVESTOR” WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT, IN EACH CASE SUBJECT TO THE SATISFACTION
OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND IN EACH CASE WHICH MAY BE EFFECTED WITHOUT LOSS OF ANY APPLICABLE INVESTMENT
COMPANY ACT EXEMPTION, (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE
JURISDICTION AND (C) IN AN AUTHORIZED DENOMINATION FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT. EACH PURCHASER OF THIS NOTE WILL
MAKE OR BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE, OR, IF REQUIRED UNDER
THE INDENTURE, MUST DELIVER A TRANSFER CERTIFICATE IN THE FORM PROVIDED IN THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING
WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING
ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE TRUSTEE OR ANY INTERMEDIARY. THE ISSUER HAS THE RIGHT, UNDER THE INDENTURE,
TO COMPEL ANY NON-PERMITTED HOLDER (AS DEFINED IN THE INDENTURE) TO SELL ITS INTEREST IN THE NOTES, OR MAY SELL SUCH INTEREST ON
BEHALF OF SUCH OWNER.

 

    Exhibit A-1-1

     

    

 

[To be included in Global Notes only:
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”
OR THE “DEPOSITORY”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
(AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. TRANSFERS OF THIS GLOBAL NOTE IN WHOLE, BUT NOT IN PART, SHALL BE LIMITED TO TRANSFERS
TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL
BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN. THE PRINCIPAL AMOUNT
OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY DIFFER FROM THE AMOUNT
SHOWN ON THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS AGGREGATE OUTSTANDING AMOUNT BY INQUIRY OF THE TRUSTEE.]

 

THE PRINCIPAL AMOUNT OF THIS NOTE IS PAYABLE
AS SET FORTH HEREIN. THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY DIFFER FROM THE AMOUNT SHOWN ON THE FACE HEREOF.
ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS AGGREGATE OUTSTANDING AMOUNT BY INQUIRY OF THE TRUSTEE.

 

    Exhibit A-1-2

     

    

 

FS KKR MM CLO 1 LLC 

 

CLASS A-1R SENIOR SECURED FLOATING RATE
NOTE DUE 2031

 

[Rule 144A CUSIP No.: 302637AG8]/[Temporary
Global CUSIP No.: U3484FAG7]/[Reg. S CUSIP No.: U3484FAG7]/[Accredited Investor CUSIP No.: 302637AH6]

 

[Rule 144A ISIN No.: US302637AG86]/[Temporary
Global ISIN No.: USU3484FAG73]/[Reg. S. ISIN No.: USU3484FAG73]/[Accredited Investor ISIN No.: US302637AH69]

 

	Certificate No.: [R-/S-1/S-2/C-]	Up to U.S.$[          ]

 

FS KKR MM CLO 1 LLC,
a Delaware limited liability company (the “Issuer”), for value received, hereby promises to pay to [      ] or
registered assigns, upon presentation and surrender of this Note (except as otherwise permitted by the Indenture referred to below),
the principal sum as indicated on Schedule A on January 15, 2031, or, if such date is not a Business Day, the next succeeding Business
Day (the “Stated Maturity”), except as provided below and in the amended and restated indenture dated as of
December 22, 2020 (the “Indenture”) between the Issuer and U.S. Bank National Association, as trustee (the “Trustee”,
which term includes any successor trustee as permitted under the Indenture). In the event of any inconsistency between this Note
and the terms of the Indenture, the terms of the Indenture shall control.

 

The Issuer promises
to pay, in accordance with the Priority of Payments, interest on the Aggregate Outstanding Amount of this Note on the 15th day
of January, April, July and October of each year (commencing in April 2021), or if any such date is not a Business Day, the next
succeeding Business Day (each, a “Payment Date”) at a rate per annum of LIBOR plus 1.85% on the Aggregate Outstanding
Amount in arrears. Interest shall be calculated on the basis of the actual number of days elapsed in the applicable Interest Accrual
Period divided by 360. To the extent lawful and enforceable, interest that is not paid when due and payable shall accrue interest
at the applicable Interest Rate until paid as provided in the Indenture.

 

Capitalized terms used
herein and not otherwise defined shall have the meanings set forth in the Indenture.

 

This Note will mature
at par and be due and payable on the Stated Maturity unless redeemed, accelerated or repaid as described in the Indenture, and
prior to the Stated Maturity, principal shall be paid as provided in the Priority of Payments except as otherwise provided in the
Indenture.

 

Interest will cease
to accrue on this Note or, in the case of a partial repayment, on such repaid part, from the date of repayment except as provided
in the Indenture.

 

Payments on this Note
will be made in immediately available funds to the Person in whose name this Note (or one or more predecessor Notes) is registered
at the close of business on the relevant Record Date. Payments to the Holder will be made ratably among the Holders of this Class
in the proportion that the Aggregate Outstanding Amount of this Note on such Record Date bears to the Aggregate Outstanding Amount
of all Notes of this Class on such Record Date.

 

    Exhibit A-1-3

     

    

 

This Note is one of
a duly authorized issue of Class A-1R Senior Secured Floating Rate Notes due 2031 (the “Class A-1 Notes”) issued
and to be issued under the Indenture. Also authorized under the Indenture are the Class A-2 Notes, the Class B-1 Notes, the Class
B-2 Notes and the Class C Notes (collectively, together with the Class A-1 Notes, the “Notes”). Reference is
hereby made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of rights,
duties and immunities thereunder of the Issuer, the Trustee and the Holders and the terms upon which the Notes are, and are to
be, authenticated and delivered.

 

[To be included
in Global Notes only: Increases and decreases in the principal amount of this Global Note as a result of exchanges and
transfers of interests in this Global Note and principal payments shall be recorded in the records of the Trustee and the Depository
or its nominee. So long as the Depository for a Global Note or its nominee is the registered owner of this Global Note, such Depository
or such nominee, as the case may be, will be considered the sole owner or Holder of the Notes (represented hereby and beneficially
owned by other persons) for all purposes under the Indenture.]

 

[To be included
in Temporary Global Notes only: This Note is a Temporary Global Note. Interests in this Temporary Global Note may be exchanged
on or after the 40th day after the later of the Refinancing Date and the commencement of the offering of the Notes as provided
in the Indenture for interests in a permanent Regulation S Global Note of the same Class. The permanent Regulation S Global Note
shall be so issued and delivered in exchange for only that portion of this Temporary Global Note in respect of which the Trustee
has received a certification that the beneficial owner or owners of this Temporary Global Note are not U.S. persons as defined
in Regulation S under the Securities Act.

 

On an exchange of the
whole of this Temporary Global Note, this Temporary Global Note shall be surrendered to the Trustee. On an exchange of only part
of this Temporary Global Note, details of such exchange shall be entered by or on behalf of the Issuer in the records of the Trustee
and the Depository (or its nominee). If, following the issue of a permanent Regulation S Global Note in exchange for only part
of this Temporary Global Note, further parts of this Temporary Global Note are to be exchanged pursuant to this paragraph, such
exchange may be effected without the issue of a new permanent Regulation S Global Note and the details of such exchange shall be
entered in the records of the Trustee and the Depository (or its nominee).]

 

All reductions in the
principal amount of this Note (or one or more predecessor Notes) effected by payments of installments of principal made on any
Payment Date or Redemption Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration
of transfer of this Note or in exchange therefor or in lieu thereof, whether or not such payment is noted on this Note. Subject
to Article II of the Indenture, upon registration of transfer of this Note or in exchange for or in lieu of any other Note of the
same Class, this Note will carry the rights to unpaid interest and principal (or other applicable amount) that were carried by
such predecessor Note.

 

    Exhibit A-1-4

     

    

 

The obligations of
the Issuer under this Note and the Indenture are limited recourse obligations of the Issuer, payable solely from proceeds of the
Assets at such time and following realization of the Assets, and application of the proceeds thereof in accordance with the Indenture,
all obligations of the Issuer and any remaining claims of Holders against the Issuer under the Indenture or in connection therewith
after such realization shall be extinguished and shall not thereafter revive. No recourse shall be had against any Officer, director,
employee, shareholder, manager, member or incorporator of the Issuer, the Portfolio Manager or their respective Affiliates, successors
or assigns for any amounts payable under this Note or the Indenture. It is understood that, except as expressly provided in the
Indenture, the foregoing shall not (i) prevent recourse to the Assets for the sums due or to become due under any security, instrument
or agreement which is part of the Assets or (ii) constitute a waiver, release or discharge of any indebtedness or obligation evidenced
by the Notes or secured by the Indenture until such Assets have been realized. It is further understood that the foregoing shall
not limit the right of any Person to name the Issuer as a party defendant in any Proceeding or in the exercise of any other remedy
under the Notes or the Indenture, 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 any such Person or entity.

 

This Note is subject
to mandatory redemption, Optional Redemption, Tax Redemption, Special Redemption and Clean-Up Call Redemption in the manner and
subject to the satisfaction of certain conditions set forth in the Indenture. The Redemption Price for this Note will be as provided
for in the Indenture.

 

If an Event of Default
shall occur and be continuing, this Note may become, or be declared, due and payable in the manner and with the effect provided
in the Indenture. The Indenture provides that if an Event of Default shall have occurred and be continuing, the Trustee may, with
the written consent of a Supermajority of the Controlling Class, and shall, upon the written direction of a Supermajority of the
Controlling Class (or automatically under certain circumstances), declare the principal of this Note to be immediately due and
payable.

 

A Majority of the Controlling
Class, by written notice to the Issuer, the Trustee, each Rating Agency and the Portfolio Manager, may rescind and annul a declaration
of acceleration of the Maturity of the Notes at any time prior to the date on which a judgment or decree for payment of the Money
due has been obtained, provided that certain conditions set forth in the Indenture are satisfied.

 

The Holder believes
and the Holder hereby certifies that the Holder’s acquisition, holding and disposition of the Class A-1 Notes will not constitute
or result in a prohibited transaction under Section 406 of ERISA or Section 4975 of the Code (or in a non-exempt violation of any
Similar Laws or other applicable law), unless an exemption is available and all conditions have been satisfied.

 

The Indenture permits,
subject to certain conditions, the amendment thereof and the modification of the provisions of the Indenture and the rights of
the Holders under the Indenture. Upon the execution of any supplemental indenture, the Indenture shall be modified in accordance
therewith, and such supplemental indenture shall form a part of the Indenture for all purposes; and every Holder of a Note theretofore
and thereafter authenticated and delivered thereunder shall be bound thereby.

 

The Class A-1 Notes
have a Minimum Denomination of $250,000 and integral multiples of $1.00 in excess thereof.

 

    Exhibit A-1-5

     

    

 

The Holder and any
beneficial owner of this Note agree not to cause a Bankruptcy Filing against the Issuer prior to the date which is one year (or,
if longer, the applicable preference period then in effect) plus one day after the payment in full of all Notes.

 

The term “Issuer”
as used in this Note includes any successor to the Issuer under the Indenture.

 

Title to this Note
will pass by registration in the Register kept by the Registrar.

 

No service charge shall
be made to the Holder for any registration of transfer or exchange of this Note, but the Issuer, the Registrar or the Trustee may
require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

 

This Note shall not
be entitled to any benefit under the Indenture or be valid or obligatory for any purpose, unless the Certificate of Authentication
herein has been executed by either the Trustee or the Authenticating Agent by the manual signature of one of its Authorized Officers
and such certificate shall be conclusive evidence, and the only evidence, that this Note has been duly authenticated and delivered
hereunder.

 

THIS NOTE SHALL BE
CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAW OF THE STATE OF NEW YORK.

 

    Exhibit A-1-6

     

    

 

IN WITNESS WHEREOF,
the Issuer has caused this Note to be duly executed.

 

Dated: December 22, 2020

 

	 	FS KKR MM CLO 1 LLC
	 	 	 
	 	By: FS KKR Capital Corp.,

its designated manager
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the
Notes referred to in the within-mentioned Indenture.

 

	 	U.S. Bank National association, as Trustee
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    Exhibit A-1-7

     

    

 

SCHEDULE A

 

SCHEDULE OF EXCHANGES OR REDEMPTIONS

 

The following exchanges, redemptions of
or increase in the whole or a part of the Notes represented by this [Global/Certificated] Note have been made:

 

	
        Date

        exchange/

        redemption/ increase made
	Original principal amount of this [Global/Certificated] Note	
        Part of principal

        amount of this

        [Global/Certificated] Note exchanged/redeemed/

        increased
	
        Remaining

        principal amount

        of this [Global/Certificated] Note following such

        exchange/redemption/

        increase
	
        Notation made by

        or on behalf of the Issuer

	 	$	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    Exhibit A-1-8

     

    

 

Exhibit A-2

 

FORM OF CLASS A-2R NOTE ([RULE 144A GLOBAL/TEMPORARY

GLOBAL/REGULATION S GLOBAL/CERTIFICATED]) 

 

THIS NOTE IS SUBJECT TO THE TERMS AND CONDITIONS
OF THE INDENTURE REFERRED TO BELOW. THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR THE SECURITIES
LAWS OF ANY OTHER JURISDICTION, AND NEITHER THE ISSUER NOR THE POOL OF COLLATERAL HAS BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT
COMPANY ACT OF 1940, AS AMENDED (THE “INVESTMENT COMPANY ACT”). THIS NOTE AND INTERESTS HEREIN MAY NOT BE OFFERED,
SOLD, DELIVERED OR TRANSFERRED (INCLUDING, WITHOUT LIMITATION, BY PLEDGE OR HYPOTHECATION), EXCEPT (A) TO A PERSON THAT IS (X)
A QUALIFIED PURCHASER (FOR PURPOSES OF THE INVESTMENT COMPANY ACT) AND (Y) (1) THAT THE SELLER REASONABLY BELIEVES IS A QUALIFIED
INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT THAT IS NOT A BROKER-DEALER WHICH OWNS AND INVESTS
ON A DISCRETIONARY BASIS LESS THAN U.S.$25 MILLION IN SECURITIES OF ISSUERS THAT ARE NOT AFFILIATED PERSONS OF THE DEALER AND IS
NOT A PLAN REFERRED TO IN PARAGRAPH (A)(1)(i)(D) OR (A)(1)(i)(E) OF RULE 144A OR A TRUST FUND REFERRED TO IN PARAGRAPH (A)(1)(i)(F)
OF RULE 144A THAT HOLDS THE ASSETS OF SUCH A PLAN, IF INVESTMENT DECISIONS WITH RESPECT TO THE PLAN ARE MADE BY THE BENEFICIARIES
OF THE PLAN, PURCHASING FOR ITS OWN ACCOUNT OR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER, IN A TRANSACTION EXEMPT FROM REGISTRATION
UNDER THE SECURITIES ACT, (2) THAT IS A NON-U.S. PERSON IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS
APPLICABLE) OF REGULATION S UNDER THE SECURITIES ACT OR (3) SOLELY IN THE CASE OF CERTIFICATED NOTES, AN INSTITUTIONAL “ACCREDITED
INVESTOR” WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT, IN EACH CASE SUBJECT TO THE SATISFACTION
OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND IN EACH CASE WHICH MAY BE EFFECTED WITHOUT LOSS OF ANY APPLICABLE INVESTMENT
COMPANY ACT EXEMPTION, (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE
JURISDICTION AND (C) IN AN AUTHORIZED DENOMINATION FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT. EACH PURCHASER OF THIS NOTE WILL
MAKE OR BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE, OR, IF REQUIRED UNDER
THE INDENTURE, MUST DELIVER A TRANSFER CERTIFICATE IN THE FORM PROVIDED IN THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING
WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING
ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE TRUSTEE OR ANY INTERMEDIARY. THE ISSUER HAS THE RIGHT, UNDER THE INDENTURE,
TO COMPEL ANY NON-PERMITTED HOLDER (AS DEFINED IN THE INDENTURE) TO SELL ITS INTEREST IN THE NOTES, OR MAY SELL SUCH INTEREST ON
BEHALF OF SUCH OWNER.

 

    Exhibit A-2-1

     

    

 

[To be included in Global Notes only:
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”
OR THE “DEPOSITORY”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
(AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. TRANSFERS OF THIS GLOBAL NOTE IN WHOLE, BUT NOT IN PART, SHALL BE LIMITED TO TRANSFERS
TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL
BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN. THE PRINCIPAL AMOUNT
OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY DIFFER FROM THE AMOUNT
SHOWN ON THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS AGGREGATE OUTSTANDING AMOUNT BY INQUIRY OF THE TRUSTEE.]

 

THE PRINCIPAL AMOUNT OF THIS NOTE IS PAYABLE
AS SET FORTH HEREIN. THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY DIFFER FROM THE AMOUNT SHOWN ON THE FACE HEREOF.
ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS AGGREGATE OUTSTANDING AMOUNT BY INQUIRY OF THE TRUSTEE.

 

    Exhibit A-2-2

     

    

 

FS KKR MM CLO 1 LLC 

 

CLASS A-2R SENIOR SECURED FLOATING RATE
NOTE DUE 2031

 

[Rule 144A CUSIP No.: 302637AJ2]/[Temporary
Global CUSIP No.: U3484FAH5]/[Reg. S CUSIP No.: U3484FAH5]/[Accredited Investor CUSIP No.: 302637AK9]

 

[Rule 144A ISIN No.: US302637AJ26]/[Temporary
Global ISIN No.: USU3484FAH56]/[Reg. S. ISIN No.: USU3484FAH56]/[Accredited Investor ISIN No.: US302637AK98]

 

	Certificate No.: [R-/S-1/S-2/C-]	[Up to] U.S.$[          ]

 

FS KKR MM CLO 1 LLC,
a Delaware limited liability company (the “Issuer”), for value received, hereby promises to pay to [     ] or
registered assigns, upon presentation and surrender of this Note (except as otherwise permitted by the Indenture referred to below),
the principal sum as indicated on Schedule A on January 15, 2031, or, if such date is not a Business Day, the next succeeding Business
Day (the “Stated Maturity”), except as provided below and in the amended and restated indenture dated as of
December 22, 2020 (the “Indenture”) between the Issuer and U.S. Bank National Association, as trustee (the “Trustee”,
which term includes any successor trustee as permitted under the Indenture). In the event of any inconsistency between this Note
and the terms of the Indenture, the terms of the Indenture shall control.

 

The Issuer promises
to pay, in accordance with the Priority of Payments, interest on the Aggregate Outstanding Amount of this Note on the 15th day
of January, April, July and October of each year (commencing in April 2021), or if any such date is not a Business Day, the next
succeeding Business Day (each, a “Payment Date”) at a rate per annum of LIBOR plus 2.25% on the Aggregate Outstanding
Amount in arrears; provided that, such interest rate is subject to reduction in connection with a Re-Pricing pursuant to
the terms of Section 9.8 of the Indenture. Interest shall be calculated on the basis of the actual number of days elapsed in the
applicable Interest Accrual Period divided by 360. To the extent lawful and enforceable, interest that is not paid when due and
payable shall accrue interest at the applicable Interest Rate until paid as provided in the Indenture.

 

Capitalized terms used
herein and not otherwise defined shall have the meanings set forth in the Indenture.

 

This Note will mature
at par and be due and payable on the Stated Maturity unless redeemed, accelerated or repaid as described in the Indenture, and
prior to the Stated Maturity, principal shall be paid as provided in the Priority of Payments except as otherwise provided in the
Indenture.

 

Interest will cease
to accrue on this Note or, in the case of a partial repayment, on such repaid part, from the date of repayment except as provided
in the Indenture.

 

Payments on this Note
will be made in immediately available funds to the Person in whose name this Note (or one or more predecessor Notes) is registered
at the close of business on the relevant Record Date. Payments to the Holder will be made ratably among the Holders of this Class
in the proportion that the Aggregate Outstanding Amount of this Note on such Record Date bears to the Aggregate Outstanding Amount
of all Notes of this Class on such Record Date.

 

    Exhibit A-2-3

     

    

 

This Note is one of
a duly authorized issue of Class A-2R Senior Secured Floating Rate Notes due 2031 (the “Class A-2 Notes”) issued
and to be issued under the Indenture. Also authorized under the Indenture are the Class A-1 Notes, the Class B-1 Notes, the Class
B-2 Notes and the Class C Notes (collectively, together with the Class A-2 Notes, the “Notes”). Reference is
hereby made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of rights,
duties and immunities thereunder of the Issuer, the Trustee and the Holders and the terms upon which the Notes are, and are to
be, authenticated and delivered.

 

[To be included
in Global Notes only: Increases and decreases in the principal amount of this Global Note as a result of exchanges and
transfers of interests in this Global Note and principal payments shall be recorded in the records of the Trustee and the Depository
or its nominee. So long as the Depository for a Global Note or its nominee is the registered owner of this Global Note, such Depository
or such nominee, as the case may be, will be considered the sole owner or Holder of the Notes (represented hereby and beneficially
owned by other persons) for all purposes under the Indenture.]

 

[To be included
in Temporary Global Notes only: This Note is a Temporary Global Note. Interests in this Temporary Global Note may be exchanged
on or after the 40th day after the later of the Refinancing Date and the commencement of the offering of the Notes as provided
in the Indenture for interests in a permanent Regulation S Global Note of the same Class. The permanent Regulation S Global Note
shall be so issued and delivered in exchange for only that portion of this Temporary Global Note in respect of which the Trustee
has received a certification that the beneficial owner or owners of this Temporary Global Note are not U.S. persons as defined
in Regulation S under the Securities Act.

 

On an exchange of the
whole of this Temporary Global Note, this Temporary Global Note shall be surrendered to the Trustee. On an exchange of only part
of this Temporary Global Note, details of such exchange shall be entered by or on behalf of the Issuer in the records of the Trustee
and the Depository (or its nominee). If, following the issue of a permanent Regulation S Global Note in exchange for only part
of this Temporary Global Note, further parts of this Temporary Global Note are to be exchanged pursuant to this paragraph, such
exchange may be effected without the issue of a new permanent Regulation S Global Note and the details of such exchange shall be
entered in the records of the Trustee and the Depository (or its nominee).]

 

All reductions in the
principal amount of this Note (or one or more predecessor Notes) effected by payments of installments of principal made on any
Payment Date or Redemption Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration
of transfer of this Note or in exchange therefor or in lieu thereof, whether or not such payment is noted on this Note. Subject
to Article II of the Indenture, upon registration of transfer of this Note or in exchange for or in lieu of any other Note of the
same Class, this Note will carry the rights to unpaid interest and principal (or other applicable amount) that were carried by
such predecessor Note.

 

    Exhibit A-2-4

     

    

 

The obligations of
the Issuer under this Note and the Indenture are limited recourse obligations of the Issuer, payable solely from proceeds of the
Assets at such time and following realization of the Assets, and application of the proceeds thereof in accordance with the Indenture,
all obligations of the Issuer and any remaining claims of Holders against the Issuer under the Indenture or in connection therewith
after such realization shall be extinguished and shall not thereafter revive. No recourse shall be had against any Officer, director,
employee, shareholder, manager, member or incorporator of the Issuer, the Portfolio Manager or their respective Affiliates, successors
or assigns for any amounts payable under this Note or the Indenture. It is understood that, except as expressly provided in the
Indenture, the foregoing shall not (i) prevent recourse to the Assets for the sums due or to become due under any security, instrument
or agreement which is part of the Assets or (ii) constitute a waiver, release or discharge of any indebtedness or obligation evidenced
by the Notes or secured by the Indenture until such Assets have been realized. It is further understood that the foregoing shall
not limit the right of any Person to name the Issuer as a party defendant in any Proceeding or in the exercise of any other remedy
under the Notes or the Indenture, 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 any such Person or entity.

 

This Note is subject
to mandatory redemption, Optional Redemption, Tax Redemption, Special Redemption and Clean-Up Call Redemption in the manner and
subject to the satisfaction of certain conditions set forth in the Indenture. The Redemption Price for this Note will be as provided
for in the Indenture.

 

If an Event of Default
shall occur and be continuing, this Note may become, or be declared, due and payable in the manner and with the effect provided
in the Indenture. The Indenture provides that if an Event of Default shall have occurred and be continuing, the Trustee may, with
the written consent of a Supermajority of the Controlling Class, and shall, upon the written direction of a Supermajority of the
Controlling Class (or automatically under certain circumstances), declare the principal of this Note to be immediately due and
payable.

 

A Majority of the Controlling
Class, by written notice to the Issuer, the Trustee, each Rating Agency and the Portfolio Manager, may rescind and annul a declaration
of acceleration of the Maturity of the Notes at any time prior to the date on which a judgment or decree for payment of the Money
due has been obtained, provided that certain conditions set forth in the Indenture are satisfied.

 

The Holder believes
and the Holder hereby certifies that the Holder’s acquisition, holding and disposition of the Class A-2 Notes will not constitute
or result in a prohibited transaction under Section 406 of ERISA or Section 4975 of the Code (or in a non-exempt violation of any
Similar Laws or other applicable law), unless an exemption is available and all conditions have been satisfied.

 

The Indenture permits,
subject to certain conditions, the amendment thereof and the modification of the provisions of the Indenture and the rights of
the Holders under the Indenture. Upon the execution of any supplemental indenture, the Indenture shall be modified in accordance
therewith, and such supplemental indenture shall form a part of the Indenture for all purposes; and every Holder of a Note theretofore
and thereafter authenticated and delivered thereunder shall be bound thereby.

 

    Exhibit A-2-5

     

    

 

The Class A-2 Notes
have a Minimum Denomination of $250,000 and integral multiples of $1.00 in excess thereof.

 

The Holder and any
beneficial owner of this Note agree not to cause a Bankruptcy Filing against the Issuer prior to the date which is one year (or,
if longer, the applicable preference period then in effect) plus one day after the payment in full of all Notes.

 

The term “Issuer”
as used in this Note includes any successor to the Issuer under the Indenture.

 

Title to this Note
will pass by registration in the Register kept by the Registrar.

 

No service charge shall
be made to the Holder for any registration of transfer or exchange of this Note, but the Issuer, the Registrar or the Trustee may
require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

 

This Note shall not
be entitled to any benefit under the Indenture or be valid or obligatory for any purpose, unless the Certificate of Authentication
herein has been executed by either the Trustee or the Authenticating Agent by the manual signature of one of its Authorized Officers
and such certificate shall be conclusive evidence, and the only evidence, that this Note has been duly authenticated and delivered
hereunder.

 

THIS NOTE SHALL BE
CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAW OF THE STATE OF NEW YORK.

 

    Exhibit A-2-6

     

    

 

IN WITNESS WHEREOF,
the Issuer has caused this Note to be duly executed.

 

Dated: December 22, 2020

 

	 	FS KKR MM CLO 1 LLC
	 	 	 
	 	By: FS KKR Capital Corp.,

its designated manager
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the
Notes referred to in the within-mentioned Indenture.

 

	 	U.S. Bank National association, as Trustee
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    Exhibit A-2-7

     

    

 

SCHEDULE A

 

SCHEDULE OF EXCHANGES OR REDEMPTIONS

 

The following exchanges, redemptions of
or increase in the whole or a part of the Notes represented by this [Global/Certificated] Note have been made:

 

	
        Date

        exchange/

        redemption/ increase made
	Original principal amount of this [Global/Certificated] Note	
        Part of principal

        amount of this 

        [Global/Certificated] Note exchanged/redeemed/

        increased
	
        Remaining

        principal amount

        of this [Global/Certificated] Note following such

        exchange/redemption/

        increase
	
        Notation made by

        or on behalf of the Issuer

	 	$	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    Exhibit A-2-8

     

    

 

Exhibit
A-3

 

FORM
OF CLASS B-1R NOTE ([RULE 144A GLOBAL/TEMPORARY 

GLOBAL/REGULATION S GLOBAL/CERTIFICATED]) 

 

THIS
NOTE IS SUBJECT TO THE TERMS AND CONDITIONS OF THE INDENTURE REFERRED TO BELOW. THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE
OF THE UNITED STATES OR THE SECURITIES LAWS OF ANY OTHER JURISDICTION, AND NEITHER THE ISSUER NOR THE POOL OF COLLATERAL HAS BEEN
REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “INVESTMENT COMPANY ACT”). THIS
NOTE AND INTERESTS HEREIN MAY NOT BE OFFERED, SOLD, DELIVERED OR TRANSFERRED (INCLUDING, WITHOUT LIMITATION, BY PLEDGE OR HYPOTHECATION),
EXCEPT (A) TO A PERSON THAT IS (X) A QUALIFIED PURCHASER (FOR PURPOSES OF THE INVESTMENT COMPANY ACT) AND (Y) (1) THAT THE SELLER
REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT THAT IS NOT A
BROKER-DEALER WHICH OWNS AND INVESTS ON A DISCRETIONARY BASIS LESS THAN U.S.$25 MILLION IN SECURITIES OF ISSUERS THAT ARE NOT
AFFILIATED PERSONS OF THE DEALER AND IS NOT A PLAN REFERRED TO IN PARAGRAPH (A)(1)(i)(D) OR (A)(1)(i)(E) OF RULE 144A OR A TRUST
FUND REFERRED TO IN PARAGRAPH (A)(1)(i)(F) OF RULE 144A THAT HOLDS THE ASSETS OF SUCH A PLAN, IF INVESTMENT DECISIONS WITH RESPECT
TO THE PLAN ARE MADE BY THE BENEFICIARIES OF THE PLAN, PURCHASING FOR ITS OWN ACCOUNT OR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL
BUYER, IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT, (2) THAT IS A NON-U.S. PERSON IN AN OFFSHORE TRANSACTION
IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S UNDER THE SECURITIES ACT OR (3) SOLELY IN THE CASE OF
CERTIFICATED NOTES, AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) UNDER
THE SECURITIES ACT, IN EACH CASE SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND IN EACH CASE
WHICH MAY BE EFFECTED WITHOUT LOSS OF ANY APPLICABLE INVESTMENT COMPANY ACT EXEMPTION, (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION AND (C) IN AN AUTHORIZED DENOMINATION FOR THE PURCHASER
AND FOR EACH SUCH ACCOUNT. EACH PURCHASER OF THIS NOTE WILL MAKE OR BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS
SET FORTH IN SECTION 2.5 OF THE INDENTURE, OR, IF REQUIRED UNDER THE INDENTURE, MUST DELIVER A TRANSFER CERTIFICATE IN THE FORM
PROVIDED IN THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO,
AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER,
THE TRUSTEE OR ANY INTERMEDIARY. THE ISSUER HAS THE RIGHT, UNDER THE INDENTURE, TO COMPEL ANY NON-PERMITTED HOLDER (AS DEFINED
IN THE INDENTURE) TO SELL ITS INTEREST IN THE NOTES, OR MAY SELL SUCH INTEREST ON BEHALF OF SUCH OWNER.

 

    Exhibit A-3-1 

     

    

 

[To
be included in Global Notes only: UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC” OR THE “DEPOSITORY”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. TRANSFERS OF THIS GLOBAL NOTE
IN WHOLE, BUT NOT IN PART, SHALL BE LIMITED TO TRANSFERS TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S
NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET
FORTH IN THE INDENTURE REFERRED TO HEREIN. THE PRINCIPAL AMOUNT OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. THE OUTSTANDING PRINCIPAL
AMOUNT OF THIS NOTE AT ANY TIME MAY DIFFER FROM THE AMOUNT SHOWN ON THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN
ITS AGGREGATE OUTSTANDING AMOUNT BY INQUIRY OF THE TRUSTEE.]

 

THE
PRINCIPAL AMOUNT OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY DIFFER
FROM THE AMOUNT SHOWN ON THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS AGGREGATE OUTSTANDING AMOUNT BY INQUIRY
OF THE TRUSTEE.

 

    Exhibit A-3-2 

     

    

  

FS
KKR MM CLO 1 LLC 

 

CLASS
B-1R SENIOR SECURED FLOATING RATE NOTE DUE 2031

 

[Rule
144A CUSIP No.: 302637AL7]/[Temporary Global CUSIP No.: U3484FAJ1]/[Reg. S CUSIP No.: U3484FAJ1]/[Accredited Investor CUSIP No.:
302637AM5]

 

[Rule
144A ISIN No.: US302637AL71]/[Temporary Global ISIN No.: USU3484FAJ13]/[Reg. S. ISIN No.: USU3484FAJ13]/[Accredited Investor ISIN
No.: US302637AM54]

 

		Certificate No.:
[R-/S-1/S-2/C-]	Up to U.S.$[                      ]

 

FS
KKR MM CLO 1 LLC, a Delaware limited liability company (the “Issuer”), for value received, hereby promises
to pay to [                       ] or registered assigns, upon presentation and surrender of this Note (except as otherwise permitted by the Indenture
referred to below), the principal sum as indicated on Schedule A on January 15, 2031, or, if such date is not a Business Day,
the next succeeding Business Day (the “Stated Maturity”), except as provided below and in the amended and restated
indenture dated as of December 22, 2020 (the “Indenture”) between the Issuer and U.S. Bank National Association,
as trustee (the “Trustee”, which term includes any successor trustee as permitted under the Indenture). In
the event of any inconsistency between this Note and the terms of the Indenture, the terms of the Indenture shall control.

 

The
Issuer promises to pay, in accordance with the Priority of Payments, interest on the Aggregate Outstanding Amount of this Note
on the 15th day of January, April, July and October of each year (commencing in April 2021), or if any such date is not a Business
Day, the next succeeding Business Day (each, a “Payment Date”) at a rate per annum of LIBOR plus 2.60% on the
Aggregate Outstanding Amount in arrears; provided that, such interest rate is subject to reduction in connection with a
Re-Pricing pursuant to the terms of Section 9.8 of the Indenture. Interest shall be calculated on the basis of the actual number
of days elapsed in the applicable Interest Accrual Period divided by 360. To the extent lawful and enforceable, interest that
is not paid when due and payable shall accrue interest at the applicable Interest Rate until paid as provided in the Indenture.

 

Capitalized
terms used herein and not otherwise defined shall have the meanings set forth in the Indenture.

 

This
Note will mature at par and be due and payable on the Stated Maturity unless redeemed, accelerated or repaid as described in the
Indenture, and prior to the Stated Maturity, principal shall be paid as provided in the Priority of Payments except as otherwise
provided in the Indenture.

 

Interest
will cease to accrue on this Note or, in the case of a partial repayment, on such repaid part, from the date of repayment except
as provided in the Indenture.

 

Payments
on this Note will be made in immediately available funds to the Person in whose name this Note (or one or more predecessor Notes)
is registered at the close of business on the relevant Record Date. Payments to the Holder will be made ratably among the Holders
of this Class in the proportion that the Aggregate Outstanding Amount of this Note on such Record Date bears to the Aggregate
Outstanding Amount of all Notes of this Class on such Record Date.

 

    Exhibit A-3-3 

     

    

 

This
Note is one of a duly authorized issue of Class B-1R Senior Secured Floating Rate Notes due 2031 (the “Class B-1 Notes”)
issued and to be issued under the Indenture. Also authorized under the Indenture are the Class A-1 Notes, the Class A-2 Notes,
the Class B-2 Notes and the Class C Notes (collectively, together with the Class B-1 Notes, the “Notes”). Reference
is hereby made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations
of rights, duties and immunities thereunder of the Issuer, the Trustee and the Holders and the terms upon which the Notes are,
and are to be, authenticated and delivered.

 

[To
be included in Global Notes only: Increases and decreases in the principal amount of this Global Note as a result of exchanges
and transfers of interests in this Global Note and principal payments shall be recorded in the records of the Trustee and the
Depository or its nominee. So long as the Depository for a Global Note or its nominee is the registered owner of this Global Note,
such Depository or such nominee, as the case may be, will be considered the sole owner or Holder of the Notes (represented hereby
and beneficially owned by other persons) for all purposes under the Indenture.]

 

[To
be included in Temporary Global Notes only: This Note is a Temporary Global Note. Interests in this Temporary Global Note
may be exchanged on or after the 40th day after the later of the Refinancing Date and the commencement of the offering of the
Notes as provided in the Indenture for interests in a permanent Regulation S Global Note of the same Class. The permanent Regulation
S Global Note shall be so issued and delivered in exchange for only that portion of this Temporary Global Note in respect of which
the Trustee has received a certification that the beneficial owner or owners of this Temporary Global Note are not U.S. persons
as defined in Regulation S under the Securities Act.

 

On
an exchange of the whole of this Temporary Global Note, this Temporary Global Note shall be surrendered to the Trustee. On an
exchange of only part of this Temporary Global Note, details of such exchange shall be entered by or on behalf of the Issuer in
the records of the Trustee and the Depository (or its nominee). If, following the issue of a permanent Regulation S Global Note
in exchange for only part of this Temporary Global Note, further parts of this Temporary Global Note are to be exchanged pursuant
to this paragraph, such exchange may be effected without the issue of a new permanent Regulation S Global Note and the details
of such exchange shall be entered in the records of the Trustee and the Depository (or its nominee).]

 

All
reductions in the principal amount of this Note (or one or more predecessor Notes) effected by payments of installments of principal
made on any Payment Date or Redemption Date shall be binding upon all future Holders of this Note and of any Note issued upon
the registration of transfer of this Note or in exchange therefor or in lieu thereof, whether or not such payment is noted on
this Note. Subject to Article II of the Indenture, upon registration of transfer of this Note or in exchange for or in lieu of
any other Note of the same Class, this Note will carry the rights to unpaid interest and principal (or other applicable amount)
that were carried by such predecessor Note.

 

    Exhibit A-3-4 

     

    

 

The
obligations of the Issuer under this Note and the Indenture are limited recourse obligations of the Issuer, payable solely from
proceeds of the Assets at such time and following realization of the Assets, and application of the proceeds thereof in accordance
with the Indenture, all obligations of the Issuer and any remaining claims of Holders against the Issuer under the Indenture or
in connection therewith after such realization shall be extinguished and shall not thereafter revive. No recourse shall be had
against any Officer, director, employee, shareholder, manager, member or incorporator of the Issuer, the Portfolio Manager or
their respective Affiliates, successors or assigns for any amounts payable under this Note or the Indenture. It is understood
that, except as expressly provided in the Indenture, the foregoing shall not (i) prevent recourse to the Assets for the sums due
or to become due under any security, instrument or agreement which is part of the Assets or (ii) constitute a waiver, release
or discharge of any indebtedness or obligation evidenced by the Notes or secured by the Indenture until such Assets have been
realized. It is further understood that the foregoing shall not limit the right of any Person to name the Issuer as a party defendant
in any Proceeding or in the exercise of any other remedy under the Notes or the Indenture, 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 any such Person or
entity.

 

This
Note is subject to mandatory redemption, Optional Redemption, Tax Redemption, Special Redemption and Clean-Up Call Redemption
in the manner and subject to the satisfaction of certain conditions set forth in the Indenture. The Redemption Price for this
Note will be as provided for in the Indenture.

 

If
an Event of Default shall occur and be continuing, this Note may become, or be declared, due and payable in the manner and with
the effect provided in the Indenture. The Indenture provides that if an Event of Default shall have occurred and be continuing,
the Trustee may, with the written consent of a Supermajority of the Controlling Class, and shall, upon the written direction of
a Supermajority of the Controlling Class (or automatically under certain circumstances), declare the principal of this Note to
be immediately due and payable.

 

A
Majority of the Controlling Class, by written notice to the Issuer, the Trustee, each Rating Agency and the Portfolio Manager,
may rescind and annul a declaration of acceleration of the Maturity of the Notes at any time prior to the date on which a judgment
or decree for payment of the Money due has been obtained, provided that certain conditions set forth in the Indenture are satisfied.

 

The
Holder believes and the Holder hereby certifies that the Holder’s acquisition, holding and disposition of the Class B-1
Notes will not constitute or result in a prohibited transaction under Section 406 of ERISA or Section 4975 of the Code (or in
a non-exempt violation of any Similar Laws or other applicable law), unless an exemption is available and all conditions have
been satisfied.

 

The
Indenture permits, subject to certain conditions, the amendment thereof and the modification of the provisions of the Indenture
and the rights of the Holders under the Indenture. Upon the execution of any supplemental indenture, the Indenture shall be modified
in accordance therewith, and such supplemental indenture shall form a part of the Indenture for all purposes; and every Holder
of a Note theretofore and thereafter authenticated and delivered thereunder shall be bound thereby.

 

    Exhibit A-3-5 

     

    

 

The
Class B-1 Notes have a Minimum Denomination of $250,000 and integral multiples of $1.00 in excess thereof.

 

The
Holder and any beneficial owner of this Note agree not to cause a Bankruptcy Filing against the Issuer prior to the date which
is one year (or, if longer, the applicable preference period then in effect) plus one day after the payment in full of all Notes.

 

The
term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

 

Title
to this Note will pass by registration in the Register kept by the Registrar.

 

No
service charge shall be made to the Holder for any registration of transfer or exchange of this Note, but the Issuer, the Registrar
or the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

 

This
Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose, unless the Certificate
of Authentication herein has been executed by either the Trustee or the Authenticating Agent by the manual signature of one of
its Authorized Officers and such certificate shall be conclusive evidence, and the only evidence, that this Note has been duly
authenticated and delivered hereunder.

 

THIS
NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAW OF THE STATE OF NEW YORK.

 

    Exhibit A-3-6 

     

    

  

IN
WITNESS WHEREOF, the Issuer has caused this Note to be duly executed.

 

Dated:
December 22, 2020

 

	 	FS
    KKR MM CLO 1 LLC
	 	 
	 	By: FS KKR Capital Corp., 

    its designated manager
	 	 	 
	 	By: 	                 
	 	Name:
	 	Title:

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Notes referred to in the within-mentioned Indenture.

 

	 	U.S.
    BANK NATIONAL ASSOCIATION, as Trustee
	 	 	 
	 	By: 	                 
	 	 	Authorized Signatory

  

    Exhibit A-3-7 

     

    

  

SCHEDULE
A

 

SCHEDULE
OF EXCHANGES OR REDEMPTIONS

 

The
following exchanges, redemptions of or increase in the whole or a part of the Notes represented by this [Global/Certificated]
Note have been made:

 

	Date 

        exchange/ 

        redemption/

increase 

made 
	Original
    principal 

amount of this 

[Global/Certificated] 

Note	Part
of principal 

        amount
of this 

        [Global/Certificated]

Note 

exchanged/redeemed/ 

        increased 
	Remaining 

        principal
amount 

        of
this 

[Global/Certificated] 

Note following such 

        exchange/redemption/ 

        increase 
	Notation

made by 

        or
on 

behalf of 

the Issuer 

	 	$	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    Exhibit A-3-8 

     

    

 

Exhibit
A-4

 

FORM
OF CLASS B-2R NOTE ([RULE 144A GLOBAL/TEMPORARY 

GLOBAL/REGULATION S GLOBAL/CERTIFICATED]) 

 

THIS
NOTE IS SUBJECT TO THE TERMS AND CONDITIONS OF THE INDENTURE REFERRED TO BELOW. THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE
OF THE UNITED STATES OR THE SECURITIES LAWS OF ANY OTHER JURISDICTION, AND NEITHER THE ISSUER NOR THE POOL OF COLLATERAL HAS BEEN
REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “INVESTMENT COMPANY ACT”). THIS
NOTE AND INTERESTS HEREIN MAY NOT BE OFFERED, SOLD, DELIVERED OR TRANSFERRED (INCLUDING, WITHOUT LIMITATION, BY PLEDGE OR HYPOTHECATION),
EXCEPT (A) TO A PERSON THAT IS (X) A QUALIFIED PURCHASER (FOR PURPOSES OF THE INVESTMENT COMPANY ACT) AND (Y) (1) THAT THE SELLER
REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT THAT IS NOT A
BROKER-DEALER WHICH OWNS AND INVESTS ON A DISCRETIONARY BASIS LESS THAN U.S.$25 MILLION IN SECURITIES OF ISSUERS THAT ARE NOT
AFFILIATED PERSONS OF THE DEALER AND IS NOT A PLAN REFERRED TO IN PARAGRAPH (A)(1)(i)(D) OR (A)(1)(i)(E) OF RULE 144A OR A TRUST
FUND REFERRED TO IN PARAGRAPH (A)(1)(i)(F) OF RULE 144A THAT HOLDS THE ASSETS OF SUCH A PLAN, IF INVESTMENT DECISIONS WITH RESPECT
TO THE PLAN ARE MADE BY THE BENEFICIARIES OF THE PLAN, PURCHASING FOR ITS OWN ACCOUNT OR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL
BUYER, IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT, (2) THAT IS A NON-U.S. PERSON IN AN OFFSHORE TRANSACTION
IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S UNDER THE SECURITIES ACT OR (3) SOLELY IN THE CASE OF
CERTIFICATED NOTES, AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) UNDER
THE SECURITIES ACT, IN EACH CASE SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND IN EACH CASE
WHICH MAY BE EFFECTED WITHOUT LOSS OF ANY APPLICABLE INVESTMENT COMPANY ACT EXEMPTION, (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION AND (C) IN AN AUTHORIZED DENOMINATION FOR THE PURCHASER
AND FOR EACH SUCH ACCOUNT. EACH PURCHASER OF THIS NOTE WILL MAKE OR BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS
SET FORTH IN SECTION 2.5 OF THE INDENTURE, OR, IF REQUIRED UNDER THE INDENTURE, MUST DELIVER A TRANSFER CERTIFICATE IN THE FORM
PROVIDED IN THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO,
AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER,
THE TRUSTEE OR ANY INTERMEDIARY. THE ISSUER HAS THE RIGHT, UNDER THE INDENTURE, TO COMPEL ANY NON-PERMITTED HOLDER (AS DEFINED
IN THE INDENTURE) TO SELL ITS INTEREST IN THE NOTES, OR MAY SELL SUCH INTEREST ON BEHALF OF SUCH OWNER.

 

    Exhibit A-4-1 

     

    

 

[To
be included in Global Notes only: UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC” OR THE “DEPOSITORY”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. TRANSFERS OF THIS GLOBAL NOTE
IN WHOLE, BUT NOT IN PART, SHALL BE LIMITED TO TRANSFERS TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S
NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET
FORTH IN THE INDENTURE REFERRED TO HEREIN. THE PRINCIPAL AMOUNT OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. THE OUTSTANDING PRINCIPAL
AMOUNT OF THIS NOTE AT ANY TIME MAY DIFFER FROM THE AMOUNT SHOWN ON THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN
ITS AGGREGATE OUTSTANDING AMOUNT BY INQUIRY OF THE TRUSTEE.]

 

THE
PRINCIPAL AMOUNT OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY DIFFER
FROM THE AMOUNT SHOWN ON THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS AGGREGATE OUTSTANDING AMOUNT BY INQUIRY
OF THE TRUSTEE.

 

    Exhibit A-4-2 

     

    

  

FS
KKR MM CLO 1 LLC 

 

CLASS
B-2R SENIOR SECURED FIXED RATE NOTE DUE 2031

 

[Rule
144A CUSIP No.: 302637AN3]/[Temporary Global CUSIP No.: U3484FAK8]/[Reg. S CUSIP No.: U3484FAK8]/[Accredited Investor CUSIP No.:
302637AP8]

 

[Rule
144A ISIN No.: US302637AN38]/[Temporary Global ISIN No.: USU3484FAK85]/[Reg. S. ISIN No.: USU3484FAK85]/[Accredited Investor ISIN
No.: US302637AP85]

 

		Certificate No.:
[R-/S-1/S-2/C-]	Up to U.S.$[                       ]

 

FS
KKR MM CLO 1 LLC, a Delaware limited liability company (the “Issuer”), for value received, hereby promises
to pay to [                       ] or registered assigns, upon presentation and surrender of this Note (except as otherwise permitted by the Indenture
referred to below), the principal sum as indicated on Schedule A on January 15, 2031, or, if such date is not a Business Day,
the next succeeding Business Day (the “Stated Maturity”), except as provided below and in the amended and restated
indenture dated as of December 22, 2020 (the “Indenture”) between the Issuer and U.S. Bank National Association,
as trustee (the “Trustee”, which term includes any successor trustee as permitted under the Indenture). In
the event of any inconsistency between this Note and the terms of the Indenture, the terms of the Indenture shall control.

 

The
Issuer promises to pay, in accordance with the Priority of Payments, interest on the Aggregate Outstanding Amount of this Note
on the 15th day of January, April, July and October of each year (commencing in April 2021), or if any such date is not a Business
Day, the next succeeding Business Day (each, a “Payment Date”) at a rate per annum of 3.011% on the Aggregate
Outstanding Amount in arrears; provided that, such interest rate is subject to reduction in connection with a Re-Pricing
pursuant to the terms of Section 9.8 of the Indenture. Interest accrued with respect to this Note shall be computed on the basis
of a 360-day year consisting of twelve 30-day months; provided that, if a redemption occurs on a Business Day that would not otherwise
be a Payment Date, interest on this Note shall be calculated on the basis of the actual number of days elapsed in the applicable
Interest Accrual Period divided by 360. To the extent lawful and enforceable, interest that is not paid when due and payable shall
accrue interest at the applicable Interest Rate until paid as provided in the Indenture.

 

Capitalized
terms used herein and not otherwise defined shall have the meanings set forth in the Indenture.

 

This
Note will mature at par and be due and payable on the Stated Maturity unless redeemed, accelerated or repaid as described in the
Indenture, and prior to the Stated Maturity, principal shall be paid as provided in the Priority of Payments except as otherwise
provided in the Indenture.

 

Interest
will cease to accrue on this Note or, in the case of a partial repayment, on such repaid part, from the date of repayment except
as provided in the Indenture.

 

    Exhibit A-4-3 

     

    

 

Payments
on this Note will be made in immediately available funds to the Person in whose name this Note (or one or more predecessor Notes)
is registered at the close of business on the relevant Record Date. Payments to the Holder will be made ratably among the Holders
of this Class in the proportion that the Aggregate Outstanding Amount of this Note on such Record Date bears to the Aggregate
Outstanding Amount of all Notes of this Class on such Record Date.

 

This
Note is one of a duly authorized issue of Class B-2R Senior Secured Fixed Rate Notes due 2031 (the “Class B-2 Notes”)
issued and to be issued under the Indenture. Also authorized under the Indenture are the Class A-1 Notes, the Class A-2 Notes,
the Class B-1 Notes and the Class C Notes (collectively, together with the Class B-2 Notes, the “Notes”). Reference
is hereby made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations
of rights, duties and immunities thereunder of the Issuer, the Trustee and the Holders and the terms upon which the Notes are,
and are to be, authenticated and delivered.

 

[To
be included in Global Notes only: Increases and decreases in the principal amount of this Global Note as a result of exchanges
and transfers of interests in this Global Note and principal payments shall be recorded in the records of the Trustee and the
Depository or its nominee. So long as the Depository for a Global Note or its nominee is the registered owner of this Global Note,
such Depository or such nominee, as the case may be, will be considered the sole owner or Holder of the Notes (represented hereby
and beneficially owned by other persons) for all purposes under the Indenture.]

 

[To
be included in Temporary Global Notes only: This Note is a Temporary Global Note. Interests in this Temporary Global Note
may be exchanged on or after the 40th day after the later of the Refinancing Date and the commencement of the offering of the
Notes as provided in the Indenture for interests in a permanent Regulation S Global Note of the same Class. The permanent Regulation
S Global Note shall be so issued and delivered in exchange for only that portion of this Temporary Global Note in respect of which
the Trustee has received a certification that the beneficial owner or owners of this Temporary Global Note are not U.S. persons
as defined in Regulation S under the Securities Act.

 

On
an exchange of the whole of this Temporary Global Note, this Temporary Global Note shall be surrendered to the Trustee. On an
exchange of only part of this Temporary Global Note, details of such exchange shall be entered by or on behalf of the Issuer in
the records of the Trustee and the Depository (or its nominee). If, following the issue of a permanent Regulation S Global Note
in exchange for only part of this Temporary Global Note, further parts of this Temporary Global Note are to be exchanged pursuant
to this paragraph, such exchange may be effected without the issue of a new permanent Regulation S Global Note and the details
of such exchange shall be entered in the records of the Trustee and the Depository (or its nominee).]

 

All
reductions in the principal amount of this Note (or one or more predecessor Notes) effected by payments of installments of principal
made on any Payment Date or Redemption Date shall be binding upon all future Holders of this Note and of any Note issued upon
the registration of transfer of this Note or in exchange therefor or in lieu thereof, whether or not such payment is noted on
this Note. Subject to Article II of the Indenture, upon registration of transfer of this Note or in exchange for or in lieu of
any other Note of the same Class, this Note will carry the rights to unpaid interest and principal (or other applicable amount)
that were carried by such predecessor Note.

 

    Exhibit A-4-4 

     

    

 

The
obligations of the Issuer under this Note and the Indenture are limited recourse obligations of the Issuer, payable solely from
proceeds of the Assets at such time and following realization of the Assets, and application of the proceeds thereof in accordance
with the Indenture, all obligations of the Issuer and any remaining claims of Holders against the Issuer under the Indenture or
in connection therewith after such realization shall be extinguished and shall not thereafter revive. No recourse shall be had
against any Officer, director, employee, shareholder, manager, member or incorporator of the Issuer, the Portfolio Manager or
their respective Affiliates, successors or assigns for any amounts payable under this Note or the Indenture. It is understood
that, except as expressly provided in the Indenture, the foregoing shall not (i) prevent recourse to the Assets for the sums due
or to become due under any security, instrument or agreement which is part of the Assets or (ii) constitute a waiver, release
or discharge of any indebtedness or obligation evidenced by the Notes or secured by the Indenture until such Assets have been
realized. It is further understood that the foregoing shall not limit the right of any Person to name the Issuer as a party defendant
in any Proceeding or in the exercise of any other remedy under the Notes or the Indenture, 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 any such Person or
entity.

 

This
Note is subject to mandatory redemption, Optional Redemption, Tax Redemption, Special Redemption and Clean-Up Call Redemption
in the manner and subject to the satisfaction of certain conditions set forth in the Indenture. The Redemption Price for this
Note will be as provided for in the Indenture.

 

If
an Event of Default shall occur and be continuing, this Note may become, or be declared, due and payable in the manner and with
the effect provided in the Indenture. The Indenture provides that if an Event of Default shall have occurred and be continuing,
the Trustee may, with the written consent of a Supermajority of the Controlling Class, and shall, upon the written direction of
a Supermajority of the Controlling Class (or automatically under certain circumstances), declare the principal of this Note to
be immediately due and payable.

 

A
Majority of the Controlling Class, by written notice to the Issuer, the Trustee, each Rating Agency and the Portfolio Manager,
may rescind and annul a declaration of acceleration of the Maturity of the Notes at any time prior to the date on which a judgment
or decree for payment of the Money due has been obtained, provided that certain conditions set forth in the Indenture are satisfied.

 

The
Holder believes and the Holder hereby certifies that the Holder’s acquisition, holding and disposition of the Class B-2
Notes will not constitute or result in a prohibited transaction under Section 406 of ERISA or Section 4975 of the Code (or in
a non-exempt violation of any Similar Laws or other applicable law), unless an exemption is available and all conditions have
been satisfied.

 

The
Indenture permits, subject to certain conditions, the amendment thereof and the modification of the provisions of the Indenture
and the rights of the Holders under the Indenture. Upon the execution of any supplemental indenture, the Indenture shall be modified
in accordance therewith, and such supplemental indenture shall form a part of the Indenture for all purposes; and every Holder
of a Note theretofore and thereafter authenticated and delivered thereunder shall be bound thereby.

 

    Exhibit A-4-5 

     

    

 

The
Class B-2 Notes have a Minimum Denomination of $250,000 and integral multiples of $1.00 in excess thereof.

 

The
Holder and any beneficial owner of this Note agree not to cause a Bankruptcy Filing against the Issuer prior to the date which
is one year (or, if longer, the applicable preference period then in effect) plus one day after the payment in full of all Notes.

 

The
term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

 

Title
to this Note will pass by registration in the Register kept by the Registrar.

 

No
service charge shall be made to the Holder for any registration of transfer or exchange of this Note, but the Issuer, the Registrar
or the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

 

This
Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose, unless the Certificate
of Authentication herein has been executed by either the Trustee or the Authenticating Agent by the manual signature of one of
its Authorized Officers and such certificate shall be conclusive evidence, and the only evidence, that this Note has been duly
authenticated and delivered hereunder.

 

THIS
NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAW OF THE STATE OF NEW YORK.

 

    Exhibit A-4-6 

     

    

  

IN
WITNESS WHEREOF, the Issuer has caused this Note to be duly executed.

 

Dated:
December 22, 2020

 

	 	FS
    KKR MM CLO 1 LLC
	 	 
	 	By: FS KKR Capital Corp., 

    its designated manager
	 	 	 
	 	By: 	                 
	 	Name:
	 	Title:

  

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Notes referred to in the within-mentioned Indenture.

 

	 	U.S.
    BANK NATIONAL ASSOCIATION, as Trustee
	 	 	 
	 	By: 	                 
	 	 	Authorized Signatory

  

    Exhibit A-4-7 

     

    

 

SCHEDULE
A

 

SCHEDULE
OF EXCHANGES OR REDEMPTIONS

 

The
following exchanges, redemptions of or increase in the whole or a part of the Notes represented by this [Global/Certificated]
Note have been made:

 

	Date 

        exchange/ 

        redemption/

increase 

made
	Original
    principal 

amount of this 

[Global/Certificated] 

Note	Part
of principal 

        amount
of this 

        [Global/Certificated]

Note 

exchanged/redeemed/ 

        increased 
	Remaining 

        principal
amount 

        of
this 

[Global/Certificated] 

Note following such 

        exchange/redemption/ 

        increase 
	Notation

made by 

        or
on 

behalf of 

the Issuer 

	 	$	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    Exhibit A-4-8 

     

    

 

Exhibit
A-5

 

FORM
OF CLASS C-R NOTE ([RULE 144A GLOBAL/TEMPORARY 

GLOBAL/REGULATION S GLOBAL/CERTIFICATED]) 

 

THIS
NOTE IS SUBJECT TO THE TERMS AND CONDITIONS OF THE INDENTURE REFERRED TO BELOW. THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE
OF THE UNITED STATES OR THE SECURITIES LAWS OF ANY OTHER JURISDICTION, AND NEITHER THE ISSUER NOR THE POOL OF COLLATERAL HAS BEEN
REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “INVESTMENT COMPANY ACT”). THIS
NOTE AND INTERESTS HEREIN MAY NOT BE OFFERED, SOLD, DELIVERED OR TRANSFERRED (INCLUDING, WITHOUT LIMITATION, BY PLEDGE OR HYPOTHECATION),
EXCEPT (A) TO A PERSON THAT IS (X) A QUALIFIED PURCHASER (FOR PURPOSES OF THE INVESTMENT COMPANY ACT) AND (Y) (1) THAT THE SELLER
REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT THAT IS NOT A
BROKER-DEALER WHICH OWNS AND INVESTS ON A DISCRETIONARY BASIS LESS THAN U.S.$25 MILLION IN SECURITIES OF ISSUERS THAT ARE NOT
AFFILIATED PERSONS OF THE DEALER AND IS NOT A PLAN REFERRED TO IN PARAGRAPH (A)(1)(i)(D) OR (A)(1)(i)(E) OF RULE 144A OR A TRUST
FUND REFERRED TO IN PARAGRAPH (A)(1)(i)(F) OF RULE 144A THAT HOLDS THE ASSETS OF SUCH A PLAN, IF INVESTMENT DECISIONS WITH RESPECT
TO THE PLAN ARE MADE BY THE BENEFICIARIES OF THE PLAN, PURCHASING FOR ITS OWN ACCOUNT OR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL
BUYER, IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT, (2) THAT IS A NON-U.S. PERSON IN AN OFFSHORE TRANSACTION
IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S UNDER THE SECURITIES ACT OR (3) SOLELY IN THE CASE OF
CERTIFICATED NOTES, AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) UNDER
THE SECURITIES ACT, IN EACH CASE SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND IN EACH CASE
WHICH MAY BE EFFECTED WITHOUT LOSS OF ANY APPLICABLE INVESTMENT COMPANY ACT EXEMPTION, (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION AND (C) IN AN AUTHORIZED DENOMINATION FOR THE PURCHASER
AND FOR EACH SUCH ACCOUNT. EACH PURCHASER OF THIS NOTE WILL MAKE OR BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS
SET FORTH IN SECTION 2.5 OF THE INDENTURE, OR, IF REQUIRED UNDER THE INDENTURE, MUST DELIVER A TRANSFER CERTIFICATE IN THE FORM
PROVIDED IN THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO,
AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER,
THE TRUSTEE OR ANY INTERMEDIARY. THE ISSUER HAS THE RIGHT, UNDER THE INDENTURE, TO COMPEL ANY NON-PERMITTED HOLDER (AS DEFINED
IN THE INDENTURE) TO SELL ITS INTEREST IN THE NOTES, OR MAY SELL SUCH INTEREST ON BEHALF OF SUCH OWNER.

 

    Exhibit A-5-1 

     

    

 

[To
be included in Global Notes only: UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC” OR THE “DEPOSITORY”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. TRANSFERS OF THIS GLOBAL NOTE
IN WHOLE, BUT NOT IN PART, SHALL BE LIMITED TO TRANSFERS TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S
NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET
FORTH IN THE INDENTURE REFERRED TO HEREIN. THE PRINCIPAL AMOUNT OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. THE OUTSTANDING PRINCIPAL
AMOUNT OF THIS NOTE AT ANY TIME MAY DIFFER FROM THE AMOUNT SHOWN ON THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN
ITS AGGREGATE OUTSTANDING AMOUNT BY INQUIRY OF THE TRUSTEE.]

 

THIS
NOTE HAS BEEN ISSUED WITH ORIGINAL ISSUE DISCOUNT (“OID”) FOR UNITED STATES FEDERAL INCOME TAX PURPOSES. THE ISSUE
PRICE, AMOUNT OF OID, ISSUE DATE AND YIELD TO MATURITY OF THIS NOTE MAY BE OBTAINED BY WRITING TO THE ISSUER.

 

THE
PRINCIPAL AMOUNT OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY DIFFER
FROM THE AMOUNT SHOWN ON THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS AGGREGATE OUTSTANDING AMOUNT BY INQUIRY
OF THE TRUSTEE.

 

    Exhibit A-5-2 

     

    

  

FS
KKR MM CLO 1 LLC

 

CLASS
C-R SECURED DEFERRABLE FLOATING RATE NOTE DUE 2031

 

[Rule
144A CUSIP No.: 302637AQ6]/[Temporary Global CUSIP No.: U3484FAL6]/[Reg. S CUSIP No.: U3484FAL6]/[Accredited Investor CUSIP No.:
302637AR4]

 

[Rule
144A ISIN No.: US302637AQ68]/[Temporary Global ISIN No.: USU3484FAL68]/[Reg. S. ISIN No.: USU3484FAL68]/[Accredited Investor ISIN
No.: US302637AR42]

 

		Certificate No.:
[R-/S-1/S-2/C-]	 [Up to] U.S.$[                       ]

 

FS
KKR MM CLO 1 LLC, a Delaware limited liability company (the “Issuer”), for value received, hereby promises
to pay to [                       ] or registered assigns, upon presentation and surrender of this Note (except as otherwise permitted by the Indenture
referred to below), the principal sum as indicated on Schedule A on January 15, 2031, or, if such date is not a Business Day,
the next succeeding Business Day (the “Stated Maturity”), except as provided below and in the amended and restated
indenture dated as of December 22, 2020 (the “Indenture”) between the Issuer and U.S. Bank National Association,
as trustee (the “Trustee”, which term includes any successor trustee as permitted under the Indenture). In
the event of any inconsistency between this Note and the terms of the Indenture, the terms of the Indenture shall control.

 

The
Issuer promises to pay, in accordance with the Priority of Payments, interest on the Aggregate Outstanding Amount of this Note
on the 15th day of January, April, July and October of each year (commencing in April 2021), or if any such date is not a Business
Day, the next succeeding Business Day (each, a “Payment Date”) at a rate per annum of LIBOR plus 3.10% on the
Aggregate Outstanding Amount in arrears; provided that, such interest rate is subject to reduction in connection with a
Re-Pricing pursuant to the terms of Section 9.8 of the Indenture. Interest shall be calculated on the basis of the actual number
of days elapsed in the applicable Interest Accrual Period divided by 360. To the extent lawful and enforceable, interest that
is not paid when due and payable shall accrue interest at the applicable Interest Rate until paid as provided in the Indenture.
Deferred Interest with respect to this Note shall be added to the principal balance of this Note and shall not be considered “due
and payable” for the purposes of the Indenture (and the failure to pay such interest shall not be an Event of Default) until
the earliest of (i) the Payment Date on which funds are available to be paid pursuant to the Priority of Payments, (ii) the Redemption
Date and (iii) the Stated Maturity (or earlier date of Maturity). Deferred Interest shall bear interest at the applicable Interest
Rate until paid to the extent lawful and enforceable.

 

Capitalized
terms used herein and not otherwise defined shall have the meanings set forth in the Indenture.

 

This
Note will mature at par and be due and payable on the Stated Maturity unless redeemed, accelerated or repaid as described in the
Indenture, and prior to the Stated Maturity, principal shall be paid as provided in the Priority of Payments except as otherwise
provided in the Indenture; provided, that except as otherwise provided in Article XI of the Indenture and the Priority
of Payments, the payment of principal on this Note (x) may only occur after each Priority Class is no longer Outstanding and (y)
is subordinated to the payment on each Payment Date of the principal due and payable on each Priority Class and other amounts
in accordance with the Priority of Payments.

 

    Exhibit A-5-3 

     

    

 

Interest
will cease to accrue on this Note or, in the case of a partial repayment, on such repaid part, from the date of repayment except
as provided in the Indenture.

 

Payments
on this Note will be made in immediately available funds to the Person in whose name this Note (or one or more predecessor Notes)
is registered at the close of business on the relevant Record Date. Payments to the Holder will be made ratably among the Holders
of this Class in the proportion that the Aggregate Outstanding Amount of this Note on such Record Date bears to the Aggregate
Outstanding Amount of all Notes of this Class on such Record Date.

 

This
Note is one of a duly authorized issue of Class C-R Secured Deferrable Floating Rate Notes due 2031 (the “Class C Notes”)
issued and to be issued under the Indenture. Also authorized under the Indenture are the Class A-1 Notes, the Class A-2 Notes,
the Class B-1 Notes and the Class B-2 Notes (collectively, together with the Class C Notes, the “Notes”). Reference
is hereby made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations
of rights, duties and immunities thereunder of the Issuer, the Trustee and the Holders and the terms upon which the Notes are,
and are to be, authenticated and delivered.

 

[To
be included in Global Notes only: Increases and decreases in the principal amount of this Global Note as a result of exchanges
and transfers of interests in this Global Note and principal payments shall be recorded in the records of the Trustee and the
Depository or its nominee. So long as the Depository for a Global Note or its nominee is the registered owner of this Global Note,
such Depository or such nominee, as the case may be, will be considered the sole owner or Holder of the Notes (represented hereby
and beneficially owned by other persons) for all purposes under the Indenture.]

 

[To
be included in Temporary Global Notes only: This Note is a Temporary Global Note. Interests in this Temporary Global Note
may be exchanged on or after the 40th day after the later of the Refinancing Date and the commencement of the offering of the
Notes as provided in the Indenture for interests in a permanent Regulation S Global Note of the same Class. The permanent Regulation
S Global Note shall be so issued and delivered in exchange for only that portion of this Temporary Global Note in respect of which
the Trustee has received a certification that the beneficial owner or owners of this Temporary Global Note are not U.S. persons
as defined in Regulation S under the Securities Act.

 

On
an exchange of the whole of this Temporary Global Note, this Temporary Global Note shall be surrendered to the Trustee. On an
exchange of only part of this Temporary Global Note, details of such exchange shall be entered by or on behalf of the Issuer in
the records of the Trustee and the Depository (or its nominee). If, following the issue of a permanent Regulation S Global Note
in exchange for only part of this Temporary Global Note, further parts of this Temporary Global Note are to be exchanged pursuant
to this paragraph, such exchange may be effected without the issue of a new permanent Regulation S Global Note and the details
of such exchange shall be entered in the records of the Trustee and the Depository (or its nominee).]

 

    Exhibit A-5-4 

     

    

 

All
reductions in the principal amount of this Note (or one or more predecessor Notes) effected by payments of installments of principal
made on any Payment Date or Redemption Date shall be binding upon all future Holders of this Note and of any Note issued upon
the registration of transfer of this Note or in exchange therefor or in lieu thereof, whether or not such payment is noted on
this Note. Subject to Article II of the Indenture, upon registration of transfer of this Note or in exchange for or in lieu of
any other Note of the same Class, this Note will carry the rights to unpaid interest and principal (or other applicable amount)
that were carried by such predecessor Note.

 

The
obligations of the Issuer under this Note and the Indenture are limited recourse obligations of the Issuer, payable solely from
proceeds of the Assets at such time and following realization of the Assets, and application of the proceeds thereof in accordance
with the Indenture, all obligations of the Issuer and any remaining claims of Holders against the Issuer under the Indenture or
in connection therewith after such realization shall be extinguished and shall not thereafter revive. No recourse shall be had
against any Officer, director, employee, shareholder, manager, member or incorporator of the Issuer, the Portfolio Manager or
their respective Affiliates, successors or assigns for any amounts payable under this Note or the Indenture. It is understood
that, except as expressly provided in the Indenture, the foregoing shall not (i) prevent recourse to the Assets for the sums due
or to become due under any security, instrument or agreement which is part of the Assets or (ii) constitute a waiver, release
or discharge of any indebtedness or obligation evidenced by the Notes or secured by the Indenture until such Assets have been
realized. It is further understood that the foregoing shall not limit the right of any Person to name the Issuer as a party defendant
in any Proceeding or in the exercise of any other remedy under the Notes or the Indenture, 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 any such Person or
entity.

 

This
Note is subject to mandatory redemption, Optional Redemption, Tax Redemption, Special Redemption and Clean-Up Call Redemption
in the manner and subject to the satisfaction of certain conditions set forth in the Indenture. The Redemption Price for this
Note will be as provided for in the Indenture.

 

If
an Event of Default shall occur and be continuing, this Note may become, or be declared, due and payable in the manner and with
the effect provided in the Indenture. The Indenture provides that if an Event of Default shall have occurred and be continuing,
the Trustee may, with the written consent of a Supermajority of the Controlling Class, and shall, upon the written direction of
a Supermajority of the Controlling Class (or automatically under certain circumstances), declare the principal of this Note to
be immediately due and payable.

 

A
Majority of the Controlling Class, by written notice to the Issuer, the Trustee, Fitch and the Portfolio Manager, may rescind
and annul a declaration of acceleration of the Maturity of the Notes at any time prior to the date on which a judgment or decree
for payment of the Money due has been obtained, provided that certain conditions set forth in the Indenture are satisfied.

 

The
Holder believes and the Holder hereby certifies that the Holder’s acquisition, holding and disposition of the Class C Notes
will not constitute or result in a prohibited transaction under Section 406 of ERISA or Section 4975 of the Code (or in a non-exempt
violation of any Similar Laws or other applicable law), unless an exemption is available and all conditions have been satisfied.

 

    Exhibit A-5-5 

     

    

 

The
Indenture permits, subject to certain conditions, the amendment thereof and the modification of the provisions of the Indenture
and the rights of the Holders under the Indenture. Upon the execution of any supplemental indenture, the Indenture shall be modified
in accordance therewith, and such supplemental indenture shall form a part of the Indenture for all purposes; and every Holder
of a Note theretofore and thereafter authenticated and delivered thereunder shall be bound thereby.

 

The
Class C Notes have a Minimum Denomination of $250,000 and integral multiples of $1.00 in excess thereof.

 

The
Holder and any beneficial owner of this Note agree not to cause a Bankruptcy Filing against the Issuer prior to the date which
is one year (or, if longer, the applicable preference period then in effect) plus one day after the payment in full of all Notes.

 

The
term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

 

Title
to this Note will pass by registration in the Register kept by the Registrar.

 

No
service charge shall be made to the Holder for any registration of transfer or exchange of this Note, but the Issuer, the Registrar
or the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

 

This
Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose, unless the Certificate
of Authentication herein has been executed by either the Trustee or the Authenticating Agent by the manual signature of one of
its Authorized Officers and such certificate shall be conclusive evidence, and the only evidence, that this Note has been duly
authenticated and delivered hereunder.

 

THIS
NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAW OF THE STATE OF NEW YORK.

 

    Exhibit A-5-6 

     

    

  

IN
WITNESS WHEREOF, the Issuer has caused this Note to be duly executed.

 

Dated:
December 22, 2020

 

	 	FS
    KKR MM CLO 1 LLC
	 	 
	 	By: FS KKR Capital Corp., 

    its designated manager
	 	 	 
	 	By: 	                 
	 	Name:
	 	Title:

  

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Notes referred to in the within-mentioned Indenture.

 

	 	U.S.
    BANK NATIONAL ASSOCIATION, as Trustee
	 	 	 
	 	By: 	                 
	 	 	Authorized Signatory

 

    Exhibit A-5-7 

     

    

  

SCHEDULE
A

 

SCHEDULE
OF EXCHANGES OR REDEMPTIONS

 

The
following exchanges, redemptions of or increase in the whole or a part of the Notes represented by this [Global/Certificated]
Note have been made:

 

	Date 

        exchange/ 

        redemption/

increase 

made 
	Original
    principal 

amount of this 

[Global/Certificated] 

Note	Part
of principal 

        amount
of this 

        [Global/Certificated]

Note 

exchanged/redeemed/ 

        increased 
	Remaining 

        principal
amount 

        of
this 

[Global/Certificated] 

Note following such 

        exchange/redemption/ 

        increase 
	Notation

made by 

        or
on 

behalf of 

the Issuer 

	 	$	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    Exhibit A-5-8 

     

    

 

EXHIBIT
B-1

 

FORM
OF TRANSFEROR AND TRANSFEREE CERTIFICATE 

FOR TRANSFER TO RULE 144A GLOBAL NOTE

 

U.S.
Bank National Association, as Trustee 

111
Fillmore Avenue East 

St.
Paul, Minnesota 55107-1042 

Attention:
Bondholder Services – EP-MN-W2SN – FS KKR MM CLO 1 LLC

 

		Re:	FS
KKR MM CLO 1 LLC - Transfer of Notes to Rule 144A Global Note

 

Ladies
and Gentlemen:

 

Reference
is hereby made to the amended and restated indenture, dated as of December 22, 2020 (the “Indenture”), between
FS KKR MM CLO 1 LLC, as Issuer, and U.S. Bank National Association, as Trustee. Capitalized terms not defined in this Transfer
Certificate shall have the meanings ascribed to them in the final Offering Circular of the Issuer or the Indenture.

 

This
letter relates to U.S.$____________ Aggregate Outstanding Amount of [INSERT CLASS OF NOTES] (the “Specified Notes”) that
are held in the form of a [Regulation S Global Note][Certificated Note] in the name of [INSERT NAME OF TRANSFEROR] (the “Transferor”).
The Transferor hereby requests a transfer of its interest in the Specified Notes to [INSERT NAME OF TRANSFEREE] (the “Transferee”)
for an equivalent beneficial interest in a Rule 144A Global Note.

 

In
connection with such request, and in respect of the Specified Notes, the Transferor and the Transferee hereby certify that the
Specified Notes are being transferred in accordance with the applicable transfer restrictions set forth in the Indenture and in
the Offering Circular relating to the Specified Notes, and Rule 144A under the Securities Act. The Transferor reasonably believes
and the Transferee hereby certifies that (i) it is purchasing the Specified Notes for its own account or an account with respect
to which it exercises sole investment discretion, (ii) it and any such account is a “qualified institutional buyer”
within the meaning of Rule 144A under the Securities Act, in a transaction that meets the requirements of Rule 144A and in accordance
with any applicable securities laws of any state of the United States or any other jurisdiction, and (iii) it and any such account
is a qualified purchaser for purposes of the Investment Company Act.

 

The
Transferor believes and the Transferee hereby certifies that the Transferee’s acquisition, holding and disposition of the
Specified Notes will not constitute or result in a prohibited transaction under Section 406 of ERISA or Section 4975 of the Code
(or in a nonexempt violation of any Similar Laws or other applicable law), unless an exemption is available and all conditions
have been satisfied.

 

    Exhibit B-1-1 

     

    

 

The
Transferor (A) confirms that it has made the Transferee aware of the transfer restrictions and representations set forth in Section
2.5 of the Indenture and the exhibits to the Indenture referred to in such Section; (B) confirms that it has informed the Transferee
that as a condition to the payment on any Note without U.S. federal back-up withholding, the Issuer shall require the delivery
of properly completed and signed applicable U.S. federal income tax certifications (generally, in the case of U.S. federal income
tax, an IRS Form W-9 (or applicable successor form) in the case of a U.S. Tax Person or the applicable IRS Form W-8 (or applicable
successor form) in the case of a Person that is not a U.S. Tax Person); and (C) acknowledges that the transfer of the Specified
Notes will not be effective, and the Trustee will not recognize any such transfer, if such transfer would result in a prohibited
transaction under ERISA or Section 4975 of the Code (or in a non-exempt violation of any Similar Laws or other applicable law),
unless an exemption is available and all conditions have been satisfied. The Transferee acknowledges and hereby agrees to comply
with the foregoing.

 

The
Trustee, the Issuer and their respective counsel are entitled to rely upon this letter and are irrevocably authorized to produce
this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect
to the matters covered hereby.

 

    Exhibit B-1-2 

     

    

 

EXHIBIT
B-2

 

FORM
OF TRANSFEROR AND TRANSFEREE CERTIFICATE 

FOR TRANSFER TO REGULATION S GLOBAL NOTE

 

U.S.
Bank National Association, as Trustee 

111
Fillmore Avenue East 

St.
Paul, Minnesota 55107 

Attention:
Bondholder Services – EP-MN-W2SN – FS KKR MM CLO 1 LLC

 

		Re:	FS
KKR MM CLO 1 LLC - Transfer of Notes to Regulation S Global Note

 

Ladies
and Gentlemen:

 

Reference
is hereby made to the amended and restated indenture, dated as of December 22, 2020 (the “Indenture”), between
FS KKR MM CLO 1 LLC, as Issuer, and U.S. Bank National Association, as Trustee. Capitalized terms not defined in this Transfer
Certificate shall have the meanings ascribed to them in the final Offering Circular of the Issuer or the Indenture.

 

This
letter relates to U.S.$_____________ Aggregate Outstanding Amount of [INSERT CLASS OF NOTES] (the “Specified Notes”)
that are held in the form of a [Rule 144A Global Note] [Certificated Note] in the name of [INSERT NAME OF TRANSFEROR] (the “Transferor”).
The Transferor hereby requests a transfer of its interest in the Specified Notes to [INSERT NAME OF TRANSFEREE] (the “Transferee”)
for an equivalent beneficial interest in a Regulation S Global Note.

 

In
connection with such request, and in respect of the Specified Notes, the Transferor and the Transferee hereby certify that the
Specified Notes are being transferred in accordance with the applicable transfer restrictions set forth in the Indenture and in
the Offering Circular relating to the Specified Notes, and that:

 

a.           the
offer of the Specified Notes was not made to a Person in the United States;

 

b.           at
the time the buy order was originated, the Transferee was outside the United States or the Transferor and any Person acting on
its behalf reasonably believed that the Transferee was outside the United States;

 

c.           no
directed selling efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable;

 

d.           the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act;

 

e.           the
Transferee (and any account on behalf of which the Transferee is purchasing the Specified Notes) is not a “U.S. person”
(as defined in Regulation S);

 

    Exhibit B-2-1 

     

    

 

f.           the
Transferee (and any account on behalf of which the Transferee is purchasing the Specified Notes) is a “qualified purchaser”
(as defined in the Investment Company Act) or a corporation, partnership, limited liability company or other entity (other than
a trust) each shareholder, partner, member or other equity owner of which is a “qualified purchaser” (as defined in
the Investment Company Act); and

 

g.           the
Transferee’s acquisition, holding and disposition of the Specified Notes will not constitute or result in a prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code (or in a non-exempt violation of any Similar Laws or other applicable law),
unless an exemption is available and all conditions have been satisfied.

 

The
Transferor (A) confirms that it has made the Transferee aware of the transfer restrictions and representations set forth in Section
2.5 of the Indenture and the exhibits to the Indenture referred to in such Section; (B) confirms that it has informed the Transferee
that as a condition to the payment on any Note without U.S. federal back-up withholding, the Issuer shall require the delivery
of properly completed and signed applicable U.S. federal income tax certifications (generally, in the case of U.S. federal income
tax, an IRS Form W-9 (or applicable successor form) in the case of a U.S. Tax Person or the applicable IRS Form W-8 (or applicable
successor form) in the case of a Person that is not a U.S. Tax Person); and (C) acknowledges that the transfer of the Specified
Notes will not be effective, and the Trustee will not recognize any such transfer, if such transfer would result in a prohibited
transaction under ERISA or Section 4975 of the Code (or in a non-exempt violation of any Similar Laws or other applicable law),
unless an exemption is available and all conditions have been satisfied. The Transferee acknowledges and hereby agrees to comply
with the foregoing.

 

The
Trustee, and the Issuer and their respective counsel are entitled to rely upon this letter and are irrevocably authorized to produce
this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect
to the matters covered hereby.

 

    Exhibit B-2-2 

     

    

 

EXHIBIT
B-3

 

FORM
OF TRANSFEROR AND TRANSFEREE CERTIFICATE FOR TRANSFER 

TO CERTIFICATED NOTE

 

U.S.
Bank National Association, as Trustee 

111
Fillmore Avenue East 

St.
Paul, Minnesota 55107 

Attention:
Bondholder Services – EP-MN-W2SN – FS KKR MM CLO 1 LLC

 

		Re:	FS
KKR MM CLO 1 LLC - Transfer to Certificated Note

 

Ladies
and Gentlemen:

 

Reference
is hereby made to the amended and restated indenture, dated as of December 22, 2020 (the “Indenture”), between
FS KKR MM CLO 1 LLC, as Issuer, and U.S. Bank National Association, as Trustee. Capitalized terms used but not defined in this
Transfer Certificate shall have the meanings ascribed to them in the Offering Circular of the Issuer or the Indenture.

 

This
letter relates to U.S.$_____________ Aggregate Outstanding Amount of [INSERT CLASS OF NOTES] (the “Specified Notes”)
that are held in the form of a [Rule 144A Global Note] [Regulation S Global Note] [Certificated Note] that are being transferred
by [INSERT NAME OF TRANSFEROR] (the “Transferor”) and are registered in the name of [INSERT REGISTRATION NAME]
to a transferee that wishes to hold its interest in the form of a Certificated Note.

 

In
connection with such transfer, and in respect of the Specified Notes, the Transferor does hereby certify that (i) the Specified
Notes are being transferred to [INSERT NAME OF TRANSFEREE] (the “Transferee”) in accordance with the transfer
restrictions set forth in the Indenture and the Offering Circular relating to the Specified Notes and (ii) (x) it reasonably believes
that the Transferee is purchasing the Specified Notes for its own account or an account with respect to which the Transferee exercises
sole investment discretion, and that the Transferee is (a) a “qualified purchaser” (as defined in the Investment Company
Act) or (b) a corporation, partnership, limited liability company or other entity (other than a trust) each shareholder, partner,
member or other equity owner of which is a qualified purchaser and in the case of (a) or (b) above that is also a “qualified
institutional buyer” as defined in Rule 144A who purchases the Specified Notes in reliance on the exemption from Securities
Act registration provided by Rule 144A thereunder or (y) the Transferee is not a “U.S. person” as defined in Regulation
S under the Securities Act and is acquiring the Specified Notes in an offshore transaction (as defined in Regulation S thereunder)
in reliance on the exemption from registration provided by Regulation S thereunder.

 

    Exhibit B-3-1 

     

    

 

The
Transferee hereby represents, warrants and covenants for the benefit of the Issuer and its counsel that we are:

 

(a)           (PLEASE
CHECK ONLY ONE)

 

	 	____	a
    “qualified institutional buyer” as defined in Rule 144A under the United States Securities Act of 1933, as amended
    (the “Securities Act”), who is also a Qualified Purchaser or an entity owned exclusively by Qualified Purchasers
    and is acquiring the Specified Notes in reliance on the exemption from Securities Act registration provided by Rule 144A thereunder;
	 	____	a
    Qualified Purchaser that is not a “U.S. person” as defined in Regulation S under the Securities Act, and we are
    acquiring the Specified Notes in an offshore transaction (as defined in Regulation S) in reliance on the exemption from Securities
    Act registration provided by Regulation S; or
	 	____	an
    “accredited investor” as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act (an
    “Institutional Accredited Investor”) that is also a Qualified Purchaser; and

(b)           acquiring
the Specified Notes for our own account (and not for the account of any other person) in a minimum denomination of U.S.$250,000
and in integral multiples of U.S.$1.00 in excess thereof.

 

The
Transferee further represents, warrants and agrees as follows:

 

1.           In
connection with its purchase of the Specified Notes: (A) none of the Issuer, the Portfolio Manager, the Transferor, the Retention
Holder, the Refinancing Initial Purchaser, the Refinancing Placement Agents, the Refinancing Structuring Agents, the Trustee,
the Collateral Administrator or any of their respective Affiliates is acting as a fiduciary or financial or investment adviser
for the Transferee; (B) it is not relying (for purposes of making any investment decision or otherwise) upon any advice, counsel
or representations (whether written or oral) of the Issuer, the Portfolio Manager, the Transferor, the Retention Holder, the Trustee,
the Collateral Administrator, the Refinancing Initial Purchaser, any Refinancing Placement Agent, any Refinancing Structuring
Agent or any of their respective Affiliates other than any statements in the Offering Circular, and it has read and understands
the Offering Circular; (C) it has consulted with its own legal, regulatory, tax, business, investment, financial and accounting
advisors to the extent it has deemed necessary and has made its own independent investment decisions (including decisions regarding
the suitability of any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from such advisors
as it has deemed necessary and not upon any view expressed by the Issuer, the Portfolio Manager, the Trustee, the Collateral Administrator,
the Refinancing Initial Purchaser, either Refinancing Placement Agent, either Refinancing Structuring Agent or any of their respective
Affiliates; (D) it is either (1) both (a) a “qualified institutional buyer” (as defined under Rule 144A under the
Securities Act) that is not a broker-dealer which owns and invests on a discretionary basis less than U.S.$25,000,000 in securities
of issuers that are not affiliated persons of the dealer and is not a plan referred to in paragraph (a)(1)(i)(D) or (a)(1)(i)(E)
of Rule 144A under the Securities Act or a trust fund referred to in paragraph (a)(1)(i)(F) of Rule 144A under the Securities
Act that holds the assets of such a plan, if investment decisions with respect to the plan are made by beneficiaries of the plan
and (b) a “qualified purchaser” (or a corporation, partnership, limited liability company or other entity (other than
a trust), each shareholder, partner, member or other equity owner of which is a “qualified purchaser”) (a “Qualified
Purchaser”) for purposes of Section 3(c)(7) of the Investment Company Act of 1940, as amended (the “Investment
Company Act”), (2) a Qualified Purchaser that is not a “U.S. person” as defined in Regulation S and is acquiring
the Specified Notes in an offshore transaction (as defined in Regulation S) in reliance on the exemption from registration provided
by Regulation S or (3) an “accredited investor” as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under
the Securities Act that is also a Qualified Purchaser; (E) it is acquiring its interest in the Specified Notes for its own account;
(F) it was not formed for the purpose of investing in the Specified Notes; (G) it understands that the Issuer or the Portfolio
Manager may receive a list of participants holding interests in the Specified Notes from one or more book-entry depositories;
(H) it will hold and transfer at least the Minimum Denomination of the Specified Notes; (I) it is a sophisticated investor and
is purchasing the Specified Notes with a full understanding of all of the terms, conditions and risks thereof, and is capable
of and willing to assume those risks; (J) it will provide notice of the relevant transfer restrictions to subsequent transferees;
(K) it will not hold the Specified Notes for the benefit of any other Person and will be the sole beneficial owner thereof for
all purposes; (L) in accordance with the provisions therefor in the Indenture, it will not sell participation interests in such
Specified Notes or enter into any other arrangement pursuant to which any other Person will be entitled to a beneficial interest
in the distributions on such Specified Notes; (M) all Specified Notes purchased directly or indirectly by it will constitute an
investment of no more than 40% of such Transferee’s assets; and (N) it is not purchasing the Specified Notes with a view
to the resale, distribution or other disposition thereof in violation of the Securities Act.

 

    Exhibit B-3-2 

     

    

 

2.           It
acknowledges and agrees that all of the assurances given by it in certifications required by the Indenture as to its status under
ERISA are correct and are for the benefit of the Issuer, the Trustee, the Refinancing Initial Purchaser, the Refinancing Placement
Agents, Refinancing Structuring Agents, the Transferor, the Retention Holder and the Portfolio Manager (collectively, the “Transaction
Parties”). It agrees and acknowledges that its acquisition, holding and disposition of the Specified Notes will not
constitute or result in a Prohibited Transaction under Section 406 of ERISA or Section 4975 of the Code (or in a nonexempt violation
of any Similar Laws), unless an exemption is available and all conditions have been satisfied. If it is a Benefit Plan Investor,
it represents and agrees that (i) none of the Transaction Parties, nor any of their affiliates, has provided any investment advice
within the meaning of Section 3(21)(A)(ii) of ERISA, and regulations thereunder, to such Benefit Plan Investor or to the Fiduciary,
in connection with its acquisition of the Specified Notes and (ii) the Fiduciary is exercising its own independent judgment in
evaluating the transaction. It understands that the representations made in this clause will be deemed made on each day from the
date of its acquisition through and including the date it disposes of the Specified Notes. If any such representation becomes
untrue, or if there is a change in its status as a Benefit Plan Investor or a Controlling Person, it will immediately notify the
Issuer and the Trustee. It agrees to indemnify and hold harmless the Issuer, the Trustee, the Refinancing Initial Purchaser, the
Refinancing Placement Agents and the Portfolio Manager and their respective Affiliates from any cost, damage, or loss incurred
by them as a result of any such representation being untrue.

 

3.           [Reserved].

 

4.           It
will treat the Notes as indebtedness for U.S. federal, state and local income and franchise tax purposes, except as otherwise
required by law.

 

    Exhibit B-3-3 

     

    

 

5.           It
understands that the Specified Notes have not been and will not be registered under the Securities Act, and, if in the future
it decides to offer, resell, pledge or otherwise transfer the Specified Notes, the Specified Notes may be offered, resold, pledged
or otherwise transferred only in accordance with the provisions of the Indenture and the legend on the Specified Notes. It acknowledges
that no representation has been made as to the availability of any exemption under the Securities Act or any state securities
laws for resale of the Specified Notes. It understands that neither the Issuer nor the pool of collateral has been registered
under the Investment Company Act, and acknowledges that the Issuer is exempt from registration as such by virtue of Section 3(c)(7)
of the Investment Company Act.

 

6.           It
will provide notice to each person to whom it proposes to transfer any interest in the Specified Notes of the transfer restrictions
and representations set forth in the Indenture.

 

7.           [Reserved].

 

8.           It
agrees that it will not, prior to the date which is one year (or, if longer, the applicable preference period then in effect)
plus one day after the payment in full of all Notes, cause a Bankruptcy Filing against the Issuer. It further acknowledges and
agrees that if it causes any such Bankruptcy Filing against the Issuer prior to the expiration of the period specified in the
previous sentence, (A) any claim that it has against the Issuer (including under all Notes of any Class held by such Filing Holder(s))
or with respect to any Assets (including any proceeds thereof) will, notwithstanding anything to the contrary in the Priority
of Payments and notwithstanding any objection to, or rescission of, such filing, be fully subordinate in right of payment to the
claims of each Holder of any Note (and each other secured creditor of the Issuer) that is not a Filing Holder, with such subordination
being effective until each Note held by each Holder of any Note (and each claim of each other secured creditor of the Issuer)
that is not a Filing Holder is paid in full in accordance with the Priority of Payments (after giving effect to such subordination),
(B) it will promptly return or cause all amounts received by it following such Bankruptcy Filing to be returned to the Issuer
and (C) it will take all necessary action to give effect to this agreement. This agreement will constitute a “subordination
agreement” within the meaning of Section 510(a) of the Bankruptcy Code.

 

9.           It
understands and agrees that the Notes are limited recourse obligations of the Issuer, payable solely from proceeds of the Assets
in accordance with the Priority of Payments and following realization of the Assets, and application of the proceeds thereof in
accordance with the Indenture, all obligations of and any claims against the Issuer thereunder or in connection therewith after
such realization will be extinguished and will not thereafter revive.

 

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

 

    Exhibit B-3-4 

     

    

 

11.           It
covenants that it will not transfer all or any part of the Specified Notes (or purport to do so) if such transfer will cause (A)
the Issuer to be in violation of the United States Bank Secrecy Act, as amended by the USA PATRIOT Act of 2001, and the United
States Money Laundering Control Act of 1986 (i.e., 18 U.S.C. §§ 1956 and 1957), as amended, or any similar U.S. federal
or state or non-U.S. laws or regulations (collectively “Anti-Money Laundering Laws”); or (B) the Specified
Notes to be held by an entity that a U.S. person is prohibited from dealing with under the laws, regulations, and Executive Orders
administered by OFAC.

 

12.           It
represents and warrants that no officer, director, employee or agent of the beneficial owner has, in connection with its acquisition
of the Specified Notes, been offered or received any payment of money or any other thing of value, from the Issuer or any other
person or entity, on behalf of the Issuer, for the purpose of influencing or inducing any act or decision related to such investment,
or providing any improper advantage in connection with such investment, in violation of applicable anti-bribery laws and regulations,
including but not limited to, the United States Foreign Corrupt Practices Act of 1977, as amended.

 

13.           It
does not know or have any reason to suspect that (i) the monies used or to be used to acquire the Specified Notes are, were or
will be derived from or related to any illegal activities, including but not limited to, any activities that may contravene U.S.
federal or state or non-U.S. laws and regulations, including Anti-Money Laundering Laws, or (ii) the proceeds from its acquisition
of the Specified Notes will be used to finance any activities that may contravene U.S. federal or state or non-U.S. laws and regulations,
including Anti-Money Laundering Laws.

 

14.           It
acknowledges and agrees that (A) the Trustee will provide to the Issuer and the Portfolio Manager upon reasonable request all
information reasonably available to the Trustee in connection with regulatory matters, including any information that is necessary
or advisable in order for the Issuer or the Portfolio Manager (or its parent or Affiliates) to comply with regulatory requirements,
(B) with respect to each Certifying Person, unless such Certifying Person instructs the Trustee otherwise, the Trustee will upon
request of the Issuer or the Portfolio Manager share with the Issuer and the Portfolio Manager the identity of such Certifying
Person, as identified to the Trustee by written certification from such Certifying Person, (C) the Trustee will obtain and provide
to the Issuer and the Portfolio Manager upon request a list of participants in DTC, Euroclear or Clearstream holding positions
in the Notes, (D) upon written request, the registrar shall provide to the Issuer, the Portfolio Manager, the Refinancing Initial
Purchaser, either Refinancing Placement Agent, either Refinancing Structuring Agent or any Holder a current list of Holders as
reflected in the Register, and by accepting such information, each Holder will be deemed to have agreed that such information
will be used for no purpose other than the exercise of its rights under this Indenture and (E) the Trustee will have no liability
for any such disclosure under (A) through (D) or, subject to the duties and responsibilities of the Trustee set forth in this
Indenture, the accuracy thereof.

 

15.           It
agrees to provide to the Issuer and the Portfolio Manager all information reasonably available to it that is reasonably requested
by the Issuer or the Portfolio Manager in connection with regulatory matters, including any information that is necessary or advisable
in order for the Issuer or the Portfolio Manager (or its Affiliates) to comply with regulatory requirements applicable to the
Issuer or the Portfolio Manager from time to time.

 

    Exhibit B-3-5 

     

    

 

16.           It
will not, at any time, offer to buy or offer to sell the Specified Notes by any form of general solicitation or advertising, including,
but not limited to, any advertisement, article, notice or other communication published in any newspaper, magazine or similar
medium or broadcast over television or radio or seminar or meeting whose attendees have been invited by general solicitations
or advertising.

 

17.           It
agrees to provide the Issuer and any relevant intermediary with any information or documentation that is required under FATCA
or that the Issuer or relevant intermediary deems appropriate to enable the Issuer or relevant intermediary to determine their
duties and liabilities with respect to any taxes they may be required to withhold pursuant to FATCA in respect of such Specified
Note or in respect of such Transferee. In addition, it understands and acknowledges that the Issuer has the right under the Indenture
to withhold on any holder or any beneficial owner of an interest in a Note that fails to comply with FATCA.

 

18.           It
is_____ (check if applicable) a “United States person” within the meaning of Section 7701(a)(30) of the Code, and
a properly completed and signed IRS Form W-9 (or applicable successor form) is attached hereto as Annex A; or ______ (check if
applicable) not a “United States person” within the meaning of Section 7701(a)(30) of the Code, and a properly completed
and signed applicable IRS Form W-8 (or applicable successor form) is attached hereto as Annex A. It understands and acknowledges
that failure to provide the Issuer or the Trustee with the properly completed and signed tax certifications may result in withholding
or back-up withholding from payments to it in respect of the Specified Notes.

 

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

 

20.           If
its is a fund-of-funds or other entity investing on behalf of third parties, it and warrants that (A) such Transferee is in compliance
in all material respects with all applicable Anti-Money Laundering Laws and, if applicable, with regulations administered by OFAC,
(B) such Transferee has anti-money laundering policies and procedures in place reasonably designed to verify the identity of its
beneficial owners and/or underlying investors and their sources of funds and to confirm that no beneficial owner and/or underlying
investor is a party with whom a U.S. person is prohibited from dealing under regulations administered by OFAC and (C) to the best
of its knowledge, such Transferee and its beneficial owners and/or underlying investors will not subject the Issuer to criminal
or civil violations of Anti-Money Laundering Laws or of regulations administered by OFAC.

 

    Exhibit B-3-6 

     

    

 

21.           It
represents and warrants that ______ (check if applicable) upon acquisition by it of the Specified Notes, the Specified Notes will
constitute Manager Notes; or ______ (check if applicable) upon acquisition by it of the Specified Notes, the Specified Notes will
not constitute Manager Notes.

 

22.           It
will indemnify the Issuer, the Trustee and their respective agents from any and all damages, cost and expenses (including any
amount of taxes, fees, interest, additions to tax, or penalties) resulting from the failure by it to comply with its obligations
under the Specified Notes. The indemnification will continue with respect to any period during which such Transferee held a Note,
notwithstanding it ceasing to be a Holder of the Notes.

 

23.           It
understands that the Issuer, the Trustee, the Refinancing Initial Purchaser, the Refinancing Placement Agents, the Refinancing
Structuring Agents, the Portfolio Manager, the Transferor, the Retention Holder and their respective Affiliates that are involved
in the offering of the Specified Notes and their counsel shall be entitled to conclusively rely upon the accuracy and truth of
the representations set forth herein, and it hereby consents to such reliance.

 

24.           It
has the power and authority to enter into this Transfer Certificate and each other document required to be executed and delivered
by or on behalf of it in connection with this purchase or transfer of Specified Notes, and to perform its obligations hereunder
and thereunder and consummate the transactions contemplated hereby and thereby, and the person signing this Transfer Certificate
on behalf of it has been duly authorized to execute and deliver this Transfer Certificate and each other document required to
be executed and delivered by it in connection with this purchase or transfer of Specified Notes. Such execution, delivery and
compliance by it does not conflict with, or constitute a default under, any instruments governing it, any applicable law, regulation
or order, or any material agreement to which it is a party or by which it is bound. This Transfer Certificate has been duly executed
by it and constitutes a valid and legally binding agreement of it, enforceable against it in accordance with its terms.

 

25.
           Except as otherwise provided herein, this agreement shall be binding upon and inure
to the benefit of the parties and their successors, heirs, executors, legal representatives and transferees. The Transferee’s
purchase of the Specified Notes does not violate any provision of law applicable to it. Such execution, delivery and compliance
by it does not conflict with, or constitute a default under, any instruments governing it, any applicable law, regulation or order,
or any material agreement to which it is a party or by which it is bound. This agreement has been duly executed by it and constitutes
a valid and legally binding agreement of it, enforceable against it in accordance with its terms.

 

26.           It
agrees that (A) the Transaction Documents contain limitations on the rights of the holders to institute legal or other proceedings
against the Transaction Parties, (B) it will comply with the express terms of the applicable Transaction Documents if it seeks
to institute any such proceeding and (C) the Transaction Documents do not impose any duty or obligation on the Issuer or its officers,
shareholders, members or managers to institute on behalf of any holder, or join any holder or any other Person in instituting,
any such proceeding.

 

    Exhibit B-3-7 

     

    

 

27.           It
acknowledges and agrees that, to the extent required by the Issuer, as determined by the Issuer or the Portfolio Manager on behalf
of the Issuer, the Issuer may, upon written notice to the Trustee, impose additional transfer restrictions on the Specified Notes
to comply with the Anti-Money Laundering Laws, including, without limitation, requiring each transferee of a Note to make representations
to the Issuer in connection with such compliance.

 

28.           It
understands that the Specified Notes are illiquid and it is prepared to hold the Specified Notes until their maturity.

 

    Exhibit B-3-8 

     

    

 

EXHIBIT
C

 

CALCULATION
OF LIBOR

 

“Designated
Alternative Rate” means the reference rate recognized or acknowledged (whether by letter, protocol, publication of standard
terms or otherwise) as a replacement reference rate for three-month Libor by the Loan Syndications and Trading Association®
or the Alternative Reference Rates Committee convened by the Federal Reserve or similar association or committee or any successor
thereto

 

“LIBOR”
means, with respect to the Floating Rate Notes, for any Interest Accrual Period (or, for the first Interest Accrual Period, the
relevant portion thereof), will equal (a) the rate appearing on the Reuters Screen for deposits with the Index Maturity, (b) if
the rate for any such period is applicable but not available, LIBOR will be determined by interpolating between the rates appearing
on the Reuters Screen for the next shorter period of time for which rates are available and the next longer period of time for
which rates are available (all such interpolation between rates to be linear and rounded to five decimal places) or (c) if not
determined pursuant to clauses (a) or (b) (including if an Alternative Rate has not yet
been designated), LIBOR will be LIBOR as determined on the previous Interest Determination Date. Notwithstanding the foregoing,
if LIBOR with respect to the Floating Rate Notes for any Interest Accrual Period (or portion thereof, in the case of the first
Interest Accrual Period) as determined pursuant to the foregoing would be a rate less than zero, LIBOR with respect to the Floating
Rate Notes for such Interest Accrual Period (or such portion thereof) shall be zero. LIBOR, when used with respect to a Collateral
Obligation, means the LIBOR rate determined in accordance with the terms of such Collateral Obligation. The Issuer has appointed
the Collateral Administrator as the Calculation Agent.

 

Notwithstanding
anything in the Indenture to the contrary, if at any time while any Floating Rate Notes are Outstanding, (i) Libor ceases to exist
or be reported, (ii) a material disruption of the rate appearing on the Reuters Screen for deposits with a term of three months
has occurred, (iii) a change in the methodology for calculating Libor has occurred or (iv) at least 50% (by par amount) of (A)
the quarterly pay Floating Rate Obligations or (B) floating rate notes priced or issued in the preceding three months in new issue
collateralized loan obligation transactions or amendments of existing collateralized loan obligation transactions subject to Libor-related
supplemental indentures, rely on reference rates other than Libor, in each case determined by the Portfolio Manager (which determination
will be conclusive and binding and will not be subject to question as a result of subsequent information or events) and, solely
with respect to a determination made pursuant to clause (iv)(B) above, with the consent of a Majority of the Controlling Class,
(x) the Portfolio Manager (on behalf of the Issuer) will select, with notice to the Trustee, the Calculation Agent, the Collateral
Administrator and the Holders of the Controlling Class, an alternative base rate (the “Alternative Rate“) that
is (a) an industry benchmark rate that is generally accepted in the financial markets as a replacement benchmark for three-month
Libor, (b) consistent with the successor for Libor generally applicable to at least 50% (by par amount) of (1) the Floating Rate
Obligations that pay interest on a quarterly basis or (2) floating rate notes priced or issued in the preceding three months in
new issue middle market collateralized loan obligation transactions or amendments of existing middle market collateralized loan
obligation transactions subject to Libor-related supplemental indentures, (c) the single quarterly-pay reference rate that is
used in calculating the interest rate of floating rate notes priced or issued in the preceding six months in at least ten new
issue collateralized loan obligation transactions or amendments of existing collateralized loan obligation transactions subject
to Libor-related supplemental indentures, (d) the Designated Alternative Rate and/or (e) any other alternative base rate chosen
by the Portfolio Manager; provided that, if such proposed Alternative Rate is not the Designated Alternative Rate, a Majority
of the Controlling Class has not objected to such proposed Alternative Rate within 10 Business Days of receipt of written notice
thereof; provided, further that, such Alternative Rate will be equal to or greater than 0.0%; and (y) all references herein
to “LIBOR” will mean such Alternative Rate selected by the Portfolio Manager. The notice provided by the Portfolio
Manager pursuant to clause (x) above shall specify whether the Alternative Rate identified therein is a Designated Alternative
Rate.

 

    Exhibit C-1 

     

    

 

“Libor”
means the London interbank offered rate.

 

“Reuters
Screen” means the rates for deposits in dollars which appear on the Reuters Screen LIBOR01 Page (or such other page
that may replace that page on such service for the purpose of displaying comparable rates) on the Bloomberg Financial Markets
Commodities News as of 11:00 a.m., London time, on the Interest Determination Date. 

 

    Exhibit C-2 

     

    

 

EXHIBIT
D

 

FORM
OF SECURITY OWNER CERTIFICATE

 

U.S.
Bank National Association, as Trustee 

8
Greenway Plaza, Suite 1100 

Houston,
TX 77046 

Attention:
Global Corporate Trust – FS KKR MM CLO 1 LLC

 

		Re:	Reports
Prepared Pursuant to the Indenture

 

Ladies
and Gentlemen:

 

Reference
is hereby made to the amended and restated indenture, dated as of December 22, 2020 (the “Indenture”), between
FS KKR MM CLO 1 LLC, as Issuer, and U.S. Bank National Association, as Trustee. Capitalized terms not defined in this Note Owner
Certificate shall have the meanings ascribed to them in the Indenture.

 

The
undersigned hereby certifies that it is the beneficial owner of U.S.$_____ aggregate principal amount of the [INSERT CLASS OF
NOTES] and hereby requests the Trustee to grant it access, via a protected password, to the Trustee’s Website in order to
view postings of the designated items:

 

	 	_______	Rule
    144A Information specified in Section 7.15 of the Indenture; and
	 	_______	Monthly
    Report specified in Section 10.7(a) of the Indenture;
	 	_______	Distribution
    Report specified in Section 10.7(b) of the Indenture.

In
consideration of the physical or electronic signature hereof by the Holder, the Issuer, the Trustee, the Portfolio Manager or
their respective agents may from time to time communicate or transmit to the Holder (i) information delivered to the Trustee,
the Collateral Administrator or any Holder of Notes by or on behalf of the Issuer in connection with and relating to the transactions
contemplated by or otherwise pursuant to the Indenture and (ii) other information or communications marked or otherwise identified
as confidential (collectively, but subject to the following sentence, “Confidential Information”). Confidential
Information does not include information that (i) was publicly known or otherwise known to the Trustee, the Collateral Administrator
or such Holder prior to the time of such disclosure; (ii) subsequently becomes publicly known through no act or omission by the
Trustee, the Collateral Administrator, any Holder or any person acting on behalf of the Trustee, the Collateral Administrator
or any Holder; (iii) otherwise is known or becomes known to the Trustee, the Collateral Administrator or any Holder other than
(x) through disclosure by the Issuer or (y) to the knowledge of the Trustee, the Collateral Administrator or a Holder, as the
case may be, in each case after reasonable inquiry, as a result of the breach of a fiduciary duty to the Issuer or a contractual
duty to the Issuer; or (iv) is allowed to be treated as non-confidential by consent of the Issuer.

 

    Exhibit D-1 

     

    

 

The
Holder shall maintain the confidentiality of all Confidential Information in accordance with procedures adopted by such Holder
in good faith to protect Confidential Information of third parties delivered to such Holder; provided that the Holder may
deliver or disclose Confidential Information: (i) with the prior written consent of the Portfolio Manager, (ii) as required by
law, regulation, court order or the rules, regulations or request or order of any governmental, judiciary, regulatory or self-regulating
organization, body or official having jurisdiction over such Holder, (iii) in conjunction with the transactions described in the
Indenture, to such Holder’s Affiliates, members, partners, officers, directors and employees and to its attorneys, accountants
and other professional advisers (each of whom it has advised of the confidential nature of the Confidential Information and its
obligations to maintain the confidentiality of the Confidential Information) its directors, trustees, officers, auditors, employees,
agents, attorneys and affiliates who agree to hold confidential the Confidential Information substantially in accordance with
these terms and to the extent such disclosure is reasonably required for the administration of the Indenture, the matters contemplated
hereby or the investment represented by the Notes, (iv) such information as may be necessary or desirable in order for such Holder
to prepare, publish and distribute to any Person any information relating to the investment performance of the Assets in the aggregate
or (v) in connection with the exercise or enforcement of such Holder’s rights under the Indenture or in any dispute or proceeding
related hereto, including a defense by the Trustee or Collateral Administrator of any claim of liability that may be brought or
charged against it. The Holder hereby agrees, except as set forth in clause (ii) above, that it shall use the Confidential Information
for the sole purpose of making an investment in the Notes or administering its investment in the Notes; and that the Trustee and
the Collateral Administrator shall neither be required nor authorized to disclose to Holders any Confidential Information in violation
of Section 14.15 of the Indenture. In the event of any required disclosure of the Confidential Information by the Holder, the
Holder agrees to use reasonable efforts to protect the confidentiality of the Confidential Information.

 

Notwithstanding
the foregoing, the Holder may disclose to any and all Persons, without limitation of any kind, the U.S. federal, state and local
income tax treatment of the Notes and the Issuer, any fact that may be relevant to understanding the U.S. federal, state and local
tax treatment of the Notes and the Issuer, and all materials of any kind (including opinions or other tax analyses to the extent
permitted therein) relating to such U.S. federal, state and local tax treatment and that may be relevant to understanding such
U.S. federal, state and local tax treatment.

 

The
undersigned hereby agrees to provide the Issuer and the Trustee any additional information reasonably requested by the Issuer
and/or the Trustee for purposes of confirming the undersigned’s beneficial ownership of such Notes.

 

    Exhibit D-2 

     

    

 

IN
WITNESS WHEREOF, the undersigned has caused this certificate to be duly executed this [___] day of [_____________, ____].

 

	 	[NAME
OF HOLDER OR BENEFICIAL OWNER]
	 	 	 

 

	By: 	             	 
	Authorized Signatory	 

 

Address:
___________________________________

__________________________________

__________________________________ 

 

E-mail
Address: _________________________________

 

    Exhibit D-3 

     

    

 

EXHIBIT
E

 

ISSUER
PAYMENT ACCOUNT INFORMATION

 

Bank
Name:    Omitted.

 

Bank
ABA:    Omitted.

 

Account
Name:    Omitted.

 

Account
Number:    Omitted.

  

    Exhibit E-1 

     

    

 

EXHIBIT
F

 

FORM
OF CONTRIBUTION NOTICE

 

U.S.
Bank National Association, as Trustee 

8
Greenway Plaza, Suite 1100 

Houston,
TX 77046 

Attention:
Global Corporate Trust– FS KKR MM CLO 1 LLC

 

		Re:	FS
KKR MM CLO 1 LLC – Contribution Notice

 

Ladies
and Gentleman:

 

Reference
is hereby made to the amended and restated indenture, dated as of December 22, 2020 (the “Indenture”), between
FS KKR MM CLO 1 LLC, as Issuer, and U.S. Bank National Association, as Trustee. Capitalized terms not defined herein shall have
the meanings ascribed to them in the Indenture.

 

The
undersigned (hereinafter, the “Contributor”) hereby certifies that it is a Holder of Interests, and hereby
notifies you of its intention to contribute $_____________ in [Cash] [Eligible Investments] [and] [Collateral Obligations] (the
“Contribution”) on [Date of proposed Contribution]. to the Issuer pursuant to Section 10.3(f) of the Indenture.

 

[The
Contributor hereby directs the Contribution to be applied to [___________].]

 

[The
Contributor declines to direct the Permitted Use to which the Contribution will apply, and hereby acknowledges that, if accepted,
the Portfolio Manager, in its sole discretion, will direct the Permitted Use to which such Contribution will apply.]

 

The
Contributor acknowledges and agrees that no Contribution or any portion thereof shall be returned to the Contributor at any time.
Any income earned on amounts deposited in the Contribution Account shall be deposited in the Collection Account as Interest Proceeds.
For the avoidance of doubt, the Contribution, if accepted by the Portfolio Manager, will not increase any of its rights as a Holder
of Interests.

 

The
undersigned hereby requests that the Portfolio Manager confirm its acceptance of the Contribution by executing and returning a
copy of this notice. The undersigned hereby agrees to provide the Issuer and the Trustee any additional information reasonably
requested by the Issuer and/or the Trustee for purposes of confirming the undersigned’s beneficial ownership of the Interests.

 

    Exhibit F-1 

     

    

 

	 	[NAME
    OF CONTRIBUTOR]
	 	 	 
	 	By: 	             
	 	 	Name:
	 	 	Title:
	 	 	Tel.: __________________
	 	 	Fax: __________________

  

	 	ACCEPTED
BY:
	 	 
	 	[PORTFOLIO
    MANAGER]
	 	 	 
	 	By: 	             
	 	 	Name:
	 	 	Title:
	 	 	Tel.: __________________
	 	 	Fax: __________________

 

    Exhibit F-2 

     

    

 

EXHIBIT
G

 

FORM
OF NOTICE OF SUBSTITUTION

 

U.S.
Bank National Association, as Trustee 

8
Greenway Plaza, Suite 1100 

Houston,
TX 77046 

Attention:
Global Corporate Trust– FS KKR MM CLO 1 LLC

 

FS
KKR MM CLO 1, as Issuer 

c/o
FS KKR Capital Corp. 

201
Rouse Boulevard 

Philadelphia,
Pennsylvania 19112 

Attention:
William Goebel

 

FS
KKR Capital Corp., as Portfolio Manager 

201
Rouse Boulevard 

Philadelphia,
Pennsylvania 19112 

Attention:
William Goebel

 

		Re:	FS
KKR MM CLO 1 LLC – Substitution of Collateral Obligation

 

Ladies
and Gentleman:

 

Reference
is hereby made to the amended and restated indenture, dated as of December 22, 2020 (the “Indenture”), between
FS KKR MM CLO 1 LLC, as Issuer, and U.S. Bank National Association, as Trustee. Capitalized terms not defined herein shall have
the meanings ascribed to them in the Indenture.

 

I.           Notification

 

Pursuant
to Section 12.5 of the Indenture, FS KKR Capital Corp., in its capacity as transferor under the Transaction Documents (the “Transferor”)
hereby states that:

 

		The Collateral
Obligation to be substituted is:	[__________________________________]

 

		The reason
for such substitution is:	[__________________________________]

 

		The Transfer
Deposit Amount with respect to the Collateral Obligation is:	[__________________________________]

 

Upon
such substitution, the Schedule of Collateral Obligations shall be deemed amended to reflect the substitution of the Collateral
Obligation.

 

II.
          Calculations 

 

[If
applicable, provide calculations used in determining compliance with Section 12.5 of the Indenture, including the Repurchase and
Substitution Limit as defined in Section 12.5(c) of the Indenture.]

 

    Exhibit G-1 

     

    

  

The
undersigned hereby requests that the Portfolio Manager (so long as FS KKR Capital Corp. is the Portfolio Manager) confirm its
acceptance of the substitution by executing and returning a copy of this notice.

 

	 	FS
KKR CAPITAL CORP., as Transferor
	 	 	 
	 	By: 	             
	 	 	Name:
	 	 	Title:
	 	 	Tel.: __________________
	 	 	Fax: __________________

  

	 	ACCEPTED
BY:
	 	 
	 	FS
KKR CAPITAL CORP., as Portfolio Manager
	 	 	 
	 	By: 	             
	 	 	Name:
	 	 	Title:
	 	 	Tel.: __________________
	 	 	Fax: __________________

 

    Exhibit G-2

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