Document:

Exhibit

Exhibit 10.44

INDEMNIFICATION AGREEMENT

THIS INDEMNIFICATION AGREEMENT (this “Agreement”) is made and entered into this 18 day of February, 2019, by and between Kim Roy (the “Indemnified Party”) and CHICO’S FAS, INC., a Florida corporation (the “Corporation”).

WITNESSETH

WHEREAS, it is essential to the Corporation to retain and attract as Directors and/or Executive Officers the most capable persons available; and

WHEREAS, the substantial increase in corporate litigation subjects directors and officers to expensive litigation risks at the same time that the availability of directors’ and officers’ liability insurance has been severely limited; and
    
WHEREAS, in addition, the statutory indemnification provisions of the Florida Business Corporation Act and Article VII of the bylaws of the Corporation (the “Article”) expressly provide that they are non-exclusive; and

WHEREAS, the Indemnified Party does not regard the protection available under the Article and insurance, if any, as adequate in the present circumstances, and considers it necessary and desirable to his service as a Director and/or Executive Officer to have adequate protection, and the Corporation desires the Indemnified Party to serve in such capacity and have such protection; and

WHEREAS, the Florida Business Corporation Act and the Article provide that indemnification of Directors and Executive Officers of the Corporation may be authorized by agreement, and thereby contemplates that contracts of this nature may be entered into between the Corporation and the Indemnified Party with respect to indemnification of the Indemnified Party as a Director and/or Executive Officer of the Corporation.

NOW THEREFORE, in consideration of the premises and the mutual covenants and agreements contained in this Agreement, it is hereby agreed as follows:

		
	1.
	INDEMNIFICATION GENERALLY.

(a)    Grant of Indemnity.  (i) Subject to and upon the terms and conditions of this Agreement, the Corporation shall indemnify and hold harmless the Indemnified party in respect of any and all costs, claims, losses, damages and expenses which may be incurred or suffered by the Indemnified Party as a result of or arising out of prosecuting, defending, settling or investigating:

(1)    any threatened, pending, or completed claim, demand, inquiry, investigation, action , suit or proceeding, whether formal or informal or brought by or in the right of the Corporation or otherwise and whether of a civil, criminal, administrative or investigative nature, in which the Indemnified Party may be or may have been involved as a party or otherwise, arising out of the fact that the Indemnified Party is or was a director, officer, employee, independent contractor or stockholder of the Corporation or any of its “Affiliates” (as such term is defined in the rules and 

regulations promulgated by the Securities and Exchange Commission under the Securities Act of 1933), or served as a director, officer, employee, independent contractor or stockholder in or for any person, firm, partnership, corporation or other entity at the request of the Corporation (including without limitation service in any capacity for or in connection with any employee benefit plan maintained by the Corporation or on behalf of the Corporation’s employees);

(2)    any attempt (regardless of its success) by any person to charge or cause the Indemnified Party to be charged with wrongdoing or with financial responsibility for damages arising out of or incurred in connection with the matters indemnified against in this Agreement; or

(3)    any expense, interest, assessment, fine, tax, judgment or settlement payment arising out of or incident to any of the matters indemnified against in this Agreement including reasonable fees and disbursements of legal counsel, experts, accountants, consultants and investigators (before and at trial and in appellate proceedings).

(ii)    The obligation of the Corporation under this Agreement is not conditioned in any way on any attempt by the Indemnified Party to collect from an insurer any amount under a liability insurance policy.

(iii)    In no case shall any indemnification be provided under this Agreement to the Indemnified Party by the Corporation in:

(1)Any action or proceeding brought by or in the name or interest of the Indemnified Party against the Corporation; or

(2)Any action or proceeding brought by the Corporation against the Indemnified Party, which action is initiated at the direction of the Board of Directors of the Corporation.

(b)    Claims for Indemnification.   (i)  Whenever any claims shall arise for indemnification under this Agreement, the Indemnified Party shall notify the Corporation promptly and in any event within 30 days after the Indemnified Party has actual knowledge of the facts constituting the basis for such claim.  The notice shall specify all facts known to the Indemnified Party giving rise to such indemnification right and the amount or an estimate of the amount of liability (including estimated expenses) arising therefrom.

(ii)    Any indemnification under this Agreement shall be made no later than 30 days after receipt by the Corporation of the written notification specified in Section 1(b)(i), unless a determination is made within such 30 day period by (X) the Board of Directors by a majority vote of a quorum consisting of directors who were not parties to the mater described in the notice of (Y) independent legal counsel, agreed to by the Corporation, in a written opinion (which counsel shall be appointed if such a quorum is not obtainable), that the Indemnified Party has not met the relevant standards for indemnification under this Agreement.

(c)    Rights to Defend or Settle; Third Party Claims, etc.   (i)  If the facts giving rise to any indemnification right under this Agreement shall involve any actual or threatened claim or demand against the Indemnified Party, or any possible claim by the Indemnified Party against any third party, such claim shall be referred to as a “Third Party Claim.”  If the Corporation provides the Indemnified Party with an agreement in writing in form and substance satisfactory to the Indemnified Party and his counsel, agreeing to indemnify, defend or prosecute and hold the Indemnified Party harmless from all costs and liability arising from any Third Party Claim (an “Agreement of Indemnity”), and demonstrating to the satisfaction of the Indemnified Party the financial wherewithal to accomplish such indemnification, the Corporation may at its own expense undertake full responsibility for the defense or prosecution of such Third Party Claim. The Corporation may contest or settle any such Third Party Claim for money damages on such terms and conditions as it deems appropriate but shall be obligated to consult in good faith with the Indemnified Party and not to contest or settle any Third Party Claim involving injunctive or equitable relief against or affecting the Indemnified Party of his properties or assets without the prior written consent of the Indemnified Party, such consent not to be withheld unreasonably.  The Indemnified Party may participate at his own expense and with his own counsel in defense or prosecution of a Third Party Claim pursuant to this Section 1(c)(i), and such participation shall not relieve the Corporation of its obligation to indemnify the Indemnified Party under this Agreement.

(ii)    If the Corporation fails to deliver a satisfactory Agreement of Indemnity and evidence of financial wherewithal within 10 days after receipt of notice pursuant to Section 1(b), the Indemnified Party may contest or settle the Third Party Claim on such terms as it sees fit but shall not reach a settlement with respect to the payment of money damages without consulting in good faith with the Corporation.  The Corporation may participate at its own expense and with its own counsel in defense or prosecution of a Third Party Claim pursuant to this Section 1(c)(ii), but any such participation shall not relieve the Corporation of its obligations to indemnify the Indemnified Party under this Agreement.  All expenses (including attorneys’ fees) incurred in defending or prosecuting any Third Party Claim shall be paid promptly by the Corporation as the suit or other matter is proceeding, upon the submission of bills therefore or other satisfactory evidence of such expenditures during the pendency of any matter as to which indemnification is available under this Agreement.  The failure to make such payments within 10 days after submission of evidence of those expenses shall constitute a breach of a material obligation of the Corporation under this Agreement.

(iii)    If by reason of any Third Party Claim a lien, attachment, garnishment or execution is placed upon any of the property or assets of the Indemnified Party, the Corporation shall promptly furnish a satisfactory indemnity bond to obtain the prompt release of such lien, attachment, garnishment or execution.

(iv)    The Indemnified Party shall cooperate in the defense of any Third Party Claim which is controlled by the Corporation, but the Indemnified Party shall continue to be entitled to indemnification and reimbursement for all costs and expenses incurred by him in connection therewith as provided in this Agreement.

(d)    Cooperation.    The parties to this Agreement shall execute such powers of attorney as may be necessary or appropriate to permit participation of counsel selected by any party hereto and, as may be reasonably related to any such claim or action, shall provide to the counsel, accountants and other representatives of each party access during normal business hours to all 

properties, personnel, books, records, contracts, commitments and all other business records of such other party and will furnish to such other party copies of all such documents as may be reasonably requested (certified, if requested).

(e)    Choice of Counsel.    In all matters as to which indemnification is available to the Indemnified Party under this Agreement, the Indemnified Party shall be free to choose and retain counsel, provided the Indemnified Party shall secure the prior written consent of the Corporation as to such selection, which consent shall not be unreasonably withheld.

(f)    Consultation.    If the Indemnified Party desires to retain the services of an attorney prior to the determination by the Corporation as to whether it will undertake the defense or prosecution of the Third Party Claim as provided in Section 1(c), the Indemnified Party shall notify the Corporation of such desire in the notice delivered pursuant to Section 1(b)(i), and such notice shall identify the counsel to be retained.  The Corporation shall then have 10 days within which to advise the Indemnified Party whether it will assume the defense or prosecution of the Third Party Claim in accordance with Section 1(c)(i).  If the Indemnified Party does not receive an affirmative response within such 10-day period, he shall be free to retain counsel of his choice, and the indemnity provided in Section 1(a) shall apply to the reasonable fees and disbursements of such counsel incurred after the expiration of such 10-day period.  Any fees or disbursements incurred prior to the expiration of such 10-day period shall not be covered by the indemnity of Section 1(a).

(g)    Repayment.   (i)    Notwithstanding the other provisions of this Agreement to the contrary, if the Corporation has incurred any cost, damage or expense under this Agreement paid to or for the benefit of the Indemnified Party and it is determined by a court of competent jurisdiction from which no appeal may be taken that the Indemnified Party’s actions or omissions constitute “Nonindemnifiable Conduct” as that term is defined in Section 1(g)(ii), the Indemnified Party shall and does hereby undertake in such circumstances to reimburse the Corporation for any and all such amounts previously paid to or for the benefit of the Indemnified Party.

(ii)    For these purposes, “Nonindemnifiable Conduct” shall mean actions or omissions of the Indemnified Party material to the cause of action to which the indemnification under this Agreement related is determined to involve:

(1)    a violation of the criminal law, unless the Indemnified Party had reasonable cause to believe his conduct was lawful and had no reasonable cause to believe his conduct was unlawful;

(2)    a transaction in which the Indemnified Party derived an improper personal benefit;

(3)    if the Indemnified Party is a director of the Corporation, a circumstance under which the liability provisions of Section 607.0834 (or any successor or similar statute) are applicable;

(4)    willful misconduct or a conscious disregard for the best interests of the Corporation (when indemnification is sought in a proceeding by or in the right 

of the Corporation to procure a judgment in favor of the Corporation or when indemnification is sought in a proceeding by or in the right of a stockholder); or

(5)    conduct pursuant to then applicable law that prohibits such indemnification.

		
	2.
	TERM.

This Agreement shall be effective upon its execution by all parties and shall continue in full force and effect until the date seven years after the date of this Agreement, or seven years after the termination of the Indemnified Party’s employment or term of office, whichever is later, provided that such term shall be extended by any period of time during which the Corporation is in breach of a material obligation to the Indemnified Party, plus ninety days.  Such term shall also be extended with respect to each Third Party Claim then pending and as to which notice under Section 1(b) has theretofore been given by the Indemnified Party to the Corporation, and this Agreement shall continue to be applicable to each such Third Party Claim.

		
	3.
	REPRESENTATIONS AND AGREEMENTS OF THE CORPORATION.

(a)    Authority.   The Corporation represents, covenants and agrees that it has the corporate power and authority to enter into this Agreement and to carry out its obligations under this Agreement.  The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated by this Agreement have been duly authorized by the Board of Directors of the Corporation.  This Agreement is a valid and binding obligation of the Corporation and is enforceable against the Corporation in accordance with its terms.

(b)    Noncontestability.   The Corporation represents, covenants and agrees that it will not initiate, and that it will use its best efforts to cause any of its Affiliates not to initiate, any action, suit or proceeding challenging the validity or enforceability of this Agreement.

(c)    Good Faith Judgment.       The Corporation represents, covenants and agrees that it will exercise good faith judgment in determining the entitlement of the Indemnified Party to indemnification under this Agreement.

		
	4.
	RELATIONSHIP OF THIS AGREEMENT TO OTHER INDEMNITIES.

(a)    Nonexclusivity.   (i)       This Agreement and all rights granted to the Indemnified Party under this Agreement are in addition to and are not deemed to be exclusive with or of any other rights that may be available to the Indemnified Party under any Articles of Incorporation, bylaw, statute, agreement, or otherwise.

(ii)    The rights, duties and obligations of the Corporation and the Indemnified Party under this Agreement do no limit, diminish or supersede the rights, duties and obligations of the Corporation and the Indemnified Party with respect to the indemnification afforded to the Indemnified Party under any liability insurance, the Florida Business Corporation Act, or under the bylaws or the Articles of Incorporation of the Corporation.  In addition, the Indemnified Party’s rights under this 

Agreement will not be limited or diminished in any respect by any amendment to the bylaws or the Articles of Incorporation of the Corporation.

(b)    Availability, Contribution, etc.   (i)    The availability or nonavailability of indemnification by way of insurance policy, Articles of Incorporation, bylaw, vote of stockholders, or otherwise from the Corporation to the Indemnified Party shall not affect the right of the Indemnified Party to indemnification under this Agreement, provided that all rights under this Agreement shall be subject to applicable statutory provisions in effect from time to time.

(ii)    Any funds received by the Indemnified Party by way of indemnification or payment from any source other than from the Corporation under this Agreement shall reduce any amount otherwise payable to the Indemnified Party under this Agreement.

(iii)    If the Indemnified Party is entitled under any provision of this Agreement to indemnification by the Corporation for some claims, issues or matters, but not as to other claims, issues or matters, or for some or a portion of the expenses, judgments, fines or penalties actually and reasonably incurred by him or amounts actually and reasonably paid in settlement by him in the investigation, defense, appeal or settlement of any matter for which indemnification is sought under this Agreement, but not for the total amount thereof, the Corporation shall nevertheless indemnify the Indemnified Party for the portion of such claims, issues or matters or expenses, judgments, fines, penalties or amounts paid in settlement to which the Indemnified Party is entitled.

(iv)    If for any reason a court of competent jurisdiction from which no appeal can be taken rules than the indemnity provided under this Agreement is unavailable, or if for any reason the indemnity under this Agreement is insufficient to hold the Indemnified Party harmless as provided in this Agreement, then in either event, the Corporation shall contribute to the amounts paid or payable by the Indemnified Party in such proportion as equitably reflects the relative benefits received by, and fault of the Indemnified Party and the Corporation and its Affiliates.

(c)    Allowance for Compliance with SEC Requirements.       The Indemnified Party acknowledges that the Securities and Exchange Commission (“SEC”) has expressed the opinion that indemnification of directors and officers from liabilities under the Securities Act of 1933 (the “1933 Act”) is against public policy as expressed in the 1933 Act and, is therefore, unenforceable.  The Indemnified Party hereby agrees that it will not be a breach of this Agreement for the Corporation to undertake with the SEC in connection with the registration for sale of any stock or other securities of the Corporation from time to time that, in the event a claim for indemnification against such liabilities (other than the payment by the Corporation of expenses incurred or paid by a director of officer of the Corporation in the successful defense of any action, suit or proceeding) is asserted in connection with such stock or other securities being registered, the Corporation will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of competent jurisdiction on the question of whether or not such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue.  The Indemnified Party further agrees that such submission to a court of competent jurisdiction shall not be a breach of this Agreement.

		
	5.
	MISCELLANEOUS.

(a)    Notices.   All notices, requests, demands and other communications which are required or may be given under this Agreement shall be in writing and shall be deemed to have been duly given when received if personally delivered; when transmitted if transmitted by telecopy, electronic telephone line facsimile transmission or other similar electronic or digital transmission method; the day after it is sent, if sent by recognized expedited delivery service; and five days after it is sent, if mailed, first class mail, postage prepaid.  In each case notice shall be sent to:

If to the Indemnified Party:
Kim Roy
X XXXXXX XXXXXX
XXXXXXXXX, XX  XXXXX

If to the Corporation:    
Chico’s FAS, Inc.
11215 Metro Parkway
Fort Myers, FL  33966
Attn: General Counsel

or to such other address as either party may have specified in writing to the other using the procedures specified above in this Section 5(a).

(b)    Construction and Interpretation.   (i)    This Agreement shall be construed pursuant to and governed by the substantive laws of the State of Florida (and any provision of Florida law shall not apply if the law of a state or jurisdiction other than Florida would otherwise apply).

(ii)    The headings of the various sections in this Agreement are inserted for the convenience of the parties and shall not affect the meaning, construction or interpretation of this Agreement.

(iii)    Any provision of this Agreement which is determined by a court of competent jurisdiction to be prohibited, unenforceable or not authorized in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition, unenforceability or non-authorization without invalidating the remaining provisions hereof or affecting the validity, enforceability or legality of such provision in any other jurisdiction.  In any such case, such determination shall not affect any other provision of this Agreement, and the remaining provisions of this Agreement shall remain in full force and effect.  If any provision or term of this Agreement is susceptible to two or more constructions or interpretations, one or more of which would render the provision or term void or unenforceable, the parties agree that a construction or interpretation which renders the term or provision valid shall be favorable.

(iv)    As used in this Agreement, (1) the word “including” is always without limitation; (2) the words in the singular number include words of the plural number and vice versa; and (3) the word “person” includes a trust, corporation, association, partnership, joint venture, business 

trust, unincorporated organization, limited liability company, government, public body or authority and any governmental agency or department as well as a natural person.

(c)    Entire Agreement.    This Agreement constitutes the entire Agreement, and supersedes all prior agreements and understandings, oral and written, among the parties to this Agreement with respect to the subject matter hereof.

(d)    Specific Enforcement.   (i)   The parties agree and acknowledge that in the event of a breach by the Corporation of its obligation promptly to indemnify the Indemnified Party as provided in this Agreement, or breach of any other material provision of this Agreement, damages at law will be an insufficient remedy to the Indemnified Party.  Accordingly, the parties agree that, in addition to any other remedies or rights that may be available to the Indemnified Party, the Indemnified Party shall also be entitled, upon application to a court of competent jurisdiction, to obtain temporary or permanent injunctions to compel specific performance of the obligations of the Corporation under this Agreement.

(ii)    There shall exist in such action a rebuttable presumption that the Indemnified Party has met the applicable standard(s) of conduct and is therefore entitled to indemnification pursuant to this Agreement, and the burden of proving that the relevant standards have not been met by the Indemnified Party shall be on the Corporation.  Neither the failure of the corporation (including its Board of Directors or independent legal counsel) prior to the commencement of such action to have made a determination that indemnification is proper in the circumstances because the Indemnified Party has met the applicable standard of conduct, nor an actual determination by the Corporation (including its Board of Directors or independent legal counsel) that the Indemnified Party has not met such applicable standard of conduct, shall (X) constitute a defense to the action, (Y) create a presumption that the Indemnified Party has not met the applicable standard of conduct, or (Z) otherwise alter the presumption in favor of the Indemnified Party referred to in the preceding sentence.

(e)    Cost of Enforcement; Interest.   (i)   If the Indemnified party engages the services of an attorney or any other third party or in any way initiates legal action to enforce his rights under this Agreement, including but not limited to the collection of monies due from the Corporation to the Indemnified Party, the prevailing party shall be entitled to recover all reasonable costs and expenses (including reasonable attorneys’ fees before and at trial and in appellate proceedings).  Should the Indemnified Party prevail, such costs and expenses shall be in addition to monies otherwise due him under this Agreement.

(ii)    If any monies shall be due the Indemnified Party from the Corporation under this Agreement and shall not be paid within 30 days from the date of written request for payment, interest shall accrue on such unpaid amount at the rate of 2% per annum in excess of the prime rate announced from time to time by Bank of America, or such lower rate as may be required to comply with applicable law from the date when due until it is paid in full.

(f)    Application to Third Parties, Etc.    Nothing in this Agreement, whether express or implied, is intended or should be construed to confer upon, or to grant to, any person, except the Corporation, the Indemnified Party and their respective heirs, assignees and successors, any claim, right or remedy under or because of this Agreement or in any provision of it.  This Agreement shall be binding upon and inure to the benefit of the successors in interest and assigns, heirs and personal 

representatives, as the case may be, of the parties, including any successor corporation resulting from a merger, consolidation, recapitalization, reorganization, sale of all or substantially all of the assets of the Corporation, or any other transaction resulting in the successor corporation assuming the liabilities of the Corporation under this Agreement (by operation of law, or otherwise).

(g)    Further Assurances.     The parties to this Agreement will execute and deliver, or cause to be executed and delivered, such additional or further documents, agreements or instruments and shall cooperate with one another in all respects for the purpose of carrying out the transactions contemplated by this Agreement.

(h)    Venue; Process.   The parties to this Agreement agree that jurisdiction and venue in any action brought pursuant to this Agreement to enforce its terms or otherwise with respect to the relationships between the parties shall properly lie in the Circuit Court of the Twentieth Judicial Circuit of the State of Florida in and for Lee County or in the United States District Court for the Middle District of Florida, Tampa Division.  Such jurisdiction and venue are merely permissive; jurisdiction and venue shall also continue to lie in any court where jurisdiction and venue would otherwise be proper.   The parties agree that they will not object that any action commenced in the foregoing jurisdictions is commenced in a forum non conveniens.  The parties further agree that the mailing by certified or registered mail, return receipt requested, of any process required by any such court shall constitute valid and lawful service of process against them, without the necessity for service by any other means provided by statute or rule of court.

(i)    Counterparts.   This Agreement may be executed in any number of counterparts, each of which shall be considered an original, but all of which together shall constitute one and the same instrument.

(j)    Waiver and Delay.   No waiver or delay in enforcing the terms of this Agreement shall be construed as a waiver of any subsequent breach.  No action taken by the Indemnified Party shall constitute a waiver of his rights under this Agreement.

IN WITNESS WHEREOF, the parties have executed this Agreement on the date first above written.

CHICO’S FAS, INC.

By:    /s/ Shelley Broader
Shelley Broader
President & Chief Executive Officer 

/s/ Kim Roy
Kim RoyExhibit 10.9

  

EXECUTION VERSION

 

FIFTH AMENDMENT TO

REVOLVING CREDIT AND SECURITY AGREEMENT

 

THIS FIFTH AMENDMENT
TO REVOLVING CREDIT AND SECURITY AGREEMENT, dated as of November 30, 2018 (this “Amendment”), is entered into
by and among COOPER RIVER LLC, a Delaware limited liability company, as borrower (the “Borrower”), the
LENDERS party hereto, CITIBANK, N.A. (“Citibank”), as administrative agent for the Secured Parties (as hereinafter
defined) (in such capacity, the “Administrative Agent”), CITIBANK, N.A., acting through its Agency & Trust
division (“Citibank Agency & Trust”), as collateral custodian for the Secured Parties (in such capacity,
the “Custodian”) and as collateral agent for the Secured Parties (in such capacity, the “Collateral
Agent”), and VIRTUS GROUP, LP (“Virtus”), as collateral administrator (in such capacity, the “Collateral
Administrator”).

 

RECITALS

 

WHEREAS, certain of
the above-named parties have entered into that certain Revolving Credit and Security Agreement, dated as of May 29, 2015 (as amended,
the “Agreement”), by and among the Borrower, the Lenders from time to time party thereto, the Administrative
Agent, the Collateral Agent, the Custodian and the Collateral Administrator; and

 

WHEREAS, pursuant to
and in accordance with Section 12.01(b) of the Agreement, the parties hereto desire to amend the Agreement in certain respects
as provided herein.

 

NOW, THEREFORE, based
upon the above Recitals, the mutual premises and agreements contained herein and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the undersigned, intending to be legally bound, hereby agree as follows:

 

SECTION
1.          Definitions.

 

Each capitalized term
used but not defined herein has the meaning ascribed thereto in the Agreement.

 

SECTION
2.          Amendments to the Agreement.

 

The Agreement is hereby
amended to delete the bold, stricken text (indicated textually in the same manner as the following
example: stricken text) and to add the bold, double-underlined text (indicated textually in the same manner
as the following example: double-underlined text) as set forth
in the pages of the Agreement attached as Exhibit A hereto.

 

SECTION
3.           Agreement in Full Force and Effect as Amended.

 

Except as specifically
amended hereby, all provisions of the Agreement shall remain in full force and effect. This Amendment shall not be deemed to expressly
or impliedly waive, amend or supplement any provision of the Agreement other than as expressly set forth herein and shall not constitute
a novation of the Agreement.

 

SECTION
4.          Representations and Warranties.

 

The Borrower hereby
represents and warrants as of the date of this Amendment as follows:

 

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(a)          this
Amendment and each other Facility Document entered into on the date hereof has been duly executed and delivered by it;

 

(b)          this
Amendment and each other Facility Document entered into on the date hereof constitutes its legal, valid and binding obligation,
enforceable against it in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally or by general principles
of equity; and

 

(c)          there
is no Event of Default or Default that is continuing or would result from entering into this Amendment.

 

SECTION
5.          Conditions to Effectiveness.

 

The effectiveness of
this Amendment shall be subject to the receipt by the Administrative Agent of (i) executed counterparts of this Amendment and (ii)
a Beneficial Ownership Certification in respect of the Borrower.

 

SECTION
6.          Miscellaneous.

 

(a)          This
Amendment is a Facility Document for all purposes of the Agreement. This Amendment may be executed in any number of counterparts
(including by facsimile or electronic mail), and by the different parties hereto on the same or separate counterparts, each of
which shall be deemed to be an original instrument but all of which together shall constitute one and the same agreement.

 

(b)          The
descriptive headings of the various sections of this Amendment are inserted for convenience of reference only and shall not be
deemed to affect the meaning or construction of any of the provisions hereof.

 

(c)          This
Amendment may not be amended or otherwise modified except as provided in the Agreement.

 

(d)          The
failure or unenforceability of any provision hereof shall not affect the other provisions of this Amendment.

 

(e)          Whenever
the context and construction so require, all words used in the singular number herein shall be deemed to have been used in the
plural, and vice versa, and the masculine gender shall include the feminine and neuter and the neuter shall include the masculine
and feminine.

 

(f)          This
Amendment represents the final agreement between the parties only with respect to the subject matter expressly covered hereby and
may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements between the parties. There are no unwritten
oral agreements between the parties.

 

(g)          THIS
AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

(h)          The
Administrative Agent authorizes and directs the Collateral Agent, the Collateral Administrator and the Custodian to enter into
this Amendment.

 

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[Remainder of Page
Intentionally Left Blank]

 

 

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IN WITNESS WHEREOF,
the undersigned have caused this Amendment to be executed by their respective officers thereunto duly authorized, as of the date
first written above.

 

	 	COOPER RIVER LLC, as Borrower
	 	 
	 	By:	/s/ William Goebel
	 	 	Name: William Goebel
	 	 	Title: Chief Financial Officer

 

	 	FS INVESTMENT CORPORATION II, as Collateral Manager
	 	 
	 	By:	/s/ William Goebel
	 	 	Name: William Goebel
	 	 	Title: Chief Financial Officer

 

Fifth Amendment to Revolving Credit and
Security Agreement

AmericasActive:12897895.3

 

     

     

    

 

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

 

Fifth Amendment to Revolving Credit and
Security Agreement

 AmericasActive:12897895.3

 

     

     

    

 

	 	GUARDIANS OF NEW ZEALAND SUPERANNUATION AS MANAGER AND ADMINISTRATOR OF THE NEW ZEALAND SUPERANNUATION FUND IN ACCORDANCE WITH THE NEW ZEALAND SUPERANNUATION AND RETIREMENT INCOME ACT 2001, as a Lender
	 	 
	 	By: 	/s/ Deborah Bush
	 	 	Name: Deborah Bush
	 	 	Title: Authorised Signatory

 

Fifth Amendment to Revolving Credit and
Security Agreement

AmericasActive:12897895.3

 

     

     

    

 

	 	CITIBANK, N.A., as Collateral Agent
	 	 
	 	By: 	/s/ Vajerie Delgado
	 	 	Name: Vajerie Delgado
	 	 	Title: Senior Trust Officer

 

	 	VIRTUS GROUP, LP, as Custodian and as Collateral Administrator
	 	 
	 	By: 	/s/ Mirna Herr
	 	 	Name: Mirna Herr
	 	 	Title: Partner

 

Fifth Amendment to Revolving Credit and
Security Agreement

AmericasActive:12897895.3

 

     

     

    

 

Exhibit A

 

[attached]

 

Fifth Amendment to Revolving Credit and
Security Agreement

AmericasActive:12897895.3

 

     

     

    

 

EXECUTION VERSION

 

FIFTH AMENDMENT TO

REVOLVING CREDIT AND SECURITY AGREEMENT

 

THIS FIFTH AMENDMENT TO REVOLVING CREDIT AND
SECURITY AGREEMENT, dated as of November 30, 2018 (this “Amendment”), is entered into by and among COOPER
RIVER LLC, a Delaware limited liability company, as borrower (the “Borrower”), the LENDERS party hereto,
CITIBANK, N.A. (“Citibank”), as administrative agent for the Secured Parties (as hereinafter defined) (in
such capacity, the “Administrative Agent”), CITIBANK, N.A., acting through its Agency & Trust division
(“Citibank Agency & Trust”), as collateral custodian for the Secured Parties (in such capacity, the
“Custodian”) and as collateral agent for the Secured Parties (in such capacity, the “Collateral
Agent”), and VIRTUS GROUP, LP (“Virtus”), as collateral administrator (in such capacity, the
“Collateral Administrator”).

 

RECITALS

 

WHEREAS, certain
of the above-named parties have entered into that certain Revolving Credit and Security Agreement, dated as of May 29, 2015 (as
amended, the “Agreement”), by and among the Borrower, the Lenders from time to time party thereto, the Administrative
Agent, the Collateral Agent, the Custodian and the Collateral Administrator; and

 

WHEREAS, pursuant
to and in accordance with Section 12.01(b) of the Agreement, the parties hereto desire to amend the Agreement in certain respects
as provided herein.

 

NOW, THEREFORE,
based upon the above Recitals, the mutual premises and agreements contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the undersigned, intending to be legally bound, hereby agree as follows:

 

SECTION 1.          Definitions.

 

Each capitalized
term used but not defined herein has the meaning ascribed thereto in the Agreement.

 

SECTION 2.          Amendments
to the Agreement.

 

The Agreement
is hereby amended to delete the bold, stricken text (indicated textually in the same manner as the following
example: stricken text) and to add the bold, double-underlined text (indicated textually in the
same manner as the following example: double-underlined text) as set forth in the pages of the Agreement attached
as Exhibit A hereto.

 

SECTION 3.          Agreement
in Full Force and Effect as Amended.

 

Except as
specifically amended hereby, all provisions of the Agreement shall remain in full force and effect. This Amendment shall not be
deemed to expressly or impliedly waive, amend or supplement any provision of the Agreement other than as expressly set forth herein
and shall not constitute a novation of the Agreement.

 

SECTION 4.          Representations
and Warranties.

 

The Borrower hereby represents and warrants as of the
date of this Amendment as follows:

 

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Fifth Amendment to Revolving Credit and
Security Agreement

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(a)          this
Amendment and each other Facility Document entered into on the date hereof has been duly executed and delivered by it;

 

(b)          this
Amendment and each other Facility Document entered into on the date hereof constitutes its legal, valid and binding obligation,
enforceable against it in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally or by general principles
of equity; and

 

(c)          there
is no Event of Default or Default that is continuing or would result from entering into this Amendment.

 

SECTION 5.          Conditions
to Effectiveness.

 

The effectiveness
of this Amendment shall be subject to the receipt by the Administrative Agent of (i) executed counterparts of this Amendment and
(ii) a Beneficial Ownership Certification in respect of the Borrower.

 

SECTION 6.          Miscellaneous.

 

(a)          This
Amendment is a Facility Document for all purposes of the Agreement. This Amendment may be executed in any number of counterparts
(including by facsimile or electronic mail), and by the different parties hereto on the same or separate counterparts, each of
which shall be deemed to be an original instrument but all of which together shall constitute one and the same agreement.

 

(b)          The
descriptive headings of the various sections of this Amendment are inserted for convenience of reference only and shall not be
deemed to affect the meaning or construction of any of the provisions hereof.

 

(c)          This
Amendment may not be amended or otherwise modified except as provided in the Agreement.

 

(d)          The
failure or unenforceability of any provision hereof shall not affect the other provisions of this Amendment.

 

(e)          Whenever
the context and construction so require, all words used in the singular number herein shall be deemed to have been used in the
plural, and vice versa, and the masculine gender shall include the feminine and neuter and the neuter shall include the masculine
and feminine.

 

(f)          This
Amendment represents the final agreement between the parties only with respect to the subject matter expressly covered hereby and
may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements between the parties. There are no unwritten
oral agreements between the parties.

 

(g)          THIS
AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

(h)          The
Administrative Agent authorizes and directs the Collateral Agent, the Collateral Administrator and the Custodian to enter into
this Amendment.

 

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    	 	2	 

     

    

 

[Remainder of Page Intentionally Left Blank]

 

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    	 	3	 

     

    

 

IN WITNESS WHEREOF, the
undersigned have caused this Amendment to be executed by their respective officers thereunto duly authorized, as of the date first
written above.

 

	 	COOPER RIVER LLC, as Borrower
	 	 
	 	By:	/s/ William
    Goebel
	 	 	Name: William Goebel
	 	 	Title: Chief Financial Officer

 

	 	FS INVESTMENT CORPORATION II, as Collateral Manager
	 	 
	 	By:	/s/ William
    Goebel
	 	 	Name: William
    Goebel
	 	 	Title: Chief Financial Officer

 

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Security Agreement

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

 

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Security Agreement

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	 	GUARDIANS OF NEW ZEALAND SUPERANNUATION AS MANAGER AND ADMINISTRATOR OF THE NEW ZEALAND SUPERANNUATION FUND IN ACCORDANCE WITH THE NEW ZEALAND SUPERANNUATION AND RETIREMENT INCOME ACT 2001, as a Lender
	 	 
	 	By:	/s/ Deborah Bush
	 		Name: Deborah Bush
	 		Title: Authorised Signatory

 

Fifth Amendment to Revolving
Credit and Security Agreement

AmericasActive:12897895.3

 

     

     

    

 

	 	CITIBANK, N.A., as Collateral Agent
	 	 
	 	By:	/s/ Vajerie Delgado
	 	 	Name: Vajerie Delgado
	 	 	Title: Senior Trust Officer

 

	 	VIRTUS GROUP, LP, as Custodian and as Collateral Administrator
	 	 
	 	By:	/s/ Mirna Herr
	 	 	Name:Mirna Herr
	 	 	Title:Partner

 

Fifth Amendment to Revolving Credit and
Security Agreement

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Exhibit A

 

[attached]

 

Fifth Amendment to Revolving Credit and
Security Agreement

AmericasActive:12897895.3

 

     

     

    

 

Conformed through
FourthFifth Amendment

 

 

 

AMENDED AND RESTATED CREDIT AND SECURITY
AGREEMENT

 

among

 

COOPER RIVER LLC,

as Borrower,

 

THE LENDERS FROM TIME TO TIME PARTIES HERETO,

 

CITIBANK, N.A.,

as Administrative Agent,

 

CITIBANK, N.A.

(acting through its Agency & Trust division),

as Custodian and as Collateral Agent,

 

and

 

VIRTUS GROUP, LP,

as Collateral Administrator

 

 

 

Dated as of May 29, 2015

 

 

 

CHI:2896725.15AmericasActive:12897920.3

 

     

     

    

 

and (y) less than 85% of the Cash Interest Coverage
Ratio with respect to such Collateral Loan, that was most recent at the time when such Collateral Loan was acquired by the Borrower;

 

(c)          a
default as to all or any portion of one or more payments of principal and/or interest has occurred (i) with respect to such Collateral
Loan (giving effect to any grace period applicable thereto but in no event exceeding five (5) Business Days past the applicable
due date) or (ii) under any other debt obligation of such Obligor which is senior or pari passu in right of payment to such
Collateral Loan (giving effect to any grace period applicable thereto but in no event exceeding five (5) Business Days past the
applicable due date);

 

(d)          a
Material Modification with respect to such Collateral Loan has occurred;

 

(e)          the
Collateral Manager has determined in accordance with the Collateral Management Standard that such Collateral Loan is on a non-accrual
status or is not collectible; or

 

(f)          an
Insolvency Event (without giving effect to any grace period set forth in such definition) with respect to the related Obligor of
such Collateral Loan has occurred.

 

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

 

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

 

“Bankruptcy Code” means the United States Bankruptcy
Code.

 

“Base
Rate” means, on any date, a fluctuating interest rate per annum equal to the highest of (a) the Prime Rate, (b)
the Federal Funds Rate plus 0.50% or (c) the LIBOR Rate for a one-month period plus 1.0%. The Base Rate is a reference
rate and does not necessarily represent the lowest or best rate actually charged to any customer of any Agent or any Lender. Interest
calculated pursuant to clauses (a), (b) and (c) above
will be determined based on a year of 360 days and actual days elapsed.

 

“Basic
Documents” means the Facility Documents, the Independent Manager Agreement, the Merger Agreement, and all documents and
certificates contemplated thereby or delivered in connection therewith.

 

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

 

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

 

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

 

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

 

“Borrower Advisors” means the
Collateral Manager, the Collateral Advisor and the Sub-Advisor.

 

“Borrower Information” has the
meaning assigned to such term in Section 12.09.

 

“Borrowing” has the meaning assigned
to such term in Section 2.01.

 

    	 	2	 

     

    

 

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

 

“Fifth Amendment
Effective Date” means November 30, 2018.

 

“Final
Maturity Date” means the earliest to occur of (i) the date designated by the Borrower (or the Collateral Manager on
its behalf) as the Final Maturity Date upon not less than five (5) Business Days’ prior notice to the Administrative Agent,
the Collateral Agent, the Lenders, the Collateral Administrator and the Custodian; (ii) the second anniversary of the last day
of the Reinvestment Period; and (iii) the date of acceleration of amounts due and payable hereunder pursuant to Section 6.02;
provided, that, in the case of the foregoing clauses (i) and (ii), if such day is not a Business Day, then
the Final Maturity Date shall be the next succeeding Business Day.

 

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

 

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

 

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

 

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

 

    	 	3	 

     

    

 

“Qualified
Institution” means a depository institution or trust company organized under the laws of the United States of America
or any one of the States thereof or the District of Columbia (or any domestic branch of a foreign bank), (i) that has either (A)
a long-term unsecured debt rating of “BBB” or better by S&P and “A3” or better by Moody’s or
(B) a short-term unsecured debt rating or certificate of deposit rating of “A-1” or better by S&P or “P-1”
or better by Moody’s, (ii) the parent corporation of which has either (A) a long-term unsecured debt rating of “BBB”
or better by S&P and “A3” or better by Moody’s or (B) a short-term unsecured debt rating or certificate of
deposit rating of “A-1” or better by S&P and “P-1” or better by Moody’s or (iii) is otherwise
acceptable to the Administrative Agent.

 

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

 

“Quarterly
Date” means each January 15, April 15, July 15 and October 15, commencing with the first such date in July, 2015.

 

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

 

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

 

“Reinvestment
Period” means the period from and including the Closing Date to and including the earliest of (a) November
30, 2018March 31, 2019 (or such later date as may be agreed by the Borrower
and the Lenders); and (b) the date of the termination of the Commitments pursuant to Section 6.02.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	4	 

     

    

 

(vi)        the
Collateral constitutes Money, Cash, accounts (as defined in Section 9-102(a)(2) of the UCC), Instruments, general intangibles
(as defined in Section 9-102(a)(42) of the UCC), Uncertificated Securities, Certificated Securities or security entitlements
to financial assets resulting from the crediting of financial assets to a “securities account” (as defined in
Section 8-501(a) of the UCC) or supporting obligations;

 

(vii)       all
Covered Accounts constitute “securities accounts” under Section 8-501(a) of the UCC or “deposit
accounts” as defined in Section 9-102 of the UCC;

 

(viii)      this
Agreement creates a valid, continuing and, upon Delivery of Collateral, execution of the Account Control Agreement and filing
of the financing statements referenced in clause (xi) below, perfected security interest (as defined in Section
1-201(37) of the UCC) in the Collateral in favor of the Collateral Agent, for the benefit and security of the Secured
Parties, which security interest is prior to all other Liens and claims (other than Permitted Liens) and is enforceable as
such against creditors of and purchasers from the Borrower, except as enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally or general
principles of equity, regardless of whether considered in a proceeding in equity or at law;

 

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

 

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

 

(xi)         with
respect to Collateral that constitutes accounts or general intangibles, the Borrower has caused or will have caused, on or
within twenty (20) days after the Closing Date, the filing of all appropriate financing statements in the proper filing
office in the appropriate jurisdictions under Applicable Law in order to perfect the security interest in the Collateral
granted to the Collateral Agent, for the benefit and security of the Secured Parties, hereunder (which the Borrower hereby
agrees may be an “all asset” filing).

 

(p)          Material
Adverse Effect. Since its date of formation, no event or condition has occurred with respect to the Borrower that
constitutes a Material Adverse Effect.

 

(q)          Special
Purpose Provision. From and including its date of formation to but excluding the Closing Date, the Borrower has complied
in all material respects with its Constituent Documents and the activities described in Section 5.1(l) of the Existing Credit
Agreement. From and including the Closing Date, the Borrower has complied in all material respects with its Constituent
Documents and the activities described in Section 5.03 hereof.

 

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

 

    	 	5	 

     

    

 

ARTICLE V

COVENANTS

 

Section 5.01.         Affirmative
Covenants of the Borrower

 

Custodian, the Securities Intermediary
and the Lenders (and each of their respective employees, representatives or other agents) may disclose to any and all Persons,
without limitation of any kind, the tax treatment and tax structure of the transactions contemplated by this Agreement and all
materials of any kind (including opinions or other tax analyses) that are provided to them relating to such tax treatment and tax
structure. The foregoing provision shall apply from the beginning of discussions between the parties. For this purpose, the tax
treatment of a transaction is the purported or claimed U.S. tax treatment of the transaction under applicable U.S. federal, state
or local law, and the tax structure of a transaction is any fact that may be relevant to understanding the purported or claimed
U.S. tax treatment of the transaction under applicable U.S. federal, state or local law.

 

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

 

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

 

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

 

(m)          Calculation
of Borrowing Base. The Borrower shall calculate (or cause the Collateral Manager to calculate) the Borrowing Base on the
last Business Day of each calendar week or, if requested by the Administrative Agent in its sole discretion, on each Business
Day.

 

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

 

Section 5.02.         Negative
Covenants of the Borrower

 

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

 

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

 

(b)          Liquidation;
Merger; Sale of Collateral. It shall not consummate any plan of liquidation, dissolution, division, partial
liquidation, merger or consolidation (or suffer any liquidation, dissolution or partial liquidation) nor sell, transfer,
exchange or otherwise dispose of any of its assets (other than dispositions permitted under this Agreement), or enter into an
agreement or commitment to do so or enter into or engage in any business with respect to any part of its assets, except as
expressly permitted by this

 

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