Document:

Exhibit 10.1

 

Execution Version

 

AMENDMENT
NO. 1 TO AMENDED AND RESTATED SENIOR

SECURED
REVOLVING CREDIT AGREEMENT 

 

This
AMENDMENT NO. 1 (this “Amendment”) dated as of February 8, 2019, is made with respect to the Amended and Restated
Senior Secured Revolving Credit Agreement, dated as of August 12, 2016 (as modified by the Limited Waiver to Amended and Restated
Senior Secured Revolving Credit Agreement, dated as of September 27, 2018, and as further amended, restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”), among SIERRA INCOME CORPORATION, a Maryland corporation
(the “Borrower”), the several banks and other financial institutions or entities from time to time party to
the Credit Agreement as lenders (the “Lenders”), ING CAPITAL LLC, as administrative agent for the Lenders under
the Credit Agreement (in such capacity, together with its successors in such capacity, the “Administrative Agent”),
and solely for purposes of Section 2.10, SIC AAR LLC, a Delaware limited liability company (“SIC AAR”), SIC
INVESTMENT HOLDINGS LLC, a Delaware limited liability company (“SIC Holdings”), and SIERRA MANAGEMENT INC.,
a Delaware corporation (together with SIC AAR and SIC Holdings, the “Subsidiary Guarantors”, and together with
the Borrower, the “Obligors”). Capitalized terms not otherwise defined herein shall have the meanings ascribed
to them in the Credit Agreement (as amended hereby).

 

W
I T  N  E  S  S E T H:

 

WHEREAS,
pursuant to the Credit Agreement, the Lenders have made certain loans and other extensions of credit to the Borrower; and

 

WHEREAS,
the Borrower has requested that the Lenders and the Administrative Agent amend certain provisions of the Credit Agreement and
the Lenders signatory hereto and the Administrative Agent have agreed to do so on the terms and subject to the conditions contained
in this Amendment.

 

NOW
THEREFORE, in consideration of the promises and the mutual agreements contained herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

SECTION
I AMENDMENTS TO CREDIT AGREEMENT

 

Effective
as of the Amendment No. 1 Effective Date (as defined below), and subject to the terms and conditions set forth below, the Credit
Agreement is hereby amended to:

 

(a)
delete the stricken text (indicated textually in the same manner as the following example: stricken text or stricken
text) and to add the double-underlined text (indicated textually in the same manner as the following example:  double-underlined
text or  double-underline text) as set forth in the Credit
Agreement attached hereto as Exhibit A; and

 

(b)
add the new Exhibit E attached hereto as a new Exhibit to the Credit Agreement in alphabetical order therein.

 

     

     

    

 

SECTION
II MISCELLANEOUS

 

2.1.
Conditions to Effectiveness of Amendment. This Amendment shall become effective as of the date (the “Amendment
No. 1 Effective Date”) on which the Borrower and each Subsidiary Guarantor party hereto have satisfied each of the following
conditions precedent (unless a condition shall have been waived in accordance with Section 9.02 of the Credit Agreement):

 

(a)
Executed Counterparts. The Administrative Agent shall have received from each party hereto either (1) a counterpart
of this Amendment signed on behalf of such party or (2) written evidence satisfactory to the Administrative Agent (which
may include telecopy transmission or electronic mail of a signed signature page to this Amendment) that such party has signed
a counterpart of this Amendment.

 

(b)
Fees and Expenses. The Borrower shall have paid in full to the Administrative Agent and the Lenders all fees and expenses
owing related to this Amendment and the Credit Agreement owing, incurred and invoiced on or prior to the Amendment No. 1 Effective
Date due to any Lender on the Amendment No. 1 Effective Date.

 

(c)
Other Documents. The Administrative Agent shall have received such other documents, instruments, certificates, opinions
and information as the Administrative Agent may reasonably request in form and substance reasonably satisfactory to the Administrative
Agent.

 

The
contemporaneous exchange and release of executed signature pages by each of the Persons contemplated to be a party hereto shall
render this Amendment effective and any such exchange and release of such executed signature pages by all such persons shall constitute
satisfaction or waiver (as applicable) of any condition precedent to such effectiveness set forth above.

 

2.2.
Representations and Warranties. To induce the other parties hereto to enter into this Amendment, the Borrower represents
and warrants to the Administrative Agent and each of the Lenders that, as of the Amendment No. 1 Effective Date and after giving
effect to this Amendment:

 

(a)
This Amendment has been duly authorized, executed and delivered by the Borrower and the Subsidiary Guarantors, and constitutes
a legal, valid and binding obligation of the Borrower and the Subsidiary Guarantors enforceable in accordance with its terms,
except as such enforceability may be limited by (a) bankruptcy, insolvency, reorganization, moratorium or similar laws of
general applicability affecting the enforcement of creditors’ rights and (b) the application of general principles
of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). The Credit Agreement,
as amended by this Amendment, constitutes the legal, valid and binding obligation of the Borrower enforceable in accordance with
its respective terms, except as such enforceability may be limited by (a) bankruptcy, insolvency, reorganization, moratorium
or similar laws of general applicability affecting the enforcement of creditors’ rights and (b) the application of
general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

 

    2

     

    

 

(b)
The representations and warranties set forth in Article III of the Credit Agreement as amended by this Amendment and the representations
and warranties in each other Loan Document are true and correct in all material respects (other than any representation or warranty
already qualified by materiality or Material Adverse Effect, which shall be true and correct in all respects) on and as of the
Amendment No. 1 Effective Date or as to any such representations and warranties that refer to a specific date, as of such specific
date.

 

(c)
No Default or Event of Default has occurred or is continuing under the Credit Agreement.

 

2.3.
Counterparts. This Amendment may be executed in counterparts (and by different parties hereto on different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Amendment
constitutes the entire contract between and among the parties relating to the subject matter hereof and supersedes any and all
previous agreements and understandings, oral or written, relating to the subject matter hereof. Delivery of an executed counterpart
of this Amendment by telecopy or electronic mail shall be effective as delivery of a manually executed counterpart of this Amendment.

 

2.4.
Payment of Expenses. The Borrower agrees to pay and reimburse, pursuant to Section 9.03 of the Credit Agreement, the Administrative
Agent for all of its reasonable and documented out-of-pocket costs and expenses incurred in connection with this Amendment.

 

2.5.
GOVERNING LAW. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

 

2.6. WAIVER
OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO
A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AMENDMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED
TO ENTER INTO THIS AMENDMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

2.8.
Incorporation of Certain Provisions. The provisions of Sections 9.01, 9.07, 9.09 and 9.12 of the Credit Agreement are hereby
incorporated by reference mutatis mutandis as if fully set forth herein.

 

    3

     

    

 

2.9.
Effect of Amendment. Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit,
impair, constitute a waiver of, or otherwise affect the rights and remedies of the Lenders, the Administrative Agent, the Collateral
Agent, the Borrower or the Subsidiary Guarantors under the Credit Agreement or any other Loan Document, and, except as expressly
set forth herein, shall not alter, modify, amend or in any way affect any of the other terms, conditions, obligations, covenants
or agreements contained in the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects
and shall continue in full force and effect. Nothing herein shall be deemed to entitle any Person to a consent to, or a waiver,
amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the
Credit Agreement or any other Loan Document in similar or different circumstances. This Amendment shall apply and be effective
only with respect to the provisions amended herein of the Credit Agreement. Upon the effectiveness of this Amendment, each reference
in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or
words of similar import shall mean and be a reference to the Credit Agreement as amended by this Amendment and each reference
in any other Loan Document shall mean the Credit Agreement as amended hereby. This Amendment shall constitute a Loan Document.

 

2.10.
Consent and Affirmation. Without limiting the generality of the foregoing, by its execution hereof, each of the Borrower
and the Subsidiary Guarantors hereby to the extent applicable as of the Amendment No. 1 Effective Date (i) consents to this Amendment
and the transactions contemplated hereby, (ii) agrees that the Guarantee and Security Agreement and each of the other Security
Documents is in full force and effect, (iii) confirms its guarantee (solely in the case of the Subsidiary Guarantors) and affirms
its obligations under the Guarantee and Security Agreement and confirms its grant of a security interest in its assets as Collateral
for the Secured Obligations (as defined in the Guarantee and Security Agreement), and (iv) acknowledges and affirms that such
guarantee and/or grant, as applicable, is in full force and effect in respect of, and to secure, the Secured Obligations (as defined
in the Guarantee and Security Agreement).

 

 

[Signature
pages follow]

    4

     

    

 

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

 

	 	SIERRA
    INCOME CORPORATION, as Borrower
	 	 	 
	 	By:	/s/
    Richard T. Allorto Jr.
	 	Name: 	Richard
    T. Allorto Jr.
	 	Title:	Chief
    Financial Officer

 

 

[Amendment No. 1 to Amended
and Restated Revolving Credit Agreement]

     

     

    

 

	 	SIC
    AAR LLC, as Subsidiary Guarantor
	 	 
	 	By:
    Sierra Income Corporation, its managing member
	 	 	 
	 	By:	/s/
    Richard T. Allorto Jr.
	 	Name: 	Richard
    T. Allorto Jr.
	 	Title:	Chief
    Financial Officer

 

 

[Amendment
No. 1 to Amended and Restated Revolving Credit Agreement]

     

     

    

 

	 	SIC
    INVESTMENT HOLDINGS LLC, as Subsidiary Guarantor
	 	 
	 	By:
    Sierra Income Corporation, its managing member
	 	 	 
	 	By:	/s/
    Richard T. Allorto Jr.
	 	Name: 	Richard
    T. Allorto Jr.
	 	Title:	Chief
    Financial Officer

 

 

[Amendment No. 1 to Amended
and Restated Revolving Credit Agreement]

     

     

    

 

	 	SIERRA
    MANAGEMENT INC., as Subsidiary Guarantor
	 	 	 
	 	By:	/s/
    Richard T. Allorto Jr.
	 	Name: 	Richard
    T. Allorto Jr.
	 	Title:	Treasurer
    and Chief Financial Officer

 

 

[Amendment
No. 1 to Amended and Restated Revolving Credit Agreement]

     

     

    

 

	 	ING
    CAPITAL LLC, as Administrative Agent and a Lender
	 	 	 
	 	By:	/s/
    Nick Smit
	 	Name:	Nick
    Smit
	 	Title:	Managing
    Director
	 	 	 
	 	By:	/s/
    Dominik Breuer
	 	Name: 	Dominik
    Breuer
	 	Title:	Vice
    President

 

 

[Amendment
No. 1 to Amended and Restated Revolving Credit Agreement]

     

     

    

 

	 	CITY
    NATIONAL BANK, as a Lender
	 	 	 
	 	By:	/s/
    Brandon Feitelson
	 	Name: 	Brandon
    Feitelson
	 	Title:	Senior
    Vice President

 

 

[Amendment
No. 1 to Amended and Restated Revolving Credit Agreement]

     

     

    

 

	 	CUSTOMER
    BANK, as a Lender
	 	 	 
	 	By:	/s/
    Lyle P. Cunningham
	 	Name: 	Lyle
    P. Cunningham
	 	Title:	Executive
    Vice President

 

 

[Amendment No. 1 to Amended
and Restated Revolving Credit Agreement]

     

     

    

 

	 	KEYBANK,
    N.A., as a Lender
	 	 	 
	 	By:	/s/
    RICHARD ANDERSEN
	 	Name: 	RICHARD
    ANDERSEN
	 	Title:	Designated
    Signer

 

 

[Amendment
No. 1 to Amended and Restated Revolving Credit Agreement]

     

     

    

 

	 	SIGNATURE
    BANK, as a Lender
	 	 	 
	 	By:	/s/
    Richard Ohl
	 	Name: 	Richard
    Ohl
	 	Title:	Vice
    President, Sr. Lender

 

 

[Amendment
No. 1 to Amended and Restated Revolving Credit Agreement]

     

     

    

 

	 	Tiaa,
    Fsb, as a lender
	 	 	 
	 	By:	/s/
    Joshua Kinsey
	 	Name: 	Joshua
    Kinsey
	 	Title:	Vice
    President

 

 

[Amendment
No. 1 to Amended and Restated Revolving Credit Agreement]

     

     

    

  

EXHIBIT A

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

 

AMENDED AND RESTATED SENIOR SECURED

REVOLVING CREDIT AGREEMENT

 

dated as of

 

August 12, 2016

 

as
amended by Amendment No. 1 to Amended and Restated Senior Secured Revolving Credit Agreement dated as of February 8, 2019

 

among

 

SIERRA INCOME CORPORATION,

as Borrower

 

The LENDERS Party Hereto

 

and

 

ING CAPITAL LLC,

as Administrative Agent,

Arranger and Bookrunner

 

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE I
	 
	DEFINITIONS
	 	 	 
	SECTION 1.01.	Defined Terms	1
	SECTION 1.02.	Classification of Loans and Borrowings	3840
	SECTION 1.03.	Terms Generally	3840
	SECTION 1.04.	Accounting Terms; GAAP	3941
	SECTION 1.05.	Currencies Generally	3941
	SECTION 1.06.	Special Provisions Relating to Euro	4042
	SECTION 1.07.	Actions Simultaneous	4143
	 	 	 
	ARTICLE II
	 
	THE CREDITS
	 	 	 
	SECTION 2.01.	The Commitments	4143
	SECTION 2.02.	Loans and Borrowings	4143
	SECTION 2.03.	Requests for Borrowings	4345
	SECTION 2.04.	Funding of Borrowings	4446
	SECTION 2.05.	Interest Elections	4547
	SECTION 2.06.	Termination, Reduction or Increase of the Commitments	4648
	SECTION 2.07.	Repayment of Loans; Evidence of Debt	4951
	SECTION 2.08.	Prepayment of Loans	5052
	SECTION 2.09.	Fees	5456
	SECTION 2.10.	Interest	5557
	SECTION 2.11.	Eurocurrency Borrowing Provisions	5658
	SECTION 2.12.	Increased Costs	5759
	SECTION 2.13.	Break Funding Payments	5860
	SECTION 2.14.	Taxes	5961
	SECTION 2.15.	Payments Generally; Pro Rata Treatment: Sharing of Set-offs	6264
	SECTION 2.16.	Defaulting Lenders	6466
	SECTION 2.17.	Mitigation Obligations; Replacement of Lenders	6567
	 	 	 
	ARTICLE III
	 
	REPRESENTATIONS AND WARRANTIES
	 	 	 
	SECTION 3.01.	Organization; Powers	6668
	SECTION 3.02.	Authorization; Enforceability	6668

 

    (i)

     

    

 

	SECTION 3.03.	Governmental Approvals; No Conflicts	6668
	SECTION 3.04.	Financial Condition; No Material Adverse Effect	6769
	SECTION 3.05.	Litigation	6769
	SECTION 3.06.	Compliance with Laws and Agreements	6769
	SECTION 3.07.	Taxes	6769
	SECTION 3.08.	ERISA	6770
	SECTION 3.09.	Disclosure	6870
	SECTION 3.10.	Investment Company Act; Margin Regulations.	6870
	SECTION 3.11.	Material Agreements and Liens	6971
	SECTION 3.12.	Subsidiaries and Investments	6971
	SECTION 3.13.	Properties	7072
	SECTION 3.14.	Solvency	7072
	SECTION 3.15.	Affiliate Agreements	7072
	SECTION 3.16.	Structured Subsidiaries	7072
	SECTION 3.17.	Compliance with Sanctions.	7073
	SECTION 3.18.	Anti-Money Laundering Program	7173
	SECTION 3.19.	Foreign Corrupt Practices Act.	7173
	 	 	 
	ARTICLE IV
	 
	CONDITIONS
	 	 	 
	SECTION 4.01.	Restatement Effective Date	7174
	SECTION 4.02.	Each Credit Event	7577
	 	 	 
	ARTICLE V
	 
	AFFIRMATIVE COVENANTS
	 	 	 
	SECTION 5.01.	Financial Statements and Other Information	7578
	SECTION 5.02.	Notices of Material Events	7981
	SECTION 5.03.	Existence; Conduct of Business	7982
	SECTION 5.04.	Payment of Obligations	7982
	SECTION 5.05.	Maintenance of Properties; Insurance	8082
	SECTION 5.06.	Books and Records; Inspection and Audit Rights	8082
	SECTION 5.07.	Compliance with Laws and Agreements	8183
	SECTION 5.08.	Certain Obligations Respecting Subsidiaries; Further Assurances	8183
	SECTION 5.09.	Use of Proceeds	8487
	SECTION 5.10.	Status of RIC and BDC	8587
	SECTION 5.11.	Investment Policies	8587
	SECTION 5.12.	Portfolio Valuation and Diversification Etc.	8587
	SECTION 5.13.	Calculation of Borrowing Base	9294
	SECTION 5.14.	Anti-Hoarding of Assets at Non-Pledged Financing Subsidiaries	101104
	SECTION 5.15.	Anti-Hoarding of Assets at Specified Management Entities	105
	SECTION 5.16.	Mergers	105

 

    (ii)

     

    

 

	ARTICLE VI
	 
	NEGATIVE COVENANTS
	 	 	 
	SECTION 6.01.	Indebtedness	102105
	SECTION 6.02.	Liens	104108
	SECTION 6.03.	Fundamental Changes	105109
	SECTION 6.04.	Investments	107110
	SECTION 6.05.	Restricted Payments	107111
	SECTION 6.06.	Certain Restrictions on Subsidiaries	109113
	SECTION 6.07.	Certain Financial Covenants	110114
	SECTION 6.08.	Transactions with Affiliates	110115
	SECTION 6.09.	Lines of Business	111115
	SECTION 6.10.	No Further Negative Pledge	111116
	SECTION 6.11.	Modifications of Indebtedness and Affiliate Agreements	111116
	SECTION 6.12.	Payments of Term Loans and Longer-Term Indebtedness	112117
	SECTION 6.13.	Modification of Investment Policies	112117
	SECTION 6.14.	SBIC Guarantee	113117
	SECTION 6.15.	Management Entities	117
	 	 	 
	ARTICLE VII
	 
	EVENTS OF DEFAULT
	 
	ARTICLE VIII
	 
	THE ADMINISTRATIVE AGENT
	 	 	 
	SECTION 8.01.	Appointment of the Administrative Agent	117121
	SECTION 8.02.	Capacity as Lender	117122
	SECTION 8.03.	Limitation of Duties; Exculpation	117122
	SECTION 8.04.	Reliance	117122
	SECTION 8.05.	Sub-Agents	118123
	SECTION 8.06.	Resignation; Successor Administrative Agent	118123
	SECTION 8.07.	Reliance by Lenders	118123
	SECTION 8.08.	Modifications to Loan Documents	119124
	 	 	 
	ARTICLE IX
	 
	MISCELLANEOUS
	 	 	 
	SECTION 9.01.	Notices; Electronic Communications	119124
	SECTION 9.02.	Waivers; Amendments	122127
	SECTION 9.03.	Expenses; Indemnity; Damage Waiver	124128
	SECTION 9.04.	Successors and Assigns	126130
	SECTION 9.05.	Survival	130134

 

    (iii)

     

    

 

	SECTION 9.06.	Counterparts; Integration; Effectiveness; Electronic Execution	131135
	SECTION 9.07.	Severability	131135
	SECTION 9.08.	Right of Setoff	131135
	SECTION 9.09.	Governing Law; Jurisdiction; Etc	132136
	SECTION 9.10.	WAIVER OF JURY TRIAL	132136
	SECTION 9.11.	Judgment Currency	133137
	SECTION 9.12.	Headings	133137
	SECTION 9.13.	Treatment of Certain Information; Confidentiality	133137
	SECTION 9.14.	USA PATRIOT Act	135138
	SECTION 9.15.	Termination	135139
	SECTION 9.16.	Acknowledgment and Consent to Bail-In of EEA Financial Institutions	135139
	SECTION 9.17.	Amendment and Restatement	135139
	SECTION 9.18.	Mergers.	140

 

	SCHEDULE 1.01(a)	-	Approved Dealers and Approved Pricing Services
	SCHEDULE 1.01(b)	-	Commitments
	SCHEDULE 1.01(c)	-	Risk Factors
	SCHEDULE 1.01(d)	-	Eligibility Criteria
	SCHEDULE 3.11(a)	-	Material Agreements
	SCHEDULE 3.11(b)	-	Liens
	SCHEDULE 3.11(c)	 	Accounts
	SCHEDULE 3.12(a)	-	Subsidiaries
	SCHEDULE 3.12(b)	-	Investments
	SCHEDULE 6.08	-	Certain Affiliate Transactions

 

	EXHIBIT A	-	Form of Assignment and Assumption
	EXHIBIT B	-	Form of Borrowing Base Certificate
	EXHIBIT C	-	Form of Amended and Restated Promissory Note
	EXHIBIT D	-	Form of Borrowing Request
	EXHIBIT E	-	Form of Merger Confirmation

 

    (iv)

     

    

 

AMENDED AND RESTATED SENIOR SECURED REVOLVING CREDIT
AGREEMENT dated as of August 12, 2016 (this “Agreement”), among SIERRA INCOME CORPORATION, a Maryland corporation
(the “Borrower”), the LENDERS party hereto, and ING CAPITAL LLC, as Administrative Agent.

 

WHEREAS, the Borrower and the Administrative Agent
entered into that certain Senior Secured Revolving Credit Agreement dated as of December 4, 2013 (as the same has been amended,
supplemented or otherwise modified from time to time until the date hereof, the “Existing Credit Agreement”)
with the lenders party thereto from time to time (the “Existing Lenders”), pursuant to which the Existing Lenders
extended certain commitments and made certain loans to the Borrower (the “Existing Loans”);

 

WHEREAS, the Borrower desires to amend and restate
the Existing Credit Agreement to make certain changes, including to extend the maturity date and to provide for increased commitments
from certain of the Existing Lenders (the “Increasing Existing Lenders”) and new commitments from certain lenders
party to this Agreement (the “New Lenders”);

 

WHEREAS, the Borrower wishes to prepay in full the
pro rata portion of the Existing Loans and other obligations owing to certain Existing Lenders identified in writing by
the Administrative Agent to the Borrower (the “Exiting Lenders”) with a corresponding termination of each such
Exiting Lenders’ commitments; and

 

WHEREAS, the Existing Lenders are willing to enter
into this Agreement, and the New Lenders and the Increasing Existing Lenders are willing to enter into this Agreement to provide
new commitments, each upon the terms and subject to the conditions set forth herein.

 

NOW, THEREFORE, in consideration of the premises
and the covenants and agreements contained herein, the parties hereto hereby agree that, effective as of the Restatement Effective
Date, the Existing Credit Agreement is hereby amended and restated in its entirety as follows:

 

Article I

DEFINITIONS

 

Section 1.01. 
Defined Terms. As used in this Agreement, the following terms have the meanings specified below and the terms
defined in Section 5.13 have the meanings assigned thereto in such section:

 

“2021
Notes” means MCC’s 6.50% Unsecured Notes due 2021.

 

“ABR”,
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans constituting such Borrowing, are bearing
interest at a rate determined by reference to the Alternate Base Rate.

 

     

     

    

 

“Adjusted Borrowing Base” means
the Borrowing Base minus the aggregate amount of Cash and Cash Equivalents included in the Borrowing Base.

 

“Adjusted Covered Debt Balance”
means, on any date, the aggregate Covered Debt Amount on such date minus the aggregate amount of Cash and Cash Equivalents
included in the Borrowing Base.

 

“Adjusted LIBO Rate” means, for
the Interest Period for any Eurocurrency Borrowing, an interest rate per annum (rounded upwards, if necessary, to the next 1/16
of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate for such Interest
Period.

 

“Administrative Agent” means ING,
in its capacity as administrative agent for the Lenders hereunder.

 

“Administrative Agent’s Account”
means an account designated by the Administrative Agent in a notice to the Borrower and the Lenders.

 

“Administrative Questionnaire”
means an Administrative Questionnaire in a form supplied by the Administrative Agent.

 

“Advance Rate” has the meaning
assigned to such term in Section 5.13.

 

“Affiliate” means, with respect
to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled
by or is under common Control with the Person specified. Anything herein to the contrary notwithstanding, the term “Affiliate”
of an Obligor shall not include any Person that constitutes an Investment held by any Obligor in the ordinary course of business;
provided that, for clarity, Sierra Management shall continue to constitute an Affiliate of an Obligor hereunder both before and
after the consummation of the Mergers.

 

“Affiliate Agreements” means,
(x) collectively, prior
to the consummation of the Mergers, (a) the Investment Management Agreement, dated as of April 5, 20122012,
between the Borrower and the Investment Advisor, and (b) the Administration Agreement, dated as of April 5, 2012, between
the Borrower and Medley Capital LLC. and (y) on and after the consummation
of the Mergers, (a) an investment advisory agreement substantially identical to the form of the Investment Advisory Agreement
between the Borrower and MCC Advisors LLC attached as Appendix K to the Joint Proxy Statement/Prospectus of the Borrower, MCC
and Medley Management Inc. filed with the SEC on December 21, 2018 and (b) an administration agreement substantially similar to
the Administration Agreement, dated as of January 19, 2011, between MCC and MCC Advisors LLC. 

 

“Agency Account” has the meaning
assigned to such term in Section 5.08(c)(v).

 

“Agreed Foreign Currency” means,
at any time, Canadian Dollars and, with the prior consent of each Multicurrency Lender, any other Foreign Currency, so long as,
in respect of such Canadian Dollars or other Foreign Currency, at such time (a) such Foreign Currency is dealt with in the London
interbank deposit market, (b) such Foreign Currency is freely transferable and convertible into Dollars in the London foreign
exchange market and (c) no central bank or other governmental authorization in the country of issue of such Foreign Currency is
required to permit use of such Foreign Currency by any Multicurrency Lender for making any Loan hereunder and/or to permit the
Borrower to borrow and repay the principal thereof and to pay the interest thereon, unless such authorization has been obtained
and is in full force and effect.

 

    2

     

    

 

“Alternate Base Rate” means, for
any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate
for such day plus 1/2 of 1%, (c) the LIBO Rate for deposits in Dollars for a period of three (3) months plus 1%
and (d) zero. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or such
LIBO Rate shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective
Rate, or such LIBO Rate, as the case may be.

 

“Amendment
No. 1 Effective Date” means February 8, 2019.

 

“Applicable Commitment Fee Rate”
means a rate per annum equal to (x) 1.50%, if the used portion of the aggregate Commitments as of the close of business on such
day (after giving effect to Borrowings, prepayments and Commitment reductions on such day) is less than or equal to an amount
equal to forty percent (40%) of such aggregate Commitments, (y) 0.75%, if the used portion of the aggregate Commitments as of
the close of business on such day (after giving effect to Borrowings, prepayments and Commitment reductions on such day) is greater
than an amount equal to forty percent (40%) of such aggregate Commitments and less than or equal to an amount equal to sixty-five
percent (65%) of such aggregate Commitments and (z) 0.50%, if the used portion of the aggregate Commitments as of the close of
business on such day (after giving effect to Borrowings, prepayments and Commitment reductions on such day) is greater than an
amount equal to sixty-five percent (65%) of such aggregate Commitments. For purposes of determining the Applicable Commitment
Fee Rate, the Commitments shall be deemed to be used to the extent of the outstanding Loans of all Lenders.

 

“Applicable Dollar Percentage”
means, with respect to any Dollar Lender, the percentage of the total Dollar Commitments represented by such Dollar Lender’s
Dollar Commitment. If the Dollar Commitments have terminated or expired, the Applicable Dollar Percentage shall be determined
based upon the Dollar Loans then outstanding, giving effect to any assignments pursuant to Section 9.04(b).

 

“Applicable Margin” means a per
annum rate determined on a daily basis according to the following pricing grid:

 

	 	 	When the Step-Down Condition is not Satisfied	 	 	When the Step-Down Condition is Satisfied	 
	Eurocurrency Loans	 	 	2.75	%	 	 	2.50	%
	ABR Loans	 	 	1.75	%	 	 	1.50	%

 

    3

     

    

 

“Applicable Multicurrency Percentage”
means, with respect to any Multicurrency Lender, the percentage of the total Multicurrency Commitments represented by such Multicurrency
Lender’s Multicurrency Commitment. If the Multicurrency Commitments have terminated or expired, the Applicable Multicurrency
Percentage shall be determined based upon the Multicurrency Loans then outstanding, giving effect to any assignments pursuant
to Section 9.04(b).

 

“Applicable Percentage” means,
with respect to any Lender, the percentage of the total Commitments represented by such Lender’s Commitments. If the Commitments
have terminated or expired, the Applicable Percentages shall be determined based upon the Commitments most recently in effect,
giving effect to any assignments pursuant to Section 9.04(b).

 

“Approved Dealer” means (a) in
the case of any Eligible Portfolio Investment that is not a U.S. Government Security, a bank or a broker-dealer registered under
the Securities Exchange Act of 1934 of nationally recognized standing or an Affiliate thereof as set forth on Schedule 1.01(a),
(b) in the case of a U.S. Government Security, any primary dealer in U.S. Government Securities as set forth on Schedule
1.01(a), (c) in the case of any foreign Portfolio Investment, any foreign broker-dealer of internationally recognized standing
or an Affiliate thereof, in the case of each of clauses (a), (b) and (c) above, as set forth on Schedule 1.01(a) or (d)
any other bank or broker-dealer acceptable to the Administrative Agent in its reasonable determination.

 

“Approved Pricing Service” means
a pricing or quotation service as set forth in Schedule 1.01(a) or any other pricing or quotation service (a) approved
by the Board of Directors of the Borrower, (b) designated in writing to the Administrative Agent by the Borrower (which designation
shall be accompanied by a copy of a resolution of the Board of Directors of the Borrower that such pricing or quotation service
has been approved by the Borrower), and (c) acceptable to the Administrative Agent in its reasonable determination.

 

“Approved Third-Party Appraiser”
means any of Houlihan Lokey, Duff & Phelps LLC, Murray, Devine and Company, Lincoln Advisors, Alvarez & Marsal and Valuation
Research Corporation and their respective Affiliates that provide valuation services, in each case only so long as such firm has
been approved by a resolution of the Board of Directors of the Borrower to assist the Board of Directors of the Borrower in making
valuations of portfolio assets to determine the Borrower’s compliance with the applicable provisions of this Agreement,
or any other Independent nationally recognized third-party appraisal firm approved by the Board of Directors and engaged for that
purpose and acceptable to the Administrative Agent in its reasonable discretion, provided that, in each case to the extent
such Approved Third-Party Appraiser requests or requires a non-reliance letter, confidentiality agreement or similar agreement
prior to allowing the Administrative Agent to review the written valuation report of the Approved Third-Party Appraiser referred
to in the first sentence of Section 5.12(b)(ii)(B)(y), such Administrative Agent and such Approved Third-Party Appraiser shall
have entered into such a letter or agreement.

 

    4

     

    

 

“Arbor Funding” means Arbor Funding
LLC, a Delaware limited liability company.

 

“Asset Coverage Ratio” means,
on a consolidated basis for Borrower and its Subsidiaries, the ratio which the value of total assets, less all liabilities and
indebtedness not represented by Senior Securities, bears to the aggregate amount of Senior Securities representing indebtedness
(which, for the avoidance of doubt, shall include Guarantees made by the Borrower pursuant to Section 6.01(l)) of the Borrower
and its Subsidiaries (all as determined pursuant to the Investment Company Act and any orders of the SEC issued to the Borrower
thereunder). For clarity, the calculation of the Asset Coverage Ratio shall be made in accordance with any exemptive order issued
by the Securities and Exchange Commission under Section 6(c) of the Investment Company Act relating to the exclusion of any Indebtedness
of any SBIC Subsidiary from the definition of Senior Securities only so long as (a) such order is in effect, and (b) no obligations
have become due and owing pursuant to the terms of any Permitted SBIC Guarantee. For the avoidance of doubt, the outstanding utilized
notional amount of any total return swap less all of the cash collateral supporting such total return swap at such time shall
be treated as a Senior Security for the purposes of calculating the Asset Coverage Ratio.

 

“Asset Sale” means a sale, lease
or sub lease (as lessor or sublessor), sale and leaseback, assignment, conveyance, transfer or other disposition to, or any exchange
of property with, any Person, in one transaction or a series of transactions, of all or any part of any Obligor’s assets
or properties of any kind, whether real, personal, or mixed and whether tangible or intangible, whether now owned or hereafter
acquired; provided, however, the term “Asset Sale” as used in this Agreement shall not include the disposition of
Portfolio Investments originated by the Borrower and promptly transferred to a Financing Subsidiary pursuant to the terms of Section
6.03(f) hereof.

 

“Assignment and Assumption” means
an Assignment and Assumption entered into by a Lender and an assignee (with the consent of any party whose consent is required
by Section 9.04), and accepted by the Administrative Agent as provided in Section 9.04, in the form of Exhibit A or any
other form approved by the Administrative Agent.

 

“Assuming Lender” has the meaning
assigned to such term in Section 2.06(f).

 

“Availability Period” means the
period from and including the Original Effective Date to but excluding the earlier of the Revolver Termination Date and the date
of termination of the Commitments.

 

“Bail-In Action” means the exercise
of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial
Institution.

 

“Bail-In Legislation” means, with
respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council
of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In
Legislation Schedule.

 

    5

     

    

 

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

 

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

 

“Borrower External Unquoted Value”
has the meaning assigned to such term in Section 5.12(b)(ii).

 

“Borrower
Merger” means the merger of MCC with and into the Borrower, with the Borrower as the surviving company, on the terms and
conditions set forth in the MCC Merger Agreement.

 

“Borrower
Tested Assets” has the meaning assigned to such term in Section 5.12(b)(ii).

 

“Borrowing” means (a) all ABR
Loans of the same Class made, converted or continued on the same date or (b) all Eurocurrency Loans of the same Class denominated
in the same Currency that have the same Interest Period.

 

“Borrowing Base” has the meaning
assigned to such term in Section 5.13.

 

“Borrowing Base Certificate” means
a certificate of a Financial Officer of the Borrower, substantially in the form of Exhibit B and appropriately completed.

 

“Borrowing Base Deficiency” means,
at any date on which the same is determined, the amount, if any, that (i) (a) the aggregate Covered Debt Amount as of such date
exceeds (b) the Borrowing Base as of such date, or (ii) (a) the aggregate Covered Debt Amount as of such date exceeds the sum
of (b) (x) the aggregate Value of all Eligible Portfolio Investments included in the Borrowing Base, less (y) the aggregate Value
of all Eligible Portfolio Investments issued by the five (5) largest issuers (for the avoidance of doubt, the calculation of Value
for purposes of this clause (ii) shall be made without taking into account any Advance Rate).

 

“Borrowing Request” means a request
by the Borrower for a Borrowing in accordance with Section 2.03, substantially in the form of Exhibit D hereto or such
other form as is reasonably acceptable to the Administrative Agent.

 

“Business Day” means any day (a)
that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to remain
closed, (b) if such day relates to a borrowing of, a payment or prepayment of principal of or interest on, a continuation or conversion
of or into, or the Interest Period for, a Eurocurrency Borrowing denominated in Dollars, or to a notice by the Borrower with respect
to any such borrowing, payment, prepayment, continuation, conversion, or Interest Period, that is also a day on which dealings
in deposits denominated in Dollars are carried out in the London interbank market and (c) if such day relates to a borrowing or
continuation of, a payment or prepayment of principal of or interest on, or the Interest Period for, any Borrowing denominated
in any Foreign Currency, or to a notice by the Borrower with respect to any such borrowing, continuation, payment, prepayment
or Interest Period, that is also a day on which commercial banks and the London foreign exchange market settle payments in the
Principal Financial Center for such Foreign Currency.

 

    6

     

    

 

“CAM Exchange” means the exchange
of the Lenders’ interests provided for in Article VII.

 

“CAM Exchange Date” means the
first date on which there shall occur (a) any event referred to in paragraph (h) or (i) of Article VII or (b) an acceleration
of Loans pursuant to Article VII.

 

“CAM Percentage” means, as to
each Lender, a fraction, expressed as a decimal, of which (a) the numerator shall be the aggregate Dollar Equivalent of the Designated
Obligations owed to such Lender (whether or not at the time due and payable) immediately prior to the CAM Exchange Date and (b)
the denominator shall be the aggregate Dollar Equivalent amount of the Designated Obligations owed to all the Lenders (whether
or not at the time due and payable) immediately prior to the CAM Exchange Date.

 

“Canadian Issuer” shall mean any
Person (i) organized under the laws of Canada or any province thereof, (ii) domiciled in Canada or (iii) with principal operations
or any other material property or other material assets pledged as collateral and located in Canada.

 

“Capital Lease Obligations” of
any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying
the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted
for as capital leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized
amount thereof determined in accordance with GAAP. Notwithstanding any other provision contained herein, solely with respect to
any change in GAAP after the Restatement Effective Date with respect to the accounting for leases as either operating leases or
capital leases, any lease that is not (or would not be) a capital lease under GAAP as in effect on the Restatement Effective Date
shall not be treated as a capital lease, and any lease that would be treated as a capital lease under GAAP as in effect on the
Restatement Effective Date shall continue to be treated as a capital lease, hereunder and under the other Loan Documents, notwithstanding
such change in GAAP after the Restatement Effective Date, and all determinations of Capital Lease Obligations shall be made consistently
therewith (i.e., ignoring any such changes in GAAP after the Restatement Effective Date).

 

“Cash” means any immediately available
funds in Dollars or in any currency other than Dollars (measured in terms of the Dollar Equivalent thereof) which is a freely
convertible currency.

 

“Cash Equivalents” means investments
(other than Cash) that are one or more of the following obligations:

 

(a) Short-Term
U.S. Government Securities (as defined in Section 5.13);

 

    7

     

    

 

(b) investments
in commercial paper maturing within 180 days from the date of acquisition thereof and having, at such date of acquisition, a credit
rating of at least A 1 from S&P and at least P 1 from Moody’s;

 

(c) investments
in certificates of deposit, banker’s acceptances and time deposits maturing within 180 days from the date of acquisition
thereof (i) issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office
of any commercial bank organized under the laws of the United States or any State thereof or under the laws of Canada or any province
thereof or, if consented to by the Administrative Agent in its sole discretion, the jurisdiction or any constituent jurisdiction
thereof of any other Agreed Foreign Currency; provided that such certificates of deposit, banker’s acceptances and
time deposits are held in a securities account (as defined in the Uniform Commercial Code) through which the Collateral Agent
can perfect a security interest therein and (ii) having, at such date of acquisition, a credit rating of at least A 1 from S&P
and at least P 1 from Moody’s;

 

(d) fully
collateralized repurchase agreements with a term of not more than 30 days from the date of acquisition thereof for U.S. Government
Securities and entered into with (i) a financial institution satisfying the criteria described in clause (c) of this definition
or (ii) an Approved Dealer having (or being a member of a consolidated group having) at such date of acquisition, a credit rating
of at least A 1 from S&P and at least P 1 from Moody’s; and

 

(e) investments
in money market funds and mutual funds which invest substantially all of their assets in Cash or assets of the types described
in clauses (a) through (d) above;

 

provided, that (i) in no event shall Cash
Equivalents include any obligation that provides for the payment of interest alone (for example, interest-only securities or “IOs”);
(ii) if any of Moody’s or S&P changes its rating system, then any ratings included in this definition shall be deemed
to be an equivalent rating in a successor rating category of Moody’s or S&P, as the case may be; (iii) Cash Equivalents
(other than U.S. Government Securities, certificates of deposit or repurchase agreements) shall not include any such investment
representing more than 25% of total assets of the Obligors in any single issuer; and (iv) in no event shall Cash Equivalents include
any obligation that is not denominated in Dollars or an Agreed Foreign Currency.

 

“CDOR Rate” means, with respect
to any Interest Period, the rate per annum equal to the average of the annual yield rates applicable to Canadian Dollar bankers’
acceptances at or about 10:00 a.m. (Toronto, Ontario time) on the day that is two Business Days prior to the first day of the
Interest Period as reported on the “CDOR Page” (or any display substituted therefor) of Reuters Monitor Money Rates
Service (or such other page or commercially available source displaying Canadian interbank bid rates for Canadian dollar bankers’
acceptances as may be designated by the Administrative Agent from time to time in its reasonable discretion) for a term equivalent
to such Interest Period.

 

    8

     

    

 

“CFC” means an entity that is
a “controlled foreign corporation” of any Obligor within the meaning of Section 957 of the Code, but only to the extent
the Obligor or a subsidiary thereof is a “United States Shareholder” (within the meaning of Section 951(b) of the
Code) of such entity.

 

“Change in Control” means (a)
the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning of
the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof), other than the Permitted
Holders or, prior to the consummation of the Mergers, the Investment
Advisor, of shares representing more than 35% of the aggregate ordinary voting power represented by the issued and outstanding
capital stock of the Borrower; (b) occupation of a majority of the seats (other than vacant seats) on the board of directors of
the Borrower by Persons who were neither (i) nominated by the requisite members of the board of directors of the Borrower nor
(ii) appointed by a majority of the directors so nominated or (c) the acquisition of direct or indirect Control of the Borrower
by any Person or group other than the Permitted Holders or the Investment Advisor.

 

“Change in Law” means (a) the
adoption of any law, rule or regulation or treaty after the Restatement Effective Date, (b) any change in any law, rule or regulation
or treaty or in the interpretation, implementation or application thereof by any Governmental Authority after the Restatement
Effective Date or (c) compliance by any Lender (or, for purposes of Section 2.12(b), by any lending office of such Lender or by
such Lender’s holding company, if any) with any request, guideline or directive (whether or not having the force of law)
of any Governmental Authority made or issued after the Restatement Effective Date; provided that, notwithstanding anything
herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines
or directives in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International
Settlements, the Basel Committee On Banking Supervision (or any successor or similar authority) or the United States or foreign
regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”,
regardless of the date enacted, adopted or issued.

 

“Class”, when used in reference
to any Loan or Borrowing, refers to whether such Loan, or the Loans constituting such Borrowing, are Dollar Loans or Multicurrency
Loans; when used in reference to any Lender, refers to whether such Lender is a Dollar Lender or a Multicurrency Lender; and,
when used in reference to any Commitment, refers to whether such Commitment is a Dollar Commitment or a Multicurrency Commitment.

 

“Code” means the Internal Revenue
Code of 1986, as amended from time to time.

 

“Collateral” has the meaning assigned
to such term in the Guarantee and Security Agreement.

 

“Collateral Agent” means ING Capital
LLC in its capacity as Collateral Agent under the Guarantee and Security Agreement, and includes any successor Collateral Agent
thereunder.

 

“Commitments” means, collectively,
the Dollar Commitments and the Multicurrency Commitments.

 

    9

     

    

 

“Commitment Increase” has the
meaning assigned to such term in Section 2.06(f).

 

“Commitment Increase Date” has
the meaning assigned to such term in Section 2.06(f).

 

“Consolidated Adjusted Interest Expense”
means, for any period with respect to the Borrower and its Subsidiaries on a consolidated basis, the sum of (x) cash interest
paid in respect of the stated rate of interest (including any default rate of interest, if applicable) applicable to any Indebtedness
plus (y) the net amount paid in cash (or minus the net amount received in cash) under Hedging Agreements permitted under
Section 6.04 relating to interest during such period and to the extent not already taken into account under clause (x), plus
(z) if the Borrower or any of its Subsidiaries is a counterparty to any total return
swap, the interest payable on the outstanding utilized notional amount of such total return swap during such period (whether
or not actually paid or received during such period).

 

“Consolidated EBIT” means, for
any period with respect to the Borrower and its Subsidiaries on a consolidated basis, income (including, for the avoidance of
doubt, interest and fees generated by total return swap reference assets) after deduction of all expenses and other proper charges
other than Taxes, Consolidated Interest Expense and non-cash employee stock options expense and excluding (a) net realized gains
or losses (including, for the avoidance of doubt, in connection with the sale or repayment of total return swap reference assets),
(b) net change in unrealized appreciation or depreciation, (c) gains on re-purchases of Indebtedness, (d) the amount of interest
paid-in-kind to the Borrower or any of its Subsidiaries (“PIK”) to the extent such amount exceeds the sum of
(i) PIK interest collected in cash (including any amortization payments on such applicable debt instrument up to the amount of
PIK interest previously capitalized thereon) and (ii) realized gains collected in cash (net of realized losses); provided
that the amount determined pursuant to this clause (d)(ii) shall not be less than zero, all as determined in accordance with GAAP,
and (e) other non-cash charges and gains to the extent included to calculate income.

 

“Consolidated Interest Coverage Ratio”
means the ratio of as of the last day of any fiscal quarter of the Borrower of (a) Consolidated EBIT for the four fiscal quarter
period then ending, taken as a single accounting period, to (b) Consolidated Adjusted Interest Expense for such four fiscal quarter
period.

 

“Consolidated Interest Expense”
means, with respect to a Person and for any period, the sum of (x) the total consolidated interest expense in respect of Indebtedness
(including capitalized interest expense and interest expense attributable to Capital Lease Obligations) of such Person and in
any event shall include all interest expense with respect to any Indebtedness in respect of which such Person is wholly or partially
liable plus (y) the net amount payable (or minus the net amount receivable) under Hedging Agreements permitted under Section
6.04 relating to interest during such period (whether or not actually paid or received during such period) and to the extent not
already taken into account under clause (x), plus (z) the interest payable on the outstanding utilized notional amount
of any total return swap during such period (whether or not actually paid or received during such period).

 

    10

     

    

“Control” means the possession,
directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through
the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto.

 

“Control Account” has the meaning
assigned to such term in Section 5.08(c)(ii).

 

“Covered Debt Amount” means, on
any date, the sum of (x) all of the Revolving Credit Exposures of all Lenders on such date plus (y) the aggregate principal
amount (including any increase in the aggregate principal amount resulting from payable-in-kind interest) of Other Covered Indebtedness
outstanding on such date plus (z) the aggregate amount of Guarantees of the Borrower pursuant to Section 6.01(l) on such
date.

 

“Covered Taxes” means Taxes, other
than Excluded Taxes and Other Taxes, imposed on or with respect to any payment made by or on account of any obligation of the
Borrower under any Loan Document.

 

“Custodian” means State Street
Bank and Trust Company, orU.S. Bank National Association, and
any other financial institution mutually agreeable to the Collateral Agent and the Borrower, as a
custodian holding documentation for Portfolio Investments, and accounts of the Obligors holding Portfolio Investments,
on behalf of the Obligors and, pursuant to the applicable Custodian Agreement,
the Collateral Agent. The term “Custodian” includes any agent or sub-custodian acting on behalf of the applicable
Custodian.

 

“Custodian Account” means an account
subject to a Custodian Agreement.

 

“Custodian Agreement” means a
control agreement entered into by and among an Obligor, the Collateral Agent and a Custodian, in form and substance reasonably
acceptable to the Collateral Agent.

 

“Default” means any event or condition
which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured or waived, become an Event
of Default.

 

    11

     

    

 

“Defaulting Lender” means any
Lender that has, as reasonably determined by the Administrative Agent, (a) failed to fund any portion of its Loans within three
(3) Business Days of the date required to be funded by it hereunder, unless, in the case of any Loans, such Lender’s failure
is based on such Lender’s reasonable determination that the conditions precedent to funding such Loan under this Agreement
have not been met, such conditions have not otherwise been waived in accordance with the terms of this Agreement and such Lender
has advised the Administrative Agent in writing (with reasonable detail of those conditions that have not been satisfied) prior
to the time at which such funding was to have been made, (b) notified the Borrower, the Administrative Agent, or any other Lender
in writing that it does not intend to comply with any of its funding obligations under this Agreement or has made a public statement
that it does not intend to comply with its funding obligations under this Agreement (unless such writing or public statement states
that such position is based on such Lender’s determination that one or more conditions precedent to funding (which conditions
precedent, together with the applicable default, if any, shall be specifically identified in such writing) cannot be satisfied),
(c) failed, within three (3) Business Days after request by the Administrative Agent to confirm in writing that it will comply
with the terms of this Agreement relating to its obligations to fund prospective Loans (provided that such Lender shall
cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent),
(d) otherwise failed to pay over to the Administrative Agent or any other Lender any other amount (other than a de minimis
amount) required to be paid by it hereunder within three (3) Business Days of the date when due, unless the subject of a good
faith dispute, or (e) other than via an Undisclosed Administration, either (i) has been adjudicated as, or determined by any Governmental
Authority having regulatory authority over such Person or its assets to be, insolvent or has a parent company that has been adjudicated
as, or determined by any Governmental Authority having regulatory authority over such Person or its assets to be, insolvent or
(ii) become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator,
assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or custodian,
appointed for it, or has a parent company that has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver,
conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation
of its business or custodian appointed for it (unless in the case of any Lender referred to in this clause (e) the Borrower and
the Administrative Agent shall be satisfied in the exercise of their respective reasonable discretion that such Lender intends,
and has all approvals required to enable it, to continue to perform its obligations as a Lender hereunder); provided that
a Lender shall not qualify as a Defaulting Lender solely as a result of the acquisition or maintenance of an ownership interest
in such Lender or its parent company, or of the exercise of control over such Lender or any Person controlling such Lender, by
a Governmental Authority or instrumentality thereof, or solely as a result of an Undisclosed Administration, so long as such ownership
interest or Undisclosed Administration does not result in or provide such Lender with immunity from the jurisdiction of courts
within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such
Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.

 

“Designated Obligations” means
all obligations of the Borrower with respect to (a) principal of and interest on the Loans and (b) accrued and unpaid fees under
the Loan Documents.

 

“Direct Competitor” means any
Person designated by the Borrower to the Administrative Agent that is a business development company and is a “direct competitor”
of the Borrower, and is specified on a list, which shall not include more than twenty (20) such Persons, on file with the Administrative
Agent on the Restatement Effective Date, which such list may be updated (but in no event will include more than twenty (20) Persons)
from time to time when no Event of Default is in existence by the Borrower with the consent of the Administrative Agent, such
consent not to be unreasonably withheld, and which list shall be made available by the Administrative Agent to the Lenders upon
request.

 

“Dollar Commitment” means, with
respect to each Dollar Lender, the commitment of such Dollar Lender to make Loans denominated in Dollars, as such commitment may
be (a) reduced or increased from time to time pursuant to Sections 2.06 or reduced from time to time pursuant to Section 2.08
and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04. The aggregate
amount of each Lender’s Dollar Commitment as of the Restatement Effective Date is set forth on Schedule 1.01(b),
or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Commitment, as applicable. The aggregate
amount of the Lenders’ Dollar Commitments as of the Restatement Effective Date is $105,000,000.

 

    12

     

    

 

“Dollar Equivalent” means, on
any date of determination, (a) with respect to any amount denominated in Dollars, such amount, and (b) with respect to an amount
denominated in any Foreign Currency, the amount of Dollars that would be required to purchase such amount of such Foreign Currency
on the date two Business Days prior to such date, based upon the spot selling rate at which the Administrative Agent (or other
foreign currency broker reasonably acceptable to the Administrative Agent) offers to sell such Foreign Currency for Dollars in
the London foreign exchange market at approximately 11:00 a.m., London time, for delivery two Business Days later.

 

“Dollar Lender” means the Persons
listed on Schedule 1.01(b) (as amended from time to time pursuant to Section 2.06) as having Dollar Commitments and any other
Person that shall have become a party hereto pursuant to an Assignment and Assumption that provides for it to assume a Dollar
Commitment or to acquire Revolving Dollar Credit Exposure, other than any such Person that ceases to be a party hereto pursuant
to an Assignment and Assumption.

 

“Dollar Loan” means a Loan denominated
in Dollars made pursuant to a Dollar Commitment.

 

“Dollars” or “$”
refers to lawful money of the United States.

 

“EEA Financial Institution” means
(a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an
EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in
clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of
an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

 

“EEA Member Country” means any
of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 

“EEA Resolution Authority” means
any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including
any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

“Eligible Liens” means, any right
of offset, banker’s lien, security interest or other like rights against the Portfolio Investments held by thea
Custodian pursuant to or in connection with its rights and obligations relating to thea
Custodian Account; provided that such rights are subordinated, pursuant to the terms of thea
Custodian Agreement, to the first priority perfected security interest in the Collateral created in favor of the Collateral
Agent, except to the extent expressly provided therein.

 

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“Eligible Portfolio Investment”
means any Portfolio Investment held by any Obligor (and solely for purposes of determining the Borrowing Base, Cash and Cash Equivalents
held by any Obligor) that, in each case, meets all of the criteria set forth on Schedule 1.01(d) hereto; provided,
that no Portfolio Investment, Cash or Cash Equivalent shall constitute an Eligible Portfolio Investment or be included in the
Borrowing Base if the Collateral Agent does not at all times maintain a first priority, perfected Lien (subject to no other Liens
other than Eligible Liens) on such Portfolio Investment, Cash or Cash Equivalent or if such Portfolio Investment, Cash or Cash
Equivalent has not been or does not at all times continue to be Delivered (as defined in the Guarantee and Security Agreement).
Without limiting the generality of the foregoing, it is understood and agreed that (i) any Portfolio Investments that have been
contributed or sold, purported to be contributed or sold or otherwise transferred to any Financing Subsidiary, or held by any
Financing Subsidiary, or which secure obligations of any Financing Subsidiary, and (ii) Special Equity Interests shall not be
treated as Eligible Portfolio Investments until distributed, sold or otherwise transferred to the Borrower free and clear of all
Liens (other than Eligible Liens). Notwithstanding the foregoing, nothing herein shall limit the provisions of Section 5.12(b)(i),
which provide that, for purposes of this Agreement, all determinations of whether an Investment is to be included as an Eligible
Portfolio Investment shall be determined on a settlement-date basis (meaning that any Investment that has been purchased will
not be treated as an Eligible Portfolio Investment until such purchase has settled, and any Eligible Portfolio Investment which
has been sold will not be excluded as an Eligible Portfolio Investment until such sale has settled); provided that no such
Investment shall be included as an Eligible Portfolio Investment to the extent it has not been paid for in full.

 

“Eligible Unvalued Assets” has
the meaning assigned to such term in Section 5.12(b)(ii)(B)(y).

 

“Equity Interests” means shares
of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust
or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase
or acquire any such equity interest. As used in this Agreement, “Equity Interests” shall not include convertible debt
unless and until such debt has been converted to capital stock.

 

“ERISA” means the Employee Retirement
Income Security Act of 1974, as amended from time to time.

 

“ERISA Affiliate” means any trade
or business (whether or not incorporated) that, together with the Borrower, is treated as a single employer under Section 414(b)
or (c) of the Code, or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer
under Section 414 of the Code.

 

“ERISA Event” means (a) any “reportable
event”, as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event
for which the 30-day notice period is waived); (b) with respect to any Plan, the failure to satisfy the minimum funding standard
(as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(d)
of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan;
(d) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the
termination of any Plan; (e) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice
relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by
the Borrower or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan
or Multiemployer Plan; (g) the occurrence of any nonexempt prohibited transaction within the meaning of Section 4975 of the Code
or Section 406 of ERISA which would result in liability to a Lender; (h) the failure to make any required contribution to a Multiemployer
Plan or failure to make by its due date any required contribution to any Plan; or (i) the receipt by the Borrower or any ERISA
Affiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice, concerning
the imposition of Withdrawal Liability on the Borrower or any of its Subsidiaries or a determination that a Multiemployer Plan
is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA.

 

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“EU Bail-In Legislation Schedule”
means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from
time to time.

 

“Eurocurrency”, when used in reference
to any Loan or Borrowing, refers to whether such Loan, or the Loans constituting such Borrowing, are bearing interest at a rate
determined by reference to the Adjusted LIBO Rate. For clarity, a Loan or Borrowing bearing interest by reference to clause (c)
of the definition of the Alternate Base Rate shall not be a Eurocurrency Loan or Eurocurrency Borrowing.

 

“Event of Default” has the meaning
assigned to such term in Article VII.

 

“Excluded Taxes” means, with respect
to the Administrative Agent, any Lender, or any other recipient of any payment to be made by or on account of any obligation of
the Borrower hereunder, (a) income or franchise taxes imposed on (or measured by) its net income by the United States or by the
jurisdiction (or any political subdivision thereof) under the laws of which such recipient is organized or in which its principal
office is located or, in the case of any Lender, in which its applicable lending office is located, or as a result of a present
or former connection between such recipient and the jurisdiction imposing such Tax (other than connections arising from such recipient
having become a party to any Loan Document), (b) any branch profits taxes or backup withholding taxes imposed by the United States
or any tax similar to a branch profits tax imposed by any other jurisdiction in which the Borrower is located, (c) (other than
to the extent such withholding would not have been imposed but for the occurrence of a CAM Exchange) in the case of a Foreign
Lender (other than an assignee pursuant to a request by the Borrower under Section 2.17(b)), any withholding tax that is imposed
on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party to this Agreement (or designates a new
lending office) or is attributable to such Foreign Lender’s failure or inability (other than as a result of a Change in
Law) to comply with Section 2.14(e), except to the extent, other than in a case of failure to comply with Section 2.14(e), that
such Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment),
to receive additional amounts from the Borrower with respect to such withholding tax pursuant to Section 2.14(a) and (d) any Taxes
imposed under FATCA.

 

    15

     

    

 

“Existing Lenders” has the meaning
assigned to such term in the preamble to this Agreement.

 

“Existing Loans” has the meaning
assigned to such term in the preamble to this Agreement.

 

“External Quoted Value” has the
meaning set forth in Section 5.12(b)(ii).

 

“External Unquoted Value” means
(i) with respect to Borrower Tested Assets, the Borrower External Unquoted Value and (ii) with respect to IVP Tested Assets, the
IVP External Unquoted Value.

 

“FATCA” means sections 1471 through
1474 of the Code, as of the RestatementAmendment No. 1
Effective Date (or any amended or successor version that is substantially comparable and not materially more onerous to comply
with), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section
1471(b)(1) of the Code or any legislation or other official guidance or official requirements adopted pursuant to any intergovernmental
agreement entered into in connection with the implementation of such Sections of the Code.

 

“Federal Funds Effective Rate”
means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal
funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding
Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day,
the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received
by the Administrative Agent from three (3) Federal funds brokers of recognized standing selected by it.

 

“Financial Officer” means the
chief executive officer, president, co-president, chief financial officer, principal accounting officer, treasurer or controller
of the Borrower.

 

“Financing Subsidiary” means (a)
any Structured Subsidiary or (b) any SBIC Subsidiary.

 

“Foreign Currency” means at any
time any currency other than Dollars.

 

“Foreign Currency Equivalent”
means, with respect to any amount in Dollars, the amount of any Foreign Currency that could be purchased with such amount of Dollars
using the reciprocal of the foreign exchange rate(s) specified in the definition of the term “Dollar Equivalent”,
as determined by the Administrative Agent.

 

“Foreign Lender” means any Lender
or any other recipient of payments hereunder from the Borrower that, in each case, is not (a) a citizen or resident of the United
States, (b) a corporation, partnership or other entity created or organized in or under the laws of the United States (or any
jurisdiction thereof) or (c) any estate or trust that is subject to U.S. federal income taxation regardless of the source of its
income.

 

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“Funding Account” means account
numbers 10283620 and 10246080 at State Street Bank and Trust Company, and any other account designated in writing by a Financial
Officer of the Borrower in the applicable Borrowing Notice and approved by the Administrative Agent (such approval not to be unreasonably
withheld or delayed).

 

“GAAP” means generally accepted
accounting principles in the United States.

 

“Governmental Authority” means
the government of the United States or of any other nation, or any political subdivision thereof, whether state or local, and
any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative,
judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.

 

“Guarantee” of or by any Person
(the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing or having the
economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”)
in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase
or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to
advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property securities
or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain
working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable
the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit
or letter of guaranty issued to support such Indebtedness or obligation; provided, that the term Guarantee shall not include
endorsements for collection or deposit in the ordinary course of business or customary indemnification agreements entered into
in the ordinary course of business in connection with obligations that do not constitute Indebtedness. The amount of any Guarantee
at any time shall be deemed to be an amount equal to the maximum stated or determinable amount of the primary obligation in respect
of which such Guarantee is incurred, unless the terms of such Guarantee expressly provide that the maximum amount for which such
Person may be liable thereunder is a lesser amount (in which case the amount of such Guarantee shall be deemed to be an amount
equal to such lesser amount).

 

“Guarantee and Security Agreement”
means the Amended and Restated Guarantee, Pledge and Security Agreement, dated as of the Restatement Effective Date, among the
Borrower, the Subsidiary Guarantors, the Administrative Agent, each holder (or a representative, agent or trustee therefor) from
time to time of any Term Loan Indebtedness or Secured Longer-Term Indebtedness, and the Collateral Agent, as the same shall be
amended, restated, modified and supplemented from time to time.

 

“Guarantee Assumption Agreement”
means a Guarantee Assumption Agreement substantially in the form of Exhibit B to the Guarantee and Security Agreement between
the Collateral Agent and an entity that pursuant to Section 5.08 is required to become a “Subsidiary Guarantor” under
the Guarantee and Security Agreement (with such changes as the Administrative Agent shall request consistent with the requirements
of Section 5.08).

 

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“Hedging Agreement” means (i)
any interest rate protection agreement, foreign currency exchange protection agreement, commodity price protection agreement or
other interest or currency exchange rate or commodity price hedging arrangement and (ii) any credit default swaps.

 

“Hedging Agreement Obligations”
has the meaning specified in the Guarantee and Security Agreement as in effect on the Restatement Effective Date.

 

“Immaterial Subsidiaries” means
those Subsidiaries of the Borrower that are “designated” as “Immaterial Subsidiaries” by the Borrower
from time to time (it being understood that the Borrower may at any time change any such designation); provided that such
designated Immaterial Subsidiaries shall collectively meet all of the following criteria at all times: (a) such Subsidiaries and
their Subsidiaries do not hold any Eligible Portfolio Investment; (b) the aggregate assets of all such Subsidiaries and their
Subsidiaries (on a consolidated basis) do not exceed an amount equal to 3% of the consolidated assets of the Borrower and its
Subsidiaries; and (c) the aggregate revenues of all such Subsidiaries and their Subsidiaries (on a consolidated basis) for the
most recent period of four consecutive fiscal quarters of such Subsidiaries and their Subsidiaries for which financial statements
required to be delivered pursuant to Section 5.01 do not exceed an amount equal to 3% of the consolidated revenues of the Borrower
and its Subsidiaries on a pro forma basis for such period; provided, further that if the aggregate assets or revenues
of all Subsidiaries designated by the Borrower as “Immaterial Subsidiaries” (and not redesignated) shall as at any
such time exceed the limits set forth in clauses (a), (b) and (c) above, then all such Subsidiaries shall be deemed not to be
Immaterial Subsidiaries unless and until the Borrower shall redesignate one or more as not Immaterial Subsidiaries, in each case
in a written notice to the Administrative Agent, and, as a result thereof, the aggregate assets and revenues of all Subsidiaries
still designated as “Immaterial Subsidiaries” do not exceed such limits.

 

“Increasing Existing Lender” has
the meaning assigned to such term in the preamble to this Agreement.

 

“Increasing Lender” has the meaning
assigned to such term in Section 2.06(f).

 

“Indebtedness” of any Person means,
without duplication, (a) (i) all obligations of such Person for borrowed money or (ii) deposits, loans or advances of any kind
that are required to be accounted for under GAAP as a liability on the financial statements of an Obligor (other than deposits
received in connection with a Portfolio Investment in the ordinary course of the Obligor’s business (including, but not
limited to, any deposits or advances in connection with expense reimbursement, prepaid agency fees, other fees, indemnification,
work fees, tax distributions or purchase price adjustments)), (b) all obligations of such Person evidenced by bonds, debentures,
notes or similar debt instruments, (c) all obligations of such Person under conditional sale or other title retention agreements
relating to property acquired by such Person, (d) all obligations of such Person in respect of the deferred purchase price of
property or services (other than trade accounts payable and accrued expenses in the ordinary course of business not past due for
more than 90 days after the date on which such trade account payable was due), (e) all Indebtedness of others secured by any Lien
on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed (with the value
of such debt being the lower of the outstanding amount of such debt and the fair market value of the property subject to such
Lien), (f) all Guarantees by such Person of Indebtedness of others, (g) all Capital Lease Obligations of such Person, (h) all
obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty
and (i) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances or, for purposes of
Sections 3.11, 3.16, 6.01 and 6.04 only, Hedging Agreements. The Indebtedness of any Person shall include the Indebtedness of
any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor
as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms
of such Indebtedness provide that such Person is not liable therefor (or such Person is not otherwise liable for such Indebtedness).
Notwithstanding the foregoing, “Indebtedness” shall not include (x) purchase price holdbacks arising in the ordinary
course of business in respect of a portion of the purchase price of an asset or Investment to satisfy unperformed obligations
of the seller of such asset or Investment or (y) a commitment arising in the ordinary course of business to make a future Portfolio
Investment or fund the delayed draw or unfunded portion of any existing Portfolio Investment.

 

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“Independent” when used with respect
to any specified Person means that such Person (a) does not have any direct financial interest or any material indirect financial
interest in the Borrower or any of its Subsidiaries or Affiliates (including its investment adviser or any Affiliate thereof)
other than ownership of publicly traded stock of the Borrower or any such Subsidiary or Affiliate with a market value not to exceed
$1,000,000 and (b) is not an officer, employee, promoter, underwriter, trustee, partner, director or a Person performing similar
functions of the Borrower or of its Subsidiaries or Affiliates (including its investment advisor or any Affiliate thereof).

 

“Independent Valuation Provider”
means any Duff & Phelps LLC, Murray, Devine and Company, Lincoln Advisors, Houlihan Lokey and Valuation Research Corporation
and their respective Affiliates that provide valuation services, or any other Independent nationally recognized third-party appraisal
firm selected by the Administrative Agent, and reasonably acceptable to the Borrower.

 

“Industry Classification Group”
means any of the industry group classification groups that are currently in effect by Moody’s or may be subsequently established
by Moody’s and provided by the Borrower to the Lenders.

 

“Ineligible Participant” shall
mean any Person that shall have filed an election to be regulated as a “business development company” under the Investment
Company Act and that such filing is publicly available.

 

“ING” means ING Capital LLC.

 

“Interest Election Request” means
a request by the Borrower to convert or continue a Borrowing in accordance with Section 2.05.

 

“Interest Payment Date” means
(a) with respect to any ABR Loan, each Quarterly Date and (b) with respect to any Eurocurrency Loan, the last day of each Interest
Period therefor and, in the case of any Interest Period of more than three months’ duration, each day prior to the last
day of such Interest Period that occurs at three-month intervals after the first day of such Interest Period.

 

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“Interest Period” means, for any
Eurocurrency Loan or Borrowing, the period commencing on the date of such Loan or Borrowing and ending on the numerically corresponding
day in the calendar month that is one, two, three or six months thereafter or, with respect to such portion of any Eurocurrency
Loan or Borrowing denominated in a Foreign Currency that is scheduled to be repaid on the Maturity Date, a period of less than
one month’s duration commencing on the date of such Loan or Borrowing and ending on the Maturity Date, as specified in the
applicable Borrowing Request or Interest Election Request; provided, that (a) if any Interest Period would end on a day
other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding
Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business
Day, and (b) any Interest Period (other than an Interest Period pertaining to a Eurocurrency Borrowing denominated in a Foreign
Currency that ends on the Maturity Date that is permitted to be of less than one month’s duration as provided in this definition)
that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in
the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest
Period. For purposes hereof, the date of a Loan initially shall be the date on which such Loan is made and thereafter shall be
the effective date of the most recent conversion or continuation of such Loan, and the date of a Borrowing comprising Loans that
have been converted or continued shall be the effective date of the most recent conversion or continuation of such Loans.

 

“Internal Value” has the meaning
set forth in Section 5.12(b)(ii).

 

“Investment” means, for any Person:
(a) Equity Interests, bonds, notes, debentures or other securities of any other Person or any agreement to acquire any Equity
Interests, bonds, notes, debentures or other securities of any other Person (including any “short sale” or any sale
of any securities at a time when such securities are not owned by the Person entering into such sale); (b) deposits, advances,
loans or other extensions of credit made to any other Person (including purchases of property from another Person subject to an
understanding or agreement, contingent or otherwise, to resell such property to such Person); or (c) Hedging Agreements.

 

“Investment Advisor” means (a)
prior to the consummation of the Mergers, SIC Advisors LLC, a Delaware limited liability company, orand
(b) on and after the consummation of the Mergers, MCC Advisors LLC, or, in each case, an Affiliate thereof.

 

“Investment
Advisor Departure Event” means any of the following events: 

 

(a) the
Investment Advisor shall cease to be the investment adviser of the Borrower; 

 

(b) any
two of the Permitted Holders cease to, directly or indirectly, Control the Investment Advisor; or

 

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(c) “Investment
Advisor Departure Event” means (a) prior to the consummation of the Mergers, any of the following events: (i) the Investment
Advisor shall cease to be the investment adviser of the Borrower, (ii) any two of the Permitted Holders cease to, directly or
indirectly, Control the Investment Advisor, or (iii) any two of the Permitted Holders cease to be actively engaged
in the day to day management of the Investment Advisor, and (b) upon and after the
consummation of the Mergers, any of the following events: (i) the Investment Advisor shall cease to be the investment adviser
of the Borrower, or any similar advisory role shall be provided by any subadvisor or similar Person, (ii) any two of the Permitted
Holders cease to be actively engaged in the day to day management of the Investment Advisor or (iii) the Borrower shall cease
to hold, directly or indirectly, 100% of the Equity Interests of the Investment Advisor.

 

“Investment Company Act” means
the Investment Company Act of 1940, as amended from time to time.

 

“Investment Policies” means (a)
prior to the consummation of the Mergers, (i) the written statement of the Borrower’s investment objectives,
policies, restrictions and limitations delivered on the Original Effective Date pursuant to Section 4.01(g) of the Existing Credit
Agreement, and (ii) the written statement of the Borrower’s investment allocation policies between affiliated investment
vehicles managed directly or indirectly by Medley LLC, delivered on the Original Effective Date pursuant to Section 4.01(g) of
the Existing Credit Agreement, and as each of the above(b) upon
and after the consummation of the Mergers, the written statement of the Borrower’s investment objectives, policies, restrictions
and limitations delivered to the Lenders on or prior to the date the Mergers are consummated (and which shall be substantially
similar to the written statement of the Borrower’s investment objectives, policies, restrictions and limitations delivered
to the Lenders on or prior to the Amendment No. 1 Effective Date), and as each of the above in clauses (a) and (b)
may be amended, modified, terminated, restated or replaced from time
to time by a Permitted Policy Amendment.

 

“IVP External Unquoted Value”
has the meaning assigned to such term in Section 5.12(b)(ii).

 

“IVP Supplemental Cap” has the
meaning assigned to such term in Section 9.03(a).

 

“IVP Tested Assets” has the meaning
assigned to such term in Section 5.12(b)(ii).

 

“Largest Industry Classification Group”
means, as of any date of determination, the single Industry Classification Group to which a greater portion of the Borrowing Base
has been assigned pursuant to Section 5.12(a) than any other single Industry Classification Group.

 

“Lenders” means the Persons listed
on Schedule 1.01(b) (as amended from time to time pursuant to Section 2.06) as having Commitments and any other Person
that shall have become a party hereto pursuant to an Assignment and Assumption that provides for it to assume a Commitment or
to acquire Revolving Credit Exposure, other than any such Person that ceases to be a party hereto pursuant to an Assignment and
Assumption.

 

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“LIBO Rate” means, for any Interest
Period for any Eurocurrency Borrowing denominated in any Currency, (a) in the case of Loans denominated in Canadian Dollars, the
CDOR Rate and (b) for Loans denominated in any other Currency, the Intercontinental Exchange Benchmark Administration Ltd. LIBOR
Rate (or the successor thereto if the Intercontinental Exchange Benchmark Administration Ltd. is no longer making such rates available)
per annum for deposits in such Currency for a period equal to the Interest Period appearing on the display designated as Reuters
Screen LIBOR01 Page (or such other page on that service or such other service designated by the Intercontinental Exchange Benchmark
Administration Ltd. (or the successor thereto if the Intercontinental Exchange Benchmark Administration Ltd. is no longer making
such rates available) for the display of such Administration’s Interest Settlement Rates for deposits in such Currency)
as of 11:00 a.m., London time on the day that is two Business Days prior to the first day of the Interest Period (or if such Reuters
Screen LIBOR01 Page is unavailable for any reason at such time, the rate which appears on the Reuters Screen ISDA Page as of such
date and such time); provided, that if the Administrative Agent determines that the relevant foregoing sources are unavailable
for the relevant Interest Period, LIBO Rate for purposes of this definition shall mean the rate of interest determined by the
Administrative Agent to be the average (rounded upward, if necessary, to the nearest 1/100th of 1%) of the rates per
annum at which deposits in such Currency are offered to the Administrative Agent two (2) business days preceding the first day
of such Interest Period by leading banks in the London interbank market as of 11:00 a.m. for delivery on the first day of such
Interest Period, for the number of days comprised therein and in an amount comparable to the amount of the Administrative Agent’s
portion of the relevant Eurocurrency Borrowing; provided, further that if the LIBO Rate is less than zero, such rate shall
be deemed to be zero for purposes of this Agreement.

 

“Lien” means, with respect to
any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of
such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement
(or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset and (c)
in the case of securities, any purchase option, call or similar right of a third party with respect to such securities (other
than on market terms at fair value so long as in the case of any Portfolio Investment, the Value used in determining the Borrowing
Base is not greater than the purchase or call price), except in favor of the issuer thereof (and, for the avoidance of doubt,
in the case of Investments that are loans or other debt obligations, restrictions on assignments or transfers thereof on customary
and market based terms pursuant to the underlying documentation relating to such Investment shall not be deemed to be a “Lien”
and, in the case of Portfolio Investments that are equity securities, excluding customary drag-along, tag-along, right of first
refusal, restrictions on assignments or transfers and other similar rights in favor of other equity holders of the same issuer).
For the avoidance of doubt, no Portfolio Investment shall be an Eligible Portfolio Investment unless, among the other requirements
set forth in this Agreement, (i) such Investment is subject only to Eligible Liens and (ii) such Investment is Transferable.

 

“Loan Documents” means, collectively,
this Agreement, any promissory notes delivered pursuant to Section 2.07(f) and the Security Documents.

 

“Loans” means the revolving loans
made by the Lenders to the Borrower pursuant to this Agreement.

 

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“Management
Entity” means each of Sierra Management, Medley LLC, the Investment Advisor and each other entity in which Sierra Management
holds any direct or indirect Equity Interests.

 

“Manager
Merger” means the merger of Medley Management Inc., a Delaware corporation, with and into Sierra Management, with Sierra
Management as the surviving company, on the terms and conditions set forth in the MDLY Merger Agreement.

 

“Margin
Stock” means “margin stock” within the meaning of Regulations T, U and X.

 

“Material Adverse Effect” means
a material adverse effect on (a) the business, Portfolio Investments of the Obligors (taken as a whole) and other assets, liabilities
(actual or contingent), operations or condition (financial or otherwise) of the Borrower and its Subsidiaries (other than the
Financing Subsidiaries), taken as a whole, or (b) the validity or enforceability of any of the Loan Documents or the rights or
remedies of the Administrative Agent and the Lenders thereunder or the ability of the Obligors to perform their respective obligations
thereunder.

 

“Material Indebtedness” means
(a) Term Loan Indebtedness, (b) other Indebtedness (other than the Loans, Hedging Agreements and total return swaps), of any one
or more of the Borrower and its Subsidiaries in an aggregate outstanding principal amount exceeding $5,000,000 (c) obligations
in respect of one or more Hedging Agreements under which the maximum aggregate amount (giving effect to any netting agreements)
that the Borrower and the Subsidiaries would be required to pay if such Hedging Agreement(s) were terminated at such time would
exceed $5,000,000 and (d) obligations in respect of any total return swap under which the outstanding utilized notional amount
less all of the cash collateral supporting such total return swap at such time would exceed $5,000,000.

 

“Maturity Date” means the date
that is the one (1) year anniversary of the Revolver Termination Date.

 

“MCC”
means Medley Capital Corporation, a Delaware corporation.

 

“MCC
Merger Agreement” means that certain Agreement and Plan of Merger, dated as of August 9, 2018, by and between the Borrower
and MCC, as amended, restated, supplemented or otherwise modified in a manner that is not materially adverse to the Lenders.

 

“MCC
Merger Consideration” has the meaning assigned to the term “Merger Consideration” in the MCC Merger Agreement.

 

“MCC
Merger Termination Fee” has the meaning assigned to the term “Termination Fee” in the MCC Merger Agreement.

 

“MDLY
Merger Agreement” means that certain Agreement and Plan of Merger, dated as of August 9, 2018, by and among the Borrower,
Medley Management Inc. and Sierra Management, as amended, restated, supplemented or otherwise modified in a manner that is not
materially adverse to the Lenders.

 

    23

     

    

 

“MDLY
Merger Consideration” has the meaning assigned to the term “Merger Consideration” in the MDLY Merger Agreement.

 

“Merger”
means each of the Borrower Merger and the Manager Merger.

 

“Merger
Agreements” means, together, the MCC Merger Agreement and the MDLY Merger Agreement.

 

“Merger
Confirmation” means a certificate of the Borrower, substantially in the form attached as Exhibit E.

 

“Moody’s”
means Moody’s Investors Service, Inc. or any successor thereto.

 

“Multicurrency Commitments” means,
with respect to each Multicurrency Lender, the commitment of such Multicurrency Lender to make Loans denominated in Dollars and
in Agreed Foreign Currencies hereunder, as such commitment may be (a) reduced or increased from time to time pursuant to Section
2.06 or reduced from time to time pursuant to Section 2.08 or as otherwise provided in this Agreement and (b) reduced or increased
from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04. The aggregate amount of each Lender’s
Multicurrency Commitment as of the Restatement Effective Date is set forth on Schedule 1.01(b), or in the Assignment and Assumption
pursuant to which such Lender shall have assumed its Commitment, as applicable. The aggregate amount of the Lenders’ Multicurrency
Commitments as of the Restatement Effective Date is $70,000,000.

 

“Multicurrency Lender” means the
Persons listed on Schedule 1.01(b) (as amended from time to time pursuant to Section 2.06) as having Multicurrency Commitments
and any other Person that shall have become a party hereto pursuant to an Assignment and Assumption that provides for it to assume
a Multicurrency Commitment or to acquire Revolving Multicurrency Credit Exposure, other than any such Person that ceases to be
a party hereto pursuant to an Assignment and Assumption.

 

“Multicurrency Loan” means a Loan
denominated in Dollars or an Agreed Foreign Currency made pursuant to the Multicurrency Commitments.

 

“Multiemployer Plan” means a multiemployer
plan as defined in Section 4001(a)(3) of ERISA.

 

“National Currency” means the
currency, other than the Euro, of a Participating Member State.

 

“Net Asset Sale Proceeds” means,
with respect to any Asset Sale, an amount equal to (a) the sum of Cash payments and Cash Equivalents received by the Obligors
from such Asset Sale (including any Cash or Cash Equivalents received by way of deferred payment pursuant to, or by monetization
of, a note receivable or otherwise, but only as and when so received), minus (b) any costs, fees, commissions, premiums
and expenses incurred by any Obligor directly incidental to such Asset Sale, including reasonable legal fees and expenses, minus
(c) all taxes paid or reasonably estimated to be payable as a result of such Asset Sale (after taking into account any available
tax credits or deductions) and (d) in the case of an Asset Sale consisting of a Portfolio Investment that is Capital Stock, reserves
for indemnification, purchase price adjustments or analogous arrangements reasonably estimated by the Borrower or the relevant
Subsidiary in connection with such Asset Sale; provided that, (i) such reserved amount shall not be included in the Borrowing
Base and (ii) if the amount of any estimated reserves pursuant to this clause (d) exceeds the amount actually required to be paid
in cash in respect of indemnification, purchase price adjustments or analogous arrangements for such Asset Sale, the aggregate
amount of such excess shall constitute Net Asset Sale Proceeds.

 

    24

     

    

 

“Net Extraordinary Receipts” means
an amount equal to (a) any Cash amount (and Cash proceeds of any non-Cash amount) received by or paid to any Obligor on account
of any foreign, United States, state or local tax refunds (other than for the avoidance of doubt, amounts received by the Borrower
pursuant to Section 2.14(g)), pension plan reversions, judgments, proceeds of settlements or other consideration of any kind in
connection with any cause of action, condemnation awards (and payments in lieu thereof), indemnity payments received not in the
ordinary course of business, purchase price adjustments received not in the ordinary course of business in connection with any
purchase agreement and proceeds of insurance, minus (b) any costs, fees, commissions, premiums and expenses incurred by
any Obligor directly incidental to such Cash receipts, including reasonable legal fees and expenses, minus (c) all taxes
paid or reasonably estimated to be payable as a result of such Cash receipts (after taking into account any available tax credits
or deductions); provided, however, that Net Extraordinary Receipts shall not include (i) proceeds of any
issuance of Equity Interests or issuances of Indebtedness by any Obligor, (ii) amounts that any Obligor receives from the Administrative
Agent or any Lender in connection with the Loan Documents, (iii) Cash receipts to the extent received from proceeds of any casualty
insurance or condemnation awards (or payments in lieu thereof) to the extent that such proceeds are used within 90 days to repair
or replace the assets giving rise to such proceeds, (iv) proceeds of business interruption insurance to the extent such proceeds
constitute compensation for lost earnings, or (v) indemnity payments or payments in respect of judgments or settlements of claims,
litigation or proceedings to the extent that such payments are received by any Person in respect of any unaffiliated third party
claim against or loss by such Person and promptly applied to pay (or to reimburse such Person for its prior payment of) such claim
or loss and the costs and expenses of such Person with respect thereto.

 

“Net Return of Capital” means
an amount equal to (a) any Cash amount (and Cash proceeds of any non-Cash amount) received by any Obligor at any time in respect
of the outstanding principal of any Portfolio Investment (whether at stated maturity, by acceleration or otherwise), plus
(b) without duplication of amounts received under clause (a), any Cash proceeds (including Cash proceeds of any non-Cash consideration)
received by any Obligor at any time from the sale of any property or assets pledged as collateral in respect of any Portfolio
Investment to the extent such Cash proceeds are less than or equal to the outstanding principal balance of such Portfolio Investment,
plus (c) any cash amount (and Cash proceeds of any non-Cash amount) received by any Obligor at any time in respect of any
Portfolio Investment that is an Equity Interest (x) upon the liquidation or dissolution of the Portfolio Company of such Portfolio
Investment, (y) as a distribution of capital made on or in respect of such Portfolio Investment (other than, in the case of a
Portfolio Investment that is Capital Stock, any distribution on account of actual taxes paid or reasonably estimated to be payable),
or (z) pursuant to the recapitalization or reclassification of the capital of the Portfolio Company of such Portfolio Investment
or pursuant to the reorganization of such Portfolio Company plus (d) any similar return of capital received by any Obligor
in Cash (and Cash proceeds of any non-Cash amount) in respect of any Portfolio Investment, minus (e) any costs, fees, commissions,
premiums and expenses incurred by any Obligor directly incidental to such Cash receipts, including reasonable legal fees and expenses.

 

    25

     

    

 

“New Lender” has the meaning assigned
to such term in the preamble to this Agreement.

 

“Non-Consenting Lender” has the
meaning assigned to such term in Section 9.02(d).

 

“Non-Pledged Financing Subsidiary”
means, with respect to any Financing Subsidiary, the Equity Interest of such Financing Subsidiary is not subject to a first priority
perfected security interest in favor of the Collateral Agent securing the Secured Obligations under and as defined in the Guarantee
and Security Agreement.

 

“Obligors” means, collectively,
the Borrower and the Subsidiary Guarantors.

 

“Obligors’ Net Worth” means,
at any date, the Stockholders’ Equity at such date, minus the net asset value held by any Obligor in any non-Obligor Subsidiary.

 

“Original Effective Date” means
December 4, 2013.

 

“Other Connection Taxes” means,
with respect to any recipient of any payment to be made by or on account of any obligation of the Borrower hereunder, Taxes imposed
as a result of a present or former connection between such recipient and the jurisdiction imposing such Tax (other than connections
arising from such recipient having executed, delivered, become a party to, performed its obligations under, received payments
under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document,
or sold or assigned an interest in any Loan or Loan Document).

 

“Other Covered Indebtedness” means,
collectively, Secured Longer-Term Indebtedness, Term Loan Indebtedness and Unsecured Shorter-Term Indebtedness.

 

“Other Permitted Indebtedness”
means (a) accrued expenses and current trade accounts payable incurred in the ordinary course of any Obligor’s business
that are overdue for a period of more than 90 days or which are not being contested in good faith by appropriate proceedings,
(b) Indebtedness (other than Indebtedness for borrowed money) arising in connection with transactions in the ordinary course of
any Obligor’s business in connection with its purchasing of securities, Hedging Agreements entered into for financial planning
purposes and not for speculative purposes, reverse repurchase agreements or dollar rolls to the extent such transactions are permitted
under the Investment Company Act and the Borrower’s Investment Policies; provided that such Indebtedness does not
arise in connection with the purchase of Eligible Portfolio Investments other than Cash Equivalents and U.S. Government Securities,
(c) Indebtedness in respect of judgments or awards that have been in force for less than the applicable period for taking an appeal
so long as such judgments or awards do not constitute an Event of Default under clause (k) of Article VII, (d) Indebtedness incurred
in the ordinary course of business to finance equipment and fixtures; provided that such Indebtedness does not exceed $2,000,000
in the aggregate at any time outstanding; and (e) other Indebtedness not to exceed $1,000,000 in the aggregate.

 

    26

     

    

 

“Other Taxes” means any and all
present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies arising from any
payment made under any Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, any Loan
Document, except any such taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment
made pursuant to Section 2.17(b) of the Agreement).

 

“Participating Member State” means
any member state of the European Community that adopts or has adopted the Euro as its lawful currency in accordance with the legislation
of the European Union relating to the European Monetary Union.

 

“Participant Register” shall have
the meaning assigned to such term in Section 9.04(f).

 

“Patriot Act” means USA Patriot
Act Title III of Pub. L. 107-56 (signed into law October 26, 2001).

 

“PBGC” means the Pension Benefit
Guaranty Corporation as referred to and defined in ERISA and any successor entity performing similar functions.

 

“Permitted Equity Interests” means
common stock of the Borrower that after its issuance is not subject to any agreement between the holder of such common stock and
the Borrower where the Borrower is required to purchase, redeem, retire, acquire, cancel or terminate any such common stock at
any time prior to the first anniversary of the later of the Maturity Date (as in effect from time to time) and the Termination
Date.

 

“Permitted Holders” means each
of the following: (i) Brook Taube, (ii) Jeff Tonkel or (iii) Seth Taube (including, in each case, any trust, partnership, corporation,
limited liability company or other entity Controlled by such individual), except if any such individuals are replaced with individuals
reasonably acceptable to the Administrative Agent and the Required Lenders after the death, disability or termination of the same.

 

    27

     

    

 

“Permitted Liens” means (a) Liens
imposed by any Governmental Authority for taxes, assessments or charges not yet due or that are being contested in good faith
and by appropriate proceedings if adequate reserves with respect thereto are maintained on the books of the Borrower in accordance
with GAAP; (b) Liens of clearing agencies, broker-dealers and similar Liens incurred in the ordinary course of business; provided
that such Liens (i) attach only to the securities (or proceeds) being purchased or sold and (ii) secure only obligations incurred
in connection with such purchase or sale, and not any obligation in connection with margin financing; (c) Liens imposed by law,
such as materialmen’s, mechanics’, carriers’, workmen’s, storage, landlord, and repairmen’s Liens
and other similar Liens arising in the ordinary course of business and securing obligations (other than Indebtedness for borrowed
money) not yet due or that are being contested in good faith and by appropriate proceedings if adequate reserves with respect
thereto are maintained on the books of the Borrower in accordance with GAAP; (d) Liens incurred or pledges or deposits made to
secure obligations incurred in the ordinary course of business under workers’ compensation laws, unemployment insurance
or other similar social security legislation (other than in respect of employee benefit plans subject to ERISA) or to secure public
or statutory obligations; (e) Liens securing the performance of, or payment in respect of, bids, insurance premiums, deductibles
or co-insured amounts, tenders, government or utility contracts (other than for the repayment of borrowed money), surety, stay,
customs and appeal bonds and other obligations of a similar nature incurred in the ordinary course of business; (f) Liens arising
out of judgments or awards that have been in force for less than the applicable period for taking an appeal so long as such judgments
or awards do not constitute an Event of Default; (g) customary rights of setoff and liens upon (i) deposits of cash in favor of
banks or other depository institutions in which such cash is maintained in the ordinary course of business, (ii) cash and financial
assets held in securities accounts in favor of banks and other financial institutions with which such accounts are maintained
in the ordinary course of business and (iii) assets held by a custodian in favor of such custodian in the ordinary course of business,
in the case of each of clauses (i) through (iii) above, securing payment of fees, indemnities, charges for returning items and
other similar obligations; (h) Liens arising solely from precautionary filings of financing statements under the Uniform Commercial
Code of the applicable jurisdictions; (i) zoning restrictions, easements, licenses, or other restrictions on the use of any real
estate (including leasehold title), in each case which do not interfere with or affect in any material respect the ordinary course
conduct of the business of the Borrower and its Subsidiaries; (j) purchase money Liens on specific equipment and fixtures provided
that (i) such Liens only attach to such equipment and fixtures, (ii) the Indebtedness secured thereby is incurred pursuant
to clause (d) of the definition of “Other Permitted Indebtedness” and (iii) the Indebtedness secured thereby does
not exceed the lesser of the cost and the fair market value of such equipment and fixtures at the time of the acquisition thereof;
(k) deposits of money securing leases to which Borrower is a party as lessee made in the ordinary course of business; (l) Eligible
Liens; and (m) Liens in favor of any escrow agent solely on and in respect of any cash earnest money deposits
made by any Obligor in connection with any letter of intent or purchase agreement (to the extent that the acquisition or disposition
with respect thereto is otherwise permitted hereunder); and (n) any restrictions
on the sale or disposition of assets arising from a Merger Agreement.

 

“Permitted Policy Amendment” is
an amendment, modification, termination or, restatement
or replacement of the Investment Policies, that is either (a) approved
in writing by the Administrative Agent (with the consent of the Required Lenders), (b) required by applicable law or Governmental
Authority, or (c) could not reasonably be expected to have a material adverse effect on the Lenders.

 

“Permitted SBIC Guarantee” means
a guarantee by the Borrower of SBA Indebtedness of an SBIC Subsidiary on SBA’s then applicable form; provided that
the recourse to the Obligors thereunder is expressly limited only to periods after the occurrence of an event or condition that
is an impermissible change in the control of such SBIC Subsidiary (it being understood that, as provided in clause (r) of Article
VII, it shall be an Event of Default hereunder if any such event or condition giving rise to such recourse occurs).

 

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“Person” means any natural person,
corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other
entity.

 

“Plan” means any employee pension
benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section
302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section
4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.

 

“Portfolio Company” means the
issuer or obligor under any Portfolio Investment held by any Obligor.

 

“Portfolio Company Data” means
historic and pro-forma quarterly financial information and market data associated with a Portfolio Company which has been delivered
by such Portfolio Company to the Borrower (without independent substantive verification by the Borrower) (provided that
such financial information shall be updated by the Borrower within 30 days of receipt by the Borrower of such financial information
from such Portfolio Company), which may include pro-forma financial information in connection with, among other things, (a) an
Investment that was originated by the Borrower within the preceding twelve month period, (b) a Portfolio Company that has, within
the preceding twelve month period, been the acquirer of substantially all of the business assets or stock of another Person, (c)
a Portfolio Company that has, within the preceding twelve month period, been the target of an acquisition of substantially all
of its business assets or stock, and/or (d) a Portfolio Company that does not have an entire fiscal year under its current capital
structure.

 

“Portfolio Investment” means any
Investment held by the Borrower and its Subsidiaries in their asset portfolio including,
without limitation, upon and after the consummation of the Mergers, Sierra Management; provided that Sierra Management shall only
be deemed a Portfolio Investment for so long as it is listed on the schedule of investments in the Borrower’s financial
statements and is otherwise treated as a Portfolio Investment under GAAP and other applicable law, rules or regulations.

 

“Prime Rate” means the rate of
interest quoted in The Wall Street Journal, Money Rates Section, as the “U.S. Prime Rate” (or its successor),
as in effect from time to time. The Prime Rate is a reference rate and does not necessarily represent the lowest or best rate
actually charged to any customer. The Administrative Agent or any Lender may make commercial loans or other loans at rates of
interest at, above, or below the Prime Rate.

 

“Principal Financial Center” means,
in the case of any Currency, the principal financial center where such Currency is cleared and settled, as determined by the Administrative
Agent.

 

“Quarterly Dates” means the last
Business Day of March, June, September and December in each year, commencing on December 31, 2013.

 

“Quoted Investments” has the meaning
set forth in Section 5.12(b)(ii).

 

    29

     

    

 

“Register” has the meaning set
forth in Section 9.04(c).

 

“Regulations D, T, U and X” means,
respectively, Regulations D, T, U and X of the Board of Governors of the Federal Reserve System (or any successor), as the same
may be modified and supplemented and in effect from time to time.

 

“Related Parties” means, with
respect to any specified Person, such Person’s Affiliates and the respective directors, officers, employees, agents and
advisors of such Person and such Person’s Affiliates.

 

“Required Lenders” means, at any
time, subject to Section 2.16(b), Lenders having Revolving Credit Exposures and unused Commitments representing more than 50%
of the sum of the total Revolving Credit Exposures and unused Commitments at such time; provided, that, (a) if there are
only three (3) Lenders at such time, “Required Lenders” shall mean Lenders having Revolving Credit Exposures
and unused Commitments representing more than 67% of the sum of the total Revolving Credit Exposures and unused Commitments at
such time and (b) if there are only two (2) Lenders at such time, “Required Lenders” shall mean all Lenders.
Solely for purposes of Sections 2.08(b) and 2.11(a)(ii), the Required Lenders of a Class (which shall include the term “Required
Multicurrency Lenders”) means Lenders having Revolving Credit Exposures and unused Commitments of such Class representing
more than 50% (or, if there are only three (3) Lenders of such Class at such time, 67% and, if there are only two (2) Lenders
of such Class at such time, all such Lenders) of the sum of the total Revolving Credit Exposures and unused Commitments of such
Class at such time.

 

“Required Payment Amount” has
the meaning set forth in Section 6.05(b).

 

“Restatement Effective Date” means
August 12, 2016.

 

“Restricted Payment” means any
dividend or other distribution (whether in cash, securities or other property) with respect to any shares of any class of capital
stock of the Borrower or any of its Subsidiaries, or any payment (whether in cash, securities or other property), including any
sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination
of any such shares of capital stock of the Borrower or any option, warrant or other right to acquire any such shares of capital
stock of the Borrower; provided, for clarity, neither the conversion of convertible debt into capital stock nor the purchase,
redemption, retirement, acquisition, cancellation or termination of convertible debt made solely with capital stock (other than
interest or expenses, which may be payable in cash) shall be a Restricted Payment hereunder.

 

“Revolver Termination Date” means
the date that is the three (3) year anniversary of the Restatement Effective Date, unless extended with the consent of each Lender
in its sole and absolute discretion.

 

“Revolving Credit Exposure” means,
with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender’s Revolving Dollar Credit
Exposure and Revolving Multicurrency Credit Exposure at such time.

 

    30

     

    

 

“Revolving Dollar Credit Exposure”
means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender’s Dollar Loans
at such time.

 

“Revolving Multicurrency Credit Exposure”
means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender’s Multicurrency
Loans at such time.

 

“Revolving Percentage” means,
as of any date of determination, the result, expressed as a percentage, of the aggregate Revolving Credit Exposure on such date
divided by the aggregate outstanding Covered Debt Amount on such date.

 

“RIC” means a Person qualifying
for treatment as a “regulated investment company” under the Code.

 

“Risk Factor” means, with respect
to any Portfolio Investment, for any calendar quarter, the risk factor set forth on Schedule 1.01(c) corresponding to the
Risk Factor Rating that has been most recently assigned to such Portfolio Investment by the Borrower in accordance with the definition
of Risk Factor Rating.

 

“Risk Factor Rating” means,
with respect to any Portfolio Investment, a rating assigned by the Borrower from time to time to such Portfolio Investment
by (i) using a public rating of the Portfolio Company from S&P or Moody’s; (ii) if such public rating referred to in
clause (i) is not available, using a comparable shadow rating performed by an S&P or a Moody’s analyst with respect
to the Portfolio Company Data relating to such Portfolio Investment (as such shadow rating remains in effect from time to time,
and which shall be maintained by the underlying obligor), (iii) if such a public rating or comparable shadow rating referred to
in clauses (i) and (ii) above is not available, using a comparable rating determined by the Borrower inputting the Portfolio Company
Data relating to such Portfolio Investment into RiskCalc (Moody’s KMV Expected Default Frequency model), provided
that such rating shall not be older than six months or based on financial statements that are older than six months; or (iv) determining
a rating by another method that has been approved for such Portfolio Investment by the Administrative Agent and Lenders (which
approval, for the avoidance of doubt, may be given electronically) holding not less than two-thirds of the total Revolving Credit
Exposures and unused Commitments; provided that, with respect to any Portfolio Investment for which the underlying Portfolio
Company has EBITDA of less than $20,000,000 on a trailing twelve month basis, the Risk Factor Rating assigned under to such Portfolio
Investment for purposes of this Agreement shall not exceed Ba1/BB+. For clarity, if a Risk Factor Rating is available under clauses
(i) or (ii) of this definition from both S&P and Moody’s, the higher rating shall apply.

 

“S&P” means Standard &
Poor’s Ratings Services, a division of The McGraw Hill Companies, Inc., a New York corporation, or any successor thereto.

 

“SBA” means the United States
Small Business Administration or any Governmental Authority succeeding to any or all of the functions thereof.

 

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“SBIC Subsidiary” means any Subsidiary
of the Borrower (or such Subsidiary’s general partner or manager entity) that is (x) either (i) a “small business
investment company” licensed by the SBA (or that has applied for such a license and is actively pursuing the granting thereof
by appropriate proceedings promptly instituted and diligently conducted) under the Small Business Investment Act of 1958, as amended,
or (ii) any wholly-owned, directly or indirectly, Subsidiary of an entity referred to in clause (x)(i) of this definition, and
(y) designated by the Borrower (as provided below) as an SBIC Subsidiary, so long as:

 

(a) other
than pursuant to a Permitted SBIC Guarantee or the requirement by the SBA that the Borrower make an equity or capital contribution
to the SBIC Subsidiary in connection with its incurrence of SBA Indebtedness (provided that such contribution is permitted
by Section 6.03(f) and is made substantially contemporaneously with such incurrence), no portion of the Indebtedness or any other
obligations (contingent or otherwise) of such Person (i) is Guaranteed by the Borrower or any of its Subsidiaries (other than
any SBIC Subsidiary), (ii) is recourse to or obligates the Borrower or any of its Subsidiaries (other than any SBIC Subsidiary)
in any way, or (iii) subjects any property of the Borrower or any of its Subsidiaries (other than any SBIC Subsidiary) to the
satisfaction thereof;

 

(b) other
than pursuant to a Permitted SBIC Guarantee, neither the Borrower nor any of its Subsidiaries has any material contract, agreement,
arrangement or understanding with such Person other than on terms no less favorable to the Borrower or such Subsidiary than those
that might be obtained at the time from Persons that are not Affiliates of the Borrower or such Subsidiary;

 

(c) neither
the Borrower nor any of its Subsidiaries (other than any SBIC Subsidiary) has any obligation to such Person to maintain or preserve
its financial condition or cause it to achieve certain levels of operating results; and

 

(d) such
Person has not Guaranteed or become a co-borrower under, and has not granted a security interest in any of its properties to secure,
and the Equity Interests it has issued are not pledged to secure, in each case, any indebtedness, liabilities or obligations of
any one or more of the Obligors.

 

Any designation by the Borrower under clause (y)
above shall be effected pursuant to a certificate of a Financial Officer delivered to the Administrative Agent, which certificate
shall include a statement to the effect that, to the best of such Financial Officer’s knowledge, such designation complied
with the foregoing conditions. Upon the consummation of the Mergers, each of Medley
SBIC LP and Medley SBIC GP, LLC shall be automatically deemed an SBIC Subsidiary of the Borrower without the delivery of a certificate
of a Financial Officer so long as such SBIC Subsidiary continues to satisfy the criteria of an “SBIC Subsidiary”.

 

“SEC” means the United States
Securities and Exchange Commission or any Governmental Authority succeeding to any or all of the functions thereof.

 

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“Secured Longer-Term Indebtedness”
means, as at any date, Indebtedness for borrowed money (other than Indebtedness hereunder and under any Term Loan Credit Facility)
of the Borrower (which may be Guaranteed by Subsidiary Guarantors) that:

 

(a) has no amortization or mandatory redemption,
repurchase or prepayment prior to, and a final maturity date not earlier than, six months after the Maturity Date (it being understood
(i) that the conversion features into Permitted Equity Interests under convertible notes (as well as the triggering of such conversion
and/or settlement thereof solely with Permitted Equity Interests, except in the case of interest or expenses (which may be payable
in cash)) shall not constitute “amortization”, “redemption”, “repurchase” or “repayment”
for the purposes of this definition) and (ii) that any mandatory amortization, redemption, repurchase or repayment obligation
or put right that is contingent upon the happening of an event that is not certain to occur (including, without limitation, a
change of control or bankruptcy) shall not in and of itself be deemed to disqualify such Indebtedness under this clause (a) (notwithstanding
the foregoing, in this clause (ii), the Borrower acknowledges that any payment prior to the Termination Date in respect of any
such obligation or right shall only be made to the extent permitted by Section 6.12));

 

(b) is incurred pursuant to documentation containing
other terms (including financial and other covenants, covenants governing the borrowing base, if any, portfolio valuations and
events of default (other than events of default customary in indentures or similar instruments that have no analogous provisions
in this Agreement or credit agreements generally), but excluding interest and fees) that are no more restrictive in any material
respect upon the Borrower and its Subsidiaries, prior to the Termination Date, than those set forth in this Agreement (it being
understood that put rights or repurchase or redemption obligations (x) in the case of convertible securities, in connection with
the suspension or delisting of the Capital Stock of the Borrower or the failure of the Borrower to satisfy a continued listing
rule with respect to its Capital Stock or (y) arising out of circumstances that would constitute a “fundamental change”
(as such term is customarily defined in convertible note offerings) or be Events of Default under this Agreement shall not be
deemed to be more restrictive for purposes of this definition); and

 

(c) ranks pari passu with the obligations under this
Agreement and under any Term Loan Credit Facility and is not secured by any assets of any Person other than any assets of any
Obligor pursuant to the Security Documents and the holders of which, or the agent, trustee or representative of such holders,
have agreed to either (x) be bound by the provisions of the Security Documents by executing the joinder attached as Exhibit E
to the Guarantee and Security Agreement or (y) be bound by the provisions of the Security Documents in a manner reasonably satisfactory
to the Administrative Agent and the Collateral Agent. For the avoidance of doubt, Secured Longer-Term Indebtedness shall also
include any refinancing, refunding, renewal or extension of any Secured Longer-Term Indebtedness so long as such refinanced, refunded,
renewed or extended Indebtedness continues to satisfy the requirements of this definition.

 

“Security Documents” means, collectively,
the Guarantee and Security Agreement, the Custodian AgreementAgreements,
all Uniform Commercial Code financing statements filed with respect to the security interests in personal property created pursuant
to the Guarantee and Security Agreement, and all other assignments, pledge agreements, security agreements, control agreements
and other instruments executed and delivered at any time by any of the Obligors pursuant to the Guarantee and Security Agreement
or otherwise providing or relating to any collateral security for any of the Secured Obligations under and as defined in the Guarantee
and Security Agreement.

 

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“Senior Securities” means senior
securities (as such term is defined and determined pursuant to the Investment Company Act and any orders of the SEC issued to
the Borrower thereunder).

 

“Sierra
Management” means Sierra Management Inc., a Delaware corporation.

 

“Significant
Unsecured Indebtedness Event” means that the aggregate principal amount of Unsecured Longer-Term Indebtedness plus
the aggregate principal amount of Unsecured Shorter-Term Indebtedness plus the aggregate amount of Other Permitted
Indebtedness exceeds, at any time of determination, the sum of (A) the excess of the Borrowing Base over the Covered Debt Amount
plus (B) 30% of the excess of Stockholders’ Equity over Obligors’ Net Worth.

 

“Solvent” means, with respect
to any Obligor, that as of the date of determination, both (a) (i) the sum of such Obligor’s debt and liabilities (including
contingent liabilities) does not exceed the present fair saleable value of such Person’s present assets, (ii) such Obligor’s
capital is not unreasonably small in relation to its business as contemplated on the Restatement Effective Date and reflected
in any projections delivered to the Lenders or with respect to any transaction contemplated or undertaken after the Restatement
Effective Date, and (iii) such Obligor has not incurred and does not intend to incur, or believe (nor should it reasonably believe)
that it will incur, debts beyond its ability to pay such debts as they become due (whether at maturity or otherwise); and (b)
such Obligor is “solvent” within the meaning given to such term and similar terms under applicable laws relating to
fraudulent transfers and conveyances. For purposes of this definition, the amount of any contingent liability at any time shall
be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that
can reasonably be expected to become an actual or matured liability (irrespective of whether such contingent liabilities meet
the criteria for accrual under Statement of Financial Accounting Standard No. 5).

 

“Special Equity Interest” means
any Equity Interest that is subject to a Lien in favor of creditors of the issuer of such Equity Interest, provided that
(a) such Lien was created to secure Indebtedness owing by such issuer to such creditors, (b) such Indebtedness was (i) in existence
at the time the Obligors acquired such Equity Interest, (ii) incurred or assumed by such issuer substantially contemporaneously
with such acquisition or (iii) already subject to a Lien granted to such creditors and (c) unless such Equity Interest is not
intended to be included in the Collateral, the documentation creating or governing such Lien does not prohibit the inclusion of
such Equity Interest in the Collateral.

 

“Specified
Management Entity” means each of Sierra Management, Medley LLC and the Investment Advisor.

 

“Standard
Securitization Undertakings” means, collectively, (a) customary arms-length servicing obligations (together with any
related performance guarantees), (b) obligations (together with any related performance guarantees) to refund the purchase price
or grant purchase price credits for breach of representations and warranties referred to in clause (c), and (c) representations,
warranties, covenants and indemnities (together with any related performance guarantees) of a type that are reasonably customary
in commercial loan securitizations (in each case in clauses (a), (b) and (c) excluding obligations related to the collectability
of the assets sold or the creditworthiness of the underlying obligors and excluding obligations that constitute credit recourse).

 

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“Statutory Reserve Rate” means,
for the Interest Period for any Eurocurrency Borrowing, a fraction (expressed as a decimal), the numerator of which is the number
one and the denominator of which is the number one minus the arithmetic mean, taken over each day in such Interest Period,
of the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed
as a decimal established by the Board to which the Administrative Agent is subject for eurocurrency funding (currently referred
to as “Eurocurrency liabilities” in Regulation D). Such reserve percentages shall include those imposed pursuant to
Regulation D. Eurocurrency Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements
without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under
Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective
date of any change in any reserve percentage.

 

“Step-Down Condition” means at
any time at which the contribution to the Borrowing Base of Eligible Portfolio Investments that are Cash, Cash Equivalents, Long-Term
U.S. Government Securities, and First Lien Bank Loans is equal to or exceeds 70% of outstanding Covered Debt (provided that no
more than 5% is made up of Cash, Cash Equivalents or Long-Term U.S. Government Securities). The Step-Down Condition shall not
take effect until the Borrower has delivered a certificate of a Financial Officer certifying as to compliance with such condition,
with reasonably detailed calculations demonstrating such compliance which, for the avoidance of doubt, may be included with regularly
scheduled deliverables pursuant to Article V.

 

“Stockholders’ Equity” means,
at any date, the amount determined on a consolidated basis, without duplication, in accordance with GAAP, of stockholders’
equity for the Borrower and its Subsidiaries at such date.

 

“Structured Finance Obligations”
means any obligation issued by a special purpose vehicle and secured directly by, referenced to, or representing ownership of,
a pool of receivables or other financial assets of any Obligor, including collateralized debt obligations and mortgaged-backed
securities. For the avoidance of doubt, if an obligation satisfies the definition of “Structured Finance Obligation”,
such obligation shall (a) not qualify as any other category of Portfolio Investment and (b) not be included in the Borrowing Base.

 

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“Structured Subsidiaries” means
a direct or indirect Subsidiary of the Borrower to which any Obligor sells, conveys or otherwise transfers (whether directly or
indirectly) Portfolio Investments, which is formed in connection with, and which continues to exist for the sole purpose of, such
Subsidiary obtaining and maintaining third-party financing from an unaffiliated third party, and which engages in no material
activities other than in connection with the purchase or financing of such assets from the Obligors or any other Person, and which
is designated by the Borrower (as provided below) as a Structured Subsidiary, so long as:

 

(a) no portion
of the Indebtedness or any other obligations (contingent or otherwise) of such Subsidiary (i) is Guaranteed by any Obligor (other
than Guarantees in respect of Standard Securitization Undertakings), (ii) is recourse to or obligates any Obligor in any way other
than pursuant to Standard Securitization Undertakings or (iii) subjects any property of any Obligor (other than property that
has been contributed or sold or otherwise transferred to such Subsidiary in accordance with the terms Section 6.03(f)), directly
or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings
or any Guarantee thereof;

 

(b) no Obligor
has any material contract, agreement, arrangement or understanding with such Subsidiary other than on terms no less favorable
to such Obligor than those that might be obtained at the time from Persons that are not Affiliates of any Obligor, other than
fees payable in the ordinary course of business in connection with servicing loan assets;

 

(c) no Obligor
has any obligation to maintain or preserve such entity’s financial condition or cause such entity to achieve certain levels
of operating results; and

 

(d) definitive
documentation relating to a third party financing provided to such subsidiary by an unaffiliated third party (1) remains in full
force and effect at all times and (2) does not permit such subsidiary to become an Obligor hereunder.

 

Except as provided in the next sentence, any such
designation by the Borrower shall be effected pursuant to a certificate of a Financial Officer delivered to the Administrative
Agent, which certificate shall include a statement to the effect that, to the best of such Financial Officer’s knowledge,
such designation complied with the foregoing conditions. Arbor Funding is, and shall be deemed, a Structured Subsidiary; provided
that such Subsidiary (and any other Subsidiary designated by the Borrower from time to time as a “Structured Subsidiary”
pursuant hereto) shall not be deemed a Structured Subsidiary if it does not comply with the foregoing conditions. Each Subsidiary
of a Structured Subsidiary shall be deemed to be a Structured Subsidiary and shall comply with the foregoing requirements of this
definition.

 

“Subsidiary” means, with respect
to any Person (the “parent”) at any date, any corporation, limited liability company, partnership, association
or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial
statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation,
limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing
more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the
general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise Controlled
by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. Anything
herein to the contrary notwithstanding, the term “Subsidiary” shall not include (a)
any Person that constitutes an Investment held by any Obligor in the ordinary course of business and that is not, under
GAAP, consolidated on the financial statements of the Borrower and its Subsidiaries and
(b) upon and after the consummation of the Mergers, Sierra Management; provided that, if Sierra Management otherwise meets the
definition of “Subsidiary”, it shall be excluded from the definition of “Subsidiary” only for so long
as it meets the definition of a “Portfolio Investment” hereunder. Unless otherwise specified, “Subsidiary”
means a Subsidiary of the Borrower.

 

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“Subsidiary Guarantor” means any
Subsidiary that is or is required to be a Guarantor under the Guarantee and Security Agreement. It is understood and agreed that,
(i) no CFC or Transparent Subsidiary shall be required to be a Subsidiary Guarantor and (ii) subject to Section 5.08(a), no Financing
Subsidiary shall be required to be a Subsidiary Guarantor as long as it remains a Financing Subsidiary as defined and described
herein.

 

“Taxes” means any and all present
or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed by any Governmental Authority.

 

“Term Loans” means the “Loans”
(or equivalent term) as defined in any Term Loan Credit Facility.

 

“Term Loan Credit Facility” means
any credit agreement governing Indebtedness (other than Indebtedness hereunder) of the Borrower (which may be Guaranteed by Subsidiary
Guarantors), that has been designated in writing as the Term Loan Credit Facility by the Borrower with the written consent of
the Administrative Agent and the Required Lenders in their sole discretion; provided, that such Indebtedness (i) has no
amortization prior to, and a final maturity date not earlier than, six months after the Maturity Date, (ii) is incurred pursuant
to documentation containing other terms (including financial and other covenants, covenants regarding the borrowing base, if any,
portfolio valuations, and events of default, but excluding interest) that are no more restrictive in any material respect upon
the Borrower and its Subsidiaries, while the Commitments are outstanding, than those set forth in this Agreement and (iii) is
not secured by any assets of any Person other than any asset of any Obligor pursuant to the Security Documents and the holders
of which, or the agent, trustee or representative of such holders, have agreed to either (x) be bound by the provisions of the
Security Documents by executing the joinder attached as Exhibit E to the Guarantee and Security Agreement or (y) be bound by the
provisions of the Security Documents in a manner reasonably satisfactory to the Administrative Agent and the Collateral Agent.
For the avoidance of doubt, Term Loan Credit Facility shall also include any amendment, modification, supplement, amendment and
restatement, refinancing, refunding, renewal or extension of any Term Loan Credit Facility so long as such refinanced, refunded,
renewed or extended Indebtedness continues to satisfy the requirements of this definition.

 

“Term Loan Indebtedness” means
Indebtedness under any Term Loan Credit Facility and all agreements related thereto.

 

“Termination Date” means the date
on which the Commitments have expired or been terminated and the principal of and accrued interest on each Loan and all fees and
other amounts payable hereunder by the Borrower or any other Obligor shall have been paid in full (excluding, for the avoidance
of doubt, any amount in connection with any contingent, unasserted obligations).

 

“Third Party Finance Company”
means a Person that is (i) an operating company with employees, officers and directors, (ii) in the primary business of originating
loans or factoring, purchasing or financing receivables, inventory or other current assets, and (iii) an unaffiliated third party
business organized under the laws of any State of the United States of America or Canada, domiciled in the United States of America
or Canada, and with its principal operations and property located in the United States of America or Canada.

 

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“Transactions” means the execution,
delivery and performance by the Borrower of this Agreement and other Loan Documents, the borrowing of Loans, and the use of the
proceeds thereof.

 

“Transparent Subsidiary” means
an entity classified as a partnership or as a disregarded entity for U.S. federal income tax purposes directly or indirectly owned
by an Obligor that has no material assets other than Equity Interests (held directly or indirectly through other Transparent Subsidiaries)
in one or more CFCs.

 

“Type”, when used in reference
to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans constituting such Borrowing, is
determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate.

 

“Undisclosed Administration” means,
in relation to a Lender, the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian
or other similar official by a supervisory authority or regulator under or based on the law in the country where such Lender is
subject to home jurisdiction supervision if applicable law requires that such appointment is not to be publicly disclosed and
such appointment has not been publicly disclosed.

 

“Uniform Commercial Code” means
the Uniform Commercial Code as in effect from time to time in the State of New York.

 

“United States” means the United
States of America.

 

“Unquoted Investments” has the
meaning set forth in Section 5.12(b)(ii).

 

“Unsecured Longer-Term Indebtedness”
means any Indebtedness for borrowed money of the Borrower that:

 

(a) has no amortization or mandatory redemption,
repurchase or prepayment prior to, and a final maturity date not earlier than, six months after the Maturity Date (it being understood
(i) that the conversion features into Permitted Equity Interests under convertible notes (as well as the triggering of such conversion
and/or settlement thereof solely with Permitted Equity Interests, except in the case of interest or expenses (which may be payable
in cash)) shall not constitute “amortization”, “redemption”, “repurchase” or “repayment”
for the purposes of this definition and (ii) that any mandatory amortization, redemption, repurchase or repayment obligation or
put right that is contingent upon the happening of an event that is not certain to occur (including, without limitation, a change
of control or bankruptcy) shall not in and of itself be deemed to disqualify such Indebtedness under this clause (a) (notwithstanding
the foregoing, in this clause (ii), the Borrower acknowledges that any payment prior to the Termination Date in respect of any
such obligation or right shall only be made to the extent permitted by Section 6.12));

 

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(b) is incurred pursuant to terms that are substantially
comparable to market terms for substantially similar debt of other similarly situated borrowers as reasonably determined in good
faith by Borrower (other than financial covenants and events of default (other than events of default customary in indentures
or similar instruments that have no analogous provisions in this Agreement or credit agreements generally), which shall be no
more restrictive upon the Borrower and its Subsidiaries, prior to the Termination Date, than those set forth in this Agreement;
provided that, upon the Borrower’s written notice to the Administrative Agent at least five Business Days prior to the incurrence
of any Unsecured Longer-Term Indebtedness that otherwise would not meet the requirements set forth in this parenthetical of this
clause (b), this Agreement will be deemed automatically amended (and, upon the request of the Administrative Agent or the Required
Lenders, the Borrower shall promptly enter into a written amendment evidencing such amendment), mutatis mutandis, solely to the
extent necessary such that the financial covenants and events of default, as applicable, in this Agreement shall be at least as
restrictive as such provisions in the Unsecured Longer-Term Indebtedness) (it being understood that put rights or repurchase or
redemption obligations (x) in the case of convertible securities, in connection with the suspension or delisting of the Capital
Stock of the Borrower or the failure of the Borrower to satisfy a continued listing rule with respect to its Capital Stock or
(y) arising out of circumstances that would constitute a “fundamental change” (as such term is customarily defined
in convertible note offerings) or be Events of Default under this Agreement shall not be deemed to be more restrictive for purposes
of this definition); and

 

(c) is not secured by any assets of any Person. For
the avoidance of doubt, Unsecured Longer-Term Indebtedness shall also include any refinancing, refunding, renewal or extension
of any Unsecured Longer-Term Indebtedness so long as such refinanced, refunded, renewed or extended Indebtedness continues to
satisfy the requirements of this definition.

 

Notwithstanding
the foregoing, upon and after the consummation of the Mergers, the 2021 Notes shall continue to be deemed Unsecured Longer-Term
Indebtedness in all respects despite the fact that the maturity date of the 2021 Notes is prior to six months after the Maturity
Date so long as the 2021 Notes continue to comply with all other requirements of this definition; provided that, from and after
the date that is 9 months prior to the scheduled maturity date of any portion of such 2021 Notes, such portion of such 2021 Notes
shall be reclassified as Unsecured Shorter-Term Indebtedness. 

 

“Unsecured Shorter-Term Indebtedness”
means, collectively, (a) any Indebtedness of the Borrower or any of its Subsidiaries for borrowed money that is not secured by
any assets of any Person and that does not constitute Unsecured Longer-Term Indebtedness (including,
upon and after the consummation of the Mergers, such portion of the 2021 Notes from and after the date that is 9 months prior
to the scheduled maturity of any portion of the 2021 Notes) and (b) any Indebtedness of the Borrower or any of its
Subsidiaries that is designated as “Unsecured Shorter-Term Indebtedness” pursuant to Section 6.11(a). For the avoidance
of doubt, Unsecured Shorter-Term Indebtedness shall also include any refinancing, refunding, renewal or extension of any Unsecured
Shorter-Term Indebtedness so long as such refinanced, refunded, renewed or extended Indebtedness continues to satisfy the requirements
of clause (a).

 

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“U.S. Government Securities” means
securities that are direct obligations of, and obligations the timely payment of principal and interest on which is fully guaranteed
by, the United States or any agency or instrumentality of the United States the obligations of which are backed by the full faith
and credit of the United States and in the form of conventional bills, bonds, and notes.

 

“Valuation Testing Date” has the
meaning assigned to such term in Section 5.12(b)(ii).

 

“Value” has the meaning assigned
to such term in Section 5.13.

 

“Withdrawal Liability” means liability
to a Multiemployer Plan as a result of a “complete withdrawal” or “partial withdrawal” from such Multiemployer
Plan, as defined in Part I of Subtitle E of Title IV of ERISA.

 

“wholly owned Subsidiary” of any
person shall mean a Subsidiary of such person, all of the Equity Interests of which (other than directors’ qualifying shares
or nominee or other similar shares required pursuant to applicable law) are owned by such person and/or one or more wholly owned
Subsidiaries of such person. Unless the context otherwise requires, “wholly owned Subsidiary Guarantor” shall mean
a wholly owned Subsidiary that is a Subsidiary Guarantor.

 

“Write-Down and Conversion Powers”
means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from
time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described
in the EU Bail-In Legislation Schedule.

 

Section 1.02. 
Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred
to by Class (e.g., a “Dollar Loan” or “Multicurrency Loan”), by Type (e.g., an “ABR Loan”)
or by Class and Type (e.g., a “Multicurrency Eurocurrency Loan”). Borrowings also may be classified and referred to
by Class (e.g., a “Dollar Borrowing” or “Multicurrency Borrowing”), by Type (e.g., an “ABR Borrowing”).
or by Class and Type (e.g., a “Multicurrency Eurocurrency Borrowing”). Loans and Borrowings may also be identified
by Currency.

 

Section 1.03. 
Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of
the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter
forms. The words “include”, “includes” and “including” shall be deemed to be followed by the
phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as
the word “shall”. Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument
or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time
amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set
forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns
(subject to any restrictions on such successors and assigns set forth herein), (c) the words “herein”, “hereof’
and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not
to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed
to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (e) the words “asset” and
“property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible
assets and properties, including cash, securities, accounts and contract rights.

 

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Section 1.04. 
Accounting Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial
nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the Borrower notifies
the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change
occurring after the Restatement Effective Date in GAAP or in the application thereof on the operation of such provision (or if
the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such
purpose), then Borrower, Administrative Agent and the Lenders agree to enter into negotiations in good faith in order to amend
such provisions of the Agreement so as to equitably reflect such change to comply with GAAP with the desired result that the criteria
for evaluating the Borrower's financial condition shall be the same after such change to comply with GAAP as if such change had
not been made; provided, however, until such amendments to equitably reflect such changes are effective and agreed to by
Borrower, Administrative Agent and the Required Lenders, the Borrower’s compliance with such financial covenants shall be
determined on the basis of GAAP as in effect and applied immediately before such change in GAAP becomes effective. Notwithstanding
the foregoing or anything herein to the contrary, the Borrower covenants and agrees with the Lenders that whether or not the Borrower
may at any time adopt Accounting Standard Codification 825, all determinations relating to fair value accounting for liabilities
or compliance with the terms and conditions of this Agreement shall be made on the basis that the Borrower has not adopted Accounting
Standard Codification 825. Except with respect to calculating compliance with the financial covenants set forth in Section 6.07(c)
(which shall be calculated as set forth in the relevant definitions therefor), the Borrower shall at all times continue to account
for total return swaps as they are accounted for in the Borrower’s consolidated financial statements for the fiscal quarter
ended September 30, 2013. For the avoidance of doubt, leases shall continue to be classified and accounted for on a basis consistent
with GAAP as in effect on the Restatement Effective Date for all purposes of this Agreement, notwithstanding any change in GAAP
related thereto.

 

Section 1.05. 
Currencies Generally. At any time, any reference in the definition of the term “Agreed Foreign Currency”
or in any other provision of this Agreement to the Currency of any particular nation means the lawful currency of such nation
at such time whether or not the name of such Currency is the same as it was on the date hereof. Except as provided in Section
2.08(b) and the last sentence of Section 2.15(a), for purposes of determining (i) whether the amount of any Borrowing under the
Multicurrency Commitments, together with all other Borrowings under the Multicurrency Commitments then outstanding or to be borrowed
at the same time as such Borrowing, would exceed the aggregate amount of the Multicurrency Commitments, (ii) the aggregate unutilized
amount of the Multicurrency Commitments, (iii) the Revolving Credit Exposure, (iv) the Covered Debt Amount and (v) the Borrowing
Base or the Value or the fair market value of any Portfolio Investment, the outstanding principal amount of any Borrowing that
is denominated in any Foreign Currency or the Value or the fair market value of any Portfolio Investment that is denominated in
any Foreign Currency shall be deemed to be the Dollar Equivalent of the amount of the Foreign Currency of such Borrowing or Portfolio
Investment, as the case may be, determined as of the date of such Borrowing (determined in accordance with the last sentence of
the definition of the term “Interest Period”) or the date of valuation of such Portfolio Investment, as the case may
be; provided that in connection with the delivery of any Borrowing Base Certificate pursuant to Section 5.01(d) or (e), such amounts
shall be determined as of the date of the delivery of such Borrowing Base Certificate. Where any amount is denominated in Dollars
under this Agreement but requires for its determination an amount which is denominated in a Foreign Currency, such amounts shall
be converted into the Foreign Currency Equivalent on the date of determination. Wherever in this Agreement in connection with
a Borrowing or Loan an amount, such as a required minimum or multiple amount, is expressed in Dollars, but such Borrowing or Loan
is denominated in a Foreign Currency, such amount shall be the relevant Foreign Currency Equivalent of such Dollar Amount (rounded
to the nearest 1,000 units of such Foreign Currency). Without limiting the generality of the foregoing, for purposes of determining
compliance with any basket in Sections 2.08(d), 5.08(c)(ii), 6.01(e), 6.03(g) or 6.04(ij)
of this Agreement, in no event shall the Borrower or any Obligor be deemed to not be in compliance with any such basket solely
as a result of change in exchange rates.

 

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Section 1.06. 
Special Provisions Relating to Euro. If at any time after the Restatement Effective Date the Euro becomes
an Agreed Foreign Currency then, from and after such date, each obligation hereunder of any party hereto that is denominated in
the National Currency of a state that is not a Participating Member State on the date hereof shall, effective from the date on
which such state becomes a Participating Member State, be redenominated in Euro in accordance with the legislation of the European
Union applicable to the European Monetary Union; provided that, if and to the extent that any such legislation provides that any
such obligation of any such party payable within such Participating Member State by crediting an account of the creditor can be
paid by the debtor either in Euros or such National Currency, such party shall be entitled to pay or repay such amount either
in Euros or in such National Currency. If the basis of accrual of interest or fees expressed in this Agreement with respect to
an Agreed Foreign Currency of any country that becomes a Participating Member State after the date on which such currency becomes
an Agreed Foreign Currency shall be inconsistent with any convention or practice in the interbank market for the basis of accrual
of interest or fees in respect of the Euro, such convention or practice shall replace such expressed basis effective as of and
from the date on which such state becomes a Participating Member State; provided that, with respect to any Borrowing denominated
in such currency that is outstanding immediately prior to such date, such replacement shall take effect at the end of the Interest
Period therefor.

 

Without prejudice to the respective liabilities of
the Borrower to the Lenders and the Lenders to the Borrower under or pursuant to this Agreement, each provision of this Agreement
shall be subject to such reasonable changes of construction as the Administrative Agent may from time to time, in consultation
with the Borrower, reasonably specify to be necessary or appropriate to reflect the introduction or changeover to the Euro in
any country that becomes a Participating Member State after the Restatement Effective Date; provided that the Administrative
Agent shall provide the Borrower and the Lenders with prior notice of the proposed change with an explanation of such change in
sufficient time to permit the Borrower and the Lenders an opportunity to respond to such proposed change.

 

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Section 1.07. 
Actions Simultaneous. Notwithstanding anything to the contrary contained herein, upon the request of the
Borrower and with the consent of the Administrative Agent in its sole discretion, all actions to be taken and all documents to
be executed and delivered at the closing of an Investment in order for such Investment to be deemed an Eligible Investment (collectively,
the “Delivery Requirements”) may be deemed to have been taken and executed and delivered simultaneously with the request
for any Borrowing for the purpose of making such Investment; provided that (i) all such Delivery Requirements shall be satisfied
substantially contemporaneously with the making of such Investment by the Borrower and (ii) the Administrative Agent shall have
received all evidence it may request (including but not limited to the delivery of an updated Borrowing Base Certificate) evidencing
such satisfaction.

 

Article II

THE CREDITS

 

Section 2.01. 
The Commitments. Subject to the terms and conditions set forth herein, (a) each Dollar Lender agrees to make
Dollar Loans to the Borrower from time to time during the Availability Period in an aggregate principal amount that will not result
in (i) such Lender’s Revolving Dollar Credit Exposure exceeding such Lender’s Dollar Commitment, (ii) the aggregate
Revolving Dollar Credit Exposure of all of the Dollar Lenders exceeding the aggregate Dollar Commitments, (iii) the aggregate
Revolving Credit Exposure of all of the Lenders exceeding the aggregate Commitments, or (iv) the total Covered Debt Amount exceeding
the Borrowing Base then in effect, and (b) each Multicurrency Lender agrees to make Multicurrency Loans to the Borrower from time
to time during the Availability Period in an aggregate principal amount that will not result in (i) such Lender’s Revolving
Multicurrency Credit Exposure exceeding such Lender’s Multicurrency Commitment, (ii) the aggregate Revolving Multicurrency
Credit Exposure of all of the Multicurrency Lenders exceeding the Multicurrency Dollar Commitments, (iii) the aggregate Revolving
Credit Exposure of all of the Lenders exceeding the aggregate Commitments, or (iv) the total Covered Debt Amount exceeding the
Borrowing Base then in effect. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower
may borrow, prepay and reborrow Loans.

 

Section 2.02. 
Loans and Borrowings.

 

(a) 
Obligations of Lenders. Each Loan shall be made as part of a Borrowing consisting of Loans of the same Class, Currency
and Type made by the applicable Lenders ratably in accordance with their respective Commitments of the applicable Class. The failure
of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided
that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to
make Loans as required.

 

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(b) 
Type of Loans. Subject to Section 2.11, each Borrowing of a Class shall be constituted entirely of ABR Loans or
of Eurocurrency Loans of such Class denominated in a single Currency as the Borrower may request in accordance herewith. Each
ABR Loan shall be denominated in Dollars. Each Lender at its option may make any Eurocurrency Loan by causing any domestic or
foreign branch or Affiliate of such Lender to make such Loan; provided that (i) any exercise of such option shall not affect
the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement, and (ii) in exercising such
option, such Lender shall use reasonable efforts to minimize any increased costs to the Borrower resulting therefrom (which obligation
of the Lender shall not require it to take, or refrain from taking, actions that it determines would result in increased costs
for which it will not be compensated hereunder or that it determines would be otherwise disadvantageous to it and in the event
of such request for costs for which compensation is provided under this Agreement, the provisions of Section 2.12 shall apply).

 

(c) 
Minimum Amounts. Each Borrowing shall be in an aggregate amount of $1,000,000 or a larger multiple of $100,000;
provided that an ABR Borrowing of a Class may be in an aggregate amount that is equal to the entire unused balance of the
total Commitments of such Class. Borrowings of more than one Class, Currency or Type may be outstanding at the same time.

 

(d) 
Limitations on Interest Periods. Notwithstanding any other provision of this Agreement, the Borrower shall not be
entitled to request any Eurocurrency Borrowing (or to elect to convert to or continue as a Eurocurrency Borrowing) if the Interest
Period requested therefor would end after the Maturity Date.

 

(e) 
Treatment of Classes. Notwithstanding anything to the contrary contained herein, with respect to each Loan designated
in Dollars, the Administrative Agent shall deem the Borrower to have requested that such Loan be applied ratably to each of the
Dollar Commitments and the Multicurrency Commitments, based upon the percentage of the aggregate remaining unutilized Commitments
represented by the Dollar Commitments and the Multicurrency Commitments, respectively.

 

(f) 
Restatement Effective Date Adjustments.

 

(i) 
On the Restatement Effective Date, Borrower shall (A) prepay the Existing Loans (if any) in full and (B) simultaneously
borrow new Loans hereunder in an amount equal to such prepayment; provided that with respect to subclauses (A) and (B), (x) the
prepayment to, and borrowing from, any Existing Lender shall be effected by book entry to the extent that any portion of the amount
prepaid to such Existing Lender will be subsequently borrowed from such Existing Lender and (y) the Existing Lenders and the New
Lenders shall make and receive payments among themselves, in a manner acceptable to the Administrative Agent, so that, after giving
effect thereto, the Loans are held ratably by the Lenders in accordance with the respective Commitments of such Lenders (as set
forth in Schedule 1.01(b)). Each of the Lenders (including each Existing Lender) consents to any non-pro rata commitment reduction
or payment that is a result of the reallocation. Each of the Lenders (including each Existing Lender) agrees to waive repayment
of the amounts, if any, payable under Section 2.13 as a result of, and solely in connection with, any such prepayment. Concurrently
therewith, the Lenders shall be deemed to have adjusted their participation interests in any outstanding Letters of Credit so
that such interests are held ratably in accordance with their commitments as so revised.

 

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(ii) 
On the Restatement Effective Date, substantially contemporaneously with the reallocation described in Section 2.02(f)(i),
each Increasing Existing Lender and each New Lender shall make a payment to the Administrative Agent, for the account of the other
Lenders, in an amount calculated by the Administrative Agent in accordance with such section, so that after giving effect to such
payment and to the distribution thereof to the other Lenders, the Loans are held ratably by the Lenders.

 

(iii) 
On the Restatement Effective Date, the Borrower shall prepay to the Exiting Lenders such Exiting Lenders’ pro rata
portion of the Loans, including (i) all accrued but unpaid commitment fees relating to such Loans as of such date, (ii) all accrued
but unpaid interest relating to such Loans as of such date (in each case, calculated at the rate set forth in the Existing Credit
Agreement), and (iii) all other amounts, if any, payable under Section 2.13 of the Existing Credit Agreement as a result of, and
solely in connection with, such prepayment. Upon the receipt of such prepayment, the Exiting Lender shall cease to be a “Lender”
under this Agreement, but shall continue to be entitled to the benefits of Sections 2.12, 2.13, 2.14 and 9.03 of the Existing
Credit Agreement with respect to facts and circumstances occurring prior to the Restatement Effective Date. Each Lender (including
each Existing Lender) hereby consents to the non-pro rata payment described in this Section 2.02(f)(iii).

 

Section 2.03. 
Requests for Borrowings.

 

(a) 
Notice by the Borrower. To request a Borrowing, the Borrower shall notify the Administrative Agent of such request
by delivery of a signed Borrowing Request or by telephone (followed promptly by delivery of a signed Borrowing Request) (i) in
the case of a Eurocurrency Borrowing denominated in Dollars, not later than 11:00 a.m., New York City time, three (3) Business
Days before the date of the proposed Borrowing, (ii) in the case of a Eurocurrency Borrowing denominated in a Foreign Currency,
not later than 11:00 a.m., New York City time, four (4) Business Days before the date of the proposed Borrowing, or (iii) in the
case of an ABR Borrowing, not later than 11:00 a.m., New York City time, one (1) Business Day before the date of the proposed
Borrowing. Each such request for a Borrowing shall be irrevocable.

 

(b) 
Content of Borrowing Requests. Each request for a Borrowing (whether a written Borrowing Request or a telephonic
request) shall specify the following information in compliance with Section 2.02:

 

(i) 
whether such Borrowing is to be made under the Dollar Commitments or the Multicurrency Commitments;

 

(ii) 
the aggregate amount and Currency of the requested Borrowing;

 

(iii) 
the date of such Borrowing, which shall be a Business Day;

 

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(iv) 
in the case of a Borrowing denominated in Dollars, whether such Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing;

 

(v) 
in the case of a Eurocurrency Borrowing, the Interest Period therefor, which shall be a period contemplated by the definition
of the term “Interest Period” and permitted under Section 2.02(d); and

 

(vi) 
the location and number of the Borrower’s account (or such other account(s) as the Borrower may designate in a written
Borrowing Request accompanied by information reasonably satisfactory to the Administrative Agent as to the identity and purpose
of such other account(s)) to which funds are to be disbursed, which shall comply with the requirements of Section 2.04.

 

(c) 
Notice by the Administrative Agent to the Lenders. Promptly following receipt of a Borrowing Request in accordance
with this Section, the Administrative Agent shall advise each applicable Lender of the details thereof and of the amount of such
Lender’s Loan to be made as part of the requested Borrowing.

 

(d) 
Failure to Elect. If no election as to the Class of a Borrowing denominated in Dollars is specified, then the requested
Borrowing shall be deemed to be under both the Multicurrency Commitments and Dollar Commitments, provided however, that
if no election as to a Class is specified but an Agreed Foreign Currency has been specified then the requested Borrowing shall
be deemed to be under the Multicurrency Commitments. If no election as to the Currency of a Borrowing is specified, then the requested
Borrowing shall be denominated in Dollars. If no election as to the Type of a Borrowing is specified, then the requested Borrowing
shall be a Eurocurrency Borrowing having an Interest Period of one (1) month and, if an Agreed Foreign Currency has been specified,
the requested Borrowing shall be a Eurocurrency Borrowing denominated in such Agreed Foreign Currency and having an Interest Period
of one (1) month. If a Eurocurrency Borrowing is requested but no Interest Period is specified, (i) if the Currency specified
for such Borrowing is Dollars (or if no Currency has been so specified), the requested Borrowing shall be a Eurocurrency Borrowing
denominated in Dollars having an Interest Period of one (1) month’s duration, and (ii) if the Currency specified for such
Borrowing is an Agreed Foreign Currency, the Borrower shall be deemed to have selected an Interest Period of one (1) month’s
duration.

 

Section 2.04. 
Funding of Borrowings.

 

(a) 
Funding by Lenders. Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by
wire transfer of immediately available funds by 1:00 p.m., New York City time, to the account of the Administrative Agent most
recently designated by it for such purpose by notice to the Lenders. The Administrative Agent will make such Loans available to
the Borrower by promptly crediting the amounts so received, in like funds, to the Funding Account.

 

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(b) 
Presumption by the Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender
prior to the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s
share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance
with paragraph (a) of this Section and, in reliance upon such assumption, the Administrative Agent may (in its sole discretion
and without any obligation to do so) make available to the Borrower a corresponding amount. In such event, if a Lender has not
in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower
severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each
day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative
Agent, at (i) in the case of such Lender, the Federal Funds Effective Rate and (ii) in the case of the Borrower, the interest
rate applicable at the time to the Loans comprising such Borrowing. If such Lender pays such amount to the Administrative Agent,
then such amount shall constitute such Lender’s Loan included in such Borrowing. Nothing in this paragraph shall relieve
any Lender of its obligation to fulfill its commitments hereunder, and shall be without prejudice to any claim the Borrower may
have against a Lender that shall have failed to make such payment to the Administrative Agent.

 

Section 2.05. 
Interest Elections.

 

(a) 
Elections by the Borrower for Borrowings. Subject to Section 2.03(d), the Loans constituting each Borrowing initially
shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing, shall have the
Interest Period specified in such Borrowing Request. Thereafter, subject to Section 2.05(e), the Borrower may elect to convert
such Borrowing to a Borrowing of a different Type or to continue such Borrowing as a Borrowing of the same Type and, in the case
of a Eurocurrency Borrowing, may elect the Interest Period therefor, all as provided in this Section; provided, however,
that (i) a Borrowing of a Class may only be continued or converted into a Borrowing of the same Class, (ii) a Borrowing denominated
in one Currency may not be continued as, or converted to, a Borrowing in a different Currency, (iii) no Eurocurrency Borrowing
denominated in a Foreign Currency may be continued if, after giving effect thereto, the aggregate Revolving Multicurrency Credit
Exposures would exceed the aggregate Multicurrency Commitments, and (iv) a Eurocurrency Borrowing denominated in a Foreign Currency
may not be converted to a Borrowing of a different Type. The Borrower may elect different options with respect to different portions
of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders of the respective Class
holding the Loans constituting such Borrowing (except as provided under Section 2.11(b)), and the Loans constituting each such
portion shall be considered a separate Borrowing.

 

(b) 
Notice of Elections. To make an election pursuant to this Section, the Borrower shall notify the Administrative
Agent of such election by delivery of a signed Interest Election Request in a form approved by the Administrative Agent or by
telephone (followed promptly, but no later than the close of business on the date of such request, by a signed Interest Election
Request in a form approved by the Administrative Agent) by the time that a Borrowing Request would be required under Section 2.03
if the Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such
election. Each such telephonic and written notice of election shall be irrevocable.

 

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(c) 
Content of Interest Election Requests. Each telephonic and written notice of election pursuant to Section 2.05(b)
shall specify the following information in compliance with Section 2.02:

 

(i) 
the Borrowing (including the Class) to which such Interest Election Request applies and, if different options are being
elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which
case the information to be specified pursuant to clauses (iii) and (iv) of this paragraph shall be specified for each resulting
Borrowing);

 

(ii) 
the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;

 

(iii) 
whether, in the case of a Borrowing denominated in Dollars, the resulting Borrowing is to be an ABR Borrowing or a Eurocurrency
Borrowing; and

 

(iv) 
if the resulting Borrowing is a Eurocurrency Borrowing, the Interest Period therefor after giving effect to such election,
which shall be a period contemplated by the definition of the term “Interest Period” and permitted under Section 2.02(d);
provided that there shall be no more than ten (10) separate Borrowings outstanding at any one time.

 

(d) 
Notice by the Administrative Agent to the Lenders. Promptly following receipt of an Interest Election Request, the
Administrative Agent shall advise each applicable Lender of the details thereof and of such Lender’s portion of each resulting
Borrowing.

 

(e) 
Failure to Elect; Events of Default. If the Borrower fails to deliver a timely and complete Interest Election Request
with respect to a Eurocurrency Borrowing prior to the end of the Interest Period therefor, then, unless such Borrowing is repaid
as provided herein, (i) if such Borrowing is denominated in Dollars, at the end of such Interest Period such Borrowing shall be
converted to a Eurocurrency Borrowing of the same Class having an Interest Period of one (1) month, and (ii) if such Borrowing
is denominated in a Foreign Currency, the Borrower shall be deemed to have selected an Interest Period of one (1) month’s
duration. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative
Agent, at the request of the Required Lenders, so notifies the Borrower, (i) any Eurocurrency Borrowing denominated in Dollars
shall, at the end of the applicable Interest Period for such Eurocurrency Borrowing, be automatically converted to an ABR Borrowing
and (ii) any Eurocurrency Borrowing denominated in a Foreign Currency shall not have an Interest Period of more than one (1) month’s
duration.

 

Section 2.06. 
Termination, Reduction or Increase of the Commitments.

 

(a) 
Scheduled Termination. Unless previously terminated in accordance with the terms of this Agreement, on the Revolver
Termination Date the Commitments of each Class shall automatically be reduced to an amount equal to the aggregate principal amount
of the Loans of all Lenders of such Class outstanding on the Revolver Termination Date and thereafter to an amount equal to the
aggregate principal amount of the Loans of such Class outstanding after giving effect to each payment of principal hereunder;
provided that, for clarity, no Lender shall have any obligation to make new Loans on or after the Revolver Termination
Date, and any Loans outstanding on the Revolver Termination Date shall be due and payable on the Maturity Date in accordance with
Section 2.07.

 

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(b) 
Voluntary Termination or Reduction. The Borrower may at any time terminate, or from time to time reduce, the Commitments
ratably among each Class; provided that (i) each reduction of the Commitments pursuant to this Section 2.06(b) shall be
in an amount that is $5,000,000 or a larger multiple of $1,000,000 in excess thereof and (ii) the Borrower shall not terminate
or reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans of any Class in accordance with Section
2.08, the total Revolving Credit Exposures of such Class would exceed the total Commitments of such Class.

 

(c) 
Notice of Voluntary Termination or Reduction. The Borrower shall notify the Administrative Agent of any election
to terminate or reduce the Commitments under paragraph (b) of this Section at least three (3) Business Days prior to the effective
date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of
any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the
Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments of a Class
delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which
case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective
date) if such condition is not satisfied.

 

(d) 
Effect of Termination or Reduction. Any termination or reduction of the Commitments of a Class shall be permanent.
Each reduction of the Commitments of a Class shall be made ratably among the Lenders of such Class in accordance with their respective
Commitments.

 

(e) 
[Intentionally Omitted].

 

(f) 
Increase of the Commitments.

 

(i) 
Requests for Increase by Borrower. The Borrower shall have the right, at any time prior to the Revolver Termination
Date, to propose that the Commitments hereunder of a Class be increased (each such proposed increase being a “Commitment
Increase”) by notice to the Administrative Agent specifying each existing Lender (each an “Increasing Lender”)
and/or each additional lender (each an “Assuming Lender”) that shall have agreed to an additional Commitment
and the date on which such increase is to be effective (the “Commitment Increase Date”), which shall be a Business
Day at least three (3) Business Days (or such lesser period as the Administrative Agent may reasonably agree) after delivery of
such notice and thirty (30) days prior to the Revolver Termination Date; provided that each Lender may determine in its
sole discretion whether or not it chooses to participate in a Commitment Increase; provided, further that:

 

(A) 
the minimum amount of the Commitment of any Assuming Lender, and the minimum amount of the increase of the Commitment of
any Increasing Lender, as part of such Commitment Increase shall be $1,000,000 or a larger multiple of $500,000 (or, in each case,
in such other amounts as agreed by the Administrative Agent),

 

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(B) 
immediately after giving effect to such Commitment Increase, the sum of (i) the total Commitments of all of the Lenders
hereunder and (ii) the aggregate outstanding principal amount of any Term Loans as of the Commitment Increase Date shall not exceed
the lesser of (x) 100% of the Obligors’ Net Worth at such time and (y) $500,000,000;

 

(C) 
each Assuming Lender shall be consented to by the Administrative Agent (which consent shall not be unreasonably withheld
or delayed);

 

(D) 
no Default shall have occurred and be continuing on such Commitment Increase Date or shall result from the proposed Commitment
Increase; and

 

(E) 
the representations and warranties contained in this Agreement and the other Loan Documents shall be true and correct in
all material respects (other than any representation or warranty already qualified by materiality or Material Adverse Effect,
which shall be true and correct in all respects) on and as of the Commitment Increase Date as if made on and as of such date (or,
if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date).

 

(ii) 
Effectiveness of Commitment Increase by Borrower. On the Commitment Increase Date for any Commitment Increase, each
Assuming Lender part of such Commitment Increase, if any, shall become a Lender hereunder as of such Commitment Increase Date
with Commitment of the respective Class in the amount set forth in the agreement referred to in Section 2.06(f)(ii)(y) and the
Commitment of the respective Class of any Increasing Lender part of such Commitment Increase shall be increased as of such Commitment
Increase Date to the amount set forth in the agreement referred to in Section 2.06(f)(ii)(y); provided that:

 

(x) the
Administrative Agent shall have received on or prior to 11:00 a.m., New York City time, on such Commitment Increase Date (or on
or prior to a time on an earlier date specified by the Administrative Agent) a certificate of a duly authorized officer of the
Borrower stating that each of the applicable conditions to such Commitment Increase set forth in the foregoing paragraph (i) has
been satisfied; and

 

(y) each
Assuming Lender or Increasing Lender shall have delivered to the Administrative Agent, on or prior to 11:00 a.m., New York City
time on such Commitment Increase Date (or on or prior to a time on an earlier date specified by the Administrative Agent), an
agreement, in form and substance reasonably satisfactory to the Borrower and the Administrative Agent, pursuant to which such
Lender shall, effective as of such Commitment Increase Date, undertake a Commitment or an increase of Commitment, in each case
of the respective Class, as applicable, duly executed by such Assuming Lender or Increasing Lender, as applicable, and the Borrower
and acknowledged by the Administrative Agent.

 

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Promptly following satisfaction of such
conditions, the Administrative Agent shall notify the Lenders of such Class (including any Assuming Lenders) thereof and of the
occurrence of the Commitment Increase Date by facsimile transmission or electronic messaging system.

 

(iii) 
Recordation into Register. Upon its receipt of an agreement referred to in clause (ii)(y) above executed by an Assuming
Lender or any Increasing Lender, together with the certificate referred to in clause (ii)(x) above, the Administrative Agent shall,
if such agreement has been completed, (x) accept such agreement, (y) record the information contained therein in the Register
and (z) give prompt notice thereof to the Borrower.

 

(iv) 
Adjustments of Borrowings upon Effectiveness of Increase. On each Commitment Increase Date, the Borrower shall (A)
prepay the outstanding Loans (if any) of such Class in full, (B) simultaneously borrow new Loans of such Class hereunder in an
amount equal to such prepayment; provided that with respect to subclauses (A) and (B), (x) the prepayment to, and Borrowing
from, any existing Lender shall be effected by book entry to the extent that any portion of the amount prepaid to such Lender
will be subsequently borrowed from such Lender and (y) the existing Lenders, the Increasing Lenders and the Assuming Lenders shall
make and receive payments among themselves, in a manner acceptable to the Administrative Agent, so that, after giving effect thereto,
the Loans of such Class are held ratably by the Lenders of such Class in accordance with the respective Commitments of such Lenders
of such Class (after giving effect to such Commitment Increase) and (C) pay to the Lenders of such Class the amounts, if any,
payable under Section 2.13 as a result of any such prepayment. Notwithstanding the foregoing, unless otherwise consented in writing
by the Borrower, no Commitment Increase Date shall occur on any day other than the last day of an Interest Period. Immediately
prior to the effectiveness of the new Commitments on the Commitment Increase Date, the Administrative Agent shall amend Schedule
1.01(b) to reflect the aggregate amount of each Lender’s Dollar Commitments and Multicurrency Commitments (including Increasing
Lenders and Assuming Lenders). Each reference to Schedule 1.01(b) in this Agreement shall be to Schedule 1.01(b) as amended pursuant
to this Section.

 

Section 2.07. 
Repayment of Loans; Evidence of Debt.

 

(a) 
Repayment. Subject to, and in accordance with, the terms of this Agreement, the Borrower hereby unconditionally
promises to pay to the Administrative Agent for account of the Lenders of each Class the outstanding principal amount of the Loans
of such Class on the Maturity Date.

 

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(b) 
Manner of Payment. Prior to any repayment or prepayment of any Borrowings of any Class hereunder, the Borrower shall
select the Borrowing or Borrowings of such Class to be paid and shall notify the Administrative Agent by telephone (confirmed
by telecopy) of such selection not later than the time set forth in Section 2.08(g) prior to the scheduled date of such repayment;
provided that each repayment of Borrowings of a Class shall be applied to repay any outstanding ABR Borrowings of such
Class before any other Borrowings of such Class. If the Borrower fails to make a timely selection of the Borrowing or Borrowings
to be repaid or prepaid, such payment shall be applied, first, to pay any outstanding ABR Borrowings of such Class and, second,
to other Borrowings of such Class in the order of the remaining duration of their respective Interest Periods (the Borrowing with
the shortest remaining Interest Period to be repaid first). Each payment of a Borrowing shall be applied ratably to the Loans
included in such Borrowing (except as otherwise provided in Section 2.11(b)).

 

(c) 
Maintenance of Records by Lenders. Each Lender shall maintain in accordance with its usual practice records evidencing
the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts and Currency
of principal and interest payable and paid to such Lender from time to time hereunder.

 

(d) 
Maintenance of Records by the Administrative Agent. The Administrative Agent shall maintain records in which it
shall record (i) the amount and Currency of each Loan made hereunder, the Class and Type thereof and each Interest Period therefor,
(ii) the amount and Currency of any principal or interest due and payable or to become due and payable from the Borrower to each
Lender of such Class hereunder and (iii) the amount and Currency of any sum received by the Administrative Agent hereunder for
account of the Lenders and each Lender’s share thereof.

 

(e) 
Effect of Entries. The entries made in the records maintained pursuant to paragraph (c) or (d) of this Section shall
be prima facie evidence, absent manifest error, of the existence and amounts of the obligations recorded therein; provided
that the failure of any Lender or the Administrative Agent to maintain such records or any error therein shall not in any
manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement. In the event of
any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent
in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error.

 

(f) 
Promissory Notes. Any Lender may request that Loans of any Class made by it be evidenced by a promissory note. In
such event, the Borrower shall prepare, execute and deliver to such Lender a promissory note payable to such Lender (or, if requested
by such Lender, to such Lender and its permitted registered assigns) and in a form attached hereto as Exhibit C. Thereafter,
the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section
9.04) be represented by one or more promissory notes in such form payable to the payee named therein (or, if such promissory note
is a registered note, to such payee and its permitted registered assigns).

 

Section 2.08. 
Prepayment of Loans.

 

(a) 
Optional Prepayments. The Borrower shall have the right at any time and from time to time (but subject to Section
2.08(f)) to prepay any Borrowing in whole or in part, without premium or fee (but subject to Section 2.13), subject to the requirements
of this Section. Each prepayment in part under this Section 2.08(a) shall be in a minimum amount of $1,000,000 or a larger multiple
of $100,000.

 

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(b) 
Mandatory Prepayments due to Changes in Exchange Rates.

 

(i) 
Determination of Amount Outstanding. On each Quarterly Date and, in addition, promptly upon the receipt by the Administrative
Agent of a Currency Valuation Notice (as defined below), the Administrative Agent shall determine the aggregate Revolving Multicurrency
Credit Exposure. For the purpose of this determination, the outstanding principal amount of any Loan that is denominated in any
Foreign Currency shall be deemed to be the Dollar Equivalent of the amount in the Foreign Currency of such Loan, determined as
of such Quarterly Date or, in the case of a Currency Valuation Notice received by the Administrative Agent prior to 11:00 a.m.,
New York City time, on a Business Day, on such Business Day or, in the case of a Currency Valuation Notice otherwise received,
on the first Business Day after such Currency Valuation Notice is received. Upon making such determination, the Administrative
Agent shall promptly notify the Multicurrency Lenders and the Borrower thereof.

 

(ii) 
Prepayment. If on the date of such determination the aggregate Revolving Multicurrency Credit Exposure exceeds 105%
of the aggregate amount of the Multicurrency Commitments as then in effect, the Borrower shall, promptly (but in no event later
than ten (10) Business Days following the Borrower’s receipt of the notice from the Administrative Agent described in clause
(i) above) prepay the Multicurrency Loans in such amounts as shall be necessary so that after giving effect thereto the aggregate
Revolving Multicurrency Credit Exposure does not exceed the Multicurrency Commitments.

 

For purposes hereof, “Currency Valuation Notice” means
a notice given by the Required Multicurrency Lenders to the Administrative Agent stating that such notice is a “Currency
Valuation Notice” and requesting that the Administrative Agent determine the aggregate Revolving Multicurrency Credit Exposure.
The Administrative Agent shall not be required to make more than one valuation determination pursuant to Currency Valuation Notices
within any rolling three month period.

 

(c) 
Mandatory Prepayments due to Borrowing Base Deficiency. In the event that the amount of total Revolving Credit Exposure
exceeds the total Commitments, the Borrower shall prepay (but subject to Section 2.08(f)) Loans in such amounts as shall be necessary
so that the amount of total Revolving Credit Exposure does not exceed the total Commitments. In the event that at any time any
Borrowing Base Deficiency shall exist, within 5 Business Days, the Borrower shall (subject to Section 2.08(f)) either prepay (x)
the Loans so that the Borrowing Base Deficiency is promptly cured or (y) the Loans and the Other Covered Indebtedness in such
amounts as shall be necessary so that such Borrowing Base Deficiency is promptly cured (and, as among the Loans and the Other
Covered Indebtedness, at least ratably (based on the outstanding principal amount of such Indebtedness) as to payments of Loans
in relation to Other Covered Indebtedness); provided, that if within such 5 Business Day period, the Borrower shall present
to the Administrative Agent a reasonably feasible plan that is reasonably acceptable to the Administrative Agent that will enable
any such Borrowing Base Deficiency to be cured within 30 Business Days of the occurrence of such Borrowing Base Deficiency (which
30-Business Day period shall include the 5 Business Days permitted for delivery of such plan) , then such prepayment or reduction
shall be effected in accordance with such plan (subject, for the avoidance of doubt, to the limitations as to the allocation of
such prepayments set forth above in this Section 2.08(c)). Notwithstanding the foregoing, the Borrower shall pay interest in accordance
with Section 2.10(c) for so long as the Covered Debt Amount exceeds the Borrowing Base during such 30-Business Day Period. For
clarity, in the event that the Borrowing Base Deficiency is not cured prior to the end of such 5 Business Day period (or, if applicable,
such 30- Business Day period), it shall constitute an Event of Default under clause (a) of Article VIII.

 

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(d) 
Mandatory Prepayments due to Certain Events Following Availability Period. Subject to Sections 2.08(e), (f), (g)
and (h) below:

 

(i) 
Asset Sales. In the event that any Obligor shall receive any Net Asset Sale Proceeds at any time after the Availability
Period, the Borrower shall, no later than the third Business Day following the receipt of such Net Asset Sale Proceeds, prepay
the Loans in an amount equal to such Net Asset Sale Proceeds (and the Commitments shall be permanently reduced by such amount);
provided that with respect to Asset Sales of assets that are not Portfolio Investments, the Borrower shall not be required
to prepay the Loans unless and until (and to the extent that) the aggregate Net Asset Sale Proceeds relating to all such Asset
Sales are greater than $2,000,000.

 

(ii)  Extraordinary
Receipts. In the event (but only to the extent) that the aggregate Net Extraordinary Receipts received by the Obligors at
any time after the Availability Period exceed $2,000,000, the Borrower shall, no later than the third Business Day following
the receipt of such excess Net Extraordinary Receipts, prepay the Loans in an amount equal to such excess Net
Extraordinary Receipts (and the Commitments shall be permanently reduced by such amount).

 

(iii) 
Return of Capital. In the event that any Obligor shall receive any Net Return of Capital at any time after the Availability
Period, the Borrower shall, no later than the third Business Day following the receipt of such Net Return of Capital, prepay the
Loans in an amount equal to 100% of such Net Return of Capital (and the Commitments shall be permanently reduced by such amount).

 

(iv) 
Equity Issuances. In the event that the Borrower shall receive any Cash proceeds from the issuance of Equity Interests
of the Borrower (other than up to $2,000,000 of proceeds from issuance(s) of Equity Interests to managers, partners, members,
directors, officers, employees or consultants of the Investment Advisor and pursuant to any distribution reinvestment plan of
the Borrower) at any time after the Availability Period, the Borrower shall, no later than the third Business Day following the
receipt of such Cash proceeds, prepay the Loans in an amount equal to fifty percent (50%) of such Cash proceeds, net of underwriting
discounts and commissions or other similar payments and other costs, fees, premiums and expenses directly associated therewith,
including reasonable legal fees and expenses (and the Commitments shall be permanently reduced by such amount).

 

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(v) 
Indebtedness. In the event that any Obligor shall receive any Cash proceeds from the issuance by such Obligor of
Indebtedness (excluding Hedging Agreements permitted by Section 6.01 and other Indebtedness permitted by Section 6.01(f), (g),
(h) and (i)) at any time after the Availability Period, such Obligor shall, no later than the third Business Day following the
receipt of such Cash proceeds, prepay the Loans in an amount equal to such Cash proceeds, net of underwriting discounts and commissions
or other similar payments and other costs, fees, commissions, premiums and expenses directly associated therewith, including,
without limitation, reasonable legal fees and expenses (and the Commitments shall be permanently reduced by such amount).

 

Notwithstanding the foregoing, and subject to clause (e)
below, if, in connection with any of the events specified in this Section 2.08(d), the Borrower receives any proceeds or Return
of Capital in an Agreed Foreign Currency, the Borrower shall be permitted to pay just the then outstanding Loans denominated in
such Agreed Foreign Currency (applied ratably among just the Multicurrency Lenders); provided that any such proceeds or Return
of Capital remaining after the Loans denominated in such Agreed Foreign Currency have been paid in full shall be converted to
Dollars and paid ratably among the Dollar Lenders and the Multicurrency Lenders in accordance with clause (g) below.

 

(e) 
Mandatory Prepayment of Eurocurrency Loans. If the Loans to be prepaid pursuant to Sections 2.08(d)(i), (ii) and
(iii) are Eurocurrency Loans, the Borrower may defer such prepayment (and permanent Commitment reduction) until the last day of
the Interest Period applicable to such Loans, so long as the Borrower deposits an amount equal to an amount required to be prepaid,
no later than the third Business Day following the receipt of such amount, into a segregated collateral account in the name and
under the control (within the meaning of Section 9-104 of the Uniform Commercial Code) of the Administrative Agent pending application
of such amount to the prepayment of the Loans (and permanent reduction of the Commitments) on the last day of such Interest Period.

 

(f) 
Mandatory Prepayments after the Occurrence and During the Continuance of Events of Default. At any time when any
Term Loan Credit Facility is in existence, unless otherwise expressly provided in Section 8 of the Guarantee and Security Agreement,
then upon the occurrence and during the continuance of an Event of Default or an event of default under the Term Loan Credit Facility,
each mandatory and optional prepayment (other than prepayments pursuant to Section 2.08(b)) by the Borrower of the Loans shall,
to the extent required by the Term Loan Credit Facility, be made and applied ratably (based on the outstanding principal amounts
of such indebtedness) to the Loans and the Term Loans, except to the extent the Term Loan Credit Facility permits a greater proportion
of such prepayment to be applied to the Loans. Payments to the Loans under this clause (f) shall be made ratably (based on the
aggregate Dollar Equivalents of the outstanding principal amounts of such Indebtedness) between Dollar Loans and Multicurrency
Loans.

 

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(g) 
Notices, Etc. The Borrower shall notify the Administrative Agent in writing or by telephone (confirmed by telecopy
or email) of any prepayment hereunder (i) in the case of prepayment of a Eurocurrency Borrowing denominated in Dollars under Section
2.08(a), not later than 11:00 a.m., New York City time, three (3) Business Days before the date of prepayment, (ii) in the case
of prepayment of a Eurocurrency Borrowing denominated in Foreign Currency under Section 2.08(a), not later than 11:00 a.m., London
time, four Business Days before the date of prepayment, or (iii) in the case of prepayment of an ABR Borrowing under Section 2.08(a),
or any prepayment under Section 2.08(c) or (d), not later than 11:00 a.m., New York City time, one Business Day before the date
of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date, the principal amount of each Borrowing
or portion thereof to be prepaid and, in the case of a mandatory prepayment, a reasonably detailed calculation of the amount of
such prepayment; provided, that, if a notice of prepayment is given in connection with a conditional notice of termination
of the Commitments as contemplated by Section 2.06, then such notice of prepayment may be revoked if such notice of termination
is revoked in accordance with Section 2.06 and any such notices given in connection with any of the events specified in Section
2.08(d) may be conditioned upon (x) the consummation of the Asset Sale or the issuance of Equity Interests or Indebtedness (as
applicable) or (y) the receipt of net cash proceeds from Net Extraordinary Receipts or Net Return of Capital. Promptly following
receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof.
Each prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing. Subject to clauses (b)
and (f) above and to the proviso of Section 2.15(c), each prepayment in Dollars shall be applied ratably (based on the outstanding
principal amounts of such indebtedness) between the Dollar Lenders and the Multicurrency Lenders based on the then outstanding
Loans denominated in Dollars and each prepayment in an Agreed Foreign Currency (including as a result of the Borrower’s
receipt of proceeds from a prepayment event in such Agreed Foreign Currency) shall be applied ratably among the Multicurrency
Lenders. In the event the Borrower is required to make any concurrent prepayments under both paragraph (b) and also another paragraph
of this Section 2.08, any such prepayments shall be applied toward a prepayment pursuant to paragraph (b) before any prepayment
pursuant to any other paragraph of this Section 2.08. Prepayments shall be accompanied by accrued interest to the extent required
by Section 2.10 and shall be made in the manner specified in Section 2.07(b).

 

(h) 
RIC Tax Distributions. Notwithstanding the foregoing, Net Asset Sale Proceeds, Net Extraordinary Receipts and Net
Return of Capital required to be applied to the prepayment of the Loans pursuant to Section 2.08(d) shall exclude the amounts
estimated in good faith by the Borrower to be necessary for the Borrower to satisfy the minimum distribution requirements imposed
by Section 852(a) of the Code (or any successor thereto) to maintain its eligibility to be taxed as a RIC for any such taxable
year.

 

Section 2.09. 
Fees.

 

(a) 
Commitment Fee. The Borrower agrees to pay to the Administrative Agent for account of each Lender a commitment fee,
which shall accrue at the Applicable Commitment Fee Rate on the unused amount of the Commitment of such Lender, if any, on each
day during the period from and including the Original Effective Date in the case of Existing Loans and the Restatement Effective
Date in the case of all other Loans to the earlier of the date the Commitments terminate and the Revolver Termination Date. Accrued
commitment fees shall be payable (x) within one Business Day after each Quarterly Date and (y) on the earlier of the date the
Commitments terminate and the Revolver Termination Date, commencing on the first such date to occur after the Restatement Effective
Date. All commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days
elapsed (including the first day but excluding the last day). For purposes of computing commitment fees, the Commitments shall
be deemed to be used to the extent of the outstanding Loans of all Lenders.

 

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(b) 
Administrative Agent Fees. The Borrower agrees to pay to the Administrative Agent, for its own account, fees payable
in the amounts and at the times separately agreed upon between the Borrower and the Administrative Agent.

 

(c) 
Payment of Fees and Expenses. All fees payable hereunder shall be paid on the dates due, in Dollars and immediately
available funds, to the Administrative Agent for distribution, in the case of commitment fees, to the Lenders entitled thereto.
Fees paid shall not be refundable under any circumstances absent manifest error. Any fees representing the Borrower’s reimbursement
obligations of expenses, to the extent requirements of invoice not otherwise specified in this Agreement, shall be due (subject
to the other terms and conditions contained herein) within ten Business Days of the date that the Borrower receives from the Administrative
Agent a reasonably detailed invoice for such reimbursement obligations.

 

Section 2.10. 
Interest.

 

(a) 
ABR Loans. The Loans constituting each ABR Borrowing shall bear interest at a rate per annum equal to the Alternate
Base Rate plus the Applicable Margin.

 

(b) Eurocurrency Loans. The Loans constituting
each Eurocurrency Borrowing shall bear interest at a rate per annum equal to the Adjusted LIBO Rate for the related Interest Period
for such Borrowing plus the Applicable Margin.

 

(c) 
Default Interest. Notwithstanding the foregoing, if any Event of Default described in clause (a), (b), (d) (only
with respect to Section 6.07), (h), (i), (j) or (p) of Article VII has occurred and is continuing, or on demand of the Administrative
Agent or the Required Lenders if any Event of Default described in any other clause of Article VII has occurred and is continuing,
or if the Covered Debt Amount exceeds the Borrowing Base during the 30-Business Day period referred to in Section 2.08(c), the
interest applicable to Loans shall accrue, and any fee or other amount not paid when due by the Borrower hereunder shall bear
interest, after as well as before judgment, at a rate per annum equal to (i) in the case of principal of any Loan, 2% plus
the rate otherwise applicable to such Loan as provided above, or (ii) in the case of any fee or other amount, 2% plus
the rate applicable to ABR Loans as provided in paragraph (a) of this Section.

 

(d) 
Payment of Interest. Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for
such Loan in the Currency in which such Loan is denominated and upon termination in full of the Commitments; provided that
(i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment
or prepayment of any Loan (other than a prepayment of an ABR Loan prior to the Maturity Date), accrued interest on the principal
amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion
of any Eurocurrency Borrowing prior to the end of the Interest Period therefor, accrued interest on such Borrowing shall be payable
on the effective date of such conversion.

 

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(e) 
Computation. All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed
(i) by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate and (ii) on Multicurrency
Loans denominated in Agreed Foreign Currency shall be computed on the basis of a year of 365 days (or 366 days in a leap year),
and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day).
The applicable Alternate Base Rate or Adjusted LIBO Rate shall be determined by the Administrative Agent and such determination
shall be conclusive absent manifest error.

 

Section 2.11. 
Eurocurrency Borrowing Provisions.

 

(a) 
Alternate Rate of Interest. If prior to the commencement of the Interest Period for any Eurocurrency Borrowing of
a Class (the Currency of such Borrowing herein called the “Affected Currency”):

 

(i) 
the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable
means do not exist for ascertaining the Adjusted LIBO Rate for the Affected Currency for such Interest Period; or

 

(ii) 
the Administrative Agent is advised by the Required Lenders of such Class that the Adjusted LIBO Rate for the Affected
Currency for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their
respective Eurocurrency Loans included in such Borrowing for such Interest Period;

 

then the Administrative Agent shall give notice thereof
to the Borrower and the affected Lenders in writing or by telephone (promptly confirmed in writing) or telecopy as promptly as
practicable thereafter and, until the Administrative Agent notifies the Borrower and such Lenders that the circumstances giving
rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion of any Borrowing to, or the
continuation of any Borrowing as, a Eurocurrency Borrowing denominated in the Affected Currency shall be ineffective and, if the
Affected Currency is Dollars, such Borrowing (unless prepaid) shall be continued as, or converted to, an ABR Borrowing, and if
the Affected Currency is a Foreign Currency, such Borrowing shall be converted to Dollars based on the Dollar Equivalent at such
time, (ii) if the Affected Currency is Dollars and any Borrowing Request requests a Eurocurrency Borrowing denominated in Dollars,
such Borrowing shall be made as an ABR Borrowing and (iii) if the Affected Currency is a Foreign Currency, any Borrowing Request
that requests a Eurocurrency Borrowing denominated in the Affected Currency shall be ineffective. Any such notice shall set forth
the basis for any such determination by the Administrative Agent or the Required Lenders, as applicable.

 

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(b) 
Illegality. Without duplication of any other rights that any Lender has hereunder, if any Lender determines that
any law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful for any Lender to make, maintain
or fund Loans whose interest is determined by reference to the LIBO Rate, or to determine or charge interest rates based upon
the LIBO Rate, or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or
sell, or to take deposits of, Dollars in the London interbank market, then, on notice thereof by such Lender to the Borrower and
the Administrative Agent, (i) any obligation of such Lender to make or continue Eurocurrency Borrowings or to convert ABR Borrowings
to Eurocurrency Borrowings shall be suspended, and (ii) if such notice asserts the illegality of such Lender making or maintaining
Eurocurrency Borrowings the interest rate on which is determined by reference to the LIBO Rate component of the Alternate Base
Rate, the interest rate on which ABR Borrowings of such Lender shall, if necessary to avoid such illegality, be determined by
the Administrative Agent without reference to the LIBO Rate component of the Alternate Base Rate, in each case until such Lender
notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer exist. Upon
receipt of such notice, (x) all Eurocurrency Borrowings of such Lender shall automatically convert to ABR Borrowings (the interest
rate on which ABR Borrowings of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative
Agent without reference to the LIBO Rate component of the Alternate Base Rate), either on the last day of the Interest Period
therefor, if such Lender may lawfully continue to maintain such Eurocurrency Borrowings to such day, or immediately, if such Lender
may not lawfully continue to maintain such Eurocurrency Borrowings and (y) if such notice asserts the illegality of such Lender
determining or charging interest rates based upon the LIBO Rate, the Administrative Agent shall during the period of such suspension
compute the Alternate Base Rate applicable to such Lender without reference to the LIBO Rate component thereof until the Administrative
is advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based
upon the LIBO Rate. Upon any such conversion, the Borrower shall also pay accrued interest on the amount so converted. To the
extent any Eurocurrency Borrowing so converted is in an Agreed Foreign Currency, such Eurocurrency Borrowing shall be converted
to Dollars based on the Dollar Equivalent of such Borrowing at the time of such conversion.

 

Section 2.12. 
Increased Costs.

 

(a) 
Increased Costs Generally. If any Change in Law shall:

 

(i) 
impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge, or similar requirement
against assets of, deposits with or for account of, or credit extended by, any Lender (except any such reserve requirement reflected
in the Adjusted LIBO Rate); or

 

(ii) 
impose on any Lender or the London interbank market any other condition, cost or expense (other than (x) Covered Taxes
and Other Taxes and (y) Excluded Taxes) affecting this Agreement or Eurocurrency Loans made by such Lender or participation therein;

 

and the result of any of the foregoing shall be to increase the cost
to such Lenders of making or maintaining any Eurocurrency Loan (or of maintaining its obligation to make any such Eurocurrency
Loan) or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or otherwise)
with respect to such Lender’s Eurocurrency Loans, then the Borrower will pay to such Lender, in Dollars, such additional
amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered.

 

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(b) 
Capital Requirements. If any Lender determines that any Change in Law regarding capital or liquidity requirements
has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s
holding company, if any, as a consequence of this Agreement or the Loans made by such Lender, to a level below that which such
Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s
policies and the policies of such Lender’s holding company with respect to capital adequacy or liquidity position), by an
amount deemed to be material by such Lender, then from time to time the Borrower will pay to such Lender, in Dollars, such additional
amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered.

 

(c) 
Certificates from Lenders. A certificate of a Lender setting forth the amount or amounts, in Dollars, necessary
to compensate such Lender or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section delivered
to the Borrower shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such
certificate within 10 days after receipt thereof.

 

(d) 
Delay in Requests. Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall
not constitute a waiver of such Lender’s right to demand such compensation; provided that no Obligor shall be required
to compensate a Lender pursuant to the foregoing provisions of this Section for any increased costs incurred or reductions suffered
more than six months prior to the date that such Lender notifies the Borrower in writing of any such Change in Law giving rise
to such increased costs or reductions.

 

Section 2.13. 
Break Funding Payments. In the event of (a) the payment of any principal of any Eurocurrency Loan other than
on the last day of an Interest Period therefor (including as a result of an Event of Default), (b) the conversion of any Eurocurrency
Loan other than on the last day of an Interest Period therefor, (c) the failure to borrow, convert, continue or prepay any Eurocurrency
Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice is permitted to be revocable
under Section 2.08(g) and is revoked in accordance herewith), (d) the assignment as a result of a request by the Borrower pursuant
to Section 2.17(b) of any Eurocurrency Loan other than on the last day of an Interest Period therefor or (e) the conversion of
any Eurocurrency Loan other than on the last day of an Interest Period therefor as a result of the occurrence of a CAM Exchange,
then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event.
In the case of a Eurocurrency Loan, the loss to any Lender attributable to any such event shall be deemed to include an amount
determined by such Lender to be equal to the excess, if any, of

 

(i) 
the amount of interest that such Lender would pay for a deposit equal to the principal amount of such Loan referred to
in clauses (a), (b), (c) or (d) of this Section 2.13 denominated in the Currency of such Loan for the period from the date of
such payment, conversion, failure or assignment to the last day of the then current Interest Period for such Eurocurrency Loan
(or, in the case of a failure to borrow, convert or continue, the duration of the Interest Period that would have resulted from
such borrowing, conversion or continuation) if the interest rate payable on such deposit were equal to the Adjusted LIBO Rate
for such Currency for such Interest Period, over

 

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(ii) 
the amount of interest that such Lender would earn on such principal amount for such period if such Lender were to invest
such principal amount for such period at the interest rate that would be bid by such Lender (or an affiliate of such Lender) for
deposits denominated in such Currency from other banks in the Eurocurrency market at the commencement of such period.

 

Payments under this Section shall be made upon written
request of a Lender delivered to the Borrower not later than 30 Business Days following a payment, conversion, or failure to borrow,
convert, continue or prepay that gives rise to a claim under this Section, accompanied by a written certificate of such Lender
setting forth in reasonable detail the amount or amounts that such Lender is entitled to receive pursuant to this Section, which
certificate shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such
certificate within 10 days after receipt thereof.

 

Section 2.14. 
Taxes.

 

(a) 
Payments Free of Taxes. Any and all payments by or on account of any obligation of the Borrower hereunder or under
any other Loan Document shall be made free and clear of and without deduction for any Covered Taxes; provided that if the
Borrower shall be required to deduct any Covered Taxes from such payments, then (i) the sum payable shall be increased as necessary
so that after making all required deductions (including deductions applicable to additional sums payable under this Section 2.14)
the Administrative Agent or Lender receives an amount equal to the sum it would have received had no such deductions been made,
(ii) the Borrower shall make such deductions and (iii) the Borrower shall pay the full amount deducted to the relevant Governmental
Authority in accordance with applicable law.

 

(b) 
Payment of Other Taxes by the Borrower. In addition, the Borrower shall pay any Other Taxes to the relevant Governmental
Authority in accordance with applicable law.

 

(c) 
Indemnification by the Borrower. The Borrower shall indemnify the Administrative Agent and each Lender for and,
within 10 Business Days after written demand therefor, pay the full amount of any Covered Taxes or Other Taxes (including Covered
Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section 2.14(c)) paid by the Administrative
Agent or such Lender, as the case may be, and any penalties, interest and reasonable expenses arising therefrom or with respect
thereto, whether or not such Covered Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.
A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender or by the Administrative Agent
on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

 

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(d) 
Evidence of Payments. As soon as practicable after any payment of Covered Taxes or Other Taxes by the Borrower to
a Governmental Authority, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt
issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of
such payment reasonably satisfactory to the Administrative Agent. If the Borrower fails to pay any Covered Taxes or Other Taxes
when due to the appropriate Governmental Authority or fails to remit to the Administrative Agent the required receipts or other
required documentary evidence, the Borrower shall indemnify the Administrative Agent and each Lender for any incremental taxes,
interest or penalties that may become payable by the Administrative Agent or such Lender as a result of such failure.

 

(e) 
Lenders. Any Lender that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction
in which the Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement
shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or times prescribed by applicable law or
reasonably requested by the Borrower, such properly completed and executed documentation prescribed by applicable law as will
permit such payments to be made without withholding or at a reduced rate.

 

In addition, any Lender, if requested by the Borrower
or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the
Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such
Lender is subject to backup withholding or information reporting requirements.

 

Without limiting the generality of the foregoing,
if the Borrower is resident for U.S. federal income tax purposes in the United States, (A) any Lender that is a “United
States person” as defined in section 7701(a)(30) of the Code shall deliver to the Borrower and the Administrative Agent
on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the
request of the Borrower or the Administrative Agent), executed originals of Internal Revenue Service Form W-9 or such other documentation
or information prescribed by applicable laws or reasonably requested by the Borrower or the Administrative Agent as will enable
the Borrower or the Administrative Agent, as the case may be, to determine whether or not such Lender is subject to backup withholding
or information reporting requirement; and (B) each Foreign Lender shall deliver to the Borrower and the Administrative Agent (in
such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender
under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent,
but, in any event, only if such Foreign Lender is legally entitled to do so), whichever of the following is applicable:

 

(i) 
duly completed executed originals of Internal Revenue Service Form W-8BEN, Internal Revenue Service Form W-8BEN-E or any
successor form claiming eligibility for benefits of an income tax treaty to which the United States is a party,

 

(ii) 
duly completed executed originals of Internal Revenue Service Form W-8ECI or any successor form certifying that the income
receivable pursuant to this Agreement is effectively connected with the conduct of a trade or business in the United States,

 

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(iii) 
in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the
Code, (A) a certificate, signed under penalties of perjury, to the effect that such Foreign Lender is not (1) a “bank”
within the meaning of Section 881(c)(3)(A) of the Code, (2) a “10 percent shareholder” of the Borrower within the
meaning of Section 881(c)(3)(B) of the Code, or (3) a “controlled foreign corporation” described in Section 881(c)(3)(C)
of the Code and (B) duly completed executed originals of Internal Revenue Service Form W-8BEN, Internal Revenue Service Form W-8BEN-E
(or any successor form) certifying that the Foreign Lender is not a United States Person, or

 

(iv) 
any other form including Internal Revenue Service Form W-8IMY, as prescribed by applicable law as a basis for claiming
exemption from or a reduction in United States Federal withholding tax duly completed together with such supplementary documentation
as may be prescribed by applicable law to permit the Borrower to determine the withholding or deduction required to be made.

 

In addition, each Lender shall deliver such forms
promptly upon the expiration or invalidity of any form previously delivered by such Lender; provided it is legally able
to do so at the time. Each Lender shall promptly notify the Borrower and the Administrative Agent at any time that it becomes
aware that it no longer satisfies the legal requirements to provide any previously delivered form or certificate to the Borrower
(or any other form of certification adopted by the U.S. or other taxing authorities for such purpose).

 

(f) 
If a payment made to a Lender under this Agreement would be subject to U.S. federal withholding Tax imposed by FATCA if
such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b)
or 1472(b) of the Code, as applicable), such Lender shall deliver to the Administrative Agent and the Borrower such documentation
prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation
reasonably requested by the Administrative Agent or the Borrower, at the time or times prescribed by law and at such time or times
reasonably requested by the Administrative Agent or the Borrower, as may be necessary for the Administrative Agent and the Borrower
to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations
under FATCA or to determine the amount to deduct and withhold from any such payment. Solely for purposes of this Section 2.14(f),
“FATCA” shall include any amendment made to FATCA after the Restatement Effective Date.

 

(g) 
Treatment of Certain Refunds. If the Administrative Agent or any Lender determines, in its sole discretion, that
it has received a refund or credit of any Covered Taxes or Other Taxes as to which it has been indemnified by any Obligor or with
respect to which any Obligor has paid additional amounts pursuant to this Section 2.14, it shall pay to the Borrower an amount
equal to such refund or credit (but only to the extent of indemnity payments made, or additional amounts paid, by any Obligor
with respect to the Covered Taxes or Other Taxes giving rise to such refund or credit), net of all reasonable out-of-pocket expenses
of the Administrative Agent or any Lender, as the case may be, and without interest (other than any interest paid by the relevant
Governmental Authority with respect to such refund or credit); provided that the Borrower, upon the request of the Administrative
Agent or any Lender, agrees to repay the amount paid over to the Borrower (plus any penalties, interest or other charges
imposed by the relevant Governmental Authority) to the Administrative Agent or any Lender in the event the Administrative Agent
or any Lender is required to repay such refund or credit to such Governmental Authority. Notwithstanding anything to the contrary
in this paragraph (g), in no event will the Administrative Agent or any Lender be required to pay any amount to the Borrower pursuant
to this paragraph (g) the payment of which would place the Administrative Agent or such Lender in a less favorable net position
after-Taxes than the Administrative Agent or such Lender would have been in if the indemnification payments or additional amounts
giving rise to such refund had never been paid. This subsection shall not be construed to require the Administrative Agent or
any Lender to make available its tax returns or its books or records (or any other information relating to its taxes that it deems
confidential) to the Borrower or any other Person.

 

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Section 2.15. 
Payments Generally; Pro Rata Treatment: Sharing of Set-offs.

 

(a) 
Payments by the Borrower. The Borrower shall make each payment required to be made by it hereunder (whether of principal,
interest, fees, or under Section 2.12, 2.13 or 2.14, or otherwise) or under any other Loan Document (except to the extent otherwise
provided therein) prior to 12:00 noon, New York City time, on the date when due, in immediately available funds, without set-off,
deduction or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent,
be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments
shall be made to the Administrative Agent at the Administrative Agent’s Account, except as otherwise expressly provided
in the relevant Loan Document and except payments pursuant to Sections 2.12, 2.13, 2.14 and 9.03, which shall be made directly
to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for account of any
other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that
is not a Business Day, the date for payment shall be extended to the next succeeding Business Day and, in the case of any payment
accruing interest, interest thereon shall be payable for the period of such extension.

 

All amounts owing under this Agreement (including
commitment fees, payments required under Sections 2.12, and payments required under Section 2.14 relating to any Loan denominated
in Dollars, but not including principal of and interest on any Loan denominated in any Foreign Currency or payments relating to
any such Loan required under Section 2.14, which are payable in such Foreign Currency) or under any other Loan Document (except
to the extent otherwise provided therein) are payable in Dollars. Notwithstanding the foregoing, if the Borrower shall fail to
pay any principal of any Loan when due (whether at stated maturity, by acceleration, by mandatory prepayment or otherwise), the
unpaid portion of such Loan shall, if such Loan is not denominated in Dollars, automatically be redenominated in Dollars on the
due date thereof (or, if such due date is a day other than the last day of the Interest Period therefor, on the last day of such
Interest Period) in an amount equal to the Dollar Equivalent thereof on the date of such redenomination and such principal shall
be payable on demand; and if the Borrower shall fail to pay any interest on any Loan that is not denominated in Dollars, such
interest shall automatically be redenominated in Dollars on the due date therefor (or, if such due date is a day other than the
last day of the Interest Period therefor, on the last day of such Interest Period) in an amount equal to the Dollar Equivalent
thereof on the date of such redenomination and such interest shall be payable on demand.

 

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(b) 
Application of Insufficient Payments. If at any time insufficient funds are received by and available to the Administrative
Agent to pay fully all amounts of principal, interest and fees of a Class then due hereunder, such funds shall be applied (i)
first, to pay interest and fees of such Class then due hereunder, ratably among the parties entitled thereto in accordance with
the amounts of interest and fees of such Class then due to such parties, and (ii) second, to pay principal of such Class then
due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal then due to such parties.

 

(c) 
Pro Rata Treatment. Except to the extent otherwise provided herein: (i) each Borrowing of a Class shall be made
from the Lenders of such Class, each payment of commitment fee under Section 2.09 shall be made for account of the Lenders of
the applicable Class, and each termination or reduction of the amount of the Commitments of a Class under Section 2.06, Section
2.08 or otherwise shall be applied to the respective Commitments of the Lenders of such Class, pro rata according to the amounts
of their respective Commitments of such Class; (ii) each Borrowing of a Class shall be allocated pro rata among the Lenders according
to the amounts of their respective Commitments of such Class (in the case of the making of Loans) or their respective Loans of
such Class that are to be included in such Borrowing (in the case of conversions and continuations of Loans), subject to Section
2.02(e); (iii) each payment or prepayment of principal of Loans of a Class by the Borrower shall be made for account of the Lenders
of such Class pro rata in accordance with the respective unpaid principal amounts of the Loans of such Class held by them (and,
with respect to the pro rata treatment of prepayments between Classes, any such prepayments shall be made in accordance with the
provisions of Sections 2.08(f) and (g)); and (iv) each payment of interest on Loans of a Class by the Borrower shall be made for
account of the Lenders pro rata in accordance with the amounts of interest on such Loans of such Class then due and payable to
the respective Lenders; provided however that, notwithstanding anything to the contrary contained herein, in the event
that the Borrower wishes to make a Multicurrency Borrowing in an Agreed Foreign Currency and the Multicurrency Commitments are
fully utilized, the Borrower may make a Borrowing under the Dollar Commitments (if otherwise permitted hereunder) and may use
the proceeds of such Borrowing to prepay the Multicurrency Loans (without making a ratable prepayment to the Dollar Loans) solely
to the extent that the Borrower concurrently utilizes any Multicurrency Commitments made available as a result of such prepayment
to make a Multicurrency Borrowing in an Agreed Foreign Currency.

 

(d) 
Sharing of Payments by Lenders. If any Lender shall, by exercising any right of set-off or counterclaim or otherwise,
obtain payment in respect of any principal of or interest on any of its Loans, resulting in such Lender receiving payment of a
greater proportion of the aggregate amount of its Loans, and accrued interest thereon then due than the proportion received by
any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in
the Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably
in accordance with the aggregate amount of principal of and accrued interest on their respective Loans; provided that (i)
if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations
shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of
this paragraph shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance with the express
terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation
in any of its Loans to any assignee, other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions
of this paragraph shall apply). The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under
applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower
rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the
Borrower in the amount of such participation.

 

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(e) 
Presumptions of Payment. Unless the Administrative Agent shall have received notice from the Borrower prior to the
date on which any payment is due to the Administrative Agent for account of the Lenders hereunder that the Borrower will not make
such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith
and may, in reliance upon such assumption, distribute to the Lenders the amount due. In such event, if the Borrower has not in
fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the
amount so distributed to such Lender with interest thereon, for each day from and including the date such amount is distributed
to it to but excluding the date of payment to the Administrative Agent at the Federal Funds Effective Rate.

 

(f) 
Certain Deductions by the Administrative Agent. If any Lender shall fail to make any payment required to be made
by it pursuant to Section 2.04(a) or (b) or 2.15(e), then the Administrative Agent may, in its discretion (notwithstanding any
contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for account of such Lender to satisfy
such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid.

 

Section 2.16. 
Defaulting Lenders. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes
a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender:

 

(a) 
commitment fees pursuant to Section 2.09(a) shall cease to accrue on the unused portion of the Commitment of such Defaulting
Lender to the extent and during the period such Lender is a Defaulting Lender (and the Borrower shall not be required to pay any
such commitment fee that otherwise would have accrued and been required to have been paid to such Defaulting Lender to the extent
and during the period such Lender is a Defaulting Lender);

 

(b) 
the Commitment and Revolving Credit Exposure of such Defaulting Lender shall not be included in determining whether all
Lenders, two-thirds of the Lenders or the Required Lenders have taken or may take any action hereunder or under any other Loan
Document (including any consent to any amendment or waiver pursuant to Section 9.02, except for any amendment or waiver described
in Section 9.02(b)(i), (ii) or (iii)); provided that any waiver, amendment or modification requiring the consent of all
Lenders, two-thirds of the Lenders or each affected Lender which affects such Defaulting Lender differently than other Lenders
or affected Lender, as applicable, shall require the consent of such Defaulting Lender.

 

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In the event that the Administrative Agent and the
Borrower agree in writing that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting
Lender, then, on the date of such agreement, such Lender shall purchase at par such of the Loans of the other Lenders as the Administrative
Agent shall determine may be necessary in order for the Lenders to hold the Loans in accordance with their Applicable Percentage.

 

Section 2.17. 
Mitigation Obligations; Replacement of Lenders.

 

(a) 
Designation of a Different Lending Office. If any Lender exercises its rights under Section 2.11(b) or requests
compensation under Section 2.12, or if the Borrower is required to pay any additional amount to any Lender or any Governmental
Authority for account of any Lender pursuant to Section 2.14, then such Lender shall use reasonable efforts (subject to overall
policy considerations of such Lender) to designate a different lending office for funding or booking its Loans hereunder or to
assign its rights and obligations hereunder to another of its offices, branches or affiliates, if in the sole judgment of such
Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.12 or 2.14, as the
case may be, in the future, or eliminate the circumstance giving rise to such Lender exercising its rights under Section 2.11(b)
and (ii) would not subject such Lender to any cost or expense not required to be reimbursed by the Borrower and would not otherwise
be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender
in connection with any such designation or assignment.

 

(b) 
Replacement of Lenders. If any Lender exercises its rights under Section 2.11(b) or requests compensation under
Section 2.12, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for account
of any Lender pursuant to Section 2.14, or if any Lender becomes a Defaulting Lender, or if any Lender becomes a Non-Consenting
Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require
such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section
9.04), all its interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which
assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Borrower shall have received
the prior written consent of the Administrative Agent which consent shall not unreasonably be withheld or delayed, (ii) such Lender
shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees
and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest
and fees) or the Borrower (in the case of all other amounts) and (iii) in the case of any such assignment resulting from a claim
for compensation under Section 2.12 or payments required to be made pursuant to Section 2.14, such assignment will result in a
reduction in such compensation or payments. A Lender shall not be required to make any such assignment and delegation if prior
thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment
and delegation cease to apply.

 

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(c) 
Defaulting Lenders. If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.04
or 9.03(c), then the Administrative Agent may, in its discretion and notwithstanding any contrary provision hereof, (i) apply
any amounts thereafter received by the Administrative Agent for the account of such Lender for the benefit of the Administrative
Agent to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid, and/or
(ii) hold any such amounts in a segregated account as cash collateral for, and application to, any future funding obligations
of such Lender under such Sections, in the case of each of clauses (i) and (ii) above, in any order as determined by the Administrative
Agent in its discretion.

 

Article III

REPRESENTATIONS AND WARRANTIES

 

The Borrower represents and warrants to the Lenders
that:

 

Section 3.01. 
Organization; Powers. Each of the Borrower and its Subsidiaries, as applicable, is duly organized or incorporated,
validly existing and in good standing under the laws of the jurisdiction of its organization or incorporation, has all requisite
power and authority to carry on its business as now conducted and, except where the failure to do so, individually or in the aggregate,
could not reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing
in, every jurisdiction where the failure to do so could reasonably be expected to result in a Material Adverse Effect.

 

Section 3.02. 
Authorization; Enforceability. The Transactions are within the Borrower’s corporate powers and have
been duly authorized by all necessary corporate and, if required, by all necessary stockholder action. This Agreement has been
duly executed and delivered by the Borrower and constitutes, and each of the other Loan Documents to which it is a party when
executed and delivered will constitute, a legal, valid and binding obligation of the Borrower, enforceable in accordance with
its terms, except as such enforceability may be limited by (a) bankruptcy, insolvency, reorganization, moratorium or similar laws
of general applicability affecting the enforcement of creditors’ rights and (b) the application of general principles of
equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

 

Section 3.03. 
Governmental Approvals; No Conflicts. The Transactions (a) do not require any consent or approval of registration
or filing with, or any other action by, any Governmental Authority, except for (i) such as have been or will be obtained or made
and are in full force and effect and (ii) filings and recordings in respect of the Liens created pursuant to the Security Documents,
(b) will not violate any applicable law or regulation or the charter, by-laws or other organizational documents of the Borrower
or any of its Subsidiaries or any order of any Governmental Authority (including
the Investment Company Act and the rules, regulations and orders issued by the SEC thereunder), (c) will not violate or result
in a default in any material respect under any indenture, agreement or other instrument binding upon the Borrower or any of its
Subsidiaries or assets, or give rise to a right thereunder to require any payment to be made by any such Person, and (d) except
for the Liens created pursuant to the Security Documents, will not result in the creation or imposition of any Lien on any asset
of the Borrower or any of its Subsidiaries.

 

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Section 3.04. 
Financial Condition; No Material Adverse Effect.

 

(a) 
Financial Statements. The financial statements delivered to the Administrative Agent and the Lenders by the Borrower
pursuant to Sections 4.01(c)(i) and (ii) and 5.01 (a) and (b) present fairly, in all material respects, the consolidated financial
position and results of operations and cash flows of the Borrower and its consolidated Subsidiaries as of the end of and for the
applicable period in accordance with GAAP, subject, in the case of unaudited financial statements, to year-end audit adjustments
and the absence of footnotes.

 

(b) 
No Material Adverse Effect. Since December 31, 2015 there has not been any event, development or circumstance that
has had or could reasonably be expected to have a Material Adverse Effect.

 

Section 3.05. 
Litigation. There are no actions, suits, investigations or proceedings by or before any arbitrator or Governmental
Authority now pending against or, to the knowledge of the Borrower, threatened against or affecting the Borrower or any of its
Subsidiaries (a) as to which there is a reasonable possibility of an adverse determination and that, if adversely determined,
could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect or (b) that involve this
Agreement or the Transactions.

 

Section 3.06. 
Compliance with Laws and Agreements. Each of the Borrower and its Subsidiaries is in compliance with all
laws, regulations and orders of any Governmental Authority applicable to it or its property and all indentures, agreements and
other instruments binding upon it or its property, except where the failure to do so, individually or in the aggregate, could
not reasonably be expected to result in a Material Adverse Effect. Neither the Borrower nor any of its Subsidiaries is subject
to any contract or other arrangement, the performance of which by the Borrower could reasonably be expected to result in a Material
Adverse Effect.

 

Section 3.07. 
Taxes. Each of the Borrower and its Subsidiaries has timely filed or has caused to be timely filed all material
U.S. federal, state and local Tax returns that are required to be filed by it and all other material Tax returns that are required
to be filed by it and has paid all material Taxes for which it is directly or indirectly liable and any assessments made against
it or any of its property and all other material Taxes, fees or other charges imposed on it or any of its property by any Governmental
Authority, other than any Taxes, fees or other charges the amount or validity of which is currently being contested in good faith
by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided on the books of the Borrower
or its Subsidiaries, as the case may be. The charges, accruals and reserves on the books of the Borrower and any of its Subsidiaries
in respect of Taxes and other governmental charges are adequate. Neither the Borrower nor any of its Subsidiaries has given or
been requested to give a waiver of the statute of limitations relating to the payment of any federal, state, local and foreign
Taxes or other impositions, and no Tax lien (other than Liens permitted pursuant to clause (a) of the definition of Permitted
Liens) has been filed with respect to the Borrower or any of its Subsidiaries. There is no proposed Tax assessment against the
Borrower or any of its Subsidiaries, and there is no basis for such assessment.

 

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Section 3.08. 
ERISA. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all
other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material
Adverse Effect.

 

Section 3.09. 
Disclosure.

 

(a) 
All written reports, financial statements, certificates and other written information (other than projected financial information,
other forward-looking information, information relating to third parties, and information of a general economic or general industry
nature) which has been made available to the Administrative Agent or any Lender by or on behalf of the Borrower in connection
with the transactions contemplated by this Agreement or delivered under any Loan Document, taken as a whole, will not contain
any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained therein
at the time made and taken as a whole (and after giving effect to all written updates provided by the Borrower to the Administrative
Agent for delivery to the Lenders from time to time) not misleading in any material respect in light of the circumstances under
which such statements were made; and

 

(b) 
All financial projections, pro forma financial information and other forward-looking information which has been delivered
to the Administrative Agent or any Lender by or on behalf of Borrower in connection with the transactions contemplated by this
Agreement or delivered under any Loan Document are based upon good faith assumptions and, in the case of financial projections
and pro forma financial information, good faith estimates, in each case, believed to be reasonable at the time made, it being
recognized that (i) such financial information as it relates to future events is subject to significant uncertainty and contingencies
(many of which are beyond the control of the Borrower) and are therefore not to be viewed as fact, and (ii) actual results during
the period or periods covered by such financial information may materially differ from the results set forth therein.

 

Section 3.10. 
Investment Company Act; Margin Regulations.

 

(a) 
Status as Business Development Company. The Borrower is a “closed end fund” that has elected to be regulated
as a “business development company” within the meaning of the Investment Company Act and qualifies as a RIC (and has
qualified as a RIC for all taxable years ending on or after December 31, 2012).

 

(b) 
Compliance with Investment Company Act. The business and other activities of the Borrower and its Subsidiaries do
not result in a violation or breach of the provisions of the Investment Company Act or any rules, regulations or orders issued
by the SEC thereunder, except where such breaches or violations, individually or in the aggregate, could not reasonably be expected
to result in a Material Adverse Effect.

 

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(c) 
Investment Policies. The Borrower is in compliance in all material respects with the Investment Policies.

 

(d) 
Use of Credit. Neither the Borrower nor any of its Subsidiaries is engaged principally, or as one of its important
activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying
Margin Stock, and no part of the proceeds of any extension of credit hereunder will be used to buy or carry any Margin Stock (provided
that so long as no violation of Regulation U would result therefrom, the Borrower may use proceeds of the Loans (x) to purchase
its common stock in connection with the redemption (or buyback) of its shares and (y) for any (i) cash consideration paid or payable
and (ii) cash paid on account of fractional shares, in each case of this clause (y) in connection with a Merger (including, without
limitation, the MDLY Merger Consideration, the MCC Merger Consideration and the MCC Merger Termination Fee). On the
Restatement Effective Date, neither the Borrower nor any of its Subsidiaries own any Margin Stock.

 

Section 3.11. 
Material Agreements and Liens.

 

(a) 
Material Agreements. Schedule 3.11(a) is a complete and correct list of each credit agreement, loan agreement,
indenture, purchase agreement, guarantee, letter of credit or other arrangements (to the extent that such other arrangements exceed
an aggregate outstanding principal amount of $3,000,000) providing for or otherwise relating to any Indebtedness or any extension
of credit (or commitment for any extension of credit) to, or guarantee by, the Borrower or any of its Subsidiaries outstanding
on the Restatement Effective Date, and, other than in the case of Hedging Agreement Obligations, the aggregate principal or face
amount outstanding or that is, or may become, outstanding under each such arrangement, in each case on the Restatement Effective
Date, is correctly described in Schedule 3.11(a).

 

(b) 
Liens. Schedule 3.11(b) is a complete and correct list of each Lien securing Indebtedness of any Person outstanding
on the Restatement Effective Date covering any property of the Borrower or any of its Subsidiaries, and, other than in the case
of Hedging Agreement Obligations, the aggregate principal amount of such Indebtedness secured (or that may be secured) by each
such Lien and the property covered by each such Lien as of the Restatement Effective Date is correctly described in Schedule
3.11(b).

 

(c) 
Accounts. Schedule 3.11(c) is a complete and correct list of each deposit and securities account (including any
Agency Account) maintained by the Borrower or any of its Subsidiaries as of August 12, 2016.

 

Section 3.12. 
Subsidiaries and Investments.

 

(a) 
Subsidiaries. Set forth in Schedule 3.12(a) is a complete and correct list of all of the Subsidiaries of
the Borrower as of the Restatement Effective Date together with, for each such Subsidiary, (i) the jurisdiction of organization
of such Subsidiary, (ii) each Person holding ownership interests in such Subsidiary and (iii) the nature of the ownership interests
held by each such Person and the percentage of ownership of such Subsidiary represented by such ownership interests. Except as
disclosed in Schedule 3.12(a), as of the Restatement Effective Date, (x) the Borrower owns, free and clear of Liens, and
has the unencumbered right to vote, all outstanding ownership interests in each Subsidiary shown to be held by it in Schedule
3.12(a), and (y) all of the issued and outstanding capital stock of each such Subsidiary organized as a corporation is validly
issued, fully paid and nonassessable.

 

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(b) 
Investments. Set forth in Schedule 3.12(b) is a complete and correct list of all Investments (other than
Investments of the types referred to in clauses (b), (c), (d), (e) and (g) of Section 6.04) held by the Borrower or any of its
Subsidiaries in any Person on the Restatement Effective Date and, for each such Investment, (x) the identity of the Person or
Persons holding such Investment and (y) the nature of such Investment. Except as disclosed in Schedule 3.12(b), as of the
Restatement Effective Date each of the Borrower and its Subsidiaries owns, free and clear of all Liens (other than Liens permitted
pursuant to Section 6.02), all such Investments.

 

Section 3.13. 
Properties.

 

(a) 
Title Generally. Each of the Borrower and its Subsidiaries has good title to, or valid leasehold interests in, all
its real and personal property material to its business, except for minor defects in title that do not interfere with its ability
to conduct its business as currently conducted or to utilize such properties for their intended purposes.

 

(b) 
Intellectual Property. Each of the Borrower and its Subsidiaries owns, or is licensed to use, all trademarks, tradenames,
copyrights, patents and other intellectual property material to its business, and the use thereof by the Borrower and its Subsidiaries
does not infringe upon the rights of any other Person, except for any such infringements that, individually or in the aggregate,
could not reasonably be expected to result in a Material Adverse Effect.

 

Section 3.14. 
Solvency(a). On the Restatement Effective Date, and upon the incurrence of any extension of credit hereunder,
on any date on which this representation and warranty is made, (a) the Borrower will be Solvent on a unconsolidated basis, and
(b) each Subsidiary Guarantor will be Solvent on a consolidated basis with the other Obligors.

 

Section 3.15. 
Affiliate Agreements. As of the Restatement Effective Date, the Borrower has heretofore delivered to each
of the Lenders true and complete copies of each of the Affiliate Agreements (including any schedules and exhibits thereto, and
any amendments, supplements or waivers executed and delivered thereunder). As of the Restatement Effective Date, (a) each of the
Affiliate Agreements is in full force and effect, and (b) Medley LLC (which as of the Restatement Effective Date, is under the
Control of Brook Taube, Jeff Tonkel and Seth Taube) Controls the Investment AdvisorSIC
Advisors LLC.

 

Section 3.16. 
Structured Subsidiaries 

 

(a) 
There are no agreements or other documents relating to any Structured Subsidiary binding upon the Borrower or any of its
Subsidiaries (other than such Structured Subsidiary) other than as permitted under the definition thereof.

 

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(b) 
The Borrower has not Guaranteed the Indebtedness or other obligations in respect of any credit facility relating to the
Structured Subsidiaries, other than pursuant to Standard Securitization Undertakings.

 

Section 3.17. 
Compliance with Sanctions. Neither the Borrower nor any of its Subsidiaries, nor any executive officer or
director thereof, nor, to the knowledge of the Borrower, any Affiliate of the Borrower or any executive officer or director thereof,
(i) is subject of sanctions administered by the United States Department of the Treasury’s Office of Foreign Assets Control
(“OFAC”), the European Union, Her Majesty’s Treasury, the United Nations Security Council, or any other
relevant sanctions authority (collectively, “Sanctions”), or (ii) is located, has a place of business or is
organized or resident in a country, territory or region that is, or whose government is, the subject of Sanctions. Furthermore,
no part of the proceeds of a Loan will be used, directly or indirectly, by the Borrower or any Affiliate of the Borrower, or by
any of their respective executive officers or directors to finance or facilitate a transaction with a person subject of Sanctions.

 

Section 3.18. 
Anti-Money Laundering Program. The Borrower has implemented an anti-money laundering program to the extent
required by the Uniting And Strengthening America By Providing Appropriate Tools Required To Intercept And Obstruct Terrorism,
as amended (the “USA PATRIOT Act”), and the rules and regulations thereunder.

 

Section 3.19. 
Foreign Corrupt Practices Act. Neither the Borrower nor any of its Subsidiaries and, to the Borrower’s
knowledge, any director, officer, agent, employee, Affiliate or other person associated with or acting on behalf of the Borrower
or any Subsidiary of the Borrower has: (i) used any corporate funds for any unlawful contribution, gift, entertainment or other
unlawful expense relating to political activity or to influence official action; (ii) made any direct or indirect unlawful payment
to any foreign or domestic government official or employee from corporate funds; (iii) made any bribe, rebate, payoff, influence
payment, kickback or other unlawful payment; or (iv) violated or is in violation of any provision of the U.S. Foreign Corrupt
Practices Act of 1977, as amended, and the rules and regulations thereunder (the “FCPA”); and each of the Borrower
and its Subsidiaries have conducted their businesses in compliance with the FCPA and have instituted and maintained policies and
procedures designed to ensure, and which are reasonably expected to continue to ensure, compliance therewith. Furthermore, no
part of the proceeds of a Loan will be used, directly or indirectly, by the Borrower or any Affiliate of the Borrower, or by any
of their respective officers, directors, agents or employees, to finance or facilitate a transaction in violation of the FCPA.

 

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Article IV

CONDITIONS

 

Section 4.01. 
Restatement Effective Date. The effectiveness of this Agreement and of the obligations of the Lenders to
make Loans hereunder shall not become effective until completion of each of the following conditions precedent (unless a condition
shall have been waived in accordance with Section 9.02):

 

(a) 
Documents. Administrative Agent shall have received each of the following documents, each of which shall be reasonably
satisfactory to the Administrative Agent (and to the extent specified below to each Lender) in form and substance:

 

(i) 
Executed Counterparts. From each party hereto either (1) a counterpart of this Agreement signed on behalf of such
party or (2) written evidence satisfactory to the Administrative Agent (which may include telecopy transmission of a signed signature
page to this Agreement) that such party has signed a counterpart of this Agreement.

 

(ii) 
Guarantee and Security Agreement. The Guarantee and Security Agreement, duly executed and delivered by each
of the parties to the Guarantee and Security Agreement.

 

(iii) 
Opinion of Counsel to the Borrower. A favorable written opinion (addressed to the Administrative Agent and the Lenders
and dated the Restatement Effective Date) of Dechert LLP, counsel for the Obligors, in form and substance reasonably acceptable
to the Administrative Agent and covering such matters as the Administrative Agent may reasonably request (and the Borrower hereby
instructs such counsel to deliver such opinion to the Lenders and the Administrative Agent).

 

(iv) 
Corporate Documents. (v) Copies of the organizational documents of each Obligor certified as of a recent date by
the appropriate governmental official, (w) signature and incumbency certificates of the officers of such Person executing the
Loan Documents to which it is a party, (x) resolutions of the board of directors or similar governing body of each Obligor approving
and authorizing the execution, delivery and performance of this Agreement and the other Loan Documents to which it is a party
or by which it or its assets may be bound as of the Restatement Effective Date, certified as of the Restatement Effective Date
by its secretary or an assistant secretary as being in full force and effect without modification or amendment, (y) a good standing
certificate from the applicable Governmental Authority of each Obligor’s jurisdiction of incorporation, organization or
formation and in each jurisdiction in which it is qualified as a foreign corporation or other entity to do business, each dated
a recent date prior to the Restatement Effective Date, and (z) such other documents and certificates as the Administrative Agent
or its counsel may reasonably request relating to the organization, existence and good standing of the Obligors, and the authorization
of the Transactions, all in form and substance reasonably satisfactory to the Administrative Agent and its counsel.

 

(v) 
Officer’s Certificate. A certificate, dated the Restatement Effective Date and signed by a Financial Officer
of the Borrower, confirming compliance with the conditions set forth in Sections 4.01(e), 4.02(a), (b), (c) and (d).

 

(vi) 
[Intentionally Omitted].

 

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(b) 
Liens. The Administrative Agent shall have received results of a recent lien search in each relevant jurisdiction
with respect to the Obligors, confirming the priority of the Liens in favor of the Collateral Agent created pursuant to the Security
Documents and revealing no liens on any of the assets of the Borrower or its Subsidiaries except for Liens permitted under Section
6.02 or Liens to be discharged on or prior to the Restatement Effective Date pursuant to documentation satisfactory to the Administrative
Agent. Subject to Section 5.08(c)(ii), all UCC financing statements, control agreements and other documents or instruments required
to be filed or executed and delivered in order to create in favor of the Administrative Agent, for the benefit of the Lenders,
a first priority perfected (subject to Eligible Liens) security interest in the Collateral (to the extent that such a security
interest may be perfected by filing, possession or control under the Uniform Commercial Code and as required by Section 5.08(c)(i)
and the Guarantee and Security Agreement) shall have been properly filed or executed and delivered in each jurisdiction required.

 

(c) 
Financial Statements. The Administrative Agent and the Lenders shall have received prior to the execution of this
Agreement (i) the audited consolidated statement of assets and liabilities and the related consolidated statements of operations,
changes in net assets and cash flows and related schedule of investments of the Borrower and its Subsidiaries for the fiscal year
ended December 31, 2015 and (ii) the consolidated statement of assets and liabilities and the related consolidated statements
of operations, changes in net assets and cash flows and related schedule of investments of the Borrower and its Subsidiaries for
the fiscal quarter ended March 31, 2016, all certified in writing by a Financial Officer of the Borrower as presenting fairly
in all material respects the financial condition and results of operations of the Borrower and its Subsidiaries on a consolidated
basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes.
The Administrative Agent and the Lenders shall have received any other financial statements of the Borrower and its Subsidiaries
as they shall reasonably request. The Administrative Agent and Lenders acknowledge having received the financial statements referred
to in clauses (i) and (ii) above.

 

(d) 
Consents. The Borrower shall have obtained and delivered to the Administrative Agent certified copies of all consents,
approvals, authorizations, registrations, or filings (other than any filing required under the Exchange Act or the rules or regulations
promulgated thereunder, including, without limitation, any filing required on Form 8-K) required to be made or obtained by the
Borrower and all guarantors in connection with the Transactions, and such consents, approvals, authorizations, registrations,
filings and orders shall be in full force and effect and all applicable waiting periods shall have expired and no investigation
or inquiry by any Governmental Authority regarding the Transactions or any transaction being financed with the proceeds of the
Loans shall be ongoing.

 

(e) 
No Litigation. There shall not exist any action, suit, investigation, litigation or proceeding or other legal or
regulatory developments pending or threatened in any court or before any arbitrator or Governmental Authority that relates to
the Transactions or that could have a Material Adverse Effect.

 

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(f) 
Solvency Certificate. On the Restatement Effective Date, the Administrative Agent shall have received a solvency
certificate of the chief financial officer of the Borrower dated as of the Restatement Effective Date and addressed to the Administrative
Agent and the Lenders, and in form, scope and substance reasonably satisfactory to Administrative Agent, with appropriate attachments
and demonstrating that both before and after giving effect to the Transactions, (a) the Borrower will be Solvent on a unconsolidated
basis, and (b) each Subsidiary Guarantor will be Solvent on a consolidated basis with the other Obligors.

 

(g) 
Investment Policies. The Administrative Agent shall have received the Investment Policies as in effect on the Restatement
Effective Date in form and substance reasonably satisfactory to the Administrative Agent.

 

(h) 
Due Diligence. No information shall have become available which the Administrative Agent believes has had, or could
reasonably be expected to have, a Material Adverse Effect.

 

(i) 
Fees and Expenses. The Borrower shall have paid in full to the Administrative Agent and the Lenders all fees and
expenses related to this Agreement owing on the Restatement Effective Date, including any up-front fee due to any Lender on the
Restatement Effective Date.

 

(j) 
Default. No Default or Event of Default shall have occurred and be continuing under this Agreement, nor any default
or event of default that permits (or which upon notice, lapse of time or both would permit) acceleration of any Material Indebtedness,
immediately before and after giving effect to the Transactions, any incurrence of Indebtedness hereunder and the use of the proceeds
hereof on a pro forma basis.

 

(k) 
Evidence of Insurance. The Administrative Agent shall have received a certificate from the Borrower’s insurance
broker or other evidence reasonably satisfactory to it that all insurance required to be maintained pursuant to the Loan Documents
is in full force and effect.

 

(l) 
Borrowing Base Certificate. The Administrative Agent shall have received an updated Borrowing Base Certificate dated
as of the Restatement Effective Date, showing a calculation of the Borrowing Base as of the date thereof in form and substance
reasonably satisfactory to the Administrative Agent.

 

(m) 
[Intentionally Omitted].

 

(n) 
[Intentionally Omitted].

 

(o) 
Patriot Act. The Administrative Agent shall have received all documentation and other information required by bank
regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including
the Patriot Act, as reasonably requested by the Administrative Agent.

 

(p) 
[Intentionally Omitted].

 

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(q) 
Other Documents. The Administrative Agent shall have received such other documents, instruments, certificates, opinions
and information as the Administrative Agent may reasonably request in form and substance satisfactory to the Administrative Agent.

 

The contemporaneous exchange and release of executed
signature pages by each of the Persons contemplated to be a party hereto shall render this Agreement effective and any such exchange
and release of such executed signature pages by all such persons shall constitute satisfaction or waiver (as applicable) of any
condition precedent to such effectiveness set forth above.

 

Section 4.02. 
Each Credit Event. The obligation of each Lender to make any Loan, including any such extension of credit
on the Restatement Effective Date, is additionally subject to the satisfaction of the following conditions:

 

(a) 
the representations and warranties of the Borrower set forth in this Agreement and in the other Loan Documents shall be
true and correct in all material respects (other than any representation or warranty already qualified by materiality or Material
Adverse Effect, which shall be true and correct in all respects) on and as of the date of such Loan, or, as to any such representation
or warranty that refers to a specific date, as of such specific date;

 

(b) 
at the time of such Loan, (i) no Default shall have occurred and be continuing or would result from such Loan after giving
effect thereto, and (ii) no Borrowing Base Deficiency shall have occurred and be continuing or would result from such Loan after
giving effect thereto;

 

(c) 
either (i) the aggregate Covered Debt Amount (after giving effect to such extension of credit) shall not exceed the Borrowing
Base reflected on the Borrowing Base Certificate most recently delivered to the Administrative Agent or (ii) the Borrower shall
have delivered an updated Borrowing Base Certificate demonstrating that the Covered Debt Amount (after giving effect to such extension
of credit) shall not exceed the Borrowing Base after giving effect to such extension of credit as well as any concurrent acquisitions
of Portfolio Investments by the Borrower or payment of outstanding Loans or Other Covered Indebtedness;

 

(d) 
after giving effect to such extension of credit, the Borrower shall be in pro forma compliance with each of the covenants
set forth in Sections 6.07(a), (b), (d) and (e);

 

(e) 
the proposed date of such extension of credit shall take place during the Availability Period; and

 

(f) 
in the case of the first Borrowing, the Administrative Agent shall have received a Borrowing Base Certificate dated as
of the date of the Borrowing Request, showing a calculation of the Borrowing Base as of the date thereof in form and substance
reasonably satisfactory to the Administrative Agent.

 

Each Borrowing shall be deemed to constitute a representation
and warranty by the Borrower on the date thereof as to the matters specified in the preceding sentence.

 

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Article V

AFFIRMATIVE COVENANTS

 

Until the Termination Date, the Borrower covenants
and agrees with the Lenders that:

 

Section 5.01. 
Financial Statements and Other Information. The Borrower will furnish to the Administrative Agent for distribution
to each Lender:

 

(a) 
within 90 days after the end of each fiscal year of the Borrower, the audited consolidated statement of assets and liabilities
and the related consolidated statements of operations, changes in net assets and cash flows and related schedule of investments
of the Borrower and its Subsidiaries as of the end of and for such year, setting forth in each case in comparative form the figures
for the previous fiscal year (to the extent full fiscal year information is available), all reported on by Ernst and Young LLP
or other independent public accountants of recognized national standing to the effect that such consolidated financial statements
present fairly in all material respects the financial condition and results of operations of the Borrower and its Subsidiaries
on a consolidated basis in accordance with GAAP consistently applied (which report shall be unqualified as to going concern and
scope of audit and shall not contain any explanatory paragraph or paragraph of emphasis with respect to going concern); provided
that the requirements set forth in this clause (a) may be fulfilled by providing to the Administrative Agent for distribution
to each Lender the report filed by the Borrower with the SEC on Form 10-K for the applicable fiscal year;

 

(b) 
within 45 days after the end of each of the first three (3) fiscal quarters of each fiscal year of the Borrower, the consolidated
statement of assets and liabilities and the related consolidated statements of operations, changes in net assets and cash flows
and related schedule of investments of the Borrower and its Subsidiaries as of the end of and for such fiscal quarter and the
then elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for (or, in the case of the
statement of assets and liabilities, as of the end of) the corresponding period or periods of the previous fiscal year (to the
extent such information is available for the previous fiscal year), all certified by a Financial Officer of the Borrower as presenting
fairly in all material respects the financial condition and results of operations of the Borrower and its Subsidiaries on a consolidated
basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes;
provided that the requirements set forth in this clause (b) may be fulfilled by providing to the Administrative Agent for
distribution to each Lender the report filed by the Borrower with the SEC on Form 10-Q for the applicable quarterly period;

 

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(c) 
concurrently with any delivery of financial statements under clause (a) or (b) of this Section, a certificate of a Financial
Officer of the Borrower (i) to the extent the requirements in clause (a) and (b) are not fulfilled by the Borrower delivering
the applicable report delivered to (or filed with) the SEC, certifying that such statements are consistent with the financial
statements filed by the Borrower with the SEC, (ii) certifying as to whether the Borrower has knowledge that a Default has occurred
during the most recent period covered by such financial statements (or has occurred and is continuing from a prior period) and,
if a Default has occurred during such period (or has occurred and is continuing from a prior period), specifying the details thereof
and any action taken or proposed to be taken with respect thereto, (iii) setting forth reasonably detailed calculations demonstrating
compliance with Sections 6.01(b), (e) and (k), 6.02(f) and (h) and 6.04(ij)
and 6.05(b) (except that with respect to any certificate delivered in connection with the delivery of any financial statement
under clause (b) of this Section, instead of showing compliance with Section 6.05(b) the Borrower shall provide (A) a reasonably
detailed calculation of net investment income and taxable income of the Borrower for (x) the applicable quarterly period (the
“testing quarter”) and (y), as applicable, for the period commencing at the start of the applicable fiscal year of
the Borrower (such fiscal year shall be the year during which such testing quarter occurs) and ending on the last day of such
testing quarter, (B) a statement of the amount of distributions that the Borrower has made pursuant to Section 6.05(b), solely
with respect to the net investment income or taxable income of the Borrower for such fiscal year, for the period commencing at
the start of such fiscal year and ending on the last day of such testing quarter and (C) an estimate of what the Borrower in good
faith believes will be the net investment income and taxable income of the Borrower for the period commencing on the first day
immediately following such testing quarter and ending on the last day of such fiscal year) and 6.07, (iv) stating whether any
change in GAAP as applied by (or in the application of GAAP by) the Borrower has occurred since the Restatement Effective Date
(but only if the Borrower has not previously reported such change to the Administrative Agent and if such change has had a material
effect on the financial statements) and, if any such change has occurred (and has not been previously reported to the Administrative
Agent), specifying the effect of such change on the financial statements accompanying such certificate, (v) attaching a list of
Subsidiaries and Immaterial Subsidiaries as of the date of delivery of such certificate or a confirmation that there is no change
in such information since the date of the last such list and (vi) attaching a schedule providing projected interest and principal
payments for all debt Portfolio Investments as of such date, regardless of whether such Portfolio Investments are Eligible Portfolio
Investments (it being understood that the Borrower makes no representations or guarantees that such payments will be made);

 

(d) 
as soon as available and in any event not later than twenty (20) calendar days after the end of each monthly accounting
period (ending on the last day of each calendar month) of the Borrower and its Subsidiaries, (i) a Borrowing Base Certificate
as of the last day of such accounting period, including an Excel schedule containing such additional information as shall have
been mutually agreed with the Administrative Agent, (ii) a report certified by a Financial Officer of the Borrower identifying
the aggregate amount of net cash proceeds received by the Borrower from Equity Interests issued by the Borrower in the immediately
prior monthly accounting period and (iii) a certificate by a Financial Officer of the Borrower (which may be included in the Borrowing
Base Certificate) certifying as to the Step-Down Condition of the Borrower as of such date, and including reasonably detailed
calculations as to (x) the Obligors’ Net Worth as of such date, (y) the Covered Debt Amount as of such date (including Indebtedness
incurred pursuant to Section 6.01(l)) and (z) the weighted average trailing 12-month EBITDA of all Eligible Portfolio Investments
(exclusive of the Eligible Portfolio Investment with the largest EBITDA and Eligible Portfolio Investment with the smallest EBITDA)
included in the Borrowing Base at such time.

 

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(e) 
promptly but no later than three Business Days after any Financial Officer of the Borrower shall at any time have knowledge
that there is a Borrowing Base Deficiency or knowledge that the Borrowing Base has declined by more than 15%, a Borrowing Base
Certificate as at the date such Financial Officer has knowledge of such Borrowing Base Deficiency or decline indicating the amount
of the Borrowing Base Deficiency or decline as at the date such Financial Officer obtained knowledge of such deficiency and the
amount of the Borrowing Base Deficiency or decline as of the date not earlier than three Business Days prior to the date the Borrowing
Base Certificate is delivered pursuant to this paragraph;

 

(f) 
promptly upon receipt thereof copies of all significant and non-routine written reports submitted to the management or
board of directors of the Borrower by the Borrower’s independent public accountants in connection with each annual, interim
or special audit or review of any type of the financial statements or related internal control systems of the Borrower or any
of its Subsidiaries delivered by such accountants to the management or board of directors of the Borrower (other than the periodic
reports that the Borrower’s independent auditors provide, in the ordinary course, to the Borrower’s audit committee);

 

(g) 
promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and other
materials sent to stockholders and filed by the Borrower or any of its Subsidiaries with the SEC or with any national securities
exchange, as the case may be;

 

(h) 
within 45 days after each Valuation Testing Date, all final internal and external
valuation reports relating to the Eligible Portfolio Investments ((i) excluding all valuation reports prepared by any Independent
Valuation Provider pursuant to Sections 5.12(b)(ii)(B)(x) and 5.12(b)(iii), but including
all valuation reports delivered by the Approved Third-Party Appraiser in connection with the quarterly appraisals of Unquoted
Investments in accordance with Section 5.12(b)(ii)(B) and (ii) excluding any valuation reports relating to any Eligible Unvalued
Assets, which shall be provided within five (5) Business Days of receipt) and the underwriting memoranda for all Eligible Portfolio
Investments included in such valuation reports, and any other information relating to the Eligible Portfolio Investments as reasonably
requested by the Administrative Agent or any Lender; provided that the underwriting memoranda for a particular Eligible
Portfolio Investment of an Obligor shall only be required to be delivered within 30 days of the initial closing of such Eligible
Portfolio Investment and at no other time.

 

(i) 
(x) to the extent not otherwise provided by theeach
Custodian, within thirty (30) days after the end of each month, updated copies of custody reports with
respect to each Custodian (including, to the extent available, (a) an itemized list of each Portfolio Investment and
(b) activity, transaction or other reports received by the Borrower from thesuch
Custodian (and Borrower shall use commercially reasonable efforts to promptly obtain such reports if not delivered
by thesuch Custodian to the Borrower within such period)
with respect to any Cash and Cash Equivalents included in the calculation of the Borrowing Base, in each case held in any Custodian
Account with such Custodian owned by the Borrower or any of its Subsidiaries)
with respect to any custodian account with such Custodian owned by the
Borrower or any of the Subsidiary Guarantors, and (y) within thirty (30) days after the end of each month, updated copies of summaries
of balances and activity reports received by Borrower from theeach
Custodian (and Borrower shall use commercially reasonable efforts to promptly obtain such reports if not delivered
by thesuch Custodian to the Borrower within such period)
with respect to any Cash and Cash Equivalents included in the calculation of the Borrowing Base held in any other account owned
by the Borrower or any Subsidiary Guarantor;

 

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(j) 
within 45 days after the end of each fiscal quarter of the Borrower commencing with the first fiscal quarter to end on
or after the date on which the Borrower has any Financing Subsidiary, a certificate of a Financial Officer of the Borrower certifying
that attached thereto is a complete and correct description of all Portfolio Investments as of the date thereof, including, with
respect to each such Portfolio Investment, the name of the Borrower or Subsidiary holding such Portfolio Investment and the name
of the Portfolio Company of such Portfolio Investment;

 

(k) 
promptly following any request therefor, such other information regarding the operations, business affairs and financial
condition of the Borrower or any of its Subsidiaries, or compliance with the terms of this Agreement and the other Loan Documents,
as the Administrative Agent or any Lender may reasonably request; and

 

(l) 
promptly after a Financial Officer of the Borrower has actual knowledge that it has failed to meet the Step-Down Condition,
deliver a certificate signed by a Financial Officer of the Borrower giving notice of such failure.

 

Section 5.02. 
Notices of Material Events. Upon the Borrower becoming aware of any of the following, the Borrower will furnish
to the Administrative Agent and each Lender prompt written notice of the following:

 

(a) 
the occurrence of any Default (provided that if such Default is subsequently cured within the time periods set forth
herein, the failure to provide notice of such Default shall not itself result in an Event of Default hereunder);

 

(b) 
the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against
or affecting the Borrower or any of its Affiliates that, if adversely determined, could reasonably be expected to result in a
Material Adverse Effect;

 

(c) 
the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably
be expected to result in liability of the Borrower and its Subsidiaries in an aggregate amount exceeding $2,500,000; and

 

(d) 
any other development (excluding matters of a general economic, financial or political nature to the extent that they could
not reasonably be expected to have a disproportionate effect on the Borrower) that results in, or could reasonably be expected
to result in, a Material Adverse Effect.

 

Each notice delivered under this Section shall be
accompanied by a statement of a Financial Officer or other executive officer of the Borrower setting forth the details of the
event or development requiring such notice and any action taken or proposed to be taken with respect thereto.

 

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Section 5.03. 
Existence; Conduct of Business. The Borrower will, and will cause each of its Subsidiaries (other than Immaterial
Subsidiaries) to, do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence
and the rights, licenses, permits, privileges and franchises material to the conduct of its business; provided that the
foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under Section 6.03.

 

Section 5.04. 
Payment of Obligations. The Borrower will, and will cause each of its Subsidiaries to, pay its obligations,
including tax liabilities and material contractual obligations, that, if not paid, could reasonably be expected to result in a
Material Adverse Effect before the same shall become delinquent or in default, except where (a) the validity or amount thereof
is being contested in good faith by appropriate proceedings, (b) the Borrower or such Subsidiary has set aside on its books adequate
reserves with respect thereto in accordance with GAAP and (c) the failure to make payment pending such contest could not reasonably
be expected to result in a Material Adverse Effect.

 

Section 5.05. 
Maintenance of Properties; Insurance. The Borrower will, and will cause each of its Subsidiaries (other than
Immaterial Subsidiaries) to, (a) keep and maintain all property material to the conduct of its business in good working order
and condition, ordinary wear and tear excepted, and (b) maintain, with financially sound and reputable insurance companies, insurance
in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar business, operating
in the same or similar locations.

 

Section 5.06. 
Books and Records; Inspection and Audit Rights.

 

(a) 
Books and Records; Inspection Rights. The Borrower will, and will cause each of its Subsidiaries to, keep books
of record and account in accordance with GAAP. The Borrower will, and will cause each of its Subsidiaries to, permit any representatives
designated by the Administrative Agent or any Lender, upon reasonable prior notice to the Borrower, to (i) visit and inspect its
properties, to examine and make extracts from its books and records, and (ii) discuss its affairs, finances and condition with
its officers and independent accountants, all at such reasonable times and as often as reasonably requested; provided that
the Borrower or such Subsidiary shall be entitled to have its representatives and advisors present during any inspection of its
books and records or meeting with its independent accountants; provided, further, that the Administrative Agent
and the Lenders shall not conduct more than two (2) such visits and inspections in any calendar year unless an Event of Default
has occurred and is continuing at the time of any subsequent visits and inspections during such calendar year.

 

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(b) 
Audit Rights. The Borrower will, and will cause each of its Subsidiaries to, permit any representatives designated
by Administrative Agent (including any consultants, accountants, lawyers and appraisers retained by the Administrative Agent)
to conduct evaluations and appraisals of the Borrower’s computation of the Borrowing Base and the assets included in the
Borrowing Base (including, for clarity, audits of any Agency Accounts, funds transfers and custody procedures), all at such reasonable
times and as often as reasonably requested. The Borrower shall pay the reasonable, documented fees and expenses of representatives
retained by the Administrative Agent to conduct any such evaluation or appraisal; provided that the Borrower shall not
be required to pay such fees and expenses for more than one such evaluation or appraisal during any calendar year unless an Event
of Default has occurred and is continuing at the time of any subsequent evaluation or appraisal during such calendar year; provided,
further, that in relation to any fees or expenses required to be paid by the Borrower in connection with any appraisal
under this Section 5.06(b) (but, for the avoidance of doubt, other than valuation reports produced pursuant to Section 5.12(b)(ii)(B)(x)),
unless an Event of Default has occurred and is continuing such fees and expenses shall be subject to the IVP Supplemental Cap.
The Borrower also agrees to modify or adjust the computation of the Borrowing Base and/or the assets included in the Borrowing
Base, to the extent required by the Administrative Agent or the Required Lenders as a result of any such evaluation or appraisal
indicating that such computation or inclusion of assets is not consistent with the terms of this Agreement; provided that
if the Borrower demonstrates that such evaluation or appraisal is incorrect, the Borrower shall be permitted to re-adjust its
computation of the Borrowing Base.

 

Section 5.07. 
Compliance with Laws and Agreements. The Borrower will, and will cause each of its Subsidiaries to, comply
with all laws, rules, regulations, including the Investment Company Act (if applicable to such Person), and orders of any Governmental
Authority applicable to it (including orders issued by the SEC) or its property and all indentures, agreements and other instruments,
except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material
Adverse Effect.

 

Section 5.08. 
Certain Obligations Respecting Subsidiaries; Further Assurances.

 

(a) 
Subsidiary Guarantors.

 

(i) 
In the event that (1) the Borrower or any of its Subsidiaries shall form or acquire any new Subsidiary (other than a Financing
Subsidiary, a CFC or a Transparent Subsidiary), or that any other Person shall become a “Subsidiary” within the meaning
of the definition thereof (other than a Financing Subsidiary, a CFC or a Transparent Subsidiary); (2) any Structured Subsidiary
shall no longer constitute a “Structured Subsidiary” pursuant to the definition thereof (including, for the avoidance
of doubt, if such Structured Subsidiary ceases to have, in full force and effect, financing provided by an unaffiliated third
party) (in which case such Person shall be deemed to be a “new” Subsidiary for purposes of this Section 5.08); (3)
any SBIC Subsidiary shall no longer constitute a “SBIC Subsidiary” pursuant to the definition thereof (in which case
such Person shall be deemed to be a “new” Subsidiary for purposes of this Section 5.08); (4) any CFC shall no longer
constitute a “CFC” pursuant to the definition thereof (in which case such Person shall be deemed to be a “new”
Subsidiary for purposes of this Section 5.08); or (5) any Transparent Subsidiary shall no longer constitute a “Transparent
Subsidiary” pursuant to the definition thereof (in which case such Person shall be deemed to be a “new” Subsidiary
for purposes of this Section 5.08), the Borrower will, in each case, on or before thirty (30) days following such Person becoming
a Subsidiary or such Financing Subsidiary, CFC or Transparent Subsidiary, as the case may be, no longer qualifying as such, cause
such new Subsidiary or former Financing Subsidiary, former CFC or former Transparent Subsidiary, as the case may be, to become
a “Subsidiary Guarantor” (and, thereby, an “Obligor”) under the Guarantee and Security Agreement pursuant
to a Guarantee Assumption Agreement and to deliver such proof of corporate or other action, incumbency of officers, opinions of
counsel and other documents as the Administrative Agent shall have reasonably requested;
provided that each Subsidiary of MCC (other than any Financing Subsidiary, CFC or Transparent Subsidiary of MCC) shall provide
such deliverables substantially concurrently with the consummation of the Mergers.

 

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(ii) 
The Borrower acknowledges that the Administrative Agent and the Lenders have agreed to exclude each Structured Subsidiary
as an Obligor only for so long as such Person qualifies as a “Structured Subsidiary” pursuant to the definition thereof,
and thereafter such Person shall no longer constitute a “Structured Subsidiary” for any purpose of this Agreement
or any other Loan Document.

 

(iii) 
The Borrower acknowledges that the Administrative Agent and the Lenders have agreed to exclude each SBIC Subsidiary as
an Obligor only for so long as such Person qualifies as an “SBIC Subsidiary” pursuant to the definition thereof, and
thereafter such Person shall no longer constitute an “SBIC Subsidiary” for any purpose of this Agreement or any other
Loan Document.

 

(b) 
Ownership of Subsidiaries. The Borrower will, and will cause each of its Subsidiaries to, take such action from
time to time as shall be necessary to ensure that each of its Subsidiaries is a wholly owned Subsidiary; provided that
the foregoing shall not prohibit any transaction permitted under Sections 6.03 or 6.04,6.04
so long as, after giving effect to such permitted transaction
each of the remaining Subsidiaries is a wholly owned Subsidiary; provided, further
that nothing in this Section 5.08(b) shall prohibit the consummation of any Merger or, following such consummation, the exclusion
of Sierra Management from being deemed a Subsidiary in accordance with the terms of the definition thereof.

 

(c) 
Further Assurances. The Borrower will, and will cause each of the Subsidiary Guarantors to, take such action from
time to time as shall reasonably be requested by the Administrative Agent to effectuate the purposes and objectives of this Agreement.
Without limiting the generality of the foregoing, the Borrower will, and will cause each of the Subsidiary Guarantors, to:

 

(i) 
take such action from time to time (including filing appropriate Uniform Commercial Code financing statements and executing
and delivering such assignments, security agreements and other instruments) as shall be reasonably requested by the Administrative
Agent to create, in favor of the Collateral Agent for the benefit of the Lenders (and any Affiliate thereof that is a party to
any Hedging Agreement entered into with the Borrower), the holders of any Term Loan Indebtedness and the holders of any Secured
Longer-Term Indebtedness, pursuant to the Security Documents, perfected security interests and Liens in the Collateral; provided
that any such security interest or Lien shall be subject to the relevant requirements of the Security Documents;

 

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(ii) 
with respect to each deposit account or securities account of the Obligors (other than (A) any such accounts that are maintained
by the Borrower in its capacity as “servicer” for a Financing Subsidiary or any Agency Account, (B) any such accounts
which hold solely money or financial assets of a Financing Subsidiary, (C) any payroll account so long as such payroll account
is coded as such, (D) withholding tax and fiduciary accounts or any trust account maintained solely on behalf of a Portfolio Investment,
and (E) any account in which the aggregate value of deposits therein, together with all other such accounts under this clause
(E), does not at any time exceed $75,000; provided that in the case of each of the foregoing clauses (A) through (E), no
other Person (other than the depository institution at which such account is maintained) shall have “control” over
such account (within the meaning of the Uniform Commercial Code)), cause each bank or securities intermediary (within the meaning
of the Uniform Commercial Code) to enter into such arrangements with the Collateral Agent as shall be appropriate in order that
the Collateral Agent has “control” (within the meaning of the Uniform Commercial Code) over each such deposit account
or securities account (each, a “Control Account”) and in that connection, the Borrower agrees, subject to Sections
5.08(c)(iv) and (v) below, to cause all cash and other proceeds of Portfolio Investments received by any Obligor to be immediately
deposited into a Control Account (or otherwise delivered to, or registered in the name of, the Collateral Agent) and, both prior
to and following such deposit, delivery or registration such cash and other proceeds shall be held in trust by the Borrower for
the benefit of the Collateral Agent and shall not be commingled with any other funds or property of such Obligor or any other
Person (including with any money or financial assets of the Borrower in its capacity as “servicer” for a Structured
Subsidiary, or any money or financial assets of a Structured Subsidiary, or any money or financial assets of the Borrower in its
capacity as an agent or administrative agent for any other Bank Loans (as defined in Section 5.13) subject to Section 5.08(c)(v)
below);

 

(iii) 
cause the Financing Subsidiaries to execute and deliver to the Administrative Agent such certificates and agreements, in
form and substance reasonably satisfactory to the Administrative Agent, as it shall determine are necessary to confirm that such
Financing Subsidiary qualifies or continues to qualify as a “Structured Subsidiary” or an “SBIC Subsidiary”,
as applicable, pursuant to the definitions thereof;

 

(iv) 
in the case of any Portfolio Investment consisting of a Bank Loan that does not constitute all of the credit extended to
the underlying borrower under the relevant underlying loan documents and a Financing Subsidiary holds any interest in the loans
or other extensions of credit under such loan documents, (x)(1) cause the interest owned by such Financing Subsidiary to be evidenced
by a separate note or notes, which note or notes are either (A) in the name of such Financing Subsidiary or (B) in the name of
the Borrower, endorsed in blank and delivered to the applicable Financing Subsidiary and beneficially owned by the Financing Subsidiary
(or, in the case of a Noteless Assigned Loan (as defined in Section 5.13), cause the interest owned by such Financing Subsidiary
to be evidenced by separate assignment documentation contemplated by paragraph 1(b) of Schedule 1.01(d) in the name of such Financing
Subsidiary) and (2) not permit such Financing Subsidiary to have a participation acquired from an Obligor in such underlying loan
documents and the extensions of credit thereunder or any other indirect interest therein acquired from an Obligor; and (y) ensure
that, subject to Section 5.08(c)(v) below, all amounts owing to any Obligor by the underlying borrower or other obligated party
are remitted by such borrower or obligated party (or the applicable administrative agents, collateral agents or equivalent Person)
directly to thea Custodian Account and no other amounts
owing by such underlying borrower or obligated party are remitted to theany
Custodian Account;

 

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(v) 
in the event that any Obligor is acting as an agent or administrative agent under any loan documents with respect to any
Bank Loan (or is acting in an analogous agency capacity under any note purchase agreements with respect to any Mezzanine Investment)
and such Obligor does not hold all of the credit extended to the underlying borrower or issuer under the relevant underlying loan
documents or note purchase agreements, ensure that (1) all funds held by such Obligor in such capacity as agent or administrative
agent is segregated from all other funds of such Obligor and clearly identified as being held in an agency capacity (an “Agency
Account”); (2) all amounts owing on account of such Bank Loan or Mezzanine Investment by the underlying borrower or
other obligated party are remitted by such borrower or obligated party to either (A) such Agency Account or (B) directly to an
account in the name of the underlying lender to whom such amounts are owed (for the avoidance of doubt, no funds representing
amounts owing to more than one underlying lender may be remitted to any commingled account other than the Agency Account); and
within one (1) Business Day after receipt of such funds, such Obligor acting in its capacity as agent or administrative agent
shall distribute any such funds belonging to any Obligor to thea
Custodian Account (provided that if any distribution referred to in this clause (c) is not permitted by applicable
bankruptcy law to be made as a result of the bankruptcy of the underlying borrower, such Obligor shall use commercially reasonable
efforts to obtain permission to make such distribution and shall make such distribution as soon as legally permitted to do so);

 

(vi) 
cause the documentation relating to each Investment in Indebtedness described in paragraph 1 of Schedule 1.01(d) to be
delivered to thea Custodian as provided therein; and

 

(vii) 
in the case of any Portfolio Investment held by any Financing Subsidiary, including any cash collection related thereto,
ensure that such Portfolio Investment shall not be held in any Custodian Account, or any other account of any Obligor.

 

Notwithstanding anything to the contrary contained herein, if any
instrument, promissory note, agreement, document or certificate held by thea Custodian
is destroyed or lost not as a result of any action of the Borrower, then:

 

(i) 
in the case of any Investment in Indebtedness other than a Noteless Assigned Loan, if such destroyed or lost document is
an original promissory note registered in name of an Obligor, such original promissory note shall constitute an "Undelivered
Note" and the Borrower shall have up to 20 Business Days from the date when the Borrower has knowledge of such loss or destruction
to deliver to thesuch Custodian a replacement promissory
note and comply with the requirements of Section (1)(c)(x) of Schedule 1.01(d); provided, that during such 20 Business
Day period the limitations under Section (1)(a)(i) and (ii) of Schedule 1.01(d) shall apply; and

 

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(ii) 
in the case of any Noteless Assigned Loans, if such destroyed instrument or document is an original transfer document or
instrument relating to such Noteless Assigned Loan, the Borrower shall have up to 20 Business Days from the date when the Borrower
has knowledge of such loss or destruction to deliver to thesuch
Custodian a replacement instrument or document and comply with the requirements of Section (1)(c)(x) of Schedule 1.01(d).

 

Section 5.09. 
Use of Proceeds. The Borrower will use the proceeds of the Loans solely for general corporate purposes of
the Borrower and its Subsidiaries (other than the Financing Subsidiaries, except to the extent permitted by Section 6.03(f)) in
the ordinary course of business, including making(a) purchasing
shares of its common stock in connection with the redemption (or buyback) of its shares, (b) for (x) cash consideration paid or
payable or (y) cash paid on account of fractional shares, in each case of this clause (b), in connection with a Merger (including,
without limitation, the MDLY Merger Consideration, the MCC Merger Consideration and the MCC Merger Termination Fee), and (c) making
other distributions not prohibited by this Agreement and the acquisition and funding (either directly or through one
or more wholly-owned Subsidiary Guarantors) of leveraged loans, mezzanine loans, high-yield securities, convertible securities,
preferred stock, common stock and other Portfolio Investments; provided that neither the Administrative Agent nor any Lender
shall have any responsibility as to the use of any of such proceeds. No part of the proceeds of any Loan will be used in violation
of applicable law or, directly or indirectly, for the purpose, whether immediate, incidental or ultimate, of buying or carrying
any Margin Stock. On the first day (if any) an Obligor acquires any Margin Stock or at any other time requested by the Administrative
Agent or any Lender, the Borrower shall furnish to the Administrative Agent and each Lender a statement to the foregoing effect
in conformity with the requirements of FR Form G-3 or FR Form U-1, as applicable, referred to in Regulation U. Margin Stock shall
be purchased by the Obligors only with the proceeds of Indebtedness not directly or indirectly secured by Margin Stock (within
the meaning of Regulation U), or with the proceeds of equity capital of the Borrower.

 

Section 5.10. 
Status of RIC and BDC. The Borrower shall at all times maintain its status as a RIC under the Code and as
a “business development company” under the Investment Company Act.

 

Section 5.11. 
Investment Policies. The Borrower shall at all times be in compliance in all material respects with its Investment
Policies.

 

Section 5.12. 
Portfolio Valuation and Diversification Etc.  

 

(a) 
Industry Classification Groups. For purposes of this Agreement, the Borrower shall assign each Eligible Portfolio
Investment to an Industry Classification Group as reasonably determined by the Borrower. To the extent that the Borrower reasonably
determines that any Eligible Portfolio Investment is not adequately correlated with the risks of other Eligible Portfolio Investments
in an Industry Classification Group, such Eligible Portfolio Investment may be assigned by the Borrower to an Industry Classification
Group that is more closely correlated to such Eligible Portfolio Investment.

 

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(b) 
Portfolio Valuation Etc.

 

(i) 
Settlement Date Basis. For purposes of this Agreement, all determinations of whether a Portfolio Investment is an
Eligible Portfolio Investment shall be determined on a settlement-date basis (meaning that any Portfolio Investment that has been
purchased will not be treated as an Eligible Portfolio Investment until such purchase has settled, and any Eligible Portfolio
Investment which has been sold will not be excluded as an Eligible Portfolio Investment until such sale has settled); provided
that no such investment shall be included as an Eligible Portfolio Investment to the extent it has not been paid for in full.

 

(ii) 
Determination of Values. For purposes of the Loan Documents, the Eligible Portfolio Investments shall be valued
as follows:

 

(A) 
Quoted Investments External Review. With respect to Eligible Portfolio Investments (including Cash Equivalents)
for which market quotations are readily available and are reflective of an actual trade executed within a reasonable period of
such quotation (“Quoted Investments”), the Borrower shall, not less frequently than once each calendar week,
determine the market value of such Quoted Investments which shall, in each case, be determined in accordance with one of the following
methodologies as selected by the Borrower (each such value, an “External Quoted Value”):

 

(w) in
the case of public and 144A securities, the average of the bid prices as determined by two Approved Dealers selected by the Borrower,

 

(x) in
the case of Bank Loans, the average of the bid prices as determined by two Approved Dealers selected by the Borrower or an Approved
Pricing Service which makes reference to at least two Approved Dealers with respect to such Bank Loans,

 

(y) in
the case of any Quoted Investment traded on an exchange, the closing price for such Eligible Portfolio Investment most recently
posted on such exchange, and

 

(z) in
the case of any other Quoted Investment, the fair market value thereof as determined by an Approved Pricing Service; and

 

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(B) 
Unquoted Investments External Review. With respect to Eligible Portfolio Investments for which market quotations
are not readily available (“Unquoted Investments”):

 

(x) 
Commencing on February 28, 2014, and for each May 31st, August 31st, November 30th and February
28th thereafter (or such other dates as are reasonably agreed by the Borrower and the Administrative Agent (provided
that such testing dates shall occur not less than quarterly), each a “Valuation Testing Date”), the Administrative
Agent through an Independent Valuation Provider will, solely for purposes of determining the Borrowing Base, test the values as
of such Valuation Testing Date of those Unquoted Investments that are Portfolio Investments included in the Borrowing Base selected
by the Administrative Agent (such selected assets, the “IVP Tested Assets” and such value, the “IVP
External Unquoted Value”); provided that the fair value of such Portfolio Investments tested by the Independent
Valuation Provider as of any Valuation Testing Date shall be approximately 25% (but in no event shall exceed 30%) of the aggregate
value of the Unquoted Investments in the Borrowing Base (the determination of fair value for such 25% threshold shall be based
off of the last determination of value of the Portfolio Investments pursuant to this Section 5.12 and, for the avoidance of doubt,
in the case of any Unquoted Investments acquired during the calendar quarter, the value shall be as determined pursuant to clause
(E)(z)(2) below); provided, further that the Administrative Agent shall provide written notice to the Borrower, setting
forth a description of which Unquoted Investments shall be IVP Tested Assets as of such Valuation Testing Date, not later than
February 15, 2014 and on each May 15th, August 15th, November 15th and February 15th
thereafter (or such other dates as are reasonably agreed by the Borrower and the Administrative Agent), as applicable. Each such
valuation report shall also include the information required to comply with clause (ii) of paragraph 6 and paragraph 21 of Schedule
1.01(d) for an IVP Tested Asset (to the extent such provisions are applicable.)

 

(y) With
respect to (i) all Unquoted Investments included in the Borrowing Base that are not IVP Tested Assets as of such Valuation Testing
Date and (ii) all Unquoted Investments that are not IVP Tested Assets and that were owned by the Borrower as of such Valuation
Testing Date but are not part of the Borrowing Base at such time and which are added to the Borrowing Base after such Valuation
Testing Date (such Unquoted Investments, the “Eligible Unvalued Assets”) (other than, for the avoidance of
doubt, Unquoted Investments with respect to which Value is determined pursuant to Section 5.12(b)(ii)(E)(2)) (collectively, the
“Borrower Tested Assets”), the Borrower shall (1) with respect to the Unquoted Investments described in clause
(i) above, request an Approved Third-Party Appraiser to assist the Board of Directors of the Borrower in determining the fair
market value of such Unquoted Investments, as of each Valuation Testing Date and (2) with respect to the Unquoted Investments
described in clause (ii) above, request a Third Party Appraiser to assist the Board of Directors (or, if such valuation date is
not as of the Valuation Testing Date, the Chief Financial Officer) of the Borrower in determining the fair market value of such
Unquoted Investments as of such Valuation Testing Date or such later date prior to the date such Eligible Portfolio Investment
is added to the Borrowing Base as determined by the Borrower (such value, the “Borrower External Unquoted Value”),
and in each case to provide the Board of Directors (or, as applicable, the Chief Financial Officer) with a written valuation report
as part of that assistance; provided that the Borrower shall not be required to obtain such value with respect to any Portfolio
Investment that is originated by the Borrower or any of its Affiliates and closes within 15 days prior to such Valuation Testing
Date; provided, further that if an Unquoted Investment is acquired in connection
with the Mergers during a fiscal quarter, the “Borrower External Unquoted Value” of such Unquoted Investment for such
quarter shall be deemed to be equal to the fair value of such Unquoted Investment (or, to the extent expressed as a range, the
midpoint of such range) as set forth in the external valuation report provided by Valuation Research Corporation and Murray, Devine
and Company to MCC for the most recent fiscal quarter ending at least 45 days prior to the consummation of the Mergers (which
report shall promptly be delivered by the Borrower to the Administrative Agent). Each such valuation report shall also
include the information required to comply with clause (ii) of paragraph 6 and paragraph 21 of Schedule 1.01(d).

 

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(C) 
Internal Review. The Borrower shall conduct internal reviews to determine the value of all Eligible Portfolio Investments
at least once each calendar week which shall take into account any events of which the Borrower has knowledge that adversely affect
the value of any Eligible Portfolio Investment (each such value, an “Internal Value”).

 

(D) 
Value of Quoted Investments. Subject to clauses (G) of this Section 5.12(b)(ii) and Section 5.12(b)(iii), the “Value”
of each Quoted Investment for all purposes of this Agreement shall be the lowest of (i) the Internal Value of such Quoted Investment
as most recently determined by the Borrower pursuant to Section 5.12(b)(ii)(C), (ii) the External Quoted Value of such Quoted
Investment as most recently determined pursuant to Section 5.12(b)(ii)(A), and (iii) the par or face value of such Quoted Investment.

 

(E) 
Value of Unquoted Investments. Subject to clauses (G) of this Section 5.12(b)(ii) and Section 5.12(b)(iii),

 

(x) if
the Internal Value of any Unquoted Investment as most recently determined by the Borrower pursuant to Section 5.12(b)(ii)(C) falls
below the range of the External Unquoted Value of such Unquoted Investment as most recently determined pursuant to Section 5.12(b)(ii)(B),
then the “Value” of such Unquoted Investment for all purposes of this Agreement shall be deemed to be the lower of
(i) the Internal Value and (ii) the par or face value of such Unquoted Investment;

 

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(y) (i)
if the Internal Value of any Unquoted Investment as most recently determined by the Borrower pursuant to Section 5.12(b)(ii)(C)
falls above the range of the Borrower External Unquoted Value of such Unquoted Investment as most recently determined pursuant
to Section 5.12(b)(ii)(B), then the “Value” of such Unquoted Investment for all purposes of this Agreement shall be
deemed to be the lower of (i) the midpoint of the range of the Borrower External Unquoted Value and (ii) the par or face value
of such Unquoted Investment;

 

(ii) if
the Internal Value of any Unquoted Investment as most recently determined by the Borrower pursuant to Section 5.12(b)(ii)(C) falls
more than 5% above the midpoint of the range of the IVP External Unquoted Value of such Unquoted Investment as most recently determined
pursuant to Section 5.12(b)(ii)(B), then the “Value” of such Unquoted Investment for all purposes of this Agreement
shall be deemed to be the lower of (i) the midpoint of the range of the IVP External Unquoted Value and (ii) the par or face value
of such Unquoted Investment; and

 

(z) if
the Internal Value of any Unquoted Investment as most recently determined by the Borrower pursuant to Section 5.12(b)(ii)(C) is
within the range of the Borrower External Unquoted Value, or within or not more than 5% above the midpoint of the range of the
IVP External Unquoted Value, of such Unquoted Investment as most recently determined pursuant to Section 5.12(b)(ii)(B), then
the “Value” of such Unquoted Investment for all purposes of this Agreement shall be deemed to be the lower of (i)
the Internal Value and (ii) the par or face value of such Unquoted Investment;

 

except that:

 

(1) if
the difference between the highest and lowest Borrower External Unquoted Value in such range exceeds an amount equal to 6% of
the midpoint of such range, the “Value” of such Unquoted Investment shall instead be deemed to be the lowest of (i)
the lowest Borrower External Unquoted Value in such range, (ii) the Internal Value determined pursuant to Section 5.12(b)(ii)(C),
and (iii) the par or face value of such Unquoted Investment; and

 

(2) if
an Unquoted Investment is acquired (other than in connection with the Mergers)
during a fiscal quarter, the “Value” of such Unquoted Investment shall be deemed to be equal to the lowest of (x)
the Internal Value of such Unquoted Investment as determined by the Borrower pursuant to Section 5.12(b)(ii)(C), (y) the cost
of such Unquoted Investment until such time as the External Unquoted Value of such Unquoted Investment is determined in accordance
with Section 5.12(b)(ii)(B) as at the Valuation Testing Date, and (z) the par or face value of such Unquoted Investment.

 

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(F) 
Actions Upon a Borrowing Base Deficiency. If, based upon such weekly internal review, the Borrower determines that
a Borrowing Base Deficiency exists or that the Borrowing Base has declined by more than 15%, then the Borrower shall, promptly
and in any event within three Business Days as provided in Section 5.01(e), deliver a Borrowing Base Certificate reflecting the
new amount of the Borrowing Base and shall take the actions, and make the payments and prepayments (if any), all as more specifically
set forth in Section 2.08(c).

 

(G) 
Failure to Determine Values. If the Borrower shall fail to determine the value of any Eligible Portfolio Investment
as at any date pursuant to the requirements (but subject to the exclusions) of the foregoing sub-clauses (A), (B), (C), (D) or
(E), then the “Value” of such Eligible Portfolio Investment as at such date shall be deemed to be zero. If the Administrative
Agent shall fail to determine the value of any Eligible Portfolio Investment as at any date pursuant to clause (B)(x), then the
“Value” of such Eligible Portfolio Investment as at such date shall be the lower of (x) the Internal Value and (y)
the par or face value of such Unquoted Investment. Notwithstanding the foregoing, the “Value” of any Eligible Unvalued
Asset included in the Borrowing Base that (a) has not been valued pursuant to Section 5.12(b)(ii) as of or after the Valuation
Testing Date immediately preceding the Valuation Testing Date that most recently passed shall be deemed to be zero until such
asset has been valued pursuant to Section 5.12(b)(ii) and (b) has been valued pursuant to Section 5.12(b)(ii) as of the Valuation
Testing Date immediately preceding the Valuation Testing Date that most recently passed, but has not been valued pursuant to the
Valuation Testing Date that most recently passed, shall be zero on the date that the valuation reports for Unquoted Investments
for the Valuation Testing Date that most recently passed are required to be delivered, until such time as when such asset has
been valued pursuant to Section 5.12(b)(ii).

 

(H) 
[Intentionally Omitted].

 

(iii) 
Supplemental Testing of Values; Valuation Dispute Resolutions

 

(A) 
Notwithstanding the foregoing, the Administrative Agent, individually or at the request of the Required Lenders, shall
at any time have the right to request any Portfolio Investment (other than IVP Tested Assets as of the most recent Valuation Testing
Date) included in the Borrowing Base with a value determined pursuant to Section 5.12(b)(ii) to be independently tested by an
Independent Valuation Provider. Subject to Section 5.12(b)(iv)(C) below, there shall be no limit on the number of such appraisals
requested by the Administrative Agent and the costs of any such valuation shall be at the expense of the Borrower. If (x) the
value of any Borrower Tested Asset determined pursuant to Section 5.12(b)(ii) is less than the value determined by the Independent
Valuation Provider pursuant to this clause, then the value determined pursuant to Section 5.12(b)(ii) shall continue to be used
as the “Value” for purposes of this Agreement and (y) if the value of any Borrower Tested Asset determined pursuant
to Section 5.12(b)(ii) is greater than the value determined by the Independent Valuation Provider and the difference between such
values is (1) less than or equal to 5% of the value determined pursuant to Section 5.12(b)(ii), then the value determined pursuant
to Section 5.12(b)(ii) shall become the “Value” of such Portfolio Investment, (2) greater than 5% and less than or
equal to 20% of the value determined pursuant to Section 5.12(b)(ii), then the “Value” of such Portfolio Investment
shall become the average of the value determined pursuant to Section 5.12(b)(ii) and the value determined by the Independent Valuation
Provider, and (3) greater than 20% of the value determined pursuant to Section 5.12(b)(ii), then the Borrower and the Administrative
Agent shall retain an additional third-party appraiser and, upon the completion of such appraisal, the “Value” of
such Portfolio Investment shall become the average of the three valuations (with the average of the value of the Independent Valuation
Provider and value determined pursuant to Section 5.12(b)(ii) to be used until the third value is obtained).

 

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(B) 
For purposes of this Section 5.12(b)(iii), the Value of any Portfolio Investment for which the Independent Valuation Provider’s
value is used shall be the midpoint of the range (if any) determined by the Independent Valuation Provider.

 

(iv) 
Generally Applicable Valuation Provisions

 

(A) 
The Independent Valuation Provider shall apply a recognized valuation methodology that is commonly accepted in the Borrower’s
industry for valuing Portfolio Investments of the type being valued and held by the Obligors. Other procedures relating to the
valuation will be reasonably agreed upon by the Administrative Agent and the Borrower.

 

(B) 
All valuations shall be on a settlement date basis. For the avoidance of doubt, the value of any Portfolio Investments
determined in accordance with any provision of this Section 5.12 shall be the Value of such Portfolio Investment for purposes
of this Agreement until a new Value for such Portfolio Investment is subsequently determined in good faith in accordance with
this Section 5.12.

 

(C) 
Subject to the last sentence of Section 9.03(a), the documented out-of-pocket costs of any valuation reasonably incurred
by the Administrative Agent under this Section 5.12 shall be at the expense of the Borrower; provided that the Administrative
Agent shall under no circumstances be required to incur expenses under Section 5.12(b)(iii) in excess of the IVP Supplemental
Cap.

 

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(D) 
In addition, the values determined by the Independent Valuation Provider shall be deemed to be “Information”
hereunder and subject to Section 9.13 hereof.

 

(E) 
The Administrative Agent shall provide a copy of the final results of any valuation received by the Administrative Agent
and performed by the Independent Valuation Provider or the Approved Third-Party Appraiser to any Lender promptly upon such Lender’s
request, except to the extent that such recipient has not executed and delivered a customary and reasonable non-reliance letter,
confidentiality agreement or similar agreement requested or required by such Independent Valuation Provider or Approved Third-Party
Appraiser, as applicable.

 

(F) 
The foregoing valuation procedures shall only be required to be used for purposes of calculating the Borrowing Base and
shall not be required to be utilized by the Borrower for any other purpose, including, without limitation, the delivery of financial
statements or valuations required under ASC820 or the Investment Company Act.

 

(G) 
The Independent Valuation Provider shall be instructed to conduct its tests in a manner not disruptive to the business
of the Borrower. The Administrative Agent shall notify the Borrower of its receipt of the final results of any such test promptly
upon its receipt thereof and shall provide a copy of such results and the related report to the Borrower promptly upon the Borrower’s
request.

 

(c) 
Investment Company Diversification Requirements. The Borrower (together with its Subsidiaries to the extent required
by the Investment Company Act) will at all times comply with the portfolio diversification and similar requirements set forth
in the Investment Company Act applicable to business development companies. The Borrower will at all times, subject to applicable
grace periods set forth in the Code, comply with the portfolio diversification and similar requirements set forth in the Code
applicable to RICs.

 

Section 5.13. 
Calculation of Borrowing Base. For purposes of this Agreement, the “Borrowing Base” shall
be determined, as at any date of determination, as the sum of the products obtained by multiplying (x) the Value of each Eligible
Portfolio Investment by (y) the applicable Advance Rate; provided that:

 

(a) 
the Advance Rate applicable to the aggregate Value of all Eligible Portfolio Investments in their entirety shall be 0%
at any time when the Borrowing Base is composed entirely of Eligible Portfolio Investments issued by less than 12 different Portfolio
Companies;

 

(b) 
the Advance Rate applicable to that portion of the Value of the Eligible Portfolio Investments issued by a single Portfolio
Company exceeding 5% of the aggregate Value of all Eligible Portfolio Investments included in the Borrowing Base (for the avoidance
of doubt, the calculation of Value for purposes of this sub-clause shall be made without taking into account any Advance Rate),
shall be 50% of the otherwise applicable Advance Rate;

 

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(c) 
the Advance Rate applicable to that portion of the Value of the Eligible Portfolio Investments issued by a single Portfolio
Company exceeding 10% of the aggregate Value of all Eligible Portfolio Investments included in the Borrowing Base (for the avoidance
of doubt, the calculation of Value for purposes of this sub-clause shall be made without taking into account any Advance Rate),
shall be 0%; provided that there may be one Portfolio Investment, originated by the Borrower, representing up to 15% of
the aggregate Value of all cash and portfolio investments included in the Borrowing Base for a period not exceeding three (3)
months from the closing date of the Borrower’s origination of such Portfolio Investment.

 

(d) 
the portion of the Borrowing Base attributable to Eligible Portfolio Investments that are not Cash, Cash Equivalents, Long-Term
U.S. Government Securities, First Lien Bank Loans, Last Out Loans, Second Lien Bank Loans and Secured High Yield Securities in
the aggregate shall not exceed 20% of the Borrowing Base and the Borrowing Base shall be reduced by removing Eligible Portfolio
Investments therefrom (but not from the Collateral) to the extent such portion would otherwise exceed 20% of the Borrowing Base;

 

(e) 
if at any time the Weighted Average Leverage Ratio is greater than 4.75, the Borrowing Base shall be reduced by removing
Debt Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent necessary to cause the Weighted Average
Leverage Ratio to be no greater than 4.75 (subject to all other constraints, limitations and restrictions set forth herein);

 

(f) 
the portion of the Borrowing Base attributable to Eligible Portfolio Investments in the Largest Industry Classification
Group shall not exceed 25% of the Borrowing Base and the Borrowing Base shall be reduced by removing Eligible Portfolio Investments
therefrom (but not from the Collateral) to the extent such portion would otherwise exceed 25% of the Borrowing Base;

 

(g) 
the portion of the Borrowing Base attributable to Eligible Portfolio Investments in any single Industry Classification
Group (other than the Largest Industry Classification Group) shall not exceed 15% of the Borrowing Base and the Borrowing Base
shall be reduced by removing Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent such portion
would otherwise exceed 15% of the Borrowing Base;

 

(h) 
if at any time the weighted average maturity of all Debt Eligible Portfolio Investments (based on the fair value of such
Eligible Portfolio Investments to the extent included in the Borrowing Base) exceeds six (6) years, the Borrowing Base shall be
reduced by removing Debt Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent necessary to cause
the weighted average maturity of all Debt Eligible Portfolio Investments included in the Borrowing Base to be no greater than
six (6) years (subject to all other constraints, limitations and restrictions set forth herein);

 

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(i) 
the portion of the Borrowing Base attributable to Debt Eligible Portfolio Investments with a maturity date greater than
eight (8) years shall not exceed 15% of the Borrowing Base and the Borrowing Base shall be reduced by removing Eligible Portfolio
Investments therefrom (but not from the Collateral) to the extent such portion would otherwise exceed 15% of the Borrowing Base;

 

(j) 
the portion of the Borrowing Base attributable to Eligible Portfolio Investments issued by a Portfolio Company with a trailing
twelve month total debt to EBITDA ratio of greater than 6.00 shall not exceed 15% of the Borrowing Base and the Borrowing Base
shall be reduced by removing Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent such portion
would otherwise exceed 15% of the Borrowing Base;

 

(k) 
the portion of the Borrowing Base attributable to PIK Obligations, DIP Loans and Covenant-Lite Loans shall not exceed 25%
of the Borrowing Base and the Borrowing Base shall be reduced by removing Eligible Portfolio Investments therefrom (but not from
the Collateral) to the extent such portion would otherwise exceed 25% of the Borrowing Base;

 

(l) 
the portion of the Borrowing Base attributable to First Lien Bank Loans, Cash and Cash Equivalents shall be no less than
35% and the Borrowing Base shall be reduced by removing Eligible Portfolio Investments therefrom (but not from the Collateral)
to the extent such portion would otherwise be less than 35% of the Borrowing Base;

 

(m) 
the portion of the Borrowing Base attributable to Eligible Portfolio Investments in which Medley Capital Corporation
is also invested shall not exceed 35% of the Borrowing Base and the Borrowing Base shall be reduced by removing Eligible Portfolio
Investments therefrom (but not from the Collateral) to the extent such portion would otherwise exceed 35% of the Borrowing Base;[intentionally
omitted];

 

(n) 
if at any time the weighted average Risk Factor of all Eligible Portfolio Investments in the Borrowing Base (based on the
fair value of such Eligible Portfolio Investments and, for the avoidance of doubt, excluding Cash) exceeds 3490, the Borrowing
Base shall be reduced by removing Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent necessary
to cause the weighted average Risk Factor of all Eligible Portfolio Investments in the Borrowing Base to be no greater than 3490
(subject to all other constraints, limitations and restrictions set forth herein);

 

(o) 
the portion of the Borrowing Base attributable to Eligible Portfolio Investments that have a Risk Factor exceeding 3490
shall not exceed 25% of the Borrowing Base and the Borrowing Base shall be reduced by removing Eligible Portfolio Investments
therefrom (but not from the Collateral) to the extent such portion would otherwise exceed 25% of the Borrowing Base;

 

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(p) 
the contribution to the Borrowing Base of Eligible Portfolio Investments consisting of Portfolio Investments in which the
underlying Portfolio Company is a Canadian Issuer in the aggregate shall not exceed 15% of the Borrowing Base;

 

(q) 
the contribution to the Borrowing Base of Eligible Portfolio Investments issued by all Third Party Finance Companies shall
not exceed 5% of the Borrowing Base;

 

(r) 
if at any time the Weighted Average Fixed Coupon (after giving effect to any Hedge Agreement) is less than the greater
of (i) 8% and (ii) the one-month LIBO Rate plus 4.5%, the Borrowing Base shall be reduced by removing Debt Eligible Portfolio
Investments therefrom (but not from the Collateral) to the extent necessary to cause the Weighted Average Fixed Coupon to be at
least equal to the greater of (x) 8% and (y) LIBO Rate plus 4.5%; and

 

(s) 
if at any time the Weighted Average Floating Spread (after giving effect to any Hedge Agreement) is less than 4.5%, the
Borrowing Base shall be reduced by removing Debt Eligible Portfolio Investments therefrom (but not from the Collateral) to the
extent necessary to cause the Weighted Average Floating Spread to be at least 4.5%.

 

For the avoidance of doubt, no credit will be given
in the Borrowing Base for any (i) Capital Stock, (ii) warrants, options or other rights for the purchase or acquisition of Capital
Stock, or (iii) securities convertible into or exchangeable for shares of Capital Stock.

 

For all purposes of this Section 5.13, (i) to the
extent any condition, concentration limit or calculation in this Section 5.13 incorporates financial information associated with
a Portfolio Company, such information shall satisfy the definition of Portfolio Company Data, and (ii) all Portfolio Companies
of Eligible Portfolio Investments that are Affiliates of one another shall be treated as a single Portfolio Company (unless such
Portfolio Companies are Affiliates of one another solely because they are under the common Control of the same private equity
sponsor or similar sponsor). In addition, as used herein, the following terms have the following meanings:

 

“Advance Rate” means, as to any
Eligible Portfolio Investment and subject to adjustment as provided above, the following percentages with respect to such Eligible
Portfolio Investment:

 

	Eligible Portfolio Investment	 	Unquoted	 	 	Quoted	 
	Cash and Cash Equivalents (including Short Term U.S. Government Securities)	 	 	n/a	 	 	 	100	%
	Long-Term U.S. Government Securities	 	 	n/a	 	 	 	85	%
	Performing First Lien Bank Loans	 	 	65	%	 	 	70	%
	Performing Last Out Loans	 	 	55	%	 	 	65	%
	Performing Second Lien Bank Loans	 	 	45	%	 	 	55	%
	Performing Secured High Yield Securities	 	 	45	%	 	 	55	%
	Performing Unsecured High Yield Securities, Performing Mezzanine Investments and Performing Covenant-Lite Loans	 	 	40	%	 	 	50	%
	Performing PIK Obligations and Performing DIP Loans	 	 	35	%	 	 	40	%

 

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For the avoidance of doubt, the categories
above are intended to be indicative of the traditional investment types in a fully capitalized issuer. All determinations of whether
a particular Portfolio Investment belongs to one category or another shall be made by the Borrower on a consistent basis with
the foregoing. For example, a secured bank loan at a holding company, that’s only assets are the shares of a fully capitalized
operating company, may constitute Mezzanine Investments, but would not ordinarily constitute a Bank Loan.

 

“Bank Loans” means debt
obligations (including, without limitation, term loans, revolving loans, debtor-in-possession financings, the funded portion of
revolving credit lines and letter of credit facilities and other similar loans and investments including interim loans, bridge
loans and senior subordinated loans) that are generally provided under a syndicated loan or credit facility or pursuant to any
loan agreement or other similar credit facility, whether or not syndicated.

 

“Capital Stock” of any
Person means any and all shares of corporate stock (however designated) of and any and all other Equity Interests and participations
representing ownership interests (including membership interests and limited liability company interests) in, such Person.

 

“Cash” has the meaning
assigned to such term in Section 1.01 of this Agreement.

 

“Cash Equivalents” has
the meaning assigned to such term in Section 1.01 of this Agreement.

 

“Covenant-Lite Loan” means
a Bank Loan that does not require the borrower thereunder to comply with any financial covenants (including without limitation
any covenant relating to a borrowing base, asset valuation or similar asset-based requirement) (regardless of whether compliance
with one or more incurrence covenants is otherwise required by such Bank Loan).

 

“Debt Eligible Portfolio Investment”
means an Eligible Portfolio Investment which is an Investment in Indebtedness.

 

“Defaulted Obligation”
means any Investment in Indebtedness (i) as to which, (x) a default as to the payment of principal and/or interest has occurred
and is continuing for a period of thirty two (32) consecutive days with respect to such Indebtedness (without regard to any grace
period applicable thereto, or waiver thereof) or (y) a default not set forth in clause (x) has occurred and the holders of such
Indebtedness have accelerated all or a portion of the principal amount thereof as a result of such default; (ii) as to which a
default as to the payment of principal and/or interest has occurred and is continuing on another material debt obligation of the
Portfolio Company under such Indebtedness which is senior or pari passu in right of payment to such Indebtedness; (iii) as to
which the Portfolio Company under such Indebtedness or others have instituted proceedings to have such Portfolio Company adjudicated
bankrupt or insolvent or placed into receivership and such proceedings have not been stayed or dismissed or such Portfolio Company
has filed for protection under Chapter 11 of the United States Bankruptcy Code (unless, in the case of clause (ii) or (iii), such
debt is a DIP Loan, in which case it shall not be deemed to be a Defaulted Obligation under such clause); (iv) as to which a default
rate of interest has been and continues to be charged for more than 120 consecutive days, or foreclosure on collateral for such
debt has been commenced and is being pursued by or on behalf of the holders thereof; or (v) as to which the Borrower has delivered
written notice to the Portfolio Company declaring such Indebtedness in default or as to which the Borrower otherwise exercises
significant remedies following a default.

 

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“DIP Loan” means a Bank
Loan, whether revolving or term, that is originated after the commencement of a case under Chapter 11 of the Bankruptcy Code by
a Portfolio Company, which is a debtor in possession as described in Section 1107 of the Bankruptcy Code or a debtor as defined
in Section 101(13) of the Bankruptcy Code in such case (a “Debtor”) organized under the laws of the United
States or any state therein and domiciled in the United States, which satisfies the following criteria: (a) the DIP Loan is duly
authorized by a final order of the applicable bankruptcy court or federal district court under the provisions of subsection (b),
(c) or (d) of 11 U.S.C. Section 364; (b) the Debtor’s bankruptcy case is still pending as a case under the provisions of
Chapter 11 of Title 11 of the Bankruptcy Code and has not been dismissed or converted to a case under the provisions of Chapter
7 of Title 11 of the Bankruptcy Code; (c) the Debtor’s obligations under such loan have not been (i) disallowed, in whole
or in part, or (ii) subordinated, in whole or in part, to the claims or interests of any other Person under the provisions of
11 U.S.C. Section 510; (d) the DIP Loan is secured and the Liens granted by the applicable bankruptcy court or federal district
court in relation to the Loan have not been subordinated or junior to, or pari passu with, in whole or in part, to the
Liens of any other lender under the provisions of 11 U.S.C. Section 364(d) or otherwise; (e) the Debtor is not in default on its
obligations under the loan; (f) neither the Debtor nor any party in interest has filed a Chapter 11 plan with the applicable federal
bankruptcy or district court that, upon confirmation, would (i) disallow or subordinate the loan, in whole or in part, (ii) subordinate,
in whole or in part, any Lien granted in connection with such loan, (iii) fail to provide for the repayment, in full and in cash,
of the loan upon the effective date of such plan or (iv) otherwise impair, in any manner, the claim evidenced by the loan; (g)
the DIP Loan is documented in a form that is commercially reasonable; and (h) the DIP Loan shall not provide for more than 50%
(or a higher percentage with the consent of the Required Lenders) of the proceeds of such loan to be used to repay prepetition
obligations owing to all or some of the same lender(s) in a “roll-up” or similar transaction. For the purposes of
this definition, an order is a “final order” if the applicable period for filing a motion to reconsider or notice
of appeal in respect of a permanent order authorizing the Debtor to obtain credit has lapsed and no such motion or notice has
been filed with the applicable bankruptcy court or federal district court or the clerk thereof.

 

“EBITDA” means the consolidated
net income of the applicable Person (excluding extraordinary gains and extraordinary losses (to the extent excluded in the definition
of “EBITDA” in the relevant agreement relating to the applicable Eligible Portfolio Investment)) for the relevant
period plus the following to the extent deducted in calculating such consolidated net income: (i) consolidated interest charges
for such period; (ii) the provision for Federal, state, local and foreign income taxes payable for such period; (iii) depreciation
and amortization expense for such period; and (iv) such other adjustments included in the definition of “EBITDA” (or
similar defined term used for the purposes contemplated herein) in the relevant agreement relating to the applicable Eligible
Portfolio Investment, provided that such adjustments are usual and customary and substantially comparable to market terms for
substantially similar debt of other similarly situated borrowers at the time such relevant agreements are entered into as reasonably
determined in good faith by the Borrower.

 

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“First Lien Bank Loan”
means a Bank Loan that is entitled to the benefit of a first lien and first priority perfected security interest on all or substantially
all of the assets of the respective borrower and guarantors obligated in respect thereof, and which has the most senior pre-petition
priority in any bankruptcy, reorganization, arrangement, insolvency, or liquidation proceedings; provided, however,
that, in the case of accounts receivable and inventory (and the proceeds thereof), such lien and security interest may be second
in priority to a Permitted Prior Working Capital Lien; and further provided that any portion of such a Bank Loan which
has a total debt to EBITDA ratio above 4.00x will be deemed to be a Second Lien Bank Loan. For the avoidance of doubt, in no event
shall a First Lien Bank Loan include a Last Out Loan.

 

“Fixed Rate Portfolio Investment”
means a Debt Eligible Portfolio Investment that bears interest at a fixed rate.

 

“Floating Rate Portfolio Investment”
means a Debt Eligible Portfolio Investment that bears interest at a floating rate.

 

“High Yield Securities”
means debt Securities, in each case (a) issued by public or private Portfolio Companies, (b) issued pursuant to an effective registration
statement or pursuant to Rule 144A under the Securities Act (or any successor provision thereunder) and (c) that are not Cash
Equivalents, Mezzanine Investments (described under clause (i) of the definition thereof) or Bank Loans.

 

“Last Out Loan” shall
mean, with respect to any Bank Loan that is a term loan structured in a first out tranche and a last out tranche (with the first
out tranche entitled to a lower interest rate but priority with respect to payments), that portion of such Bank Loan that is the
last out tranche; provided that:

 

(a) such last out tranche is entitled (along
with the first out tranche) to the benefit of a first lien and first priority perfected security interest on all or substantially
all of the assets of the respective borrower and guarantors obligated in respect thereof, and which has the most senior pre-petition
priority in any bankruptcy, reorganization, arrangement, insolvency, or liquidation proceedings;

 

(b) the ratio of (x) the amount of the first
out tranche to (y) EBITDA of the underlying obligor does not at any time exceed 2.00x;

 

(c) such last out tranche (i) gives the holders
of such last out tranche full enforcement rights during the existence of an event of default (subject to customary exceptions,
including standstill periods and if the holders of the first out tranche have previously exercised enforcement rights), (ii) shall
have the same maturity date as the first out tranche, (iii) is entitled to the same representations, covenants and events of default
as the holders of the first out tranche (subject to customary exceptions), and (iv) provides the holders of such last out tranche
with customary protections (including, without limitation, consent rights with respect to (1) any increase of the principal balance
of the first out tranche by more than 15%, (2) any increase of the margins (other than as a result of the imposition of default
interest) applicable to the interest rates with respect to the first out tranche by an additional 2.5%, (3) any reduction of the
final maturity of the first out tranche, and (4) amending or waiving any provision in the underlying loan documents that is specific
to the holders of such last out tranche); and

 

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(d) such first out tranche is not subject
to multiple drawings (unless, at the time of such drawing and after giving effect thereto, the ratio referenced in clause (b)
above is not exceeded).

 

“Long-Term U.S. Government Securities”
means U.S. Government Securities maturing more than three (3) months from the applicable date of determination.

 

“Mezzanine Investments”
means (i) debt Securities (including convertible debt Securities (other than the “in-the-money” equity component thereof)),
in each case (a) issued by public or private Portfolio Companies, (b) issued without registration under the Securities Act, (c)
not issued pursuant to Rule 144A under the Securities Act (or any successor provision thereunder), (d) that are not Cash Equivalents
and (e) contractually subordinated in right of payment to other debt of the same Portfolio Company and (ii) a debt obligation
that is not a First Lien Bank Loan, Second Lien Bank Loan, Last Out Loan, High Yield Security or a Covenant-Lite Loan.

 

“Noteless Assigned Loan”
means a Bank Loan with respect to which: (a) the underlying documentation does not require the underlying borrower to execute
and deliver a promissory note to evidence the indebtedness created under such Bank Loan; (b) none of the Borrower, the Investment
Advisor, or any of their respective Affiliates was an agent with respect to such Bank Loan at the time of origination; and (c)
the applicable Obligor has affirmatively requested a promissory note from the underlying agent and borrower and has used all commercially
reasonable efforts to obtain such promissory note but has been unable to obtain a promissory note from the underlying borrower
(but only for so long as the applicable Obligor has not received such a promissory note).

 

“Performing” means with
respect to any Eligible Portfolio Investment, such Eligible Portfolio Investment (i) is not a Defaulted Obligation, (ii) does
not represent debt or Capital Stock of a Portfolio Company that has issued a Defaulted Obligation and (iii) has not been placed
on non-accrual status as disclosed on the most recent Form 10-K or Form 10-Q as filed by the Borrower with the SEC.

 

“Performing Covenant-Lite Loans”
means Covenant-Lite Loans that (a) are not PIK Obligations and (b) are Performing.

 

“Performing DIP Loans”
means DIP Loans that (a) are not PIK Obligations and (b) are not Defaulted Obligations.

 

“Performing First Lien Bank Loans”
means First Lien Bank Loans that (a) are not PIK Obligations, DIP Loans or Covenant-Lite Loans and (b) are Performing.

 

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“Performing Last Out Loans”
means Last Out Loans that (a) are not PIK Obligations, DIP Loans or Covenant-Lite Loans and (b) are Performing.

 

“Performing Mezzanine Investments”
means Mezzanine Investments that (a) are not PIK Obligations and (b) are Performing.

 

“Performing Second Lien Bank Loans”
means Second Lien Bank Loans that (a) are not PIK Obligations, DIP Loans or Covenant-Lite Loans and (b) are Performing.

 

“Performing Secured High Yield Securities”
means Secured High Yield Securities that (a) are not PIK Obligations and (b) are Performing.

 

“Performing Unsecured High Yield
Securities” means Unsecured High Yield Securities that (a) are not PIK Obligations and (b) are Performing.

 

“Permitted Prior Working Capital
Lien” means, with respect to a Portfolio Company that is a borrower under a Bank Loan, a security interest to secure
a working capital facility for such Portfolio Company in the accounts receivable and/or inventory (and the proceeds thereof) of
such Portfolio Company and any of its subsidiaries that are guarantors of such working capital facility; provided that
(i) such Bank Loan has a second priority lien on such accounts receivable and/or inventory (and the proceeds thereof), (ii) such
working capital facility is not secured by any other assets (other than a second priority lien, subject to the first priority
lien of the Bank Loan) and does not benefit from any standstill rights or other agreements (other than customary rights) with
respect to any other assets and (iii) the maximum principal amount of such working capital facility is not at any time greater
than 15% of the aggregate enterprise value of the Portfolio Company (as determined in accordance with the valuation methodology
for determining the enterprise value of the applicable Portfolio Company as established by an Approved Third-Party Appraiser or
for Quoted Investments for which no valuation reports by an Approved Third-Party Appraiser are available, as determined by the
Borrower in a commercially reasonable manner).

 

“PIK Obligation” means
an obligation that provides that any portion of the interest accrued for a specified period of time or until the maturity thereof
is, or at the option of the Portfolio Company may be, added to the principal balance of such obligation or otherwise deferred
and accrued rather than being paid in cash; provided that any such obligation shall not constitute a PIK Obligation if
it (a) is a fixed rate obligation and requires payment of interest in cash on an at least semi-annual basis at a rate of not less
than 8% per annum or (b) is not a fixed rate obligation and requires payment of interest in cash on an at least semi-annual basis
at a rate of not less than 4.5% per annum in excess of the applicable index.

 

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“Restructured Investment”
means, as of any date of determination, (a) any Portfolio Investment that has been a Defaulted Obligation within the past six
months, (b) any Portfolio Investment that has in the past six months been on cash non-accrual, or (c) any Portfolio Investment
that has in the past six months been amended or subject to a deferral or waiver if both (1) the effect of such amendment, deferral
or waiver is to (i) change the amount of previously required scheduled debt amortization (other than by reason of repayment thereof)
or (ii) extend the tenor of previously required scheduled debt amortization, in each case such that the remaining weighted average
life of such Portfolio Investment is extended by more than 20%, and (2) the reason for such amendment, deferral or waiver is related
to the deterioration of the credit profile of the underlying borrower such that, in the absence of such amendment, deferral or
waiver, it is reasonably expected by the Borrower that such underlying borrower either (A) will not be able to make any such previously
required scheduled debt amortization payment or (B) is anticipated to incur a breach of a material financial covenant. A DIP Loan
shall not be deemed to be a Restructured Investment, so long as it does not meet the conditions of the definition of Restructured
Investment.

 

“Second Lien Bank Loan”
means a Bank Loan (other than a First Lien Bank Loan and a Last Out Loan) that is entitled to the benefit of a first and/or second
lien and first and/or second priority perfected security interest on all or substantially all of the assets of the respective
borrower and guarantors obligated in respect thereof.

 

“Secured High Yield Securities”
means High Yield Securities that are entitled to the benefit of a first and/or second lien and first and/or second priority perfected
security interest on all or substantially all of the assets of the respective borrower and guarantors obligated in respect thereof.

 

“Securities” means common
and preferred stock, units and participations, member interests in limited liability companies, partnership interests in partnerships,
notes, bonds, debentures, trust receipts and other obligations, instruments or evidences of indebtedness, including debt instruments
of public and private issuers and tax-exempt securities (including warrants, rights, put and call options and other options relating
thereto, representing rights, or any combination thereof) and other property or interests commonly regarded as securities or any
form of interest or participation therein, but not including Bank Loans.

 

“Securities Act” means
the United States Securities Act of 1933, as amended.

 

“Short-Term U.S. Government Securities”
means U.S. Government Securities maturing within three (3) months of the applicable date of determination.

 

“Unsecured High Yield Securities”
means High Yield Securities that are not Secured High Yield Securities.

 

“U.S. Government Securities”
has the meaning assigned to such term in Section 1.01 of this Agreement.

 

“Value” means, with respect
to any Eligible Portfolio Investment, the value thereof determined for purposes of this Agreement in accordance with Section 5.12(b)(ii)
or 5.12(b)(iii), as applicable.

 

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“Weighted Average Fixed Coupon”
means, as of any date of determination, the number, expressed as a percentage, obtained by summing the products obtained by multiplying
the cash interest coupon of each Fixed Rate Portfolio Investment included in the Borrowing Base as of such date by the outstanding
principal balance of such Fixed Rate Portfolio Investment as of such date, dividing such sum by the aggregate outstanding principal
balance of all such Fixed Rate Portfolio Investments and rounding up to the nearest 0.01%. For the purpose of calculating the
Weighted Average Fixed Coupon, all Fixed Rate Portfolio Investments included in the Borrowing Base that are not currently paying
cash interest shall have an interest rate of 0%.

 

“Weighted Average Floating Spread”
means, as of any date of determination, the number, expressed as a percentage, obtained by summing the products obtained by multiplying,
in the case of each Floating Rate Portfolio Investment included in the Borrowing Base, on an annualized basis, the Spread of such
Floating Rate Portfolio Investments, by the outstanding principal balance of such Floating Rate Portfolio Investments as of such
date and dividing such sum by the aggregate outstanding principal balance of all such Floating Rate Portfolio Investments and
rounding the result up to the nearest 0.01%.

 

“Weighted Average Leverage Ratio”
means, as of any date of determination, the number obtained by summing the products obtained by multiplying, in the case of each
Debt Eligible Portfolio Investment included in the Borrowing Base, the leverage ratio (expressed as a number) for the Portfolio
Company of such Eligible Portfolio Investment of all Indebtedness that has a ranking of payment or lien priority senior to or
pari passu with and including the tranche that includes the Borrower's Eligible Portfolio Investment, by the fair value of such
Eligible Portfolio Investment as of such date and dividing such sum by the aggregate of the fair values of all such Eligible Portfolio
Investments and rounding the result up to the nearest 0.01.

 

Section 5.14.
Anti-Hoarding of Assets at Non-Pledged Financing Subsidiaries. If any Non-Pledged Financing Subsidiary is
not prohibited by any law, rule or regulation or by any contract or agreement relating to indebtedness from distributing all or
any portion of its assets to an Obligor, then such Non-Pledged Financing Subsidiary shall, if a Significant Unsecured Indebtedness
Event has occurred and is continuing, distribute to an Obligor the amount of assets held by such Non-Pledged Financing Subsidiary
that such Non-Pledged Financing Subsidiary is permitted to distribute and that, in the good faith judgment of the Borrower, such
Non-Pledged Financing Subsidiary does not reasonably expect to utilize, in the ordinary course of business, to obtain or maintain
a financing from an unaffiliated third party; provided, further, however, that if a Significant Unsecured Indebtedness
Event has occurred and is continuing and the value of the assets owned by such Non-Pledged Financing Subsidiary significantly
exceeds the amount of indebtedness of such Non-Pledged Financing Subsidiary, even if such Non-Pledged Financing Subsidiary is
prohibited by any contract or agreement relating to indebtedness from distributing all or any portion of its assets to an Obligor,
the Borrower shall use its commercially reasonable efforts to take such action as is necessary to cause such Financing Subsidiary
to become an Obligor or distribute assets to an Obligor in an amount equal to the amount of assets held by such Non-Pledged Financing
Subsidiary that, in the good faith judgment of the Borrower, such Non-Pledged Financing Subsidiary does not reasonably expect
to utilize, in the ordinary course of business, to obtain or maintain a financing from an unaffiliated third party that includes
advance rates that are substantially comparable to market terms for substantially similar debt financings at such time of determination.

 

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Section 5.15.
Anti-Hoarding of Assets at Specified Management Entities. If any Specified
Management Entity is not prohibited by any law, rule or regulation or by any contract or agreement relating to indebtedness from
distributing all or any portion of its assets to an Obligor (or to a direct parent for subsequent distribution to an Obligor),
then the Borrower shall cause such Specified Management Entity to, on the last Business Day of each fiscal quarter, distribute
to an Obligor (or to a direct parent for subsequent distribution to an Obligor) the amount of Cash and Cash Equivalents held by
such Specified Management Entity that such Specified Management Entity is permitted to distribute and that, in the good faith
judgment of the Borrower, such Specified Management Entity does not reasonably expect to utilize during the next twelve (12) months.

 

Section 5.16.
 Mergers. In connection with the Mergers, the Borrower shall deliver
to the Administrative Agent (a) on or prior to the date the Mergers are consummated, a Merger Confirmation, (b) within two (2)
Business Days of the date the Mergers are consummated (or such later date as the Administrative Agent may reasonably agree): (i)
final copies of the definitive agreements governing the Mergers (but only to the extent not publicly available) and (ii) a file-stamped
copy of each certificate of merger evidencing the Mergers, and (c) substantially concurrently with the consummation of the Mergers
(but in no event later than 11:00 am on the date the Mergers are consummated), an updated Borrowing Base Certificate; provided
that a copy of the calculations to be set forth on such Borrowing Base Certificate shall be delivered to the Administrative Agent
at least one (1) Business Day prior to the date the Mergers are consummated.

 

Article VI

NEGATIVE COVENANTS

 

Until the Termination Date, the Borrower
covenants and agrees with the Lenders that:

 

Section 6.01.
Indebtedness. The Borrower will not nor will it permit any of its Subsidiaries to, create, incur, assume
or permit to exist any Indebtedness, except:

 

(a)
Indebtedness created hereunder or under any other Loan Document;

 

(b)
(i) Unsecured Shorter-Term Indebtedness (including any refinancing or replacement thereof) in an aggregate principal amount
not to exceed $5,000,000 plus, without duplication, from and after the date that
is nine months prior to the maturity of the 2021 Notes, the outstanding principal amount of the 2021 Notes and (ii)
Secured Longer-Term Indebtedness (including any refinancing or replacement thereof), in each case, so long as (w) no Default exists
at the time of the incurrence, refinancing or replacement thereof, (x) on the date of incurrence, refinancing or replacement thereof,
the Borrower is in pro forma compliance with each of the covenants set forth in Sections 6.07(a), (b), (d) and (e) after giving
effect to the incurrence, refinancing or replacement thereof and on the date of such incurrence, refinancing or replacement the
Borrower delivers to the Administrative Agent a certificate of a Financial Officer to such effect, (y) prior to and immediately
after giving effect to the incurrence, refinancing or replacement thereof, the Covered Debt Amount does not or would not exceed
the Borrowing Base then in effect, and (z) on the date of incurrence, refinancing or replacement thereof, the Borrower delivers
to the Administrative Agent a Borrowing Base Certificate as at such date demonstrating compliance with (or a certification that
the Borrower is in compliance with) subclause (y) after giving effect to such incurrence, refinancing or replacement.

 

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(c)
Unsecured Longer-Term Indebtedness (including any refinancing or replacement thereof), so long as (x) no Default exists
at the time of the incurrence, refinancing or replacement thereof and (y) on the date of incurrence, refinancing or replacement
thereof, the Borrower is in pro forma compliance with each of the covenants set forth in Sections 6.07(a), (b), (d) and (e) after
giving effect to the incurrence, refinancing or replacement thereof and on the date of such incurrence, refinancing or replacement
the Borrower delivers to the Administrative Agent a certificate of a Financial Officer to such effect;

 

(d)
Indebtedness of Financing Subsidiaries; provided that (i) on the date that such Indebtedness is incurred (for clarity,
with respect to revolving loan facilities or staged advance loan facilities, “incurrence” shall be deemed to take
place at the time such facility is entered into, and not upon each borrowing thereunder) the Borrower is in pro forma compliance
with each of the covenants set forth in Sections 6.07(a), (b), (d) and (e) after giving effect to the incurrence thereof and on
the date of such incurrence Borrower delivers to the Administrative Agent a certificate of a Financial Officer to such effect,
and (ii) in addition, in the case of revolving loan facilities or staged advance loan facilities, upon each borrowing thereunder,
the Borrower is in pro forma compliance with the covenant set forth in Section 6.07(b).

 

(e)
(x) Other Permitted Indebtedness (other than Hedging Agreements specifically provided for in the following clauses (y)
and (z)) in an aggregate principal amount not to exceed $5,000,000, (y) Hedging Agreements entered into by Borrower or any Subsidiary
(other than any Financing Subsidiary) in the ordinary course of the Borrower’s financial planning and not for speculative
purposes, the net amount of which does not exceed $5,000,000 (the net amount being determined, at any time, by the net amount
such Person would be obligated for under any Hedging Agreement as a result of a termination of such Hedging Agreement), or (z)
Hedging Agreements entered into by any Financing Subsidiary in the ordinary course of such Financing Subsidiary’s financial
planning and not for speculative purposes;

 

(f)  
repurchase obligations arising in the ordinary course of business with respect to U.S. Government Securities;

 

(g)
obligations payable to clearing agencies, brokers or dealers in connection with the purchase or sale of securities in the
ordinary course of business;

 

(h)
Indebtedness of an Obligor to any other Obligor;

 

(i)  
obligations of the Borrower under a Permitted SBIC Guarantee and obligations (including Guarantees) in respect of Standard
Securitization Undertakings;

 

(j)  
indebtedness of the Borrower on account of the sale by the Borrower of the first-out tranche of any First Lien Bank Loan
that arises solely as an accounting matter under ASC 860; provided, that such Indebtedness (i) is non-recourse to the Borrower
and its Subsidiaries and (ii) would not represent a claim against the Borrower or any of its Subsidiaries in a bankruptcy, insolvency
or liquidation proceeding of the Borrower or its Subsidiaries, in each case in excess of the amount sold or purportedly sold;

 

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(k)
Term Loan Indebtedness, so long as (v) no Default exists at the time of the incurrence thereof, (w) after giving effect
to the incurrence thereof, the sum of (1) the total Commitments of all Lenders hereunder and (2) the aggregate outstanding principal
amount of the Term Loans as of such date of determination does not exceed the lesser of (i) 100% of the Obligors’ Net Worth
at such date and (ii) $500,000,000, (x) after giving effect to the incurrence thereof the Borrower is in pro forma compliance
with each of the covenants set forth in Sections 6.07(a), (b), (d) and (e) and on the date of such incurrence the Borrower delivers
to the Administrative Agent a certificate of a Financial Officer to such effect, (y) prior to and immediately after giving effect
to the incurrence thereof, the Covered Debt Amount does not or would not exceed the Borrowing Base then in effect; and (z) on
the date of the incurrence thereof, the Borrower delivers to the Administrative Agent and each Lender a Borrowing Base Certificate
as at such date demonstrating compliance with (or a certification that the Borrower is in compliance with) subclause (y) after
giving effect to such incurrence;

 

(l)  
unsecured Guarantees by the Borrower of the Indebtedness of a Portfolio Company in an aggregate principal amount not to
exceed $20,000,000 outstanding at any time, so long as such Guarantees are extended by the Borrower in accordance with the Investment
Policies; and

 

(m)  
Indebtedness of Arbor Funding pursuant to that certain ISDA Master Agreement and that certain letter agreement, between
Arbor Funding and Citibank, N.A., each dated August 27, 2013, including any renewals, refinancings and replacements thereof, so
long as (i) Arbor Funding complies with the requirements of the definition of “Structured Subsidiary” and (ii) such
Indebtedness satisfies the requirements of clause (d) above as if such Indebtedness has been incurred on the Original Effective
Date.

 

For purposes of preparing the Borrowing Base
Certificate described in clause (b) and (jk) above,
(A) the fair market value of Quoted Investments shall be the most recent quotation available for such Eligible Portfolio Investment
and (B) the fair market value of Unquoted Investments shall be the Value set forth in the Borrowing Base Certificate most recently
delivered by the Borrower to the Administrative Agent pursuant to Section 5.01(d) or if an Unquoted Investment is acquired after
the delivery of the Borrowing Base Certificate most recently delivered, then the Value of such Unquoted Investment shall be the
lower of the cost of such Unquoted Investment and the Internal Value of such Unquoted Investment; provided, that the Borrower
shall reduce the Value of any Eligible Portfolio Investment referred to in this sub-clause (B) to the extent necessary to take
into account any events of which the Borrower has knowledge that adversely affect the value of such Eligible Portfolio Investment.

 

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Section 6.02.
Liens. The Borrower will not, nor will it permit any of its Subsidiaries to, create, incur, assume or permit
to exist any Lien on any property or asset (including Equity Interests in any Financing Subsidiary or any other Subsidiary) now
owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights in respect
of any thereof except:

 

(a)
any Lien on any property or asset of the Borrower existing on the Restatement Effective Date and set forth in Schedule
3.11(b); provided that (i) no such Lien shall extend to any other property or asset of the Borrower or any of its Subsidiaries,
and (ii) any such Lien shall secure only those obligations which it secures on the Restatement Effective Date and extensions,
renewals and replacements thereof that do not increase the outstanding principal amount thereof;

 

(b)
Liens created pursuant to the Security Documents;

 

(c)
Liens on assets owned by Financing Subsidiaries;

 

(d)
Liens securing Hedging Agreement Obligations and Liens securing Term Loan Indebtedness and Secured Longer-Term Indebtedness
incurred pursuant to Section 6.01(b) and (j), respectively (including Liens in favor of the “Designated Indebtedness Holders”
pursuant to the Guarantee and Security Agreement);

 

(e)
Permitted Liens;

 

(f)
additional Liens securing Indebtedness not to exceed $3,000,000 in the aggregate provided such Indebtedness is not otherwise
prohibited under Section 6.01(e) of this Agreement;

 

(g)
Liens on Equity Interests in any SBIC Subsidiary created in favor of the SBA;

 

(h)
Liens created by posting of cash collateral in connection with total return swap arrangements in an aggregate amount not
to exceed $3,000,000 at any time, provided that, for the avoidance of doubt, at no time shall such cash collateral constitute
an Eligible Portfolio Investment;

 

(i)
Liens consisting of a participation interest in respect of any Portfolio Investment; and

 

(j)
Liens on Special Equity Interests included in the Portfolio Investments but only to the extent securing obligations in
the manner provided in the definition of “Special Equity Interests” in Section 1.01.

 

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Section 6.03.
Fundamental Changes. The Borrower will not, nor will it permit any of its Subsidiaries (other than Financing
Subsidiaries or Immaterial Subsidiaries) to, enter into any transaction of merger or consolidation or amalgamation, or liquidate,
wind up or dissolve itself (or suffer any liquidation or dissolution). The Borrower will not, nor will it permit any of its Subsidiaries
(other than Financing Subsidiaries) to, acquire any business or property from, or capital stock of, or be a party to any acquisition
of, any Person, except for purchases or acquisitions of Portfolio Investments and other assets in the normal course of the day-to-day
business activities of the Borrower and its Subsidiaries and not in violation of the terms and conditions of this Agreement or
any other Loan Document. The Borrower will not, nor will it permit any of its Subsidiaries (other than Financing Subsidiaries
or Immaterial Subsidiaries) to, convey, sell, lease, transfer or otherwise dispose of, in one transaction or a series of transactions,
any part of its assets (including, without limitation, Cash, Cash Equivalents and Equity Interests), whether now owned or hereafter
acquired, but excluding (x) assets (including Cash and Cash Equivalents but excluding Portfolio Investments) sold or disposed
of in the ordinary course of business of the Borrower and its Subsidiaries (other than the Financing Subsidiaries) (including
to make expenditures of cash in the normal course of the day-to-day business activities of the Borrower and its Subsidiaries (other
than the Financing Subsidiaries)) and (y) subject to the provisions of clauses (e) and (f) below, Portfolio Investments.

 

Notwithstanding the foregoing provisions
of this Section:

 

(a)
(i) any Subsidiary of the Borrower may be merged or consolidated
with or into the Borrower or any other Subsidiary Guarantor; provided that if any such transaction shall be between a Subsidiary
and a wholly owned Subsidiary Guarantor, the wholly owned Subsidiary Guarantor shall be the continuing or surviving corporation
and (ii) Medley Management Inc. may be merged or consolidated with or into Sierra
Management pursuant to the Manager Merger;

 

(b)
any Subsidiary of the Borrower may sell, lease, transfer or otherwise dispose of any or all of its assets (upon voluntary
liquidation or otherwise) to the Borrower or any wholly owned Subsidiary Guarantor of the Borrower;

 

(c)
any Subsidiary of the Borrower may be liquidated or dissolved; provided that (i) in connection with such liquidation
or dissolution, any and all of the assets of such Subsidiary shall be distributed or otherwise transferred to the Borrower or
any wholly owned Subsidiary Guarantor of the Borrower and (ii) the Borrower determines in good faith that such liquidation is
in the best interests of the Borrower and is not materially disadvantageous to the Lenders;

 

(d)
the capital stock of any Subsidiary of the Borrower may be sold, transferred or otherwise disposed of to the Borrower or
any wholly owned Subsidiary Guarantor of the Borrower;

 

(e)
the Obligors may sell, transfer or otherwise dispose of Portfolio Investments (other than to a Financing Subsidiary or
to any Management Entity) so long as prior to and after giving effect to such sale, transfer or other disposition (and
any concurrent acquisitions of Portfolio Investments or payment of outstanding Loans or Other Covered Indebtedness) the Covered
Debt Amount does not exceed the Borrowing Base;

 

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(f)  
the Obligors may sell, transfer or otherwise dispose of Portfolio Investments (or grant participation interests in Portfolio
Investments), Cash and Cash Equivalents to a Financing Subsidiary or to a Management
Entity so long as (i) prior to and after giving effect to such sale, transfer or other disposition (and any concurrent
acquisitions of Portfolio Investments or payment of outstanding Loans or Other Covered Indebtedness) the Covered Debt Amount does
not exceed the Borrowing Base and no Default exists and the Borrower delivers to the Administrative Agent a certificate of a Financial
Officer to such effect, and (ii) either (x) the amount by which the Borrowing Base exceeds the Covered Debt Amount immediately
prior to such release is not diminished as a result of such release or (y) the Borrowing Base immediately after giving effect
to such release is at least 120115% of the Covered Debt
Amount;

 

(g)
the Borrower and its Subsidiaries may sell, lease, transfer or otherwise dispose of equipment or other property or assets
that do not consist of Portfolio Investments so long as the aggregate amount of all such sales, leases, transfer and dispositions
does not exceed $5,000,000 in any fiscal year;

 

(h)
the Borrower may merge or consolidate with (i) MCC pursuant to the Borrower
Merger and (ii) any other Person, so long as (ix)
the Borrower is the continuing or surviving entity in such transaction and (iiy)
at the time thereof and after giving effect thereto, no Default shall have occurred and be continuing; and

 

(i)  
an Obligor may transfer assets to a Financing Subsidiary for the sole purpose of facilitating the transfer of assets from
one Financing Subsidiary (or a Subsidiary that was a Financing Subsidiary immediately prior to such disposition) to another Financing
Subsidiary, directly or indirectly through such Obligor (such assets, the “Transferred Assets”), provided, that (i)
no Default exists or is continuing at such time, (ii) the Covered Debt Amount shall not exceed the Borrowing Base at such time
and (iii) the Transferred Assets were transferred to such Obligor by the transferor Financing Subsidiary on the same Business
Day that such assets are transferred by such Obligor to the transferee Financing Subsidiary.

 

Section 6.04.
Investments. The Borrower will not, nor will it permit any of its Subsidiaries to, acquire, make or enter
into, or hold, any Investments except:

 

(a)
operating deposit accounts with banks;

 

(b)
Investments by the Borrower and the Subsidiary Guarantors in the Borrower and the Subsidiary Guarantors;

 

(c)
Hedging Agreements entered into in the ordinary course of the Borrower’s financial planning and not for speculative
purposes;

 

(d)
Portfolio Investments by the Borrower and its Subsidiaries to the extent such Portfolio Investments are permitted under
the Investment Company Act (to the extent such applicable Person is subject to the Investment Company Act) and the Investment
Policies; provided that Investments in the Management Entities shall only be permitted
to the extent provided in clauses (i) and (j) below;

 

(e)
Equity Interests in (or capital contribution to) Financing Subsidiaries acquired after the Original Effective Date to the
extent not prohibited by Section 6.03(f);

 

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(f)  
Investments by any Financing Subsidiary (subject to the limitations set forth in clause (e) of the definition of SBIC Subsidiary
or clause (d) of the definition of Structured Subsidiary, as applicable);

 

(g)
Investments in Cash and Cash Equivalents;

 

(h)
Investments described on Schedule 3.12(b) hereto;

 

(i)  
Investments constituting Mergers; provided that (i) the Borrower Merger and
the Manager Merger shall be consummated substantially concurrently and (ii) the aggregate cash paid by the Borrower or any Obligor
in connection with the Mergers (including, without limitation (v) any cash component of the MDLY Merger Consideration, (w) the
MCC Merger Termination Fee, (x) any cash component of the MCC Merger Consideration, (y) any cash paid in connection with any tax
dividend related to the Mergers and (z) any payments on account of fractional shares) shall not exceed $130,000,000; 

 

(j)  
Investments in the Management Entities (for the avoidance of doubt, not including
any Investments made pursuant to Section 6.04(i)) so long as (i) prior to and after giving effect to such Investment, the Covered
Debt Amount does not exceed the Borrowing Base and no Default exists, and the Borrower delivers to the Administrative Agent a
certificate of a Financial Officer to such effect, and (ii) either (x) the amount by which the Borrowing Base exceeds the Covered
Debt Amount immediately prior to such Investment is not diminished as a result of such Investment or (y) the Borrowing Base immediately
after giving effect to such Investment is at least 110% of the Covered Debt Amount; and

 

(k)
(i) additional Investments up to but not exceeding $5,000,000 in the aggregate (for purposes of this clause
(i), the aggregate amount of an Investment at any time shall be deemed to be equal to (A) the aggregate amount of cash, together
with the aggregate fair market value of property loaned, advanced, contributed, transferred or otherwise invested that gives rise
to such Investment (calculated at the time such Investment is made), minus (B) the aggregate amount of dividends, distributions
or other payments received in cash in respect of such Investment; provided that in no event shall the aggregate amount
of any Investment be less than zero, and provided  further that the amount of any Investment shall not be reduced by reason
of any write-off of such Investment, nor increased by way of any increase in the amount of earnings retained in the Person in
which such Investment is made that have not been dividended, distributed or otherwise paid out).

 

Section 6.05.
Restricted Payments. The Borrower will not, nor will it permit any of its Subsidiaries (other than the Financing
Subsidiaries) to, declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, except that:

 

(a)
the Borrower may declare and pay dividends with respect to the Equity Interests of the Borrower (including, for the avoidance
of doubt, pursuant to any distribution reinvestment plan of the Borrower) payable solely in additional shares of the Borrower’s
common stock;

 

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(b)
the Borrower may declare and pay dividends and distributions in either case in cash or other property (excluding for this
purpose the Borrower’s common stock) in or with respect to any taxable year of the Borrower (or any calendar year, as relevant)
in amounts not to exceed the higher of (x) the net investment income of the Borrower for the applicable fiscal year determined
in accordance with GAAP and as specified in the financial statements of the Borrower for such fiscal year and (y) 115% of the
amounts that are required to be distributed to: (i) allow the Borrower to satisfy the minimum distribution requirements imposed
by Section 852(a) of the Code (or any successor thereto) to maintain its eligibility to be taxed as a regulated investment company
for any such taxable year, (ii) reduce to zero for any such taxable year its liability for federal income taxes imposed on (A)
its investment company taxable income pursuant to Section 852(b)(1) of the Code (or any successor thereto), and (B) its net capital
gain pursuant to Section 852(b)(3) of the Code (or any successor thereto), and (iii) reduce to zero its liability for federal
excise taxes for any such calendar year imposed pursuant to Section 4982 of the Code (or any successor thereto) (such higher amount
of (x) and (y), the “Required Payment Amount”); provided that, if at the time of any such dividend or
distribution, (i) no Default or Event of Default shall have occurred and be continuing and (ii) the Covered Debt Amount does not
exceed 85% of the Borrowing Base calculated on a pro forma basis after giving effect to any such dividends and distributions,
then such dividends and distributions may be in amounts not to exceed 125% of the Required Payment Amount;

 

(c)
the Subsidiaries of the Borrower may declare and pay Restricted Payments to the Borrower or any Subsidiary Guarantor;

 

(d)
prior to the consummation of the Mergers, the Obligors may make
Restricted Payments to repurchase Equity Interests of the Borrower from officers, directors and employees of the Investment Advisor
or the Borrower or any of its Subsidiaries or their authorized representatives upon the death, disability or termination of employment
of such employees or termination of their seat on the Board of Directors of the Investment Advisor or the Borrower or any of its
Subsidiaries, in an aggregate amount not to exceed $500,000 in any calendar year with unused amounts in any calendar year being
carried over to succeeding calendar years subject to a maximum of $1,000,000 in any calendar year;

 

(e)
prior to the consummation of the Mergers, during any fiscal quarter
the Borrower may make Restricted Payments to repurchase Equity Interests upon the death or disability of a holder of Equity Interests
of the Borrower (to the extent required under the organizational documents of the Borrower), up to an aggregate amount of the
net cash proceeds received by the Borrower from any issuance of any Equity Interest of the Borrower during such fiscal quarter,
at a price equal to the net asset value per share of such shares as disclosed in the periodic report filed with SEC immediately
following the death or disability of such holder of Equity Interests, so long as on the date of such Restricted Payment and after
giving effect thereto:

 

(1) no
Default shall have occurred and be continuing; and

 

(2) (x)
the Covered Debt Amount does not exceed 85% of the Borrowing Base on the date of such Restricted Payment, and (y) the Borrower
delivers to the Administrative Agent and each Lender a Borrowing Base Certificate as of such date demonstrating compliance with
the foregoing after giving effect to such Restricted Payment; and

 

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(f)  
during any fiscal quarter the Borrower may make Restricted Payments to repurchase or redeem Equity Interests of the Borrower
up to an aggregate amount equal to the product of (a) 2.5% of the weighted average number of shares of the Borrower’s common
stock outstanding in the prior four calendar quarters and (b) the price equal to the most recently disclosed (x)
prior to the consummation of the Mergers, net asset value or (y) on and
after the consummation of the Mergers, fair market value, per share of the Borrower’s common stock immediately
prior to the date of such repurchase, so long as on the date of;
provided that (i) the aggregate amount of Restricted Payments made pursuant to this clause (f) after the Amendment No. 1 Effective
Date shall not exceed $100,000,000, (ii) after the Amendment No. 1 Effective Date, such Restricted Payments shall only be made
in connection with the share repurchase program approved by the Board of Directors of the Borrower on November 6, 2018, as described
in the Joint Proxy Statement/Prospectus of the Borrower, MCC and Medley Management Inc. filed with the SEC on December 21, 2018,
as amended, restated, supplemented or otherwise modified in a manner that is not materially adverse to the Lenders, and (iii)
on the date of each such Restricted Payment and after giving effect thereto:

 

(1) no
Default shall have occurred and be continuing; and

 

(2) (x)
the Covered Debt Amount does not exceed 85% of the Borrowing Base on the date of such Restricted Payment, and (y) the Borrower
delivers to the Administrative Agent and each Lender a Borrowing Base Certificate as of such date demonstrating compliance with
the foregoing after giving effect to such Restricted Payment.

 

For the avoidance of doubt, the Borrower
shall not declare any dividend to the extent such declaration violates the provisions of the Investment Company Act applicable
to it.

 

Section 6.06.
Certain Restrictions on Subsidiaries. The Borrower will not permit any of its Subsidiaries (other than Financing
Subsidiaries) to enter into or suffer to exist any indenture, agreement, instrument or other arrangement (other than the Loan
Documents) that prohibits or restrains, in each case in any material respect, or imposes materially adverse conditions upon, the
incurrence or payment of Indebtedness, the granting of Liens, the declaration or payment of dividends, the making of loans, advances,
guarantees or Investments or the sale, assignment, transfer or other disposition of property, except for any prohibitions or restraints
contained in (i) any Indebtedness permitted under Section 6.01(b), (c) or (k), (ii) any Indebtedness permitted under Section 6.01(e)
secured by a Lien permitted under Section 6.02(f) provided that such prohibitions and restraints are applicable by their
terms only to the assets that are subject to such Lien, (iii) any Indebtedness permitted under Section 6.01(f) or (g) secured
by a Permitted Lien; provided that such prohibitions and restraints are applicable by their terms only to the assets that
are subject to such Lien, (iv) any document, agreement, or instrument that imposes customary restrictions on Equity Interests
and (v) any agreement, instrument or other arrangement pertaining to any sale or other disposition of any asset permitted by this
Agreement so long as the applicable restrictions (i) only apply to such assets and (ii) do not restrict prior to the consummation
of such sale or disposition the creation or existence of the Liens in favor of the Collateral Agent pursuant to the Security Documents
or otherwise required by this Agreement, or the incurrence or payment of Indebtedness under this Agreement or the ability of the
Borrower and its Subsidiaries to perform any other obligation under any of the Loan Documents.

 

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Section 6.07.
Certain Financial Covenants.

 

(a)
Minimum Stockholder’s Equity. The Borrower will not permit Stockholders’ Equity as of the last day of
any fiscal quarter of the Borrower to be less than the greater of (i) 40% of the total assets of the Borrower and its Subsidiaries
as at the last day of such fiscal quarter (determined on a consolidated basis, without duplication, in accordance with GAAP) and
(ii) the sum of (x) $514,293,338.30 plus (y) 50% of the aggregate net proceeds of all sales of Equity Interests by the
Borrower and its Subsidiaries after the Restatement Effective Date (other than (a) the proceeds of sales of Equity Interests by
and among the Borrower and its Subsidiaries, (b) proceeds of any distribution reinvestment plan used to redeem or repurchase Equity
Interests of the Borrower and (c) the net cash proceeds received by the Borrower from any issuance of any Equity Interest of the
Borrower that have been applied in accordance with Section 6.05(e)).

 

(b)
Asset Coverage Ratio. The Borrower will not permit the Asset Coverage Ratio to be less than 2.00 to 1 at any time.

 

(c)
Consolidated Interest Coverage Ratio. The Borrower will not permit the Consolidated Interest Coverage Ratio to be
less than 2.50 to 1 as of the last day of any fiscal quarter of the Borrower.

 

(d)
Liquidity Test The Borrower will not permit the aggregate Value of the Eligible Portfolio Investments that can be
converted to Cash in fewer than 10 Business Days without more than a 5% change in price to be less than 10% of the Covered Debt
Amount for more than 30 Business Days during any period when the Adjusted Covered Debt Balance is greater than 90% of the Adjusted
Borrowing Base.

 

(e)
Obligors’ Net Worth Test. The Borrower will not permit the Obligors’ Net Worth to be less than $200,000,000
at any time.

 

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Section 6.08.
Transactions with Affiliates. The Borrower will not, and will not permit any of its Subsidiaries to, enter
into any transactions with any of its Affiliates, even if otherwise permitted under this Agreement, except (i) transactions in
the ordinary course of business at prices and on terms and conditions not less favorable to the Borrower or such Subsidiary (or,
in the case of a transaction between an Obligor and a non-Obligor Subsidiary, not less favorable to such Obligor) than could be
obtained at the time on an arm’s-length basis from unrelated third parties, (ii) transactions between or among the Obligors
not involving any other Affiliate, (iii) transactions between or among the Obligors and any SBIC Subsidiary or any “downstream
affiliate” (as such term is used under the rules promulgated under the Investment Company Act) company of an Obligor at
prices and on terms and conditions not less favorable to the Obligors than could be obtained at the time on an arm’s-length
basis from unrelated third parties, (iv) Restricted Payments permitted by Section 6.05, dispositions permitted by Section 6.03(f)
and Investments permitted by Section 6.04(e), (v) the transactions provided in the Affiliate Agreements as the same may be amended,
modified, terminated, restated or replaced in accordance with Section 6.11(b), (vi) existing transactions with Affiliates
as set forth in Schedule 6.08, (vii) transactions with one or more affiliates permitted by(A)
prior to the consummation of the Mergers, an exemptive order issued by the SEC to the Borrower substantially consistent
with the terms described in that certain Amendment No. 4 to the Application for an Amended Order
Pursuant to Sections 5717(a)(4d)
and 5751(i) of the Investment Company Act of
1940,, and Rule 17d-1 under the Act Permitting Certain Joint
Transactions Otherwise Prohibited by SectionSections 17(d) and
57(a)(4) of the Investment Company Act and Rule 17d-1 under the Investment
Company Act, filed with the SEC on September 25, 2013May
24, 2017 by the Borrower, Medley Capital CorporationMCC,
the Investment Advisor and certain of their affiliates set forth therein, orand
(B) on and after the consummation of the Mergers, (1) an exemptive order issued by the SEC to the Borrower substantially consistent
with the terms described in that certain Application for Exemption and Other Relief Filed under the Investment Company Act filed
under File No. 812-14978, (2) an exemptive order issued by the SEC to the Borrower substantially consistent with the terms described
in that certain Application for Exemption and Other Relief Filed under the Investment Company Act filed under File No. 812-14973,
(3) an exemptive order issued by the SEC to the Borrower substantially consistent with the terms described in that certain Application
for Exemption and Other Relief Filed under the Investment Company Act filed under File No. 812-14972, and (4) an exemptive order
issued by the SEC to the Borrower substantially consistent with the terms described in that certain Application for Exemption
and Other Relief Filed under the Investment Company Act filed under File No. 812-14971, (viii) the payment of compensation
and reimbursement of expenses of directors in a manner consistent with current practice of the Borrower and general market practice,
and indemnification to directors in the ordinary course of business, (ix) each of
the Merger Agreements and the transactions, including the Mergers, contemplated therein or (x) transactions with any Management
Entity, in each case at prices and on terms and conditions not less favorable to the Borrower or such Subsidiary than could be
obtained at the time on an arm’s-length basis from unrelated third parties.

 

Section 6.09.
Lines of Business. The Borrower will not, nor will it permit any of its Subsidiaries (other than Immaterial
Subsidiaries) to, engage to any material extent in any business other than in accordance with its Investment Policies.

 

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Section 6.10.
No Further Negative Pledge. The Borrower will not, and will not permit any of its Subsidiaries (other than
Financing Subsidiaries) to, enter into any agreement, instrument, deed or lease which prohibits or limits the ability of any Obligor
to create, incur, assume or suffer to exist any Lien upon any of its properties, assets or revenues, whether now owned or hereafter
acquired, or which requires the grant of any security for an obligation if security is granted for another obligation, except
the following: (a) this Agreement and the other Loan Documents, any Term Loan Credit Facility and all documents related thereto
and documents with respect to Indebtedness permitted under Section 6.01(b); (b) covenants in documents creating Liens permitted
by Section 6.02 (including covenants with respect to Designated Indebtedness Obligations or Designated Indebtedness Holders under
(and, in each case, as defined in) the Guarantee and Security Agreement) prohibiting further Liens on the assets encumbered thereby;
(c) customary restrictions contained in leases not subject to a waiver; (d) any document, agreement or instrument that imposes
customary restrictions on Equity Interests; and (e) any other agreement that does not restrict in any manner (directly or indirectly)
Liens created pursuant to the Loan Documents on any Collateral securing the “Secured Obligations” under and as defined
in the Guarantee and Security Agreement and does not require the direct or indirect granting of any Lien securing any Indebtedness
or other obligation by virtue of the granting of Liens on or pledge of property of any Obligor to secure the Loans or any Hedging
Agreement.

 

Section 6.11.
Modifications of Indebtedness and Affiliate Agreements. The Borrower will not, and will not permit any of
its Subsidiaries (other than Financing Subsidiaries) to, consent to any modification, supplement or waiver of:

 

(a)
any of the provisions of any agreement, instrument or other document evidencing or relating to any Term Loan Indebtedness,
Secured Longer-Term Indebtedness, Unsecured Longer-Term Indebtedness or Unsecured Shorter-Term Indebtedness that would result
in such Indebtedness not meeting the requirements of the definition of “Term Loan Indebtedness”, “Secured Longer-Term
Indebtedness”, “Unsecured Longer-Term Indebtedness” or “Unsecured Shorter-Term Indebtedness”, as
applicable, set forth in Section 1.01 of this Agreement, unless, in the case of Unsecured Longer-Term Indebtedness, such Indebtedness
would have been permitted to be incurred as Unsecured Shorter-Term Indebtedness at the time of such modification, supplement or
waiver and the Borrower so designates such Indebtedness as “Unsecured Shorter-Term Indebtedness” (whereupon such Indebtedness
shall be deemed to constitute “Unsecured Shorter-Term Indebtedness” for all purposes of this Agreement); or

 

(b)
any of the Affiliate Agreements, unless such modification, supplement or waiver is not materially less favorable to the
Borrower than could be obtained on an arm’s-length basis from unrelated third parties.

 

The Administrative Agent hereby acknowledges
and agrees that the Borrower may, at any time and from time to time, without the consent of the Administrative Agent, freely amend,
restate, terminate, or otherwise modify any documents, instruments and agreements evidencing, securing or relating to Indebtedness
permitted pursuant to Section 6.01(d) and (e), including increases in the principal amount thereof, modifications to the advance
rates and/or modifications to the interest rate, fees or other pricing terms; provided that no such amendment, restatement
or modification shall, unless Borrower complies with the terms of Section 5.08(a)(i) hereof, cause a Financing Subsidiary to fail
to be a “Financing Subsidiary” in accordance with the definition thereof.

 

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Section 6.12.
Payments of Term Loans and Longer-Term Indebtedness. The Borrower will not, nor will it permit any of its
Subsidiaries (other than Financing Subsidiaries) to, purchase, redeem, retire or otherwise acquire for value, or set apart any
money for a sinking, defeasance or other analogous fund for the purchase, redemption, retirement or other acquisition of or make
any voluntary payment or prepayment of the principal of or interest on, or any other amount owing in respect of, the
2021 Notes, any Term Loan Indebtedness, Secured Longer-Term Indebtedness or Unsecured Longer-Term Indebtedness (other
than (i) the refinancing of the 2021 Notes, Term Loan Indebtedness, Secured
Longer-Term Indebtedness or Unsecured Longer-Term Indebtedness with Term Loan Indebtedness, Secured Longer-Term Indebtedness or
Unsecured Longer-Term Indebtedness permitted under Section 6.01, or (ii) with the proceeds of any issuance of Equity Interests,
in each case to the extent not required to be used to repay Loans), except for (a) regularly scheduled payments, prepayments or
redemptions of principal and of interest in respect thereof required pursuant to the instruments evidencing such Indebtedness
and the payment when due of the types of fees and expenses that are customarily paid in connection with such Indebtedness (it
being understood that the making of any such payment, prepayment or redemption, other than regularly scheduled payments of interest
and the payment when due of the types of fees and expenses customarily paid in connection with such Indebtedness, shall constitute
an Event of Default under Section 7(g)) (it being further understood that: (w) the conversion features into Permitted Equity Interests
under convertible notes; (x) the triggering of such conversion and/or settlement thereof solely with Permitted Equity Interests;
and (y) any cash payment on account of interest or expenses on such convertible notes made by the Borrower in respect of such
triggering and/or settlement thereof, shall be permitted under this clause (a)), or (b) payments and prepayments of Term Loan
Indebtedness or Secured Longer-Term Indebtedness required to comply with requirements of Section 2.08(c), and in the case of Term
Loan Indebtedness, Section 2.08(f).

 

Section 6.13.
Modification of Investment Policies. Other than with respect to Permitted Policy Amendments, the Borrower
will not amend, supplement, waive or otherwise modify in any material respect the Investment Policies (a)
prior to the consummation of the Mergers, as in effect on the Restatement Effective Date and
(b) upon and after the consummation of the Mergers, as in effect on the date the Mergers are consummated.

 

Section 6.14.
SBIC Guarantee. The Borrower will not, nor will it permit any of its Subsidiaries to, cause or permit the
occurrence of any event or condition that would result in any recourse to any Obligor under any Permitted SBIC Guarantee.

 

Section 6.15.
Management Entities. The Borrower will not, nor will it cause any
of its Subsidiaries to, cause or permit the occurrence or existence of any of the following: (i) the Borrower failing to own,
directly or indirectly, 100% of the Equity Interests of Sierra Management; (ii) the Collateral Agent failing to hold a first priority
perfected security interest in the Equity Interests of Sierra Management; (iii) Sierra Management failing to hold, directly or
indirectly, 100% of the Equity Interests of each other Specified Management Entity; or (iv) any Person (other than the Collateral
Agent) having a Lien on any Equity Interests of any Specified Management Entity.

 

Article VII

EVENTS OF DEFAULT

 

If any of the following events (“Events
of Default”) shall occur and be continuing:

 

(a)
the Borrower shall fail to pay any principal of any Loan (including, without limitation, any principal payable under Section
2.08(b), (c) or (d)) when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for
prepayment thereof or otherwise;

 

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(b)
the Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to
in clause (a) of this Article) payable under this Agreement or under any other Loan Document, when and as the same shall become
due and payable, and such failure shall continue unremedied for a period of five or more Business Days;

 

(c)
any representation or warranty made or deemed made by or on behalf of the Borrower or any of its Subsidiaries in or in
connection with this Agreement or any other Loan Document or any amendment or modification hereof or thereof, or in any report,
certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or any other Loan
Document or any amendment or modification hereof or thereof, shall prove to have been incorrect when made or deemed made in any
material respect;

 

(d)
the Borrower shall fail to observe or perform any covenant, condition or agreement contained in (i) Section 5.01(e), Section
5.02(a), Section 5.03 (with respect to the Borrower’s and its Subsidiaries’ existence only, and not with respect to
the Borrower’s and its Subsidiaries’ rights, licenses, permits, privileges or franchises), Sections 5.08(a) or (b),
Section 5.10, Section 5.12(c) or in Article VI or any Obligor shall default in the performance of any of its obligations contained
in Section 7 of the Guarantee and Security Agreement or (ii) Section 5.01(f) or Sections 5.02(b), (c) or (d) and, in the case
of this clause (ii), such failure shall continue unremedied for a period of five or more days after the Borrower has knowledge
of such failure;

 

(e)
the Borrower or any Obligor, as applicable, shall fail to observe or perform any covenant, condition or agreement contained
in this Agreement (other than those specified in clause (a), (b) or (d) of this Article) or any other Loan Document and such failure
shall continue unremedied for a period of 30 or more days after notice thereof from the Administrative Agent (given at the request
of any Lender) to the Borrower;

 

(f)  
the Borrower or any of its Subsidiaries shall fail to make any payment (whether of principal or interest and regardless
of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable, taking into account any
applicable grace period;

 

(g)
any event or condition occurs that (i) results in any Material Indebtedness becoming due prior to its scheduled maturity
or (ii) that enables or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of any
Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to require
the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity, unless, in the case of this clause
(ii), such event or condition is no longer continuing or has been waived in accordance with the terms of such Material Indebtedness
such that the holder or holders thereof or any trustee or agent on its or their behalf are no longer enabled or permitted to cause
such Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to
its scheduled maturity; provided that this clause (g) shall not apply to (1) secured Indebtedness that becomes due as a
result of the voluntary sale or transfer of the property or assets securing such Indebtedness; (2) convertible debt that becomes
due as a result of a conversion, repurchase or redemption event provided that such conversion, repurchase or redemption is settled
only with Permitted Equity Interests or (3) cash payments of interest and expenses solely in connection with the convertible debt
described in clause (2) above.

 

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(h)
an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization
or other relief in respect of the Borrower or any of its Subsidiaries (other than Immaterial Subsidiaries) or its debts, or of
a substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now
or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official
for the Borrower or any of its Subsidiaries (other than Immaterial Subsidiaries) or for a substantial part of its assets, and,
in any such case, such proceeding or petition shall continue undismissed and unstayed for a period of 60 or more days or an order
or decree approving or ordering any of the foregoing shall be entered;

 

(i)  
the Borrower or any of its Subsidiaries (other than Immaterial Subsidiaries) shall (i) voluntarily commence any proceeding
or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency,
receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and
appropriate manner, any proceeding or petition described in clause (i) of this Article, (iii) apply for or consent to the appointment
of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any of its Subsidiaries (other
than Immaterial Subsidiaries) or for a substantial part of its assets, (iv) file an answer admitting the material allegations
of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take
any action for the purpose of effecting any of the foregoing;

 

(j)  
the Borrower or any of its Subsidiaries (other than Immaterial Subsidiaries) shall become unable, admit in writing its
inability or fail generally to pay its debts as they become due;

 

(k)
one or more judgments for the payment of money in an aggregate amount in excess of $5,000,000 shall be rendered against
the Borrower or any of its Subsidiaries (other than Immaterial Subsidiaries) or any combination thereof and (i) the same shall
remain undischarged for a period of 30 consecutive days following the entry of such judgment during which 30 day period such judgment
shall not have been vacated, stayed, discharged or bonded pending appeal, or liability for such judgment amount shall not have
been admitted by an insurer of reputable standing, or (ii) any action shall be legally taken by a judgment creditor to attach
or levy upon any assets of the Borrower or any of its Subsidiaries (other than Immaterial Subsidiaries) to enforce any such judgment;

 

(l)  
an ERISA Event shall have occurred that, when taken together with all other ERISA Events that have occurred, could reasonably
be expected to result in a Material Adverse Effect;

 

(m)  
an Investment Advisor Departure Event shall occur;

 

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(n)
a Change in Control shall occur;

 

(o)
any SBIC Subsidiary shall become the subject of an enforcement action and be transferred into liquidation status by the
SBA;

 

(p)
the Liens created by the Security Documents shall, at any time with respect to Portfolio Investments held by Obligors having
an aggregate Value in excess of 5% of the aggregate Value of all Portfolio Investments held by Obligors, not be, valid and perfected
(to the extent perfection by filing, registration, recordation, possession or control is required herein or therein) in favor
of the Collateral Agent (or any Obligor or any Affiliate of an Obligor shall so assert in writing), free and clear of all other
Liens (other than Liens permitted under Section 6.02 or under the respective Security Documents), except as a result of a disposition
of Portfolio Investments in a transaction or series of transactions permitted under this Agreement and except to the extent that
any such loss of perfection results from the failure of the Collateral Agent to maintain possession of certificates representing
securities pledged under the Guarantee and Collateral Agreement;

 

(q)
except for expiration in accordance with its terms, any of the Security Documents shall for whatever reason be terminated
or cease to be in full force and effect in any material respect, or the enforceability thereof shall be contested by any Obligor,
or there shall be any actual invalidity of any guaranty thereunder or any Obligor or any Affiliate of an Obligor shall so assert
in writing; or

 

(r)
the Borrower or any of its Subsidiaries shall cause or permit the occurrence of any condition or event that would result
in any recourse to any Obligor under any Permitted SBIC Guarantee.

 

then, and in every such event (other than an event described
in clause (h) or (i) of this Article), and at any time thereafter during the continuance of such event, the Administrative Agent
may, and at the request of the Required Lenders shall, by notice to the Borrower, take either or both of the following actions,
at the same or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, and
(ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared
to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared
to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder
and under the other Loan Documents, shall become due and payable immediately, without presentment, demand, protest or other notice
of any kind, all of which are hereby waived by the Borrower; and in case of any event described in clause (h) or (i) of this Article,
the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest
thereon and all fees and other obligations of the Borrower accrued hereunder and under the other Loan Documents, shall automatically
become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the
Borrower.

 

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Notwithstanding anything to the contrary contained herein,
on the CAM Exchange Date, to the extent not otherwise prohibited by law, (a) the Commitments shall automatically and without further
act be terminated, (ii) the Lenders shall automatically and without further act be deemed to have exchanged interests in the Designated
Obligations such that, in lieu of the interests of each Lender in the Designated Obligations under each Loan in which it shall
participate as of such date, such Lender shall own an interest equal to such Lender’s CAM Percentage in the Designated Obligations
under each of the Loans, whether or not such Lender shall previously have participated therein, and (b) simultaneously with the
deemed exchange of interests pursuant to clause (a) above, the interests in the Designated Obligations to be received in such
deemed exchange shall, automatically and with no further action required, be converted into the Dollar Equivalent of such amount
(as of the Business Day immediately prior to the CAM Exchange Date) and on and after such date all amounts accruing and owed to
the Lenders in respect of such Designated Obligations shall accrue and be payable in Dollars at the rate otherwise applicable
hereunder. Each Lender, each Person acquiring a participation from any Lender as contemplated by Section 9.04 and the Borrower
hereby consents and agrees to the CAM Exchange. It is understood and agreed that the CAM Exchange, in itself, will not affect
the aggregate amount of Designated Obligations owing by the Obligors. The Borrower and the Lenders agree from time to time to
execute and deliver to the Administrative Agent all such promissory notes and other instruments and documents as the Administrative
Agent shall reasonably request to evidence and confirm the respective interests and obligations of the Lenders after giving effect
to the CAM Exchange, and each Lender agrees to surrender any promissory notes originally received by it in connection with its
Loans hereunder to the Administrative Agent against delivery of any promissory notes so executed and delivered; provided
that the failure of the Borrower to execute or deliver or of any Lender to accept such promissory note, instrument or document
shall not affect the validity or effectiveness of the CAM Exchange.

 

As a result of the CAM Exchange, on and after the CAM Exchange
Date, each payment received by the Administrative Agent pursuant to any Loan Document in respect of the Designated Obligations
shall be distributed to the Lenders pro rata in accordance with their respective CAM Percentages (to be redetermined as of each
such date of payment). Any direct payment received by a Lender on or after the CAM Exchange Date, including by way of set-off,
in respect of a Designated Obligation shall be paid over to the Administrative Agent for distribution to the Lenders in accordance
herewith.

 

Article VIII

THE ADMINISTRATIVE AGENT

 

Section 8.01.
Appointment of the Administrative Agent. Each of the Lenders hereby irrevocably appoints the Administrative
Agent as its agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on
its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with
such actions and powers as are reasonably incidental thereto.

 

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Section 8.02.
Capacity as Lender. The Person serving as the Administrative Agent hereunder shall have the same rights and
powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent,
and such Person and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the
Borrower or any of its Subsidiaries or other Affiliate thereof as if it were not the Administrative Agent hereunder.

 

Section 8.03.
Limitation of Duties; Exculpation. The Administrative Agent shall not have any duties or obligations except
those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, (a) the Administrative
Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing,
(b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except
discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is
required to exercise in writing by the Required Lenders, and (c) except as expressly set forth herein and in the other Loan Documents,
the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information
relating to the Borrower or any of its Subsidiaries that is communicated to or obtained by the bank serving as Administrative
Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or not taken
by it with the consent or at the request of the Required Lenders or in the absence of its own gross negligence or willful misconduct.
The Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof is given
to the Administrative Agent by the Borrower or a Lender, and the Administrative Agent shall not be responsible for or have any
duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or
any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in
connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions
set forth herein or therein, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan
Document or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article IV or elsewhere
herein or therein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.

 

Section 8.04.
Reliance. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for
relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic
message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed or sent
by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed
by it to be made by the proper Person, and shall not incur any liability for relying thereon. The Administrative Agent may consult
with legal counsel, independent accountants and other experts selected by it, and shall not be liable for any action taken or
not taken by it in accordance with the advice of any such counsel, accountants or experts.

 

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Section 8.05.
Sub-Agents. The Administrative Agent may perform any and all its duties and exercise its rights and powers
by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent
may perform any and all its duties and exercise its rights and powers through their respective Related Parties. The exculpatory
provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of the Administrative Agent
and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities
provided for herein as well as activities as Administrative Agent.

 

Section 8.06.
Resignation; Successor Administrative Agent. The Administrative Agent may resign at any time by notifying
the Lenders and the Borrower. Upon any such resignation, the Required Lenders shall have the right, with the consent of the Borrower
not to be unreasonably withheld (provided that no such consent shall be required if an Event of Default has occurred and
is continuing), to appoint a successor. If no successor shall have been so appointed by the Required Lenders and shall have accepted
such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative
Agent’s resignation shall nonetheless become effective and (1) the retiring Administrative Agent shall be discharged from
its duties and obligations hereunder and (2) the Required Lenders shall perform the duties of the Administrative Agent (and all
payments and communications provided to be made by, to or through the Administrative Agent shall instead be made by or to each
Lender directly) until such time as the Required Lenders appoint a successor agent as provided for above in this paragraph. Upon
the acceptance of its appointment as Administrative Agent hereunder by a successor, such successor shall succeed to and become
vested with all the rights, powers, privileges and duties of the retiring (or retired) Administrative Agent and the retiring Administrative
Agent shall be discharged from its duties and obligations hereunder (if not already discharged therefrom as provided above in
this paragraph). The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its
predecessor unless otherwise agreed between the Borrower and such successor. After the Administrative Agent’s resignation
hereunder, the provisions of this Article and Section 9.03 shall continue in effect for its benefit in respect of any actions
taken or omitted to be taken by it while it was acting as Administrative Agent.

 

Section 8.07.
Reliance by Lenders. Each Lender acknowledges that it has, independently and without reliance upon the Administrative
Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis
and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon
the Administrative Agent or any other Lender and based on such documents and information as it shall from time to time deem appropriate,
continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document
or any related agreement or any document furnished hereunder or thereunder.

 

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Section 8.08.
Modifications to Loan Documents. Except as otherwise provided in Section 9.02(b) or 9.02(c), the Administrative
Agent may, with the prior consent of the Required Lenders (but not otherwise), consent to any modification, supplement or waiver
under any of the Loan Documents; provided that, without the prior consent of each Lender, the Administrative Agent shall
not (except as provided herein or in the Security Documents) release all or substantially all of the Collateral or otherwise terminate
all or substantially all of the Liens under any Security Document providing for collateral security, agree to additional obligations
being secured by all or substantially all of such collateral security, or alter the relative priorities of the obligations entitled
to the benefits of the Liens created under the Security Documents with respect to all or substantially all of the Collateral,
except that no such consent shall be required, and the Administrative Agent is hereby authorized, to (1) release any Lien covering
property that is the subject of either a disposition of property permitted hereunder or a disposition to which the Required Lenders
have consented and (2, (2) upon the consummation of the Mergers,
automatically release Sierra Management from the Guarantee and Security Agreement (so long as, following such consummation, Sierra
Management is no longer deemed a Subsidiary in accordance with the terms of the definition thereof) and (3) release
from the Guarantee and Security Agreement any “Subsidiary Guarantor” (and any property of such Subsidiary Guarantor)
that is designated as a Structured Subsidiary in accordance with this Agreement or which is no longer required to be a “Subsidiary
Guarantor”, so long as in the case of this clause (23):
(A) immediately after giving effect to any such release (and any concurrent acquisitions of Portfolio Investments or payment of
outstanding Indebtedness) the Covered Debt Amount does not exceed the Borrowing Base and the Borrower delivers a certificate of
a Financial Officer to such effect to the Administrative Agent, (B) either (I) the amount of any excess availability under the
Borrowing Base immediately prior to such release is not diminished as a result of such release or (II) the Borrowing Base immediately
after giving effect to such release is at least 120115%
of the Covered Debt Amount and (C) no Default has occurred and is continuing.

 

Article IX

MISCELLANEOUS

 

Section 9.01.
Notices; Electronic Communications.

 

(a)
Notices Generally. Except in the case of notices and other communications expressly permitted to be given by telephone,
all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier
service, mailed by certified or registered mail or sent by telecopy or (to the extent permitted by Section 9.01(b)) e-mail, as
follows:

 

(i)  
if to the Borrower, to it at:

 

Sierra Income Corporation

280 Park Avenue, 6th Floor East

New York, NY 10017

Attention: Richard Allorto

Telecopy Number: (212) 759-0091

Direct Telephone: (646) 465-7898

Main Telephone: (212) 759-0777

E-mail: rallorto@medleycapital.comrallorto@mdly.com

 

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with a copy to (which shall not constitute
notice):

 

Dechert LLP

1095 Avenue of the Americas

New York, NY 10036

Attention: Jay R. Alicandri, Esq.

Telecopy Number: 212-698-3599

Telephone
Number: 212-698-3800

E-mail: jay.alicandri@dechert.com

(ii)
if to the Administrative Agent, to it at:

 

ING Capital LLC

13251133
Avenue of the Americas

New York, New York 1001910036

Attention: Min Jiang

Telecopy Number: (646) 424-8223

Telephone Number: (646) 424-8225

E-mail: Min.Jiang@ing.com and

DLNYLoanAgencyTeam@ing.com

 

with a copy to (which shall not constitute
notice):

 

ING Capital LLC

13251133
Avenue of the Americas

New York, New York 1001910036

Attention: Dominik Breuer

Telecopy Number: (646) 424-6919

Telephone Number: (646) 424-6269

E-mail: Dominik.Breuer@ing.com

 

with a copy to (which shall not constitute
notice):
 

Paul, Weiss, Rifkind, Wharton &
Garrison LLP

1285 Avenue of the AmericasFried, Frank, Harris, Shriver &
Jacobson LLP

One New York Plaza

New York, New York 10019-606410004

Attention: Terry E. Schimek, Esq.Andrew Klein

Telecopy Number: (212) 757-3990859-4000

Telephone Number: (212) 373-3005859-8030

E-mail: tschimek@paulweissandrew.klein@friedfrank.com

 

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(iii)
if to any other Lender, to it at its address (or telecopy number) set forth in its Administrative Questionnaire.

 

Any party hereto may change its address or
telecopy number or e-mail address for notices and other communications hereunder by notice to the other parties hereto. All notices
and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have
been given on the date of receipt. Notices delivered through electronic communications to the extent provided in paragraph (b)
below, shall be effective as provided in said paragraph (b).

 

(b)
Electronic Communications. Notices and other communications to the Lenders hereunder may be delivered or furnished
by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative
Agent; provided that the foregoing shall not apply to notices to any Lender pursuant to Section 2.04 if such Lender has
notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication. The
Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder
by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited
to particular notices or communications.

 

Unless the Administrative Agent otherwise
prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt
of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available,
return e-mail or other written acknowledgement); provided that if such notice or other communication is not sent during
the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business
on the next business day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall
be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause
(i) of notification that such notice or communication is available and identifying the website address therefor.

 

(c)
Documents to be Delivered under Sections 5.01 and 5.12(a). For so long as a DebtdomainTM or equivalent website
is available to each of the Lenders hereunder, the Borrower may satisfy its obligation to deliver documents to the Administrative
Agent or the Lenders under Sections 5.01 and 5.12(a) by delivering one hard copy thereof to the Administrative Agent and either
an electronic copy or a notice identifying the website where such information is located for posting by the Administrative Agent
on DebtdomainTM or such equivalent website; provided that the Administrative Agent shall have no responsibility to
maintain access to DebtdomainTM or an equivalent website.

 

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Section 9.02.
Waivers; Amendments.

 

(a)
No Deemed Waivers Remedies Cumulative. No failure or delay by the Administrative Agent or any Lender in exercising
any right or power hereunder shall operate as a waiver thereof nor shall any single or partial exercise of any such right or power,
or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof
or the exercise of any other right or power. The rights and remedies of the Administrative Agent and the Lenders hereunder are
cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this
Agreement or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted
by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the
purpose for which given. Without limiting the generality of the foregoing, the making of a Loan shall not be construed as a waiver
of any Default, regardless of whether the Administrative Agent or any Lender may have had notice or knowledge of such Default
at the time.

 

(b)
Amendments to this Agreement. Neither this Agreement nor any provision hereof may be waived, amended or modified
except pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders or by the Borrower
and the Administrative Agent with the consent of the Required Lenders; provided that, subject to Section 2.16(b), no such
agreement shall

 

(i)  
increase the Commitment of any Lender without the written consent of such Lender,

 

(ii)
reduce the principal amount of any Loan or reduce the rate of interest thereon, or reduce any fees payable hereunder, without
the written consent of each Lender directly affected thereby,

 

(iii)
postpone the scheduled date of payment of the principal amount of any Loan, or any interest thereon, or any fees payable
to a Lender hereunder, or reduce the amount or waive or excuse any such payment, or postpone the scheduled date of expiration
of any Commitment, without the written consent of each Lender directly affected thereby,

 

(iv)  
change Section 2.15(b), (c) or (d) in a manner that would alter the pro rata sharing of payments, or making of disbursements,
required thereby without the written consent of each Lender directly affected thereby,

 

(v)
change any of the provisions of this Section or the percentage in the definition of the term “Required Lenders”
or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder
or make any determination or grant any consent hereunder, without the written consent of each Lender,

 

(vi)  
change any of the provisions of the definition of the term “Agreed Foreign Currency” or any other provision
hereof specifying the Foreign Currencies in which each Multicurrency Lender must make Multicurrency Loans, or make any determination
or grant any consent hereunder with respect to the definition of “Agreed Foreign Currencies” without the written consent
of each Multicurrency Lender, or

 

(vii)  
permit the assignment or transfer by the Borrower of any of its rights or obligations under any Loan Document without the
consent of each Lender;

 

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provided further that (x) no such agreement shall amend,
modify or otherwise affect the rights or duties of the Administrative Agent hereunder without the prior written consent of the
Administrative Agent, and (y) the consent of Lenders holding not less than two-thirds of the total Revolving Credit Exposures
and unused Commitments will be required for (A) any change adverse to the Lenders affecting the provisions of this Agreement relating
to the Borrowing Base (including the definitions used therein), or the provisions of Section 5.12(b)(ii), and (B) any release
of any material portion of the Collateral other than for fair value or as otherwise permitted hereunder or under the other Loan
Documents (subject to Section 9.02(c)(ii)).

 

(c)
Amendments to Security Documents. No Security Document nor any provision thereof may be waived, amended or modified,
except to the extent otherwise expressly contemplated by the Guarantee and Security Agreement, and the Liens granted under the
Guarantee and Security Agreement may not be spread to secure any additional obligations (including any increase in Loans hereunder
and the incurrence of any Term Loans under the Term Loan Credit Facility, but excluding (x) any increase pursuant to any Commitment
Increase under Section 2.06(f) and/or (y) the incurrence of any Term Loan under the Term Loan Credit Facility to an amount such
that immediately after giving effect to such Commitment Increase or Term Loan, the sum of (i) the total Commitments of all of
the Lenders hereunder and (ii) the aggregate outstanding principal amount of the Term Loans as of the date of such increase is
not greater than the lesser of (x) 100% of the Obligors’ Net Worth at such date and (y) the amount set forth in Section
2.06(f)(i)(B)(y) as in effect from time to time) except to the extent otherwise expressly contemplated by the Guarantee and Security
Agreement or except pursuant to an agreement or agreements in writing entered into by the Borrower, and by the Collateral Agent
with the consent of the Required Lenders; provided that, subject to Section 2.16(b), (i) without the written consent of
the holders of not less than two-thirds of the total Revolving Credit Exposures and unused Commitments, no waiver, amendment or
modification to the Guarantee and Security Agreement shall (A) release any Obligor representing more than 10% of the Stockholder’s
Equity of the Borrower from its obligations under the Security Documents, (B) release any guarantor representing more than 10%
of the Stockholder’s Equity of the Borrower under the Guarantee and Security Agreement from its guarantee obligations thereunder,
or (C) amend the definition of “Collateral” under the Security Documents (except to add additional collateral) and
(ii) without the written consent of each Lender, no such agreement shall (W) release all or substantially all of the Obligors
from their respective obligations under the Security Documents, (X) release all or substantially all of the collateral security
or otherwise terminate all or substantially all of the Liens under the Security Documents, (Y) release all or substantially all
of the guarantors under the Guarantee and Security Agreement from their guarantee obligations thereunder, or (Z) alter the relative
priorities of the obligations entitled to the Liens created under the Security Documents (except in connection with securing additional
obligations equally and ratably with the Loans and other obligations hereunder) with respect to the collateral security provided
thereby; except that no such consent described in clause (i) or (ii) above shall be required, and the Administrative Agent is
hereby authorized (and so agrees with the Borrower) to direct the Collateral Agent under the Guarantee and Security Agreement,
to release any Lien covering property (and to release any such guarantor) that is the subject of either a disposition of property
permitted hereunder or a disposition to which the Required Lenders or the required number or percentage of Lenders have consented,
or otherwise in accordance with Section 9.15.

 

(d)
Replacement of Non-Consenting Lender. If, in connection with any proposed amendment, waiver or consent requiring
(i) the consent of “each Lender” or “each Lender affected thereby,” or (ii) the consent of “two-thirds
of the holders of the total Revolving Credit Exposures and unused Commitments”, the consent of the Required Lenders is obtained,
but the consent of other necessary Lenders is not obtained (any such Lender whose consent is necessary but not obtained being
referred to herein as a “Non-Consenting Lender”), then the Borrower shall have the right, at its sole cost
and expense, to replace each such Non-Consenting Lender or Lenders with one or more replacement Lenders pursuant to Section 2.17(b)
so long as at the time of such replacement, each such replacement Lender consents to the proposed change, waiver, discharge or
termination.

 

Section 9.03.
Expenses; Indemnity; Damage Waiver.

 

(a)
Costs and Expenses. The Borrower shall pay (i) all reasonable documented and out-of-pocket costs and expenses incurred
by the Administrative Agent, the Collateral Agent and their Affiliates, including the reasonable fees, charges and disbursements
of up to one counsel for the Administrative Agent and the Collateral Agent collectively (other than the allocated costs of internal
counsel), in connection with the syndication of the credit facilities provided for herein, the preparation and administration
(other than internal overhead charges) of this Agreement and the other Loan Documents and any amendments, modifications or waivers
of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated) including,
subject to the last sentence of this clause (a), all costs and expenses of the Independent Valuation Provider, (ii) all reasonable
documented and out-of-pocket expenses incurred by the Administrative Agent, Collateral Agent or any Lender, including the reasonable
and documented fees, charges and disbursements of any counsel for the Administrative Agent, Collateral Agent or any Lender, in
connection with the enforcement or protection of its rights in connection with this Agreement and the other Loan Documents, including
its rights under this Section, or in connection with the Loans made, including all such out-of-pocket expenses incurred during
any workout, restructuring or negotiations in respect thereof and (iii) and all reasonable documented and out-of-pocket costs,
expenses, taxes, assessments and other charges incurred in connection with any filing, registration, recording or perfection of
any security interest contemplated by any Security Document or any other document referred to therein. Unless an Event of Default
has occurred and is continuing, the Borrower shall not be responsible for the reimbursement of any fees, costs and expenses of
the Independent Valuation Provider incurred pursuant to Sections 5.06(b) and 5.12(b)(iii) in excess of the greater of (x) $200,000
or (y) .05% of the total Commitments, in each case in the aggregate incurred for all such fees, costs and expenses in any 12-month
period (the “IVP Supplemental Cap”).

 

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(b)
Indemnification by the Borrower. The Borrower shall indemnify the Administrative Agent and each Lender, and each
Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and
hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (other than Taxes or
Other Taxes which shall only be indemnified by the Borrower to the extent provided in Section 2.14), including the reasonable
and documented out-of-pocket fees, charges and disbursements of one firm of counsel for the Administrative Agent and Collateral
Agent and one firm of counsel for all other Indemnitees as a whole (and, in the case of any foreign jurisdiction, one local counsel
in each such jurisdiction as shall be reasonably necessary and, in the case of any conflict of interest with respect to any Indemnitee,
of another firm of legal counsel for such affected Indemnitee) (other than the allocated costs of internal counsel), incurred
by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of this
Agreement or any agreement or instrument contemplated hereby, the performance by the parties hereto of their respective obligations
hereunder or the consummation of the Transactions or any other transactions contemplated hereby (including, without limitation,
any arrangement entered into with an Independent Valuation Provider), (ii) any Loan or the use of the proceeds therefrom or (iii)
any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract,
tort or any other theory and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall
not as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (1) are
determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the willful misconduct
or gross negligence of such Indemnitee, (2) result from a claim brought against such Indemnitee for a material breach of such
Indemnitee’s obligations under this Agreement or the other Loan Documents, if there has been a final and nonappealable judgment
against such Indemnitee on such claim as determined by a court of competent jurisdiction or (3) result from a claim arising as
a result of a dispute between Indemnitees (other than (x) any dispute involving claims against the Administrative Agent, in each
case in their respective capacities as such, and (y) claims arising out of any act or omission by the Borrower or its Affiliates).

 

The Borrower shall not be liable to any Indemnitee
for any special, indirect, consequential or punitive damages (as opposed to direct or actual damages) (other than in respect of
any such damages incurred or paid by an Indemnitee to a third party and which such Indemnitee is entitled to indemnification hereunder)
arising out of, in connection with, or as a result of the Transactions asserted by an Indemnitee against the Borrower or any other
Obligor; provided that the foregoing limitation shall not be deemed to impair or affect the Obligations of the Borrower
under the preceding provisions of this subsection.

 

(c)
Reimbursement by Lenders. To the extent that the Borrower fails to pay any amount required to be paid by it to the
Administrative Agent under paragraph (a) or (b) of this Section (and without limiting its obligation to do so) or to the extent
that the fees, costs and expenses of the Independent Valuation Provider incurred pursuant to Section 5.12(b)(iii) exceed the IVP
Supplemental Cap for any 12-month period (provided that prior to incurring expenses in excess of the IVP Supplemental Cap, the
Administrative Agent shall have afforded the Lenders an opportunity to consult with the Administrative Agent regarding such expenses),
each Lender severally agrees to pay to the Administrative Agent, as the case may be, such Lender’s Applicable Percentage
(determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided
that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred
by or asserted against the Administrative Agent in its capacity as such.

 

(d)
Waiver of Consequential Damages, Etc. To the extent permitted by applicable law, the Borrower shall not assert,
and hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive
damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of; this Agreement or any
agreement or instrument contemplated hereby, the Transactions, any Loan or the use of the proceeds thereof.

 

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(e)
Payments. All amounts due under this Section shall be payable promptly after written demand therefor.

 

Section 9.04.
Successors and Assigns.

 

(a)
Assignments Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns permitted hereby, except that (i) the Borrower may not assign or otherwise
transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment
or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its
rights or obligations hereunder except in accordance with this Section (and any attempted assignment or transfer by any Lender
which is not in accordance with this Section shall be treated as provided in the last sentence of Section 9.04(b)(iii)). Nothing
in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective
successors and assigns permitted hereby and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative
Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

(b)
Assignments by Lenders.

 

(i)  
Assignments Generally. Subject to the conditions set forth in clause (ii) below, any Lender may assign to one or
more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment
and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld, conditioned
or delayed) of:

 

(A)  
the Borrower; provided that (i) no consent of the Borrower shall be required for an assignment to a Lender, an Affiliate
of a Lender, or, if an Event of Default has occurred and is continuing, any other assignee, and (ii) the Borrower shall be deemed
to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within five
(5) Business Days after having received written notice thereof; and

 

(B)
the Administrative Agent, provided that no consent of the Administrative Agent shall be required for an assignment
by a Lender to an Affiliate of a Lender with prior written notice by such Lender to the Administrative Agent.

 

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(ii)
Certain Conditions to Assignments. Assignments shall be subject to the following additional conditions:

 

(A)  
except in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining amount
of the assigning Lender’s Commitment or Loans of a Class, the amount of the Commitment or Loans of such Class of the assigning
Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment
is delivered to the Administrative Agent) shall not be less than $1,000,000 unless each of the Borrower and the Administrative
Agent otherwise consent; provided that no such consent of the Borrower shall be required if an Event of Default has occurred
and is continuing;

 

(B)
each partial assignment of any Class of Commitments or Loans shall be made as an assignment of a proportionate part of
all the assigning Lender’s rights and obligations under this Agreement in respect of such Class of Commitments and Loans;

 

(C)
the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption in substantially
the form of Exhibit A hereto, together with a processing and recordation fee of $3,500 (which fee shall not be payable
in connection with an assignment to a Lender or to an Affiliate of a Lender), for which the Borrower and the Guarantors shall
not be obligated (except in the case of an assignment pursuant to Section 2.17(b)); and

 

(D)  
the assignee, if it shall not already be a Lender of the applicable Class, shall deliver to the Administrative Agent an
Administrative Questionnaire.

 

(iii)
Effectiveness of Assignments. Subject to acceptance and recording thereof pursuant to paragraph (c) of this Section,
from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto
and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under
this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption,
be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning
Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to
be entitled to the benefits of Sections 2.12, 2.13, 2.14 and 9.03 with respect to facts and circumstances occurring prior to the
effective date of such assignment). Any assignment or transfer by a Lender of rights or obligations under this Agreement that
does not comply with this Section 9.04 shall be treated for purposes of this Agreement as a sale by such Lender of a participation
in such rights and obligations in accordance with paragraph (f) of this Section.

 

(c)
Maintenance of Registers by Administrative Agent. The Administrative Agent, acting solely for this purpose as an
agent of the Borrower, shall maintain at one of its offices in New York City a copy of each Assignment and Assumption delivered
to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amount
and “stated interest” for tax purposes of the Loans owing to, each Lender pursuant to the terms hereof from time to
time (the “Registers” and each individually, a “Register”). The entries in the Registers
shall be conclusive absent manifest error, and the Borrower, the Administrative Agent and the Lenders may treat each Person whose
name is recorded in the Registers pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Registers
shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable
prior notice.

 

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(d)
Acceptance of Assignments by Administrative Agent. Upon its receipt of a duly completed Assignment and Assumption
executed by an assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee
shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any
written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment
and Assumption and record the information contained therein in the Register. No assignment shall be effective for purposes of
this Agreement unless it has been recorded in the Register as provided in this paragraph.

 

(e)
Special Purposes Vehicles. Notwithstanding anything to the contrary contained herein, any Lender (a “Granting
Lender”) may grant to a special purpose funding vehicle (an “SPC”) owned or administered by such
Granting Lender, identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Borrower,
the option to provide all or any part of any Loan that such Granting Lender would otherwise be obligated to make; provided
that (i) nothing herein shall constitute a commitment to make any Loan by any SPC, (ii) if an SPC elects not to exercise such
option or otherwise fails to provide all or any part of such Loan, the Granting Lender shall, subject to the terms of this Agreement,
make such Loan pursuant to the terms hereof, (iii) the rights of any such SPC shall be derivative of the rights of the Granting
Lender, and such SPC shall be subject to all of the restrictions upon the Granting Lender herein contained, and (iv) no SPC shall
be entitled to the benefits of Sections 2.12 (or any other increased costs protection provision), 2.13 or 2.14. Each SPC shall
be conclusively presumed to have made arrangements with its Granting Lender for the exercise of voting and other rights hereunder
in a manner which is acceptable to the SPC, the Administrative Agent, the Lenders and the Borrower, and each of the Administrative
Agent, the Lenders and the Obligors shall be entitled to rely upon and deal solely with the Granting Lender with respect to Loans
made by or through its SPC. The making of a Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to the
same extent, and as if, such Loan were made by the Granting Lender.

 

Each party hereto hereby agrees (which agreement
shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the payment in full
of all outstanding senior indebtedness of any SPC, it will not institute against, or join any other person in instituting against,
such SPC, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or similar proceedings under the
laws of the United States or any State thereof, in respect of claims arising out of this Agreement; provided that the Granting
Lender for each SPC hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage and
expense arising out of their inability to institute any such proceeding against its SPC. In addition, notwithstanding anything
to the contrary contained in this Section, any SPC may (i) without the prior written consent of the Borrower and the Administrative
Agent and without paying any processing fee therefor, assign all or a portion of its interests in any Loans to its Granting Lender
or to any financial institutions providing liquidity and/or credit facilities to or for the account of such SPC to fund the Loans
made by such SPC or to support the securities (if any) issued by such SPC to fund such Loans (but nothing contained herein shall
be construed in derogation of the obligation of the Granting Lender to make Loans hereunder); provided that neither the
consent of the SPC or of any such assignee shall be required for amendments or waivers hereunder except for those amendments or
waivers for which the consent of participants is required under paragraph (1) below, and (ii) disclose on a confidential basis
(in the same manner described in Section 9.13(b)) any non-public information relating to its Loans to any rating agency, commercial
paper dealer or provider of a surety, guarantee or credit or liquidity enhancement to such SPC.

 

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(f)  
Participations. Any Lender may sell participations to one or more banks or other entities (a “Participant”)
in all or a portion of such Lender’s rights and obligations under this Agreement and the other Loan Documents (including
all or a portion of its Commitments and the Loans owing to it); provided that (i) unless an Event of Default has occurred
and is continuing, the consent of the Borrower shall be required for any assignment to any Ineligible Participant; provided,
further, that the Borrower shall be deemed to have consented unless it shall object thereto by written notice to the Administrative
Agent within five (5) Business Days after receiving notice thereof, (ii) such Lender’s obligations under this Agreement
and the other Loan Documents shall remain unchanged, (iii) such Lender shall remain solely responsible to the other parties hereto
for the performance of such obligations and (iv) the Borrower, the Administrative Agent and the other Lenders shall continue to
deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement and
the other Loan Documents. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that
such Lender shall retain the sole right to enforce this Agreement and the other Loan Documents and to approve any amendment, modification
or waiver of any provision of this Agreement or any other Loan Document; provided that such agreement or instrument may
provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described
in the first proviso to Section 9.02(b) that affects such Participant. Subject to paragraph (g) of this Section, the Borrower
agrees that each Participant shall be entitled to the benefits of Sections 2.12, 2.13 and 2.14 to the same extent as if it were
a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section. To the extent permitted by law,
each Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender; provided that such Participant
agrees to be subject to Section 2.15(d) as though it were a Lender hereunder. Each Lender that sells a participation shall, acting
solely for this purpose as an agent of the Borrower, maintain a register on which it enters the name and address of each Participant
and the principal amounts (and stated interest) of each Participant’s interest in the Commitments or other obligations under
the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to
disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating
to a Participant’s interest in any commitments, loans or its other obligations under any Loan Document) to any Person except
to the extent that such disclosure is necessary to establish that such commitment, loan or other obligation is in registered form
under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive
absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner
of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.

 

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(g)
Limitations on Rights of Participants. A Participant shall not be entitled to receive any greater payment under
Section 2.12 or 2.13 than the applicable Lender would have been entitled to receive with respect to the participation sold to
such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent.
A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 2.14 unless
the Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower,
to comply with Section 2.14(e) as though it were a Lender.

 

(h)
Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights
under this Agreement to secure obligations of such Lender, including any such pledge or assignment to a Federal Reserve Bank or
any other central bank, and this Section shall not apply to any such pledge or assignment of a security interest; provided
that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute
any such assignee for such Lender as a party hereto.

 

(i)  
No Assignments or Participations to the Borrower or Affiliates or Certain Other Persons. Anything in this Section
to the contrary notwithstanding, no Lender may (i) assign or participate any interest in any Commitment or Loan held by it hereunder
to the Borrower or any of its Affiliates or Subsidiaries without the prior consent of each Lender, or (ii) assign any interest
in any Commitment or Loan held by it hereunder to a natural person or to any Person known by such Lender at the time of such assignment
to be a Defaulting Lender, a Subsidiary of a Defaulting Lender or a Person who, upon consummation of such assignment would be
a Defaulting Lender.

 

(j)  
Multicurrency Lenders. Any assignment by a Multicurrency Lender, so long as no Event of Default has occurred and
is continuing, must be to a Person that is able to fund and receive payments on account of each outstanding Agreed Foreign Currency
at such time without the need to obtain any authorization referred to in clause (c) of the definition of “Agreed Foreign
Currency.”

 

Section 9.05.
Survival. All covenants, agreements, representations and warranties made by the Borrower herein and in the
certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been
relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement and the making of any Loans,
regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent
or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is
extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan
or any fee or any other amount payable under this Agreement is outstanding and unpaid and so long as the Commitments have not
expired or terminated. The provisions of Sections 2.12, 2.13, 2.14 and 9.03 and Article VIII shall survive and remain in full
force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration
or termination of the Commitments or the termination of this Agreement or any provision hereof.

 

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Section 9.06.
Counterparts; Integration; Effectiveness; Electronic Execution.

 

(a)
Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties
hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute
a single contract. This Agreement and any separate letter agreements with respect to fees payable to the Administrative Agent
constitute the entire contract between and among the parties relating to the subject matter hereof and supersede any and all previous
agreements and understandings, oral or written, relating to the subject matter hereof. This Agreement shall become effective when
provided in Section 4.01, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns. Delivery of an executed counterpart of a signature page to this Agreement by telecopy or electronic mail
shall be effective as delivery of a manually executed counterpart of this Agreement.

 

(b)
Electronic Execution of Assignments. The words “execution,” “signed,” “signature,”
and words of like import in any Assignment and Assumption shall be deemed to include electronic signatures or the keeping of records
in electronic form, each of which shall be of the same legal effect validity or enforceability as a manually executed signature
or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law,
including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and
Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

 

Section 9.07.
Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting
the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in
a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

 

Section 9.08.
Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender and each of its
Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply
any and all deposits (general or special, time or demand, provisional or final) at any time held and other obligations at any
time owing by such Lender or Affiliate to or for the credit or the account of the any Obligor against any of and all the obligations
of any Obligor now or hereafter existing under this Agreement held by such Lender, irrespective of whether or not such Lender
shall have made any demand under this Agreement and although such obligations may be unmatured. The rights of each Lender under
this Section are in addition to other rights and remedies (including other rights of setoff) which such Lender may have. Each
Lender agrees promptly to notify the Borrower after any such set-off and application made by such Lender; provided that
the failure to give such notice shall not affect the validity of such set-off and application

 

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Section 9.09.
Governing Law; Jurisdiction; Etc.

 

(a)
Governing Law. This Agreement shall be construed in accordance with and governed by the law of the State of New
York.

 

(b)
Submission to Jurisdiction. The Borrower hereby irrevocably and unconditionally submits, for itself and its property,
to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States
District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising
out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby
irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined
in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto 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. Nothing in this Agreement shall affect any right that the Administrative Agent or any
Lender may otherwise have to bring any action or proceeding relating to this Agreement against the Borrower or its properties
in the courts of any jurisdiction.

 

(c)
Waiver of Venue. The Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may legally
and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding
arising out of or relating to this Agreement in any court referred to in paragraph (b) of this Section. Each of the parties hereto
hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of
such action or proceeding in any such court.

 

(d)
Service of Process. Each party to this Agreement irrevocably consents to service of process in the manner provided
for notices in Section 9.01. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in
any other manner permitted by law.

 

Section 9.10.
WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD
NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO
HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

    136

     

    

 

Section 9.11.
Judgment Currency. This is an international loan transaction in which the specification of Dollars or any
Foreign Currency, as the case may be (the “Specified Currency”) and payment in New York City or the country
of the Specified Currency (the “Specified Place”) is of the essence, and the Specified Currency shall be the
currency of account in all events relating to Loans denominated in the Specified Currency. Subject to Section 2.15(a), the payment
obligations of the Borrower under this Agreement shall not be discharged or satisfied by an amount paid in another currency or
in another place, whether pursuant to a judgment or otherwise, to the extent that the amount so paid on conversion to the Specified
Currency and transfer to the Specified Place under normal banking procedures does not yield the amount of the Specified Currency
in the Specified Place due hereunder. If for the purpose of obtaining judgment in any court it is necessary to convert a sum due
hereunder in the Specified Currency into another currency (the “Second Currency”), the rate of exchange that
shall be applied shall be the rate at which in accordance with normal banking procedures the Administrative Agent could purchase
the Specified Currency with the Second Currency on the Business Day next preceding the day on which such judgment is rendered.
The obligation of the Borrower in respect of any such sum due from it to the Administrative Agent or any Lender hereunder or under
any other Loan Document (in this Section called an “Entitled Person”) shall, notwithstanding the rate of exchange
actually applied in rendering such judgment, be discharged only to the extent that on the Business Day following receipt by such
Entitled Person of any sum adjudged to be due hereunder in the Second Currency such Entitled Person may in accordance with normal
banking procedures purchase and transfer to the Specified Place the Specified Currency with the amount of the Second Currency
so adjudged to be due; and the Borrower hereby, as a separate obligation and notwithstanding any such judgment, agrees to indemnify
such Entitled Person against, and to pay such Entitled Person on demand, in the Specified Currency, the amount (if any) by which
the sum originally due to such Entitled Person in the Specified Currency hereunder exceeds the amount of the Specified Currency
so purchased and transferred.

 

Section 9.12.
Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference
only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting,
this Agreement.

 

Section 9.13.
Treatment of Certain Information; Confidentiality.

 

(a)
Treatment of Certain Information. The Borrower acknowledges that from time to time financial advisory, investment
banking and other services may be offered or provided to the Borrower or one or more of its Subsidiaries (in connection with this
Agreement or otherwise) by any Lender or by one or more subsidiaries or affiliates of such Lender and the Borrower hereby authorizes
each Lender to share any information delivered to such Lender by the Borrower and its Subsidiaries pursuant to this Agreement,
or in connection with the decision of such Lender to enter into this Agreement, to any such subsidiary or affiliate, it being
understood that any such subsidiary or affiliate receiving such information shall be bound by the provisions of paragraph (b)
of this Section as if it were a Lender hereunder. Such authorization shall survive the repayment of the Loans, and the Commitments
or the termination of this Agreement or any provision hereof.

 

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(b)
Confidentiality. Each of the Administrative Agent (including in its capacity as the Collateral Agent) and the Lenders
agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to
its Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees, agents, advisors and
other representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential
nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory
authority purporting to have jurisdiction over it (including any self-regulatory authority), (c) to the extent required by applicable
laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise
of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other
Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially
the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in,
any of its rights or obligations under this Agreement, provided that, so long as no Default or Event of Default shall have
occurred and be continuing, the Administrative Agent and each Lender agree not to disclose any confidential Information consisting
of the underwriting memoranda or similar materials delivered pursuant to Section 5.01(h) to a prospective assignee or Participant
that is a Direct Competitor, or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction
relating to the Borrower and its obligations, (g) to any lender under the Term Loan Credit Facility and the administrative agent
and collateral agent for such lenders (subject, in each case, to an agreement containing provisions substantially the same as
those of this Section (which may include the Term Loan Credit Facility if it contains confidentiality provisions substantially
the same as those of this Section)), (h) with the consent of the Borrower, (i) on a confidential basis to (i) any rating agency
in connection with rating the Borrower or its Subsidiaries or the Loans, (ii) the CUSIP Service Bureau or any similar agency in
connection with the issuance and monitoring of CUSIP numbers with respect to the Loans, (j) to the extent such Information (x)
becomes publicly available other than as a result of a breach of this Section or (y) becomes available to the Administrative Agent,
any Lender or any of their respective Affiliates on a nonconfidential basis from a source other than the Borrower, or (k) in connection
with the Lenders’ right to grant security interest pursuant to Section 9.04(h) to the Federal Reserve Bank or any other
central bank, or subject to an agreement containing provisions substantially the same as those of this Section, to any other pledgee
or assignee pursuant to Section 9.04(h).

 

For purposes of this Section, “Information”
means all information received from the Borrower or any of its Subsidiaries relating to the Borrower or any of its Subsidiaries
or any of their respective businesses, other than any such information that is available to the Administrative Agent or any Lender
on a nonconfidential basis prior to disclosure by the Borrower or any of its Subsidiaries; provided that, in the case of
information received from the Borrower or any of its Subsidiaries after the Original Effective Date, such information is clearly
identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided
in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree
of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.

 

Section 9.14.
USA PATRIOT Act. Each Lender hereby notifies the Borrower that pursuant to the requirements of the Patriot
Act, it is required to obtain, verify and record information that identifies the Borrower, which information includes the name
and address of the Borrower and other information that will allow such Lender to identify the Borrower in accordance with said
Act.

 

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Section 9.15.
Termination. Promptly upon the Termination Date, the Administrative Agent shall direct the Collateral Agent
to, on behalf of the Administrative Agent, the Collateral Agent and the Lenders, deliver to Borrower such termination statements
and releases and other documents necessary or appropriate to evidence the termination of this Agreement, the Loan Documents, and
each of the documents securing the obligations hereunder as the Borrower may reasonably request, all at the sole cost and expense
of the Borrower.

 

Section 9.16.
Acknowledgment and Consent to Bail-In of EEA Financial Institutions Notwithstanding anything to the contrary
in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges
that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured,
may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges
and agrees to be bound by:

 

(a)
the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising
hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and

 

(b)
the effects of any Bail-in Action on any such liability, including, if applicable:

 

(i)
a reduction in full or in part or cancellation of any such liability;

 

(ii)
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial
Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such
shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under
this Agreement or any other Loan Document; or

 

(iii)  the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA
Resolution Authority.

 

Section 9.17.
Amendment and Restatement 

 

(a)
On the Restatement Effective Date, the Existing Credit Agreement shall be amended and restated in its entirety by this
Agreement, and the Existing Credit Agreement shall thereafter be of no further force and effect, except to evidence (i) the incurrence
by the Borrower of the obligations under the Existing Credit Agreement (whether or not such obligations are contingent as of the
Restatement Effective Date), (ii) the representations and warranties made by the Borrower prior to the Restatement Effective Date
and (iii) any action or omission performed or required to be performed pursuant to such Existing Credit Agreement prior to the
Restatement Effective Date (including any failure, prior to the Restatement Effective Date, to comply with the covenants contained
in such Existing Credit Agreement) . The amendments and restatements set forth herein shall not cure any breach thereof or any
“Default” or “Event of Default” under and as defined in the Existing Credit Agreement prior to the Restatement
Effective Date. This Agreement is not in any way intended to constitute a novation of the obligations and liabilities existing
under the Existing Credit Agreement or evidence payment of all or any portions of such obligations and liabilities (except as
set forth herein with respect to Exiting Lenders).

 

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(b)
The terms and conditions of this Agreement and the Administrative Agent’s and the Lender’s rights and remedies
under this Agreement and the other Loan Documents shall apply to all of the obligations incurred under the Existing Credit Agreement.

 

(c)
On and after the Restatement Effective Date, (i) all references to the Existing Credit Agreement in the Loan Documents
(other than this Agreement) shall be deemed to refer to the Existing Credit Agreement, as amended and restated hereby, (ii) all
references to any Article, Section or sub-clause of the Existing Credit Agreement in any Loan Document (other than this Agreement)
shall be deemed to be references to the corresponding provisions of this Agreement and (iii) except as the context otherwise provides,
on or after the Restatement Effective Date, all references to this Agreement herein (including for purposes of indemnification
and reimbursement of fees) shall be deemed to be references to the Existing Credit Agreement, as amended and restated hereby.

 

(d)
This amendment and restatement is limited as written and is not a consent to any other amendment, restatement or waiver,
whether or not similar and, except as expressly provided herein or in any other Loan Document, all terms and conditions of the
Loan Documents remain in full force and effect unless otherwise specifically amended hereby or by any other Loan Document.

 

Section 9.18.
Mergers. Notwithstanding that the consummation of a Merger may be
undertaken in discrete steps, the order of such events shall not result in any Default or Event of Default hereunder so long as
the Borrower is otherwise in compliance with the terms of this Agreement and the other Loan Documents immediately after the consummation
of such Merger.

 

 

[Signature pages follow]

    140

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be duly executed by their respective authorized officers as of the day and year first above written.

 

	 	SIERRA INCOME CORPORATION
	 	 	 	 
	 	By:	 
	 	 	Name: 	      
	 	 	Title:	 

 

 

[Signature Page to the Amended and Restated
Credit Agreement]

     

     

    

 

	 	ING CAPITAL LLC, as Administrative Agent and a Lender
	 	 	 	 
	 	By:	 
	 	 	Name: 	         
	 	 	Title:	 

 

 

[Signature Page to the Amended and Restated
Credit Agreement]

     

     

    

 

	 	[_____________], as a Lender
	 	 	 	 
	 	By:	 
	 	 	Name: 	             
	 	 	Title:	 

 

     

     

    

 

Solely in its capacity as Exiting Lender, and solely with respect
to Section 2.02(f)(iii) of the Credit Agreement as in effect on the Restatement Effective Date, and any non-pro rata payment being
made on the Restatement Effective Date and to provide any waiver or consent necessary to effectuate such non-pro rata payment
pursuant to Section 9.02 of the Existing Credit Agreement (including Section 9.02(b)(iv)):

 

	 	[_____________], as Exiting Lender
	 	 	 	 
	 	By:	 
	 	 	Name: 	            
	 	 	Title:	 

 

 

[Signature Page to the Amended and Restated
Credit Agreement]

     

     

    

 

Schedule 1.01(a)

Approved Dealers and Approved
Pricing Services

 

 

APPROVED DEALERS

 

BNP Paribas Securities Corp.

Banc of America Securities LLC

Barclays Capital Inc.

BMO Capital Markets

BofA Distributors, Inc.

BTIG LLC

Cantor Fitzgerald & Co.

Citigroup Global Markets Inc.

Citicorp Securities Services, Inc.

Courtview Capital

Credit Agricole

Credit Suisse Securities (USA) LLC

Daiwa Capital Markets America Inc.

Deutsche Bank Securities Inc.

FBR Capital Markets & Co.

Fidelity Brokerage Services LLC

Gleacher & Co. Securities Inc.

Global Hunter Securities LLC

Goldman, Sachs & Co.

Guggenheim Securities LLC

HSBC Securities (USA) Inc.

Imperial Capital LLC

ING Financial Markets LLC

Jeffries & Company, Inc.

J.P. Morgan Securities Inc.

Knight Capital Americas LP

Lazard Freres & Co. LLC

Macquarie Capital USA Inc.

Merrill Lynch Government Securities Inc.

Merrill Lynch, Pierce, Fenner & Smith Incorporated

Mitsubishi UFJ Securities USA Inc.

Mizuho Securities USA Inc.

Morgan Stanley & Co. Incorporated

Morgan Stanley Smith Barney

Nomura Securities International, Inc.

RBC Capital Markets

RBS Securities Inc.

RW Baird

Scotia Bank

Sterne Agee

UBS Financial Services Inc.

UBS Securities LLC

Wells Fargo Advisors, LLC

Wells Fargo Securities, LLC

Wells Fargo Investments, LLC

 

APPROVED PRICING SERVICES

 

Bloomberg

FT Interactive Data Corporation

International Data Corporation

Loan Pricing Corporation

Markit

 

     

     

    

 

Schedule
1.01(b)

 

Commitments

 

	Lender	 	Dollar Commitment Amount	 	 	Multicurrency Commitment Amount	 	 	Total Commitment Amount	 
	ING Capital LLC	 	 	-	 	 	$	50,000,000	 	 	$	50,000,000	 
	KeyBank, N.A.	 	$	30,000,000	 	 	 	-	 	 	$	30,000,000	 
	City National Bank	 	 	-	 	 	$	20,000,000	 	 	$	20,000,000	 
	EverBank Commercial Finance, Inc.	 	$	20,000,000	 	 	 	-	 	 	$	20,000,000	 
	Customers Bank	 	$	15,000,000	 	 	 	-	 	 	$	15,000,000	 
	First Niagara Commercial Finance, Inc.	 	$	15,000,000	 	 	 	-	 	 	$	15,000,000	 
	Signature Bank	 	$	15,000,000	 	 	 	-	 	 	$	15,000,000	 
	ZB, N.A. dba California Bank & Trust	 	$	10,000,000	 	 	 	-	 	 	$	10,000,000	 

 

     

     

    

 

Schedule
1.01(c)

 

Risk
Factors

 

	Bond Default Rating1	 	Risk Factor	 	One Year Expected Default Frequency	 	Five Year Expected Default Frequency
	Aaa / AAA	 	1	 	 	 	 
	Aa1 / AA+	 	10	 	 	 	 
	Aa2 / AA	 	20	 	 	 	 
	Aa3 / AA-	 	40	 	 	 	 
	A1 / A+	 	70	 	 	 	 
	A2 / A	 	120	 	 	 	 
	A3 / A-	 	180	 	 	 	 
	Baa1 / BBB+	 	260	 	 	 	 
	Baa2 / BBB	 	360	 	 	 	 
	Baa3 / BBB-	 	610	 	 	 	 
	Ba1 / BB+	 	940	 	 	 	 
	Ba2 / BB	 	1350	 	 	 	 
	Ba3 / BB-	 	1766	 	 	 	 
	B1 / B+	 	2220	 	 	 	 
	B2 / B	 	2720	 	 	 	 
	B3 / B-	 	3490	 	 	 	 
	Caa-C / CCC+	 	4770	 	Less than or equal to 11.62%	 	Less than or equal to 27.05%
	Caa-C / CCC	 	6500	 	Greater than 11.62% but less than or

equal to 26%	 	Greater than 27.05% but less than or

equal to 48.75%
	Ineligible	 	N/A	 	Greater than 26%	 	Greater than 48.75%

 

 

 

1
The Bond Default Rating used from RiskCalc should be the LOWER of the 1-year or 5-year rating outputs.

     

     

    

 

Schedule
1.01(d)

 

Eligibility
Criteria

 

A Portfolio Investment shall not be an Eligible Portfolio Investment
on any date of determination unless it meets all of the following criteria:

 

		1)	If an Investment in Indebtedness
                                         other than a Noteless Assigned Loan (and other than a High Yield Security that is held
                                         through DTC and has been credited to thea
                                         Custodian Account pursuant to the terms of thea
                                         Custodian Agreement), such Portfolio Investment is evidenced by an original
                                         promissory note registered in the name of an Obligor, delivered to thea
                                         Custodian and credited to thea
                                         Custodian Account pursuant to the terms of thea
                                         Custodian Agreement; provided, however, that solely in the case
                                         of Portfolio Investments in which the Collateral Agent has a first priority perfected
                                         security interest pursuant to a valid Uniform Commercial Code filing, if (1)
                                         if such Portfolio Investment is acquired (1)
                                         by the Obligor after the Restatement Effective Date, the Borrower shall have
                                         up to 10 Business Days following such acquisition to deliver such original promissory
                                         note with respect to such Portfolio Investment to thesuch
                                         Custodian and,
                                         (2) as a result of the syndication, sale, transfer, assignment or exchange
                                         of a portion of a Portfolio Investment,
                                         the Borrower shall have up to 20 Business Days to return, transfer, assign
                                         or exchange any promissory note with respect to such Portfolio Investment and deliver
                                         new or additional promissory notes to thesuch
                                         Custodian or the Collateral Agent as required above or (3) as a result of the Mergers,
                                         the Borrower shall have up to 60 days after the date the Mergers are consummated (or
                                         such longer period as the Administrative Agent may agree in its sole discretion) to return,
                                         transfer, assign or exchange any promissory note with respect to such Portfolio Investment
                                         and deliver new or additional promissory notes to such Custodian or the Collateral
                                         Agent as required above (each note referred to in clauses (1) andthrough
                                         (23)
                                         above, an “Undelivered Note”) (it being understood that during
                                         the time periods in clauses (1) andthrough
                                         (23)
                                         above only the portion of such Portfolio Investment that has not been syndicated, sold,
                                         transferred, assigned or exchanged shall satisfy the criteria specified in this paragraph
                                         1(a)); provided, further that (i) any portion of the Borrowing Base that
                                         consists of an Eligible Portfolio Investment that is an Undelivered Note shall be identified
                                         as such in any Borrowing Base Certificate and (ii) with respect to Undelivered Notes
                                         under clause (y2)
                                         above, at no time may the aggregate amount of Undelivered Notes included in the Borrowing
                                         Base constitute more than 10% of the Portfolio Investments included in the Borrowing
                                         Base;

 

(a) If a Noteless Assigned
Loan, thea Custodian shall have received and credited
to thea Custodian Account pursuant to the terms of thea
Custodian Agreement an original of each transfer document or instrument relating to such Noteless Assigned Loan evidencing
the assignment of such Noteless Assigned Loan from any prior third party owner thereof directly to the Obligor (together with
the consent of each party required under the applicable loan documentation); provided that any portion of the Borrowing
Base that consists of an Eligible Portfolio Investment that is a Noteless Assigned Loan shall be identified as such in any Borrowing
Base Certificate; and

 

(b) If any Investment in Indebtedness,
(x) thea Custodian shall have received originals or
copies of each of the following, to the extent applicable, any related loan agreement, credit agreement, note purchase agreement,
security agreement (if separate from any mortgage), acquisition agreement pursuant to which such Investment was acquired, subordination
agreement, intercreditor agreement or similar instruments, guarantee, assumption or substitution agreement or similar material
operative document, in each case together with any amendment or modification thereto; and (y) all documentation evidencing or
otherwise relating to such Portfolio Investment has been duly authorized and executed, is in full force and effect and is the
legal, binding and enforceable obligation of the parties thereto;

 

     

     

    

 

		2)	Such Portfolio Investment, whether
                                         originated directly or purchased, was underwritten and closed in all material respects
                                         in accordance with the Investment Policies;

 

		3)	If the Portfolio Company of such
                                         Portfolio Investment is a “Debtor” (as defined in the definition of “DIP
                                         Loan”) and such Portfolio Investment is a Bank Loan, such Portfolio Investment
                                         meets the other criteria set forth in the definition of DIP Loan;

 

		4)	Such Portfolio Investment is Transferable
                                         (as defined below);

 

		5)	Such Portfolio Investment is not
                                         a Defaulted Obligation or a Restructured Investment; provided that a Restructured Investment
                                         may, at the Borrower’s request and in the sole discretion of the Administrative
                                         Agent, be an Eligible Portfolio Investment so long as such Portfolio Investment (i) is
                                         Performing and (ii) has been valued by the Independent Valuation Provider after such
                                         Portfolio Investment became a Restructured Investment;

 

		6)	If the underlying Portfolio Company
                                         of such Portfolio Investment has a trailing 24 month EBITDA of less than $20,000,000,
                                         as calculated by the Borrower in a commercially reasonable manner, then either (i) such
                                         Portfolio Company has a total leverage ratio (based on trailing 12-month EBITDA) of less
                                         than 5.5x as calculated by the Borrower in a commercially reasonable manner or (ii) a
                                         loan (through the Borrower’s or Obligor’s exposure) to enterprise value ratio
                                         of not more than 65%, where enterprise value shall be the value determined by the Approved
                                         Third-Party Appraiser in its most recent valuation report provided in connection with
                                         such Portfolio Investment (except that, (A) prior to the delivery of the first valuation
                                         report of the Approved Third-Party Appraiser to be delivered after the Borrower's acquisition
                                         of such Portfolio Investment, if such Portfolio Investment is acquired by the Borrower
                                         in connection with or at the time of an applicable transaction involving the equity of
                                         the related Portfolio Company, the enterprise value of such Portfolio Company may be
                                         imputed from such transaction by the Borrower in a commercially reasonable manner, and
                                         (B) for Quoted Investments, for which no recent valuation reports by third-party appraisers
                                         are available, the enterprise value of such Portfolio Company may be determined by the
                                         Borrower in a commercially reasonable manner);

 

		7)	Such Portfolio Investment does
                                         not represent an Investment in any Portfolio Company in which the Investment Advisor
                                         or any of its Affiliates, or any entities advised by any of the foregoing, holds any
                                         investment other than an Investment that is in the same class as such Portfolio Investment
                                         and is (a) made in accordance with the requirements of an effective SEC exemptive order
                                         allowing such co-investment or joint follow-on investment or (b) made in compliance with
                                         any of the Massachusetts Mutual Life Insurance Co., SEC No-Action Letter (pub. avail.
                                         June 7, 2000), other interpretive guidance issued by the SEC or the Investment Company
                                         Act.

 

		8)	Such Portfolio Investment does
                                         not represent an Investment in any Financing Subsidiary, Structured Finance Obligation,
                                         investment fund, Finance Lease, or similar off balance sheet financing vehicle, or any
                                         joint venture or other Person that is in the principal business of making multiple debt
                                         or equity Investments in other unaffiliated third Persons (other than Investments in
                                         a Third Party Finance Company);

 

     

     

    

 

		9)	(x) Such Portfolio Investment is
                                         owned by the Borrower or any Obligor, free and clear of any Liens and Collateral Agent
                                         holds a first priority, perfected security interest in the Portfolio Investment (subject
                                         to no Liens (including participation interests) other than Eligible Liens), (y) thea
                                         Custodian is holding all documents evidencing or otherwise relating to such
                                         Portfolio Investment (to the extent required by paragraph (1) above) and (z) the other
                                         steps relating to such Portfolio Investment set forth in Section 5.08 and in the Guarantee
                                         and Collateral Agreement have been taken;

 

		10)	Such Portfolio Investment and
                                         related documents are in compliance, in all material respects, with applicable laws,
                                         rules and regulations (including relating to usury, truth in lending, fair credit billing,
                                         fair credit reporting, equal credit opportunity, fair debt collection practices and privacy,
                                         OFAC and Patriot Act);

 

		11)	Such Portfolio Investment is denominated
                                         and payable only in Dollars or Canadian Dollars and the Portfolio Company of such Portfolio
                                         Investment is organized under the laws of the United States or any state or commonwealth
                                         thereof (including the District of Columbia) or Canada or any province thereof, is domiciled
                                         in the United States or Canada, and its principal operations and any property or other
                                         assets of the Portfolio Company thereunder pledged as collateral are primarily located
                                         in the United States or Canada and the only place of payment of such loans is the United
                                         States or Canada;

 

		12)	Such Portfolio Investment, if
                                         an Investment in Indebtedness, bears interest which is due and payable no less frequently
                                         than semi-annually and provides for a fixed amount of principal payable on a scheduled
                                         payment date and or at maturity, and does not have a final maturity greater than 10 years;

 

		13)	Such Portfolio Investment includes
                                         a contractual provision requiring all payments to be made without set off, defense or
                                         counterclaim, and does not include a contractual provision granting rights of rescission,
                                         set off, counterclaim or defense in favor of the Portfolio Company in respect of such
                                         Portfolio Investment, and no material dispute has been asserted with respect to such
                                         Portfolio Investment;

 

		14)	Such Portfolio Investment is not
                                         (x) secured primarily by a mortgage, deed of trust or similar lien on real estate, or
                                         (y) issued by a Person whose primary asset is real estate, or whose value is otherwise
                                         primarily derived from real estate;

 

		15)	Such Portfolio Investment does
                                         not represent a consumer obligation (including, without limitation, a mortgage loan,
                                         auto loan, credit card loan or personal loan);

 

		16)	No payment in respect of such
                                         Portfolio Investment, if an Investment in Indebtedness, is subject to withholding in
                                         respect to taxes of any nature, unless the Portfolio Company is required to make customary
                                         and market-based gross-up payments on an after tax basis for the full amount of such
                                         tax;

 

		17)	Such Portfolio Investment is not
                                         a derivative instrument;

 

		18)	The Portfolio Company of such
                                         Portfolio Investment (or an agent on its behalf) is required to make payments directly
                                         into an account of the Borrower or any Obligor over which the Collateral Agent has “control”
                                         (within the meaning of Section 9-104 of the Uniform Commercial Code) and, to the extent
                                         such account is not an Agency Account, no other Person’s assets are commingled
                                         in such account;

 

     

     

    

 

		19)	Except pursuant to an exemptive
                                         order or as permitted or not prohibited
                                         under the Investment Company Act, no Person acting as administrative agent,
                                         collateral agent or in a similar capacity shall be an Affiliate of the Borrower unless
                                         such Person is an Obligor or a Subsidiary of an Obligor;

 

		20)	Such Portfolio Investment is not
                                         an Investment in a Person in which the Borrower or any of its Subsidiaries or Affiliates
                                         owns or controls more than 25% of the Equity Interests;

 

		21)	If such Portfolio Investment is
                                         a Bank Loan and the Portfolio Company of such Portfolio Investment has issued a Permitted
                                         Prior Working Capital Lien, the Borrower has delivered to the Administrative Agent a
                                         written valuation report of an Approved Third-Party Appraiser determining the enterprise
                                         value of such Portfolio Company to be used for purposes of the conditions outlined in
                                         clause (iii) of the definition of Permitted Prior Working Capital Lien (except that,
                                         prior to the delivery of the first valuation report of the Approved Third Party Appraiser
                                         to be delivered after the Borrower’s acquisition of such Portfolio Investment,
                                         the enterprise value of such Portfolio Company may be calculated by the Borrower in a
                                         commercially reasonable manner);

 

		22)	Such Portfolio Investment has
                                         been assigned a Risk Factor;

 

		23)	Such Portfolio Investment does
                                         not have a Risk Factor greater than 6500;

 

		24)	The Portfolio Company with respect
                                         to such Portfolio Investment has EBITDA for the last trailing twelve months of at least
                                         $7,500,000.

 

For purposes of paragraph (4) above, “Transferable”
means, in the case of any Portfolio Investment, both that:

 

(i) the
applicable Obligor may create a security interest in or pledge all of its rights under and interest in such Portfolio Investment
to secure its obligations under this Agreement or any other Loan Document, and that such pledge or security interest may be enforced
in any manner permitted under applicable law; and

 

(ii) such
Portfolio Investment (and all documents related thereto) contains no provision that directly or indirectly restricts the assignment
of such Obligor’s, or any assignee of Obligor’s, rights under such Portfolio Investment (including any requirement
that the Borrower maintain a minimum ownership percentage of such Portfolio Investment); provided that, such Portfolio
Investment may contain the following restrictions on customary and market based terms: (a) restrictions pursuant to which assignments
may be subject to the consent of the Portfolio Company or agent under the Portfolio Investment so long as the applicable provision
also provides that such consent may not be unreasonably withheld, (b) restrictions on transfer to parties that are not ‘eligible
assignees’ within the customary and market based meaning of the term, and (c) restrictions on transfer to the applicable
Portfolio Company under the Portfolio Investment or its equity holders or financial sponsor entities, competitors, or, in each
case, their Affiliates; provided, further, that in the event that an Obligor is a party to an intercreditor arrangement
with other lenders thereof with payment rights or lien priorities that are junior or senior to the rights of such Obligor, such
Portfolio Investment may be subject to customary and market based rights of first refusal, rights of first offer and purchase
rights in favor, in each case, of such other lenders thereof.

 

     

     

    

 

EXHIBIT E

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

EXHIBIT E

 

Form
of Merger Confirmation

 

Date: [          ]

 

Reference is made to the Amended and Restated
Senior Secured Revolving Credit Agreement, dated as of August 12, 2016 (as modified by the Limited Waiver to Amended and Restated
Senior Secured Revolving Credit Agreement, dated as of September 27, 2018, as amended by the Amendment No. 1 to Amended and Restated
Senior Secured Revolving Credit Agreement, dated as of February 8, 2019, and as further amended, restated, amended and restated
and otherwise modified from time to time, the “Credit Agreement”), among Sierra Income Corporation, ING Capital
LLC, as Administrative Agent, and the several banks and other financial institutions or entities from time to time party thereto
as lenders. Capitalized terms used and not defined herein have the meaning set forth in the Credit Agreement.

 

The undersigned hereby certifies for the
benefit of the Administrative Agent and the Lenders as follows:

 

		A.	As of the date first written above, the Mergers have been consummated.

 

		B.	The identity of each Subsidiary Guarantor, Financing Subsidiary,
                                         CFC and Transparent Subsidiary of the Borrower immediately after giving effect to the
                                         Mergers and to the Guarantee Assumption Agreement(s) (the “Joinders”)
                                         executed by each Subsidiary (other than any Financing Subsidiary, CFC or Transparent
                                         Subsidiary) of MCC (collectively, the “MCC Subsidiary Guarantors”)
                                         as of the date first written above, is set forth below:

 

[           ]

 

		C.	An updated Borrowing Base Certificate of the Borrower immediately
                                         after giving effect to the Mergers and the Joinders is attached hereto as Annex I.

 

		D.	Immediately upon giving effect to the Mergers, all Portfolio Investments
                                         (including Portfolio Investments of the MCC Subsidiary Guarantors) that will be included
                                         in the Borrowing Base upon the consummation of the Mergers satisfy (subject to the qualifications
                                         and limitations contained in the Credit Agreement and the other Loan Documents) the requirements
                                         set forth in the definition of “Eligible Portfolio Investment” in the Credit
                                         Agreement.

 

     

     

    

 

	 	SIERRA INCOME CORPORATION
	 	 	 	 
	 	By:	 
	 	 	Name: 	            
	 	 	Title:	 

 

     

     

    

 

Annex I

[Attach
Borrowing Base Certificate]EX-4.1

 Exhibit 4.1 

AMENDMENT NO. 1 TO WARRANT AGREEMENT 

THIS AMENDMENT NO. 1 TO WARRANT AGREEMENT (this “Amendment”), dated as of February 13, 2019, is by and between Modern Media
Acquisition Corp., a Delaware corporation (the “Corporation”), and Continental Stock Transfer & Trust Company, a New York corporation, as warrant agent (the “Warrant Agent”, also referred to herein as the “Transfer
Agent”). 
 WHEREAS, the Corporation and the Warrant Agent are parties to that certain Warrant Agreement, dated as of May 17, 2017
(the “Warrant Agreement”), entered into in connection with the Corporation’s initial public offering; and 
 WHEREAS, the
requisite number of stockholders of the Corporation have approved an amendment to the Corporation’s Second Amended and Restated Certificate of Incorporation (the “Extension Amendment”) to extend the date by which the Corporation must
consummate its initial Business Combination (as defined below) from February 17, 2019 to June 17, 2019 (the “Extended Date”); and 

WHEREAS, in connection with the Extension Amendment, the Corporation desires to extend the duration of the Exercise Period (as defined below)
to provide that the Warrants (as defined in the Warrant Agreement) will expire if the Corporation has not completed its initial Business Combination by the Extended Date; and 

WHEREAS, Section 9.8 of the Warrant Agreement provides that the Corporation may extend the duration of the Exercise Period pursuant to
Section 3.2 of the Warrant Agreement without the consent of the Registered Holders (as defined in the Warrant Agreement). 
 NOW,
THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows: 

1.    Defined Terms. Capitalized terms used but not otherwise defined herein shall have the meanings provided to
such terms in the Warrant Agreement.      
 2.    Extension of Exercise Period.
Section 3.2 of the Warrant Agreement is hereby amended and restated in its entirety as follows: 
 “3.2 Duration of
Warrants. A Warrant may be exercised only during the period (the “Exercise Period”) commencing on the later of: (i) the date that is thirty (30) days after the first date on which the Corporation completes a merger, share
exchange, asset acquisition, stock purchase, reorganization, recapitalization or other similar business combination, involving the Corporation and one or more businesses (a “Business Combination”), or (ii) the date that is twelve
(12) months from the closing date of the Offering, and terminating at 5:00 p.m., New York City time on the earliest to occur of: (x) the date that is five (5) years after the date on which the Corporation completes its initial
Business Combination, (y) the liquidation of the Corporation in accordance with the Corporation’s certificate of incorporation, as in effect from time to time, if the Corporation fails to complete a Business Combination by June 17,
2019, or (z) solely with respect to the Public Warrants, the Redemption Date (as defined below) as provided in Section 6.2 hereof (the “Expiration Date”); provided, however, that the exercise of
any Warrant shall be subject to the satisfaction of any applicable conditions, as set forth in subsection 3.3.2 below, with respect to an effective registration statement. Except with respect to the right to receive the Redemption Price (as
defined below) (other than with respect to a Private Placement Warrant) in the event of a redemption (as set forth in Section 6 hereof), each Warrant (other than a Private Placement Warrant in the event of a redemption) not
exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at 5:00 p.m. New York City time on the Expiration Date. The Corporation in its sole discretion
may extend the duration of the Warrants by delaying the Expiration Date; provided, that the Corporation shall provide at least twenty (20) days prior written notice of any such extension to the Registered Holders of the Warrants and,
provided further that any such extension shall be identical in duration among all Warrants.” 

 3.    Miscellaneous Provisions. 

3.1    Successors. All the covenants and provisions of this Amendment by or for the benefit of the Corporation or
the Warrant Agent shall bind and inure to the benefit of their respective successors and assigns. 

3.2    Applicable Law. The validity, interpretation, and performance of this Amendment shall be governed in all
respects by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. 

3.3    Counterparts. This Amendment may be executed in any number of original or facsimile counterparts and each of
such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 

3.4    Effect of Headings. The section headings herein are for convenience only and are not part of this Amendment
and shall not affect the interpretation thereof. 
 3.5    Severability. This Amendment shall be deemed
severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Amendment or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable
term or provision, the parties hereto intend that there shall be added as a part of this Amendment a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. 

[Signature page follows] 

  
 2 

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

			
	MODERN MEDIA ACQUISITION CORP.
		
	By:	 	 /s/ Lewis W. Dickey, Jr.

	Name:	 	Lewis W. Dickey, Jr.
	Title:	 	President and Chief Executive Officer
	
	CONTINENTAL STOCK TRANSFER & TRUST     COMPANY, as Warrant Agent and Transfer Agent
		
	By:	 	 /s/

	Name:	 	
	Title:

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