Document:

Exhibit 10.1

 

EXECUTION VERSION

 

AMENDMENT NO. 5 TO LOAN AND
SECURITY AGREEMENT, (this “Amendment”) dated as of June 29, 2022 (the “Amendment Date”), among NEW
MOUNTAIN GUARDIAN III SPV, L.L.C., a Delaware limited liability company (the “Borrower”), NEW MOUNTAIN GUARDIAN III
BDC, L.L.C., a Delaware limited liability company (the “Collateral Manager”), NEW MOUNTAIN GUARDIAN III BDC, L.L.C.,
a Delaware limited liability company (the “Equityholder”) and (the “Seller”), WELLS FARGO BANK,
NATIONAL ASSOCIATION, as the administrative agent (the “Administrative Agent”) and as a lender (the “Lender”)
and WELLS FARGO BANK, NATIONAL ASSOCIATION, as the collateral custodian (the “Collateral Custodian).

 

WHEREAS, the Borrower, the Collateral
Manager, the Equityholder, the Seller, the Administrative Agent, the Lender, the Collateral Custodian and the other lenders party from
time to time thereto are parties to the Loan and Security Agreement, dated as of August 30, 2019 (as may be amended from time to time
prior to the date hereof, the “LSA”), providing, among other things, for the making and the administration of the Advances
by the lenders to the Borrower; and

 

WHEREAS, the Borrower, the Collateral
Manager, the Equityholder, the Administrative Agent, the Collateral Custodian and the Lender desire to amend the LSA in accordance with
Section 12.1 thereof and subject to the terms and conditions set forth herein.

 

NOW THEREFORE, in consideration
of the foregoing premises 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, intending to be legally bound, hereby agree as follows:

 

ARTICLE
I

 

Definitions

 

SECTION 1.1.           
Defined Terms. Terms used but not defined herein have the respective meanings given to such terms in the LSA.

 

ARTICLE
II

 

Amendments

 

SECTION 2.1.           
As of the date of this Amendment, the Loan and Security Agreement is hereby amended to delete the stricken text (indicated textually
in the same manner as the following example: stricken text) and to add the bold and double-underlined
text (indicated textually in the same manner as the following example: bold
and double-underlined text) as set forth on the pages of the LSA attached as Appendix A hereto.

 

     

     

    

 

ARTICLE
III

 

Representations and Warranties

 

SECTION 3.1.           
The Borrower and the Collateral Manager hereby represent and warrant to the Administrative Agent and the Lender that, as of the
date first written above, (i) no Default or Event of Default has occurred and is continuing and (ii) the representations and warranties
of the Borrower and the Collateral Manager contained in the LSA are true and correct in all material respects on and as of such day (other
than any representation and warranty that is made as of a specific date).

ARTICLE
IV

 

Conditions Precedent

 

SECTION 4.1.           
This Amendment shall become effective as of the date first written above so long as the following conditions are satisfied:

 

		i.	the execution and delivery of this Amendment by each party hereto;

 

		ii.	the Administrative Agent’s receipt of a legal opinion of Schulte Roth & Zabel LLP counsel to
the Borrower in form and substance reasonably satisfactory to the Administrative Agent covering such matters as the Administrative Agent
may reasonably request;

 

		iii.	the Administrative Agent’s receipt of a good standing certificate of the Borrower and the Collateral
Manager issued by Secretary of State of the State of Delaware and a certified copy of the resolutions of the board of directors of the
Collateral Manager approving this Amendment and the transactions contemplated hereby, certified by an authorized officer (or similar)
of the Collateral Manager; and

 

		iv.	the Borrower shall have paid to the Administrative Agent, in immediately available funds for its own account,
any fees (including reasonable and documented fees, disbursements and other charges of counsel to the Administrative Agent) to be received
on the date hereof.

 

ARTICLE
V

 

Miscellaneous

 

SECTION 5.1.           
Governing Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

    2

     

    

 

SECTION 5.2.           
Severability Clause In case any provision in this Amendment shall be invalid, illegal or unenforceable, the validity, legality,
and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

SECTION 5.3.           
Ratification Except as expressly amended hereby, the LSA is in all respects ratified and confirmed and all the terms, conditions
and provisions thereof shall remain in full force and effect. This Amendment shall form a part of the LSA for all purposes.

 

SECTION 5.4.           
Counterparts The parties hereto may sign one or more copies of this Amendment in counterparts, all of which together shall
constitute one and the same agreement. Delivery of an executed signature page of this Amendment by facsimile or email transmission shall
be effective as delivery of a manually executed counterpart hereof. This Amendment shall be valid, binding, and enforceable against a
 ‎party when executed and delivered by ‎an authorized individual on behalf of the party by means of ‎‎(i) an original
manual signature; (ii) a faxed, ‎scanned, or photocopied manual signature, or (iii) any ‎other electronic signature permitted
by the federal ‎Electronic Signatures in Global and National ‎Commerce Act, state enactments of the Uniform Electronic ‎Transactions
Act, and/or any other ‎relevant electronic signatures law, including any relevant provisions of ‎the UCC ‎ (collectively,
 ‎‎“Signature Law”), in each case to the extent ‎applicable. Each faxed, scanned, or photocopied ‎manual
signature, or other electronic signature, shall for ‎all purposes have the same validity, legal ‎effect, and admissibility
in evidence as an original manual ‎signature. Each party hereto shall be ‎entitled to conclusively rely upon, and shall have
no liability with ‎respect to, any faxed, scanned, or ‎photocopied manual signature, or other electronic signature, of any
 ‎other party and shall have no ‎duty to investigate, confirm or otherwise verify the validity or authenticity ‎thereof.
 ‎For the avoidance of ‎doubt, original manual signatures shall be used for execution or indorsement of ‎writings when
 ‎required under the UCC or other Signature Law due to the character or intended character ‎of the ‎writings.

‎

SECTION 5.5.           
Headings The headings of the Articles and Sections in this Amendment are for convenience of reference only and shall not
be deemed to alter or affect the meaning or interpretation of any provisions hereof.

 

    3

     

    

 

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

 

	 	NEW MOUNTAIN GUARDIAN III SPV,
    L.L.C., as the Borrower
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	NEW MOUNTAIN GUARDIAN III BDC,
    L.L.C., as Collateral Manager
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	NEW MOUNTAIN GUARDIAN III BDC,
    L.L.C., as the Equityholder and as the Seller
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Amendment No. 5 to Loan and Security Agreement (Guardian III)]

 

    

     

    

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
    as the Administrative Agent
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
    as a Lender
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
    as the Collateral Custodian
	 	 
	 	By: Computershare Trust Company, N.A.,
    as its attorney-in-fact
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature
Page to Amendment No. 5 to Loan and Security Agreement (Guardian III)] 

 

    

     

    

 

APPENDIX
A

 

    

     

    

 

 

EXECUTION VERSION

Conformed through Fifth Amendment, dated as of
June 29, 2022

 

 

 

Up To U.S. $800,000,000 

 

LOAN AND SECURITY AGREEMENT

 

by and among

 

NEW MOUNTAIN GUARDIAN III BDC, L.L.C.,

as the Collateral Manager

 

NEW MOUNTAIN GUARDIAN III SPV, L.L.C.,

as the Borrower

 

NEW MOUNTAIN GUARDIAN III BDC, L.L.C.,

as the Equityholder and as the Seller

 

EACH OF THE LENDERS FROM TIME TO TIME PARTY
HERETO,

as the Lenders

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as the Administrative Agent

 

and

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as the Collateral Custodian

 

Dated as of August 30, 2019

 

 

 

 

     

     

    

 

TABLE OF CONTENTS

Page

 

	ARTICLE I.   DEFINITIONS	1
	Section 1.1.   Certain Defined Terms	2
	Section 1.2.   Other Terms	47
	Section 1.3.   Computation of Time Periods	47
	Section 1.4.   Interpretation	47
	ARTICLE II.   THE FACILITY	48
	Section 2.1.   Advances	48
	Section 2.2.   Procedures for Advances by the Lenders	49
	Section 2.3.   Reduction of the Facility Amount; Optional Repayments	50
	Section 2.4.   Determination of Interest and Non-Usage Fee	51
	Section 2.5.   [Reserved]	52
	Section 2.6.   Principal Repayments	52
	Section 2.7.   Settlement Procedures	52
	Section 2.8.   Alternate Settlement Procedures	55
	Section 2.9.   Collections and Allocations	56
	Section 2.10.   Payments, Computations, Etc.	57
	Section 2.11.   Fees	58
	Section 2.12.   Increased Costs; Capital Adequacy; Illegality	58
	Section 2.13.   Taxes	60
	Section 2.14.   Discretionary Sales	64
	Section 2.15.   Assignment of the Sale Agreement	65
	Section 2.16.   Effect of Benchmark Transition Event	65
	ARTICLE III.   CONDITIONS TO CLOSING AND ADVANCES	67
	Section 3.1.   Conditions to Closing and Initial Advance	67
	Section 3.2.   Conditions Precedent to All Advances and Reinvestments	68
	Section 3.3.   Custodianship; Transfer of Loans and Permitted Investments	71
	ARTICLE IV.   REPRESENTATIONS AND WARRANTIES	72
	Section 4.1.   Representations and Warranties of the Borrower	72
	Section 4.2.   Representations and Warranties of the Borrower Relating to the Agreement and the Collateral	81

 

    i 

     

    

 

Table
of Contents

(continued)

 

Page

 

	Section 4.3.   Representations and Warranties of the Collateral Manager	81
	Section 4.4.   Representations and Warranties of the Collateral Custodian	84
	Section 4.5.   Representations and Warranties of the Seller	85
	ARTICLE V.   GENERAL COVENANTS	85
	Section 5.1.   Affirmative Covenants of the Borrower	85
	Section 5.2.   Negative Covenants of the Borrower	91
	Section 5.3.   Affirmative Covenants of the Collateral Manager	93
	Section 5.4.   Negative Covenants of the Collateral Manager	97
	Section 5.5.   Affirmative Covenants of the Collateral Custodian	98
	Section 5.6.   Negative Covenants of the Collateral Custodian	98
	Section 5.7.   Covenants of the Seller	99
	ARTICLE VI.   COLLATERAL MANAGEMENT	99
	Section 6.1.   Designation of the Collateral Manager	99
	Section 6.2.   Duties of the Collateral Manager	99
	Section 6.3.   Authorization of the Collateral Manager	101
	Section 6.4.   Collection of Payments; Accounts	102
	Section 6.5.   Realization Upon Defaulted or Delinquent Loans	103
	Section 6.6.   [Reserved]	103
	Section 6.7.   Payment of Certain Expenses by Collateral Manager	103
	Section 6.8.   Reports	104
	Section 6.9.   Annual Statement as to Compliance	105
	Section 6.10.   The Collateral Manager Not to Resign	105
	Section 6.11.   Collateral Manager Defaults	105
	ARTICLE VII.   THE COLLATERAL CUSTODIAN	106
	Section 7.1.   Designation of Collateral Custodian	106
	Section 7.2.   Duties of Collateral Custodian	106
	Section 7.3.   Merger or Consolidation	109
	Section 7.4.   Collateral Custodian Compensation	109
	Section 7.5.   Collateral Custodian Removal	109
	Section 7.6.   Limitation on Liability	110

 

    ii 

     

    

 

Table
of Contents

(continued)

 

Page

 

	Section 7.7.   Resignation of the Collateral Custodian	111
	Section 7.8.   Release of Documents	111
	Section 7.9.   Return of Underlying Instruments	112
	Section 7.10.   Access to Certain Documentation and Information Regarding the Collateral; Audits	112
	ARTICLE VIII.   SECURITY INTEREST	113
	Section 8.1.   Grant of Security Interest	113
	Section 8.2.   Release of Lien on Collateral	114
	Section 8.3.   Further Assurances	114
	Section 8.4.   Remedies	115
	Section 8.5.   Waiver of Certain Laws	115
	Section 8.6.   Power of Attorney	116
	ARTICLE IX.   EVENTS OF DEFAULT	116
	Section 9.1.   Events of Default	116
	Section 9.2.   Remedies	119
	ARTICLE X.   INDEMNIFICATION	120
	Section 10.1.   Indemnities by the Borrower	120
	Section 10.2.   Indemnities by the Collateral Manager	123
	Section 10.3.   Taxes	123
	ARTICLE XI.   THE ADMINISTRATIVE AGENT	124
	Section 11.1.   Appointment	124
	Section 11.2.   Standard of Care; Exculpatory Provisions	124
	Section 11.3.   Administrative Agent’s Reliance, Etc.	125
	Section 11.4.   Credit Decision with Respect to the Administrative Agent	126
	Section 11.5.   Indemnification of the Administrative Agent	126
	Section 11.6.   Successor Administrative Agent	127
	Section 11.7.   Delegation of Duties	127
	Section 11.8.   Payments by the Administrative Agent	127
	Section 11.9.   Collateral Matters	128
	Section 11.10.   Erroneous Payments	128

 

    iii 

     

    

 

Table
of Contents

(continued)

 

Page

 

	ARTICLE XII.   MISCELLANEOUS	131
	Section 12.1.   Amendments and Waivers	131
	Section 12.2.   Notices, Etc.	131
	Section 12.3.   Ratable Payments	131
	Section 12.4.   No Waiver; Remedies	131
	Section 12.5.   Binding Effect; Benefit of Agreement	132
	Section 12.6.   Term of this Agreement	132
	Section 12.7.   Governing Law; Waiver of Jury Trial	132
	Section 12.8.   Consent to Jurisdiction; Waiver of Objection to Venue; Waivers	132
	Section 12.9.   Costs and Expenses	133
	Section 12.10.   No Proceedings	133
	Section 12.11.   Recourse Against Certain Parties	134
	Section 12.12.   Protection of Right, Title and Interest in the Collateral; Further Action Evidencing Advances	135
	Section 12.13.   Confidentiality	136
	Section 12.14.   Execution in Counterparts; Severability; Integration	137
	Section 12.15.   Waiver of Setoff	138
	Section 12.16.   Status of Lenders; Assignments by the Lenders	138
	Section 12.17.   Heading and Exhibits	139
	Section 12.18.   Intent of the Parties	139
	Section 12.19.   Recognition of the U.S. Special Resolution Regimes	140

 

    iv 

     

    

 

EXHIBITS

 

	EXHIBIT A-1	Form of Funding Notice
	EXHIBIT A-2	Form of Repayment Notice
	EXHIBIT A-3	Form of Reinvestment Notice
	EXHIBIT A-4	Form of Borrowing Base Certificate
	EXHIBIT A-5	Form of Approval Notice
	EXHIBIT B	[Reserved]
	EXHIBIT C	Form of Officer’s Certificate as to Solvency
	EXHIBIT D	Form of Officer’s Closing Certificate
	EXHIBIT E	Form of Release of Underlying Instruments
	EXHIBIT F	Form of Certificate of Assignment
	EXHIBIT G	[Reserved]
	EXHIBIT H	[Reserved]
	EXHIBIT I	Form of Joinder Supplement
	EXHIBIT J	[Reserved]
	EXHIBIT K	[Reserved]
	EXHIBIT L-1	Form of Tax Certificate (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	EXHIBIT L-2	Form of Tax Certificate (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	EXHIBIT L-3	Form of Tax Certificate (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)
	EXHIBIT L-4	Form of Tax Certificate (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)

 

    v 

     

    

 

SCHEDULES

 

	SCHEDULE I	Legal Names
	SCHEDULE II	Approved Broker Dealers and Approved Valuation Firms
	SCHEDULE III	Loan List
	SCHEDULE IV	Credit and Collection Policy
	SCHEDULE V 	Agreed-Upon Procedures

 

ANNEXES

 

	ANNEX A	Addresses for Notices
	ANNEX B	Commitments
	ANNEX C	Variable Defined Terms

 

    vi 

     

    

 

 

LOAN AND SECURITY AGREEMENT

 

THIS LOAN AND SECURITY
AGREEMENT (as amended, modified, waived, supplemented, restated or replaced from time to time, this “Agreement”)
is made as of August 30, 2019, by and among:

 

NEW MOUNTAIN GUARDIAN III
BDC, L.L.C., a Delaware limited liability company, as the collateral manager (together with its successors and assigns in such capacity,
the “Collateral Manager”);

 

NEW MOUNTAIN GUARDIAN III
SPV, L.L.C., a Delaware limited liability company, as the borrower (the “Borrower”);

 

NEW MOUNTAIN GUARDIAN III
BDC, L.L.C., a Delaware limited liability company, as the equityholder (the “Equityholder”) and as the seller (the
 “Seller”);

 

EACH OF THE LENDERS FROM
TIME TO TIME PARTY HERETO (together with its respective successors and assigns in such capacity, each a “Lender”,
collectively, the “Lenders”);

 

WELLS FARGO BANK, NATIONAL
ASSOCIATION, a national banking association (“Wells Fargo”), as the administrative agent hereunder (together with
its successors and assigns in such capacity, the “Administrative Agent”); and

 

WELLS FARGO BANK, NATIONAL
ASSOCIATION, a national banking association, not in its individual capacity but as the collateral custodian (together with its successors
and assigns in such capacity, the “Collateral Custodian”).

 

R E C I T A L S

 

WHEREAS, the Borrower
has requested that the Lenders provide Commitments and make Advances (each as defined below) from time to time prior to the Revolving
Period End Date (as defined below) for the general business purposes of the Borrower;

 

WHEREAS, the Borrower
has requested that the Collateral Manager act as the collateral manager of the Borrower and manage the Collateral (as defined below);

 

WHEREAS, the Borrower
and the Lenders have requested the Collateral Custodian to act as Collateral Custodian hereunder, with all covenants and agreements made
by the Borrower herein being for the benefit and security of the Secured Parties; and the Collateral Custodian is willing to accept
the trusts created hereby; and

 

WHEREAS, the Lenders
are willing to extend such credit to the Borrower on the terms and subject to the conditions set forth herein.

 

     

     

    

 

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

 

ARTICLE
I.

DEFINITIONS

 

Section 1.1.        
Certain Defined Terms.

 

Certain capitalized terms
used throughout this Agreement are defined in this Section 1.1. As used in this Agreement and its schedules, exhibits and
other attachments, unless the context requires a different meaning, the following terms shall have the following meanings:

 

“1940 Act”:
The Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder.

 

“Account”:
Any of the Collateral Account, the Principal Collection Account, the Interest Collection Account, the Unfunded Exposure Account and any
sub-accounts thereof reasonably deemed appropriate or necessary by the Securities Intermediary or the Administrative Agent for convenience
in administering such accounts.

 

“Accreted Interest”:
Interest accrued on a Loan that is added to the principal amount of such Loan instead of being paid as it accrues.

 

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

 

“Adjusted Balance”:
For any Loan as of any date of determination, an amount equal to the product of (a) the OLB of such Loan as of such date of determination
and (b) the Advance Rate for such Loan as of such date of determination; provided that, the “Adjusted Balance” of any
Loan that is not an Eligible Loan shall be zero.

 

“Administrative Agent”:
Wells Fargo, in its capacity as administrative agent, together with its successors and assigns, including any successor appointed pursuant
to Section 11.6.

 

“Administrative Expenses”:
All amounts (including indemnification payments) due or accrued and payable by the Borrower to any Person pursuant to any Transaction Document
or otherwise required to be reimbursed by the Borrower, including, but not limited to, the Collateral Manager, the Independent Manager,
any third party service provider to the Borrower, any Lender, the Administrative Agent or the Collateral Custodian, any Approved Broker
Dealer or Approved Valuation Firm, accountants, agents and counsel of any of the foregoing for reasonable fees and expenses
or any other Person in respect of any other reasonable fees, expenses, or other payments (including indemnification payments).

 

    2 

     

    

 

“Advance”:
The meaning specified in Section 2.1(a).

 

“Advance Date”:
With respect to any Advance, the date on which such Advance is made.

 

“Advance Rate”:
With respect to (a) any Broadly Syndicated Loan, 75%, (b) any First Lien Middle Market Loan, 70%, (c) any Recurring Revenue Loan, 55%,
(d) any First Lien Last Out Loan, 45% and (e) any Second Lien Loan, 25%.

 

“Advances Outstanding”:
On any day, the aggregate principal amount of all Advances outstanding on such day, after giving effect to all repayments of Advances
and the making of new Advances on such day.

 

“Affected Party”:
The Administrative Agent, each Lender, all assignees and participants of each Lender and any sub-agent of the Administrative Agent.

 

“Affiliate”:
With respect to a Person, means any other Person that, directly or indirectly, controls, is controlled by or is under common control with
such Person, or is a director or officer of such Person; provided that, for purposes of determining whether any Loan is an Eligible
Loan or any Obligor is an Eligible Obligor, the term Affiliate shall not include any Affiliate relationship which may exist solely as
a result of direct or indirect ownership of, or control by, a common Financial Sponsor. For purposes of this definition, “control,”
when used with respect to any specified Person means the possession, directly or indirectly, of the power to vote 20% or more of the voting
securities of such Person or to direct or cause the direction of the management or policies of such Person, whether through the ownership
of voting securities, by contract or otherwise.

 

“Aggregate Adjusted
Balance”: On any date of determination, the sum of the Adjusted Balances of all Eligible Loans on such date.

 

“Aggregate OLB”:
On any date of determination, the sum of the OLBs of all Eligible Loans on such date.

 

“Aggregate Unfunded
Exposure Amount”: On any date of determination, the sum of the Unfunded Exposure Amounts of all Loans included in the Collateral.

 

“Agreement”:
The meaning specified in the Preamble.

 

“Anti-Corruption
Laws”: (a) the U.S. Foreign Corrupt Practices Act of 1977, as amended; (b) the U.K. Bribery Act 2010, as amended; and (c) any
other anti-bribery or anti-corruption laws, regulations or ordinances in any jurisdiction in which the Borrower, the Collateral Manager,
the Equityholder, the Seller or any of their respective Subsidiaries is located or doing business.

 

“Anti-Money Laundering
Laws”: Applicable Laws in any jurisdiction in which the Borrower, the Collateral Manager, the Equityholder, the Seller or any
of their respective Subsidiaries is located or doing business that relates to money laundering or terrorism financing, any predicate crime
to money laundering, or any financial record keeping and reporting requirements related thereto.

 

    3 

     

    

 

“Applicable Law”:
For any Person or property of such Person, all existing and future laws, rules, regulations (including proposed, temporary and final tax
regulations), statutes, treaties, codes, ordinances, permits, certificates, licenses and orders of, and interpretations by, any Governmental
Authority which are applicable to such Person or property (including, without limitation, predatory lending laws, usury laws, the Dodd-Frank
Wall Street Reform and Consumer Protection Act, the Federal Truth in Lending Act, and Regulation Z and Regulation B of the Board of Governors
of the Federal Reserve System), and applicable judgments, decrees, injunctions, writs, awards or orders of any court, arbitrator or other
administrative, judicial, or quasi-judicial tribunal or agency of competent jurisdiction.

 

“Applicable Spread”:
A rate per annum equal to the percentage determined in accordance with the following formula, rounded to four decimal places:

 

Applicable Spread = (ASB
x PercentageB) + (ASO x PercentageO)

 

	where:	ASB	=	1.80%;
	 	ASO	=	2.30%;
	 	 	 	 
	 	PercentageB	=	Average AB / Average AAgg;
	 	PercentageO	=	Average AO / Average AAgg;
	 	 	 	 
	 	 	 	 
	 	Average AB	=	(the aggregate Adjusted Balance of all Broadly Syndicated Loans on the first day of the related Accrual Period + the aggregate Adjusted Balance of all Broadly Syndicated Loans on the last day of the related Accrual Period) / 2;
	 	 	 	 
	 	Average AO	=	(the aggregate Adjusted Balance of all Loans other than Broadly Syndicated Loans on the first day of the related Accrual Period + the aggregate Adjusted Balance of all Loans other than Broadly Syndicated Loans on the last day of the related Accrual Period) / 2; and
	 	 	 	 
	 	Average AAgg	=	Average AB + Average AO;

 

provided that the “Applicable
Spread” shall be 3.25% after the occurrence and during the continuance of an Event of Default.

 

“Approval Notice”:
A notice substantially in the form of Exhibit A-5 attached hereto, executed by the Administrative Agent, evidencing the approval
of the Administrative Agent, in its sole discretion in accordance with clause (B) of the definition of “Eligible Loan”, of
the Loans to be added to the Collateral.

 

“Approved Broker
Dealer”: (a) Each broker dealer listed on part I of Schedule II hereto and (b) any other financial institution
designated as an “Approved Broker Dealer” by the Collateral Manager and reasonably acceptable to the Administrative Agent.

 

    4 

     

    

 

“Approved Valuation
Firm”: (a) Each valuation firm listed on part II of Schedule II hereto and (b) any other financial institution
designated as an “Approved Valuation Firm” by the Collateral Manager and reasonably acceptable to the Administrative Agent.

 

“Asset Rejection
Percentage”: The ratio of (a)(i) the number of Partially Eligible Loans submitted by the Borrower to the Administrative Agent
to be included in the Collateral which are rejected by the Administrative Agent pursuant to clause (B) of the definition of “Eligible
Loan” plus (ii) the number of Eligible Loans which are given an Assigned Value of less than 50% of their respective Purchase Price
by the Administrative Agent pursuant to clause (a)(iii) of the definition of “Assigned Value” to (b) the total number of Partially
Eligible Loans submitted by the Borrower to the Administrative Agent to be included in the Collateral; provided that, until fifteen
(15) Partially Eligible Loans have been submitted to the Administrative Agent by the Borrower, the Asset Rejection Percentage shall be
zero.

 

“Assigned
Value”:

 

(a)              
With respect to any Loan as of any date of determination and subject to the following clauses (b) through (f), the lowest of (i)
100%, (ii) the Purchase Price with respect to such Loan and (iii) the value (expressed as a percentage of par) of such Loan as determined
by the Administrative Agent in its sole discretion. For the avoidance of doubt, the “Assigned Value” of any Loan may not subsequently
be adjusted absent a Value Adjustment Event with respect to such Loan or pursuant to the last paragraph of this definition of “Assigned
Value”.

 

(b)              
[Reserved].

 

    5 

     

    

 

(c)              
If a Value Adjustment Event with respect to such Loan occurs, the “Assigned Value” of such Loan may be amended by the
Administrative Agent in its sole discretion; provided that (x) with respect to any Broadly Syndicated Loan, the Administrative
Agent shall not adjust the Assigned Value to a value lower than the lower of (A) the Market Value of such Loan on such date and (B) the
Initial Assigned Value with respect to such Loan on such date and (y) with respect to any other type of Loan (but excluding Recurring
Revenue Loans) and solely with respect to the occurrence of a Value Adjustment Event of the type described in clause (a) of the definition
thereof with respect to such Loan, immediately after giving effect to any such reevaluation, the Assigned Value shall not be lower than
the lower of (1) the Initial Assigned Value of such Loan on such date and (2) such value that would result in the Facility Attachment
Ratio for such Loan being equal to or lower than the “Minimum Facility Attachment Ratio” specified therefor in accordance
with the grids below:

 

	
    First Lien
    Loans

	Net Senior Leverage Ratio	Minimum Facility Attachment Ratio
	Less than 4.25x	2.90x
	Greater than or equal to 4.25 and less than 5.00x	2.80x
	Greater than or equal to 5.00 and less than 6.00x	2.70x
	Greater than or equal to 6.00 and less than 7.00x	2.60x
	Greater than or equal to 7.00 and less than 8.00x	2.40x
	Greater than or equal to 8.00x	0.00x
	 	 
	
    First Lien
    Last Out Loans

	Net Senior Leverage Ratio	Minimum Facility Attachment Ratio
	Less than 5.00x	Facility Attachment Ratio as of the date of acquisition of such Loan
	Greater than or equal to 5.00 and less than 6.00x	Facility Attachment Ratio as of the date of acquisition of such Loan less 0.25x
	Greater than or equal to 6.00 and less than 7.00x	Facility Attachment Ratio as of the date of acquisition of such Loan less 0.50x
	Greater than or equal to 7.00x	0.00x
	 	 
	
    Second Lien
    Loans

	Total Leverage Ratio	Minimum Facility Attachment Ratio
	Less than 5.00x	Facility Attachment Ratio as of the date of acquisition of such Loan
	Greater than or equal to 5.00 and less than 6.00x	Facility Attachment Ratio as of the date of acquisition of such Loan less 0.25x
	Greater than or equal to 6.00 and less than 7.00x	Facility Attachment Ratio as of the date of acquisition of such Loan less 0.50x
	Greater than or equal to 7.00x	0.00x
	 	 
	
    Designated
    Loans

	Total Leverage Ratio	Minimum Facility Attachment Ratio
	Less than 6.00x	Lesser of (x) the Facility Attachment Ratio as of the date of acquisition of such Loan and (y) 2.00x
	Greater than or equal to 6.00x	0.00x

 

    6 

     

    

 

(d)               In
the event that a Value Adjustment Event results in the reduction of the Assigned Value of any Eligible Loan and, subsequent to such
reduction, either (i) the Net Senior Leverage Ratio (in the case of any Value Adjustment Event pursuant to clause (a)(i) of such
definition), (ii) the Cash Interest Coverage Ratio (in connection with any Value Adjustment Event pursuant to clause (b) of such
definition), (iii) the Total Leverage Ratio (in the case of any Value Adjustment Event pursuant to clause (a)(ii) of such
definition) or (iii) all of the Net Senior Leverage Ratio, Cash Interest Coverage Ratio and Total Leverage Ratio (in the case of any
Value Adjustment Event pursuant to clauses (a) and (b) of such definition) is or are improved to the applicable levels reported on
the Purchase Date of such Loan, then on any Business Day the Borrower may, by written notice to the Administrative Agent, request
that the Assigned Value of such Loan be re-determined by the Administrative Agent in its sole discretion in accordance with terms of
the definition of “Assigned Value” in this Section 1.1;

 

(e)              
The Assigned Value shall be zero for any Loan that is not an Eligible Loan; and

 

(f)               
The Assigned Value shall be zero for any Loan subject to mandatory repurchase by the Seller under the Sale Agreement.

 

Any Assigned Value determined
hereunder with respect to any Loan on any date after the date such Loan is transferred to the Borrower shall be communicated by the Administrative
Agent to the Borrower, the Collateral Manager, the Collateral Custodian and the Lenders.

 

“Automatic Excess
Concentration Amount Reduction Date”: November 8, 2019.

 

“Availability”:
As of any day, an amount equal to the excess, if any, of (i) the Borrowing Base minus (ii) the Advances Outstanding on such day;
provided that at all times on and after the earliest to occur of the Revolving Period End Date, the Revolving Period Termination
Date and the Termination Date, the Availability shall be zero.

 

“Available Funds”:
With respect to any Payment Date, all amounts on deposit in the Collection Account (including, without limitation, any Collections) as
of the last day of the related Collection Period.

 

“Available Tenor”:
As of any date of determination and with respect to the then-current Benchmark, as applicable, (x) if the then-current Benchmark is a
term rate, any tenor for such Benchmark or (y) otherwise, any payment period for interest calculated with reference to such Benchmark,
as applicable, that is or may be used for determining the length of an Accrual Period pursuant to this Agreement as of such date and not
including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Accrual Period”
pursuant to Section 2.16.

 

“Bankruptcy Code”:
The United States Bankruptcy Reform Act of 1978 (11 U.S.C. § 101, et seq.), as amended from time to time.

 

“Base Rate”:
For any day, the rate per annum (rounded upward, if necessary, to the next 1/16 of 1%) equal to the greater of (a) the Federal Funds
Rate in effect on such day plus 0.50% and (b) the Prime Rate in effect on such day.

 

“Benchmark”:
Initially, Daily Simple SOFR; provided that if a Benchmark Transition Event and its related Benchmark Replacement Date have
occurred with respect to Daily Simple SOFR or the then-current Benchmark, then “Benchmark” means the applicable
Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to Section
2.16.

 

    7 

     

    

 

“Benchmark
Replacement”: For any Available Tenor, the sum of: (A) the alternate benchmark rate that has been selected by the Administrative
Agent and the Borrower as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration
to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental
Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current
Benchmark for Dollar-denominated syndicated credit facilities at such time and (B) the related Benchmark Replacement Adjustment; provided
that, if the Benchmark Replacement as so determined would be less than zero, the Benchmark Replacement shall be deemed to be zero for
purposes of this Agreement and the other Transaction Documents.

 

“Benchmark Replacement
Adjustment”: With respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any
applicable Accrual Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement, an adjustment (which may be a
positive or negative value or zero), in each case, that has been selected by the Administrative Agent and the Borrower as the replacement
for such Available Tenor of such Benchmark giving due consideration to any evolving or then-prevailing market convention, including any
applicable recommendations made by the Relevant Governmental Body, for Dollar denominated syndicated credit facilities at such time denominated
in the applicable currency.

 

“Benchmark Replacement Date”:
The earliest to occur of the following events with respect to the then-current Benchmark in the case of clause (a) or (b) of the definition
of “Benchmark Transition Event,” the later of (i) the date of the public statement or publication of information referenced
therein and (ii) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently
or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); in the case of clause (c) of the
definition of “Benchmark Transition Event,” the first date on which such Benchmark (or the published component used in the
calculation thereof) has been determined and announced by or on behalf of the administrator of such Benchmark (or such component thereof)
or the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be non-representative; provided that
such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (c)
and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date.

 

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

 

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

 

    8 

     

    

 

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

 

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

 

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

“Benchmark Unavailability
Period”: The period (if any) (x) beginning at the time that a Benchmark Replacement Date has occurred if, at such time, no Benchmark
Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Transaction Document in accordance with Section
2.16 and (y) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and
under any Transaction Document in accordance with Section 2.16.

 

“Beneficial Ownership
Certification”: A certification regarding beneficial ownership required by the Beneficial Ownership Regulation, which certification
shall be substantially similar in form and substance to the form of Certification Regarding Beneficial Owners of Legal Entity Customers
published jointly, in May 2018, by the Loan Syndications and Trading Association and Securities Industry and Financial Markets Association.

 

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

 

“BHC Act Affiliate”:
The meaning assigned to the term “affiliate” in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k).

 

“Borrower”:
The meaning specified in the Preamble.

 

    9 

     

    

 

“Borrower LLC Agreement”:
The Amended and Restated Limited Liability Company Agreement of the Borrower, dated as of the Closing Date, as the same may be amended,
restated, modified or supplemented from time to time.

 

“Borrower’s
Notice”: Any (a) Funding Notice or (b) Reinvestment Notice.

 

“Borrowing Base”:
As of any Measurement Date, an amount equal to the greater of (A) zero and (B) the least of:

 

(a)              
an amount equal to (i) the product of (x) the Aggregate OLB on such date minus the Excess Concentration Amount on such date and
(y) the Weighted Average Advance Rate, on such date, plus (ii) the amount on deposit in the Principal Collection Account on such
date minus (iii) the Unfunded Exposure Equity Amount on such date plus (iv) the amount on deposit in the Unfunded Exposure
Account on such date;

 

(b)              
an amount equal to (i) the Aggregate OLB on such date, minus (ii) the Required Minimum Equity Amount on such date, plus
(iii) the amount on deposit in the Principal Collection Account on such date, minus (iv) the Unfunded Exposure Equity Amount on
such date, plus (v) the amount on deposit in the Unfunded Exposure Account on such date minus (vi) the Excess Concentration
Amount; and

 

(c)              
an amount equal to (i) the Facility Amount as of such date, minus (ii) the Aggregate Unfunded Exposure Amount on such date,
plus (iii) the amount on deposit in the Unfunded Exposure Account on such date.

 

“Borrowing Base Certificate”:
A certificate, in the form of Exhibit A-4, setting forth, among other things, the calculation of the Borrowing Base as of each
Measurement Date.

 

“Breakage Costs”:
With respect to any Lender, any amount or amounts as shall compensate such Lender for any loss, cost or expense incurred by such Lender
(as determined by the applicable Lender in such Lender’s reasonable discretion, but excluding the Applicable Spread) as a result
of a payment by the Borrower of Advances Outstanding or Interest other than on a Payment Date. All Breakage Costs shall be due and payable
hereunder on each Payment Date in accordance with Section 2.7 and Section 2.8. The determination by the applicable
Lender of the amount of any such loss, cost or expense shall be conclusive absent manifest error.

 

“Broadly Syndicated
Loan”: Any First Lien Loan (i) issued pursuant to an Underlying Instrument governing the issuance of Indebtedness of the related
Obligor having an aggregate principal amount (whether drawn or undrawn) of $350,000,000 or greater, (ii) with a related Obligor with EBITDA
of at least $75,000,000 for the twelve months immediately prior to the acquisition of such Loan by the Borrower and (iii) is rated by
both of S&P and Moody’s (or the related Obligor is rated by both of S&P and Moody’s) and no such rating is lower than
 “B3” in the case of Moody’s and “B-” in the case of S&P.

 

“Business Day”:
Any day (other than a Saturday or a Sunday) on which banks are not required or authorized to be closed in New York, New York, the location
of the Collateral Custodian’s Corporate Trust Office; provided that with respect to any determination based on SOFR, such
day shall also be a U.S. Government Securities Business Day.

 

    10 

     

    

 

“Cash”:
Cash or legal currency of the United States as at the time shall be legal tender for payment of all public and private debts.

 

“Cash
Interest Coverage Ratio”: With respect to any Loan for any Relevant Test Period, either (a) the meaning of “Cash
Interest Coverage Ratio” or comparable definition set forth in the Underlying Instruments for such Loan, or (b) in the case
of any Loan with respect to which the related Underlying Instruments do not include a definition of “Cash Interest Coverage Ratio”
or comparable definition, the ratio of (i) EBITDA to (ii) Cash Interest Expense of such Obligor with respect to the applicable
Relevant Test Period, as calculated by the Borrower and Collateral Manager in good faith.

 

“Cash
Interest Expense”: With respect to any Obligor for any period, the amount which, in conformity with GAAP, would be set
forth opposite the caption “interest expense” or any like caption reflected on the most recent financial statements delivered
by such Obligor to the Borrower for such period.

 

“Certificated Security”:
The meaning specified in Section 8-102(a)(4) of the UCC.

 

“Change of Control”:
Any of the following:

 

(a)              
the creation, imposition or, to the knowledge of the Borrower or the Collateral Manager, threatened imposition of any Lien on any
limited liability company membership interest in the Borrower;

 

(b)              
the Borrower LLC Agreement shall fail to be in full force and effect;

 

(c)              
the failure of the Equityholder to directly own in the aggregate 100% of the limited liability company membership interests in
the Borrower; or

 

(d)              
the dissolution, termination, liquidation, transfer or other disposition of all or substantially all of the assets of the Collateral
Manager or the Equityholder.

 

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

 

“Closing Date”:
August 30, 2019.

 

“Code”:
The Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated or issued thereunder.

 

“Collateral”:
All of the Borrower’s right, title and interest in, to and under (in each case, whether now owned or existing, or hereafter acquired
or arising) all accounts (as defined in the UCC), General Intangibles, Instruments and Investment Property and any and all other property
of any type or nature owned by it, including but not limited to:

 

(a)              
all Loans, Permitted Investments and Equity Securities, all payments thereon or with respect thereto and all contracts to purchase,
commitment letters, confirmations and due bills relating to any Loans, Permitted Investments or Equity Securities;

 

    11 

     

    

 

(b)              
 the Accounts and all Cash and Financial Assets credited thereto and all income from the investment of funds therein;

 

(c)              
all Transaction Documents to which the Borrower is a party;

 

(d)              
all funds; and

 

(e)              
all accounts, accessions, profits, income benefits, proceeds, substitutions and replacements, whether voluntary or involuntary,
of and to any of the property of the Borrower described in the preceding clauses.

 

“Collateral Account”:
A Securities Account created and maintained on the books and records of the Collateral Custodian entitled “Collateral Account”
in the name of the Borrower and subject to the Lien of the Administrative Agent for the benefit of the Secured Parties.

 

“Collateral Custodian”:
Wells Fargo, not in its individual capacity, but solely as Collateral Custodian, its successor in interest pursuant to Section 7.3
or such Person as shall have been appointed Collateral Custodian pursuant to Section 7.5.

 

“Collateral Custodian
Fee”: The fees, expenses and indemnities set forth as such in the Collateral Custodian Fee Letter and as provided for in this
Agreement or any other Transaction Document.

 

“Collateral Custodian
Fee Letter”: The fee schedule provided by the Collateral Custodian and acknowledged by the Collateral Manager.

 

“Collateral Custodian
Termination Notice”: The meaning specified in Section 7.5.

 

“Collateral Manager”:
The meaning specified in the Preamble.

 

“Collateral Manager
Default”: The occurrence of any one or more of the following:

 

(a)              
the Collateral Manager in bad faith willfully violates, or takes any action that it knows breaches, any material provision of any
Transaction Document applicable to it (other than a willful and intentional breach that results from a good faith dispute regarding reasonable
alternative courses of action or interpretation of instructions);

 

(b)              
the Collateral Manager fails to observe or perform any covenant or agreement applicable to it in any Transaction Document which
has a material adverse effect on the Lenders (it being understood and agreed that the Collateral Manager shall have no responsibility
for the creditworthiness or continuing eligibility of any Eligible Loan) and such failure continues unremedied for a period of 30 days
(if such failure can be remedied) after the earlier to occur of (A) a Responsible Officer of the Collateral Manager’s actual knowledge
of such failure or (B) its receipt of written notice of such failure;

 

(c)               any
representation, warranty or certification made by the Collateral Manager in any Transaction Document or in any certificate delivered
pursuant to any Transaction Document shall prove to have been incorrect when made, which has a material adverse effect on any
Lender, the Collateral Custodian or the Administrative Agent and which continues to be unremedied for a period of thirty (30) days
after the earlier to occur of (A) a Responsible Officer of the Collateral Manager’s actual knowledge of such failure or (B)
its receipt of written notice of such failure;

 

    12 

     

    

 

(d)              
the occurrence of an Event of Default that results primarily from any material breach by the Collateral Manager of its duties under
the Transaction Documents and which continues to be unremedied for a period of ten (10) Business Days;

 

(e)              
the Collateral Manager, New Mountain Finance Advisers BDC, L.L.C. and Affiliates collectively fail to maintain at least $3,000,000,000
of assets under its management;

 

(f)               
New Mountain Guardian III BDC, L.L.C. (or an Affiliate thereof) ceases to be the Collateral Manager unless it is removed pursuant
to Section 6.11;

 

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

 

(h)              
(A) the occurrence of an act by the Collateral Manager that constitutes fraud or criminal activity in the performance of its obligations
under the Transaction Documents (as determined pursuant to a final adjudication by a court of competent jurisdiction), (B) the Collateral
Manager being convicted (after all appeals and the expiration of time to appeal) of a criminal offense materially related to its business
of providing asset management services or (C) any Responsible Officer of the Collateral Manager primarily responsible for the performance
by the Collateral Manager of its obligations under the Transaction Documents (in the performance of his or her investment management duties)
is convicted (after all appeals and the expiration of time to appeal) of a criminal offense materially related to the business of the
Collateral Manager providing asset management services and continues to have responsibility for the performance by the Collateral Manager
under the Transaction Documents for a period of 30 days after the final such appeal;

 

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

 

(j)                
the failure of the Collateral Manager to make any payment when due (after giving effect to any related grace period) with respect
to any recourse debt which debt is in excess of United States $15,000,000, individually or in the aggregate, or the occurrence of any
event or condition that has resulted in the acceleration of such recourse debt;

 

(k)              
the occurrence or existence of any change with respect to the Collateral Manager which the Administrative Agent in its sole discretion
determines has a Material Adverse Effect (provided that, the withdrawal of the Collateral Manager’s election to be regulated
as a business development company shall not constitute a Material Adverse Effect on the Collateral Manager);

 

(l)                
any Change of Control described in clause (d) of the definition thereof occurs;

 

    13 

     

    

 

(m)            
 any failure by the Collateral Manager to deliver any Required Reports hereunder on or before the date occurring two (2) Business
Days after the date such report is required to be made or given, as the case may be, under the terms of this Agreement;

 

(n)              
the rendering against the Collateral Manager of one or more final judgments, decrees or orders for the payment of money in excess
of United States $15,000,000, individually or in the aggregate, and the continuance of such judgment, decree or order unsatisfied and
in effect for any period of more than sixty (60) consecutive days without a stay of execution; or

 

(o)              
the Equityholder shall fail to maintain at least $15,000,000 of unencumbered liquidity (calculated as the sum (without duplication)
of (i) cash or cash equivalents, (ii) assets which satisfy the criteria set forth in the definition of Eligible Loans (other than clauses
(A) and (B) and except that they are owned by the Equityholder or an Affiliate thereof instead of the Borrower), (iii) committed, undrawn
equity capital, (iv) uncalled capital commitments that are in excess of any indebtedness incurred under a subscription facility, in each
case which are not subject to any Liens (other than all asset liens or liens in favor of a subscription facility lender) or which otherwise
would be considered available for general corporate purposes in the reasonable determination of the Collateral Manager and (v) the Availability).

 

“Collateral Manager
Termination Notice”: The meaning specified in Section 6.11

 

“Collection Account”:
Collectively, the Interest Collection Account and the Principal Collection Account.

 

“Collection Period”:
With respect to the first Payment Date, the period from and including the Closing Date to and including the Determination Date immediately
preceding the first Payment Date; and thereafter, the period from but excluding the Determination Date immediately preceding the previous
Payment Date to and including the Determination Date immediately preceding the current Payment Date (or, in the case of the final Payment
Date, to and including such Payment Date).

 

“Collections”:
All cash collections and other cash proceeds of any Collateral, including, without limitation or duplication, any Interest Collections,
Principal Collections, collections on Permitted Investments or other amounts received in respect thereof (but excluding any Excluded Amounts).

 

“Conforming
Changes”: With respect to the use or administration of Daily Simple SOFR or any Benchmark Replacement, any technical,
administrative or operational changes (including changes to the definition of “Base Rate,” the definition of
 “Business Day,” the definition of “Accrual Period,” timing and frequency of determining rates and making
payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods,
the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent,
in consultation with the Borrower, decides may be appropriate to reflect the adoption and implementation of such Benchmark and to
permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the
Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the
Administrative Agent determines that no market practice for the administration of such Benchmark exists, in such other manner of
administration as the Administrative Agent, in consultation with the Borrower, decides is reasonably necessary in connection with
the administration of this Agreement and the other Transaction Documents).

 

    14 

     

    

 

“Control”:
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.

 

“Commitment”:
With respect to each Lender, the commitment of such Lender to make Advances in accordance herewith in an amount up to (a) prior to the
earlier to occur of the Revolving Period End Date or the Termination Date, the dollar amount set forth opposite such Lender’s name
on Annex B hereto or the amount set forth as such Lender’s “Commitment” on Schedule I to the Joinder Supplement
relating to such Lender, as such amounts may be reduced, increased or assigned from time to time pursuant to the terms of this Agreement,
and (b) on or after the earlier to occur of the Revolving Period End Date or the Termination Date, zero.

 

“Commitment Reduction
Fee”: With respect to any reduction of the Facility Amount pursuant to Section 2.3(a), an amount equal to the product
of (i) the amount of such reduction multiplied by (ii) the applicable Commitment Reduction Percentage.

 

“Commitment Reduction
Percentage”: On any date (a) on or prior to the second anniversary of the Closing Date, the Asset Rejection Percentage is less
than or equal to 50%, and (i) if such date is on or prior to the first anniversary of the Closing Date, 2.00% or (ii) if such date is
after the first anniversary of the Closing Date, a percentage equal to the product of (x) the number of days remaining until the two-year
anniversary of the Closing Date divided by 365 and (y) 1.00% and (b) where either the Asset Rejection Percentage is greater than 50% or
such date is after the second anniversary of the Closing Date, zero percent.

 

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

 

“Contractual Obligation”:
With respect to any Person, any provision of any securities issued by such Person or any indenture, mortgage, deed of trust, contract,
undertaking, agreement, instrument or other document to which such Person is a party or by which it or any of its property is bound or
to which either is subject.

 

“Corporate Trust
Office”: The designated corporate trust office of the Collateral Custodian specified on Annex A or such other address
within the United States as the Collateral Custodian may designate from time to time by notice to the Administrative Agent.

 

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

 

    15 

     

    

 

“Covenant Compliance
Period”: The period beginning on the Closing Date and ending on the date on which all Commitments have been terminated and the
Obligations have been paid in full (other than contingent indemnification and reimbursement obligations for which no claim giving rise
thereto has been asserted).

 

“Credit and Collection
Policy”: The written credit policies and procedures manual of the Collateral Manager set forth on Schedule IV, as such
credit and collection policy may be as amended or supplemented from time to time in accordance with Section 5.1(h).

 

“Daily Simple SOFR”:
For any day (a “SOFR Rate Day”), a rate per annum equal to the greater of (a) SOFR for the day (such day, a “SOFR
Determination Day”) that is five (5) U.S. Government Securities Business Days prior to (i) if such SOFR Rate Day is a U.S. Government
Securities Business Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is not a U.S. Government Securities Business Day, the U.S. Government
Securities Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the SOFR Administrator on
the SOFR Administrator’s Website, and (b) 0.0%. If by 5:00 p.m. on the second (2nd) U.S. Government Securities Business Day immediately
following any SOFR Determination Day, SOFR in respect of such SOFR Determination Day has not been published on the SOFR Administrator’s
Website and a Benchmark Replacement Date with respect to Daily Simple SOFR has not occurred, then SOFR for such SOFR Determination Day
will be SOFR as published in respect of the first preceding U.S. Government Securities Business Day for which such SOFR was published
on the SOFR Administrator’s Website; provided that any SOFR determined pursuant to this sentence shall be utilized for purposes
of calculation of Daily Simple SOFR for no more than three (3) consecutive SOFR Rate Days. Any change in Daily Simple SOFR due to a change
in SOFR shall be effective from and including the effective date of such change in SOFR without notice to the Borrower.

 

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

 

“Default Right”:
The meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

 

“Delayed Draw Loan”:
A Loan that requires one or more future advances to be made by the Borrower and which does not permit the re-borrowing of any amount
previously repaid by the related Obligor; provided that, such Loan shall only be considered a Delayed Draw Loan for so long as
any future funding obligations remain in effect and only with respect to any portion which constitutes a future funding obligation.

 

“Designated Loan”:
Any Loan that the Administrative Agent, in its sole discretion, has designated as a “Designated Loan” on the related Approval
Notice solely for the purposes of determining the Assigned Value of such Loan in reference to the “Minimum Facility Attachment Ratio”
specified therefor and set forth in the definition of “Assigned Value.”

 

“Determination Date”:
The last day of each calendar month; provided that, with respect to the Termination Date, the Determination Date shall be the Termination
Date.

 

    16 

     

    

 

“DIP Loan”:
Any Loan (i) with respect to which the related Obligor is a debtor-in-possession as defined under the Bankruptcy Code, (ii) which has
the priority allowed pursuant to Section 364 of the Bankruptcy Code and (iii) the terms of which have been approved by a court of
competent jurisdiction (the enforceability of which is not subject to any pending contested matter or proceeding).

 

“Discretionary Sale”:
The meaning specified in Section 2.14.

 

“Discretionary Sale
Date”: With respect to any Discretionary Sale, the Business Day on which such Discretionary Sale occurs.

 

“Disruption Event”: The occurrence
of any of the following: (a) any Lender shall have notified the Administrative Agent of a determination by such Lender that it would be
contrary to law or to the directive of any central bank or other Governmental Authority (whether or not having the force of law) to fund
any Advance based on the then current Benchmark, (b) any Lender shall have notified the Administrative Agent of a determination by such
Lender that the then current Benchmark does not accurately reflect the cost to such Lender of making, funding or maintaining any Advance
or (c) any Lender shall have notified the Administrative Agent of the inability of such Lender, as applicable, to make, fund or maintain
any Advance based on the then current Benchmark.

 

“Dollars”:
Means, and the conventional “$” signifies, the lawful currency of the United States.

 

“EBITDA”:
With respect to the Relevant Test Period with respect to the related Loan, the meaning of “EBITDA”, “Adjusted EBITDA”
or any comparable definition in the related Underlying Instruments, and in any case that “EBITDA”, “Adjusted EBITDA”
or such comparable definition is not defined in such Underlying Instruments, an amount, for the principal Obligor on such Loan and any
parent or subsidiary that is obligated pursuant to the Underlying Instruments for such Loan (determined on a consolidated basis without
duplication in accordance with GAAP) equal to earnings from continuing operations for such period plus (a) interest expense, (b)
income taxes, (c) unallocated depreciation and amortization for such Relevant Test Period (to the extent deducted in determining earnings
from continuing operations for such period), (d) amortization of intangibles (including, but not limited to, goodwill, financing fees
and other capitalized costs), other non-cash charges and organization costs, (e) extraordinary losses in accordance with GAAP, (f) one-time,
non-recurring non-cash charges consistent with the compliance statements and financial reporting packages provided by the Obligors, and
(g) and any other item the Borrower and the Administrative Agent mutually deem to be appropriate; provided that, with respect to
any Obligor for which four full fiscal quarters of economic data are not available, EBITDA shall be determined for such Obligor based
on annualizing the economic data from the reporting periods actually available.

 

“Eligible Loan”:
Each Loan (A) for which the Administrative Agent and the Collateral Custodian have received (or, in accordance with clause (b) of the
definition of “Required Loan Documents”, the Collateral Custodian will receive) the related Required Loan Documents; (B)
that has been approved by the Administrative Agent in its sole discretion on or prior to the date of the related Transaction; and (C)
that satisfies each of the following eligibility requirements (unless the Administrative Agent in its sole discretion agrees to waive
any such eligibility requirement with respect to such Loan):

 

(a)              
such Loan is a First Lien Loan, a Recurring Revenue Loan, a First Lien Last Out Loan or a Second Lien Loan;

 

    17 

     

    

 

(b)              
such Loan is denominated and payable only in Dollars in the United States and does not permit the currency in which such Loan is
payable to be changed; provided that the sum of the OLBs of all Loans denominated in a currency other than Dollars may comprise
up to 5% of the Aggregate OLB;

 

(c)              
the acquisition of such Loan will not cause the Borrower or the pool of Collateral to be required to register as an investment
company under the 1940 Act;

 

(d)              
such Loan does not constitute a DIP Loan;

 

(e)              
the primary Underlying Asset for such Loan is not real property;

 

(f)               
such Loan is in the form of and is treated as indebtedness of the related Obligor for United States federal income tax purposes
and is not a United States real property interest as defined under Section 897 of the Code;

 

(g)              
as of the date such Loan is first included as part of the Collateral hereunder, such Loan is not delinquent in payment after taking
into account any applicable grace or cure period;

 

(h)              
such Loan and any Underlying Assets comply in all material respects with all Applicable Laws;

 

(i)                
such Loan is eligible under its Underlying Instruments (giving effect to the provisions of Sections 9-406 and 9-408 of the
UCC) to be sold to the Borrower and to have a security interest therein granted to the Administrative Agent, as agent for the Secured
Parties;

 

(j)                
such Loan, together with the Underlying Instruments related thereto, (i) is, to the knowledge of the Borrower following the Borrower’s
completion of customary due diligence, in full force and effect and constitutes the legal, valid and binding obligation of the related
Obligor enforceable against such Obligor in accordance with its terms, subject to customary bankruptcy, insolvency and equity limitations,
(ii) is not subject to any litigation, dispute or offset as of the Purchase Date or, to the knowledge of the Collateral Manager, on any
subsequent date, and (iii) contains provisions substantially to the effect that the Obligor’s payment obligations thereunder
are absolute and unconditional without any right of rescission, setoff, counterclaim or defense for any reason against the Borrower or
any assignee thereof except as required by law;

 

(k)              
such Loan (i) was originated and underwritten, or purchased and re-underwritten, by the Borrower or any of its Affiliates in accordance
with the Credit and Collection Policy and (ii) is fully documented;

 

    18 

     

    

 

(l)                
 (i) the Borrower has good and marketable title to, and is the sole owner of, such Loan, and (ii) the Borrower has granted to the
Administrative Agent a valid and perfected first-priority (subject to Permitted Liens) security interest in the Loan and Underlying Instruments,
for the benefit of the Secured Parties;

 

(m)            
such Loan, and any payment made with respect to such Loan, is not subject to any withholding tax unless the Obligor thereon is
required under the terms of the related Underlying Instrument to make “gross-up” payments that cover the full amount of such
withholding tax on an after-tax basis (subject only to customary carve-outs);

 

(n)              
(x) all material consents, licenses, approvals or authorizations of, or registrations or declarations with, any Governmental Authority
or any other Person required to be obtained, effected or given in connection with the making, acquisition, transfer or performance by
the Borrower of such Loan and (y) all consents, licenses, approvals or authorizations of, or registrations or declarations with, any Governmental
Authority or any other Person required to be obtained, effected or given in connection with the borrowing or performance by the related
Obligor of such Loan (unless the failure to do so could not be reasonably expected to have a material adverse effect), in each case have
been duly obtained, effected or given and are in full force and effect;

 

(o)              
such Loan and the Underlying Instruments related thereto, are eligible to be sold, assigned or transferred to the Borrower, and
neither the sale, transfer or assignment of such Loan to the Borrower, nor the granting of a security interest hereunder to the Administrative
Agent, violates, conflicts with or contravenes in any material respect any Applicable Law or any contractual or other restriction, limitation
or encumbrance binding on the Borrower;

 

(p)              
such Loan requires the related Obligor to pay customary maintenance, repair, insurance and taxes, together with all other ancillary
costs and expenses, with respect to the related, underlying collateral of such Loan;

 

(q)              
such Loan has an original term to stated maturity as of the Purchase Date that does not exceed ten (10) years;

 

(r)               
the Underlying Instruments for such Loan do not contain a confidentiality provision that would prohibit the Administrative Agent
or any Secured Party from obtaining all necessary information with regard to such Loan, so long as the Administrative Agent or such Secured
Party, as applicable, has agreed to maintain the confidentiality of such information in accordance with the provisions of such Underlying
Instruments;

 

(s)               
such Loan requires (i) periodic payments of accrued and unpaid interest in cash (x) in a minimum amount of (A) if such Loan has
a floating interest rate based on the Benchmark, such Benchmark rate plus 2% per annum, (B) if such Loan has a floating
interest rate based on the Prime Rate, the Prime Rate, (C) if such Loan has a fixed interest rate, 6% per annum or (D) if such
Loan is a PIK Loan, 2% per annum and (y) on a current basis no less frequently than quarterly and (ii) a fixed amount of principal
payable in cash no later than its stated maturity;

 

    19 

     

    

 

(t)                
 if such Loan is a registration-required obligation within the meaning of Section 163(f)(2) of the Code, such Loan is Registered;

 

(u)              
such Loan is not a participation interest;

 

(v)              
all information provided by the Borrower or the Collateral Manager with respect to the Loan is true, correct and complete in all
material respects as of the date such information is provided;

 

(w)            
such Loan (A) is not an Equity Security and (B) does not provide for the conversion or exchange into an Equity Security at any
time on or after the date it is included as part of the Collateral;

 

(x)              
such Loan does not constitute Margin Stock;

 

(y)              
unless such Loan is a Delayed Draw Loan or a Revolving Loan, such Loan does not require the Borrower to make advances in respect
of such Loan at any time after the Borrower’s purchase of such Loan; provided that, if such Loan is a Delayed Draw Loan or
a Revolving Loan, the acquisition of such Loan would not cause the sum of the OLBs of all Loans that would qualify as a Delayed Draw Loan
or Revolving Loan plus the Aggregate Unfunded Exposure Amount to exceed the greater of (i) 10% of the Aggregate OLB plus the Aggregate
Unfunded Exposure Amount as of such date and (ii) the applicable amount set forth in Annex C;

 

(z)              
such Loan shall not cause the aggregate OLBs of all Loans with respect to which the related Obligor is not domiciled, organized
or incorporated in the United States or any State or territory thereof or Canada to exceed the greater of (i) 10% of the Aggregate OLB
as of such date and (ii) the applicable amount set forth in Annex C;

 

(aa)           
such Loan shall not cause the aggregate OLBs of all Loans that are fixed rate loans to exceed the greater of (i) 10% of the Aggregate
OLB as of such date and (ii) the applicable amount set forth in Annex C;

 

(bb)          
such Loan shall not cause the aggregate OLBs of all Loans with respect to PIK Loans (in each case other than any PIK Loan which
pays at least 4.00% per annum in cash on at least a quarterly basis) to exceed the greater of (i) 5% of the Aggregate OLB as of such date
and (ii) the applicable amount set forth in Annex C;

 

(cc)           
such Loan shall not cause the sum of the aggregate OLBs and Unfunded Exposure Amounts of Loans that are Recurring Revenue Loans
to exceed the greater of (i) 10% of the Aggregate OLB as of such date and (ii) the applicable amount noted in Annex C;

 

(dd)          
the Obligor of which is an Eligible Obligor; and

 

(ee)           
such Loan satisfies such other eligibility criteria as may be mutually agreed upon by the Administrative Agent and the Borrower
prior to the applicable Advance Date.

 

For purposes of determining
compliance with clause (B) of the definition of “Eligible Loan,” each Loan included in the Loan List set forth on Schedule
III hereto as of the Closing Date shall be deemed to be approved by the Administrative Agent.

 

    20 

     

    

 

 

“Eligible Obligor”:
Any Obligor:

 

(a)              
that is a business organization (and not a natural person) duly organized and validly existing under the laws of its jurisdiction
of organization;

 

(b)              
that is not a Governmental Authority;

 

(c)              
that is not an Affiliate of the Borrower, the Equityholder or the Collateral Manager;

 

(d)              
that is organized or incorporated in (i) the United States (or any State thereof), (ii) Canada (or any Province thereof) or (iii)
if approved in writing by the Administrative Agent in its sole discretion, any other country; and

 

(e)              
that is not the subject of an Insolvency Event and, as of the Purchase Date, such Obligor has not, to the Borrower’s knowledge
after completion of customary due diligence, experienced a material adverse change in its financial condition since the date the related
Loan was underwritten by the Borrower or its Affiliate.

 

“Equityholder”:
The meaning specified in the Preamble.

 

“Equity Security”:
(i) Any equity security or any other security that is not eligible for purchase by the Borrower as a Loan and (ii) any security purchased
as part of a “unit” with a Loan and that itself is not eligible for purchase by the Borrower as a Loan.

 

“ERISA”:
The United States Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated or issued
thereunder.

 

“ERISA Affiliate”:
(a) Any corporation that is a member of the same controlled group of corporations (within the meaning of Section 414(b) of the Code)
as the Borrower, (b) a trade or business (whether or not incorporated) under common control (within the meaning of Section 414(c)
of the Code) with the Borrower, or (c) a member of the same affiliated service group (within the meaning of Section 414(m) of the
Code) as the Borrower.

 

“Event of Default”:
The meaning specified in Section 9.1.

 

“Excepted Persons”:
The meaning specified in Section 12.13(a).

 

“Excess
Concentration Amount”: The greater of (a) zero and (b) the sum of (x) the aggregate OLB of all Non-First Lien Loans minus
the greater of (i) the product of (A) the Aggregate OLB and (B) 25% and (ii) the applicable amount set forth in Annex
C, (y) the aggregate OLB of all Second Lien Loans minus the greater of (i) the product of (A) the Aggregate OLB and (B)
20% and (ii) the applicable amount set forth in Annex C and (z) the amount by which the sum of the OLBs of all Eligible Loans
made to such Obligor (including any Affiliate thereof) exceeds (i) if such Obligor is one of the two (2) largest Obligors (by
aggregate OLB for such Obligor), the applicable amount set forth in Annex C, (ii) if such Obligor is one of the next three
(3) largest Obligors (by aggregate OLB for such Obligor) other than those set forth in clause (i) above, the applicable amount set
forth in Annex C, or (iii) otherwise, the applicable amount set forth in Annex C. For the avoidance of doubt, clauses
(b)(x)(ii) and (b)(y)(ii) will be decreased on the Automatic Excess Concentration Amount Reduction Date as set forth in Annex
C.

 

    21 

     

    

 

“Exchange Act”:
The United States Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Excluded Amounts”:
Any amount received in the Collection Account with respect to any Loan included as part of the Collateral, (i) which amount is attributable
to the reimbursement of payment by the Borrower or any Affiliate (other than from amounts on deposit in the Collection Account) of any
Tax, fee or other charge imposed by any Governmental Authority on such Loan or on any Underlying Assets or (ii) which amount was deposited
into the Collection Account in error.

 

“Excluded Taxes”:
Any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient,
(a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed
as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable
lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection
Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with
respect to an applicable interest in an Advance or a Commitment pursuant to a law in effect on the date on which (i) such Lender acquires
such interest in the Advance or Commitment or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant
to Section 2.13, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such
Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s
failure to comply with Section 2.13(g) and (d) any U.S. federal withholding Taxes imposed under FATCA.

 

“Exposure Amount
Shortfall”: The meaning specified in Section 2.2(e).

 

“Facility Attachment
Ratio”: With respect to any Eligible Loan, as of any date of determination, an amount equal to (a) if such Eligible Loan is
a First Lien Loan, the product of (i) the First Out Attachment Ratio, (ii) the applicable Advance Rate and (iii) the Assigned Value, (b)
if such Eligible Loan is a First Lien Last Out Loan, the sum of (i) the First Out Attachment Ratio and (ii) the product of (A) the Last
Out Attachment Ratio less the First Out Attachment Ratio, (B) the applicable Advance Rate and (C) the Assigned Value, (c) if such Eligible
Loan is a Second Lien Loan, the sum of (i) the Net Senior Leverage Ratio and (ii) the product of (A) the Total Leverage Ratio less the
Net Senior Leverage Ratio, (B) the applicable Advance Rate and (C) the Assigned Value, and (d) if such Eligible Loan is a Designated Loan,
the applicable Facility Attachment Ratio calculation above for a First Lien Loan.

 

    22 

     

    

 

“Facility Amount”:
On the Fifth Amendment Closing Date, $725,000,000, as such amount may vary from time to time pursuant to Sections 2.1(c) and 2.3
hereof; provided that on or after the earlier to occur of the Revolving Period End Date or the Termination Date, the Facility Amount
shall mean the Advances Outstanding.

 

“Facility Maturity
Date”: The two-year anniversary of the Revolving Period End Date.

 

“FATCA”:
Sections 1471 through 1474 of the Code, as in effect on the Closing Date (or any amended or successor version that is substantively comparable
and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements
entered into pursuant to Section 1471(b)(1) of the Code and any intergovernmental agreements (or related legislation or official administrative
rules or practices) implementing the foregoing.

 

“FDIC”:
The Federal Deposit Insurance Corporation, and any successor thereto.

 

“Federal Funds Rate”:
For any day, a per annum rate equal to the weighted average of the overnight federal funds rates as in Federal Reserve Board Statistical
Release H.15(519) or any successor or substitute publication selected by the Administrative Agent for such day (or, if such day is not
a Business Day, for the next preceding Business Day), or, if for any reason such rate is not available on any day, the rate determined,
in the sole discretion of the Administrative Agent, to be the rate at which overnight federal funds are being offered in the national
federal funds market at 9:00 a.m. on such day.

 

“Fifth Amendment Closing Date”:
June 29, 2022.

 

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

 

“Financial Sponsor”:
Any Person, including any Subsidiary of such Person, whose principal business activity is acquiring, holding, and selling investments
(including controlling interests) in otherwise unrelated companies that each are distinct legal entities with separate management, books
and records and bank accounts, whose operations are not integrated with one another and whose financial condition and creditworthiness
are independent of the other companies so owned by such Person.

 

“First Lien Last
Out Loan”: A Loan which (a) satisfies clause (a) of the definition of First Lien Loan except that such Loan is subordinated
in application of proceeds pursuant to a specified priority of payments to other senior secured loans of the same Obligor until such other
senior secured loans are paid in full and (b) has not been designated as a First Lien Loan pursuant to clause (b) of the definition of
First Lien Loan.

 

“First Lien
Loan”: A Loan that either (a)(i) is not (and cannot by its terms become) subordinate in right of payment to any
obligation of the Obligor in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings, (ii)
that is secured by a pledge of collateral, which security interest is validly perfected and first priority (subject to
Liens permitted under the related Underlying Instruments that are reasonable and customary for similar loans, and Liens accorded
priority by law in favor of the United States or any state or agency thereof) under Applicable Law and (iii) the
Collateral Manager determines in good faith that the value of the collateral securing the Loan on or about the time of origination
equals or exceeds the outstanding principal balance of the Loan plus the aggregate outstanding balances of all other
loans of equal or higher seniority secured by the same collateral or (b) is a First Lien Last Out Loan and is designated by the
Administrative Agent in its sole discretion as a “First Lien Loan” on the related Approval Notice.

 

    23 

     

    

 

“First Lien Middle
Market Loan”: A First Lien Loan that does not meet the criteria set forth in clauses (i)-(iii) of the definition of “Broadly
Syndicated Loan”.

 

“First Out Attachment
Ratio”: With respect to any Eligible Loan, as of any date of determination, an amount equal to the “senior net leverage
ratio” or any comparable term relating to any “first out” senior secured Indebtedness in the Underlying Instruments
for such Loan; provided that if the “senior net leverage ratio” or such comparable term is not defined in the Underlying
Instruments, then the First Out Attachment Ratio shall be the ratio of such “first out” senior secured Indebtedness (less
Unrestricted Cash) to EBITDA, as calculated by the Collateral Manager in good faith using information from calculations consistent with
the relevant compliance statements and financial reporting packages provided by the relevant Obligor as per the requirements of the Underlying
Instruments. For the avoidance of doubt, “first out” senior secured Indebtedness refers to all or any portion of such Loan
that constitutes first lien senior secured Indebtedness that is not (and cannot by its terms become) subordinate in right of payment to
any obligation of the relevant Obligor in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings.

 

“Fitch”:
Fitch Ratings, Inc. or any successor thereto.

 

“Foreign Lender”:
A Lender that is not a U.S. Person.

 

“Fourth Amendment
Closing Date”: March 11, 2022.

 

“Funding Date”:
With respect to any Advance, the date on which such Advance is made, which shall be the Business Day following the Business Day of receipt
by the Administrative Agent and Lender of a Funding Notice and other required deliveries in accordance with Section 2.2.

 

“Funding Notice”:
A notice in the form of Exhibit A-1 requesting an Advance, including the items required by Section 2.2.

 

“GAAP”:
Generally accepted accounting principles as in effect from time to time in the United States.

 

“General
Intangible”: The meaning specified in Section 9-102(a)(42) of the UCC.

 

“Governmental Authority”:
With respect to any Person, any nation or government, any state or other political subdivision thereof, any central bank (or similar monetary
or regulatory authority) thereof, any body or entity exercising executive, legislative, judicial, regulatory or administrative functions
of or pertaining to government and any court or arbitrator having jurisdiction over such Person.

 

    24 

     

    

 

“Highest Required
Investment Category”: (i)  With respect to ratings assigned by Moody’s, “Aa2” or “P-1” for
one (1) month instruments, “Aa2” and “P-1” for three (3) month instruments, “Aa3” and “P-1”
for six (6) month instruments and “Aa2” and “P-1” for instruments with a term in excess of six (6) months, (ii) with
respect to rating assigned by S&P, “A-1” for short-term instruments and “A” for long-term instruments, and
(iii) with respect to rating assigned by Fitch (if such investment is rated by Fitch), “F-1+” for short-term instruments and
 “AAA” for long-term instruments.

 

“Increased Costs”:
Any amounts that an Affected Party has notified the Borrower pursuant to Section 2.12(d) are required to be paid by the Borrower
to an Affected Party pursuant to Section 2.12.

 

“Indebtedness”:
With respect to any Person at any date, (a) all indebtedness of such Person for borrowed money or for the deferred purchase price of property
or services (other than current liabilities incurred in the ordinary course of business and payable in accordance with customary trade
practices) or that is evidenced by a note, bond, debenture or similar instrument or other evidence of indebtedness customary for indebtedness
of that type, (b) all obligations of such Person under leases that have been or should be, in accordance with GAAP, recorded as capital
leases, (c) all obligations of such Person in respect of acceptances issued or created for the account of such Person, (d) all liabilities
secured by any Lien on any property owned by such Person even though such Person has not assumed or otherwise become liable for the payment
thereof, (e) all indebtedness, obligations or liabilities of that Person in respect of derivatives, and (f) all obligations under direct
or indirect guaranties in respect of obligations (contingent or otherwise) to purchase or otherwise acquire, or to otherwise assure a
creditor against loss in respect of, indebtedness or obligations of others of the kind referred to in clauses (a) through (e)
above.

 

“Indemnified Amounts”:
The meaning specified in Section 10.1(a).

 

“Indemnified Parties”:
The meaning specified in Section 10.1(a).

 

“Indemnified Taxes”:
(a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Borrower
under any Transaction Document and (b) to the extent not otherwise described in (a), Other Taxes.

 

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

 

    25 

     

    

 

“Independent Manager”:
The meaning specified in Section 4.1(u)(xxv).

 

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

 

“Ineligible Assignee”:
Any private investment company, investment firm, investment partnership, private equity fund or other private equity investment vehicle.

 

“Initial Assigned
Value”: With respect to any Loan, the “Initial Assigned Value”, if any, set forth on the related Approval Notice
by the Administrative Agent in its sole discretion, or such higher percentage as may be notified by the Administrative Agent to the Collateral
Manager in its sole discretion from time to time.

 

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

 

“Insolvency Laws”:
The Bankruptcy Code and all other applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership, insolvency,
reorganization, suspension of payments, or similar debtor relief laws from time to time in effect affecting the rights of creditors generally.

 

“Insolvency Proceeding”:
Any case, action or proceeding before any court or other Governmental Authority relating to any Insolvency Event.

 

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

 

“Interest”:
For each Accrual Period, the sum of the amounts determined (with respect to each day during such Accrual Period) in accordance with the
following formula:

 

IR x P x 1

             D

 

where:

 

	 	IR	=	the Interest Rate for such day;
	 	P	=	the Advances Outstanding on such day; and
	 	D	=	360 days (or, to the extent the Interest Rate for such day is determined pursuant to the proviso of the definition thereof, 365 or 366 days, as applicable).

 

provided that (i) no provision of this
Agreement shall require the payment or permit the collection of Interest in excess of the maximum permitted by Applicable Law and (ii)
Interest shall not be considered paid by any distribution if at any time such distribution is rescinded or must otherwise be returned
for any reason.

 

    26 

     

    

 

“Interest
Collections”: All payments of interest, late fees, amendment fees, prepayment fees and premiums, extension fees, consent
fees and waiver fees on Loans and Permitted Investments, including any payments of accrued interest received on the sale of Loans or Permitted
Investments and all payments of principal (including principal prepayments) on Permitted Investments purchased with the proceeds described
in this definition, in each case, received in cash by or on behalf of the Borrower or Collateral Custodian; provided that, Interest
Collections shall not include (x) Sale Proceeds representing accrued interest that are applied toward payment for accrued interest
on the purchase of a Loan and (y) interest received in respect of a Loan (including in connection with any sale thereof), which interest
was purchased with Principal Collections.

 

“Interest Collection
Account”: A Securities Account created and maintained on the books and records of the Collateral Custodian entitled “Interest
Collection Account” in the name of the Borrower and subject to the Lien of the Administrative Agent for the benefit of the Secured
Parties.

 

“Interest Rate”:
With respect to any day, a rate per annum equal to (a) the applicable Benchmark for such day plus (b) the Applicable Spread for
such day; provided that, for any day after the occurrence and during the continuance of a Disruption Event, the “Interest
Rate” on that portion of the Advances Outstanding owing to the affected Lender accruing at the applicable Benchmark shall mean a
rate per annum equal to (x) the Base Rate for such day plus (y) the Applicable Spread for such day.

 

“Investment”:
With respect to any Person, any direct or indirect loan, advance or investment by such Person in any other Person, whether by means of
share purchase, capital contribution, loan or otherwise, excluding the acquisition of Loans and the acquisition of Equity Securities otherwise
permitted by the terms hereof which are related to such Loans.

 

“Investment Property”:
The meaning specified in Section 9-102(a)(49) of the UCC.

 

“IRS”:
The United States Internal Revenue Service.

 

“Joinder Supplement”:
An agreement among the Borrower, a Lender and the Administrative Agent in the form of Exhibit I to this Agreement (appropriately
completed) delivered in connection with a Person becoming a Lender hereunder after the Closing Date, as contemplated by Section 2.1(c).

 

    27 

     

    

 

“Last Out Attachment
Ratio”: With respect to any Eligible Loan as of any date of determination, an amount equal to the Net Senior Leverage Ratio.

 

“Lenders”:
The meaning specified in the Preamble, including Wells Fargo Bank, National Association, and each financial institution which may from
time to time become a Lender hereunder by executing and delivering a Joinder Supplement to the Administrative Agent and the Borrower as
contemplated by Section 2.1(c).

 

“Lien”:
Any mortgage, lien, pledge, charge, right, claim, security interest or encumbrance of any kind of or on any Person’s assets or properties
in favor of any other Person.

 

“Loan”:
Any loan which represents an obligation of the relevant Obligor that is (a) sourced or originated by the Seller or any of its Affiliates
and which the Borrower acquires or (b) which the Borrower originates or acquires from a third party in the ordinary course of its business;
provided that, any such loan is similar to those typically made to a commercial client or syndicated, sold or participated to a
commercial bank or institutional loan investor or other financial institution in the ordinary course of business.

 

“Loan
File”: For each Loan, the following documents or instruments:

 

(a)              
copies of each of the Required Loan Documents;

 

(b)              
to the extent applicable to such Loan, the final copies for any related subordination agreement, intercreditor agreement, or similar
instruments, assumption or substitution agreement or similar material operative document, in each case together with any amendment or
modification thereto; and

 

(c)              
either (i) copies of any financing statements under the UCC, if any, and any related continuation statements, each showing the
Obligor as debtor and each with evidence of filing thereon, or (ii) copies of any such financing statements certified by the Collateral
Manager to be true and complete copies thereof in instances where the original financing statements have been sent to the appropriate
public filing office for filing.

 

“Loan List”:
The Loan List provided by the Borrower to the Administrative Agent and the Collateral Custodian, in the form of Schedule III hereto,
as such list may be amended, supplemented or modified from time to time in accordance with this Agreement.

 

“Loan
Register”: The meaning specified in Section 5.3(n).

 

“Loan
Tape”: The loan tape to be delivered in connection with each Borrowing Base Certificate, which tape shall include (but
not be limited to) the aggregate OLB of all Loans and, with respect to each Loan, the following information:

 

(a)              
name of the related Obligor;

 

(b)              
calculation of the Net Senior Leverage Ratio for the Relevant Test Period immediately prior to the date of the applicable Approval
Notice and for the most recent Relevant Test Period;

 

    28 

     

    

 

(c)              
 calculation of the Cash Interest Coverage Ratio for the Relevant Test Period immediately prior to the date of the applicable Approval
Notice and for the most recent Relevant Test Period;

 

(d)              
calculation of the Total Leverage Ratio for the most recent Relevant Test Period;

 

(e)              
collection status (number of days past due);

 

(f)               
loan status (whether in default (and the number of days such default is outstanding) or on non-accrual status);

 

(g)              
scheduled maturity date;

 

(h)              
loan rate of interest (and reference rate, if applicable);

 

(i)                
floating rate floor (if applicable);

 

(j)                
OLB;

 

(k)              
principal balance;

 

(l)                
Assigned Value;

 

(m)            
Purchase Price;

 

(n)              
Moody’s Obligor rating (if available);

 

(o)              
S&P Obligor rating (if available);

 

(p)              
whether such Loan has been subject to an Value Adjustment Event (and of what type);

 

(q)              
whether such Loan has been subject to any waiver, amendment, restatement, supplement or other modification (and whether such action
constitutes a Material Modification);

 

(r)               
the date on which such Loan was acquired or originated by the Borrower;

 

(s)               
maintenance capital expenditures and cash taxes paid by the related Obligor during the applicable Relevant Test Period or, if either
are unavailable, a good faith approximation by the Collateral Manager; provided that, the information required under this clause
(s) shall only be updated annually or as otherwise requested by the Administrative Agent;

 

(t)                
payment frequency;

 

(u)              
Obligor’s domicile;

 

(v)              
financial reporting failure (yes or no);

 

    29 

     

    

 

(w)            
 EBITDA for the applicable Relevant Test Period (and the date as of which such calculation was made);

 

(x)              
revenue for the applicable Relevant Test Period (and the date as of which such calculation was made) as calculated and delivered
by the related Obligor or, if not calculated and delivered by such Obligor, as calculated by the Collateral Manager in its commercially
reasonable determination;

 

(y)              
aggregate gross debt (and the date as of which such calculation was made), as calculated and delivered by the related Obligor or,
if not calculated and delivered by such Obligor, as calculated by the Collateral Manager in its commercially reasonable determination;

 

(z)              
the “as of” date, with respect to the financials used for such Obligor;

 

(aa)           
Loan type (Broadly Syndicated Loan, First Lien Loan, First Lien Middle Market Loan, First Lien Last Out Loan or Second Lien Loan);

 

(bb)          
tranche size; and

 

(cc)           
whether such Loan is a Delayed Draw Loan or a Revolving Loan.

 

“Margin Stock”:
 “Margin Stock” as defined under Regulation U.

 

“Market Value”:
With respect to any Broadly Syndicated Loan as of any date of determination, the price (expressed as a percentage of par) as of the immediately
preceding Measurement Date (or, if such date is a Measurement Date, as of such date) determined in the following manner:

 

(a)              
by using the bid side quote determined by any of Loan Pricing Corporation, MarkIt Partners or any other nationally recognized loan
pricing service or broker quote selected by the Collateral Manager and approved in writing by the Administrative Agent; provided
that, if the Administrative Agent or the Equityholder reasonably determines that any such quote is not current or accurate, either of
the Administrative Agent or the Equityholder may reject such quote;

 

(b)              
if the value of a Broadly Syndicated Loan is not determined in accordance with clause (a) above (either because no bid side quote
is available or the Administrative Agent or the Equityholder reasonably rejects any such quote), by using the average of the bid side
quotes determined by three Approved Broker Dealers active in the trading of such asset; or

 

(i)                
if only two such bids can be obtained, the average of the bid side quotes of such two bids; or

 

(ii)             
if only one such bid can be obtained, such bid;

 

    30 

     

    

 

provided
that, if the Administrative Agent reasonably determines that the quote of any such Approved Broker Dealer is not current or accurate,
the Administrative Agent may reject such quote; or

 

(c)              
if the value of a Loan is not determined in accordance with clause (a) or (b) above (either because no bid side quote is available
or the Administrative Agent reasonably rejects one or more bid side quotes), by using the value assigned by the Administrative Agent in
a notice thereof sent to the Collateral Manager, the Equityholder and the Collateral Custodian;

 

“Material Action”:
The meaning specified in the Borrower LLC Agreement.

 

“Material Adverse
Effect”: With respect to any event or circumstance, a material adverse effect on (a) the business, assets, financial condition,
operations, performance or properties of the Borrower, (b) the validity, enforceability or collectability of this Agreement or any other
Transaction Document or the validity, enforceability or collectability of the Loans generally or any material portion of the Loans, (c)
the rights and remedies of the Administrative Agent, the Lenders and the Secured Parties with respect to matters arising under this Agreement
or any other Transaction Document, (d) the ability of each of the Borrower or the Collateral Manager to perform its obligations under
any Transaction Document to which it is a party, or (e) the status, existence, perfection, priority or enforceability of the Administrative
Agent’s or the other Secured Parties’, lien on the Collateral.

 

“Material Modification”:
Any amendment or waiver of, or modification or supplement to, an Underlying Instrument governing a Loan executed or effected on or after
the date on which the Borrower acquired such Loan that:

 

(a)              
(i) reduces, delays or forgives any or all of the principal amount of such Loan as and when due or (ii) extends or delays (A) the
stated maturity date of such Loan or (B) the required or scheduled amortization for such Loan, and such extension or delay has not been
approved by the Administrative Agent in its sole reasonable discretion;

 

(b)              
waives one or more interest payments, or permits any interest due in cash to be deferred or capitalized and added to the principal
amount of such Loan (other than any such waiver that occurs without any further action in accordance with the terms of the applicable
Underlying Instrument);

 

(c)              
contractually or structurally subordinates such Loan by operation of a priority of payments, turnover provisions, the transfer
of assets in order to limit recourse to the related Obligor or the granting of Liens (other than Permitted Liens) on any of the Underlying
Assets securing such Loan; or

 

(d)              
substitutes, alters or releases (other than as permitted by such Underlying Instruments) all or a material portion of the Underlying
Assets securing such Loan, and each such substitution, alteration or release, as determined in the sole discretion of the Administrative
Agent, materially and adversely affects the value of such Loan; or

 

(e)               amends,
waives, forbears, supplements or otherwise modifies in any way the definition of “Net Senior Leverage Ratio”,
 “Total Leverage Ratio”, “Cash Interest Coverage Ratio”, “Recurring Revenue” or “Permitted
Liens” (or any respective comparable definition in its Underlying Instruments, including any adjustment to EBITDA or Adjusted
EBITDA or similar definition) or the definition of any component thereof (including any adjustment to EBITDA or Adjusted EBITDA or
similar definition) in a manner that, in the sole discretion of the Administrative Agent, is materially adverse to the
Administrative Agent or any Lender; provided that in connection with any Revenue Recognition Implementation or any Operating
Lease Implementation, the Administrative Agent may waive any Material Modification resulting from such implementation pursuant to
this clause (e);

 

    31 

     

    

 

provided that no Material
Modification will be deemed to have occurred with respect to any publicly rated Loan if after the occurrence of any of the events listed
in clause (d) of this definition any of S&P, Fitch or Moody’s (or, if such Loan is rated by some or all of S&P, Fitch and
Moody’s each of S&P, Fitch and Moody’s) has affirmed its public rating of such Loan, in each case unless such Loan is
considered to be “significantly modified” within the meaning of Treasury Regulation §1.1001-3.

 

“Measurement Date”:
Each of the following: (i) the Closing Date; (ii) each date on which the Administrative Agent, by notice to the Borrower, adjusts the
Assigned Value of a Loan following the occurrence of a Value Adjustment Event with respect thereto; (iii) each Determination Date, (iv)
the date of each Transaction and (v) the date of each Discretionary Sale.

 

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

 

“Multiemployer Plan”:
A “multiemployer plan” as defined in Section 4001(a)(3) of ERISA that is or was at any time during the current year or
the preceding five (5) years contributed to by the Borrower or any ERISA Affiliate on behalf of its employees.

 

“Net
Senior Leverage Ratio”: With respect to any Loan for any Relevant Test Period, either (a) the meaning of “Net
Senior Leverage Ratio” or comparable definition set forth in the Underlying Instruments for such Loan, or (b) in the case of
any Loan with respect to which the related Underlying Instruments do not include a definition of “Net Senior Leverage Ratio”
or comparable definition, the ratio of (i) the senior Indebtedness (including, without limitation, such Loan) of the applicable Obligor
as of the date of determination minus the Unrestricted Cash of such Obligor as of such date to (ii) EBITDA of such Obligor
with respect to the applicable Relevant Test Period, as calculated by the Borrower and Collateral Manager in good faith using information
from and calculations consistent with the relevant compliance statements and financial reporting packages provided by the relevant Obligor
in accordance with the requirements of the related Underlying Instruments.

 

“Non-First Lien Loan”:
A Second Lien Loan or a First Lien Last Out Loan.

 

“Non-Usage Fee”:
A fee with respect to each Accrual Period in an amount equal to the sum for each day during such Accrual Period of (x) the product of
(a) the Unused Facility Amount as of the close of business on such day multiplied by (b) the Non-Usage Fee Rate with respect to
such day, divided by (y) 365.

 

“Non-Usage Fee
Rate”: For each day (a) prior to the six-month anniversary of the Closing Date, 0.50%; (b) on and after the six-month
anniversary of the Closing Date and prior to the twelve-month anniversary of the Closing Date, (i) 0.50% on the first portion of the
Unused Facility Amount up to the product of (x) 75% and (y) the Facility Amount and (ii) 2.00% on the portion of the Unused Facility
Amount in excess of the product of (x) 75% and (y) the Facility Amount; (c) on and after the twelve-month anniversary of the Closing
Date and prior to the Second Amendment Closing Date, (i) 0.50% on the first portion of the Unused Facility Amount up to the product
of (x) 40% and (y) the Facility Amount and (ii) 2.00% on the portion of the Unused Facility Amount in excess of the product of (x)
40% and (y) the Facility Amount; (d) on and after the Second Amendment Closing Date and up to (and including) the Third Amendment
Closing Date, (i) 0.50% on the first portion of the Unused Facility Amount up to the product of (x) 60% and (y) the Facility Amount
and (ii) 2.00% on the portion of the Unused Facility Amount in excess of the product of (x) 60% and (y) the Facility Amount; (e)
after the Third Amendment Closing Date and prior to the sixth-month anniversary of the Third Amendment Closing Date, (i) 0.50% on
the first portion of the Unused Facility Amount up to the product of (x) 75% and (y) the Facility Amount and (ii) 2.00% on the
portion of the Unused Facility Amount in excess of the product of (x) 75% and (y) the Facility Amount; and (f) thereafter, (i) 0.50%
on the first portion of the Unused Facility Amount up to the product of (x) 40% and (y) the Facility Amount and (ii) 2.00% on the
portion of the Unused Facility Amount in excess of the product of (x) 40% and (y) the Facility Amount.

 

    32 

     

    

 

“Noteless
Loan”: A Loan with respect to which the Underlying Instruments either (i) do not require the Obligor to execute and deliver
a promissory note to evidence the indebtedness created under such Loan or (ii) require execution and delivery of such a promissory note
only upon the request of any holder of the indebtedness created under such Loan, and as to which the Borrower has not requested a promissory
note from the related Obligor.

 

“Notice of Exclusive
Control”: The meaning specified in the Securities Account Control Agreement.

 

“Obligations”:
The unpaid principal amount of, and interest (including, without limitation, interest accruing after the maturity of the Advances and
interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding,
relating to the Borrower, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) on the
Advances and all other obligations and liabilities of the Borrower to the Secured Parties, whether direct or indirect, absolute or contingent,
due or to become due, or now existing or hereafter incurred, which may arise under, or out of or in connection with any Transaction Document,
and any other document made, delivered or given in connection therewith or herewith, whether on account of principal, interest, reimbursement
obligations, fees, indemnities, costs, expenses (including, without limitation, all fees and disbursements of counsel to the Administrative
Agent, the Collateral Custodian or to the Lenders that are required to be paid by the Borrower pursuant to the terms of the Transaction
Documents) or otherwise.

 

“Obligor”:
With respect to any Loan, any Person or Persons obligated to make payments pursuant to or with respect to such Loan, including any guarantor
thereof.

 

“Officer’s
Certificate”: A certificate signed by a Responsible Officer of the Person providing the applicable certification, as the case
may be.

 

    33 

     

    

 

“OLB”:
For any Loan as of any date of determination, an amount equal to the product of (x) the Assigned Value of such Loan as of such date of
determination, and (y) the principal balance of such Loan outstanding as of such date of determination.

 

“Operating Lease
Implementation”: The implementation by an Obligor of IFRS 16/ASC 842.

 

“Opinion of Counsel”:
A written opinion of counsel, which opinion and counsel are acceptable to the Administrative Agent in its sole discretion.

 

“Original
Cash Interest Coverage Ratio”: With respect to any Loan, the Cash Interest Coverage Ratio for such Loan on the date of
the related Approval Notice.

 

“Original
Net Senior Leverage Ratio”: With respect to any Loan, the Net Senior Leverage Ratio for such Loan on the date of the
related Approval Notice.

 

“Original
Total Leverage Ratio”: With respect to any Loan, the Total Leverage Ratio for such Loan on the date of the related Approval
Notice.

 

“Other Connection
Taxes”: With respect to any Recipient, 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 Transaction Document, or sold or assigned an interest in any Advance or Transaction Document).

 

“Other Taxes”:
All present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under,
from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under,
or otherwise with respect to, any Transaction Document or any other document providing liquidity support, credit enhancement or other
similar support to the Lenders in connection with this Agreement or the funding or maintenance of Advances hereunder, except any such
Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to a request by the
Borrower).

 

“Partially Eligible
Loan”: Any Loan which meets each of the criteria listed in the definition of “Eligible Loan” other than clause (B)
of such definition, whether or not rejected by the Administrative Agent pursuant to such clause (B).

 

“Participant Register”:
The meaning specified in Section 12.16(b).

 

“Payment Date”:
The sixth Business Day of each calendar month or, if such day is not a Business Day, the next succeeding Business Day, commencing in January
2020.

 

“Payment Duties”:
The meaning specified in Section 7.2(b)(vii).

 

“Payment Recipient”:
The meaning specified in Section 11.10(a).

 

    34 

     

    

 

“Pension Plans”:
The meaning specified in Section 4.1(w).

 

“Permitted Investments”:
Negotiable instruments or securities or other investments (which may include obligations, deposits, instruments, investments and securities
of or with the Collateral Custodian or any Affiliate of the Collateral Custodian, or of or with issuers for which the Collateral Custodian
or an Affiliate of the Collateral Custodian provides services or receives compensation) that (i) except in the case of time deposits
and investments in money market funds, are represented by instruments in registered form or ownership of which is represented by book
entries by a Clearing Agency or by a Federal Reserve Bank in favor of depository institutions eligible to have an account with such Federal
Reserve Bank who hold such investments on behalf of their customers, (ii) as of any date of determination, mature by their terms
on or prior to the Business Day preceding the next Payment Date, (iii) have payments thereon to the Borrower that are not subject to any
withholding tax unless the obligor thereon is required under the terms of the related Underlying Instrument to make “gross-up”
payments that cover the full amount of such withholding tax on an after-tax basis and (iv) evidence:

 

(a)              
direct obligations of, and obligations fully guaranteed as to full and timely payment by, the United States (or by any agency thereof
to the extent such obligations are backed by the full faith and credit of the United States);

 

(b)              
demand deposits, time deposits or certificates of deposit of depository institutions or trust companies incorporated under the
laws of the United States or any state thereof and subject to supervision and examination by federal or state banking or depository institution
authorities; provided that, at the time of the Borrower’s investment or contractual commitment to invest therein, the commercial
paper, if any, and short-term unsecured debt obligations (other than such obligation whose rating is based on the credit of a Person
other than such institution or trust company) of such depository institution or trust company shall have a credit rating from any Rating
Agency in the Highest Required Investment Category granted by such Rating Agency;

 

(c)              
commercial paper, or other short-term obligations, having, at the time of the Borrower’s investment or contractual commitment
to invest therein, a rating in the Highest Required Investment Category granted by any Rating Agency;

 

(d)              
demand deposits, time deposits or certificates of deposit that are fully insured by the FDIC and either have a rating on their
certificates of deposit or short-term deposits from Moody’s and S&P of “P-1” and “A-1”,
respectively, and if rated by Fitch, from Fitch of “F-1+”; or

 

(e)              
time deposits (having maturities of not more than 90 days) by an entity the commercial paper of which has, at the time of the Borrower’s
investment or contractual commitment to invest therein, a rating of the Highest Required Investment Category granted by each of Moody’s,
S&P and Fitch (if rated by Fitch);

 

provided that,
notwithstanding the foregoing clauses (a) through (e), unless the Borrower and the Collateral Manager have received the written
advice of counsel of national reputation experienced in such matters to the contrary (together with an Officer’s Certificate
of the Borrower or the Collateral Manager to the Collateral Custodian (on which the Collateral Custodian may rely) that the advice
specified in this definition has been received by the Borrower and the Collateral Manager), Permitted Investments may only include
obligations or securities that constitute cash equivalents for purposes of the rights and assets in paragraph (c)(8)(i)(B) of the
exclusions from the definition of “covered fund” for purposes of the Volcker Rule. The Collateral Custodian shall have
no obligation to oversee or monitor compliance with the foregoing.

 

    35 

     

    

 

“Permitted Liens”:
Any of the following as to which no enforcement, collection, execution, levy or foreclosure proceeding shall have been commenced: (a)
Liens for Taxes if such Taxes shall not at the time be due and payable or if a Person shall currently be contesting the validity thereof
in good faith by appropriate proceedings and with respect to which reserves in accordance with GAAP have been provided on the books of
such Person, (b) Liens imposed by law, such as bank’s, securities intermediary’s, materialmen’s, warehousemen’s,
mechanics’, carriers’, workmen’s and repairmen’s Liens and other similar Liens, arising by operation of law in
the ordinary course of business for sums that are not overdue or are being contested in good faith, (c) Liens granted pursuant to or by
the Transaction Documents and (d) Liens expressly permitted under the Securities Account Control Agreement.

 

“Person”:
An individual, partnership, corporation, company, limited liability company, limited liability partnership, joint stock company, trust
(including a statutory or business trust), estate, unincorporated association, sole proprietorship, joint venture, nonprofit corporation,
group, sector, government (or any agency, instrumentality or political subdivision thereof), territory or other entity or organization.

 

“PIK Loan”:
A Loan which provides for a portion of the interest that accrues thereon to be added to the principal amount of such Loan for some period
of the time prior to such Loan requiring the current cash payment of such previously capitalized interest, which cash payment shall be
treated as an Interest Collection at the time it is received.

 

“Prime Rate”:
The rate announced by Wells Fargo from time to time as its prime rate in the United States, such rate to change as and when such designated
rate changes. The Prime Rate is not intended to be the lowest rate of interest charged by Wells Fargo or any other specified financial
institution in connection with extensions of credit to debtors.

 

“Principal Collections”:
All amounts received by the Borrower or the Collateral Custodian in respect of the Loans, Permitted Investments and Equity Securities
that are not Interest Collections to the extent received in cash by or on behalf of the Borrower or the Collateral Custodian.

 

“Principal Collection
Account”: A Securities Account created and maintained on the books and records of the Collateral Custodian entitled “Principal
Collection Account” in the name of the Borrower and subject to the Lien of the Administrative Agent for the benefit of the Secured
Parties.

 

“Pro Rata Share”:
With respect to a Lender, the percentage obtained by dividing the amount of the Commitment of (or, after the Revolving Period End Date,
the Advances Outstanding owing to) such Lender (as determined pursuant to the definition of Commitment) by the Facility Amount.

 

    36 

     

    

 

“Proceeds”:
With respect to any Collateral, all property that is receivable or received when such Collateral is collected, sold, liquidated, foreclosed,
exchanged, or otherwise disposed of, whether such disposition is voluntary or involuntary, and includes all rights to payment with respect
to any insurance relating to such Collateral.

 

“Purchase Date”:
With respect to any Loan, the date of the acquisition or origination of such Loan by the Borrower.

 

“Purchase Price”:
With respect to any Loan, an amount (expressed as a percentage of par) equal to (i) the purchase price (or, if different principal amounts
of such Loan were purchased at different purchase prices, the weighted average of such purchase prices) paid by the Borrower for such
Loan (exclusive of any interest, Accreted Interest and original issue discount) divided by (ii) the principal balance of such Loan
outstanding as of the date of such purchase (exclusive of any interest, Accreted Interest and original issue discount); provided
that, if the ratio of clause (i) to clause (ii) above with respect to a Loan acquired by the Borrower in the secondary market is equal
to 95% or higher, such Loan shall be deemed to have a Purchase Price of 100%.

 

“Qualified Institution”:
A depository institution or trust company organized under the laws of the United States of America or any one of the States thereof or
the District of Columbia (or any domestic branch of a foreign bank), (i)(a) that has either (1) a long-term unsecured debt rating of “A”
or better by S&P and “A2” or better by Moody’s or (2) a short-term unsecured debt rating or certificate of deposit
rating of “A-1” or better by S&P or “P-1” or better by Moody’s, (b) the parent corporation of which
has either (1) a long-term unsecured debt rating of “A” or better by S&P and “A2” or better by Moody’s
or (2) a short-term unsecured debt rating or certificate of deposit rating of “A-1” or better by S&P and “P-1”
or better by Moody’s or (c) is otherwise acceptable to the Administrative Agent and (ii) the deposits of which are insured by the
FDIC.

 

“Rating Agency”:
Each of S&P, Fitch and Moody’s.

 

“Recipient”:
(a) The Administrative Agent, and (b) any Lender, as applicable.

 

“Recurring Revenue”:
With respect to any Recurring Revenue Loan, the meaning of “Recurring Revenue” or any comparable definition in the related
Underlying Instruments relating to recurring maintenance or support revenues, subscription revenues, and recurring revenues attributable
to software licensed or sold (excluding one-time license revenues) in the Underlying Instruments for such Loan.

 

“Recurring
Revenue Loan”: A Loan that (i) has a related Obligor organized under the law of the United States and is denominated in
Dollars, (ii) is secured by a pledge of collateral, which security interest is validly perfected and first priority under Applicable
Law, (iii) has a related Obligor that is principally engaged in an enterprise software business that derives revenue primarily under
contractual agreements and/or selling software as a service, (iv) is structured or underwritten based on a multiple of the related
Obligor’s Recurring Revenue, and (v) that contains a Recurring Revenue Loan Covenant Flip Scheduled Date (which date is no
later than the 3 year anniversary of the date on which the Borrower acquired such Loan; provided that the Administrative Agent may
re-designate such Loan as a First Lien Loan or a Second Lien Loan in its sole discretion if the recurring revenue covenants in the
related Underlying Instruments are replaced (whether by amendment or by operation of such Underlying Instruments) with traditional
cash flow leverage lending covenants (such as those based on total leverage, senior leverage, and interest coverage) (a
 “Recurring Revenue Reclassification Date”). For any Loan subject to a Recurring Revenue Reclassification Date,
any references to the Senior Leverage Ratio and Interest Coverage Ratio as of the date on which such Loan was acquired by the
Borrower shall be deemed to mean such ratios determined by the Administrative Agent in its sole discretion as of the Recurring
Revenue Reclassification Date.

 

    37 

     

    

 

“Recurring Revenue
Loan Cash Liquidity Amount”: With respect to any Recurring Revenue Loan, the meaning of “Unrestricted Cash” or any
comparable definition in the Related Underlying Instruments, or, if no such definition is defined in such Underlying Instruments, all
cash available for use for general corporate purposes and not held in any reserve account or legally or contractually restricted for any
particular purposes or subject to any Lien (other than blanket liens permitted under or granted in accordance with such Underlying Instruments);
provided that cash held in reserve accounts for the purpose of meeting interest payments on indebtedness may be included at the
sole discretion of the Administrative Agent.

 

“Recurring Revenue
Loan Covenant Flip Scheduled Date”: With respect to any Recurring Revenue Loan, as of its date of acquisition by the Borrower,
the scheduled date upon which the covenants for such Loan are to be replaced with traditional cash flow leverage lending covenants (such
as those based on total leverage, senior leverage, and interest coverage) as specified in the original Underlying Instruments for such
Loan.

 

“Recurring Revenue
Loan Gross Leverage Ratio”: With respect to any Recurring Revenue Loan, the ratio for the related Obligor of (a) indebtedness
to (b) Recurring Revenue, as calculated by the Borrower and Collateral Manager in good faith using information from and calculations consistent
with the relevant compliance statements and financial reporting packages provided by the relevant Obligor as per the requirements of the
related Underlying Instruments.

 

“Recurring Revenue
Reclassification Date”: The meaning specified in the definition of Recurring Revenue Loan.

 

“Reinvestment Notice”:
Each notice required to be delivered by the Borrower pursuant to Section 3.2(a) in respect of any reinvestment, in the form of
Exhibit A-3.

 

“Register”:
The meaning specified in Section 12.16(b).

 

“Registered”:
With respect to any registration-required obligation within the meaning of Section 163(f)(2) of the Code, a debt obligation that
was issued after July 18, 1984 and that is in registered form within the meaning of Section 5f.103-1(c) of the Treasury Regulations.

 

“Regulation U”:
Regulation U of the Board of Governors of the Federal Reserve System, 12 C.F.R. Part 221, or any successor regulation.

 

    38 

     

    

 

“Related
Parties”: With respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents,
trustees, administrators, managers, advisors and representatives of such Person and such Person’s Affiliates.

 

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

 

“Relevant
Test Period”: With respect to any Loan, the relevant test period for the calculation of Net Senior Leverage Ratio, Total
Leverage Ratio or Cash Interest Coverage Ratio, as applicable, for such Loan in accordance with the related Underlying Instruments or,
if no such period is provided for therein, each period of the last four consecutive reported fiscal quarters of the principal Obligor
on such Loan; provided that, with respect to any Loan for which the relevant test period is not provided for in the related Underlying
Instruments, if four (4) consecutive fiscal quarters have not yet elapsed since the closing date of the relevant Underlying Instruments,
 “Relevant Test Period” shall initially include the period from such closing date to the end of the fourth fiscal quarter thereafter,
and shall subsequently include each period of the last four (4) consecutive reported fiscal quarters of such Obligor.

 

“Repayment Notice”:
Each notice required to be delivered by the Borrower pursuant to Section 2.3 in respect of any reduction in the Facility Amount
or repayment of Advances Outstanding, in the form of Exhibit A-2.

 

“Reportable Event”:
The meaning specified in Section 4.1(w).

 

“Reporting Date”:
The date that is the sixth Business Day of each calendar month, with the first Reporting Date occurring in October 2019.

 

“Required Advance
Reduction Amount”: As of any Measurement Date, an amount equal to the greater of (a)(i) Advances Outstanding on such day minus
(ii) the Borrowing Base on such day and (b) zero.

 

“Required Lenders”:
The Lenders representing an aggregate of more than 50% of (a) prior to the earlier to occur of the Revolving Period End Date or the Termination
Date, the aggregate Commitments of the Lenders then in effect and (b) thereafter, the outstanding Advances; provided that, for
the purposes of determining the Required Lenders, in the event that a Lender fails to provide funding for an Advance hereunder for which
all conditions precedent have been satisfied, such Lender, as applicable, shall not constitute a Required Lender hereunder (and the Commitment
of such Lender, as applicable, shall be disregarded for purposes of determining whether the consent of the Required Lenders has been obtained).

 

“Required Loan Documents”:
For each Loan, the following documents or instruments:

 

(a)       unless such Loan is
a Noteless Loan, the original executed promissory note (or, in the case of a lost note, a copy of the executed underlying promissory
note accompanied by an original executed affidavit and indemnity from the applicable Secured Party to the Administrative Agent);
and

 

    39 

     

    

 

(b)       (i)
unless such Loan is a Noteless Loan, an unbroken chain of endorsements from each prior holder of such promissory note to the applicable
Secured Party, (ii) executed copies of an unbroken chain of assignment and assumption agreements, transfer documents or instruments relating
to such Loan evidencing the assignment of such Loan from each prior third party owner thereof to the applicable Secured Party, (iii) an
executed assignment and assumption agreement, transfer document or instrument relating to such Loan evidencing the assignment of such
Loan to the applicable Secured Party that, to the extent required by the Underlying Instruments, is counter-signed by the applicable underlying
administrative agent, (iv) a copy of the loan register held by the administrative agent for such Loan
showing that the applicable Secured Party is the lender of record with respect to such Loan, or (v) a copy of the executed credit or loan
agreement to which the applicable Secured Party was an original signatory (which includes such Secured Party’s commitment).

 

“Required Minimum
Equity Amount”: On any day, the greater of (x) the applicable amount set forth in Annex C and (y) the aggregate
OLB of the Loans of the three (3) largest Obligors forming part of the Collateral.

 

“Required Reports”:
Collectively, the Borrowing Base Certificate, the financial statements of Obligors and the Equityholder and the annual statements as to
compliance and the annual Independent public accountant’s report.

 

“Responsible Officer”:
With respect to any Person, any duly authorized officer, administrative manager or managing member of such Person with direct responsibility
for the administration of this Agreement and also, with respect to a particular matter, any other duly authorized officer, administrative
manager or managing member of such Person to whom such matter is referred because of such officer’s knowledge of and familiarity
with the particular subject.

 

“Restricted Payment”:
(i) Any dividend or other distribution, direct or indirect, on account of any class of membership interests of the Borrower now or hereafter
outstanding, except a dividend paid solely in interests of that class of membership interests or in any junior class of membership interests
of the Borrower; (ii) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or
indirect, of any class of membership interests of the Borrower now or hereafter outstanding, and (iii) any payment made to redeem, purchase,
repurchase or retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire membership interests
of the Borrower now or hereafter outstanding.

 

“Revenue Recognition
Implementation”: The implementation by an Obligor of IFRS 15/ASC 606.

 

“Review Criteria”:
The meaning specified in Section 7.2(b)(i).

 

“Revolving
Loan”: Any Loan (other than a Delayed Draw Loan, but including funded and unfunded portions of revolving credit lines and
letter of credit facilities, unfunded commitments under specific facilities and other similar loans and investments) that under the
Underlying Instruments relating thereto may require one or more future advances to be made to the Obligor by the Borrower.

 

    40 

     

    

 

 

“Revolving Period”:
The period commencing on the Closing Date and ending on the day preceding the earlier to occur of the Revolving Period End Date or the
Termination Date.

 

“Revolving Period
End Date”: The earlier to occur of (a) July 15, 2023 (as such date may be extended pursuant to Section 2.3(c)) and (b)
the Revolving Period Termination Date.

 

“Revolving Period
Termination Date”: The date of the declaration of the Termination Date pursuant to Section 9.2(a).

 

“S&P”:
S&P Global Ratings (or its successors in interest).

 

“Sale Agreement”:
The Loan Sale Agreement, dated as of the Closing Date, between the Seller, as seller, and the Borrower, as purchaser, as the same may
be amended, modified, waived, supplemented or restated from time to time.

 

“Sale Proceeds”:
With respect to any Loan, all proceeds received as a result of the sale of such Loan, net of all out-of-pocket expenses of the Borrower,
the Collateral Manager and the Collateral Custodian incurred in connection with any such sale.

 

“Sanction”
or “Sanctions”: Individually and collectively, respectively, any and all economic or financial sanctions, sectoral
sanctions, secondary sanctions, trade embargoes and anti-terrorism laws including but not limited to those imposed, administered or enforced
from time to time by: (a) the United States of America, including those administered by the U.S. Department of the Treasury’s Office
of Foreign Assets Control (“OFAC”), the U.S. Department of State, the U.S. Department of Commerce, or through any existing
or future executive order; (b) the United Nations Security Council; (c) the European Union; (d) the United Kingdom; or (e) any other Governmental
Authorities with jurisdiction over the Borrower, the Collateral Manager, the Equityholder, the Seller or any of their respective Subsidiaries.

 

“Sanctioned Person”:
Any Person that is a target of Sanctions, including without limitation, a Person that is: (a) listed on OFAC’s Specially Designated
Nationals (SDN) and Blocked Persons List; (b) listed on OFAC’s Consolidated Non-SDN List; (c) a legal entity that is deemed by OFAC
to be a Sanctions target based on the direct or indirect ownership or control of such legal entity by Sanctioned Person(s); or (d) a Person
that is a Sanctions target pursuant to any territorial or country-based Sanctions program.

 

“Scheduled Payment”:
Each scheduled payment of principal and/or interest required to be made by an Obligor on the related Loan, as adjusted pursuant to the
terms of the related Underlying Instruments, if applicable.

 

“Second Amendment
Closing Date”: June 29, 2021

 

“Second Lien
Loan”: Any Loan that (x)(i) is secured by a pledge of collateral which security interest is validly perfected and second
priority security under Applicable Law (subject to Liens permitted by the applicable Underlying Instruments), (ii) is either pari
passu or second priority in right of payment with the Indebtedness of the holders of the first priority security interest and
(iii) pursuant to an intercreditor agreement between the Borrower and the holder of such first priority security interest, the
amount of Indebtedness covered by such first priority security interest is limited in terms of aggregate outstanding amount or
percent of outstanding principal or (y) is designated by the Administrative Agent as a “Second Lien Loan” on the related
Approval Notice.

 

    41 

     

    

 

“Secured Party”:
(i) Each Lender, (ii) the Administrative Agent and (iii) the Collateral Custodian.

 

“Securities Account”:
The meaning specified in Section 8-501(a) of the UCC.

 

“Securities Account
Control Agreement”: The Account Control Agreement, dated as of the date hereof, among the Borrower, as the pledgor, the Administrative
Agent and Wells Fargo, as the Collateral Custodian and as the Securities Intermediary, as the same may be amended, modified, waived, supplemented
or restated from time to time.

 

“Securities Act”:
The U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Securities Intermediary”:
A Person, including a bank or broker, that in the ordinary course of its business maintains Securities Accounts for others and is acting
in that capacity.

 

“Security Certificate”:
The meaning specified in Section 8-102(a)(16) of the UCC.

 

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

 

“Seller”:
The meaning specified in the Preamble.

 

“SOFR”:
A Rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

 

“SOFR Administrator”:
The Federal Reserve Bank of New York (or any successor administrator).

 

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

 

“SOFR Determination
Day”: The meaning specified in the definition of “Daily Simple SOFR.”

 

“SOFR Rate Day”:
The meaning specified in the definition of “Daily Simple SOFR.”

 

“Solvent”:
As to any Person at any time, having a state of affairs such that all of the following conditions are met: (a) the fair value of the
property of such Person is greater than the amount of such Person’s liabilities (including disputed, contingent and
unliquidated liabilities) as such value is established and liabilities evaluated for purposes of Section 101(32) of the
Bankruptcy Code; (b) the present fair saleable value of the property of such Person in an orderly liquidation of such Person is not
less than the amount that will be required to pay the probable liability of such Person on its debts and other liabilities as they
become absolute and matured; (c) such Person is able to realize upon its property and pay its debts and other liabilities (including
disputed, contingent and unliquidated liabilities) as they mature in the normal course of business; (d) such Person does not intend
to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay as such debts and
liabilities mature; and (e) such Person is not engaged in a business or a transaction, and does not propose to engage in a business
or a transaction, for which such Person’s property assets would constitute unreasonably small capital.

 

    42 

     

    

 

“Special Purpose
Provisions”: The meaning specified in the Borrower LLC Agreement.

 

“Structuring Fee”:
The meaning specified in Section 2.11(b).

 

“Subsidiary”:
As to any Person, a corporation, partnership or other entity of which shares of stock or other ownership interests having ordinary voting
power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect
a majority of the board of directors or other managers of such corporation, partnership or other entity are at the time owned, or the
management of which is otherwise controlled, directly or indirectly, through one or more intermediaries, or both, by such Person.

 

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

 

“Termination Date”:
The earliest of (a) the date of the termination in whole of the Facility Amount pursuant to Section 2.3(a), (b) the Facility
Maturity Date and (c) the date of the declaration of the Termination Date or the date of the automatic occurrence of the Termination Date
pursuant to Section 9.2(a).

 

“Third Amendment
Closing Date”: October 28, 2021.

 

“Total
Leverage Ratio”: With respect to any Loan for any Relevant Test Period, either (a) the meaning of “Total Leverage
Ratio” or comparable definition set forth in the Underlying Instruments for such Loan, or (b) in the case of any Loan with
respect to which the related Underlying Instruments do not include a definition of “Total Leverage Ratio” or comparable definition,
the ratio of (i) the total Indebtedness (including, without limitation, such Loan) of the applicable Obligor as of the date of determination
minus the Unrestricted Cash of such Obligor as of such date to (ii) EBITDA of such Obligor with respect to the applicable
Relevant Test Period, as calculated by the Borrower and Collateral Manager in good faith using information from and calculations consistent
with the relevant compliance statements and financial reporting packages provided by the relevant Obligor in accordance with the requirements
of the related Underlying Instruments.

 

“Transaction”:
The meaning specified in Section 3.2(a).

 

“Transaction Documents”:
This Agreement, the Sale Agreement, the Securities Account Control Agreement, any Joinder Supplement and the Collateral Custodian Fee
Letter.

 

    43 

     

    

 

“UCC”:
The Uniform Commercial Code as from time to time in effect in the applicable jurisdiction or jurisdictions.

 

“Unadjusted Benchmark
Replacement”: The Benchmark Replacement excluding the Benchmark Replacement Adjustment.

 

“Uncertificated Security”:
The meaning specified in Section 8-102(a)(l8) of the UCC.

 

“Underlying Assets”:
With respect to a Loan, any property or other assets designated and pledged as collateral to secure repayment of such Loan, including,
without limitation, to the extent provided for in the relevant Underlying Instruments, a pledge of the stock, membership or other ownership
interests in the related Obligor and all Proceeds from any sale or other disposition of such property or other assets.

 

“Underlying Assignment
Agreement”: Any assignment and acceptance, assignment and assumption, joinder or other assignment agreement, the form of which
is specified under the applicable Underlying Instruments for use when assigning the related Loan.

 

“Underlying Instruments”:
The loan agreement, credit agreement, indenture or other agreement pursuant to which a Loan or Permitted Investment has been issued or
created and each other agreement that governs the terms of or secures the obligations represented by such Loan or Permitted Investment
or of which the holders of such Loan or Permitted Investment are the beneficiaries.

 

“United States”:
The United States of America.

 

“Unfunded Exposure
Account”: A Securities Account created and maintained on the books and records of the Collateral Custodian entitled “Unfunded
Exposure Account” in the name of the Borrower and subject to the Lien of the Administrative Agent for the benefit of the Secured
Parties.

 

“Unfunded Exposure
Amount”: On any date of determination, with respect to any Loan, the aggregate amount (without duplication) of all (i) unfunded
commitments and (ii) all standby or contingent commitments associated with such Loan.

 

“Unfunded Exposure
Equity Amount”: On any date of determination, an amount equal to the sum, for each Loan, of (a) the Unfunded Exposure Amount
for such Loan minus (b) the product of (i) the Unfunded Exposure Amount for such Loan, (ii) the Advance Rate for such Loan and
(iii) the Assigned Value of such Loan.

 

“Unrestricted
Cash”: The meaning of “Unrestricted Cash” or any comparable definition in the Underlying Instruments
for each Loan, and in any case that “Unrestricted Cash” or such comparable definition is not defined in such Underlying
Instruments, all cash available for use for general corporate purposes and not held in any reserve account or legally or
contractually restricted for any particular purposes or subject to any lien (other than blanket liens permitted under or granted in
accordance with such Underlying Instruments), as reflected on the most recent financial statements of the relevant Obligor that have
been delivered to the Borrower.

 

    44 

     

    

 

“Unused Facility
Amount”: At any time, (a) the Facility Amount minus (b) the Advances Outstanding at such time.

 

“USA Patriot Act”:
The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public
Law 107-56.

 

“U.S. Government
Securities Business Day”: Any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and
Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of
trading in United States government securities; provided, that for purposes of the notice requirements in Section 2.3(b), such
day is also a Business Day.

 

“U.S. Person”:
Any Person that is a “United States person” as defined in Section 7701(a)(30) of the Code.

 

“U.S. Special Resolution
Regime”: Each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank
Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

 

“U.S. Tax Compliance
Certificate”: The meaning assigned to such term in Section 2.13(g).

 

“Value
Adjustment Event”: With respect to any Loan, the occurrence of any one or more of the following events after the related
Funding Date:

 

(a)              
(i) solely with respect to any First Lien Loan or any First Lien Last Out Loan, the Net Senior Leverage Ratio for any Relevant
Test Period of the related Obligor with respect to such Loan is (A) greater than 3.50 to 1.00 and (B) greater than 0.75 higher than the
Original Net Senior Leverage Ratio and (ii) solely with respect to any Second Lien Loan or any Designated Loan, the Total Leverage Ratio
of the related Obligor with respect to such Loan is (A) greater than 4.00 to 1.00 and (B) greater than 0.75 higher than the Original Total
Leverage Ratio; provided that in connection with any Revenue Recognition Implementation or any Operating Lease Implementation,
the Administrative Agent may retroactively adjust the Net Senior Leverage Ratio or the Total Leverage Ratio for any Loan as determined
on the related Funding Date;

 

(b)              
the Cash Interest Coverage Ratio for any Relevant Test Period of the related Obligor with respect to such Loan is (i) less
than 1.50 to 1.00 and (ii) less than 85% of the Original Cash Interest Coverage Ratio (or, if applicable, the Cash Interest Coverage
Ratio as of the related Recurring Revenue Reclassification Date); provided that in connection with any Revenue Recognition Implementation
or any Operating Lease Implementation, the Administrative Agent may retroactively adjust the Cash Interest Coverage Ratio for any Loan
as determined on the related Funding Date;

 

    45 

     

    

 

(c)              
 solely with respect to Recurring Revenue Loans, the Recurring Revenue Loan Gross Leverage Ratio with respect to such Eligible
Loan increases by greater than 10.0% from such ratio at the time the asset was first acquired by the Borrower;

 

(d)              
solely with respect to Recurring Revenue Loans, either (i) the recurring revenue covenants for such Eligible Loan fail to be replaced
with traditional cash flow leverage lending covenants by the Recurring Revenue Loan Covenant Flip Scheduled Date or (ii) the Recurring
Revenue Loan Covenant Flip Scheduled Date is extended;

 

(e)              
solely with respect to Recurring Revenue Loans, such Loan fails to maintain a liquidity amount of at least (x) 1.20 greater than
the applicable “liquidity covenant” (or such comparable definition) in the related Underlying Instruments or (y) if such “liquidity
covenant” is not available in the related Underlying Instruments, the amount determined by the Administrative Agent in its sole
discretion and set forth on the applicable Approval Notice for such Loan;

 

(f)               
any of (i) a payment default under such Loan (after giving effect to any applicable grace or cure periods, but in any case not
to exceed five (5) Business Days, in accordance with the Underlying Instruments) or, (ii) a default under such Loan, together with the
election by any Person or group of Persons authorized to exercise any rights or remedies by the applicable Underlying Instruments (including,
without limitation, the Borrower) to enforce any of their respective rights or remedies (including, without limitation, acceleration of
the Loan) pursuant to the applicable Underlying Instruments;

 

(g)              
the occurrence of a Material Modification with respect to such Loan;

 

(h)              
the occurrence of an Insolvency Event with respect to the related Obligor; or

 

(i)                
the failure to deliver (i) with respect to quarterly reports, any financial statements (including unaudited financial statements)
to the Administrative Agent sufficient to calculate the Net Senior Leverage Ratio, the Total Leverage Ratio or the Cash Interest Coverage
Ratio of the related Obligor by the date that is no later than eighty (80) days after the end of the first, second or third quarter of
any fiscal year and (ii) with respect to annual reports, any audited financial statements to the Administrative Agent sufficient to calculate
the Net Senior Leverage Ratio, the Total Leverage Ratio or the Cash Interest Coverage Ratio of the related Obligor by the date that is
no later than one hundred and sixty (160) days after the end of any fiscal year.

 

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

 

“Weighted Average
Advance Rate”: As of any date of determination with respect to all Eligible Loans on such date, (a) the sum of the products
for each Eligible Loan of (i) such Eligible Loan’s Advance Rate and (ii) such Eligible Loan’s OLB minus the portion,
if any, of such Eligible Loan’s OLB included in the Excess Concentration Amount divided by (b) the Aggregate OLB on such
date minus the Excess Concentration Amount.

 

“Wells Fargo”:
The meaning specified in the Preamble.

 

“Withholding Agent”:
The Borrower, the Collateral Custodian and the Administrative Agent.

 

    46 

     

    

 

Section 1.2.        
Other Terms.

 

All accounting terms used
but not specifically defined herein shall be construed in accordance with GAAP. All terms used in Article 9 of the UCC in the State
of New York, and used but not specifically defined herein, are used herein as defined in such Article 9.

 

Section 1.3.        
Computation of Time Periods.

 

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

 

Section 1.4.        
Interpretation.

 

In each Transaction Document,
unless a contrary intention appears:

 

(a)              
the singular number includes the plural number and vice versa;

 

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

 

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

 

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

 

(e)              
reference to any time means Charlotte, North Carolina time;

 

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

 

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

 

(h)              
if any date for compliance with the terms or conditions of any Transaction Document falls due on a day which is not a Business
Day, then such due date shall be deemed to be the immediately following Business Day;

 

    47 

     

    

 

(i)                
 reference to any delivery or transfer to the Collateral Custodian with respect to the Collateral in this Agreement means delivery
or transfer to the Collateral Custodian for the benefit of the Administrative Agent on behalf of the Secured Parties;

 

(j)                
the word “including” is not limiting and means “including without limitation;”

 

(k)              
the word “any” is not limiting and means “any and all” unless the context clearly requires or the language
provides otherwise;

 

(l)                
references herein to the knowledge or actual knowledge of a Person shall mean the actual knowledge following due inquiry of a Responsible
Officer of such Person;

 

(m)            
for purposes of this Agreement, an Event of Default shall be deemed to be continuing until it is waived in accordance with Section 12.1;
and

 

(n)              
unless otherwise expressly stated in this Agreement, if at any time any change in generally accepted accounting principles (including
the adoption of IFRS) would affect the computation of any covenant (including the computation of any financial covenant) set forth in
this Agreement or any other Transaction Document, Borrower and Administrative Agent shall negotiate in good faith to amend such covenant
to preserve the original intent in light of such change; provided, that, until so amended, (i) such covenant shall continue to be computed
in accordance with the application of generally accepted accounting principles prior to such change and (ii) Borrower shall provide to
Administrative Agent a written reconciliation in form and substance reasonably satisfactory to Administrative Agent, between calculations
of such covenant made before and after giving effect to such change in generally accepted accounting principles.

 

ARTICLE
II.

THE FACILITY

 

Section 2.1.        
Advances.

 

(a)              
During the Revolving Period, the Borrower may, at its option, request the Lenders to make advances of funds (each, an “Advance”)
under this Agreement pursuant to a Funding Notice, in an aggregate amount up to the Availability as of the proposed Funding Date of the
Advance; provided, however, that no Lender shall be obligated to make any Advance on or after the date that is two (2) Business
Days prior to the earlier to occur of the Revolving Period End Date or the Termination Date.

 

(b)              
Following the receipt of a Funding Notice during the Revolving Period, subject to the terms and conditions hereinafter set forth,
the Lenders shall fund such Advance. Notwithstanding anything to the contrary herein, no Lender shall be obligated to make any Advance
if, after giving effect to such Advance and the addition to the Collateral of the Eligible Loans to be acquired by the Borrower with the
proceeds of such Advance, (i) an Event of Default, Default or Collateral Manager Default would result therefrom on the date of such Advance
or (ii) the aggregate Advances Outstanding would exceed the Borrowing Base.

 

    48 

     

    

 

(c)              
 The Borrower may, with the written consent of the Administrative Agent, add additional Persons as Lenders and increase the Commitments
hereunder; provided that, the Commitment of any Lender may only be increased with the prior written consent of such Lender and
the Administrative Agent. Each additional Lender shall become a party hereto by executing and delivering to the Administrative Agent and
the Borrower a Joinder Supplement and a representation letter in the form of Exhibit I. Upon such increase, Annex B hereto
shall be deemed to be revised to reflect such increase in such Lender’s Commitment and those terms set forth on Annex C shall
be revised as set forth therein in accordance with such increase. For the avoidance of doubt, on the Fifth Amendment Closing Date the
Facility Amount shall be $725,000,000 and on any subsequent date of determination, the Facility Amount may be increased up to an amount
of $800,000,000, and the terms set forth on Annex C shall vary in accordance with the Facility Amount then in effect (including,
prior to the earlier to occur of the end of the Revolving Period or the Termination Date, in connection with a permanent reduction of
the Facility Amount).  The Borrower, or the Collateral Manager on its behalf, may at any time request Annex C to be revised
so long as it has received prior written consent from the Administrative Agent and the Required Lenders.

 

Section 2.2.        
Procedures for Advances by the Lenders.

 

(a)              
Subject to the limitations set forth herein, the Borrower may request an Advance from the Lenders by delivering to the Lenders
at certain times the information and documents set forth in this Section  2.2.

 

(b)              
No later than 3:00 p.m. on the Business Day prior to the proposed Funding Date, the Borrower (or the Collateral Manager on its
behalf) shall deliver:

 

(i)                
to the Administrative Agent and the Collateral Custodian a duly completed Borrowing Base Certificate updated to the date such Advance
is requested and giving pro forma effect to the Advance requested and the use of the proceeds thereof;

 

(ii)             
to the Administrative Agent a description of the Obligor and the Loan(s) to be funded by the proposed Advance;

 

(iii)           
to the Administrative Agent a wire disbursement and authorization form, to the extent not previously delivered;

 

(iv)             to
the Administrative Agent and the Collateral Custodian a duly completed Funding Notice which shall (a) specify the desired amount of
such Advance, which amount must be at least equal to $500,000 (or, in the case of any Advance to be applied to fund any draw under a
Delayed Draw Loan or Revolving Loan, such lesser amount as may be required to fund such draw), to be allocated to each Lender in
accordance with its Pro Rata Share, (b) specify the proposed Funding Date of such Advance, (c) specify the Loan(s) to be financed on
such Funding Date (including the appropriate file number, Obligor, original loan balance, OLB, Assigned Value and Purchase Price for
each Loan) and, with respect to any Delayed Draw Loan or Revolving Loan, the amount to be deposited in the Unfunded Exposure Account
in connection with the acquisition of such Loan(s) pursuant to Section 2.2(e) and (d) include a representation that all
conditions precedent for an Advance described in Article III hereof have been met (except as otherwise provided in Section
2.2(e)). Each Funding Notice shall be irrevocable. If any Funding Notice is received by the Administrative Agent and each Lender
after 3:00 p.m. on the Business Day prior to the Business Day for which such Advance is requested or on a day that is not a Business
Day, such Funding Notice shall be deemed to be received by the Administrative Agent and each Lender at 9:00 a.m. on the next
Business Day.

 

    49 

     

    

 

(c)              
On the proposed Funding Date, subject to the limitations set forth in Section  2.1(a) and upon satisfaction of the
applicable conditions set forth in Article III, each Lender shall make available to the Borrower in same day funds, by wire
transfer to the account designated by Borrower in the Funding Notice given pursuant to this Section  2.2, an amount equal
to such Lender’s Pro Rata Share of the least of (i) the amount requested by the Borrower for such Advance, (ii) the aggregate unused
Commitments then in effect and (iii) an amount equal to the Availability on such Funding Date.

 

(d)              
On each Funding Date, the obligation of each Lender to remit its Pro Rata Share of any such Advance shall be several from that
of each other Lender and the failure of any Lender to so make such amount available to the Borrower shall not relieve any other Lender
of its obligation hereunder.

 

(e)              
Notwithstanding anything to the contrary herein, upon the occurrence of the earlier of (i) an Event of Default or (ii) the Revolving
Period End Date, if the amount on deposit in the Unfunded Exposure Account is less than the Aggregate Unfunded Exposure Amount, the Borrower
shall request an Advance in the amount of such shortfall (the “Exposure Amount Shortfall”). Following receipt of a
Funding Notice (including a duly completed Borrowing Base Certificate updated to the date such Advance is requested and giving pro
forma effect to the Advance requested), the Lenders shall fund such Exposure Amount Shortfall in accordance with Section 2.2(b)
as if the Revolving Period were still in effect and notwithstanding anything to the contrary herein (including, without limitation, the
Borrower’s failure to satisfy any of the conditions precedent set forth in Section 3.2), except that no Lender shall make
any Advance to the extent that, after giving effect to such Advance, the Advances Outstanding would exceed the Borrowing Base.

 

Section 2.3.        
Reduction of the Facility Amount; Optional Repayments.

 

(a)               The
Borrower shall be entitled at its option to terminate the Facility Amount in whole or reduce in part the portion of the Facility
Amount that exceeds the sum of the Advances Outstanding, accrued Interest and Breakage Costs; provided that (i) the Borrower
shall provide a Repayment Notice to the Administrative Agent at least (x) ten (10) Business Days prior to such termination of the
Facility Amount in whole and (y) one (1) Business Day prior to such reduction of the Facility Amount in part; (ii) any partial
reduction of the Facility Amount shall be in an amount equal to $2,500,000 and in integral multiples of $250,000 in excess thereof;
and (iii) in the case of such termination or reduction on or prior to the second anniversary of the Closing Date other than in
connection with (i) a refinancing using the proceeds of any (a) other financing in which the Administrative Agent or an Affiliate
thereof holds at least 25% of the aggregate commitments of such replacement or other financing or (b) distributed capital markets
offering or (ii) an amendment and restatement of this Agreement, the Borrower shall pay to the Administrative Agent the applicable
Commitment Reduction Fee in accordance with Section 2.7 or Section 2.8, as applicable. Any request for a reduction or
termination pursuant to this Section 2.3(a) shall be irrevocable. The Commitment of each Lender shall be reduced by an amount
equal to its Pro Rata Share (prior to giving effect to any reduction of Commitments hereunder) of the aggregate amount of any
reduction under this Section 2.3(a).

 

    50 

     

    

 

(b)              
The Borrower shall be entitled at its option, at any time, to reduce Advances Outstanding; provided that (i) the Borrower
shall provide a Repayment Notice to the Administrative Agent at least one (1) Business Day prior to such reduction and (ii) any reduction
of Advances Outstanding (other than with respect to repayments of Advances Outstanding made by the Borrower to reduce Advances Outstanding
such that the Required Advance Reduction Amount is equal to zero) shall be in a minimum amount of $500,000 and in integral multiples of
$100,000 in excess thereof. In connection with any such reduction of Advances Outstanding, the Borrower shall deliver to each Lender (1)
instructions to reduce such Advances Outstanding and (2) funds sufficient to repay such Advances Outstanding together with all accrued
Interest and any Breakage Costs; provided that, the Advances Outstanding will not be reduced unless sufficient funds have been
remitted to pay the related accrued Interest and Breakage Costs, if any, in full. The Administrative Agent shall apply amounts received
from the Borrower pursuant to this Section 2.3(b) to the pro rata reduction of the Advances Outstanding, to the payment
of accrued Interest on the amount of the Advances Outstanding to be repaid and to the payment of any Breakage Costs. Any Advance so repaid
may, subject to the terms and conditions hereof, be reborrowed during the Revolving Period. Any Repayment Notice relating to any repayment
pursuant to this Section 2.3(b) shall be irrevocable.

 

(c)              
At any time after the nine-month anniversary of the Closing Date and on or prior to the date set forth in clause (a) of the definition
of “Revolving Period End Date,” the Borrower may make a request to the Lenders to extend the date set forth in clause (a)
of the definition of “Revolving Period End Date” (and in accordance therewith, the Facility Maturity Date shall be automatically
extended) for an additional period of one (1) year (or such shorter period as determined by the Collateral Manager). Each Lender shall
have the right in its sole discretion to approve or deny any such extension request. Upon written notice from the Administrative Agent
and each Lender agreeing to such extension, the Revolving Period shall be extended to such date as is approved by each Lender for all
purposes hereof (and clause (a) of the definition of “Revolving Period End Date” shall be deemed amended).

 

Section 2.4.        
Determination of Interest and Non-Usage Fee.

 

The Administrative Agent shall
determine the Interest (including unpaid Interest related thereto, if any, due and payable on a prior Payment Date) and the Non-Usage
Fee (including any previously accrued and unpaid Non-Usage Fee) to be paid by the Borrower on each Payment Date for the related Accrual
Period and shall advise the Collateral Manager thereof on the third Business Day prior to such Payment Date.

 

    51 

     

    

 

Section 2.5.        
[Reserved].

 

Section 2.6.        
Principal Repayments.

 

(a)              
Unless sooner prepaid pursuant to the terms hereof, the Advances Outstanding shall be repaid in full on the Termination Date or
on such later date as is agreed to in writing by the Borrower, the Collateral Manager, the Administrative Agent and the Lenders.

 

(b)              
At the Borrower’s option in its sole discretion, it may take any of the following actions at any time to reduce the Required
Advance Reduction Amount:

 

(i)             
depositing Cash into the Principal Collection Account;

 

(ii)            
repaying Advances Outstanding in accordance with Section 2.3(b); and/or

 

(iii)           
posting additional Eligible Loans as Collateral.

 

Section 2.7.        
Settlement Procedures.

 

(a)              
On each Payment Date, so long as no Event of Default has occurred and is continuing, the Collateral Manager shall direct the Collateral
Custodian to pay pursuant to the latest Borrowing Base Certificate (and the Collateral Custodian shall make payment from the Interest
Collection Account to the extent of Available Funds, in reliance on the information set forth in such Borrowing Base Certificate) to the
following Persons, the following amounts in the following order of priority:

 

(1)              
pro rata to (A) the Collateral Custodian, in an amount equal to any accrued and unpaid Collateral Custodian Fees; provided
that, the aggregate amount payable pursuant to this Section 2.7(a)(1)(A), Section 2.7(b)(1)(A) and Section 2.8(1)(A)
shall not exceed $100,000 per annum, and (B) the applicable Governmental Authority for any Tax; provided that, the aggregate
amount payable pursuant to this Section 2.7(a)(1)(B), Section 2.7(b)(1)(B) and Section 2.8(1)(B) shall not exceed
$25,000 per annum;

 

(2)              
to the Collateral Manager, in an amount equal to any accrued and unpaid expenses; provided that, the aggregate amount payable
pursuant to this Section 2.7(a)(2), Section 2.7(b)(2) and Section 2.8(2) shall not exceed $100,000 per annum;

 

(3)              
pro rata to each Lender, in an amount equal to (A) such Lender’s share of the Interest for the related Accrual Period
and any accrued and unpaid Interest for previous Accrual Periods, (B) such Lender’s pro rata share of the Non-Usage Fee for the
related Accrual Period and any unpaid Non-Usage Fees for previous Accrual Periods and (C) any unpaid Breakage Costs with respect to such
Lender;

 

(4)               pro
rata to the Administrative Agent and each Lender, all fees and other amounts, including any Increased Costs and Structuring Fee,
but other than the principal of Advances Outstanding, Commitment Reduction Fees and Administrative Expenses, then due to each such
Person under this Agreement;

 

    52 

     

    

 

(5)              
pro rata to each Lender, if the Required Advance Reduction Amount is greater than zero, an amount necessary to reduce the
Required Advance Reduction Amount to zero;

 

(6)              
pro rata to each Lender, in an amount equal to any accrued and unpaid Commitment Reduction Fee;

 

(7)              
(i) prior to the Revolving Period End Date, to the Unfunded Exposure Account in an amount necessary to cause the amount on deposit
in the Unfunded Exposure Account to equal the Unfunded Exposure Equity Amount, and (ii) after the end of the Revolving Period, to the
Unfunded Exposure Account in an amount equal to Exposure Amount Shortfall;

 

(8)              
pro rata to each applicable party, to pay all other accrued and unpaid Administrative Expenses and Taxes; and

 

(9)              
(A) during a Default, to remain in the Interest Collection Account or (B) otherwise, any remaining amounts shall be distributed
to (or as directed by) the Borrower (to be used for any purpose, including distribution to the Equityholder).

 

(b)              
On each Payment Date, so long as no Event of Default has occurred and is continuing, the Collateral Manager shall direct the Collateral
Custodian to pay pursuant to the latest Borrowing Base Certificate (and the Collateral Custodian shall make payment from the Principal
Collection Account to the extent of Available Funds, in reliance on the information set forth in such Borrowing Base Certificate) to the
following Persons, the following amounts in the following order of priority:

 

(1)              
pro rata to (A) to the extent not paid pursuant to Section 2.7(a)(1)(A), to the Collateral Custodian, in an amount
equal to any accrued and unpaid Collateral Custodian Fees; provided that, the aggregate amount payable pursuant to Section 2.7(a)(1)(A),
this Section 2.7(b)(1)(A) and Section 2.8(1)(A) shall not exceed $100,000 per annum and (B) to the extent not paid
pursuant to Section 2.7(a)(1)(B), to the applicable Governmental Authority for any Tax; provided that, the aggregate amount
payable pursuant to Section 2.7(a)(1)(B), this Section 2.7(b)(1)(B) and Section 2.8(1)(B) shall not exceed $25,000
per annum;

 

(2)              
to the extent not paid pursuant to Section 2.7(a)(2), to the Collateral Manager, in an amount equal to any accrued and unpaid
expenses; provided that, the aggregate amount payable pursuant to Section 2.7(a)(2), this Section 2.7(b)(2) and Section
2.8(2) shall not exceed $100,000 per annum;

 

(3)               to
the extent not paid pursuant to Section 2.7(a)(3), pro rata to each Lender, in an amount equal to (A) such
Lender’s share of the Interest for the related Accrual Period and any accrued and unpaid Interest for previous Accrual
Periods, (B) such Lender’s share of the Non-Usage Fee for the related Accrual Period and any unpaid Non-Usage Fees for
previous Accrual Periods and (C) any unpaid Breakage Costs with respect to such Lender;

 

    53 

     

    

 

(4)              
to the extent not paid pursuant to Section 2.7(a)(4), pro rata to the Administrative Agent and each Lender, all other
fees and other amounts, including any Increased Costs and Structuring Fee, but other than the principal of Advances Outstanding, Commitment
Reduction Fee and Administrative Expenses, then due to each such Person under this Agreement;

 

(5)              
to the extent not paid pursuant to Section 2.7(a)(5), pro rata to each Lender, if the Required Advance Reduction
Amount is greater than zero, an amount necessary to reduce the Required Advance Reduction Amount to zero;

 

(6)              
to the extent not paid pursuant to Section 2.7(a)(6), pro rata to each Lender, in an amount equal to any accrued
and unpaid Commitment Reduction Fee;

 

(7)              
during the Revolving Period, as directed by the Collateral Manager, to (A) repay Advances Outstanding, (B) return cash to the Principal
Collection Account for application in accordance with the terms hereof and/or (C) unless a Default has occurred and is continuing, or
after giving effect to such distribution the Availability is less than zero, to be distributed to (or as directed by) the Borrower (to
be used for any purpose, including distribution to the Collateral Manager);

 

(8)              
to the extent not paid pursuant to Section 2.7(a)(7), to the Unfunded Exposure Account in an amount equal to (i) prior to
the Revolving Period End Date, necessary to cause the amount on deposit in the Unfunded Exposure Account to equal the Unfunded Exposure
Equity Amount, and (ii) after the end of the Revolving Period, the Exposure Amount Shortfall;

 

(9)              
after the end of the Revolving Period, to the Lenders to pay the Advances Outstanding;

 

(10)          
to the extent not paid pursuant to Section 2.7(a)(8), pro rata to each applicable party to pay all other Administrative
Expenses and Taxes; and

 

(11)          
(A) during a Default, to remain in the Principal Collection Account or (B) otherwise, any remaining amounts shall be distributed
to (or as directed by) the Borrower (to be used for any purpose, including distribution to the Equityholder).

 

(c)              
The Collateral Manager may, in its sole discretion, direct the Collateral Custodian to make a payment to the Borrower from the
Principal Collection Account on any Business Day other than a Payment Date if, both immediately prior and after giving effect to such
payment (i) the Availability is greater than zero and (ii) no Default or Event of Default has occurred and is continuing.

 

(d)               Subject
to the satisfaction of the applicable conditions set forth in Section 3.2, the Collateral Manager may direct the Collateral
Custodian to withdraw funds on deposit in the Principal Collection Account on any Business Day in order to reinvest such funds in
Eligible Loans to be pledged hereunder.

 

    54 

     

    

 

Section 2.8.        
Alternate Settlement Procedures.

 

On each Payment Date following
the occurrence of and during the continuation of an Event of Default, the Collateral Manager (or, after delivery of a Notice of Exclusive
Control, the Administrative Agent) shall direct the Collateral Custodian to pay pursuant to the latest Borrowing Base Certificate (and
the Collateral Custodian shall make payment from the Collection Account to the extent of Available Funds, in reliance on the information
set forth in such Borrowing Base Certificate) to the following Persons, the following amounts in the following order of priority:

 

(1)              
pro rata to (A) to the Collateral Custodian, in an amount equal to any accrued and unpaid Collateral Custodian Fees; provided
that, the aggregate amount payable pursuant to Section 2.7(a)(1)(A), Section 2.7(b)(1)(A) and this Section 2.8(1)(A)
shall not exceed $100,000 per annum, and (B) to the applicable Governmental Authority for any Tax; provided that, the aggregate
amount payable pursuant to Section 2.7(a)(1)(B), Section 2.7(b)(1)(B) and this Section 2.8(1)(B) shall not exceed
$25,000 per annum;

 

(2)              
to the Collateral Manager, in an amount equal to any accrued and unpaid expenses; provided that, the aggregate amount payable
pursuant to Section 2.7(a)(2), Section 2.7(b)(2) and this Section 2.8(2) shall not exceed $100,000 per annum;

 

(3)              
pro rata to each Lender, in an amount equal to (A) such Lender’s share of the Interest for the related Accrual Period
and any accrued and unpaid Interest for previous Accrual Periods, (B) such Lender’s share of the Non-Usage Fee for the related Accrual
Period and any unpaid Non-Usage Fees for previous Accrual Periods and (C) any unpaid Breakage Costs with respect to such Lender;

 

(4)              
pro rata to the Administrative Agent and each Lender, all other fees and other amounts, including any Increased Costs and
Structuring Fee, but other than the principal of Advances Outstanding, Commitment Reduction Fee and Administrative Expenses, then due
to each such Person under this Agreement;

 

(5)              
to the Unfunded Exposure Account in an amount equal to Exposure Amount Shortfall;

 

(6)              
pro rata to the Lenders to pay the Advances Outstanding and any accrued and unpaid Commitment Reduction Fee;

 

(7)              
pro rata to each applicable party, to pay all other Administrative Expenses and Taxes; and

 

(8)               (A)
so long as such Event of Default is continuing, to remain in the Collection Account or (B) otherwise, any remaining amounts shall be
distributed to (or as directed by) the Borrower (to be used for any purpose, including distribution to the Equityholder).

 

    55 

     

    

 

Section 2.9.        
Collections and Allocations.

 

(a)              
Collections. The Collateral Manager shall promptly identify any collections received as being on account of Interest Collections
or Principal Collections and shall transfer, or cause to be transferred, all Collections received to the appropriate Collection Account
within two Business Days after such Collections are received. The Collateral Manager shall include a statement as to the amount of Principal
Collections and Interest Collections on deposit on each Reporting Date in the Borrowing Base Certificate delivered pursuant to Section
5.1(p).

 

(b)              
Excluded Amounts. With the prior written consent of the Administrative Agent, the Collateral Manager may withdraw from the
Collection Account any deposits thereto constituting Excluded Amounts if the Collateral Manager has, prior to such withdrawal and consent,
delivered to the Administrative Agent and each Lender a report setting forth the calculation of such Excluded Amounts in form and substance
reasonably satisfactory to the Administrative Agent and each Lender.

 

(c)              
Initial Deposits. On each Funding Date, the Collateral Manager will instruct the related Obligor to deposit all Collections
with respect to Collateral being acquired by the Borrower on such date into the Collection Account.

 

(d)              
Investment of Funds. Unless a Collateral Manager Default or an Event of Default has occurred and is continuing, to the extent
there are uninvested amounts deposited in the Collection Account, all such amounts shall be invested in Permitted Investments selected
by the Collateral Manager on each Payment Date (or pursuant to standing instructions provided by the Collateral Manager); provided
that, if a Collateral Manager Default or an Event of Default has occurred and is continuing, to the extent there are uninvested amounts
in the Collection Account, all such amounts may be invested in Permitted Investments selected by the Administrative Agent (or pursuant
to standing instructions provided by the Administrative Agent). All earnings (net of losses and investment expenses) thereon shall be
retained or deposited into the applicable Collection Account and shall be applied on each Payment Date pursuant to the provisions of Section 
2.7 or Section  2.8 (as applicable).

 

(e)              
Unfunded Exposure Account.

 

(i)                
Amounts on deposit in the Unfunded Exposure Account may be withdrawn (A) by the Collateral Custodian pursuant to Section 2.9(e)(ii)
to fund any draw requests of the relevant Obligors under any Delayed Draw Loan or Revolving Loan or (B) if the amount on deposit
in the Unfunded Exposure Account exceeds the Aggregate Unfunded Exposure Amount, by the Borrower (or the Collateral Manager on the Borrower’s
behalf) to make a deposit into the Principal Collection Account to the extent of such excess.

 

(ii)              After
the end of the Revolving Period, any draw request made by an Obligor under a Delayed Draw Loan or Revolving Loan, along with wiring
instructions for the applicable Obligor, shall be forwarded by the Collateral Manager (on the Borrower’s behalf) to the
Collateral Custodian (with a copy to the Administrative Agent) along with an instruction to the Collateral Custodian to withdraw the
applicable amount from the Unfunded Exposure Account. Upon receipt of, and in accordance with, such instruction, the Collateral
Custodian shall fund such draw request directly from the Unfunded Exposure Account.

 

    56 

     

    

 

(f)               
For all U.S. federal tax reporting purposes, all income earned on the funds invested and allocable to the Accounts is legally owned
by the Borrower (and beneficially owned by the Borrower or the Equityholder). The Borrower is required to provide to Wells Fargo, in its
capacity as Collateral Custodian (i) an IRS Form W-9 or W-8 no later than the date hereof, and (ii) any additional IRS forms (or updated
versions of any previously submitted IRS forms) or other documentation upon the reasonable request of the Collateral Custodian as may
be necessary (a) to reduce or eliminate the imposition of U.S. withholding taxes and (b) to permit the Collateral Custodian to fulfill
its tax reporting obligations under applicable law with respect to the Accounts or any amounts paid to the Borrower. The Borrower is further
required to report to the Collateral Custodian comparable information upon any change in the legal or beneficial ownership of the income
allocable to the Accounts. Wells Fargo, both in its individual capacity and in its capacity as Collateral Custodian, shall have no liability
to the Borrower or any other person in connection with any tax withholding amounts paid, or retained for payment, to a governmental authority
from the Accounts arising from the Borrower’s failure to timely provide an accurate, correct and complete IRS Form W-9 or W-8 or
such other documentation contemplated under this paragraph. For the avoidance of doubt, no funds shall be invested with respect to such
Accounts absent the Collateral Custodian having first received (x) instructions with respect to the investment of such funds, and (y)
the forms and other documentation required by this paragraph.

 

Section 2.10.    
Payments, Computations, Etc.

 

(a)              
Unless otherwise expressly provided herein, all amounts to be paid or deposited by the Borrower or the Collateral Manager hereunder
shall be paid or deposited in accordance with the terms hereof no later than 3:00 p.m. on the day when due in lawful money of the United
States in immediately available funds and any amount not received before such time shall be deemed received on the next Business Day.
The Borrower or the Collateral Manager, as applicable, shall, to the extent permitted by law, pay to the Secured Parties interest on all
amounts (other than Advances) not paid or deposited when due hereunder at 5.25% per annum above the Prime Rate, payable on demand;
provided that, such interest rate shall not at any time exceed the maximum rate permitted by Applicable Law. Such interest shall
be for the account of the applicable Secured Party. All computations of interest and other fees hereunder shall be made on the basis of
a year consisting of 360 days (other than calculations with respect to the Base Rate and the Non-Usage Fee, which shall each be based
on a year consisting of 365 or 366 days, as applicable) for the actual number of days elapsed.

 

(b)              
Whenever any payment hereunder shall be stated to be due on a day other than a Business Day, such payment shall be made on the
next succeeding Business Day, and such extension of time shall in such case be included in the computation of the payment of Interest
or any fee payable hereunder, as the case may be. For avoidance of doubt, to the extent that Available Funds are insufficient on any Payment
Date to satisfy the full amount of any Increased Costs then due pursuant to Section 2.12, such unpaid amounts shall remain due
and owing and shall accrue interest as provided in Section  2.10(a) until repaid in full.

 

    57 

     

    

 

(c)              
 If any Advance requested by the Borrower is not effectuated as a result of the Borrower’s actions or failure to fulfill
any condition under Section 3.2, as the case may be, on the date specified therefor, the Borrower shall indemnify the applicable
Lender against any reasonable loss, cost or expense incurred by the applicable Lender, including, without limitation, any loss, cost or
expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by the applicable Lender to fund or
maintain such Advance, but excluding the Applicable Spread.

 

Section 2.11.    
Fees.

 

(a)              
The Collateral Manager on behalf of the Borrower shall pay or cause to be paid in accordance with Sections 2.7 and 2.8,
quarterly in arrears, the applicable Non-Usage Fee.

 

(b)              
The Borrower shall pay or cause to be paid to the Administrative Agent a fee in an amount equal to the product of (x) the Facility
Amount as of the Closing Date and (y) 1.00% (the “Structuring Fee”) The Structuring Fee shall be payable in two equal
installments (i.e. two installments, each equal to one-half of such fee) on the Closing Date and on the earlier to occur of (1) the Payment
Date occurring in April 2020 and (2) the Facility Maturity Date; provided that in the event the Commitments of the Lenders are
terminated in whole pursuant to and in accordance with this Agreement, the entire remaining portion of the Structuring Fee payable to
the Administrative Agent shall become due and payable on the date of such termination.

 

(c)              
The Collateral Custodian shall be entitled to receive the Collateral Custodian Fee in accordance with Sections 2.7 and 2.8.

 

(d)              
The Borrower shall pay to Cadwalader, Wickersham & Taft LLP as counsel to the Administrative Agent on the Closing Date, its
reasonable estimated fees and out-of-pocket expenses through the Closing Date, and shall pay all additional reasonable fees and out-of-pocket
expenses of Cadwalader, Wickersham & Taft LLP required to be paid by the Borrower hereunder and on the immediately following Payment
Date after its receipt of an invoice therefor in accordance with the terms of Section 2.7 or 2.8, as applicable.

 

Section 2.12.    
Increased Costs; Capital Adequacy; Illegality.

 

(a)               If
either (i) the introduction of or any change (including, without limitation, any change by way of imposition or increase of reserve
requirements) in or in the interpretation of any Applicable Law or (ii) the compliance by an Affected Party with any guideline or
request from any central bank or other Governmental Authority (whether or not having the force of law), in each case, adopted, made
or implemented after the Closing Date, shall (a) subject any Affected Party to any Taxes (other than (A) Indemnified Taxes, (B)
Taxes described in clauses (b) through (d) of the definition of Excluded Taxes, and (C) Connection Income Taxes) on its loans, loan
principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital
attributable thereto, (b) impose, modify or deem applicable any reserve requirement (including, without limitation, any reserve
requirement imposed by the Board of Governors of the Federal Reserve System, but excluding any reserve requirement, if any, included
in the determination of Interest), special deposit or similar requirement against assets of, deposits with or for the amount of, or
credit extended by, any Affected Party or (c) impose any other condition (other than Taxes) affecting the ownership interest in the
Collateral conveyed to the Lenders hereunder or any Affected Party’s rights hereunder or under any other Transaction Document,
the result of which is to increase the cost to any Affected Party or to reduce the amount of any sum received or receivable by an
Affected Party under this Agreement or under any other Transaction Document, then on the later of the next Payment Date and 30 days
after receipt by the Borrower of demand by such Affected Party (which demand shall be accompanied by a statement setting forth the
basis for such demand), the Borrower shall pay directly to such Affected Party such additional amount or amounts as will compensate
such Affected Party for such additional or increased cost incurred or such reduction suffered.

 

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(b)              
If either (i) the introduction of or any change in or in the interpretation of any law, guideline, rule, regulation, directive
or request or (ii) compliance by any Affected Party with any law, guideline, rule, regulation, directive or request from any central bank
or other Governmental Authority or agency (whether or not having the force of law), including, without limitation, compliance by an Affected
Party with any request or directive regarding capital adequacy, in each case, adopted, made or implemented after the Closing Date, has
or would have the effect of reducing the rate of return on the capital of any Affected Party as a consequence of its obligations hereunder
or arising in connection herewith to a level below that which any such Affected Party could have achieved but for such introduction, change
or compliance (taking into consideration the policies of such Affected Party with respect to capital adequacy) by an amount deemed by
such Affected Party to be material, then from time to time, on the later of the next Payment Date and 30 days after receipt by the Borrower
of demand by such Affected Party (which demand shall be accompanied by a statement setting forth the basis for such demand), the Borrower
shall pay directly to such Affected Party such additional amount or amounts as will compensate such Affected Party for such reduction.

 

(c)              
If as a result of any event or circumstance similar to those described in clause (a) or (b) of this Section 2.12 that
occurs after the Closing Date, any Affected Party is required to compensate a bank or other financial institution providing liquidity
support, credit enhancement or other similar support to such Affected Party in connection with this Agreement or the funding or maintenance
of Advances hereunder, then on the later of the next Payment Date and 30 days after receipt of a statement describing such costs in reasonable
detail, the Borrower shall pay to such Affected Party such additional amount or amounts as may be necessary to reimburse such Affected
Party for any amounts payable or paid by it.

 

(d)              
In determining any amount provided for in this Section 2.12, the Affected Party may use any reasonable averaging and
attribution methods. Any Affected Party making a claim under this Section 2.12 shall submit to the Collateral Manager a written
description as to such additional or increased cost or reduction and the calculation thereof, which written description shall be conclusive
absent manifest error.

 

(e)               If
a Disruption Event as described in clause (a) of the definition of “Disruption Event” with respect to any Lender
occurred, such Lender shall in turn so notify the Borrower, whereupon all Advances Outstanding of the affected Lender in respect of
which Interest accrues at the Benchmark shall immediately be converted into Advances Outstanding in respect of which Interest
accrues at the Base Rate in accordance with the definition of “Interest Rate”.

 

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(f)               
Failure or delay on the part of any Affected Party to demand compensation pursuant to this Section  2.12 shall not
constitute a waiver of such Affected Party’s right to demand or receive such compensation. Notwithstanding anything to the contrary
in this Section 2.12, the Borrower shall not be required to compensate an Affected Party pursuant to this Section 2.12 for
any amounts incurred more than six (6) months prior to the date that such Affected Party notifies the Borrower of such Affected Party’s
intention to claim compensation therefor; provided that, if the circumstances giving rise to such claim have a retroactive effect,
then such six (6) month period shall be extended to include the period of such retroactive effect.

 

(g)              
Each Lender agrees that it will take such commercially reasonable actions as the Borrower may reasonably request that will avoid
the need to pay, or reduce the amount of, any increased amounts referred to in this Section 2.12 or Section 2.13
provided that, no Lender shall be obligated to take any actions that would, in the reasonable opinion of such Lender, be disadvantageous
to such Lender. In no event will Borrower be responsible for increased amounts referred to in this Section  2.12 which relates
to any other entities to which Lenders provide financing.

 

(h)              
Notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all rules
and regulations promulgated thereunder or issued in connection therewith and (ii) all requests, rules, guidelines, requirements and 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 have been
introduced after the Closing Date, thereby constituting a change for which a claim for increased costs or additional amounts may be made
hereunder with respect to the Affected Parties, regardless of the date enacted, adopted or issued.

 

Section 2.13.    
Taxes.

 

(a)              
Defined Terms. For purposes of this Section 2.13, the term “applicable law” includes FATCA.

 

(b)              
Payments Free of Taxes. Any and all payments by or on account of any obligation of the Borrower under any Transaction Document
shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined
in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment
by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely
pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is
an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that after such deduction or withholding has
been made (including such deductions and withholdings applicable to additional sums payable under this Section 2.13) the applicable
Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.

 

 

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(c)              
 Payment of Other Taxes by the Borrower. The Borrower shall timely pay to the relevant Governmental Authority in accordance
with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.

 

(d)              
Indemnification by the Borrower. The Borrower shall indemnify each Recipient, on the later of the next Payment Date and
30 days after receipt of a certificate referred to in the next succeeding sentence, for the full amount of any Indemnified Taxes (including
Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 2.13) payable or paid by such Recipient
or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect
thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A
certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent),
or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

 

(e)              
Indemnification by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand
therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified
the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), (ii) any Taxes attributable
to such Lender’s failure to comply with the provisions of Section 12.16(b) relating to the maintenance of a Participant Register
and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection
with any Transaction Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly
or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered
to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative
Agent to set off and apply any and all amounts at any time owing to such Lender under any Transaction Document or otherwise payable by
the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this paragraph
(e).

 

(f)               
Evidence of Payments. As soon as practicable after any payment of Taxes by the Borrower to a Governmental Authority pursuant
to this Section 2.13, 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.

 

(g)               Status
of Lenders. (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made
under any Transaction Document shall deliver to the Borrower, the Collateral Custodian and the Administrative Agent, at the time or
times reasonably requested by the Borrower, the Collateral Custodian or the Administrative Agent, such properly completed and
executed documentation reasonably requested by the Borrower, the Collateral Custodian or the Administrative Agent as will permit
such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested
by the Borrower, the Collateral Custodian or the Administrative Agent, shall deliver such other documentation prescribed by
applicable law or reasonably requested by the Borrower, the Collateral Custodian or the Administrative Agent as will enable the
Borrower, the Collateral Custodian or the Administrative Agent to determine whether or not such Lender is subject to backup
withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the
completion, execution and submission of such documentation (other than such documentation set forth in Sections
2.13(g)(ii)(1), (ii)(2) and (ii)(4) below) shall not be required if in the Lender’s reasonable judgment such
completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially
prejudice the legal or commercial position of such Lender.

 

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(ii)             
Without limiting the generality of the foregoing:

 

(1)              
any Lender that is a U.S. Person shall deliver to the Borrower, the Collateral Custodian and the Administrative Agent on or prior
to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of
the Borrower, the Collateral Custodian or the Administrative Agent), executed copies of IRS Form W-9 certifying that such Lender is exempt
from U.S. federal backup withholding tax;

 

(2)              
any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower, the Collateral Custodian 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, the Collateral
Custodian or the Administrative Agent), whichever of the following is applicable:

 

i.             
in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party, (x)
with respect to payments of interest under any Transaction Document, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable)
establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax
treaty and (y) with respect to any other applicable payments under any Transaction Document, IRS Form W-8BEN or IRS Form W-8BEN-E (as
applicable) establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits”
or “other income” article of such tax treaty;

 

ii.            
executed copies of IRS Form W-8ECI;

 

iii.           
in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the
Code, (x) a certificate substantially in the form of Exhibit L-1 to the effect that such Foreign Lender is not a “bank”
within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning of Section
881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S.
Tax Compliance Certificate”) and (y) executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable); or

 

iv.           to
the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS
Form W-8BEN, IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit L-2 or Exhibit
L-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that, if the
Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio
interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit
L-4 on behalf of each such direct and indirect partner;

 

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(3)              
any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower, the Collateral Custodian 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, the Collateral
Custodian or the Administrative Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption
from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed
by applicable law to permit the Borrower, the Collateral Custodian or the Administrative Agent to determine the withholding or deduction
required to be made; and

 

(4)              
if a payment made to a Lender under any Transaction Document 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 Borrower, the Collateral Custodian and the Administrative Agent
at the time or times prescribed by law and at such time or times reasonably requested by the Borrower, the Collateral Custodian or the
Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code)
and such additional documentation reasonably requested by the Borrower, the Collateral Custodian or the Administrative Agent as may be
necessary for the Borrower, the Collateral Custodian and the Administrative Agent to comply with their obligations under FATCA and to
determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold
from such payment. Solely for purposes of this clause (4), “FATCA” shall include any amendments made to FATCA after the date
of this Agreement.

 

Each Lender agrees that if
any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form
or certification or promptly notify the Borrower, the Collateral Custodian and the Administrative Agent in writing of its legal inability
to do so.

 

(h)               Treatment
of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of
any Taxes as to which it has been indemnified pursuant to this Section 2.13 (including by the payment of additional amounts
pursuant to this Section 2.13), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent
of indemnity payments made under this Section 2.13 with respect to the Taxes giving rise to such refund), net of all out-of-pocket
expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental
Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such
indemnified party the amount paid over pursuant to this paragraph (h) (plus any penalties, interest or other charges imposed by the
relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental
Authority. Notwithstanding anything to the contrary in this paragraph (h), in no event will the indemnified party be required to pay
any amount to an indemnifying party pursuant to this paragraph (h) the payment of which would place the indemnified party in a less
favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise
to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with
respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available
its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other
Person.

 

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(i)                
Survival. Each party’s obligations under this Section 2.13 shall survive the resignation or replacement of
the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment,
satisfaction or discharge of all obligations under any Transaction Document.

 

Section 2.14.    
Discretionary Sales.

 

The Borrower shall be permitted
to sell Loans (each, a “Discretionary Sale”) subject to the following conditions:

 

(i)                
no Collateral Manager Default or Event of Default has occurred and is continuing and, immediately after giving effect to such Discretionary
Sale, no Collateral Manager Default, Default or Event of Default shall have occurred;

 

(ii)             
immediately after giving effect to such Discretionary Sale, the Required Advance Reduction Amount shall be (x) zero or (y) subject
to the prior consent of the Administrative Agent (in its sole discretion), an amount less than the Required Advance Reduction Amount immediately
prior to giving effect to such Discretionary Sale;

 

(iii)           
the Borrower shall have delivered a Borrowing Base Certificate to the Administrative Agent;

 

(iv)            
such Discretionary Sale shall be made by the Collateral Manager, on behalf of the Borrower, to an unaffiliated third party purchaser
in a transaction (i) reflecting arms-length market terms and (ii) in which the Borrower makes no representations, warranties or covenants
and provides no indemnification for the benefit of any other party to the Discretionary Sale (other than that the Borrower has good title
thereto, free and clear of all Liens and has the right to sell the related Loan), provided that the Borrower may make a Discretionary
Sale to (A) an Affiliate of the Borrower with the prior written consent of the Administrative Agent in its sole discretion or (B) to the
Seller pursuant to any exercise of the Seller’s mandatory repurchase obligation under Section 7.1 of the Sale Agreement;

 

(v)               on
the related Discretionary Sale Date, the Administrative Agent, each Lender and the Collateral Custodian, as applicable, shall have
received, as applicable, in immediately available funds, an amount equal to the sum of (a) an amount sufficient to reduce the
Advances Outstanding such that, after giving effect to the transfer of the Loans that are the subject of such Discretionary Sale,
the Required Advance Reduction Amount will be equal to zero plus (b) an amount equal to all unpaid Interest then due and
owing to the extent reasonably determined by the Administrative Agent and the Lenders to be attributable to that portion of the
Advances Outstanding to be repaid in connection with the Discretionary Sale plus (c) an aggregate amount equal to the sum of
all other Obligations then due and owing to the Administrative Agent, each applicable Lender, the Affected Parties and the
Indemnified Parties, as applicable, under this Agreement and the other Transaction Documents (or such lesser amount as consented to
by the Administrative Agent pursuant to clause (ii) above);

 

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(vi)            
on the related Discretionary Sale Date, the proceeds (net of (x) amounts payable pursuant to Section 2.14(v) and (y) transactional
expenses) from such Discretionary Sale shall be sent directly to the Collection Account; and

 

(vii)         
the aggregate OLB of all Loans which are sold by the Borrower in connection with a Discretionary Sale during any 12-month rolling
period shall not exceed 30% of the highest Aggregate OLB at any point during such 12-month period (or such lesser number of months
as shall have elapsed from the Closing Date as of such date); provided that, (a) any Discretionary Sale may be excluded from such
30% limitation with the prior written consent of the Administrative Agent and (b) any Discretionary Sale made pursuant to clause (B) or
(C) of Section 2.14(iv) shall be excluded from such 30% limitation; provided, further, that the Borrower may make Discretionary
Sales of Loans exceeding such 30% limitation if (x) all proceeds from such Discretionary Sales are applied pursuant to Section 2.3(b)
to reduce Advances Outstanding and (y) the Facility Amount is concurrently reduced pursuant to Section 2.3(a) by an amount equal
to the proceeds of such Discretionary Sales.

 

Section 2.15.    
Assignment of the Sale Agreement.

 

The Borrower hereby collaterally
assigns to the Administrative Agent, for the benefit of the Secured Parties, all of the Borrower’s right, title and interest in
and to, but none of its obligations under, the Sale Agreement and any UCC financing statements filed under or in connection therewith.
In furtherance and not in limitation of the foregoing, the Borrower hereby collaterally assigns to the Administrative Agent for the benefit
of the Secured Parties its right to indemnification under the Sale Agreement. The Borrower confirms that the Administrative Agent, on
behalf of the Secured Parties, at any time upon the occurrence and during the continuance of an Event of Default, shall have the right
to enforce the Borrower’s rights and remedies under the Sale Agreement and any UCC financing statements filed under or in connection
therewith for the benefit of the Secured Parties.

 

Section 2.16.    
Effect of Benchmark Transition Event.

 

(a)               Benchmark
Replacement. Notwithstanding anything to the contrary herein or in any other Transaction Document, if a Benchmark Transition
Event and its related Benchmark Replacement Date, then the applicable Benchmark Replacement will replace such Benchmark for all
purposes hereunder and under any Transaction Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time)
on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment
to, or further action or consent of any other party to, this Agreement or any other Transaction Document so long as the
Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders
comprising the Required Lenders.

 

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

 

(c)              
Notices. The Administrative Agent will promptly notify the Borrower, the Collateral Custodian and the Lenders of (i) any
occurrence of a Benchmark Transition Event and its related Benchmark Replacement Date, (ii) the implementation of any Benchmark Replacement,
(iii) the effectiveness of any Conforming Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to the below
and (v) the commencement or conclusion of any Benchmark Unavailability Period.

 

Notwithstanding anything to
the contrary herein or in any other Transaction Document, at any time (including in connection with the implementation of a Benchmark
Replacement), (A) if the then-current Benchmark is a term rate and either (1) any tenor for such Benchmark is not displayed on a screen
or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion
or (2) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information
announcing that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition
of “Accrual Period” for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor
and (B) if a tenor that was removed pursuant to clause (A) above either (1) is subsequently displayed on a screen or information service
for a Benchmark (including a Benchmark Replacement) or (2) is not, or is no longer, subject to an announcement that it is or will no longer
be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of “Accrual
Period” for all Benchmark settings at or after such time to reinstate such previously removed tenor.

 

(d)              
Standards for Decisions and Determinations. Any determination, decision or election that may be made by the Administrative
Agent or Lenders pursuant to this Section 2.16 including any determination with respect to a tenor, rate or adjustment or of the
occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive
and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party hereto, except,
in each case, as expressly required pursuant to this Section 2.16.

 

(e)               Benchmark
Unavailability Period. For any determination of interest hereunder or under any other Transaction Document during a Benchmark
Unavailability Period with respect to a given Benchmark, the principal amount of Advances which bear interest on such Benchmark,
shall instead bear interest determined in relation to the Base Rate, computed as otherwise described herein; provided, however, that
no such determination of interest shall take effect during any applicable Accrual Period.

 

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ARTICLE
III.

CONDITIONS TO CLOSING AND ADVANCES

 

Section 3.1.        
Conditions to Closing and Initial Advance.

 

Neither any Lender, the Administrative
Agent nor the Collateral Custodian shall be obligated to take, fulfill or perform any other action hereunder, until the following conditions
have been satisfied in the sole discretion of, or waived in writing by, the Administrative Agent:

 

(a)              
Each Transaction Document shall have been duly executed by, and delivered to, the parties thereto, and the Administrative Agent
shall have received such other documents, instruments, agreements and legal opinions as the Administrative Agent shall reasonably request
in connection with the transactions contemplated by this Agreement, each in form and substance reasonably satisfactory to the Administrative
Agent.

 

(b)              
The Administrative Agent shall have received reasonably satisfactory evidence that the Borrower, the Equityholder and the Collateral
Manager have obtained all required consents and approvals of all Persons to the execution, delivery and performance of this Agreement
and the other Transaction Documents to which each is a party and the consummation of the transactions contemplated hereby or thereby.

 

(c)              
The Borrower, the Equityholder and the Collateral Manager shall each have delivered to the Administrative Agent a certification
in the form of Exhibit D.

 

(d)              
The Borrower, the Equityholder and the Collateral Manager shall each have delivered to the Administrative Agent a certificate as
to whether such entity is Solvent in the form of Exhibit C.

 

(e)              
The Collateral Manager shall have delivered to the Administrative Agent certification that no Default, Event of Default, Change
of Control or Collateral Manager Default has occurred and is continuing.

 

(f)               
The Administrative Agent shall have received, with a counterpart for each Lender, the executed legal opinion or opinions of Schulte
Roth & Zabel LLP counsel to the Borrower, covering (i) enforceability, grant and perfection of the security interests on the Collateral
and (ii) non-consolidation of the Borrower with the Equityholder, in each case in form and substance reasonably acceptable to the Administrative
Agent.

 

(g)              
The Administrative Agent and each Lender shall have received copies of the Credit and Collection Policy.

 

(h)               The
Administrative Agent and the Lenders shall have received, sufficiently in advance of the Closing Date, all documentation and other
information required by bank regulatory authorities under applicable “know your customer” and anti-money laundering
rules and regulations, including the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism Act of 2001, Public Law 107-56.

 

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(i)                
The UCC-1 financing statements naming (1) the Borrower as debtor and the Administrative Agent as secured party, and (2) the
Seller as debtor, the Administrative Agent as assignee secured party and the Borrower as assignor secured party are in proper form for
filing in the filing office of the appropriate jurisdiction and shall have been filed (or will be concurrently filed on the Closing Date
or within one (1) Business Day thereafter) and, when filed, together with the Securities Account Control Agreement, are effective to perfect
the Administrative Agent’s security interest in the Collateral such that the Administrative Agent’s security interest in the
Collateral ranks senior to that of any other creditors of the Borrower, Equityholder or Seller (whether now existing or hereafter acquired),
subject only to Permitted Liens.

 

(j)                
The Administrative Agent shall have received certificates dated as of a recent date from the Secretary of State or other appropriate
authority, evidencing the good standing of the Borrower, the Equityholder and the Collateral Manager (i) in the jurisdiction of its organization
and (ii) in each other jurisdiction where its ownership, lease or operation of Property or the conduct of its business requires it to
qualify as a foreign Person except, as to this subclause (ii), where the failure to so qualify could not be reasonably expected to have
a Material Adverse Effect.

 

(k)              
The Administrative Agent shall have received the results of a recent search by a Person satisfactory to the Administrative Agent,
of the UCC, judgment and tax lien filings which may have been filed with respect to personal property of the Borrower and the Equityholder,
and bankruptcy and pending lawsuits with respect to the Borrower and the Equityholder and the results of such search shall be satisfactory
to the Administrative Agent.

 

(l)                
The Administrative Agent and the Lenders shall have received the fees (including fees, disbursements and other charges of the Administrative
Agent) to be received on the Closing Date referred to herein to the extent invoiced at least two (2) Business Days prior to the Closing
Date.

 

(m)            
The Equityholder shall have raised at least $250,000,000 in capital commitments from the investors of the Equityholder.

 

Section 3.2.        
Conditions Precedent to All Advances and Reinvestments.

 

(a)              
Each Advance and each reinvestment of Principal Collections pursuant to Section 2.7(d) (each, a “Transaction”)
shall be subject to the further conditions precedent that:

 

(i)                
with respect to any Advance, the Collateral Manager shall have delivered to the Administrative Agent (with a copy to the Collateral
Custodian) no later than 3:00 p.m. one (1) Business Day prior to the related Funding Date:

 

(1)              
the documents required by Section 2.2(b) and a Loan List; and

 

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(2)              
 a certificate of assignment substantially in the form of Exhibit F containing such additional information as may be reasonably
requested by the Administrative Agent and each Lender or, with respect to any Loan with respect to which the Borrower is not party to
any Underlying Instrument other than the relevant credit agreement, an assignment agreement in accordance with the requirements set forth
in clause (a) of the definition of “Required Loan Documents”;

 

(ii)             
with respect to any reinvestment of Principal Collections permitted by Section 2.7(d), the Collateral Manager shall have
delivered to the Administrative Agent (with a copy to the Collateral Custodian), no later than 3:00 p.m. one (1) Business Day prior to
the day of any such reinvestment:

 

(1)              
a Reinvestment Notice in the form of Exhibit A-3 and a Borrowing Base Certificate, executed by the Collateral Manager and
the Borrower; and

 

(2)              
a certificate of assignment substantially in the form of Exhibit F containing such additional information as may be reasonably
requested by the Administrative Agent and each Lender or, with respect to any Loan with respect to which the Borrower is not party to
any Underlying Instrument other than the relevant credit agreement, an assignment agreement in accordance with the requirements set forth
in clause (a) of the definition of “Required Loan Documents”;

 

(b)              
On the date of such Transaction the following shall be true and correct and the Borrower and the Collateral Manager shall have
certified in the related Borrower’s Notice that all conditions precedent to the requested Transaction have been satisfied and shall
thereby be deemed to have certified that:

 

(i)                
The representations and warranties contained in Section 4.1 and Section 4.2 are true and correct in all
respects on and as of such day as though made on and as of such day and shall be deemed to have been made on such day (other than any
representation and warranty that is made as of a specific date);

 

(ii)             
No event has occurred, or would result from such Transaction or from the application of proceeds thereof, that constitutes an Event
of Default, Default or Collateral Manager Default;

 

(iii)           
On and as of such day, after giving effect to such Transaction, the Availability is greater than or equal to zero;

 

(iv)            
On and as of such day, the Borrower and the Collateral Manager each has performed all of the covenants and agreements contained
in this Agreement to be performed by such Person on or prior to such day; and

 

(v)              
No Applicable Law prohibits or enjoins the making of such Advance by any Lender or the proposed reinvestment of Principal Collections.

 

(c)              
The Revolving Period End Date or the Termination Date shall not have occurred;

 

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(d)              
 On the date of such Transaction, the Administrative Agent shall have received such other approvals, opinions or documents as the
Administrative Agent may reasonably require;

 

(e)              
The Borrower and Collateral Manager shall have delivered to the Administrative Agent all reports required to be delivered as of
the date of such Transaction including, without limitation, all deliveries required by Section 2.2;

 

(f)               
The Borrower shall have paid all fees then required to be paid and, without duplication of Section 2.11(d), shall have
reimbursed the Lenders, the Collateral Custodian and the Administrative Agent for all fees, costs and expenses then required to be paid
of closing the transactions contemplated hereunder and under the other Transaction Documents, including the reasonable attorney fees and
any other legal and document preparation costs incurred by the Lenders, the Collateral Custodian and the Administrative Agent;

 

(g)              
The Borrower shall have received a copy of the related Approval Notice;

 

(h)              
In connection with each Transaction, the Borrower shall have delivered to the Collateral Custodian (with a copy to the Administrative
Agent), no later than 3:00 p.m. on the date of the related Transaction, (i) a Loan File with respect to each Loan proposed to be acquired
by the Borrower in connection with such Transaction, and (ii) a faxed or an emailed copy of the duly executed original promissory notes
for each Loan in respect of which a promissory note is issued (or, in the case of any Noteless Loan, a fully executed assignment agreement),
and, if any Loans are closed in escrow, a written certification from the closing attorneys of such Loan confirming the possession of the
Required Loan Documents and that all documentary conditions to such Loan have been satisfied; provided that, notwithstanding the
foregoing, the Borrower shall cause the Required Loan Documents to be in the possession of the Collateral Custodian within ten (10) Business
Days of any related Purchase Date with respect to any Loan.

 

(i)                
On or prior to the date of the initial Advance, the Administrative Agent shall have received evidence satisfactory to it in its
sole discretion that at least the Required Minimum Equity Amount (which may include capital contributions in Cash, securities or Loans)
has been deposited by the Equityholder into the Principal Collection Account or has been credited to the Collateral Account.

 

(j)                
To the extent any Loans being acquired by the Borrower in connection with such Transaction are being purchased from the Seller,
a true sale opinion with respect to each Loan, in each case, in form and substance acceptable to the Administrative Agent in its reasonable
discretion (it being acknowledged and agreed that the opinion delivered by Schulte Roth & Zabel LLP on the Closing Date is acceptable
to the Administrative Agent and satisfies the requirements of this Section 3.2(j), so long as such sales are made in accordance
with the facts described in such opinion and pursuant to the Sale Agreement).

 

The failure of the
Borrower to satisfy any of the foregoing conditions precedent in respect of any Advance (which has not been waived by the
Administrative Agent) shall give rise to a right of the Administrative Agent, which right may be exercised at any time on the demand
of the Administrative Agent, to rescind the related Advance and direct the Borrower to pay to the Administrative Agent for the
benefit of the Lenders an amount equal to the Advances made during any such time that any of the foregoing conditions precedent were
not satisfied.

 

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Section 3.3.        
Custodianship; Transfer of Loans and Permitted Investments.

 

(a)              
The Administrative Agent shall hold all Certificated Securities (whether Loans or Permitted Investments) and Instruments in physical
form at the Collateral Custodian’s offices set forth in Section 5.5(c). Any successor Collateral Custodian shall be a state
or national bank or trust company which is not an Affiliate of the Borrower or the Seller and which is a Qualified Institution.

 

(b)              
Each time that the Borrower (or the Collateral Manager on behalf of the Borrower) shall direct or cause the acquisition of any
Loan or Permitted Investment, the Borrower shall (or the Collateral Manager on behalf of the Borrower), if such Loan or Permitted Investment
has not already been transferred in accordance with its Underlying Instruments (including obtaining any necessary consents) to the Collateral
Custodian, cause the transfer of such Loan or Permitted Investment in accordance with its Underlying Instruments (including obtaining
any necessary consents) to the Collateral Custodian to be credited by the Collateral Custodian to the Collateral Account in accordance
with the terms of this Agreement. The security interest of the Administrative Agent in the funds or other property utilized in connection
with such acquisition shall, immediately and without further action on the part of the Administrative Agent, be released. The Borrower
and the Collateral Manager hereby authorize and direct the Collateral Custodian to credit the Collateral Account with any Loan (to the
extent evidenced by an Instrument) or Permitted Investment transferred to the Borrower in accordance with its Underlying Instruments.

 

(c)              
The Borrower (or the Collateral Manager on behalf of the Borrower) shall cause all Loans (to the extent evidenced by an Instrument)
or Permitted Investments acquired by the Borrower to be transferred to the Collateral Custodian for credit by the Collateral Custodian
to the Collateral Account, and shall cause all Loans and Permitted Investments acquired by the Borrower to be delivered to the Collateral
Custodian by one of the following means (and shall take any and all other actions necessary to create and perfect in favor of the Administrative
Agent a valid security interest in each Loan and Permitted Investment, which security interest shall be senior (subject to Permitted Liens)
to that of any other creditor of the Borrower (whether now existing or hereafter acquired)):

 

(i)                
in the case of an Instrument or a Certificated Security represented by a Security Certificate in registered form by having it Indorsed
to the Collateral Custodian or in blank by an effective Indorsement or registered in the name of the Administrative Agent and by (A) delivering
such Instrument or Security Certificate to the Collateral Custodian at the Corporate Trust Office and (B) causing the Collateral Custodian
to maintain (on behalf of the Administrative Agent) continuous possession of such Instrument or Security Certificate at its offices set
forth in Section 5.5(c) (except as otherwise permitted pursuant to this Agreement, including Section 7.8 or Section 7.9);

 

(ii)             
 in the case of an Uncertificated Security, by (A) causing the Administrative Agent to become the registered owner of such Uncertificated
Security and (B) causing such registration to remain effective;

 

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(iii)           
in the case of any Security Entitlement, by causing each such Security Entitlement to be credited to a Securities Account in the
name of the Borrower pursuant to the Securities Account Control Agreement;

 

(iv)            
in the case of General Intangibles (including any Loan or Permitted Investment not evidenced by an Instrument) by filing, maintaining
and continuing the effectiveness of, a financing statement naming the Borrower as debtor and the Administrative Agent as secured party
and covering the Loan or Permitted Investment (as the case may be) as the collateral at the filing office of the Secretary of State of
the State of Delaware.

 

(d)              
The security interest of the Administrative Agent in any Collateral disposed of in a transaction permitted by this Agreement shall,
immediately and without further action on the part of the Administrative Agent, be released and the Collateral Custodian shall immediately
release such Collateral to, or as directed by, the Borrower.

 

ARTICLE
IV.

REPRESENTATIONS AND WARRANTIES

 

Section 4.1.        
Representations and Warranties of the Borrower.

 

The Borrower represents and
warrants as follows as of the Closing Date, each Funding Date, and as of each other date provided under this Agreement or the other Transaction
Documents on which such representations and warranties are required to be (or deemed to be) made:

 

(a)              
Organization and Good Standing. The Borrower has been duly organized, and is validly existing as a limited liability company
in good standing, under the laws of the State of Delaware, with all requisite limited liability company power and authority to own or
lease its properties and conduct its business as such business is presently conducted, and had at all relevant times, and now has all
necessary power, authority and legal right to acquire, own and sell the Collateral.

 

(b)              
Due Qualification. The Borrower is (i) duly qualified to do business and is in good standing as a limited liability company
in its jurisdiction of formation, and (ii) has obtained all necessary qualifications, licenses and approvals, in all jurisdictions in
which the ownership or lease of property or the conduct of its business requires such qualifications, licenses or approvals, except where
the failure to be so qualified or to have obtained such licenses or approvals could not reasonably be expected to have a Material Adverse
Effect.

 

(c)               Power
and Authority; Due Authorization; Execution and Delivery. The Borrower (i) has all necessary limited liability company power,
authority and legal right to (a) execute and deliver each Transaction Document to which it is a party, and (b) carry out the terms
of the Transaction Documents to which it is a party, and (ii) has duly authorized by all necessary limited liability company action,
the execution, delivery and performance of each Transaction Document to which it is a party and the transfer and assignment of an
ownership and security interest in the Collateral on the terms and conditions herein provided. This Agreement and each other
Transaction Document to which the Borrower is a party have been duly executed and delivered by the Borrower.

 

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(d)              
Binding Obligation. Each Transaction Document to which the Borrower is a party constitutes a legal, valid and binding obligation
of the Borrower enforceable against the Borrower in accordance with its respective terms, except as such enforceability may be limited
by Insolvency Laws and by general principles of equity (whether considered in a suit at law or in equity).

 

(e)              
No Violation. The consummation of the transactions contemplated by each Transaction Document to which it is a party and
the fulfillment of the terms thereof will not (i) in any material respect conflict with, result in any breach of any of the terms and
provisions of, or constitute (with or without notice or lapse of time or both) a default under, the Borrower’s certificate of formation,
operating agreement or any Contractual Obligation of the Borrower, (ii) result in the creation or imposition of any Lien (other than Permitted
Liens) upon any of the Borrower’s properties pursuant to the terms of any such Contractual Obligation or (iii) violate any Applicable
Law in any material respect.

 

(f)               
Agreements. The Borrower is not a party to any agreement or instrument or subject to any limited liability company restriction
that has resulted or could reasonably be expected to result in a Material Adverse Effect. The Borrower is not in default in any manner
under any provision of any indenture or other agreement or instrument evidencing Indebtedness, or any other material agreement or instrument
to which it is a party or by which it or any of its properties or assets are or may be bound, where such defaults could reasonably be
expected to result in a Material Adverse Effect.

 

(g)              
No Proceedings. There is no litigation, proceeding or investigation pending or, to the knowledge of the Borrower, threatened
against the Borrower, before any Governmental Authority (i) asserting the invalidity of any Transaction Document to which the Borrower
is a party, (ii) seeking to prevent the consummation of any of the transactions contemplated by any Transaction Document to which the
Borrower is a party or (iii) that could reasonably be expected to have Material Adverse Effect.

 

(h)              
All Consents Required. All approvals, authorizations, consents, orders, licenses, filings or other actions of any Person
or of any Governmental Authority (if any) required for the due execution, delivery and performance by the Borrower of each Transaction
Document to which the Borrower is a party have been obtained.

 

(i)                
Bulk Sales. The execution, delivery and performance of this Agreement and the transactions contemplated hereby do not require
compliance with any “bulk sales” act or similar law by the Borrower.

 

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(j)                
 Solvency. The Borrower is not the subject of any Insolvency Proceedings or Insolvency Event. The transactions under the
Transaction Documents to which the Borrower is a party do not and will not render the Borrower not Solvent.

 

(k)              
Taxes.

 

(i)                       
The Equityholder is and has always been a U.S. Person.

 

(ii)                       
The Borrower is a “disregarded entity” of the Equityholder for U.S. federal income tax purposes.

 

(iii)                       
The Borrower has filed or caused to be filed all U.S. federal and other material tax and information returns that are required
to be filed by it and has paid or made adequate provisions for the payment of all U.S. federal and other material Taxes and all material
assessments made against it or any of its property (other than any amount of Tax that is not yet due or the validity of which is currently
being contested in good faith by appropriate proceedings and with respect to which reserves in accordance with GAAP have been provided
on the books of the Borrower or the Equityholder, as applicable), and no U.S. federal or other material tax lien (other than a Permitted
Lien in respect of Taxes) has been filed and, to the Borrower’s knowledge, no claim is being asserted with respect to any such Tax,
fee or other charge (other than any claim the validity of which is currently being contested in good faith by appropriate proceedings
and with respect to which reserves in accordance with GAAP have been provided on the books of the Borrower or the Equityholder, as applicable).

 

(l)                
Exchange Act Compliance; Regulations T, U and X. None of the transactions contemplated herein or in the other Transaction
Documents (including, without limitation, the use of the proceeds from the transfer of the Collateral) will violate or result in a violation
of Section 7 of the Exchange Act, or any regulations issued pursuant thereto, including, without limitation, Regulations T, U and
X of the Board of Governors of the Federal Reserve System, 12 C.F.R., Chapter II. The Borrower does not own or intend to carry or purchase,
and no proceeds from the Advances will be used to carry or purchase, any “margin stock” within the meaning of Regulation U
or to extend “purpose credit” within the meaning of Regulation U. The foregoing shall not restrict the receipt by the Borrower
of any Equity Security as a result of a workout or restructuring of any Obligor of a Loan.

 

(m)            
Security Interest.

 

(i)                
This Agreement creates a valid and continuing security interest (as defined in the UCC as in effect from time to time in the State
of New York) in the Collateral in favor of the Administrative Agent, on behalf of the Secured Parties, which security interest is validly
perfected under Article 9 of the UCC and is prior to all other Liens (except for Permitted Liens), and is enforceable as such against
creditors of and purchasers from the Borrower;

 

(ii)             
the Collateral is comprised of “instruments”, “security entitlements”, “general intangibles”,
 “certificated securities”, “uncertificated securities”, “securities accounts”, “investment property”
and “proceeds” (each as defined in the applicable UCC) and such other categories of collateral under the applicable UCC as
to which the Borrower has complied with its obligations under Section 4.1(m)(i);

 

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(iii)           
 with respect to Collateral that constitutes Security Entitlements:

 

(1)              
all of such Security Entitlements have been credited to one of the Accounts and the securities intermediary for each Account has
agreed to treat all assets credited to such Account as Financial Assets within the meaning of the UCC as in effect from time-to-time in
the State of New York;

 

(2)              
the Borrower has taken all steps necessary to enable the Administrative Agent to obtain “control” (within the meaning
of the UCC as in effect from time-to-time in the State of New York) with respect to each Account; and

 

(3)              
the Accounts are not in the name of any Person other than the Borrower, subject to the Lien of the Administrative Agent. The Borrower
has not instructed the securities intermediary of any Account to comply with the entitlement order of any Person other than the Administrative
Agent; provided that, until the Administrative Agent delivers a Notice of Exclusive Control, the Borrower and the Collateral Manager
may cause cash in the Accounts to be invested in Permitted Investments, and the proceeds thereof to be distributed in accordance with
this Agreement.

 

(iv)            
all Accounts constitute “securities accounts” as defined in the Section 8-501(a) of the UCC as in effect from time-to-time
in the State of New York;

 

(v)              
the Borrower owns and has good and marketable title to the Collateral free and clear of any Lien (other than Permitted Liens) of
any Person;

 

(vi)            
the Borrower has received all consents and approvals required by the terms of any Loan to the granting of a security interest in
the Loans hereunder to the Administrative Agent, on behalf of the Secured Parties;

 

(vii)         
the Borrower has taken all necessary steps to authorize the Administrative Agent to file all appropriate financing statements in
the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect the security interest in that portion
of the Collateral in which a security interest may be perfected by filing pursuant to Article 9 of the UCC as in effect in the Borrower’s
jurisdiction of organization;

 

(viii)       
other than the security interest granted to the Administrative Agent, on behalf of the Secured Parties, pursuant to this Agreement,
the Borrower has not pledged, assigned, sold, granted a security interest in or otherwise conveyed any of the Collateral. The Borrower
has not authorized the filing of and is not aware of any financing statements against the Borrower that include a description of any collateral
included in the Collateral other than any financing statement (A) in favor of the Administrative Agent, (B) relating to the security interest,
if any, granted to the Borrower under the Sale Agreement or (C) that has been terminated and/or fully and validly assigned to the Administrative
Agent or the Borrower on or prior to the date hereof. There are no judgments against the Borrower that would constitute an Event of Default;

 

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(ix)            
 all original executed copies of each underlying promissory note that constitute or evidence each Loan that is evidenced by a promissory
note has been or, subject to the delivery requirements contained herein, will be delivered to the Collateral Custodian;

 

(x)              
the Borrower has received, or subject to the delivery requirements contained herein will receive, a written acknowledgment from
the Collateral Custodian that the Collateral Custodian or its bailee is holding each underlying promissory note (if any) that evidence
all Loans evidenced by a promissory note solely on behalf of the Administrative Agent for the benefit of the Secured Parties;

 

(xi)            
none of the underlying promissory notes (if any) that constitute or evidence the Loans has any marks or notations indicating that
they have been pledged, assigned or otherwise conveyed to any Person other than the Administrative Agent on behalf of the Secured Parties;

 

(xii)         
with respect to Collateral that constitutes an Uncertificated Security, the Borrower has caused the Administrative Agent to gain
 “control” of such Collateral pursuant to Section 8-106(c) of the UCC and such control remains effective; and

 

(xiii)       
in the case of an Uncertificated Security, by (A) causing the Administrative Agent to become the registered owner of such Uncertificated
Security and (B) causing such registration to remain effective.

 

(n)              
Reports Accurate. All information, exhibits, financial statements, documents, books, records or reports furnished or to
be furnished by the Borrower or the Seller to the Administrative Agent or any Lender in connection with this Agreement are true, complete
and correct in all material respects.

 

(o)              
Location of Offices. The Borrower’s location (within the meaning of Article 9 of the UCC) is, and at all times
has been, the State of Delaware. The Borrower’s Federal Employer Identification Number is that of the Equityholder and is correctly
set forth on Exhibit D. The Borrower has not changed its name (whether by amendment of its certificate of formation, by reorganization
or otherwise) or its jurisdiction of organization and has not changed its location within the four (4) months preceding the Closing Date
(or, if less, the period of time since its formation).

 

(p)              
Collection Account. The Collection Accounts (including any sub accounts thereof) are the only accounts to which Collections
on the Collateral are sent.

 

(q)              
Legal Name. The Borrower’s exact legal name is New Mountain Guardian III SPV, L.L.C.

 

(r)               
Sale Agreement. The Sale Agreement (together with each assignment agreement to be delivered pursuant thereto and each Underlying
Assignment Agreement) is the only agreement pursuant to which the Borrower has purchased or will purchase, or acquire by way of contribution,
Collateral from the Seller or any Affiliate of the Seller, except as otherwise provided in Section 2.3 of the Sale Agreement.

 

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(s)               
 Value Given. The Borrower shall have given reasonably equivalent value to (i) the Seller in consideration for the transfer
to the Borrower of the Collateral pursuant to the Sale Agreement and (ii) the applicable third party seller of Collateral in consideration
for the transfer to the Borrower of the Collateral, and no such transfer shall have been made for or on account of an antecedent debt,
and no such transfer is or may be voidable or subject to avoidance under any section of the Bankruptcy Code.

 

(t)                
Accounting. The Borrower accounts for the transfers to it of interests in Collateral as sales for legal (other than tax)
purposes on its books, records and financial statements, in each case consistent with GAAP and with the requirements set forth herein.

 

(u)              
Special Purpose Entity. The Borrower has not and shall not:

 

(i)                
engage in any business or activity other than the purchase, receipt and management of Collateral, the transfer and pledge of Collateral
under the Transaction Documents and such other activities as are incidental thereto;

 

(ii)             
acquire or own any assets other than (a) the Collateral, (b) Permitted Investments and (c) incidental property as may be necessary
for the operation of the Borrower and the performance of its obligations under the Transaction Documents, including, without limitation,
capital contributions which it may receive from the Equityholder;

 

(iii)           
merge into or consolidate with any Person or dissolve, terminate or liquidate in whole or in part, transfer or otherwise dispose
of all or substantially all of its assets (other than in accordance with the provisions hereof), without in each case first obtaining
the prior written consent of the Administrative Agent, or except as permitted by this Agreement, change its legal structure or jurisdiction
of formation;

 

(iv)            
fail to preserve its existence as an entity duly organized, validly existing and in good standing under the laws of the jurisdiction
of its organization or formation, or without the prior written consent of the Administrative Agent, amend or modify (other than in accordance
with the terms hereof and thereof), terminate or fail to comply with the provisions of, its operating agreement, or fail to observe limited
liability company formalities;

 

(v)              
own any Subsidiary or make any Investment in any Person (other than Permitted Investments) without the consent of the Administrative
Agent;

 

(vi)            
except as permitted by this Agreement, commingle its assets with the assets of any of its Affiliates, or of any other Person;

 

(vii)         
incur any Indebtedness, secured or unsecured, direct or contingent (including guaranteeing any obligation), other than Indebtedness
to the Secured Parties hereunder or in conjunction with a repayment of all Advances owed to the Lenders and a termination of all the Commitments;

 

(viii)       
become insolvent or fail to pay its debts and liabilities from its assets as the same shall become due;

 

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(ix)            
 fail to maintain its bank accounts separate and apart from those of any other Person, other than as expressly provided in the
Transaction Documents;

 

(x)              
enter into any contract or agreement with any Person, except (a) the Transaction Documents, (b) the documents specifically contemplated
by the Borrower LLC Agreement, (c) other contracts or agreements that are upon terms and conditions that are commercially reasonable and
substantially similar to those that would be available on an arms-length basis with third parties other than such Person and (d) as otherwise
permitted under the Transaction Documents;

 

(xi)            
seek its dissolution or winding up in whole or in part;

 

(xii)         
fail to correct any known misunderstandings regarding the separate identity of the Borrower and the Equityholder or any principal
or Affiliate thereof or any other Person;

 

(xiii)       
guarantee, become obligated for, or hold itself out to be responsible for the debt of another Person;

 

(xiv)        
fail either to hold itself out to the public as a legal entity separate and distinct from any other Person or to conduct its business
solely in its own name in order not (a) to mislead others as to the identity of the Person with which such other party is transacting
business, or (b) to suggest that it is responsible for the debts of any third party (including any of its principals or Affiliates);

 

(xv)          
fail to maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and
in light of its contemplated business operations;

 

(xvi)        
file or consent to the filing of any petition, either voluntary or involuntary, to take advantage of any applicable insolvency,
bankruptcy, liquidation or reorganization statute, or make an assignment for the benefit of creditors;

 

(xvii)     
except as may be required or permitted by the Code and regulations or other applicable state or local tax law, hold itself out
as or be considered as a department or division of (a) any of its principals or Affiliates, (b) any Affiliate of a principal or (c) any
other Person;

 

(xviii)   
fail to maintain separate company records and books of account; provided, however, that the Borrower’s assets
and liabilities may be included in a consolidated financial statement of the Equityholder so long as the separateness of the Borrower
from the Equityholder and the unavailability of the Borrower’s assets and credit to satisfy the debts and other obligations of the
Equityholder are disclosed by the Equityholder within all public filings that contain such consolidated financial statements;

 

(xix)        
fail to pay its own liabilities and expenses only out of its own funds;

 

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(xx)          
 fail to maintain a sufficient number of employees, if any, in light of its contemplated business operations or to pay the salaries
of its own employees, if any;

 

(xxi)        
acquire the obligations or securities of its Affiliates or stockholders;

 

(xxii)     
fail to allocate fairly and reasonably any overhead expenses that are shared with an Affiliate, including paying for office space,
if any, provided by an Affiliate or services performed by any employee of an Affiliate;

 

(xxiii)   
fail to use separate checks bearing its own name;

 

(xxiv)    
pledge its assets to secure the obligations of any other Person;

 

(xxv)      
(A) fail at any time to have at least one (1) independent manager or director (the “Independent Manager”) who
is not currently (a) a manager, officer, employee or Affiliate of the Borrower or the Equityholder or any major creditor, or a manager,
officer or employee of any such Affiliate (other than an independent manager or similar position of the Borrower, the Equityholder or
an Affiliate), or (ii) the beneficial owner of any limited liability company interests of the Borrower or any voting, investment or other
ownership interests of any Affiliate of the Borrower or of any major creditor or (B) fail to ensure that all limited liability company
action relating to the selection, maintenance or replacement of the Independent Manager are duly authorized by the unanimous vote of the
board of managers (including the Independent Manager) except as otherwise permitted pursuant to the Borrower LLC Agreement;

 

(xxvi)    
fail to provide that the unanimous consent of all members or managers (including the consent of the Independent Manager) is required
for the Borrower to take any Material Action; and

 

(xxvii) 
take or refrain from taking, as applicable, each of the activities specified in the non-consolidation opinion of Schulte Roth &
Zabel LLP, dated as of the date hereof upon which the conclusions expressed therein are based.

 

(v)              
1940 Act. The Borrower is not required to register as an “investment company” within the meaning of the 1940
Act.

 

(w)             ERISA.
Except as would not reasonably be expected to constitute a Material Adverse Effect, (i) the present value of all benefits vested
under all “employee pension benefit plans,” as such term is defined in Section 3 of ERISA which are subject to
Title IV of ERISA and maintained by the Borrower, or in which employees of the Borrower are entitled to participate, other than a
Multiemployer Plan (the “Pension Plans”), does not exceed the value of the assets of the Pension Plan allocable
to such vested benefits (based on the value of such assets as of the most recent annual financial statements reflecting such
amounts), (ii) no non-exempt prohibited transactions, failures to satisfy minimum funding standards, withdrawals or reportable
events within the meaning of 4043 of ERISA, other than those events as to which the 30-day notice period referred to in Section
4043(c) of ERISA has been waived, (each a “Reportable Event”) have occurred with respect to any Pension Plans
that, in the aggregate, could subject the Borrower to any material tax, penalty or other liability and (iii) no notice of intent to
terminate a Pension Plan has been filed, nor has any Pension Plan been terminated under Section 4041(f) of ERISA, nor has the
Pension Benefit Guaranty Corporation instituted proceedings to terminate, or appoint a trustee to administer a Pension Plan and no
event has occurred or condition exists that might constitute grounds under Section 4042 of ERISA for the termination of, or the
appointment of a trustee to administer, any Pension Plan.

 

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(x)              
Compliance with Law. The Borrower has complied in all material respects with all Applicable Law to which it may be subject,
and no item of Collateral contravenes in any material respect any Applicable Law (including, without limitation, all applicable predatory
and abusive lending laws, laws, rules and regulations relating to licensing, truth in lending, fair credit billing, fair credit reporting,
equal credit opportunity, fair debt collection practices and privacy).

 

(y)              
Collections. The Borrower acknowledges that all Collections received by it or its Affiliates with respect to the Collateral
transferred hereunder are held and shall be held in trust for the benefit of the Secured Parties until deposited into the Collection Account
within two Business Days after receipt as required herein.

 

(z)              
Amendments. No Loan has been amended, modified or waived, except for amendments, modifications or waivers, if any, to such
Collateral otherwise permitted under Section 6.4(a) and in accordance with the Credit and Collection Policy.

 

(aa)           
Full Payment. As of the Funding Date thereof, the Borrower has no knowledge of any fact which should lead it to expect that
any Loan will not be repaid by the related Obligor in full.

 

(bb)          
Accuracy of Representations and Warranties. Each representation or warranty by the Borrower contained herein or in any report,
financial statement, exhibit, schedule, certificate or other document furnished by the Borrower pursuant hereto, in connection herewith
or in connection with the negotiation hereof is true and correct in all material respects.

 

(cc)           
Members of the Borrower. The sole member of the Borrower is a U.S. Person.

 

(dd)          
Sanctions. None of the Borrower nor any Person directly or indirectly Controlling the Borrower (i) is a Sanctioned Person;
(ii) is Controlled by or is acting on behalf of a Sanctioned Person; (iii) is, to the Borrower’s knowledge, under investigation
for an alleged breach of Sanction(s) by a governmental authority that enforces Sanctions; or (iv) will fund any repayment of the Obligations
with proceeds derived from any transaction that would be prohibited by Sanctions or would otherwise cause any Lender or any other party
to this Agreement to be in breach of any Sanctions. To each such Person’s knowledge, no investor in such Person is a Sanctioned
Person. The Borrower will notify each Lender and Administrative Agent in writing promptly after becoming aware of any breach of this section.

 

(ee)           
Beneficial Ownership Certification. The information included in the Beneficial Ownership Certification is true and correct
in all respects as of the Closing Date. The Borrower will notify each Lender and Administrative Agent in writing promptly after becoming
aware of any change in such information.

 

The representations and warranties
in Section 4.1(m) shall survive the termination of this Agreement and such representations and warranties may not be waived
by any party hereto without the consent of the Administrative Agent.

 

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Section 4.2.        
Representations and Warranties of the Borrower Relating to the Agreement and the Collateral.

 

The Borrower hereby represents
and warrants, as of the Closing Date and as of each Funding Date:

 

(a)              
Valid Security Interest. This Agreement constitutes a security agreement within the meaning of Section 9-102(a)(73) of the
UCC as in effect from time to time in the State of New York. Upon the delivery to the Collateral Custodian of all Collateral constituting
 “instruments” and “certificated securities” (as defined in the UCC as in effect from time to time in the jurisdiction
where the Collateral Custodian’s office set forth in Section 5.5(c) is located), the crediting of all Collateral that constitutes
Financial Assets (as defined in the UCC as in effect from time to time in the State of New York) to an Account and the filing of the financing
statements described in Section 4.1(m) in the jurisdiction in which the Borrower is located, the security interest created
hereby shall be a valid and first priority perfected security interest in all of the Collateral (subject to Permitted Liens) in that portion
of the Collateral in which a security interest may be created under 9 of the UCC as in effect from time to time in the State of New York.

 

(b)              
Eligibility of Collateral. The Borrower has conducted such due diligence and other review as it considered necessary with
respect to the Loans set forth on Schedule III. As of the Closing Date and each Funding Date, (i) the Loan List and the information
contained in each Funding Notice delivered pursuant to Section 2.2, is an accurate and complete listing in all material respects
of all Loans included in the Collateral as of the related Funding Date and the information contained therein with respect to the identity
of such Loans and the amounts owing thereunder is true, correct and complete in all material respects as of the related Funding Date,
(ii) each such Loan included in the Borrowing Base is an Eligible Loan, (iii) each Loan included in the Collateral is free and clear of
any Lien of any Person (other than Permitted Liens) and in compliance with all Applicable Laws in all material respects and (iv) with
respect to each Loan included in the Collateral, all material consents, licenses, approvals or authorizations of or registrations or declarations
of any Governmental Authority or any Person required to be obtained, effected or given by the Borrower in connection with the transfer
of an ownership interest or security interest in such Collateral to the Administrative Agent as agent for the benefit of the Secured Parties
have been duly obtained, effected or given and are in full force and effect.

 

(c)              
No Fraud. Each Loan was acquired by the Borrower without any fraud or material misrepresentation.

 

Section 4.3.        
Representations and Warranties of the Collateral Manager.

 

The Collateral Manager represents
and warrants as follows as of the Closing Date, each Funding Date, and as of each other date provided under this Agreement or the other
Transaction Documents on which such representations and warranties are required to be (or deemed to be) made:

 

(a)              
Organization and Good Standing. The Collateral Manager has been duly organized, and is validly existing as a limited liability
company in good standing, under the laws of the State of Delaware, with all requisite limited liability company power and authority to
own or lease its properties and conduct its business as such business is presently conducted.

 

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(b)              
Due Qualification. The Collateral Manager is duly qualified to do business and is in good standing as a limited liability
company, and has obtained all necessary qualifications, licenses and approvals, in all jurisdictions in which the ownership or lease of
property or the conduct of its business requires such qualifications, licenses or approvals, except where the failure to be so qualified
or in good standing or to have obtained such licenses or approvals could not reasonably be expected to have a Material Adverse Effect.

 

(c)              
Power and Authority; Due Authorization; Execution and Delivery. The Collateral Manager (i) has all necessary limited liability
company power, authority and legal right to (a) execute and deliver each Transaction Document to which it is a party, and (b) carry out
the terms of the Transaction Documents to which it is a party, and (ii) has duly authorized by all necessary limited liability company
action, the execution, delivery and performance of each Transaction Document to which it is a party. This Agreement and each other Transaction
Document to which the Collateral Manager is a party have been duly executed and delivered by the Collateral Manager.

 

(d)              
Binding Obligation. Each Transaction Document to which the Collateral Manager is a party constitutes a legal, valid and
binding obligation of the Collateral Manager enforceable against the Collateral Manager in accordance with its respective terms, except
as such enforceability may be limited by Insolvency Laws and general principles of equity (whether considered in a suit at law or in equity).

 

(e)              
No Violation. The consummation of the transactions contemplated by each Transaction Document to which it is a party and
the fulfillment of the terms thereof will not (i) conflict with, result in any breach of any of the terms and provisions of, or constitute
(with or without notice or lapse of time or both) a default under, the Collateral Manager’s certificate of formation, operating
agreement or any Contractual Obligation of the Collateral Manager, (ii) result in the creation or imposition of any Lien (other than Permitted
Liens) upon any of the Collateral Manager’s properties pursuant to the terms of any such Contractual Obligation, other than this
Agreement, or (iii) violate any Applicable Law in any material respect.

 

(f)               
No Proceedings. There is no litigation, proceeding or investigation pending or, to the knowledge of the Collateral Manager,
threatened against the Collateral Manager, before any Governmental Authority (i) asserting the invalidity of any Transaction Document
to which the Collateral Manager is a party, (ii) seeking to prevent the consummation of any of the transactions contemplated by any Transaction
Document to which the Collateral Manager is a party or (iii) that could reasonably be expected to have Material Adverse Effect.

 

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(g)              
 All Consents Required. All approvals, authorizations, consents, orders, licenses, filings or other actions of any Person
or of any Governmental Authority (if any) required for the due execution, delivery and performance by the Collateral Manager of each Transaction
Document to which the Collateral Manager is a party have been obtained.

 

(h)              
Reports Accurate. All information, exhibits, financial statements, documents, books, records or reports furnished or to
be furnished by the Collateral Manager to the Administrative Agent or any Lender in connection with this Agreement are true, complete
and correct in all material respects.

 

(i)                
Collections. The Collateral Manager acknowledges that all Collections received by it or its Affiliates with respect to the
Collateral transferred or pledged hereunder are held and shall be held in trust for the benefit of the Secured Parties until deposited
into the Collection Account within two (2) Business Days from receipt as required herein.

 

(j)                
Solvency. The Collateral Manager is not the subject of any Insolvency Proceedings or Insolvency Event. The transactions
under the Transaction Documents to which the Collateral Manager is a party do not and will not render the Collateral Manager not Solvent.

 

(k)              
Taxes. The Collateral Manager is a U.S. Person and is treated as a disregarded entity for U.S. federal income tax purposes.
The Collateral Manager has filed or caused to be filed all U.S. federal and other material tax and information returns that are required
to be filed by it (if any).

 

(l)                
ERISA. Except as would not reasonably be expected to constitute a Material Adverse Effect, (i) the present value of all
benefits vested under all Pension Plans of the Collateral Manager does not exceed the value of the assets of the Pension Plan allocable
to such vested benefits (based on the value of such assets as of the most recent annual financial statements reflecting such amounts),
(ii) no Reportable Events have occurred with respect to any Pension Plans that, in the aggregate, could subject the Collateral Manager
to any material tax, penalty or other liability and (iii) no notice of intent to terminate a Pension Plan has been filed, nor has any
Pension Plan been terminated under Section 4041(f) of ERISA, nor has the Pension Benefit Guaranty Corporation instituted proceedings
to terminate, or appoint a trustee to administer a Pension Plan and no event has occurred or condition exists that might constitute grounds
under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan.

 

(m)            
1940 Act. The Collateral Manager is regulated as a business development company under the 1940 Act.

 

(n)              
Compliance with Law. The Collateral Manager has complied in all material respects with all Applicable Law to which it may
be subject, and no item of Collateral contravenes in any material respect any Applicable Law (including, without limitation, all applicable
predatory and abusive lending laws, laws, rules and regulations relating to licensing, truth in lending, fair credit billing, fair credit
reporting, equal credit opportunity, fair debt collection practices and privacy).

 

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(o)              
 No Material Adverse Effect. No event, change or condition has occurred that has had, or could reasonably be expected to
have, a Material Adverse Effect on the Collateral Manager since its formation date.

 

(p)              
Actions of the Collateral Manager. The Collateral Manager acknowledges and agrees that, as of the date hereof, all of the
Loans owned by the Borrower as of the Closing Date (or subject to irrevocable commitments to purchase by the Borrower for settlement (as
participations or assignments) after the Closing Date) are owned by way of an assignment (and not a participation) and are as set forth
on Schedule III and hereby consents to the acquisition by the Borrower on the Closing Date (or, in respect of Loans with respect
to which the Borrower has entered into irrevocable commitments to purchase as of the Closing Date for settlement after the Closing Date)
of each Loan set forth on Schedule III.

 

(q)              
Sanctions. None of the Collateral Manager nor any Person directly or indirectly Controlling the Collateral Manager (i) is
a Sanctioned Person; (ii) is Controlled by or is acting on behalf of a Sanctioned Person; (iii) is, to the Collateral Manager’s
knowledge, under investigation for an alleged breach of Sanction(s) by a governmental authority that enforces Sanctions; or (iv) will
not cause the Obligations to be repaid with proceeds derived from any transaction that would be prohibited by Sanctions or would otherwise
cause any Lender or any other party to this Agreement to be in breach of any Sanctions. The Collateral Manager will notify each Lender
and Administrative Agent in writing promptly after becoming aware of any breach of this section.

 

Section 4.4.        
Representations and Warranties of the Collateral Custodian.

 

The Collateral Custodian in
its individual capacity and as Collateral Custodian represents and warrants as follows:

 

(a)              
Organization; Power and Authority. It is a duly organized and validly existing national banking association in good standing
under the laws of the United States. It has full corporate power, authority and legal right to execute, deliver and perform its obligations
as Collateral Custodian under this Agreement.

 

(b)              
Due Authorization. The execution and delivery of this Agreement and the consummation of the transactions provided for herein
have been duly authorized by all necessary association action on its part, either in its individual capacity or as Collateral Custodian,
as the case may be.

 

(c)              
No Conflict. The execution and delivery of this Agreement, the performance of the transactions contemplated hereby and the
fulfillment of the terms hereof will not conflict with, result in any breach of its articles of incorporation or bylaws or any of the
material terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under any indenture, contract,
agreement, mortgage, deed of trust, or other instrument to which the Collateral Custodian is a party or by which it or any of its property
is bound.

 

(d)               No
Violation. The execution and delivery of this Agreement, the performance of the Transactions contemplated hereby and the
fulfillment of the terms hereof will not conflict with or violate, in any material respect, any Applicable Law as to the Collateral
Custodian.

 

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(e)              
All Consents Required. All approvals, authorizations, consents, orders or other actions of any Person or Governmental Authority
applicable to the Collateral Custodian, required in connection with the execution and delivery of this Agreement, the performance by the
Collateral Custodian of the transactions contemplated hereby and the fulfillment by the Collateral Custodian of the terms hereof have
been obtained.

 

(f)               
Validity, Etc. This Agreement constitutes the legal, valid and binding obligation of the Collateral Custodian, enforceable
against the Collateral Custodian in accordance with its terms, except as such enforceability may be limited by applicable Insolvency Laws
and general principles of equity (whether considered in a suit at law or in equity).

 

Section 4.5.        
Representations and Warranties of the Seller.

 

The Seller hereby represents
and warrants, as of the Closing Date, each date the Borrower acquires any Collateral from the Seller and as of each Funding Date:

 

(a)              
Eligibility of Collateral. The Seller has conducted the due diligence and other review it considered necessary with respect
to each Loan acquired by the Borrower from the Seller. As of each date the Borrower acquires any Loan from the Seller, (i) each such Loan
included in the Borrowing Base is an Eligible Loan and (ii) each such Loan included in the Collateral is free and clear of any Lien of
any Person (other than Permitted Liens and any Lien which will be released contemporaneously with the acquisition thereof by the Borrower)
and in compliance in all material respects with all Applicable Laws.

 

(b)              
No Fraud. Each Loan originated by an unaffiliated third party was, to the Seller’s knowledge as of the date of the
transfer by the Seller to the Borrower of such Loan, originated without any fraud or material misrepresentation.

 

(c)              
Sanctions. None of the Seller nor any Person directly or indirectly Controlling the Seller (i) is a Sanctioned Person; (ii)
is Controlled by or is acting on behalf of a Sanctioned Person; (iii) is, to the Seller’s knowledge, under investigation for an
alleged breach of Sanction(s) by a governmental authority that enforces Sanctions; or (iv) will not cause the Obligations to be repaid
with proceeds derived from any transaction that would be prohibited by Sanctions or would otherwise cause any Lender or any other party
to this Agreement to be in breach of any Sanctions. The Seller will notify each Lender and Administrative Agent in writing promptly after
becoming aware of any breach of this section.

 

ARTICLE
V.

GENERAL COVENANTS

 

Section 5.1.        
Affirmative Covenants of the Borrower.

 

The Borrower covenants and
agrees with the Lenders that during the Covenant Compliance Period:

 

(a)              
 Compliance with Laws. The Borrower will comply in all material respects with all Applicable Laws, including those with
respect to the Collateral or any part thereof.

 

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(b)              
Preservation of Company Existence. The Borrower will (i) preserve and maintain its limited liability company existence,
rights, franchises and privileges in the jurisdiction of its formation, (ii) qualify and remain qualified in good standing as a limited
liability company in each jurisdiction where the failure to preserve and maintain such existence, rights, franchises, privileges and qualification
has had, or could reasonably be expected to have, a Material Adverse Effect and (iii) maintain the Borrower LLC Agreement in full force
and effect.

 

(c)              
Performance and Compliance with Collateral. The Borrower will, at its expense, timely and fully perform and comply (or,
by exercising its rights thereunder, cause the Seller to perform and comply pursuant to the Sale Agreement) with all provisions, covenants
and other promises required to be observed by it under the Collateral, the Transaction Documents and all other agreements related to such
Collateral.

 

(d)              
Keeping of Records and Books of Account. The Borrower will keep proper books of record and account in which full, true and
correct entries in conformity with GAAP and all requirements of law are made of all dealings and transactions in relation to its business
and activities in all material respects. The Borrower will permit any representatives designated by the Administrative Agent to visit
and inspect the financial records and the properties of such person upon reasonable advance notice and during normal business hours and
as often as reasonably requested, without unreasonably interfering with such party’s business and affairs and to make extracts from
and copies of such financial records, and permit any representatives designated by the Administrative Agent to discuss the affairs, finances
and condition of such person with the officers thereof and independent accountants therefor, in each case, other than (x) material and
affairs protected by the attorney-client privilege and (y) materials which such party may not disclose without violation of confidentiality
obligations binding upon it; provided that the right of the Administrative Agent provided herein to visit and inspect the financial
records and properties of the Borrower shall be limited to not more than one such visit and inspection in any fiscal year; provided
further that, during the continuance of a Collateral Manager Default or an Event of Default, there shall be no limit to the number
of such visits and inspections, and after the resolution of such Collateral Manager Default or Event of Default, the number of visits
occurring in the current fiscal year shall be deemed to be zero.

 

(e)               Protection
of Interest in Collateral. With respect to the Collateral, the Borrower will (i) acquire such Collateral pursuant to and in
accordance with the terms of the Sale Agreement or directly from the Equityholder or a third party, (ii) (at the Collateral
Manager’s expense) take all action necessary to perfect, protect and more fully evidence the Borrower’s ownership of
such Collateral free and clear of any Lien other than the Lien created hereunder and Permitted Liens, including, without limitation,
(a) with respect to the Loans and that portion of the Collateral in which a security interest may be perfected by filing and
maintaining (at the Collateral Manager’s expense), effective financing statements against the Obligor in all necessary or
appropriate filing offices, (including any amendments thereto or assignments thereof) and filing continuation statements, amendments
or assignments with respect thereto in such filing offices, (including any amendments thereto or assignments thereof) and (b)
executing or causing to be executed such other instruments or notices as may be necessary or appropriate, and (iii) take all
additional action that the Administrative Agent may reasonably request to perfect, protect and more fully evidence the respective
interests of the parties to this Agreement in the Collateral.

 

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(f)               
Deposit of Collections.

 

(i)                
The Borrower shall, or shall cause the Collateral Manager to, instruct each Obligor to deliver all Collections to the applicable
Collection Account.

 

(ii)             
The Borrower shall promptly (but in no event later than two (2) Business Days after receipt) deposit all Collections received by
such party in respect of the Collateral into the appropriate Collection Account as set forth in clause (i) above.

 

(g)              
Special Purpose Entity. The Borrower shall be in compliance with the special purpose entity requirements set forth in Section 4.1(u).

 

(h)              
Credit and Collection Policy. The Borrower will (a) comply in all material respects with the Credit and Collection Policy
in regard to the Collateral, and (b) furnish to the Administrative Agent prior to its effective date, prompt written notice of any changes
in the Credit and Collection Policy. The Borrower will not agree to or otherwise permit to occur any material change in the Credit and
Collection Policy without the prior written consent of the Administrative Agent; provided that, no consent shall be required from
the Administrative Agent in connection with any change mandated by Applicable Law or a Governmental Authority as evidenced by an Opinion
of Counsel to that effect delivered to the Administrative Agent.

 

(i)                
Events of Default. Promptly following the Borrower’s knowledge or notice of the occurrence of any Event of Default
or Default, the Borrower will provide the Administrative Agent with written notice of the occurrence of such Event of Default or Default
of which the Borrower has knowledge or has received notice. In addition, such notice will include a written statement of a Responsible
Officer of the Borrower setting forth the details of such event and the action that the Borrower proposes to take with respect thereto.

 

(j)                
Obligations and Taxes.

 

(i)                 The
Borrower shall pay its material Indebtedness and other obligations promptly and in accordance with their terms and pay and discharge
promptly when due all U.S. federal and other material Taxes and withholding Tax obligations before the same shall become delinquent
or in default, as well as all lawful claims for labor, materials and supplies or otherwise that, if unpaid, might give rise to a
Lien (other than Permitted Liens) upon such properties or any part thereof and enforce all material indemnities and rights against
Obligors in accordance with this Agreement and all rights against the Seller under the Sale Agreement or with respect to any U.S.
federal and other material Tax or withholding Tax; provided, that such payment and discharge shall not be required with
respect to any such U.S. federal and other Taxes or other obligations so long as the validity or amount thereof shall be contested
in good faith by appropriate proceedings and the Borrower and/or the Equityholder, as appropriate, shall have set aside on its books
adequate reserves with respect thereto in accordance with GAAP and such contest operates to suspend collection of the contested
obligation or Taxes and enforcement of a Lien.

 

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(ii)             
The Borrower will be a “disregarded entity” of the Equityholder for U.S. federal income tax purposes.

 

(iii)           
The Borrower will file or cause to be filed all material tax and information returns that are required to be filed by it (if any).

 

(k)              
Use of Proceeds. The Borrower will use the proceeds of the Advances only to originate or acquire Loans, to fund draws under
Delayed Draw Loans and Revolving Loans, to make distributions to its member in accordance with the terms hereof or to pay related expenses
(including expenses payable hereunder).

 

(l)                
Beneficial Ownership Regulation. Promptly following any request therefor, the Borrower shall deliver to the Administrative
Agent information and documentation reasonably requested by the Administrative Agent or any Lender for purposes of compliance with the
Beneficial Ownership Regulation.

 

(m)            
Adverse Claims. The Borrower will not create, or participate in the creation of, or permit to exist, any Liens on any of
the Accounts other than the Lien created by this Agreement and other Permitted Liens and Liens expressly permitted under the Securities
Account Control Agreement.

 

(n)              
Notices. The Borrower will furnish (or cause the Equityholder to furnish) to the Administrative Agent:

 

(i)                
Auditors’ Management Letters. Promptly after the receipt thereof, any auditors’ management letters are received
by the Borrower or by its accountants;

 

(ii)             
Representations and Warranties. Promptly after receiving knowledge or notice of the same, the Borrower shall notify the
Administrative Agent if any representation or warranty set forth in Section 4.1 or Section 4.2 was incorrect at
the time it was given or deemed to have been given and at the same time deliver to the Administrative Agent a written notice setting forth
in reasonable detail the nature of such facts and circumstances. In particular, but without limiting the foregoing, the Borrower shall
notify the Administrative Agent in the manner set forth in the preceding sentence before any Funding Date of any facts or circumstances
within the knowledge of the Borrower which would render any of the said representations and warranties untrue as of such Funding Date;

 

(iii)           
ERISA. Promptly after receiving notice of any “reportable event” (as defined in Title IV of ERISA) with respect
to the Borrower (or any ERISA Affiliate thereof), a copy of such notice;

 

(iv)             Proceedings.
As soon as possible and in any event within three (3) Business Days after an executive officer of the Borrower receives notice or
obtains knowledge thereof, notice of any settlement of, material judgment (including a material judgment with respect to the
liability phase of a bifurcated trial) in or commencement of any material labor controversy, material litigation, material action,
material suit or material proceeding before any court or governmental department, commission, board, bureau, agency or
instrumentality, domestic or foreign, affecting the Collateral, the Transaction Documents, the Secured Parties’ interest in
the Collateral, or the Borrower, the Collateral Manager or the Equityholder; provided that, notwithstanding the foregoing,
any settlement, judgment, labor controversy, litigation, action, suit or proceeding affecting the Collateral, the Transaction
Documents, the Secured Parties’ interest in the Collateral, or the Borrower, the Collateral Manager or the Equityholder in
excess of $1,000,000 shall be deemed to be material for purposes of this Section 5.1(n);

 

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(v)              
Notice of Certain Events. Promptly upon becoming aware thereof, notice of (1) any Collateral Manager Default, (2) any Value
Adjustment Event, (3) any Change of Control, (4) any other event or circumstance that could reasonably be expected to have a Material
Adverse Effect, (5) any event or circumstance whereby any Loan which was included in the latest calculation of the Borrowing Base as an
Eligible Loan shall fail to meet one or more of the criteria (other than criteria waived by the Administrative Agent on or prior to the
related Purchase Date in respect of such Loan) listed in the definition of “Eligible Loan”, and (6) of the occurrence of any
event of default by an Obligor on any Loan (after giving effect to any grace period under the related Underlying Instruments);

 

(vi)            
Organizational Changes. As soon as possible and in any event within fifteen (15) Business Days after the effective date
thereof, notice of any change in the name, jurisdiction of organization, organizational structure or location of records of the Borrower
or the Equityholder; provided that, the Borrower agrees not to effect or permit any change referred to in the preceding sentence
unless all filings have been made under the UCC or otherwise that are required in order for the Administrative Agent to continue at all
times following such change to have a valid, legal and perfected security interest in all the Collateral;

 

(vii)         
Accounting Changes. As soon as possible and in any event within three (3) Business Days after the effective date thereof,
notice of any material change in the accounting policies of the Borrower; and

 

(viii)       
Removal and Resignation of Independent Manager. No less than five (5) Business Days prior to any removal of the Independent
Manager of any such removal, and within five (5) Business Days after any resignation of the Independent Manager.

 

(o)              
Contest Recharacterization. The Borrower shall in good faith contest any attempt to recharacterize the treatment of the
Loans as property of the bankruptcy estate of the Equityholder.

 

(p)              
Payment Date Reporting. The Borrower shall deliver (or shall cause to be delivered) a Borrowing Base Certificate on
each Reporting Date, determined as of the immediately preceding Determination Date. Each such Borrowing Base Certificate delivered
immediately prior to a Payment Date shall contain instructions to the Collateral Custodian to withdraw on the related Payment
Date from the applicable Collection Account and pay or transfer amounts set forth in such report in the manner specified, and in
accordance with the priorities established, in Section 2.7 or Section 2.8, as applicable.

 

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(q)              
 Borrower Financial Statements. Unless the Borrower is consolidated with the Equityholder for financial reporting purposes,
the Borrower will submit to the Administrative Agent and each Lender, (A) within sixty (60) days after the end of each of its fiscal quarters
(excluding the fiscal quarter ending on the date specified in clause (B)), commencing with the first fiscal quarter after the Closing
Date, consolidated unaudited financial statements of the Borrower for the most recent fiscal quarter and (B) within one hundred and twenty
(120) days after the end of each fiscal year, commencing with the first fiscal year ended after the Closing Date, consolidated audited
financial statements of the Borrower, audited by a firm of nationally recognized independent public accountants.

 

(r)               
Equityholder Financial Statements. The Borrower will cause the Equityholder to submit to the Administrative Agent and each
Lender, (A) within sixty (60) days after the end of each of its fiscal quarters (excluding the fiscal quarter ending on the date specified
in clause (B)), commencing with the first fiscal quarter after the Closing Date, consolidated unaudited financial statements of the Equityholder
for the most recent fiscal quarter and (B) within one hundred and twenty (120) days after the end of each fiscal year, commencing with
the first fiscal year ended after the Closing Date, consolidated audited financial statements of the Equityholder, audited by a firm of
nationally recognized independent public accountants.

 

(s)               
Further Assurances. The Borrower will execute any and all further documents, financing statements, agreements and instruments,
and take all further action (including filing UCC and other financing statements, agreements or instruments) that may be required under
applicable law, or that the Administrative Agent may reasonably request, in order to grant, preserve, protect and perfect the validity
and first priority (subject to Permitted Liens) of the security interests and Liens created or intended to be created hereby. Such security
interests and Liens will be created hereunder and the Borrower shall deliver or cause to be delivered to the Administrative Agent all
such instruments and documents (including legal opinions and lien searches) as it shall reasonably request to evidence compliance with
this Section 5.1(s). The Borrower agrees to provide such evidence as the Administrative Agent shall reasonably request as to the
perfection and priority status of each such security interest and Lien.

 

(t)                
Non-Consolidation. The Borrower shall at all times act in a manner such that each of the assumptions made by Schulte Roth
 & Zabel LLP in their opinion delivered pursuant to Section 3.1(f)(ii) is true and accurate in all material respects. The Borrower
shall at all times observe and be in compliance in all material respects with all covenants and requirements in the Borrower LLC Agreement.

 

(u)              
Loan Acquisitions. All Loans acquired by the Borrower shall be acquired either from the Seller pursuant to the Sale Agreement
or from an unaffiliated third party, except as otherwise provided in Section 2.3 of the Sale Agreement.

 

(v)               Compliance
with Anti-Money Laundering Laws and Anti-Corruption Laws. The Borrower shall and each Person directly or indirectly Controlling
the Borrower shall: (i) comply with all applicable Anti–Money Laundering Laws and Anti-Corruption Laws in all material
respects, and shall maintain policies and procedures reasonably designed to ensure compliance with the Anti-Money Laundering Laws
and Anti-Corruption Laws; (ii) conduct the requisite due diligence in connection with the transactions contemplated herein for
purposes of complying with the Anti-Money Laundering Laws, including with respect to the legitimacy of any applicable investor and
the origin of the assets used by such investor to purchase the property in question, and will maintain sufficient information to
identify any applicable investor for purposes of the Anti-Money Laundering Laws; (iii) ensure it does not use any of the credit in
violation of any Anti-Corruption Laws or Anti-Money Laundering Laws; and (iv) ensure it does not fund any repayment of the
Obligations in violation of any Anti-Corruption Laws or Anti-Money Laundering.

 

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(w)            
Other. The Borrower will furnish to the Administrative Agent promptly, from time to time, such other information, documents,
records or reports respecting the Collateral or the condition or operations, financial or otherwise, of the Collateral Manager or the
Borrower as the Administrative Agent may from time to time reasonably request in order to protect the interests of the Administrative
Agent or the other Secured Parties under or as contemplated by this Agreement.

 

Section 5.2.        
Negative Covenants of the Borrower.

 

During the Covenant Compliance
Period:

 

(a)              
Other Business. The Borrower will not (i) engage in any business other than (A) entering into and performing its obligations
under the Transaction Documents and other activities contemplated by the Transaction Documents and the Borrower LLC Agreement, (B) the
acquisition, ownership and management of the Collateral and (C) the sale or disposition of Loans and other Collateral as permitted hereunder,
(ii) incur any Indebtedness, obligation, liability or contingent obligation of any kind other than pursuant to the Transaction Documents
or (iii) form any Subsidiary or make any Investment in any other Person (other than Permitted Investments).

 

(b)              
Collateral Not to be Evidenced by Instruments. The Borrower will take no action to cause any Loan that is not, as of the
Closing Date or the related Purchase Date, as the case may be, evidenced by an Instrument, to be so evidenced except in connection with
the enforcement or collection of such Loan or unless such Instrument is promptly delivered to the Administrative Agent, together with
an Indorsement in blank, as collateral security for the Obligations.

 

(c)              
Security Interests. Except as otherwise permitted herein or in respect of any Discretionary Sale or other sale permitted
hereunder or required under the Sale Agreement, the Borrower will not sell, pledge, assign or transfer to any other Person, or grant,
create, incur, assume or suffer to exist any Lien (other than Permitted Liens) on any Collateral, whether now existing or hereafter transferred
hereunder, or any interest therein. The Borrower will promptly notify the Administrative Agent of the existence of any Lien (other than
Permitted Liens) on any Collateral and the Borrower shall defend the right, title and interest of the Administrative Agent, as agent for
the Secured Parties in, to and under the Collateral against all claims of third parties; provided that, nothing in this Section 5.2(c)
shall prevent or be deemed to prohibit the Borrower from suffering to exist Permitted Liens upon any of the Collateral.

 

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(d)              
 Mergers, Acquisitions, Sales, etc. The Borrower will not be a party to any merger or consolidation, or purchase or otherwise
acquire all or substantially all of the assets or all or substantially all of the equity interests of any other Person (other than in
connection with the enforcement or collection of any Loan or as a result of a workout or restructuring of an Obligor), or sell, transfer,
convey or lease all or substantially all of its assets, or sell or assign with or without recourse any Collateral or any interest therein
(other than as otherwise permitted pursuant to this Agreement or the Sale Agreement).

 

(e)              
Change of Location of Underlying Instruments. The Borrower shall not, without the prior consent of the Administrative Agent,
consent to the Collateral Custodian moving any Certificated Securities or Instruments from the Collateral Custodian’s offices set
forth in Section 5.5(c) on the Closing Date (except as otherwise permitted pursuant to this Agreement, including Section 7.8
or Section 7.9), unless the Borrower has given at least thirty (30) days’ written notice to the Administrative Agent and
has taken all actions required under the UCC of each relevant jurisdiction in order to ensure that the Secured Parties’ first priority
perfected security interest (subject to Permitted Liens) continues in effect.

 

(f)               
ERISA Matters. Except as would not reasonably be expected to constitute a Material Adverse Effect, the Borrower will not
(a) engage or knowingly permit any ERISA Affiliate to engage in any prohibited transaction for which an exemption is not available or
has not previously been obtained from the United States Department of Labor, (b) permit to exist any failure to satisfy minimum funding
standards, as defined in Section 302(a) of ERISA and Section 412(a) of the Code, or funding deficiency with respect to any Pension
Plan other than a Multiemployer Plan, (c) fail to make or knowingly permit any ERISA Affiliate to fail to make, any payments to a Multiemployer
Plan that the Borrower or any ERISA Affiliate may be required to make under the agreement relating to such Multiemployer Plan or any law
pertaining thereto, (d) terminate any Pension Plan so as to result in any liability, or (e) permit to exist any occurrence of any Reportable
Event with respect to a Pension Plan.

 

(g)              
Borrower LLC Agreement. The Borrower will not amend, modify, waive or terminate (i) any provision of the Borrower LLC Agreement
if such amendment, modification, waiver or termination would result in a Default, Event of Default or Material Adverse Effect or (ii)
any Special Purpose Provision, in each case without the prior written consent of the Administrative Agent.

 

(h)              
Changes in Payment Instructions to Obligors. The Borrower will not make any change, or permit the Collateral Manager to
make any change, in its instructions to Obligors regarding payments to be made with respect to the Collateral to the Collection Account,
unless (x) the change in such instructions is to comply with the terms of the Transaction Documents or (y) the Administrative Agent has
consented to such change.

 

(i)                
Extension or Amendment of Collateral. The Borrower will not, except as otherwise permitted in Section 6.4(a),
consent to the extension, amendment or other modification of the terms of any Loan without the prior written consent of the Administrative
Agent.

 

(j)                 Fiscal
Year. The Borrower shall not change its fiscal year or method of accounting without providing the Administrative Agent with
prior written notice (i) providing a detailed explanation of such changes and (ii) including a pro forma financial statements
demonstrating the impact of such change.

 

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(k)              
Change of Control. The Borrower shall not enter into any transaction or agreement which results in a Change of Control.

 

(l)                
Sole Ownership. The Borrower shall not have more than one (1) owner of its membership interests during the term of this
Agreement.

 

(m)            
Disregarded Entities. The Borrower shall not file any election or take any position to be other than a “disregarded
entity” for U.S. tax purposes.

 

(n)              
Restricted Payments. The Borrower shall not make any Restricted Payments other than (i) so long as no Event of Default or
Default has occurred and is continuing or would result therefrom, (x) amounts on deposit in the Interest Collection Account that would
have been distributed pursuant to Section 2.7(a)(9) on the immediately preceding Payment Date but for the existence of a Default,
(y) amounts on deposit in the Principal Collection Account that would have been distributed pursuant to Section 2.7(b)(11) on the
immediately preceding Payment Date but for the existence of a Default and (z) amounts on deposit in the Collection Account that would
have been distributed pursuant to Section 2.8(9) on the immediately preceding Payment Date but for the existence of an Event of
Default and (ii) amounts the Borrower receives in accordance with Section 2.7, Section 2.8 or any other provision
of any Transaction Document which expressly requires or permits payments to be made to or amounts to be reimbursed to the Borrower.

 

(o)              
Compliance with Sanctions. None of the Borrower nor any Person directly or indirectly Controlling the Borrower will, directly
or, to the knowledge of the Borrower, indirectly, use the proceeds of any Advance hereunder, or lend, contribute, or otherwise make available
such proceeds to any subsidiary, joint venture partner, or other Person (i) to fund any activities or business of or with a Sanctioned
Person, or (ii) in any manner that would be prohibited by Sanctions or would otherwise cause any Lender to be in breach of any Sanctions.
The Borrower shall comply with all applicable Sanctions in all material respects, and shall maintain policies and procedures reasonably
designed to ensure compliance with Sanctions. The Borrower will notify each Lender and the Administrative Agent in writing promptly after
becoming aware of any breach of this section.

 

Section 5.3.        
Affirmative Covenants of the Collateral Manager.

 

The Collateral Manager covenants
and agrees with the Lenders that during the Covenant Compliance Period:

 

(a)              
Compliance with Law. The Collateral Manager will comply in all material respects with all Applicable Law, including those
with respect to the Collateral or any part thereof.

 

(b)               Preservation
of Company Existence. The Collateral Manager will (i) preserve and maintain its limited liability company existence, rights,
franchises and privileges in the jurisdiction of its formation and (ii) qualify and remain qualified in good standing as a limited
liability company in each jurisdiction where the failure to preserve and maintain such existence, rights, franchises, privileges and
qualification has had, or could reasonably be expected to have, a Material Adverse Effect.

 

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(c)              
Performance and Compliance with Collateral. The Collateral Manager will duly fulfill and comply with all obligations on
the part of the Borrower to be fulfilled or complied with under or in connection with each item of Collateral and will do nothing to impair
the rights of the Administrative Agent, as agent for the Secured Parties, or of the Secured Parties in, to and under the Collateral.

 

(d)              
Keeping of Records and Books of Account.

 

(i)                
The Collateral Manager will maintain and implement administrative and operating procedures (including, without limitation, an ability
to recreate records evidencing Collateral in the event of the destruction of the originals thereof), and keep and maintain in all material
respects all documents, books, records and other information reasonably necessary or advisable for the collection of all Collateral and
the identification of the Collateral.

 

(ii)             
The Collateral Manager shall permit the Administrative Agent or its designated representatives to visit the offices of the Collateral
Manager during normal office hours and upon reasonable advance notice and examine and make copies of all documents, books, records and
other information concerning the Collateral and discuss matters related thereto with any of the officers or employees of the Collateral
Manager having knowledge of such matters; provided that the right of the Administrative Agent provided herein to visit and inspect
the financial records and properties of the Collateral Manager shall be limited to not more than one (1) such visit and inspection in
any fiscal year; provided further that after the occurrence of a Collateral Manager Default or an Event of Default and during its
continuance, there shall be no limit to the number of such visits and inspections, and after the resolution of such Collateral Manager
Default or Event of Default, the number of visits occurring in the current fiscal year shall be deemed to be zero.

 

(iii)           
The Collateral Manager will on or prior to the date hereof, mark its master data processing records and other books and records
relating to the Collateral with a legend, acceptable to the Administrative Agent, describing the pledge of the Collateral by the Borrower
to the Administrative Agent as agent for the Secured Parties hereunder.

 

(e)              
Preservation of Security Interest. The Collateral Manager (at its own expense) will authorize the Administrative Agent to
file such financing and continuation statements and any other documents that may be required by any law or regulation of any Governmental
Authority to preserve and protect fully the first priority perfected security interest of the Administrative Agent, as agent for the Secured
Parties in, to and under the Loans and proceeds thereof and that portion of the Collateral in which a security interest may be perfected
by filing (subject to Permitted Liens).

 

(f)                Credit
and Collection Policy. The Collateral Manager will (i) comply in all material respects with the Credit and Collection Policy in
regard to the Collateral, and (ii) furnish to the Administrative Agent prior to its effective date, prompt written notice of any
changes in the Credit and Collection Policy. The Collateral Manager will not agree to or otherwise permit to occur any material
change in the Credit and Collection Policy without the prior written consent of the Administrative Agent; provided that, no
consent shall be required from the Administrative Agent in connection with any change mandated by Applicable Law or a Governmental
Authority as evidenced by an Opinion of Counsel to that effect delivered to the Administrative Agent. Compliance by the Collateral
Manager with this covenant shall be deemed to constitute compliance by the Borrower with its corresponding obligations under Sections
5.1(h).

 

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(g)              
Events of Default. Promptly following the Collateral Manager’s knowledge or notice of the occurrence of any Event
of Default or Default, the Collateral Manager will provide the Administrative Agent with written notice of the occurrence of such Event
of Default or Default of which the Collateral Manager has knowledge or has received notice. In addition, such notice will include a written
statement of a Responsible Officer of the Collateral Manager setting forth the details of such event and the action that the Collateral
Manager proposes to take with respect thereto.

 

(h)              
Taxes.

 

(i)                       
The Collateral Manager shall pay its material Indebtedness and other obligations promptly and in accordance with their terms and
timely pay and discharge promptly when due all U.S. federal and other material Taxes and withholding Tax obligations before the same shall
become delinquent or in default, as well as all material lawful claims for labor, materials and supplies or otherwise that, if unpaid,
might give rise to a Lien (other than Permitted Liens) upon such properties or any part thereof and enforce all material indemnities and
rights against Obligors and the Collateral Manager with respect to any U.S. federal and other material Tax or withholding Tax; provided,
that such payment and discharge shall not be required with respect to any such U.S. federal and other Taxes or other obligations so long
as the validity or amount thereof shall be contested in good faith by appropriate proceedings and the Collateral Manager shall have set
aside on its books adequate reserves with respect thereto in accordance with GAAP and such contest operates to suspend collection of the
contested obligation or Taxes and enforcement of a Lien. The Collateral Manager shall file or cause to be filed all U.S. federal and other
material Tax and information returns required to be filed by it.

 

(ii)                       
The Collateral Manager will be a U.S. Person and will be treated as a disregarded entity for U.S. federal income tax purposes.

 

(i)                
Other. The Collateral Manager will promptly furnish to the Administrative Agent such other information, documents, records
or reports respecting the Collateral or the condition or operations, financial or otherwise, of the Collateral Manager as the Administrative
Agent may from time to time reasonably request in order to protect the interests of the Administrative Agent or Secured Parties under
or as contemplated by this Agreement.

 

(j)                 Proceedings.
The Collateral Manager will furnish to the Administrative Agent, as soon as possible and in any event within three (3) Business Days
after the Collateral Manager receives notice or obtains knowledge thereof, notice of any settlement of, material judgment (including
a material judgment with respect to the liability phase of a bifurcated trial) in or commencement of any material labor controversy,
material litigation, material action, material suit or material proceeding before any court or governmental department, commission,
board, bureau, agency or instrumentality, domestic or foreign, affecting the Collateral, the Transaction Documents, the Secured
Parties’ interest in the Collateral, or the Borrower, the Collateral Manager or the Equityholder; provided that,
notwithstanding the foregoing, any settlement, judgment, labor controversy, litigation, action, suit or proceeding affecting the
Collateral, the Transaction Documents, the Secured Parties’ interest in the Collateral, or the Borrower, the Collateral
Manager or the Equityholder in excess of $1,000,000 shall be deemed to be material for purposes of this Section 5.3(j).

 

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(k)              
Deposit of Collections. The Collateral Manager shall promptly (but in no event later than two (2) Business Days after receipt)
deposit into the Collection Account any and all Collections received by the Borrower or the Collateral Manager.

 

(l)                
Required Notices. The Collateral Manager will furnish to the Administrative Agent, promptly upon becoming aware thereof,
notice of (1) any Collateral Manager Default, (2) any Value Adjustment Event, (3) any Change of Control, (4) any other event or circumstance
that could reasonably be expected to have a Material Adverse Effect, (5) any event or circumstance whereby any Loan which was included
in the latest calculation of the Borrowing Base as an Eligible Loan shall fail to meet one or more of the criteria (other than criteria
waived by the Administrative Agent on or prior to the related Purchase Date in respect of such Loan) listed in the definition of “Eligible
Loan” or (6) the occurrence of any event of default by an Obligor on any Loan (after giving effect to any grace period under the
related Underlying Instruments).

 

(m)            
Accounting Changes. As soon as possible and in any event within three (3) Business Days after the effective date thereof,
the Collateral Manager will provide to the Administrative Agent notice of any material change in the accounting policies of the Collateral
Manager.

 

(n)              
Loan Register. The Collateral Manager will maintain, or cause to be maintained, with respect to each Noteless Loan with
respect to which the Collateral Manager or an Affiliate thereof acts as administrative agent (or a comparable capacity), a register (each,
a “Loan Register”) in which it will record, or cause
to be recorded, (v) the principal amount of such Noteless Loan, (w) the amount of any principal or interest due and payable
or to become due and payable from the Obligor thereunder, (x) the amount of any sum in respect of such Noteless Loan received from
the related Obligor, (y) the date of origination of such Noteless Loan and (z) the maturity date of such Noteless Loan. At any
time such a Noteless Loan is included in the Collateral, the Collateral Manager shall deliver to the Borrower, the Administrative Agent
and the Collateral Custodian a copy of the related Loan Register, together with a certificate of a Responsible Officer of the Collateral
Manager certifying to the accuracy of such Loan Register as of the date of acquisition of such Noteless Loan by the Borrower, all of which
information may be included in the applicable Borrowing Base Certificate.

 

(o)               Compliance
with Anti-Money Laundering Laws and Anti-Corruption Laws. The Collateral Manager, each Person directly or indirectly Controlling
the Collateral Manager and each Person directly or indirectly Controlled by the Collateral Manager and, to the Collateral
Manager’s knowledge, any Related Party of the foregoing shall: (i) comply with all applicable Anti-Money Laundering Laws and
Anti-Corruption Laws in all material respects, and shall maintain policies and procedures reasonably designed to ensure compliance
with the Anti-Money Laundering Laws and Anti-Corruption Laws; (ii) conduct the requisite due diligence in connection with the
transactions contemplated herein for purposes of complying with the Anti-Money Laundering Laws, including with respect to the
legitimacy of any applicable investor and the origin of the assets used by such investor to purchase the property in question, and
will maintain sufficient information to identify any applicable investor for purposes of the Anti-Money Laundering Laws; (iii)
ensure it does not cause the Borrower to use any of the credit in violation of any Anti-Corruption Laws or Anti-Money Laundering
Laws; and (iv) ensure it does not cause the Borrower to fund any repayment of the Obligations in violation of any Anti-Corruption
Laws or Anti-Money Laundering Laws.

 

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(p)              
Sanctions. The Collateral Manager shall promptly notify the Administrative Agent and the Lenders in writing of any breach
of any representation, warranty or covenant relating to Sanctions or Sanctioned Persons by itself or by the Borrower.

 

(q)              
BDC Status. The Collateral Manager will use its best efforts to continue to be regulated as a business development company
under the 1940 Act.

 

Section 5.4.        
Negative Covenants of the Collateral Manager.

 

During the Covenant Compliance
Period:

 

(a)              
Mergers, Acquisition, Sales, etc. The Collateral Manager will not be a party to any merger or consolidation, or purchase
or otherwise acquire all or substantially all of the assets or all or substantially all of the equity interests of any other Person, or
sell, transfer, convey or lease all or substantially all of its assets, or sell or assign with or without recourse any Collateral or any
interest therein (other than as otherwise permitted pursuant to this Agreement).

 

(b)              
Change of Location of Underlying Instruments. The Collateral Manager shall not, without the prior consent of the Administrative
Agent, consent to the Collateral Custodian moving any Certificated Securities or Instruments from the Collateral Custodian’s offices
set forth in Section 5.5(c) on the Closing Date (except as otherwise permitted pursuant to this Agreement, including Section
7.8 or Section 7.9), unless the Collateral Manager has given at least thirty (30) days’ written notice to the Administrative
Agent and has authorized the Administrative Agent to take all actions required under the UCC of each relevant jurisdiction in order to
continue the first priority perfected security interest of the Administrative Agent as agent for the Secured Parties in the Collateral
(subject to Permitted Liens).

 

(c)              
Change in Payment Instructions to Obligors. The Collateral Manager will not make any change in its instructions to Obligors
regarding payments to be made with respect to the Collateral to the Collection Account, unless (x) the change in such instructions is
to comply with the terms of the Transaction Documents or (y) the Administrative Agent has consented to such change.

 

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(d)              
 Extension or Amendment of Collateral. The Collateral Manager will not, except as otherwise permitted in Section 6.4(a),
consent on behalf of the Borrower to the extension, amendment or modification to the terms of any Loan without the prior written consent
of the Administrative Agent.

 

(e)              
Members of the Borrower. The Collateral Manager shall not permit any Person which is not a “United States Person”
within the meaning Section 7701(a)(30) of the Code to own any membership interests in the Borrower.

 

(f)               
Bankruptcy. The Collateral Manager will not cause the Borrower to file a voluntary petition under the Bankruptcy Code or
Insolvency Laws.

 

(g)              
Compliance with Sanctions. None of the Collateral Manager nor any Person directly or indirectly Controlling the Collateral
Manager will, directly or, to the knowledge of the Collateral Manager, indirectly, cause the Borrower to use the proceeds of any Advance
hereunder, or lend, contribute, or otherwise make available such proceeds to any subsidiary, joint venture partner, or other Person (i)
to fund any activities or business of or with a Sanctioned Person, or (ii) in any manner that would be prohibited by Sanctions or would
otherwise cause any Lender to be in breach of any Sanctions. The Collateral Manager shall comply with all applicable Sanctions in all
material respects, and shall maintain policies and procedures reasonably designed to ensure compliance with Sanctions. The Collateral
Manager will notify each Lender and the Administrative Agent in writing promptly after becoming aware of any breach of this section.

 

Section 5.5.        
Affirmative Covenants of the Collateral Custodian.

 

During the Covenant Compliance
Period:

 

(a)              
Compliance with Law. The Collateral Custodian will comply in all material respects with all Applicable Law.

 

(b)              
Preservation of Existence. The Collateral Custodian will preserve and maintain its existence, rights, franchises and privileges
in the jurisdiction of its formation and qualify and remain qualified in good standing in each jurisdiction where failure to preserve
and maintain such existence, rights, franchises, privileges and qualification has had, or could reasonably be expected to have, a Material
Adverse Effect.

 

(c)              
Location of Underlying Instruments. Subject to Section 7.8, the Underlying Instruments shall remain at all times
in the possession of the Collateral Custodian at its offices at 425 Hennepin Ave., Minneapolis, MN, 55414, unless notice of a different
address is given in accordance with the terms hereof or unless the Administrative Agent agrees to allow certain Underlying Instruments
to be released to the Collateral Manager on a temporary basis in accordance with the terms hereof, except as such Underlying Instruments
may be released pursuant to this Agreement.

 

Section 5.6.        
Negative Covenants of the Collateral Custodian.

 

During the Covenant Compliance
Period:

 

(a)              
 Underlying Instruments. The Collateral Custodian will not dispose of any documents constituting the Underlying Instruments
in any manner that is inconsistent with the performance of its obligations as the Collateral Custodian pursuant to this Agreement and
will not dispose of any Collateral except as contemplated by this Agreement.

 

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(b)              
No Changes to Collateral Custodian Fee. The Collateral Custodian will not make any changes to the Collateral Custodian Fee
set forth in the Collateral Custodian Fee Letter without the prior written approval of the Administrative Agent and the Borrower.

 

Section 5.7.        
Covenants of the Seller.

 

(a)              
Notice. Promptly after the knowledge (without giving effect to Section 1.4(l)) or receipt of notice of a Responsible
Officer of the Seller of the same, the Seller shall notify the Administrative Agent and the Borrower if any representation or warranty
set forth in Section 4.5 was incorrect at the time it was given or deemed to have been given and at the same time deliver
to the Administrative Agent a written notice setting forth in reasonable detail the nature of such facts and circumstances. The Seller
shall notify the Administrative Agent and the Borrower in the manner set forth in the preceding sentence before any Funding Date of any
facts or circumstances within the knowledge (without giving effect to Section 1.4(l)) of a Responsible Officer of the Seller which
would render any of the said representations and warranties untrue as of such Funding Date.

 

(b)              
Negative Pledge. The Seller, as the Equityholder, shall not permit any Person to have a Lien over the limited liability
company interests of the Borrower (other than Permitted Liens).

 

ARTICLE
VI.

COLLATERAL MANAGEMENT

 

Section 6.1.        
Designation of the Collateral Manager.

 

Subject to Section 6.11,
the servicing, administering and collection of the Collateral shall be conducted by the Collateral Manager.

 

Section 6.2.        
Duties of the Collateral Manager.

 

(a)              
Appointment. The Borrower hereby appoints the Collateral Manager as its agent to service the Collateral and enforce its
rights and remedies in, to and under such Collateral. The Collateral Manager hereby accepts such appointment and agrees to perform the
duties and obligations with respect thereto as set forth herein. The Collateral Manager and the Borrower hereby acknowledge that the Administrative
Agent and the other Secured Parties are third party beneficiaries of the obligations undertaken by the Collateral Manager hereunder.

 

(b)              
Duties. The Collateral Manager shall take or cause to be taken all such actions as may be necessary or advisable to collect
on the Collateral from time to time, all in accordance with Applicable Law and the Credit and Collection Policy. Without limiting the
foregoing, the duties of the Collateral Manager shall include the following:

 

(i)                
 preparing and submitting claims to, and acting as post-billing liaison with, Obligors on each Loan (for which no administrative
or similar agent exists);

 

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(ii)             
maintaining all necessary records and reports with respect to the Collateral and providing such reports to the Administrative Agent
in respect of the management and administration of the Collateral (including information relating to its performance under this Agreement)
as may be required hereunder or as the Administrative Agent may reasonably request;

 

(iii)           
maintaining and implementing administrative and operating procedures (including, without limitation, an ability to recreate management
and administration records evidencing the Collateral in the event of the destruction of the originals thereof) and keeping and maintaining
all documents, books, records and other information reasonably necessary or advisable for the collection of the Collateral;

 

(iv)            
promptly delivering to the Administrative Agent or the Collateral Custodian, from time to time, such information and management
and administration records (including information relating to its performance under this Agreement) as the Administrative Agent or the
Collateral Custodian may from time to time reasonably request;

 

(v)              
identifying each Loan clearly and unambiguously in its records to reflect that such Loan is owned by the Borrower and that the
Borrower is granting a security interest therein to the Secured Parties pursuant to this Agreement;

 

(vi)            
notifying the Administrative Agent of any material action, suit, proceeding, dispute, offset, deduction, defense or counterclaim
(1) that is or is threatened to be asserted by an Obligor with respect to any Loan (or portion thereof) of which it has knowledge or has
received notice; and (2) that could reasonably be expected to have a Material Adverse Effect;

 

(vii)         
providing the prompt written notice to the Administrative Agent, prior to the effective date thereof, of any proposed changes in
the Credit and Collection Policy;

 

(viii)       
using its reasonable best efforts to maintain the first priority, perfected security interest (subject to Permitted Liens) of the
Administrative Agent, as agent for the Secured Parties, in the Collateral;

 

(ix)            
maintaining the Loan File(s) with respect to Loans included as part of the Collateral; provided that, upon the occurrence
and during the continuance of an Event of Default or a Collateral Manager Default, the Administrative Agent may request the Loan File(s)
to be sent to the Administrative Agent or its designee;

 

(x)              
with respect to each Loan included as part of the Collateral, making the Loan File available for inspection by the Administrative
Agent, upon reasonable advance notice, at the offices of the Collateral Manager during normal business hours in accordance with and subject
to the terms of Section 5.3(d)(ii); and

 

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(xi)            
 directing the Collateral Custodian to make payments pursuant to the instructions set forth in the latest Borrowing Base Certificate
in accordance with Section 2.7 and Section 2.8 and preparing such other reports as required pursuant to Section
6.8.

 

It is acknowledged and agreed
that in circumstances in which a Person other than the Borrower or the Collateral Manager acts as lead agent with respect to any Loan,
the Collateral Manager shall perform its administrative and management duties hereunder only to the extent that, as a lender under the
related Underlying Instruments, it has the right to do so.

 

(c)              
Notwithstanding anything to the contrary contained herein, the exercise by the Administrative Agent or the Secured Parties of their
rights hereunder (including, but not limited to, the delivery of a Collateral Manager Termination Notice), shall not release the Collateral
Manager or the Borrower from any of their duties or responsibilities with respect to the Collateral. The Secured Parties, the Administrative
Agent and the Collateral Custodian shall not have any obligation or liability with respect to any Collateral, other than to use reasonable
care in the custody and preservation of Collateral in such party’s possession, nor shall any of them be obligated to perform any
of the obligations of the Collateral Manager hereunder.

 

(d)              
Any payment by an Obligor in respect of any Indebtedness owed by it to the Borrower shall, except as otherwise specified by such
Obligor or otherwise required by contract or law and unless otherwise instructed by the Administrative Agent, be applied as a collection
of a payment by such Obligor (starting with the oldest such outstanding payment due) to the extent of any amounts then due and payable
thereunder before being applied to any other receivable or other obligation of such Obligor.

 

Section 6.3.        
Authorization of the Collateral Manager.

 

(a)              
Each of the Borrower, the Administrative Agent and each Lender hereby authorizes the Collateral Manager to take any and all reasonable
steps in its name and on its behalf necessary or desirable in the determination of the Collateral Manager and not inconsistent with the
sale of the Collateral to the Borrower, the pledge by the Borrower to the Administrative Agent, on behalf of the Secured Parties, hereunder,
to collect all amounts due under any and all Collateral, including, without limitation, endorsing any of their names on checks and other
instruments representing Collections, executing and delivering any and all instruments of satisfaction or cancellation, or of partial
or full release or discharge, and all other comparable instruments, with respect to the Collateral and, after the delinquency of any Collateral
and to the extent permitted under and in compliance with Applicable Law, to commence proceedings with respect to enforcing payment thereof,
to the same extent as the Seller could have done if it had continued to own such Collateral. The Borrower and the Administrative Agent,
on behalf of the Secured Parties shall furnish the Collateral Manager with any powers of attorney and other documents necessary or appropriate
to enable the Collateral Manager to carry out its management and administrative duties hereunder, and shall cooperate with the Collateral
Manager to the fullest extent in order to ensure the collectability of the Collateral. In no event shall the Collateral Manager be entitled
to make any Secured Party or the Collateral Custodian a party to any litigation without such party’s express prior written consent,
or to make the Borrower a party to any litigation (other than any foreclosure or similar collection procedure) without the Administrative
Agent’s consent.

 

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(b)              
 After the declaration of the Termination Date, at the direction of the Administrative Agent, the Collateral Manager shall take
such action as the Administrative Agent may deem necessary or advisable to enforce collection of the Collateral.

 

Section 6.4.        
Collection of Payments; Accounts.

 

(a)              
Collection Efforts, Modification of Collateral. The Collateral Manager will use commercially reasonable best efforts to
collect or cause to be collected, all payments called for under the terms and provisions of the Loans included in the Collateral as and
when the same become due in accordance with the Credit and Collection Policy. The Collateral Manager may not waive, modify or otherwise
vary any provision of an item of Collateral in any manner contrary in any material respect to the Credit and Collection Policy.

 

(b)              
Taxes and other Amounts. The Collateral Manager will use its reasonable best efforts to collect all payments with respect
to amounts due for Taxes, assessments and insurance premiums relating to each Loan to the extent required to be paid to the Borrower for
such application under the Underlying Instrument and remit such amounts in accordance with Section 2.7 and Section 2.8 to
the appropriate Governmental Authority or insurer as required by the Underlying Instruments.

 

(c)              
Payments to Collection Account. On or before the applicable Purchase Date, the Collateral Manager shall have instructed
all Obligors to make all payments owing to the Borrower in respect of the Collateral directly to the applicable Collection Account; provided
that, the Collateral Manager is not required to so instruct any Obligor which is solely a guarantor unless and until the Collateral
Manager calls on the related guaranty.

 

(d)              
Accounts. Each of the parties hereto hereby agrees that each Account shall be deemed to be a Securities Account. Each of
the parties hereto hereby agrees to cause the Collateral Custodian or any other Securities Intermediary that holds any Cash or other Financial
Asset for the Borrower in an Account to agree with the parties hereto that (A) the cash and other property (subject to Section 6.4(e)
below with respect to any property other than investment property, as defined in Section 9-102(a)(49) of the UCC) is to be treated
as a Financial Asset and (B) the jurisdiction governing the Account, all Cash and other Financial Assets credited to the Account and the
 “securities intermediary’s jurisdiction” (within the meaning of Section 8-110(e) of the UCC) shall, in each case,
be the State of New York. In no event may any Financial Asset held in any Account be registered in the name of, payable to the order of,
or specially Indorsed to, the Borrower, unless such Financial Asset has also been Indorsed in blank or to the Collateral Custodian or
other Securities Intermediary that holds such Financial Asset in such Account.

 

(e)               Underlying
Instruments. Notwithstanding any term hereof (or any term of the UCC that might otherwise be construed to be applicable to a
 “securities intermediary” as defined in the UCC) to the contrary, none of the Collateral Custodian nor any Securities
Intermediary shall be under any duty or obligation in connection with the acquisition by the Borrower of, or the grant by the
Borrower of a security interest to the Administrative Agent in, any Loan to examine or evaluate the sufficiency of the documents or
instruments delivered to it by or on behalf of the Borrower under the related Underlying Instruments, or otherwise to examine the
Underlying Instruments, in order to determine or compel compliance with any applicable requirements of or restrictions on transfer
(including without limitation any necessary consents). The Collateral Custodian shall hold any Instrument delivered to it evidencing
any Loan transferred to the Administrative Agent hereunder as custodial agent for the Administrative Agent in accordance with the
terms of this Agreement.

 

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(f)               
Adjustments. If (i) the Collateral Manager makes a deposit into the Collection Account on behalf of the Borrower in respect
of a Collection of a Loan and such Collection was received by the Collateral Manager in the form of a check that is not honored for any
reason or (ii) the Collateral Manager makes a mistake with respect to the amount of any Collection and deposits an amount that is less
than or more than the actual amount of such Collection, the Collateral Manager shall appropriately adjust the amount subsequently deposited
into the Collection Account to reflect such dishonored check or mistake. Any Scheduled Payment in respect of which a dishonored check
is received shall be deemed not to have been paid.

 

Section 6.5.        
Realization Upon Defaulted or Delinquent Loans.

 

The Collateral Manager will
use reasonable efforts consistent with the Underlying Instruments to exercise available remedies relating to a Loan that is delinquent
in the payment of any amounts due thereunder or with respect to which the related Obligor defaults in the performance of any of its obligations
thereunder in order to maximize recoveries thereunder. The Collateral Manager will comply in all material respects with the Credit and
Collection Policy and Applicable Law in exercising such remedies, including but not limited to acceleration and foreclosure, and employ
practices and procedures including reasonable efforts to enforce all obligations of Obligors by foreclosing upon and causing the sale
of such Underlying Assets at public or private sale. Without limiting the generality of the foregoing, the Collateral Manager may, with
the prior written consent of the Administrative Agent, cause the sale of any such Underlying Assets to the Collateral Manager or its Affiliates
for a purchase price equal to the then fair market value thereof, any such sale to be evidenced by a certificate of a Responsible Officer
of the Collateral Manager delivered to the Administrative Agent setting forth the Loan, the Underlying Assets, the sale price of the Underlying
Assets and certifying that such sale price is the fair market value of such Underlying Assets.

 

Section 6.6.        
[Reserved].

 

Section 6.7.        
Payment of Certain Expenses by Collateral Manager.

 

The Collateral Manager will
be required to pay all expenses incurred by it in connection with its activities under this Agreement, including fees and disbursements
of its independent accountants, Taxes imposed on the Collateral Manager, expenses incurred by the Collateral Manager in connection with
payments and reports pursuant to this Agreement, and all other fees and expenses not expressly stated under this Agreement for the account
of the Borrower. The Collateral Manager will be required to pay (or cause the Borrower to pay) all reasonable fees and expenses owing
to any bank or trust company in connection with the maintenance of the Accounts. The Collateral Manager shall be required to pay such
expenses for its own account and shall not be entitled to any payment therefor, except pursuant to Sections 2.7 and 2.8.

 

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Section 6.8.        
Reports.

 

(a)              
Borrower’s Notice. (i) On the date of each Advance, the Borrower (and the Collateral Manager on its behalf) will provide
the Funding Notice and a Borrowing Base Certificate, each updated as of such date, to the Administrative Agent (with a copy to the Collateral
Custodian) and (ii) on the date of each reinvestment of Principal Collections under Section 2.7(d), the Borrower (and the Collateral
Manager on its behalf) will provide the Reinvestment Notice to the Administrative Agent (with a copy to the Collateral Custodian).

 

(b)              
Tax Returns. Upon demand by the Administrative Agent, the Collateral Manager shall deliver copies of all federal, state
and local income tax returns and reports filed by the Borrower, or in which the Borrower was included on a consolidated or combined basis
(excluding sales, use and like Taxes).

 

(c)              
Obligor Financial Statements; Other Reports. The Collateral Manager will deliver to the Administrative Agent, to the extent
received by the Borrower or the Collateral Manager pursuant to the Underlying Instruments, the complete financial reporting package with
respect to each Obligor and with respect to each Loan for such Obligor (including any financial statements, management discussion and
analysis, executed covenant compliance certificates and related covenant calculations with respect to such Obligor and with respect to
each Loan for such Obligor) provided to the Borrower or the Collateral Manager for the periods required by the Underlying Instruments,
which delivery shall be made no later than fifteen (15) Business Days after receipt by the Borrower or the Collateral Manager as specified
in the Underlying Instruments. Upon demand by the Administrative Agent, the Collateral Manager will provide such other information available
to it as the Administrative Agent may reasonably request with respect to any Obligor.

 

(d)              
Website. The Collateral Manager will post on a password protected website maintained by the Borrower to which the Administrative
Agent will have access a copy of (i) any material amendment, restatement, supplement, waiver or other modification to the Underlying Instruments
of any Loan and (ii) any internal documents prepared by the Collateral Manager and provided to its investment committee in connection
with such amendment, restatement, supplement, waiver or other modification within fifteen (15) Business Days of the effectiveness of such
amendment, restatement, supplement, waiver or other modification.

 

(e)               Agreed
Upon Procedures. The Collateral Manager shall furnish to the Administrative Agent for distribution to each Lender within one
hundred and twenty (120) days after the end of each fiscal year of the Collateral Manager, commencing with the 2020 fiscal year, a
report covering such fiscal year of a firm of independent certified public accountants of nationally recognized standing to the
effect that such accountants have applied certain agreed-upon procedures (a copy of which procedures are attached hereto as Schedule
V, it being understood that the Collateral Manager and the Administrative Agent will provide an updated Schedule V reflecting any
further amendments to such Schedule V prior to the issuance of the first such agreed-upon procedures report, a copy of which shall
replace the then existing Schedule V) to certain documents and records relating to the Collateral, the Borrower and the Collateral
Manager, compared the information contained in selected Borrowing Base Certificates and Payment Date calculations pursuant to Section
7.2(b)(vi) delivered during the period covered by such report with such documents and records and that no matters came to the
attention of such accountants that caused them to believe that the information and the calculations included in such Borrowing Base
Certificates and Payment Date calculations pursuant to Section 7.2(b)(vi) were not determined or performed in accordance with
the provisions of this Agreement, except for such exceptions as such accountants shall believe to be immaterial and such other
exceptions as shall be set forth in such statement.

 

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Section 6.9.        
Annual Statement as to Compliance.

 

The Collateral Manager will
provide to the Administrative Agent, within 90 days following the end of each fiscal year of the Collateral Manager, commencing with the
fiscal year ending on December 31, 2019, a fiscal report signed by a Responsible Officer of the Collateral Manager certifying that (a)
a review of the activities of the Collateral Manager, and the Collateral Manager’s performance pursuant to this Agreement, for the
fiscal period ending on the last day of such fiscal year has been made under such Person’s supervision and (b) the Collateral Manager
has performed or has caused to be performed in all material respects all of its obligations under this Agreement throughout such year
and no Collateral Manager Default has occurred and is continuing or, if any such Collateral Manager Default has occurred and is continuing,
a statement describing the nature thereof and the steps being taken to remedy such Collateral Manager Default.

 

Section 6.10.    
The Collateral Manager Not to Resign.

 

The Collateral Manager shall
not resign from the obligations and duties hereby imposed on it except upon the Collateral Manager’s determination that (i) the
performance of its duties hereunder is or becomes impermissible under Applicable Law and (ii) there is no reasonable action that the Collateral
Manager could take to make the performance of its duties hereunder permissible under Applicable Law. Any such determination permitting
the resignation of the Collateral Manager shall be evidenced as to clause (i) above by an Opinion of Counsel to such effect delivered
to the Administrative Agent.

 

Section 6.11.    
Collateral Manager Defaults.

 

Upon the occurrence of a
Collateral Manager Default (unless waived by the Required Lenders in writing), notwithstanding anything herein to the contrary, the
Administrative Agent, by written notice to the Collateral Manager and a copy to the Collateral Custodian (such notice, a
 “Collateral Manager Termination Notice”), may, in its sole discretion, terminate all of the rights and
obligations of the Collateral Manager as Collateral Manager under this Agreement. Following any such termination, the Administrative
Agent may, in its sole discretion, assume or delegate the servicing, administering and collection of the Collateral; provided
that, until any such assumption or delegation, the Collateral Manager shall (i) unless otherwise notified by the Administrative
Agent, continue to act in such capacity pursuant to Section 6.1 and (ii) as requested by the Administrative Agent (A)
terminate some or all of its activities as Collateral Manager hereunder in the manner requested by the Administrative Agent in its
sole discretion as necessary or desirable, (B) provide such information as may be reasonably requested by the Administrative Agent
to facilitate the transition of the performance of such activities to the Administrative Agent or any agent thereof and (C) take all
other actions requested by the Administrative Agent, in each case to facilitate the transition of the performance of such activities
to the Administrative Agent or any agent thereof.

 

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ARTICLE
VII.

THE COLLATERAL CUSTODIAN

 

Section 7.1.        
Designation of Collateral Custodian.

 

(a)              
Initial Collateral Custodian. The role of collateral custodian with respect to the Underlying Instruments shall be conducted
by the Person designated as Collateral Custodian hereunder from time to time in accordance with this Section 7.1. Until the
Administrative Agent shall give to Wells Fargo a Collateral Custodian Termination Notice, Wells Fargo is hereby appointed as, and hereby
accepts such appointment and agrees to perform the duties and obligations of, Collateral Custodian pursuant to the terms hereof.

 

(b)              
Successor Collateral Custodian. Upon the Collateral Custodian’s receipt of a Collateral Custodian Termination Notice
from the Administrative Agent of the designation of a successor Collateral Custodian pursuant to the provisions of Section 7.5,
the Collateral Custodian agrees that it will terminate its activities as Collateral Custodian hereunder.

 

Section 7.2.        
Duties of Collateral Custodian.

 

(a)              
Appointment. Each of the Borrower and the Administrative Agent hereby designate and appoint the Collateral Custodian to
act as its agent and hereby authorizes the Collateral Custodian to take such actions on its behalf and to exercise such powers and perform
such duties as are expressly granted to the Collateral Custodian by this Agreement. The Collateral Custodian hereby accepts such agency
appointment to act as Collateral Custodian pursuant to the terms of this Agreement, until its resignation or removal as Collateral Custodian
pursuant to the terms hereof.

 

(b)              
Duties. On or before the initial Funding Date, and until its removal pursuant to Section 7.5, the Collateral
Custodian shall perform, on behalf of the Administrative Agent and the Secured Parties, the following duties and obligations:

 

(i)                 The
Collateral Custodian shall take and retain custody of the Required Loan Documents delivered by the Borrower pursuant to the
definition of “Eligible Loans” in accordance with the terms and conditions of this Agreement, all for the benefit of the
Secured Parties and subject to the Lien thereon in favor of the Administrative Agent, as agent for the Secured Parties. Within five
(5) Business Days of its receipt of any Underlying Instruments, the Collateral Custodian shall review the Required Loan Documents
delivered to it to confirm that (A) if the files delivered per the following sentence indicate that any document must contain an
original signature, each such document appears to bear the original signature, or if the file indicates that such document must
contain a copy of a signature, that such copies appear to bear a reproduction of such signature and (B) based on a review of the
applicable note, the related original Loan balance, Loan identification number and Obligor name with respect to such Loan is
referenced on the related Loan List and is not a duplicate Loan, and the related original balance (based on a comparison to the note
or assignment agreement, as applicable) is greater than or equal to the applicable loan balance listed on the Loan Tape (such items
(A) through (B) collectively, the “Review Criteria”). In order to facilitate the foregoing review by the
Collateral Custodian, in connection with each delivery of Underlying Instruments hereunder to the Collateral Custodian, the
Collateral Manager shall provide to the Collateral Custodian an electronic file (in EXCEL or a comparable format acceptable to the
Collateral Custodian) that contains a list of all Required Loan Documents and whether they require original signatures, the Loan
identification number and the name of the Obligor and the original Loan balance with respect to each related Loan. If, at the
conclusion of such review, the Collateral Custodian shall determine that (1) the original Loan balances of the Loans with respect to
which it has received Underlying Instruments is less than as set forth on the electronic file, the Collateral Custodian shall
immediately notify the Administrative Agent and the Collateral Manager of such discrepancy, and (2) any Review Criteria is not
satisfied, the Collateral Custodian shall within one (1) Business Day notify the Collateral Manager of such determination and
provide the Collateral Manager with a list of the non-complying Loans and the applicable Review Criteria that they fail to satisfy.
The Collateral Manager shall have twenty (20) Business Days to correct any non-compliance with any Review Criteria. If after the
conclusion of such time period the Collateral Manager has still not cured any non-compliance by a Loan with any Review Criteria, the
Collateral Custodian shall promptly notify the Collateral Manager, the Borrower and the Administrative Agent of such determination
by providing a written report to such persons identifying, with particularity, each Loan and each of the applicable Review Criteria
that such Loan fails to satisfy. In addition, if requested in writing in the form of Exhibit E by the Collateral Manager and
approved by the Administrative Agent within ten (10) Business Days of the Collateral Custodian’s delivery of such report, the
Collateral Custodian shall return the Underlying Instruments for any Loan which fails to satisfy a Review Criteria to the Borrower.
Other than the foregoing, the Collateral Custodian shall not have any responsibility for reviewing any Underlying Instruments.

 

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(ii)             
In taking and retaining custody of the Underlying Instruments, the Collateral Custodian shall be deemed to be acting as the agent
of the Secured Parties; provided that, the Collateral Custodian makes no representations as to the existence, perfection or priority of
any Lien on the Underlying Instruments or the instruments therein; and provided further that, the Collateral Custodian’s duties
as agent shall be limited to those expressly contemplated herein.

 

(iii)           
All Underlying Instruments that are originals or copies shall be kept in fire resistant vaults, rooms or cabinets at its offices
set forth in Section 5.5(c). All Underlying Instruments that are originals or copies shall be placed together with an appropriate
identifying label and maintained in such a manner so as to permit retrieval and access. All Underlying Instruments that are originals
or copies shall be clearly segregated from any other documents or instruments maintained by the Collateral Custodian. All Underlying Instruments
that are delivered to the Collateral Custodian in electronic format shall be saved onto disks and/or onto the Collateral Custodian’s
secure computer system, and maintained in a manner so as to permit retrieval and access.

 

(iv)            
The Collateral Custodian shall make payments in accordance with Section 2.7 and Section 2.8 (the “Payment
Duties”).

 

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(v)              
 On each Reporting Date, the Collateral Custodian shall provide a written report to the Administrative Agent and the Collateral
Manager (in a form acceptable to the Administrative Agent) identifying each Loan for which it holds Underlying Instruments, the non-complying
Loans and the applicable Review Criteria that any non-complying Loan fails to satisfy.

 

(vi)            
The Collateral Custodian shall, promptly upon its actual receipt of a Borrowing Base Certificate from the Borrower, re-calculate
the Borrowing Base and, if the Collateral Custodian’s calculation does not correspond with the calculation provided by the Borrower
on such Borrowing Base Certificate, deliver such calculation to each of the Administrative Agent, Borrower and Collateral Manager within
one (1) Business Day of receipt by the Collateral Custodian of such Borrowing Base Certificate. The Collateral Custodian shall also make
required calculations for its Payment Duties as of the Determination Date related to such Payment Date, and deliver such calculations
to the Borrower and the Collateral Manager (and, following the delivery of a Notice of Exclusive Control, the Administrative Agent and
the Collateral Manager) for the Collateral Manager’s (or Administrative Agent’s, as applicable) review no later than two (2)
Business Days prior to such Payment Date. The approval of such calculations (which may be by email) by the Collateral Manager (or after
delivery of a Notice of Exclusive Control, the Administrative Agent) shall constitute instructions by the Collateral Manager (or after
delivery of a Notice of Exclusive Control, the Administrative Agent) to the Collateral Custodian to withdraw on the related Payment Date
from the applicable Collection Account and pay or transfer amounts set forth in such report in the manner specified, and in accordance
with the priorities established, in Section 2.7 or Section 2.8, as applicable.

 

(vii)         
In performing its duties, (A) the Collateral Custodian shall comply with the standard of care and express terms of the Transaction
Documents with respect to the collateral that it holds hereunder and (B) calculations made by the Collateral Custodian pursuant to this
Section 7.2(b) shall be made using information provided by the Borrower or the Collateral Manager to the Collateral Custodian.

 

(viii)       
The parties acknowledges that in accordance with the Customer Identification Program (CIP) requirements under the USA Patriot Act
and its implementing regulations, the Collateral Custodian in order to help fight the funding of terrorism and money laundering, is required
to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account
with the Collateral Custodian. The Borrower hereby agrees that it shall provide the Collateral Custodian with such information as it may
reasonably request including, but not limited to, the Borrower’s name, physical address, tax identification number and other information
that will help the Collateral Custodian identify and verify the Borrower’s identity (and in certain circumstances, the beneficial
owners thereof) such as organizational documents, certificate of good standing, license to do business, or other pertinent identifying
information.

 

(ix)            
The Collateral Custodian shall create a collateral database with respect to the Collateral (the “Collateral Database”),
and update the Collateral Database daily for changes, including to reflect the sale or other disposition of the Collateral, based upon,
and to the extent of, information furnished to the Collateral Custodian by the Borrower as may be reasonably required by the Collateral
Custodian.

 

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(x)              
 The Collateral Custodian shall track the receipt and daily allocation to the Accounts of Collections, the outstanding balances
therein, and any withdrawals therefrom and, on each Business Day, provide to the Collateral Manager daily reports reflecting such actions
as of the close of business on the preceding Business Day.

 

(xi)            
The Collateral Custodian shall provide such other information with respect to the Collateral as may be routinely maintained by
the Collateral Custodian or as may be required by this Agreement, in each case as the Borrower, Collateral Manager or the Administrative
Agent may reasonably request from time to time.

 

(xii)         
The Collateral Custodian shall notify the Borrower, the Collateral Manager and the Administrative Agent upon receiving notices,
reports or proxies or any other requests relating to corporate actions affecting the Collateral.

 

Section 7.3.        
Merger or Consolidation.

 

Any Person (i) into which
the Collateral Custodian may be merged or consolidated, (ii) that may result from any merger or consolidation to which the Collateral
Custodian shall be a party, or (iii) that may succeed to the properties and assets of the Collateral Custodian substantially as a whole,
which Person in any of the foregoing cases executes an agreement of assumption to perform every obligation of the Collateral Custodian
hereunder, shall be the successor to the Collateral Custodian under this Agreement without further act of any of the parties to this Agreement.

 

Section 7.4.        
Collateral Custodian Compensation.

 

As compensation for its collateral
custodian activities hereunder, the Collateral Custodian shall be entitled to a Collateral Custodian Fee pursuant to the provisions of
Sections 2.7 and 2.8, as applicable. The Collateral Custodian’s entitlement to receive the Collateral Custodian Fee
shall cease on the earlier to occur of: (i) its removal as Collateral Custodian pursuant to Section 7.5 or (ii) the termination
of this Agreement.

 

Section 7.5.        
Collateral Custodian Removal.

 

The Collateral Custodian may
be removed, with or without cause, by the Administrative Agent by notice given in writing to the Collateral Custodian (the “Collateral
Custodian Termination Notice”); provided that, notwithstanding its receipt of a Collateral Custodian Termination Notice,
the Collateral Custodian shall continue to act in such capacity until a successor Collateral Custodian has been appointed, has agreed
to act as Collateral Custodian hereunder, and has received all Underlying Instruments held by the previous Collateral Custodian. The appointment
of any successor Collateral Custodian that is not an Affiliate of Wells Fargo shall (unless a Default or Event of Default has occurred
and is continuing) require the approval of the Borrower (such approval not to be unreasonably withheld). In the case of a removal of the
Collateral Custodian, if no successor custodian shall have been appointed and an instrument of acceptance by a successor custodian shall
not have been delivered to the Collateral Custodian within 90 days after the giving of a Collateral Custodian Termination Notice, the
Collateral Custodian may petition any court of competent jurisdiction for the appointment of a successor custodian.

 

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Section 7.6.        
Limitation on Liability.

 

(a)              
The Collateral Custodian may conclusively rely on and shall be fully protected in acting upon any certificate, instrument, opinion,
notice, letter, telegram or other document delivered to it and that in good faith it reasonably believes to be genuine and that has been
signed by the proper party or parties. The Collateral Custodian may rely conclusively on and shall be fully protected in acting upon (a)
the written instructions of any designated officer of the Administrative Agent or (b) the oral instructions of the Administrative Agent.
The Collateral Custodian shall not be deemed to have notice or knowledge of any matter hereunder unless a Responsible Officer of the Collateral
Custodian receives written notice of such matter. Notice or knowledge of any matter by Wells Fargo in its capacity as Administrative Agent
or Lender and other publicly available information shall not constitute notice or actual knowledge of the Collateral Custodian.

 

(b)              
The Collateral Custodian may consult counsel satisfactory to it and the advice or opinion of such counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with
the advice or opinion of such counsel.

 

(c)              
The Collateral Custodian shall not be liable for any error of judgment, or for any act done or step taken or omitted by it, in
good faith, or for any mistakes of fact or law, or for anything that it may do or refrain from doing in connection herewith except, notwithstanding
anything to the contrary contained herein, in the case of its willful misconduct, bad faith or grossly negligent performance or omission
of its duties and in the case of its grossly negligent performance of its Payment Duties and in the case of its grossly negligent performance
of its duties in taking and retaining custody of the Underlying Instruments.

 

(d)              
The Collateral Custodian makes no warranty or representation and shall have no responsibility (except as expressly set forth in
this Agreement) as to the content, enforceability, completeness, validity, sufficiency, value, genuineness, ownership or transferability
of the Collateral, and will not be required to and will not make any representations as to the validity or value (except as expressly
set forth in this Agreement) of any of the Collateral. The Collateral Custodian shall not be obligated to take any legal action hereunder
that might in its judgment be contrary to Applicable Law or involve any expense or liability unless it has been furnished with an indemnity
reasonably satisfactory to it.

 

(e)              
The Collateral Custodian shall have no duties or responsibilities except such duties and responsibilities as are specifically set
forth in this Agreement and no covenants or obligations shall be implied in this Agreement against the Collateral Custodian.

 

(f)               
The Collateral Custodian shall not be required to expend or risk its own funds in the performance of its duties hereunder.

 

(g)              
It is expressly agreed and acknowledged that the Collateral Custodian is not guaranteeing performance of or assuming any liability
for the obligations of the other parties hereto or any parties to the Collateral.

 

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(h)              
 It is expressly acknowledged by the parties hereto that application and performance by the Collateral Custodian of its various
duties hereunder (including, without limitation, recalculations to be performed in respect of the matters contemplated hereby) shall be
based upon, and in reliance upon, data, information and notice provided to it by the Collateral Manager, the Administrative Agent, the
Borrower and/or any related bank agent, Obligor or similar party, and the Collateral Custodian shall have no responsibility for the accuracy
of any such information or data provided to it by such persons and shall be entitled to update its records (as it may deem necessary or
appropriate) based on such information or data.

 

(i)                
In no event shall the Collateral Custodian be liable for special, punitive, indirect or consequential loss or damage of any kind
whatsoever (including but not limited to lost profits), even if the Collateral Custodian has been advised of the likelihood of such loss
or damage and regardless of the form of action.

 

(j)                
In no event shall the Collateral Custodian be liable for any failure or delay in the performance of its obligations hereunder because
of circumstances beyond its control, including, but not limited to, acts of God, flood, war (whether declared or undeclared), terrorism,
fire, riot, embargo, government action (including any laws, ordinances, regulations) or the like that delay, restrict or prohibit the
providing of services by the Collateral Custodian as contemplated by this Agreement.

 

Section 7.7.        
Resignation of the Collateral Custodian.

 

The Collateral Custodian shall
not resign from the obligations and duties hereby imposed on it except upon (a) ninety (90) days written notice to the Borrower, Collateral
Manager, Administrative Agent and each Lender, or (b) the Collateral Custodian’s determination that (i) the performance of its duties
hereunder is or becomes impermissible under Applicable Law and (ii) there is no reasonable action that the Collateral Custodian could
take to make the performance of its duties hereunder permissible under Applicable Law. Any such determination permitting the resignation
of the Collateral Custodian shall be evidenced as to clause (i) above by an Opinion of Counsel to such effect delivered to the
Administrative Agent. No such resignation shall become effective until a successor Collateral Custodian shall have assumed the responsibilities
and obligations of the Collateral Custodian hereunder. In the case of a resignation of the Collateral Custodian, if no successor custodian
shall have been appointed and an instrument of acceptance by a successor custodian shall not have been delivered to the Collateral Custodian
within 90 days after the giving of such notice of resignation, the Collateral Custodian may petition any court of competent jurisdiction
for the appointment of a successor custodian.

 

Section 7.8.        
Release of Documents.

 

(a)               Release
for Servicing. From time to time and as appropriate for the enforcement or servicing of any of the Collateral, the Collateral
Custodian is hereby authorized (unless and until such authorization is revoked by the Administrative Agent), upon written receipt
from the Collateral Manager of a request for release of documents and receipt in the form annexed hereto as Exhibit E,
to release to the Collateral Manager within two (2) Business Days of receipt of such request, the related Underlying Instruments or
the documents set forth in such request and receipt to the Collateral Manager. All documents so released to the Collateral Manager
shall be held by the Collateral Manager in trust for the benefit of the Administrative Agent in accordance with the terms of this
Agreement. The Collateral Manager shall return to the Collateral Custodian the Underlying Instruments or other such documents (i)
promptly upon the request of the Administrative Agent, or (ii) when the Collateral Manager’s need therefor in connection with
such enforcement or servicing no longer exists, unless the Loan shall be liquidated or sold, in which case, upon receipt of an
additional request for release of documents and receipt certifying such liquidation or sale from the Collateral Manager to the
Collateral Custodian in the form annexed hereto as Exhibit E, the Collateral Manager’s request and receipt submitted
pursuant to the first sentence of this subsection shall be released by the Collateral Custodian to the Collateral Manager.

 

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(b)              
Release for Payment. Upon receipt by the Collateral Custodian of the Collateral Manager’s request for release of documents
and receipt in the form annexed hereto as Exhibit E (which certification shall include a statement to the effect that all amounts
received in connection with such payment or repurchase have been credited to the Collection Account as provided in this Agreement), the
Collateral Custodian shall promptly release the related Underlying Instruments to the Collateral Manager.

 

Section 7.9.        
Return of Underlying Instruments.

 

The Borrower may, with the
prior written consent of the Administrative Agent (such consent not to be unreasonably withheld), require that the Collateral Custodian
return each Underlying Instrument (as applicable), respectively (a) delivered to the Collateral Custodian in error, (b) as to which the
lien on the Underlying Asset has been so released pursuant to Section 8.2, (c) that has been the subject of a Discretionary
Sale pursuant to Section 2.14 or (d) that is required to be redelivered to the Borrower in connection with the termination
of this Agreement, in each case by submitting to the Collateral Custodian and the Administrative Agent a written request in the form of
Exhibit E hereto (signed by both the Borrower and the Administrative Agent) specifying the Collateral to be so returned and reciting
that the conditions to such release have been met (and specifying the Section or Sections of this Agreement being relied upon for such
release). The Collateral Custodian shall upon its receipt of each such request for return executed by the Borrower and the Administrative
Agent promptly, but in any event within five (5) Business Days, return the Underlying Instruments so requested to the Borrower.

 

Section 7.10.    
Access to Certain Documentation and Information Regarding the Collateral; Audits.

 

The Collateral Manager,
the Borrower and the Collateral Custodian shall provide to the Administrative Agent access to the Underlying Instruments and all
other documentation regarding the Collateral including in such cases where the Administrative Agent is required in connection with
the enforcement of the rights or interests of the Secured Parties, or by applicable statutes or regulations, to review such
documentation, such access being afforded without charge but only (i) upon two (2) Business Days’ prior written request, (ii)
during normal business hours and (iii) subject to the Collateral Manager’s and Collateral Custodian’s normal security
and confidentiality procedures. Prior to the Closing Date and periodically thereafter at the discretion of the Administrative Agent,
the Administrative Agent may review the Collateral Manager’s collection and administration of the Collateral in order to
assess compliance by the Collateral Manager with Article VI and may conduct an audit of the Collateral, and Underlying
Instruments in conjunction with such a review. Such review shall be reasonable in scope and shall be completed in a reasonable
period of time.

 

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Without limiting the foregoing
provisions of this Section 7.10, from time to time on request of the Administrative Agent, the Collateral Custodian shall permit
certified public accountants or other independent auditors acceptable to the Administrative Agent to conduct a review of the Underlying
Instruments and all other documentation regarding the Collateral. Notwithstanding the foregoing provisions of this Section 7.10,
only one review or audit per fiscal year pursuant to this Section 7.10 shall be at the expense of the Borrower and additional reviews
or audits in a fiscal year shall be at the expense of the requesting Lender(s); provided that, after the occurrence and during
the continuance of a Collateral Manager Default or an Event of Default, any such reviews or audits, regardless of frequency, shall be
at the expense of the Borrower.

 

ARTICLE
VIII.

SECURITY INTEREST

 

Section 8.1.        
Grant of Security Interest.

 

(a)               This
Agreement constitutes a security agreement and the Advances effected hereby constitute secured loans by the applicable Lenders to
the Borrower under Applicable Law. For such purpose, the Borrower hereby transfers, conveys, assigns and grants as of the Closing
Date to the Administrative Agent, as agent for the Secured Parties, a Lien and continuing security interest in all of the
Borrower’s right, title and interest in, to and under (in each case, whether now owned or existing, or hereafter acquired or
arising) all of the Collateral, to secure the prompt, complete and indefeasible payment and performance in full when due, whether by
lapse of time, acceleration or otherwise, of the Obligations, whether now or hereafter existing, due or to become due, direct or
indirect, or absolute or contingent. Notwithstanding any of the other provisions set forth in this Agreement, this Agreement shall
not constitute a grant of a security interest in any property to the extent that such grant of a security interest is prohibited by
any Applicable Law or requires a consent not obtained of any Governmental Authority or any other Person pursuant to such Applicable
Law. The powers conferred on the Administrative Agent and the other Secured Parties hereunder are solely to protect the
Administrative Agent’s and the other Secured Parties’ interests in the Collateral and shall not impose any duty upon the
Administrative Agent or any Secured Party to exercise any such powers. Each of the Administrative Agent and each Secured Party shall
be accountable only for amounts that it actually receives as a result of the exercise of such powers, and neither they nor any of
their officers, directors, employees or agents shall be responsible to the Borrower for any act or failure to act hereunder, except
for its own gross negligence, bad faith or willful misconduct. If the Borrower fails to perform or comply with any of its agreements
contained herein, the Administrative Agent, at its option, but without any obligation to do so, may itself perform or comply, or
otherwise cause performance or compliance, with such agreement. The expenses of the Administrative Agent incurred in connection with
such performance or compliance shall be payable by the Borrower to the Administrative Agent on demand and shall constitute
Obligations secured hereby.

 

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(b)              
The grant of a security interest under this Section 8.1 does not constitute and is not intended to result in a creation
or an assumption by the Administrative Agent or any of the other Secured Parties of any obligation of the Borrower or any other Person
in connection with any or all of the Collateral or under any agreement or instrument relating thereto. Anything herein to the contrary
notwithstanding, (a) the Borrower shall remain liable under the Collateral to the extent set forth therein to perform all of its duties
and obligations thereunder to the same extent as if this Agreement had not been executed, (b) the exercise by the Administrative Agent,
as agent for the Secured Parties, of any of its rights in the Collateral shall not release the Borrower from any of its duties or obligations
under the Collateral, and (c) none of the Administrative Agent or any other Secured Party shall have any obligations or liability under
the Collateral by reason of this Agreement, nor shall the Administrative Agent or any other Secured Party be obligated to perform any
of the obligations or duties of the Borrower thereunder or to take any action to collect or enforce any claim for payment assigned hereunder.

 

Section 8.2.        
Release of Lien on Collateral.

 

At the same time as (i) any
Collateral expires by its terms and all amounts in respect thereof have been paid in full by the related Obligor and deposited in the
Collection Account, (ii) such Loan has been the subject of a Discretionary Sale pursuant to Section 2.14, has been sold to
the Seller as required under the Sale Agreement or has been sold pursuant to Section 6.5 or (iii) this Agreement terminates in
accordance with Section 12.6, the Administrative Agent, as agent for the Secured Parties will, to the extent requested by
the Collateral Manager, release its interest in such Collateral. In connection with any sale of such Collateral, the Administrative Agent,
as agent for the Secured Parties, will after the deposit by the Collateral Manager of the Proceeds of such sale into the Collection Account,
at the sole expense of the Collateral Manager, execute and deliver to the Collateral Manager any assignments, bills of sale, termination
statements and any other releases and instruments as the Collateral Manager may reasonably request in order to effect the release and
transfer of such Collateral; provided that, the Administrative Agent, as agent for the Secured Parties, will make no representation
or warranty, express or implied, with respect to any such Collateral in connection with such sale or transfer and assignment. Nothing
in this section shall diminish the Collateral Manager’s obligations hereunder with respect to the Proceeds of any such sale.

 

Section 8.3.        
Further Assurances.

 

The provisions of Section 12.12
shall apply to the security interest granted under Section 8.1 as well as to the Advances hereunder.

 

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Section 8.4.        
Remedies.

 

Subject to the
provisions of Section 9.2, upon the occurrence of and during the continuation of an Event of Default, the Administrative
Agent and Secured Parties shall have, with respect to the Collateral granted pursuant to Section 8.1, and in addition to
all other rights and remedies available to the Administrative Agent and Secured Parties under this Agreement or other Applicable
Law, all rights and remedies of a secured party upon default under the UCC. Without limiting the generality of the foregoing,
the Administrative Agent, without demand of performance or other demand, presentment, protest, advertisement or notice of any
kind (except any notice required by law referred to below) to or upon the Borrower or any other Person (all and each of which
demands, defenses, advertisements and notices are hereby waived), may in such circumstances transfer all or any part of the
Collateral into the Administrative Agent’s name or the name of its nominee or nominees, and/or forthwith collect, receive,
appropriate and realize upon the Collateral, or any part thereof, and/or may forthwith sell, lease, assign, give option or options
to purchase, or otherwise dispose of and deliver the Collateral or any part thereof (or contract to do any of the foregoing), in one
or more parcels at public or private sale or sales, at any exchange, broker’s board or office of the Administrative Agent or
any Secured Party or elsewhere upon such terms and conditions (including by lease or by deferred payment arrangement) as it may deem
advisable and at such prices as it may deem best, for cash or on credit or for future delivery without assumption of any credit risk
and/or may take such other actions as may be available under applicable law, subject to the provisions of Section 9.2.
Subject to the provisions of Section 9.2, the Administrative Agent or any Secured Party shall have the right upon any
such public sale or sales, and, to the extent permitted by law, upon any such private sale or sales, auction or closed tender, to
purchase the whole or any part of the Collateral so sold, free of any right or equity of redemption in the Borrower, which
right or equity is hereby waived or released. The Borrower further agrees, at the Administrative Agent’s request, to
assemble the Collateral and make it available to the Administrative Agent at places which the Administrative Agent shall reasonably
select (on its behalf and on behalf of the Secured Parties), whether at the Borrower’s premises or elsewhere. The
Administrative Agent shall apply the net proceeds of any such collection, recovery, receipt, appropriation, realization or sale,
after deducting all reasonable costs and expenses of every kind incurred therein or incidental to the care or safekeeping of any of
the Collateral or in any way relating to the Collateral or the rights of the Administrative Agent and the other Secured Parties
arising out of the exercise by the Administrative Agent hereunder, including, without limitation, reasonable attorneys’ fees
and disbursements, to the payment in whole or in part of the Obligations, in such order as the Administrative Agent may elect, and
only after such application and after the payment by the Administrative Agent of any other amount required by any provision of law,
including, without limitation, Section 9-615 of the UCC, need the Administrative Agent account for the surplus, if any, to
the Borrower. To the extent permitted by applicable law, the Borrower waives all claims, damages and demands it may
acquire against the Administrative Agent or any other Secured Party arising out of the exercise by the Administrative Agent or any
other Secured Party of any of its rights hereunder. If any notice of a proposed sale or other disposition of Collateral shall be
required by law, such notice shall be deemed reasonable and proper if given at least ten (10) days before such sale or other
disposition. The Borrower shall remain liable for any deficiency if the proceeds of any sale or other disposition of the Collateral
are insufficient to pay the Obligations and the fees and disbursements of any attorneys employed by the Administrative Agent or any
Secured Party to collect such deficiency.

 

Section 8.5.        
Waiver of Certain Laws.

 

Each of the Borrower and
the Collateral Manager agrees, to the full extent that it may lawfully so agree, that neither it nor anyone claiming through or
under it will set up, claim or seek to take advantage of any appraisement, valuation, stay, extension or redemption law now or
hereafter in force in any locality where any Collateral may be situated in order to prevent, hinder or delay the enforcement or
foreclosure of this Agreement, or the absolute sale of any of the Collateral or any part thereof, or the final and absolute putting
into possession thereof, immediately after such sale, of the purchasers thereof, and each of the Borrower and the Collateral
Manager, for itself and all who may at any time claim through or under it, hereby waives, to the full extent that it may be lawful
so to do, the benefit of all such laws, and any and all right to have any of the properties or assets constituting the Collateral
marshaled upon any such sale, and agrees that the Administrative Agent or any court having jurisdiction to foreclose the security
interests granted in this Agreement may sell the Collateral as an entirety or in such parcels as the Administrative Agent or such
court may determine.

 

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Section 8.6.        
Power of Attorney.

 

Each of the Borrower and the
Collateral Manager hereby irrevocably appoints the Administrative Agent its true and lawful attorney (with full power of substitution)
in its name, place and stead and at is expense, in connection with the enforcement of the rights and remedies provided for (and subject
to the terms and conditions set forth) in this Agreement during the continuance of an Event of Default (and, with respect to the Collateral
Manager, during the continuance of a Collateral Manager Default), including without limitation the following powers: (a) to give any necessary
receipts or acquittance for amounts collected or received hereunder, (b) to make all necessary transfers of the Collateral in connection
with any such sale or other disposition made pursuant hereto, (c) to execute and deliver for value all necessary or appropriate bills
of sale, assignments and other instruments in connection with any such sale or other disposition, the Borrower and the Collateral Manager
hereby ratifying and confirming all that such attorney (or any substitute) shall lawfully do hereunder and pursuant hereto, and (d) to
sign any agreements, orders or other documents in connection with or pursuant to any Transaction Document. Nevertheless, if so requested
by the Administrative Agent, the Borrower shall ratify and confirm any such sale or other disposition by executing and delivering to the
Administrative Agent or such purchaser all proper bills of sale, assignments, releases and other instruments as may be designated in any
such request. The power of attorney granted by the Borrower pursuant to this Section 8.6 supersedes any other power of attorney
or similar rights granted by the Borrower to any other party (including, without limitation, the Collateral Manager) under this Agreement,
any other Transaction Document or any other agreement; provided that, the Collateral Manager may continue to exercise its rights
under this Agreement until the Collateral Manager has received notice of the Administrative Agent’s exercise of its power of attorney
hereunder.

 

ARTICLE
IX.

EVENTS OF DEFAULT

 

Section 9.1.        
Events of Default.

 

The following events shall
be Events of Default (“Events of Default”) hereunder:

 

(a)               the
Borrower defaults in making any payment required to be made under an agreement for borrowed money (other than this Agreement) to
which it is a party individually or in an aggregate principal amount in excess of $500,000 and such default is not cured within the
applicable cure period, if any, provided for under such agreement; or

 

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(b)              
the Borrower fails to make any payment of accrued and unpaid Interest when due and such failure is not cured within five (5) Business
Days; or

 

(c)              
the Borrower fails to repay the Obligations in full on the Termination Date; or

 

(d)              
any failure on the part of the Borrower or the Equityholder to duly observe or perform in any material respect any other covenants
or agreements of the Borrower (other than those specifically addressed by a separate Event of Default) set forth in this Agreement or
the other Transaction Documents to which the Borrower is a party, and the same continues unremedied for a period of thirty (30) days (if
such failure can be remedied) after the earlier to occur of (i) the date on which written notice of such failure requiring the same to
be remedied shall have been given to the Borrower and (ii) the date on which the Borrower acquires knowledge thereof; or

 

(e)              
any representation, warranty or certification made by the Borrower or the Equityholder in any Transaction Document or in any certificate
delivered pursuant to any Transaction Document shall prove to have been incorrect when made or deemed made, which has a material adverse
effect on the Administrative Agent or any Lender and the same continues unremedied for a period of thirty (30) days (if such failure can
be remedied) after the earlier to occur of (i) the date on which written notice of such failure requiring the same to be remedied shall
have been given to the Borrower and (ii) the date on which the Borrower acquires knowledge thereof; or

 

(f)               
the occurrence of an Insolvency Event relating to the Borrower or the Equityholder; or

 

(g)              
the occurrence and continuation of a Collateral Manager Default;

 

(h)              
the rendering of one or more final judgments, decrees or orders by a court or arbitrator of competent jurisdiction for the payment
of money in excess individually or in the aggregate of $500,000 against the Borrower, and the Borrower shall not have, within ninety (90)
days, either (i) discharged or provided for the discharge of any such judgment, decree or order in accordance with its terms or (ii) perfected
a timely appeal of such judgment, decree or order and caused the execution of same to be stayed during the pendency of the appeal; or

 

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

 

(j)                
the occurrence of a Change of Control; or

 

(k)               any
security interest securing any obligation under any Transaction Document shall, in whole or in part, cease to be a first priority
perfected security interest (subject to Permitted Liens) except as otherwise expressly permitted to be released in accordance with
the applicable Transaction Document; or

 

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(l)                
[reserved]; or

 

(m)            
[reserved]; or

 

(n)              
the Advances Outstanding on any day exceed the Borrowing Base, and the same continues unremedied for (i) if the Collateral Manager
provides to the Administrative Agent within two (2) Business Days both (x) a written certification that the Equityholder intends to cure
such event and (y) evidence satisfactory to the Administrative Agent in its sole discretion that sufficient capital has been called from
the investors in the Equityholder to cure such event, fifteen (15) consecutive Business Days, or (ii) otherwise, three (3) consecutive
Business Days; or

 

(o)              
the Borrower shall assign or attempt to assign any of its rights, obligations or duties under this Agreement without the prior
written consent of the Administrative Agent (such consent to be provided in the sole and absolute discretion of the Administrative Agent);
or

 

(p)              
the Borrower or the Collateral Manager fails to observe or perform any agreement or obligation with respect to the management and
distribution of funds received with respect to the Loans, and such failure is not cured with three (3) Business Days; or

 

(q)              
the Borrower shall cease to be a wholly-owned Subsidiary of the Equityholder, or the Borrower shall fail to qualify as a bankruptcy-remote
entity based upon the criteria set forth in Section 4.1(u), such that neither Schulte Roth & Zabel LLP nor another law
firm reasonably acceptable to the Administrative Agent could render a substantive nonconsolidation opinion with respect thereto; or

 

(r)               
any Transaction Document, or any Lien granted thereunder, shall (except in accordance with its terms), in whole or in part, terminate,
cease to be effective or cease to be the legally valid, binding and enforceable obligation of the Borrower or the Collateral Manager,
as applicable; or

 

(s)               
the Borrower, the Equityholder, the Collateral Manager or any Affiliate of the foregoing or any Governmental Authority shall, directly
or indirectly, contest in any manner the effectiveness, validity, binding nature or enforceability of any Transaction Document or any
lien or security interest thereunder; or

 

(t)                
the Borrower or the pool of Collateral shall become required to register as an “investment company” within the meaning
of the 1940 Act; or

 

(u)               the
Internal Revenue Service or any other Governmental Authority shall (i) except as permitted under Section 4.1(k)(iii), assess, claim
or take the position that the Borrower is liable for any Tax or withholding Tax (other than a withholding tax under Section
1441 of the Code) in an amount exceeding, in the aggregate, $100,000 or (ii) file notice of a lien pursuant to Section 6323 of
the Code with regard to any assets of the Borrower (other than any Permitted Lien), or the Pension Benefit Guaranty Corporation
shall file notice of a lien pursuant to Section 4068 of ERISA with regard to any material assets of the Borrower and such lien
shall not have been released within five (5) Business Days.

 

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Section 9.2.        
Remedies.

 

(a)              
Upon the occurrence of and during the continuation of an Event of Default, the Administrative Agent shall, at the request of, or
may, with the consent of the Required Lenders, by notice to the Borrower, declare (i) the Termination Date to have occurred and the Obligations
to be immediately due and payable in full (without presentment, demand, protest or notice of any kind all of which are hereby waived by
the Borrower) or (ii) the Revolving Period End Date to have occurred; provided that, in the case of any event involving the Borrower
described in Section 9.1(f), the Obligations shall be immediately due and payable in full (without presentment, demand, notice
of any kind, all of which are hereby expressly, waived by the Borrower) and the Termination Date shall be deemed to have occurred automatically
upon the occurrence of any such event.

 

(b)              
On and after the declaration or occurrence of the Termination Date, the Administrative Agent, for the benefit of the Secured Parties,
shall have, in addition to all other rights and remedies under this Agreement or otherwise, all other rights and remedies provided under
the UCC of each applicable jurisdiction and other Applicable Laws, which rights shall be cumulative. In addition, the Borrower and the
Collateral Manager hereby agree that they will, at the Collateral Manager’s expense and at the direction of the Administrative Agent,
forthwith, (i) assemble all or any part of the Loans as directed by the Administrative Agent and make the same available to the Administrative
Agent at a place to be designated by the Administrative Agent and (ii) without notice except as specified below, sell the Loans or any
part thereof upon such terms, in such lots, to such buyers, and according to such other instructions as the Administrative Agent may deem
commercially reasonable, subject to Section 9.2(c). The Borrower agrees that, to the extent notice of sale shall be required by
law, ten (10) days’ notice to the Borrower of any sale hereunder shall constitute reasonable notification. All cash Proceeds received
by the Administrative Agent in respect of any sale of, collection from, or other realization upon, all or any part of the Loans (after
payment of any amounts incurred in connection with such sale) shall be deposited into the Collection Account and to be applied pursuant
to Section 2.8. For the avoidance of doubt, the occurrence of a Termination Date as defined in clauses (a) through
(c), inclusive, of the definition of “Termination Date” shall constitute a Termination Date for the purposes of this
Section 9.2.

 

(c)              
In connection with the sale of the Collateral following a declaration that the Obligations are immediately due and payable (or
automatic acceleration thereof) pursuant to Section 9.2(a), the Collateral Manager (or any of its Affiliates) shall have the right
of first refusal to purchase or refinance all of the Loans in the Collateral by paying to the Collateral Custodian in immediately available
funds, an amount equal to all outstanding Obligations. If the Collateral Manager or any Affiliate thereof fails to exercise this purchase
right within ten (10) Business Days following the declaration that the Obligations are immediately due and payable pursuant to Section
9.2(a), then such rights shall be irrevocably forfeited by the Collateral Manager and its Affiliates (but, for the avoidance of doubt,
such parties shall have the right to participate in any sale pursuant to Section 9.2(b)).

 

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ARTICLE
X.

INDEMNIFICATION

 

Section 10.1.    
Indemnities by the Borrower.

 

(a)              
Without limiting any other rights that any such Person may have hereunder or under Applicable Law, the Borrower hereby agrees to
indemnify the Administrative Agent, the Collateral Custodian, the Secured Parties, the Affected Parties and each of their respective assigns
and officers, directors, employees and agents thereof (collectively, the “Indemnified Parties”), forthwith on demand,
from and against any and all damages, losses, claims, liabilities and related costs and expenses, including reasonable attorneys’
fees and disbursements (all of the foregoing being collectively referred to as the “Indemnified Amounts”) awarded against
or incurred by such Indemnified Party arising out of or as a result of this Agreement or having an interest in the Collateral or in respect
of any Loan included in the Collateral, excluding, however, any Indemnified Amounts to the extent resulting from gross negligence, bad
faith or willful misconduct on the part of any Indemnified Party. If the Borrower has made any indemnity payment pursuant to this Section 10.1
and such payment fully indemnified the recipient thereof and the recipient thereafter collects any payments from others in respect of
such Indemnified Amounts then, the recipient shall repay to the Borrower an amount equal to the amount it has collected from others in
respect of such indemnified amounts. Without limiting the foregoing, the Borrower shall indemnify each Indemnified Party for Indemnified
Amounts (except to the extent resulting from gross negligence, bad faith or willful misconduct on the part of any Indemnified Party as
determined by a court of competent jurisdiction by final non-appealable judgment) relating to or resulting from:

 

(i)                
any representation or warranty made or deemed made by the Borrower, the Collateral Manager or any of their respective officers
under or in connection with this Agreement or any other Transaction Document, which shall have been false or incorrect in any material
respect when made or deemed made or delivered;

 

(ii)             
the failure of any Loan acquired on the Closing Date to be an Eligible Loan as of the Closing Date and the failure of any Loan
acquired after the Closing Date to be an Eligible Loan on the related Funding Date;

 

(iii)           
the failure by the Borrower or the Collateral Manager to comply with any term, provision or covenant contained in this Agreement
or any agreement executed in connection with this Agreement, or with any Applicable Law, with respect to any Collateral or the nonconformity
of any Collateral with any such Applicable Law;

 

(iv)            
the failure to vest and maintain vested in the Administrative Agent, as agent for the Secured Parties, an undivided security interest
in the Collateral, together with all Collections, free and clear of any Lien (other than Permitted Liens) whether existing at the time
of any Advance or at any time thereafter;

 

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(v)              
 the failure to maintain, as of the close of business on each Business Day prior to the Termination Date, an amount of Advances
Outstanding that is less than or equal to the Borrowing Base on such Business Day;

 

(vi)            
the failure to file, or any delay in filing, financing statements, continuation statements or other similar instruments or documents
under the UCC of any applicable jurisdiction or other Applicable Law with respect to any Collateral, whether at the time of any Advance
or at any subsequent time, if such failure or delay (i) was caused by the Borrower or the Collateral Manager, (ii) could have been cured
by either the Collateral Manager or the Borrower and such cure was not effected in a timely manner or (iii) resulted from a failure or
delay by either the Borrower or the Collateral Manager to confirm satisfactory completion in a timely manner of any and all actions they
requested in order to maintain compliance with the UCC or such other Applicable Law;

 

(vii)         
any dispute, claim, offset or defense (other than the discharge in bankruptcy of the Obligor) of the Obligor to the payment with
respect to any Collateral (including, without limitation, a defense based on the Collateral not being a legal, valid and binding obligation
of such Obligor enforceable against it in accordance with its terms);

 

(viii)       
any failure of the Borrower or the Collateral Manager to perform its duties or obligations in accordance with the provisions of
this Agreement or any of the other Transaction Documents to which it is a party or any failure by the Borrower or any Affiliate thereof
to perform its respective duties under any Underlying Instrument related to the Collateral;

 

(ix)            
the failure of the Collateral Custodian to remit any amounts held in the Collection Account pursuant to the instructions of the
Collateral Manager or the Administrative Agent (to the extent such Person is entitled to give such instructions in accordance with the
terms hereof) whether by reason of the exercise of set-off rights or otherwise;

 

(x)              
any inability to obtain any judgment in, or utilize the court or other adjudication system of, any state in which an Obligor may
be located as a result of the failure of the Borrower or the Collateral Manager to qualify to do business or file any notice or business
activity report or any similar report;

 

(xi)            
any action taken by the Borrower or the Collateral Manager in the enforcement or collection of any Collateral;

 

(xii)         
any products liability claim or personal injury or property damage suit or other similar or related claim or action of whatever
sort arising out of or in connection with the Underlying Assets or services that are the subject of any Collateral;

 

(xiii)       
the failure by the Borrower to pay when due any Taxes for which the Borrower is liable, including without limitation, sales, excise
or personal property taxes payable in connection with the Collateral;

 

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(xiv)        
 any repayment by the Administrative Agent or another Secured Party of any amount previously distributed in reduction of Advances
Outstanding or payment of Interest or any other amount due hereunder which amount the Administrative Agent or another Secured Party is
required to repay;

 

(xv)          
except with respect to funds held in the Collection Account and the Unfunded Exposure Account, the commingling of Collections on
the Collateral at any time with other funds;

 

(xvi)        
any investigation, litigation or proceeding related to this Agreement or the use of proceeds of Advances or the security interest
in the Collateral;

 

(xvii)     
any failure by the Borrower to give reasonably equivalent value to the Seller or the applicable third party transferor, in consideration
for the transfer by the Seller or such third party to the Borrower of any item of Collateral or any attempt by any Person to void or otherwise
avoid any such transfer under any statutory provision or common law or equitable action, including, without limitation, any provision
of the Bankruptcy Code;

 

(xviii)   
the use of the proceeds of any Advance in a manner other than as provided in this Agreement and the Sale Agreement;

 

(xix)        
the failure of the Borrower or any of its agents or representatives to remit to the Collateral Manager or the Administrative Agent,
Collections on the Collateral remitted to the Borrower, the Collateral Manager or any such agent or representative as provided in this
Agreement; or

 

(xx)          
the failure of the Collateral Manager to satisfy its obligations under Section 10.2.

 

(b)              
Any amounts subject to the indemnification provisions of this Section 10.1 shall be paid by the Borrower to the Indemnified
Party pursuant to Section 2.7 or 2.8, as applicable, on the later of (i) the Payment Date following such Person’s
demand therefor and (ii) 30 days after the Borrower’s receipt from such Person of a reasonably detailed description in writing of
the related damage, loss, claim, liability and related costs and expenses.

 

(c)              
If for any reason the indemnification provided above in this Section 10.1 is unavailable to the Indemnified Party or
is insufficient to hold an Indemnified Party harmless, then the Borrower shall contribute to the amount paid or payable by such Indemnified
Party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect not only the relative benefits
received by such Indemnified Party on the one hand and the Borrower on the other hand but also the relative fault of such Indemnified
Party as well as any other relevant equitable considerations; provided that, the Borrower shall not be required to contribute in
respect of any Indemnified Amounts excluded in Section 10.1(a).

 

(d)              
The obligations of the Borrower under this Section 10.1 shall survive the resignation or removal of the Administrative
Agent, the Collateral Manager or the Collateral Custodian and the termination of this Agreement.

 

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Section 10.2.   Indemnities by the Collateral Manager.

 

(a)              
Without limiting any other rights that any such Person may have hereunder or under Applicable Law, the Collateral Manager hereby
agrees to indemnify each Indemnified Party, forthwith on demand, from and against any and all Indemnified Amounts awarded against or incurred
by any such Indemnified Party by reason of (x) any gross negligence or willful misconduct of the Collateral Manager or (y) any acts or
omissions of the Collateral Manager arising out of a breach of its obligations and duties under this Agreement and each other Transaction
Document to which it is a party, including, but not limited to (i) any representation or warranty made by the Collateral Manager under
or in connection with any Transaction Document or any other information or report delivered by or on behalf of the Collateral Manager
pursuant hereto, which shall have been false, incorrect or misleading in any material respect when made or deemed made, (ii) the failure
by the Collateral Manager to comply with any Applicable Law, (iii) the failure of the Collateral Manager to comply with its duties or
obligations in accordance with this Agreement, (iv) any gross negligence, willful misconduct or fraud on the part of the Collateral Manager
or (v) any litigation, proceedings or investigation against the Collateral Manager in connection with any Transaction Document or its
role as Collateral Manager hereunder solely to the extent of (I) any gross negligence or willful misconduct of the Collateral Manager
or (II) any acts or omissions of the Collateral Manager arising from the Collateral Manager’s breach of its obligations and duties
under this Agreement or any other Transaction Document to which it is a party (excluding, however, in each case, any Indemnified Amounts
to the extent resulting from gross negligence, bad faith or willful misconduct on the part of any Indemnified Party as determined by a
court of competent jurisdiction by final non-appealable judgment). The provisions of this indemnity shall run directly to and be enforceable
by an injured party subject to the limitations hereof.

 

(b)              
Any amounts subject to the indemnification provisions of this Section 10.2 shall be paid by the Collateral Manager
to the Indemnified Party within five (5) Business Days following such Person’s demand therefor.

 

(c)              
The Collateral Manager shall have no liability for making indemnification hereunder to the extent any such indemnification constitutes
recourse for uncollectible or uncollected Loans.

 

(d)              
The obligations of the Collateral Manager under this Section 10.2 shall survive the resignation or removal of the Administrative
Agent or the Collateral Custodian and the termination of this Agreement.

 

(e)              
Any indemnification pursuant to this Section 10.2 shall not be payable from the Collateral.

 

Section 10.3.    
Taxes.

 

This Article X (other
than Section 10.1(a)(xiii)) shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages,
etc. arising from any non-Tax claim.

 

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ARTICLE
XI.

 

THE ADMINISTRATIVE AGENT

 

Section 11.1.    
Appointment.

 

Each Secured Party hereby
appoints and authorizes the Administrative Agent as its agent and bailee for purposes of perfection pursuant to the applicable UCC and
hereby further authorizes the Administrative Agent to appoint additional agents and bailees (including, without limitation, the Collateral
Custodian) to act on its behalf and for the benefit of each of the Secured Parties. Each Secured Party further authorizes the Administrative
Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and the other Transaction Documents
as are delegated to the Administrative Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto.
In furtherance, and without limiting the generality, of the foregoing, each Secured Party hereby appoints the Administrative Agent as
its agent to execute and deliver all further instruments and documents, and take all further action that the Administrative Agent may
deem necessary or appropriate or that a Secured Party may reasonably request in order to perfect, protect or more fully evidence the security
interests granted by the Borrower hereunder, or to enable any of them to exercise or enforce any of their respective rights hereunder,
including, without limitation, the execution by the Administrative Agent as secured party/assignee of such financing or continuation statements,
or amendments thereto or assignments thereof, relative to all or any of the Collateral now existing or hereafter arising, and such other
instruments or notices, as may be necessary or appropriate for the purposes stated hereinabove. The Lenders may direct the Administrative
Agent to take any such incidental action hereunder. With respect to other actions which are incidental to the actions specifically delegated
to the Administrative Agent hereunder, the Administrative Agent shall not be required to take any such incidental action hereunder, but
shall be required to act or to refrain from acting (and shall be fully protected in acting or refraining from acting) upon the direction
of the Lenders; provided that, the Administrative Agent shall not be required to take any action hereunder if the taking of such
action, in the reasonable determination of the Administrative Agent, shall be in violation of any Applicable Law or contrary to any provision
of this Agreement or shall expose the Administrative Agent to liability hereunder or otherwise. In the event the Administrative Agent
requests the consent of a Lender pursuant to the foregoing provisions and the Administrative Agent does not receive a consent (either
positive or negative) from such Person within ten (10) Business Days of such Person’s receipt of such request, then such Lender
shall be deemed to have declined to consent to the relevant action.

 

Section 11.2.    
Standard of Care; Exculpatory Provisions.

 

(a)              
The Administrative Agent shall exercise such rights and powers vested in it by this Agreement and the other Transaction Documents,
and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct
of such person’s own affairs.

 

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(b)              
The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Transaction
Documents. Without limiting the generality of the foregoing, the Administrative Agent:

 

(i)                
 shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

 

(ii)             
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 Transaction Documents that the Administrative Agent is required to exercise as directed
in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in
the other Transaction Documents), provided that, the Administrative Agent shall not be required to take any action that, in its
opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Transaction Document
or Applicable Law; and

 

(iii)           
shall not, except as expressly set forth herein and in the other Transaction Documents, 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 Affiliates that is communicated to or obtained
by the Person serving as the Administrative Agent or any of its Affiliates in any capacity.

 

(c)              
The Administrative Agent shall not be liable to any Lender for any action taken or not taken by it (i) with the consent or at the
request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent
shall believe in good faith shall be necessary) or (ii) in the absence of its own gross negligence or willful misconduct as determined
by a court of competent jurisdiction by final nonappealable judgment. The Administrative Agent shall be deemed not to have knowledge of
any Default unless and until notice describing such Default is given to the Administrative Agent by the Collateral Manager, the Borrower
or a Lender.

 

(d)              
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 Transaction 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 or the occurrence of any Default, (iv) the
validity, enforceability, effectiveness or genuineness of this Agreement, any other Transaction Document or any other agreement, instrument
or document or (v) the satisfaction of any condition set forth in Article III or elsewhere herein, other than to confirm receipt
of items expressly required to be delivered to the Administrative Agent.

 

Section 11.3.    
Administrative Agent’s Reliance, Etc.

 

Neither the
Administrative Agent nor any of its directors, officers, agents or employees shall be liable for any action taken or omitted to be
taken by it or them as Administrative Agent under or in connection with this Agreement or any of the other Transaction Documents,
except for its or their own gross negligence, bad faith or willful misconduct. Without limiting the foregoing, the Administrative
Agent: (i) may consult with legal counsel (including counsel for the Borrower or the Seller), Independent public accountants and
other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance
with the advice of such counsel, accountants or experts; (ii) makes no warranty or representation and shall not be responsible for
any statements, warranties or representations made by any other Person in or in connection with this Agreement; (iii) shall not have
any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this
Agreement or any of the other Transaction Documents on the part of the Borrower, the Collateral Manager, the Equityholder or the
Seller or to inspect the property (including the books and records) of the Borrower, the Collateral Manager, the Equityholder or the
Seller; (iv) shall not be responsible for the due execution, legality, validity, enforceability, genuineness, sufficiency or value
of this Agreement, any of the other Transaction Documents or any other instrument or document furnished pursuant hereto or thereto;
and (v) shall incur no liability under or in respect of this Agreement or any of the other Transaction Documents by acting upon any
notice (including notice by telephone), consent, certificate or other instrument or writing (which may be by facsimile) believed by
it to be genuine and signed or sent by the proper party or parties.

 

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Section 11.4.    
Credit Decision with Respect to the Administrative Agent.

 

Each Lender acknowledges that
it has, independently and without reliance upon the Administrative Agent, or any of the Administrative Agent’s Affiliates, and based
upon such documents and information as it has deemed appropriate, made its own evaluation and decision to enter into this Agreement and
the other Transaction Documents to which it is a party. Each Lender also acknowledges that it will, independently and without reliance
upon the Administrative Agent, or any of the Administrative Agent’s Affiliates, and based on such documents and information as it
shall deem appropriate at the time, continue to make its own decisions in taking or not taking action under this Agreement and the other
Transaction Documents to which it is a party.

 

Section 11.5.    
Indemnification of the Administrative Agent.

 

Each Lender agrees to indemnify
the Administrative Agent (to the extent not reimbursed by the Borrower or the Collateral Manager), ratably in accordance with its Pro
Rata Share from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses
or disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against the Administrative Agent in
any way relating to or arising out of this Agreement or any of the other Transaction Documents, or any action taken or omitted by the
Administrative Agent hereunder or thereunder; provided that, the Lenders shall not be liable for any portion of such liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the Administrative
Agent’s gross negligence or willful misconduct. Without limitation of the foregoing, each Lender agrees to reimburse the Administrative
Agent, ratably in accordance with its Pro Rata Share promptly upon demand for any out-of-pocket expenses (including counsel fees) incurred
by the Administrative Agent in connection with the administration, modification, amendment or enforcement (whether through negotiations,
legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement and the other Transaction
Documents, to the extent that such expenses are incurred in the interests of or otherwise in respect of the Lenders hereunder and/or thereunder
and to the extent that the Administrative Agent is not reimbursed for such expenses by the Borrower or the Collateral Manager.

 

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Section 11.6.    
Successor Administrative Agent.

 

The Administrative Agent may
resign at any time, effective upon the appointment and acceptance of a successor Administrative Agent as provided below, by giving at
least five (5) days’ written notice thereof to each Lender and the Borrower and may be removed at any time with cause by the Lenders
acting jointly. Upon any such resignation or removal, the Lenders acting jointly shall appoint a successor Administrative Agent with the
consent of the Borrower, such consent not to be unreasonably withheld. Each of the Borrower and each Lender agree that it shall not unreasonably
withhold or delay its approval of the appointment of a successor Administrative Agent. If no such successor Administrative Agent shall
have been so appointed, and shall have accepted such appointment, within thirty (30) days after the retiring Administrative Agent’s
giving of notice of resignation or the removal of the retiring Administrative Agent, then the retiring Administrative Agent may, on behalf
of the Secured Parties, appoint a successor Administrative Agent with the consent of the Borrower (not to be unreasonably withheld and
only if no Default or Event of Default has occurred and is continuing) which successor Administrative Agent shall be either (i) a commercial
bank organized under the laws of the United States or of any state thereof and have a combined capital and surplus of at least $50,000,000
or (ii) an Affiliate of such a bank. Upon the acceptance of any appointment as Administrative Agent hereunder by a successor Administrative
Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties
of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations under
this Agreement. After any retiring Administrative Agent’s resignation or removal hereunder as Administrative Agent, the provisions
of this Article XI shall continue to inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative
Agent under this Agreement.

 

Section 11.7.    
Delegation of Duties.

 

The Administrative Agent may
perform any and all of its duties and exercise its rights and powers hereunder or under any other Transaction Document 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
of its duties and exercise its rights and powers by or through their respective Affiliates. The exculpatory provisions of this Article
shall apply to any such sub-agent and to the Affiliates of the Administrative Agent and any such sub-agent, and shall apply to their respective
activities in connection with the syndication of the credit facility as well as activities as Administrative Agent.

 

Section 11.8.    
Payments by the Administrative Agent.

 

Unless specifically
allocated to a specific Lender pursuant to the terms of this Agreement, all amounts received by the Administrative Agent on behalf
of the Lenders shall be paid by the Administrative Agent to the Lenders in accordance with their respective Pro Rata Shares in the
applicable Advances Outstanding, or if there are no Advances Outstanding in accordance with their most recent Commitments, on the
Business Day received by the Administrative Agent, unless such amounts are received after 12:00 noon on such Business Day, in which
case the Administrative Agent shall use its reasonable efforts to pay such amounts to each Lender on such Business Day, but, in any
event, shall pay such amounts to such Lender not later than the following Business Day.

 

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Section 11.9.    
Collateral Matters.

 

Each of the Lenders irrevocably
authorize the Administrative Agent, at its option and in its discretion:

 

(a)              
to release any Lien on any Collateral granted to or held by the Administrative Agent, for the ratable benefit of the Secured Parties,
under any Transaction Document (i) upon the termination of the Commitment and payment in full of all Obligations (other than contingent
indemnification obligations), (ii) that is sold or to be sold as part of or in connection with any sale permitted hereunder or under any
other Transaction Document, or (iii) if approved, authorized or ratified in writing in accordance with Section 12.1; and

 

(b)              
to subordinate or release any Lien on any Collateral granted to or held by the Administrative Agent under any Transaction Document
to the holder of any Permitted Lien.

 

(c)              
Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s
authority to release or subordinate its interest in particular types or items of property pursuant to this Section 11.9. In each
case as specified in this Section 11.9, the Administrative Agent will, at the Borrower’s expense, execute and deliver to
the applicable Secured Party such documents as such Secured Party may reasonably request to evidence the release of such item of Collateral
from the assignment and security interest granted under the Transaction Documents or to subordinate its interest in such item, in each
case in accordance with the terms of the Transaction Documents and this Section 11.9.

 

Section 11.10.    
 Erroneous
Payments.

 

(a)               The
Lender, each other Secured Party and any other party hereto hereby severally agrees that if (i) the Administrative Agent notifies
(which such notice shall be conclusive absent manifest error) such Lender or any other Secured Party or any other Person that the
Administrative Agent has determined in its sole discretion that such person has received funds on behalf of a Lender, Secured Party
or other Person (each such recipient, a “Payment Recipient”) from the Administrative Agent or any of its
Affiliates which were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient
(whether or not known to such Payment Recipient) or (ii) any Payment Recipient receives any payment from the Administrative Agent
(or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in a notice of
payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment,
prepayment or repayment, (y) that was not preceded or accompanied by a notice of payment, prepayment or repayment sent by the
Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment or (z) that such Payment
Recipient otherwise becomes aware was transmitted or received in error or by mistake (in whole or in part) then, in each case, an
error in payment shall be presumed to have been made (any such amounts specified in clauses (i) or (ii) of this Section
11.10(a), whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise;
individually and collectively, an “Erroneous Payment”) then such Payment Recipient is deemed to have knowledge of
such error at the time of its receipt of such Erroneous Payment; provided that nothing in this Section shall require the
Administrative Agent to provide any of the notices specified in clauses (i) or (ii) above. Each Payment Recipient shall not assert
any right or claim to the Erroneous Payment, and hereby waives any claim, counterclaim, defense or right of set-off or recoupment
with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous Payments, including
without limitation waiver of any defense based on “discharge for value” or any similar doctrine.

 

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(b)              
Without limiting the immediately preceding clause (a), each Payment Recipient agrees that, in the case of clause (a)(ii) above,
it shall promptly (and, in all events, within one Business Day of its knowledge (or deemed knowledge) of such error) notify the Administrative
Agent in writing of such occurrence.

 

(c)              
In the case of either clause (a)(i) or (a)(ii) above, such Erroneous Payment shall at all times remain the property of the Administrative
Agent and shall be segregated by the Payment Recipient and held in trust for the benefit of the Administrative Agent, and upon demand
from the Administrative Agent such Payment Recipient shall (or, with respect to any Payment Recipient who received such funds on its behalf
shall cause such Payment Recipient to), promptly, but in all events no later than one Business Day thereafter, return to the Administrative
Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made in same day funds and in the currency
so received, together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof)
was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent at the greater of the Federal Funds
Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to
time in effect.

 

(d)               In
the event that an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand
therefor by the Administrative Agent in accordance with immediately preceding clause (c), from the Lender that is a Payment
Recipient (such unrecovered amount as to such Lender, an “Erroneous Payment Return Deficiency”), then at the sole
discretion of the Administrative Agent and upon the Administrative Agent’s written notice to such Payment Recipient (i) such
Payment Recipient shall be deemed to have assigned its Advances (but not its Commitments) with respect to which such Erroneous
Payment was made to the Administrative Agent or, at the option of the Administrative Agent, the Lender Affiliated with the
Administrative Agent, in a principal amount equal to the Erroneous Payment Return Deficiency (or such lesser amount as the
Administrative Agent may specify) (such assignment of the Advances (but not Commitments), the “Erroneous Payment Deficiency
Assignment”) at par plus any accrued and unpaid interest, without further consent or approval of any party hereto without
any further payment by the Administrative Agent or its Affiliated Lender as the assignee of such Erroneous Payment Deficiency
Assignment, and the Administrative Agent may reflect in the Register its ownership interest in the Advances subject to the Erroneous
Payment Deficiency Assignment. As to any Erroneous Payment Deficiency Assignment, the provisions of this clause (d) shall govern in
the event of any conflict with the terms and conditions of Section 12.16. For the avoidance of doubt, no Erroneous Payment
Deficiency Assignment will reduce the Commitments of the Lender and such Commitments shall remain available in accordance with the
terms of this Agreement.

 

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(e)              
Each party hereto hereby agrees that (x) in the event an Erroneous Payment (or portion thereof) is not recovered from any Payment
Recipient that has received such Erroneous Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to
all the rights of such Payment Recipient with respect to such amount, (y) the receipt of an Erroneous Payment by a Payment Recipient shall
not for the purpose of this Agreement be treated as a payment, prepayment, repayment, discharge or other satisfaction of any Obligations
owed by the Borrower (except to the extent that the funds used to make such Erroneous Payment were received from the Borrower as repayment
of such Obligations) and (z) to the extent that an Erroneous Payment was in any way or at any time credited as payment or satisfaction
of any of the Obligations, the Obligations or any part thereof that were so credited, and all rights of the Payment Recipient, as the
case may be, shall be reinstated and continue in full force and effect as if such payment or satisfaction had never been received (except
to the extent that the funds used to make such Erroneous Payment were received from the Borrower (or were withdrawn from the Collection
Account) as repayment of such Obligations).

 

(f)               
Each Payment Recipient hereby authorizes the Administrative Agent to set off, net and apply any and all amounts at any time owing
to such Payment Recipient under any Transaction Document, or otherwise payable or distributable by the Administrative Agent to such Payment
Recipient from any source, against any amount due to the Administrative Agent under pursuant to this Section 11.10 or under the
indemnification provisions of this Agreement.

 

(g)              
Each party’s obligations under this Section 11.10 shall survive the resignation or replacement of the Administrative
Agent or any transfer of right or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment,
satisfaction or discharge of all Obligations (or any portion thereof) under any Transaction Document.

 

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ARTICLE
XII.

 

MISCELLANEOUS

 

Section 12.1.    
Amendments and Waivers.

 

Except as provided in this
Section 12.1, no amendment, waiver or other modification of any provision of this Agreement shall be effective without the
written agreement of the Borrower, the Equityholder, the Collateral Manager, the Administrative Agent and the Required Lenders; provided
that (i) any amendment of the Agreement that is solely for the purpose of adding a Lender may be effected without the written consent
of the Borrower or any Lender, (ii) no such amendment, waiver or modification materially adversely affecting the rights or obligations
of the Collateral Custodian shall be effective without the written agreement of such Person, and (iii) any amendment of the Agreement
that a Lender is advised by its legal or financial advisors to be necessary in order to avoid the consolidation of the Borrower with such
Lender for accounting purposes may be effected without the written consent of any other Lender but with the written consent of the Borrower
(not to be unreasonably withheld).

 

Section 12.2.    
Notices, Etc.

 

All notices, reports and other
communications provided for hereunder shall, unless otherwise stated herein, be in writing (including communication by facsimile copy)
and mailed, e-mailed, faxed, transmitted or delivered, as to each party hereto, at its address set forth on Annex A to this Agreement
or at such other address as shall be designated by such party in a written notice to the other parties hereto. All such notices and communications
shall be effective, upon receipt, or in the case of (a) notice by mail, five (5) days after being deposited in the United States mail,
first class postage prepaid, (b) notice by e-mail, when verbal or electronic communication of receipt is obtained, or (c) notice by facsimile
copy, when verbal communication of receipt is obtained.

 

Section 12.3.    
Ratable Payments.

 

If any Lender, whether by
setoff or otherwise, has payment made to it with respect to any portion of the Obligations owing to such Lender (other than payments received
pursuant to Section 10.1) in a greater proportion than that received by any other Lender, such Lender agrees, promptly upon
demand, to purchase for cash without recourse or warranty a portion of the Obligations held by the other Lenders so that after such purchase
each Lender will hold its ratable proportion of the Obligations; provided that, if all or any portion of such excess amount is
thereafter recovered from such Lender, such purchase shall be rescinded and the purchase price restored to the extent of such recovery,
but without interest.

 

Section 12.4.    
No Waiver; Remedies.

 

No failure on the part of
the Administrative Agent, the Collateral Custodian or a Secured Party to exercise, and no delay in exercising, any right or remedy hereunder
shall operate as a waiver thereof; nor shall any single or partial exercise of any right or remedy hereunder preclude any other or further
exercise thereof or the exercise of any other right. The rights and remedies herein provided are cumulative and not exclusive of any rights
and remedies provided by law.

 

    131 

     

    

 

Section 12.5.    
Binding Effect; Benefit of Agreement.

 

This Agreement shall be binding
upon and inure to the benefit of the Borrower, the Equityholder, the Collateral Manager, the Administrative Agent, the Collateral Custodian,
the Secured Parties and their respective successors and permitted assigns. Each Affected Party and each Indemnified Party shall be an
express third party beneficiary of this Agreement.

 

Section 12.6.    
Term of this Agreement.

 

This Agreement, including,
without limitation, the Borrower’s representations and covenants set forth in Articles IV and V, and the Collateral
Manager’s representations, covenants and duties set forth in Articles IV and V, create and constitute the continuing
obligation of the parties hereto in accordance with its terms, and shall remain in full force and effect during the Covenant Compliance
Period; provided that, the rights and remedies with respect to any breach of any representation and warranty made or deemed made
by the Borrower or the Collateral Manager pursuant to Articles IV and V, the provisions, including, without limitation
the indemnification and payment provisions, of Article X, Section 2.13, Section 12.9, Section 12.10
and Section 12.11, shall be continuing and shall survive any termination of this Agreement.

 

Section 12.7.    
Governing Law; Waiver of Jury Trial.

 

THIS AGREEMENT AND THE RIGHTS
AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF
THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY
JURY IN RESPECT OF ANY LITIGATION ARISING DIRECTLY OR INDIRECTLY OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE TRANSACTIONS
CONTEMPLATED HEREUNDER.

 

Section 12.8.    
Consent to Jurisdiction; Waiver of Objection to Venue; Waivers.

 

Each of the parties hereto
hereby irrevocably and unconditionally:

 

(a)              
submits for itself and its property in any legal action or proceeding relating to this Agreement and the other Transaction Documents
to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction
of the courts of the State of New York, the courts of the United States of America for the Southern District of New York, and
appellate courts from any thereof;

 

(b)              
consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter
have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient
court and agrees not to plead or claim the same;

 

(c)              
agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified
mail (or any substantially similar form of mail), postage prepaid, to such party;

 

    132 

     

    

 

(d)              
 agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit
the right to sue in any other jurisdiction; and

 

(e)              
waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding
referred to in this Section 12.8 any special, exemplary, punitive or consequential damages.

 

Section 12.9.    
Costs and Expenses.

 

(a)              
In addition to the rights of indemnification granted to the Indemnified Parties under Article X hereof, the Borrower agrees
to pay on the later of the next Payment Date and 30 days after receipt of a request for payment of all costs and expenses of the Administrative
Agent and the Collateral Custodian incurred in connection with the preparation, execution, delivery, administration (including periodic
auditing subject to Sections 5.1(d), 5.3(d) and 7.10), renewal, amendment or modification of, or any waiver or consent
issued in connection with, this Agreement and the other documents to be delivered hereunder or in connection herewith, including, without
limitation, the reasonable fees and out-of-pocket expenses of counsel for the Administrative Agent and the Collateral Custodian with respect
thereto and with respect to advising the Administrative Agent and the Collateral Custodian as to their respective rights and remedies
under this Agreement and the other documents to be delivered hereunder or in connection herewith, and all costs and expenses, if any (including
reasonable counsel fees and expenses), incurred by the Administrative Agent, the Collateral Custodian or the Secured Parties in connection
with the enforcement of this Agreement by such Person and the other documents to be delivered hereunder or in connection herewith.

 

(b)              
The Borrower shall pay on the later of the next Payment Date and 30 days after receipt of a request therefor, all other reasonable
costs and expenses incurred by the Administrative Agent and the Secured Parties, in each case in connection with periodic audits of the
Borrower’s or the Collateral Manager’s books and records and required to be reimbursed by the Borrower or the Collateral Manager
pursuant to this Agreement.

 

Section 12.10.     No
Proceedings.

 

Each of the parties hereto (other than the Administrative
Agent) hereby agrees that it will not institute against, or join any other Person in instituting against, the Borrower any Insolvency
Proceeding so long as there shall not have elapsed one year and one day (or such longer preference period as shall then be in effect)
since the end of the Covenant Compliance Period. The provisions of this Section 12.10 are a material inducement for the Secured
Parties to enter into this Agreement and the transactions contemplated hereby and are an essential term hereof. The parties hereby agree
that monetary damages are not adequate for a breach of the provisions of this Section 12.10 and the Administrative Agent may seek
and obtain specific performance of such provisions (including injunctive relief), including, without limitation, in any bankruptcy, reorganization,
arrangement, winding up, insolvency, moratorium, winding up or liquidation proceedings, or other proceedings under United States federal
or state bankruptcy or similar laws of any jurisdiction. The provisions of this paragraph shall survive the termination of this Agreement.

 

    133 

     

    

 

Section 12.11.    Recourse
Against Certain Parties.

 

(a)              
No recourse under or with respect to any obligation, covenant or agreement (including, without limitation, the payment of any fees
or any other obligations) of the Administrative Agent, any Secured Party, the Borrower, the Collateral Manager, the Seller or the Equityholder
as contained in this Agreement or any other agreement, instrument or document entered into by it pursuant hereto or in connection herewith
shall be had against any incorporator, affiliate, stockholder, officer, partner, employee, member, manager or director of the Administrative
Agent, any Secured Party, the Borrower, the Collateral Manager, the Seller or the Equityholder by the enforcement of any assessment or
by any legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that the agreements
of the Administrative Agent, any Secured Party, the Borrower, the Collateral Manager, the Seller or the Equityholder contained in this
Agreement and all of the other agreements, instruments and documents entered into by it pursuant hereto or in connection herewith are,
in each case, solely the corporate obligations of the Administrative Agent, any Secured Party, the Borrower, the Collateral Manager, the
Seller or the Equityholder, and that no personal liability whatsoever shall attach to or be incurred by the Administrative Agent, any
Secured Party, the Borrower, the Collateral Manager, the Seller or the Equityholder or any incorporator, stockholder, affiliate, officer,
partner, member, manager, employee or director of the Administrative Agent, any Secured Party, the Borrower, the Collateral Manager, the
Seller or the Equityholder under or by reason of any of the obligations, covenants or agreements of the Administrative Agent, any Secured
Party, the Borrower, the Collateral Manager, the Seller or the Equityholder contained in this Agreement or in any other such instruments,
documents or agreements, or that are implied therefrom, and that any and all personal liability of the Administrative Agent, any Secured
Party, the Borrower, the Collateral Manager, the Seller or the Equityholder and each incorporator, stockholder, affiliate, officer, partner,
member, manager, employee or director of the Administrative Agent, any Secured Party, the Borrower, the Collateral Manager, the Seller
or the Equityholder, or any of them, for breaches by the Administrative Agent, any Secured Party, the Borrower, the Collateral Manager,
the Seller or the Equityholder of any such obligations, covenants or agreements, which liability may arise either at common law or at
equity, by statute or constitution, or otherwise, is hereby expressly waived as a condition of and in consideration for the execution
of this Agreement; provided that, the foregoing non-recourse provisions shall in no way affect any rights the Secured Parties might
have against any incorporator, affiliate, stockholder, officer, employee, member, manager or director of the Borrower, the Collateral
Manager, the Seller or the Equityholder to the extent of any fraud, misappropriation, embezzlement or any other financial crime constituting
a felony by such Person.

 

(b)              
Notwithstanding any contrary provision set forth herein, no claim may be made by the Borrower, the Collateral Manager, the Seller
or the Equityholder or any other Person against the Administrative Agent and the Secured Parties or their respective Affiliates, directors,
officers, employees, member, manager, attorneys or agents for any special, indirect, consequential or punitive damages in respect to any
claim for breach of contract or any other theory of liability arising out of or related to the transactions contemplated by this Agreement,
or any act, omission or event occurring in connection therewith; and each of the Borrower and the Collateral Manager hereby waives, releases,
and agrees not to sue upon any claim for any such damages, whether or not accrued and whether or not known or suspected.

 

    134 

     

    

 

(c)              
 No obligation or liability to any Obligor under any of the Loans is intended to be assumed by the Administrative Agent and the
Secured Parties under or as a result of this Agreement and the transactions contemplated hereby.

 

(d)              
The provisions of this Section 12.11 shall survive the termination of this Agreement.

 

Section 12.12.    Protection
of Right, Title and Interest in the Collateral; Further Action Evidencing Advances.

 

(a)              
The Collateral Manager shall take such actions as are necessary or reasonably requested by the Administrative Agent to enable the
Administrative Agent to promptly record, register or file, as applicable, this Agreement, all amendments hereto and/or all financing statements
and continuation statements and any other necessary documents covering the right, title and interest of the Administrative Agent, as agent
for the Secured Parties, and of the Secured Parties to the Collateral, and at all times to be kept recorded, registered and filed, all
in such manner and in such places as may be required by law fully to preserve and protect the right, title and interest of the Administrative
Agent, as agent of the Secured Parties, hereunder to all property comprising the Collateral. The Borrower shall cooperate fully with the
Collateral Manager in connection with the obligations set forth above and will execute any and all documents reasonably required to fulfill
the intent of this Section 12.12(a).

 

(b)              
The Borrower agrees that from time to time, at its expense, it will promptly authorize, execute and deliver all instruments and
documents, and take all actions, that the Administrative Agent may reasonably request in order to perfect, protect or more fully evidence
the security interest granted in the Collateral, or to enable the Administrative Agent or the Secured Parties to exercise and enforce
their rights and remedies hereunder or under any other Transaction Document.

 

(c)              
If the Borrower, the Collateral Manager, the Seller or the Equityholder fails to perform any of its obligations hereunder, the
Administrative Agent or any Secured Party may (but shall not be required to) perform, or cause performance of, such obligation; and the
Administrative Agent’s or such Secured Party’s costs and expenses incurred in connection therewith shall be payable by the
Borrower as provided in Article X. The Borrower irrevocably authorizes the Administrative Agent and appoints the Administrative
Agent as its attorney-in-fact to act on behalf of the Borrower (i) to execute on behalf of the Borrower as debtor and to file financing
statements necessary or desirable in the Administrative Agent’s sole discretion to perfect and to maintain the perfection and priority
of the interest of the Secured Parties in the Collateral, including those that describe the Collateral as “all assets,” or
words of similar effect, and (ii) to file a carbon, photographic or other reproduction of this Agreement or any financing statement with
respect to the Collateral as a financing statement in such offices as the Administrative Agent in its sole discretion deems necessary
or desirable to perfect and to maintain the perfection and priority of the interests of the Secured Parties in the Collateral. This appointment
is coupled with an interest and is irrevocable.

 

(d)               Without
limiting the generality of the foregoing, the Borrower will, not earlier than six (6) months and not later than three (3) months
prior to the fifth anniversary of the date of filing of the financing statement referred to in Section 3.1(i) or any other
financing statement filed pursuant to this Agreement or in connection with any Advance hereunder, unless the Covenant Compliance
Period shall have ended, authorize, execute and deliver and file or cause to be filed an appropriate continuation statement with
respect to such financing statement.

 

    135 

     

    

 

Section 12.13.    Confidentiality.

 

(a)              
Each of the Administrative Agent, the Secured Parties, the Collateral Manager, the Collateral Custodian, the Equityholder and the
Borrower shall maintain and shall cause each of its employees and officers to maintain the confidentiality of the Agreement and all information
with respect to the other parties, including all information regarding the business and beneficial ownership of the Borrower, the Equityholder
and the Collateral Manager hereto and their respective businesses obtained by it or them in connection with the structuring, negotiating
and execution of the transactions contemplated herein, except that each such party and its officers and employees may (i) disclose such
information to its external accountants, investigators, auditors, attorneys, investors, potential investors (in the case of the Equityholder),
affiliates or other agents, including any Approved Broker Dealer or Approved Valuation Firm, engaged by such party in connection with
any due diligence or comparable activities with respect to the transactions and Loans contemplated herein and the agents of such Persons
(“Excepted Persons”); provided that, each Excepted Person shall, as a condition to any such disclosure, agree
for the benefit of the Administrative Agent, the Secured Parties, the Collateral Manager, the Collateral Custodian, the Equityholder and
the Borrower that such information shall be used solely in connection with such Excepted Person’s evaluation of, or relationship
with, the Borrower and its affiliates, (ii) disclose the existence of the Agreement, but not the financial terms thereof, (iii) disclose
such information as is required by Applicable Law and (iv) disclose the Agreement and such information in any suit, action, proceeding
or investigation (whether in law or in equity or pursuant to arbitration) involving any of the Transaction Documents for the purpose of
defending itself, reducing its liability, or protecting or exercising any of its claims, rights, remedies, or interests under or in connection
with any of the Transaction Documents. It is understood that the financial terms that may not be disclosed except in compliance with this
Section 12.13(a) include, without limitation, all fees and other pricing terms, and all Events of Default, Collateral Manager
Defaults, and priority of payment provisions.

 

(b)              
Anything herein to the contrary notwithstanding, each of the Borrower, the Equityholder and the Collateral Manager hereby consents
to the disclosure of any nonpublic information with respect to it (i) to the Administrative Agent, the Collateral Custodian or the Secured
Parties by each other, (ii) by the Administrative Agent, the Collateral Custodian and the Secured Parties to any prospective or actual
assignee or participant of any of them provided such Person agrees to hold such information confidential in accordance with the terms
hereof, or (iii) by the Administrative Agent, and the Secured Parties to any Rating Agency, any commercial paper dealer or provider of
a surety, guaranty or credit or liquidity enhancement to any Lender, and to any officers, directors, employees, outside accountants and
attorneys of any of the foregoing, provided each such Person is informed of the confidential nature of such information. In addition,
the Secured Parties, the Administrative Agent, may disclose any such nonpublic information as required pursuant to any law, rule, regulation,
direction, request or order of any judicial, administrative or regulatory authority or proceedings (whether or not having the force or
effect of law).

 

    136 

     

    

 

(c)              
 Notwithstanding anything herein to the contrary, the foregoing shall not be construed to prohibit (i) disclosure of any and all
information that is or becomes publicly known; (ii) disclosure of any and all information (a) if required to do so by any applicable statute,
law, rule or regulation, (b) to any government agency or regulatory body having or claiming authority to regulate or oversee any respects
of the Administrative Agents’, the Secured Parties’, the Collateral Custodian’s, the Borrower’s, the Equityholder’s
business or that of their affiliates, (c) pursuant to any subpoena, civil investigative demand or similar demand or request of any court,
regulatory authority, arbitrator or arbitration to which the Administrative Agent, the Secured Parties, the Collateral Custodian, the
Borrower, the Equityholder or an officer, director, employee, shareholder, partner, manager, member or affiliate of any of the foregoing
is a party, (d) in any preliminary or final offering circular, registration statement or contract or other document approved in advance
by the Borrower, the Collateral Manager or the Equityholder or (e) to any affiliate, independent or internal auditor, agent (including
any potential sub-or-successor servicer), employee or attorney of the Collateral Custodian having a need to know the same, if the Collateral
Custodian advises such recipient of the confidential nature of the information being disclosed and such person agrees to the terms hereof
for the benefit of the Borrower, the Collateral Manager and the Equityholder; or (iii) any other disclosure authorized by the Borrower,
the Collateral Manager and the Equityholder, as applicable.

 

(d)              
Notwithstanding any other provision of this Agreement, the Borrower, the Equityholder and the Collateral Manager shall each have
the right to keep confidential from the Administrative Agent, the Collateral Custodian and/or the Secured Parties, for such period of
time as the Borrower, the Equityholder and/or the Collateral Manager, as the case may be, determines is reasonable (i) any information
that the Borrower, the Equityholder and/or the Collateral Manager, as the case may be, reasonably believes to be in the nature of trade
secrets and (ii) any other information that the Borrower, the Equityholder, the Collateral Manager or any of their Affiliates, or the
officers, employees, partners, members, managers or directors of any of the foregoing, is required by law to keep confidential as evidenced
by an Opinion of Counsel.

 

(e)              
Each of the Administrative Agent, the Secured Parties and the Collateral Custodian will keep the information of the Obligors confidential
in the manner required by the applicable Underlying Instruments.

 

Section 12.14.   Execution
in Counterparts; Severability; Integration.

 

This Agreement may be executed
in any number of counterparts and by different parties hereto in separate counterparts (including by facsimile), each of which when so
executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. In case any
provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality
and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not
in any way be affected or impaired thereby. This Agreement, the other Transaction Documents and any agreements or letters (including fee
letters) executed in connection herewith contain the final and complete integration of all prior expressions by the parties hereto with
respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter
hereof, superseding all prior oral or written understandings.

 

    137 

     

    

 

Section 12.15.   Waiver
of Setoff.

 

Each of the parties hereto
hereby waives any right of setoff it may have or to which it may be entitled under this Agreement from time to time against any Lender
or its assets.

 

Section 12.16.    Status
of Lenders; Assignments by the Lenders.

 

(a)              
Each Lender represents and warrants to the Borrower that it is a “qualified institutional buyer” as defined in Rule
144A of the Securities Act. Each Lender may at any time assign, or grant a security interest or sell a participation interest in or sell
any Advance (or portion thereof) to any Person; provided that, as applicable, (i) no transfer of any Advance (or any portion thereof)
shall be made unless such transfer is exempt from the registration requirements of the Securities Act and any applicable state securities
laws or is made in accordance with the Securities Act and such laws, (ii) the transfer is made only to a person who is (A) either an “accredited
investor” as defined in paragraphs (a)(1), (2), (3), or (7) of Rule 501 of Regulation D under the Securities Act or any entity in
which all of the equity owners come within such paragraphs or to a “qualified institutional buyer” as defined in Rule 144A
under the Securities Act and (B) a “qualified purchaser” as defined in the 1940 Act, (iii) no such assignment, grant or sale
of a participation interest shall be to an Ineligible Assignee, (iv) such Person shall have a long-term unsecured debt rating of “A”
or better by S&P and “A3” or better by Moody’s, (v) Wells Fargo shall (A) unless required by Applicable Law (including,
without limitation, the Volcker Rule) not assign more than 49% of the Facility Amount and (B) retain all Eligible Loan approval rights
pursuant to clause (B) of the definition of “Eligible Loan” and (vi) in the case of an assignment of any Advance (or any portion
thereof) the assignee executes and delivers to the Collateral Manager, the Equityholder, the Borrower and the Administrative Agent a fully
executed Joinder Supplement substantially in the form of Exhibit I hereto. The parties to any such assignment, grant or sale of
a participation interest shall execute and deliver to the applicable Lender for its acceptance and recording in its books and records,
such agreement or document as may be satisfactory to such parties. The Borrower agrees that each participant shall be entitled to the
benefits of Sections 2.12 and 2.13 (subject to the requirements and limitations therein, including the requirements under
Section 2.13(g) (it being understood that the documentation required under Section 2.13(g) shall be delivered to the participating
Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to this Section 12.16(a);
provided that, such participant shall not be entitled to receive any greater payment under Sections 2.12 or 2.13,
with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement
to receive a greater payment results from a change in Applicable Law that occurs after the participant acquired the applicable participation.
The Borrower shall not assign or delegate, or grant any interest in, or permit any Lien to exist upon, any of the Borrower’s rights,
obligations or duties under the Transaction Documents without the prior written consent of the Administrative Agent. Notwithstanding anything
contained in this Agreement to the contrary, Wells Fargo shall not need prior consent of the Borrower to consolidate with or merge into
any other Person or convey or transfer substantially all of its properties and assets, including without limitation any Advance (or portion
thereof), to any Person.

 

(b)               The
Administrative Agent, acting solely for this purpose as an agent of Borrower, shall maintain at one of its lending offices, a copy
of each transfer pursuant to Section 12.16(a) delivered to it and a register for the recordation of the names and
addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Advances owing to, each Lender
pursuant to the terms hereof from time to time (the “Register”). Transfer by a Lender of its rights hereunder may
be effected only by the recording by the Administrative Agent of the identity of the transferee in the Register. The entries in the
Register shall be conclusive, absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each
Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement,
notwithstanding notice to the contrary. The register shall be available for inspection by Borrower and any Lender, at any reasonable
time and from time to time upon reasonable prior notice.

 

    138 

     

    

 

Each Lender that sells a participation
interest hereunder 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 such participant’s interest in the obligations
under the Transaction 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 obligations under any Transaction Document) to any Person except to the extent that such disclosure
is necessary to establish that such 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. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility
for maintaining a Participant Register.

 

(c)              
The Collateral Custodian may, at any time, assign all or any part of its rights and obligations hereunder; provided, however, that
any such assignee shall (i) be a bank or other financial institution organized and doing business under the laws of the United States
or of any state thereof, (ii) be authorized under such laws to exercise corporate trust powers, (iii) have a combined capital and surplus
of at least $200,000,000, (iv) be subject to supervision or examination by a federal or state banking authority, (v) have a rating of
at least “Baa1” by Moody’s and “BBB+” by S&P and (vi) have an office within the United States.

 

Section 12.17.  
Heading and Exhibits.

 

The headings herein are for
purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof. The schedules and exhibits
attached hereto and referred to herein shall constitute a part of this Agreement and are incorporated into this Agreement for all purposes.

 

Section 12.18.     Intent
of the Parties.

 

It is the intent and understanding
of each party hereto that the Advances are loans from the Lenders to the Borrower and do not constitute a “security” within
the meaning of Section 8-102(15) of the UCC.

 

    139 

     

    

 

Section 12.19.     Recognition
of the U.S. Special Resolution Regimes.

 

In the event that the Borrower
becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from the Borrower of this Agreement and/or any other
Transaction Document, and any interest and obligation in or under this Agreement and/or any other Transaction Document, will be
effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement and/or any
other the Transaction Document, and any such interest and obligation, were governed by the laws of the United States or a state of the
United States.

 

In the event that the Borrower
or a BHC Act Affiliate of the Borrower becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this
Agreement and/or any other Transaction Document that may be exercised against the Borrower are permitted to be exercised to no greater
extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement and/or any other Transaction
Document were governed by the laws of the United States or a state of the United States.

 

[Remainder of Page Intentionally Left Blank.]

 

    140 

     

    

 

 

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

 

	BORROWER:	NEW MOUNTAIN GUARDIAN III SPV, L.L.C., as the Borrower
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	EQUITYHOLDER AND SELLER:
	NEW MOUNTAIN GUARDIAN III BDC, L.L.C.,
as the Equityholder and as the Seller

	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	COLLATERAL MANAGER:
	NEW MOUNTAIN GUARDIAN
III BDC, L.L.C., as Collateral Manager

	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signatures Continued on the Following Page]

 

    Signature Page to LSA

     

    

 

	THE ADMINISTRATIVE AGENT
	WELLS
                                            FARGO BANK, NATIONAL ASSOCIATION, as the Administrative Agent

	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	LENDER:
	WELLS
                                            FARGO BANK, NATIONAL ASSOCIATION, as a Lender

	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signatures Continued on the Following Page]

 

    Signature Page to LSA

     

    

 

	THE COLLATERAL CUSTODIAN:
	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Collateral Custodian

	 	 
	 	 
	 	By:	Computershare Trust Company, N.A.,
as its attorney-in-fact

	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Signature Page to LSA

     

    

 

Annex A

 

NEW MOUNTAIN GUARDIAN III SPV, L.L.C.

NEW MOUNTAIN GUARDIAN III BDC, L.L.C.

787 Seventh Avenue, 49th Floor

New York, NY 10019

Attention: Shiraz Kajee and Holly Lau

Fax: (212) 720-0351

 

     

     

    

 

Annex A (Continued)

 

WELLS FARGO BANK, NATIONAL ASSOCIATION as Administrative Agent

550 South Tryon Street

Charlotte, NC 28202

Attention: Corporate Debt Finance

Facsimile: (704) 715-0067

Confirmation: (704) 410-2489

All electronic dissemination of Notices should be sent to scp.mmloans@wellsfargo.com and agencyservices.request@wellsfargo.com

 

WELLS FARGO BANK, NATIONAL ASSOCIATION

as Lender

550 South Tryon Street

Charlotte, NC 28202

Attention: Corporate Debt Finance

Facsimile: (704) 715-0067

Confirmation: (704) 410-2489

All electronic dissemination of Notices should be sent to scp.mmloans@wellsfargo.com and agencyservices.request@wellsfargo.com

 

WELLS FARGO BANK, NATIONAL ASSOCIATION as Collateral
Custodian

For notices

 

Wells Fargo Bank, National Association

c/o Computershare Trust Company, N.A.

9062 Old Annapolis Rd.

Columbia, Maryland 21045

Attn: CDO Trust Services—New Mountain Capital

Fax: (410) 715-3748

Phone(410) 884-2000

 

     

     

    

 

Annex B

 

	Lender	 	Commitment	 
	Wells Fargo Bank, National Association	 	$	725,000,000	 

 

     

     

    

 

Annex C

 

	1	 	 	3	 	 	 	4	 	 	 	5	 	 	 	6	 	 	 	7	 
	Facility Amount1,2	 	$	300,000,000	 	 	$	450,000,000	 	 	$	600,000,000	 	 	$	700,000,000	 	 	$	800,000,000	 
	Eligible
    Loan	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Clause (bb) PIK Loans	 	$	15,000,000	 	 	$	22,500,000	 	 	$	30,000,000	 	 	$	35,000,000	 	 	$	35,000,000	 
	Clause (z) Non-US Loans	 	$	30,000,000	 	 	$	45,000,000	 	 	$	60,000,000	 	 	$	70,000,000	 	 	$	70,000,000	 
	Clause (y) Unfunded	 	$	30,000,000	 	 	$	45,000,000	 	 	$	60,000,000	 	 	$	70,000,000	 	 	$	70,000,000	 
	Clause (aa) Fixed Rate	 	$	30,000,000	 	 	$	45,000,000	 	 	$	60,000,000	 	 	$	70,000,000	 	 	$	70,000,000	 
	Clause (cc) Recurring Revenue Loans	 	$	30,000,000	 	 	$	45,000,000	 	 	$	60,000,000	 	 	$	70,000,000	 	 	$	70,000,000	 
	Excess
    Concentration Amount	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Clause (b)(z)(i) 2 Largest Obligors	 	$	30,000,000	 	 	$	45,000,000	 	 	$	60,000,000	 	 	$	60,000,000	 	 	$	60,000,000	 
	Clause (b)(z)(ii) Next 3 Largest Obligors	 	$	25,000,000	 	 	$	37,500,000	 	 	$	50,000,000	 	 	$	50,000,000	 	 	$	50,000,000	 
	Clause (b)(z)(iii) All Other Obligors	 	$	20,000,00	 	 	$	30,000,000	 	 	$	40,000,000	 	 	$	40,000,000	 	 	$	40,000,000	 
	Clause (b)(x)(ii)	 	 	$70,000,000
                                            (or, on or after the Automatic Excess Concentration Amount Reduction Date, $60,000,000)	 	 	$	90,000,000	 	 	$	120,000,000	 	 	$	140,000,000	 	 	$	140,000,000	 
	Clause (b)(y)(ii)	 	 	$52,500,000
                                            (or, on or after the Automatic Excess Concentration Amount Reduction Date, $45,000,000)	 	 	$	67,500,000	 	 	$	90,000,000	 	 	$	105,000,000	 	 	$	105,000,000	 
	Required
    Minimum Equity Amount	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Clause (x)	 	$	85,000,000	 	 	$	125,000,000	 	 	$	165,000,000	 	 	$	190,000,000	 	 	$	215,000,000	 

 

 

1
If the current Facility Amount is not equal to an amount set forth in the “Facility Amount” row, then the applicable Facility
Amount shall be the next lowest amount set forth in the “Facility Amount” row.

2
If the Facility Amount is reduced below $300,000,000, each number in column 1 of the above chart shall be agreed to in writing (including
via email) at the time of such reduction by the Borrower and the Administrative Agent.Exhibit 10.1

    

     

    

    SUBSCRIPTION AGREEMENT

    

    

    This SUBSCRIPTION AGREEMENT (this “Subscription Agreement”) is entered into on June 30, 2022 by and between FTAI Infrastructure LLC, a Delaware limited liability company (the “Company”),

      a majority-owned subsidiary of Fortress Transportation & Infrastructure Investors LLC (“Parent”), Transtar, LLC, a Delaware limited liability company (“Transtar”), and the subscriber party set forth on such subscriber’s signature
      page hereto (“Subscriber”). Capitalized terms used but not defined herein shall have the meanings set forth in the Certificate of Designations (as defined below).

    

    

    WHEREAS, the board of directors of Parent is contemplating a spin-off transaction, whereby, among other things, (i) the Company will be converted into a Delaware corporation, (ii) the Company’s name
      will be changed to “FTAI Infrastructure Inc.”, (iii) the board of directors of Parent will declare the distribution of all the shares of common stock of the Company, with a par value of $0.01 per share (such distributed shares of common stock of the
      Company, “Common Stock”) owned by Parent, such that each shareholder of the Parent holding a common share of Parent (“Parent Common Shareholders”) will receive one share of Common Stock for each common share of Parent held by such
      Parent Common Shareholders, and (iv) upon such distribution (the “Distribution”), Parent Common Shareholders will own substantially all of the Common Stock (collectively, the “Spin-Off”);

    

    

    WHEREAS, Subscriber desires to subscribe for and purchase from the Company and, immediately prior to the commencement of regular-way trading of the Common Stock on any national securities exchange,
      the Company desires to issue and sell to Subscriber in consideration of the payment of the Net Purchase Price (as defined below) by or on behalf of Subscriber to the Company that number (as set forth on Subscriber’s signature page hereto) of the
      Company’s (i) shares of preferred stock, with a par value of $0.01 per share, to be designated as a series known as “Series A Senior Preferred Stock” (the “Preferred Shares”), and having the respective designations, powers, preferences and
      relative, participating, optional, special and other rights, and the qualifications, limitations and restrictions set forth in a certificate of designations, a form of which is attached hereto as Exhibit A (the “Certificate of Designations”),

      (ii) warrants (the “Series I Warrants”) representing the right to purchase, on the terms and subject to the conditions set forth in the Series I Warrants, shares of Common Stock, at an exercise price of $10.00 per share, a form of which is
      attached hereto as Exhibit B, and (iii) warrants (“Series II Warrants” and, together with the Series I Warrants, the “Warrants”) representing the right to purchase, on the terms and subject to the conditions set forth in the
      Series II Warrant, shares of Common Stock at an exercise price of $0.01 per share, a form of which is attached hereto as Exhibit B (collectively, the “Securities”), for an aggregate purchase price set forth on Subscriber’s signature
      page hereto (the “Purchase Price”);

    

    
      
        

    

    
    

    

    WHEREAS, the aggregate amount of Securities to be sold by the Company pursuant to this Subscription Agreement and the other subscription agreements with certain Affiliates of the Subscriber (the
      “Other Subscription Agreements”) equals (a) 300,000 Preferred Shares, (b) 3,342,566 Series I Warrants and (c) 3,342,566 Series II Warrants; and

    

    

    WHEREAS, concurrently with the Spin-Off, the Company is entering into that certain management agreement with FIG LLC (“Fortress”) substantially in the form attached hereto as Exhibit C
      (the “Management Agreement”).

    

    

    NOW, THEREFORE, in consideration of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions, herein contained, and intending to be legally bound hereby,
      the parties hereto hereby agree as follows:

    

    

    1.          Subscription.

    

    

    (a)          Subject to the terms and conditions hereof, Subscriber hereby subscribes for and agrees to purchase from the Company, and the Company hereby agrees to issue and sell the
      number of Securities to Subscriber as set forth on the signature page hereto (such subscription and issuance, the “Subscription”), upon the payment of the Purchase Price, net of an amount equal to the Discount as set forth on the signature
      page hereto (such net amount, the “Net Purchase Price”). The “Discount” for the Subscriber is the amount set forth on Subscriber’s signature page hereto representing three percent (3%) of Subscriber’s Purchase Price for the Securities, which shall be
      treated as a discount to the Purchase Price for U.S. federal and applicable state and local income tax purposes. The Subscriber’s “Allocation Percentage” shall be the fraction, expressed as a percentage, equal to the Purchase Price set forth on the
      signature page hereto divided by $300,000,000.

    

    

    (b)          If any change in the Securities or Common Stock (including the number of shares of Common Stock to be outstanding immediately following the Spin-Off) shall occur between the date hereof
      and the Closing (as defined below) by reason of any reclassification, recapitalization, stock split (including reverse stock split) or combination, exchange or readjustment of shares, or any stock dividend, the number and type of Securities issued to
      Subscriber (including, in respect of the Warrants, the exercise price and underlying number of shares of Common Stock) and the number of Securities shall be appropriately adjusted to reflect such change.

    

    

    (c)          Each of the Company and Subscriber acknowledges and agrees that for U.S. federal and applicable state and local income tax purposes (i) the Net Purchase Price shall be allocated between
      the Preferred Shares and the Warrants issued to Subscriber hereunder based on their relative fair market values as of the Closing Date, (ii) such allocation shall be used in determining the issue price and redemption premium of the Preferred Shares
      (the “Redemption Premium”) for the purposes of Treasury Regulation Section 1.305-5(b) and (iii) the Warrants are part of an “investment unit” within the meaning of Section 1273(c)(2) of the Internal Revenue Code of 1986 (the “Code”),
      which investment unit includes the Preferred Shares. The Company and Subscriber shall, promptly following the Closing, mutually agree on the determination of such allocation, issue price and Redemption Premium in a reasonable manner.

    

    
      2

      
        

    

    

    

    (d)          Each of the Company and Subscriber and their respective affiliates agrees to file all U.S. federal, state and local tax returns or other information returns in a manner consistent with
      (i) the Preferred Shares being treated as equity that is “preferred stock” within the meaning of Section 305 of the Code and (ii) the Compounded Dividends (as defined in the Certificate of Designations) not being treated as “deemed” or constructive
      distributions of property that result in taxable income under Section 305 of the Code to Subscriber, provided that the Compounded Dividends have not been paid or declared by the Company, unless otherwise required by a change of law subsequent to the
      date hereof.

    

    

    (e)          The Company agrees that if, in connection with an Optional Redemption or Mandatory Redemption (each term as defined in the Certificate of Designations), it receives a letter from
      Subscriber that it deems to be satisfactory, as determined in its sole good faith discretion, to the effect that Subscriber is disposing of a portion of its Series I Warrants, or Common Stock, as applicable, as part of a plan which includes the
      Optional Redemption or Mandatory Redemption, it shall report such redemption in a manner consistent with a sale or exchange of such Preferred Shares (and not as a dividend) for U.S. federal and applicable state and local income tax purposes, unless
      otherwise required by a change in law or facts subsequent to the date hereof.  Subscriber agrees to file all U.S. federal, state and local tax returns consistent with such treatment.

    

    

    2.          Closing.

    

    

    (a)          Upon (a) satisfaction or waiver of the conditions set forth in this Subscription Agreement and (b) delivery of written notice from (or on behalf of) the Company to Subscriber (the “Closing

        Notice”) that the Spin-Off (including the Distribution) has occurred, Subscriber shall deliver to the Company on the same day as the Distribution (such date of delivery, the “Closing Date”), (i) the Net Purchase Price by wire transfer of
      U.S. dollars in immediately available funds to the account(s) specified by the Company in the Closing Notice and (ii) any other information that is reasonably requested in the Closing Notice necessary for the Company to issue Subscriber’s Securities,
      including, without limitation, the legal name of the entity in whose name such Securities are to be issued and a duly executed Internal Revenue Service Form W-9 (or any successor form) of such person, as applicable. For purposes of this Subscription
      Agreement, “business day” refers to any day on which the principal offices of the Securities and Exchange Commission (the “Commission”) in Washington, D.C. are open to accept filings or, in the case of determining a date when any payment is
      due, any day on which banks are not authorized or obligated to be closed in New York, New York; provided, that banks shall not be deemed to be authorized or obligated to be closed due to a “shelter-in-place,” “non-essential employee” or
      similar closure of physical branch locations at the direction of any governmental authority if such banks’ electronic funds transfer systems (including for wire transfers) are open for use by customers on such day. The Company shall provide the
      Subscriber written notice of the Closing Date at least five business days prior to such Closing Date.

    

    

    (b)          Subject to the satisfaction or waiver of the conditions set forth in this Subscription Agreement, on the Closing Date, the Company shall deliver to Subscriber (i) the Securities in book
      entry form, free and clear of any liens or other restrictions (other than those arising under this Subscription Agreement (including the Certificate of Designations, the Warrants and the Investors’ Rights Agreement (as defined below)) or applicable
      securities laws) in the name of Subscriber (or its nominee in accordance with its delivery instructions) or to a custodian designated by Subscriber, as applicable; (ii) a copy of the records of the Company’s transfer agent and warrant agent, as
      applicable (each, an “Agent” and, collectively, the “Agents”), or other evidence showing Subscriber as the owner of the Securities on and as of the Closing Date; provided, however, that the Company’s obligation to issue the
      Securities to Subscriber is contingent upon the Company having received the Net Purchase Price in full accordance with Section 2(a) and (iii) the executed officer’s certificate required pursuant to Section 2(d)(viii).

    
      3

      
        

    

    

    

    (c)          Upon the transfer of the Company’s deliverables to Subscriber hereunder (or to its nominee in accordance with its delivery instructions), the Net Purchase Price will be deemed fully
      released to the Company.

    

    

    (d)          The closing of the Subscription contemplated hereby (the “Closing”) shall be subject to the conditions that:

    

    

    (i)          the Company shall have filed the Certificate of Designations with the Secretary of the State of Delaware, the Certificate of Designations shall have become effective
      and the Spin-Off will be concurrently consummated;

    

    

    (ii)          solely with respect to Subscriber, (A) the Company will issue at least $450,000,000 and not more than $500,000,000 aggregate principal amount of senior secured notes
      (“Senior Secured Notes”) (and for the avoidance of doubt, not more than $500,000,000) prior to or substantially concurrent with the Spin-Off in all material respects in accordance with the terms of the draft Description of Notes provided to
      Subscriber on June 27, 2022, as supplemented by the Pricing Term Sheet, dated June 29, 2022 (the “Description of Notes”), without giving effect to any modifications to such draft that are adverse to Subscriber in any material respect without
      the prior written consent of Subscriber, provided, that for purposes of this clause (A) incremental revisions to the covenants contained in such draft, whether qualitative or quantitative, that are adverse to the Company shall not be adverse
      to Subscriber solely as a result of such covenants being adverse to the Company, provided further, that Senior Secured Notes being issued with a floating interest rate shall be deemed a modification that is adverse to Subscriber in a material
      respect, (B) the Company shall have irrevocably offered Subscriber (together with the subscribers under the Other Subscription Agreements, allocated in their sole discretion) a right to purchase $166,500,000 of aggregate principal amount of the
      Senior Secured Notes (or such lesser amount as determined by Subscriber (together with the subscribers under the Other Subscription Agreements)) through one or more initial purchasers on terms no less favorable (including with respect to original
      issue discount) than the terms offered to any other purchasers of such Senior Secured Notes (it being understood and agreed that any purchase by Subscriber of Senior Secured Notes must be at the same time as all other purchasers participating in the
      offering of the Senior Secured Notes, which shall be prior to or contemporaneous with the Closing) and (C) such Senior Secured Notes do not contain any terms or provisions that deviate from the Description of Notes such that Subscriber’s exercise of
      rights or remedies under the Certificate of Designations, Investors’ Rights Agreement and/or any Warrants, or the Company’s compliance with the Certificate of Designations (including the cash dividend and mandatory redemption provisions thereof),
      Investors’ Rights Agreement and/or any Warrants, would, or would be reasonably likely to, conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of
      any lien, charge or encumbrance upon any of the property or assets of the Company or any of its Subsidiaries or give to others any rights of termination, amendment, acceleration or cancellation under such Senior Secured Notes;

    
      4

      
        

    

    

    

    (iii)          solely with respect to Subscriber, (A) each of the representations and warranties made by the Company in Sections 3(a)–3(i), 3(k)-3(l), 3(p), 3(t) and 3(aa)-3(dd) of
      this Subscription Agreement shall be true and correct (other than such failures to be true and correct as are de minimis) at and as of the Closing Date, other than those representations and warranties
      expressly made as of an earlier date (which shall be true and correct (other than such failures to be true and correct as are de minimis) as of such date), (B) each of the representations and warranties made
      by the Company in Sections 3(j), 3(n) and 3(z) of this Subscription Agreement (disregarding any qualifications and exceptions contained therein relating to materiality, material adverse effect and Material Adverse Effect or any similar qualification
      or exception) shall be true and correct at and as of the Closing Date, other than those representations and warranties expressly made as of an earlier date (which shall be true and correct as of such date), except in the case of this clause (B), for
      inaccuracies or omissions that would not, individually or in the aggregate, be material and adverse to the Company or Subscriber, and (C) the other representations and warranties made by the Company in Section 3 of this Subscription Agreement
      (disregarding any qualifications and exceptions contained therein relating to materiality, material adverse effect and Material Adverse Effect or any similar qualification or exception) shall be true and correct at and as of the Closing Date, other
      than those representations and warranties expressly made as of an earlier date (which shall be true and correct as of such date), except in the case of this clause (C), for inaccuracies or omissions that would not, individually or in the aggregate,
      have or reasonably be expected to have a Material Adverse Effect (as defined below);

    

    

    (iv)          solely with respect to the Company, the representations and warranties made by Subscriber in this Subscription Agreement shall be true and correct in all material
      respects as of the Closing Date (other than those representations and warranties expressly made as of an earlier date, which shall be true and correct in all material respects as of such date, and other than those representations and warranties that
      are qualified as to materiality or Material Adverse Effect, which shall be true and correct in all respects as of the Closing Date);

    

    

    (v)          solely with respect to Subscriber, (i) Transtar and the Company shall have performed, satisfied and complied in all material respects with all covenants, agreements
      and conditions required by this Subscription Agreement to be performed, satisfied or complied with by it at or prior to the Closing and (ii) the Management Agreement shall be in effect;

    
      5

      
        

    

    

    

    (vi)          on the Closing Date, no governmental authority shall have enacted, issued, promulgated, enforced or entered any judgment, order, law, rule or regulation (whether
      temporary, preliminary or permanent), and there shall not be in force and effect any (A) law, rule or regulation (whether temporary, preliminary or permanent) or (B) order, judgment, verdict, subpoena, injunction, decree, ruling, determination or
      award by any governmental authority of competent jurisdiction, in either case, enjoining, prohibiting or having the effect of making illegal the consummation of the transactions contemplated by this Subscription Agreement, and no such governmental
      authority shall have instituted a proceeding seeking to impose any such restriction or prohibition;

    

    

    (vii)          solely with respect to Subscriber, (A) since March 31, 2022 there shall not have occurred and be continuing any Material Adverse Effect, (B) there shall not have
      occurred any Incurrence (as defined in the Certificate of Designations) by Percy Acquisition LLC (“Percy”), Transtar or any of their respective Subsidiaries (as defined below) of any Indebtedness (as defined in the Certificate of
      Designations), except for (x) the Senior Secured Notes, (y) any other Indebtedness Incurred prior to March 31, 2022 that was extinguished in full prior to the date of this Agreement (with no further liability to Percy, Transtar or any of their
      respective Subsidiaries) and (z) as set forth on Schedule H hereto, (C) the Form 10 filed by the Company with the Commission on May 24, 2022 (the “Form 10”) has not been amended, modified or supplemented in any material respect (other than
      solely to the extent necessary to reflect (i) the terms of the Preferred Shares and the Senior Secured Notes and pro forma financial information solely to the extent necessary to reflect the foregoing, (ii) the terms of the Equity Investment
      Agreement, dated as of June 24, 2022, by and among Newlight Technologies, Inc., Eagle Ridge 4, LLC and Ohio River Partners Holdco LLC, (iii) any investment entered into by the Company or any of its Subsidiaries following the date of this Agreement
      (an “Interim Investment”) that would not violate the terms of the Certificate of Designations if taken following the Spin-Off and for which the Company has provided the Subscriber at least five Business Days’ written notice prior to entering into any
      written agreement relating thereto, which notice shall summarize the material terms thereof, and (iv) the Incurrence of up to $50,000,000 of Indebtedness by the Company after the date of this Agreement (the “Permitted Bridge Debt”) that when
      Incurred would not violate the terms of the Certificate of Designations if taken following the Spin-Off and for which the Company has provided the Subscriber at least five Business Days’ written notice prior to entering into any written agreement
      relating thereto, which notice shall summarize the material terms thereof the Incurrence of the Permitted Bridge Debt, and (D) since the date hereof, neither the Company nor any of its Subsidiaries (including, for the avoidance of doubt, any entity
      that will be a Subsidiary of the Company following the Spin-Off) has taken any actions that, if taken following the Spin-Off, would violate the terms of the Certificate of Designations;

    

    

    (viii)          solely with respect to Subscriber, the Company shall have delivered to Subscriber a certificate, dated as of the Closing Date, duly executed by a senior executive
      officer of the Company, certifying as to the satisfaction of conditions specified in Section 2(d)(iii) and (v)-(vii);

    

    

    

    (ix)          the Company shall have delivered to Subscriber a certified copy of (i) the resolutions of the Board of Directors of the Company setting forth the approval necessary
      to implement Section 1.3 of the Investors’ Rights Agreement (as defined below) and (ii) resolutions of Parent, as majority stockholder of the Company, approving the issuance of the Preferred Shares, in each case, in such form and substance reasonably
      acceptable to Subscriber; and

    

     

    

     (x)              the closing of the Other Subscription Agreements shall occur contemporaneously with the Closing.

    

    

    (e)          At the Closing, the parties hereto shall execute and deliver the Investors’ Rights Agreement in the form attached hereto as Exhibit D (the “Investors’ Rights Agreement”)
      and such additional documents and take such additional actions as the parties reasonably may deem necessary in order to consummate the Subscription as contemplated by this Subscription Agreement.

    
      6

      
        

    

    

    

    (f)          The Company shall use reasonable best efforts to consummate the Closing; provided, however, this Section 2(f) shall be without prejudice to Parent’s right to consummate
      (or abandon) the Spin-Off in Parent’s sole discretion (subject to the joint and several obligation of the Company and Transtar to pay the Commitment Fee (as defined below) and compliance with Section 6(j)).

    

    

    3.          Company Representations and Warranties. The Company represents and warrants to Subscriber that:

    

    

    (a)          The Company has been duly formed and is validly existing in good standing under the laws of the State of Delaware, with power and authority to own, lease and operate its properties and
      conduct its business as presently conducted and to enter into, deliver and perform its obligations under this Subscription Agreement.

    

    

    (b)          As of the Closing Date, the Securities will be duly authorized and, when issued and delivered to Subscriber against full payment of the Net Purchase Price for the Securities in
      accordance with the terms of this Subscription Agreement and registered with the Agents, the Securities will (i) be validly issued, fully paid, non-assessable and will be owned of record and beneficially by Subscriber, free and clear of any
      encumbrances other than pursuant to securities laws or the transfer restrictions and other terms and conditions set forth herein or in the Investors’ Rights Agreement and (ii) not have been issued in violation of or subject to any preemptive rights,
      rights of first refusal or first offer or similar rights of any kind, whether voluntarily or involuntarily incurred, created under the Company’s certificate of incorporation and bylaws (each as amended to the Closing Date), the laws of the State of
      Delaware or by contract or otherwise, including any agreement to give any of the foregoing in the future. As of the Closing Date, the Common Stock will have been duly
      authorized and reserved for issuance upon exercise of the applicable Purchased Warrant and when so issued will be validly issued, fully paid and non-assessable, and free and clear of any encumbrances, other than liens or encumbrances created by this
      Subscription Agreement or arising as a matter of applicable law.

    

    

    (c)          Attached hereto as Exhibit E is a complete and correct copy of the form of certificate of incorporation (including any certificate of designations) of the Company, which is in
      substantially final form.  Attached hereto as Exhibit F is a complete and correct copy of the form of bylaws of the Company, which is in substantially final form. As of the Closing, the certificate of incorporation and bylaws will be in full
      force and effect in form of Exhibit E and Exhibit F, respectively, and the Company will not be in violation of any of the provisions of its certificate of incorporation and bylaws in any material respect.

    

    
      7

      
        

    

    

    

    (d)          This Subscription Agreement has been duly authorized, executed and delivered by Transtar and the Company and, assuming that this Subscription Agreement constitutes the valid and binding
      agreement of Subscriber, is the valid and binding obligation of Transtar and the Company, enforceable against Transtar and the Company in accordance with its terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency,
      reorganization, fraudulent conveyance, moratorium or other laws relating to or affecting the rights of creditors generally, and (ii) principles of equity, whether considered at law or equity.

    

    

    (e)          The execution, delivery and performance of this Subscription Agreement, including the issuance and sale of the Securities and the consummation of the other transactions contemplated
      hereby, will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of
      Transtar, the Company or any of its Subsidiaries or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time, or both) pursuant to the terms of (i) any indenture, mortgage, deed of
      trust, loan agreement, lease, license or other agreement or instrument to which Transtar, the Company or any of its Subsidiaries is a party or by which Transtar, the Company or any of its Subsidiaries is bound or to which any of the property or
      assets of Transtar, the Company or its Subsidiaries is subject; (ii) the organizational documents of Transtar, the Company or its Subsidiaries; or (iii) any statute or any judgment, order, rule or regulation of any court or governmental agency,
      taxing authority or regulatory body, domestic or foreign, having jurisdiction over Transtar, the Company or its Subsidiaries or any of their properties, except in the case of each of clauses (i) and (iii), such as has not had and would not reasonably
      be expected to have, individually or in the aggregate, prevented, delayed, or otherwise impeded Transtar or the Company’s timely performance of all its obligations hereunder in full or have a materially adverse effect on the business, properties,
      assets, liabilities, operations, conditions (including financial condition), stockholders’ equity or results of  operations of the Company or materially and adversely affect the validity of the Securities or the legal authority or ability of the
      Company to perform in any material respects its obligations (a “Material Adverse Effect”).

    

    

    (f)          After giving effect to the Spin-Off, and other than as described on Schedule A, the Company will own directly 100% of the equity interests in Percy, free and
      clear of any liens or other restrictions (other than those arising under this Subscription Agreement (including the Certificate of Designations, the Warrants and the Investors’ Rights Agreement), those arising under the Senior Debt Agreement (as
      defined in the Certificate of Designations) or applicable securities laws).  Percy owns directly 100% of the equity interests Transtar, free and clear of any liens or other restrictions (other than those arising under this Subscription Agreement
      (including the Certificate of Designations, the Warrants and the Investors’ Rights Agreement), those expressly set forth in Article 8 of that certain Limited Liability Company Agreement of Transtar, LLC dated December 31, 2016, and those arising
      under the Senior Debt Agreement or applicable securities laws).  Except for (x) Indebtedness incurred pursuant to the Senior Secured Notes in connection with the Closing or (y) as set forth on Schedule H hereto, neither Percy nor Transtar has
      any liability for any Indebtedness. The assets of Transtar and its Subsidiaries, taken as a whole, constitute all of the assets, rights, and properties necessary for the conduct of the Transtar Business immediately following the Closing. “Transtar
        Business” means the business acquired pursuant to the Membership Interest Purchase Agreement dated as of June 7, 2021 by and between Percy and United States Steel Corporation, relating to the purchase and sale of 100% of the equity interests of
      Transtar, together with the other documents and agreements entered into in connect therewith.  The Company is not an obligor in respect of any Indebtedness, and has not Incurred any Indebtedness, other than indebtedness for borrowed money incurred
      pursuant to the Senior Debt Agreement or pursuant to the Incurrence of the Permitted Bridge Debt. As of the date of this Agreement and as of Closing, neither the Company nor any of its Subsidiaries (x) is liable for any Indebtedness or other
      obligation, (y) holds any Investment or (z) is party to any transaction, that in each case would, if Incurred, made, held or engaged in (as applicable) following the Spin-Off, would violate Section 8(a)(xvi) of the Certificate of Designations. The
      Company has provided the Subscriber a true and complete copy of the Limited Liability Company Agreement of Transtar, LLC dated December 31, 2016 prior to the date of this Agreement.

    
      8

      
        

    

    

    

    (g)          There are no securities or instruments issued by or to which the Company or its Subsidiaries is a party containing anti-dilution or similar provisions that will be triggered by the
      issuance of the Securities that have not been or will not be validly waived on or prior to the Closing Date.  “Subsidiary” means, when used with respect to any person, any corporation, limited liability company, joint venture or partnership of
      which such person (i) beneficially owns, either directly or indirectly, more than fifty percent (50%) of (A) the total combined voting power of all classes of voting securities, (B) the total combined equity interests, or (C) the capital or profit
      interests, in the case of a partnership, or (ii) otherwise has the power to vote, either directly or indirectly, a sufficient number of securities to elect a majority of the board of directors (or similar governing body) of such person.

    

    

    (h)          No bonds, debentures, notes or other indebtedness of the Company or its Subsidiaries having the right to vote (or convertible into or exchangeable for securities having the right to
      vote) on any matters on which shareholders of the Company or its Subsidiaries may vote are issued or outstanding.

    

    

    (i)          Schedule A sets forth a true, correct and complete list of the (i) name and jurisdiction of incorporation or organization, as applicable of each direct or indirect Subsidiary of
      the Company and (ii) authorized, issued and outstanding equity interests of each such Subsidiary and the equityholder thereof, in each case, as of the date hereof and as of Closing. Except as disclosed on Schedule A, there are no authorized
      or outstanding equity interests or other securities, or options, subscriptions, warrants, calls, convertible securities, convertible debt or authorized stock appreciation, phantom, stock, profit participation or other rights (including preemptive
      rights) exercisable for or convertible into, or that derive their value from, equity interests of any such Subsidiary, to which any such Subsidiary is party to or bound by.  The outstanding share capital or registered capital, as the case may be, of
      each Subsidiary of the Company that is owned by the Company or its Subsidiaries is, in all material respects, duly authorized, validly issued, fully paid and, if such Subsidiary is a corporation, non-assessable, and all of the outstanding share
      capital or registered capital, as the case may be, of each such Subsidiary is, in all material respects, owned, directly or indirectly, by the Company free and clear of any encumbrances and free of any other material restriction including any
      restriction on the right to vote, sell or otherwise dispose of such capital stock or other equity interests, but excluding restrictions under the Securities Act of 1933, as amended (the “Securities Act”) or other applicable law related to the
      securities.

    
      9

      
        

    

    

    

    (j)           None of the Company or any of its Subsidiaries directly or indirectly owns any equity or similar interest in, or any interest convertible into or exchangeable or exercisable for any
      equity or similar interest in, any corporation, partnership, joint venture or other business association or entity (other than Subsidiaries of the Company and as set forth on Schedule I).

    

    

    (k)          After giving effect to the consummation of the Spin-Off but before giving effect to the issuance of the Securities pursuant to this Subscription Agreement and the Other Subscription
      Agreements, (i) 2,000,000,000 shares of Common Stock will be authorized and 99,378,776 shares of Common Stock are issued and outstanding; (ii) 200,000,000 shares of preferred stock are authorized and no shares of preferred stock are issued and
      outstanding and (iii) no warrants are issued and outstanding.  After giving effect to the consummation of the Spin-Off and after giving effect to the issuance of the Securities pursuant to this Subscription Agreement, 200,000,000 shares of preferred
      stock will be authorized of which 300,000 Preferred Shares are authorized, issued and outstanding (with no other shares of preferred stock issued and outstanding) and (iii) 3,342,566 Series I Warrants will be issued and outstanding, 3,342,566 Series
      II Warrants will be issued and outstanding and no other warrants will be issued and outstanding.  Other than the foregoing (and after giving effect to the assumptions regarding the issuance of the Securities pursuant to this Subscription Agreement
      and the Other Subscription Agreements), there are no other authorized, issued or outstanding shares of capital stock or other equity securities (including options, subscriptions, warrants, calls, convertible securities, convertible debt or authorized
      stock appreciation, phantom, stock, profit participation or other rights (including preemptive rights) exercisable for or convertible into, or that derive their value from, equity securities) of the Company that are authorized, issued or outstanding
      except for 33,762,742 shares of Common Stock to be issued pursuant to equity securities issued under (x) the Company’s Nonqualified Stock Option and Incentive Award Plan, (y) the Management Agreement, (z) the Management and Advisory Agreement, dated
      as of May 20, 2015, between Parent and the Manager as disclosed in the Form 10 and (aa) equity securities assumed by the Company in connection with the Spin-Off. The Company has not and will not enter into any side letter or similar agreement with
      any other investor in connection with any other investor’s direct or indirect investment in the Company.

    

    

    (l)          The Securities are not being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act, or any state securities laws and, assuming
      the accuracy of Subscriber’s representations and warranties set forth in Section 4 of this Subscription Agreement, no registration under the Securities Act is required for the offer and sale of the Securities by the Company to Subscriber in
      the manner contemplated by this Subscription Agreement. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or
      other governmental authority, self-regulatory organization or other person in connection with the execution, delivery and performance by the Company of this Subscription Agreement (including, without limitation, the issuance of the Securities), other
      than (i) any filings required to be made with the Commission in connection with entering into the Subscription Agreement and the transactions contemplated hereby, (ii) filings required by applicable state securities laws, (iii) the filing of a Notice
      of Exempt Offering of Securities on Form D with the Commission under Regulation D of the Securities Act, (iv) those that may be required by the New York Stock Exchange or the Nasdaq Stock Market LLC, and (v) those the failure to obtain which would
      not be reasonably likely to have, individually or in the aggregate, a Material Adverse Effect.

    
      10

      
        

    

    

    

    (m)          The Company and its respective Subsidiaries have not (x) entered into, made, proposed, or agreed to any material amendment or modification of the form of separation and distribution
      agreement filed as an exhibit to the Form 10 that is proposed to be entered into between the Company and Parent or (y) waived compliance with any material obligations of any party thereunder without the prior written consent of Subscriber, such
      consent not to be unreasonably withheld, delayed or conditioned.  The foregoing provisions of this Section 3(m) shall be without prejudice to Parent’s right to consummate (or abandon) the Spin-Off in Parent’s sole discretion.

    

    

    (n)         At least one Business Day prior to the date of this Subscription Agreement, the Company has made
      available to Subscriber (including via the Commission’s EDGAR system) a true, correct and complete copy of the most recent Form 10 filed by the Company with the Commission. The Form 10 does not and did not when filed, and taken as a whole and as
      amended to the date hereof, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading and such
      Form 10 complied in all material respects with the requirements of the Exchange Act and the rules and regulations of the Commission promulgated thereunder.

    

    

    (o)          The financial statements of the Company included in the Form 10 (“Company Financial Statements”) comply in all material respects with U.S. GAAP and the rules and regulations of
      the Commission with respect thereto as in effect at the time of filing and fairly present in all material respects the financial position of the Company as of and for the dates thereof and the results of operations and cash flows for the periods then
      ended, subject, in the case of unaudited statements, to normal, year-end audit adjustments.  None of the Company or any of its Subsidiaries has any liabilities of any nature (whether accrued, absolute, determined, fixed, contingent or otherwise)
      required to be reflected on a balance sheet prepared in accordance with U.S. GAAP except liabilities (A) reflected or reserved on the Company Financial Statements (including the notes thereto), (B) incurred pursuant to this Subscription Agreement,
      (C) incurred since the date of the Company Financial Statements in the ordinary course of business and in a manner consistent with past practice or (D) such other liabilities that have not and would not be reasonably likely to have, individually or
      in the aggregate, a Material Adverse Effect.

    

    

    (p)          Other than disclosed in the Form 10, the Company and its Subsidiaries maintain (and have maintained), with respect to the operations of the business of the Company and its Subsidiaries
      (i) a system of internal controls over financial reporting that is sufficient to provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated financial statements of the Company in accordance with
      U.S. GAAP, and (ii) accounting controls that are sufficient to provide reasonable assurance in all material respects that (A) transactions are executed in accordance with management’s general or specific authorizations, (B) transactions are recorded
      as necessary to permit the accurate preparation of consolidated financial statements in accordance with U.S. GAAP and (C) unauthorized acquisition, use or disposition of the assets of the business of the Company and its Subsidiaries that could have a
      material effect on the Company Financial Statements are prevented or timely detected.

    
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    (q)          Except for such matters as have not had and would not be reasonably likely to have, individually or in the aggregate, a Material Adverse Effect, (x) there is no (i) action, suit, claim
      or other proceeding, in each case by or before any governmental authority or arbitrator pending, or, to the knowledge of the Company, threatened against the Company or (ii) judgment, decree, injunction, ruling or order of any governmental authority
      or arbitrator outstanding against the Company, (y) the Company and each of its Subsidiaries has all franchises, permits, licenses and any similar authority necessary for the ownership of its assets and conduct of its business as now being conducted
      by it and (z) none of the Company or its Subsidiaries is in default under any of such franchises, permits, licenses or other similar authority, and no condition exists that would constitute a material default thereunder and none of them will be
      terminated or impaired by the transactions contemplated hereby or by the Spin-Off.

    

    

    (r)          Except for placement fees payable to the Placement Agents (as defined below) in amounts materially consistent with amounts previously disclosed to Subscriber, the Company has not paid,
      and is not obligated to pay, any brokerage, finder’s or other fee or commission in connection with its issuance and sale of the Securities pursuant to this Subscription Agreement, including, for the avoidance of doubt, any fee or commission payable
      to any stockholder or affiliate of the Company.

    

    

    (s)          Neither the Company nor any of its Subsidiaries or, to the knowledge of the Company, any director or officer of the foregoing, acting in their capacity as such and solely with respect to
      the business of the Company and its Subsidiaries, has, in violation of applicable law, (A) made or offered any unlawful payment, or offered or promised to make any unlawful payment, or provided or offered or promised to provide anything of value
      (whether in the form of property or services or in any other form), to any foreign or domestic official or employee of any governmental entity (which includes any political party or candidate), or to any finder, agent, representative or other party
      acting for, on behalf of, or under the auspices of any official or employee of any governmental entity (each, a “Government Official”) for purposes of unlawfully (i) influencing any act or decision of any Government Official in his or her
      official capacity, (ii) inducing any Government Official to do or omit to do any act in violation of his or her lawful duty, (iii) securing any improper advantage; or (iv) inducing any Government Official to influence or affect any act or decision of
      any Governmental Entity, in each case for the purpose of obtaining or retaining business or directing business to any person or (B) used any corporate funds for unlawful contributions, gifts, entertainment or other unlawful expenses relating to
      political activity.

    

    

    (t)          Neither Company nor any of its Subsidiaries, nor any officer or director of Company or any of its Subsidiaries, is (i) a person or entity who is the target of economic, financial or
      trade sanctions administered or enforced by the United States (including the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”), U.S. Department of State, and U.S. Department of Commerce), United Kingdom, European Union (or
      member state thereof) or UN Security Council (collectively, “Sanctions”), including any person or entity named on the List of Specially Designated Nationals and Blocked Persons administered by OFAC or Sectoral Sanctions Identifications List,
      or any other Sanctions-related list maintained by a Sanctions authority, (ii) controlled by, or acting on behalf of, such person described in clause (i), (iii) organized, incorporated, established, located, resident, or a citizen, national, or the
      government, including any political subdivision, agency, or instrumentality thereof, of, a country or territory which is the target of comprehensive Sanctions (currently, Cuba, Iran, North Korea, Syria, the Crimea region of Ukraine, and those
      portions of the Donetsk People’s Republic or Luhansk People’s Republic regions (and such other regions) of Ukraine over which any Sanctions authority has imposed comprehensive Sanctions) or whose government is the subject or target of Sanctions
      (currently, Venezuela) or that is otherwise the subject of broad Sanctions restrictions (including Afghanistan, Russia and Belarus), (iv) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515, (v) a non-U.S.
      shell bank or providing banking services indirectly to a non-U.S. shell bank. Company agrees to provide law enforcement agencies, if requested thereby, such records as required by applicable law, provided that Company is permitted to do so under
      applicable law. Company represents that it and its Subsidiaries have been and is in compliance with (i) Sanctions; (ii) the U.S. Foreign Corrupt Practices Act of 1977, the U.K. Bribery Act 2010, in each case, as amended, and the rules and regulations
      thereunder, and any other applicable laws or regulations concerning or relating to bribery or corruption (“Anti-Corruption Laws”) and (iii) the Bank Secrecy Act (31 U.S.C. section 5311 et seq.), as amended by the USA PATRIOT Act of 2001, and
      its implementing regulations, Money Laundering Control Act of 1986 (18 U.S.C. §§ 1956-1957) and any other applicable laws related to money laundering, including know-your-customer (KYC) and financial recordkeeping and reporting requirements
      (collectively, “Anti-Money Laundering Laws”). Company represents that to the extent required, it and its Subsidiaries maintains policies and procedures reasonably designed to ensure compliance with Sanctions, Anti-Corruption Laws and
      Anti-Money Laundering Laws.

    
      12

      
        

    

    

    

    (u)          The Company has made available, prior to the date hereof, to Subscriber true, correct and complete copies of the following: (i) any contract between or among the Company or its
      Subsidiaries, on the one hand, and Parent, on the other hand, that is material to the business of the Company, (ii) any contract between or among the Company or its Subsidiaries, on the one hand, and Fortress or any of its affiliates, on the other
      hand (provided that, paragraph (c) of the definition of the “Manager Group” in the Certificate of Designations shall be applied as a limitation with respect to the determination of the affiliates of Fortress for purposes of this Section 3(u)), that
      is material to the business of the Company, including the Management Agreement and (iii) the draft Description of Notes relating to the anticipated issuance of the Senior Secured Notes by the Company or its Subsidiary that the Company will distribute
      to potential lenders and its investors (“Spin Debt Instruments”).

    

    

    (v)          Each of the Company and its Subsidiaries has good and valid title to, or in the case of leased assets, valid leasehold interests in all their respective assets (other than assets that
      have been sold or disposed of, or for which a leasehold interest has expired or not been removed, in each case in the ordinary course of business consistent with past practice), except where the failure to have such good and valid title, or valid
      leasehold interest, individually or in the aggregate, has not had and would not reasonably be expected to have a Material Adverse Effect.

    

    

    (w)          Except for such matters as have not had and would not be reasonably likely to have, individually or in the aggregate, a Material Adverse Effect, (i) the Company and its Subsidiaries have
      timely filed all U.S. federal, state and local tax returns which are required to be filed by them (taking into account any extensions of time to file); (ii) all taxes due and owing by the Company and its Subsidiaries have been fully and timely paid
      or properly accrued; (iii) all tax returns filed by the Company and its Subsidiaries are true, correct and complete; (iv) all taxes which the Company is obligated to withhold from amounts owing to any employee, stockholder, creditor or third party
      have been fully withheld and have, to the extent required, been paid or remitted to the appropriate governmental authority; and (v) the Company and its Subsidiaries are not liable for the taxes of any other person as a transferee or successor, or by
      contract (other than a contract entered into in the ordinary course of business, the primary purpose of which is not related to taxes).

    
      13

      
        

    

    

    

    (x)          The assets set forth in the Company Financial Statements include all the assets and properties used or employed, or presently contemplated to be used or employed, in the business as
      presently conducted by the Company and its Subsidiaries. As of immediately after the consummation of the Spin-Off, the Company and its Subsidiaries will (i) have all right, title, and interest in and to, or will have a valid right to use, such assets
      and properties; and (ii) have all assets, rights, employees, subcontractors and other persons and items which are reasonably necessary to carry on the business and operations of the Company after the Spin-Off in substantially the same manner as
      conducted during the six months preceding the Spin-Off.

    

    

    (y)          As of the date hereof and as of the Closing, no disqualifying event described in Rule 506(d)(1)(i)–(viii) of the Securities Act (a “Disqualification Event”) is applicable to the
      Company or any of its Rule 506(d) Related Parties (as defined below), except, if applicable, for a Disqualification Event as to which Rule 506(d)(2)(ii) or (iii) or (d)(3) is applicable. For purposes of this paragraph (z), “Rule 506(d) Related
        Party” shall mean a person or entity that is a beneficial owner of the Company’s outstanding voting equity securities for purposes of Rule 506(d) of the Securities Act.

    

    

    (z)          Prior to Closing, the Board of Directors of the Company has provided the written approval contemplated by Section 1.3 of the Investors’ Rights Agreement.

    

    

    (aa)          Schedule B attached hereto sets forth a sample calculation of the LTM Unlevered Free Cash Flow (as such term is defined in the Certificate of Designations) of the Company as of
      March 31, 2022.

    

    

    (bb)          Schedule D attached hereto sets forth each Affiliate Transaction in effect as of the date hereof and as of the Closing.

    

    

    (cc)          Schedule E attached hereto sets forth each restriction of the type described in clauses (1) through (3) of Section 8(a)(xiv) of the Certificate of Designations as of the date
      hereof and as of the Closing.

    

    

    (dd)          Schedule F attached hereto sets forth each Inter-Silo Transaction in effect as of the date hereof and as of the Closing.

    

    

    (ee)          The representations and warranties set forth in the contracts relating to Spin Debt Instruments are incorporated herein, mutatis mutandis.

     

    

    
      (ff)           If taken following the Spin-Off, the transactions contemplated by the Equity Investment Agreement, dated as of June 24,
        2022, by and among Newlight Technologies, Inc., Eagle Ridge 4, LLC and Ohio River Partners Holdco LLC would not violate the terms of the Certificate of Designations. If taken following the Spin-Off, the transactions contemplated by any Interim
        Investment entered into after the date hereof would not violate the terms of the Certificate of Designations. If Incurred following the Spin-Off, the transactions contemplated by any Permitted Bridge Debt entered into after the date hereof would
        not violate the terms of the Certificate of Designations. Except as would not and would not reasonably be expected to be material and adverse to the Company and its Subsidiaries, taken as a whole, neither the Company nor any of its Subsidiaries
        (including, for the avoidance of doubt, any entity that will be a Subsidiary of the Company following the Spin-Off) has taken any actions since the filing of the Form 10 that, if taken following the Spin-Off, would violate the terms of the
        Certificate of Designations.

    

    4.          Subscriber Representations and Warranties and Acknowledgements. Subscriber represents, warrants and acknowledges that:

    

    

    (a)          Subscriber has been duly formed or incorporated and is validly existing in good standing under the laws of its jurisdiction of incorporation or formation, with power and authority to
      enter into, deliver and perform its obligations under this Subscription Agreement.

    

    

    (b)          This Subscription Agreement has been duly authorized, executed and delivered by Subscriber, and, assuming that this Subscription Agreement constitutes the valid and binding agreement of
      the Company and Transtar, this Subscription Agreement is the valid and binding obligation of Subscriber, enforceable against Subscriber in accordance with its terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency,
      reorganization, fraudulent conveyance, moratorium or other laws relating to or affecting the rights of creditors generally, and (ii) principles of equity, whether considered at law or equity.

    
      14

      
        

    

    

    

    (c)          The execution, delivery and performance by Subscriber of this Subscription Agreement, including the consummation of the transactions contemplated hereby, will not conflict with or result
      in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of Subscriber or any of its Subsidiaries or
      give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time, or both) pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement
      or instrument to which Subscriber or any of its Subsidiaries is a party or by which Subscriber or any of its Subsidiaries is bound or to which any of the property or assets of Subscriber or any of its Subsidiaries is subject; (ii) the organizational
      documents of Subscriber; or (iii) any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over Subscriber or any of its Subsidiaries or any of their respective
      properties that, in the case of clauses (i) and (iii), would reasonably be expected to prevent, delay or otherwise impede Subscriber’s timely performance of all its obligations hereunder in full.

    

    

    (d)          Subscriber (i) is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act) or an institutional “accredited investor” (within the meaning of Rule 501(a)(1),
      (2), (3), (7), (8), (9), (12) or (13) (where, for (13) only family clients that are institutions) under the Securities Act) satisfying the applicable requirements set forth on Schedule C, (ii) is acquiring the Securities only for its own
      account and not for the account of others, or if Subscriber is a “qualified institutional buyer” and is subscribing for the Securities as a fiduciary or agent for one or more investor accounts, each owner of such account is a “qualified institutional
      buyer” and Subscriber has full investment discretion with respect to each such account, and the full power and authority to make the acknowledgements, representations and agreements herein on behalf of each owner of each such account, and (iii) is
      not acquiring the Securities with a view to, or for offer or sale in connection with, any distribution thereof in violation of the Securities Act. Subscriber has completed Schedule C following the signature pages hereto and the information
      contained therein is accurate and complete.

    

    

    (e)          Subscriber acknowledges and agrees that the Securities are being offered in a transaction not involving any public offering within the meaning of the Securities Act and that the
      Securities have not been registered under the Securities Act. Subscriber acknowledges and agrees that the Securities may not be offered, resold, transferred, pledged or otherwise disposed of by Subscriber absent an effective registration statement
      under the Securities Act, except (i) to the Company or a Subsidiary thereof, (ii) to non-U.S. persons pursuant to offers and sales that occur in an “offshore transaction” within the meaning of Regulation S under the Securities Act, (iii) pursuant to
      Rule 144 under the Securities Act (“Rule 144”), provided that all of the applicable conditions thereof have been met or (iv) pursuant to another applicable exemption from the registration requirements of the Securities Act, and in each of
      clauses (i), (iii) and (iv) in accordance with any applicable securities laws of the states and other jurisdictions of the United States, and that any book entry records representing the Securities shall contain a restrictive legend to such effect in
      substantially the following form.

    
      15

      
        

    

    

    

    “THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION AND MAY NOT BE SOLD OR
      TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM.”

    

    

    Subscriber acknowledges and agrees that it has been advised to consult legal counsel prior to making any offer, resale, pledge or transfer of any of the Securities.

    

    

    (f)          Subscriber acknowledges and agrees that Subscriber is purchasing the Securities directly from the Company. Subscriber further acknowledges and agrees that there have been no
      representations, warranties, covenants and agreements made to Subscriber by or on behalf of the Company, Transtar, any of their respective affiliates or any control persons, officers, directors, employees, partners, agents or representatives of any
      of the foregoing or any other person or entity, expressly or by implication, other than those representations, warranties, covenants and agreements expressly made by Transtar or the Company in this Subscription Agreement.

    

    

    (g)          Subscriber represents and warrants that its acquisition and holding of the Securities will not constitute or result in a non-exempt prohibited transaction under section 406 of the
      Employee Retirement Income Security Act of 1974, as amended, section 4975 of the Code, or any applicable similar law.

    

    

    (h)          In making its decision to purchase the Securities, Subscriber represents and warrants that it has received, reviewed and understood the information made available to it in connection
      with this offer and sale of the Securities, and relied solely upon independent investigation made by Subscriber and the representations, warranties, covenants and agreements expressly made by Transtar or the Company herein. Except in the case of
      fraud, Subscriber acknowledges and agrees that as of the date of this Agreement Subscriber has received such information as Subscriber deems necessary in order to make an investment decision with respect to the Securities, including with respect to
      the Company, the Spin-Off and the business of the Company and its Subsidiaries. Subscriber represents, acknowledges and agrees that Subscriber and Subscriber’s professional advisor(s), if any, have had the full opportunity to ask such questions,
      receive such answers and obtain such information as Subscriber and such Subscriber’s professional advisor(s), if any, have deemed necessary to make an investment decision with respect to the Securities. Except for the representations, warranties and
      agreements of Transtar or the Company expressly set forth in this Subscription Agreement, Subscriber hereby represents and warrants that it is relying exclusively on such Subscriber’s own sources of information, investment analysis and due diligence
      (including professional advice such Subscriber deems appropriate) with respect to this offering of the Securities, and the business, condition (financial and otherwise), management, operations, properties and prospects of the Company, including but
      not limited to all business, legal, regulatory, accounting, credit and tax matters. Subscriber represents, acknowledges and agrees that it has not relied on any statements or other information provided by the Placement Agents or any affiliates of the
      Placement Agents, or any other person or entity with respect to its decision to purchase the Securities other than the representations, warranties, covenants and agreements expressly made by Transtar or the Company herein.

    
      16

      
        

    

    

    

    (i)          Subscriber acknowledges that no person has made any written or oral representations (i) that any person will resell or repurchase the Securities; (ii) that any person will refund the
      purchase price of the Securities; or (iii) as to the future price or value of the Securities.

    

    

    (j)          Subscriber became aware of this offering of the Securities solely by means of direct contact between Subscriber and the Company, or by means of contact from Morgan Stanley & Co. LLC,
      Barclays Capital Inc. or any of their respective affiliates, acting as placement agents for the Company (collectively, the “Placement Agents”), and the Securities were offered to Subscriber solely by direct contact between Subscriber and the
      Company, or by means of contact between Subscriber and the Placement Agents. Subscriber did not become aware of this offering of the Securities, nor were the Securities offered to Subscriber, by any other means. Subscriber acknowledges and agrees
      that the Securities (i) were not offered by any form of general solicitation or general advertising, and (ii) are not being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act, or any state
      securities laws. Subscriber acknowledges and agrees that it is not relying upon, and has not relied upon, any statement, representation or warranty made by any person, firm or corporation (including, without limitation, the Company, Parent, the
      Placement Agents, any of their respective affiliates or any control persons, officers, directors, employees, partners, agents or representatives of any of the foregoing), other than the representations and warranties made by the Company contained in
      this Subscription Agreement, in making its investment or decision to purchase the Securities.

    

    

    (k)          Subscriber acknowledges and agrees that it is aware that there are substantial risks incident to the purchase and ownership of the Securities. Subscriber has such knowledge and
      experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Securities, Subscriber has sought such accounting, legal and tax advice as Subscriber has considered necessary to make an
      informed investment decision, and Subscriber has made its own assessment and has satisfied itself concerning relevant tax and other economic considerations relative to its purchase of the Securities.  Except to the extent arising from a breach or
      other violation of an agreement with any such person described in the follow clause, Subscriber will not look to the Placement Agents, the Company, Parent, Transtar or any other person for all or part of any such loss or losses Subscriber may suffer,
      is able to sustain a complete loss on its investment in the Securities, has no need for liquidity with respect to its investment in the Securities and has no reason to anticipate any change in circumstances, financial or otherwise, which may cause or
      require any sale or distribution of all or any part of the Securities. Accordingly, Subscriber acknowledges that the offering of the Securities meets the institutional account exemptions from filing under FINRA Rule 2111(b).  Subscriber acknowledges
      and agrees that neither the Company nor any of its affiliates has provided any tax advice to Subscriber or made guarantees to Subscriber regarding the tax treatment of its investment in the Securities.

    

    

    (l)          Subscriber represents, acknowledges and agrees that alone, or together with any professional advisor(s), Subscriber has adequately analyzed and fully considered the risks of an
      investment in the Securities and determined based on the information provided to it on which it is entitled to rely that (i) the Securities are a suitable investment for Subscriber, (ii) its investment in the Securities is fully consistent with
      Subscriber’s financial needs, objectives and condition, (iii) its investment in the Securities is fully consistent and complies with all investment policies, guidelines and other restrictions applicable to Subscriber and (iv) Subscriber is able at
      this time and in the foreseeable future to bear the economic risk of a total loss of Subscriber’s investment in the Company. Subscriber acknowledges specifically that a possibility of total loss exists.

    
      17

      
        

    

    

    

    (m)          Subscriber understands and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of the Securities or made any findings or determination as to the
      fairness of this investment.

    

    

    (n)          Subscriber hereby acknowledges and agrees that (i) each Placement Agent is acting solely as placement agent in connection with the offering of the Securities and is not acting as an
      underwriter or in any other capacity and is not and shall not be construed as a fiduciary for Subscriber, the Company or any other person or entity in connection with the offering of the Securities, (ii) no Placement Agent has made or will make any
      representation or warranty, whether express or implied, of any kind or character and has not provided any advice or recommendation in connection with the offering of the Securities, (iii) no Placement Agent or any of its affiliates, control persons,
      officers, directors, partners, employees, agents or representatives will have any responsibility with respect to (x) any representations, warranties or agreements made by any person or entity under or in connection with the offering of the Securities
      or the Spin-Off or any of the documents furnished pursuant thereto or in connection therewith, or the execution, legality, validity or enforceability (with respect to any person) or any thereof, or (y) the business, affairs, financial condition,
      operations, properties or prospects of, or any other matter concerning the Company or the offering of the Securities, and (iv) no Placement Agent or any of its affiliates, control persons, officers, directors, partners, employees, agents or
      representatives shall have any liability or obligation (including without limitation, for or with respect to any losses, claims, damages, obligations, penalties, judgments, awards, liabilities, costs, expenses or disbursements incurred by you, the
      Company or any other person or entity), whether in contract, tort or otherwise, to Subscriber, or to any person claiming through Subscriber, in respect of the offering of the Securities. Subscriber acknowledges that the Placement Agents, affiliates
      of the Placement Agents and their respective control persons, officers, directors, partners, employees, agents and representatives may have acquired non-public information with respect to the Company, which Subscriber agrees, subject to applicable
      law, need not be provided to it.

    

    

    (o)          Neither Subscriber nor any of its Subsidiaries, nor any officer or director of Subscriber or any of its Subsidiaries, is (i) a person or entity who is the target of economic, financial
      or trade sanctions administered or enforced by OFAC, U.S. Department of State, and U.S. Department of Commerce), United Kingdom, European Union (or member state thereof) or UN Security Council, including any person or entity named on the List of
      Specially Designated Nationals and Blocked Persons administered by OFAC or Sectoral Sanctions Identifications List, or any other Sanctions-related list maintained by a Sanctions authority, (ii) owned or controlled by, or acting on behalf of, such
      person described in clause (i), (iii) organized, incorporated, established, located, resident or born in, or a citizen, national, or the government, including any political subdivision, agency, or instrumentality thereof, of, a country or territory
      which is the target of comprehensive Sanctions (currently, Cuba, Iran, North Korea, Syria, the Crimea region of Ukraine, and those portions of the Donetsk People’s Republic or Luhansk People’s Republic regions (and such other regions) of Ukraine over
      which any Sanctions authority has imposed comprehensive Sanctions) or whose government is the subject or target of Sanctions (currently, Venezuela) or that is otherwise the subject of broad Sanctions restrictions (including Afghanistan, Russia and
      Belarus), (iv) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515, (v) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank. Subscriber agrees to provide law enforcement
      agencies, if requested thereby, such records as required by applicable law, provided that Subscriber is permitted to do so under applicable law. Subscriber represents that it has been and is in compliance with (i) Sanctions; (ii) Anti-Corruption Laws
      and (iii) Anti-Money Laundering Laws. Subscriber represents that, to the extent required, it maintains policies and procedures reasonably designed to ensure compliance with Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws. Subscriber
      (i) shall not, and shall not permit any of its Subsidiaries to, directly or indirectly, fund all or part of the purchase of the Securities out of proceeds derived from criminal activity or activity or transactions in violation of any Anti-Corruption
      Laws, Anti-Money Laundering Laws, or Sanctions, or that would otherwise cause any person (including any person participating in the purchase of Securities), to be in violation of any Anti-Corruption Laws, Anti-Money Laundering Laws, or Sanctions; and
      (ii) further represents and warrants that, to the extent required, it maintains policies and procedures reasonably designed to ensure compliance with clause (i).

    
      18

      
        

    

    

    

    (p)          If Subscriber is an “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)); a “plan” (as defined in
      Section 4975(e) of the Code); a plan, account or arrangement that is subject to provisions under any other federal, state, local, non-U.S. or other laws or regulations that are similar to such provisions of ERISA or the Code (“Similar Law”);
      or an entity whose underlying assets are considered to include “plan assets” of any such employee benefit plan, plan, account or arrangement (each, a “Plan”), Subscriber represents and warrants that (i) neither the Company, Parent, the
      Placement Agents nor any of their respective affiliates (the “Transaction Parties”) has acted as the Plan’s fiduciary, or has been relied on for advice, with respect to its decision to acquire and hold the Securities, and none of the
      Transaction Parties shall at any time be relied upon as the Plan’s fiduciary with respect to any decision to acquire, continue to hold or transfer the Securities; and (ii) the Plan’s acquisition and holding of the Securities will not constitute a
      non-exempt prohibited transaction under ERISA, Section 4975 of the Code or Similar Law.

    

    

    (q)          Other than the Placement Agents, to the knowledge of Subscriber, there is no person acting or purporting to act in connection with the transactions contemplated herein who is entitled to
      any brokerage, finder’s or other commission or similar fee.

    

    

    (r)          Subscriber has, and at the time of payment of the Net Purchase Price in accordance with Section 2 will have, sufficient funds to pay the Net Purchase Price pursuant to Section

        2(a).

    

    

    (s)          Subscriber (for itself and for each account for which Subscriber is acquiring the Securities) acknowledges that it is aware that each Placement Agent is acting as one of the Company’s
      placement agents and that no disclosure or offering document has been prepared by the Placement Agents in connection with the offer and sale of the Securities.

    

    

    (t)          Subscriber does not have, as of the date hereof, and during the 30-day period immediately prior to the date hereof Subscriber has not entered into, any “put equivalent position”, as such
      term is defined in Rule 16a-1 under the Exchange Act, or short sale positions, with respect to the securities of the Company or Parent.

    
      19

      
        

    

    

    

    (u)          Subscriber is not currently a member of a “group” (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act or any successor provision) acting for the purpose of
      acquiring, holding, voting or disposing of equity securities of the Company or Parent (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), in each case other than a “group” comprised solely of affiliates of Subscriber.

    

    

    (v)          If Subscriber is a Massachusetts Business Trust, a copy of the Agreement and Declaration of Trust of Subscriber or any affiliate thereof is on file with the Secretary of State of the
      Commonwealth of Massachusetts and notice is hereby given that the Subscription Agreement is executed on behalf of the trustees of Subscriber or any affiliate thereof as trustees and not individually and that the obligations of the Subscription
      Agreement are not binding on any of the trustees, officers or stockholders of Subscriber or any affiliate thereof individually but are binding only upon Subscriber or any affiliate thereof and its assets and property.

    

    

    (w)          Subscriber acknowledges that this Subscription Agreement requires Subscriber to provide certain personal information relating to Subscriber to the Company and the Placement Agents. Such
      information is being collected and will be used by the Company and the Placement Agents for the purposes of completing the offering, which includes, without limitation, determining Subscriber’s eligibility to purchase the Securities under applicable
      securities laws, arranging for non-certificated, electronic delivery of securities, and completing filings required by any securities regulatory authority or stock exchange. Such personal information may be disclosed by the Company or the Placement
      Agents to (a) securities regulatory authorities and stock exchanges, (b) the Company’s registrar and the Agents, (c) any government agency, board or other entity and (d) any of the other parties involved in the offering, including the legal counsel
      of the Company, and may be included in record books in connection with the offering. By executing this Subscription Agreement, Subscriber consents to the foregoing collection, use and disclosure of such personal information.

    

    

    (x)          As of the date hereof and as of the Closing, no Disqualification Event is applicable to Subscriber or any of its Rule 506(d) Related Parties (as defined below), except, if applicable,
      for a Disqualification Event as to which Rule 506(d)(2)(ii) or (iii) or (d)(3) is applicable. For purposes of this paragraph (x), “Rule 506(d) Related Party” shall mean a person or entity that is a beneficial owner of Subscriber’s
      securities for purposes of Rule 506(d) of the Securities Act.

    

    

    (y)          Subscriber’s domicile and principal place of business are as set forth on Subscriber’s signature page hereto, and such jurisdictions are the only jurisdictions in which an offer to sell,
      or the solicitation of an offer to buy, the Securities was made to Subscriber.

    

    

    (z)          Subscriber is a “U.S. Person” (as defined under Section 7701(a)(30) of the Code) for U.S. federal income tax purposes.

    

    

    5.          Termination. This Subscription Agreement shall terminate and be void and of no further force and effect, and all rights and obligations of the parties hereunder shall terminate
      without any further liability on the part of any party in respect thereof, upon the earlier to occur of (a) upon the mutual written agreement of each of the parties hereto to terminate this Subscription Agreement, (b) the Company’s notification to
      Subscriber in writing that it or the Parent has abandoned its plans to move forward with the Spin-Off and terminates Subscriber’s obligations with respect to the subscription without the delivery of the Securities having occurred or (c) at the
      election of Subscriber, if the Closing has not occurred by August 30, 2022 (the “Outside Date”); provided, that nothing herein will relieve any party from liability for any willful breach hereof prior to the time of termination, and each party will
      be entitled to any remedies at law or in equity to recover losses, liabilities or damages arising from such willful breach. Without limiting the foregoing, if any termination hereof occurs, Transtar and the Company, jointly and severally, shall
      promptly (but not later than one (1) business day thereafter) pay to Subscriber its Commitment Fee and if such termination occurs after the delivery by the undersigned of the Net Purchase Price for the Securities pursuant to Section 2, the Company
      shall promptly (but not later than one (1) business day thereafter) return the Net Purchase Price to the undersigned without any interest or deduction for or on account of any tax, withholding, charges, or set-off; provided, however, that Subscriber
      shall not be entitled to the Commitment Fee and neither the Company nor Transtar shall be obligated to pay such Commitment Fee if the material breach by Subscriber of its obligation under this Subscription Agreement shall have been the primary cause
      of the failure of the Closing to occur on or prior to the Outside Date.  This Section 5 and Section 6 shall survive any termination of this Subscription Agreement pursuant to this Section 5. The Subscriber’s “Commitment Fee” shall be an amount equal
      to (a) $9,000,000 multiplied by (b) the Subscriber’s Allocation Percentage.

    

    
      20

      
        

    

    

    

    6.          Miscellaneous.

    

    

    (a)          Each party hereto acknowledges that the other party hereto, the Placement Agents (as third-party beneficiaries with the right to enforce Section 3, Section 4 and Sections
      6(a), (b), (c), (e), (l), (m) and (p) hereof on their own behalf and not, for the avoidance of doubt, on behalf of the Company) and others will rely on the acknowledgments, understandings,
      agreements, representations and warranties contained in this Subscription Agreement. Prior to the Closing, each party hereto agrees to promptly notify the other party hereto and the Placement Agents if any of the acknowledgments, understandings,
      agreements, representations and warranties set forth herein with respect to it are no longer accurate in all material respects. Subscriber further acknowledges and agrees that the Placement Agents are third-party beneficiaries of the representations
      and warranties of Subscriber contained in this Subscription Agreement and, for the avoidance of doubt, are entitled to rely upon the representation and warranties made by Subscriber in this Subscription Agreement.

    

    

    (b)          Each of the Company, Subscriber and Placement Agents is entitled to rely upon this Subscription Agreement and is irrevocably authorized to produce this Subscription Agreement or a copy
      hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby.

    

    

    (c)          All the representations and warranties made by each party hereto in this Subscription Agreement shall survive the Closing.

    

    

    (d)          The Company may request from Subscriber such additional information as is reasonably necessary to evaluate the eligibility of Subscriber to acquire the Securities, and Subscriber shall
      provide such information as may be reasonably requested, to the extent readily available; provided, that the Company agrees to keep any such information provided by Subscriber confidential other than
      disclosure to the Company’s legal, financial or tax advisors or as necessary to include in any filing with the Commission that Parent or the Company is required to make in connection with this Subscription Agreement and the transactions contemplated
      hereby. Subscriber acknowledges that a copy of this Subscription Agreement may be filed as exhibit to a current report, proxy statement, periodic report, registration statement or other document filed with the Commission.

    
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    (e)          This Subscription Agreement may not be amended, modified, waived or terminated except by an instrument in writing, signed by each of the parties hereto. No failure or delay of either
      party in exercising any right or remedy 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 right or power, or any course of
      conduct, preclude any other or further exercise thereof or the exercise of any other right or power.

    

    

    (f)          This Subscription Agreement (including Schedule A, Schedule B, Schedule C, Schedule D, Schedule E, Schedule F, Schedule H, Schedule

        I, Exhibit A, Exhibit B, Exhibit C, Exhibit D, Exhibit E and Exhibit F attached hereto) constitutes the entire agreement, and supersedes all other prior agreements, understandings, representations
      and warranties, both written and oral, among the parties, with respect to the subject matter hereof.

    

    

    (g)          Except as otherwise provided herein, this Subscription Agreement shall be binding upon, and inure to the benefit of the parties hereto and their heirs, executors, administrators,
      successors, legal representatives, and permitted assigns, and the agreements, representations, warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon, such heirs, executors, administrators,
      successors, legal representatives and permitted assigns. Neither this Subscription Agreement nor any rights that may accrue to the Company hereunder may be transferred or assigned; provided, however, that each Subscriber may assign its rights and
      obligations under this Subscription Agreement to one or more of its Affiliates (as such term is defined in the Investors’ Rights Agreement) with prompt written notice to the Company.

    

    

    (h)          If any provision of this Subscription Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, illegal or unenforceable, the validity, legality or
      enforceability of the remaining provisions of this Subscription Agreement shall not in any way be affected or impaired thereby and shall continue in full force and effect.

    

    

    (i)          This Subscription Agreement may be executed in two (2) or more counterparts (including by electronic means), all of which shall be considered one and the same agreement and shall become
      effective when signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart.

    

    

    (j)          On the date hereof, Transtar and the Company, jointly and severally, shall reimburse Subscriber (and the subscribers under the Other Subscription Agreements) for any reasonably incurred
      and documented out-of-pocket expenses that are incurred in connection with this Subscription Agreement (or the Other Subscription Agreements) and the transactions contemplated by this Subscription Agreement and the Other Subscription Agreements. If
      Subscriber incurs additional expenses subsequent to the date hereof, Transtar and the Company, jointly and severally, shall also reimburse such amounts within two (2) business days of receipt by the Company of reasonable documentation of such
      reasonably incurred out-of-pocket expenses; provided, however, that the reasonably incurred out-of-pocket expenses reimbursed pursuant to Section 6(j) of this Agreement and of the Other Subscription Agreements, whether reimbursed on
      the date hereof or subsequent to the date hereof, shall not exceed an aggregate of $2,250,000.

    
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    (k)          The Company shall be responsible for the fees of the Agents, stamp taxes and all of the Depository Trust Company’s fees associated with the issuance of the Securities.

    

    

    (l)          Subscriber understands and agrees that (i) no disclosure or offering document has been prepared by the Placement Agents or any of their affiliates in connection with the offer and sale
      of the Securities; (ii) the Placement Agents and their directors, officers, employees, representatives and controlling persons have made no independent investigation with respect to the Company, the Spin-Off or the Securities or the accuracy,
      completeness or adequacy of any information supplied to Subscriber by the Company or Parent; and (iii) certain information provided to the Placement Agents was based on projections, and such projections were prepared based on assumptions and
      estimates that are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in these projections and
      that such information and projections were prepared without the participation of the Placement Agents and that the Placement Agents do not assume responsibility for independent verification of, or the accuracy or completeness of, such information or
      projections.

    

    

    (m)          Only the parties to this Subscription Agreement shall have any obligation or liability under this Subscription Agreement. Notwithstanding anything that may be express or implied in this
      Subscription Agreement, no recourse under this Subscription Agreement, shall be had against any current or future affiliate of Subscriber, any current or future direct or indirect shareholder, member, general or limited partner, controlling person or
      other beneficial owners of Subscriber or of any such affiliate, any of their respective representatives or any of the successors and assigns of each of the foregoing (collectively, “Non-Liable Persons”), whether by enforcement of any
      assessment or any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred
      by any Non-Liable Person for any obligation of Subscriber under this Subscription Agreement for any claim based on, in respect of or by reason of such obligations or their creation; provided that the foregoing shall not apply to any
      Non-Liable Person who becomes a party to this Subscription Agreement in accordance with the terms hereof. Nothing in this Subscription Agreement shall be deemed to constitute a partnership among any of the parties hereto.

    

    

    (n)          Subscriber agrees that none of the Placement Agents or any of their respective affiliates, control persons, officers, directors, partners, employees, agents or representatives shall be
      liable to Subscriber (whether in contract, tort, under federal or state securities laws or otherwise) for any action heretofore or hereafter taken or omitted to be taken by any of them in connection with the sale of the Securities or with respect to
      any claim for breach of this Subscription Agreement or in respect of any written or oral representations made or alleged to be made in connection herewith or for any actual or alleged inaccuracies, misstatements or omissions with respect to any
      information or materials of any kind furnished by any person concerning the Company, Parent, the Placement Agents, any of their controlled affiliates, this Subscription Agreement or the transactions contemplated hereby. On behalf of Subscriber and
      its affiliates, Subscriber releases the Placement Agents and their affiliates, control persons, officers, directors, partners, employees, agents and representatives in respect of any losses, claims, damages, obligations, penalties, judgments, awards,
      liabilities, costs, expenses or disbursements related to the sale of the Securities. Subscriber also agrees that in connection with the issue and purchase of the Securities, the Placement Agents have not acted as Subscriber’s financial or tax advisor
      or fiduciary and further releases the Placement Agents and their affiliates, control persons, officers, directors, partners, employees, agents and representatives, to the fullest extent permitted by law, of any claims that Subscriber may have against
      any of such persons with respect to any breach or alleged breach of any fiduciary or similar duty to Subscriber in connection with the transactions contemplated by this Subscription Agreement or any matters leading up to such transactions. Subscriber
      agrees not to commence any litigation or bring any claim against either of the Placement Agents or any of their affiliates, control persons, officers, directors, partners, employees, agents or representatives in any court or any other forum which
      relates to, may arise out of, or is in connection with, the sale of the Securities. This undertaking is given freely and after obtaining independent legal advice.  Notwithstanding anything contained in this Subscription Agreement to the contrary,
      nothing herein shall serve as a release by Subscriber of any losses, claims, damages, obligations, penalties, judgments, awards, liabilities, costs, expenses or disbursements relating to, or arising from, fraud.

    
      23

      
        

    

    

    

    (o)          Any notice or communication required or permitted hereunder shall be in writing and either delivered personally, emailed or by facsimile, sent by overnight mail via a reputable overnight
      carrier, or sent by certified or registered mail, postage prepaid, and shall be deemed to be given and received (a) when so delivered personally, (b) upon receipt of an appropriate electronic answerback or confirmation when so delivered by facsimile
      (to such number specified below or another number or numbers as such person may subsequently designate by notice given hereunder), (c) when sent, with no mail undeliverable or other rejection notice, if sent by email, or (d) five (5) business days
      after the date of mailing to the address below or to such other address or addresses as such person may hereafter designate by notice given hereunder:

    

    

    
      	
               

            	if to Subscriber, to such address or addresses set forth on Subscriber’s signature page hereto with a required copy to (which copy shall not constitute notice):
	
               

            	
               

            	
               

            
	
               

            	Paul, Weiss, Rifkind, Wharton & Garrison LLP
	
               

            	1285 Avenue of the Americas
	
               

            	New York, New York 10019
	
               

            	Attention:	Kenneth Schneider
	
               

            	

            	Michael Vogel
	
               

            	

            	Thomas de la Bastide III
	
               

            	

            	Lawrence Wee
	
               

            	Email:	kschneider@paulweiss.com, mvogel@paulweiss.com, tdelabastide@paulweiss.com and lwee@paulweiss.com
	 	 	 

    

    if to the Company, to:

    
      	 	 
	
               

            	FTAI Infrastructure LLC
	
               

            	1345 Avenue of the Americas
	
               

            	New York, New York 10105
	
               

            	Attention: Joseph P. Adams, Jr.
	
               

            	
              Ken Nicholson

            
	
               

            	Telephone:	(212) 515-4644
	
               

            	E-mail:	jadams@fortress.com and knicholson@fortress.com
	
               

            	with a required copy to
	
               

            	(which copy shall not constitute notice):
	
               

            	
               

            	
               

            
	
               

            	Akin Gump Strauss Hauer & Feld LLP
	
               

            	One Bryant Park
	
               

            	New York, NY 10036-6745
	
               

            	Attention: 

            	Brittain A. Rogers
	
               

            	Telephone: 

            	(212) 872-7444
	 	E-mail: 

            	brogers@akingump.com

    

    

    
      24

      
        

    

    

    

    (p)          The parties hereby expressly recognize and acknowledge that immediate, extensive and irreparable damage would result, no adequate remedy at law would exist, and damages would be
      difficult to determine in the event that any provision of this Subscription Agreement is not performed in accordance with its specific terms or otherwise breached. Therefore, in addition to, and not in limitation of, any other remedy available to any
      party hereto (whether at law, in equity, under this Subscription Agreement or otherwise), a party under this Subscription Agreement will be entitled to specific performance of the terms hereof and immediate injunctive relief, without the necessity of
      proving the inadequacy of money damages as a remedy and without bond or other security being required. Such remedies, and any and all other remedies provided for in this Subscription Agreement, will, however, be cumulative in nature and not exclusive
      and will be in addition to any other remedies whatsoever which any party may otherwise have. Each of the parties hereto hereby acknowledges and agrees that it may be difficult to prove damages with reasonable certainty, that it may be difficult to
      procure suitable substitute performance, and that injunctive relief and/or specific performance will not cause an undue hardship to the parties. Each of the parties hereto hereby further acknowledges that the existence of any other remedy
      contemplated by this Subscription Agreement does not diminish the availability of specific performance of the obligations hereunder or any other injunctive relief. Each party hereto hereby further agrees that in the event of any action by any other
      party for specific performance or injunctive relief, it will not assert that a remedy at law or other remedy would be adequate or that specific performance or injunctive relief in respect of such breach or violation should not be available on the
      grounds that money damages are adequate or any other grounds.

    

    

    (q)          This Subscription Agreement, and any claim or cause of action hereunder based upon, arising out of or related to this Subscription Agreement (whether based on law, in equity, in
      contract, in tort or any other theory) or the negotiation, execution, performance or enforcement of this Subscription Agreement, shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to the
      principles of conflicts of laws thereof.

    

    

    THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT LOCATED IN THE STATE OF DELAWARE AND THE COURT OF CHANCERY OF THE STATE OF DELAWARE LOCATED IN
      WILMINGTON, DELAWARE SOLELY IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS SUBSCRIPTION AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY, AND HEREBY WAIVE, AND AGREE NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR
      PROCEEDING FOR INTERPRETATION OR ENFORCEMENT HEREOF OR THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT VENUE THEREOF MAY NOT BE APPROPRIATE OR THAT THIS SUBSCRIPTION AGREEMENT MAY NOT BE ENFORCED
      IN OR BY SUCH COURTS, AND THE PARTIES HERETO IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT TO SUCH ACTION, SUIT OR PROCEEDING SHALL BE HEARD AND DETERMINED BY SUCH A DELAWARE STATE OR FEDERAL COURT. THE PARTIES HEREBY CONSENT TO AND GRANT ANY SUCH
      COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES AND OVER THE SUBJECT MATTER OF SUCH DISPUTE AND AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH SUCH ACTION, SUIT OR PROCEEDING IN THE MANNER PROVIDED IN SECTION 6(o) OR IN
      SUCH OTHER MANNER AS MAY BE PERMITTED BY LAW SHALL BE VALID AND SUFFICIENT SERVICE THEREOF.

    
      25

      
        

    

    

    

    EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT
      ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS SUBSCRIPTION AGREEMENT OR THE
      TRANSACTIONS CONTEMPLATED BY THIS SUBSCRIPTION AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, PLACEMENT 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; (II) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THE FOREGOING WAIVER; (III) SUCH PARTY MAKES THE FOREGOING WAIVER VOLUNTARILY AND (IV) SUCH PARTY HAS BEEN INDUCED TO
      ENTER INTO THIS SUBSCRIPTION AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION 6(p).

    

    

    (r)          No later than ten (10) days prior to the Spin-Off, the Company will prepare and deliver to Subscriber a certificate executed by a senior executive officer of the Company setting forth
      the Company’s itemized good faith calculation of the HY Premium Rate (as defined in the Certificate of Designations) (the “Calculation Certificate”).  Subscriber shall have seven (7) days from the date on which the Calculation Certificate is
      received to review the Calculation Certificate (the “Review Period”); provided, that, if the Company fails to timely deliver the Calculation Certificate then the HY Premium Rate shall be determined by Subscriber in its reasonable
      discretion by written notice to the Company as promptly as practicable following the Spin-Off.  From the commencement of the Review Period until such time as the HY Premium Rate is finally determined in accordance with this paragraph, the Company
      shall provide Subscriber with prompt access to all information reasonably requested by Subscriber relating to its review of the Calculation Certificate.  If Subscriber disagrees with any or all of the calculations set forth in the Calculation
      Certificate, Subscriber shall deliver to the Company within the Review Period a written notice of dispute (a “Dispute Notice”) which shall set forth, in reasonable detail, the basis for such dispute.  Subscriber and the Company shall use
      reasonable efforts to resolve any calculation raised in the Dispute Notice prior to the Spin-Off.  If the Company and Subscriber do not obtain a final resolution of the HY Premium Rate prior to the Spin-Off, then the dispute shall be submitted
      promptly thereafter for resolution to an independent internationally recognized accounting firm mutually selected by the Company and Subscriber acting reasonably (any such firm, as the case may be, the “Accountant”), with the fees and expenses
      of such Accountant to be paid by the Company, unless the HY Premium Rate set forth in the Final Rate Report (as defined below) is less than 85% of the HY Premium Rate set forth in the Calculation Certificate, in which case the fees and expenses of
      such Accountant shall be paid by Subscriber.  The Company and Subscriber shall direct the Accountant to, as promptly as practicable and in no event later than thirty (30) calendar days following its retention by the Company and Subscriber, deliver to
      the Company and Subscriber a written report (the “Final Rate Report”) setting forth its calculation of the HY Premium Rate.  Unless otherwise agreed in writing by the Company and Subscriber, the Final Rate Report shall be final and binding on
      the parties, absent manifest error or fraud.  During the pendency of any such dispute, the HY Premium Rate shall be calculated as reasonably determined by the Company; provided, however, that if the final determination of the HY Premium Rate
      (as set forth in the Final Rate Report or as otherwise agreed in writing by the parties) is such that the HY Premium Rate is greater than that reasonably determined by the Company during the pendency of such dispute then the Company and Transtar,
      jointly and severally, shall promptly pay to Subscriber an amount in cash equal to the excess, if any, of (x) the Dividends (as defined in the Certificate of Designations) that would have accrued on the Preferred Shares based on the Dividend Rate (as
      defined in the Certificate of Designations) assuming the HY Premium Rate as finally determined in accordance with this paragraph and (y) the Dividends that actually accrued on the Preferred Shares based on the Dividend Rate utilized by the Company
      during the pendency of such dispute, in each case, assuming such dividends were not paid in cash.

    

    

    (s)          Subscriber has delivered or will deliver to the Company a duly executed IRS Form W-9 (or any successor form), and will provide any other tax-related documentation or information
      reasonably requested by the Company.

    

    

    [Signature pages follow.]

    
      26

      
        

    

    

    

    IN WITNESS WHEREOF, each of the Company, Transtar and Subscriber has executed or caused this Subscription Agreement to be executed by its duly authorized
      representative as of the date set forth below.

    

    

    	 	
            COMPANY:

          
	 	 
	 	
            FTAI INFRASTRUCTURE LLC

          
	 	 
	 	
            By:

          	 
	 	
            Name:

          	 
	 	
            Title:

          	 
	 	 	 
	 	
            TRANSTAR:

          
	 	 
	 	
            TRANSTAR, LLC

          
	 	 
	 	
            By:

          	 
	 	
            Name:

          	 
	 	
            Title:

          	 
	 	 	 
	 	 
	
            Date:          , 2022

          	 

    

    

    

    

    Signature Page to Subscription Agreement – Company / Transtar

    
      
        

    

    

    

    IN WITNESS WHEREOF, Subscriber has executed or caused this Subscription Agreement to be executed by its duly authorized representative as of the date first set
      forth above.

    

    

    	
            Name of Subscriber:

          	 
	 	 
	 	 
	
            (Please print. Please indicate name and capacity of person signing above.)

          	 
	 	 
	
            Signature of Subscriber:

          	 
	 	 	 
	
            By:

          	 	 
	
            Name:

          	 	 
	
            Title:

          	 	 

    

    

    	
            State/Country of Formation or Domicile (if applicable):

          	 
	
            Email Address:

          	 
	
            Business Address:

          	 
	 	 
	 	 
	 	
            Attention:

          
	
            Number of Preferred Shares:

          	
            [●]1

          
	
            Number of Series I Warrants:

          	
            [●]2

          
	
            Number of Series II Warrants:

          	
            [●]3

          
	
            Purchase Price:

          	
            $[●]4

          
	
            Discount:

          	
            $[●]5

          
	
            Net Purchase Price for Securities*:

          	
            $[●]

          

    

    

    * You must pay the Purchase Price by wire transfer of U.S. $ in immediately available funds to the account specified by the Securities in the Closing Notice. To the extent the offering is oversubscribed, the number of
      Securities received may be less than the number of Securities subscribed for.

    

    

    

    1 Amounts to be allocated.

    2 Amounts to be allocated. 

    3 Amounts to be allocated. 

    4 Amounts to be allocated. 

    5 Amounts to be allocated. 

     

    

    
      Signature Page to Subscription Agreement – Company / Transtar

    

    
      
        

    

    SCHEDULE A

    COMPANY SUBSIDIARIES

    

    

    [●]

    

    

    

    

    Schedule A constitutes a part of the Subscription Agreement.

    
      
        

    

    SCHEDULE B

    SAMPLE CALCULATION OF THE LTM UNLEVERED FREE CASH FLOW

    

    

    [●]

    

    

    

    

    Schedule B constitutes a part of the Subscription Agreement.

    
      
        

    

    SCHEDULE C

    ELIGIBILITY REPRESENTATIONS OF SUBSCRIBER

    

    

    This Schedule must be completed by Subscriber and forms a part of the Subscription Agreement to which it is attached. Capitalized terms used and not otherwise defined in this Schedule have the meanings given to them in
      the Subscription Agreement. Subscriber must check the applicable box in either Part A or Part B below and the applicable box in Part C below.

    

    

    A.          QUALIFIED INSTITUTIONAL BUYER STATUS

    

    

    (Please check the applicable subparagraphs):

    

    

    	
            ☐

          	
            Subscriber is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act (a “QIB”)).

          
	
            ☐

          	
            Subscriber is subscribing for the Securities as a fiduciary or agent for one or more investor accounts, and each owner of such accounts is a QIB.

          

    

    

    *** OR ***

    

    

    B.          INSTITUTIONAL ACCREDITED INVESTOR STATUS

    

    

    (Please check the applicable subparagraphs):

    

    

    Subscriber is an institutional “accredited investor” (within the meaning of Rule 501(a) under the Securities Act) and has checked below the box(es) for the applicable provision under which Subscriber qualifies as such:

    

    

    	
            ☐

          	
            Subscriber is an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, a corporation, Massachusetts or similar business trust, partnership, or limited liability company
              that was not formed for the specific purpose of acquiring the securities of the Company being offered in this offering, with total assets in excess of $5,000,000.

          
	
            ☐

          	
            Subscriber is a “private business development company” as defined in Section 202(a)(22) of the Investment Advisers Act of 1940.

          
	
            ☐

          	
            Subscriber is a “bank” as defined in Section 3(a)(2) of the Securities Act.

          
	
            ☐

          	
            Subscriber is a “savings and loan association” or other institution as defined in Section 3(a)(5)(A) of the Securities Act, whether acting in its individual or fiduciary capacity.

          
	
            ☐

          	
            Subscriber is a broker or dealer registered pursuant to Section 15 of the Exchange Act.

          
	
            ☐

          	
            Subscriber is an “insurance company” as defined in Section 2(a)(13) of the Securities Act.

          
	
            ☐

          	
            Subscriber is an investment adviser relying on the exemption from registering with the Commission under Section 203(l) or (m) of the Investment Advisers Act of 1940.

          

    

    

    

    

    Schedule C should be completed by Subscriber

    and constitutes a part of the Subscription Agreement.

    
      
        

    

    

    

    	
            ☐

          	
            Subscriber is an investment adviser registered pursuant to Section 203 of the Investment Advisers Act of 1940 or registered pursuant to the laws of a state.

          
	
            ☐

          	
            Subscriber is an investment company registered under the Investment Company Act of 1940.

          
	
            ☐

          	
            Subscriber is a “business development company” as defined in Section 2(a)(48) of the Investment Company Act of 1940.

          
	
            ☐

          	
            Subscriber is a “Small Business Investment Company” licensed by the U.S. Small Business Administration under either Section 301(c) or (d) of the Small Business Investment Act of 1958.

          
	
            ☐

          	
            Subscriber is a plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, and such plan
              has total assets in excess of $5,000,000.

          
	
            ☐

          	
            Subscriber is a Rural Business Investment Company as defined in Section 384A of the Consolidated Farm and Rural Development Act.

          
	
            ☐

          	
            Subscriber is an employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974 if the investment decision is made by a plan fiduciary, as defined in Section 3(21) of such act,
              which is one of the following.

          
	 	
            ☐

          	
            A bank;

          
	 	
            ☐

          	
            A savings and loan association;

          
	 	
            ☐

          	
            An insurance company; or

          
	 	
            ☐

          	
            A registered investment adviser.

          
	
            ☐

          	
            Subscriber is an employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974 with total assets in excess of $5,000,000.

          
	
            ☐

          	
            Subscriber is an employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974 that is a self-directed plan with investment decisions made solely by persons that are accredited
              investors.

          
	
            ☐

          	
            Subscriber is a trust with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered by the Company in this offering, whose purchase is directed by a
              sophisticated person as described in Rule 506(b)(2)(ii) under the Securities Act.

          
	
            ☐

          	
            Subscriber is an entity in which each of its equity owners (whether entities themselves or natural persons) is an “accredited investor” (within the meaning of Rule 501(a) under the Securities Act).

          
	
            ☐

          	
            Subscriber is an entity that is not formed for the specific purpose of acquiring the securities offered by the Company in this offering and owns “investments” (as defined in Rule 2a51-1(b) under the Investment
              Company Act of 1940) in excess of $5,000,000.

          

    

    

    

    

    Schedule C should be completed by Subscriber

    and constitutes a part of the Subscription Agreement.

    
      
        

    

    

    

    	
            ☐

          	
            Subscriber is a “family office” as defined under the Investment Advisers Act of 1940, (i) with assets under management in excess of $5,000,000, (ii) that was not formed for the specific purpose of investing in
              the securities offered by the Company in this offering, and (iii) whose prospective investment in the securities offered by the Company in this offering is directed by a person who has such knowledge and experience in financial and business
              matters that such family office is capable of evaluating the merits and risks of such prospective investment.

          
	
            ☐

          	
            Subscriber is a “family client,” as defined under the Investment Advisers Act, of a family office, whose prospective investment in the securities offered by the Company in this offering is directed by such
              family office, and such family office is one (i) with assets under management in excess of $5,000,000, (ii) that was not formed for the specific purpose of investing in the securities offered by the Company in this offering, and (iii) whose
              prospective investment in the securities offered by the Company in this offering is directed by a person who has such knowledge and experience in financial and business matters that such family office is capable of evaluating the merits and
              risks of such prospective investment.

          

    

    

    *** AND ***

    

    

    C.          AFFILIATE STATUS

    

    

    (Please check the applicable box)

    

    

    Subscriber:

    	
            ☐

          	
            is

          
	
            ☐

          	
            is not

          

    

    

    

    

    an “affiliate” (as defined in Rule 144 under the Securities Act) of the Company or Parent or acting on behalf of an affiliate of the Company or Parent.

    

    

    

    

    Schedule C should be completed by Subscriber

    and constitutes a part of the Subscription Agreement.

    
      
        

    

    SCHEDULE D

    (see attached)

    

    

    

    

    Schedule D constitutes a part of the Subscription Agreement.

    
      
        

    

    SCHEDULE E

    (see attached)

    

    

    Schedule E constitutes a part of the Subscription Agreement.

    
      
        

    

    SCHEDULE F

    (see attached)

    

    

    

    

    Schedule F constitutes a part of the Subscription Agreement.

    
      
        

    

    SCHEDULE G

    

    

    [Reserved]

    

    

    
      
        

    

    SCHEDULE H

    (see attached)

    

    

    

    

    Schedule H constitutes a part of the Subscription Agreement.

    
      
        

    

    SCHEDULE I

    (see attached)

    

    

    

    

    Schedule I constitutes a part of the Subscription Agreement.

    
      
        

    

    Exhibit A

    

    

    [Form of Certificate of Designations for Preferred Shares]

    

    

    

    

    Exhibit A constitutes a part of the Subscription Agreement.

    
      
        

    

    Exhibit B

    

    

    [Form of Series I and Series II Warrants]

     

    

    

    

    Exhibit B constitutes a part of the Subscription Agreement.

    
      
        

    

    Exhibit C

    

    

    [Form of Management Agreement]

    

    

    

    

    ExhibitCA constitutes a part of the Subscription Agreement.

    
      
        

    

    Exhibit D

    

    

    [Form of Investors’ Rights Agreement]

    

    

    

    

    Exhibit D constitutes a part of the Subscription Agreement.

    
      
        

    

    Exhibit E

    

    

    [Form of Certificate of Incorporation of the Company]

    

    

    

    

    Exhibit E constitutes a part of the Subscription Agreement.

    
      
        

    

    

    

    Exhibit F

    

    

    [Form of Bylaws of the Company]

    

    

    

    

    Exhibit F constitutes a part of the Subscription Agreement.

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