SEC Contract Filing

Filing Date: 2023-02-02

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ea172529ex10-1_saratoga.htm
<DESCRIPTION>FIRST AMENDMENT TO THE CREDIT AND SECURITY AGREEMENT, DATED AS OF JANUARY 27, 2023, BY AND AMONG SARATOGA INVESTMENT FUND II LLC, AS BORROWER, SARATOGA INVESTMENT CORP., AS EQUITYHOLDER AND AS COLLATERAL MANAGER
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-style: normal"><B>Exhibit 10.1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="text-align: right; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Execution Version</I></B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>FIRST AMENDMENT TO CREDIT AND SECURITY
AGREEMENT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIS FIRST AMENDMENT TO CREDIT
AND SECURITY AGREEMENT (this &ldquo;<B>Amendment</B>&rdquo;) is entered into as of January 27, 2023, by and among <B>SARATOGA INVESTMENT
FUNDING II LLC</B>, a Delaware limited liability company, as Borrower (the &ldquo;<B>Borrower</B>&rdquo;); <B>SARATOGA INVESTMENT CORP.</B>,
a Maryland corporation, as Equityholder (the &ldquo;<B>Equityholder</B>&rdquo;); and as Collateral Manager (in such capacity, the &ldquo;<B>Collateral
Manager</B>&rdquo;, and together with the Borrower and the Equityholder, collectively, the &ldquo;<B>Credit Parties</B>&rdquo; and each,
a &ldquo;<B>Credit Party</B>&rdquo;); the Lenders party hereto; and <B>ENCINA LENDER FINANCE, LLC</B>, as Administrative Agent (in such
capacity, the &ldquo;<B>Administrative Agent</B>&rdquo;) and Collateral Agent (in such capacity, the &ldquo;<B>Collateral Agent</B>&rdquo;),
and agreed to and acknowledged by U.S. BANK NATIONAL ASSOCIATION, as Custodian (in such capacity, the &ldquo;<B>Custodian</B>&rdquo;)
and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION (successor in interest to U.S. Bank National Association, as Collateral Administrator
(in such capacity, the &ldquo;<B>Collateral Administrator</B>&rdquo;). Capitalized terms not otherwise defined herein shall have the meanings
ascribed to them in the Credit Agreement, as defined below.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>RECITALS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Credit Parties,
Encina Lender Finance SPV, LLC, as a Lender (the &ldquo;<B>Existing Lender</B>&rdquo;), the Administrative Agent, the Collateral Agent,
and U.S. Bank National Association, as custodian and as collateral administrator, are parties to that certain Credit and Security Agreement,
dated as of October 4, 2021 (as amended, modified, supplemented, extended, renewed, restated, or replaced from time to time prior to the
date hereof, the &ldquo;<B>Existing Credit Agreement</B>&rdquo;, and as amended by this Amendment and as the same may be further amended,
supplemented, amended and restated or otherwise modified from time to time, the &ldquo;<B>Credit Agreement</B>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Borrower has
requested that the Existing Lender and the Administrative Agent agree to amend the Existing Credit Agreement in accordance with Section
12.01 of the Existing Credit Agreement, and the Existing Lender party hereto and the Administrative Agent are willing, on the terms and
subject to the conditions hereinafter set forth, to agree to the amendment set forth below and the other terms hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the parties hereto
desire to add Valley National Bank, as a new lender (the &ldquo;<B>New Lender</B>&rdquo;, and together with the Existing Lender, collectively,
the &ldquo;<B>Lenders</B>&rdquo;) under the Credit Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Borrower has
requested, pursuant to Section 2.18 of the Credit Agreement, a Facility Increase to the existing Commitments as of the First Amendment
Effective Date in the amount set forth opposite the New Lender&rsquo;s name on Annex II hereto, and the New Lender is willing to make
a Facility Increase on and as of the First Amendment Effective Date on the terms and subject to the conditions set forth herein and in
the Credit Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW THEREFORE, in consideration
of the foregoing premises and the mutual benefits to be derived by the Credit Parties, the Agents and the Lenders from a co