Exhibit 10.2
EXECUTION VERSION
SALE AND CONTRIBUTION AGREEMENT
between
Xxxxx
Capital Direct Lending Corporation,
as Seller
and
GDLC FUNDING II LLC,
as Purchaser
Dated
as of May 14, 2024
TABLE OF CONTENTS
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Page |
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ARTICLE I DEFINITIONS |
1 |
SECTION 1.1 |
Definitions |
1 |
SECTION 1.2 |
Other Terms |
2 |
SECTION 1.3 |
Computation of Time Periods |
2 |
SECTION 1.4 |
Interpretation |
2 |
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ARTICLE II CONVEYANCES
OF TRANSFERRED ASSETS |
3 |
SECTION 2.1 |
Conveyances |
3 |
SECTION 2.2 |
Indemnification |
5 |
SECTION 2.3 |
Administrative Convenience |
5 |
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ARTICLE III
CONSIDERATION AND PAYMENT; REPORTING |
6 |
SECTION 3.1 |
Purchase Price |
6 |
SECTION 3.2 |
Payment of Purchase Price |
6 |
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ARTICLE IV REPRESENTATIONS
AND WARRANTIES |
6 |
SECTION 4.1 |
Seller’s Representations and Warranties |
6 |
SECTION 4.2 |
Reaffirmation of Representations and Warranties by
the Seller; .Notice of Breach |
11 |
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ARTICLE V COVENANTS
OF THE SELLER |
12 |
SECTION 5.1 |
Covenants of the Seller |
12 |
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ARTICLE VI WARRANTY
LOANS |
14 |
SECTION 6.1 |
Warranty Collateral Obligations |
14 |
SECTION 6.2 |
Dilutions, Etc. |
15 |
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ARTICLE VII
CONDITIONS PRECEDENT |
15 |
SECTION 7.1 |
Conditions Precedent |
15 |
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ARTICLE VIII
MISCELLANEOUS PROVISIONS |
16 |
SECTION 8.1 |
Amendments, Etc. |
16 |
SECTION 8.2 |
Governing Law: Submission to Jurisdiction |
16 |
SECTION 8.3 |
Notices |
16 |
SECTION 8.4 |
Severability of Provisions |
17 |
SECTION 8.5 |
Assignment |
17 |
SECTION 8.6 |
Further Assurances |
17 |
SECTION 8.7 |
No Waiver; Cumulative Remedies |
18 |
SECTION 8.8 |
Counterparts |
18 |
SECTION 8.9 |
Binding Effect; Third-Party Beneficiaries |
18 |
SECTION 8.10 |
Merger and Integration |
18 |
SECTION 8.11 |
Headings |
18 |
This
SALE AND CONTRIBUTION AGREEMENT, dated as of May 14, 2024 (as amended, supplemented or otherwise modified and in effect from
time to time, this “Agreement”), between XXXXX CAPITAL DIRECT LENDING CORPORATION, a Maryland corporation, as seller
(in such capacity, the “Seller”) and GDLC FUNDING II LLC, a Delaware limited liability company, as purchaser (in such
capacity, the “Purchaser”).
W I T N E S S E T H:
WHEREAS, the Purchaser desires
to purchase certain loans and related assets existing on the Effective Date (to the extent applicable) and from time to time thereafter;
WHEREAS, the Seller may also
wish to contribute certain loans and related assets to the capital of the Purchaser on the Effective Date and from time to time on each
Purchase Date;
WHEREAS, the Seller desires
to sell, assign and contribute such loans and related assets to the Purchaser upon the terms and conditions hereinafter set forth;
NOW, THEREFORE, for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is hereby agreed by and between the Purchaser
and the Seller as follows:
ARTICLE I
DEFINITIONS
SECTION 1.1 Definitions.
As used in this Agreement, the following terms shall have the following meanings (such meanings to be equally applicable to both the
singular and plural forms of the terms defined). All capitalized terms used herein but not defined herein shall have the respective meanings
specified in, or incorporated by reference into, the loan financing and servicing agreement, dated as of the date hereof (as amended,
supplemented or otherwise modified and in effect from time to time, the “Loan Agreement”), by and among the Purchaser,
as borrower, the Seller, as equityholder and as servicer, Deutsche Bank AG, New York Branch,
as facility agent, COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION, as collateral agent and collateral custodian, and the agents, lenders
and securitization subsidiaries party from time to time thereto.
“Agreement” has the meaning set
forth in the preamble hereto.
“Convey”
means to sell, transfer, assign, contribute or otherwise convey assets hereunder.
“Conveyance” means, as the context
may require, the Initial Conveyance or a Subsequent Conveyance.
“Indorsement” has the meaning
specified in Section 8-102(a)(11) of the UCC, and “Indorsed” has a corresponding meaning.
“Initial Conveyance”
has the meaning set forth in Section 2.1(a).
“Purchase Date”
means each Subsequent Conveyance Date and the date of the Initial Conveyance.
“Purchase Notice”
has the meaning set forth in Section 2.1(b).
“Purchase Price”
has the meaning set forth in Section 3.1.
“Purchaser”
has the meaning set forth in the preamble hereto.
“Schedule of Collateral Obligations”
has the meaning set forth in Section 2.1(a).
“Seller”
has the meaning set forth in the preamble hereto.
“Subsequent Conveyance” has the
meaning set forth in Section 2.1(b).
“Subsequent Conveyance
Date” has the meaning set forth in Section 2.1(b).
“Transferred Assets”
means, collectively, the Transferred Collateral Obligations and Related Security Conveyed by the Seller to the Purchaser hereunder.
“Transferred Collateral
Obligations” means each Collateral Obligation Conveyed from the Seller to the Purchaser pursuant to the terms of this Agreement.
“Warranty Collateral
Obligations” has the meaning set forth in Section 6.1.
SECTION 1.2 Other
Terms. All accounting terms not specifically defined herein shall be construed in accordance with generally accepted accounting principles.
All terms used in Article 9 of the UCC, and not specifically defined herein, are used herein as defined in such Article 9.
The term “including” when used in this Agreement means “including without limitation.”
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 means “to but excluding.”
SECTION 1.4 Interpretation.
(a) Unless
otherwise specified therein, all terms defined in this Agreement have the meanings as so defined herein when used in the Loan Agreement
or any other Transaction Document, certificate, report or other document made or delivered pursuant hereto or thereto.
(b) Each
term defined in the singular form in Section 1.1 or elsewhere in this Agreement shall mean the plural thereof when the plural
form of such term is used in this Agreement, the Loan Agreement or any other Transaction Document, certificate, report or other document
made or delivered pursuant hereto or thereto, and each term defined in the plural form in Section 1.1 shall mean the singular
thereof when the singular form of such term is used herein or therein.
(c) The
words “hereof,” “herein,” “hereunder” and similar terms when used in this Agreement shall refer to
this Agreement as a whole and not to any particular provision of this Agreement, the term “including” means “including
without limitation,” and article, section, subsection, schedule and exhibit references herein are references to articles, sections,
subsections, schedules and exhibits to this Agreement unless otherwise specified.
(d) Unless
otherwise specified, each reference in this Agreement or in any other Transaction Document to a Transaction Document shall mean such
Transaction Document as the same may from time to time be amended, restated, supplemented or otherwise modified in accordance with the
terms of the Transaction Documents.
(e) Unless
otherwise specified, each 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.
(f) Any
use of the term “knowledge” or “actual knowledge” in this Agreement shall mean actual knowledge after reasonable
inquiry under the circumstances.
ARTICLE II
CONVEYANCES
OF TRANSFERRED ASSETS
SECTION 2.1 Conveyances.
(a) On
the terms and subject to the conditions set forth in this Agreement, the Seller agrees to Convey to the Purchaser, without recourse except
to the extent specifically provided herein, on the Effective Date, and the Purchaser agrees to purchase from the Seller on the Effective
Date (the “Initial Conveyance”), all of the Seller’s right, title and interest in and to each Collateral Obligation
listed on Schedule A to this Agreement (as such schedule may be amended, supplemented, updated or otherwise modified from
time to time, the “Schedule of Collateral Obligations”) (the Schedule of Collateral Obligations, as amended, supplemented,
updated or otherwise modified shall become part of the Schedule of Collateral Obligations attached to the Loan Agreement), together with
all other Related Security and all proceeds of the foregoing.
(b) In
the event the Purchaser agrees, from time to time after the Effective Date, to acquire additional Collateral Obligations (including Related
Security) from the Seller, the Purchaser shall deliver written notice thereof to the Facility Agent substantially in the form set forth
in Schedule B hereto (each, a “Purchase Notice”), designating the date of the proposed Conveyance (a “Subsequent
Conveyance Date”) and attaching a supplement to the Schedule of Collateral Obligations identifying the Transferred Assets proposed
to be Conveyed. On the terms and subject to the conditions set forth in this Agreement and the Loan Agreement, the Seller shall Convey
to the Purchaser, and the Purchaser shall purchase, on the applicable Subsequent Conveyance Date (each such purchase and sale being herein
called a “Subsequent Conveyance”), all of the Seller’s right, title and interest in and to each Collateral Obligation
then reported by the Seller on the Schedule of Collateral Obligations attached to the related Purchase Notice, together with all other
Related Security and all proceeds of the foregoing.
(c) It
is the express intent of the Seller and the Purchaser that each Conveyance of Transferred Assets by the Seller to the Purchaser pursuant
to this Agreement be construed as an absolute sale and/or contribution of such Transferred Assets by the Seller to the Purchaser. Further,
it is not the intention of the Seller and the Purchaser that any purchase be deemed a grant of a security interest in the Transferred
Assets by the Seller to the Purchaser to secure a debt or other obligation of the Seller. However, in the event that, notwithstanding
the intent of the parties, the Conveyances hereunder shall be characterized as loans and not as sales and/or contributions, then (i) this
Agreement also shall be deemed to be, and hereby is, a security agreement within the meaning of the UCC and other Applicable Law and
(ii) the Conveyances by the Seller provided for in this Agreement shall be deemed to be, and the Seller hereby grants to the Purchaser,
a security interest in, to and under all of the Seller’s right, title and interest in, to and under, whether now owned or hereafter
acquired, such Transferred Assets and all proceeds of the foregoing. The Purchaser and its assignees shall have, with respect to such
Transferred Assets and other related rights, in addition to all the other rights and remedies available to the Purchaser and its assignees
and under the other Transaction Documents, all the rights and remedies of a secured party under any applicable UCC.
The Seller and the Purchaser
shall, to the extent consistent with this Agreement, take such actions as may be necessary to ensure that, if this Agreement were deemed
to create a security interest in the Transferred Assets to secure a debt or other obligation, such security interest would be deemed
to be a perfected security interest in favor of the Purchaser under applicable law and will be maintained as such throughout the term
of this Agreement. The Seller represents and warrants that the Transferred Assets are being transferred with the intention of removing
them from the Seller’s estate pursuant to Section 541 of the Bankruptcy Code.
(d) In
connection with the Initial Conveyance, the Seller authorizes the Purchaser to file or cause to be filed on or prior to the Effective
Date, at its own expense, a financing statement or statements with respect to the Transferred Assets Conveyed by the Seller hereunder
from time to time meeting the requirements of applicable state law in the jurisdiction of the Seller’s organization to perfect
and protect the interests of the Purchaser created hereby under the UCC against all creditors of, and purchasers from, the Seller, and
to deliver a file-stamped copy of such financing statements or other evidence of such filings to the Collateral Agent as soon as reasonably
practicable after its receipt thereof.
(e) The
Purchaser shall, to the extent consistent with this Agreement and the other Transaction Documents, take such actions as may be necessary
to ensure that, if this Agreement were deemed to create a security interest in the Transferred Assets, such security interest would be
deemed to be a perfected security interest of first priority (subject only to Permitted Liens) under Applicable Law and will be maintained
as such throughout the term of this Agreement. The Purchaser agrees to treat, and shall cause the Seller to treat, for all purposes (other
than tax and accounting purposes), the transactions effected by this Agreement as sales and/or contributions of assets to the Purchaser.
Solely to the extent the Seller files its financial statements publicly, the Seller agrees to reflect in the Seller’s financial
records and to include a note in the publicly filed annual and quarterly financial statements of the Seller indicating that: (i) assets
related to transactions (including transactions pursuant to the Transaction Documents) that do not meet ASC Topic 860 requirements for
accounting sale treatment are reflected in the consolidated balance sheet of the Seller as investments and (ii) those assets are
owned by a special purpose entity that is consolidated in the financial statements of the Seller, and the creditors of the special purpose
entity have received security interests in such assets and such assets are not intended to be available to the creditors of the Seller
(or any affiliate of the Seller).
(f) Each
of the Seller and the Purchaser agree that prior to the time of Conveyance of any Collateral Obligation hereunder, the Purchaser has
no rights to or claim of benefit from any Collateral Obligation (or any interest therein) owned by the Seller.
SECTION 2.2 Indemnification.
Without limiting any other rights which any such Person may have hereunder or under applicable law, the Seller agrees to indemnify the
Purchaser and its successors, transferees, and assigns (including each Secured Party) and all officers, directors, shareholders, controlling
persons, employees and agents of any of the foregoing (each of the foregoing Persons being individually called an “Indemnified
Party”), 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 called “Indemnified Amounts”)
awarded against or incurred by any of them by reason of (i) any act or omission constituting bad faith, fraud, willful misconduct,
or gross negligence by the Seller in the performance of or reckless disregard of its obligations hereunder or (ii) any breach by
the Seller of any representation, warranty or covenant of the Seller hereunder, excluding, however, Indemnified Amounts
payable to an Indemnified Party (a) to the extent determined by a court of competent jurisdiction by a final and nonappealable judgment
to have resulted from gross negligence, bad faith or willful misconduct on the part of any Indemnified Party or (b) resulting from
the performance of the Collateral Obligations or the collectability of any Collateral Obligation due to the Obligor’s failure to
pay any amounts due under the applicable loan agreement in accordance with its terms.
Notwithstanding anything to
the contrary herein or in any other Transaction Document, no claim shall be made by the Purchaser (or any assignee thereof), the Facility
Agent, any Lender, the Collateral Custodian, any other Secured Party or any other Person against the Seller or any of its Affiliates,
directors, officers, employees, attorneys or agents for any special, indirect, consequential or punitive damages or lost profits or revenues
in respect of 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, whether or not accrued and whether or not known or
suspected to exist in its favor.
SECTION 2.3 Administrative
Convenience. The Seller and the Purchaser acknowledge and agree that, solely for administrative convenience, the Seller may direct
that a Collateral Obligation be titled directly into the name of the Purchaser, and/or that any document or assignment agreement (or,
in the case of any original promissory note, any chain of indorsement) required to be executed and delivered in connection with (a) the
acquisition of a Collateral Obligation as a lender at the closing thereof may be executed and delivered directly by the Purchaser at
the direction of the Seller or (b) the transfer of a Collateral Obligation in accordance with the terms of the related Underlying
Instruments may reflect that the Seller (or any affiliate thereof or any third party from whom the Seller may purchase a Collateral Obligation)
is assigning such Collateral Obligation directly to the Purchaser. Nothing in any such document or assignment agreement (or, in the case
of any original promissory note, nothing in such chain of indorsement) shall be deemed to impair the transfers of the related Collateral
Obligation by the Seller to the Purchaser in accordance with the terms of this Agreement.
ARTICLE III
CONSIDERATION
AND PAYMENT; REPORTING
SECTION 3.1 Purchase
Price. The purchase price (the “Purchase Price”) for the Transferred Assets Conveyed on each Purchase Date shall
be a dollar amount equal to the fair market value (as agreed upon between the Seller and the Purchaser at the time of such Conveyance)
of such Transferred Assets as of such date.
SECTION 3.2 Payment
of Purchase Price. The Purchase Price for any Transferred Asset Conveyed by the Seller to the Purchaser on any Purchase Date shall
be paid in a combination of: (i) immediately available funds; and (ii) by means of a capital contribution by the Seller to
the Purchaser to the extent that the amount of cash so paid pursuant to clause (i) is less than the Purchase Price.
Notwithstanding any provision
herein to the contrary, the Seller may on such Purchase Date elect to designate all or a portion of the Transferred Assets proposed to
be transferred by it to the Purchaser on such date as a capital contribution to the Purchaser. In such event, the Purchase Price payable
with respect to such transfer shall be reduced by that portion of the Purchase Price of the Transferred Assets that was so contributed;
provided that Transferred Assets contributed to the Purchaser as capital shall constitute Transferred Assets for all purposes
of this Agreement and shall be subject to all representations, warranties, covenants and indemnities hereunder (the same as any Transferred
Asset acquired by the Purchaser hereunder with a cash payment).
ARTICLE IV
REPRESENTATIONS
AND WARRANTIES
SECTION 4.1 Seller’s
Representations and Warranties. The Seller represents and warrants to the Purchaser as of the Effective Date and as of each Purchase
Date (unless a specific date is specified below):
(a) Organization
and Good Standing. The Seller (i) is duly organized and is validly existing as a corporation in good standing under the laws
of its jurisdiction of organization and (ii) has the necessary power and authority to own its properties and to conduct its business
as such properties are currently owned and such business is currently conducted.
(b) Power
and Authority. The Seller has the power and authority to own, pledge and Convey the Transferred Assets, to conduct its business as
presently conducted and to execute and deliver this Agreement and the other Transaction Documents to which it is a party and to perform
the transactions contemplated hereby and thereby.
(c) Authorization;
Contravention. The execution, delivery and performance by the Seller of this Agreement and the other Transaction Documents to which
it is a party (in any capacity), the consummation of the transactions contemplated thereby and the fulfillment of the terms thereof do
not (A) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse
of time) a default under, its organizational documents, or any material indenture, agreement, mortgage, deed of trust or other instrument
to which it is a party or by which it or its properties are bound, (B) result in the creation or imposition of any Adverse Claim
upon any of its properties pursuant to the terms of any such material indenture, agreement, mortgage, deed of trust or other instrument
(except as may be created pursuant to this Agreement or any other Transaction Document to which the Seller is a party and any Permitted
Liens), or (C) violate in any material respect any Applicable Law except, in the case of subclauses (B) and (C), to the extent
that such conflict or violation would not reasonably be expected to have a Material Adverse Effect.
(d) Execution
and Delivery. This Agreement and the Transaction Documents to which the Seller is a party (in any capacity) have been duly executed
and delivered by the Seller and, assuming due authorization, execution and delivery by each other party hereto and thereto, constitute
its legal, valid and binding obligations enforceable against it in accordance with their respective terms, except as such enforceability
may be limited by (A) bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of creditors’
rights generally, (B) equitable limitations on the availability of specific remedies, regardless of whether such enforceability
is considered in a proceeding in equity or at law and (C) implied covenants of good faith and fair dealing.
(e) Governmental
Authorization. No consent, license, approval, authorization or order of, or registration, declaration or filing with, any Official
Body having jurisdiction over the Seller or any of its properties is required to be made in connection with the execution, delivery or
performance of this Agreement and the Transaction Documents to which it is a party (in any capacity) or the consummation of the transactions
contemplated thereby, in each case other than (A) consents, licenses, approvals, authorizations, orders, registrations, declarations
or filings which have been obtained or made and continuation statements and renewals in respect thereof and (B) where the lack of
such consents, licenses, approvals, authorizations, orders, registrations, declarations or filings would not have a Material Adverse
Effect.
(f) Reserved.
(g) No
Litigation. There are no proceedings or investigations pending or, to the best of the Seller’s knowledge, threatened against
it, before any Official Body having jurisdiction over it or its properties (A) asserting the invalidity of this Agreement or any
other Transaction Document, (B) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or
any other Transaction Document or (C) seeking any determination or ruling that would reasonably be expected to have a Material Adverse
Effect.
(h) Reserved.
(i) Reserved.
(j) Place
of Business. The principal place of business and chief executive office of the Seller, and the offices where the Seller keeps all
its Records (other than those delivered to the Collateral Custodian), are located at its address specified in Section 8.3,
or such other locations notified to the Purchaser in accordance with this Agreement in jurisdictions where all action required by the
terms of this Agreement has been taken and completed. There are currently no, and during the past four months (or such shorter time as
the Seller has been in existence) there have not been, any other locations where the Seller is located (as that term is used in the UCC
of the jurisdiction where such principal place of business is located).
(k) Backup
Security Interest. In the event that, notwithstanding the intent of the parties, the Conveyances hereunder shall be characterized
as loans and not as sales and/or contributions, then:
i. this
Agreement creates a valid and continuing Lien on the Seller’s right, title and interest in and to the Transferred Assets in favor
of the Purchaser and the Collateral Agent, as assignee, for the benefit of the Secured Parties, which security interest is validly perfected
under Article 9 of the UCC (to the extent such security interest may be perfected by filing a UCC financing statement under such
article), and is enforceable as such against creditors of and purchasers from the Seller;
ii. the
Transferred Assets are comprised of Instruments, Security Entitlements, General Intangibles, Certificated Securities, Uncertificated
Securities, Securities Accounts, Investment Property and Proceeds and such other categories of collateral under the applicable UCC
as to which the Seller has complied with its obligations as set forth herein;
iii. the
Seller owns and has good and marketable title to the Transferred Collateral Obligations Conveyed to the Purchaser on the applicable Purchase
Date, free and clear of any Lien;
iv. the
Seller has received all consents and approvals required by the terms of any Collateral Obligation to the sale and granting of a security
interest in the Collateral Obligations hereunder to the Purchaser and the Collateral Agent, as assignee on behalf of the Secured Parties;
v. the
Seller has caused or authorized the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions
under Applicable Law in order to perfect the security interest in that portion of the Transferred Assets in which a security interest
may be perfected by filing pursuant to Article 9 of the UCC as in effect in the State of Maryland;
vi. the
Seller has not filed or authorized the filing of, and is not aware of, any financing statement against the Seller that includes as a
description of collateral covering any Collateral Obligation other than financing statements (A) relating to the security interest
granted to the Purchaser and the Collateral Agent under this Agreement or pursuant to any other Transaction Document, or (B) that
have been terminated and/or fully and validly assigned to the Collateral Agent on or prior to the Effective Date;
vii. all
original executed copies of each underlying promissory note constituting or evidencing any Transferred Asset have been or, subject to
the delivery requirements contained in the Loan Agreement, will be delivered to the Purchaser;
viii. none
of the underlying promissory notes that constitute or evidence the Collateral Obligations has any marks or notations indicating that
they have been pledged, assigned or otherwise Conveyed to any Person other than the Purchaser and the Collateral Agent, as assignee on
behalf of the Secured Parties;
ix. with
respect to a Transferred Asset that constitutes a Certificated Security, such Certificated Security has been delivered to the Purchaser
or its designee, or subject to the delivery requirements in the Loan Agreement, will be delivered to the Purchaser or its designee, and,
if in registered form, has been specially Indorsed (within the meaning of the UCC) to the Purchaser or its designee or in blank by an
effective Indorsement or has been registered in the name of the Purchaser or its designee upon original issue or registration of transfer
by the Seller of such Certificated Security; and in the case of an Uncertificated Security, by causing the Purchaser or its designee
to become the registered owner of such uncertificated security.
(l) Fair
Consideration; No Avoidance for Collateral Obligation Payments. The Seller has received reasonably equivalent value from the Purchaser
in exchange for the sale of such Transferred Collateral Obligation Conveyed hereunder. No such Conveyance has been made for or on account
of an antecedent debt owed by the Seller to the Purchaser and no such transfer is or may be voidable or subject to avoidance under any
section of the Bankruptcy Code of the United States.
(m) Eligibility
of Transferred Collateral Obligations. Each Transferred Collateral Obligation Conveyed hereunder is, at the time of such Conveyance,
an Eligible Collateral Obligation. At the time of such Conveyance, no event has occurred and is continuing which could reasonably be
expected to affect the collectibility of such Transferred Collateral Obligation or cause it not to be paid in full. As of each Purchase
Date, Schedule A is an accurate and complete listing of all the Transferred Collateral Obligations and other Transferred Assets hereunder
as of such Purchase Date.
(n) Adequate
Capitalization; No Insolvency. The Seller is not the subject of any Insolvency Event. The Seller will not become insolvent after
giving effect to the transactions contemplated by this Agreement and the other Transaction Documents. The Seller executed and delivered
each of the Transaction Documents to which it is a party for fair consideration and without the intent to hinder, delay or defraud any
of its creditors or any other Person.
(o) Reserved.
(p) Reports
Accurate. All information (other than projections, forward-looking information, general economic data, industry information or information
relating to third parties) heretofore furnished by or on behalf of the Seller in writing to any Agent, the Collateral Custodian or the
Facility Agent in connection with this Agreement or any transaction contemplated hereby (after taking into account all updates, modifications
and supplements to such information) is (when taken as a whole) true and correct in all material respects (or if not prepared by or under
the direction of the Seller, is true and correct in all material respects to the Seller’s knowledge) as of the date provided (or,
with respect to any information therein which refers to an earlier date, as of such earlier date specified therein) and does not omit
to state a material fact necessary to make the statements contained therein (when taken as a whole), in light of the circumstances under
which they were made, not misleading (or, if not prepared by or under the direction of the Seller, does not omit to state such a fact
to the Seller’s knowledge).
(q)
Selection Procedures. In selecting the
Transferred Assets, no selection procedures were employed which are intended to be adverse to the interests of the Lenders.
(r) Investment
Company Status. The Seller is regulated as a business development company under the Investment Company Act.
(s) Reserved.
(t) Reserved.
(u) Reserved.
(v) Reserved.
(w) Reserved.
(x) Restricted
Payments. The Seller shall not cause the Purchaser to make any payments or distributions which would violate Section 10.16 of
the Loan Agreement.
(y) Special
Purpose Entity. The Purchaser is an entity with assets and liabilities separate and distinct from those of the Seller and any Affiliates
thereof. From and after the date of execution and delivery of this Agreement, the Seller shall take all reasonable steps, including all
steps that the Purchaser may from time to time reasonably request, to maintain the Purchaser’s identity as a legal entity that
is separate from the Seller and from each other Affiliate of the Seller, and to make it manifest to third parties that the Purchaser
is an entity with assets and liabilities distinct from those of the Seller and each other Affiliate thereof and not just a division of
the Seller or any such other Affiliate.
(z) Reserved.
(aa) Set–Off, etc.
As of the related Purchase Date with respect to any Transferred Asset, such Transferred Asset has not been compromised, adjusted, extended,
satisfied, subordinated, rescinded, set–off or modified by the Seller or by the Obligor thereof, and no such Transferred Asset
is subject to compromise, adjustment, extension, satisfaction, subordination, rescission, set–off, counterclaim, defense, abatement,
suspension, deferment, deduction, reduction, termination or modification, whether arising out of transactions concerning such Transferred
Asset or otherwise, by the Seller or by the Obligor with respect thereto, except, in each case, for amendments, extensions and modifications,
if any, to such Transferred Asset otherwise permitted under the Transaction Documents and in accordance with the Servicing Standard.
(bb) No
Fraud. To the Seller’s knowledge, each Collateral Obligation was originated without any fraud or material misrepresentation
on the part of the related Obligor.
(cc) Reserved.
(dd) Equity
of the Purchaser. The Seller has neither pledged the equity interests of the Purchaser nor otherwise permitted any equity interests
of the Purchaser to be subject to a Lien (other than Permitted Liens).
(ee) Anti-Terrorism,
Anti-Money Laundering.
i. Neither
the Seller nor, to the knowledge of a Responsible Officer of the Seller, any Affiliate, officer, employee or director, acting on behalf
of the Seller is (i) the target of any sanctions administered or imposed by the any of the U.S. Government including, without limitation,
the Office of Foreign Assets Control (“OFAC”), the United Nations Security Council, the European Union, His Majesty’s
Treasury in the UK or any other governmental authority with jurisdiction over the Seller or, to the knowledge of a Responsible Officer
of the Seller, Germany, (collectively, “Sanctions”), (ii) located, organized or resident in a country or territory
that is, or whose government is, the target of comprehensive Sanctions (as of the date hereof, Afghanistan, Cuba, Iran, North Korea,
Syria, and the Crimea, Donetsk, Kherson, Luhansk, and Zaporizhzhia regions of Ukraine) (“Sanctioned Countries”), (iii) a
target or subject of Sanctions due to ownership or control by any of the persons in (i) through (iii) herein, (iv) otherwise
a target or subject of Sanctions (together with Persons defined in clauses (i) through (iii) herein, collectively,
a “Sanction Target”); or (v) a “Foreign Shell Bank” within the meaning of the USA Patriot Act, i.e.,
a foreign bank that does not have a physical presence in any country and that is not affiliated with a bank that has a physical presence
and an acceptable level of regulation and supervision. The Seller is and, to the knowledge of a Responsible Officer of the Seller, each
Affiliate, officer, employee or director, acting on behalf of the Seller is (and is taking no action which would result in any such Person
not being) in compliance with all applicable Sanctions.
ii. The
Seller and, to the knowledge of a Responsible Officer of the Seller, each Affiliate, officer, employee or director, acting on behalf
of the Seller is in compliance, in all material respects, with all applicable anti-money laundering laws and regulations, including without
limitation the USA Patriot Act (collectively, the “Anti-Money Laundering Laws”).
SECTION 4.2 Reaffirmation
of Representations and Warranties by the Seller; Notice of Breach. On the Effective Date and on each Purchase Date, the Seller, by
accepting the proceeds of such Conveyance, shall be deemed to have certified that all representations and warranties described in Section 4.1
are true and correct in all material respects (other than those representations or warranties that are already so qualified) on and
as of such day as though made on and as of such day (or, if specifically referring to an earlier date, as of such earlier date). The
representations and warranties set forth in Section 4.1 shall survive (i) the Conveyance of the Transferred Assets to
the Purchaser, (ii) the termination of the rights and obligations of the Purchaser and the Seller under this Agreement and (iii) the
termination of the rights and obligations of the Purchaser under the Loan Agreement. Upon discovery by a Responsible Officer of the Purchaser
or the Seller of a breach of any of the foregoing representations and warranties in any material respect, the party discovering such
breach shall give prompt written notice to the other and to the Facility Agent.
ARTICLE V
COVENANTS
OF THE SELLER
SECTION 5.1 Covenants
of the Seller. The Seller hereby covenants and agrees with the Purchaser that, from the date hereof, and until all amounts owed by
the Seller pursuant to this Agreement have been paid in full (other than as expressly survive the termination of this Agreement), unless
the Purchaser otherwise consents in writing:
(a) Compliance
with Agreements and Applicable Laws. The Seller shall perform each of its obligations under this Agreement and the other Transaction
Documents and comply in all material respects with all Applicable Laws, including those applicable to the Transferred Collateral Obligations
and all proceeds thereof.
(b) Maintenance
of Existence and Conduct of Business. The Seller shall: (i) do or cause to be done all things necessary to (A) preserve
and keep in full force and effect its existence as a corporation and its rights and franchises in its jurisdiction of incorporation and
(B) qualify and remain qualified as a foreign corporation in good standing and preserve its rights and franchises in each jurisdiction
in which the failure to so qualify and remain qualified and preserve its rights and franchises would reasonably be expected to have a
Material Adverse Effect; and (ii) at all times maintain, preserve and protect all of its applicable licenses, permits, charters
and registrations in each case except where the failure to maintain, preserve and protect such licenses, permits, charters and registrations
would not reasonably be expected to have a Material Adverse Effect.
(c) Cash
Management Systems: Deposit of Collections. To the extent any Collections are received directly by the Seller, the Seller shall transfer,
or cause to be transferred, all Collections to the Collection Account or Unfunded Exposure Account, as applicable, by the close of business
on the second Business Day following the date such Collections are received.
(d) Books
and Records. The Seller shall maintain and implement administrative and operating procedures (including, without limitation, an ability
to recreate records evidencing the Transferred Collateral Obligations in the event of the destruction of the originals thereof), and
keep and maintain all documents, books, records and other information reasonably necessary or advisable for the collection of all or
any portion of the Transferred Collateral Obligations.
(e) Accounting
of Purchases. Other than for tax and consolidated accounting purposes, the Seller will not account for or treat the transactions
contemplated hereby in any manner other than as a sale or contribution of the Transferred Assets by the Seller to the Purchaser; provided
that for federal income tax reporting purposes, the Purchaser is treated as a “disregarded entity” and, therefore, the
transfer of Transferred Assets by the Seller to the Purchaser hereunder will not be recognized.
(f) Payment,
Performance and Discharge of Obligations. The Seller shall pay, perform and discharge or cause to be paid, performed and discharged
promptly all Charges payable by it except, (i) to the extent that such Charges shall be contested in good faith and by appropriate
proceedings or (ii) where the failure to so pay, discharge or otherwise satisfy such obligation would not, individually or in the
aggregate, reasonably be expected to have a material adverse effect on (i) its ability to perform its obligations under the Transaction
Documents to which it is a party, (ii) its assets, operations, properties, financial condition, or business or (iii) the validity
or enforceability of this Agreement or any of the other Transaction Documents.
(g) Taxes.
The Seller will file or cause to be filed its tax returns and pay any and all taxes imposed on it or its property as required by the
Transaction Documents (other than any amount the validity of which is contested in good faith by appropriate proceedings and with respect
to which reserves in conformity with GAAP are provided on the books of the Seller).
(h) ERISA.
The Seller shall give the Facility Agent prompt written notice of any ERISA Event that, alone or together with all other ERISA Events
that have occurred, would reasonably be expected to have a Material Adverse Effect.
(i) Liens.
The Seller shall not create, incur, assume or permit to exist any Lien on or with respect to any of its rights under any of the Transaction
Documents or on or with respect to any of its rights in the Transferred Assets, in each case other than Permitted Liens. For the avoidance
of doubt, this Section 5.1(i) shall not apply to any property retained by the Seller and not Conveyed or purported to
be Conveyed hereunder.
(j) Change
of Name. Etc. Except as provided in Section 7.5(i) of the Loan Agreement, the Seller shall not change its name, identity
or corporate structure in any manner that would make any financing statement or continuation statement filed by the Seller (or by the
Facility Agent on behalf of the Seller) in accordance with Section 2.1(c) seriously misleading or change its jurisdiction
of organization, unless the Seller shall have given the Purchaser at least 10 Business Days prior written notice thereof, and shall promptly
file appropriate amendments to all previously filed financing statements and continuation statements.
(k) Sale
Characterization. The Seller shall not treat the transactions contemplated by this Agreement (other than for tax or accounting purposes)
in any manner other than as a true sale, contribution or absolute assignment of the title to and sole record and beneficial ownership
interest of the Transferred Collateral Obligations Conveyed or purported to be Conveyed hereunder; provided that the Seller may
consolidate the Purchaser and/or its properties and other assets for accounting purposes in accordance with GAAP.
(l) Commingling.
The Seller shall not, and shall not permit any of its Affiliates to, deposit or permit the deposit of any funds that do not constitute
Collections or other proceeds of any Collateral Obligations into the Collection Account.
(m) Separate
Identity. From and after the date of execution and delivery of this Agreement, the Seller will take all reasonable steps to maintain
the Purchaser’s identity as a legal entity that is separate from the Seller and each other Affiliate of the Seller and to make
it manifest to third parties that the Purchaser is an entity with assets and liabilities distinct from those of the Seller and each other
Affiliate thereof and not just a division of the Seller or any such other Affiliate. Without limiting the generality of the foregoing
and in addition to the other covenants set forth herein, the Seller will take all other actions necessary on its part to ensure that
the Purchaser is at all times in compliance with Section 10.5 of the Loan Agreement; provided that the Seller does not hereby
agree to maintain the solvency of the Purchaser.
(n) Reserved.
(o) Reserved.
(p) Non-Petition.
Notwithstanding any other provision of this Agreement, the Seller hereby agrees that it will not institute against the Purchaser, or
join any other Person in instituting against the Purchaser, any insolvency proceeding (namely, any proceeding of the type referred to
in the definition of Insolvency Event in the Loan Agreement) so long as any amounts due from the Purchaser hereunder shall be outstanding
or there shall not have elapsed one year plus one day since the last day on which any such amounts shall be outstanding. The foregoing
shall not limit such Person’s right to file any claim in or otherwise take any action with respect to any insolvency proceeding
that was instituted by any Person other than such Person. The provisions of this Section 5.1(p) are a material inducement
for the 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 5.1(p) and the parties hereto
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 laws, or any similar laws. The provisions of this paragraph shall survive the termination of this
Agreement.
ARTICLE VI
WARRANTY
LOANS
SECTION 6.1 Warranty
Collateral Obligations. The Seller agrees that, with respect to any Transferred Collateral Obligation, in the event that, as of the
related Cut-Off Date, a Collateral Obligation did not satisfy the definition of “Eligible Collateral Obligation” (each such
Collateral Obligation, a “Warranty Collateral Obligation”), no later than 30 days after the earlier of (x) knowledge
of such breach on the part of a Responsible Officer of the Seller and (y) receipt by a Responsible Officer of the Seller of written
notice thereof given by the Purchaser, the Facility Agent or any other Secured Party, the Seller shall either (a) pay to the Collection
Account in immediately available funds the Repurchase Amount with respect to the Warranty Collateral Obligation(s) to which such
breach relates or (b) substitute for such Warranty Collateral Obligation(s) one or more Eligible Collateral Obligations with
an aggregate Collateral Obligation Amount at least equal to the Repurchase Amount of the Warranty Collateral Obligation(s) being
replaced; provided, that no such repayment or substitution shall be required to be made with respect to any Warranty Collateral
Obligation (and such Collateral Obligation shall cease to be a Warranty Collateral Obligation) if, on or before the expiration of such
30 day period, the applicable representation or warranty shall be made true and correct or the eligibility criteria set forth in
the definition of “Eligible Collateral Obligation” in the Loan Agreement that was not satisfied as of the applicable Cut-Off
Date is satisfied; provided, further, that during the Revolving Period no such repurchase or substitution shall be required
to be made with respect to any Warranty Collateral Obligation if, after giving effect to the Warranty Collateral Obligation, no Borrowing
Base Deficiency exists. Upon payment of the Repurchase Amount pursuant to this Section 6.1, the Purchaser shall convey the
related Warranty Collateral Obligation to the Seller, without warranty except for the absence of liens imposed by the Purchaser, the
Collateral Agent or their respective designees.
SECTION 6.2 Dilutions,
Etc. The Seller agrees that if, on any day following the Revolving Period, the Principal Balance of a Transferred Collateral Obligation
that has been sold by the Seller hereunder is either reduced or adjusted as a result of any setoff by the Obligor against the Seller,
the Seller shall be deemed to have received on such day a Collection of such Transferred Collateral Obligation in the amount of such
setoff and shall, within two (2) Business Days, pay to the Collection Account in immediately available funds an amount equal to
such setoff.
ARTICLE VII
CONDITIONS
PRECEDENT
SECTION 7.1 Conditions
Precedent. The obligations of the Purchaser to pay the Purchase Price for the Transferred Assets sold on the Effective Date and any
Purchase Date shall be subject to the satisfaction of the following conditions:
(a) All
representations and warranties of the Seller contained in this Agreement shall be true and correct in all material respects (or if such
representation and warranty is already qualified by the words “material”, “materially” or “Material Adverse
Effect”, then such representation and warranty shall be true and correct in all respects) on such Purchase Date;
(b) Reserved;
(c) The
Seller shall have performed in all material respects all other obligations required to be performed by the provisions of this Agreement
and the other Transaction Documents to which it is a party;
(d) The
Seller shall have either filed or caused to be filed the financing statement(s) required to be filed pursuant to Section 2.1(d);
and
(e) All
corporate and legal proceedings, and all instruments in connection with the transactions contemplated by this Agreement and the other
Transaction Documents shall be reasonably satisfactory in form and substance to the Purchaser, and the Purchaser shall have received
from the Seller copies of all documents (including records of corporate proceedings) relevant to the transactions herein contemplated
as the Purchaser may reasonably have requested.
ARTICLE VIII
MISCELLANEOUS
PROVISIONS
SECTION 8.1 Amendments,
Etc. This Agreement and the rights and obligations of the parties hereunder may not be amended, supplemented, waived or otherwise
modified except in an instrument in writing signed by the Purchaser and the Seller and consented to in writing by the Facility Agent.
Any reconveyance executed in accordance with the provisions hereof shall not be considered an amendment or modification to this Agreement.
SECTION 8.2 Governing
Law: Submission to Jurisdiction.
(a) 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.
(b) Each
party hereto hereby irrevocably submits to the exclusive jurisdiction of any New York State or Federal court sitting in New York City,
and any appellate court from any thereof in any action or proceeding arising out of or relating to the Transaction Documents, and each
party hereto hereby irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined in such New
York State court or, to the extent permitted by law, in such Federal court. The parties hereto hereby irrevocably waive, to the fullest
extent they may effectively do so, the defense of an inconvenient forum to the maintenance of such action or proceeding. The parties
hereto agree that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by
suit on the judgment or in any other manner provided by law.
SECTION 8.3 Notices.
All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing (including facsimile
communication) and shall be personally delivered or sent by certified mail, electronic mail, postage prepaid, or by facsimile, to the
intended party at the address or facsimile number of such party set forth below:
| (a) | in
the case of the Purchaser: |
| | |
GDLC Funding II, LLC
c/x Xxxxx Capital Direct Lending Corporation
000 Xxxx Xxxxxx, 00xx Xxxxx
Xxx Xxxx, XX 00000
Attention: Xxxxx Xxxxx
| (b) | in the case of the Seller: |
| | |
Xxxxx Capital Direct Lending Corporation
000 Xxxx Xxxxxx, 00xx Xxxxx
Xxx Xxxx, XX 00000
Attention: Xxxxx Xxxxx
(in each case, with a copy
to the Facility Agent at the address for notice provided under the Loan Agreement)
All such notices and communications shall be
effective, (a) if personally delivered, when received, (b) if sent by certified mail, three Business Days after having been
deposited in the mail, postage prepaid, (c) if sent by two-day mail, two Business Days after having been deposited in the mail,
postage prepaid, (d) if sent by overnight courier, one Business Day after having been given to such courier, (e) if transmitted
by facsimile, when sent, receipt confirmed by telephone or electronic means and (f) if transmitted by e-mail, when electronic communication
of receipt is obtained.
SECTION 8.4 Severability
of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall for any reason whatsoever
be held invalid, then such covenants, agreements, provisions, or terms shall be deemed severable from the remaining covenants, agreements,
provisions, or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement.
SECTION 8.5 Assignment.
The Purchaser and the Seller each agree that from time to time, the Purchaser shall file such financing statements and cause to be filed
such continuation statements, all in such manner and in such places as may be required by Applicable Law fully to preserve, maintain
and protect the interest of the Collateral Agent in favor of the Secured Parties under this Agreement in the Collateral and in the proceeds
thereof. The Purchaser shall deliver (or cause to be delivered) to the Collateral Agent file stamped copies of, or filing receipts for,
any document filed as provided above, as soon as available following such filing. In the event that the Purchaser fails to perform its
obligations under this subsection, the Collateral Agent or the Facility Agent may (but shall have no obligation to) do so, in each case
at the expense of the Purchaser, however neither the Collateral Agent nor the Facility Agent shall have any liability in connection therewith.
SECTION 8.6 Further
Assurances.
(a) The
Purchaser and the Seller agree to do and perform, from time to time, any and all acts and to execute any and all further instruments
reasonably requested by the other party more fully to effect the purposes of this Agreement and the other Transaction Documents, including
the execution of any financing statements or continuation statements or equivalent documents relating to the Transferred Collateral Obligations
for filing under the provisions of the UCC or other laws of any applicable jurisdiction.
(b) The
Purchaser and the Seller hereby severally authorize the Collateral Agent, upon receipt of written direction from the Facility Agent,
to file one or more financing or continuation statements, and amendments thereto, relating to all or any part of the Transferred Assets.
(c) The
Seller will cooperate fully with all reasonable requests of the Purchaser and its assigns regarding the provision of any information
or documents, to the extent reasonably obtainable by the Seller, including the provision of such information or documents in electronic
or machine–readable format, to allow each of the Purchaser and its assignees to carry out their responsibilities under the Transaction
Documents, in each case, solely to the extent the Purchaser is required to deliver such information or documents under the Loan Agreement,
subject to the limitations set forth therein (including, for the avoidance of doubt, such limitations set forth in Sections 7.9 and 17.14
of the Loan Agreement).
SECTION 8.7 No
Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of the Purchaser, the Seller or the Facility
Agent, any right, remedy, power or privilege hereunder, shall operate as a waiver thereof; nor shall any single or partial exercise of
any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy,
power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exhaustive of any rights, remedies,
powers and privilege provided by law.
SECTION 8.8 Counterparts.
This Agreement may be executed in two or more counterparts including telecopy or e-mail transmission thereof (and by different parties
on separate counterparts), each of which shall be an original, but all of which together shall constitute one and the same instrument.
SECTION 8.9 Binding
Effect; Third-Party Beneficiaries. This Agreement and the other Transaction Documents will inure to the benefit of and be binding
upon the parties hereto and their respective successors and permitted assigns. The Collateral Agent, for the benefit of the Secured Parties,
is intended by the parties hereto to be a third-party beneficiary of this Agreement.
SECTION 8.10 Merger
and Integration. Except as specifically stated otherwise herein, this Agreement and the other Transaction Documents set forth the
entire understanding of the parties relating to the subject matter hereof, and all prior understandings, written or oral, are superseded
by this Agreement and the other Transaction Documents.
SECTION 8.11 Headings.
The headings herein are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision
hereof.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
IN WITNESS WHEREOF, the Purchaser
and the Seller each have caused this Sale and Contribution Agreement to be duly executed by their respective officers as of the day and
year first above written.
|
XXXXX CAPITAL DIRECT LENDING CORPORATION,
as Seller |
|
|
|
|
By: |
/s/ Xxxxxxxxxxx
Xxxxxxx |
|
Name: |
Xxxxxxxxxxx Xxxxxxx |
|
Title: |
Chief Financial Officer |
[Signature Page to Sale and Contribution
Agreement]
|
GDLC FUNDING II LLC, as Purchaser |
|
|
|
|
By: |
Xxxxx Capital Direct Lending Corporation,as designated manager |
|
|
|
|
By: |
/s/ Xxxxxxxxxxx
Xxxxxxx |
|
Name: |
Xxxxxxxxxxx Xxxxxxx |
|
Title: |
Chief Financial Officer |
[Signature Page to Sale and Contribution
Agreement]
Schedule A
SCHEDULE OF COLLATERAL OBLIGATIONS
[ATTACHED]
Schedule B
FORM OF PURCHASE NOTICE
| To: | Deutsche Bank AG, New York Branch
Xxx Xxxxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Asset Finance Department
Email: xxxx.xxxxx@xx.xxx; xxxxxxx.xxxxxxxxx@xx.xxx; xxxxx.xxxxx-xxxxxx@xx.xxx; xxxxxxx.xxxxxxx@xx.xxx;
and xxxx.xxxxxxxx@xx.xxx |
| Re: | Purchase Notice for Conveyance
Date of ______________, 20__ |
Ladies and Gentlemen:
This
Purchase Notice is delivered to you pursuant to Section 2.1(b) of the Sale and Contribution Agreement, dated as of May 14,
2024 (together with all amendments, if any, from time to time made thereto, the “Sale Agreement”), between GDLC FUNDING
II LLC, as purchaser (the “Purchaser”), and Xxxxx Capital Direct Lending Corporation,
as seller. Unless otherwise defined herein or the context otherwise requires, capitalized terms used herein have the meanings provided
in the Sale Agreement.
In accordance with Section 2.1(b) of
the Sale Agreement, the Seller hereby offers to Convey to the Purchaser on the above-referenced Purchase Date pursuant to the terms and
conditions of the Sale Agreement the Collateral Obligations listed on Schedule I hereto, together with the Related Security and all proceeds
of the foregoing.
Please wire the cash portion
of the Purchase Price to the Seller pursuant to the wiring instructions included at the end of this letter.
The Seller represents that
the conditions described in Section 7.1 of the Sale Agreement have been satisfied with respect to such Conveyance.
The Seller agrees that if prior
to the Purchase Date any matter certified to herein by it will not be true and correct in any material respect (other than those certifications
that are already so qualified) at such time as if then made, it will immediately so notify the Purchaser. Except to the extent, if any,
that prior to the Purchase Date the Purchaser shall receive written notice to the contrary from the Seller, each matter certified to
herein shall be deemed once again to be certified as true and correct in all material respects (other than those certifications that
are already so qualified) at the Purchase Date as if then made.
The Seller has caused this Purchase Notice to be
executed and delivered, and the certification and warranties contained herein to be made, by its duly authorized officer this ___ day
of ________, 20__.
|
Very
truly yours, |
|
|
|
|
XXXXX
CAPITAL DIRECT LENDING CORPORATION |
|
|
|
|
By: |
|
|
Name: |
|
|
Title: |
|
Wire Instructions
Bank: ABA:
Account Name:
Account Number:
For further credit to account:
Schedule of Collateral Obligations