AMENDMENT NO. 7, CONSENT AND WAIVER
THIS AMENDMENT NO. 7, CONSENT AND WAIVER (this Amendment and Consent) dated as of November 2, 2020, is entered into among GLADSTONE BUSINESS LOAN, LLC, as Borrower (the Borrower), GLADSTONE MANAGEMENT CORPORATION, as Servicer (the Servicer), KEYBANK NATIONAL ASSOCIATION (KeyBank), ING CAPITAL LLC, FIRST NATIONAL BANK OF PENNSYLVANIA (as successor in interest to Newbridge Bank), CHEMICAL BANK (as successor in interest to Talmer Bank and Trust) and STERLING BANK, as Lenders (collectively, the Lenders) and as Managing Agents (in such capacity, collectively the Managing Agents) and KeyBank, as Administrative Agent (in such capacity, the Administrative Agent). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed thereto in the Credit Agreement referred to below.
WHEREAS, the Borrower, the Lenders, the Managing Agents and the Administrative Agent are party to that certain Fifth Amended and Restated Credit Agreement dated as of May 1, 2015 by and among the Borrower, the Servicer, the Lenders, the Managing Agents and the Administrative Agent (as amended, modified, supplemented or otherwise modified prior to the date hereof, the Credit Agreement).
WHEREAS, the Borrower has requested that the Lenders and the Administrative Agent consent to certain amendments (the Relevant Amendments) to the Loans identified on Schedule A hereto (the Modified Loans), as set forth herein subject to the terms and conditions set forth herein
WHEREAS, the Borrower, the Lenders, the Managing Agents and Administrative Agent, have agreed (i) to waive certain Early Termination Events arising under the Credit Agreement and (ii) to amend certain provisions of the Credit Agreement, in each case as set forth herein subject to the terms and conditions set forth herein.
NOW, THEREFORE, in consideration of the premises set forth above, and other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:
SECTION 1. Consent to Relevant Amendments; Eligibility of Modified Loans.
(a) Consent to Relevant Amendments. Upon satisfaction of the conditions precedent set forth in Section 5 hereof, the Lenders and the Administrative Agent consent to the Relevant Amendments; provided that such consent shall not cause such Modified Loans to be Eligible Loans except as provided for in clause (b) below.
(b) Eligibility of Modified Loans.
(i) The Modified Loans identified on Part I of Schedule A hereto shall be deemed to be Eligible Loans immediately upon satisfaction of the conditions precedent set forth in Section 5 hereof.