0000817473-15-000024.txt : 20150511 0000817473-15-000024.hdr.sgml : 20150511 20150511171616 ACCESSION NUMBER: 0000817473-15-000024 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 8 CONFORMED PERIOD OF REPORT: 20150331 FILED AS OF DATE: 20150511 DATE AS OF CHANGE: 20150511 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN CAPITAL, LTD CENTRAL INDEX KEY: 0000817473 IRS NUMBER: 521451377 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 814-00149 FILM NUMBER: 15851813 BUSINESS ADDRESS: STREET 1: 2 BETHESDA METRO CENTER STREET 2: 14TH FL CITY: BETHESDA STATE: MD ZIP: 20814 BUSINESS PHONE: 301-951-6122 MAIL ADDRESS: STREET 1: 2 BETHESDA METRO CENTER STREET 2: 14TH FL CITY: BETHESDA STATE: MD ZIP: 20814 FORMER COMPANY: FORMER CONFORMED NAME: AMERICAN CAPITAL STRATEGIES LTD DATE OF NAME CHANGE: 19970623 10-Q 1 acas10q33115.htm FORM 10-Q ACAS 10Q 3.31.15
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
(Mark One)
 
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended March 31, 2015
 
OR
 
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
 
Commission file number 814-00149
 
 
AMERICAN CAPITAL, LTD.
(Exact name of registrant as specified in its charter)

Delaware
 
52-1451377
(State or Other Jurisdiction of
Incorporation or Organization)
 
(I.R.S. Employer
Identification No.)
 

2 Bethesda Metro Center
14th Floor
Bethesda, Maryland 20814
(Address of principal executive offices)
(301) 951-6122
(Registrant’s telephone number, including area code)



Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  x    No  o
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).   Yes  o    No  o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer  x
 
 
  
Accelerated filer  o
Non-accelerated filer  o
 
(Do not check if a smaller reporting company)
  
Smaller Reporting Company  o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  o    No.  x
 
The number of shares of the issuer’s common stock, $0.01 par value legally outstanding as of April 27, 2015, was 274,987,062.
________________________________________________________________________________________________________________________




2

PART I. FINANCIAL INFORMATION
 
ITEM 1.
Financial Statements

AMERICAN CAPITAL, LTD.
CONSOLIDATED BALANCE SHEETS
(in millions, except per share amounts)
 
 
March 31,
 
December 31,
 
2015
 
2014
 
(unaudited)
 
 
Assets
 
 
 
Investments at fair value
 
 
 
Non-Control/Non-Affiliate investments (cost of $4,466 and $3,846, respectively)
$
4,167

 
$
3,472

Affiliate investments (cost of $26 and $29, respectively)
31

 
26

Control investments (cost of $2,432 and $2,542, respectively)
2,837

 
2,782

Total investments at fair value (cost of $6,924 and $6,417, respectively)
7,035

 
6,280

Cash and cash equivalents
469

 
676

Restricted cash and cash equivalents
81

 
167

Interest and dividend receivable
40

 
46

Deferred tax asset, net
276

 
354

Other
133

 
117

Total assets
$
8,034

 
$
7,640

Liabilities and Shareholders’ Equity
 
 
 
Debt ($5 and $5 due within one year, respectively)
$
2,002

 
$
1,703

Trade date settlement liability
385

 
191

Long term incentive plan liability
30

 
82

Other
191

 
192

Total liabilities
2,608

 
2,168

Commitments and contingencies (Note 12)
 
 
 
Shareholders’ equity:
 
 
 
Undesignated preferred stock, $0.01 par value, 5.0 shares authorized, 0 issued and outstanding
—

 
—

Common stock, $0.01 par value, 1,000.0 shares authorized, 273.9 and 271.1 issued and 269.7 and 266.9 outstanding, respectively
3

 
3

Capital in excess of par value
6,281

 
6,246

Cumulative translation adjustment, net of tax
(134
)
 
(38
)
Distributions in excess of net realized earnings
(668
)
 
(505
)
Net unrealized depreciation of investments
(56
)
 
(234
)
Total shareholders’ equity
5,426

 
5,472

Total liabilities and shareholders’ equity
$
8,034

 
$
7,640

Net Asset Value Per Common Share Outstanding
$
20.12

 
$
20.50

 
See accompanying notes.

3

AMERICAN CAPITAL, LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in millions, except per share data)
 
Three Months Ended March 31,
 
2015
 
2014
Operating Revenue
 
 
 
Interest and dividend income
 
 
 
Non-Control/Non-Affiliate investments
$
78

 
$
13

Control investments
60

 
58

Total interest and dividend income
138

 
71

Fee income
 
 
 
Non-Control/Non-Affiliate investments
2

 
1

Control investments
14

 
12

Total fee income
16

 
13

Total operating revenue
154

 
84

Operating Expenses
 
 
 
Interest
17

 
12

Salaries, benefits and stock-based compensation
40

 
42

European Capital management fees
4

 
—

General and administrative
15

 
14

Total operating expenses
76

 
68

Net Operating Income Before Income Taxes
78

 
16

Tax provision
(28
)
 
(11
)
Net Operating Income
50

 
5

Net realized gain (loss)
 
 
 
Non-Control/Non-Affiliate investments
(8
)
 
2

Affiliate investments
—

 
19

Control investments
(198
)
 
—

Foreign currency transactions
(2
)
 
2

Derivative agreements and other
(48
)
 
1

Tax benefit (provision)
43

 
(3
)
Total net realized (loss) gain
(213
)
 
21

Net unrealized appreciation (depreciation)
 
 
 
Portfolio company investments
229

 
35

Foreign currency translation
19

 
(4
)
Derivative agreements and other
6

 
1

Tax (provision) benefit
(76
)
 
12

Total net unrealized appreciation
178

 
44

Total net (loss) gain
(35
)
 
65

Net Increase in Net Assets Resulting from Operations (“Net Earnings”)
$
15

 
$
70

 
 
 
 
Net Operating Income Per Common Share
 
 
 
Basic
$
0.18

 
$
0.02

Diluted
$
0.18

 
$
0.02

Net Earnings Per Common Share
 
 
 
Basic
$
0.06

 
$
0.26

Diluted
$
0.05

 
$
0.25

Weighted Average Shares of Common Stock Outstanding
 
 
 
Basic
271.1

 
270.7

Diluted
282.9

 
283.4

See accompanying notes.

4

AMERICAN CAPITAL, LTD.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited)
(in millions, except per share data)
 
Three Months Ended March 31,
 
2015
 
2014
 
 
 
 
Net earnings
$
15

 
$
70

Other comprehensive loss:
 
 
 
Cumulative translation adjustment, net of tax of ($21)
(96
)
 
—

Comprehensive (loss) income
$
(81
)
 
$
70


See accompanying notes.


5

AMERICAN CAPITAL, LTD.
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(unaudited)
(in millions, except per share data)
 
 
Three Months Ended March 31,
 
2015
 
2014
Operations
 
 
 
Net operating income
$
50

 
$
5

Net realized (loss) gain, net of tax
(213
)
 
21

Net unrealized appreciation, net of tax
178

 
44

Net earnings
15

 
70

Capital Share Transactions
 
 
 
Proceeds from issuance of common stock upon exercise of stock options
17

 
13

Repurchase of common stock
—

 
(137
)
Stock-based compensation
13

 
1

Cumulative translation adjustment, net of tax
(96
)
 
—

Other
5

 
5

Net decrease in net assets resulting from capital share transactions
(61
)
 
(118
)
Total decrease in net assets
(46
)
 
(48
)
Net assets at beginning of period
5,472

 
5,126

Net assets at end of period
$
5,426

 
$
5,078

 
 
 
 
Net asset value per common share outstanding
$
20.12

 
$
19.29

Common shares outstanding at end of period
269.7

 
263.3

 
See accompanying notes.

6

AMERICAN CAPITAL, LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in millions)
 
Three Months Ended March 31,
 
2015
 
2014
Operating Activities
 
 
 
Net earnings
$
15

 
$
70

Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:
 
 
 
Net unrealized appreciation of investments
(254
)
 
(32
)
Net realized loss (gain) on investments
256

 
(24
)
Effects on exchange rate changes on assets and liabilities denominated in foreign currencies
3

 
—

Accrued PIK interest and dividends on investments
(25
)
 
(5
)
Stock-based compensation
7

 
10

Decrease in interest and dividend receivable
5

 
5

Decrease in deferred tax asset, net
62

 
—

(Increase) decrease in other assets
(6
)
 
8

Decrease in other liabilities
(27
)
 
(21
)
Payment of Long Term Incentive Plan Liability
(46
)
 
—

Other
(2
)
 
(3
)
Net cash (used in) provided by operating activities
(12
)
 
8

Investing Activities
 
 
 
Purchases and originations of investments
(807
)
 
(143
)
Repayments from (fundings on) portfolio company revolving credit facility investments, net
2

 
(3
)
Principal repayments on debt investments
61

 
35

Proceeds from loan syndications and loan sales
54

 
20

Payment of accrued PIK notes and dividend and accreted original issue discounts
17

 
63

Proceeds from equity investments
93

 
324

Increase (decrease) in cash collateral on total return swaps
95

 
(35
)
Other
(3
)
 
(1
)
Net cash (used in) provided by investing activities
(488
)
 
260

Financing Activities
 
 
 
Proceeds from revolving credit facilities, net
304

 
—

Increase in debt service escrows
(11
)
 
—

Proceeds from issuance of common stock upon exercise of stock options
17

 
13

Repurchase of common stock
—

 
(137
)
Other
2

 
9

Net cash provided by (used in) financing activities
312

 
(115
)
Effect of currency rate changes on cash and cash equivalents
(19
)
 
—

Net (decrease) increase in cash and cash equivalents
(188
)
 
153

Cash and cash equivalents at beginning of period
676

 
315

Cash and cash equivalents at end of period
$
469

 
$
468

 
See accompanying notes.

7

AMERICAN CAPITAL, LTD.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(unaudited)
(in millions, except per share data)
 
 
Three Months Ended March 31,
 
2015
 
2014
Per Share Data
 
 
 
Net asset value at beginning of the period
$
20.50

 
$
18.97

Net operating income(1)
0.18

 
0.02

Net realized (loss) gain, net of tax(1)
(0.78
)
 
0.08

Net unrealized appreciation, net of tax(1)
0.66

 
0.16

Net earnings(1)
0.06

 
0.26

Issuance of common stock from stock compensation plans
(0.15
)
 
(0.09
)
Repurchase of common stock
—

 
0.13

Cumulative translation adjustment, net of tax
(0.36
)
 
—

Other, net(2)
0.07

 
0.02

Net asset value at end of period
$
20.12

 
$
19.29

Ratio/Supplemental Data
 
 
 
Per share market value at end of period
$
14.79

 
$
15.80

Total investment return(3)
1.23
%
 
0.99
%
Shares of common stock outstanding at end of period
269.7

 
263.3

Net assets at end of period
$
5,426

 
$
5,078

Average net assets(4)
$
5,449

 
$
5,102

Average debt outstanding(5)
$
1,845

 
$
800

Average debt outstanding per common share(1)
$
6.81

 
$
2.96

Portfolio turnover rate(6)
14.60
%
 
12.40
%
Ratio of operating expenses to average net assets(6)
5.66
%
 
5.41
%
Ratio of operating expenses, net of interest expense, to average net assets(6)
4.39
%
 
4.45
%
Ratio of interest expense to average net assets(6)
1.27
%
 
0.95
%
Ratio of net operating income to average net assets(6)
3.72
%
 
0.40
%
 
(1)
Weighted average basic per share data.
(2)
Represents the impact of (i) the other components in the changes in net assets, including other capital transactions such as the purchase of common stock held in deferred compensation trusts, stock-based compensation, income tax deductions related to the exercise of stock options and distribution of stock awards in excess of U.S. GAAP expense credited to additional paid-in capital and (ii) the different share amounts used in calculating per share data as a result of calculating certain per share data based upon the weighted average basic shares outstanding during the period and certain per share data based on the shares outstanding as of a period end.
(3)
Total investment return is based on the change in the market value of our common stock taking into account dividends, if any, reinvested in accordance with the terms of our dividend reinvestment plan. The total investment return has not been annualized.
(4)
Based on the quarterly average of net assets as of the beginning and end of each period presented.
(5)
Based on a daily weighted average balance of debt outstanding, excluding discounts, during the period.
(6)
Ratios are annualized.



See accompanying notes.

8

AMERICAN CAPITAL, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2015
(unaudited)
(in millions, except share data)
Company(1)
 
Industry
 
Investments
Cash
Interest
Rate(2)
PIK
Interest
Rate(2)
Maturity
Date(2)
# of
Shares/
Units
Owned
 
Principal
 
Cost
 
Fair
Value
AMERICAN CAPITAL NON-CONTROL / NON-AFFILIATE INVESTMENTS
 
 
 
 
 
 
 
2 TransAm LLC(7)
 
Real Estate
 
First Lien Senior Debt(6)
5.4
%
N/A

1/18
 
 
$
5.6

 
$
5.6

 
$
5.6

Aderant North America, Inc.
 
Software
 
Second Lien Senior Debt(6)
10.0
%
N/A

6/19
 
 
27.6

 
27.5

 
27.9

American Acquisition, LLC(7)
 
Capital Markets
 
First Lien Senior Debt(6)
19.4
%
N/A

6/15
 
 
2.4

 
2.4

 
2.4

AmWINS Group, LLC
 
Insurance
 
Second Lien Senior Debt
9.5
%
N/A

9/20
 
 
46.0

 
44.9

 
46.1

Bensussen Deutsch & Associates, LLC
 
Distributors
 
Second Lien Senior Debt(6)
12.0
%
2.0
%
 9/19
 
 
45.5

 
43.2

 
45.5

 
 
 
Common Stock
 
 
 
1,224,089

 
 
 
2.6

 
7.9

 
 
 
 
 
 
 
 
 
 
 
45.8

 
53.4

BeyondTrust Software, Inc.
 
Software
 
First Lien Senior Debt(6)
8.0
%
N/A

 9/19
 
 
32.1

 
32.1

 
32.2

Blue Wolf Capital Fund II, L.P.(7)
 
Capital Markets
 
Limited Partnership Interest(4)
 
 
 
 
 
 
 
8.8

 
8.3

BRG Sports, Inc.
 
Leisure Products
 
Redeemable Preferred Stock(4)
 
 
 
1,171

 
 
 
1.2

 
1.7

 
 
 
 
Common Units(4)
 
 
 
3,830,068

 
 
 
0.7

 
—

 
 
 
 
 
 
 
 
 
 
 
 
1.9

 
1.7

CAMP International Holding Company
 
Transportation Infrastructure
 
Second Lien Senior Debt(6)
8.3
%
N/A

 11/19
 
 
15.0

 
15.0

 
15.0

CGSC of Delaware Holdings Corporation(7)
 
Insurance
 
Second Lien Senior Debt(6)
8.3
%
N/A

 10/20
 
 
2.0

 
2.0

 
1.8

Convergint Technologies, LLC
 
Commercial Services & Supplies
 
Second Lien Senior Debt(6)
9.0
%
N/A

12/17-12/20
 
 
94.0

 
94.0

 
94.0

CPI Buyer, LLC
 
Trading Companies & Distributors
 
Second Lien Senior Debt(6)
8.5
%
N/A

 8/22
 
 
25.0

 
24.7

 
24.8

Datapipe, Inc.
 
IT Services
 
Second Lien Senior Debt(6)
8.5
%
N/A

 9/19
 
 
29.5

 
29.1

 
28.4

Delsey Holding S.A.S.(7)
 
Textiles, Apparel & Luxury Goods
 
First Lien Senior Debt(6)
6.5
%
3.2
%
 12/16
 
 
15.4

 
15.4

 
13.0

 
 
 
Mezzanine Debt(6)
N/A

11.0
%
 12/22
 
 
2.1

 
2.1

 
1.2

 
 
 
 
 
 
 
 
 
 
 
 
17.5

 
14.2

Electronic Warfare Associates, Inc.
 
IT Services
 
First Lien Senior Debt(6)
12.0
%
3.0%

 2/19
 
 
21.6

 
20.8

 
20.8

 
 
 
Common Stock Warrants
 
 
 
863,887

 
 
 
0.8

 
0.8

 
 
 
 
 
 
 
 
 
 
 
 
21.6

 
21.6

Exchange South Owner, LLC(7)
 
Real Estate
 
First Lien Senior Debt(6)
7.7
%
N/A

 1/19
 
 
6.9

 
6.9

 
6.9

Flexera Software LLC
 
Software
 
Second Lien Senior Debt(6)
8.0
%
N/A

 4/21
 
 
5.0

 
5.0

 
4.9

Foamex Innovations, Inc.
 
Household Durables
 
Common Stock(4)
 
 
 
2,708

 
 
 
—

 
0.6

 
 
 
 
Common Stock Warrants(4)(6)
 
 
 
7,067

 
 
 
—

 
0.2

 
 
 
 
 
 
 
 
 
 
 
 
—

 
0.8

Inmar, Inc.
 
Commercial Services & Supplies
 
Second Lien Senior Debt(6)
8.0
%
N/A

 1/22
 
 
20.0

 
19.8

 
19.7

Iotum Global Holdings, Inc.(7)
 
Diversified Telecommunication Services
 
First Lien Senior Debt(6)
N/A

10.0
%
 5/17
 
 
2.2

 
2.2

 
2.2

iParadigms, LLC
 
Internet Software & Services
 
Second Lien Senior Debt(6)
8.3
%
N/A

 7/22
 
 
27.0

 
26.8

 
26.6

Jazz Acquisition, Inc.
 
Aerospace & Defense
 
Second Lien Senior Debt(6)
7.8
%
N/A

 6/22
 
 
25.0

 
24.9

 
24.5

Landslide Holdings, Inc.
 
Software
 
Second Lien Senior Debt(6)
8.3
%
N/A

 2/21
 
 
9.0

 
9.0

 
8.7

LTG Acquisition, Inc.
 
Communications Equipment
 
Second Lien Senior Debt(6)
9.0
%
N/A

 10/20
 
 
46.0

 
46.0

 
44.8

 
 
 
Common Stock(4)(6)
 
 
 
5,000

 
 
 
5.0

 
6.7

 
 
 
 
 
 
 
 
 
 
 
 
51.0

 
51.5

Mitchell International, Inc.
 
Software
 
Second Lien Senior Debt(6)
8.5
%
N/A

 10/21
 

 
7.0

 
6.9

 
7.0

M-IV Lake Center LLC(7)
 
Real Estate
 
First Lien Senior Debt(6)
5.4
%
N/A

 12/17
 
 
7.0

 
7.0

 
7.0

OnCourse Learning Corporation
 
Diversified Consumer Services
 
First Lien Senior Debt(6)
8.5
%
N/A

 2/19
 
 
20.0

 
19.8

 
19.8

Parkeon S.A.S.(7)
 
Electronic Equipment, Instruments & Components
 
First Lien Senior Debt(6)
2.3
%
N/A

 12/17
 
 
4.3

 
4.0

 
3.4

 
Redeemable Preferred Stock(4)(6)
 
 
 
5,234,743

 
 
 
0.5

 
1.6

 
 
 
 
 
 
 
 
 
4.5

 
5.0

Parts Holding Coörperatief U.A(7)
 
Distributors
 
Membership Entitlements(4)
 
 
 
173,060

 
 
 
6.4

 
1.5

Qualium I(7)
 
Capital Markets
 
Common Stock(4)
 
 
 
247,939

 
 
 
6.9

 
6.5

Ranpak Corp.
 
Containers & Packaging
 
Second Lien Senior Debt(6)
8.3
%
N/A

 10/22
 
 
25.0

 
25.0

 
25.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

9

AMERICAN CAPITAL, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
March 31, 2015
(unaudited)
(in millions, except share data)
Company(1)
 
Industry
 
Investments
Cash
Interest
Rate(2)
PIK
Interest
Rate(2)
Maturity
Date(2)
# of
Shares/
Units
Owned
 
Principal
 
Cost
 
Fair
Value
Roark - Money Mailer, LLC
 
Media
 
Common Membership Units(4)
 
 
 
3.5
%
 
 
 
—

 
0.8

Sage Products Holdings III, LLC
 
Health Care Equipment & Supplies
 
Second Lien Senior Debt(6)
9.3
%
N/A

 6/20
 
 
22.8

 
22.9

 
23.0

Sparta Systems, Inc.
 
IT Services
 
First Lien Senior Debt(6)
7.5
%
N/A

 7/20
 
 
24.9

 
24.6

 
24.7

 
 
 
 
Convertible Preferred Stock(6)
 
 
 
743

 
 
 
0.8

 
0.8

 
 
 
 
 
 
 
 
 
 
 
 
25.4

 
25.5

Systems Maintenance Services Holding, Inc.
 
IT Services
 
Second Lien Senior Debt(6)
9.3
%
N/A

 10/20
 
 
28.0

 
27.8

 
27.8

Teasdale Foods, Inc.
 
Food & Staples Retailing
 
Second Lien Senior Debt(6)
8.8
%
N/A

 10/21
 
 
31.5

 
31.5

 
31.5

Tectum Holdings, Inc.
 
Auto Components
 
Second Lien Senior Debt(6)
9.8
%
N/A

 1/21
 
 
41.5

 
40.9

 
40.9

 
 
 
 
Convertible Preferred Stock(4)(6)
 
 
 
25,000

 
 
 
2.5

 
2.5

 
 
 
 
 
 
 
 
 
 
 
 
43.4

 
43.4

Tyche Holdings, LLC
 
IT Services
 
Second Lien Senior Debt(6)
9.0
%
N/A

 11/22
 
 
27.0

 
26.9

 
27.1

Tyden Cayman Holdings Corp.(7)
 
Electronic Equipment, Instruments & Components
 
Convertible Preferred Stock(4)(6)
 

 
 
26,977

 
 
 
0.1

 
0.1

 
 
Common Stock(4)(6)
 

 
 
3,218,667

 
 
 
3.8

 
2.3

 
 
 
 
 
 
 
 
 
 
 
3.9

 
2.4

W3 Co.
 
Health Care Equipment & Supplies
 
Second Lien Senior Debt(6)
9.3
%
N/A

 9/20
 
 
17.0

 
16.8

 
14.2

WP CPP Holdings, LLC
 
Aerospace & Defense
 
Second Lien Senior Debt(6)
8.8
%
N/A

 4/21
 
 
40.0

 
39.8

 
39.8

WRH, Inc.(8)
 
Life Sciences Tools & Services
 
Mezzanine Debt(6)
9.3
%
5.9
%
 8/18
 
 
97.0

 
96.9

 
92.4

 
 
 
Convertible Preferred Stock(4)(6)
 
 
 
2,008,575

 
 
 
200.8

 
135.3

 
 
 
 
Common Stock(4)(6)
 
 
 
502,144

 
 
 
49.9

 
—

 
 
 
 
 
 

 
 
 
 
 
 
347.6

 
227.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EUROPEAN CAPITAL NON-CONTROL / NON-AFFILIATE INVESTMENTS
 
 
 
 
 
 
 
Delsey Holding S.A.S.(7)
 
Textiles, Apparel & Luxury Goods
 
First Lien Senior Debt
6.5%

3.3
%
12/16
 
 
80.5

 
80.5

 
78.9

 
 
 
Mezzanine Debt
N/A

11.0
%
12/22
 
 
11.2

 
11.2

 
7.2

 
 
 
 
 
 
 
 
 
 
 
 
91.7

 
86.1

Financière Newglass S.A.S.(7)
 
Building Products
 
Convertible Preferred Stock
 
 
 
15,000,000

 
 
 
16.3

 
12.0

Financière OFIC S.A.S.(7)
 
Building Products
 
Warrants(4)
 
 
 
1,574,600

 
 
 
—

 
2.5

Financière Poult S.A.S.(7)
 
Food Products
 
Mezzanine Debt
5.3%

5.3
%
6/22
 
 
14.7

 
14.7

 
14.4

Financière Riskeco S.A.S.(7)
 
Diversified Consumer Services
 
First Lien Senior Debt
7.0%

2.0
%
7/21
 
 
12.7

 
12.7

 
12.3

The Flexitallic Group S.A.S.(7)
 
Energy Equipment & Services
 
First Lien Senior Debt
5.4%

4.5
%
7/20
 
 
25.5

 
25.5

 
25.2

Groupe INSEEC(7)
 
Diversified Consumer Services
 
First Lien Senior Debt
6.5%

3.0
%
12/20
 
 
42.3

 
42.3

 
41.3

Hilding Anders AB(7)
 
Household Durables
 
Mezzanine Debt(5)
N/A

12.0
%
12/19
 
 
33.3

 
15.9

 
—

Legendre Holding 31 S.A.(7)
 
Leisure Products
 
First Lien Senior Debt
7.2%

N/A

1/21
 
 
50.3

 
50.3

 
48.0

 
 
 
Common Stock(4)
 
 
 
51,975,983

 
 
 
5.6

 
5.6

 
 
 
 
 
 
 
 
 
 
 
 
55.9

 
53.6

Modacin France S.A.S.(7)
 
Specialty Retail
 
Mezzanine Debt(5)
—
%
4.3
%
11/19
 
 
20.9

 
11.2

 
1.4

MP Equity S.A.S.(7)
 
Food Products
 
Redeemable Preferred Stock(4)
 
 
 
 
 
2.3

 
2.3

 
—

Parts Holding Coörperatief U.A.(7)
 
Distributors
 
Common Stock(4)
 
 
 
568,624

 
 
 
—

 
4.9

Skrubbe Vermogensverwaltungsgesellschaft mbH(7)
 
Hotels, Restaurants & Leisure
 
First Lien Senior Debt
4.5%

3.0
%
7/20
 
 
11.5

 
11.5

 
11.3

Sofa.com Bidco Limited
 
Household Durables
 
First Lien Senior Debt
5.6%

3.0
%
2/21
 
 
8.9

 
8.9

 
8.5

Tiama 2 S.A.S.(7)
 
Machinery
 
Mezzanine Debt(5)
4.7%

5.0
%
2/17
 
 
47.3

 
25.0

 
—

Tractel GmbH(7)
 
Construction & Engineering
 
Mezzanine Debt(5)
3.5%

5.3
%
6/17
 
 
8.1

 
7.6

 
7.5

Unipex Neptune International SAS(7)
 
Chemicals
 
Mezzanine Debt
8.0%

5.0
%
9/20
 
 
4.8

 
4.8

 
4.8

Zodiac Marine and Pool S.A.(7)
 
Marine
 
Second Lien Senior Debt(5)
—
%
4.1
%
3/17
 
 
34.2

 
24.6

 
—

 
 
 
Mezzanine Debt(5)
—
%
8.3
%
9/17
 
 
71.4

 
38.8

 
—

 
 
 
 
 
 
 
 
 
 
 
 
63.4

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

10

AMERICAN CAPITAL, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
March 31, 2015
(unaudited)
(in millions, except share data)
Company(1)
 
Industry
 
Investments
Cash
Interest
Rate(2)
PIK
Interest
Rate(2)
Maturity
Date(2)
# of
Shares/
Units
Owned
 
Principal
 
Cost
 
Fair
Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SENIOR FLOATING RATE LOANS
 
 
 
 
 
 
 
1011778 B.C. Unlimited Liability Company(7)
 
Hotels, Restaurants & Leisure
 
First Lien Senior Debt(6)
4.5
%
N/A

12/21
 
 
16.8

 
16.7

 
17.0

24 Hour Fitness Worldwide, Inc.
 
Hotels, Restaurants & Leisure
 
First Lien Senior Debt(6)
4.8
%
N/A

5/21
 
 
8.3

 
8.3

 
8.3

Accellent Inc.
 
Health Care Equipment & Supplies
 
First Lien Senior Debt(6)
4.5
%
N/A

3/21
 
 
17.4

 
17.3

 
17.3

Acosta Holdco, Inc.
 
Media
 
First Lien Senior Debt(6)
5.0
%
N/A

9/21
 
 
25.0

 
25.0

 
25.2

Advantage Sales & Marketing Inc.
 
Professional Services
 
First Lien Senior Debt(6)
4.3
%
N/A

7/21
 
 
25.9

 
25.9

 
25.9

 
 
 
Second Lien Senior Debt(6)
7.5
%
N/A

7/22
 
 
1.0

 
1.0

 
1.0

 
 
 
 
 
 
 
 
 
 
 
 
26.9

 
26.9

Affinia Group Inc.
 
Auto Components
 
First Lien Senior Debt(6)
4.8
%
N/A

4/20
 
 
7.6

 
7.6

 
7.6

Akorn, Inc.(7)
 
Pharmaceuticals
 
First Lien Senior Debt(6)
4.5
%
N/A

4/21
 
 
5.0

 
5.0

 
5.0

Albertson's LLC
 
Food & Staples Retailing
 
First Lien Senior Debt(6)
5.4
%
N/A

3/19
 
 
2.0

 
2.0

 
2.0

AlixPartners, LLP
 
Diversified Financial Services
 
First Lien Senior Debt(6)
4.0
%
N/A

7/20
 
 
19.0

 
19.0

 
19.0

Alliance Laundry Systems LLC
 
Machinery
 
First Lien Senior Debt(6)
4.3
%
N/A

12/18
 
 
6.2

 
6.2

 
6.2

Alliant Holdings I, LLC
 
Insurance
 
First Lien Senior Debt(6)
5.0
%
N/A

12/19
 
 
2.2

 
2.2

 
2.2

Allison Transmission, Inc.(7)
 
Auto Components
 
First Lien Senior Debt(6)
3.5
%
N/A

8/19
 
 
5.0

 
5.0

 
5.0

American Airlines, Inc.(7)
 
Airlines
 
First Lien Senior Debt(6)
3.8
%
N/A

6/19
 
 
9.9

 
9.9

 
9.9

American Renal Holdings Inc.
 
Health Care Providers & Services
 
First Lien Senior Debt(6)
4.5
%
N/A

8/19
 
 
7.7

 
7.7

 
7.7

American Tire Distributors, Inc.
 
Distributors
 
First Lien Senior Debt(6)
6.1
%
N/A

6/18-9/21
 
 
9.9

 
9.9

 
10.0

AmSurg Corp.(7)
 
Health Care Providers & Services
 
First Lien Senior Debt(6)
3.8
%
N/A

7/21
 
 
16.9

 
17.0

 
17.0

AmWINS Group, LLC
 
Insurance
 
First Lien Senior Debt(6)
5.3
%
N/A

9/19
 
 
8.8

 
8.8

 
8.9

Anchor Glass Container Corporation
 
Containers & Packaging
 
First Lien Senior Debt(6)
4.3
%
N/A

6/21
 
 
9.1

 
9.1

 
9.1

Aquilex LLC
 
Commercial Services & Supplies
 
First Lien Senior Debt(6)
5.0
%
N/A

12/20
 
 
3.0

 
3.0

 
2.9

Aramark Corporation(7)
 
Commercial Services & Supplies
 
First Lien Senior Debt(6)
3.3
%
N/A

2/21
 
 
14.8

 
14.6

 
14.8

Ardent Medical Services, Inc.
 
Health Care Providers & Services
 
First Lien Senior Debt(6)
6.8
%
N/A

7/18
 
 
0.3

 
0.3

 
0.3

ARG IH Corporation
 
Hotels, Restaurants & Leisure
 
First Lien Senior Debt(6)
4.8
%
N/A

11/20
 
 
5.4

 
5.5

 
5.5

Aristocrat Leisure Limited(7)
 
Hotels, Restaurants & Leisure
 
First Lien Senior Debt(6)
4.8
%
N/A

10/21
 
 
4.9

 
4.8

 
4.9

Ascend Learning, LLC
 
Diversified Consumer Services
 
First Lien Senior Debt(6)
6.0
%
N/A

7/19
 
 
2.4

 
2.4

 
2.4

Ascensus, Inc.
 
Commercial Services & Supplies
 
First Lien Senior Debt(6)
5.0
%
N/A

12/19
 
 
6.0

 
6.1

 
6.0

Asurion, LLC
 
Commercial Services & Supplies
 
First Lien Senior Debt(6)
5.0
%
N/A

5/19
 
 
7.3

 
7.4

 
7.4

Atlantic Power Limited Partnership(7)
 
Independent Power & Renewable Electricity Producers
 
First Lien Senior Debt(6)
4.8
%
N/A

2/21
 
 
4.3

 
4.4

 
4.4

Axalta Coating Systems Dutch Holding B B.V.(7)
 
Chemicals
 
First Lien Senior Debt(6)
3.8
%
N/A

2/20
 
 
5.0

 
5.0

 
5.0

AZ Chem US Inc.
 
Chemicals
 
First Lien Senior Debt(6)
4.5
%
N/A

6/21
 
 
4.3

 
4.3

 
4.3

BarBri, Inc.
 
Diversified Consumer Services
 
First Lien Senior Debt(6)
4.5
%
N/A

7/19
 
 
9.8

 
9.8

 
9.5

Berlin Packaging L.L.C.
 
Containers & Packaging
 
First Lien Senior Debt(6)
4.5
%
N/A

10/21
 
 
6.5

 
6.4

 
6.5

Biomet, Inc.
 
Health Care Equipment & Supplies
 
First Lien Senior Debt(6)
3.5
%
N/A

7/17
 
 
13.3

 
13.2

 
13.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

11

AMERICAN CAPITAL, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
March 31, 2015
(unaudited)
(in millions, except share data)
Company(1)
 
Industry
 
Investments
Cash
Interest
Rate(2)
PIK
Interest
Rate(2)
Maturity
Date(2)
# of
Shares/
Units
Owned
 
Principal
 
Cost
 
Fair
Value
BJ's Wholesale Club, Inc.
 
Food & Staples Retailing
 
First Lien Senior Debt(6)
4.5
%
N/A

9/19
 
 
4.9

 
4.9

 
4.9

Blackboard Inc.
 
Software
 
First Lien Senior Debt(6)
4.8
%
N/A

10/18
 
 
4.9

 
5.0

 
4.9

Boulder Brands, Inc.(7)
 
Food Products
 
First Lien Senior Debt(6)
4.5
%
N/A

7/20
 
 
7.0

 
7.0

 
7.0

Boyd Gaming Corporation(7)
 
Hotels, Restaurants & Leisure
 
First Lien Senior Debt(6)
4.0
%
N/A

8/20
 
 
6.4

 
6.4

 
6.4

The Brickman Group Ltd. LLC
 
Commercial Services & Supplies
 
First Lien Senior Debt(6)
4.0
%
N/A

12/20
 
 
17.9

 
17.8

 
17.9

Burlington Coat Factory Warehouse Corporation(7)
 
Specialty Retail
 
First Lien Senior Debt(6)
4.3
%
N/A

8/21
 
 
6.9

 
6.9

 
6.9

BWay Intermediate Company, Inc.
 
Containers & Packaging
 
First Lien Senior Debt(6)
5.5
%
N/A

8/20
 
 
4.0

 
3.9

 
4.0

Camp International Holding Company
 
Transportation Infrastructure
 
First Lien Senior Debt(6)
4.8
%
N/A

5/19
 
 
7.7

 
7.7

 
7.7

Capital Automotive L.P.
 
Real Estate
 
First Lien Senior Debt(6)
4.0
%
N/A

4/19
 
 
12.3

 
12.3

 
12.4

Capital Safety North America Holdings Inc.
 
Commercial Services & Supplies
 
First Lien Senior Debt(6)
3.8
%
N/A

3/21
 
 
9.3

 
9.2

 
9.2

Capsugel Holdings US, Inc.
 
Pharmaceuticals
 
First Lien Senior Debt(6)
3.5
%
N/A

8/18
 
 
24.5

 
24.4

 
24.5

Carecore National, LLC
 
Health Care Providers & Services
 
First Lien Senior Debt(6)
5.5
%
N/A

3/21
 
 
5.0

 
5.0

 
5.0

Carros Finance Luxembourg S.A.R.L.(7)
 
Machinery
 
First Lien Senior Debt(6)
4.5
%
N/A

9/21
 
 
9.0

 
9.0

 
9.0

Catalent Pharma Solutions, Inc.(7)
 
Pharmaceuticals
 
First Lien Senior Debt(6)
4.3
%
N/A

5/21
 
 
12.4

 
12.5

 
12.5

CCM Merger, Inc.
 
Hotels, Restaurants & Leisure
 
First Lien Senior Debt(6)
4.5
%
N/A

8/21
 
 
4.7

 
4.7

 
4.8

CEC Entertainment, Inc.
 
Hotels, Restaurants & Leisure
 
First Lien Senior Debt(6)
4.0
%
N/A

2/21
 
 
12.4

 
12.3

 
12.3

Cequel Communications, LLC
 
Media
 
First Lien Senior Debt(6)
3.5
%
N/A

2/19
 
 
31.0

 
30.9

 
31.1

Charter Communications Operating, LLC(7)
 
Media
 
First Lien Senior Debt(6)
4.3
%
N/A

9/21
 
 
1.3

 
1.2

 
1.3

Checkout Holding Corp.
 
Media
 
First Lien Senior Debt(6)
4.5
%
N/A

4/21
 
 
5.0

 
5.0

 
4.3

CHS/Community Health Systems, Inc.(7)
 
Health Care Providers & Services
 
First Lien Senior Debt(6)
4.3
%
N/A

1/21
 
 
10.0

 
10.0

 
10.0

CityCenter Holdings, LLC
 
Hotels, Restaurants & Leisure
 
First Lien Senior Debt(6)
4.3
%
N/A

10/20
 
 
23.6

 
23.6

 
23.7

Compuware Corporation
 
Software
 
First Lien Senior Debt(6)
6.3
%
N/A

12/21
 
 
2.0

 
1.9

 
1.9

Connolly, LLC
 
Professional Services
 
First Lien Senior Debt(6)
5.0
%
N/A

5/21
 
 
6.6

 
6.6

 
6.7

 
 
 
 
Second Lien Senior Debt(6)
8.0
%
N/A

5/22
 
 
1.0

 
1.0

 
1.0

 
 
 
 
 
 
 
 
 
 
 
 
7.6

 
7.7

Consolidated Communications, Inc.(7)
 
Diversified Telecommunication Services
 
First Lien Senior Debt(6)
4.3
%
N/A

12/20
 
 
4.9

 
5.0

 
5.0

CPG International Inc.
 
Building Products
 
First Lien Senior Debt(6)
4.8
%
N/A

9/20
 
 
7.4

 
7.4

 
7.3

CPI Buyer, LLC
 
Trading Companies & Distributors
 
First Lien Senior Debt(6)
5.5
%
N/A

8/21
 
 
2.0

 
2.0

 
2.0

CPI International Inc.
 
Electronic Equipment, Instruments & Components
 
First Lien Senior Debt(6)
4.3
%
N/A

11/17
 
 
10.4

 
10.4

 
10.4

Crown Americas LLC(7)
 
Containers & Packaging
 
First Lien Senior Debt(6)
4.0
%
N/A

10/21
 
 
1.5

 
1.5

 
1.5

CT Technologies Intermediate Holdings, Inc.
 
Health Care Technology
 
First Lien Senior Debt(6)
6.0
%
N/A

12/21
 
 
3.0

 
3.0

 
3.0

DAE Aviation Holdings, Inc.
 
Aerospace & Defense
 
First Lien Senior Debt(6)
5.0
%
N/A

11/18
 
 
3.5

 
3.5

 
3.5

Dave & Buster's, Inc.
 
Hotels, Restaurants & Leisure
 
First Lien Senior Debt(6)
4.3
%
N/A

7/20
 
 
6.1

 
6.1

 
6.1

Del Monte Foods, Inc.(7)
 
Food Products
 
First Lien Senior Debt(6)
4.3
%
N/A

2/21
 
 
4.9

 
5.0

 
4.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

12

AMERICAN CAPITAL, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
March 31, 2015
(unaudited)
(in millions, except share data)
Company(1)
 
Industry
 
Investments
Cash
Interest
Rate(2)
PIK
Interest
Rate(2)
Maturity
Date(2)
# of
Shares/
Units
Owned
 
Principal
 
Cost
 
Fair
Value
Dell International LLC
 
Technology Hardware, Storage & Peripherals
 
First Lien Senior Debt(6)
4.5
%
N/A

4/20
 
 
20.4

 
20.5

 
20.6

Deltek, Inc.
 
Software
 
First Lien Senior Debt(6)
4.5
%
N/A

10/18
 
 
7.9

 
7.9

 
8.0

Dialysis Newco, Inc.
 
Health Care Providers & Services
 
First Lien Senior Debt(6)
4.5
%
N/A

4/21
 
 
11.9

 
11.9

 
11.9

Dole Food Company, Inc.
 
Food Products
 
First Lien Senior Debt(6)
4.5
%
N/A

11/18
 
 
15.0

 
15.0

 
15.0

Dollar Tree, Inc.(7)
 
Multiline Retail
 
First Lien Senior Debt(6)
4.3
%
N/A

3/22
 
 
12.0

 
12.1

 
12.1

DPX Holdings B.V.(7)
 
Life Sciences Tools & Services
 
First Lien Senior Debt(6)
4.3
%
N/A

3/21
 
 
6.9

 
6.9

 
6.9

Drew Marine Group Inc.
 
Chemicals
 
First Lien Senior Debt(6)
4.5
%
N/A

11/20
 
 
4.9

 
5.0

 
4.9

DTZ U.S. Borrower, LLC(7)
 
Real Estate
 
First Lien Senior Debt(6)
5.5
%
N/A

11/21
 
 
2.0

 
2.0

 
2.0

Duff & Phelps Corporation
 
Capital Markets
 
First Lien Senior Debt(6)
4.5
%
N/A

4/20
 
 
13.4

 
13.4

 
13.4

DynCorp International Inc.
 
Aerospace & Defense
 
First Lien Senior Debt(6)
6.3
%
N/A

7/16
 
 
1.0

 
1.0

 
1.0

Eco Services Operations LLC
 
Chemicals
 
First Lien Senior Debt(6)
4.8
%
N/A

12/21
 
 
2.0

 
2.0

 
2.0

EFS Cogen Holdings I LLC
 
Independent Power & Renewable Electricity Producers
 
First Lien Senior Debt(6)
3.8
%
N/A

12/20
 
 
14.2

 
14.2

 
14.3

Electrical Components International, Inc.
 
Electrical Equipment
 
First Lien Senior Debt(6)
5.8
%
N/A

5/21
 
 
3.0

 
3.0

 
3.0

Emdeon Inc.
 
Health Care Technology
 
First Lien Senior Debt(6)
3.8
%
N/A

11/18
 
 
9.9

 
9.9

 
10.0

Emerald Expositions Holding, Inc.
 
Media
 
First Lien Senior Debt(6)
4.8
%
N/A

6/20
 
 
4.8

 
4.8

 
4.8

Energy Transfer Equity, L.P.(7)
 
Oil, Gas & Consumable Fuels
 
First Lien Senior Debt(6)
4.0
%
N/A

12/19
 
 
6.0

 
6.0

 
6.0

Entravision Communications Corporation(7)
 
Media
 
First Lien Senior Debt(6)
3.5
%
N/A

5/20
 
 
1.9

 
1.9

 
1.9

EquiPower Resources Holdings, LLC
 
Independent Power & Renewable Electricity Producers
 
First Lien Senior Debt(6)
4.3
%
N/A

12/18-12/19
 
 
4.9

 
4.9

 
4.9

Evergreen Acqco 1 LP
 
Multiline Retail
 
First Lien Senior Debt(6)
5.0
%
N/A

7/19
 
 
9.4

 
9.4

 
9.2

EWT Holdings III Corp.
 
Machinery
 
First Lien Senior Debt(6)
4.8
%
N/A

1/21
 
 
5.0

 
5.0

 
5.0

Fairmount Minerals, Ltd.
 
Metals & Mining
 
First Lien Senior Debt(6)
4.5
%
N/A

9/19
 
 
5.0

 
5.0

 
4.4

FCA US LLC(7)
 
Automobiles
 
First Lien Senior Debt(6)
3.3
%
N/A

12/18
 
 
9.9

 
9.9

 
9.9

Ferro Corporation(7)
 
Chemicals
 
First Lien Senior Debt(6)
4.0
%
N/A

7/21
 
 
6.0

 
5.9

 
6.0

Filtration Group Corporation
 
Industrial Conglomerates
 
First Lien Senior Debt(6)
4.5
%
N/A

11/20
 
 
9.9

 
10.0

 
10.0

First Data Corporation
 
IT Services
 
First Lien Senior Debt(6)
3.7
%
N/A

3/18-3/21
 
 
32.4

 
32.4

 
32.5

Fitness International, LLC
 
Hotels, Restaurants & Leisure
 
First Lien Senior Debt(6)
5.5
%
N/A

7/20
 
 
3.6

 
3.6

 
3.4

Flexera Software LLC
 
Software
 
First Lien Senior Debt(6)
4.5
%
N/A

4/20
 
 
5.2

 
5.2

 
5.2

Fly Funding II S.à r.l.(7)
 
Trading Companies & Distributors
 
First Lien Senior Debt(6)
4.5
%
N/A

8/19
 
 
4.5

 
4.5

 
4.5

Flying Fortress Inc.(7)
 
Capital Markets
 
First Lien Senior Debt(6)
3.5
%
N/A

6/17
 
 
5.3

 
5.3

 
5.3

FMG Resources (August 2006) Pty LTD(7)
 
Metals & Mining
 
First Lien Senior Debt(6)
3.8
%
N/A

6/19
 
 
5.0

 
4.9

 
4.5

FullBeauty Brands, Inc.
 
Internet & Catalog Retail
 
First Lien Senior Debt(6)
4.8
%
N/A

3/21
 
 
8.4

 
8.5

 
8.4

Gates Global LLC
 
Machinery
 
First Lien Senior Debt(6)
4.3
%
N/A

7/21
 
 
18.1

 
17.9

 
18.0

Generic Drug Holdings, Inc.
 
Pharmaceuticals
 
First Lien Senior Debt(6)
5.0
%
N/A

8/20
 
 
3.5

 
3.5

 
3.5

Global Tel*Link Corporation
 
Diversified Telecommunication Services
 
First Lien Senior Debt(6)
5.0
%
N/A

5/20
 
 
6.3

 
6.2

 
6.2

The Goodyear Tire & Rubber Company(7)
 
Auto Components
 
Second Lien Senior Debt(6)
4.8
%
N/A

4/19
 
 
6.3

 
6.3

 
6.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

13

AMERICAN CAPITAL, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
March 31, 2015
(unaudited)
(in millions, except share data)
Company(1)
 
Industry
 
Investments
Cash
Interest
Rate(2)
PIK
Interest
Rate(2)
Maturity
Date(2)
# of
Shares/
Units
Owned
 
Principal
 
Cost
 
Fair
Value
Great Wolf Resorts, Inc.
 
Hotels, Restaurants & Leisure
 
First Lien Senior Debt(6)
5.8
%
N/A

8/20
 
 
4.9

 
4.9

 
4.9

Greeneden U.S. Holdings II, LLC
 
Software
 
First Lien Senior Debt(6)
4.0
%
N/A

2/20
 
 
18.9

 
18.8

 
18.9

Grosvenor Capital Management Holdings, LLLP
 
Capital Markets
 
First Lien Senior Debt(6)
3.8
%
N/A

1/21
 
 
13.3

 
13.3

 
13.2

Guggenheim Partners Investment Management Holdings, LLC
 
Capital Markets
 
First Lien Senior Debt(6)
4.3
%
N/A

7/20
 
 
8.9

 
8.9

 
9.0

H. J. Heinz Company
 
Food Products
 
First Lien Senior Debt(6)
3.3
%
N/A

6/20
 
 
37.2

 
37.2

 
37.3

Hampton Rubber Company
 
Energy Equipment & Services
 
First Lien Senior Debt(6)
5.0
%
N/A

3/21
 
 
4.0

 
4.0

 
3.4

Harbor Freight Tools USA, Inc.
 
Specialty Retail
 
First Lien Senior Debt(6)
4.8
%
N/A

7/19
 
 
25.1

 
25.2

 
25.3

Hearthside Group Holdings, LLC
 
Food Products
 
First Lien Senior Debt(6)
4.5
%
N/A

6/21
 
 
12.4

 
12.4

 
12.5

Hemisphere Media Holdings, LLC(7)
 
Media
 
First Lien Senior Debt(6)
4.0
%
N/A

7/20
 
 
0.9

 
0.9

 
0.9

The Hertz Corporation(7)
 
Road & Rail
 
First Lien Senior Debt(6)
3.5
%
N/A

3/18
 
 
15.0

 
14.9

 
15.0

HFOTCO LLC
 
Oil, Gas & Consumable Fuels
 
First Lien Senior Debt(6)
4.3
%
N/A

8/21
 
 
1.0

 
1.0

 
1.0

The Hillman Group, Inc.
 
Machinery
 
First Lien Senior Debt(6)
4.5
%
N/A

6/21
 
 
10.9

 
11.0

 
11.0

Hub International Limited
 
Insurance
 
First Lien Senior Debt(6)
4.0
%
N/A

10/20
 
 
23.4

 
23.2

 
23.3

Hudson Products Holdings Inc.
 
Energy Equipment & Services
 
First Lien Senior Debt(6)
5.0
%
N/A

3/19
 
 
7.4

 
7.5

 
7.2

Huntsman International LLC(7)
 
Chemicals
 
First Lien Senior Debt(6)
3.8
%
N/A

10/21
 
 
7.0

 
7.0

 
7.0

Hyland Software, Inc.
 
Software
 
First Lien Senior Debt(6)
4.8
%
N/A

2/21
 
 
9.0

 
9.0

 
9.0

Ikaria, Inc.
 
Health Care Providers & Services
 
First Lien Senior Debt(6)
5.0
%
N/A

2/21
 
 
7.6

 
7.7

 
7.6

Immucor, Inc.
 
Health Care Equipment & Supplies
 
First Lien Senior Debt(6)
5.0
%
N/A

8/18
 
 
7.9

 
7.9

 
7.9

IMS Health Incorporated(7)
 
Health Care Technology
 
First Lien Senior Debt(6)
3.5
%
N/A

3/21
 
 
5.4

 
5.3

 
5.4

Indra Holdings Corp.
 
Textiles, Apparel & Luxury Goods
 
First Lien Senior Debt(6)
5.3
%
N/A

5/21
 
 
4.1

 
4.1

 
4.0

Infinity Acquisition, LLC
 
Software
 
First Lien Senior Debt(6)
4.3
%
N/A

8/21
 
 
5.0

 
5.0

 
5.0

Information Resources, Inc.
 
Professional Services
 
First Lien Senior Debt(6)
4.8
%
N/A

9/20
 
 
12.9

 
13.0

 
13.0

Inmar, Inc.
 
Commercial Services & Supplies
 
First Lien Senior Debt(6)
4.3
%
N/A

1/21
 
 
4.9

 
4.9

 
4.8

Intelsat Jackson Holdings S.A.(7)
 
Diversified Telecommunication Services
 
First Lien Senior Debt(6)
3.8
%
N/A

6/19
 
 
5.0

 
5.0

 
5.0

Interactive Data Corporation
 
Media
 
First Lien Senior Debt(6)
4.8
%
N/A

5/21
 
 
11.4

 
11.5

 
11.5

Ion Media Networks, Inc.
 
Media
 
First Lien Senior Debt(6)
4.8
%
N/A

12/20
 
 
8.0

 
8.0

 
8.0

J. Crew Group, Inc.
 
Specialty Retail
 
First Lien Senior Debt(6)
4.0
%
N/A

3/21
 
 
7.4

 
7.4

 
6.9

J.C. Penney Corporation, Inc.(7)
 
Multiline Retail
 
First Lien Senior Debt(6)
5.0
%
N/A

6/19
 
 
2.0

 
2.0

 
2.0

Jazz Acquisition, Inc.
 
Aerospace & Defense
 
First Lien Senior Debt(6)
4.5
%
N/A

6/21
 
 
5.0

 
4.9

 
5.0

Key Safety Systems, Inc.
 
Auto Components
 
First Lien Senior Debt(6)
4.8
%
N/A

8/21
 
 
5.2

 
5.2

 
5.3

Kindred Healthcare, Inc.(7)
 
Health Care Providers & Services
 
First Lien Senior Debt(6)
4.3
%
N/A

4/21
 
 
9.4

 
9.3

 
9.4

La Frontera Generation, LLC
 
Independent Power & Renewable Electricity Producers
 
First Lien Senior Debt(6)
4.5
%
N/A

9/20
 
 
12.7

 
12.7

 
12.7

La Quinta Intermediate Holdings L.L.C.(7)
 
Hotels, Restaurants & Leisure
 
First Lien Senior Debt(6)
4.0
%
N/A

4/21
 
 
6.5

 
6.5

 
6.6

Landmark Aviation FBO Canada, Inc.(7)
 
Aerospace & Defense
 
First Lien Senior Debt(6)
4.8
%
N/A

10/19
 
 
0.3

 
0.3

 
0.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

14

AMERICAN CAPITAL, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
March 31, 2015
(unaudited)
(in millions, except share data)
Company(1)
 
Industry
 
Investments
Cash
Interest
Rate(2)
PIK
Interest
Rate(2)
Maturity
Date(2)
# of
Shares/
Units
Owned
 
Principal
 
Cost
 
Fair
Value
Landslide Holdings, Inc.
 
Software
 
First Lien Senior Debt(6)
5.0
%
N/A

2/20
 
 
7.3

 
7.4

 
7.3

Learning Care Group (US) No. 2 Inc.
 
Diversified Consumer Services
 
First Lien Senior Debt(6)
5.5
%
N/A

5/21
 
 
3.7

 
3.7

 
3.7

Leonardo Acquisition Corp.
 
Internet & Catalog Retail
 
First Lien Senior Debt(6)
4.3
%
N/A

1/21
 
 
12.4

 
12.4

 
12.4

Level 3 Financing, Inc.(7)
 
Diversified Telecommunication Services
 
First Lien Senior Debt(6)
4.5
%
N/A

1/22
 
 
4.0

 
4.0

 
4.0

Libbey Glass Inc.(7)
 
Household Durables
 
First Lien Senior Debt(6)
3.8
%
N/A

4/21
 
 
4.5

 
4.5

 
4.5

Liberty Cablevision of Puerto Rico LLC
 
Media
 
First Lien Senior Debt(6)
4.5
%
N/A

1/22
 
 
5.0

 
5.0

 
5.0

LM U.S. Member LLC
 
Aerospace & Defense
 
First Lien Senior Debt(6)
4.8
%
N/A

10/19
 
 
7.6

 
7.6

 
7.7

MCC Iowa LLC
 
Media
 
First Lien Senior Debt(6)
4.0
%
N/A

1/20-6/21
 
 
14.3

 
14.3

 
14.3

McJunkin Red Man Corporation(7)
 
Trading Companies & Distributors
 
First Lien Senior Debt(6)
5.0
%
N/A

11/19
 
 
4.9

 
5.0

 
4.8

Mediacom Illinois, LLC
 
Media
 
First Lien Senior Debt(6)
3.8
%
N/A

6/21
 
 
7.5

 
7.4

 
7.5

The Men's Wearhouse, Inc.(7)
 
Specialty Retail
 
First Lien Senior Debt(6)
4.5
%
N/A

6/21
 
 
10.0

 
10.0

 
10.0

Michaels Stores, Inc.(7)
 
Specialty Retail
 
First Lien Senior Debt(6)
3.8
%
N/A

1/20
 
 
29.6

 
29.7

 
29.7

Midas Intermediate Holdco II, LLC
 
Diversified Consumer Services
 
First Lien Senior Debt(6)
4.8
%
N/A

8/21
 
 
5.5

 
5.5

 
5.5

Millennium Health, LLC
 
Health Care Providers & Services
 
First Lien Senior Debt(6)
5.3
%
N/A

4/21
 
 
7.3

 
7.4

 
7.4

Minerals Technologies Inc.(7)
 
Chemicals
 
First Lien Senior Debt(6)
4.0
%
N/A

5/21
 
 
2.7

 
2.7

 
2.8

Mirror Bidco Corp.(7)
 
Machinery
 
First Lien Senior Debt(6)
4.3
%
N/A

12/19
 
 
8.5

 
8.5

 
8.5

Mitchell International, Inc.
 
Software
 
First Lien Senior Debt(6)
4.5
%
N/A

10/20
 
 
9.3

 
9.3

 
9.3

Mitel US Holdings, Inc.(7)
 
Communications Equipment
 
First Lien Senior Debt(6)
5.3
%
N/A

1/20
 
 
2.1

 
2.1

 
2.1

Moneygram International, Inc.(7)
 
IT Services
 
First Lien Senior Debt(6)
4.3
%
N/A

3/20
 
 
4.9

 
4.9

 
4.7

MPG Holdco I Inc.
 
Auto Components
 
First Lien Senior Debt(6)
4.3
%
N/A

10/21
 
 
7.8

 
7.7

 
7.8

MPH Acquisition Holdings LLC
 
Health Care Providers & Services
 
First Lien Senior Debt(6)
3.8
%
N/A

3/21
 
 
27.8

 
27.7

 
27.7

Murray Energy Corporation
 
Oil, Gas & Consumable Fuels
 
First Lien Senior Debt(6)
5.3
%
N/A

12/19
 
 
4.5

 
4.5

 
4.4

National Financial Partners Corp.
 
Insurance
 
First Lien Senior Debt(6)
4.5
%
N/A

7/20
 
 
10.4

 
10.4

 
10.4

National Surgical Hospitals, Inc
 
Health Care Providers & Services
 
First Lien Senior Debt(6)
5.3
%
N/A

8/19
 
 
5.4

 
5.5

 
5.5

The Neiman Marcus Group Inc.
 
Multiline Retail
 
First Lien Senior Debt(6)
4.3
%
N/A

10/20
 
 
18.4

 
18.3

 
18.4

New Albertson's, Inc.
 
Food & Staples Retailing
 
First Lien Senior Debt(6)
4.8
%
N/A

6/21
 
 
4.0

 
3.9

 
4.0

Numericable U.S. LLC(7)
 
Media
 
First Lien Senior Debt(6)
4.5
%
N/A

5/20
 
 
4.0

 
4.0

 
4.0

NVA Holdings, Inc.
 
Health Care Providers & Services
 
First Lien Senior Debt(6)
5.0
%
N/A

8/21
 
 
10.4

 
10.4

 
10.5

Onex Carestream Finance LP
 
Health Care Equipment & Supplies
 
First Lien Senior Debt(6)
5.0
%
N/A

6/19
 
 
13.5

 
13.6

 
13.6

Opal Acquisition, Inc.
 
Health Care Providers & Services
 
First Lien Senior Debt(6)
5.0
%
N/A

11/20
 
 
9.9

 
10.0

 
9.9

Ortho-Clinical Diagnostics S.A.(7)
 
Health Care Providers & Services
 
First Lien Senior Debt(6)
4.8
%
N/A

6/21
 
 
12.3

 
12.3

 
12.2

OSG Bulk Ships, Inc.(7)
 
Oil, Gas & Consumable Fuels
 
First Lien Senior Debt(6)
5.3
%
N/A

8/19
 
 
2.8

 
2.8

 
2.8

Oxbow Carbon LLC
 
Metals & Mining
 
First Lien Senior Debt(6)
4.3
%
N/A

7/19
 
 
4.8

 
4.8

 
4.7

P2 Lower Acquisition, LLC
 
Health Care Providers & Services
 
First Lien Senior Debt(6)
5.5
%
N/A

10/20
 
 
1.8

 
1.8

 
1.8

Par Pharmaceutical Companies, Inc.
 
Pharmaceuticals
 
First Lien Senior Debt(6)
4.1
%
N/A

9/19
 
 
18.6

 
18.6

 
18.6

Party City Holdings Inc.
 
Specialty Retail
 
First Lien Senior Debt(6)
4.0
%
N/A

7/19
 
 
15.6

 
15.4

 
15.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

15

AMERICAN CAPITAL, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
March 31, 2015
(unaudited)
(in millions, except share data)
Company(1)
 
Industry
 
Investments
Cash
Interest
Rate(2)
PIK
Interest
Rate(2)
Maturity
Date(2)
# of
Shares/
Units
Owned
 
Principal
 
Cost
 
Fair
Value
Peabody Energy Corporation(7)
 
Oil, Gas & Consumable Fuels
 
First Lien Senior Debt(6)
4.3
%
N/A

9/20
 
 
8.4

 
8.4

 
7.6

Penn Engineering & Manufacturing Corp.
 
Building Products
 
First Lien Senior Debt(6)
4.5
%
N/A

8/21
 
 
6.5

 
6.4

 
6.5

Performance Food Group, Inc.
 
Food & Staples Retailing
 
Second Lien Senior Debt(6)
6.3
%
N/A

11/19
 
 
4.0

 
4.0

 
4.0

Petroleum GEO-Services ASA(7)
 
Energy Equipment & Services
 
First Lien Senior Debt(6)
3.3
%
N/A

3/21
 
 
5.0

 
4.9

 
4.3

PetSmart, Inc.
 
Specialty Retail
 
First Lien Senior Debt(6)
5.0
%
N/A

3/22
 
 
2.0

 
2.0

 
2.0

Pharmaceutical Product Development, Inc.
 
Life Sciences Tools & Services
 
First Lien Senior Debt(6)
4.0
%
N/A

12/18
 
 
39.1

 
39.2

 
39.2

Pharmedium Healthcare Corporation
 
Pharmaceuticals
 
First Lien Senior Debt(6)
4.3
%
N/A

1/21
 
 
6.2

 
6.2

 
6.2

Phillips-Medisize Corporation
 
Health Care Equipment & Supplies
 
First Lien Senior Debt(6)
4.8
%
N/A

6/21
 
 
6.0

 
6.0

 
6.0

Pilot Travel Centers LLC
 
Specialty Retail
 
First Lien Senior Debt(6)
4.3
%
N/A

10/21
 
 
16.0

 
16.0

 
16.1

Pinnacle Foods Finance LLC(7)
 
Food Products
 
First Lien Senior Debt(6)
3.0
%
N/A

4/20
 
 
14.3

 
14.2

 
14.3

Planet Fitness Holdings, LLC
 
Hotels, Restaurants & Leisure
 
First Lien Senior Debt(6)
4.8
%
N/A

3/21
 
 
5.3

 
5.4

 
5.3

PODS, LLC
 
Road & Rail
 
First Lien Senior Debt(6)
5.3
%
N/A

2/22
 
 
6.0

 
6.1

 
6.1

Post Holdings, Inc.(7)
 
Food Products
 
First Lien Senior Debt(6)
3.8
%
N/A

6/21
 
 
12.9

 
13.0

 
13.0

PQ Corporation
 
Chemicals
 
First Lien Senior Debt(6)
4.0
%
N/A

8/17
 
 
5.0

 
5.0

 
5.0

Presidio, Inc.
 
IT Services
 
First Lien Senior Debt(6)
6.3
%
N/A

2/22
 
 
3.1

 
3.0

 
3.1

Quikrete Holdings, Inc.
 
Construction Materials
 
First Lien Senior Debt(6)
4.0
%
N/A

9/20
 
 
25.0

 
24.9

 
25.1

Quintiles Transnational Corp.(7)
 
Life Sciences Tools & Services
 
First Lien Senior Debt(6)
3.8
%
N/A

6/18
 
 
10.0

 
10.0

 
10.0

Ranpak Corp.
 
Containers & Packaging
 
First Lien Senior Debt(6)
4.8
%
N/A

10/21
 
 
0.5

 
0.5

 
0.5

Renaissance Learning, Inc.
 
Software
 
First Lien Senior Debt(6)
4.5
%
N/A

4/21
 
 
9.9

 
9.9

 
9.7

Riverbed Technology, Inc.
 
Communications Equipment
 
First Lien Senior Debt(6)
6.0
%
N/A

2/22
 
 
13.0

 
13.1

 
13.1

Road Infrastructure Investment, LLC
 
Chemicals
 
First Lien Senior Debt(6)
4.3
%
N/A

3/21
 
 
12.4

 
12.4

 
12.2

RPI Finance Trust(7)
 
Pharmaceuticals
 
First Lien Senior Debt(6)
3.5
%
N/A

11/20
 
 
4.0

 
4.0

 
4.0

Sabre GLBL Inc.(7)
 
Software
 
First Lien Senior Debt(6)
4.5
%
N/A

2/19
 
 
7.4

 
7.4

 
7.4

Schaeffler AG(7)
 
Auto Components
 
First Lien Senior Debt(6)
4.3
%
N/A

5/20
 
 
11.0

 
11.1

 
11.1

Scientific Games International, Inc.(7)
 
Hotels, Restaurants & Leisure
 
First Lien Senior Debt(6)
6.0
%
N/A

10/21
 
 
4.0

 
4.0

 
4.0

Sears Roebuck Acceptance Corp.(7)
 
Multiline Retail
 
First Lien Senior Debt(6)
5.5
%
N/A

6/18
 
 
5.0

 
5.0

 
4.9

Securus Technologies Holdings, Inc.
 
Diversified Telecommunication Services
 
First Lien Senior Debt(6)
4.8
%
N/A

4/20
 
 
7.9

 
7.9

 
7.8

Sedgwick Claims Management Services, Inc.
 
Insurance
 
First Lien Senior Debt(6)
3.8
%
N/A

3/21
 
 
20.9

 
20.6

 
20.7

 
 
 
Second Lien Senior Debt(6)
6.8
%
N/A

2/22
 
 
5.0

 
5.0

 
4.9

 
 
 
 
 
 
 
 
 
 
 
25.6

 
25.6

Seminole Hard Rock Entertainment, Inc.
 
Hotels, Restaurants & Leisure
 
First Lien Senior Debt(6)
3.5
%
N/A

5/20
 
 
5.9

 
5.9

 
5.9

Serta Simmons Holdings, LLC
 
Household Durables
 
First Lien Senior Debt(6)
4.3
%
N/A

10/19
 
 
20.8

 
20.8

 
20.9

The Servicemaster Company, LLC(7)
 
Diversified Consumer Services
 
First Lien Senior Debt(6)
4.3
%
N/A

7/21
 
 
6.5

 
6.4

 
6.5

Ship Luxco 3 S.a r.l.(7)
 
IT Services
 
First Lien Senior Debt(6)
4.8
%
N/A

11/19
 
 
5.0

 
5.0

 
5.0

Sinclair Television Group, Inc.(7)
 
Media
 
First Lien Senior Debt(6)
3.5
%
N/A

7/21
 
 
4.0

 
4.0

 
4.0

Southcross Energy Partners, L.P.(7)
 
Oil, Gas & Consumable Fuels
 
First Lien Senior Debt(6)
5.3
%
N/A

8/21
 
 
1.0

 
1.0

 
1.0

Southwire Company, LLC
 
Electrical Equipment
 
First Lien Senior Debt(6)
3.3
%
N/A

2/21
 
 
20.2

 
20.2

 
20.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

16

AMERICAN CAPITAL, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
March 31, 2015
(unaudited)
(in millions, except share data)
Company(1)
 
Industry
 
Investments
Cash
Interest
Rate(2)
PIK
Interest
Rate(2)
Maturity
Date(2)
# of
Shares/
Units
Owned
 
Principal
 
Cost
 
Fair
Value
Spectrum Brands, Inc.(7)
 
Household Products
 
First Lien Senior Debt(6)
3.5
%
N/A

9/19
 
 
1.2

 
1.2

 
1.2

Spin Holdco Inc.
 
Diversified Consumer Services
 
First Lien Senior Debt(6)
4.3
%
N/A

11/19
 
 
14.4

 
14.4

 
14.4

Standard Aero Limited(7)
 
Aerospace & Defense
 
First Lien Senior Debt(6)
5.0
%
N/A

11/18
 
 
1.4

 
1.4

 
1.4

Star West Generation LLC
 
Independent Power & Renewable Electricity Producers
 
First Lien Senior Debt(6)
4.3
%
N/A

3/20
 
 
1.9

 
1.9

 
1.9

Station Casinos LLC
 
Hotels, Restaurants & Leisure
 
First Lien Senior Debt(6)
4.3
%
N/A

3/20
 
 
14.4

 
14.4

 
14.5

Steinway Musical Instruments, Inc.
 
Leisure Products
 
First Lien Senior Debt(6)
4.8
%
N/A

9/19
 
 
4.9

 
4.9

 
4.9

STHI Holding Corp.
 
Life Sciences Tools & Services
 
First Lien Senior Debt(6)
4.5
%
N/A

8/21
 
 
7.0

 
7.0

 
7.0

STS Operating, Inc.
 
Trading Companies & Distributors
 
First Lien Senior Debt(6)
4.8
%
N/A

2/21
 
 
2.0

 
2.0

 
2.0

SunGard Data Systems Inc.
 
IT Services
 
First Lien Senior Debt(6)
4.0
%
N/A

3/20
 
 
11.5

 
11.5

 
11.6

Syniverse Holdings, Inc.
 
Wireless Telecommunication Services
 
First Lien Senior Debt(6)
4.0
%
N/A

4/19
 
 
15.0

 
14.9

 
14.2

Tallgrass Operations, LLC
 
Oil, Gas & Consumable Fuels
 
First Lien Senior Debt(6)
4.3
%
N/A

11/18
 
 
0.4

 
0.4

 
0.4

TI Group Automotive Systems, L.L.C.(7)
 
Auto Components
 
First Lien Senior Debt(6)
4.3
%
N/A

7/21
 
 
7.4

 
7.4

 
7.5

TNS, Inc.
 
IT Services
 
First Lien Senior Debt(6)
5.0
%
N/A

2/20
 
 
3.6

 
3.6

 
3.6

TPF II, LLC
 
Independent Power & Renewable Electricity Producers
 
First Lien Senior Debt(6)
5.5
%
N/A

10/21
 
 
2.0

 
2.0

 
2.0

Trans Union LLC
 
Professional Services
 
First Lien Senior Debt(6)
4.0
%
N/A

4/21
 
 
30.8

 
30.8

 
30.9

TransDigm Inc.(7)
 
Aerospace & Defense
 
First Lien Senior Debt(6)
3.8
%
N/A

2/20-6/21
 
 
13.4

 
13.4

 
13.4

Travelport Finance (Luxembourg) S.à r.l.(7)
 
Internet Software & Services
 
First Lien Senior Debt(6)
5.8
%
N/A

9/21
 
 
4.0

 
3.9

 
4.0

Tribune Company(7)
 
Media
 
First Lien Senior Debt(6)
4.0
%
N/A

12/20
 
 
6.0

 
6.0

 
6.0

TWCC Holding Corp.
 
Media
 
First Lien Senior Debt(6)
3.5
%
N/A

2/17
 
 
4.9

 
4.8

 
4.7

 
 
 
 
Second Lien Senior Debt(6)
7.0
%
N/A

6/20
 
 
5.0

 
5.0

 
4.5

 
 
 
 
 
 
 
 
 
 
 
 
9.8

 
9.2

Tyche Holdings, LLC
 
IT Services
 
First Lien Senior Debt(6)
5.5
%
N/A

11/21
 
 
5.4

 
5.4

 
5.4

U.S. Renal Care, Inc.
 
Health Care Providers & Services
 
First Lien Senior Debt(6)
4.3
%
N/A

7/19
 
 
21.3

 
21.3

 
21.4

United Air Lines, Inc.(7)
 
Airlines
 
First Lien Senior Debt(6)
3.8
%
N/A

9/21
 
 
8.0

 
7.9

 
8.0

Univision Communications Inc.
 
Media
 
First Lien Senior Debt(6)
4.0
%
N/A

3/20
 
 
21.4

 
21.3

 
21.4

USI, Inc.
 
Insurance
 
First Lien Senior Debt(6)
4.3
%
N/A

12/19
 
 
11.4

 
11.4

 
11.4

USIC Holdings, Inc.
 
Construction & Engineering
 
First Lien Senior Debt(6)
4.0
%
N/A

7/20
 
 
14.9

 
14.7

 
14.8

Valeant Pharmaceuticals International, Inc.(7)
 
Pharmaceuticals
 
First Lien Senior Debt(6)
3.5
%
N/A

2/19-8/20
 
 
14.7

 
14.7

 
14.7

Vencore, Inc.
 
Aerospace & Defense
 
First Lien Senior Debt(6)
5.8
%
N/A

11/19
 
 
4.2

 
4.2

 
4.2

VWR Funding, Inc.(7)
 
Distributors
 
First Lien Senior Debt(6)
3.3
%
N/A

4/17
 
 
2.6

 
2.6

 
2.6

W3 Co.
 
Commercial Services & Supplies
 
Second Lien Senior Debt(6)
9.3
%
N/A

9/20
 
 
1.0

 
1.0

 
0.9

Wall Street Systems Delaware, Inc.(7)
 
Software
 
First Lien Senior Debt(6)
4.5
%
N/A

4/21
 
 
4.5

 
4.5

 
4.5

Waste Industries USA Inc.
 
Commercial Services & Supplies
 
First Lien Senior Debt(6)
4.3
%
N/A

2/20
 
 
3.0

 
3.0

 
3.0

Wastequip, LLC
 
Machinery
 
First Lien Senior Debt(6)
5.5
%
N/A

8/19
 
 
5.0

 
5.0

 
5.0

WaveDivision Holdings, LLC
 
Media
 
First Lien Senior Debt(6)
4.0
%
N/A

10/19
 
 
8.4

 
8.4

 
8.4

WideOpenWest Finance, LLC
 
Media
 
First Lien Senior Debt(6)
4.8
%
N/A

4/19
 
 
2.2

 
2.2

 
2.2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

17

AMERICAN CAPITAL, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
March 31, 2015
(unaudited)
(in millions, except share data)
Company(1)
 
Industry
 
Investments
Cash
Interest
Rate(2)
PIK
Interest
Rate(2)
Maturity
Date(2)
# of
Shares/
Units
Owned
 
Principal
 
Cost
 
Fair
Value
William Morris Endeavor Entertainment, LLC
 
Media
 
First Lien Senior Debt(6)
5.3
%
N/A

5/21
 
 
4.0

 
4.0

 
4.0

Wilsonart LLC
 
Building Products
 
First Lien Senior Debt(6)
4.0
%
N/A

10/19
 
 
10.4

 
10.4

 
10.4

WP CPP Holdings, LLC
 
Aerospace & Defense
 
First Lien Senior Debt(6)
4.8
%
N/A

12/19
 
 
12.1

 
12.1

 
12.1

XO Communications, LLC
 
Diversified Telecommunication Services
 
First Lien Senior Debt(6)
4.3
%
N/A

3/21
 
 
13.4

 
13.4

 
13.4

Yankee Cable Acquisition, LLC
 
Media
 
First Lien Senior Debt(6)
4.5
%
N/A

3/20
 
 
13.2

 
13.2

 
13.2

Yonkers Racing Corporation
 
Hotels, Restaurants & Leisure
 
First Lien Senior Debt(6)
4.3
%
N/A

8/19
 
 
4.8

 
4.8

 
4.6

Zayo Group LLC(7)
 
Diversified Telecommunication Services
 
First Lien Senior Debt(6)
4.0
%
N/A

7/19
 
 
7.9

 
7.9

 
8.0

Ziggo B.V.(7)
 
Media
 
First Lien Senior Debt(6)
3.5
%
N/A

1/22
 
 
10.0

 
9.9

 
10.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AMERICAN CAPITAL CMBS INVESTMENTS
 
 
 
 
 
 
 
CD 2007-CD4 Commercial Mortgage Trust(7)
 
Real Estate
 
Commercial Mortgage Pass-Through Certificates(4)(6)
5.7
%
N/A

12/49
 
 
16.0

 
1.1

 
2.7

CD 2007-CD5 Mortgage Trust(7)
 
Real Estate
 
Commercial Mortgage Pass-Through Certificates(4)(6)
6.1
%
N/A

12/17
 
 
9.1

 
4.4

 
1.9

Citigroup Commercial Mortgage Securities Trust 2007-C6(7)
 
Real Estate
 
Commercial Mortgage Pass-Through Certificates(4)(6)
5.7
%
N/A

7/17
 
 
45.4

 
19.2

 
9.9

Credit Suisse Commercial Mortgage Trust Series 2007-C4(7)
 
Real Estate
 
Commercial Mortgage Pass-Through Certificates(4)(6)
5.9
%
N/A

8/17
 
 
5.9

 
2.2

 
2.0

LB-UBS Commercial Mortgage Trust 2007-C6(7)
 
Real Estate
 
Commercial Mortgage Pass-Through Certificates(4)(6)
6.1
%
N/A

8/17
 
 
4.9

 
0.8

 
2.0

Wachovia Bank Commercial Mortgage Trust 2005-C22(7)
 
Real Estate
 
Commercial Mortgage Pass-Through Certificates(4)(6)
5.4
%
N/A

3/16
 
 
15.0

 
1.1

 
4.1

Wachovia Bank Commercial Mortgage Trust 2006-C24(7)
 
Real Estate
 
Commercial Mortgage Pass-Through Certificates(4)(6)
5.7
%
N/A

3/16
 
 
15.0

 
1.0

 
1.8

Wachovia Bank Commercial Mortgage Trust 2007-C31(7)
 
Real Estate
 
Commercial Mortgage Pass-Through Certificates(4)(6)
5.8
%
N/A

5/17
 
 
20.0

 
10.6

 
1.4

Wachovia Bank Commercial Mortgage Trust, Series 2007-C32(7)
 
Real Estate
 
Commercial Mortgage Pass-Through Certificates(4)(6)
5.7
%
N/A

10/17
 
 
60.9

 
12.3

 
6.5

Wachovia Bank Commercial Mortgage Trust, Series 2007-C34(7)
 
Real Estate
 
Commercial Mortgage Pass-Through Certificates(4)(6)
5.9
%
N/A

10/17
 
 
5.2

 
5.2

 
4.2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AMERICAN CAPITAL CLO INVESTMENTS
 
 
 
 
 
 
 
ACAS CLO 2007-1, Ltd.(7)
 
 
 
Secured Notes(6)
 
 
4/21
 
 
8.5

 
8.4

 
8.3

 
 
 
Subordinated Notes(6)
 
 
4/21
 
 
25.9

 
9.7

 
13.8

 
 
 
 
 
 
 
 
 
 
 
 
18.1

 
22.1

ACAS CLO 2013-2, Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
10/25
 
 
8.0

 
7.1

 
6.1

Apidos CLO XIV(7)
 
 
 
Income Notes(6)
 
 
4/25
 
 
8.1

 
7.1

 
7.1

Apidos CLO XIX(7)
 
 
 
Subordinated Notes(6)
 
 
10/26
 
 
10.5

 
9.7

 
9.7

Apidos CLO XVIII, Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
7/26
 
 
34.0

 
32.3

 
29.2

Ares IIIR/IVR CLO Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
4/21
 
 
20.0

 
10.7

 
6.8

Ares XXIX CLO Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
4/26
 
 
7.3

 
6.5

 
6.2

Avery Point II CLO, Limited(7)
 
 
 
Subordinated Notes(6)
 
 
7/25
 
 
2.6

 
2.2

 
2.2

A Voce CLO, Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
7/26
 
 
10.5

 
8.5

 
8.5

Babson CLO Ltd. 2006-II(7)
 
 
 
Income Notes(6)
 
 
10/20
 
 
15.0

 
8.4

 
8.9

Babson CLO Ltd. 2014-II(7)
 
 
 
Subordinated Notes(6)
 
 
9/26
 
 
25.0

 
24.3

 
23.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

18

AMERICAN CAPITAL, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
March 31, 2015
(unaudited)
(in millions, except share data)
Company(1)
 
Industry
 
Investments
Cash
Interest
Rate(2)
PIK
Interest
Rate(2)
Maturity
Date(2)
# of
Shares/
Units
Owned
 
Principal
 
Cost
 
Fair
Value
Babson CLO Ltd. 2014-III(7)
 
 
 
Subordinated Notes(6)
 
 
1/26
 
 
3.8

 
3.5

 
3.5

Betony CLO, Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
4/27
 
 
2.5

 
2.1

 
2.1

Blue Hill CLO, Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
1/26
 
 
10.6

 
18.9

 
18.0

Carlyle Global Market Strategies CLO 2014-4, Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
10/26
 
 
14.6

 
13.8

 
12.5

Cent CDO 12 Limited(7)
 
 
 
Income Notes(6)
 
 
11/20
 
 
26.4

 
10.5

 
32.4

Cent CLO 18 Limited(7)
 
 
 
Subordinated Notes(6)
 
 
7/25
 
 
3.8

 
3.0

 
3.1

Cent CLO 19 Limited(7)
 
 
 
Subordinated Notes(6)
 
 
10/25
 
 
5.3

 
4.5

 
4.2

Cent CLO 22 Limited(7)
 
 
 
Subordinated Notes(6)
 
 
11/26
 
 
35.0

 
34.6

 
33.6

Centurion CDO 8 Limited(7)
 
 
 
Subordinated Notes(4)(6)
 
 
3/17
 
 
5.0

 
0.2

 
—

CoLTs 2005-1 Ltd.(7)
 
 
 
Preference Shares(4)(6)
 
 
3/15
360

 
 
 
1.9

 
0.3

CoLTs 2005-2 Ltd.(7)
 
 
 
Preference Shares(4)(6)
 
 
12/18
34,170,000

 
 
 
12.2

 
1.8

CREST Exeter Street Solar 2004-1(7)
 
 
 
Preferred Securities(4)(6)
 
 
6/39
3,500,000

 
 
 
3.2

 
—

Dryden 30 Senior Loan Fund(7)
 
 
 
Subordinated Notes(6)
 
 
11/25
 
 
3.9

 
2.9

 
2.9

Dryden 31 Senior Loan Fund(7)
 
 
 
Subordinated Notes(6)
 
 
4/26
 
 
2.3

 
2.0

 
1.7

Eaton Vance CDO X plc(7)
 
 
 
Secured Subordinated Notes(6)
 
 
2/27
 
 
15.0

 
11.4

 
8.7

Flagship CLO V(7)
 
 
 
Deferrable Notes(6)
 
 
9/19
 
 
1.7

 
1.5

 
1.6

 
 
 
 
Subordinated Securities(6)
 
 
9/19
15,000

 
 
 
7.0

 
2.7

 
 
 
 
 
 
 
 
 
 
 
 
8.5

 
4.3

Galaxy III CLO, Ltd(7)
 
 
 
Subordinated Notes(4)
 
 
8/16
 
 
4.0

 
0.2

 
—

Galaxy XVI CLO, Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
11/25
 
 
2.3

 
2.0

 
2.0

GoldenTree Loan Opportunities IX, Limited(7)
 
 
 
Subordinated Notes(6)
 
 
10/26
 
 
40.8

 
38.8

 
38.8

Halcyon Loan Advisors Funding 2014-1 Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
2/26
 
 
1.3

 
1.1

 
1.1

Halcyon Loan Advisors Funding 2015-2, Ltd.(7)
 
 
 
Subordinated Notes(4)(6)
 
 
12/17
 
 
20.0

 
20.0

 
20.0

Herbert Park B.V.(7)
 
 
 
Subordinated Notes(6)
 
 
10/26
 
 
23.9

 
28.1

 
20.9

Highbridge Loan Management 2013-2, Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
10/24
 
 
27.0

 
22.3

 
22.3

LightPoint CLO IV, LTD(7)
 
 
 
Income Notes(4)(6)
 
 
4/18
 
 
6.7

 
3.6

 
—

LightPoint CLO VII, Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
5/21
 
 
9.0

 
2.8

 
2.3

Limerock CLO III, Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
10/26
 
 
12.5

 
11.7

 
11.7

Madison Park Funding XVI, Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
4/26
 
 
11.0

 
10.5

 
10.5

Magnetite VIII, Limited(7)
 
 
 
Subordinated Notes(6)
 
 
4/26
 
 
6.7

 
6.3

 
5.9

Magnetite XIV, Limited(7)
 
 
 
Subordinated Notes(4)(6)
 
 
6/16
 
 
20.0

 
27.5

 
27.5

Mayport CLO Ltd.(7)
 
 
 
Income Notes
 
 
2/20
 
 
14.0

 
9.1

 
3.2

Neuberger Berman CLO XV, Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
10/25
 
 
2.8

 
2.3

 
2.3

NYLIM Flatiron CLO 2006-1 LTD.(7)
 
 
 
Subordinated Securities(6)
 
 
8/20
10,000

 
 
 
3.7

 
3.8

Och-Ziff VIII, Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
9/26
 
 
16.0

 
15.5

 
15.0

Octagon Investment Partners XIV, Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
1/24
 
 
4.5

 
3.2

 
3.3

Octagon Investment Partners XIX, Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
4/26
 
 
25.0

 
20.9

 
22.2

Octagon Investment Partners XX, Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
8/26
 
 
2.5

 
2.3

 
2.3

Octagon Investment Partners XXII, Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
11/25
 
 
8.4

 
7.9

 
7.9

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

19

AMERICAN CAPITAL, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
March 31, 2015
(unaudited)
(in millions, except share data)
Company(1)
 
Industry
 
Investments
Cash
Interest
Rate(2)
PIK
Interest
Rate(2)
Maturity
Date(2)
# of
Shares/
Units
Owned
 
Principal
 
Cost
 
Fair
Value
Octagon Loan Funding, Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
9/26
 
 
4.0

 
3.4

 
3.4

OHA Credit Partners VIII, Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
4/25
 
 
5.0

 
4.4

 
4.4

OHA Credit Partners XI, Ltd.(7)
 
 
 
Subordinated Notes(4)(6)
 
 
12/17
 
 
15.0

 
15.0

 
15.0

Sapphire Valley CDO I, Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
12/22
 
 
14.0

 
14.9

 
11.5

THL Credit Wind River 2013-1 CLO Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
4/25
 
 
14.0

 
11.4

 
11.4

THL Credit Wind River 2014-1 CLO Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
4/26
 
 
16.0

 
14.0

 
13.5

Vitesse CLO, Ltd.(7)
 
 
 
Preferred Securities(6)
 
 
8/20
20,000,000

 
 
 
14.7

 
7.2

Voya CLO 2014-2, Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
7/26
 
 
10.0

 
9.0

 
8.5

Voya CLO 2014-4, Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
10/26
 
 
26.7

 
25.9

 
25.9

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EUROPEAN CAPITAL CLO INVESTMENTS
 
 
 
 
 
 
 
Ares European III B.V.(7)
 
Diversified Financial Services
 
Subordinated Notes
 
 
8/24
 
 
5.4

 
2.4

 
3.0

Cordatus CLO II plc(7)
 
Diversified Financial Services
 
Subordinated Notes
 
 
7/24
 
 
5.4

 
1.3

 
5.6

Eaton Vance CDO X plc(7)
 
Diversified Financial Services
 
Secured Subordinated Notes
 
 
2/27
 
 
7.6

 
1.2

 
4.6

Euro-Galaxy II CLO B.V.(7)
 
Diversified Financial Services
 
Income Notes
 
 
10/22
 
 
2.8

 
2.5

 
2.5

 
 
Subordinated Notes
 
 
10/22
 
 
6.0

 
3.2

 
4.5

 
 
 
 
 
 
 
 
 
 
 
 
5.7

 
7.0

Subtotal Non-Control / Non-Affiliate Investments (59% of total investments at fair value)
 
 
 
$
4,465.7

 
$
4,166.8

 
 
 
 
 
 
 
 
AMERICAN CAPITAL AFFILIATE INVESTMENTS
 
 
 
 
 
 
 
IS Holdings I, Inc.
 
Software
 
Common Stock(4)(6)
 
 
 
1,165,930

 
 
 
$
—

 
$
7.2

Primrose Holding Corporation
 
Diversified Consumer Services
 
Common Stock(4)(6)
 
 
 
4,213

 
 
 
—

 
4.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EUROPEAN CAPITAL AFFILIATE INVESTMENTS
 
 
 
 
 
 
 
Blue Topco GmbH(7)
 
Commercial Services & Supplies
 
First Lien Senior Debt
3.0
%
N/A

6/16-6/18
 
 
$
2.4

 
2.0

 
1.9

 
 
Mezzanine Debt(5)
N/A

3.5%

12/18
 
 
7.7

 
6.8

 
3.2

 
 
 
 
 
 
 
 
 
 
 
 
8.8

 
5.1

Mobipark S.A.S.(7)
 
Machinery
 
First Lien Senior Debt
0.9
%
N/A

10/17-12/17
 
 
2.2

 
2.1

 
2.0

 
 
 
 
Convertible Preferred Stock(4)
 
 
 
23,082,525

 
 
 
8.3

 
4.8

 
 
 
 
Redeemable Preferred Stock(4)
 
 
 
25,751,312

 
 
 
7.1

 
7.6

 
 
 
 
 
 
 
 
 
 
 
 
17.5

 
14.4

Subtotal Affiliate Investments (1% of total investments at fair value)
 
 
 
$
26.3

 
$
31.4

 
 
 
 
 
 
 
 
AMERICAN CAPITAL CONTROL INVESTMENTS
 
 
 
 
 
 
 
ACAS Real Estate Holdings Corporation
 
Real Estate
 
Mezzanine Debt(6)
N/A

15.0
%
 5/16
 
 
$
3.0

 
$
3.0

 
$
3.0

 
 
 
Mezzanine Debt(5)(6)
N/A

15.0
%
 5/16
 
 
5.8

 
3.2

 
3.7

 
 
 
Common Stock(6)
 
 
 
100
%
 
 
 
13.9

 
26.9

 
 
 
 
 
 

 
 
 
 
 
 
20.1

 
33.6

American Capital Asset Management, LLC
 
Capital Markets
 
Mezzanine Debt(6)
5.0
%
N/A

 9/16
 
 
35.0

 
35.0

 
35.0

 
 
 
Common Membership Interest(6)
 
 
 
100
%
 
 
 
406.1

 
1,138.0

 
 
 
 
 
 
 
 
 
 
 
 
441.1

 
1,173.0

American Driveline Systems, Inc.
 
Diversified Consumer Services
 
Mezzanine Debt(6)
10.0
%
1.0
%
 3/21
 
 
45.0

 
45.0

 
45.0

 
 
Redeemable Preferred Stock(4)(6)
 
 
 
6,825,008

 
 
 
82.6

 
19.3

 
 
Common Stock(4)(6)
 
 
 
197,161

 
 
 
18.2

 
—

 
 
 
 
Common Stock Warrants(4)(6)
 
 
 
136,183

 
 
 
9.8

 
—

 
 
 
 
 
 

 
 
 
 
 
 
155.6

 
64.3

ASAP Industries Holdings, LLC
 
Energy Equipment & Services
 
Mezzanine Debt(6)
12.0
%
2.0
%
 12/18
 
 
20.6

 
20.4

 
20.6

 
 
Membership Units(4)(6)
 
 
 
106,911

 
 
 
30.3

 
2.6

 
 
 
 
 
 
 
 
 
 
 
 
50.7

 
23.2

BMR Energy LLC(7)
 
Independent Power & Renewable Electricity Producers
 
Preferred Units(6)
 
 
 
11,620

 
 
 
12.2

 
12.2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

20

AMERICAN CAPITAL, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
March 31, 2015
(unaudited)
(in millions, except share data)
Company(1)
 
Industry
 
Investments
Cash
Interest
Rate(2)
PIK
Interest
Rate(2)
Maturity
Date(2)
# of
Shares/
Units
Owned
 
Principal
 
Cost
 
Fair
Value
Capital.com, Inc.
 
Diversified Financial Services
 
Common Stock(4)(6)
 

 
 
8,500,100

 
 
 
0.9

 
—

CML Pharmaceuticals, LLC
 
Life Sciences Tools & Services
 
First Lien Senior Debt(6)
6.5
%
N/A

 3/17-10/20
 
 
100.0

 
99.0

 
100.0

 
 
Mezzanine Debt(6)
7.5
%
5.6%

 10/20
 
 
135.0

 
133.9

 
135.0

 
 
Redeemable Preferred Stock(4)(6)
 
 
 
84,936

 
 
 
61.1

 
59.1

 
 
 
 
 
 
 
 
 
 
 
 
294.0

 
294.1

Contour Semiconductor, Inc.
 
Semiconductors & Semiconductor Equipment
 
First Lien Senior Debt(6)
N/A

8.0
%
 5/15
 
 
3.5

 
3.5

 
3.3

 
 
First Lien Senior Debt(5)(6)
N/A

8.0
%
 5/15
 
 
5.9

 
5.2

 
—

 
 
Convertible Preferred Stock(4)(6)
 
 
 
143,896,948

 
 
 
13.5

 
—

 
 
 
 
 
 
 
 
 
 
 
22.2

 
3.3

Core Financial Holdings, LLC(7)
 
Diversified Financial Services
 
Common Units(4)(6)
 
 
 
57,940,360

 
 
 
43.8

 
0.2

Dyno Holding Corp.
 
Auto Components
 
First Lien Senior Debt(6)
8.8
%
2.2
%
 11/15
 
 
35.2

 
35.2

 
35.2

 
 
 
Mezzanine Debt(5)(6)
N/A

4.4
%
 11/16
 
 
35.1

 
28.1

 
16.7

 
 
 
 
Convertible Preferred Stock(4)(6)
 
 
 
389,759

 
 
 
40.5

 
—

 
 
 
 
Common Stock(4)(6)
 
 
 
97,440

 
 
 
10.1

 
—

 
 
 
 
 
 

 
 
 
 
 
 
113.9

 
51.9

ECA Medical Instruments
 
Health Care Equipment & Supplies
 
First Lien Senior Debt(6)
10.0
%
N/A

 3/16
 
 
7.9

 
7.9

 
7.9

 
 
Mezzanine Debt(6)
13.0
%
3.5
%
 7/16
 
 
18.2

 
18.2

 
18.2

 
 
 
 
Common Stock(4)(6)
 
 
 
583

 
 
 
13.4

 
2.1

 
 
 
 
 
 

 
 
 
 
 
 
39.5

 
28.2

eLynx Holdings, Inc.
 
IT Services
 
Convertible Preferred Stock(4)(6)
 
 
 
11,728

 
 
 
20.7

 
17.4

 
 
 
 
Redeemable Preferred Stock(4)(6)
 
 
 
21,113

 
 
 
8.9

 
—

 
 
 
 
Common Stock(4)(6)
 
 
 
11,261

 
 
 
1.1

 
—

 
 
 
 
Common Stock Warrants(4)(6)
 
 
 
1,002,678

 
 
 
5.5

 
—

 
 
 
 
 
 

 
 
 
 
 
 
36.2

 
17.4

EXPL Pipeline Holdings LLC(7)
 
Oil, Gas & Consumable Fuels
 
First Lien Senior Debt(6)
8.1
%
N/A

 1/17
 
 
45.2

 
44.8

 
45.6

 
 
Common Membership Units(4)(6)
 
 
 
58,297

 
 
 
44.5

 
22.4

 
 
 
 
 
 

 
 
 
 
 
 
89.3

 
68.0

FAMS Acquisition, Inc.
 
Diversified Financial Services
 
Mezzanine Debt(6)
12.3
%
2.7
%
 1/16
 
 
38.1

 
38.1

 
36.0

Fosbel Holding, Inc.
 
Commercial Services & Supplies
 
Mezzanine Debt(5)(6)
N/A

17.0
%
 10/18
 
 
58.5

 
28.3

 
—

FPI Holding Corporation
 
Food Products
 
First Lien Senior Debt(5)(6)
N/A

5.3
%
 1/16-1/19
 
 
33.5

 
11.9

 
12.3

Group Montana, Inc.
 
Textiles, Apparel & Luxury Goods
 
First Lien Senior Debt(6)
6.3
%
N/A

 1/17
 
 
6.5

 
6.5

 
6.5

 
 
 
Convertible Preferred Stock(6)
 
 
 
4,000

 
 
 
5.0

 
6.5

 
 
 
 
Common Stock(4)(6)
 
 
 
100
%
 
 
 
12.5

 
1.6

 
 
 
 
 
 

 
 
 
 
 
 
24.0

 
14.6

Halex Holdings, Inc.
 
Construction Materials
 
Second Lien Senior Debt(5)(6)
8.5
%
N/A

 1/18
 
 
15.8

 
15.8

 
15.8

 
 
 
 
Common Stock(4)(6)
 
 
 
718,063

 
 
 
9.3

 
3.1

 
 
 
 
 
 

 
 
 
 
 
 
25.1

 
18.9

HALT Medical, Inc.
 
Health Care Equipment & Supplies
 
First Lien Senior Debt(5)(6)
N/A

22.0
%
 9/15
 
 
45.9

 
37.4

 
23.8

 
 
 
Convertible Preferred Stock(4)(6)
 
 
 
9,179,453

 
 
 
2.6

 
—

 
 
 
 
Common Stock(4)(6)
 
 
 
22,416,432

 
 
 
6.4

 
—

 
 
 
 
 
 
 
 
 
 
 
 
46.4

 
23.8

Hard 8 Games, LLC
 
Hotels, Restaurants & Leisure
 
First Lien Convertible Senior Debt
N/A

6.0
%
 7/15
 
 
11.7

 
11.7

 
11.7

 
 
 
Membership Unit(4)(6)
 
 
 
1

 
 
 
19.0

 
11.8

 
 
 
 
 
 
 
 
 
 
 
 
30.7

 
23.5

Hollyhock Limited(7)
 
Independent Power & Renewable Electricity Producers
 
Common Stock(4)(6)
 
 
 
22,000,000

 
 
 
22.0

 
21.2

LLSC Holdings Corporation
 
Personal Products
 
Convertible Preferred Stock(4)(6)
 
 
 
7,496

 
 
 
8.1

 
13.8

Montgomery Lane, LLC(7)
 
Diversified Financial Services
 
Common Membership Units(4)(6)
 
 
 
100

 
 
 
—

 
6.8

MW Acquisition Corporation
 
Health Care Providers & Services
 
Mezzanine Debt(6)
14.4
%
1.0
%
 2/19
 
 
24.0

 
24.0

 
24.0

 
 
Redeemable Preferred Stock(6)
 
 
 
2,485

 
 
 
2.4

 
2.4

 
 
 
 
Convertible Preferred Stock(4)(6)
 
 
 
51,351

 
 
 
21.4

 
21.5

 
 
 
 
 
 

 
 
 
 
 
 
47.8

 
47.9

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

21

AMERICAN CAPITAL, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
March 31, 2015
(unaudited)
(in millions, except share data)
Company(1)
 
Industry
 
Investments
Cash
Interest
Rate(2)
PIK
Interest
Rate(2)
Maturity
Date(2)
# of
Shares/
Units
Owned
 
Principal
 
Cost
 
Fair
Value
NECCO Holdings, Inc.
 
Food Products
 
First Lien Senior Debt(5)(6)
6.5
%
N/A

 12/15
 
 
11.0

 
8.7

 
5.4

 
 
 
 
Second Lien Senior Debt(5)(6)
N/A

18.0
%
 11/15
 
 
6.7

 
3.2

 
—

 
 
 
 
Common Stock(4)(6)
 
 
 
860,189

 
 
 
0.1

 
—

 
 
 
 
 
 

 
 
 
 
 
 
12.0

 
5.4

NECCO Realty Investments, LLC
 
Real Estate
 
First Lien Senior Debt(5)(6)
2.9
%
11.1
%
 12/17
 
 
69.0

 
32.8

 
19.9

 
 
 
Common Membership Units(4)(6)
 
 
 
7,450

 
 
 
4.9

 
—

 
 
 
 
 
 

 
 
 
 
 
 
37.7

 
19.9

Orchard Brands Corporation
 
Internet & Catalog Retail
 
Common Stock(4)(6)
 
 
 
87,838

 
 
 
55.1

 
91.7

PHC Sharp Holdings, Inc.
 
Commercial Services & Supplies
 
First Lien Senior Debt(6)
12.5
%
N/A

 12/15
 
 
1.4

 
1.4

 
1.4

 
 
 
Mezzanine Debt(6)
N/A

17.0
%
 12/16
 
 
13.3

 
13.4

 
13.3

 
 
 
 
Mezzanine Debt(5)(6)
N/A

19.0
%
 12/16
 
 
26.2

 
13.0

 
13.3

 
 
 
 
Common Stock(4)(6)
 
 
 
367,881

 
 
 
4.2

 
—

 
 
 
 
 
 

 
 
 
 
 
 
32.0

 
28.0

RD Holdco Inc.
 
Household Durables
 
Second Lien Senior Debt(6)
11.3
%
N/A

 6/17
 
 
16.9

 
14.7

 
16.9

 
 
 
 
Common Stock(4)(6)
 
 
 
458,596

 
 
 
23.6

 
13.3

 
 
 
 
Common Stock Warrants(4)(6)
 
 
 
56,372

 
—

 
2.9

 
1.7

 
 
 
 
 
 
 
 
 
 
 
 
41.2

 
31.9

Rebellion Media Group Corp.(7)
 
Internet Software & Services
 
First Lien Senior Debt(6)
N/A

12.0
%
 4/15
 
 
4.4

 
4.4

 
4.4

 
 
First Lien Senior Debt(5)(6)
N/A

12.0
%
 12/15
 
 
11.2

 
8.1

 
0.6

 
 
 
 
 
 
 
 
 
 
 
 
12.5

 
5.0

Scanner Holdings Corporation
 
Technology Hardware, Storage & Peripherals
 
Mezzanine Debt(6)
14.8
%
N/A

 10/16-7/17
 
 
20.5

 
20.5

 
20.5

 
 
Convertible Preferred Stock(6)
 
 
 
38,723,509

 
 
 
5.5

 
8.5

 
 
 
Common Stock(4)(6)
 
 
 
97,540

 
 
 
0.1

 
—

 
 
 
 
 
 

 
 
 
 
 

 
26.1

 
29.0

SEHAC Holding Corporation
 
Diversified Consumer Services
 
Convertible Preferred Stock(6)
 
 
 
14,850

 
 
 
14.8

 
121.3

 
 
Common Stock(6)
 
 
 
150

 
 
 
0.2

 
1.2

 
 
 
 
 
 
 
 
 
 
 
 
15.0

 
122.5

Soil Safe Acquisition Corp.
 
Professional Services
 
First Lien Senior Debt(6)
8.0
%
N/A

 1/18-12/18
 
 
22.9

 
22.8

 
22.9

 
 
 
 
Second Lien Senior Debt(6)
10.8
%
N/A

 7/19
 
 
12.7

 
12.7

 
12.7

 
 
 
 
Mezzanine Debt(6)
8.8
%
7.3
%
 12/19
 
 
68.3

 
68.2

 
68.3

 
 
 
 
Common Stock
 
 
 
810

 
 
 
9.0

 
15.7

 
 
 
 
 
 
 
 
 
 
 
 
112.7

 
119.6

Warner Power, LLC
 
Electrical Equipment
 
Mezzanine Debt(5)(6)
N/A

14.6
%
 6/15
 
 
10.0

 
5.7

 
2.6

 
 
 
 
Redeemable Preferred Membership Units(4)(6)
 
 
 
3,796,269

 
 
 
3.0

 
—

 
 
 
 
Common Membership Units(4)(6)
 
 
 
27,400

 
 
 
1.9

 
—

 
 
 
 
 
 

 
 
 
 
 
 
10.6

 
2.6

WIS Holding Company, Inc.
 
Commercial Services & Supplies
 
Convertible Preferred Stock(6)
 
 
 
703,406

 
 
 
59.6

 
84.5

 
 
Common Stock(4)(6)
 
 
 
175,853

 
 
 
11.3

 
6.5

 
 
 
 
 
 

 
 
 
 
 
 
70.9

 
91.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EUROPEAN CAPITAL CONTROL INVESTMENTS
 
 
 
 
 
 
 
Bellotto Holdings Limited(7)
 
Household Durables
 
Redeemable Preferred Stock
 
 
 
7,300,610

 
2.0

 
34.7

 
36.5

 
 
 
Common Stock(4)
 
 
 
2,697,010

 
 
 
95.5

 
89.6

 
 
 
 
 
 
 
 
 
 
 
 
130.2

 
126.1

Columbo TopCo Limited(7)
 
Commercial Services & Supplies
 
Redeemable Preferred Stock(4)
 
 
 
34,301,257

 
21.6

 
73.2

 
63.9

 
 
 
Common Stock(4)
 
 
 
776,743

 
 
 
1.2

 
—

 
 
 
 
 
 
 
 
 
 
 
 
74.4

 
63.9

European Capital UK SME Debt LP(7)
 
Diversified Financial Services
 
Partnership Interest
 
 
 
500

 
 
 
5.0

 
4.9

Financière H S.A.S.(7)
 
Health Care Equipment & Supplies
 
Mezzanine Debt
3.6%

5.8
%
10/15
 
 
14.1

 
14.1

 
13.6

 
 
Convertible Preferred Stock(4)
 
 
 
930,558

 
 
 
51.9

 
21.6

 
 
 
 
 
 
 
 
 
 
 
 
66.0

 
35.2

Financière Tarmac S.A.S.(7)
 
Commercial Services & Supplies
 
First Lien Senior Debt
4.0%

N/A

12/20
 
 
4.5

 
3.6

 
4.6

 
 
Mezzanine Debt
N/A

4.0
%
12/21
 
 
20.0

 
20.0

 
20.0

 
 
 
 
Mezzanine Debt(5)
N/A

4.0
%
12/21
 
 
26.0

 
15.0

 
15.0

 
 
 
 
Convertible Preferred Stock(4)
 
 
 
8,665,001

 
 
 
9.4

 
—

 
 
 
 
Redeemable Preferred Stock(4)
 
 
 
 
 
3.3

 
7.2

 
—

 
 
 
 
 
 
 
 
 
 
 
 
55.2

 
39.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

22

AMERICAN CAPITAL, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
March 31, 2015
(unaudited)
(in millions, except share data)
Company(1)
 
Industry
 
Investments
Cash
Interest
Rate(2)
PIK
Interest
Rate(2)
Maturity
Date(2)
# of
Shares/
Units
Owned
 
Principal
 
Cost
 
Fair
Value
Holding Saint Augustine S.A.S.(7)
 
Air Freight & Logistics
 
First Lien Senior Debt
N/A

N/A

9/19
 
 
4.3

 
4.3

 
4.3

 
 
Convertible Preferred Stock(4)
 
 
 
1,982,668

 
 
 
13.4

 
—

 
 
 
 
Redeemable Preferred Stock(4)
 
 
 
1

 
 
 
—

 
1.0

 
 
 
 
 
 
 
 
 
 
 
 
17.7

 
5.3

Miles 33 Limited(7)
 
Software
 
First Lien Senior Debt
4.0%

N/A

9/17
 
 
7.7

 
7.7

 
7.7

 
 
 
 
Mezzanine Debt
5.0%

5.0
%
9/17
 
 
16.2

 
16.2

 
16.2

 
 
 
 
Redeemable Preferred Stock(4)
 
 
 
 
 
71.2

 
28.9

 
2.1

 
 
 
 
Common Stock(4)
 
 
 
600,000

 
 
 
0.9

 
—

 
 
 
 
 
 
 
 
 
 
 
 
53.7

 
26.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AMERICAN CAPITAL CONTROL CLO INVESTMENT
 
 
 
 
 
 
 
ACAS Wachovia Investments, L.P.(7)
 
Diversified Financial Services
 
Partnership Interest(4)
 
 
 
90
%
 
 

 
2.0

 
0.7

Subtotal Control Investments (40% of total investments at fair value)
 
 
 
 
$
2,431.9

 
$
2,836.5

Total Investment Assets
 
 
 
 
$
6,923.9

 
$
7,034.7


Counterparty
 
Instrument
 
Interest
Rate(2)
 
Expiration
Date(2)
 
# of
Contracts
 
Notional
 
Cost
 
Fair
Value
DERIVATIVE AGREEMENTS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Citibank, N.A.
 
Interest Rate Swap - Pay Fixed/ Receive Floating(6)
 
5.6%/LIBOR
 
5/16-7/17
 
2

 
$
27.5

 
$
—

 
$
(3.0
)
BNP Paribas
 
Interest Rate Swap - Pay Fixed/ Receive Floating(6)
 
5.7%/LIBOR
 
7/17
 
1

 
22.3

 
—

 
(2.6
)
Wells Fargo Bank, N.A
 
Interest Rate Swap - Pay Fixed/ Receive Floating(6)
 
5.6%/LIBOR
 
8/16
 
1

 
11.9

 
—

 
(0.9
)
American Capital Equity III, LP(8)
 
WRH, Inc. Equity Option
 
 
 
4/15
 
1

 
 
 
—

 
(110.8
)
Total Derivative Agreements
 
 
 
 
 
 
 
 
 
$
—

 
$
(117.3
)

Funds
 
Cost
 
Fair
Value
MONEY MARKET FUNDS(3)
 
 
Deutsche Global Liquidity Managed Sterling Fund
 
$
156.7

 
$
156.7

BofA Funds Series Trust - BofA Money Market Reserves(6)
 
10.0

 
10.0

Dreyfus Institutional Cash Advantage-I Fund(6)
 
10.0

 
10.0

Fidelity Institutional Money Market Fund(6)
 
5.0

 
5.0

JPMorgan Prime Money Market Fund(6)
 
5.0

 
5.0

Wells Fargo Advantage Heritage Money Market Fund(6)
 
2.5

 
2.5

Total Money Market Funds
 
$
189.2

 
$
189.2


(1)
Certain of the securities are issued by affiliate(s) of the listed portfolio company.
(2)
Interest rates represent the weighted average annual stated interest rate on loans and debt securities in effect on the date presented, which are presented by the nature of indebtedness by a single issuer. Some loans and debt securities bear interest at variable rates, primarily one-month LIBOR, with interest rate floors. Payment-in-kind interest (“PIK”) represents contractually deferred interest that is typically compounded into the principal balance of the loan or debt security, if not paid on a current basis. PIK interest may be prepaid by the portfolio company’s election, but generally is paid upon a change of control transaction or maturity. The maturity date represents the latest date in which the loan or debt security is scheduled to terminate.
(3)
Included in cash and cash equivalents on our consolidated balance sheets.
(4)
Some or all of the securities are non-income producing.
(5)
Loan is on non-accrual status and therefore considered non-income producing.
(6)
All or a portion of the investments or instruments are pledged as collateral under various secured financing arrangements.
(7)
Investments that are not “qualifying assets” under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets.
(8)
For further discussion on the WRH, Inc. Equity Option, see Note 14 to our interim consolidated financial statements in this Form 10-Q.








23

AMERICAN CAPITAL, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2014
(in millions, except share data)
Company(1)
 
Industry
 
Investments
Cash
Interest
Rate(2)
PIK
Interest
Rate(2)
Maturity
Date(2)
# of
Shares/
Units
Owned
 
Principal
 
Cost
 
Fair
Value
AMERICAN CAPITAL NON-CONTROL / NON-AFFILIATE INVESTMENTS
 
 
 
 
 
 
 
2 TransAm LLC
 
Real Estate
 
First Lien Senior Debt(6)
5.4
%
N/A

1/18
 
 
$
5.6

 
$
5.6

 
$
5.6

Aderant North America, Inc.
 
Software
 
Second Lien Senior Debt(6)
10.0
%
N/A

6/19
 
 
16.0

 
15.8

 
16.2

American Acquisition, LLC(7)
 
Capital Markets
 
First Lien Senior Debt(6)
19.3
%
N/A

3/15
 
 
2.7

 
2.7

 
2.7

AmWINS Group, LLC
 
Insurance
 
Second Lien Senior Debt
9.5
%
N/A

9/20
 
 
46.0

 
44.8

 
45.1

Bensussen Deutsch & Associates, LLC
 
Distributors
 
Second Lien Senior Debt(6)
12.0
%
2.0
%
9/19
 
 
45.3

 
42.9

 
42.8

 
 
 
Common Stock(4)
 
 
 
1,224,089

 
 
 
2.5

 
4.7

 
 
 
 
 
 
 
 
 
 
 
45.4

 
47.5

BeyondTrust Software, Inc.
 
Software
 
First Lien Senior Debt(6)
8.0
%
N/A

9/19
 
 
27.6

 
27.6

 
27.6

Blue Wolf Capital Fund II, L.P.(7)
 
Capital Markets
 
Limited Partnership Interest(4)
 
 
 
 
 
 
 
8.8

 
8.6

BRG Sports, Inc.
 
Leisure Products
 
Redeemable Preferred Stock(4)
 
 
 
1,171

 
 
 
1.2

 
1.8

 
 
 
 
Common Units(4)
 
 
 
3,830,068

 
 
 
0.7

 
—

 
 
 
 
 
 
 
 
 
 
 
 
1.9

 
1.8

CAMP International Holding Company
 
Transportation Infrastructure
 
Second Lien Senior Debt(6)
8.3
%
N/A

11/19
 
 
15.0

 
15.0

 
15.1

CGSC of Delaware Holdings Corporation(7)
 
Insurance
 
Second Lien Senior Debt(6)
8.3
%
N/A

10/20
 
 
2.0

 
2.0

 
1.8

Convergint Technologies, LLC
 
Commercial Services & Supplies
 
Second Lien Senior Debt(6)
9.0
%
N/A

12/17-12/20
 
 
75.0

 
75.0

 
75.0

CPI Buyer, LLC
 
Trading Companies & Distributors
 
Second Lien Senior Debt(6)
8.5
%
N/A

8/22
 
 
25.0

 
24.6

 
24.7

Datapipe, Inc.
 
IT Services
 
Second Lien Senior Debt(6)
8.5
%
N/A

9/19
 
 
29.5

 
29.1

 
28.5

Delsey Holding S.A.S.(7)
 
Textiles, Apparel & Luxury Goods
 
First Lien Senior Debt(6)
6.5
%
3.3
%
12/16
 
 
15.3

 
15.2

 
13.9

 
 
 
Mezzanine Debt(5)(6)
N/A

11.0
%
12/22
 
 
2.1

 
1.8

 
0.4

 
 
 
 
 
 
 
 
 
 
 
 
17.0

 
14.3

Exchange South Owner, LLC(7)
 
Real Estate
 
First Lien Senior Debt(6)
7.7
%
N/A

1/19
 
 
6.9

 
6.9

 
6.9

Flexera Software LLC
 
Software
 
Second Lien Senior Debt(6)
8.0
%
N/A

4/21
 
 
5.0

 
5.0

 
4.8

Foamex Innovations, Inc.
 
Household Durables
 
Common Stock(4)
 
 
 
2,708

 
 
 
—

 
0.6

 
 
 
 
Common Stock Warrants(4)(6)
 
 
 
7,067

 
 
 
—

 
0.2

 
 
 
 
 
 
 
 
 
 
 
 
—

 
0.8

Inmar, Inc.
 
Commercial Services & Supplies
 
Second Lien Senior Debt(6)
8.0
%
N/A

1/22
 
 
20.0

 
19.8

 
19.6

Iotum Global Holdings, Inc.(7)
 
Diversified Telecommunication Services
 
First Lien Senior Debt(6)
N/A

10.0
%
5/17
 
 
2.4

 
2.4

 
2.4

iParadigms, LLC
 
Internet Software & Services
 
Second Lien Senior Debt(6)
8.3
%
N/A

7/22
 
 
27.0

 
26.8

 
26.6

Jazz Acquisition, Inc.
 
Aerospace & Defense
 
Second Lien Senior Debt(6)
7.8
%
N/A

6/22
 
 
25.0

 
24.9

 
24.5

Landslide Holdings, Inc.
 
Software
 
Second Lien Senior Debt(6)
8.3
%
N/A

2/21
 
 
9.0

 
9.0

 
8.8

LTG Acquisition, Inc.
 
Communications Equipment
 
Second Lien Senior Debt(6)
9.0
%
N/A

10/20
 
 
46.0

 
46.0

 
45.6

 
 
 
Common Stock(4)(6)
 
 
 
5,000

 
 
 
5.0

 
7.3

 
 
 
 
 
 
 
 
 
 
 
 
51.0

 
52.9

Mitchell International, Inc.
 
Software
 
Second Lien Senior Debt(6)
8.5
%
N/A

10/21
 

 
7.0

 
6.9

 
7.0

M-IV Lake Center LLC(7)
 
Real Estate
 
First Lien Senior Debt(6)
5.4
%
N/A

12/17
 
 
6.1

 
6.1

 
6.1

Parkeon S.A.S.(7)
 
Electronic Equipment, Instruments & Components
 
First Lien Senior Debt(6)
2.4
%
N/A

12/17
 
 
4.3

 
4.0

 
3.6

 
Redeemable Preferred Stock(4)(6)
 
 
 
5,234,743

 
 
 
0.5

 
1.2

 
 
 
 
 
 
 
 
 
4.5

 
4.8

Parts Holding Coörperatief U.A(7)
 
Distributors
 
Membership Entitlements(4)
 
 
 
173,060

 
 
 
6.4

 
1.7

Qualium I(7)
 
Capital Markets
 
Common Stock(4)
 
 
 
247,939

 
 
 
6.9

 
6.9

Ranpak Corp.
 
Containers & Packaging
 
Second Lien Senior Debt(6)
8.3
%
N/A

10/22
 
 
25.0

 
25.0

 
25.0

Roark - Money Mailer, LLC
 
Media
 
Common Membership Units
 
 
 
3.5
%
 
 
 
—

 
0.8

Sage Products Holdings III, LLC
 
Health Care Equipment & Supplies
 
Second Lien Senior Debt(6)
9.3
%
N/A

6/20
 
 
22.8

 
22.9

 
22.6

Sparta Systems, Inc.
 
IT Services
 
First Lien Senior Debt(6)
6.3
%
1.5%

7/20
 
 
24.9

 
24.7

 
24.7

 
 
 
 
Convertible Preferred Stock(6)
 
 
 
743

 
 
 
0.8

 
0.8

 
 
 
 
 
 
 
 
 
 
 
 
25.5

 
25.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

24

AMERICAN CAPITAL, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
December 31, 2014
(in millions, except share data)
Company(1)
 
Industry
 
Investments
Cash
Interest
Rate(2)
PIK
Interest
Rate(2)
Maturity
Date(2)
# of
Shares/
Units
Owned
 
Principal
 
Cost
 
Fair
Value
Systems Maintenance Services Holding, Inc.
 
IT Services
 
Second Lien Senior Debt(6)
9.3
%
N/A

10/20
 
 
28.0

 
27.8

 
27.8

Teasdale Foods, Inc.
 
Food & Staples Retailing
 
Second Lien Senior Debt(6)
8.8
%
N/A

10/21
 
 
31.5

 
31.5

 
31.5

Tectum Holdings, Inc.
 
Auto Components
 
Second Lien Senior Debt(6)
9.8
%
N/A

1/21
 
 
41.5

 
40.9

 
40.9

 
 
 
 
Convertible Preferred Stock(4)(6)
 
 
 
25,000

 
 
 
2.5

 
2.5

 
 
 
 
 
 
 
 
 
 
 
 
43.4

 
43.4

Tyche Holdings, LLC
 
IT Services
 
Second Lien Senior Debt(6)
9.0
%
N/A

11/22
 
 
27.0

 
26.9

 
26.7

Tyden Cayman Holdings Corp.(7)
 
Electronic Equipment, Instruments & Components
 
Convertible Preferred Stock(4)(6)
 

 
 
26,977

 
 
 
0.1

 
0.1

 
 
Common Stock(4)(6)
 

 
 
3,218,667

 
 
 
3.8

 
2.3

 
 
 
 
 
 
 
 
 
 
 
3.9

 
2.4

W3 Co.
 
Health Care Equipment & Supplies
 
Second Lien Senior Debt(6)
9.3
%
N/A

9/20
 
 
17.0

 
16.8

 
16.4

WP CPP Holdings, LLC
 
Aerospace & Defense
 
Second Lien Senior Debt(6)
8.8
%
N/A

4/21
 
 
40.0

 
39.8

 
38.2

WRH, Inc.(8)
 
Life Sciences Tools & Services
 
Mezzanine Debt(6)
9.3
%
5.9
%
8/18
 
 
95.8

 
95.6

 
92.5

 
 
 
Convertible Preferred Stock(4)(6)
 
 
 
2,008,575

 
 
 
200.9

 
96.9

 
 
 
 
Common Stock(4)(6)
 
 
 
502,144

 
 
 
49.8

 
—

 
 
 
 
 
 

 
 
 
 
 
 
346.3

 
189.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EUROPEAN CAPITAL NON-CONTROL / NON-AFFILIATE INVESTMENTS
 
 
 
 
 
 
 
Delsey Holding S.A.S.(7)
 
Textiles, Apparel & Luxury Goods
 
First Lien Senior Debt
6.5%

2.0
%
12/16
 
 
89.4

 
89.4

 
84.2

 
 
 
Mezzanine Debt(5)
N/A

11.0
%
12/22
 
 
12.2

 
10.5

 
2.4

 
 
 
 
 
 
 
 
 
 
 
 
99.9

 
86.6

Financière OFIC S.A.S.(7)
 
Building Products
 
Warrants(4)
 
 
 
1,574,600

 
 
 
—

 
2.8

Financière Poult S.A.S.(7)
 
Food Products
 
Mezzanine Debt
5.0%

5.3
%
6/22
 
 
16.2

 
16.2

 
15.9

Financière Riskeco S.A.S.(7)
 
Diversified Consumer Services
 
First Lien Senior Debt
6.5%

2.0
%
7/21
 
 
14.1

 
14.1

 
13.7

The Flexitallic Group S.A.S.(7)
 
Energy Equipment & Services
 
First Lien Senior Debt
4.5%

4.5
%
7/20
 
 
26.6

 
26.6

 
26.3

Groupe INSEEC(7)
 
Education Services
 
First Lien Senior Debt
6.0%

3.0
%
12/20
 
 
47.1

 
47.1

 
45.8

Hilding Anders AB(7)
 
Household Durables
 
Mezzanine Debt(5)
N/A

12.0
%
12/19
 
 
36.2

 
17.7

 
—

Legendre Holding 31 S.A.(7)
 
Leisure Products
 
First Lien Senior Debt
5.7%

N/A

1/21
 
 
68.4

 
68.4

 
65.0

 
 
 
Common Stock(4)
 
 
 
51,975,983

 
 
 
6.3

 
6.3

 
 
 
 
 
 
 
 
 
 
 
 
74.7

 
71.3

Modacin France S.A.S.(7)
 
Textiles, Apparel & Luxury Goods
 
Mezzanine Debt(5)
4.0%

4.5
%
5/17
 
 
23.2

 
12.6

 
—

Parts Holding Coörperatief U.A.(7)
 
Auto Components
 
Common Stock(4)
 
 
 
568,624

 
 
 
—

 
5.4

Skrubbe Vermogensverwaltungsgesellschaft mbH(7)
 
Hotels, Restaurants & Leisure
 
First Lien Senior Debt
4.5%

3.0
%
7/20
 
 
12.3

 
12.3

 
12.1

Tiama 2 S.A.S.(7)
 
Machinery
 
Mezzanine Debt(5)
4.5%

5.0
%
2/17
 
 
49.1

 
28.1

 
—

Unipex Neptune International SAS(7)
 
Chemicals
 
Mezzanine Debt
7.0%

5.0
%
9/20
 
 
5.3

 
5.3

 
5.3

Zodiac Marine and Pool S.A.(7)
 
Marine
 
Second Lien Senior Debt(5)
—
%
4.0
%
3/17
 
 
38.0

 
27.6

 
—

 
 
 
Mezzanine Debt(5)
—
%
8.0
%
9/17
 
 
69.9

 
38.8

 
—

 
 
 
 
 
 
 
 
 
 
 
 
66.4

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SENIOR FLOATING RATE LOANS
 
 
 
 
 
 
 
1011778 B.C. Unlimited Liability Company(7)
 
Hotels, Restaurants & Leisure
 
First Lien Senior Debt(6)
4.5
%
N/A

12/21
 
 
17.0

 
16.8

 
17.0

24 Hour Fitness Worldwide, Inc.
 
Hotels, Restaurants & Leisure
 
First Lien Senior Debt(6)
4.8
%
N/A

5/21
 
 
8.3

 
8.4

 
8.0

Accellent Inc.
 
Health Care Equipment & Supplies
 
First Lien Senior Debt(6)
4.5
%
N/A

3/21
 
 
7.4

 
7.4

 
7.3

Acosta Holdco, Inc.
 
Media
 
First Lien Senior Debt(6)
5.0
%
N/A

9/21
 
 
16.0

 
15.9

 
16.0

Advantage Sales & Marketing Inc.
 
Professional Services
 
First Lien Senior Debt(6)
4.3
%
N/A

7/21
 
 
16.0

 
16.0

 
15.8

 
 
 
Second Lien Senior Debt(6)
7.5
%
N/A

7/22
 
 
1.0

 
1.0

 
1.0

 
 
 
 
 
 
 
 
 
 
 
 
17.0

 
16.8

Aecom Technology Corp(7)
 
Construction & Engineering
 
First Lien Senior Debt(6)
3.8
%
N/A

10/21
 
 
4.2

 
4.2

 
4.2

Affinia Group Inc.
 
Auto Components
 
First Lien Senior Debt(6)
4.8
%
N/A

4/20
 
 
7.6

 
7.6

 
7.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

25

AMERICAN CAPITAL, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
December 31, 2014
(in millions, except share data)
Company(1)
 
Industry
 
Investments
Cash
Interest
Rate(2)
PIK
Interest
Rate(2)
Maturity
Date(2)
# of
Shares/
Units
Owned
 
Principal
 
Cost
 
Fair
Value
Akorn, Inc.(7)
 
Pharmaceuticals
 
First Lien Senior Debt(6)
4.5
%
N/A

4/21
 
 
5.0

 
5.0

 
5.0

Albertson's LLC
 
Food & Staples Retailing
 
First Lien Senior Debt(6)
4.6
%
N/A

3/19-8/21
 
 
2.0

 
2.0

 
2.0

AlixPartners, LLP
 
Diversified Financial Services
 
First Lien Senior Debt(6)
4.0
%
N/A

7/20
 
 
12.0

 
12.0

 
11.9

Alliance Laundry Systems LLC
 
Machinery
 
First Lien Senior Debt(6)
4.3
%
N/A

12/18
 
 
4.5

 
4.5

 
4.4

American Airlines, Inc.(7)
 
Airlines
 
First Lien Senior Debt(6)
3.8
%
N/A

6/19
 
 
9.9

 
9.9

 
9.9

American Renal Holdings Inc.
 
Health Care Providers & Services
 
First Lien Senior Debt(6)
4.5
%
N/A

8/19
 
 
7.7

 
7.7

 
7.7

American Tire Distributors, Inc.
 
Distributors
 
First Lien Senior Debt(6)
5.8
%
N/A

6/18
 
 
5.0

 
5.0

 
5.0

AmSurg Corp.(7)
 
Health Care Providers & Services
 
First Lien Senior Debt(6)
3.8
%
N/A

7/21
 
 
10.0

 
10.0

 
9.9

AmWINS Group, LLC
 
Insurance
 
First Lien Senior Debt(6)
5.3
%
N/A

9/19
 
 
8.8

 
8.8

 
8.8

Anchor Glass Container Corporation
 
Containers & Packaging
 
First Lien Senior Debt(6)
4.3
%
N/A

6/21
 
 
7.5

 
7.5

 
7.4

Aquilex LLC
 
Commercial Services & Supplies
 
First Lien Senior Debt(6)
5.0
%
N/A

12/20
 
 
3.0

 
3.0

 
2.9

Aramark Corporation(7)
 
Commercial Services & Supplies
 
First Lien Senior Debt(6)
3.3
%
N/A

2/21
 
 
14.8

 
14.6

 
14.6

Ardent Medical Services, Inc.
 
Health Care Providers & Services
 
First Lien Senior Debt(6)
6.8
%
N/A

7/18
 
 
0.3

 
0.3

 
0.3

ARG IH Corporation
 
Hotels, Restaurants & Leisure
 
First Lien Senior Debt(6)
4.8
%
N/A

11/20
 
 
5.5

 
5.5

 
5.5

Aristocrat Leisure Limited(7)
 
Hotels, Restaurants & Leisure
 
First Lien Senior Debt(6)
4.8
%
N/A

10/21
 
 
5.0

 
4.9

 
4.9

Ascend Learning, LLC
 
Diversified Consumer Services
 
First Lien Senior Debt(6)
5.0
%
N/A

7/19
 
 
2.4

 
2.4

 
2.4

Ascensus, Inc.
 
Commercial Services & Supplies
 
First Lien Senior Debt(6)
5.0
%
N/A

12/19
 
 
6.0

 
6.1

 
6.0

Asurion, LLC
 
Commercial Services & Supplies
 
First Lien Senior Debt(6)
5.0
%
N/A

5/19
 
 
7.4

 
7.4

 
7.3

Atlantic Power Limited Partnership(7)
 
Independent Power & Renewable Electricity Producers
 
First Lien Senior Debt(6)
4.8
%
N/A

2/21
 
 
4.5

 
4.5

 
4.5

AZ Chem US Inc.
 
Chemicals
 
First Lien Senior Debt(6)
4.5
%
N/A

6/21
 
 
9.6

 
9.7

 
9.4

BarBri, Inc.
 
Diversified Consumer Services
 
First Lien Senior Debt(6)
4.5
%
N/A

7/19
 
 
9.8

 
9.8

 
9.6

Berlin Packaging L.L.C.
 
Containers & Packaging
 
First Lien Senior Debt(6)
4.5
%
N/A

10/21
 
 
6.5

 
6.4

 
6.5

Biomet, Inc.
 
Health Care Equipment & Supplies
 
First Lien Senior Debt(6)
3.7
%
N/A

7/17
 
 
4.0

 
4.0

 
4.0

BJ’s Wholesale Club, Inc.
 
Food & Staples Retailing
 
First Lien Senior Debt(6)
4.5
%
N/A

9/19
 
 
4.9

 
4.9

 
4.9

Blackboard Inc.
 
Software
 
First Lien Senior Debt(6)
4.8
%
N/A

10/18
 
 
5.0

 
5.0

 
4.9

Boulder Brands, Inc.(7)
 
Food Products
 
First Lien Senior Debt(6)
4.5
%
N/A

7/20
 
 
7.1

 
7.1

 
7.1

Boyd Gaming Corporation(7)
 
Hotels, Restaurants & Leisure
 
First Lien Senior Debt(6)
4.0
%
N/A

8/20
 
 
6.4

 
6.4

 
6.3

The Brickman Group Ltd. LLC
 
Commercial Services & Supplies
 
First Lien Senior Debt(6)
4.0
%
N/A

12/20
 
 
5.0

 
5.0

 
4.8

Burlington Coat Factory Warehouse Corporation(7)
 
Specialty Retail
 
First Lien Senior Debt(6)
4.3
%
N/A

8/21
 
 
4.0

 
4.0

 
3.9

BWAY Intermediate Company, Inc.
 
Containers & Packaging
 
First Lien Senior Debt(6)
5.6
%
N/A

8/20
 
 
4.0

 
3.9

 
4.0

Camp International Holding Company
 
Transportation Infrastructure
 
First Lien Senior Debt(6)
4.8
%
N/A

5/19
 
 
7.7

 
7.7

 
7.7

Capital Automotive L.P.
 
Real Estate
 
First Lien Senior Debt(6)
4.0
%
N/A

4/19
 
 
12.3

 
12.3

 
12.1

Capital Safety North America Holdings Inc.
 
Commercial Services & Supplies
 
First Lien Senior Debt(6)
3.8
%
N/A

3/21
 
 
9.4

 
9.2

 
9.2

Capsugel Holdings US, Inc.
 
Pharmaceuticals
 
First Lien Senior Debt(6)
3.5
%
N/A

8/18
 
 
11.5

 
11.5

 
11.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

26

AMERICAN CAPITAL, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
December 31, 2014
(in millions, except share data)
Company(1)
 
Industry
 
Investments
Cash
Interest
Rate(2)
PIK
Interest
Rate(2)
Maturity
Date(2)
# of
Shares/
Units
Owned
 
Principal
 
Cost
 
Fair
Value
Carecore National, LLC
 
Health Care Providers & Services
 
First Lien Senior Debt(6)
5.5
%
N/A

3/21
 
 
5.0

 
5.0

 
4.9

Carros Finance Luxembourg S.A.R.L.(7)
 
Machinery
 
First Lien Senior Debt(6)
4.5
%
N/A

9/21
 
 
9.0

 
9.0

 
8.9

Catalent Pharma Solutions, Inc.(7)
 
Pharmaceuticals
 
First Lien Senior Debt(6)
4.3
%
N/A

5/21
 
 
12.4

 
12.5

 
12.4

CCM Merger Inc.
 
Hotels, Restaurants & Leisure
 
First Lien Senior Debt(6)
4.5
%
N/A

8/21
 
 
4.9

 
4.9

 
4.8

CEC Entertainment, Inc.
 
Hotels, Restaurants & Leisure
 
First Lien Senior Debt(6)
4.0
%
N/A

2/21
 
 
12.4

 
12.3

 
12.1

Cequel Communications, LLC
 
Media
 
First Lien Senior Debt(6)
3.5
%
N/A

2/19
 
 
15.1

 
14.9

 
15.0

Charter Communications Operating, LLC(7)
 
Media
 
First Lien Senior Debt(6)
4.3
%
N/A

9/21
 
 
1.3

 
1.2

 
1.3

Checkout Holding Corp.
 
Media
 
First Lien Senior Debt(6)
4.5
%
N/A

4/21
 
 
5.0

 
5.0

 
4.8

CityCenter Holdings, LLC
 
Hotels, Restaurants & Leisure
 
First Lien Senior Debt(6)
4.3
%
N/A

10/20
 
 
12.5

 
12.4

 
12.4

Connolly, LLC
 
Professional Services
 
First Lien Senior Debt(6)
5.0
%
N/A

5/21
 
 
8.8

 
8.8

 
8.8

 
 
 
 
Second Lien Senior Debt(6)
8.0
%
N/A

5/22
 
 
1.0

 
1.0

 
1.0

 
 
 
 
 
 
 
 
 
 
 
 
9.8

 
9.8

Consolidated Communications, Inc.(7)
 
Diversified Telecommunication Services
 
First Lien Senior Debt(6)
4.3
%
N/A

12/20
 
 
5.0

 
5.0

 
4.9

CPG International Inc.
 
Building Products
 
First Lien Senior Debt(6)
4.8
%
N/A

9/20
 
 
7.4

 
7.5

 
7.4

CPI Buyer, LLC
 
Trading Companies & Distributors
 
First Lien Senior Debt(6)
5.5
%
N/A

8/21
 
 
2.0

 
2.0

 
2.0

CPI International Inc.
 
Electronic Equipment, Instruments & Components
 
First Lien Senior Debt(6)
4.3
%
N/A

11/17
 
 
10.4

 
10.4

 
10.3

CT Technologies Intermediate Holdings, Inc.
 
Health Care Technology
 
First Lien Senior Debt(6)
6.0
%
N/A

12/21
 
 
3.0

 
3.0

 
3.0

DAE Aviation Holdings, Inc.
 
Aerospace & Defense
 
First Lien Senior Debt(6)
5.0
%
N/A

11/18
 
 
3.6

 
3.6

 
3.6

Dave & Buster's, Inc.
 
Hotels, Restaurants & Leisure
 
First Lien Senior Debt(6)
4.3
%
N/A

7/20
 
 
6.1

 
6.1

 
6.1

Del Monte Foods, Inc.(7)
 
Food Products
 
First Lien Senior Debt(6)
4.3
%
N/A

2/21
 
 
5.0

 
5.0

 
4.6

Dell International LLC
 
Technology Hardware, Storage & Peripherals
 
First Lien Senior Debt(6)
4.5
%
N/A

4/20
 
 
9.5

 
9.4

 
9.5

Deltek, Inc.
 
Software
 
First Lien Senior Debt(6)
4.5
%
N/A

10/18
 
 
5.0

 
4.9

 
4.9

Dialysis Newco, Inc.
 
Health Care Providers & Services
 
First Lien Senior Debt(6)
4.5
%
N/A

4/21
 
 
11.9

 
12.0

 
11.9

Dole Food Company, Inc.
 
Food Products
 
First Lien Senior Debt(6)
4.5
%
N/A

11/18
 
 
10.2

 
10.3

 
10.1

DPX Holdings B.V. (7)
 
Life Sciences Tools & Services
 
First Lien Senior Debt(6)
4.3
%
N/A

3/21
 
 
7.0

 
6.9

 
6.8

Drew Marine Group Inc.
 
Chemicals
 
First Lien Senior Debt(6)
4.5
%
N/A

11/20
 
 
5.0

 
5.0

 
4.9

DTZ U.S. Borrower, LLC(7)
 
Real Estate
 
First Lien Senior Debt(6)
5.5
%
N/A

11/21
 
 
2.0

 
2.0

 
2.0

Duff & Phelps Corporation
 
Capital Markets
 
First Lien Senior Debt(6)
4.5
%
N/A

4/20
 
 
10.4

 
10.5

 
10.3

Dunkin' Brands, Inc.(7)
 
Hotels, Restaurants & Leisure
 
First Lien Senior Debt(6)
3.3
%
N/A

2/21
 
 
7.5

 
7.4

 
7.3

DynCorp International Inc.
 
Aerospace & Defense
 
First Lien Senior Debt(6)
6.3
%
N/A

7/16
 
 
1.0

 
1.0

 
1.0

Eco Services Operations LLC
 
Chemicals
 
First Lien Senior Debt(6)
4.8
%
N/A

12/21
 
 
2.0

 
2.0

 
2.0

EFS Cogen Holdings I, LLC
 
Independent Power & Renewable Electricity Producers
 
First Lien Senior Debt(6)
3.8
%
N/A

12/20
 
 
11.3

 
11.3

 
11.2

Electrical Components International, Inc.
 
Electrical Equipment
 
First Lien Senior Debt(6)
5.8
%
N/A

5/21
 
 
3.0

 
3.0

 
3.0

Emdeon Inc.
 
Health Care Providers & Services
 
First Lien Senior Debt(6)
3.8
%
N/A

11/18
 
 
10.0

 
9.9

 
9.8

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

27

AMERICAN CAPITAL, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
December 31, 2014
(in millions, except share data)
Company(1)
 
Industry
 
Investments
Cash
Interest
Rate(2)
PIK
Interest
Rate(2)
Maturity
Date(2)
# of
Shares/
Units
Owned
 
Principal
 
Cost
 
Fair
Value
Emerald Expositions Holding, Inc.
 
Media
 
First Lien Senior Debt(6)
4.8
%
N/A

6/20
 
 
4.8

 
4.8

 
4.7

Entravision Communications Corporation(7)
 
Media
 
First Lien Senior Debt(6)
3.5
%
N/A

5/20
 
 
1.9

 
1.9

 
1.8

EquiPower Resources Holdings, LLC
 
Independent Power & Renewable Electricity Producers
 
First Lien Senior Debt(6)
4.3
%
N/A

12/18-12/19
 
 
4.9

 
4.9

 
4.8

Evergreen Acqco 1 LP
 
Multiline Retail
 
First Lien Senior Debt(6)
5.0
%
N/A

7/19
 
 
12.4

 
12.5

 
12.0

EWT Holdings III Corp.
 
Machinery
 
First Lien Senior Debt(6)
4.8
%
N/A

1/21
 
 
5.0

 
5.0

 
4.9

Fairmount Minerals, Ltd.
 
Metals & Mining
 
First Lien Senior Debt(6)
4.5
%
N/A

9/19
 
 
5.0

 
5.0

 
4.5

FCA US LLC(7)
 
Automobiles
 
First Lien Senior Debt(6)
3.3
%
N/A

12/18
 
 
9.9

 
9.9

 
9.9

Ferro Corporation(7)
 
Chemicals
 
First Lien Senior Debt(6)
4.0
%
N/A

7/21
 
 
6.0

 
6.0

 
5.9

Filtration Group Corporation
 
Industrial Conglomerates
 
First Lien Senior Debt(6)
4.5
%
N/A

11/20
 
 
10.0

 
10.0

 
9.9

First Data Corporation
 
IT Services
 
First Lien Senior Debt(6)
4.0
%
N/A

3/18-3/21
 
 
17.4

 
17.4

 
17.2

Fitness International, LLC
 
Hotels, Restaurants & Leisure
 
First Lien Senior Debt(6)
5.5
%
N/A

7/20
 
 
3.6

 
3.6

 
3.5

Flexera Software LLC
 
Software
 
First Lien Senior Debt(6)
4.5
%
N/A

4/20
 
 
5.4

 
5.4

 
5.3

Fly Funding II S.à r.l.(7)
 
Trading Companies & Distributors
 
First Lien Senior Debt(6)
4.5
%
N/A

8/19
 
 
4.6

 
4.6

 
4.5

Flying Fortress Inc.(7)
 
Capital Markets
 
First Lien Senior Debt(6)
3.5
%
N/A

6/17
 
 
5.3

 
5.3

 
5.3

FMG Resources (August 2006) Pty LTD(7)
 
Metals & Mining
 
First Lien Senior Debt(6)
3.8
%
N/A

6/19
 
 
5.0

 
5.0

 
4.5

FullBeauty Brands, Inc.
 
Internet & Catalog Retail
 
First Lien Senior Debt(6)
4.5
%
N/A

3/21
 
 
11.5

 
11.5

 
11.4

Gates Global LLC
 
Machinery
 
First Lien Senior Debt(6)
4.3
%
N/A

7/21
 
 
18.1

 
18.0

 
17.7

Global Tel*Link Corporation
 
Diversified Telecommunication Services
 
First Lien Senior Debt(6)
5.0
%
N/A

5/20
 
 
4.3

 
4.3

 
4.2

The Goodyear Tire & Rubber Company(7)
 
Auto Components
 
Second Lien Senior Debt(6)
4.8
%
N/A

4/19
 
 
7.5

 
7.5

 
7.5

Great Wolf Resorts, Inc.
 
Hotels, Restaurants & Leisure
 
First Lien Senior Debt(6)
5.8
%
N/A

8/20
 
 
7.9

 
8.0

 
7.9

Greeneden U.S. Holdings II, LLC
 
Software
 
First Lien Senior Debt(6)
4.0
%
N/A

2/20
 
 
5.0

 
4.9

 
4.9

Grosvenor Capital Management Holdings, LLLP
 
Capital Markets
 
First Lien Senior Debt(6)
3.8
%
N/A

1/21
 
 
13.6

 
13.5

 
13.3

Guggenheim Partners Investment Management Holdings, LLC
 
Capital Markets
 
First Lien Senior Debt(6)
4.3
%
N/A

7/20
 
 
9.0

 
8.9

 
8.9

H. J. Heinz Company
 
Food Products
 
First Lien Senior Debt(6)
3.5
%
N/A

6/20
 
 
25.9

 
25.9

 
25.8

Hampton Rubber Company
 
Energy Equipment & Services
 
First Lien Senior Debt(6)
5.0
%
N/A

3/21
 
 
4.0

 
4.0

 
3.8

Harbor Freight Tools USA, Inc.
 
Specialty Retail
 
First Lien Senior Debt(6)
4.8
%
N/A

7/19
 
 
10.6

 
10.6

 
10.6

Hearthside Group Holdings, LLC
 
Food Products
 
First Lien Senior Debt(6)
4.5
%
N/A

6/21
 
 
10.4

 
10.5

 
10.4

Hemisphere Media Holdings, LLC(7)
 
Media
 
First Lien Senior Debt(6)
5.0
%
N/A

7/20
 
 
0.9

 
0.9

 
0.9

HFOTCO LLC
 
Oil, Gas & Consumable Fuels
 
First Lien Senior Debt(6)
4.3
%
N/A

8/21
 
 
1.0

 
1.0

 
1.0

The Hillman Group, Inc.
 
Machinery
 
First Lien Senior Debt(6)
4.5
%
N/A

6/21
 
 
9.0

 
9.0

 
8.9

Hub International Limited
 
Insurance
 
First Lien Senior Debt(6)
4.3
%
N/A

10/20
 
 
8.5

 
8.4

 
8.2

Hudson Products Holdings Inc.
 
Energy Equipment & Services
 
First Lien Senior Debt(6)
5.0
%
N/A

3/19
 
 
7.5

 
7.5

 
7.2

Hyland Software, Inc.
 
Software
 
First Lien Senior Debt(6)
4.8
%
N/A

2/21
 
 
4.0

 
4.0

 
4.0

Ikaria, Inc.
 
Health Care Providers & Services
 
First Lien Senior Debt(6)
5.0
%
N/A

2/21
 
 
8.2

 
8.3

 
8.2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

28

AMERICAN CAPITAL, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
December 31, 2014
(in millions, except share data)
Company(1)
 
Industry
 
Investments
Cash
Interest
Rate(2)
PIK
Interest
Rate(2)
Maturity
Date(2)
# of
Shares/
Units
Owned
 
Principal
 
Cost
 
Fair
Value
Immucor, Inc.
 
Health Care Equipment & Supplies
 
First Lien Senior Debt(6)
5.0
%
N/A

8/18
 
 
7.9

 
8.0

 
7.8

IMS Health Incorporated(7)
 
Health Care Technology
 
First Lien Senior Debt(6)
3.5
%
N/A

3/21
 
 
5.4

 
5.3

 
5.3

Indra Holdings Corp.
 
Textiles, Apparel & Luxury Goods
 
First Lien Senior Debt(6)
5.3
%
N/A

4/21
 
 
4.1

 
4.2

 
4.1

Infinity Acquisition LLC
 
Software
 
First Lien Senior Debt(6)
4.3
%
N/A

8/21
 
 
5.0

 
5.0

 
4.9

Information Resources, Inc.
 
Professional Services
 
First Lien Senior Debt(6)
4.8
%
N/A

9/20
 
 
7.4

 
7.5

 
7.4

Inmar, Inc.
 
Commercial Services & Supplies
 
First Lien Senior Debt(6)
4.3
%
N/A

1/21
 
 
4.9

 
4.9

 
4.8

Intelsat Jackson Holdings S.A.(7)
 
Diversified Telecommunication Services
 
First Lien Senior Debt(6)
3.8
%
N/A

6/19
 
 
5.0

 
5.0

 
4.9

Interactive Data Corporation
 
Media
 
First Lien Senior Debt(6)
4.8
%
N/A

4/21
 
 
8.5

 
8.5

 
8.4

Ion Media Networks, Inc.
 
Media
 
First Lien Senior Debt(6)
4.8
%
N/A

12/20
 
 
5.0

 
5.0

 
4.9

J. Crew Group, Inc.
 
Specialty Retail
 
First Lien Senior Debt(6)
4.0
%
N/A

3/21
 
 
7.5

 
7.4

 
7.1

J.C. Penney Corporation, Inc.(7)
 
Multiline Retail
 
First Lien Senior Debt(6)
5.0
%
N/A

6/19
 
 
2.0

 
2.0

 
1.9

Jazz Acquisition, Inc.
 
Aerospace & Defense
 
First Lien Senior Debt(6)
4.5
%
N/A

6/21
 
 
5.0

 
5.0

 
4.9

The Kenan Advantage Group, Inc.
 
Road & Rail
 
First Lien Senior Debt(6)
3.8
%
N/A

6/16
 
 
4.9

 
5.0

 
4.9

Key Safety Systems, Inc.
 
Auto Components
 
First Lien Senior Debt(6)
4.8
%
N/A

8/21
 
 
5.2

 
5.2

 
5.2

Kindred Healthcare, Inc.(7)
 
Health Care Providers & Services
 
First Lien Senior Debt(6)
4.3
%
N/A

4/21
 
 
7.4

 
7.3

 
7.2

La Frontera Generation, LLC
 
Independent Power & Renewable Electricity Producers
 
First Lien Senior Debt(6)
4.5
%
N/A

9/20
 
 
8.7

 
8.7

 
8.6

La Quinta Intermediate Holdings L.L.C.(7)
 
Hotels, Restaurants & Leisure
 
First Lien Senior Debt(6)
4.0
%
N/A

4/21
 
 
6.8

 
6.8

 
6.7

Landmark Aviation FBO Canada, Inc.(7)
 
Aerospace & Defense
 
First Lien Senior Debt(6)
4.8
%
N/A

10/19
 
 
0.3

 
0.3

 
0.3

Landslide Holdings, Inc.
 
Software
 
First Lien Senior Debt(6)
5.0
%
N/A

2/20
 
 
7.4

 
7.4

 
7.2

Learning Care Group (US) No. 2 Inc.
 
Diversified Consumer Services
 
First Lien Senior Debt(6)
5.5
%
N/A

5/21
 
 
3.7

 
3.7

 
3.7

Leonardo Acquisition Corp.
 
Internet & Catalog Retail
 
First Lien Senior Debt(6)
4.3
%
N/A

1/21
 
 
10.4

 
10.4

 
10.2

Level 3 Financing, Inc.(7)
 
Diversified Telecommunication Services
 
First Lien Senior Debt(6)
4.5
%
N/A

1/22
 
 
4.0

 
4.0

 
4.0

Libbey Glass Inc.(7)
 
Household Durables
 
First Lien Senior Debt(6)
3.8
%
N/A

4/21
 
 
4.5

 
4.5

 
4.4

Liberty Cablevision of Puerto Rico LLC
 
Media
 
First Lien Senior Debt(6)
4.5
%
N/A

1/22
 
 
5.0

 
5.0

 
4.9

LM U.S. Member LLC
 
Aerospace & Defense
 
First Lien Senior Debt(6)
4.8
%
N/A

10/19
 
 
7.7

 
7.6

 
7.6

MCC Iowa LLC
 
Media
 
First Lien Senior Debt(6)
4.0
%
N/A

1/20-6/21
 
 
14.3

 
14.3

 
14.0

McJunkin Red Man Corporation(7)
 
Trading Companies & Distributors
 
First Lien Senior Debt(6)
5.0
%
N/A

11/19
 
 
5.0

 
5.0

 
4.6

Mediacom Illinois, LLC
 
Media
 
First Lien Senior Debt(6)
3.8
%
N/A

6/21
 
 
7.5

 
7.4

 
7.3

The Men’s Wearhouse, Inc.(7)
 
Specialty Retail
 
First Lien Senior Debt(6)
4.5
%
N/A

6/21
 
 
10.0

 
10.0

 
10.0

Michaels Stores, Inc.(7)
 
Specialty Retail
 
First Lien Senior Debt(6)
3.8
%
N/A

1/20
 
 
19.7

 
19.7

 
19.3

Midas Intermediate Holdco II, LLC
 
Diversified Consumer Services
 
First Lien Senior Debt(6)
4.8
%
N/A

8/21
 
 
2.0

 
2.0

 
2.0

Millennium Health, LLC
 
Health Care Providers & Services
 
First Lien Senior Debt(6)
5.3
%
N/A

4/21
 
 
7.3

 
7.4

 
7.3

Minerals Technologies Inc.(7)
 
Chemicals
 
First Lien Senior Debt(6)
4.0
%
N/A

5/21
 
 
2.8

 
2.8

 
2.8

Mirror Bidco Corp.(7)
 
Machinery
 
First Lien Senior Debt(6)
4.3
%
N/A

12/19
 
 
7.8

 
7.9

 
7.8

Mitchell International, Inc.
 
Software
 
First Lien Senior Debt(6)
4.5
%
N/A

10/20
 
 
9.4

 
9.5

 
9.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

29

AMERICAN CAPITAL, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
December 31, 2014
(in millions, except share data)
Company(1)
 
Industry
 
Investments
Cash
Interest
Rate(2)
PIK
Interest
Rate(2)
Maturity
Date(2)
# of
Shares/
Units
Owned
 
Principal
 
Cost
 
Fair
Value
Mitel US Holdings, Inc.(7)
 
Communications Equipment
 
First Lien Senior Debt(6)
5.3
%
N/A

1/20
 
 
2.3

 
2.3

 
2.3

Moneygram International, Inc.(7)
 
IT Services
 
First Lien Senior Debt(6)
4.3
%
N/A

3/20
 
 
5.0

 
4.9

 
4.6

MPG Holdco I Inc.
 
Auto Components
 
First Lien Senior Debt(6)
4.3
%
N/A

10/21
 
 
7.8

 
7.8

 
7.9

MPH Acquisition Holdings LLC
 
Health Care Providers & Services
 
First Lien Senior Debt(6)
3.8
%
N/A

3/21
 
 
16.5

 
16.4

 
16.1

Murray Energy Corporation
 
Oil, Gas & Consumable Fuels
 
First Lien Senior Debt(6)
5.3
%
N/A

12/19
 
 
4.5

 
4.5

 
4.3

National Financial Partners Corp.
 
Insurance
 
First Lien Senior Debt(6)
4.5
%
N/A

7/20
 
 
6.5

 
6.5

 
6.4

National Surgical Hospitals, Inc
 
Health Care Providers & Services
 
First Lien Senior Debt(6)
5.3
%
N/A

8/19
 
 
5.5

 
5.5

 
5.4

The Neiman Marcus Group Inc.
 
Multiline Retail
 
First Lien Senior Debt(6)
4.3
%
N/A

10/20
 
 
10.5

 
10.4

 
10.2

Numericable U.S. LLC(7)
 
Media
 
First Lien Senior Debt(6)
4.5
%
N/A

5/20
 
 
4.0

 
4.0

 
4.0

NVA Holdings, Inc.
 
Health Care Providers & Services
 
First Lien Senior Debt(6)
4.8
%
N/A

8/21
 
 
8.5

 
8.5

 
8.4

Onex Carestream Finance LP
 
Health Care Equipment & Supplies
 
First Lien Senior Debt(6)
5.0
%
N/A

6/19
 
 
14.1

 
14.2

 
14.1

Opal Acquisition, Inc.
 
Health Care Providers & Services
 
First Lien Senior Debt(6)
5.0
%
N/A

11/20
 
 
5.0

 
5.0

 
4.9

Ortho-Clinical Diagnostics S.A.(7)
 
Health Care Providers & Services
 
First Lien Senior Debt(6)
4.8
%
N/A

6/21
 
 
12.3

 
12.4

 
12.2

OSG Bulk Ships, Inc.(7)
 
Oil, Gas & Consumable Fuels
 
First Lien Senior Debt(6)
5.3
%
N/A

8/19
 
 
8.7

 
8.8

 
8.5

Oxbow Carbon LLC
 
Metals & Mining
 
First Lien Senior Debt(6)
4.3
%
N/A

7/19
 
 
4.9

 
4.9

 
4.5

P2 Lower Acquisition, LLC
 
Health Care Providers & Services
 
First Lien Senior Debt(6)
5.5
%
N/A

10/20
 
 
1.9

 
1.8

 
1.8

Party City Holdings Inc.
 
Specialty Retail
 
First Lien Senior Debt(6)
4.0
%
N/A

7/19
 
 
11.6

 
11.5

 
11.4

Peabody Energy Corporation(7)
 
Metals & Mining
 
First Lien Senior Debt(6)
4.3
%
N/A

9/20
 
 
7.5

 
7.5

 
6.8

Penn Engineering & Manufacturing Corp.
 
Building Products
 
First Lien Senior Debt(6)
4.5
%
N/A

8/21
 
 
6.5

 
6.5

 
6.5

Performance Food Group, Inc.
 
Food & Staples Retailing
 
Second Lien Senior Debt(6)
6.3
%
N/A

11/19
 
 
4.0

 
4.0

 
3.9

Petroleum GEO-Services ASA(7)
 
Energy Equipment & Services
 
First Lien Senior Debt(6)
3.3
%
N/A

3/21
 
 
5.0

 
4.9

 
4.2

Pharmaceutical Product Development, Inc.
 
Life Sciences Tools & Services
 
First Lien Senior Debt(6)
4.0
%
N/A

12/18
 
 
28.2

 
28.3

 
28.0

PharMEDium Healthcare Corporation
 
Pharmaceuticals
 
First Lien Senior Debt(6)
4.3
%
N/A

1/21
 
 
4.7

 
4.8

 
4.6

Phillips-Medisize Corporation
 
Health Care Equipment & Supplies
 
First Lien Senior Debt(6)
4.8
%
N/A

6/21
 
 
6.0

 
6.0

 
6.0

Pilot Travel Centers LLC
 
Specialty Retail
 
First Lien Senior Debt(6)
4.3
%
N/A

10/21
 
 
10.0

 
9.9

 
10.0

Pinnacle Foods Finance LLC(7)
 
Food Products
 
First Lien Senior Debt(6)
3.0
%
N/A

4/20
 
 
14.3

 
14.2

 
13.9

Planet Fitness Holdings, LLC
 
Hotels, Restaurants & Leisure
 
First Lien Senior Debt(6)
4.8
%
N/A

3/21
 
 
5.3

 
5.4

 
5.3

Post Holdings Inc.(7)
 
Food Products
 
First Lien Senior Debt(6)
3.8
%
N/A

6/21
 
 
8.0

 
8.0

 
7.9

PQ Corporation
 
Chemicals
 
First Lien Senior Debt(6)
4.0
%
N/A

8/17
 
 
5.0

 
5.0

 
4.9

Presidio, Inc.
 
IT Services
 
First Lien Senior Debt(6)
5.0
%
N/A

3/17
 
 
4.6

 
4.7

 
4.6

Quikrete Holdings, Inc.
 
Construction Materials
 
First Lien Senior Debt(6)
4.0
%
N/A

9/20
 
 
12.5

 
12.4

 
12.3

Quintiles Transnational Corp.(7)
 
Life Sciences Tools & Services
 
First Lien Senior Debt(6)
3.8
%
N/A

6/18
 
 
3.0

 
2.9

 
2.9

Renaissance Learning, Inc.
 
Software
 
First Lien Senior Debt(6)
4.5
%
N/A

4/21
 
 
9.9

 
9.9

 
9.7

Road Infrastructure Investment, LLC
 
Chemicals
 
First Lien Senior Debt(6)
4.3
%
N/A

3/21
 
 
12.4

 
12.4

 
11.9

RPI Finance Trust(7)
 
Pharmaceuticals
 
First Lien Senior Debt(6)
3.5
%
N/A

11/20
 
 
4.0

 
4.0

 
4.0

Sabre GLBL Inc.(7)
 
Software
 
First Lien Senior Debt(6)
4.5
%
N/A

2/19
 
 
7.4

 
7.5

 
7.3

Sage Products Holdings III, LLC
 
Health Care Equipment & Supplies
 
First Lien Senior Debt(6)
5.0
%
N/A

12/19
 
 
2.0

 
2.0

 
2.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

30

AMERICAN CAPITAL, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
December 31, 2014
(in millions, except share data)
Company(1)
 
Industry
 
Investments
Cash
Interest
Rate(2)
PIK
Interest
Rate(2)
Maturity
Date(2)
# of
Shares/
Units
Owned
 
Principal
 
Cost
 
Fair
Value
Schaeffler AG(7)
 
Auto Components
 
First Lien Senior Debt(6)
4.3
%
N/A

5/20
 
 
1.0

 
1.0

 
1.0

Scientific Games International Inc.(7)
 
Hotels, Restaurants & Leisure
 
First Lien Senior Debt(6)
6.0
%
N/A

10/21
 
 
4.0

 
4.0

 
4.0

Sears Roebuck Acceptance Corp.(7)
 
Multiline Retail
 
First Lien Senior Debt(6)
5.5
%
N/A

6/18
 
 
5.0

 
5.0

 
4.8

Securus Technologies Holdings, Inc.
 
Diversified Telecommunication Services
 
First Lien Senior Debt(6)
4.8
%
N/A

4/20
 
 
4.9

 
5.0

 
4.9

Sedgwick Claims Management Services, Inc.
 
Insurance
 
First Lien Senior Debt(6)
3.8
%
N/A

3/21
 
 
13.9

 
13.7

 
13.6

 
 
 
Second Lien Senior Debt(6)
6.8
%
N/A

2/22
 
 
5.0

 
5.0

 
4.7

 
 
 
 
 
 
 
 
 
 
 
18.7

 
18.3

Seminole Hard Rock Entertainment, Inc.
 
Hotels, Restaurants & Leisure
 
First Lien Senior Debt(6)
3.5
%
N/A

5/20
 
 
5.9

 
5.9

 
5.7

Serta Simmons Holdings, LLC
 
Household Durables
 
First Lien Senior Debt(6)
4.3
%
N/A

10/19
 
 
8.8

 
8.8

 
8.7

The Servicemaster Company, LLC(7)
 
Diversified Consumer Services
 
First Lien Senior Debt(6)
4.3
%
N/A

7/21
 
 
5.5

 
5.4

 
5.4

Ship Luxco 3 S.a.r.l(7)
 
IT Services
 
First Lien Senior Debt(6)
4.8
%
N/A

11/19
 
 
5.0

 
5.0

 
5.0

Sinclair Television Group, Inc.(7)
 
Media
 
First Lien Senior Debt(6)
3.5
%
N/A

7/21
 
 
4.0

 
4.0

 
4.0

Southcross Energy Partners, L.P.(7)
 
Oil, Gas & Consumable Fuels
 
First Lien Senior Debt(6)
5.3
%
N/A

8/21
 
 
1.0

 
1.0

 
0.9

Southwire Company, LLC
 
Electrical Equipment
 
First Lien Senior Debt(6)
3.3
%
N/A

2/21
 
 
20.3

 
20.2

 
19.6

Spectrum Brands, Inc(7)
 
Household Products
 
First Lien Senior Debt(6)
3.5
%
N/A

9/19
 
 
1.2

 
1.2

 
1.2

Spin Holdco Inc.
 
Diversified Consumer Services
 
First Lien Senior Debt(6)
4.3
%
N/A

11/19
 
 
7.4

 
7.5

 
7.3

Standard Aero Limited(7)
 
Aerospace & Defense
 
First Lien Senior Debt(6)
5.0
%
N/A

11/18
 
 
1.4

 
1.4

 
1.4

Star West Generation LLC
 
Independent Power & Renewable Electricity Producers
 
First Lien Senior Debt(6)
4.3
%
N/A

3/20
 
 
2.0

 
2.0

 
2.0

Station Casinos LLC
 
Hotels, Restaurants & Leisure
 
First Lien Senior Debt(6)
4.3
%
N/A

3/20
 
 
12.0

 
11.9

 
11.7

Steinway Musical Instruments, Inc.
 
Leisure Products
 
First Lien Senior Debt(6)
4.8
%
N/A

9/19
 
 
5.0

 
5.0

 
5.0

STHI Holding Corp.
 
Life Sciences Tools & Services
 
First Lien Senior Debt(6)
4.5
%
N/A

8/21
 
 
7.0

 
7.0

 
6.9

STS Operating, Inc.
 
Trading Companies & Distributors
 
First Lien Senior Debt(6)
4.8
%
N/A

2/21
 
 
2.0

 
2.0

 
2.0

Syniverse Holdings, Inc.
 
Wireless Telecommunication Services
 
First Lien Senior Debt(6)
4.0
%
N/A

4/19
 
 
15.0

 
14.9

 
14.6

Tallgrass Operations, LLC
 
Oil, Gas & Consumable Fuels
 
First Lien Senior Debt(6)
4.3
%
N/A

11/18
 
 
8.4

 
8.4

 
8.3

TI Group Automotive Systems, L.L.C.(7)
 
Auto Components
 
First Lien Senior Debt(6)
4.3
%
N/A

7/21
 
 
7.5

 
7.4

 
7.4

TMS International Corp.
 
Metals & Mining
 
First Lien Senior Debt(6)
4.5
%
N/A

10/20
 
 
12.8

 
12.9

 
12.8

TNS, Inc.
 
IT Services
 
First Lien Senior Debt(6)
5.0
%
N/A

2/20
 
 
4.0

 
4.0

 
3.9

TPF II LC, LLC
 
Independent Power & Renewable Electricity Producers
 
First Lien Senior Debt(6)
5.5
%
N/A

9/21
 
 
2.0

 
2.0

 
2.0

TransDigm Inc.(7)
 
Aerospace & Defense
 
First Lien Senior Debt(6)
3.8
%
N/A

6/21
 
 
7.5

 
7.4

 
7.4

Trans Union LLC
 
Professional Services
 
First Lien Senior Debt(6)
4.0
%
N/A

4/21
 
 
19.9

 
19.8

 
19.7

Travelport Finance (Luxembourg) S.à r.l.(7)
 
Internet Software & Services
 
First Lien Senior Debt(6)
6.0
%
N/A

9/21
 
 
4.0

 
3.9

 
4.0

TWCC Holding Corp.
 
Media
 
First Lien Senior Debt(6)
3.5
%
N/A

2/17
 
 
5.0

 
4.9

 
4.9

 
 
 
 
Second Lien Senior Debt(6)
7.0
%
N/A

6/20
 
 
5.0

 
5.0

 
4.8

 
 
 
 
 
 
 
 
 
 
 
 
9.9

 
9.7

Tyche Holdings, LLC
 
IT Services
 
First Lien Senior Debt(6)
5.5
%
N/A

11/21
 
 
5.4

 
5.4

 
5.4

U.S. Renal Care, Inc.
 
Health Care Providers & Services
 
First Lien Senior Debt(6)
4.3
%
N/A

7/19
 
 
13.3

 
13.4

 
13.2

United Air Lines, Inc.(7)
 
Airlines
 
First Lien Senior Debt(6)
3.8
%
N/A

9/21
 
 
8.0

 
7.9

 
7.9

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

31

AMERICAN CAPITAL, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
December 31, 2014
(in millions, except share data)
Company(1)
 
Industry
 
Investments
Cash
Interest
Rate(2)
PIK
Interest
Rate(2)
Maturity
Date(2)
# of
Shares/
Units
Owned
 
Principal
 
Cost
 
Fair
Value
Univision Communications Inc.
 
Media
 
First Lien Senior Debt(6)
4.0
%
N/A

2/20-3/20
 
 
12.5

 
12.4

 
12.2

USIC Holdings, Inc.
 
Construction & Engineering
 
First Lien Senior Debt(6)
4.0
%
N/A

7/20
 
 
14.9

 
14.8

 
14.6

USI, Inc.
 
Insurance
 
First Lien Senior Debt(6)
4.3
%
N/A

12/19
 
 
8.4

 
8.5

 
8.3

Valeant Pharmaceuticals International, Inc.(7)
 
Pharmaceuticals
 
First Lien Senior Debt(6)
3.5
%
N/A

2/19
 
 
8.7

 
8.7

 
8.6

Vencore, Inc.
 
Aerospace & Defense
 
First Lien Senior Debt(6)
5.8
%
N/A

11/19
 
 
4.2

 
4.2

 
4.2

Veyance Technologies, Inc.
 
Machinery
 
First Lien Senior Debt(6)
5.3
%
N/A

9/17
 
 
1.9

 
1.9

 
1.9

VWR Funding, Inc.(7)
 
Distributors
 
First Lien Senior Debt(6)
3.4
%
N/A

4/17
 
 
9.9

 
9.9

 
9.9

Wall Street Systems Delaware, Inc.(7)
 
Software
 
First Lien Senior Debt(6)
4.5
%
N/A

4/21
 
 
4.9

 
4.8

 
4.9

Wastequip, LLC
 
Machinery
 
First Lien Senior Debt(6)
5.5
%
N/A

8/19
 
 
5.0

 
5.0

 
4.9

WaveDivision Holdings, LLC
 
Media
 
First Lien Senior Debt(6)
4.0
%
N/A

10/19
 
 
8.4

 
8.5

 
8.3

WideOpenWest Finance, LLC
 
Media
 
First Lien Senior Debt(6)
4.8
%
N/A

4/19
 
 
5.0

 
5.0

 
4.9

Wilsonart LLC
 
Building Products
 
First Lien Senior Debt(6)
4.0
%
N/A

10/19
 
 
8.4

 
8.4

 
8.2

WP CPP Holdings, LLC
 
Aerospace & Defense
 
First Lien Senior Debt(6)
4.8
%
N/A

12/19
 
 
7.1

 
7.1

 
7.1

XO Communications, LLC
 
Diversified Telecommunication Services
 
First Lien Senior Debt(6)
4.3
%
N/A

3/21
 
 
10.4

 
10.4

 
10.3

Yankee Cable Acquisition, LLC
 
Media
 
First Lien Senior Debt(6)
4.5
%
N/A

2/20-3/20
 
 
13.3

 
13.3

 
13.3

Yonkers Racing Corporation
 
Hotels, Restaurants & Leisure
 
First Lien Senior Debt(6)
4.3
%
N/A

8/19
 
 
4.8

 
4.8

 
4.3

York Risk Services Holding Corp.(7)
 
Insurance
 
First Lien Senior Debt(6)
4.8
%
N/A

10/21
 
 
1.0

 
1.0

 
1.0

Zayo Group LLC
 
Diversified Telecommunication Services
 
First Lien Senior Debt(6)
4.0
%
N/A

7/19
 
 
5.0

 
5.0

 
4.9

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AMERICAN CAPITAL CMBS INVESTMENTS
 
 
 
 
 
 
 
CD 2007-CD4 Commercial Mortgage Trust(7)
 
Real Estate
 
Commercial Mortgage Pass-Through Certificates(4)(6)
5.7
%
N/A

12/49
 
 
16.0

 
1.1

 
2.5

CD 2007-CD5 Mortgage Trust(7)
 
Real Estate
 
Commercial Mortgage Pass-Through Certificates(4)(6)
6.1
%
N/A

12/17
 
 
14.8

 
7.3

 
1.8

Citigroup Commercial Mortgage Securities Trust 2007-C6(7)
 
Real Estate
 
Commercial Mortgage Pass-Through Certificates(4)(6)
5.7
%
N/A

7/17
 
 
30.9

 
17.5

 
7.4

Credit Suisse Commercial Mortgage Trust Series 2007-C4(7)
 
Real Estate
 
Commercial Mortgage Pass-Through Certificates(4)(6)
5.9
%
N/A

8/17
 
 
20.8

 
7.8

 
1.4

J.P. Morgan Chase Commercial Mortgage Securities Trust 2007-LDP11(7)
 
Real Estate
 
Commercial Mortgage Pass-Through Certificates(4)(6)
5.8
%
N/A

7/17
 
 
25.2

 
—

 
2.6

LB-UBS Commercial Mortgage Trust 2007-C6(7)
 
Real Estate
 
Commercial Mortgage Pass-Through Certificates(4)(6)
6.2
%
N/A

8/17
 
 
12.0

 
3.0

 
1.4

Wachovia Bank Commercial Mortgage Trust 2005-C22(7)
 
Real Estate
 
Commercial Mortgage Pass-Through Certificates(4)(6)
5.4
%
N/A

3/16
 
 
15.0

 
1.1

 
4.0

Wachovia Bank Commercial Mortgage Trust 2006-C24(7)
 
Real Estate
 
Commercial Mortgage Pass-Through Certificates(4)(6)
5.7
%
N/A

3/16
 
 
15.0

 
1.0

 
2.1

Wachovia Bank Commercial Mortgage Trust 2007-C31(7)
 
Real Estate
 
Commercial Mortgage Pass-Through Certificates(4)(6)
5.8
%
N/A

5/17
 
 
20.0

 
10.6

 
1.1

Wachovia Bank Commercial Mortgage Trust, Series 2007-C32(7)
 
Real Estate
 
Commercial Mortgage Pass-Through Certificates(4)(6)
5.7
%
N/A

10/17
 
 
60.9

 
12.3

 
6.9

Wachovia Bank Commercial Mortgage Trust, Series 2007-C34(7)
 
Real Estate
 
Commercial Mortgage Pass-Through Certificates(4)(6)
5.9
%
N/A

10/17-12/20
 
 
5.6

 
5.6

 
3.9

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

32

AMERICAN CAPITAL, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
December 31, 2014
(in millions, except share data)
Company(1)
 
Industry
 
Investments
Cash
Interest
Rate(2)
PIK
Interest
Rate(2)
Maturity
Date(2)
# of
Shares/
Units
Owned
 
Principal
 
Cost
 
Fair
Value
AMERICAN CAPITAL CLO INVESTMENTS
 
 
 
 
 
 
 
ACAS CLO 2007-1, Ltd.(7)
 
 
 
Secured Notes(6)
 
 
4/21
 
 
8.5

 
8.4

 
8.3

 
 
 
Subordinated Notes(6)
 
 
4/21
 
 
25.9

 
9.8

 
14.4

 
 
 
 
 
 
 
 
 
 
 
 
18.2

 
22.7

ACAS CLO 2013-2, Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
10/25
 
 
8.0

 
7.0

 
6.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Apidos CLO XIV(7)
 
 
 
Income Notes(6)
 
 
4/25
 
 
8.1

 
7.3

 
7.3

Apidos CLO XIX(7)
 
 
 
Subordinated Notes(6)
 
 
10/26
 
 
10.5

 
9.4

 
9.4

Apidos CLO XVIII, Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
7/26
 
 
34.0

 
33.9

 
32.2

Ares IIIR/IVR CLO Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
4/21
 
 
20.0

 
10.8

 
7.8

Ares XXIX CLO Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
4/26
 
 
7.3

 
6.6

 
6.6

Avery Point II CLO, Limited(7)
 
 
 
Subordinated Notes(6)
 
 
7/25
 
 
2.6

 
2.2

 
2.2

Babson CLO Ltd. 2006-II(7)
 
 
 
Income Notes(6)
 
 
10/20
 
 
15.0

 
7.9

 
9.5

Babson CLO Ltd. 2014-II(7)
 
 
 
Subordinated Notes(6)
 
 
9/26
 
 
25.0

 
23.6

 
23.6

Babson CLO Ltd. 2014-III(7)
 
 
 
Subordinated Notes(6)
 
 
1/26
 
 
3.8

 
3.4

 
3.4

Blue Hill CLO, Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
1/26
 
 
10.7

 
9.2

 
9.1

Carlyle Global Market Strategies CLO 2013-3, Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
7/25
 
 
2.3

 
1.8

 
1.8

Carlyle Global Market Strategies CLO 2014-4, Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
10/26
 
 
14.6

 
13.4

 
12.9

Cent CDO 12 Limited(7)
 
 
 
Income Notes(6)
 
 
11/20
 
 
26.4

 
9.3

 
28.0

Cent CLO 18 Limited(7)
 
 
 
Subordinated Notes(6)
 
 
7/25
 
 
3.8

 
3.0

 
3.4

Cent CLO 19 Limited(7)
 
 
 
Subordinated Notes(6)
 
 
10/25
 
 
5.3

 
4.6

 
4.6

Cent CLO 22 Limited(7)
 
 
 
Subordinated Notes(6)
 
 
11/26
 
 
35.0

 
33.7

 
33.7

Centurion CDO 8 Limited(7)
 
 
 
Subordinated Notes(4)(6)
 
 
3/17
 
 
5.0

 
0.2

 
—

CoLTs 2005-1 Ltd.(7)
 
 
 
Preference Shares(4)(6)
 
 
3/15
360

 
 
 
1.9

 
0.3

CoLTs 2005-2 Ltd.(7)
 
 
 
Preference Shares(4)(6)
 
 
12/18
34,170,000

 
 
 
12.5

 
1.8

CREST Exeter Street Solar 2004-1(7)
 
 
 
Preferred Securities(4)(6)
 
 
6/39
3,500,000

 
 
 
3.2

 
—

Dryden 31 Senior Loan Fund(7)
 
 
 
Subordinated Notes(6)
 
 
3/26
 
 
2.3

 
2.0

 
2.0

Eaton Vance CDO X plc(7)
 
 
 
Secured Subordinated Notes(6)
 
 
2/27
 
 
15.0

 
11.4

 
9.1

Flagship CLO V(7)
 
 
 
Deferrable Notes(6)
 
 
9/19
 
 
1.7

 
1.5

 
1.6

 
 
 
 
Subordinated Securities(6)
 
 
9/19
15,000

 
 
 
7.0

 
2.3

 
 
 
 
 
 
 
 
 
 
 
 
8.5

 
3.9

Galaxy III CLO, Ltd(7)
 
 
 
Subordinated Notes(4)
 
 
8/16
 
 
4.0

 
0.2

 
—

Galaxy XVI CLO, Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
11/25
 
 
2.3

 
2.1

 
2.1

GoldenTree Loan Opportunities IX, Limited(7)
 
 
 
Subordinated Notes(6)
 
 
10/26
 
 
40.8

 
37.7

 
37.7

Halcyon Loan Advisors Funding 2014-1 Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
2/26
 
 
1.3

 
1.1

 
1.1

Halcyon Loan Advisors Funding 2015-2, Ltd.(7)
 
 
 
Subordinated Notes(4)(6)
 
 
12/17
 
 
15.0

 
15.0

 
15.0

Herbert Park B.V.(7)
 
 
 
Subordinated Notes(6)
 
 
10/26
 
 
26.7

 
27.7

 
22.4

Highbridge Loan Management 2013-2, Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
10/24
 
 
27.0

 
22.9

 
22.9

LightPoint CLO IV, LTD(7)
 
 
 
Income Notes(6)
 
 
4/18
 
 
6.7

 
9.1

 
5.5

LightPoint CLO VII, Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
5/21
 
 
9.0

 
3.0

 
2.5

Limerock CLO III, Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
10/26
 
 
12.5

 
11.4

 
11.4

Magnetite VIII, Limited(7)
 
 
 
Subordinated Notes(6)
 
 
5/26
 
 
6.7

 
6.5

 
6.2

Magnetite XIV, Limited(7)
 
 
 
Subordinated Notes(4)(6)
 
 
6/16
 
 
20.0

 
20.0

 
20.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

33

AMERICAN CAPITAL, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
December 31, 2014
(in millions, except share data)
Company(1)
 
Industry
 
Investments
Cash
Interest
Rate(2)
PIK
Interest
Rate(2)
Maturity
Date(2)
# of
Shares/
Units
Owned
 
Principal
 
Cost
 
Fair
Value
Mayport CLO Ltd.(7)
 
 
 
Income Notes
 
 
2/20
 
 
14.0

 
8.6

 
3.2

Neuberger Berman CLO XV, Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
10/25
 
 
2.8

 
2.3

 
2.3

NYLIM Flatiron CLO 2006-1 LTD.(7)
 
 
 
Subordinated Securities(6)
 
 
8/20
10,000

 
 
 
3.5

 
4.3

Och-Ziff VIII, Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
9/26
 
 
16.0

 
15.1

 
15.1

Octagon Investment Partners VII, Ltd.(7)
 
 
 
Preferred Securities(4)(6)
 
 
12/16
5,000,000

 
 
 
1.1

 
—

Octagon Investment Partners XIV, Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
1/24
 
 
4.5

 
3.3

 
3.4

Octagon Investment Partners XIX, Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
4/26
 
 
25.0

 
21.5

 
22.8

Octagon Investment Partners XX, Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
8/26
 
 
2.5

 
2.5

 
2.5

Octagon Investment Partners XXII, Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
11/25
 
 
8.4

 
7.7

 
7.7

Octagon Loan Funding, Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
9/26
 
 
4.0

 
3.6

 
3.6

OHA Credit Partners VIII, Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
4/25
 
 
5.0

 
4.5

 
4.5

Sapphire Valley CDO I, Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
12/22
 
 
14.0

 
14.5

 
11.1

THL Credit Wind River 2014-1 CLO Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
4/26
 
 
16.0

 
14.4

 
13.9

Vitesse CLO, Ltd.(7)
 
 
 
Preferred Securities(6)
 
 
8/20
20,000,000

 
 
 
12.9

 
7.2

Voya CLO 2014-2, Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
7/26
 
 
10.0

 
10.0

 
9.1

Voya CLO 2014-4, Ltd.(7)
 
 
 
Subordinated Notes(6)
 
 
10/26
 
 
26.7

 
25.0

 
25.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EUROPEAN CAPITAL CLO INVESTMENTS
 
 
 
 
 
 
 
Ares European III B.V.(7)
 
Diversified Financial Services
 
Subordinated Notes
 
 
8/24
 
 
6.1

 
3.4

 
3.5

Cordatus CLO II plc(7)
 
Diversified Financial Services
 
Subordinated Notes
 
 
7/24
 
 
6.1

 
2.2

 
6.1

Eaton Vance CDO X plc(7)
 
Diversified Financial Services
 
Secured Subordinated Notes
 
 
2/27
 
 
8.5

 
1.4

 
5.2

Euro-Galaxy II CLO B.V.(7)
 
Diversified Financial Services
 
Income Notes
 
 
10/22
 
 
3.0

 
2.7

 
2.8

 
 
Subordinated Notes
 
 
10/22
 
 
6.7

 
3.3

 
5.0

 
 
 
 
 
 
 
 
 
 
 
 
6.0

 
7.8

Subtotal Non-Control / Non-Affiliate Investments (55% of total investments at fair value)
 
 
 
$
3,846.1

 
$
3,472.1

 
 
 
 
 
 
 
 
AMERICAN CAPITAL AFFILIATE INVESTMENTS
 
 
 
 
 
 
 
IS Holdings I, Inc.
 
Software
 
Common Stock(4)(6)
 
 
 
1,165,930

 
 
 
$
—

 
$
7.9

Primrose Holding Corporation
 
Diversified Consumer Services
 
Common Stock(4)(6)
 
 
 
4,213

 
 
 
—

 
4.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EUROPEAN CAPITAL AFFILIATE INVESTMENTS
 
 
 
 
 
 
 
Blue Topco GmbH(7)
 
Commercial Services & Supplies
 
First Lien Senior Debt
2.3
%
N/A

6/16-6/18
 
 
$
2.7

 
2.1

 
2.1

 
 
Mezzanine Debt(5)
N/A

3.1%

12/18
 
 
8.6

 
7.6

 
2.6

 
 
 
 
 
 
 
 
 
 
 
 
9.7

 
4.7

Mobipark S.A.S.(7)
 
Machinery
 
First Lien Senior Debt
1.3
%
N/A

10/17-12/17
 
 
1.7

 
1.7

 
1.6

 
 
 
Second Lien Senior Debt
—
%
N/A

11/17
 
 
0.7

 
0.7

 
0.6

 
 
 
 
Convertible Preferred Stock(4)
 
 
 
23,082,525

 
 
 
9.3

 
1.7

 
 
 
 
Redeemable Preferred Stock(4)
 
 
 
25,751,312

 
 
 
7.9

 
4.4

 
 
 
 
 
 
 
 
 
 
 
 
19.6

 
8.3

Subtotal Affiliate Investments (1% of total investments at fair value)
 
 
 
$
29.3

 
$
25.5

 
 
 
 
 
 
 
 
AMERICAN CAPITAL CONTROL INVESTMENTS
 
 
 
 
 
 
 
ACAS Real Estate Holdings Corporation
 
Real Estate
 
Mezzanine Debt(5)(6)
N/A

15.0
%
5/16
 
 
$
8.7

 
$
4.7

 
$
5.0

 
 
 
Common Stock(6)
 
 
 
100
%
 
 
 
13.8

 
25.7

 
 
 
 
 
 

 
 
 
 
 
 
18.5

 
30.7

American Capital Asset Management, LLC
 
Capital Markets
 
Mezzanine Debt(6)
5.0
%
N/A

9/16
 
 
33.0

 
33.0

 
33.0

 
 
 
Common Membership Interest(6)
 
 
 
100
%
 
 
 
395.5

 
1,131.4

 
 
 
 
 
 
 
 
 
 
 
 
428.5

 
1,164.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

34

AMERICAN CAPITAL, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
December 31, 2014
(in millions, except share data)
Company(1)
 
Industry
 
Investments
Cash
Interest
Rate(2)
PIK
Interest
Rate(2)
Maturity
Date(2)
# of
Shares/
Units
Owned
 
Principal
 
Cost
 
Fair
Value
American Driveline Systems, Inc.
 
Diversified Consumer Services
 
Redeemable Preferred Stock(4)(6)
 
 
 
6,818,008

 
 
 
81.9

 
20.6

 
 
Common Stock(4)(6)
 
 
 
197,161

 
 
 
18.2

 
—

 
 
 
 
Common Stock Warrants(4)(6)
 
 
 
136,183

 
 
 
9.9

 
—

 
 
 
 
 
 

 
 
 
 
 
 
110.0

 
20.6

ASAP Industries Holdings, LLC
 
Energy Equipment & Services
 
Mezzanine Debt(6)
12.0
%
2.0
%
12/18
 
 
20.5

 
20.3

 
20.5

 
 
Membership Units(4)(6)
 
 
 
106,911

 
 
 
30.3

 
15.0

 
 
 
 
 
 
 
 
 
 
 
 
50.6

 
35.5

BMR Energy LLC
 
Independent Power & Renewable Electricity Producers
 
Preferred Units(6)
 
 
 
11,620

 
 
 
11.9

 
11.9

Capital.com, Inc.
 
Diversified Financial Services
 
Common Stock(4)(6)
 

 
 
8,500,100

 
 
 
0.9

 
—

CML Pharmaceuticals, Inc.
 
Life Sciences Tools & Services
 
First Lien Senior Debt(6)
8.0
%
N/A

12/15-10/20
 
 
315.7

 
313.1

 
289.8

 
 
Convertible Preferred Stock(4)(6)
 
 
 
243,642

 
 
 
144.6

 
—

 
 
 
 
 
 
 
 
 
 
 
 
457.7

 
289.8

Contour Semiconductor, Inc.
 
Semiconductors & Semiconductor Equipment
 
First Lien Senior Debt(6)
N/A

8.0
%
3/15-4/15
 
 
9.3

 
9.3

 
9.3

 
 
Convertible Preferred Stock(4)(6)
 
 
 
143,896,948

 
 
 
13.5

 
—

 
 
 
 
 
 
 
 
 
 
 
22.8

 
9.3

Core Financial Holdings, LLC(7)
 
Diversified Financial Services
 
Common Units(4)(6)
 
 
 
57,940,360

 
 
 
43.8

 
0.2

Dyno Holding Corp.
 
Auto Components
 
First Lien Senior Debt(6)
8.9
%
2.2
%
11/15
 
 
35.2

 
35.1

 
35.2

 
 
 
Mezzanine Debt(5)(6)
N/A

4.3
%
11/16
 
 
34.7

 
28.1

 
16.7

 
 
 
 
Convertible Preferred Stock(4)(6)
 
 
 
389,759

 
 
 
40.5

 
—

 
 
 
 
Common Stock(4)(6)
 
 
 
97,440

 
 
 
10.1

 
—

 
 
 
 
 
 

 
 
 
 
 
 
113.8

 
51.9

ECA Medical Instruments
 
Health Care Equipment & Supplies
 
First Lien Senior Debt(6)
10.0
%
N/A

3/16
 
 
6.8

 
6.8

 
6.8

 
 
Mezzanine Debt(6)
13.0
%
3.5
%
7/16
 
 
18.1

 
18.1

 
18.1

 
 
 
 
Common Stock(4)(6)
 
 
 
583

 
 
 
13.4

 
4.7

 
 
 
 
 
 

 
 
 
 
 
 
38.3

 
29.6

eLynx Holdings, Inc.
 
IT Services
 
Convertible Preferred Stock(4)(6)
 
 
 
11,728

 
 
 
20.6

 
16.0

 
 
 
 
Redeemable Preferred Stock(4)(6)
 
 
 
21,113

 
 
 
9.0

 
—

 
 
 
 
Common Stock(4)(6)
 
 
 
11,261

 
 
 
1.1

 
—

 
 
 
 
Common Stock Warrants(4)(6)
 
 
 
1,002,678

 
 
 
5.5

 
—

 
 
 
 
 
 

 
 
 
 
 
 
36.2

 
16.0

EXPL Pipeline Holdings LLC(7)
 
Oil, Gas & Consumable Fuels
 
First Lien Senior Debt(6)
8.1
%
N/A

1/17
 
 
46.0

 
45.7

 
46.8

 
 
Common Membership Units(4)(6)
 
 
 
58,297

 
 
 
44.5

 
20.1

 
 
 
 
 
 

 
 
 
 
 
 
90.2

 
66.9

FAMS Acquisition, Inc.
 
Diversified Financial Services
 
Mezzanine Debt(6)
12.3
%
2.6
%
1/16
 
 
42.8

 
42.8

 
40.7

Fosbel Holding, Inc.
 
Commercial Services & Supplies
 
Mezzanine Debt(6)
N/A

17.0
%
10/18
 
 
9.8

 
9.8

 
9.8

 
 
 
Mezzanine Debt(5)(6)
N/A

17.0
%
10/18
 
 
45.6

 
19.1

 
3.7

 
 
 
 
 
 

 
 
 
 
 
 
28.9

 
13.5

FPI Holding Corporation
 
Food Products
 
First Lien Senior Debt(5)(6)
N/A

5.2
%
1/19
 
 
32.6

 
11.6

 
11.6

Group Montana, Inc.
 
Textiles, Apparel & Luxury Goods
 
First Lien Senior Debt(6)
6.3
%
N/A

1/17
 
 
6.4

 
6.4

 
6.4

 
 
 
Convertible Preferred Stock(6)
 
 
 
4,000

 
 
 
4.7

 
6.7

 
 
 
 
Common Stock(4)(6)
 
 
 
100
%
 
 
 
12.5

 
1.6

 
 
 
 
 
 

 
 
 
 
 
 
23.6

 
14.7

Halex Holdings, Inc.
 
Construction Materials
 
Second Lien Senior Debt(5)(6)
—
%
12.0
%
3/15
 
 
18.3

 
18.3

 
18.8

 
 
 
 
Redeemable Preferred Stock(4)(6)
 
 
 
6,482,972

 
 
 
6.6

 
—

 
 
 
 
 
 

 
 
 
 
 
 
24.9

 
18.8

HALT Medical, Inc.
 
Health Care Equipment & Supplies
 
First Lien Senior Debt(5)(6)
N/A

22.0
%
3/15
 
 
45.2

 
36.5

 
35.6

 
 
 
Convertible Preferred Stock(4)(6)
 
 
 
12,811,818

 
 
 
2.6

 
—

 
 
 
 
Common Stock(4)(6)
 
 
 
22,416,432

 
 
 
6.4

 
—

 
 
 
 
 
 
 
 
 
 
 
 
45.5

 
35.6

Hard 8 Games, LLC
 
Hotels, Restaurants & Leisure
 
First Lien Convertible Senior Debt(6)
N/A

6.0
%
2/15
 
 
8.2

 
8.2

 
8.2

 
 
 
Membership Unit(4)(6)
 
 
 
1

 
 
 
19.0

 
28.8

 
 
 
 
 
 
 
 
 
 
 
 
27.2

 
37.0

Hollyhock Limited(7)
 
Independent Power & Renewable Electricity Producers
 
Common Stock(4)(6)
 
 
 
22,000,000

 
 
 
22.0

 
21.2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

35

AMERICAN CAPITAL, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
December 31, 2014
(in millions, except share data)
Company(1)
 
Industry
 
Investments
Cash
Interest
Rate(2)
PIK
Interest
Rate(2)
Maturity
Date(2)
# of
Shares/
Units
Owned
 
Principal
 
Cost
 
Fair
Value
LLSC Holdings Corporation
 
Personal Products
 
Convertible Preferred Stock(4)(6)
 
 
 
7,496

 
 
 
8.1

 
13.8

Montgomery Lane, LLC(7)
 
Diversified Financial Services
 
Common Membership Units(4)(6)
 
 
 
100

 
 
 
—

 
6.9

MW Acquisition Corporation
 
Health Care Providers & Services
 
Mezzanine Debt(6)
14.4
%
1.0
%
2/19
 
 
24.0

 
23.9

 
24.0

 
 
Redeemable Preferred Stock(6)
 
 
 
2,485

 
 
 
2.3

 
2.3

 
 
 
 
Convertible Preferred Stock(4)(6)
 
 
 
51,351

 
 
 
23.0

 
17.9

 
 
 
 
 
 

 
 
 
 
 
 
49.2

 
44.2

NECCO Holdings, Inc.
 
Food Products
 
First Lien Senior Debt(5)(6)
6.5
%
N/A

12/15
 
 
13.9

 
11.8

 
8.9

 
 
 
 
Second Lien Senior Debt(5)(6)
N/A

18.0
%
11/15
 
 
6.4

 
3.2

 
—

 
 
 
 
Common Stock(4)(6)
 
 
 
860,189

 
 
 
0.1

 
—

 
 
 
 
 
 

 
 
 
 
 
 
15.1

 
8.9

NECCO Realty Investments, LLC
 
Real Estate
 
First Lien Senior Debt(5)(6)
2.9
%
11.1
%
12/17
 
 
67.0

 
32.8

 
19.9

 
 
 
Common Membership Units(4)(6)
 
 
 
7,450

 
 
 
4.9

 
—

 
 
 
 
 
 

 
 
 
 
 
 
37.7

 
19.9

Orchard Brands Corporation
 
Internet & Catalog Retail
 
Common Stock(4)(6)
 
 
 
87,838

 
 
 
55.1

 
87.9

PHC Sharp Holdings, Inc.
 
Commercial Services & Supplies
 
First Lien Senior Debt(6)
12.5
%
N/A

12/15
 
 
1.4

 
1.4

 
1.4

 
 
 
Mezzanine Debt(6)
N/A

17.0
%
12/16
 
 
13.6

 
13.6

 
13.6

 
 
 
 
Mezzanine Debt(5)(6)
N/A

19.0
%
12/16
 
 
25.0

 
11.0

 
12.0

 
 
 
 
Common Stock(4)(6)
 
 
 
367,881

 
 
 
4.2

 
—

 
 
 
 
 
 

 
 
 
 
 
 
30.2

 
27.0

RD Holdco Inc.
 
Household Durables
 
Second Lien Senior Debt(6)
11.3
%
N/A

6/17
 
 
16.9

 
14.6

 
17.1

 
 
 
 
Common Stock(4)(6)
 
 
 
458,596

 
 
 
23.6

 
18.6

 
 
 
 
Common Stock Warrants(4)(6)
 
 
 
56,372

 
 
 
2.9

 
2.3

 
 
 
 
 
 
 
 
 
 
 
 
41.1

 
38.0

Rebellion Media Group Corp.(7)
 
Internet Software & Services
 
First Lien Senior Debt(6)
N/A

12.0
%
3/15
 
 
4.3

 
4.3

 
3.5

 
 
First Lien Senior Debt(5)(6)
N/A

12.0
%
12/15
 
 
10.8

 
8.1

 
—

 
 
 
 
 
 
 
 
 
 
 
 
12.4

 
3.5

Scanner Holdings Corporation
 
Technology Hardware, Storage & Peripherals
 
Mezzanine Debt(6)
14.8
%
N/A

10/16-7/17
 
 
20.5

 
20.5

 
20.5

 
 
Convertible Preferred Stock(6)
 
 
 
38,723,509

 
 
 
5.4

 
5.4

 
 
 
Common Stock(4)(6)
 
 
 
97,540

 
 
 
0.1

 
—

 
 
 
 
 
 

 
 
 
 
 

 
26.0

 
25.9

SEHAC Holding Corporation
 
Diversified Consumer Services
 
Convertible Preferred Stock(6)
 
 
 
14,850

 
 
 
14.8

 
103.6

 
 
Common Stock(6)
 
 
 
150

 
 
 
0.2

 
1.0

 
 
 
 
 
 
 
 
 
 
 
 
15.0

 
104.6

Soil Safe Acquisition Corp.
 
Professional Services
 
First Lien Senior Debt(6)
8.0
%
N/A

1/18-12/18
 
 
23.5

 
23.4

 
23.5

 
 
 
 
Second Lien Senior Debt(6)
10.8
%
N/A

7/19
 
 
12.7

 
12.7

 
12.7

 
 
 
 
Mezzanine Debt(6)
8.9
%
7.2
%
12/19
 
 
67.1

 
66.3

 
67.1

 
 
 
 
Common Stock
 
 
 
810

 
 
 
9.5

 
9.2

 
 
 
 
 
 
 
 
 
 
 
 
111.9

 
112.5

TestAmerica Environmental Services, LLC
 
Commercial Services & Supplies
 
Mezzanine Debt(5)(6)
10.0
%
2.5
%
6/18
 
 
35.2

 
26.5

 
—

 
 
Common Units(4)(6)
 
 
 
490,000

 
 
 
2.0

 
—

 
 
 
 
 
 
 
 
 
 
 
 
28.5

 
—

Warner Power, LLC
 
Electrical Equipment
 
Mezzanine Debt(5)(6)
N/A

14.6
%
3/15
 
 
9.7

 
5.7

 
2.6

 
 
 
 
Redeemable Preferred Membership Units(4)(6)
 
 
 
3,796,269

 
 
 
3.0

 
—

 
 
 
 
Common Membership Units(4)(6)
 
 
 
27,400

 
 
 
1.9

 
—

 
 
 
 
 
 

 
 
 
 
 
 
10.6

 
2.6

WIS Holding Company, Inc.
 
Commercial Services & Supplies
 
Convertible Preferred Stock(6)
 
 
 
703,406

 
 
 
57.9

 
82.9

 
 
Common Stock(4)(6)
 
 
 
175,853

 
 
 
11.4

 
16.9

 
 
 
 
 
 

 
 
 
 
 
 
69.3

 
99.8

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EUROPEAN CAPITAL CONTROL INVESTMENTS
 
 
 
 
 
 
 
Bellotto Holdings Limited(7)
 
Household Durables
 
Redeemable Preferred Stock
 
 
 
7,300,610

 
2.0

 
34.6

 
36.5

 
 
 
Common Stock(4)
 
 
 
2,697,010

 
 
 
100.0

 
103.6

 
 
 
 
 
 
 
 
 
 
 
 
134.6

 
140.1

European Capital UK SME Debt LP(7)
 
 
 
Partnership Interest
 
 
 
500

 
 
 
0.6

 
0.6

Financière H S.A.S.(7)
 
Health Care Equipment & Supplies
 
Mezzanine Debt(5)
3.0%

5.8
%
10/15
 
 
15.0

 
9.7

 
9.5

 
 
Convertible Preferred Stock(4)
 
 
 
930,558

 
 
 
58.1

 
—

 
 
 
 
 
 
 
 
 
 
 
 
67.8

 
9.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

36

AMERICAN CAPITAL, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
December 31, 2014
(in millions, except share data)
Company(1)
 
Industry
 
Investments
Cash
Interest
Rate(2)
PIK
Interest
Rate(2)
Maturity
Date(2)
# of
Shares/
Units
Owned
 
Principal
 
Cost
 
Fair
Value
Financière Newglass S.A.S.(7)
 
Building Products
 
Convertible Preferred Stock(4)
 
 
 
1

 
 
 
26.1

 
26.1

 
 
 
Common Stock(4)
 
 
 
8,000,000

 
 
 
9.7

 
6.2

 
 
 
 
 
 
 
 
 
 
 
 
35.8

 
32.3

Financière Tarmac S.A.S.(7)
 
Commercial Services & Supplies
 
First Lien Senior Debt
4.0%

N/A

12/20
 
 
5.0

 
4.1

 
5.1

 
 
Mezzanine Debt
N/A

4.0
%
12/21
 
 
22.1

 
22.1

 
22.1

 
 
 
 
Mezzanine Debt(5)
N/A

4.0
%
12/21
 
 
28.8

 
17.2

 
17.2

 
 
 
 
Convertible Preferred Stock(4)
 
 
 
8,665,001

 
 
 
10.5

 
—

 
 
 
 
Redeemable Preferred Stock(4)
 
 
 
 
 
3.7

 
8.1

 
—

 
 
 
 
 
 
 
 
 
 
 
 
62.0

 
44.4

Holding Saint Augustine S.A.S.(7)
 
Air Freight & Logistics
 
First Lien Senior Debt
N/A

N/A

9/19
 
 
4.9

 
4.9

 
4.9

 
 
Convertible Preferred Stock(4)
 
 
 
1,982,668

 
 
 
15.0

 
—

 
 
 
 
Redeemable Preferred Stock(4)
 
 
 
1

 
 
 
—

 
1.0

 
 
 
 
 
 
 
 
 
 
 
 
19.9

 
5.9

Miles 33 Limited(7)
 
Media
 
First Lien Senior Debt
3.5%

N/A

9/17
 
 
8.3

 
8.3

 
8.3

 
 
 
 
Mezzanine Debt
4.5%

5.0
%
9/17
 
 
16.7

 
16.7

 
16.7

 
 
 
 
Redeemable Preferred Stock(4)
 
 
 
 
 
71.9

 
30.3

 
8.6

 
 
 
 
Common Stock(4)
 
 
 
600,000

 
 
 
0.9

 
—

 
 
 
 
 
 
 
 
 
 
 
 
56.2

 
33.6

MP Equity S.A.S.(7)
 
Food Products
 
Redeemable Preferred Stock(4)
 
 
 
 
 
2.7

 
2.5

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AMERICAN CAPITAL CONTROL CLO INVESTMENT
 
 
 
 
 
 
 
ACAS Wachovia Investments, L.P.(7)
 
Diversified Financial Services
 
Partnership Interest(4)
 
 
 
90
%
 
 

 
2.2

 
0.6

Subtotal Control Investments (44% of total investments at fair value)
 
 
 
 
$
2,541.5

 
$
2,782.4

Total Investment Assets
 
 
 
 
$
6,416.9

 
$
6,280.0


Counterparty
 
Instrument
 
Interest
Rate(2)
 
Expiration
Date(2)
 
# of
Contracts
 
Notional
 
Cost
 
Fair
Value
DERIVATIVE AGREEMENTS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Citibank, N.A.
 
Interest Rate Swap - Pay Fixed/ Receive Floating(6)
 
5.6%/LIBOR
 
5/16-7/17
 
2

 
$
27.5

 
$
—

 
$
(3.4
)
BNP Paribas
 
Interest Rate Swap - Pay Fixed/ Receive Floating(6)
 
5.7%/LIBOR
 
7/17
 
1

 
22.3

 
—

 
(3.1
)
Wells Fargo Bank, N.A
 
Interest Rate Swap - Pay Fixed/ Receive Floating(6)
 
5.6%/LIBOR
 
8/16
 
1

 
11.9

 
—

 
(1.0
)
Citibank, N.A.
 
Total Return Swaps
 
 
 
12/14
 
2

 
27.1

 
—

 
(3.0
)
American Capital Equity III, LP(8)
 
WRH, Inc. Equity Option
 
 
 
4/15
 
1

 
 
 
—

 
(73.6
)
Total Derivative Agreements
 
 
 
 
 
 
 
 
 
$
—

 
$
(84.1
)

Funds
 
Cost
 
Fair
Value
MONEY MARKET FUNDS(3)
 
 
Deutsche Global Liquidity Managed Sterling Fund
 
$
264.9

 
$
264.9

Wells Fargo Advantage Heritage Money Market Fund(6)
 
10.0

 
10.0

Fidelity Institutional Money Market Fund(6)
 
10.0

 
10.0

BofA Funds Series Trust - BofA Money Market Reserves(6)
 
10.0

 
10.0

Dreyfus Institutional Cash Advantage-I Fund(6)
 
10.0

 
10.0

STIT - Liquid Assets Portfolio(6)
 
5.0

 
5.0

JPMorgan Prime Money Market Fund(6)
 
5.0

 
5.0

Fidelity Institutional Money Market Funds - Prime Money Market Portfolio(6)
 
5.0

 
5.0

Total Money Market Funds
 
$
319.9

 
$
319.9


(1)
Certain of the securities are issued by affiliate(s) of the listed portfolio company.
(2)
Interest rates represent the weighted average annual stated interest rate on loans and debt securities in effect on the date presented, which are presented by the nature of indebtedness by a single issuer. Some loans and debt securities bear interest at variable rates, primarily one-month LIBOR, with interest rate floors. PIK represents contractually deferred interest that is typically compounded into the principal balance of the loan or debt security, if not paid on a current basis. PIK interest may be prepaid by the portfolio company’s election, but generally is paid upon a change of control transaction or maturity. The maturity date represents the latest date in which the loan or debt security is scheduled to terminate.
(3)
Included in cash and cash equivalents on our consolidated balance sheets.
(4)
Some or all of the securities are non-income producing.
(5)
Loan is on non-accrual status and therefore considered non-income producing.
(6)
All or a portion of the investments or instruments are pledged as collateral under various secured financing arrangements.
(7)
Investments that are not “qualifying assets” under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets.
(8)
For further discussion on the WRH, Inc. Equity Option, see Note 14 to our interim consolidated financial statements in this Form 10-Q.



37



38


AMERICAN CAPITAL, LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(in millions, except per share data)
 
Note 1. Unaudited Interim Consolidated Financial Statements
Interim consolidated financial statements of American Capital, Ltd. (which is referred to throughout this report as “American Capital”, “we”, “us” and “our”) are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments, consisting solely of normal recurring accruals, necessary for the fair presentation of financial statements for the interim periods have been included. The current period’s consolidated results of operations are not necessarily indicative of results that ultimately may be achieved for the year. The unaudited interim consolidated financial statements and notes thereto should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014, as filed with the Securities and Exchange Commission (“SEC”).
Reclassifications
We have reclassified certain prior period amounts in our interim consolidated financial statements to conform to our current period presentation. These reclassifications had no impact on prior periods’ net earnings or shareholders’ equity.
Consolidation
Under the investment company rules and regulations pursuant to Article 6 of Regulation S-X, the SEC’s Division of Investment Management’s consolidation guidance in IM Guidance Update No. 2014-11 issued in October 2014 and Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services-Investment Companies (“ASC 946”), we are precluded from consolidating any entity other than another investment company that acts as an extension of our investment operations and facilitates the execution of our investment strategy. An exception to this guidance occurs if we have an investment in a controlled operating company that provides substantially all of its services to us.
We currently consolidate ACAS Funding I, LLC and ACAS Funding II, LLC, which are wholly-owned special purpose financing vehicles that were formed for the purpose of purchasing first and second lien floating rate loans to large-market U.S. based companies (“Senior Floating Rate Loans”) under a $1.25 billion secured revolving credit facility and $500 million secured revolving credit facility, respectively. As of March 31, 2015, ACAS Funding I, LLC and ACAS Funding II, LLC did not have any other operations or activities. We also consolidate American Capital TRS, LLC (“ACTRS”), which is a wholly-owned entity that has entered into non-recourse total return swaps (“TRS”) with Citibank, N.A. As of March 31, 2015, ACTRS did not have any other operations or activities. The TRS is accounted for as a derivative pursuant to FASB ASC Topic 815, Derivatives and Hedging.
Our consolidated financial statements also include the accounts of European Capital, which is a wholly-owned investment company entity that, effective October 1, 2014, acts as an extension of our investment operations and facilitates the execution of our investment strategy. Our consolidated financial statements also include the accounts of AC Corporate Holdings, Inc. (“ACCH”), which is a wholly-owned entity that has purchases and holds numerous investment securities on behalf of American Capital. As of March 31, 2015, European Capital and ACCH did not have any other operations or activities and were considered to be investment companies under ASC 946, as amended by Accounting Standards Update No. 2013-08, Financial Services-Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements. 
Note 2. Organization
We are a non-diversified closed end investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (“1940 Act”). As a BDC, we primarily invest in senior and mezzanine debt and equity in buyouts of private companies sponsored by us (“American Capital One Stop Buyouts®”) or sponsored by other private equity funds and provide capital directly to early stage and mature private and small public companies (“Sponsor Finance Investments”). We also invest in Senior Floating Rate Loans and structured finance investments (“Structured Products”), including collateralized loan obligation (“CLO”) securities and commercial mortgages and commercial mortgage backed securities (“CMBS”). Our primary business objectives are to increase our net earnings and net asset value (“NAV”) by making investments with attractive current yields and/or potential for equity appreciation and realized gains.
Through our tax years ended September 30, 1998 through September 30, 2010, we qualified to be taxed as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Effective with our tax year ended September 30, 2011, we did not qualify to be taxed as a RIC and became subject to taxation as a corporation

39

AMERICAN CAPITAL, LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(unaudited)
(in millions, except per share data)


under Subchapter C of the Code (a “Subchapter C corporation”). This change in tax status does not affect our status as a BDC under the 1940 Act or our compliance with the portfolio composition requirements of that statute.
Note 3. New Accounting Pronouncements
    
In April 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”), which requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. An entity is required to apply the guidance in ASU 2015-03 on a retrospective basis such that the balance sheet of each individual period presented is adjusted to reflect the period-specific effects of applying the new guidance. Upon transition, an entity is required to comply with the applicable disclosures for a change in accounting principle including the nature and reason for the change in accounting principle, the transition method, a description of the prior-period information that has been retrospectively adjusted and the effect of the change on the financial statement line items (that is, debt issuance cost asset and the debt liability). ASU 2015-03 is effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. We are currently evaluating the impact of ASU 2015-03 and do not believe its adoption will have a material impact on our consolidated financial statements.
In May 2015, the FASB issued ASU No. 2015-07, Fair Value Measurement (Topic 820) - Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) (“ASU 2015-07”), which removes the requirement to include, as well as provide certain disclosure for, investments in the fair value hierarchy for which the fair value is measured at net asset value using the practical expedient. Disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient. ASU 2015-07 is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. Early adoption is permitted. We are currently evaluating the impact of ASU 2015-07 and do not believe its adoption will have a material impact on our consolidated financial statements.
Note 4. Investments

Our investments consist of loans and securities issued by public and privately-held companies, including senior debt, mezzanine debt, equity warrants and preferred and common equity securities. We also invest in Structured Products, which includes CLO securities and CMBS.
We fair value our investments in accordance with the 1940 Act and FASB ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”) as determined in good faith by our Board of Directors. We undertake a multi-step valuation process each quarter to determine the fair value of our investments in accordance with ASC 820. The quarterly valuation process begins with the development of a preliminary valuation recommendation for each investment by our Financial Advisory and Consulting Team (“FACT”), which is composed of valuation and audit professionals responsible for monitoring portfolio compliance and valuations. In preparing the preliminary valuation recommendations, FACT receives assistance from our investment professionals that both originated and monitor the investment as well as assistance from other departments including operations, accounting and legal. The preliminary valuation recommendations are reviewed by senior management and then presented to our Audit, Compliance and Valuation Committee for review and approval. Subsequent to the approval from our Audit, Compliance and Valuation Committee, the valuation recommendations are sent to our Board of Directors for final approval.
When available, we base the fair value of our investments that trade in active markets on directly observable market prices or on market data derived for comparable assets. For restricted securities of companies that are publicly traded, the value is based on the closing market quote on the valuation date less a discount for the restriction. For all other investments, inputs used to measure fair value reflect management’s best estimate of assumptions that would be used by market participants in pricing the investment in a hypothetical transaction. For these investments, we estimate the fair value of our senior debt, mezzanine debt, redeemable and convertible preferred equity, common equity and equity warrants using either an enterprise value waterfall methodology, which generally combines market and income approaches, or a market yield valuation methodology, which utilizes the income approach. We estimate the fair value of our Structured Products using the market and income approaches, third-party broker quotes and counterparty marks.
ASC 820 provides a framework for measuring the fair value of assets and liabilities and provides guidance regarding a fair value hierarchy, which prioritizes information used to measure fair value and the effect of fair value measurements on earnings. Due to the uncertainty inherent in the valuation process, estimates of fair value may differ significantly from the values that would have been used had a ready market for our investments existed, and the differences could be material. Additionally, changes in the

40

AMERICAN CAPITAL, LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(unaudited)
(in millions, except per share data)


market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned.
 ASC 820 defines fair value in terms of the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The price used to measure the fair value is not adjusted for transaction costs while the cost basis of our investments may include initial transaction costs. Under ASC 820, the fair value measurement also assumes that the transaction to sell an asset occurs in the principal market for the asset or, in the absence of a principal market, the most advantageous market for the asset. The principal market for an asset is the market in which the reporting entity would sell or transfer the asset with the greatest volume and level of activity for the asset. In determining the principal market for an asset under ASC 820, it is assumed that the reporting entity has access to the market as of the measurement date. If no market for the asset exists or if the reporting entity does not have access to the principal market, the reporting entity should use a hypothetical market.
 The principal market in which we would sell our Senior Floating Rate Loans and certain of our non-controlled Sponsor Finance debt investments is an active over-the-counter secondary market. For our other debt and equity investments, there is no active market and we are generally repaid our debt investment or sell our equity investment upon a change of control transaction such as through the mergers and acquisition (“M&A”) market. Accordingly, the market in which we would sell certain of our non-controlled debt and all of our equity investments is the M&A market. However, under ASC 820, we have identified the M&A market as the principal market for our investments in these portfolio companies only if we have the ability to control the decision to sell the portfolio company as of the measurement date. We determine whether we have the ability to control the decision to sell a portfolio company based on our ability to control or gain control of the board of directors of the portfolio company as of the measurement date and rights within the shareholders agreement. In evaluating if we can control or gain control of a portfolio company as of the measurement date, we include our equity securities and those securities held by entities managed by our wholly-owned portfolio company, American Capital Asset Management, LLC (“ACAM”), on a fully diluted basis. For investments in portfolio companies for which we do not have the ability to control or gain control as of the measurement date and for which there is no active market, the principal market under ASC 820 is a hypothetical secondary market.
 Accordingly, we use the M&A market as the principal market for our investments in portfolio companies that we control or can gain control as of the measurement date, and we use a hypothetical secondary market for our investments in portfolio companies that we do not control or cannot gain control as of the measurement date. However, to the extent that an active market exists for such investments, we will consider that as the principal market. Our valuation policy considers the fact that no ready active market exists for a significant amount of our investments and that the fair value for our investments must typically be determined using unobservable inputs.
 Enterprise Value Waterfall Methodology 
For investments in portfolio companies that we have identified the M&A market as the principal market, we estimate the fair value based on the enterprise value waterfall (“Enterprise Value Waterfall”) valuation methodology. For minority equity securities in which the principal market is the hypothetical secondary market, we also estimate the fair value using the Enterprise Value Waterfall valuation methodology.  
Under the Enterprise Value Waterfall valuation methodology, we estimate the enterprise value of a portfolio company and then waterfall the enterprise value over the portfolio company’s securities in order of their preference relative to one another. In applying the Enterprise Value Waterfall valuation methodology, we consider that in a change of control transaction, our loans are generally required to be repaid at par and that a buyer cannot assume the loan.
To estimate the enterprise value of the portfolio company, we prepare an analysis of traditional valuation methodologies including valuations of comparable public companies, recent sales of private and public comparable companies, discounting the forecasted cash flows of the portfolio company, estimating the liquidation or collateral value of the portfolio company’s assets, third-party valuations of the portfolio company, offers from third-parties to buy the portfolio company and considering the value of recent third-party investments in the equity securities of the portfolio company. Significant inputs in these valuation methodologies to estimate enterprise value include the historical or projected operating results of the portfolio company, selection of comparable companies, discounts or premiums to the prices of comparable companies and discount rates applied to the forecasted cash flows. The operating results of a portfolio company may be unaudited, projected or pro forma financial information and may require adjustments for non-recurring items or to normalize the operating results that may require significant judgment in its determination. In addition, projecting future financial results requires significant judgment regarding future growth assumptions. In evaluating the operating results, we also analyze the impact of exposure to litigation, loss of customers or other contingencies.

41

AMERICAN CAPITAL, LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(unaudited)
(in millions, except per share data)


The selection of a population of comparable companies requires significant judgment, including a qualitative and quantitative analysis of the comparability of the companies. In determining a discount or premium, if any, to prices of comparable companies, we use significant judgment for factors such as size, marketability, relative performance, and for portfolio companies in which we control, a control premium to the market price of comparable public companies. In determining a discount rate to apply to forecasted cash flows, we use significant judgment in the development of an appropriate discount rate including the evaluation of an appropriate risk premium. Further, a change in the future growth assumptions in projected future financial results could have a directionally opposite change in the assumptions used for determining an appropriate discount rate. 
In valuing convertible debt, equity or other similar securities, we value our investment based on its priority in the waterfall and based on our pro rata share of the residual equity value available after deducting all outstanding debt from the estimated enterprise value. We value non-convertible debt at the face amount of the debt to the extent that the estimated enterprise value of the portfolio company exceeds the outstanding debt of the portfolio company. If the estimated enterprise value is less than the outstanding debt of the portfolio company, we reduce the fair value of our debt investment beginning with the junior most debt such that the enterprise value less the fair value of the outstanding debt is zero.
Market Yield Valuation Methodology 
For debt and redeemable preferred equity investments in portfolio companies for which we are required to identify a hypothetical secondary market as the principal market, we estimate the fair value based on the assumptions that we believe hypothetical market participants would use to value the investment in a current hypothetical sale using a market yield (“Market Yield”) valuation methodology based on an exchange valuation premise under ASC 820. 
For debt and redeemable preferred equity investments of our investment portfolio for which we do not control or cannot gain control as of the measurement date and no active market exists, we estimate the fair value based on such factors as third-party broker quotes and our own assumptions in the absence of market observable data, including estimated remaining life, current market yield and interest rate spreads of similar loans and securities as of the measurement date. We weight the use of third-party broker quotes, if any, in determining fair value based on our understanding of the level of actual transactions used by the broker to develop the quote and whether the quote was an indicative price or binding offer. We estimate the remaining life based on market data of the average life of similar loans. However, if we have information available to us that the loan is expected to be repaid in the near term, we would use an estimated remaining life based on the expected repayment date, including considering the current maturity date of the loan. The average life used to estimate the fair value of our loans may be shorter than the legal maturity of the loans since our loans have historically been prepaid prior to the maturity date. The current interest rate spreads used to estimate the fair value of our loans is based on our experience of current interest rate spreads on similar loans. We use significant judgment in determining the estimated remaining life as well as the current market yield and interest rate spreads. If there is a significant deterioration of the credit quality of a loan, we may consider other factors that a hypothetical market participant would use to estimate fair value, including the proceeds that would be received in a liquidation analysis.  
We fair value our investments in Structured Products based on such factors as third-party broker quotes, counterparty marks, purchases or sales of the same or similar securities, and our cash flow forecasts. Cash flow forecasts are subject to assumptions a market participant would use regarding the investments’ underlying collateral including, but not limited to, assumptions of default and recovery rates, reinvestment spreads and prepayment rates. Cash flow forecasts are discounted using a market participant’s market yield assumptions that are derived from multiple sources including, but not limited to, third-party broker quotes, industry research reports and transactions of securities and indices with similar structure and risk characteristics. We weight the use of third-party broker quotes or counterparty marks, if any, in determining fair value based on the correlation of changes in third-party broker quotes with underlying performance and other market indices.
 Third-party Vendor Pricing
For debt investments that trade in an active market or that have similar assets that trade in an active market, we estimate the fair value based on evaluated prices from a nationally recognized, independent pricing service or from third-party brokers who make markets in such debt instruments. When possible, we make inquiries of third-party pricing sources to understand their use of significant inputs and assumptions. We review the price provided by the third-party pricing service and perform procedures to validate their reasonableness, including a review and analysis of executable broker quote(s), range and dispersion of third-party estimates, frequency of pricing updates, yields of similar securities or other qualitative and quantitative information. If the prices provided by the pricing service are consistent with such information, we will generally use the price provided by the pricing service as fair value.

42

AMERICAN CAPITAL, LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(unaudited)
(in millions, except per share data)


Investments in Investment Funds
For an investment in an investment fund that does not have a readily determinable fair value, we measure the fair value of our investment predominately based on the NAV per share of the investment fund if the NAV of the investment fund is calculated in a manner consistent with the measurement principles of ASC 946 as of the measurement date, including measurement of all or substantially all of the underlying investments of the investee in accordance with ASC 820. However, in determining the fair value of our investment, we may make adjustments to the NAV per share in certain circumstances, based on our analysis of any restrictions on redemption of our shares of our investment as of the measurement date, any restrictions on the ability to receive dividends, comparisons of market price to NAV per share of comparable publicly traded funds and trades or sales of comparable private and publicly traded funds, recent actual sales or redemptions of shares of the investment fund, public to private liquidity discounts, expected future cash flows available to equity holders including the rate of return on those cash flows compared to an implied market return on equity required by market participants, or other uncertainties surrounding our ability to realize the full NAV of the investment fund.
The levels of fair value inputs used to measure our investments are characterized in accordance with the fair value hierarchy established by ASC 820. Where inputs for an asset or liability fall in more than one level in the fair value hierarchy, the investment is classified in its entirety based on the lowest level input that is significant to that investment’s fair value measurement. We use judgment and consider factors specific to the investment in determining the significance of an input to a fair value measurement. Our policy is to recognize transfers in and out of levels as of the beginning of each reporting period. The three levels of the fair value hierarchy and investments that fall into each of the levels are described below:
•
Level 1: Level 1 inputs are unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.
•
Level 2: Level 2 inputs are inputs, other than quoted prices included within Level 1, which are observable for the asset or liability, either directly or indirectly.
•
Level 3: Level 3 inputs are unobservable and cannot be corroborated by observable market data.
 

43

AMERICAN CAPITAL, LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(unaudited)
(in millions, except per share data)


The following fair value hierarchy tables set forth our assets and liabilities that are measured at fair value on a recurring basis by level as of March 31, 2015 and December 31, 2014:
 
March 31, 2015
 
 Level 1
 
 Level 2
 
 Level 3
 
 Total
First Lien Senior Debt
$
—

 
$
2,157

 
$
688

 
$
2,845

Second Lien Senior Debt
—

 
344

 
373

 
717

Mezzanine Debt
—

 
—

 
652

 
652

Preferred Equity
—

 
—

 
658

 
658

Common Equity
—

 
—

 
1,522

 
1,522

Structured Products
—

 
—

 
641

 
641

Investments at Fair Value
—

 
2,501

 
4,534

 
7,035

Other Assets
—

 
—

 
42

 
42

Derivative Agreements
—

 
(6
)
 
(111
)
 
(117
)
Long Term Incentive Plan Liability
—

 
—

 
(30
)
 
(30
)
Other Assets and Liabilities at Fair Value
—

 
(6
)
 
(99
)
 
(105
)
Total
$
—

 
$
2,495

 
$
4,435

 
$
6,930

 
 
 
 
 
 
 
 
 
December 31, 2014
 
 Level 1
 
 Level 2
 
 Level 3
 
 Total
First Lien Senior Debt
$
—

 
$
1,644

 
$
870

 
$
2,514

Second Lien Senior Debt
—

 
340

 
347

 
687

Mezzanine Debt
—

 
—

 
472

 
472

Preferred Equity
—

 
—

 
462

 
462

Common Equity
—

 
—

 
1,562

 
1,562

Structured Products
—

 
—

 
583

 
583

Investments at Fair Value
—

 
1,984

 
4,296

 
6,280

Other Assets
—

 
—

 
51

 
51

Derivative Agreements
—

 
(10
)
 
(74
)
 
(84
)
Long Term Incentive Plan Liability
—

 
—

 
(82
)
 
(82
)
Other Assets and Liabilities at Fair Value
—

 
(10
)
 
(105
)
 
(115
)
Total
$
—

 
$
1,974

 
$
4,191

 
$
6,165



44

AMERICAN CAPITAL, LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(unaudited)
(in millions, except per share data)


The following tables set forth the summary of changes in the fair value of investment assets and liabilities measured using Level 3 inputs for the three months ended March 31, 2015 and 2014:
 
Senior Debt
 
Mezzanine Debt
 
Preferred Equity
 
Common Equity
 
Structured Products
 
Other Assets
 
Long Term Incentive Plan Liability
 
Derivative Agreement
 
Total
Balances, January 1, 2015
$
1,217

 
$
472

 
$
462

 
$
1,562

 
$
583

 
$
51

 
$
(82
)
 
$
(74
)
 
$
4,191

Net realized loss(1)
(24
)
 
(27
)
 
(144
)
 
(3
)
 
(8
)
 
—

 
(46
)
 
—

 
(252
)
Reversal of prior period net depreciation (appreciation) on realization(2)
24

 
27

 
145

 
5

 
8

 
—

 
46

 
—

 
255

Net unrealized (depreciation) appreciation(2)(3)
(14
)
 
(8
)
 
74

 
(41
)
 
(5
)
 
(3
)
 
(3
)
 
(37
)
 
(37
)
Purchases(4)
95

 
70

 
98

 
20

 
75

 
—

 
—

 
—

 
358

Sales(5)
(10
)
 
—

 
(29
)
 
(11
)
 
(2
)
 
—

 
—

 
—

 
(52
)
Settlements, net(6)
(199
)
 
128

 
59

 
3

 
(7
)
 
(6
)
 
46

 
—

 
24

Effects of exchange rate changes
(29
)
 
(10
)
 
(7
)
 
(13
)
 
(3
)
 
—

 
9

 
—

 
(53
)
Transfers in(7)
3

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
3

Transfers out(7)
(2
)
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(2
)
Balances, March 31, 2015
$
1,061

 
$
652

 
$
658

 
$
1,522

 
$
641

 
$
42

 
$
(30
)
 
$
(111
)
 
$
4,435


 
Senior Debt
 
Mezzanine Debt
 
Preferred Equity
 
Common Equity
 
Structured Products
 
Other Assets
 
Total
Balances, January 1, 2014
$
1,060

 
$
520

 
$
1,125

 
$
2,091

 
$
276

 
$
29

 
$
5,101

Net realized gain (loss)(1)
3

 
—

 
—

 
23

 
(2
)
 
—

 
24

Reversal of prior period net (appreciation) depreciation on realization(2)
—

 
—

 
—

 
(8
)
 
6

 
—

 
(2
)
Net unrealized (depreciation) appreciation(2)(3)
(4
)
 
(17
)
 
(111
)
 
168

 
(2
)
 
(1
)
 
33

Purchases(4)
115

 
(6
)
 
12

 
18

 
42

 
5

 
186

Sales(5)
(20
)
 
—

 
(63
)
 
(327
)
 
—

 
—

 
(410
)
Settlements, net(6)
(29
)
 
—

 
(63
)
 
62

 
(17
)
 
—

 
(47
)
Balances, March 31, 2014
$
1,125

 
$
497

 
$
900

 
$
2,027

 
$
303

 
$
33

 
$
4,885


(1)
Included in net realized (loss) gain in the consolidated statements of operations. Excludes (loss) gain on realized foreign currency transactions on American Capital other assets and liabilities that are denominated in a foreign currency and any tax benefit (provision). Also, excludes realized gain (loss) from other assets and liabilities not measured at fair value.
(2)
Included in net unrealized appreciation in the consolidated statements of operations.
(3)
Excludes unrealized appreciation (depreciation) related to foreign currency translation for American Capital other assets and liabilities not measured at fair value that are denominated in a foreign currency.
(4)
Includes increases in the cost basis of investments resulting from new and add-on portfolio investments, the accrual or allowance of PIK interest or cumulative dividends and the amortization of discounts, premiums and closing fees.
(5)
Includes the sale of equity investments, collection of cumulative dividends, loan syndications and loan sales.
(6)
Includes principal repayments on debt investments, collection of PIK interest, collection of accreted loan discounts, the exchange of one or more existing securities for one or more new securities and net interest rate derivative periodic interest and termination payments.
(7)
Investments were transferred into and out of Level 3 and Level 2 due to changes in the quantity and quality of inputs obtained to support the fair value of each investment. Our policy is to recognize transfers as of the first day of a reporting period for investments existing as of the end of the period.


45

AMERICAN CAPITAL, LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(unaudited)
(in millions, except per share data)


Significant Unobservable Inputs

The following table summarizes the significant unobservable inputs in the fair value measurements of our Level 3 investments by category of investment and valuation technique as of March 31, 2015:
 
 
 
 
 
 
 
Range
 
 
Fair Value
 
Valuation Techniques
 
Unobservable Inputs
 
Minimum
Maximum
Weighted Average
 
 
 
 
Enterprise Value Waterfall Methodology
 
 
 
 
 
 
Senior Debt
$
346

 
Enterprise discounted cash flow
 
Discount rate
 
9%
65%
16%
 
 
 
 
 
Terminal value growth rate
 
2%
5%
3%
 
 
 
Public comparable companies
 
Premium or (discount) to multiples of comparable companies
 
(55)%
(30)%
(46)%
 
 
 
 
 
Control premium
 
—%
15%
11%
 
 
 
Sales of comparable companies
 
Premium or (discount) to multiples of comparable companies
 
(45)%
—%
(33)%
Mezzanine Debt
$
482

 
Enterprise discounted cash flow
 
Discount rate
 
11%
34%
14%
 
 
 
 
 
Terminal value growth rate
 
2%
4%
3%
 
 
 
Public comparable companies
 
Premium or (discount) to multiples of comparable companies
 
(55)%
—%
(42)%
 
 
 
 
 
Control premium
 
7%
19%
14%
 
 
 
Sales of comparable companies
 
Premium or (discount) to multiples of comparable companies
 
(50)%
5%
(26)%
Preferred Equity
$
655

 
Enterprise discounted cash flow
 
Discount rate
 
6%
34%
15%
 
 
 
 
 
Terminal value growth rate
 
2%
5%
3%
 
 
 
Public comparable companies
 
Premium or (discount) to multiples of comparable companies
 
(55)%
25%
(37)%
 
 
 
 
 
Control premium
 
7%
19%
12%
 
 
 
Sales of comparable companies
 
Premium or (discount) to multiples of comparable companies
 
(50)%
30%
(23)%
Common Equity
$
1,516

 
Enterprise discounted cash flow
 
Discount rate
 
4%
65%
14%
 
 
 
 
 
Terminal value growth rate
 
2%
5%
3%
 
 
 
Public comparable companies
 
Premium or (discount) to multiples of comparable companies
 
(55)%
15%
(15)%
 
 
 
 
 
Control premium
 
—%
19%
13%
 
 
 
Sales of comparable companies
 
Premium or (discount) to multiples of comparable companies
 
(50)%
5%
(30)%
Long Term Incentive Plan Liability
$
(30
)
 
Discounted cash flow
 
Discount rate
 
11%
11%
11%
 
 
 
 
 
(Discount) due to lack of control and marketability
 
(30)%
(5)%
(29)%
 
 
 
 
 
 
 
 
 
 
Market Yield Valuation Methodology
 
 
 
 
 
 
Senior Debt
$
577

 
Discounted cash flow
 
Market yield
 
5%
18%
10%
 
 
 
 
 
Estimated remaining life
 
1 yr
4 yrs
4 yrs
Mezzanine Debt
$
143

 
Discounted cash flow
 
Market yield
 
14%
22%
15%
 
 
 
 
 
Estimated remaining life
 
0 yrs
4 yrs
1 yr
Preferred Equity
$
3

 
Discounted cash flow
 
Market yield
 
17%
29%
23%
 
 
 
 
 
Estimated remaining life
 
3 yrs
4 yrs
4 yrs
Structured Products
$
641

 
Discounted cash flow
 
Discount rate
 
5%
28%
12%
 
 
 
 
 
Constant prepayment rate
 
30%
35%
31%
 
 
 
 
 
Constant default rate
 
—%
2%
1%
 
 
 
 
 
 
 
 
 
 
Third-Party Vendor Pricing Service
 
 
 
 
 
 
Senior Debt
$
3

 
 
 
 
 
Vendor Quotes
Vendor Quotes
Vendor Quotes
 
 
 
 
 
 
 
 
 
 
Third-Party Transaction
 
 
 
 
 
 
Senior Debt
$
135

 
 
 
 
 
Transaction Price
Transaction Price
Transaction Price
Mezzanine Debt
$
27

 
 
 
 
 
Transaction Price
Transaction Price
Transaction Price
Common Equity
$
6

 
 
 
 
 
Transaction Price
Transaction Price
Transaction Price

46

AMERICAN CAPITAL, LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(unaudited)
(in millions, except per share data)


 
 
 
 
 
 
 
 
 
 
Announced Transaction
 
 
 
 
 
 
Derivative Agreement
$
(111
)
 
Enterprise discounted cash flow
 
Discount rate
 
12%
12%
12%
 
 
 
 
 
Terminal value growth rate
 
4%
4%
4%
 
 
 
Public comparable companies
 
Premium or (discount) to multiples of comparable companies
 
(35)%
(35)%
(35)%
 
 
 
 
 
Control premium
 
11%
11%
11%
 
 
 
Sales of comparable companies
 
Premium or (discount) to multiples of comparable companies
 
(20)%
(20)%
(20)%
 
 
 
 
 
 
 
 
 
 
Total
$
4,393

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


47

AMERICAN CAPITAL, LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(unaudited)
(in millions, except per share data)


The following table summarizes the significant unobservable inputs in the fair value measurements of our Level 3 investments by category of investment and valuation technique as of March 31, 2014:
 
 
 
 
 
 
 
Range
 
 
Fair Value
 
Valuation Techniques
 
Unobservable Inputs
 
Minimum
Maximum
Weighted Average
 
 
 
 
Enterprise Value Waterfall Methodology
 
 
 
 
 
 
Senior Debt
$
635

 
Enterprise discounted cash flow
 
Discount rate
 
10%
40%
16%
 
 
 
 
 
Terminal value growth rate
 
2%
8%
3%
 
 
 
Public comparable companies
 
Premium or (discount) to multiples of comparable companies
 
(55)%
(20)%
(47)%
 
 
 
 
 
Control premium
 
—%
23%
16%
 
 
 
Sales of comparable companies
 
Premium or (discount) to multiples of comparable companies
 
(45)%
(35)%
(45)%
Mezzanine Debt
$
253

 
Enterprise discounted cash flow
 
Discount rate
 
13%
30%
18%
 
 
 
 
 
Terminal value growth rate
 
3%
4%
3%
 
 
 
Public comparable companies
 
Premium or (discount) to multiples of comparable companies
 
(65)%
—%
(42)%
 
 
 
 
 
Control premium
 
8%
23%
16%
 
 
 
Sales of comparable companies
 
Premium or (discount) to multiples of comparable companies
 
(45)%
5%
(17)%
Preferred Equity
$
422

 
Enterprise discounted cash flow
 
Discount rate
 
12%
64%
19%
 
 
 
 
 
Terminal value growth rate
 
2%
8%
3%
 
 
 
Public comparable companies
 
Premium or (discount) to multiples of comparable companies
 
(55)%
—%
(43)%
 
 
 
 
 
Control premium
 
7%
20%
16%
 
 
 
Sales of comparable companies
 
Premium or (discount) to multiples of comparable companies
 
(45)%
5%
(24)%
Common Equity
$
1,868

 
Enterprise discounted cash flow
 
Discount rate
 
4%
35%
15%
 
 
 
 
 
Terminal value growth rate
 
2%
8%
3%
 
 
 
Public comparable companies
 
Premium or (discount) to multiples of comparable companies
 
(60)%
—%
(16)%
 
 
 
 
 
Control premium
 
—%
23%
5%
 
 
 
Sales of comparable companies
 
Premium or (discount) to multiples of comparable companies
 
(45)%
5%
(18)%
 
 
 
 
 
 
 
 
 
 
Market Yield Valuation Methodology
 
 
 
 
 
 
Senior Debt
$
459

 
Discounted cash flow
 
Market yield
 
8%
32%
11%
 
 
 
 
 
Estimated remaining life
 
0 yr
4 yrs
2 yrs
Mezzanine Debt
$
244

 
Discounted cash flow
 
Market yield
 
12%
26%
19%
 
 
 
 
 
Estimated remaining life
 
0 yr
4 yrs
3 yrs
Preferred Equity
$
57

 
Discounted cash flow
 
Market yield
 
22%
26%
22%
 
 
 
 
 
Estimated remaining life
 
0 yr
4 yrs
0 yr
Structured Products
$
303

 
Discounted cash flow
 
Discount rate
 
5%
58%
13%
 
 
 
 
 
Constant prepayment rate
 
10%
35%
29%
 
 
 
 
 
Constant default rate
 
—%
2%
2%
 
 
 
 
 
 
 
 
 
 
Announced Transaction
 
 
 
 
 
 
Preferred Equity
$
421

 
 
 
 
 
Transaction Price
Transaction Price
Transaction Price
Common Equity
$
159

 
 
 
 
 
Transaction Price
Transaction Price
Transaction Price
Total
$
4,821

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




48

AMERICAN CAPITAL, LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(unaudited)
(in millions, except per share data)


The following tables show the composition summaries of our investment portfolio at cost basis and fair value, excluding derivative agreements, as a percentage of total investments as of March 31, 2015 and December 31, 2014:
 
March 31, 2015
 
December 31, 2014
Cost
 
 
 
First Lien Senior Debt
41.8
%
 
40.5
%
Second Lien Senior Debt
10.7
%
 
11.2
%
Mezzanine Debt
11.5
%
 
10.0
%
Preferred Equity
11.9
%
 
13.4
%
Common Equity
14.1
%
 
15.0
%
Structured Products
10.0
%
 
9.9
%
Total
100.0
%
 
100.0
%
 
 
 
 
Fair Value
 
 
 
First Lien Senior Debt
40.4
%
 
40.0
%
Second Lien Senior Debt
10.2
%
 
10.9
%
Mezzanine Debt
9.3
%
 
7.5
%
Preferred Equity
9.4
%
 
7.4
%
Common Equity
21.6
%
 
24.9
%
Structured Products
9.1
%
 
9.3
%
Total
100.0
%
 
100.0
%
 

49

AMERICAN CAPITAL, LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(unaudited)
(in millions, except per share data)


We use the Global Industry Classification Standards (“GICS®”) for classifying the industry groupings of our portfolio companies. The GICS® was developed by MSCI, an independent provider of global indexes and benchmark-related products and services, and Standard & Poor’s, an independent international financial data and investment services company and provider of global equity indexes. The following tables show the portfolio composition by industry grouping at cost and at fair value as a percentage of total investments as of March 31, 2015 and December 31, 2014. Our investments in CLO securities and derivative agreements are excluded from the table below. Our investments in CMBS are classified in the Real Estate and Real Estate Investment Trusts category.
 
March 31, 2015
 
December 31, 2014
Cost
 
 
 
Life Sciences Tools and Services
11.2
%
 
14.5
%
Capital Markets
8.0
%
 
8.3
%
Commercial Services and Supplies
7.2
%
 
6.4
%
Diversified Consumer Services
4.6
%
 
3.7
%
Health Care Equipment and Supplies
4.0
%
 
4.0
%
IT Services
3.7
%
 
3.2
%
Software
3.6
%
 
3.2
%
Household Durables
3.5
%
 
3.5
%
Health Care Providers and Services
3.4
%
 
2.9
%
Auto Components
3.3
%
 
3.3
%
Media
3.2
%
 
2.4
%
Professional Services
3.0
%
 
2.8
%
Hotels, Restaurants and Leisure
2.9
%
 
3.0
%
Real Estate and Real Estate Investment Trusts
2.4
%
 
2.7
%
Food Products
2.3
%
 
2.2
%
Textiles, Apparel and Luxury Goods
2.2
%
 
2.5
%
Insurance
2.0
%
 
1.7
%
Specialty Retail
2.0
%
 
1.5
%
Oil, Gas and Consumable Fuels
1.8
%
 
2.0
%
Aerospace and Defense
1.8
%
 
1.7
%
Diversified Financial Services
1.7
%
 
1.7
%
Machinery
1.7
%
 
1.8
%
Energy Equipment and Services
1.5
%
 
1.6
%
Other
19.0
%
 
19.4
%
Total
100.0
%
 
100.0
%

 

50

AMERICAN CAPITAL, LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(unaudited)
(in millions, except per share data)


 
March 31, 2015
 
December 31, 2014
Fair Value
 
 
 
Capital Markets
19.1
%
 
21.3
%
Life Sciences Tools and Services
9.1
%
 
9.2
%
Commercial Services and Supplies
6.3
%
 
5.8
%
Diversified Consumer Services
4.8
%
 
3.8
%
IT Services
3.3
%
 
2.9
%
Health Care Providers and Services
3.3
%
 
2.9
%
Software
3.2
%
 
3.0
%
Media
3.1
%
 
2.5
%
Professional Services
3.1
%
 
2.9
%
Household Durables
3.0
%
 
3.3
%
Health Care Equipment and Supplies
2.8
%
 
2.7
%
Hotels, Restaurants and Leisure
2.7
%
 
3.2
%
Auto Components
2.3
%
 
2.3
%
Food Products
2.1
%
 
2.0
%
Insurance
2.0
%
 
1.7
%
Real Estate and Real Estate Investment Trusts
1.9
%
 
2.1
%
Aerospace and Defense
1.8
%
 
1.7
%
Specialty Retail
1.8
%
 
1.3
%
Internet and Catalog Retail
1.8
%
 
1.9
%
Textiles, Apparel and Luxury Goods
1.8
%
 
2.1
%
Oil, Gas and Consumable Fuels
1.4
%
 
1.6
%
Other
19.3
%
 
19.8
%
Total
100.0
%
 
100.0
%

Note 5. Borrowings
Our debt obligations consisted of the following as of March 31, 2015 and December 31, 2014:
 
March 31, 2015
 
December 31, 2014
Secured revolving credit facility due August 2016, $250 million commitment
$
—

 
$
—

Secured revolving credit facility due March 2017, $1,250 million commitment
799

 
726

Secured revolving credit facility due October 2016, $500 million commitment
282

 
51

Secured term loan due August 2017, net of discount
444

 
444

Unsecured Private Notes due September 2018, net of discount
344

 
344

European Capital unsecured senior notes, Series 2006-I due January 2022, €52 million
57

 
64

European Capital unsecured senior notes, Series 2007-I due July 2022, $37.5 million
38

 
37

European Capital unsecured senior notes, Series 2007-II due July 2022, $37.5 million
38

 
37

Total
$
2,002

 
$
1,703

The daily weighted average debt balance, excluding discounts, for the three months ended March 31, 2015 and 2014 was $1,845 million and $800 million, respectively. The weighted average interest rate on all of our borrowings, including amortization of deferred financing costs, for the three months ended March 31, 2015 and 2014 was 3.7% and 5.9%, respectively. The weighted average interest rate on all of our borrowings, excluding amortization of deferred financing costs, for the three months ended March 31, 2015 and 2014 was 3.2% and 5.2%, respectively. The weighted average interest rate on all of our borrowings, excluding deferred financing costs, as of March 31, 2015 and December 31, 2014 was 3.1% and 3.3%, respectively.
As of March 31, 2015 and December 31, 2014, the aggregate fair value of the above borrowings was $2,016 million and $1,729 million, respectively. The fair values of our debt obligations are determined in accordance with ASC 820, which defines

51

AMERICAN CAPITAL, LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(unaudited)
(in millions, except per share data)


fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions, and are measured using Level 3 inputs for our debt as of March 31, 2015 and December 31, 2014. It assumes that the liability is transferred to a market participant at the measurement date and that the nonperformance risk relating to that liability is the same before and after the transfer. Nonperformance risk refers to the risk that the obligation will not be fulfilled and affects the value at which the liability is transferred. The fair value of our debt obligations is valued at the closing market quotes as of the measurement date or estimated based upon market interest rates for our own borrowings or entities with similar credit risk, adjusted for nonperformance risk, if any, based on a quantitative and/or qualitative evaluation of our credit risk.
Unsecured Private Notes
On September 20, 2013, we entered into an indenture with U.S. Bank National Association, as trustee, relating to the issuance and sale by us of $350 million in aggregate principal amount of senior unsecured five-year notes (“Private Notes”), for proceeds of $342 million, net of underwriters’ discounts. The Private Notes were sold in a private offering to qualified institutional buyers under Rule 144A and outside of the United States pursuant to Regulation S of the Securities Act of 1933, as amended. The Private Notes have a fixed interest rate of 6.50% and mature in September 2018. Interest payments are due semi-annually on March 15 and September 15 and all principal is due on maturity. The Private Notes were rated B3, B+ and BB- by Moody’s Investor Services, Standard & Poor’s Ratings Services and Fitch Ratings, respectively. The indenture contains restrictive covenants that, among other things, limit our ability to: (i) pay dividends or distributions, repurchase equity, prepay junior debt and make certain investments; (ii) incur additional debt and issue certain disqualified stock and preferred stock; (iii) incur certain liens; (iv) merge or consolidate with another company or sell substantially all of our assets; (v) enter into certain transactions with affiliates; and (vi) allow to exist certain restrictions on the ability of our subsidiaries to pay dividends or make other payments to us. The indenture also contains certain customary events of default. As of March 31, 2015, we were in compliance with all of the covenants under the Private Notes.
European Capital Unsecured Senior Notes
In December 2006, European Capital entered into a note purchase agreement to issue €52 million of senior unsecured 15-year notes due January 2022 to accredited investors in a private placement offering (“Series 2006-I Notes”). The Series 2006-I Notes have a floating rate of EURIBOR plus 2.75%. European Capital entered into a note purchase agreement to issue $37.5 million of senior unsecured notes due July 2022 to accredited investors in a private placement offering (“Series 2007-I Notes”). The Series 2007-I Notes have a floating rate of LIBOR plus 2.75%. In March 2007, European Capital entered into a note purchase agreement to issue $37.5 million of senior unsecured notes due July 2022 to accredited investors in a private placement offering (“Series 2007-II Notes”). The Series 2007-II Notes have a floating rate of LIBOR plus 2.75%. As of March 31, 2015, the interest rate on the Series 2006-I Notes, Series 2007-I Notes and Series 2007-II Notes was 2.80%, 3.01% and 3.01%, respectively.
The above unsecured senior notes contain covenants that, among other things, require that European Capital maintain a minimum consolidated tangible net worth of €225 million, plus 50% of any equity issued by European Capital after the issuance of the applicable notes, require the interest charge cover meet a minimum threshold depending on the ratio of earnings before interest and taxes to interest expense and a maximum debt to equity ratio of 4:1. The unsecured senior notes also contain cross-default provisions to debt of European Capital of $15 million or more. As of March 31, 2015, European Capital was in compliance with all covenants for these notes.
Secured Term Loan Facility
On February 26, 2014, we entered into an amendment (the “Amendment”) to the amended secured term loan facility under our Senior Secured Term Loan Credit Agreement, dated as of August 23, 2013, with the lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent (the “Secured Term Loan Facility”).
The Amendment reduced the interest rate on the Secured Term Loan Facility, which had an outstanding principal balance of $450 million as of the closing date, from the London Interbank Offered Rate (“LIBOR”) plus 3.00%, with a LIBOR floor of 1.00%, to LIBOR plus 2.75%, with a LIBOR floor of 0.75%. The Amendment also extended the Secured Term Loan Facility’s maturity date by one year to August 2017.
In accordance with FASB ASC Subtopic No. 470-50, Modifications and Extinguishments, $447 million of debt exchanged with the same lenders met the criterion for and was accounted as a modification of debt. Existing unamortized deferred financing costs and discount attributable to the modification of the Secured Term Loan Facility of $9 million will be amortized into interest expense over the life of the Secured Term Loan Facility using the effective interest method, while fees paid to other third party

52

AMERICAN CAPITAL, LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(unaudited)
(in millions, except per share data)


advisors of $1 million were expensed and included in general and administrative expenses in the consolidated statements of operations.
As of March 31, 2015, the interest rate on our Secured Term Loan Facility was 3.50% and the borrowing base coverage was 303%. As of March 31, 2015, we were in compliance with all of the covenants under the Secured Term Loan Facility.
The following table sets forth the scheduled amortization on the secured term loans, unsecured private notes and unsecured senior notes:
August 2015
$4.5 million
August 2016
$4.5 million
Secured Term Loans due August 2017
Outstanding Balance
Unsecured Private Notes due September 2018
Outstanding Balance
Unsecured senior notes (Series 2006-I) due January 2022
Outstanding Balance
Unsecured senior notes (Series 2007-I) due July 2022
Outstanding Balance
Unsecured senior notes (Series 2007-II) due July 2022
Outstanding Balance
$250 Million Revolving Credit Facility
On August 22, 2012, we obtained a four-year $250 million secured revolving credit facility (the “$250 Million Revolving Credit Facility”), which may be expanded to a maximum $375 million through additional commitments in accordance with the terms and conditions of the $250 Million Revolving Credit Facility and Secured Term Loan Facility. The $250 Million Revolving Credit Facility bears interest at a rate per annum equal to LIBOR plus 3.75%.
We may borrow, prepay and reborrow loans under the $250 Million Revolving Credit Facility at any time prior to August 22, 2015, the commitment termination date, subject to certain terms and conditions, including maintaining a borrowing base coverage of 150%, or 110% so long as our borrowing base coverage does not decrease following an advance. The $250 Million Revolving Credit Facility matures on August 22, 2016. Any outstanding balance on the $250 Million Revolving Credit Facility as of the commitment termination date is repayable ratably over the final 12 months until the maturity date.
We are required to pay a fee in an amount equal to 0.50% on the average daily unused amount of the lender commitments under our $250 Million Revolving Credit Facility from the closing date to but excluding the earlier of the date on which a lender’s commitment terminates and the commitment termination date, payable quarterly. As of March 31, 2015, the total commitments under our $250 Million Revolving Credit Facility were $250 million. As of March 31, 2015, we were in compliance with all of the covenants under the $250 Million Revolving Credit Facility.
$1.25 Billion Revolving Credit Facility
On June 27, 2014, ACAS Funding I, LLC, a wholly-owned financing subsidiary, obtained a $750 million secured revolving credit facility provided by Bank of America, N.A. On March 6, 2015, the commitments to the existing $750 million secured revolving credit facility were increased by $500 million to $1.25 billion (the “$1.25 Billion Revolving Credit Facility”). In addition to the increase, the maturity date of the facility was extended to March 6, 2017. The facility bears interest at a rate per annum equal to LIBOR plus 1.60%. As of March 31, 2015, the interest rate on the $1.25 Billion Revolving Credit Facility was 1.83%.
We may borrow, prepay and reborrow loans under the $1.25 Billion Revolving Credit Facility at any time prior to February 6, 2017, subject to certain terms and conditions. Any outstanding balance on the $1.25 Billion Revolving Credit Facility as of the commitment termination date is repayable on the maturity date.
We are required to pay a fee in an amount equal to 1.60% on the average daily unused amount of lender commitments up to $375 million and 0.75% on undrawn amounts up to $750 million. Beginning on September 6, 2015, we are required to pay a fee in an amount equal to 1.60% on the average daily unused amount of lender commitments up to $750 million and 0.75% on the lesser of $500 million and the average unused daily unused amount during the period. All fees are payable quarterly. As of March 31, 2015, the total debt outstanding under our $1.25 Billion Revolving Credit Facility was $799 million, which was secured by portfolio investments with fair values of $1,564 million. As of March 31, 2015, we were in compliance with all of the covenants under the $1.25 Billion Revolving Credit Facility.

53

AMERICAN CAPITAL, LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(unaudited)
(in millions, except per share data)


$500 Million Revolving Credit Facility
On October 30, 2014, ACAS Funding II, LLC, a wholly-owned financing subsidiary, obtained a $500 million secured revolving credit facility (the “$500 Million Revolving Credit Facility”), provided by Deutsche Bank AG. The $500 Million Revolving Credit Facility, which matures in October 2016, bears interest at a rate per annum equal to LIBOR plus 1.60%. As of March 31, 2015, the interest rate on the $500 Million Revolving Credit Facility was 1.88%.
We may borrow, prepay and reborrow loans under the $500 Million Revolving Credit Facility at any time prior to October 30, 2016, the commitment termination date, subject to certain terms and conditions. Any outstanding balance on the $500 Million Revolving Credit Facility as of the commitment termination date is repayable on the maturity date.
As of March 31, 2015, the total debt outstanding under our $500 Million Revolving Credit Facility was $282 million, which was secured by portfolio investments with fair values of $619 million. As of March 31, 2015, we were in compliance with all of the covenants under the $500 Million Revolving Credit Facility.
Note 6. Stock Options
We have stock option plans which provide for the granting of options to employees and non-employee directors to purchase shares of common stock at a price of not less than the fair market value of the common stock on the date of grant. Stock options granted under the employee stock option plans vest over either a three or five year period and may be exercised for a period of no more than ten years from the date of grant. Options granted under these plans may be either incentive stock options within the meaning of Section 422 of the Code or non-qualified stock options. As required by the 1940 Act, we are restricted from issuing awards to our employees and non-employee directors to the extent that the amount of voting securities that would result from the exercise of all such awards at the time of issuance exceeds 20% of our outstanding voting securities. As of March 31, 2015, there were 3.6 million shares available to be granted under the employee stock option plans and in accordance with the 1940 Act restrictions.
Our shareholders approved non-employee director stock option plans in 1998, 2000, 2006, 2007, 2008, 2009 and 2010 and we subsequently received orders from the SEC authorizing such plans. Stock options granted under the non-employee director stock option plans are non-qualified stock options that vest over a three year period and may be exercised for a period of no more than ten years from the date of grant. As of March 31, 2015, there were no shares available to be granted under the non-employee director stock option plans. No employee or non-employee director stock options were granted during the first quarter of 2015.
During the first quarter of 2014, we concluded that our Chief Executive Officer had been granted stock options in excess of the individual employee limits established in certain of our stock option plans. These stock option grants were made during fiscal years 2010, 2011 and 2012. As a result, the stock option grants in excess of the individual limits in any stock option plan have been considered null and void. Therefore, stock based-compensation expense associated with the null and void options of $3.5 million was reversed in the first quarter of 2014.
In addition, the communication of the voided stock option grants to our Chief Executive Officer resulted in a financial obligation under U.S. GAAP to provide equity compensation commensurate with the terms of the voided stock option grants in return for services to be performed by our Chief Executive Officer during the option vesting periods. This financial obligation has been accounted for as a liability award and stock-based compensation expense of $4.2 million associated with prior periods was recorded in the second quarter of 2014. The net impact of these adjustments was additional stock-based compensation expense of $2.3 million during the first quarter of 2014. An additional $1.4 million of income tax expense was recorded during the first quarter of 2014 as a result of these adjustments. These errors were immaterial to the individual prior periods impacted. During the second quarter of 2014, pursuant to the Deferred Plan, an award of $10 million was granted to our Chief Executive Officer that partially settled this financial obligation. During the first quarter of 2015, an award of $7 million was granted to our Chief Executive Officer that settled the remainder of this financial obligation. These grants were funded with shares from the Trust which had previously been forfeited by former employees prior to being fully vested in their shares.
As discussed in Note 9, due to changes in the composition of our investment portfolio and market conditions, we conducted strategic reviews of our business which resulted in a workforce reduction of our employees in the fourth quarter of 2014. In conjunction with the restructuring, the vesting of any unvested stock options held by impacted employees as of the date of their separation was accelerated, and the employees were given a period of up to one year from their separation date, or less if the expiration of the option was within one year from their separation date, to exercise all outstanding options. During the first quarter of 2015, in accordance with FASB ASC Topic 718, Compensation-Stock Compensation, the acceleration of 0.9 million unvested

54

AMERICAN CAPITAL, LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(unaudited)
(in millions, except per share data)


stock options was accounted for as a modification and resulted in additional stock-based compensation expense of approximately $4 million related to additional workforce reductions.
During the three months ended March 31, 2015 and 2014, we recorded stock-based compensation expense attributable to our stock options of $4.6 million and $10.5 million, respectively. Stock-based compensation expense was recognized only for options expected to vest, using an estimated forfeiture rate based on historical experience.
Note 7. Deferred Compensation Plan
We have a non-qualified deferred compensation plan (the “Deferred Plan”) for the purpose of granting cash bonus awards to our employees. The Compensation, Corporate Governance and Nominating Committee is the administrator of the Deferred Plan. The Deferred Plan is funded through a trust (the “Trust”) which is administered by a third-party trustee. The Compensation, Corporate Governance and Nominating Committee determines cash bonus awards to be granted under the Deferred Plan and the terms of such awards, including vesting schedules. The cash bonus awards are invested by the Trust in our common stock by purchasing shares in the open market. Awards vest contingent on the employee’s continued employment or the achievement of performance goals, if any, as determined by the Compensation, Corporate Governance and Nominating Committee. The Trust provides certain protections of its assets from events other than claims against our assets in the case of bankruptcy. The assets and liabilities of the Trust are consolidated in the accompanying consolidated financial statements. Shares of our common stock held by the Trust are accounted for as treasury stock in the accompanying consolidated balance sheets.
The Deferred Plan does not permit diversification and the cash bonus awards must be settled by the delivery of a fixed number of shares of our common stock. The awards under the Deferred Plan are accounted for as grants of unvested stock. We record stock-based compensation expense based on the fair market value of our stock on the date of grant. The compensation cost for awards with service conditions is recognized using the straight-line attribution method over the requisite service period. The compensation cost for bonus awards with performance and service conditions is recognized using the accelerated attribution method over the requisite service period. During the first quarter of 2015, cash bonus awards of $7 million were granted under the Deferred Plan. During the first quarter of 2014, there were no grants under the Deferred Plan.
As discussed in Note 6, during the first quarter of 2014, we concluded that our Chief Executive Officer had been granted $2.6 million of cash bonus awards in fiscal year 2007 in excess of the annual individual employee limit established in the Deferred Plan. As a result, the $2.6 million of cash bonus awards have been considered null and void. Stock-based compensation expense associated with the null and void cash bonus awards of $2.6 million was reversed in the first quarter of 2014.
In addition, the communication of the $2.6 million of excess cash bonus awards to our Chief Executive Officer resulted in a financial obligation under U.S. GAAP to provide equity compensation commensurate with the terms of the cash bonus awards in return for services to be performed by our Chief Executive Officer during the award vesting period. The financial obligation has been accounted for as a liability award and stock-based compensation expense of $1.5 million associated with prior periods was recorded in the second quarter of 2014. The net impact of these adjustments was a $1.1 million reduction to stock-based compensation expense in the first quarter of 2014. An additional $0.3 million of income tax expense was recorded during the first quarter of 2014 as a result of these adjustments. These errors were immaterial to the individual prior periods impacted. During the second quarter of 2014, pursuant to the Deferred Plan, an award of $10 million was granted to our Chief Executive Officer that partially settled this financial obligation. During the first quarter of 2015, an award of $7 million was granted to our Chief Executive Officer that settled the remainder of this financial obligation. These grants were funded with shares from the Trust which had previously been forfeited by former employees prior to being fully vested in their shares.
During the three months ended March 31, 2015 and 2014, we recorded stock-based compensation expense of $2.9 and $(0.9) million, respectively, attributable to the Deferred Plan.
Long Term Incentive Plan Liability
European Capital has issued restricted mandatorily redeemable preferred shares (“Redeemable Preferred Shares”) to participating employees of subsidiary companies of its manager, European Capital Asset Management Limited (“ECAM”), a wholly owned subsidiary of ACAM, under Long Term Incentive Plans (the “Plans” ) for an issue price determined at the time of issuance. The Plans have a 5-year vesting period. The Redeemable Preferred Shares are subdivided into subclasses of shares. The redemption value of each sub-class of Redeemable Preferred Shares is calculated using a predetermined formula and is based on the net liquidity proceeds, as defined in the Plans, on the exit of specifically referenced investments of European Capital in excess of certain hurdle rates. The Plans have annual calculation and redemption dates through December 31, 2018 and March 1, 2019, respectively, for sub-classes A, B and C and December 31, 2023 and March 1, 2024, respectively, for sub-classes D, E and F.

55

AMERICAN CAPITAL, LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(unaudited)
(in millions, except per share data)


Redeemable Preferred Shares related to specifically referenced investments not exited at the final annual calculation dates will be redeemed after the receipt of subsequent net liquidity proceeds or, if specifically referenced investments that remain outstanding on January 1, 2020 for sub-classes A, B and C and January 1, 2025 for sub-classes D, E and F, will be redeemed based on the realizable value of the remaining referenced investments. European Capital elected to recognize the Redeemable Preferred Shares at fair value in accordance with FASB ASC Topic 825, Financial Instruments.
The holders of the Redeemable Preferred Shares have no rights to participate or receive notice of any general meeting of European Capital and the shares are generally not transferable. The Redeemable Preferred Shares have no rights to receive dividends. During the three months ended March 31, 2015, a portion of Redeemable Preferred Shares were redeemed and European Capital realized a loss of $46 million, offset by a reversal of unrealized depreciation of $46 million, which is included in net realized (loss) gain and net unrealized appreciation in our consolidated statements of operations.
The fair value of the Redeemable Preferred Shares is calculated as of March 31, 2015 using the net present value of the estimated future cash flows of the underlying European Capital investments with discounts applied for equity risk, liquidity risk, credit risk, minority interests, lack of marketability and a forfeiture rate. The fair value of the Redeemable Preferred Shares as of March 31, 2015 was $30 million, which is included in long term incentive plan liability in our consolidated balance sheets. The fair value of the underlying European Capital investments as of March 31, 2015 was $642 million.
The following table summarizes the number of shares issued and redeemed for the three months ended March 31, 2015:
 
Class A
 
Class B
 
Class C
 
Class D
 
Class E
 
Class F
 
Total
Balance, December 31, 2014
412

 
413

 
589

 
100

 
100

 
100

 
1,714

Shares Issued
—

 
—

 
—

 
—

 
—

 
—

 
—

Shares Redeemed
(68
)
 
(68
)
 
(98
)
 
—

 
—

 
—

 
(234
)
Balance, March 31, 2015
344

 
345

 
491

 
100

 
100

 
100

 
1,480

Note 8. Net Operating Income and Net Earnings Per Common Share
The following table sets forth the computation of basic and diluted net operating income and net earnings per common share for the three months ended March 31, 2015 and 2014:
 
 
Three Months Ended March 31,
 
 
2015
 
2014
Numerator for basic and diluted net operating income per common share
 
$
50

 
$
5

Numerator for basic and diluted net earnings per common share
 
$
15

 
$
70

Denominator for basic weighted average common shares
 
271.1

 
270.7

Employee stock options and awards
 
11.8

 
12.7

Denominator for diluted weighted average common shares
 
282.9

 
283.4

Basic net operating income per common share
 
$
0.18

 
$
0.02

Diluted net operating income per common share
 
$
0.18

 
$
0.02

Basic net earnings per common share
 
$
0.06

 
$
0.26

Diluted net earnings per common share
 
$
0.05

 
$
0.25

In accordance with the provisions of FASB ASC Topic 260, Earnings per Share, basic earnings per share (“EPS”) is computed by dividing earnings available to common shareholders by the weighted average number of shares outstanding during the period. Other potentially dilutive common shares, and the related impact to earnings, are considered when calculating EPS on a diluted basis.
In computing diluted EPS, only potential common shares that are dilutive, those that reduce earnings per share or increase loss per share, are included. The effect of stock options, unvested employee stock awards and contingently issuable shares are not included if the result would be anti-dilutive, such as when a net loss is reported.
Stock options and unvested shares under our deferred compensation plan of 6.6 million and 8.2 million for the three months ended March 31, 2015 and 2014, respectively, were not included in the computation of diluted EPS either because the respective

56

AMERICAN CAPITAL, LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(unaudited)
(in millions, except per share data)


exercise or grant prices are greater than the average market value of the underlying stock or their inclusion would have been anti-dilutive, as determined using the treasury stock method.
Note 9. Restructuring Costs
Due to changes in the composition of our investment portfolio and market conditions, we conducted strategic reviews of our business in the fourth quarter of 2014, which resulted in a workforce reduction of approximately 13% of our employees and the closing of one of our offices as well as the elimination of certain functions at other offices. In conjunction with the restructuring, the vesting of any unvested stock options held by impacted employees as of the date of their separation was accelerated, and they were given a period of up to one year from their separation date, or less if the expiration of the option was within one year from their separation date, to exercise all outstanding options. We recorded charges for both severance and related employee costs and excess office facilities costs of $24 million for the year ended December 31, 2014, including $11 million from the modification of stock options. In addition, we recorded charges for both severance and related employee costs of $10 million for the three months ended March 31, 2015, including $4 million from the modification of stock options related to additional workforce reductions. The severance and related costs and the additional stock-based compensation expense resulting from the modification are included in salaries, benefits and stock-based compensation and the excess facilities costs are included in general and administrative in our consolidated statements of operations. The liability for employee severance costs and excess facilities is included in other liabilities in our consolidated balance sheets as of March 31, 2015.
In determining our liability related to excess office facilities, we are required to estimate such factors as future vacancy rates, the time required to sublet properties and sublease rates. These estimates are reviewed quarterly based on known real estate market conditions and the credit-worthiness of subtenants, and may result in revisions to the liability. Our remaining liability of $4 million as of March 31, 2015 related to these excess office facilities represents gross lease commitments with agreements expiring at various dates through 2023 of approximately $22 million, net of committed and estimated sublease income of approximately $16 million and a present value factor of $2 million. We have entered into signed sublease arrangements for approximately $1 million, with the remaining $15 million based on estimated future sublease income.
The following table summarizes the restructuring accrual activity during the three months ended March 31, 2015:
 
Severance
 
Excess Office Facilities
 
Total
Balance, December 31, 2014
$
8

 
$
5

 
$
13

Restructuring charges
6

 
—

 
6

Cash payments
(7
)
 
(1
)
 
(8
)
Balance, March 31, 2015
$
7

 
$
4

 
$
11

Note 10. Shareholders’ Equity
Our common stock activity for the three months ended March 31, 2015 and 2014 was as follows:
 
Three Months Ended March 31,
 
2015
 
2014
Common stock outstanding at beginning of period
266.9

 
270.2

Issuance of common stock under stock option plans
2.8

 
2.0

Repurchase of common stock
—

 
(8.9
)
Common stock outstanding at end of period
269.7

 
263.3

Share Repurchase and Dividend Program
During 2011, our Board of Directors adopted a program that may provide for share repurchases or dividend payments (the “Program”). During the first quarter of 2015, American Capital's Board of Directors reinstated authorization for share repurchases under the Program. We included the written notice to stockholders required by Section 23(c) of the Investment Company Act of 1940 regarding the possibility of share repurchases over the next six months in the Proxy Statement for its 2015 Annual Meeting of Stockholders. We expect to begin considering share repurchases under the Program in the second quarter of 2015.

57

AMERICAN CAPITAL, LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(unaudited)
(in millions, except per share data)


The Board adopted the Program in September 2011, but suspended repurchases in March 2014 as we undertook a process to evaluate potential capital requirements that could result from its previously announced plan to consider organizational changes to enhance shareholder value. On November 5, 2014, we announced that its Board had unanimously approved a plan to proceed with the spin-off of new business development companies to its shareholders, with American Capital continuing as a public asset management company. The Board has since determined that it is appropriate to reinstate authorization for share repurchases while we seek to accomplish the announced spin-off.
Going forward, under the Program, we will consider quarterly setting an amount to be utilized for share repurchases or dividends. Generally, the amount may be utilized for repurchases if the price of our common stock represents a discount to its NAV per share, and the amount may be utilized for the payment of cash dividends if the price of our common stock represents a premium to its NAV per share. 
In determining the quarterly amount, the Board of Directors will be guided by our net cash provided by operating activities in preceding quarters, its capital requirements associated with completion of the spin-off transaction, its cash position, operational issues, economic conditions and the current trading price of our common stock and other factors.
The Program may be suspended, terminated or modified at any time for any reason. The Program does not obligate us to acquire any specific number of shares of our common stock, and all repurchases will be made in accordance with SEC Rule 10b-18, which sets certain restrictions on the method, timing, price and volume of share repurchases.
Note 11. Income Taxes
As a taxable corporation under Subchapter C of the Code, we are subject to federal and applicable state corporate income taxes on our taxable ordinary income and capital gains. However, we estimate that for income tax purposes, we had both net operating loss carryforwards and net long-term capital loss carryforwards as of March 31, 2015. Our tax fiscal year ends on September 30.
During the quarter ended December 31, 2014, we consolidated our wholly owned portfolio company, European Capital, in our consolidated financial statements. European Capital and its wholly owned subsidiary, European Capital S.A. SICAR (collectively, “ECAS”) are both controlled foreign corporations (“CFCs”) for U.S. tax purposes. Each entity pays an immaterial rate of non-U.S. income taxes. ECAS may produce subpart F income that must be reported on the U.S. tax return of American Capital.
We file a consolidated federal income tax return with eligible corporate subsidiaries, including portfolio companies in which we hold 80% or more of the outstanding equity interest measured by both vote and fair value. As a result, we have entered into a tax sharing agreement under which members of the consolidated tax group are compensated for losses and other tax benefits by members that are able to use those losses and tax benefits on their pro forma stand-alone federal income tax return.
As of March 31, 2015, our deferred tax asset was $766 million, our deferred tax liability was $343 million, our valuation allowance was $147 million and our net deferred tax asset was $276 million.
We estimate the expected tax character of recognition of the reversal of the timing differences that give rise to the deferred tax assets and liabilities as either ordinary or capital income. However, the ultimate tax character of the deferred tax asset or liability may change from our estimated classification based on the ultimate form of recognition of the timing difference. As of March 31, 2015, we believe that it is more likely than not that we will have future ordinary income to realize our ordinary deferred tax assets and therefore did not record a valuation allowance against these deferred tax assets. We believe that it is more likely than not that we will be able to utilize $47 million of our capital deferred tax assets as of March 31, 2015 and we have established a partial valuation allowance of $147 million against certain capital deferred tax assets.
Assessing the recoverability of a deferred tax asset requires management to make estimates related to expectations of future taxable income. Estimates of future taxable income are based on forecasted cash flows from investments and operations, the character of expected income or loss as either capital or ordinary, and the application of existing tax laws in each jurisdiction. To the extent that future cash flows or the amount or character of taxable income differ significantly from these estimates, our ability to realize the deferred tax assets could be impacted.

58

AMERICAN CAPITAL, LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(unaudited)
(in millions, except per share data)


A reconciliation of the provision for income taxes computed at the U.S. federal statutory corporate income tax rate and our effective tax rate for the three months ended March 31, 2015 and 2014 were as follows:
 
Three Months Ended March 31,
 
2015
 
2014
Tax on income computed at federal statutory tax rate
$
27

 
$
25

State taxes, net of federal tax benefit
3

 
3

Valuation allowance
(21
)
 
(32
)
Change in state tax rate
—

 
10

Earnings of European Capital
18

 
—

Capital gain on tax deconsolidation of subsidiary
35

 
—

Other
(1
)
 
(4
)
Total provision for income taxes
$
61

 
$
2

During the first quarter of 2015, we restructured our investment in CML Pharmaceuticals, Inc. (“CML”) which resulted in a recognized capital loss. We recognized a $136 million capital loss on our equity investment in CML, which was $9 million less than the book realized loss of $145 million, due to consolidated basis adjustments in prior years as a result of CML filing with American Capital’s consolidated tax return. In addition, CML recognized an $83 million capital gain on an operating subsidiary that was offset by capital loss carryforwards at American Capital. We will not be reimbursed through the tax sharing agreement for the utilization of the capital loss carryforward and this was a permanent difference in income recognition. The net impact was a decrease of our gross deferred tax assets of $35 million, offset by a reduction in the valuation allowance of $35 million, resulting in no net tax impact to the provision.
During the first quarter of 2015, we recognized subpart F income on our U.S. tax return from our investment in European Capital that, net of related changes in European Capital’s deferred tax assets, resulted in an $18 million tax provision.
We recognize tax benefits of uncertain tax positions only when the position is more likely than not to be sustained assuming examination by tax authorities. The following is a reconciliation of our unrecognized tax benefits:
Unrecognized tax benefits - January 1, 2015
$
48

Increase related to positions taken during the current year
—

Unrecognized tax benefits - March 31, 2015
$
48


The unrecognized tax benefits have been presented as a reduction of a deferred tax asset for a net operating loss.
Note 12. Commitments and Contingencies
In the normal course of business, we enter into contractual agreements that provide general indemnifications against losses, costs, claims and liabilities arising from the performance of our obligations under such agreements. We have not had any claims nor made any payments pursuant to such agreements. We cannot estimate the maximum potential exposure under these arrangements as this would involve future claims that may be made against us that have not yet occurred. However, based on our experience, we expect the risk of any material loss to us to be remote.
We are a party to certain legal proceedings incidental to the normal course of our business, including the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings cannot at this time be predicted with certainty, we do not expect that these proceedings will have a material effect on our financial condition or results of operations.

59

AMERICAN CAPITAL, LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(unaudited)
(in millions, except per share data)


Loan and Financing Agreements
As of March 31, 2015, we had commitments under loan and financing agreements to fund up to $217 million to 29 portfolio companies. These commitments are primarily composed of working capital credit facilities, acquisition credit facilities and subscription agreements. The commitments are generally subject to the borrowers meeting certain criteria such as compliance with covenants and availability under borrowing base thresholds. The terms of the borrowings and financings subject to commitment are comparable to the terms of other loan and equity securities in our portfolio. As of March 31, 2015, European Capital and
its affiliates had a commitment of $63 million to fund European Capital UK SME Debt LP and $179 million to fund European Capital Private Debt LP. In addition, as of March 31, 2015, ACAM had a commitment of $173 million to American Capital Equity III, LP, which would be funded by an equity investment from American Capital. See Note 14 to our interim consolidated financial statements included in this Form 10-Q for further discussion of ACAM’s American Capital Equity III, LP’s commitment.
Note 13. Significant Subsidiaries
We have determined that for the three months ended March 31, 2015, certain of our unconsolidated portfolio companies have met the conditions of a significant subsidiary under Rule 1-02(w) of Regulation S-X. Accordingly, pursuant to Rule 10-01(b)(1) of Regulation S-X, aggregate summarized income statement information for the three months ended March 31, 2015 and 2014 has been included as follows:
 
Three Months Ended March 31,
 
2015
 
2014
Total revenue
$
124

 
$
91

Total operating expenses
$
93

 
$
87

Net operating income
$
31

 
$
4

Net income
$
21

 
$
4

Note 14. Asset Sales
On April 28, 2014, we completed a $1.1 billion private placement of partnership interests in American Capital Equity III, LP (“ACE III” or “the Fund”), a new private equity fund focused on investing in U.S. companies in the lower middle market. Concurrent with the private placement, we entered into a Contribution and Redemption Agreement with the Fund pursuant to which we agreed to contribute 100% of our equity and equity-related investments in seven portfolio companies (Affordable Care Holding Corp., Avalon Laboratories Holding Corp., CIBT Investment Holdings, LLC, FAMS Acquisition, Inc., Mirion Technologies, Inc., PHI Acquisitions, Inc. and SMG Holdings, Inc.) to the Fund and to provide the Fund with an option to acquire our equity investment in WRH, Inc. (the “Equity Option”), in exchange for partnership interests in the Fund. Collectively, the eight portfolio companies (including WRH, Inc., assuming the Equity Option is exercised) comprise the Secondary Portfolio for ACE III. On April 1, 2015, the Equity Option was exercised by the Fund for the exercise price of $24 million. The fair value of the Equity Option as of the Closing Date and March 31, 2015 was approximately $46 million and $111 million, respectively, which has been accounted for as a derivative liability and is recorded in the financial statement line item other liabilities in our consolidated balance sheets. The Fund’s aggregate $1.1 billion capital commitment includes a commitment of $200 million from ACAM for Primary Investments, of which $173 million was undrawn as of March 31, 2015.
Note 15.
Related Party Transactions
As a BDC, we are required by law to make available significant managerial assistance to our eligible portfolio companies. Such assistance typically involves providing guidance and counsel concerning the management, operations and business objectives and policies of the portfolio company to its management and board of directors, including participating on the company’s board of directors. We have an operations team with significant turnaround and bankruptcy experience that assists our investment professionals in providing intensive operational and managerial assistance to our portfolio companies that require such assistance. As of March 31, 2015, we had board seats at 37 companies in our investment portfolio. Providing assistance to the companies in our investment portfolio serves as an opportunity for us to maximize their value.

60

AMERICAN CAPITAL, LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(unaudited)
(in millions, except per share data)


The following table shows the operating revenue from our control investments, as defined under the 1940 Act, for the three months ended March 31, 2015 and 2014:
 
Three Months Ended March 31,
 
2015
 
2014
Operating Revenue - Control Investments
 
 
 
Interest and dividend income - control investments
$
60

 
$
58

Fee income - control investments
$
14

 
$
12

American Capital Asset Management
Our fund management business is conducted through ACAM. In general, ACAM provides investment management services through consolidated subsidiaries that enter into management agreements with each of its managed funds. In addition, American Capital or ACAM may invest directly into these funds and earn investment income from its investments in those funds. Under the management agreements, ACAM’s responsibilities include, but are not limited to, sourcing, analyzing and executing investments and asset sales, delivering financial and compliance reports to investors in the funds under management, administering the daily business and affairs of the funds under management and performing other asset management duties. We have entered into service agreements with ACAM to provide it with additional asset management and administrative services support. Through these agreements, we provide investment advisory and oversight services to ACAM, as well as access to our employees, infrastructure, business relationships, management expertise and capital raising capabilities. During the three months ended March 31, 2015 and 2014, we recognized operating revenues from our investment in ACAM of $33 million and $23 million, respectively.
European Capital
As discussed in Note 1 to these consolidated financial statements, we consolidated our investment in European Capital effective October 1, 2014. ACAM, through its subsidiary, ECAM, acts as the investment manager to European Capital. Under ACAM’s investment management agreement with European Capital, ACAM is entitled to receive an annual management fee of 2% of the weighted average monthly consolidated gross asset value of all the investments at fair value of European Capital, an incentive fee equal to 100% of the net earnings in excess of a return of 8% but less than a return of 10%, and 20% of the net earnings thereafter. The investment management agreement with European Capital was amended to waive the incentive fee for 2011, 2012, 2013 and 2014. During the first quarter of 2015, the investment management agreement with European Capital was amended to cancel the incentive fee for 2015 and going forward. The management fee charged by ACAM was $4 million for the quarter ended March 31, 2015 and is included in our consolidated statements of operations for the three months ended March 31, 2015.
As discussed in Note 7 to these consolidated financial statements, European Capital has issued Redeemable Preferred Shares to employees of ECAM as part of long-term employee incentive plans. These shares are redeemable by European Capital based on the aggregate returns on investments made after January 1, 2012 and are treated as mandatorily redeemable preferred stock in our consolidated balance sheets in accordance with FASB ASC Topic 480, Distinguishing Liabilities from Equity. The fair value of the Redeemable Preferred Shares included in our consolidated balance sheets as of March 31, 2015 was $30 million. For the three months ended March 31, 2015, Redeemable Preferred Shares were redeemed and European Capital realized a loss of $46 million offset by a reversal of unrealized depreciation of $46 million, which is included in net realized (loss) gain and net unrealized appreciation in our consolidated statements of operations.











61

ITEM 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations (in millions, except per share data)
Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is designed to provide a reader of American Capital’s financial statements with a narrative from the perspective of management. Our MD&A is presented in four sections:
•Executive Overview
•Results of Operations
•Financial Condition, Liquidity and Capital Resources
•Forward-Looking Statements
EXECUTIVE OVERVIEW
American Capital, Ltd. (which is referred to throughout this report as “American Capital”, “we”, “our” and “us”) is a publicly traded global asset manager and private equity firm. American Capital, both directly and through its asset management business, originates, underwrites and manages investments in middle market private equity, leveraged finance, real estate, energy and structured products. It is our practice to sell some of the assets that we originate as an investor into funds that we manage. On August 29, 1997, we completed an initial public offering (“IPO”) and became a non-diversified closed end investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (“1940 Act”). As a BDC, we primarily invest in senior and mezzanine debt and equity in buyouts of private companies sponsored by us (“American Capital One Stop Buyouts®”) or sponsored by other private equity funds and provide capital directly to early stage and mature private and small public companies (“Sponsor Finance Investments”). We also invest in first and second lien floating rate loans to large-market U.S. based companies (“Senior Floating Rate Loans” or “SFRL”) and structured finance investments (“Structured Products”), including collateralized loan obligation (“CLO”) securities and commercial mortgages and commercial mortgage backed securities (“CMBS”). Our primary business objectives are to increase our net earnings and net asset value (“NAV”) by making investments with attractive current yields and/ or potential for equity appreciation and realized gains and by growing our fee earning assets under management.
We manage $23 billion of assets, including assets on our balance sheet and fee earning assets under management by affiliated managers, with $92 billion of total assets under management (including levered assets). Our asset management business is conducted through our wholly-owned portfolio company, American Capital Asset Management, LLC (“ACAM”), a registered investment advisor under the Investment Advisors Act of 1940. ACAM manages the following funds:
•
American Capital Agency Corp. (“AGNC”)
•
American Capital Mortgage Investment Corp. (“MTGE”)
•
American Capital Senior Floating, Ltd. (“ACSF”)
•
American Capital Equity I, LLC (“ACE I”)
•
American Capital Equity II, LP (“ACE II”)
•
American Capital Equity III, LP (“ACE III”)
•
European Capital UK SME Debt LP (“ECAS UK SME Debt”)
•
European Capital Private Debt LP (“ECAS Private Debt”)
•
ACAS CLO 2007-1, Ltd. (“ACAS CLO 2007-1”)
•
ACAS CLO 2012-1, Ltd. (“ACAS CLO 2012-1”)
•
ACAS CLO 2013-1, Ltd. (“ACAS CLO 2013-1”)
•
ACAS CLO 2013-2, Ltd. (“ACAS CLO 2013-2”)
•
ACAS CLO 2014-1, Ltd. (“ACAS CLO 2014-1”)
•
ACAS CLO 2014-2, Ltd. (“ACAS CLO 2014-2”)
•
ACAS CLO 2015-1, Ltd. (“ACAS CLO 2015-1”)


62

We are taxed as a corporation and pay federal and applicable state corporate taxes on our taxable income. From 1997 through the tax year ended September 30, 2010, we were taxed as a regulated investment company (“RIC”), as defined in Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). As a RIC, we were not subject to federal income tax on the portion of our taxable income and capital gains we distributed to our shareholders, but we were also not able to carry forward net operating losses (“NOL”) from year to year. Beginning with our tax year ended September 30, 2011, our status changed from a RIC subject to taxation under Subchapter M to a corporation subject to taxation under Subchapter C. Under Subchapter C, we are able to carry forward any NOLs historically incurred to succeeding years, which we would not be able to do if we were subject to taxation as a RIC under Subchapter M. This change in tax status does not affect our status as a BDC under the 1940 Act or our compliance with the portfolio composition requirements of that statute.
In October 2014, the Securities and Exchange Commission (“SEC”) Division of Investment Management issued SEC IM Guidance Update No. 2014-11, Investment Company Consolidation (“IM Update 2014-11”), which recommends that BDCs consolidate wholly-owned subsidiaries when the intent of the subsidiary is to act as an extension of the BDC’s investment operations and to facilitate the execution of the BDC’s investment strategy. In October 2014, our Board of Directors approved the spin-off of two new publicly traded BDCs to our shareholders, separating the majority of our investment assets from our asset management business. The approval also marked a change in our intent with respect to European Capital Limited (“European Capital”), which we no longer consider a vehicle for third-party capital but rather is viewed as an extension of our investment operations. In accordance with IM Update 2014-11, effective October 1, 2014, European Capital's financial results have been consolidated with the financial results of American Capital.
Recent Developments
On May 7, 2015 we announced a revision to our previously announced plans to spin-off to our shareholders two newly established BDCs, with American Capital continuing primarily in the asset management business. We now plan to spin-off only one new BDC, which will be known as American Capital Income, Ltd. (“American Capital Income” or “ACIN”). American Capital Income will expand its Sponsor Finance business into leading and syndicating large middle market transactions. This will include unitranche, second lien and mezzanine lending up to $300 million with American Capital retaining up to $150 million.
We expect that the spin-off of American Capital Income will be through a tax free dividend to our shareholders. The spin-off transaction is subject to certain conditions, including the approval of American Capital shareholders who, among other matters, must approve American Capital's de-election to be regulated as a BDC under the Investment Company Act of 1940, as amended. We expect to file proxy and registration statements regarding the transaction with the SEC in the third calendar quarter of 2015. These documents will be subject to review and comment by the SEC, which may affect the time frame in which the transaction can be completed. No assurance can be given as to if or when the transaction will be completed.
Investment Portfolio
As an investor, we primarily invest in senior and mezzanine debt and equity of middle and large market companies. We and ACAM also invest in assets that can be sold or contributed to public or private funds that ACAM could manage, as a means of “incubating” such funds. We also have investments in Structured Products and in funds managed by us.
Portfolio Composition
Our investments can be divided into the following six business lines: (i) American Capital One Stop Buyouts®, (ii) Sponsor Finance Investments, (iii) European Capital, (iv) American Capital Asset management, (v) Structured Products and (vi) Senior Floating Rate Loans.

63

As of March 31, 2015, we had investments totaling $6.9 billion and $7.0 billion at cost basis and fair value, respectively. As of March 31, 2015, our ten largest investments had a cost basis and fair value of $1.7 billion and $2.4 billion, respectively, or 33% of total investments at fair value, and are as follows (in millions):
Company 
 
Business Line
 
Industry
 
Cost Basis
 
Fair Value
American Capital Asset Management, LLC
 
American Capital Asset Management
 
Capital Markets
 
$
441

 
$
1,173

CML Pharmaceuticals, LLC
 
American Capital One Stop Buyouts®
 
Life Sciences Tools & Services
 
294

 
294

WRH, Inc.(1)
 
American Capital One Stop Buyouts®
 
Life Sciences Tools & Services
 
348

 
228

Bellotto Holdings Limited
 
European Capital
 
Household Durables
 
130

 
126

SEHAC Holding Corporation
 
American Capital One Stop Buyouts®
 
Diversified Consumer Services
 
15

 
123

Soil Safe Acquisition Corp.
 
Sponsor Finance Investments
 
Professional Services
 
113

 
120

Delsey Holdings S.A.S.
 
Sponsor Finance Investments and European Capital
 
Textiles, Apparel & Luxury Goods
 
109

 
14

Convergint Technologies, LLC
 
Sponsor Finance Investments
 
Commercial Services & Supplies
 
94

 
94

Orchard Brands Corporation
 
Sponsor Finance Investments
 
Internet & Catalog Retail
 
55

 
92

WIS Holding Company, Inc.
 
American Capital One Stop Buyouts®
 
Commercial Services & Supplies
 
71

 
91

Total
$
1,670

 
$
2,355

 ——————————
(1)
On April 1, 2015, ACE III exercised their option to acquire our equity investment in WRH, Inc. (fair value of $111 million as of March 31, 2015) for an exercise price of $24 million. See Note 14 to our interim consolidated financial statements included in this Form 10-Q.

The following tables show the composition of our investment portfolio by business line at cost basis and fair value, as a percentage of total investments:
 
March 31, 2015
 
December 31, 2014
Cost
 
 
 
American Capital One Stop Buyouts®
23.2
%
 
26.9
%
Sponsor Finance Investments
16.8
%
 
17.2
%
European Capital
12.2
%
 
13.1
%
American Capital Asset Management
6.4
%
 
6.7
%
Structured Products
9.8
%
 
9.7
%
Senior Floating Rate Loans
31.6
%
 
26.4
%
Total
100.0
%
 
100.0
%
 
 
 
 
Fair Value
 
 
 
American Capital One Stop Buyouts®
18.0
%
 
19.3
%
Sponsor Finance Investments
16.6
%
 
17.3
%
European Capital
8.9
%
 
9.4
%
American Capital Asset Management
16.7
%
 
18.5
%
Structured Products
8.8
%
 
8.9
%
Senior Floating Rate Loans
31.0
%
 
26.6
%
Total
100.0
%
 
100.0
%


64

The following tables show the composition summaries of our investment portfolio by security type at cost basis and fair value, excluding derivative agreements, as a percentage of total investments:

 
March 31, 2015
 
December 31, 2014
Cost
 
 
 
First Lien Senior Debt
41.8
%
 
40.5
%
Second Lien Senior Debt
10.7
%
 
11.2
%
Mezzanine Debt
11.5
%
 
10.0
%
Preferred Equity
11.9
%
 
13.4
%
Common Equity
14.1
%
 
15.0
%
Structured Products
10.0
%
 
9.9
%
Total
100.0
%
 
100.0
%
 
 
 
 
Fair Value
 
 
 
First Lien Senior Debt
40.4
%
 
40.0
%
Second Lien Senior Debt
10.2
%
 
10.9
%
Mezzanine Debt
9.3
%
 
7.5
%
Preferred Equity
9.4
%
 
7.4
%
Common Equity
21.6
%
 
24.9
%
Structured Products
9.1
%
 
9.3
%
Total
100.0
%
 
100.0
%



65

The amounts of our new investments are based on committed amounts as of the investment date. The aggregate dollar amount of new investments by type, use and business line were as follows (in millions):
 
Three Months Ended March 31,
Type
2015
 
2014
First Lien Senior Debt
$
747

 
$
197

Second Lien Senior Debt
12

 
67

Mezzanine Debt
54

 
4

Preferred Equity
90

 
1

Common Equity
2

 
13

Structured Products
47

 
39

Total by type
$
952

 
$
321

 
Three Months Ended March 31,
Use
2015
 
2014
Senior Floating Rate Loans
$
603

 
$
199

European Capital(1)
169

 
—

Structured Products
47

 
19

Sponsor Finance Investments
41

 
62

Investments in ACAM and Fund Development
19

 
34

Add-on financing for recapitalizations, not including distressed investments
46

 
—

Add-on financing for growth and working capital
21

 
4

Add-on financing for working capital in distressed situations
6

 
3

Total by use
$
952

 
$
321

 
Three Months Ended March 31,
Business Line
2015
 
2014
Senior Floating Rate Loans
$
603

 
$
199

European Capital(1)
169

 
—

Sponsor Finance Investments
63

 
64

American Capital One Stop Buyouts®
51

 
5

Structured Products
47

 
19

Investments in ACAM and Fund Development
19

 
34

Total by business line
$
952

 
$
321


(1)
Effective October 1, 2014, European Capital’s financial results have been consolidated with the financial results of American Capital.

66

We received cash proceeds from realizations and repayments of portfolio investments by source and business line as follows (in millions):
 
Three Months Ended March 31,
Source
2015
 
2014
Equity investments
$
93

 
$
324

Loan syndications and sales
54

 
20

Scheduled principal amortization
32

 
19

Principal prepayments
29

 
16

Payment of accrued PIK notes and dividend and accreted OID
17

 
63

Total by source
$
225

 
$
442


 
Three Months Ended March 31,
Business Line
2015
 
2014
European Capital(1)
$
110

 
$
104

Senior Floating Rate Loans
91

 
—

American Capital One Stop Buyouts®
14

 
66

Structured Products
5

 
17

American Capital Asset Management
3

 
198

Sponsor Finance Investments
2

 
57

Total by business line
$
225

 
$
442


(1)
Effective October 1, 2014, European Capital’s financial results have been consolidated with the financial results of American Capital. Prior to October 1, 2014, European Capital business line cash proceeds were comprised of dividend distributions on our equity investment in European Capital. Effective October 1, 2014, European Capital business line cash proceeds are comprised of cash proceeds from realizations and repayments on European Capital’s portfolio investments.
American Capital One Stop Buyouts® 
In an American Capital One Stop Buyout®, we lend senior and mezzanine debt and make majority equity investments to finance our acquisition of an operating company through a change in control. A change in control transaction could be the result of a corporate divestiture, a sale by a private equity firm, a sale by a family-owned closely held business, going private transactions or ownership transitions. In addition, we may make additional add-on investments in our American Capital One Stop Buyouts® to finance strategic acquisitions, growth or for working capital.
Our ability to fund the entire capital structure is a competitive advantage in completing many middle market transactions. We sponsor American Capital One Stop Buyouts® in which we provide most, if not all, of the senior and mezzanine debt and equity financing in the transaction. For our American Capital One Stop Buyouts®, we typically fund all of the senior debt at closing and syndicate the senior debt at or subsequent to closing, but only to the extent the senior lender will allow for the payment of cash dividends. If the senior lender is unwilling, we will hold the senior debt of these controlled portfolio companies, which will allow these controlled portfolio companies to pay cash dividends to their shareholders, including us. We will generally invest, directly or through our managed funds, up to $600 million in a single American Capital One Stop Buyout®.
As of March 31, 2015, there were 26 companies in our American Capital One Stop Buyouts® portfolio with a cost basis and fair value of $1,608 million and $1,265 million, respectively, with an average investment size of $49 million at fair value. As of March 31, 2015, our American Capital One Stop Buyouts® portfolio consisted of $712 million and $553 million of debt and equity investments at fair value, respectively. As of March 31, 2015, the weighted average effective interest rate on the debt investments in this portfolio was 10.2%, which includes the impact of non-accruing loans, and our fully-diluted weighted average ownership interest in the equity investments in this portfolio was 73%. During the three months ended March 31, 2015, we recognized operating revenues from our American Capital One Stop Buyouts® portfolio totaling $28 million.
As a BDC, we are required by law to make significant managerial assistance available to most of our portfolio companies. Such assistance typically involves providing guidance and counsel concerning the management, operations and business objectives and policies of the portfolio company to its management and board of directors, including participating on the company’s board of directors. We have an operations team with significant turnaround and bankruptcy experience that assists our investment

67

professionals in providing intensive operational and managerial assistance to our portfolio companies. As of March 31, 2015, we had board seats at 24 companies in our American Capital One Stop Buyouts® and had board observation rights at certain other companies. Providing assistance to the companies in our investment portfolio serves as an opportunity for us to maximize their value.
Sponsor Finance Investments
The majority of the investments in our Sponsor Finance Investment portfolio were originated either to assist in the funding of change of control buyouts of privately-held middle and large market companies sponsored by other private equity firms or to support the growth or recapitalization of an existing portfolio company. In these transactions, we generally lend senior, mezzanine and unitranche debt and make minority equity co-investments. We will generally invest between $10 million and $150 million in a single Sponsor Finance Investment transaction. Generally, we make investments in companies that have a minimum earnings before interest, taxes, depreciation and amortization (“EBITDA”) of $10 million.
Our senior loans may consist of first lien secured revolving credit facilities, first and second lien secured term loans and unitranche loans. Our mezzanine loans may consist of secured and unsecured loans. Our loans typically mature in five to ten years and require monthly or quarterly interest payments at fixed rates or variable rates generally based on London Interbank Offered Rate (“LIBOR”), plus a margin. Certain of our loans permit the interest to be paid-in-kind by adding it to the outstanding loan balance and paid at maturity.
As of March 31, 2015, there were 52 companies in our Sponsor Finance Investment portfolio with a cost basis and fair value of $1,159 million and $1,167 million, respectively, with an average investment size of $22 million at fair value. As of March 31, 2015, our Sponsor Finance Investment portfolio consisted of $935 million and $232 million of debt and equity investments at fair value, respectively. As of March 31, 2015, the weighted average effective interest rate on the debt investments in this portfolio was 9.5%, which includes the impact of non-accruing loans, and our fully-diluted weighted average ownership interest in the equity investments in this portfolio was 39%. During the three months ended March 31, 2015, we recognized operating revenues from our Sponsor Finance Investment portfolio totaling $27 million.
American Capital Asset Management Investment
Our fund management business is conducted through our wholly-owned portfolio company, ACAM, and its consolidated subsidiaries. In general, subsidiaries of ACAM enter into management agreements with each of its managed funds. As of March 31, 2015, the cost basis and fair value of our investment in ACAM was $441 million and $1,173 million, respectively, or 16.7% of our total investments at fair value. As of March 31, 2015, ACAM’s earning assets under management totaled $15 billion. As of March 31, 2015, ACAM had $84 billion of total assets under management (including levered assets), including $73 billion of total assets under management for American Capital Agency Corp. (NASDAQ: AGNC) and $7 billion of total assets under management for American Capital Mortgage Investment Corp. (NASDAQ: MTGE), which are publicly traded mortgage real estate investment trusts (“REITs”) and $0.3 billion of total assets under management for American Capital Senior Floating, Ltd. (NASDAQ: ACSF).
ACAM had over 140 employees as of March 31, 2015, including ten Investment Teams with over 80 investment professionals located in Bethesda (Maryland), New York, Annapolis (Maryland), London and Paris. We have entered into service agreements with ACAM to provide it with additional asset management and administrative services support. Through these agreements, we provide investment advisory and oversight services to ACAM, as well as access to our employees, infrastructure, business relationships, management expertise and capital raising capabilities. During the three months ended March 31, 2015, American Capital earned $7 million from ACAM for these services. ACAM generally earns base management fees based on the shareholders’ equity or the net cost basis of the assets of the funds under management and may earn incentive income, or a carried interest, based on the performance of the funds. In addition, American Capital or ACAM may invest directly into these funds and earn investment income from its investments in those funds.


68

The following table sets forth certain information with respect to ACAM’s funds under management as of March 31, 2015:
Fund
 
Fund type
 
Established
 
Assets under management
 
Investment types
 
Capital type
AGNC
 
Publicly Traded REIT - NASDAQ (AGNC)
 
2008
 
$73.1 Billion
 
Agency Securities
 
Permanent
MTGE
 
Publicly Traded REIT - NASDAQ (MTGE)
 
2011
 
$6.9 Billion
 
Mortgage Investments
 
Permanent
ACSF
 
Publicly Traded BDC - NASDAQ (ACSF)
 
2014
 
$290 Million
 
Senior Floating
Rate Loans
 
Permanent
ACE I
 
Private Equity Fund
 
2006
 
$302 Million
 
Equity
 
Finite Life
ACE II
 
Private Equity Fund
 
2007
 
$149 Million
 
Equity
 
Finite Life
ACE III
 
Private Equity Fund
 
2014
 
$580 Million
 
Equity
 
Finite Life
ECAS UK SME Debt
 
Private Equity Fund
 
2014
 
$10 Million(1)
 
Senior and Mezzanine Debt
 
Finite Life
ECAS Private Debt
 
Private Equity Fund
 
2015
 
$0 Million(2)
 
Senior and Mezzanine Debt
 
Finite Life
ACAS CLO 2007-1
 
CLO
 
2006
 
$316 Million
 
Senior Debt
 
Finite Life
ACAS CLO 2012-1
 
CLO
 
2012
 
$352 Million
 
Senior Debt
 
Finite Life
ACAS CLO 2013-1
 
CLO
 
2013
 
$403 Million
 
Senior Debt
 
Finite Life
ACAS CLO 2013-2
 
CLO
 
2013
 
$401 Million
 
Senior Debt
 
Finite Life
ACAS CLO 2014-1
 
CLO
 
2014
 
$601 Million
 
Senior Debt
 
Finite Life
ACAS CLO 2014-2
 
CLO
 
2014
 
$400 Million
 
Senior Debt
 
Finite Life
 ——————————
(1)
$165 million in committed capital in ECAS UK SME Debt fund, which remained largely unfunded as of March 31, 2015.
(2)
$257 million in committed capital in ECAS Private Debt fund, which was unfunded as of March 31, 2015.

Recent Fund Development
ECAS Private Debt is a private debt fund established in 2015 with total committed capital of $257 million (€237 million), of which $179 million (€165 million) was committed by European Capital and its affiliates. ECAS Private Debt provides debt financing to mid-market companies in Western and Northern Europe, primarily through unitranche and mezzanine financing, with secondary purchases of senior loans on an opportunistic basis. A subsidiary of ACAM manages ECAS Private Debt for an annual management fee of 1.50% on deployed capital and up to a 15% carried interest, subject to certain hurdles. ECAS Private Debt will be dissolved on March 19, 2025, unless extended.
ACAS CLO 2015-1 completed a $552 million securitization in May 2015 that invests primarily in broadly syndicated senior secured floating rate loans purchased in the primary and secondary markets. ACAM manages ACAS CLO 2015-1 in exchange for an annual base management fee of 0.50% of ACAS CLO 2015-1’s assets and a 20% carried interest, subject to certain hurdles. A subsidiary of ACAM also purchased 65% of the non-rated subordinated notes in ACAS CLO 2015-1 for $30 million.
Third-Party Funds Under Development
We expect to continue to expand our asset management business and currently have several funds under development. For each of the funds under development, we have existing investment professionals on staff or have recently hired investment professionals to support each fund. In addition, in the first quarter of 2015, we deployed approximately $178 million of capital to grow seed assets for these funds under development. We have a European debt fund, a European buyout fund, energy funds, a commercial mortgage REIT fund and several CLO funds currently under development. These funds would be managed by a consolidated subsidiary of ACAM.
Structured Products Investments
Our Structured Products investments consist of investments in CLO, CDO and CMBS securities. Our Structured Products investments are generally in non-investment grade securities. We invest in Structured Products with the intention of holding them until maturity.
As of March 31, 2015, our investment in CLO and CDO securities was $623 million and $584 million at cost basis and fair value, respectively, or 8% of our total investments at fair value. This includes our investment in ACAS CLO 2007-1 and ACAS CLO 2013-2, which represents $22 million and $6 million at fair value, respectively. Our investments in CMBS bonds are secured

69

by diverse pools of commercial mortgage loans. As of March 31, 2015, our total investment in CMBS bonds was $58 million and $36 million at cost basis and fair value, respectively, or less than 1% of our total investments at fair value.
Senior Floating Rate Loans
Our Senior Floating Rate Loans portfolio is composed primarily of diversified investments in first lien floating rate loans to large-market U.S. based companies (defined as issuers with EBITDA greater than $50 million). Our Senior Floating Rate Loans portfolio may also include second lien floating rate loans. Senior Floating Rate Loans are typically collateralized by a company’s assets and structured with first lien or second lien priority on collateral, providing for greater security and potential recovery in the event of default compared to other subordinated fixed-income products. Senior Floating Rate Loans generally have a stated term of three to seven years and typically pay interest based on a floating rate calculated as a spread over a market index, primarily LIBOR, and generally have a minimum market index floor. Our Senior Floating Rate Loans are also typically traded among investors in an active secondary market with no investor owning a significant percentage of the issue. We generally own less than 2% of any single loan issue.
As of March 31, 2015, there were debt investments in 246 companies in our Senior Floating Rate Loans portfolio with a cost basis and fair value of $2,186 million and $2,183 million, respectively. As of March 31, 2015, approximately 95% of our Senior Floating Rate Loans portfolio, at fair value, was composed of loans with a facility rating by the S&P of at least “B” or higher. None of our investments in our Senior Floating Rate Loan portfolio were in default or on non-accrual as of March 31, 2015.
Our Senior Floating Rate Loan portfolio was diversified across both issuers and industries with the average exposure to an individual obligor of $9 million at fair value, or 0.4% of the Senior Floating Rate Loan portfolio, as of March 31, 2015. The following chart shows the Senior Floating Rate Loan portfolio composition by industry grouping at fair value as a percentage of total Senior Floating Rate Loans as of March 31, 2015:


70

Our Senior Floating Rate Loans portfolio was comprised of 100% floating rate loans with 98% having LIBOR floors ranging between 0.75% and 1.75%. As of March 31, 2015, our Senior Floating Rate Loans portfolio yield at cost was 4.3% and cost of funds was 2.0%, which represents the weighted average interest rate on our $1,250 million and $500 million secured revolving credit facilities as of March 31, 2015 along with an estimate for unfunded commitment fees plus amortization of debt financing costs. During the three months ended March 31, 2015, we recognized operating revenues and interest expense from our Senior Floating Rate Loans portfolio totaling $19 million and $4 million, respectively.
European Capital
European Capital primarily invests in senior and mezzanine debt and equity in buyouts of private companies sponsored by European Capital (“European Capital One Stop Buyouts®”), or sponsored by other private equity funds and provides capital directly to early stage and mature private and small public companies (“European Capital Sponsor Finance Investments”).
 As of March 31, 2015, European Capital had investments in 31 portfolio companies totaling $627 million at fair value, with an average investment size of $20 million at fair value. As of March 31, 2015, European Capital’s five largest investments at fair value were $371 million, or 59% of its total investments at fair value. 
The following table shows the composition of European Capital’s investment portfolio by security type at cost basis and fair value, as a percentage of total investments:
 
March 31, 2015
 
December 31, 2014
Cost
 
 
 
First Lien Senior Debt
29.6
%
 
33.1
%
Second Lien Senior Debt
2.9
%
 
3.3
%
Mezzanine Debt
23.7
%
 
24.1
%
Preferred Equity
29.8
%
 
24.0
%
Common Equity
12.7
%
 
14.0
%
Structured Products
1.3
%
 
1.5
%
Total
100.0
%
 
100.0
%
 
 
 
 
Fair Value
 
 
 
First Lien Senior Debt
39.2
%
 
46.0
%
Second Lien Senior Debt
—
%
 
—
%
Mezzanine Debt
16.4
%
 
15.7
%
Preferred Equity
23.9
%
 
13.3
%
Common Equity
17.3
%
 
21.3
%
Structured Products
3.2
%
 
3.7
%
Total
100.0
%
 
100.0
%

Summary of Critical Accounting Policies
The preparation of our financial condition and results of operations requires us to make judgments and estimates that may have a significant impact upon our financial results. We believe that of our significant accounting policies, the following require estimates and assumptions that require complex, subjective judgments by management, which can materially impact reported results: valuation of investments; income taxes; interest and dividend income recognition; and stock-based compensation. All of our critical accounting policies are fully described in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2014.
See Note 4 to our interim consolidated financial statements included in this Form 10-Q for further information regarding the classification of our investment portfolio by levels of fair value inputs used to measure our investments as of March 31, 2015.


71

RESULTS OF OPERATIONS

The following analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the notes thereto.
Our consolidated financial performance, as reflected in our consolidated statements of operations, is composed of the following three primary elements:
•
The first element is “Net operating income” (“NOI”), which is primarily the interest, dividends, prepayment fees, finance and transaction fees and portfolio company management fees earned from investing in debt and equity securities and the fees we earn from fund asset management, less our operating expenses and provision or benefit for income taxes.
•
The second element is “Net realized gain (loss),” which reflects the difference between the proceeds from an exit of an investment and the cost at which the investment was carried on our consolidated balance sheets and periodic interest settlements and termination receipts or payments on derivatives, foreign currency transaction gains or losses and taxes on realized gains or losses.
•
The third element is “Net unrealized appreciation (depreciation),” which is the net change in the estimated fair value of our portfolio investments and of our interest rate derivatives at the end of the period compared with their estimated fair values at the beginning of the period or their stated costs, as appropriate, and taxes on unrealized gains or losses. In addition, our net unrealized depreciation includes the foreign currency translation from converting the cost basis of our assets and liabilities denominated in a foreign currency to the U.S. dollar.
The consolidated operating results were as follows (in millions):
 
Three Months Ended March 31,
 
2015
 
2014
Operating revenue
$
154

 
$
84

Operating expenses
76

 
68

NOI before income taxes
78

 
16

Tax provision
(28
)
 
(11
)
NOI
50

 
5

Net realized (loss) gain, net of tax
(213
)
 
21

Net realized (loss) earnings
(163
)
 
26

Net unrealized appreciation, net of tax
178

 
44

Net earnings
$
15

 
$
70



72

Operating Revenue
We derive the majority of our operating revenue from our investments in senior and mezzanine debt and equity of middle market companies and our investments in Structured Products as well as dividend income from our fund management business which is conducted through ACAM.
Operating Revenue by Business Line
Operating revenue by business line was as follows (in millions):
 
Three Months Ended March 31,
Business Line
2015
 
2014
American Capital Asset Management
$
33

 
$
23

American Capital One Stop Buyouts®
28

 
50

Sponsor Finance Investments
27

 
(1
)
Structured Products
24

 
12

European Capital(1)
23

 
—

Senior Floating Rate Loans
19

 
—

Total by business line
$
154

 
$
84

——————————
(1)
Effective October 1, 2014, European Capital’s financial results have been consolidated with the financial results of American Capital.

American Capital One Stop Buyouts® 
Interest, dividend and fee income from our American Capital One Stop Buyouts® decreased by $22 million, or 44% , for the three months ended March 31, 2015 over the comparable period in 2014, primarily due to the sale of our equity and equity-related investments to ACE III as well as exits of other American Capital One Stop Buyouts®.
American Capital Asset Management
Dividend and fee income from ACAM increased by $10 million, or 43%, for the three months ended March 31, 2015 over the comparable period in 2014, primarily due to an increase in the funds under management of ACAM, primarily AGNC, ACAS CLO 2014-1 and ACAS CLO 2014-2 as well as increased expenses incurred by ACAM in 2014 related to the IPO of ACSF.
Sponsor Finance Investments
Interest, dividend and fee income from our Sponsor Finance Investments increased by $28 million for the three months ended March 31, 2015 over the comparable period in 2014, primarily due to reserves on accrued payment-in-kind (“PIK”) interest and dividend income as a result of the addition of certain securities to non-accrual status due to decreased portfolio company performance during the three months ended March 31, 2014.
Structured Products
Interest income on Structured Products investments increased by $12 million, or 100%, for the three months ended March 31, 2015 over the comparable period in 2014, primarily due to higher actual and projected payments on our CLO investments. During three months ended March 31, 2015, we realized cash proceeds of $5 million and recognized interest income of $24 million from our Structured Products investments.
In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 325-40, Investments-Other, Beneficial Interests in Securitized Financial Assets, in the event that the estimated cash flows of an investment decrease below the current amortized cost used to determine the yield, we may be required to write down the current amortized cost by projected credit losses or to fair value (“Reference Amount”). We are precluded from reversing the write down for any subsequent increase in the estimated cash flows of an investment with the effect of increasing total interest income over the life of the investment and increasing the realized loss recorded at the exit of the investment by the amount of the write down. As of March 31, 2015, in aggregate, the amortized cost basis of our Structured Products investment portfolio exceeded the Reference Amount by approximately $90 million.
See Note 2—Interest and Dividend Income Recognition policy in our Annual Report on Form 10-K for the year ended December 31, 2014 for a description of how projected cash flows affect revenue recognition on our Structured Products investments.


73

Senior Floating Rate Loans
We initiated our Senior Floating Rate Loan portfolio in 2014 and have purchased approximately $2.5 billion of investments through March 31, 2015. Interest income on these loans was $19 million for the three months ended March 31, 2015. The monthly weighted average effective interest rate on our Senior Floating Rate Loans portfolio was 4.0% for the three months ended March 31, 2015, on a monthly weighted average balance of $1,888 million.
European Capital
European Capital’s operating revenue for the three months ended March 31, 2015 was $23 million, comprised of $14 million of interest income on European Capital debt investments, $8 million of dividend income on European Capital equity investments and $1 million of income on European Capital CLO investments.
American Capital Operating Revenue (excluding the financial results related to the consolidation of European Capital)
 
Three Months Ended March 31,
 
2015
 
2014
Interest income on debt investments
$
62

 
$
29

Interest income on Structured Products investments
23

 
12

Dividend income from equity investments, excluding ACAM
4

 
16

Dividend income from ACAM
26

 
14

Interest and dividend income
115

 
71

Portfolio company advisory and administrative fees
5

 
3

Advisory and administrative services - ACAM
7

 
9

Other fees
4

 
1

Fee income
16

 
13

Total operating revenue
$
131

 
$
84

Interest and Dividend Income
The following table summarizes selected data for our debt, (excluding SFRLs), Structured Products and equity investments outstanding, at cost (dollars in millions):
 
Three Months Ended March 31,
 
2015
 
2014
Debt investments at cost(1)
$
1,792

 
$
1,709

Average non-accrual debt investments at cost(2)
$
193

 
$
301

Effective interest rate on debt investments
9.4
%
 
6.8
%
Effective interest rate on debt investments, excluding non-accrual prior period adjustments
9.0
%
 
10.0
%
Structured Products investments at cost(1)
$
645

 
$
360

Effective interest rate on Structured Products investments
14.5
%
 
13.1
%
Debt and Structured Products investments at cost(1)
$
2,437

 
$
2,069

Effective interest rate on debt and Structured Products investments
10.8
%
 
7.9
%
Average daily one-month LIBOR
0.2
%
 
0.2
%
Equity investments at cost(1)(3)
$
1,220

 
$
2,059

Effective dividend yield on equity investments(3)
1.4
%
 
3.0
%
Effective dividend yield on equity investments, excluding non-accrual prior period adjustments(3)
1.9
%
 
3.6
%
Debt, Structured Products and equity investments at cost(1)(3)
$
3,657

 
$
4,128

Effective yield on debt, Structured Products and equity investments(3)
7.6
%
 
5.5
%
Effective yield on debt, Structured Products and equity investments, excluding non-accrual prior period adjustments(3)
7.6
%
 
7.0
%
 ——————————
(1)
Monthly weighted average of investments at cost.
(2)
Quarterly average of investments at cost.
(3)
Excludes our equity investment in ACAM and our investment in European Capital for the three months ended March 31, 2014.

74

Debt Investments

Interest income on debt investments increased by $33 million, or 114%, for the three months ended March 31, 2015, over the comparable period in 2014, primarily due to an increase in the amount of Sponsor Finance Investments outstanding as well as a net positive impact from non-accrual investments for the three months ended March 31, 2015 over the comparable period in 2014. Our weighted average debt investments outstanding increased by $83 million for the three months ended March 31, 2015 over the comparable period in 2014. The average non-accrual debt investments outstanding decreased from $301 million during the three months ended March 31, 2014 to $193 million during the three months ended March 31, 2015.
When a debt investment is placed on non-accrual, we may record reserves on uncollected PIK interest income recorded in prior periods as a reduction of interest income in the current period. Conversely, when a debt investment is removed from non-accrual, we may record interest income in the current period on prior period uncollected PIK interest income which was reserved in prior periods. For the three months ended March 31, 2015, we recorded additional interest income on uncollected PIK interest income recorded in prior periods of $2 million as a result of debt investments being removed from non-accrual, which had an approximate 40 basis point positive impact on the effective interest rate on debt investments. For the three months ended March 31, 2014, we recorded a net reserve on uncollected PIK interest income recorded in prior periods of $13 million as a result of debt investments being placed on non-accrual, which had an approximate 320 basis point negative impact on the effective interest rate on debt investments.

Equity Investments, Excluding ACAM
Dividend income from equity investments, excluding ACAM, decreased by $12 million, or 75%, for the three months ended March 31, 2015, over the comparable period in 2014 primarily due to a decrease in our equity investments at cost related to the sale of predominantly yielding equity assets to ACE III. As a result, the monthly weighted average effective dividend yield on equity investments was 1.4% for the three months ended March 31, 2015, a 160 basis point decrease over the comparable period in 2014.
When a preferred equity investment is placed on non-accrual, we may record net reserves on uncollected accrued dividend income recorded in prior periods as a reduction of dividend income in the current period. Conversely, when a preferred equity investment is removed from non-accrual, we may record dividend income in the current period for prior period uncollected accrued dividend income which was reserved in prior periods. For the three months ended March 31, 2015 and 2014, we recorded reserves on accrued PIK dividend income recorded in prior periods from preferred stock investments of $2 million and $3 million, respectively, which had an approximate 50 basis point and 60 basis point negative impact, respectively, on the effective dividend yield on equity investments.
For the three months ended March 31, 2015 and 2014, we recorded $3 million and $6 million, respectively, of dividend income for non-recurring dividends on common equity investments.
Equity Investments - ACAM

Dividend income from ACAM increased by $12 million, or by 86%, for the three months ended March 31, 2015 over the comparable period in 2014, primarily due to an increase in the funds under management of ACAM, primarily AGNC, ACAS CLO 2014-1 and ACAS CLO 2014-2, as well as increased expenses incurred by ACAM related to the IPO of ACSF in 2014.
For the three months ended March 31, 2015 and 2014, we received an additional $3 million of dividends from ACAM, which were recorded as a reduction to the cost basis of our investment in ACAM.
Fee Income

Portfolio Company Advisory and Administrative Fees

As a BDC, we are required by law to make significant managerial assistance available to most of our portfolio companies. This generally includes providing guidance and counsel concerning the management, operations and business objectives and policies of the portfolio company to its management and board of directors, including participating on the company’s board of directors. Our portfolio company advisory and administrative fees for the three months ended March 31, 2015 and 2014 were $5 million and $3 million, respectively.

Advisory and Administrative Services - ACAM

We have entered into service agreements with ACAM to provide additional asset management and administrative service support so that ACAM can fulfill its responsibilities under its management agreements. The fees generated from these service agreements for the three months ended March 31, 2015 and 2014 were $7 million and $9 million, respectively.


75

Other Fees

Other fees are primarily composed of transaction fees for structuring, financing and executing portfolio transactions, which may not be recurring in nature. These fees amounted to $4 million and $1 million for the three months ended March 31, 2015 and 2014, respectively.

Operating Expenses
Operating expenses increased by $8 million, or 12%, for the three months ended March 31, 2015 over the comparable period in 2014. Operating expenses consisted of the following (in millions):
 
Three Months Ended March 31,
 
2015
 
2014
Interest
$
17

 
$
12

Salaries, benefits and stock-based compensation
40

 
42

European Capital management fees
4

 
—

General and administrative
15

 
14

Total operating expenses
$
76

 
$
68

Interest
Interest expense increased by $5 million, or 42%, for the three months ended March 31, 2015 over the comparable period in 2014, primarily due to an increase in the daily weighted average debt balance partially offset by a decrease in the weighted average interest rate on our borrowings. The weighted average interest rate on all of our borrowings, including amortization of deferred financing costs, for the three months ended March 31, 2015 and 2014 was 3.7% and 5.9%, respectively. The weighted average interest rate on all of our borrowings, excluding amortization of deferred financing costs, for the three months ended March 31, 2015 and 2014 was 3.2% and 5.2%, respectively.
As discussed in Note 1 to our interim consolidated financial statements included in this Form 10-Q, we consolidated our investment in European Capital effective October 1, 2014. For the three months ended March 31, 2015, we recorded $1 million of interest expense related to European Capital’s debt.
Salaries, Benefits and Stock-based Compensation
Salaries, benefits and stock-based compensation consisted of the following (in millions):
 
Three Months Ended March 31,
 
2015
 
2014
Base salaries
$
12

 
$
15

Incentive compensation
11

 
12

Benefits
4

 
5

Stock-based compensation
3

 
10

Severance related costs
10

 
—

Total salaries, benefits and stock-based compensation
$
40

 
$
42

Due to changes in the composition of our investment portfolio and market conditions, we conducted strategic reviews of our business in the fourth quarter of 2014, which resulted in a workforce reduction of approximately 13% of our employees and the closing of one of our offices as well as the elimination of certain functions at other offices. In conjunction with the restructuring, the vesting of any unvested stock options held by impacted employees as of the date of their separation was accelerated, and they were given a period of up to one year from their separation date, or less if the expiration of the option was within one year from their separation date, to exercise all outstanding options. We have recorded charges for severance and related employee costs of $10 million for the three months ended March 31, 2015, including $4 million from the modification of stock options and $6 million for severance costs for additional workforce reductions during the quarter.
Salaries, benefits and stock-based compensation for the three months ended March 31, 2015 decreased $2 million, or 5%, from the comparable period in 2014 primarily due to a reduction in base salaries and stock-based compensation due to the workforce reductions in the fourth quarter of 2014 partially offset by $4 million in compensation expense due to the acceleration of stock options and $6 million in severance costs associated with additional workforce reductions in the first quarter of 2015.

76

As of March 31, 2015, we employed 367 full-time employees, which included 143 employees at ACAM, compared to 392 full-time employees as of March 31, 2014.
European Capital Management Fees
Management fees represent fees charged by European Capital Asset Management Limited, a wholly-owned subsidiary of ACAM, to European Capital for management and other services during the quarter. These fees are recorded as operating revenue in ACAM’s statement of operations and are a component of the dividend income we receive from ACAM.
Tax Provision
Our tax provision consisted of the following (in millions):
 
Three Months Ended March 31,
 
2015
 
2014
Tax provision- net operating income
$
(28
)
 
$
(11
)
Tax benefit (provision) - net realized (loss) gain
43

 
(3
)
Tax (provision) benefit - net unrealized appreciation
(76
)
 
12

Total tax provision
$
(61
)
 
$
(2
)
The tax provision - net operating income for the three months ended March 31, 2015 decreased by $17 million from the comparable period in 2014 primarily due to the increase in pre-tax net operating income.
The tax benefit (provision) - net realized (loss) gain for the three months ended March 31, 2015 increased by $46 million from the comparable period in 2014 primarily due to the relative amounts of realizations treated as capital gains or losses, which have an effective tax rate of 0%, as compared to gains and losses that reduce ordinary income, which have an effective tax rate of approximately 40%.
The tax (provision) benefit - net unrealized appreciation for the three months ended March 31, 2015 decreased by $88 million from the comparable period in 2014 primarily due to the relative amounts of unrealized appreciation that impact capital gain or loss and the recognition of subpart F income on our investment in European Capital.

77

Net Realized Gain (Loss)
Our net realized gain (loss) consisted of the following individual portfolio company realized gains (losses) greater than $15 million (in millions):
 
Three Months Ended March 31,
 
2015
 
2014
Anchor Drilling Fluids USA, Inc.
$
—

 
$
19

Other, net
5

 
6

Total gross realized portfolio gain
5

 
25

 
 
 
 
CML Pharmaceuticals, LLC
(168
)
 
—

TestAmerica Environmental Services, LLC
(28
)
 
—

Other, net
(15
)
 
(4
)
Total gross realized portfolio loss
(211
)
 
(4
)
Total net realized portfolio (loss) gain
(206
)
 
21

Foreign currency transactions
(2
)
 
2

Derivative agreements
(2
)
 
1

Long term incentive plan liability
(46
)
 
—

Tax benefit (provision)
43

 
(3
)
Total net realized (loss) gain
$
(213
)
 
$
21

 
The following are summary descriptions of portfolio companies with realized gains or losses equal to or greater than $30 million.
In the first quarter of 2015, as a result of a restructuring transaction and the conversion of certain of our debt investments to equity investments, we wrote off a portion of our equity investments in CML Pharmaceuticals, LLC (“CML”) and realized a loss of $168 million, which was fully offset by a reversal of unrealized depreciation of $168 million.
As discussed in Note 7 to our interim consolidated financial statements included in this Form 10-Q, European Capital has issued restricted mandatorily redeemable preferred shares (“Redeemable Preferred Shares”) to participating employees of subsidiary companies of its manager, European Capital Asset Management Limited (“ECAM”), a wholly owned subsidiary of ACAM, under Long Term Incentive Plans. In the first quarter of 2015, a portion of the Redeemable Preferred Shares were redeemed and European Capital realized a loss of $46 million, offset by a reversal of unrealized depreciation of $46 million.

78

Net Unrealized Appreciation (Depreciation)
The following table itemizes the change in net unrealized appreciation (depreciation) (in millions):
 
Three Months Ended March 31,
 
2015
 
2014
Gross unrealized appreciation of American Capital One Stop Buyouts®
$
69

 
$
29

Gross unrealized depreciation of American Capital One Stop Buyouts®
(65
)
 
(142
)
Gross unrealized appreciation of Sponsor Finance Investments
25

 
7

Gross unrealized depreciation of Sponsor Finance Investments
(25
)
 
(40
)
Gross unrealized appreciation of European Capital investments
38

 
—

Gross unrealized depreciation of European Capital investments
(36
)
 
—

Net unrealized appreciation of investment in European Capital
—

 
64

Net unrealized (depreciation) appreciation of ACAM
(4
)
 
121

Net unrealized appreciation of Senior Floating Rate Loans
21

 
—

Net unrealized depreciation of Structured Products investments
(3
)
 
(2
)
Reversal of prior period net unrealized depreciation (appreciation) upon realization
209

 
(2
)
Net unrealized appreciation of portfolio investments
229

 
35

Foreign currency translation - investment in European Capital
—

 
(4
)
Foreign currency translation - European Capital investments
28

 
—

Foreign currency translation - other
(9
)
 
—

Derivative agreements and other
43

 
1

WRH, Inc. Equity Option
(37
)
 
—

Tax (provision) benefit
(76
)
 
12

Net unrealized appreciation
$
178

 
$
44

See Note 4 to our interim consolidated financial statements included in this Form 10-Q for a description of our valuation methodologies.
American Capital One Stop Buyouts® 
For the three months ended March 31, 2015, American Capital One Stop Buyouts® experienced $4 million of net unrealized appreciation driven by specific company performance. For the three months ended March 31, 2014, American Capital One Stop Buyouts® experienced $113 million of net unrealized depreciation driven by the ACE III transaction and specific company performance.
Sponsor Finance Investments
For the three months ended March 31, 2014, Sponsor Finance Investments experienced $33 million of net unrealized depreciation primarily driven by specific company performance.
European Capital
As discussed in Note 1 to our interim consolidated financial statements included in this Form 10-Q, we consolidated our investment in European Capital effective October 1, 2014. For the three months ended March 31, 2015, we recorded $2 million of net unrealized appreciation on the consolidated European Capital investment portfolio and unrealized appreciation of $28 million for foreign currency translation on the European Capital investment portfolio.
For the three months ended March 31, 2014, we recognized net unrealized appreciation of $64 million on our investment in European Capital driven by a reduction in the discount applied to the NAV of European Capital and net unrealized appreciation of European Capital’s underlying investment portfolio.
For foreign currency denominated investments recorded at fair value, such as our European Capital portfolio investments, the net unrealized appreciation or depreciation from foreign currency translation on the accompanying consolidated statements of operations represents the economic impact of translating the cost basis of the investment from a foreign currency, such as the Euro, to the U.S. dollar. However, the economic impact of translating the cumulative unrealized appreciation or depreciation from a foreign currency to the U.S. dollar is not recorded as net unrealized depreciation or appreciation from foreign currency translation but rather is included as net unrealized appreciation or depreciation of portfolio company investments on the accompanying consolidated statements of operations.

79

For the three months ended March 31, 2014, we recorded unrealized depreciation of $4 million for foreign currency translation on the cost basis in our investment in European Capital.
During the three months ended March 31, 2014, the unrealized appreciation on our investment in European Capital of $64 million, excluding unrealized appreciation on foreign currency translation, was due primarily to a reduction to the discount applied to NAV. In addition, we received a dividend from European Capital of $104 million for the three months ended March 31, 2014 that was treated as a return of capital.
The following is a summary composition of European Capital’s NAV at fair value and our equity investment’s implied discount to European Capital’s NAV at fair value (€ and $ in millions) as of March 31, 2014:
 
March 31, 2014
Debt investments at fair value
€
334

Equity investments at fair value
371

Other assets and liabilities, net
71

Third-party unsecured debt at cost
(107
)
NAV (Euros)
€
669

Exchange rate
1.38

NAV (U.S. dollars)
$
923

Fair value of American Capital equity investment
$
801

Implied discount to NAV
13.2
%
American Capital Asset Management, LLC
ACAM had a cost basis of $441 million and $1,173 million, respectively, as of March 31, 2015. During the three months ended March 31, 2015, we recognized $4 million of unrealized depreciation on our investment in ACAM. During the three months ended March 31, 2014, we recognized $121 million of unrealized appreciation, on our investment in ACAM. The unrealized appreciation on our investment in ACAM for the three months ended March 31, 2014 was primarily due to increases in actual and forecasted growth for AGNC and MTGE, multiple expansion and projected fees for managing ACE III.
Structured Products Investments
American Capital has investments in Structured Products (which includes investment and non-investment grade tranches of CLO, CDO and CMBS securities) with a cost basis of $691 million and fair value of $641 million as of March 31, 2015. During the three months ended March 31, 2015 and 2014, we recorded $3 million and $2 million of net unrealized depreciation, respectively, on our Structured Products investments primarily due to unrealized depreciation on our investments in CLO and CDO portfolios of commercial loans due to decreasing spreads on underlying collateral as investments are nearing the end of their life.
Derivative Agreements and Other and WRH, Inc. Equity Option
For interest rate agreements, we estimate the fair value based on the estimated net present value of the future cash flows using a forward interest rate yield curve in effect as of the end of the measurement period, adjusted for nonperformance risk, if any, including an evaluation of our credit risk and our counterparty’s credit risk. A negative fair value would represent an amount we would have to pay a third-party and a positive fair value would represent an amount we would receive from a third-party to assume our obligation under an interest rate agreement. The derivative agreements generally appreciate or depreciate primarily based on relative market interest rates and their remaining term to maturity as well as changes in our and our counterparty’s credit risk.
During the three months ended March 31, 2015, we recorded $43 million of net unrealized appreciation from derivative agreements and other, primarily due to the reversal of unrealized depreciation on the redemption of Redeemable Preferred Shares. During the three months ended March 31, 2015, we recorded $37 million of unrealized depreciation on the WRH, Inc. Equity Option due to an increase in the fair value of the Equity Option.
Financial Condition, Liquidity and Capital Resources
Our primary sources of liquidity are our investment portfolio, cash and cash equivalents and the available capacity under our various revolving credit facilities.
As of March 31, 2015, we had $469 million of cash and cash equivalents, $81 million of restricted cash and cash equivalents and $919 million of available capacity under our various revolving credit facilities. During the three months ended March 31, 2015 and 2014, we principally funded our operations from (i) cash receipts from interest, dividend and fee income from our

80

investment portfolio, (ii) cash proceeds from the realization of portfolio investments and (iii) draws under our various revolving credit facilities.
As of March 31, 2015, our required principal amortization for the next twelve months consists of $4.5 million scheduled amortization on our secured term loans. We believe that we will continue to generate sufficient cash flow through the receipt of interest, dividend and fee payments from our investment portfolio, as well as cash proceeds from the realization of select portfolio investments, to allow us to continue to service our debt, pay our operating costs and expenses, fund capital to our current portfolio companies and originate new investments. However, there is no certainty that we will be able to generate sufficient liquidity.
Operating, Investing and Financing Cash Flows
For the three months ended March 31, 2015, net cash used in operations was $12 million. For the three months ended March 31, 2014, net cash provided by operations was $8 million. Our cash flow from operations for the three months ended March 31, 2015 was primarily from the collection of interest, dividends and fees on our investment portfolio, less operating expenses and the redemption of Redeemable Preferred Shares. Our cash flow from operations for the three months ended March 31, 2014 was primarily from the collection of interest, dividends and fees on our investment portfolio, less operating expenses.
For the three months ended March 31, 2015, net cash used in investing activities was $488 million. For the three months ended March 31, 2014, net cash provided by investing activities was $260 million. Our cash flow from investing activities included cash proceeds from the realization of portfolio investments totaling $225 million and $442 million for the three months ended March 31, 2015 and 2014, respectively. As of March 31, 2015, we had portfolio investments totaling $7.0 billion at fair value, including $4.2 billion in debt investments, $2.2 billion in equity investments and $0.6 billion in Structured Products investments. However, a majority of our investments are generally illiquid and no active primary or secondary market exists for the trading of these investments and our estimates of fair value may differ significantly from the values that may be ultimately realized. We are generally repaid or exit our investments upon a change of control event of the portfolio company, such as a sale or recapitalization of the portfolio company.
For the three months ended March 31, 2015, net cash provided by financing activities was $312 million. For the three months ended March 31, 2014, net cash used in financing activities was $115 million. Our cash flow from financing activities during the three months ended March 31, 2015 was primarily due to $304 million in net proceeds received from our revolving credit facilities. The primary use of cash from financing activities during the three months ended March 31, 2014 was repurchases of our common stock of $137 million.
Debt Capital
As a BDC, we are permitted to issue senior debt securities and preferred stock (collectively, “Senior Securities”) in any amounts as long as immediately after such issuance our asset coverage is at least 200%, or equal to or greater than our asset coverage prior to such issuance, after taking into account the payment of debt with proceeds from such issuance. Asset coverage is defined as the ratio of the value of the total assets, less all liabilities and indebtedness not represented by Senior Securities, bears to the aggregate amount of Senior Securities representing indebtedness. However, if our asset coverage is below 200%, we may also borrow amounts up to 5% of our total assets for temporary purposes even if that would cause our asset coverage ratio to further decline. As of March 31, 2015, our debt obligations, excluding discounts, were $2,009 million and our asset coverage was 370%. See Note 5 to our interim consolidated financial statements included in this Form 10-Q for further discussion of our debt obligations.

81

The following table sets forth the scheduled amortization on the secured term loans, unsecured private notes and unsecured senior notes:
August 2015
$4.5 million
August 2016
$4.5 million
Secured Term Loans due August 2017
Outstanding Balance
Unsecured Private Notes due September 2018
Outstanding Balance
Unsecured senior notes (Series 2006-I) due January 2022
Outstanding Balance
Unsecured senior notes (Series 2007-I) due July 2022
Outstanding Balance
Unsecured senior notes (Series 2007-II) due July 2022
Outstanding Balance
The following table sets forth the outstanding balances on our revolving credit facilities:
 
March 31, 2015
Secured revolving credit facility due August 2016, $250 million commitment
$
—

Secured revolving credit facility due March 2017, $1,250 million commitment
799

Secured revolving credit facility due October 2016, $500 million commitment
282

Total
$
1,081

Equity Capital
As a BDC, we are generally not able to issue or sell our common stock at a price below our NAV per share, exclusive of any distributing commission or discount, except (i) with the prior approval of a majority of our shareholders, (ii) in connection with a rights offering to our existing shareholders, or (iii) under such other circumstances as the SEC may permit. As of March 31, 2015, our NAV was $20.12 per share and our closing market price was $14.79 per share.
During 2011, our Board of Directors adopted a program that may provide for share repurchases or dividend payments (the “Program”). During the three months ended March 31, 2014, we repurchased a total of 8.9 million shares of our common stock in the open market for $137 million at an average price of $15.38 per share. In March 2014, our Board of Directors suspended the Program. In March 2015, our Board of Directors reinstated the Program. See Note 10 to our interim consolidated financial statements included in this Form 10-Q for further discussion of the Program.
Commitments
 As of March 31, 2015, we had commitments under loan and financing agreements to fund up to $217 million to 29 portfolio companies. These commitments are primarily composed of working capital credit facilities, acquisition credit facilities and subscription agreements. The commitments are generally subject to the borrowers meeting certain criteria such as compliance with covenants and availability under borrowing base thresholds. The terms of the borrowings and financings subject to commitment are comparable to the terms of other loan and equity securities in our portfolio. As of March 31, 2015, European Capital and
its affiliates had a commitment of $63 million to fund European Capital UK SME Debt LP and $179 million to fund European Capital Private Debt LP. In addition, as of March 31, 2015, ACAM had a commitment of $173 million to American Capital Equity III, LP, which would be funded by an equity investment from American Capital. See Note 14 to our interim consolidated financial statements included in this Form 10-Q for further discussion of ACAM’s American Capital Equity III, LP’s commitment.

82

Non-Performing Loans Analysis
We stop accruing interest on our debt investments when it is determined that interest is no longer collectible. Our valuation analysis serves as a critical piece of data in this determination. A significant change in the portfolio company valuation assigned by us could have an effect on the amount of our loans on non-accrual status.
American Capital Non-Performing Loans
As of March 31, 2015, American Capital loans on non-accrual status for 11 portfolio companies had a cost basis and fair value of $186 million and $98 million, respectively. As of March 31, 2015 and December 31, 2014, current loans, past due accruing loans and loans on non-accrual status were as follows (dollars in millions): 
 
March 31, 2015
 
December 31, 2014
Current
$
3,776

 
$
3,248

0 - 30 days past due
—

 
—

31 - 60 days past due
—

 
—

61 - 90 days past due
—

 
—

Greater than 90 days past due
—

 
—

Total past due accruing loans at cost
—

 
—

Non-accruing loans at cost
186

 
201

Total loans at cost
$
3,962

 
$
3,449

Non-accruing loans at fair value
$
98

 
$
116

Total loans at fair value
$
3,865

 
$
3,311

Non-accruing loans at cost as a percent of total loans at cost
4.7
%
 
5.8
%
Non-accruing loans at fair value as a percent of total loans at fair value
2.5
%
 
3.5
%
Non-accruing loans at fair value as a percent of non-accruing loans at cost
52.7
%
 
57.7
%
Non-accruing loans at cost decreased by $15 million from December 31, 2014 to March 31, 2015 primarily due to $26 million of exits and write-offs partially offset by $14 million of loans placed on non-accrual status due to weaker portfolio company performance. In addition, the cost basis of existing non-accrual loans decreased by $3 million.
During the first quarter of 2015, we recapitalized one portfolio company by exchanging our loan for preferred equity securities that had a cost basis and fair value of $59 million.

83

European Capital Non-Performing Loans
As of March 31, 2015, European Capital loans on non-accrual status for 6 portfolio companies had a cost basis and fair value of $137 million and $20 million, respectively. As of March 31, 2015 and December 31, 2014, current loans, past due accruing loans and loans on non-accrual status were as follows (dollars in millions): 
 
March 31, 2015
 
December 31, 2014
Current
$
340

 
$
340

0 - 30 days past due
—

 
—

31 - 60 days past due
—

 
—

61 - 90 days past due
—

 
—

Greater than 90 days past due
—

 
—

Total past due accruing loans at cost
—

 
—

Non-accruing loans at cost
137

 
170

Total loans at cost
$
477

 
$
510

Non-accruing loans at fair value
$
20

 
$
32

Total loans at fair value
$
349

 
$
361

Non-accruing loans at cost as a percent of total loans at cost
28.7
%
 
33.3
%
Non-accruing loans at fair value as a percent of total loans at fair value
5.7
%
 
8.9
%
Non-accruing loans at fair value as a percent of non-accruing loans at cost
14.6
%
 
18.8
%
Non-accruing loans at cost decreased $33 million from December 31, 2014 to March 31, 2015 primarily due to $18 million of loans removed from non-accrual status due to improved portfolio company performance and a $14 million decrease due to foreign currency translation.


84

FORWARD-LOOKING STATEMENTS 
All statements contained herein that are not historical facts including, but not limited to, statements regarding anticipated activity are forward looking in nature and involve a number of risks and uncertainties. Actual results may differ materially. Among the factors that could cause actual results to differ materially are the following: (i) changes in the economic conditions in which we operate negatively impacting our financial resources; (ii) certain of our competitors have greater financial resources than us, reducing the number of suitable investment opportunities offered to us or reducing the yield necessary to consummate the investment; (iii) there is uncertainty regarding the value of our privately-held securities that require our good faith estimate of fair value, and a change in estimate could affect our NAV; (iv) our investments in securities of privately-held companies may be illiquid, which could affect our ability to realize the investment; (v) our portfolio companies could default on their loans or provide no returns on our investments, which could affect our operating results; (vi) we use external financing to fund our business, which may not always be available; (vii) our ability to retain key management personnel; (viii) an economic downturn or recession could impair our portfolio companies and therefore harm our operating results; (ix) our borrowing arrangements impose certain restrictions; (x) changes in interest rates may affect our cost of capital and NOI; (xi) we cannot incur additional indebtedness unless immediately after a debt issuance we maintain an asset coverage of at least 200%, or equal to or greater than our asset coverage prior to such issuance, which may affect returns to our shareholder; (xii) our common stock price may be volatile; and (xiii) general business and economic conditions and other risk factors described in our reports filed from time to time with the SEC. We caution readers not to place undue reliance on any such forward-looking statements, which statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made.
ITEM 3.
Quantitative and Qualitative Disclosure About Market Risk
We are subject to financial market risks, including changes in interest rates and the valuations of our investment portfolio.
Interest Rate Risk 
Interest rate sensitivity refers to the change in NOI and net earnings that may result from changes in the level of interest rates. Because we fund a portion of our investments with borrowings, our NOI and net earnings are affected by the difference between the interest rate at which we invest and the interest rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our NOI and net earnings. 
As of March 31, 2015, approximately 12% of the principal balance of the debt investments in our portfolio were at fixed rates, approximately 72% were at variable rates with interest rate floors, primarily three-month LIBOR, 4% were at variable rates with no interest rate floors and 12% were on non-accrual status (2% of loans on non-accrual status were at variable rates). Additionally, as of March 31, 2015, approximately 22% of our borrowings bear interest at variable rates with a 0.75% interest rate floor, 61% of our borrowings bear interest at variable rates with no interest rate floors and 17% of our borrowings bear interest at fixed rates. The three-month LIBOR rate was 0.3% as of March 31, 2015. 
We maintain an interest rate risk management strategy under which we use derivative financial instruments to primarily manage the adverse impact of interest rate changes on our cash flows by locking in the spread between our asset yield and the cost of our borrowings, and to fulfill our obligation under the terms of our asset securitizations. While our interest rate risk management strategy may mitigate our exposure to adverse fluctuations in interest rates, certain derivative transactions that we may enter into in the future, such as interest rate derivative agreements, may also limit our ability to participate in the benefits of lower interest rates with respect to our portfolio investments. 
Our derivatives are considered economic hedges that do not qualify for hedge accounting under FASB ASC Topic 815, Derivative and Hedging. We record the accrual of the periodic interest settlements of interest rate derivatives in net unrealized appreciation or depreciation and subsequently record the cash payments as a realized gain or loss on the interest settlement date.


85

Based on our March 31, 2015 consolidated balance sheets, the following table shows the annual impact on NOI and net earnings of base rate changes in the applicable interest rate indexes, primarily three-month LIBOR, (considering interest rate floors for variable rate instruments and excluding changes in the fair value of our investments and derivative instruments and loans on non-accrual status) assuming no changes in our investment, hedging and borrowing structure (in millions):

Basis Point Change
 
Interest
Income
 
Interest
Expense
 
Net
Operating Income
 
Net Earnings
Up 400 basis points
 
$
124

 
$
47

 
$
77

 
$
77

Up 300 basis points
 
$
87

 
$
35

 
$
52

 
$
52

Up 200 basis points
 
$
50

 
$
22

 
$
28

 
$
28

Up 100 basis points
 
$
14

 
$
10

 
$
4

 
$
4

Down 100 basis points
 
$
—

 
$
(1
)
 
$
1

 
$
1

Foreign Currency Risks
We have a number of investments in portfolio companies, primarily the European Capital investment portfolio, for which the investment is denominated in a foreign currency, primarily the Euro. We also have other assets and liabilities denominated in foreign currencies. Fluctuations in exchange rates therefore impact our financial condition and results of operations, as reported in U.S. dollars. As of March 31, 2015, the cumulative translation adjustment, net of tax, recorded in our consolidated balance sheet was $134 million, due to the translation of European Capital’s balance sheet as of March 31, 2015.
As of March 31, 2015, our exposure to foreign currency exchange risk was estimated using a sensitivity analysis, which illustrates a hypothetical change in the foreign currency exchange rate as of March 31, 2015. As stated above, the Euro is the functional currency for the majority of our investments denominated in a foreign currency, and as such, the sensitivity analysis excludes any changes in other foreign currencies. Actual changes in foreign currency exchange rates may differ from this hypothetical change. Based on a hypothetical increase or decrease of 5% in the Euro to U.S. dollar exchange rate, assuming no hedging, the fair value of our investments would have increased or decreased by approximately $35 million.
Portfolio Valuation
Our investments are carried at fair value in accordance with the 1940 Act and FASB ASC Topic 820, Fair Value Measurements and Disclosures. Due to the uncertainty inherent in the valuation process, such estimates of fair value controls may differ significantly from the values that would have been used had a ready market for the securities existed, and the differences could be material. Additionally, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned. As of March 31, 2015, the fair value of 64% of our investments were estimated using Level 3 inputs determined in good faith by our Board of Directors because there was no active market for such investments.
Item 4.
Controls and Procedures
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure based on the definition of “disclosure controls and procedures” as promulgated under the Exchange Act. In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.
American Capital, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures. Based on the foregoing, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of March 31, 2015.
Changes in Internal Controls over Financial Reporting
There have been no significant changes in our internal control over financial reporting (as defined in Rule 13a-15(f) of the Securities Exchange Act of 1934, as amended) that occurred during the first quarter of 2015 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

86

PART II. OTHER INFORMATION

Item 1.
Legal Proceedings
Neither we, nor any of our consolidated subsidiaries, are currently subject to any material litigation nor, to our knowledge, is any material litigation threatened against us or any consolidated subsidiary, other than routine litigation and administrative proceedings arising in the ordinary course of business. Such proceedings are not expected to have a material adverse effect on the business, financial conditions, or results of our operations.
Item 1A.
Risk Factors 
The risk factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2014 have not materially changed.
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds

None.
Item 3.
Defaults Upon Senior Securities
None.
Item 4.
Mine Safety Disclosures
Not applicable.
Item 5.
Other Information
None.

87

Item 6.
Exhibits 
*3.1.
American Capital, Ltd. (f/k/a American Capital Strategies, Ltd.) Third Amended and Restated Certificate of Incorporation, as amended, incorporated herein by reference to Exhibit 3.1 to Form 10-Q for the quarter ended March 31, 2012 (File No. 814-00149), filed May 7, 2012.
 
 
*3.2.
American Capital, Ltd. (f/k/a American Capital Strategies, Ltd.) Second Amended and Restated Bylaws, as amended, incorporated herein by reference to Exhibit 3.2 to Form 10-Q for the quarter ended June 30, 2008 (File No. 814-00149), filed August 11, 2008.
 
 
*4.1.
Instruments defining the rights of holders of securities: See Article IV of our Third Amended and Restated Certificate of Incorporation, as amended, incorporated herein by reference to Exhibit 3.1 to Form 10-Q for the quarter ended March 31, 2012 (File No. 814-00149), filed May 7, 2012.
 
 
*4.2.
Instruments defining the rights of holders of securities: See Section I of our Second Amended and Restated Bylaws, as amended, incorporated herein by reference to Exhibit 3.2 to Form 10-Q for the quarter ended June 30, 2008 (File No. 814-00149), filed August 11, 2008.
 
 
10.1.
Amended and Restated Credit Agreement dated as of March 6, 2015, among ACAS Funding I, LLC, a Delaware limited liability company, the lenders party thereto, and Bank of America, N.A., as Administrative Agent, filed herewith.
 
 
10.2.
Agreement and Release dated as of March 12, 2015, between American Capital, Ltd. and Malon Wilkus, filed herewith.
 
 
31.1.
Certification of CEO Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
 
 
31.2.
Certification of CFO Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
 
 
32.
Certification of CEO and CFO Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
________________ 
*
Previously filed

88

SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
AMERICAN CAPITAL, LTD.
 
 
 
 
By:
/s/    JOHN R. ERICKSON
 
 
John R. Erickson
Chief Financial Officer
(Principal Financial Officer)

Date: May 11, 2015


89
 EX-10.1 2 acas10q33115ex101.htm EXHIBIT 10.1 ACAS 10Q 3.31.15 EX10.1
Exhibit 10.1


AMENDED AND RESTATED CREDIT AGREEMENT
Dated as of March 6, 2015
among
ACAS FUNDING I, LLC,
as Borrower,
THE LENDER PARTIES HERETO,
BANK OF AMERICA, N.A.,
as Administrative Agent
and
The Other Lender Parties Hereto

BANK OF AMERICA MERRILL LYNCH,
as
Sole Lead Arranger and Sole Book Manager




i
        
TABLE OF CONTENTS

Section    Page


ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS
1

1.01
Defined Terms.
1

1.02
Other Interpretive Provisions.
22

1.03
Accounting Terms.
23

1.04
Rounding.
23

1.05
[Reserved].
23

1.06
[Reserved].
23

1.07
Times of Day.
23

1.08
Business Day Convention.
24

 
 
 
ARTICLE II. THE COMMITMENTS AND CREDIT EXTENSIONS
24

2.01
Committed Loans.
24

2.02
Borrowings, Conversions and Continuations of Committed Loans.
24

2.03
Prepayments.
26

2.04
Termination or Reduction of Commitments.
26

2.05
Repayment of Loans.
27

2.06
Interest.
27

2.07
Fees.
28

2.08
Computation of Interest and Fees.
29

2.09
Evidence of Debt.
29

2.10
Payments Generally; Administrative Agent’s Clawback.
29

2.11
Sharing of Payments by Lenders.
31

2.12
Defaulting Lenders.
32

 
 
 
ARTICLE III. TAXES, YIELD PROTECTION AND ILLEGALITY
33

3.01
Taxes.
33

3.02
Illegality.
38

3.03
Inability to Determine Rates.
38

3.04
Increased Costs; Reserves on Eurocurrency Rate Loans.
39

3.05
Compensation for Losses.
41

3.06
Mitigation Obligations; Replacement of Lenders.
41

3.07
Survival.
42

 
 
 
ARTICLE IV. CONDITIONS PRECEDENT TO CREDIT EXTENSIONS
42

4.01
Conditions of Initial Credit Extension.
42

4.02
Conditions to all Credit Extensions.
44

 
 
 
ARTICLE V. REPRESENTATIONS AND WARRANTIES
46

5.01
Existence, Qualification and Power.
46

5.02
Authorization; No Contravention.
46

5.03
Governmental Authorization; Other Consents.
46

5.04
Binding Effect.
46

5.05
Financial Statements; No Material Adverse Effect.
47

5.06
Litigation.
47


i
TABLE OF CONTENTS
(continued)
Section    Page


5.07
No Default.
47

5.08
Liens.
48

5.09
Taxes.
48

5.10
ERISA Matters.
48

5.11
Equity Interests.
48

5.12
Margin Regulations; Investment Company Act.
48

5.13
Disclosure.
49

5.14
Compliance with Laws.
49

5.15
Taxpayer Identification Number; Other Identifying Information.
49

5.16
OFAC.
49

 
 
 
ARTICLE VI. AFFIRMATIVE COVENANTS
50

6.01
Financial Statements.
50

6.02
Certificates; Other Information.
51

6.03
Notices.
53

6.04
Payment of Obligations.
53

6.05
Preservation of Existence, Etc.
53

6.06
[RESERVED].
54

6.07
Further Assurances.
54

6.08
Compliance with Laws.
54

6.09
Books and Records.
54

6.10
Inspection Rights.
54

6.11
Use of Proceeds.
54

6.12
Approvals and Authorizations.
55

6.13
Special Purpose Entity Requirements.
55

6.14
Security Interest.
55

6.15
ERISA Matters.
55

 
 
 
ARTICLE VII. NEGATIVE COVENANTS
55

7.01
Liens.
55

7.02
Investments.
55

7.03
Indebtedness; Bank Accounts.
55

7.04
Fundamental Changes.
55

7.05
Sale of Collateral Assets.
56

7.06
Restricted Payments.
56

7.07
Transactions with Affiliates.
56

7.08
Burdensome Agreements.
56

7.09
Use of Proceeds.
56

7.10
Sanctions.
57

7.11
Special Purpose Entity Requirements.
57

7.12
Investment Advisory Agreement and Sale Agreement Amendment.
57

7.13
ERISA.
57

 
 
 
ARTICLE VIII. EVENTS OF DEFAULT AND REMEDIES
58


ii
        
TABLE OF CONTENTS
(continued)
Section    Page


8.01
Events of Default.
58

8.02
Remedies Upon Event of Default.
59

8.03
Application of Funds.
60

 
 
 
ARTICLE IX. ADMINISTRATIVE AGENT
60

9.01
Appointment and Authority.
60

9.02
Rights as a Lender.
61

9.03
Exculpatory Provisions.
61

9.04
Reliance by Administrative Agent.
62

9.05
Delegation of Duties.
62

9.06
Resignation of Administrative Agent.
63

9.07
Non-Reliance on Administrative Agent and Other Lenders.
64

9.08
No Other Duties, Etc.
64

9.09
Administrative Agent May File Proofs of Claim.
64

9.10
Collateral Matters.
65

 
 
 
ARTICLE X. MISCELLANEOUS
65

10.01
Amendments, Etc.
65

10.02
Notices; Effectiveness; Electronic Communication.
66

10.03
No Waiver; Cumulative Remedies; Enforcement.
69

10.04
Expenses; Indemnity; Damage Waiver.
69

10.05
Payments Set Aside.
71

10.06
Successors and Assigns.
72

10.07
Treatment of Certain Information; Confidentiality.
76

10.08
Right of Setoff.
77

10.09
Interest Rate Limitation.
78

10.10
Counterparts; Integration; Effectiveness.
78

10.11
Survival of Representations and Warranties.
78

10.12
Severability.
79

10.13
Replacement of Lenders.
79

10.14
Governing Law; Jurisdiction; Etc.
80

10.15
Waiver of Jury Trial.
81

10.16
No Advisory or Fiduciary Responsibility.
81

10.17
Electronic Execution of Assignments and Certain Other Documents.
82

10.18
USA PATRIOT Act.
82

10.19
Compliance with Laws.
82

10.20
Non-Recourse Obligations; No Petition.
82

10.21
Time of the Essence.
83

10.22
Judgment Currency.
83




iii
        


SCHEDULES
2.01    Commitments and Applicable Percentages
5.15
Taxpayer Identification Number; Other Identifying Information
10.02    Administrative Agent’s Office; Certain Addresses for Notices
EXHIBITS
Form of
A    Committed Loan Notice
B    Note
C-1    Assignment and Assumption
C-2    Administrative Questionnaire
D-1    Compliance Certificate (Borrower Parent)
D-2    Compliance Certificate (Borrower)
E    U.S. Tax Compliance Certificates
ANNEXES
A    Advance Rates
B    Eligibility and Portfolio Criteria
C    Definitions Relating to Collateral Assets
D    Special Purpose Entity Requirements




iv


AMENDED AND RESTATED CREDIT AGREEMENT
This AMENDED AND RESTATED CREDIT AGREEMENT (“Agreement”) is entered into as of March 6, 2015 (the “Second Closing Date”), among ACAS Funding I, LLC, a Delaware limited liability company (the “Company” or the “Borrower”), each lender from time to time party hereto (collectively, the “Lenders” and individually, a “Lender”) and BANK OF AMERICA, N.A., as Administrative Agent.
The Company has requested that the Lenders provide a revolving credit facility (the “Facility”), and the Lenders are willing to do so on the terms and conditions set forth herein.
The Company, the Lenders and the Adminstrative Agent, being the parties to the Credit Agreement dated as of June 27, 2014 (the “Original Agreement”), have agreed pursuant to Section 10.01 of the Original Agreement to amend and restate the Original Agreement as set forth herein.
In consideration of the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows:
ARTICLE I.
DEFINITIONS AND ACCOUNTING TERMS

1.01    Defined Terms.
As used in this Agreement, the following terms shall have the meanings set forth below:
“Additional Current Pay Criteria” has the meaning specified in Annex C.
“Administrative Agent” means Bank of America in its capacity as administrative agent under any of the Loan Documents, or any successor administrative agent.
“Administrative Agent’s Office” means, with respect to any currency, the Administrative Agent’s address and, as appropriate, account as set forth on Schedule 10.02 with respect to such currency, or such other address or account with respect to such currency as the Administrative Agent may from time to time notify to the Company and the Lenders.
“Administrative Questionnaire” means an Administrative Questionnaire in substantially the form of Exhibit C‑2 or any other form approved by the Administrative Agent.
“Advance Rate” means a percentage applicable to each Collateral Asset as specified in Annex A under the caption "Advance Rate”.
“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified.
“Aggregate Commitments” means the Commitments of all the Lenders.

1    


“Aggregate Market Value” has the meaning specified in Annex C.
“Agreement” means this Credit Agreement.
“Applicable Percentage” means with respect to any Lender at any time, the percentage (carried out to the ninth decimal place) of the Aggregate Commitments represented by such Lender’s Commitment at such time, subject to adjustment as provided in Section 2.12. If the commitment of each Lender to make Loans has been terminated pursuant to Section 8.02 or if the Aggregate Commitments have expired, then the Applicable Percentage of each Lender shall be determined based on the Applicable Percentage of such Lender most recently in effect, giving effect to any subsequent assignments by any Lender. The initial Applicable Percentage of each Lender is set forth opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable.
“Applicable Rate” means a per annum rate equal to 1.60%.
“Approved Dealer” has the meaning specified in Annex C.
“Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.
“Arranger” means Bank of America, an affiliate of Merrill Lynch, Pierce, Fenner & Smith Incorporated, in its capacity as sole lead arranger and sole book manager.
“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section 10.06(b)), and accepted by the Administrative Agent, in substantially the form of Exhibit C-1 or any other form (including electronic documentation generated by MarkitClear or other electronic platform) approved by the Administrative Agent.
“Audited Financial Statements” means, for any fiscal year, the audited consolidated balance sheet of the Borrower Parent for such fiscal year ended December 31, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal year of Borrower Parent, including the notes thereto.
“Availability Period” means the period (i) beginning on the Closing Date and (ii) ending on the earlier of (A) any date on which an Event of Default has occurred or (B) the date that is 30 days prior to the Maturity Date.
“Bank Loan” has the meaning specified in Annex C.
“Bank of America” means Bank of America, N.A. and its successors.
“Base Rate” means for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus 1/2 of 1%, (b) the Prime Rate in effect for such day and (c) the Eurocurrency Rate based on 1-month LIBOR plus 1%.

2    


“Base Rate Loan” means a Loan that bears interest based on the Base Rate. All Base Rate Loans shall be denominated in Dollars.
“Borrower” has the meaning specified in the introductory paragraph hereto.
“Borrower Certification” means with respect to any request for a Loan or any release of funds or substitution of assets with respect to the Collateral Account, a certification of the Investment Adviser on behalf of the Borrower stating that after giving effect to such Loan, release of funds or substitution: (A) (i) no Borrowing Base Deficiency will exist, and (ii) no Default would occur or be continuing, in each case based on the most recent Borrowing Base determination; and (B) in the case of any Loan, the proceeds of such Loan will be used solely for Permitted Uses and, in the case that such proceeds will be used to purchase an Eligible Collateral Asset, no Borrowing Base Deficiency would exist after giving effect to such purchase on a pro forma basis.
“Borrower Materials” has the meaning specified in Section 6.02.
“Borrower Parent” means American Capital, Ltd. or any Replacement Borrower Parent.
“Borrowing” means a Committed Borrowing.
“Borrowing Base” has the meaning specified in Annex C.
“Borrowing Base Deficiency” has the meaning specified in Annex C.
“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in fact closed in, the state where the Administrative Agent’s Office is located (which is initially North Carolina) or New York, New York and, if such day relates to any interest rate settings as to a Eurocurrency Rate Loan, any fundings, disbursements, settlements and payments in respect of any such Eurocurrency Rate Loan, or any other dealings in Dollars to be carried out pursuant to this Agreement in respect of any such Eurocurrency Rate Loan, means any such day that is also a London Banking Day.
“Cash” has the meaning specified in Annex C.
“Cash Equivalents” has the meaning specified in Annex C.
“Change in Investment Adviser” means:
(i) (A) the Investment Adviser ceases to be responsible for the portfolio management of the Borrower, including, without limitation, ceasing to be substantially involved in directing the investment decisions of the Borrower or (B) solely in the case that the Borrower Parent is a Replacement Borrower Parent, the Investment Adviser or an Affiliate of the Investment Adviser ceases to be responsible for the portfolio management of the Borrower Parent including, without limitation, ceasing to be substantially involved in directing the investment decisions of the Borrower Parent;

3    


(ii) the Investment Adviser (A) ceases to be an Affiliate of Investment Adviser Parent or (B) without the consent of the Administrative Agent and the Required Lenders, ceases to be an Affiliate of Borrower Parent, in each case including without limitation by merger or consolidation or sale or transfer all or substantially all of its business to any individual or entity; or
(iii) (A) the Investment Adviser becomes insolvent, or fails to pay its debts as they become due or admits in writing its inability to pay its debts as they become due or (B) the Investment Adviser (w) institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; (x) or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any material part of its property; or (y) any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of the Investment Adviser or its Affiliates and the appointment continues undischarged or unstayed for 60 calendar days; or (z) any proceeding under any Debtor Relief Law relating to the Investment Adviser or to all or any material part of its property is instituted without the consent of the Investment Adviser or its Affiliates and continues undismissed or unstayed for 60 calendar days, or an order for relief is entered in any such proceeding.
“Change in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued.
“Closing Date” means June 27, 2014.
“Code” means the Internal Revenue Code of 1986, as amended.
“Collateral” shall have the meaning specified in the Security Agreement.
“Collateral Account” shall have the meaning specified in the Collateral Administration Agreement.
“Collateral Administration Agreement” means the Collateral Administration Agreement between the Administrative Agent, the Company and the Collateral Administrator, dated as of the Closing Date (as amended, restated, extended, supplemented or otherwise modified in writing from time to time).

4    


“Collateral Administrator” means Deutsche Bank Trust Company Americas and any successor thereto as collateral administrator under the Collateral Administration Agreement.
“Collateral Asset” has the meaning specified in Annex C.
“Collateral Dispute Notice” has the meaning specified in Annex C.
“Collateral Value Condition” means a decline in the Net Asset Value due to a change in the Current Market Values of one or more Collateral Assets, or an adverse change in general market conditions.
“Commitment” means, as to each Lender, its obligation to make Committed Loans to the Borrower pursuant to Section 2.01, in an aggregate principal amount at any one time outstanding not to exceed the Dollar amount set forth opposite such Lender’s name on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement.
“Commitment Fee Amount” means for
(i) any Commitment Fee Period ending on or prior to the six month anniversary of the Second Closing Date, the sum of (i) (A) 1.60% times (B) the greater of (x) zero and (y) $375 million minus the average daily Outstanding Amount during the relevant Commitment Fee Period times (C) the actual number of days in the relevant Commitment Fee Period divided by 360 plus (ii) (A) 0.75% times (B) the lesser of (x) $375 million and (y) the average daily Unused Amount during the relevant Commitment Fee Period (assuming solely for this purpose, that the Aggregate Commitment is $750,000,000 at all times during such Commitment Fee Period) times (C) the actual number of days in the relevant Commitment Fee Period divided by 360, in each case subject to adjustment as provided in Section 2.12; and
(ii)  any Commitment Fee Period ending after the six month anniversary of the Second Closing Date, the sum of (i) (A) 1.60% times (B) the greater of (x) zero and (y) $750 million minus the average daily Outstanding Amount during the relevant Commitment Fee Period times (C) the actual number of days in the relevant Commitment Fee Period divided by 360 plus (ii) (A) 0.75% times (B) the lesser of (x) $500 million and (y) the average daily Unused Amount during the relevant Commitment Fee Period times (C) the actual number of days in the relevant Commitment Fee Period divided by 360, in each case subject to adjustment as provided in Section 2.12
“Commitment Fee Period” means each period commencing on (and including) the last Business Day of March, June, September or December as applicable and ending on (but excluding) the next following last Business Day of June, September, December or March, as applicable; except that the first Commitment Fee Period shall commence on the date that is three months after the Closing Date, and the last Commitment Fee Period shall end on, but exclude, the last day of the Availability Period.

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“Committed Borrowing” means a borrowing consisting of simultaneous Committed Loans of the same Type and, in the case of Eurocurrency Rate Loans, having the same Interest Period made by each of the Lenders pursuant to Section 2.01.
“Committed Loan” has the meaning specified in Section 2.01.
“Committed Loan Notice” means a notice of (a) a Committed Borrowing, (b) a conversion of Committed Loans from one Type to the other, or (c) a continuation of Eurocurrency Rate Loans or Base Rate Loans, pursuant to Section 2.02(a), which, if in writing, shall be substantially in the form of Exhibit A.
“Company” has the meaning specified in the introductory paragraph hereto.
“Compliance Certificate” means a certificate substantially in the form of Exhibit D-1 or Exhibit D-2.
“Connection Income Taxes” means 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” means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound.
“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto.
“Credit Extension” means a Borrowing.
“Credit Trigger” means any of the following: (i) a Regulatory Event with respect to any Key Personnel, Investment Adviser or Investment Adviser Parent, (ii) a Change in Investment Adviser, (iii) a Key Personnel Event or (iv) the Net Asset Value is less than (A) $50,000,000 on any date on or after the date of the initial Credit Extension hereunder and prior to the six month anniversary of the Closing Date, (B) $125,000,000 on any date during the period from and including December 27, 2014, to but excluding the Second Closing Date, (C) $175,000,000 on any date during the period from and including the Second Closing Date to and including the six month anniversary of the Second Closing Date or (D) $215,000,000 on any date after the six month anniversary of the Second Closing Date and such Net Asset Value deficiency is not cured within 3 days following notice thereof to the Borrower by the Administrative Agent.
“Current Market Price” has the meaning specified in Annex C.
“Current Market Value” has the meaning specified in Annex C.
“Current Market Value Percentage” has the meaning specified in Annex C.
“Current Pay Obligation” has the meaning specified in Annex C.

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“Debtor Relief Laws” has the meaning specified in Annex C.
“Default” means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both, would be an Event of Default.
“Default Rate” means, with respect to the Obligations, an interest rate equal to the Prime Rate + 2.00%.
“Defaulted Obligation” has the meaning specified in Annex C.
“Defaulting Lender” means, subject to Section 2.12(b), any Lender that (a) has failed to (i) fund all or any portion of its Loans within two Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Company in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within two Business Days of the date when due, (b) has notified the Company and the Administrative Agent in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three Business Days after written request by the Administrative Agent or the Company, to confirm in writing to the Administrative Agent and the Company that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Company), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, or (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any Equity Interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above, and of the effective date of such status, shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.12(b)) as of the date established therefor by the Administrative Agent in a written notice of such determination, which shall be delivered by the Administrative Agent to the Company and each other Lender promptly following such determination.

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“Designated Jurisdiction” means any country or territory to the extent that such country or territory itself is the subject of any Sanction; it being agreed that in no event shall the United States of America be a Designated Jurisdiction.
“DIP Loan” has the meaning specified in Annex C.
“Disposition” or “Dispose” means the sale, transfer, license, lease or other disposition (including any sale and leaseback transaction) of any property by any Person, including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith.
“Disqualified Lender” has the meaning specified in Section 10.06(b)(v).
“Disqualified Participation” has the meaning specified in Annex C.
“Distressed Exchange Offer” has the meaning specified in Annex C.
“Dollar”, “USD” and “$” have the meaning specified in Annex C.
“Dollar Equivalent” means, at any time, (a) with respect to any amount denominated in Dollars, such amount, and (b) with respect to any amount denominated in any other currency, the equivalent amount thereof in Dollars as determined by the Administrative Agent at such time on the basis of the current spot rate determined by the Administrative Agent in a commercially reasonable manner.
“Eligible Assignee” means any Person that meets the requirements to be an assignee under Section 10.06(b)(iii) and (v) (subject to such consents, if any, as may be required under Section 10.06(b)(iii)).
“Eligible Collateral Asset” has the meaning specified in Annex C.
“Eligible Collateral Asset Information” has the meaning specified in the Collateral Administration Agreement.
“Equity Interests” means, with respect to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or such other interests), and all of the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on any date of determination.
“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time.

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“ERISA Affiliate” means any trade or business (whether or not incorporated) under common control with the Company within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code).
“Eurocurrency Rate” means:
(a)    With respect to any Eurocurrency Rate Loan, the rate per annum equal to the London Interbank Offered Rate (“LIBOR”) or a comparable or successor rate which rate is approved by the Administrative Agent, as published on the applicable Reuters screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, for deposits in Dollars (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period; and
(b)    for any rate calculation with respect to a Base Rate Loan on any date, the rate per annum equal to LIBOR, at or about 11:00 a.m., London time determined two Business Days prior to such date for Dollar deposits with a term of one month commencing that day; provided that to the extent a comparable or successor rate is approved by the Administrative Agent in connection with any rate set forth in this definition, the approved rate shall be applied to the applicable Interest Period in a manner consistent with market practice; provided, further that to the extent such market practice is not administratively feasible for the Administrative Agent, such approved rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent.
“Eurocurrency Rate Loan” means a Committed Loan that bears interest at a rate based on clause (a) of the definition of “Eurocurrency Rate”.
“Event of Default” has the meaning specified in Section 8.01.
“Excluded Affiliate” means an Excluded Horizontal Affiliate or Excluded Managed Fund.
“Excluded Horizontal Affiliate” means with respect to Affiliates of the Company, any Person which is an Affiliate solely because such Person is owned or controlled by American Capital Ltd., except that the Investment Adviser, Investment Adviser Parent, Borrower Parent, the Borrower or any other direct or indirect subsidiary of Borrower Parent shall not be Excluded Horizontal Affiliates.
“Excluded Managed Fund” means with respect to Affiliates of the Company, any Person which is an Affiliate solely because such Person is a managed fund managed by Investment Adviser or its Affiliates, except that the Investment Adviser, Investment Adviser Parent, Borrower Parent, the Borrower or any other direct or indirect subsidiary of Borrower Parent shall not be Excluded Managed Funds.
“Excluded Taxes” means any of the following Taxes imposed on or with respect to any 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,

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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 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 a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Company under Section 10.13) or (ii) such Lender changes its Lending Office, except in each case to the extent that, pursuant to Section 3.01(a)(ii) or (c), 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 3.01(e) and (d) any U.S. federal withholding Taxes imposed pursuant to FATCA.
“Facility” has the meaning specified in the recitals hereto.
“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (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 implementing the foregoing (including any legislation, rules or practices adopted pursuant to such intergovernmental agreements).
“Federal Funds Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Bank of America on such day on such transactions as determined by the Administrative Agent.
“Fee Letter” means each of the First Fee Letter and the Second Fee Letter.
“First Fee Letter” means the letter agreement, dated as of the Closing Date, between the Company and the Administrative Agent.
“First Lien Bank Loan” has the meaning specified in Annex C.
“Fitch” has the meaning specified in Annex C.
“Fitch Rating” has the meaning specified in Annex C.
“Foreign Lender” means, a Recipient that is not a U.S. Person.
“FRB” means the Board of Governors of the Federal Reserve System of the United States.

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“Fund” means any Person (other than a natural Person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities.
“GAAP” means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied.
“Governmental Authority” means the government of the United States or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank).
“Guarantee” means, as to any Person, without duplication of amounts, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any Indebtedness or other obligation of any other Person, whether or not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien). The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding meaning.
“Indebtedness” means, as to any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness or liabilities in accordance with GAAP:
(a)    all obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments;

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(b)    all direct or contingent obligations of such Person arising under letters of credit (including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments;
(c)    net obligations of such Person under any Swap Contract;
(d)    all obligations of such Person to pay the deferred purchase price of property or services (other than accounts payable in the ordinary course of business, provided that the aggregate of any such amounts due and payable at any time shall not exceed $100,000);
(e)    indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse;
(f)    capital leases and Synthetic Lease Obligations;
(g)    all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Equity Interest in such Person or any other Person, valued, in the case of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends;
(h)    any Swap Contract under which the Swap Termination Value thereof with respect to Borrower could be less than zero as of any date during the term of such Swap Contract, regardless of the actual Swap Termination Value as of any date; and
(i)    all Guarantees of such Person in respect of any of the foregoing.
For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse to such Person.
“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Company under any Loan Document and (b) to the extent not otherwise described in clause (a), Other Taxes.
“Indemnitee” has the meaning specified in Section 10.04(b).
“Indictment Event” has the meaning specified in the definition of “Regulatory Event”.
“Information” has the meaning specified in Section 10.07.
“Interest Payment Date” means, (a) as to any Loan other than a Base Rate Loan, the last day of each Interest Period applicable to such Loan and the Maturity Date; provided, however, that if any Interest Period for a Eurocurrency Rate Loan exceeds three months, the respective dates that fall every three months after the beginning of such Interest Period shall also be Interest Payment

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Dates; and (b) as to any Base Rate Loan, the last Business Day of each March, June, September and December and the Maturity Date.
“Interest Period” means as to each Eurocurrency Rate Loan, the period commencing on the date such Eurocurrency Rate Loan is disbursed or converted to or continued as a Eurocurrency Rate Loan and ending on the date one week, two weeks or one, three or six months thereafter (in each case, subject to availability), as selected by the Company in its Committed Loan Notice; provided that:
(i)    any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless, in the case of a Eurocurrency Rate Loan, such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day;
(ii)    any Interest Period pertaining to a Eurocurrency Rate Loan that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and
(iii)    no Interest Period shall extend beyond the Maturity Date.
“Investment Company Act” means the Investment Company Act of 1940, as amended.
“Investment Adviser” means American Capital Leveraged Finance Management, LLC (including any successor to the Investment Adviser by reason of an internal restructuring or other internal reorganization and which is controlled and managed by substantially the same individuals that are currently involved in the day-to-day operations of the Investment Adviser as of the Closing Date).
“Investment Adviser Parent” means American Capital Asset Management, LLC or (without prejudice to the provisions relating to a Change in Investment Adviser) any successor in interest thereto that controls, directly or indirectly, the Investment Adviser.
“Investment Advisory Agreement” means the Investment Advisory Agreement dated as of the Closing Date between the Investment Adviser and the Borrower.
“IRS” means the United States Internal Revenue Service.
“JPM Facility Documents” has the meaning specified in Annex C.
“Key Personnel” means each of Mark Pelletier, Michael Cerullo, Dana Dratch, William Weiss, and Juan Miguel Estela and any individuals approved by the Administrative Agent in its reasonable discretion as replacement key personnel for purposes of this definition.
“Key Personnel Event” means that on any date there are not at least 2 of the Key Personnel responsible for the portfolio management of the Borrower, such responsibility to include, without limitation, being substantially involved in directing the investment decisions of the Borrower

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(whether such services are provided directly or indirectly through the Investment Adviser) and such condition exists for 45 consecutive days after such date.
“Laws” has the meaning specified in Annex C.
“Lenders” has the meaning specified in the introductory paragraph hereto.
“Lending Office” means, as to any Lender, the office or offices of such Lender described as such in such Lender’s Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify the Company and the Administrative Agent.
“LIBOR” has the meaning specified in the definition of Eurocurrency Rate.
“Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, or preference, priority or other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to real property, and any financing lease having substantially the same economic effect as any of the foregoing).
“Lien Burdened Counterparty” has the meaning specified in Annex C.
“Lien Release Confirmation” has the meaning specified in Annex C.
“Limited Liability Company Agreement” means the Limited Liability Company Agreement of the Company dated as of June 23, 2014 including any permitted amendments thereto from time to time.
“Loan” means an extension of credit by a Lender to the Borrower under Article II in the form of a Committed Loan.
“Loan Documents” means this Agreement, the Security Agreement, the Collateral Administration Agreement, each Assignment and Assumption, each Note and each Fee Letter.
“London Banking Day” means any day on which dealings in Dollar deposits are conducted by and between banks in the London interbank Eurodollar market.
“Makewhole Fee” has the meaning specified in Section 2.07(b).
“Markit” has the meaning specified in Annex C.
“Material Adverse Effect” means, relative to any occurrence of whatever nature (including any adverse determination in any litigation, arbitration, or governmental investigation or proceeding), a materially adverse effect on (a) the financial condition or operations of the Borrower, (b) the legality, validity or enforceability of any of the Loan Documents, (c) the right or ability of the Borrower to perform any of its obligations under any of the Loan Documents, or (d) the rights

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or remedies of the Lender under any of the Loan Documents or of the Borrower under the Collateral Assets.
“Maturity Date” means the second anniversary of the Second Closing Date; provided, however, that if such date is not a Business Day, the Maturity Date shall be the next following Business Day.
“Moody’s” has the meaning specified in Annex C.
“Moody’s Rating” has the meaning specified in Annex C.
“Non-Qualifying Assets” has the meaning specified in Annex C.
“Net Asset Value” means an amount equal to the excess of (i) (A) the aggregate of the Current Market Values of each Collateral Asset which is a First Lien Bank Loan, Second Lien Bank Loan, Senior Secured Bond or Senior Unsecured Bond (whether or not meeting the Eligibility Criteria and whether or not included in the Borrowing Base) (excluding, for the avoidance of doubt, Cash and Cash Equivalents) plus (B) the par value of all Cash and Cash Equivalents owned by the Borrower over (ii) the sum of the Total Outstandings and other Indebtedness of the Borrower, in each case expressed as a Dollar Equivalent if applicable.
“Non-Consenting Lender” means any Lender that does not approve any consent, waiver or amendment that (i) requires the approval of a majority of Lenders or all Lenders or all affected Lenders in accordance with the terms of Section 10.01 and (ii) has been approved by the Required Lenders.
“Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender at such time.
“Note” means a promissory note made by the Borrower in favor of a Lender evidencing Loans made by such Lender to the Borrower, substantially in the form of Exhibit B.
“Obligations” has the meaning specified in Annex C.
“OFAC” means the Office of Foreign Assets Control of the United States Department of the Treasury.
“Offer” has the meaning specified in Annex C.
“Organization Documents” means, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or organization and operating agreement; and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable

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Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or organization of such entity.
“Other Connection Taxes” means, 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 Loan Document, or sold or assigned an interest in any Loan or Loan Document).
“Other Taxes” means 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 Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 3.06).
“Unconfirmed Released Asset” has the meaning specified in Annex C.
“Outstanding Amount” means, with respect to Committed Loans on any date, the aggregate outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of such Committed Loans occurring on such date.
“Overnight Rate” means, for any day, the greater of (i) the Federal Funds Rate and (ii) an overnight rate determined by the Administrative Agent, in accordance with banking industry rules on interbank compensation.
“Participant” has the meaning specified in Section 10.06(d).
“Participant Register” has the meaning specified in Section 10.06(d).
“Permitted Liens” means any of the following as to which no enforcement, collection, execution, levy or foreclosure proceeding shall have been commenced: (a) Liens for state, municipal or other local 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 Laws, such as 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 in favor of the Administrative Agent or any Lender granted pursuant to or by any Loan Document and (d) a Permitted Collateral Administrator Lien (as defined in the Collateral Administration Agreement). Notwithstanding the preceding sentence, no Lien for any Indebtedness other than the Obligations will be a Permitted Lien.
“Permitted Net Interest Amount” for any year means an amount reasonably demonstrated by the Borrower and confirmed by the Administrative Agent (such confirmation not to be

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unreasonably withheld or delayed) not to exceed the amount of taxable income attributed to Borrower’s assets as determined by the Code (less any other distributions from Borrower to Borrower Parent during such year, except distributions permitted under clause (iv) of Permitted Uses).
“Permitted Reorganization” means the spin off or other transfer by Borrower Parent of all of the Equity Interests in the Borrower to another Person, subject to the following conditions:
(i)    The Replacement Borrower Parent is managed by the Investment Adviser or an Affiliate thereof;
(ii)    Borrower confirms in writing to the Administrative Agent the representations and warranties with respect to Borrower Parent set forth in Article V, apply to Replacement Borrower Parent mutatis mutandis, as of the date of the Permitted Reorganization (except that the representations and warranties contained in subsections (a) and (b) of Section 5.05 shall be deemed to refer to the most recent statements furnished by Replacement Borrower Parent);
(iii)    Replacement Borrower Parent delivers to the Administrative Agent true sale and nonconsolidation opinions substantially the same as the opinions of counsel rendered in connection with the Closing, including certifications, representations and warranties from Replacement Borrower Parent substantially the same as any certifications, representations or warranties made by American Capital, Ltd. in connection with such opinions;
(iv)    Replacement Borrower Parent and the Borrower enter into a Replacement Sale Agreement; and
(v)     The Administrative Agent and Required Lenders consent to such reorganization.
Following any Permitted Reorganization, American Capital, Ltd. and its Affiliates and any other former Borrower Parent and its Affiliates will be deemed to be Affiliates of the Company for purposes of Section 7.07.
“Permitted Uses” means (i) the purchase or acquisition of assets certified by the Borrower to be Eligible Collateral Assets at the time of purchase or acquisition, provided that for the purposes of making such certifications, the Borrower may rely upon its good faith expectation as to (1) the Relevant Obligor Domicile or Current Market Value that will be determined by the Administrative Agent in relation to the relevant Collateral Asset and (2) solely in relation to Collateral Assets being acquired by Borrower at the initial issuance or funding thereof, (A) the availability of data with respect to such Collateral Asset from the applicable Pricing Source or (B) the number of pricing quotes available to the Administrative Agent from Approved Dealers in respect of such Collateral Asset; (ii) the payment of Taxes, fees or other expenses of Borrower to maintain its legal existence; (iii) payment of investment management fees (if any) pursuant to the Investment Advisory Agreement; (iv) distributions to Borrower Parent that will be used solely to pay overhead expenses (not to exceed $500,000 per year); (v) distributions to Borrower Parent that will be used to make payment of dividends required to be paid by Borrower Parent in order to maintain its status as a “regulated investment company” pursuant to and in accordance with the Code, in an amount not to

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exceed the Permitted Net Interest Amount in any year; (vi) solely with respect to (1) the initial Credit Extension, the payment of any amounts due under the First Fee Letter and (2) the first Credit Extension after the Second Closing Date, the payment of any amounts due under the Second Fee Letter; and (v) subject to Section 7.06, other distributions to the Borrower Parent.
“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.
“Plan” means any “employee pension benefit plan” within the meaning of Section 3(2) of ERISA that is subject to Title IV of ERISA or Section 4975 of the Code.
“Plan Assets” means assets of any (i) employee benefit plan (as defined in Section 3(3) of ERISA) subject to Title I of ERISA, (ii) plan (as defined in Section 4975(e)(1) of the Code) to which Section 4975 of the Code applies, or (iii) non-US, church or governmental plan subject to non-US, federal, state or local laws, rules or regulations substantially similar to Title I of ERISA or Section 4975 of the Code.
“Platform” has the meaning specified in Section 6.02.
“Pricing Source” has the meaning specified in Annex C.
“Prime Rate” means the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate.” The “prime rate” is a rate set by Bank of America based upon various factors including Bank of America’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such prime rate announced by Bank of America shall take effect at the opening of business on the day specified in the public announcement of such change.
“Public Lender” has the meaning specified in Section 6.02.
“Rate Determination Date” means two (2) Business Days prior to the commencement of such Interest Period (or such other day as is generally treated as the rate fixing day by market practice in such interbank market, as determined by the Administrative Agent; provided that to the extent such market practice is not administratively feasible for the Administrative Agent, such other day as otherwise reasonably determined by the Administrative Agent).
“Recipient” means the Administrative Agent and any Lender, as applicable.
“Register” has the meaning specified in Section 10.06(c).
“Registered” has the meaning specified in Annex C.
“Regulatory Event” means with respect to any Person (i) the issuance to such Person of an injunction or administrative order to cease and desist from causing any violations, including, without limitation, any future violations of securities laws; (ii) suspension of such Person from association with any broker or dealer, investment company or investment adviser for a period of one year or

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more; (iii) a final finding by a court or regulator, including a self-regulatory organization, with respect to the making of a materially false statement or omission by such person; or (iv) the issuance with respect to such Person of a criminal indictment with respect to a felony related to or having a material adverse effect on such Person’s business of providing investment management services (an “Indictment Event”); provided that any indictment arising from practices that have become the subject of contemporaneous actions against multiple (i.e., three or more) unaffiliated investment advisers shall not constitute an Indictment Event for purposes of this clause (iv) unless (x) such indictment otherwise meets the requirements of this clause and (y) either (I) such indictment is an indictment of any Key Personnel or (II) more than 30 days have expired since the commencement of such indictment during which period such Person has failed to cure such indictment.  For purposes of the foregoing subclause (y), an indictment against no more than two such officers or employees (other than Key Personnel) of a corporate Person will be deemed to be cured if such Person removes responsibility for the management of the Collateral Assets from such officers or employees of such Person that are the subject of the applicable indictment within such 30-day period.
“Related Parties” means, 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 of such Person’s Affiliates.
“Relevant Affiliate” means any Affiliate of Borrower Parent other than (i) an Excluded Managed Fund and (ii) a special purpose entity subsidiary of Borrower Parent (a) which is subject to requirements substantially the same as the Special Purpose Entity Requirements (including the relevant provisions of the Limited Liability Company Agreement) in relation to the Borrower Parent and Borrower Parent’s Affiliates, (b) which is subject to requirements substantially the same as those applicable under the Sale Agreement or Replacement Sale Agreement for any purchases of financial assets by such special purpose entity from Borrower Parent or Borrower Parent’s Affiliates and (c) for which true sale and nonconsolidation opinions substantially the same as the opinions of counsel rendered in connection with the Loan Documents have been rendered in connection with purchases of financial assets by such special purpose entity from Borrower Parent or Borrower Parent’s Affiliates.
“Replacement Borrower Parent” means any Person that obtains all of the Equity Interests in the Borrower pursuant to a Permitted Reorganization.
“Replacement Sale Agreement” means a sale and participation agreement in substantially the form of the Sale Agreement and entered into between a Replacement Borrower Parent as assignor and Borrower as assignee.
“Request for Credit Extension” means with respect to a Borrowing, conversion or continuation of Committed Loans, a Committed Loan Notice.
“Required Approvals” has the meaning specified in Section 10.01.
“Required Lenders” means, at any time, Lenders having Total Credit Exposures representing more than 50% of the Total Credit Exposures of all Lenders. The Total Credit Exposure of any Defaulting Lender shall be disregarded in determining Required Lenders at any time.

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“Required Ratings” has the meaning specified in Annex C.
“Responsible Officer” means with respect to the Company, any director, designated manager, authorized signatory, officer or any other Person who is authorized to act for the Company, solely for purposes of the delivery of incumbency certificates pursuant to Section 4.01, the secretary or any assistant secretary of the Company and, solely for purposes of notices given pursuant to Article II, any other officer or employee of the Company or the Investment Adviser so designated by any of the foregoing officers in a notice to the Administrative Agent. Any document delivered hereunder that is signed by a Responsible Officer of the Company shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of the Company and such Responsible Officer shall be conclusively presumed to have acted on behalf of the Company.
“Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to any capital stock or other Equity Interest of the Company, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such capital stock or other Equity Interest, or on account of any return of capital to the Company’s stockholders, partners or members (or the equivalent Person thereof).
“Revolving Credit Exposure” means, as to any Lender at any time, the aggregate Outstanding Amount at such time of its Committed Loans.
“S&P” has the meaning specified in Annex C.
“S&P Rating” has the meaning specified in Annex C.
“Sale Agreement” means the Sale and Participation Agreement dated as of Closing Date, among Borrower and Borrower Parent.
“Sanction(s)” means any international economic sanction administered or enforced by the United States Government (including without limitation, OFAC), the United Nations Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority in any jurisdiction in which the Borrower or any of its Affiliates (other than an Excluded Affiliate) operates or is organized or located (it being understood and agreed that any sanctions enforced by such other jurisdictions against the United States shall be excluded from the definition hereof).
“Same Day Funds” means immediately available funds in Dollars.
“SEC” means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.
“Second Closing Date” has the meaning specified in the preamble hereto
“Second Fee Letter” means the letter agreement, dated as of the Second Closing Date, between the Company and the Administrative Agent.

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“Second Lien Bank Loan” has the meaning specified in Annex C.
“Securities Act” means the United States Securities Act of 1933, as amended.
“Security Agreement” means the Security Agreement between the Administrative Agent and the Company, dated as of the Closing Date (as amended, restated, extended, supplemented or otherwise modified in writing from time to time).
“Senior Secured Bond” has the meaning specified in Annex C.
“Senior Subordinated Bond” has the meaning specified in Annex C.
“Senior Unsecured Bond” has the meaning specified in Annex C.
“Single Bid Asset” has the meaning specified in Annex C.
“Special Purpose Entity Requirements” means the obligations of the Company to comply with the provisions set forth in Annex D.
“Special Situation Asset” has the meaning specified in Annex C.
“Stale Participation” has the meaning specified in Annex C.
“Structured Finance Security” has the meaning specified in Annex C.
“Subordinated Bond” has the meaning specified in Annex C.
“Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other similar master agreement relating to a similar transaction (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement.
“Swap Termination Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such

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Swap Contracts, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts (which may include a Lender or any Affiliate of a Lender).
“Synthetic Lease Obligation” means the monetary obligation of a Person under (a) a so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or possession of property creating obligations that do not appear on the balance sheet of such Person but which, upon the insolvency or bankruptcy of such Person, would be characterized as the Indebtedness of such Person (without regard to accounting treatment).
“Taxes” means all 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.
“Total Credit Exposure” means, as to any Lender at any time, the unused Commitments and Revolving Credit Exposure of such Lender at such time.
“Total Outstandings” means the aggregate Outstanding Amount of all Loans.
“Type” means, with respect to a Committed Loan, its character as a Base Rate Loan or a Eurocurrency Rate Loan.
“United States” and “U.S.” mean the United States of America.
“Unused Amount” means on any date the excess of the Aggregate Commitments over the Outstanding Amount.
“U.S. Person” means any Person that is a “United States person” as defined in Section 7701(a)(30) of the Code.
“U.S. Tax Compliance Certificate” has the meaning specified in Section 3.01(e)(ii)(B)(III).
“Zero Coupon Swap Rate” means, for any maturity, the value for such maturity of “USD-ISDA-Swap Rate” as defined in the 2006 ISDA Definitions as published by the International Swaps and Derivatives Association, Inc., or any successor publication (or if no value of “USD-ISDA-Swap Rate” is available for the relevant maturity, the value determined by linear interpolation between the closest maturities for which a value is available), as determined by the Administrative Agent in a commercially reasonable manner.
1.02    Other Interpretive Provisions.
With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document:
(a)    The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the

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corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument or other document (including any Organization Document) shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements supplements or modifications set forth herein or in any other Loan Document), (ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the words “hereto,” “herein,” “hereof” and “hereunder,” and words of similar import when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision thereof, (iv) all references in a Loan Document to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference to any law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such law and any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time, and (vi) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.
(b)    In the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including;” the words “to” and “until” each mean “to but excluding;” and the word “through” means “to and including.”
(c)    Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement or any other Loan Document.
1.03    Accounting Terms.
All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that used in preparing the Audited Financial Statements, except as otherwise specifically prescribed herein.
1.04    Rounding.
Any financial ratios required to be maintained by the Company pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number).
1.05    [Reserved].

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1.06    [Reserved].
1.07    Times of Day.
Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or standard, as applicable).
1.08    Business Day Convention.
Unless otherwise specified, in the event any time period or any date provided in this Agreement ends or falls on a day other than a Business Day, then such time period shall be deemed to end and such date shall be deemed to fall on the next succeeding Business Day, and performance herein may be made on such Business Day, with the same force and effect as if made on such other day.
ARTICLE II.
THE COMMITMENTS AND CREDIT EXTENSIONS
2.01    Committed Loans.
Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans (each such loan, a “Committed Loan”) to the Borrower in Dollars from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s Commitment; provided, however, that after giving effect to any Committed Borrowing, (i) the Total Outstandings shall not exceed the Aggregate Commitments and (ii) the Revolving Credit Exposure of any Lender shall not exceed such Lender’s Commitment. Within the limits of each Lender’s Commitment, and subject to the other terms and conditions hereof, the Borrower may borrow under this Section 2.01, prepay under Section 2.03, and reborrow under this Section 2.01. Committed Loans may be Base Rate Loans or Eurocurrency Rate Loans, as further provided herein.
2.02    Borrowings, Conversions and Continuations of Committed Loans.
(a)    Each Committed Borrowing, each conversion of Committed Loans from one Type to the other, and each continuation of Eurocurrency Rate Loans shall be made upon the Company’s irrevocable notice to the Administrative Agent and Collateral Administrator, which may be given in writing, including via email. Each such notice must be received by the Administrative Agent not later than 11:00 a.m. (a) three Business Days prior to the requested date of any Borrowing of, conversion to or continuation of any Eurocurrency Rate Loans and (b) on the date of the requested Borrowing of, conversion to or continuation of any Base Rate Loan or of any conversion of Eurocurrency Rate Loans to Base Rate Loans. Each written notice by the Company pursuant to this Section 2.02(a) must be confirmed promptly by delivery to the Administrative Agent of a written Committed Loan Notice, appropriately completed and signed by a Responsible Officer of the Company. Each Borrowing of, conversion to or continuation of Eurocurrency Rate Loans shall be in a principal amount of $250,000 (or $500,000, if there is more than one Lender at such time) or

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a whole multiple of $50,000 (or $100,000, if there is more than one Lender at such time) in excess thereof, or in the amount of the unused portion of the Commitments. Each Borrowing of or conversion to Base Rate Loans shall be in a principal amount of $250,000 (or $500,000, if there is more than one Lender at such time) or a whole multiple of $50,000 (or $100,000, if there is more than one Lender at such time) in excess thereof or in the amount of the unused portion of the Commitments. Each Committed Loan Notice shall specify (i) whether the Company is requesting a Committed Borrowing, a conversion of Committed Loans from one Type to the other, or a continuation of Eurocurrency Rate Loans or Base Rate Loans, (ii) the requested date of the Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of Committed Loans to be borrowed, converted or continued, (iv) the Type of Committed Loans to be borrowed or continued or to which existing Committed Loans are to be converted and (v) if applicable, the duration of the Interest Period with respect thereto. If the Company fails to specify a Type of Committed Loan in a Committed Loan Notice or if the Company fails to give a timely notice requesting a conversion or continuation, then the applicable Committed Loans shall be made as, or converted to, Eurocurrency Rate Loans with an Interest Period of one month. If the Company requests a Borrowing of, conversion to, or continuation of Eurocurrency Rate Loans in any such Committed Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month.
(b)    Following receipt of a Committed Loan Notice, the Administrative Agent shall promptly notify each Lender of the amount of its Applicable Percentage of the applicable Committed Loans, and if no timely notice of a conversion or continuation is provided by the Company, the Administrative Agent shall notify each Lender of the details of any automatic conversion to Eurocurrency Rate Loans as described in the preceding subsection. In the case of a Committed Borrowing, each Lender shall make the amount of its Committed Loan available to the Administrative Agent in Same Day Funds at the Administrative Agent’s Office for the applicable currency not later than 1:00 p.m., on the Business Day specified in the applicable Committed Loan Notice. Upon satisfaction of the applicable conditions set forth in Section 4.02 (and, if such Borrowing is the initial Credit Extension, Section 4.01), the Administrative Agent shall make all funds so received available to the Company in like funds as received by the Administrative Agent either by (i) crediting the account of the Borrower on the books of Bank of America with the amount of such funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent by the Borrower.
(c)    Except as otherwise provided herein, a Eurocurrency Rate Loan may be continued or converted only on the last day of an Interest Period for such Eurocurrency Rate Loan unless the Borrower pays the amount due, if any, under Section 3.05 in connection therewith. During the existence of a Default, no Loans may be converted to or continued as Eurocurrency Rate Loans without the consent of the Required Lenders.
(d)    The Administrative Agent shall promptly notify the Company and the Lenders of the interest rate applicable to any Interest Period for Eurocurrency Rate Loans upon determination of such interest rate. At any time that Base Rate Loans are outstanding, the Administrative Agent shall notify the Company and the Lenders of any change in the Prime Rate used in determining the Base Rate promptly following the public announcement of such change.

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(e)    After giving effect to all Committed Borrowings, all conversions of Committed Loans from one Type to the other, and all continuations of Committed Loans as the same Type, there shall not be more than fifteen Interest Periods in effect with respect to Committed Loans.
2.03    Prepayments.
(a)    The Borrower may, upon notice to the Administrative Agent, at any time or from time to time voluntarily prepay Committed Loans, in whole or in part without premium or penalty; provided that (i) such notice must be received by the Administrative Agent not later than 11:00 a.m. (A) three Business Days prior to any date of prepayment of Eurocurrency Rate Loans and (B) on the date of prepayment of Base Rate Loans; (ii) any prepayment of Eurocurrency Rate Loans shall be in a principal amount of $1,000,000 or a whole multiple of $100,000 in excess thereof; and (iii) any prepayment of Base Rate Loans shall be in a principal amount of $1,000,000 or a whole multiple of $100,000 in excess thereof or, in each case, if less, the entire principal amount thereof then outstanding. Each such notice shall be irrevocable and specify the date and amount of such prepayment and the Type(s) of Committed Loans to be prepaid and, if Eurocurrency Rate Loans are to be prepaid, the Interest Period(s) of such Loans. The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s Applicable Percentage of such prepayment. If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. Subject to Section 2.12, each such prepayment shall be applied to the Committed Loans of the Lenders in accordance with their respective Applicable Percentages.
(b)    If the Administrative Agent notifies the Borrower at any time that a Borrowing Base Deficiency exists at such time, then the Borrower shall (i) give notice to the Administrative Agent and Lenders whether it intends to cure any Borrowing Base Deficiency by 3:00 p.m. on the Business Day following the date on which the Borrower is notified of such Borrowing Base Deficiency (unless Borrower has actually cured such Borrowing Base Deficiency by such time) and, if so, (ii) cure any Borrowing Base Deficiency by 3:00 p.m. on the second Business Day following the date on which a Borrowing Base Deficiency arose by either (A) repaying outstanding Loans or transferring additional Eligible Collateral Assets, Cash or Cash Equivalents to the Collateral Account so that the Borrowing Base will thereupon equal or exceed the Total Outstandings or (B) delivering to the Administrative Agent a written report showing a projected cure of any Borrowing Base Deficiency based on actions described in clause (A), if any, and pending purchases and sales of Collateral Assets as of the date of such report, provided that such report shall (1) be satisfactory to the Administrative Agent, (2) give effect to all projected purchases of Collateral Assets and other financial assets by the Borrower and account in a manner satisfactory to the Administrative Agent for any change in the market value of any such Collateral Assets and (3) give effect to sales of Collateral Assets only if such sales are (x) committed sales as of the date of such report, (y) sales to Approved Dealers and (z) reasonably expected by the Administrative Agent to be fully settled within 30 days of the date of such report. Notwithstanding Section 7.07, the Borrower Parent may at its option, but shall not in any way be obligated to, contribute Eligible Collateral Assets, Cash or Cash Equivalents at any time to the Borrower to cure a Borrowing Base Deficiency or for any other reason.

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(c)    Any prepayment of any Loan shall be accompanied by all accrued and unpaid interest, amounts owing under Section 2.06 in respect of the amount prepaid and in the case of any Eurocurrency Rate Loan any additional amounts required pursuant to Section 3.05.
2.04    Termination or Reduction of Commitments.
The Company may, at its discretion, upon written notice to the Administrative Agent, terminate the Aggregate Commitments, or from time to time permanently reduce the Aggregate Commitments; provided that (i) any such notice shall be received by the Administrative Agent not later than 11:00 a.m. five Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of at least $1,000,000 or, if less, the entire Aggregate Commitments and (iii) the Company shall not terminate or reduce the Aggregate Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Outstandings would exceed the Aggregate Commitments. The Borrower will be required to pay the Makewhole Fee, applicable amounts under Sections 3.01 and 3.05 and other amounts applicable for the terminated portion of the Facility; provided that a Makewhole Fee will not be payable in the event that (i) Borrower exercises the right to terminate or reduce the Facility described in this Section 2.04 following the assertion of claims for additional amounts under Sections 3.01 and 3.04 that exceed an amount equal to 0.10% per annum times the Aggregate Commitments or (ii) Borrower exercises the right to terminate the Facility (in whole) described in this Section 2.04 if (A) not less than 20 Business Days prior to such exercise, Borrower requested in writing the consent of the Administrative Agent and the Required Lenders to (x) a proposed Permitted Reorganization or (y) the Investment Adviser ceasing to be an Affiliate of Borrower Parent, (B) at least 10 Business Days have passed since such request and (C) Borrower has not received such consents. The Administrative Agent will promptly notify the Lenders of any such notice of termination or reduction of the Aggregate Commitments. Any reduction of the Aggregate Commitments shall be applied to the Commitment of each Lender according to its Applicable Percentage. All fees accrued until the effective date of any termination of the Aggregate Commitments shall be paid on the effective date of such termination.
2.05    Repayment of Loans.
The Borrower shall repay to the Lenders on the Maturity Date the aggregate principal amount of Committed Loans made to the Borrower outstanding on such date and shall repay Loans as provided in Section 2.10(b).
2.06    Interest.
(a)    Subject to the provisions of subsection (b) below, (i) each Eurocurrency Rate Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Eurocurrency Rate for such Interest Period plus the Applicable Rate and (ii) each Base Rate Loan shall bear interest on the Outstanding Amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate minus 1.00%.
(b)    (i)    If any amount of principal of any Loan is not paid when due (without giving effect to any applicable grace periods), whether at stated maturity, by acceleration or otherwise,

27    


such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws.
(ii)    If any amount (other than principal of any Loan) payable by the Borrower under any Loan Document is not paid when due (without giving effect to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the request of the Required Lenders, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws and shall continue to bear interest at such rate until but excluding the date on which such Event of Default is cured or waived.
(iii)    Upon the request of the Required Lenders, while any Event of Default exists (other than as set forth in clauses (b)(i) and (b)(ii) above), the Borrower shall pay interest on the principal amount of all outstanding Obligations hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws.
(iv)    Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand.
(c)    Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law.
2.07    Fees.
(a)    Commitment Fee. Subject to Section 2.12(a)(iii), the Borrower shall pay to the Administrative Agent for the account of each Lender in accordance with its Applicable Percentage, a commitment fee in Dollars equal to the Commitment Fee Amount. The commitment fee shall accrue at all times during the Availability Period, including at any time during which one or more of the conditions in Article IV is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the Closing Date, and on the last day of the Availability Period. The commitment fee shall be calculated quarterly.
(b)    Makewhole Fee. Subject to Section 2.12(a)(iii), if the Aggregate Commitments are terminated in whole or in part pursuant to Section 2.04 prior to December 27, 2015, then Borrower shall pay to the Administrative Agent for the account of each Lender in accordance with its Applicable Percentage a fee (the “Makewhole Fee”) equal to the sum of the present values of all future spread amounts that would have been payable in respect of the Aggregate Commitments (or terminated portion thereof) during the period from the termination date through December 27, 2015 assuming that the Outstanding Amount is equal to the Aggregate Commitments (or terminated portion thereof) and the Applicable Rate is equal to 0.75% (discounting each such spread amount to its present value based on the Zero Coupon Swap Rate as of the date of determination for a

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maturity equal to the period of time from the date of determination to the date on which such spread amount would have been paid).
(c)    Other Fees. (i) The Company shall pay to the Arranger and the Administrative Agent for their own respective accounts, in Dollars, fees in the amounts and at the times specified in each Fee Letter. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever.
(ii)    The Company shall pay to the Lenders, in Dollars, such fees as shall have been separately agreed upon in writing in the amounts and at the times so specified. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever.
2.08    Computation of Interest and Fees.
All computations of interest for Base Rate Loans (including Base Rate Loans determined by reference to the Eurocurrency Rate) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.10(a), bear interest for one day. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.
2.09    Evidence of Debt.
The Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and by the Administrative Agent in the ordinary course of business in accordance with its usual practice. The accounts or records maintained by the Administrative Agent and each Lender shall be conclusive absent manifest error of the amount of the Credit Extensions made by the Lenders to the Borrower and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrower hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error. Upon the request of any Lender to the Borrower made through the Administrative Agent, the Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Note, which shall evidence such Lender’s Loans to the Borrower in addition to such accounts or records. Each Lender may attach schedules to a Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and payments with respect thereto.

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2.10    Payments Generally; Administrative Agent’s Clawback.
(a)    General. All payments to be made by the Borrower shall be made free and clear of and without condition or deduction for any counterclaim, defense, recoupment or setoff. All payments by the Borrower hereunder shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the applicable Administrative Agent’s Office in Dollars and in Same Day Funds not later than 2:00 p.m. on the date specified herein. The Administrative Agent may require that any payments due under this Agreement be made in the United States. The Administrative Agent will promptly distribute to each Lender its Applicable Percentage (or other applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender’s Lending Office. All payments received by the Administrative Agent after 2:00 p.m shall in each case be deemed received on the next following Business Day and any applicable interest or fee shall continue to accrue. If any payment to be made by the Borrower shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be; provided that this sentence shall not apply to payments made on the Maturity Date without giving effect to the proviso in the definition of such term.
(b)    (i) Funding by Lenders; Presumption by Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Committed Borrowing of Eurocurrency Rate Loans (or, in the case of any Committed Borrowing of Base Rate Loans, prior to 12:00 noon on the date of such Committed Borrowing) that such Lender will not make available to the Administrative Agent such Lender’s share of such Committed Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with Section 2.02 (or, in the case of a Committed Borrowing of Base Rate Loans, that such Lender has made such share available in accordance with and at the time required by Section 2.02) and may, in reliance upon such assumption, make available to Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Committed Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount in Same Day Funds with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (A) in the case of a payment to be made by such Lender, the Overnight Rate, plus any administrative, processing or similar fees customarily charged by the Administrative Agent in connection with the foregoing, and (B) in the case of a payment to be made by the Borrower, the interest rate applicable to Base Rate Loans. If the Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender pays its share of the applicable Committed Borrowing to the Administrative Agent, then the amount so paid shall constitute such Lender’s Committed Loan included in such Committed Borrowing. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent.

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(ii)    Payments by Borrower; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender in Same Day Funds with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the Overnight Rate.
A notice of the Administrative Agent to any Lender or Borrower with respect to any amount owing under this subsection (b) shall be conclusive, absent manifest error.
(c)    Failure to Satisfy Conditions Precedent. If any Lender makes available to the Administrative Agent funds for any Loan to be made by such Lender to the Borrower as provided in the foregoing provisions of this Article II, and such funds are not made available to the Borrower by the Administrative Agent because the conditions to the applicable Credit Extension set forth in Article IV are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as received from such Lender) to such Lender, without interest.
(d)    Obligations of Lenders Several. The obligations of the Lenders hereunder to make Committed Loans and to make payments pursuant to Section 10.04(c) are several and not joint. The failure of any Lender to make any Committed Loan, to fund any such participation or to make any payment under Section 10.04(c) on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Committed Loan, to purchase its participation or to make its payment under Section 10.04(c).
(e)    Funding Source. Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner.
2.11    Sharing of Payments by Lenders.
If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of the Committed Loans made by it resulting in such Lender’s receiving payment of a proportion of the aggregate amount of such Committed Loans or participations and accrued interest thereon greater than its pro rata share thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the Committed Loans, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Committed Loans and other amounts owing them, provided that:

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(iii)    if any such participations or subparticipations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations or subparticipations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and
(iv)    the provisions of this Section shall not be construed to apply to (x) any payment made by or on behalf of Borrower pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender) or (y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Committed Loans to any assignee or participant, other than an assignment to the Company (as to which the provisions of this Section shall apply).
The Company consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Company’s rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Company in the amount of such participation.
2.12    Defaulting Lenders.
(a)    Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable Law:
(i)    Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definition of “Required Lenders” and Section 10.01.
(ii)    Defaulting Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 10.08 shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, as the Company may request (so long as no Default exists and is continuing), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; third, if so determined by the Administrative Agent and the Company, to be held in a deposit account and released pro rata in order to satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement; fourth, to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; fifth, so long as no Default exists or is continuing, to the payment of any amounts owing to the Company as a result of any judgment of a court of competent jurisdiction obtained by

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the Company against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and sixth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if such payment is a payment of the principal amount of any Loans in respect of which such Defaulting Lender has not fully funded its appropriate share, such payment shall be applied solely to pay the Loans of all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of such Defaulting Lender until such time as all Loans are held by the Lenders pro rata in accordance with the Commitments hereunder. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.
(iii)    Certain Fees. No Defaulting Lender shall be entitled to receive any fee payable under Section 2.07(a) or 2.07(b) for any period during which that Lender is a Defaulting Lender and the Company shall not be required to pay any such fee that otherwise would have been required to have been paid to such Defaulting Lender.
(b)    Defaulting Lender Cure. If the Company and the Administrative Agent agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein, that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Committed Loans to be held on a pro rata basis by the Lenders in accordance with their Applicable Percentages, whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Company while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.
ARTICLE III.
TAXES, YIELD PROTECTION AND ILLEGALITY
3.01    Taxes.
(f)    Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes.
(v)    Any and all payments by or on account of any obligation of the Company under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable Laws. If any applicable Laws (as determined in the good faith discretion of the applicable withholding agent) require the deduction or withholding of any Tax from any such payment by the Administrative Agent or the Company, then the Administrative Agent or the Company shall be entitled to make such deduction or withholding, upon the basis of the information and documentation to be delivered pursuant to subsection (e) below.

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(vi)    If the Company or the Administrative Agent shall be required by the Code to withhold or deduct any Taxes, including both United States Federal backup withholding and withholding Taxes, from any payment under any Loan Document, then (A) the Administrative Agent shall withhold or make such deductions as are determined by the Administrative Agent to be required based upon the information and documentation it has received pursuant to subsection (e) below, (B) the Administrative Agent shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with the Code, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes, the sum payable by the Company shall be increased as necessary so that after any required withholding or the making of all required deductions (including deductions applicable to additional sums payable under this Section 3.01) the applicable Recipient receives an amount equal to the sum it would have received had no such withholding or deduction been made.
(vii)    If the Company or the Administrative Agent shall be required by any applicable Laws other than the Code to withhold or deduct any Taxes from any payment under any Loan Document, then (A) the Company or the Administrative Agent, as required by such Laws, shall withhold or make such deductions as are determined by it to be required based upon the information and documentation it has received pursuant to subsection (e) below, (B) the Company or the Administrative Agent, to the extent required by such Laws, shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with such Laws, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes, the sum payable by the Company shall be increased as necessary so that after any required withholding or the making of all required deductions (including deductions applicable to additional sums payable under this Section 3.01) the applicable Recipient receives an amount equal to the sum it would have received had no such withholding or deduction been made.
(g)    Payment of Other Taxes by the Company. Without limiting the provisions of subsection (a) above, the Company 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.
(h)    Tax Indemnifications. (iii)  The Company shall, and does hereby, indemnify each Recipient, and shall make payment in respect thereof within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 3.01) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient, and 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 Company 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.

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(iv)    Each Lender shall, and does hereby, severally indemnify, and shall make payment in respect thereof within 10 days after demand therefor, (x) the Administrative Agent against any Indemnified Taxes attributable to such Lender (but only to the extent that the Company has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Company to do so), (y) the Administrative Agent and the Company, as applicable, against any Taxes attributable to such Lender’s failure to comply with the provisions of Section 10.06(d) relating to the maintenance of a Participant Register and (z) the Administrative Agent and the Company, as applicable, against any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent or the Company in connection with any Loan 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, as the case may be, under this Agreement or any other Loan Document against any amount due to the Administrative Agent under this clause (ii).
(i)    Evidence of Payments. Upon request by the Company or the Administrative Agent, as the case may be, after any payment of Taxes by the Company or by the Administrative Agent to a Governmental Authority as provided in this Section 3.01, the Company shall deliver to the Administrative Agent or the Administrative Agent shall deliver to the Company, as the case may be, the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return required by Laws to report such payment or other evidence of such payment reasonably satisfactory to the Company or the Administrative Agent, as the case may be.
(j)    Status of Lenders; Tax Documentation. (v) Any Recipient that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Company and the Administrative Agent, at the time or times reasonably requested by the Company or the Administrative Agent, such properly completed and executed documentation prescribed by applicable Law or the taxing authorities of a jurisdiction pursuant to such applicable Law or reasonably requested by the Company or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Recipient, if reasonably requested by the Company or the Administrative Agent, shall deliver such other documentation prescribed by applicable Law or reasonably requested by the Company or the Administrative Agent as will enable the Company or the Administrative Agent to determine whether or not such Recipient 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 either (A) set forth in Section 3.01(e)(ii)(A), Section 3.01(e)(ii)(B), Section 3.01(e)(ii)(D) or Section 3.01(e)(iii), or (B) required by applicable Law other than the Code or the taxing authorities of a jurisdiction pursuant to such applicable Law to comply with the requirements for exemption or reduction of withholding Tax in that jurisdiction) shall not be required if in the Recipient’s reasonable judgment such completion, execution or submission would subject such Recipient to any material

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unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Recipient.
(vi)    Without limiting the generality of the foregoing,
(A)    any Recipient that is a U.S. Person shall deliver to the Company and the Administrative Agent on or prior to the date on which such Recipient becomes a party to this Agreement (and from time to time thereafter upon the reasonable request of the Company or the Administrative Agent), executed originals of IRS Form W‑9 certifying that such Recipient is exempt from U.S. federal backup withholding Tax;
(B)    any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Company 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 party to this Agreement (and from time to time thereafter upon the reasonable request of the Company 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 Loan Document, executed originals of IRS Form W-8BEN 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 Loan Document, IRS Form W-8BEN 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 originals 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 E-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 Parent 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 originals of IRS Form W-8BEN; or
(IV)    to the extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, a U.S. Tax Compliance Certificate substantially in the form of Exhibit E-2 or Exhibit E-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

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provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit E-4 on behalf of each such direct and indirect partner;
(C)    any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Company 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 party to this Agreement (and from time to time thereafter upon the reasonable request of the Company or the Administrative Agent), executed originals 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 Company or the Administrative Agent to determine the withholding or deduction required to be made; and
(D)    if a payment made to a Recipient under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Recipient 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 Recipient shall deliver to the Company and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Company 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 Company or the Administrative Agent as may be necessary for the Company and the Administrative Agent to comply with their obligations under FATCA and to determine that such Recipient has complied with such Recipient’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.
(vii)    Each Recipient agrees that if any form or certification it previously delivered pursuant to this Section 3.01 expires or becomes obsolete or inaccurate in any respect, or if a successor version of such form or certification is published, it shall update such form or certification or promptly notify the Company and the Administrative Agent in writing of its legal inability to do so.
(viii)    Borrower shall deliver to the Administrative Agent on or prior to the Closing Date an executed original of IRS Form W-9. If such form becomes obsolete or inaccurate in any respect, or if a successor version of such form or certification is published, Borrower shall update such form or promptly notify the Administrative Agent in writing of its legal inability to do so.
(k)    Treatment of Certain Refunds. Unless required by applicable Laws, at no time shall the Administrative Agent have any obligation to file for or otherwise pursue on behalf of a Lender, or have any obligation to pay to any Lender, any refund of Taxes withheld or deducted from funds paid for the account of such Lender, as the case may be. If any Recipient determines, in its sole

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discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified by the Company or with respect to which the Company has paid additional amounts pursuant to this Section 3.01, it shall pay to the Company an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by the Company under this Section 3.01 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) incurred by such Recipient, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), provided that the Company, upon the request of the Recipient, agrees to repay the amount paid over to the Company (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Recipient within thirty days of such request in the event the Recipient is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this subsection, in no event will the applicable Recipient be required to pay any amount to the Company pursuant to this subsection the payment of which would place the Recipient in a less favorable net after-Tax position than such Recipient 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 subsection shall not be construed to require any Recipient to make available its tax returns (or any other information relating to its taxes that it deems confidential) to the Company or any other Person.
(l)    Survival. Each party’s obligations under this Section 3.01 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 other Obligations.
3.02    Illegality.
If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund Loans whose interest is determined by reference to the Eurocurrency Rate, or to determine or charge interest rates based upon the Eurocurrency Rate, or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the applicable interbank market, then, on notice thereof by such Lender to the Company through the Administrative Agent, (i) any obligation of such Lender to make or continue Eurocurrency Rate Loans or to convert Base Rate Loans to Eurocurrency Rate Loans, shall be suspended, and (ii) if such notice asserts the illegality of such Lender making or maintaining Base Rate Loans the interest rate on which is determined by reference to the Eurocurrency Rate component of the Base Rate, the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Eurocurrency Rate component of the Base Rate, in each case until such Lender notifies the Administrative Agent and the Company that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, (x) the Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable and such Loans are denominated in Dollars, request a conversion of all Eurocurrency Rate Loans of such Lender to Base Rate Loans (the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Eurocurrency Rate component

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of the Base Rate), either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurocurrency Rate Loans to such day, or as soon as possible (notwithstanding Section 2.02(c), if such Lender may not lawfully continue to maintain such Eurocurrency Rate Loans and (y) if such notice asserts the illegality of such Lender determining or charging interest rates based upon the Eurocurrency Rate, the Administrative Agent shall during the period of such suspension compute the Base Rate applicable to such Lender without reference to the Eurocurrency Rate component thereof until the Administrative Agent is advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon the Eurocurrency Rate. Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted and any amounts due pursuant to Section 3.05.
3.03    Inability to Determine Rates.
If in connection with any request for a Eurocurrency Rate Loan or a conversion to or continuation thereof, (a) (i) the Administrative Agent determines that (i) deposits are not being offered to banks in the applicable offshore interbank market for Dollars for the applicable amount and Interest Period of such Eurocurrency Rate Loan, or (ii) adequate and reasonable means do not exist for determining the Eurocurrency Rate for any requested Interest Period with respect to a proposed Eurocurrency Rate Loan or in connection with an existing or proposed Base Rate Loan, (in each case with respect to clause (a) above, “Impacted Loans”), or (b) the Administrative Agent or the Required Lenders  determine that for any reason the Eurocurrency Rate for any requested Interest Period with respect to a proposed Eurocurrency Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Eurocurrency Rate Loan, the Administrative Agent will promptly so notify the Company and each Lender. Thereafter, (x) the obligation of the Lenders to make or maintain Eurocurrency Rate Loans in Dollars shall be suspended, (to the extent of the affected Eurocurrency Rate Loans or Interest Periods), and (y) in the event of a determination described in the preceding sentence with respect to the Eurocurrency Rate component of the Base Rate, the utilization of the Eurocurrency Rate component in determining the Base Rate shall be suspended, in each case until the Administrative Agent (upon the instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, the Company may revoke any pending request for a Borrowing of, conversion to or continuation of Eurocurrency Rate Loans in Dollars (to the extent of the affected Eurocurrency Rate Loans or Interest Periods) or, failing that, will be deemed to have converted such request into a request for a Committed Borrowing of Base Rate Loans in the amount specified therein.
Notwithstanding the foregoing, if the Administrative Agent has made the determination described in this Section, the Administrative Agent, in consultation with the Borrower and the Required Lenders, may establish an alternative interest rate for the Impacted Loans, in which case, such alternative rate of interest shall apply with respect to the Impacted Loans until (1) the Administrative Agent revokes the notice delivered with respect to the Impacted Loans under clause (a) of the first sentence of this section, (2) the Administrative Agent or the Required Lenders notify the Administrative Agent and the Borrower that such alternative interest rate does not adequately and fairly reflect the cost to such Lenders of funding the Impacted Loans, or (3) any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted

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that it is unlawful, for such Lender or its applicable Lending Office to make, maintain or fund Loans whose interest is determined by reference to such alternative rate of interest or to determine or charge interest rates based upon such rate or any Governmental Authority has imposed material restrictions on the authority of such Lender to do any of the foregoing and provides the Administrative Agent and the Borrower written notice thereof.
3.04    Increased Costs; Reserves on Eurocurrency Rate Loans.
(a)    Increased Costs Generally. If any Change in Law shall:
(i)    impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement contemplated by Section 3.04(e), other than as set forth below);
(ii)    subject any Recipient 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; or
(iii)    impose on any Lender or the London interbank market any other condition, cost or expense affecting this Agreement or Eurocurrency Rate Loans made by such Lender or participation therein;
and the result of any of the foregoing shall be to increase the cost to such Lender of making, converting to, continuing or maintaining any Loan the interest on which is determined by reference to the Eurocurrency Rate (or of maintaining its obligation to make any such Loan), or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or any other amount) then, upon request of such Lender, the Company will pay to such Lender, such additional amount or amounts as will compensate such Lender, for such additional costs incurred or reduction suffered.
(b)    Capital Requirements. If any Lender determines that any Change in Law affecting such Lender or any Lending Office of such Lender or such Lender’s holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by such Lender to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy), then from time to time the Company will pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered.
(c)    Certificates for Reimbursement. A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company, as the case may be, as

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specified in subsection (a) or (b) of this Section and delivered to the Company shall be conclusive absent manifest error. The Company shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof.
(d)    Delay in Requests. Failure or delay on the part of any Lender to demand compensation pursuant to the foregoing provisions of this Section 3.04 shall not constitute a waiver of such Lender’s right to demand such compensation, provided that the Borrower shall not be required to compensate a Lender pursuant to the foregoing provisions of this Section for any increased costs incurred or reductions suffered more than 180 days prior to the date that such Lender notifies the Company of the Change in Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof).
(e)    Additional Reserve Requirements. The Company shall pay to each Lender, (i) as long as such Lender shall be required to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as “Eurocurrency liabilities”), additional interest on the unpaid principal amount of each Eurocurrency Rate Loan equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive absent manifest error), and (ii) as long as such Lender shall be required to comply with any reserve ratio requirement or analogous requirement of any other central banking or financial regulatory authority imposed in respect of the maintenance of the Commitments or the funding of the Eurocurrency Rate Loans, such additional costs (expressed as a percentage per annum and rounded upwards, if necessary, to the nearest five decimal places) equal to the actual costs allocated to such Commitment or Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive absent manifest error), which in each case shall be due and payable on each date on which interest is payable on such Loan, provided the Company shall have received at least 10 days’ prior notice (with a copy to the Administrative Agent) of such additional interest or costs from such Lender which notice will include the amount of such interest or costs, the methodology for the calculation and the calculation thereof. If a Lender fails to give notice 10 days prior to the relevant Interest Payment Date, such additional interest or costs shall be due and payable 10 days from receipt of such notice.
3.05    Compensation for Losses.
Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the Company shall promptly compensate such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result of:
(d)    any continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other than the last day of the Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise);
(e)    any failure by the Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert any Loan other than a Base Rate Loan on the

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date or in the amount notified by the Company or the Borrower unless such notice is rescinded in accordance with the terms hereof; or
(f)    any assignment of a Eurocurrency Rate Loan on a day other than the last day of the Interest Period therefor as a result of a request by the Company pursuant to Section 10.13;
including, in each case, any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Loan, from fees payable to terminate the deposits from which such funds were obtained (excluding lost profits). The Company shall also pay any customary administrative fees charged by such Lender in connection with the foregoing.
For purposes of calculating amounts payable by the Company (or the Borrower) to the Lenders under this Section 3.05, each Lender shall be deemed to have funded each Eurocurrency Rate Loan made by it at the Eurocurrency Rate for such Loan by a matching deposit or other borrowing in the offshore interbank market for Dollars for a comparable amount and for a comparable period, whether or not such Eurocurrency Rate Loan was in fact so funded.
3.06    Mitigation Obligations; Replacement of Lenders.
(d)    Designation of a Different Lending Office. If any Lender requests compensation under Section 3.04, or requires the Borrower to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, or if any Lender gives a notice pursuant to Section 3.02, then at the request of the Company such Lender shall use reasonable efforts to designate a different Lending Office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 3.01 or 3.04, as the case may be, in the future, or eliminate the need for the notice pursuant to Section 3.02, as applicable, and (ii) in each case, would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Company hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.
(b)    Replacement of Lenders. If any Lender requests compensation under Section 3.04 or if the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01 and, in each case, such Lender has declined or is unable to designate a different lending office in accordance with Section 3.06(a), the Company may replace such Lender in accordance with Section 10.13.
3.07    Survival.
All obligations of the Company under this Article III shall survive termination of the Aggregate Commitments, repayment of all other Obligations hereunder, and resignation of the Administrative Agent.

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CONDITIONS PRECEDENT TO CREDIT EXTENSIONS
4.01    Conditions of Initial Credit Extension.
The obligation of each Lender to make its initial Credit Extension hereunder is subject to satisfaction of the following conditions precedent:
(d)    The Administrative Agent’s receipt of the following, each of which shall be originals or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer of the Company, each dated the Closing Date (or, in the case of certificates of governmental officials, a reasonably recent date before the Closing Date) and each in form and substance satisfactory to the Administrative Agent and each of the Lenders:
(i)    executed counterparts of this Agreement, the Security Agreement, the Collateral Administration Agreement, the Sale Agreement and the Investment Advisory Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Company;
(ii)    Notes executed by the Borrower in favor of each Lender requesting Notes;
(iii)    such certificates of resolutions or other action, incumbency certificates and/or other certificates of a Responsible Officer of the Company as the Administrative Agent may require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Company is a party;
(iv)    such documents and certifications as the Administrative Agent may reasonably require to evidence that the Company is duly organized, and that the Borrower is validly existing, in good standing and qualified to engage in business in Delaware;
(v)    a favorable opinion of counsel to the Company, addressed to the Administrative Agent and each Lender, as to the matters concerning the Company, the Investment Adviser and the Loan Documents as the Required Lenders may reasonably request;
(vi)    a certificate signed by a Responsible Officer of the Company certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied and (B) that there has been no event or circumstance since June 4, 2014 that has had or could be reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect (other than a Collateral Value Condition);
(vii)    a copy of the notice delivered pursuant to the JPM Facility Documents designating Company as a “Financing Subsidiary” under and as defined in the JPM Facility Documents; and

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(viii)    such other assurances, certificates, documents, consents or opinions as the Administrative Agent or the Required Lenders reasonably may require.
(e)    The Administrative Agent shall have confirmed that the Net Asset Value of Borrower is at least equal to $50,000,000.
(f)    Any fees required to be paid on or before the Closing Date that have been invoiced shall have been paid.
(g)    Unless waived by the Administrative Agent, the Company shall have paid all fees, charges and disbursements of counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced prior to or on the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Company and the Administrative Agent); provided, however, that such fees, charges and disbursements shall only be due and payable to the extent provided pursuant to Section 10.04.
Without limiting the generality of the provisions of the last paragraph of Section 9.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.
4.02    Conditions to all Credit Extensions.
The obligation of each Lender to honor any Request for Credit Extension is subject to the following conditions precedent:
(a)    The representations and warranties of (i) the Borrower contained in Article V and (ii) the Company contained in each other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, (I) to the extent already qualified with respect to “material” matters or “Material Adverse Effect”, shall be true and correct on and as of the date of such Credit Extension and (II) to the extent not already qualified with respect to “material” matters or “Material Adverse Effect”, shall be true and correct in all material respects on and as of the date of such Credit Extension, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct (in all material respects, as applicable) as of such earlier date, and except that for purposes of this Section 4.02, the representations and warranties contained in subsections (a) and (b) of Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to subsections (a) and (b), respectively, of Section 6.01.
(b)    No Default shall exist, or would result from such proposed Credit Extension or from the application of the proceeds thereof.

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(c)    The Administrative Agent and Collateral Administrator shall have received a Request for Credit Extension in accordance with the requirements hereof.
(d)    The Administrative Agent and Collateral Administrator shall have received a Borrower Certification in accordance with the requirements hereof.
(e)    No Borrowing Base Deficiency shall exist on the date of such Advance or would arise after giving effect to the relevant Advance.
(f)    After giving effect to the proposed Credit Extension, the Total Outstandings would not exceed the Aggregate Commitments.
(g)    In the case of the first Credit Extension following the Second Closing Date:
(i)    The Administrative Agent’s receipt of the following, each of which shall be originals or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer of the Company, each dated the Second Closing Date (or, in the case of certificates of governmental officials, a reasonably recent date before the Closing Date) and each in form and substance satisfactory to the Administrative Agent and each of the Lenders:
(A)    executed counterparts of this Agreement sufficient in number for distribution to the Administrative Agent, each Lender and the Company;
(B)    such certificates of resolutions or other action, incumbency certificates and/or other certificates of a Responsible Officer of the Company as the Administrative Agent may require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which the Company is a party;
(C)    such documents and certifications as the Administrative Agent may reasonably require to evidence that the Company is duly organized, and that the Company is validly existing, in good standing and qualified to engage in business in Delaware;
(D)    a favorable opinion of counsel to the Company, addressed to the Administrative Agent and each Lender, as to the matters concerning the Company and the Loan Documents as the Required Lenders may reasonably request;
(E)    a certificate signed by a Responsible Officer of the Company certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied and (B) that there has been no event or circumstance since December 31, 2014 that has had or could be reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect (other than a Collateral Value Condition);

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(F)    such other assurances, certificates, documents, consents or opinions as the Administrative Agent or the Required Lenders reasonably may require.
(ii)    The Administrative Agent shall have confirmed that the Net Asset Value of Borrower is at least equal to $175,000,000.
(iii)    Any fees required to be paid on or before the Second Closing Date that have been invoiced shall have been paid.
(iv)    Unless waived by the Administrative Agent, the Company shall have paid all fees, charges and disbursements of counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced prior to or on the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Company and the Administrative Agent); provided, however, that such fees, charges and disbursements shall only be due and payable to the extent provided pursuant to Section 10.04.
Each Request for Credit Extension submitted by the Company shall be deemed to be a representation and warranty that the conditions specified in Sections 4.02(a) and (b) have been satisfied on and as of the date of the applicable Credit Extension.
ARTICLE V.
REPRESENTATIONS AND WARRANTIES
The Borrower represents and warrants to the Administrative Agent and the Lenders that:
5.01    Existence, Qualification and Power.
The Company (a) is duly organized, validly existing and, as applicable, in good standing under the Laws of the jurisdiction of its incorporation or organization, (b) has all requisite power and authority to (i) own or lease its assets and carry on its business in which it is currently engaged and (ii) execute, deliver and perform its obligations under the Loan Documents to which it is a party, and (c) is duly qualified and is licensed and, as applicable, in good standing under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification or license; except in each case referred to in clause (b)(i) or (c), to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect.
5.02    Authorization; No Contravention.
The execution, delivery and performance by the Company of each Loan Document to which the Company is party, have been duly authorized by all necessary corporate or other organizational action, and do not and will not (a) violate the terms of any of the Company’s Organization Documents; (b) result in any material breach or contravention of, or the creation of any Lien (other than a Permitted Lien) under, or require any payment to be made under (i) any Contractual Obligation

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to which the Company is a party or (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which the Company or its property is subject; or (c) violate any Law in any material respect. The Company is a “Financing Subsidiary” under and as defined in the JPM Facility Documents.
5.03    Governmental Authorization; Other Consents.
No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against, the Company of this Agreement or any other Loan Document except (a) for recordings and filings in connection with the Liens granted to the Administrative Agent under the Security Agreement, (b) those obtained or made on or prior to the Second Closing Date and (c) those which, if not obtained or made, would not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect.
5.04    Binding Effect.
This Agreement has been, and each other Loan Document to which the Company is a party, when delivered hereunder, will have been, duly executed and delivered by the Company. This Agreement constitutes, and each other Loan Document to which the Company is a party when so delivered, and when executed and delivered by the other parties thereto, will constitute, a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as such enforceability may be limited by Debtor Relief Laws or other Laws affecting creditors’ rights generally and by general principles of equity, regardless of whether considered in a proceeding in equity or at Law.
5.05    Financial Statements; No Material Adverse Effect.
(a)    The Audited Financial Statements (beginning with the fiscal year ended December 31, 2013) (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; (ii) fairly present in all material respects the financial condition of Borrower Parent as of the date thereof and its results of operations for the period covered thereby in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; and (iii) show all material indebtedness and other liabilities, direct or contingent, of Borrower Parent as of the date thereof, including liabilities for taxes, material commitments and Indebtedness.
(b)    The unaudited consolidated balance sheet of Borrower Parent dated as of the most recently completed fiscal quarter of Borrower Parent, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for the fiscal quarter ended on that date (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein, and (ii) fairly present in all material respects the financial condition of Borrower Parent as of the date thereof and its results of operations for the period covered thereby, subject, in the case of clauses (i) and (ii), to the absence of footnotes and to normal year-end audit adjustments; it being understood that no such representation is made in relation to any consolidated statements of income or operations, shareholders’ equity and cash flows

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for the fiscal quarter ended September 30, 2013 because no such consolidated statements of income or operations, shareholders’ equity and cash flows have been prepared for such fiscal quarter.
(c)    Since the date of the Audited Financial Statements, or if prior to the furnishing of the first Audited Financial Statements pursuant to Section 6.01(a), since September 30, 2013, there has been no event or circumstance, either individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect (not including any Collateral Value Condition).
5.06    Litigation.
As of the Closing Date and the Second Closing Date, there are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of the Company, threatened in writing, at law, in equity, in arbitration or before any Governmental Authority, by or against the Company or against any of its properties or revenues. As of any date after the Closing Date, there are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of the Company, threatened in writing, at law, in equity, in arbitration or before any Governmental Authority, by or against the Company or against any of its properties or revenues that either individually or in the aggregate could reasonably be expected to have a Material Adverse Effect.
5.07    No Default.
The Company has no Contractual Obligations other than (A) pursuant to (i) the Loan Documents, (ii) the Investment Advisory Agreement, (iii) the Sale Agreement and any Replacement Sale Agreement and (iv) the purchase or sale of Collateral Assets as permitted under the Loan Documents, or, in each case, Contractual Obligations that are incidental thereto, and (B) as indicated in Schedule 5.07 (as such Schedule may be updated from time to time by written agreement of the Company and the Administrative Agent). The Company is not in default in any material respect under or with respect to any Contractual Obligation. No Default has occurred and is continuing or would result from the consummation of the transactions contemplated by this Agreement or any other Loan Document.
5.08    Liens.
The property of the Company is subject to no Liens other than Permitted Liens.
5.09    Taxes.
(c)    The Company and the Borrower Parent have filed all Federal, state and other material tax returns and reports required to be filed, and have paid or caused to be paid all Federal, state and other material taxes, assessments, fees and other governmental charges levied or imposed upon them or their properties, income or assets otherwise due and payable by them, except those which are being contested in good faith by appropriate proceedings diligently conducted or where such filings or payments are not material. There is no material tax assessment proposed in writing against the Company or the Borrower Parent. Neither the Company nor the Borrower Parent is party to any tax sharing agreement.

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(d)    For U.S. federal income tax purposes (i) Borrower is a disregarded entity and Borrower Parent is its sole owner, and (ii) Borrower Parent is a U.S. Person.
5.10    ERISA Matters.
(i) Neither the Company nor any ERISA Affiliate of the Company has incurred or could be subjected to any liability under Title IV of ERISA or Section 4975 of the Code (other than for premiums due) or maintains or contributes to, or is or has been required to maintain or contribute to, any Plan, except as could not reasonably be expected to have a Material Adverse Effect, and (ii) the Company does not, nor is deemed to, hold Plan Assets.
5.11    Equity Interests.
All Equity Interests of the Company are duly and validly issued. There are no outstanding warrants, options or other rights to purchase, or shareholder, voting trust or similar agreements outstanding with respect to, or property that is convertible into, or that requires the issuance or sale of, any such Equity Interests. All Equity Interests of the Company are owned by Borrower Parent.
5.12    Margin Regulations; Investment Company Act.
(a)    No Borrower is engaged or will engage, principally or as one of its important activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying margin stock.
(b)    None of the Company or any Person Controlling the Company is or is required to be registered as an “investment company” under the Investment Company Act.
5.13    Disclosure.
The Company has made available to the Administrative Agent and the Lenders all agreements, instruments and corporate or other restrictions to which it is subject, and has disclosed all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect (other than a Collateral Value Condition). No report, financial statement, certificate or other information furnished (whether orally or in writing) by or on behalf of the Company or the Borrower Parent to the Administrative Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder or under any other Loan Document (in each case, as modified or supplemented by other information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that, (i) with respect to projected financial information, the Company represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time of preparation, and (ii) with respect to information furnished by the Company which was provided to the Company from an obligor or another third party with respect to a Collateral Asset, such information need only be true, correct and complete to the knowledge of the Company.

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5.14    Compliance with Laws.
The Company is in compliance in all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its properties, except in such instances in which such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted.
5.15    Taxpayer Identification Number; Other Identifying Information.
The true and correct U.S. taxpayer identification number of the Borrower (if any) and that of the Borrower Parent are set forth on Schedule 5.15. The Borrower’s exact legal name at the date of this Agreement and any prior legal names, and the Borrower’s, jurisdiction of organization, organizational identification number, registered office, and the place of business of Investment Adviser, or if Investment Adviser has more than one place of business, Investment Adviser’s chief executive office, in each case at the date of this Agreement and for the four months immediately preceding the date of this Agreement are, in each case, as set forth in are set forth on Schedule 5.15.
5.16    OFAC.
Neither the Borrower or, to the knowledge of the Borrower, any director, officer, employee, agent, or Affiliate (other than an Excluded Affiliate) thereof is an individual or entity currently the subject of any Sanctions, nor is the Borrower located, organized or resident in a Designated Jurisdiction.

ARTICLE VI.
AFFIRMATIVE COVENANTS
So long as any Lender shall have any Commitment hereunder, or any Loan or other Obligation hereunder shall remain unpaid or unsatisfied the Company shall:
6.01    Financial Statements.
Deliver (including by causing the Borrower Parent to deliver) to the Administrative Agent for further distribution to each Lender, in form and detail reasonably satisfactory to the Administrative Agent:
(f)    as soon as available, but in any event within 90 days after the end of each fiscal year of Borrower Parent (beginning with the fiscal year ended December 31, 2013), a consolidated balance sheet of Borrower Parent as at the end of such fiscal year, and the related consolidated statements of income or operations, changes in net assets, and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, audited and accompanied by a report and opinion of an independent certified public accountant of nationally recognized standing reasonably acceptable to the Required Lenders, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any “going concern” or like

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qualification or exception or any qualification or exception as to the scope of such audit, and such consolidated statements to be certified by the chief executive officer, chief financial officer, treasurer or controller of the Borrower Parent to the effect that such statements are fairly stated in all material respects when considered in relation to the consolidated financial statements of the Borrower Parent;
(g)    as soon as available, but in any event within 45 days after the end of each of the first three fiscal quarters of each fiscal year of Borrower Parent (commencing with the first full fiscal quarter ended after the Closing Date), a consolidated balance sheet of Borrower Parent as at the end of such fiscal quarter, the related consolidated statements of income or operations for such fiscal quarter and for the portion of Borrower Parent’s fiscal year then ended, and the related consolidated statements of changes in net assets, and cash flows for the portion of the Borrower Parent’s fiscal year then ended, in each case setting forth in comparative form, as applicable, the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, subject only to normal year-end audit adjustments and the absence of footnotes, certified by the chief executive officer, chief financial officer, treasurer or controller of Borrower Parent as fairly presenting the financial condition, results of operations, net assets and cash flows of Borrower Parent in accordance with GAAP, subject only to normal year-end audit adjustments and the absence of footnotes;
(h)    as soon as available and in any event not later than the last Business Day of the calendar month following each monthly accounting period (ending on the last day of each calendar month) of the Borrower, the Net Asset Value and, upon the request of the Administrative Agent, supporting calculations thereof, in each case, of the Borrower, as at the last day of such accounting period;
(d)    promptly following any request therefor, (I) such other information regarding the operations, business affairs and financial condition of the Borrower or compliance with the terms of this Agreement and the other Loan Documents or (II) to the extent reasonably related to the operations, business affairs or financial condition of the Borrower or the compliance with the terms of this Agreement and the other Loan Documents and to the extent permitted under applicable Law, such other information regarding the Borrower Parent, Investment Adviser or Investment Adviser Parent, in each case as the Administrative Agent or any Lender may reasonably request.
6.02    Certificates; Other Information.
Deliver, or cause the Borrower Parent to deliver, to the Administrative Agent for further distribution to each Lender, in form and detail satisfactory to the Administrative Agent and the Required Lenders:
(g)    promptly upon receipt thereof, copies of all significant reports (excluding routine, periodic reports) submitted by the Borrower Parent’s independent public accountants in connection with each annual, interim or special audit or review of any type of the financial statements or related internal control systems of the Borrower Parent delivered by such accountants to the management or board of directors of the Borrower Parent;

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(h)    concurrently with the delivery of any of the financial statements or monthly report referred to in Section 6.01, a duly completed Compliance Certificate signed by the president or a vice president of Borrower Parent or Borrower, as applicable (which delivery may, unless the Administrative Agent, or a Lender requests executed originals, be by electronic communication including fax or email and shall be deemed to be an original authentic counterpart thereof for all purposes);
(i)    concurrently with any delivery of the financial statements referred to in Section 6.01, a duly completed Compliance Certificate signed by the president or vice president of Borrower Parent or Borrower, as applicable (which delivery may, unless the Administrative Agent, or a Lender requests executed originals, be by electronic communication including fax or email and shall be deemed to be an original authentic counterpart thereof for all purposes) (i) certifying as to whether the Borrower has knowledge that a Default has occurred and, if a Default has occurred, specifying the details thereof and any actions taken or proposed to be taken with respect there to, (ii) stating whether any change in GAAP as applied by (or in the application of GAAP by) the Borrower or Borrower Parent has occurred since the date of the last audited financial statements referred to in Section 6.01(a) and if, any such change has occurred, specifying the effect of such change on the financial statements accompanying such certificate;
(j)    promptly, and in any event within five Business Days after receipt thereof by Borrower, Borrower Parent, Investment Adviser or Investment Adviser Parent, copies of each notice or other correspondence received from the SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning any investigation or possible investigation or other inquiry by such agency regarding financial or other operational results of any such entity that is materially likely to proceed; provided that such investigation, possible investigation or other inquiry could reasonably be expected to have a material adverse impact on Investment Adviser or on the ability of Investment Adviser to perform its obligations under the Investment Advisory Agreement;
(k)    promptly, such additional information regarding the business, financial or corporate affairs of the Company, or compliance with the terms of the Loan Documents, as the Administrative Agent or any Lender may from time to time reasonably request.
Documents required to be delivered pursuant to Sections 6.01(a), 6.01(b) and 6.02  may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date on which (i) Borrower Parent posts such documents, or provides a link thereto on the website listed on Schedule 10.02, (ii)  such documents are posted on Borrower Parent’s behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent), including via EDGAR, or (iii)  the Company provides to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents; provided that: the Company shall use commercially reasonable efforts to notify the Administrative Agent (by facsimile or electronic mail) of the posting pursuant to clause (i) and (ii) above of any such documents, and the Administrative Agent hereby agrees that it shall use commercially reasonable efforts to post such documents received pursuant to clause (iii) above on the Company’s behalf to a commercial, third-party or other website sponsored by the Administrative Agent and notify the Lenders of such posting. The Administrative Agent

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shall have no obligation to request the delivery or to maintain any copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Company with any such request for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents.
Borrower hereby acknowledges that (a) the Administrative Agent and/or the Arranger may, but shall not be obligated to, make available to the Lenders materials and/or information provided by or on behalf of the Borrower or Borrower Parent hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on DebtDomain, IntraLinks, Syndtrak or another similar electronic system (the “Platform”) and (b) certain of the Lenders (each, a “Public Lender”) may have personnel who do not wish to receive material non-public information with respect to Borrower or its Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons’ securities. Borrower hereby agrees that (w) all Borrower Materials that are to be made available to Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” Borrower shall be deemed to have authorized the Administrative Agent, the Arranger and the Lenders to treat such Borrower Materials as not containing any material non-public information with respect to Borrower or its securities for purposes of United States Federal and state securities laws (provided, however, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in Section 10.07); (y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Side Information;” and (z) the Administrative Agent and the Arranger shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Side Information.”
6.03    Notices.
Promptly notify, or cause the Borrower Parent to promptly notify, the Administrative Agent:
(e)    upon a Responsible Officer of the Company obtaining knowledge of the occurrence of any Default;
(f)    of the occurrence of any of the following matters that has resulted or could reasonably be expected to result in a Material Adverse Effect (other than a Collateral Value Condition): (i) any material breach or non-performance of, or any default under, a Contractual Obligation of the Company or Borrower Parent; (ii) any dispute, litigation, investigation, proceeding or suspension between the Company or Borrower Parent and any Governmental Authority; (iii) the commencement of, or any material development in, any litigation or proceeding affecting the Company or Borrower Parent; or (iv) any other matter that has resulted or could reasonably be expected to result in a Material Adverse Effect (other than a Collateral Value Condition); and
(g)    of any material change in accounting policies or financial reporting practices by the Company or Borrower Parent.

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Each notice pursuant to this Section 6.03 shall be accompanied by a statement of a Responsible Officer of the Company setting forth details of the occurrence referred to therein and stating what action the Company has taken and proposes to take with respect thereto. Each notice pursuant to Section 6.03(a) shall describe with particularity any and all provisions of this Agreement and any other Loan Document that have been breached.
6.04    Payment of Obligations.
Pay and discharge as the same shall become due and payable, all its obligations and liabilities, including (a) all material Tax liabilities, assessments and governmental charges or levies upon it or its properties or assets, unless the same are being contested in good faith by appropriate proceedings diligently conducted and adequate reserves in accordance with GAAP are being maintained by the Company; (b) all material lawful claims which, if unpaid, would by law become a Lien upon its property, unless the same are being contested in good faith by appropriate proceedings diligently conducted and adequate reserves in accordance with GAAP are being maintained by the Company; and (c) all material Indebtedness, as and when due and payable, but subject to any subordination provisions contained in any instrument or agreement evidencing such Indebtedness.
6.05    Preservation of Existence, Etc.
(a)    To the maximum extent permitted pursuant to applicable Laws, preserve, renew and maintain in full force and effect its legal existence and good standing under the Laws of the jurisdiction of its organization except in a transaction permitted by Section 7.04 or 7.05 and (b) take all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or desirable in the normal conduct of its business, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect.
6.06    [RESERVED].
6.07    Further Assurances.
At any time or from time to time upon the reasonable request of the Administrative Agent, Borrower shall execute and deliver such further documents and do such other acts and things as the Administrative Agent may reasonably request in order to effect fully the purposes of this Agreement or the other Loan Documents and to provide for payment of the Loans made hereunder, with interest thereon, in accordance with the terms of this Agreement.
6.08    Compliance with Laws.
Comply in all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its business or property, except in such instances in which such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted.
6.09    Books and Records.

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(a) Maintain proper books of record and account, in which full, true and correct entries in conformity with GAAP consistently applied shall be made of all financial transactions and matters involving the assets and business of the Company; and (b) maintain such books of record and account in material conformity with all applicable requirements of any Governmental Authority having regulatory jurisdiction over the Company.
6.10    Inspection Rights.
Permit representatives and independent contractors of each Lender (at the sole cost and expense of such Lender) and the Administrative Agent to visit and inspect any of its properties (or to the extent reasonably necessary or appropriate to examine records relating to the Collateral, the Loan Documents or the Investment Advisory Agreement, the properties of Investment Adviser, Borrower Parent or Investment Adviser Parent), to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts relating to the Collateral, or to the operations of the Borrower under or compliance by the Borrower with the terms of the Loan Documents or the Investment Advisory Agreement, with its directors, officers and independent public accountants or Investment Adviser, at such reasonable times during normal business hours, upon reasonable advance notice to the Company and at the expense of the Company; provided, however, that (x) when an Event of Default exists the Administrative Agent (or any Lender (or any of their respective representatives or independent contractors)) may do any of the foregoing at the expense of the Company at any time during normal business hours and without advance notice and (y) for so long as no Event of Default has occurred and is continuing, the Company shall be obligated in any fiscal year to reimburse the Administrative Agent only for the expense of the first such audit and/or appraisal pursuant to this Section 6.10 in such fiscal year.
6.11    Use of Proceeds.
Use the proceeds of the Credit Extensions solely for Permitted Uses.
6.12    Approvals and Authorizations.
Maintain all authorizations, consents, approvals and licenses from, exemptions of, and filings and registrations with, each Governmental Authority of the jurisdiction in which the Company is organized and existing, and all approvals and consents of each other Person in such jurisdiction, in each case that are required in connection with the Loan Documents, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.
6.13    Special Purpose Entity Requirements.
Conduct at all times its business and operations in accordance with the Special Purpose Entity Requirements and the provisions of Section 1.07 of the Limited Liability Company Agreement, maintain at all times 100% ownership of all Equity Interests of the Company by Borrower Parent.
6.14    Security Interest.

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Maintain a perfected security interest in the Collateral for the benefit of the Lenders, their successors, transferees and assigns so long as this Agreement is in effect.
6.15    ERISA Matters.
Do, or cause to be done, all things necessary to ensure that it will not be deemed to hold Plan Assets at any time.

ARTICLE VII.
NEGATIVE COVENANTS
So long as any Lender shall have any Commitment hereunder or any Loan or other Obligation hereunder shall remain unpaid or unsatisfied, the Company shall not, directly or indirectly:
7.01    Liens.
Create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, other than Permitted Liens.
7.02    Investments.
Own any Structured Finance Obligation.
7.03    Indebtedness; Bank Accounts.
Create, incur, assume or suffer to exist any Indebtedness, except Indebtedness under the Loan Documents, or open or establish any bank accounts except as contemplated by the Collateral Administration Agreement.
7.04    Fundamental Changes.
Merge, dissolve, liquidate, wind-up, consolidate with or into another Person, or Dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person; without at least 30 days’ prior written notice to the Administrative Agent, change (or allow Investment Adviser to change) any of the information in Schedule 5.15; or amend, alter, change or supplement its Organization Documents unless the Administrative Agent has consented thereto in writing.
7.05    Sale of Collateral Assets.
Sell, assign, transfer, convey or otherwise dispose of any Collateral Asset unless, after giving effect to any such sale, assignment transfer, conveyance or disposition and any simultaneous prepayment of any Loan in accordance with Section 2.03, (i) based on the most recent Borrowing Base determination received from the Administrative Agent, no Borrowing Base Deficiency will exist and (ii) no Default would occur or be continuing after giving effect thereto; provided that, for

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the avoidance of doubt, the Borrower shall at all times be permitted to sell any Collateral Asset to an Approved Dealer in order to cure any Borrowing Base Deficiency so long as no Default would otherwise occur or be continuing after giving effect thereto.
7.06    Restricted Payments.
Declare or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so, or issue or sell any Equity Interests, except that, so long as no Default shall have occurred and be continuing or would result therefrom, the Company may make distributions to Borrower Parent.
7.07    Transactions with Affiliates.
Enter into any transaction of any kind with any Affiliate of the Company, whether or not in the ordinary course of business, other than on fair and reasonable terms no less favorable to the Company as would be obtainable by the Company at the time in a comparable arm’s length transaction with a Person other than an Affiliate; and without limitation of the foregoing, the Company shall not purchase any Collateral Assets from Borrower Parent or from any other Relevant Affiliates other than in accordance with the terms and conditions of the Sale Agreement or a Replacement Sale Agreement.
7.08    Burdensome Agreements.
Enter into any Contractual Obligation (other than this Agreement, any other Loan Document, the Sale Agreement, the Investment Advisory Agreement or as required in connection with a Permitted Reorganization) that (a) limits the ability of the Company to create, incur, assume or suffer to exist Liens on property of the Company or (b) requires the grant of a Lien to secure an obligation of the Company if a Lien is granted to secure another obligation of the Company.
7.09    Use of Proceeds.
Use the proceeds of any Credit Extension, whether directly or indirectly, and whether immediately, incidentally or ultimately, to purchase or carry margin stock (within the meaning of Regulation U of the FRB) or to extend credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred for such purpose.
7.10    Sanctions.
Directly or indirectly, use the proceeds of any Credit Extension, or lend or contribute such proceeds to any individual or entity, to fund any activities of or business with any individual, or entity, or in any Designated Jurisdiction, that, at the time of such funding, is the subject of Sanctions, or in any other manner that will result in a violation by any individual or entity participating in the transaction (whether as Lender, Arranger, Administrative Agent or otherwise) of Sanctions.
7.11    Special Purpose Entity Requirements.

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(a) Conduct at any time its business or operations in contravention of the Special Purpose Entity Requirements, or
(b) Be party to any agreement under which it has any material obligation or liability (direct or contingent) without including customary “non-petition” provisions substantially similar to Section 10.20(b), other than with the consent of the Administrative Agent (not to be unreasonably withheld or delayed), provided however that such requirement shall not apply to agreements effecting the purchase and sale of any Collateral Asset which contain customary (as determined by the Investment Adviser) purchase or sale terms or which are documented using customary (as determined by the Investment Adviser) loan trading documentation, or to any credit agreements or related loan or bond documents to which the Company becomes party solely as a result of owning a Collateral Asset.
7.12    Investment Advisory Agreement and Sale Agreement Amendment.
Amend the Investment Advisory Agreement, the Sale Agreement or any Replacement Sale Agreement, other than an amendment that either (A) solely cures any ambiguity or manifest error in either agreement or (B) is an amendment to which the Administrative Agent has consented in writing (such consent not to be unreasonably withheld or delayed). The Borrower shall give reasonable prior notice to the Administrative Agent of any amendment to the Investment Advisory Agreement, the Sale Agreement or any Replacement Sale Agreement. For the avoidance of doubt, any ordinary course renewal of the Investment Advisory Agreement shall not require the consent of the Administrative Agent.
7.13    ERISA.
(a)    Maintain or contribute to, or agree to maintain or contribute to, or permit any ERISA Affiliate of the Company to maintain or contribute to or agree to maintain or contribute to, any Plan, except as could not reasonably be expected to have a Material Adverse Effect.
(b)    Hold Plan Assets.
ARTICLE VIII.
EVENTS OF DEFAULT AND REMEDIES
8.01    Events of Default.
Any of the following shall constitute an Event of Default:
(h)    Non-Payment. The Borrower fails to pay (i) when and as required to be paid herein, (A) any amount of principal of any Loan, or (B) on the Maturity Date any interest on any Loan or any fee due hereunder, (ii) other than with respect to the Maturity Date, within two Business Days after the same becomes due, any interest on any Loan, or any fee due hereunder, or (iii) within five days after the same becomes due, any other amount payable hereunder or under any other Loan Document; or

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(i)    Borrowing Base Deficiency.    A Borrowing Base Deficiency exists and the Borrower fails to give written notice of its intent to cure or fails to actually cure the Borrowing Base Deficiency in accordance with Section 2.03(b); or
(j)    Specified Covenants. The Company fails to perform or observe in any material respect any covenant in Sections 6.11, 6.13, 6.15, 7.01, 7.03, 7.04, 7.07, 7.09, 7.11 or 7.13; or
(k)    Insolvency Proceedings, Etc. The Company institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of the Company or its Affiliates and the appointment continues undischarged or unstayed for 60 calendar days; or any proceeding under any Debtor Relief Law relating to the Company or to all or any material part of its property is instituted without the consent of the Company or its Affiliates and continues undismissed or unstayed for 60 calendar days, or an order for relief is entered in any such proceeding; or
(l)    Other Defaults. The Company fails to perform or observe in a material respect any other covenant or agreement (not specified in subsection (a) through (d) above) contained in any Loan Document on its part to be performed or observed and such failure continues for 30 days following the Company’s receipt of written notice from the Administrative Agent; or
(m)    Borrower Certification. Any Borrower Certification proves to have been inaccurate when made; or
(n)    Representations and Warranties. Any representation, warranty, certification or statement of fact (other than a Borrower Certification) made or deemed made by or on behalf of the Company herein, in any other Loan Document, or in any document delivered in connection herewith or therewith (I) to the extent already qualified with respect to “material” matters or “Material Adverse Effect”, shall prove to have been incorrect or misleading when made or deemed made and (II) to the extent not already qualified with respect to “material” matters or “Material Adverse Effect”, shall prove to have been incorrect or misleading in a material respect when made or deemed made, and in each case such representation is, in the reasonable determination of the Administrative Agent, either (A) not capable of cure or (B) capable of cure but not cured within 30 days following notice; or
(o)    Security Interest Failure. (A) The Administrative Agent fails for any reason to have a perfected security interest in any Collateral in accordance with the terms of the Security Agreement (“Affected Collateral”) and either (i) such failure is not due to error of the Collateral Administrator or (ii) such failure is due to error of the Collateral Administrator and such failure continues for 3 days following notice, and (B) the aggregate Current Market Value of such Affected Collateral is more than $100,000;
(p)    Credit Triggers. Any Credit Trigger shall occur; or

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(q)    Invalidity of Loan Documents. Any material obligation of the Company or its Affiliates under any Loan Document at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect; or the Company or any Affiliate (including any Responsible Officer thereof) contests in any manner the validity or enforceability of any material provision of any Loan Document; or the Company denies that it has any or further liability or obligation under any Loan Document, or purports to revoke, terminate or rescind any material provision of any Loan Document.
8.02    Remedies Upon Event of Default.
If any Event of Default occurs and is continuing, the Administrative Agent shall at the request of the Required Lenders (or may with the consent of the Required Lenders) take any or all of the following actions:
(d)    declare the commitment of each Lender to make Loans to be terminated, whereupon such commitments and obligation shall be terminated;
(e)    declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; or
(f)    deliver a notice of exclusive control in relation to the Collateral Account and give instructions to the Collateral Administrator in relation thereto under the provisions of the Security Agreement, and may (in addition to all other rights and remedies under the Loan Documents and/or of a secured party under the UCC and other legal or equitable remedies) realize upon the Collateral, and/or may immediately sell, assign, give option or options to purchase or otherwise dispose of and deliver the Collateral or any part thereof, subject to, and in accordance with the terms of the Security Agreement (including, without limitation, Section 6.5 thereof); and
(g)    exercise on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Loan Documents;
provided, however, that upon the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under the Bankruptcy Code of the United States, the obligation of each Lender to make Loans shall automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable, in each case without further act of the Administrative Agent or any Lender.
8.03    Application of Funds.
After the exercise of remedies provided for in Section 8.02 (or after the Loans have automatically become immediately due and payable as set forth in the proviso to Section 8.02), any amounts received on account of the Obligations shall, subject to the provisions of Section 2.12, and

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subject to any prior claims of the Collateral Administrator under the Security Agreement, be applied by the Administrative Agent in the following order:
First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of external counsel to the Administrative Agent and amounts payable under Article III) payable to the Administrative Agent in its capacity as such;
Second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal and interest) payable to the Lenders (including fees, charges and disbursements of external counsel to the respective Lenders and amounts payable under Article III), ratably among them in proportion to the respective amounts described in this clause Second payable to them;
Third, to payment of that portion of the Obligations constituting accrued and unpaid interest on the Loans and other Obligations, ratably among the Lenders in proportion to the respective amounts described in this clause Third payable to them;
Fourth, to payment of that portion of the Obligations constituting unpaid principal of the Loans, ratably among the Lenders in proportion to the respective amounts described in this clause Fourth held by them; and
Last, the balance, if any, after all of the Obligations have been indefeasibly paid in full, to the Company or as otherwise required by Law.
ARTICLE IX.
ADMINISTRATIVE AGENT
9.01    Appointment and Authority.
Each of the Lenders hereby irrevocably appoints Bank of America to act on its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Administrative Agent and the Lenders and the Company shall have no rights as third party beneficiary of any such provisions, except that that the Company shall be entitled to rely on and enforce the provisions of Sections 9.06 and 9.10. It is understood and agreed that the use of the term “agent” herein or in any other Loan Documents (or any other similar term) with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties.
9.02    Rights as a Lender.

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The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Borrower or Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders.
9.03    Exculpatory Provisions.
The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents, and its duties hereunder shall be administrative in nature. Without limiting the generality of the foregoing, the Administrative Agent:
(f)    shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;
(g)    shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents or those rights and powers 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 Loan 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 Loan Document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law; and
(h)    shall not, except as expressly set forth herein and in the other Loan 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.
The Administrative Agent shall not be liable 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, under the circumstances as provided in Sections 10.01 and 8.02) or (ii) in the absence of its own bad faith, gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice describing such Default is given in writing to the Administrative Agent by the Company or a Lender.
The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered

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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 Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.
9.04    Reliance by Administrative Agent.
The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan that by its terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender unless the Administrative Agent shall have received notice to the contrary from such Lender prior to the making of such Loan. The Administrative Agent may consult with legal counsel (who may be counsel for the Company), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.
9.05    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 Loan 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 Related Parties. The exculpatory provisions of this Article shall apply to any such sub‑agent and to the Related Parties of the Administrative Agent and any such sub‑agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that such sub-agents were not appointed with due care or a court of competent jurisdiction determines in a final and nonappealable judgment that the Administrative Agent acted with bad faith, gross negligence or willful misconduct in the selection of such sub-agents.
9.06    Resignation of Administrative Agent.
(a)    The Administrative Agent may at any time give notice of its resignation to the Lenders and the Company. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, if no Event of Default exists or is continuing upon the prior written consent of the Borrower (such consent not to be unreasonably withheld or delayed), and if an Event of Default exists and is continuing in consultation with the Company, to appoint a successor, which at all times shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United

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States. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders) (the “Resignation Effective Date”), then the retiring Administrative Agent may (but shall not be obligated to) on behalf of the Lenders, appoint a successor Administrative Agent meeting the qualifications set forth above. Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective Date.
(b)    If the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof, the Required Lenders may, to the extent permitted by applicable law, by notice in writing to the Company and such Person remove such Person as Administrative Agent and, in consultation with the Company, appoint a successor. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date.
(c)    With effect from the Resignation Effective Date or the Removal Effective Date (as applicable) (1) the retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents and (2) except for any indemnity payments or other amounts then owed to the retiring or removed Administrative Agent, all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly, until such time, if any, as the Required Lenders appoint a successor Administrative Agent as provided for above. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or removed) Administrative Agent (other than as provided in Section 3.01(g) and other than any rights to indemnity payments or other amounts owed to the retiring or removed Administrative Agent as of the Resignation Effective Date or the Removal Effective Date, as applicable), and the retiring or removed Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Section) . The fees payable by the Company to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Company and such successor. After the retiring or removed Administrative Agent’s resignation or removal hereunder and under the other Loan Documents, the provisions of this Article and Section 10.04 shall continue in effect for the benefit of such retiring or removed Administrative Agent, its sub agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring or removed Administrative Agent was acting as Administrative Agent.
9.07    Non-Reliance on Administrative Agent and Other Lenders.
Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without

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reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder.
9.08    No Other Duties, Etc.
Anything herein to the contrary notwithstanding, none of the Book Manager or Arranger listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent or a Lender hereunder.
9.09    Administrative Agent May File Proofs of Claim.
In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to the Company, the Administrative Agent (irrespective of whether the principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise
(a)    to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the Administrative Agent under Sections 2.09 and 10.04) allowed in such judicial proceeding; and
(b)    to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;
and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under Sections 2.09 and 10.04.
Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender to authorize the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding.
9.10    Collateral Matters.

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Without limiting the provisions of Section 9.09, the Lenders irrevocably authorize the Administrative Agent, at its option and in its discretion,
(a)    to release any Lien on any property granted to or held by the Administrative Agent under any Loan Document (i) upon termination of the Aggregate Commitments and payment in full of all Obligations (other than contingent indemnification obligations), (ii) that is sold or otherwise disposed of or to be sold or otherwise disposed of as part of or in connection with any sale or other disposition permitted hereunder or under any other Loan Document, or (iii) subject to Section 10.01, if approved, authorized or ratified in writing by the Required Lenders; and
(b)    to subordinate any Lien on any property granted to or held by the Administrative Agent under any Loan Document to the holder of any Lien on such property that is permitted by Section 7.01(i).
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 9.10.
The Administrative Agent shall not be responsible for or have a duty to ascertain or inquire into any representation or warranty regarding the existence, value or collectability of the Collateral, the existence, priority or perfection of the Administrative Agent’s Lien thereon, or any certificate prepared by the Company in connection therewith, nor shall the Administrative Agent be responsible or liable to the Lenders for any failure to monitor or maintain any portion of the Collateral.
ARTICLE X.
MISCELLANEOUS
10.01    Amendments, Etc.
No amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by the Company therefrom, shall be effective unless in writing signed by the Required Lenders and the Company and acknowledged by the Administrative Agent (the “Required Approvals”), and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that in addition to receiving such Required Approvals no such amendment, waiver or consent shall:
(c)    waive any condition set forth in Section 4.01(a) without the written consent of each Lender;
(d)    extend or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 8.02) without the written consent of such Lender;
(e)    postpone any date fixed by this Agreement or any other Loan Document for any payment of principal, interest, fees or other amounts due to the Lenders (or any of them) hereunder or under any other Loan Document without the written consent of each Lender directly affected thereby;

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(f)    reduce the principal of, or the rate of interest specified herein on, any Loan, or (subject to clause (ii) of the second proviso to this Section 10.01) any fees or other amounts payable hereunder or under any other Loan Document, or change the manner of computation of any financial ratio (including any change in any applicable defined term) used in determining the Applicable Rate that would result in a reduction of any interest rate on any Loan or any fee payable hereunder without the written consent of each Lender directly affected thereby; provided, however, that only the consent of the Required Lenders shall be necessary to amend the definition of “Default Rate” or to waive any obligation of the Borrower to pay interest at the Default Rate;
(g)    change Section 8.03 in a manner that would alter the pro rata sharing of payments required thereby without the written consent of each Lender; or
(h)    change any provision of this Section or the definition of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder without the written consent of each Lender;
and, provided further, that (i) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required above, affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document; and (ii) each Fee Letter may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender disproportionately adversely relative to other affected Lenders shall require the consent of such Defaulting Lender.
10.02    Notices; Effectiveness; Electronic Communication.
(i)    Notices Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in subsection (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile or electronic mail as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows:
(i)    if to the Company or the Administrative Agent, to the address, facsimile number, electronic mail address or telephone number specified for such Person on Schedule 10.02; and
(ii)    if to any other Lender, to the address, facsimile number, electronic mail address or telephone number specified in its Administrative Questionnaire (including, as

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appropriate, notices delivered solely to the Person designated by a Lender on its Administrative Questionnaire then in effect for the delivery of notices that may contain material non-public information relating to the Company).
Notices and other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient). Notices and other communications delivered through electronic communications to the extent provided in subsection (b) below, shall be effective as provided in such subsection (b).
(j)    Electronic Communications. Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication (including e‑mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that the foregoing shall not apply to notices to any Lender pursuant to Article II if such Lender has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication. The Administrative Agent or the Company may each, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications.
Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon sending, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses (i) and (ii), if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice, email or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient.
(k)    The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrower, any Lender or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Company’s or the Administrative Agent’s transmission of Borrower Materials through the Internet.

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(l)    Effectiveness of Facsimile of Electronic Mail Documents. Loan Documents may be transmitted by facsimile or electronic mail. The effectiveness of any such documents and signatures shall, subject to applicable Law, have the same force and effect as manually-signed originals and shall be binding on the Company, the Administrative Agent and the Lenders. The Administrative Agent may also require that any such documents and signatures be confirmed by a manually-signed original thereof; provided, however, that the failure to request or deliver the same shall not limit the effectiveness of any facsimile or electronic mail document or signature.
(m)    Change of Address, Etc. The Borrower and the Administrative Agent may change its address, electronic mail address, facsimile or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each other Lender may change its address, electronic mail address, facsimile or telephone number for notices and other communications hereunder by notice to the Company and the Administrative Agent. In addition, each Lender agrees to notify the Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an effective address, contact name, telephone number, facsimile number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender. Furthermore, each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected the “Private Side Information” or similar designation on the content declaration screen of the Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance procedures and applicable Law, including United States Federal and state securities Laws, to make reference to Borrower Materials that are not made available through the “Public Side Information” portion of the Platform and that may contain material non-public information with respect to the Company or its securities for purposes of United States Federal or state securities laws.
(n)    Reliance by Administrative Agent and Lenders. The Administrative Agent and the Lenders shall be entitled to rely and act upon any notices (including telephonic or electronic Committed Loan Notices) believed in good faith to be given by or on behalf of the Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Company shall indemnify the Administrative Agent, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice believed in good faith to be given by or on behalf of the Borrower. All telephonic notices to and other telephonic communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording.
10.03    No Waiver; Cumulative Remedies; Enforcement.
No failure by any Lender or the Administrative Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan Document 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

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provided, and provided under each other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.
Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents against the Company shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance with Section 8.02 for the benefit of all the Lenders; provided, however, that the foregoing shall not prohibit (a) the Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) any Lender from exercising setoff rights in accordance with Section 10.08 (subject to the terms of Section 2.11), or (c) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to the Company under any Debtor Relief Law; and provided, further, that if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to Section 8.02 and (ii) in addition to the matters set forth in clauses (b) and (c) of the preceding proviso and subject to Section 2.11, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders.
10.04    Expenses; Indemnity; Damage Waiver.
(e)    Costs and Expenses. The Company shall pay (i) all reasonable and documented out‑of‑pocket expenses incurred by the Administrative Agent and its Affiliates (including the reasonable and documented fees, charges and disbursements of counsel for the Administrative Agent), in connection with the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated) and (ii) all reasonable and documented out‑of‑pocket expenses incurred by the Administrative Agent or any Lender (including the fees, charges and disbursements of any counsel for the Administrative Agent or any Lender), and (iii) all fees and time charges for attorneys who may be employees of the Administrative Agent or any Lender, in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this Section, or (B) in connection with the Loans made hereunder, including all such out‑of‑pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans.
(f)    Indemnification by the Company. The Company shall indemnify the Administrative Agent (and any sub-agent thereof) and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), and shall indemnify and hold harmless each Indemnitee from all fees and time charges and disbursements for attorneys who may be employees of any Indemnitee, incurred by any Indemnitee or asserted against any Indemnitee by any Person (including the Company) other than such Indemnitee and its Related Parties arising out of, in

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connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder, the consummation of the transactions contemplated hereby or thereby, or, in the case of the Administrative Agent (and any sub-agent thereof) and its Related Parties only, the administration of this Agreement and the other Loan Documents, (ii) any Loan or the use or proposed use of the proceeds therefrom or (iii) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing (including without limitation any such claim, litigation or proceeding arising from any sale or distribution of securities by the Borrower or Borrower Parent), whether based on contract, tort or any other theory, whether brought by a third party or by the Company, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the fraud, gross negligence or willful misconduct of such Indemnitee, (y) result from a claim brought by the Company against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Company has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction, or (z) result from a claim, litigation, investigation or proceeding solely between Indemnitees and not involving the Company. Without limiting the provisions of Section 3.01(c), this Section 10.04(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim. The Company shall not have any liability hereunder to any Indemnitee to the extent an Indemnitee effects any settlement of a matter that is (or could be) subject to indemnification hereunder without the prior written consent of the Company, such consent not to be unreasonably withheld.
(g)    Reimbursement by Lenders. To the extent that the Company for any reason fails to indefeasibly pay any amount required under subsection (a) or (b) of this Section to be paid by it to the Administrative Agent (or any sub-agent thereof), each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), such Lender’s pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought based on each Lender’s share of the Total Credit Exposure at such time) of such unpaid amount (including any such unpaid amount in respect of a claim asserted by such Lender), such payment to be made severally among them based on such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought), provided further that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent). The obligations of the Lenders under this subsection (c) are subject to the provisions of Section 2.10(d).
(h)    Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable law, no Person party hereto shall assert, and hereby waives, and acknowledges that no other Person shall have, any claim against any such Person party hereto or Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby,

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any Loan or the use of the proceeds thereof. No Indemnitee referred to in subsection (b) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed to such unintended recipients by such Indemnitee through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other than for direct or actual damages resulting from the gross negligence or willful misconduct of such Indemnitee as determined by a final and nonappealable judgment of a court of competent jurisdiction.
(i)    Payments. All amounts due under this Section shall be payable not later than ten Business Days after demand therefor.
(j)    Sufficiency of Remedies.
Borrower hereby acknowledges that (i) any and all claims, damages and demands against any Lender or the Administrative Agent arising out of, or in connection with, the exercise by such Person of any of such Person’s rights or remedies, as a secured party, under the Facility following an Event of Default can be sufficiently and adequately remedied by monetary damages, (ii) no irreparable injury will be caused to the Borrower or the Investment Adviser as a result of, or in connection with, any such claims, damages or demands, and (iii) no equitable or injunctive relief shall be sought by the Borrower or the Investment Adviser as a result of, or in connection with, any such claims, damages or demands.
(k)    Survival. The agreements in this Section and the indemnity provisions of Section 10.02(f) shall survive the resignation of the Administrative Agent, the replacement of any Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other Obligations.
10.05    Payments Set Aside.
To the extent that any payment by or on behalf of the Borrower is made to the Administrative Agent, any Lender, or the Administrative Agent any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Administrative Agent or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender severally agrees to pay to the Administrative Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by the Administrative Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the applicable Overnight Rate from time to time in effect, in the applicable currency of such recovery or payment. The obligations of the Lenders under clause (b) of the preceding sentence shall survive the payment in full of the Obligations and the termination of this Agreement.
10.06    Successors and Assigns.

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(a)    Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that the Company may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of subsection (b) of this Section, (ii) by way of participation in accordance with the provisions of subsection (d) of this Section, or (iii) by way of pledge or assignment of a security interest subject to the restrictions of subsection (f) of this Section (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in subsection (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.
(b)    Assignments by Lenders. Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided that any such assignment shall be subject to the following conditions:
(i)    Minimum Amounts.
(A)    in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment or contemporaneous assignments to related Approved Funds that equal at least the amount specified in paragraph (b)(i)(B) of this Section in the aggregate and the Loans at the time owing to it or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and
(B)    in any case not described in subsection (b)(i)(A) of this Section, the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment, determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than $5,000,000 unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Company otherwise consents (each such consent not to be unreasonably withheld or delayed).
(ii)    Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loans or the Commitment assigned;

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(iii)    Required Consents. No consent shall be required for any syndication and/or assignment except to the extent required by subsection (b)(i)(B) of this Section and, in addition:
(A)    the consent of the Borrower (such consent not to be unreasonably withheld or delayed, unless the Borrower establishes that such syndication or assignment would impose additional costs or obligations on the Borrower or the Investment Adviser, in which case such consent shall be in the sole discretion of Borrower unless Borrower is compensated to its satisfaction for any such costs or obligations) shall be required in the event that Bank of America, in its capacity as initial Lender, proposes to syndicate or assign all or a portion of its rights and obligations under this Agreement, or any subsequent Lender proposes to assign all or a portion of its rights and obligations under this Agreement, unless an Event of Default has occurred and is continuing at the time of such syndication or assignment; provided that the Company shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within five (5) days after having received notice thereof; and provided, further, that the Borrower shall use reasonable efforts to cooperate with the Lenders in connection with obtaining any rating for the Facility from a rating agency, it being understood and agreed that the Borrower shall not be responsible for any costs or expenses in connection with obtaining any such rating.
(B)    the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required if such assignment is to a Person that is not a Lender, an Affiliate of such Lender or an Approved Fund with respect to such Lender.
(iv)    Assignment and Assumption. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee in the amount of $3,500; provided, however, that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.
(v)    No Assignment to Certain Persons. No such assignment shall be made (A) to the Company or any of the Company’s Affiliates, (B) to any Defaulting Lender or any of its subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (B) or (C) to a natural Person (any such Person described in clause (A), (B) or (C), a “Disqualified Lender”). Any purported assignment to any Disqualified Lender will be of no force and effect.
(vi)    Certain Additional Payments. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright

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payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the Company and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent or any Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all Loans accordance with its Applicable Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.
Subject to acceptance and recording thereof by the Administrative Agent pursuant to subsection (c) of this Section, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 3.01, 3.04, 3.05, and 10.04 with respect to facts and circumstances occurring prior to the effective date of such assignment; provided, that except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. Upon request, the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with subsection (d) of this Section.
(c)    Register. The Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it (or the equivalent thereof in electronic form) 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 Loans owing to, each Lender pursuant to the terms hereof from time to time (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. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice.
(d)    Participations. Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent, sell participations to any Person (other than a Disqualified Lender) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under

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this Agreement (including all or a portion of its Commitment and/or the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent and the Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. For the avoidance of doubt, each Lender shall be responsible for the indemnity under Section 10.04(c) without regard to the existence of any participation.
Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in the first proviso to Section 10.01 that affects such Participant. The Company agrees that each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection (b) of this Section (subject to the limitations and requirements therein, including the requirements of Section 3.01(e); it being understood that the documentation required under Section 3.01(e) shall be delivered to the Lender who sells the participation) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of Sections 3.06 and 10.13 as if it were an assignee under paragraph (b) of this Section and (B) shall not be entitled to receive any greater payment under Sections 3.01 or 3.04, with respect to any participation, than the Lender from whom it acquired the applicable participation would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation and the same greater payment would also have applied to the relevant Lender. Each Lender that sells a participation agrees, at the Company’s request and expense, to use reasonable efforts to cooperate with the Company to effectuate the provisions of Section 3.06 with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.08 as though it were a Lender; provided that such Participant agrees to be subject to Section 2.11 as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Company, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

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(e)    Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.
Notwithstanding anything to the contrary set forth herein or in any other Loan Document, each Lender hereunder, and each Participant, must at all times be a “qualified purchaser” as defined in the Investment Company Act (a “Qualified Purchaser”). Accordingly:
(i)    each Lender represents to the Borrower, (A) on the date that it becomes a party to this Agreement (whether by being a signatory hereto or by entering into an Assignment and Assumption) and (B) on each date on which it makes a Credit Extension hereunder, that it is a Qualified Purchaser;
(ii)    each Lender agrees that it shall not assign, or grant any participations in, any of its rights or obligations under this Agreement to any Person unless such Person is a Qualified Purchaser; and
(iii)    the Borrower agrees that, to the extent it has the right to consent to any assignment or participation herein, it shall not consent to such assignment or participation hereunder unless it reasonably believes that the assignee or participant is a Qualified Purchaser at the time of such assignment or participation and that such assignment or participation will not cause the Borrower or the pool of Collateral to be required to register as an investment company under the Investment Company Act.
10.07    Treatment of Certain Information; Confidentiality.
Each of the Administrative Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its Related Parties (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent required or requested by any regulatory authority purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights and obligations under this Agreement or any Eligible Assignee invited to be a Lender pursuant to Section 10.01 or (ii) any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction under which payments are to be made by reference to any of the Borrower and their obligations, this Agreement or payments hereunder, (g) on a confidential basis to (i) any rating agency in connection with rating

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the Company or the credit facilities provided hereunder or (ii) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers or other market identifiers with respect to the credit facilities provided hereunder, (h) with the consent of the Company or (i) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to the Administrative Agent, any Lender or any of their respective Affiliates on a nonconfidential basis from a source other than the Company. “Information” means all information received from the Company relating to the Company, other than any such information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the Company. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.
Each of the Administrative Agent and the Lenders acknowledges that (a) the Information may include material non-public information concerning the Company and any obligors in respect of the Collateral Assets, (b) it has developed compliance procedures regarding the use of material non-public information and (c) it will handle such material non-public information in accordance with applicable Law, including United States Federal and state securities Laws.
10.08    Right of Setoff.
If an Event of Default shall have occurred and be continuing, each Lender and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender or any such Affiliate to or for the credit or the account of the Company against any and all of the obligations of the Company now or hereafter existing under this Agreement or any other Loan Document to such Lender or its Affiliates, irrespective of whether or not such Lender or Affiliate shall have made any demand under this Agreement or any other Loan Document and although such obligations of the Company may be contingent or unmatured or are owed to a branch, office or Affiliate of such Lender different from the branch, office or Affiliate holding such deposit or obligated on such indebtedness; provided, that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.12 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender or its Affiliates may have. Each Lender agrees to notify the Company and the Administrative Agent promptly after any such setoff and application, provided that the failure to give such notice shall not affect the validity of such setoff and application.
10.09    Interest Rate Limitation.

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Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If the Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Company. In determining whether the interest contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder.
10.10    Counterparts; Integration; Effectiveness.
This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement, the other Loan Documents, and any separate letter agreements with respect to fees payable to the Administrative Agent, constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other electronic imaging means (e.g. “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Agreement.
10.11    Survival of Representations and Warranties.
All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by the Administrative Agent and each Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default at the time of any Credit Extension, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid.
10.12    Severability.
If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular

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jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions of this Section 10.12, if and to the extent that the enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative Agent, then such provisions shall be deemed to be in effect only to the extent not so limited.
10.13    Replacement of Lenders.
If the Company is entitled to replace a Lender pursuant to the provisions of Section 3.06, or if any Lender is a Defaulting Lender or a Non-Consenting Lender, then the Company may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 10.06), all of its interests, rights (other than its existing rights to payments pursuant to Sections 3.01 and 3.04) and obligations under this Agreement and the related Loan Documents to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that:
(a)    the Company shall have paid to the Administrative Agent the assignment fee (if any) to the extent required by the Administrative Agent pursuant to Section 10.06(b);
(b)    such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 3.05) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Company (in the case of all other amounts);
(c)    in the case of any such assignment resulting from a claim for compensation under Section 3.04 or payments required to be made pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter;
(d)    such assignment does not conflict with applicable Laws; and
(e)    in the case of an assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have consented to the applicable amendment, waiver or consent.
A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Company to require such assignment and delegation cease to apply.
10.14    Governing Law; Jurisdiction; Etc.
(a)    GOVERNING LAW. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS

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TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
(b)    SUBMISSION TO JURISDICTION. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST ANY OTHER PARTY HERETO OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE COMPANY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.
(c)    WAIVER OF VENUE. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.
(d)    SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.02. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.
10.15    Waiver of Jury Trial.
EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY

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JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
10.16    No Advisory or Fiduciary Responsibility.
In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Company acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (i) (A) the arranging and other services regarding this Agreement provided by the Administrative Agent the Arranger, and the Lenders are arm’s-length commercial transactions between the Company and its Affiliates, on the one hand, and the Administrative Agent, the Arranger and the Lenders, on the other hand, (B)  the Company has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) the Company is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) the Administrative Agent, the Arranger and each Lender is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Company or any of its Affiliates, or any other Person and (B) neither the Administrative Agent, the Arranger nor any Lender has any obligation to the Company or any of its Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the Administrative Agent, the Arranger and the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Company and its Affiliates, and neither the Administrative Agent, the Arranger nor any Lender has any obligation to disclose any of such interests to the Company or any of its Affiliates. To the fullest extent permitted by law, each of the Company hereby waives and releases any claims that it may have against the Administrative Agent, the Arranger or any Lender with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.
10.17    Electronic Execution of Assignments and Certain Other Documents.
The words “execute,” “execution,” “signed,” “signature,” and words of like import in any Assignment and Assumption or in any amendment or other modification hereof (including waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity

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or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.
10.18    USA PATRIOT Act.
Each Lender that is subject to the Act (as hereinafter defined) and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender or the Administrative Agent, as applicable, to identify the Borrower in accordance with the Act. The Borrower shall, promptly following a request by the Administrative Agent or any Lender, provide all documentation and other information that the Administrative Agent or such Lender requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the Act.
10.19    Compliance with Laws.
Borrower acknowledges that Bank of America’s obligations hereunder shall be subject to all Laws and, without limitation, the Loan Documents shall not limit the ability of Bank of America to take any actions that it determines, in the exercise of its sole discretion, to be necessary or advisable to comply fully and prudently with any Law, including without limitation any regulatory margin requirement.
10.20    Non-Recourse Obligations; No Petition.
(a)    Each Lender and the Administrative Agent covenants and agrees that the obligations of the Borrower under this Agreement are limited recourse obligations of the Borrower, payable solely from the Collateral in accordance with the terms of the Loan Documents, and, following realization of the Collateral, any claims of the Lenders and the Administrative Agent and all obligations of the Borrower shall be extinguished and shall not thereafter revive. It is understood that the foregoing provisions of this Section 10.20(a) shall not (i) prevent recourse to the Collateral for the sums due or to become due under any security, instrument or agreement which is part of the Collateral, or (ii) constitute a waiver, release or discharge of any indebtedness or obligation evidenced by this Agreement until the Collateral has been realized, whereupon any outstanding indebtedness or obligation shall be extinguished and shall not thereafter revive. For the avoidance of doubt, this Section 10.20(a) shall not limit or prejudice the rights of the Lenders in respect of any obligation of any Affiliate of the Borrower under any Loan Document or otherwise.
(b)    Each of the parties hereto (other than the Borrower) covenants and agrees that, prior to the date that is one year and one day (or, if longer, any applicable preference period and one day) after the payment in full of all Obligations, no party hereto shall institute against, or join any other Person in instituting against, the Borrower any bankruptcy, reorganization, arrangement, insolvency

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or liquidation proceedings or other similar proceedings under any federal, state or foreign bankruptcy or similar law.
The provisions of this Section 10.20 shall survive the termination of this Agreement.
10.21    Time of the Essence.
Time is of the essence of the Loan Documents.
10.22    Judgment Currency.
If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder or any other Loan Document in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase the first currency with such other currency on the Business Day preceding that on which final judgment is given. The obligation of the Borrower in respect of any such sum due from it to the Administrative Agent or any Lender hereunder or under the other Loan Documents shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the “Agreement Currency”), be discharged only to the extent that on the Business Day following receipt by the Administrative Agent or such Lender, as the case may be, of any sum adjudged to be so due in the Judgment Currency, the Administrative Agent or such Lender, as the case may be, may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum originally due to the Administrative Agent or any Lender from the Borrower in the Agreement Currency, the Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Administrative Agent or such Lender, as the case may be, against such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally due to the Administrative Agent or any Lender in such currency, the Administrative Agent or such Lender, as the case may be, agrees to return the amount of any excess to the Borrower (or to any other Person who may be entitled thereto under applicable law).
[Remainder of page intentionally left blank.]


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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written.
ACAS Funding I, LLC
By: American Capital Leveraged Finance Management, LLC, its designated manager
By: /s/ Samuel A. Flax    
Name: Samuel A. Flax    
Title: Executive Vice President and Secretary     



S - 1    


BANK OF AMERICA, N.A., as
Administrative Agent
By: /s/ Allen D. Shifflet    
Name: Allen D. Shifflet    
Title: Managing Director    


S - 2    


BANK OF AMERICA, N.A., as a Lender
By: /s/ Allen D. Shifflet    
Name: Allen D. Shifflet    
Title: Managing Director    




S - 3    


SCHEDULE 2.01
COMMITMENTS
AND APPLICABLE PERCENTAGES

Lender
Total Commitment
Applicable Percentage
Bank of America, N.A.
Prior to the Second Closing Date, $750,000,000, and
on and after the Second Closing Date, $1,250,000,000
100.000000000%
 
 
 
 
 
 
Total
Prior to the Second Closing Date, $750,000,000, and
on and after the Second Closing Date, $1,250,000,000
100.000000000%
 




Schedule 2.01

    Page 1    


SCHEDULE 5.07
CERTAIN CONTRACTUAL OBLIGATIONS
None.



Schedule 5.07

    Page 1    


SCHEDULE 5.15

IDENTIFICATION INFORMATION OF
BORROWER AND BORROWER PARENT


Legal Name:
ACAS Funding I, LLC

Identification Number:
5545720
Jurisdiction of Organization:
Delaware

Registered Office:
Corporate Trust Center
1209 Orange Street
Wilmington, Delaware 19801

Place of Business:
c/o American Capital, Ltd.
2 Bethesda Metro Center, 14th Floor
Bethesda, Maryland 20814

Former Legal Name:
None

Investment Adviser Place of Business/ Chief Executive Office:
American Capital Leveraged Finance Management, LLC
2 Bethesda Metro Center, 14th Floor
Bethesda, Maryland 20814

U.S. Taxpayer Identification Number (Borrower)
Disregarded entity (N/A)

U.S. Taxpayer Identification Number (Borrower Parent)
52-1451377




Schedule 5.15

    Page 1    
SCHEDULE 10.02


ADMINISTRATIVE AGENT’S OFFICE;
CERTAIN ADDRESSES FOR NOTICES
COMPANY:
ACAS Funding I, LLC
2 Bethesda Metro Center, 14th Floor
Bethesda, MD 20814
T: 301-968-9310
F: 301-968-9311
Attn: Secretary






ADMINISTRATIVE AGENT:
Administrative Agent’s Office
(for payments and Requests for Credit Extensions):

Bank of America, N.A.
Street Address: 101 S Tryon Street
Mail Code: NC1-002-15-61
Charlotte, NC 28255
Attention: Bank of America Credit Services
Telephone:
Facsimile No:
Electronic Mail:

    





1    


EXHIBIT A

FORM OF COMMITTED LOAN NOTICE

Date: ___________, _____
To:    Bank of America, N.A., as Administrative Agent
Ladies and Gentlemen:
Reference is made to that certain Credit Agreement, dated as of June 27, 2014 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among ACAS Funding I, LLC, a limited liability company organized under Delaware law (the “Company”), the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent.
The Investment Adviser, on behalf of the Company, hereby requests (select one):
r A Borrowing of Committed Loans
r A conversion or continuation of Loans
1.    On      (a Business Day).
2.    In the amount of $    .
3.    Comprised of         .

        [Type of Committed Loan requested]
4.    For Eurocurrency Rate Loans: with an Interest Period of [one week / two weeks / one month / three months / six months].
The Committed Borrowing, if any, requested herein complies with the provisos to the first sentence of Section 2.01 of the Agreement.
After giving effect to such Committed Borrowing (which, for the avoidance of doubt, does not include any conversion or continuation of Loans): (A) (i) no Borrowing Base Deficiency will exist and (ii) no Default would occur or be continuing, in each case based on the most recent Borrowing Base determination received from the Administrative Agent and (B) in the case of any Loan, the proceeds of such Loan will be used solely for Permitted Uses.
To the knowledge of the undersigned, the representations and warranties of the Company contained in Article V of the Agreement, and any representations and warranties of the Company that are contained in any document furnished at any time under or in connection with the Loan Documents, (I) to the extent already qualified with respect to “material” matters or “Material Adverse Effect”, are true and correct on and as of the date hereof and (II) to the extent not already qualified with respect to “material” matters or “Material Adverse Effect”, are true and correct on and as of

A-1    
Form of Committed Loan Notice


the date hereof in all material respects, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct (in all material respects, as applicable) as of such earlier date, and the representations and warranties contained in subsections (a) and (b) of Section 5.05 of the Agreement shall be deemed to refer to the most recent statements furnished pursuant to subsections (a) and (b), respectively, of Section 6.01 of the Agreement.
To the knowledge of the undersigned, since the date of the last year-end audited financial statements required by Section 6.01(a) of the Agreement, there has been no event or circumstance, either individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect (other than a Collateral Value Condition).
[Remainder of page intentionally left blank.]

A-1    
Form of Committed Loan Notice


[BORROWER INVESTMENT ADVISER]
By:     
Name:     
Title:     


A-1    
Form of Committed Loan Notice


EXHIBIT B

FORM OF NOTE
——————————
FOR VALUE RECEIVED, the undersigned (the “Borrower”) hereby promises to pay to _____________________ or registered assigns (the “Lender”), in accordance with the provisions of the Agreement (as hereinafter defined), the principal amount of each Loan from time to time made by the Lender to the Borrower under that certain Credit Agreement, dated as of June 27, 2014 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among ACAS Funding I, LLC, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent.
The Borrower promises to pay interest on the unpaid principal amount of each Loan from the date of such Loan until such principal amount is paid in full, at such interest rates and at such times as provided in the Agreement. All payments of principal and interest shall be made to the Administrative Agent for the account of the Lender in the currency in which such Committed Loan is denominated and in Same Day Funds at the Administrative Agent’s Office for such currency. If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the due date thereof until the date of actual payment (and before as well as after judgment) computed at the per annum rate set forth in the Agreement.
This Note is one of the Notes referred to in the Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part subject to the terms and conditions provided therein. This Note is also secured by the Collateral. Upon the occurrence and continuation of one or more of the Events of Default specified in the Agreement, all amounts then remaining unpaid on this Note shall become, or may be declared to be, immediately due and payable all as provided in the Agreement. Loans made by the Lender shall be evidenced by one or more loan accounts or records maintained by the Lender in the ordinary course of business. The Lender may also attach schedules to this Note and endorse thereon the date, amount and maturity of its Loans and payments with respect thereto.
The Borrower, for itself, its successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest, demand, dishonor and non-payment of this Note.
[Remainder of page intentionally left blank.]

B - 1    
Form of Note


THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.
ACAS Funding I, LLC
By: American Capital Leveraged Finance Management, LLC, its designated manager
Name:     
Title:    

B - 2    
Form of Note


LOANS AND PAYMENTS WITH RESPECT THERETO

Date
 
Type of Loan Made
 
Amount of Loan Made
 
End of Interest Period
 
Amount of Principal or Interest Paid This Date
 
Outstanding Principal Balance This Date
 
Notation Made By
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


B - 3    
Form of Note


EXHIBIT C-1
ASSIGNMENT AND ASSUMPTION
This Assignment and Assumption (this “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered into by and between [the][each]1 Assignor identified in item 1 below ([the][each, an] “Assignor”) and [the][each]2 Assignee identified in item 2 below ([the][each, an] “Assignee”). [It is understood and agreed that the rights and obligations of [the Assignors][the Assignees]3 hereunder are several and not joint.]4 Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full.
For an agreed consideration, [the][each] Assignor hereby irrevocably sells and assigns to [the Assignee][the respective Assignees], and [the][each] Assignee hereby irrevocably purchases and assumes from [the Assignor][the respective Assignors], subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of [the Assignor’s][the respective Assignors’] rights and obligations in [its capacity as a Lender][their respective capacities as Lenders] under the Credit Agreement and any other documents or instruments delivered pursuant thereto in the amount[s] and equal to the percentage interest[s] identified below of all the outstanding rights and obligations under the respective facilities identified below and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of [the Assignor (in its capacity as a Lender)][the respective Assignors (in their respective capacities as Lenders)] against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned by [the][any] Assignor to [the][any] Assignee pursuant to clauses (i) and (ii) above being referred to herein collectively as [the][an] “Assigned
———————————————————— 
1 For bracketed language here and elsewhere in this form relating to the Assignor(s), if the assignment is from a single Assignor, choose the first bracketed language. If the assignment is from multiple Assignors, choose the second bracketed language.
2 For bracketed language here and elsewhere in this form relating to the Assignee(s), if the assignment is to a single Assignee, choose the first bracketed language. If the assignment is to multiple Assignees, choose the second bracketed language.
3 Select as appropriate.
4 Include bracketed language if there are either multiple Assignors or multiple Assignees.


C-1 - 1    
Form of Assignment and Assumption


Interest”). Each such sale and assignment is without recourse to [the][any] Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by [the][any] Assignor.
1.    Assignor[s]:    ______________________________

______________________________
Assignor [is] [is not] a Defaulting Lender]

2.
Assignee[s]:    ______________________________

______________________________
[for each Assignee, indicate [Affiliate][Approved Fund] of [identify Lender]]

3.    Borrower:    [ ]

4.
Administrative Agent: Bank of America, N.A., as the administrative agent under the Credit Agreement

5.
Credit Agreement:    Credit Agreement, dated as of [ ], among [ ], the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent


C-1 - 2    
Form of Assignment and Assumption


6.    Assigned Interest:



Assignor[s]5



Assignee[s]6
Aggregate
Amount of
Commitment
for all Lenders7
Amount of
Commitment
Assigned
Percentage
Assigned of
Commitment8
 
 
 
 
 
 
 
$______________
$_________
____________%
 
 
$______________
$_________
____________%
 
 
$______________
$_________
____________%
[7.    Trade Date:    __________________]9 
Effective Date: __________________, 20__ [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]
The terms set forth in this Assignment and Assumption are hereby agreed to:
ASSIGNOR[S]10 

[NAME OF ASSIGNOR]

By: _____________________________
Title:

[NAME OF ASSIGNOR]

By: _____________________________
Title:
————————————
5 List each Assignor, as appropriate.
6 List each Assignee and, if available, its market entity identifier, as appropriate.
7Amounts in this column and in the column immediately to the right to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date.
8 Set forth, to at least 9 decimals, as a percentage of the Commitment of all Lenders thereunder.
9 To be completed if the Assignor and the Assignee intend that the minimum assignment amount is to be determined as of the Trade Date.
10 Add additional signature blocks as needed. Include both Fund/Pension Plan and manager making the trade (if applicable).

C-1 - 3    
Form of Assignment and Assumption



ASSIGNEE[S]11 

[NAME OF ASSIGNEE]

By: _____________________________
Title:

[NAME OF ASSIGNEE]

By: _____________________________
Title:


Consented to and Accepted:

BANK OF AMERICA, N.A., as
Administrative Agent

By: _________________________________
Title:


ACAS Funding I, LLC, as Borrower

By: American Capital Leveraged Finance Management, LLC,
its designated manager

By: _________________________________
Title:











————————————
11 Add additional signature blocks as needed. Include both Fund/Pension Plan and manager making the trade (if applicable).

C-1 - 4    
Form of Assignment and Assumption


ANNEX 1 TO ASSIGNMENT AND ASSUMPTION
[___________________]
STANDARD TERMS AND CONDITIONS FOR
ASSIGNMENT AND ASSUMPTION
1.    Representations and Warranties.
1.1.    Assignor. [The][Each] Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of [the][the relevant] Assigned Interest, (ii) [the][such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and (iv) it is [not] a Defaulting Lender; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Company, any of its Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Company, any of Affiliates or any other Person of any of their respective obligations under any Loan Document.
1.2.    Assignee. [The][Each] Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets all the requirements to be an assignee under Section 10.06(b)(iii) and (v) of the Credit Agreement (subject to such consents, if any, as may be required under Section 10.06(b)(iii) of the Credit Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of [the][the relevant] Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by [the][such] Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire [the][such] Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 6.01 thereof, as applicable, and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest, (vi) it has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest and (vii) it is not a Disqualified Lender; and (b) agrees that (i) it will, independently and without reliance upon the Administrative Agent, [the][any] Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the

C-1 - 5    
Form of Assignment and Assumption


obligations which by the terms of the Loan Documents are required to be performed by it as a Lender.
THE ASSIGNEE, BY CHECKING THE BOX BELOW, (I) ACKNOWLEDGES THAT IT IS REQUIRED TO BE A QUALIFIED PURCHASER FOR PURPOSES OF THE INVESTMENT COMPANY ACT AT THE TIME IT BECOMES A LENDER AND ON EACH DATE ON WHICH A CREDIT EXTENSION IS MADE UNDER THE CREDIT AGREEMENT AND (II) REPRESENTS AND WARRANTS TO THE ASSIGNOR, THE BORROWER AND THE ADMINISTRATIVE AGENT THAT THE ASSIGNEE IS A QUALIFIED PURCHASER:
r    BY CHECKING THIS BOX, THE ASSIGNEE REPRESENTS AND WARRANTS THAT IT IS A QUALIFIED PURCHASER.
2.    Payments. From and after the Effective Date, the Administrative Agent shall make all payments in respect of [the][each] Assigned Interest (including payments of principal, interest, fees and other amounts) to [the][the relevant] Assignor for amounts which have accrued to but excluding the Effective Date and to [the][the relevant] Assignee for amounts which have accrued from and after the Effective Date. Notwithstanding the foregoing, the Administrative Agent shall make all payments of interest, fees or other amounts paid or payable in kind from and after the Effective Date to [the][the relevant] Assignee.
3.    General Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by facsimile or other electronic imaging means (e.g. “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of New York.



C-1 - 6    
Form of Assignment and Assumption


EXHIBIT C-2

FORM OF ADMINISTRATIVE QUESTIONNAIRE



1. Borrower or Deal Name ______________________________________________________________________
E-mail this document with your commitment letter to:_______________________________________________
E-mail address of recipient:____________________________________________________________________

2. Legal Name of Lender of Record for Signature Page: ____________________________________________
Markit Entity Identifier (MEI) # ________________________________________________________________
Fund Manager Name (if applicable) _____________________________________________________________
Legal Address from Tax Document of Lender of Record:
Country ___________________________________________________________________________________
Address ___________________________________________________________________________________
City ________________________________ State/Province________________ Country __________________
 
 

3. Domestic Funding Address:                4. Eurodollar Funding Address:
Street Address         Street Address                     
Suite/ Mail Code             Suite/ Mail Code                 
City State             City State         
Postal Code Country              Postal Code Country     
5. Credit Contact Information:
Syndicate level information (which may contain material non-public information about the Borrower and its related parties or their respective securities will be made available to the Credit Contact(s).  The Credit Contacts identified must be able to receive such information in accordance with his/her institution's compliance procedures and applicable laws, including Federal and State securities laws.
Primary Credit Contact:
First Name    ________________________________________________________________________
Middle Name    ________________________________________________________________________
Last Name    ________________________________________________________________________
Title    ________________________________________________________________________
Street Address    ________________________________________________________________________
Suite/Mail Code    ________________________________________________________________________
City    ________________________________________________________________________
State    ________________________________________________________________________
Postal Code    ________________________________________________________________________
Country    ________________________________________________________________________
Office Telephone #    ________________________________________________________________________
Office Facsimile #    ________________________________________________________________________
Work E-Mail Address    ________________________________________________________________________
IntraLinks/SyndTrak
E-Mail Address    ________________________________________________________________________

Secondary Credit Contact:
First Name    ________________________________________________________________________

C – 2 - 1    
Form of Administrative Questionnaire


Middle Name    ________________________________________________________________________
Last Name    ________________________________________________________________________
Title    ________________________________________________________________________
Street Address    ________________________________________________________________________
Suite/Mail Code    ________________________________________________________________________
City    ________________________________________________________________________
State    ________________________________________________________________________
Postal Code    ________________________________________________________________________
Country    ________________________________________________________________________
Office Telephone #    ________________________________________________________________________
Office Facsimile #    ________________________________________________________________________
Work E-Mail Address    ________________________________________________________________________
IntraLinks/SyndTrak
E-Mail Address        ________________________________________________________________________
Primary Operations Contact:         Secondary Operations Contact:
First      MI Last First      MI Last ________________
Title           Title          
Street Address ___ Street Address                     
Suite/ Mail Code ___ Suite/ Mail Code                     
City State ___ City State         
Postal Code Country ___ Postal Code Country         
Telephone Facsimile ___ Telephone Facsimile             
E-Mail Address              E-Mail Address                         
IntraLinks/SyndTrak E-Mail IntraLinks/SyndTrak E-Mail
Address                  Address                         
Does Secondary Operations Contact need copy of notices? ___YES ___ NO    
Letter of Credit Contact:         Draft Documentation Contact or Legal Counsel:
First      MI Last First      MI Last _________________
Title           Title          
Street Address Street Address                     
Suite/ Mail Code Suite/ Mail Code                     
City State City State         
Postal Code Country Postal Code Country         
Telephone Facsimile Telephone Facsimile             
E-Mail Address              E-Mail Address                         
PLEASE CHECK IF YOU CAN FUND IN THE CURRENCIES REQUIRED FOR THIS TRANSACTION LISTED BELOW:
___ US DOLLAR ___                 ___     ___
___ US DOLLAR ___                 ___     ___
___ US DOLLAR ___                 ___     ___

C – 2 - 2    
Form of Administrative Questionnaire


PLEASE CHECK IF YOU CAN FUND IN THE JURISDICTIONS LISTED BELOW:
___ ___                 ___     ___
___ ___                 ___     ___
___ ___                 ___     ___


6. Lender’s Fed Wire Payment Instructions:
Pay to:        
Bank Name                                 
ABA #                                 
City                      State         
Account #                                 
Account Name                                 
Attention                                 

7. Lender’s Standby Letter of Credit, Commercial Letter of Credit, and Bankers’ Acceptance Fed Wire Payment Instructions (if applicable):
Pay to:        
Bank Name                                 
ABA #                                 
City                      State         
Account #                                 
Account Name                                 
Attention                                 
Can the Lender’s Fed Wire Payment Instructions in Section 6 be used? ___YES ___ NO

8. Lender’s Organizational Structure and Tax Status
Please refer to the enclosed withholding tax instructions below and then complete this section accordingly:
Lender Taxpayer Identification Number (TIN):    ___ ___ - ___ ___ ___ ___ ___
Tax Withholding Form Delivered to Bank of America (check applicable one):
___ W-9 ___ W-8BEN ___ W-8ECI      W-8EXP           W-8IMY
Tax Contact:
First      MI Last ______________
Title          

C – 2 - 3    
Form of Administrative Questionnaire


Street Address     
Suite/ Mail Code             
City State                 
Postal Code Country ________
Telephone Facsimile                 
E-Mail Address          


C – 2 - 4    
Form of Administrative Questionnaire


NON–U.S. LENDER INSTITUTIONS
1. Corporations:
If your institution is incorporated outside of the United States for U.S. federal income tax purposes, and is the beneficial owner of the interest and other income it receives, you must complete one of the following three tax forms, as applicable to your institution: a.) Form W-8BEN (Certificate of Foreign Status of Beneficial Owner), b.) Form W-8ECI (Income Effectively Connected to a U.S. Trade or Business), or c.) Form W-8EXP (Certificate of Foreign Government or Governmental Agency).
A U.S. taxpayer identification number is required for any institution submitting a Form W-8 ECI. It is also required on Form W-8BEN for certain institutions claiming the benefits of a tax treaty with the U.S. Please refer to the instructions when completing the form applicable to your institution. In addition, please be advised that U.S. tax regulations do not permit the acceptance of faxed forms. An original tax form must be submitted.
2. Flow-Through Entities
If your institution is organized outside the U.S., and is classified for U.S. federal income tax purposes as either a Partnership, Trust, Qualified or Non-Qualified Intermediary, or other non-U.S. flow-through entity, an original Form W-8IMY (Certificate of Foreign Intermediary, Foreign Flow-Through Entity, or Certain U.S. branches for United States Tax Withholding) must be completed by the intermediary together with a withholding statement. Flow-through entities other than Qualified Intermediaries are required to include tax forms for each of the underlying beneficial owners.
Please refer to the instructions when completing this form. In addition, please be advised that U.S. tax regulations do not permit the acceptance of faxed forms. Original tax form(s) must be submitted.
U.S. LENDER INSTITUTIONS:
If your institution is incorporated or organized within the United States, you must complete and return Form W-9 (Request for Taxpayer Identification Number and Certification). Please be advised that we require an original form W-9.
Pursuant to the language contained in the tax section of the Credit Agreement, the applicable tax form for your institution must be completed and returned on or prior to the date on which your institution becomes a lender under this Credit Agreement. Failure to provide the proper tax form when requested will subject your institution to U.S. tax withholding.
SEE ATTACHMENT A TO THIS FORM OF ADMINISTRATIVE QUESTIONNAIRE FOR ADDITIONAL GUIDANCE AND INSTRUCTIONS AS TO WHERE TO SUBMIT THIS DOCUMENTATION.
10. Bank of America’s Payment Instructions:
Pay to:    Bank of America, N.A.
ABA # 026009593
New York, NY
Account #     
Attn: Corporate Credit Services
Ref: Name of Facility


C – 2 - 5    
Form of Administrative Questionnaire



ATTACHMENT A    

C – 2 - 6    
Form of Administrative Questionnaire


EXHIBIT D-1
FORM OF COMPLIANCE CERTIFICATE (BORROWER PARENT)

Compliance Certificate Date: ,
Financial Statement Date: ,
To:    Bank of America, N.A., as Administrative Agent
Ladies and Gentlemen:
Reference is made to that certain Credit Agreement, dated as of [ ] (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among [ ] (the “Borrower”), the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent.
The undersigned hereby certifies, as an officer and not in his/her individual capacity, as of the date hereof that he/she is the                              of American Capital, Ltd. (“Borrower Parent”), and that, as such, he/she is authorized to execute and deliver this Certificate to the Administrative Agent in such capacity on the behalf of Borrower Parent, and that:
[Use following paragraph 1 for fiscal year-end financial statements]
1.    The Borrower Parent has delivered the year-end audited financial statements required by Section 6.01(a) of the Agreement for the fiscal year of the Borrower Parent ended as of the above date, together with the report and opinion of an independent certified public accountant required by such section. Such financial statements are fairly stated in all material respects when considered in relation to the consolidated financial statements of the Borrower Parent prepared in accordance with GAAP as at such date and for such period.
[Use following paragraph 1 for fiscal quarter-end financial statements]
1.    The Borrower Parent has delivered the unaudited financial statements required by Section 6.01(b) of the Agreement for the fiscal quarter of the Borrower Parent ended as of the above date. Such financial statements fairly present in all material respects the financial condition, results of operations and cash flows of the Borrower Parent and its consolidated subsidiaries in accordance with GAAP as at such date and for such period, subject only to normal year-end audit adjustments and the absence of footnotes.
[For all reports:]
[2.    The changes in GAAP as applied by (or in the application of GAAP) by the Borrower Parent or Borrower that have occurred since the date of the last audited financial statements required by Section 6.01(a) of the Agreement are listed below. For each change, the effect of such change on the financial statements described in Paragraph 1 is specified with such change:]

D - 1 - 1    
Form of Compliance Certificate (Borrower Parent)



IN WITNESS WHEREOF, the undersigned has executed this Certificate as

of             ,         , in his/her capacity as an officer of Borrower Parent and not in his/her individual capacity.
AMERICAN CAPITAL, LTD.
By:     
Name:     
Title:     



D - 1 - 2    
Form of Compliance Certificate (Borrower Parent)


EXHIBIT D-2
FORM OF COMPLIANCE CERTIFICATE (BORROWER)

Financial Statement Date: ,
To:    Bank of America, N.A., as Administrative Agent
Ladies and Gentlemen:
Reference is made to that certain Credit Agreement, dated as of [ ] (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among ACAS Funding I, LLC (the “Borrower”), the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent.
The undersigned hereby certifies, as an officer and not in his/her individual capacity, as of the date hereof that he/she is the                              of the Borrower, and that, as such, he/she is authorized to execute and deliver this Certificate to the Administrative Agent in such capacity on the behalf of the Borrower, and that:
[Use following paragraph 1 for monthly reports]
[1.]    The Borrower has delivered the Net Asset Value and, if any, the supporting calculations thereof required by Section 6.01(c) of the Agreement for the month of the Borrower ended as of the above date. Such Net Asset Value and supporting calculations thereof are true, accurate and complete in every material respect.
[Use following paragraphs for annual reports]
[1].    The undersigned has reviewed and is familiar with the terms of the Agreement and has made, or has caused to be made under his/her supervision, a detailed review of the transactions and condition (financial or otherwise) of the Borrower during the accounting period covered by the Borrower Parent’s annual financial statements.
[2].    A review of the activities of the Borrower during such fiscal period has been made under the supervision of the undersigned with a view to determining whether during such fiscal period the Borrower performed and observed all its obligations under the Loan Documents in all material respects, and
[For all reports, select one:]
[to the knowledge of the undersigned, (i) during such fiscal period the Borrower performed and observed each covenant and condition of the Loan Documents applicable to it including without limitation the covenants and conditions specified in Sections 6.13, 7.07 and 7.11 of the Agreement and (ii) no Default has occurred and is continuing.]
--or--

D - 2 - 1    
Form of Compliance Certificate (Borrower Parent)


[to the knowledge of the undersigned, during such fiscal period the following covenants or conditions have not been performed or observed and the following is a list of each such Default and its nature and status:]
[For all annual reports or reports the end of each semi-annual fiscal period, select one:]

[2/3]. [The representations and warranties of the Company contained in Article V of the Agreement, and any representations and warranties of the Company that are contained in any document furnished at any time under or in connection with the Loan Documents, (I) to the extent already qualified with respect to “material” matters or “Material Adverse Effect”, are true and correct on and as of the date hereof and (II) to the extent not already qualified with respect to “material” matters or “Material Adverse Effect”, are true and correct on and as of the date hereof in all material respects, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct (in all material respects, as applicable) as of such earlier date, and except that for purposes of this Compliance Certificate, the representations and warranties contained in subsections (a) and (b) of Section 5.05 of the Agreement shall be deemed to refer to the most recent statements furnished pursuant to subsections (a) and (b), respectively, of Section 6.01 of the Agreement, including the statements in connection with which this Compliance Certificate is delivered]
--or—

[The representations and warranties of the Company contained in Article V of the Agreement, and any representations and warranties of the Company that are contained in any document furnished at any time under or in connection with the Loan Documents are not true and correct in the following respects:]
IN WITNESS WHEREOF, the undersigned has executed this Certificate as

of             ,         , in his/her capacity as an officer of Borrower and not in his/her individual capacity.
ACAS Funding I, LLC
By: American Capital Leveraged Finance Management, LLC, its designated manager
Name:     
Title:     






D - 2 - 2    
Form of Compliance Certificate (Borrower Parent)


EXHIBIT E-1
FORM OF
U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby made to the Credit Agreement dated as of [ ] (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among ACAS Funding I, LLC (the “Borrower”), and each Lender from time to time party thereto.
Pursuant to the provisions of Section 3.01(e) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten-percent shareholder of the Borrower Parent within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Borrower Parent as described in Section 881(c)(3)(C) of the Code.
The undersigned has furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. The undersigned shall furnish the Borrower and the Administrative Agent with any successor version of the IRS Form W-8BEN if and when such form is published.
Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.
[NAME OF LENDER]
By: _______________________
 
Name: ________________________
 
Title: ________________________
Date: ________ __, 20[ ]


E - 1
Form of U.S. Tax Compliance Certificate


EXHIBIT E-2

FORM OF
U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)
Reference is hereby made to the Credit Agreement dated as of [ ] (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among ACAS Funding I, LLC (the “Borrower”), and each Lender from time to time party thereto.
Pursuant to the provisions of Section 3.01(e) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten-percent shareholder of the Borrower Parent within the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to the Borrower Parent as described in Section 881(c)(3)(C) of the Code.
The undersigned has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. The undersigned shall furnish such Lender with any successor version of the IRS Form W-8BEN if and when such form is published.
Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.
[NAME OF PARTICIPANT]
By: _______________________
 
Name: ________________________
 
Title: ________________________
Date: ________ __, 20[ ]


E - 2
Form of U.S. Tax Compliance Certificate


EXHIBIT E-3

FORM OF
U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)
Reference is hereby made to the Credit Agreement dated as of [ ] (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among ACAS Funding I, LLC (the “Borrower”), and each Lender from time to time party thereto.
Pursuant to the provisions of Section 3.01(e) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten-percent shareholder of the Borrower Parent within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower Parent as described in Section 881(c)(3)(C) of the Code.
The undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. The undersigned shall furnish such Lender with any successor version of the IRS Form W-8IMY and any accompanying IRS Forms W-8IMY and/or W-8BEN if and when such forms are published.
Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.
[NAME OF PARTICIPANT]
By: _______________________
 
Name: ________________________
 
Title: ________________________
Date: ________ __, 20[ ]

E - 3
Form of U.S. Tax Compliance Certificate


EXHIBIT E-4
FORM OF
U.S. TAX COMPLIANCE CERTIFICATE
(For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)
Reference is hereby made to the Credit Agreement dated as of [ ] (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among ACAS Funding I, LLC (the “Borrower”), and each Lender from time to time party thereto.
Pursuant to the provisions of Section 3.01(e) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten-percent shareholder of the Borrower Parent within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower Parent as described in Section 881(c)(3)(C) of the Code.
The undersigned has furnished the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. The undersigned shall furnish the Administrative Agent and the Borrower with any successor version of the IRS Form W-8IMY and any accompanying IRS Forms W-8IMY and/or W-8BEN if and when such forms are published.
Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.
[NAME OF LENDER]
By: _______________________
 
Name: ________________________
 
Title: ________________________
DATE: ________ __, 20[ ]

E - 3
Form of U.S. Tax Compliance Certificate
 EX-10.2 3 acas10q33115ex102.htm EXHIBIT 10.2 ACAS 10Q 3.31.15 EX10.2
Exhibit 10.2


AGREEMENT AND RELEASE

THIS AGREEMENT AND RELEASE (the “Agreement”) is entered into as of March 12, 2015 (the “Effective Date”), by and between AMERICAN CAPITAL, LTD., a Delaware corporation (the “Company”), and MALON WILKUS (“Executive”).

WITNESSETH:

WHEREAS, Executive was granted stock option awards under the Company’s various Employee Stock Option Plans (the “Option Awards”);

WHEREAS, Executive was granted Incentive Awards under the Amended and Restated American Capital Performance Incentive Plan (the “PIP Awards”); and

WHEREAS, it has been determined that certain of the Option Awards and PIP Awards are void under law (the “Void Awards”), as more fully described in Exhibit A.
    
NOW, THEREFORE, in consideration of the mutual covenants, representations, warranties and agreements contained herein, and for other valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

1.PIP Award and Expense Reimbursement. The parties agree that the Company has granted Executive Incentive Awards (the “Award”) under the terms of the Amended and Restated American Capital Performance Incentive Plan in the total amount of $16,731,559.5256, or 1,127,761.68 notional shares of common stock of the Company, as fully described in the two (2) Memorandum and Acceptance Agreements between the Company and Executive dated June 12, 2014 and March 12, 2015. In addition, the Company shall reimburse Executive for any reasonable expenses incurred with respect to the preparation of amended personal tax returns as a result of the Void Awards; provided, however, that in no event shall the amount of expenses eligible for reimbursement hereunder during a calendar year affect the expenses eligible for reimbursement in any other calendar year.  Such reimbursements shall be made promptly upon presentation of documentation in accordance with the Company’s policies (as applicable) with respect thereto from time to time, but in no event later than the end of the calendar year following the year such expenses were incurred.

2.Compromise Only. This Agreement is entered into for purposes of settlement and compromise only. Neither this Agreement nor anything contained herein, nor any act or thing done in connection herewith, is intended to be or may be construed or deemed to be an admission by any party hereto or by any Company employee or director, of any liability, fault, or wrongdoing whatsoever. Any liability, wrongdoing or responsibility on the part of the Company or its employees is expressly denied.


1
Exhibit 10.2


3.Executive Release.

a.Executive acknowledges satisfaction of and hereby releases and discharges the Company and its affiliates, and any of their past or present employees, predecessors, successors, subsidiaries, officers, directors, shareholders, agents, affiliates, investors, and attorneys (“Company Releasees”) of and from any and all claims, demands, and causes of action of whatever kind or nature whether known or unknown, suspected or unsuspected that Executive now owns or holds or has at any time heretofore owned or held, up to the date hereof, against the Company Releasees, or any of them, arising out of or relating, directly or indirectly, to the Award and/or Void Awards, whether arising in tort, contract or other law and whether arising under state, federal or other law. Notwithstanding the foregoing, the release set forth in this paragraph (the “Executive Release”) does not apply to any claims that Executive may have against the Company Releasees, or any of them, arising out of or relating, directly or indirectly, to: (A) the enforcement by Executive of any of his rights or any of the Company’s obligations under this Agreement; (B) the enforcement by Executive of any of his rights or any of the Company’s obligations under the Company’s Certificate of Incorporation, as amended from time to time, or the Company’s Bylaws, as amended, including the Company’s indemnification obligations described therein; and (C) matters that may not be released under applicable law.

b.Executive recognizes that he may have some claim, demand, or cause of action against a Company Releasee of which Executive is totally unaware and unsuspecting that Executive is giving up by execution of the Executive Release. It is the intention of Executive in executing the Executive Release that the Executive Release will deprive Executive of each such claim, demand, and cause of action and prevent Executive from asserting it against any Company Releasee.

c.Executive represents and warrants to the Company that no portion of any claim, demand, cause of action, or other matter released by Executive herein, nor any portion of any recovery or settlement to which Executive might be entitled from any Company Releasee, has been assigned or transferred to any other person or entity, either directly or by way of subrogation or operation of law. Executive hereby agrees to indemnify, defend, and hold the Company Releasees harmless from any and all loss, cost, claim, and expense (including, but not limited to, all expenses of investigation and defense of any such claim or action, including reasonable attorneys’ and accountants’ fees, costs, and expenses) arising out of any claim made or action instituted against any Company Releasee by any person or entity that claims to be the beneficiary of such assignment or transfer and to pay and satisfy any judgment resulting from any settlement of any such claim or action.

4.Company Release. The Company acknowledges full and complete satisfaction of and hereby releases and forever discharges Executive of and from any and all of the Company's claims, demands, and causes of action of whatever kind or nature whether known or unknown, suspected or unsuspected relating directly or indirectly to the Award and/or Void Awards. Notwithstanding the foregoing, the release set forth in

2
Exhibit 10.2


this paragraph (the “Company Release”) does not apply to any claims that the Company may have against Executive (A) to the extent Executive has committed willful misfeasance, bad faith, gross negligence or reckless disregard of his duties involved in the conduct of his duties to or for the Company; and (B) arising out of or relating, directly or indirectly, to matters that may not be released under applicable law.

5.Confidentiality. The parties agree that, except as otherwise required by law, they will use all reasonable efforts to maintain the confidentiality of the terms of this Agreement.

6.Mutual Representations. Executive and the Company each represents, warrants, and agrees as follows:

a. Each party has had the opportunity to consult with counsel of his or its choice regarding the meaning and legal effect of this Agreement, and regarding the advisability of making the agreements provided for herein, and fully understands the same;

b. Each party has the full right and power to enter into this Agreement, and the person executing this Agreement on behalf of such party has the full right and authority to enter into this Agreement on behalf of such party and the full right and authority to bind such party to the terms and obligations of this Agreement; and

c. Each party covenants not to sue the other on claims released by this Agreement.

7.Knowing and Voluntary Execution. Executive understands and agrees that he:

a.Carefully has read and fully understands all of the provisions of this Agreement;

b.Knowingly and voluntarily agrees to all of the terms set forth in this Agreement and to be bound by this Agreement;

c.Hereby is advised in writing to consult with an attorney of his choice prior to executing this Agreement;

d.Has had the opportunity and sufficient time to seek such legal advice;

e.Does not by entering this Agreement waive rights or claims that may arise after the date this Agreement is executed; and

f.Agrees that the consideration provided to him in exchange for his release is in addition to any consideration to which he may already be entitled.


3
Exhibit 10.2


8.Miscellaneous.

a.This Agreement is binding on each party hereto and, as applicable, his or its successors, heirs, assigns, executors and personal representatives.

b.This Agreement is be governed by and construed in accordance with the laws of the State of Delaware without reference to the conflicts of laws provision thereof.

c.This Agreement may be executed in counterparts, each of which will considered an original and all of which together will be considered a single agreement.

d.If any provision of this Agreement is construed by a court of competent jurisdiction to be invalid or unenforceable under applicable law, such provision will remain enforceable to the maximum extent permitted and the enforceability of the remaining provisions of this Agreement will not be affected thereby and this Agreement will be construed in all respects as if such invalid or unenforceable provisions had never been a part hereof.

e.This Agreement may not be amended or modified or any terms herein waived unless by in writing executed by each of the parties to be bound or affected thereby.

f.Each party acknowledges that he or it has had the opportunity to negotiate modifications to the language of this Agreement. Accordingly, each party agrees that in any dispute regarding the interpretation or construction of this Agreement, no presumption will operate in favor of or against any party by virtue of his or its role in drafting or not drafting the terms and conditions set forth herein.

g.Captions used herein are for convenience only and are not deemed to be a part of this Agreement or used to construe any of the provisions hereof.

h.The prevailing party in any action arising out of or relating to this Agreement will be entitled to recover his or its reasonable attorneys’ fees.

9.Effect of Prior Agreements. This Agreement, and any other agreements referred to herein, constitutes the sole and entire agreements and understandings between Executive and the Company with respect to the matters covered hereby and thereby, and there are no other promises, agreements, representations, warranties or other statements between Executive and the Company in respect of such matters not expressly set forth in these agreements. These agreements supersede all prior and contemporaneous agreements, understandings or other arrangements, whether written or oral, concerning the subject matter thereof.
* * * * *

4
Exhibit 10.2



IN WITNESS WHEREOF, the parties hereto have approved and executed this Agreement as of the date first set forth above.

AMERICAN CAPITAL, LTD.


By:    /s/ Samuel A. Flax                Date         
Samuel A. Flax                
Executive Vice President and
General Counsel

MALON WILKUS

/s/ Malon Wilkus                    Date

 


5
Exhibit 10.2


EXHIBIT A


Void Option Awards

Date of Granting Resolution
Plan Year of Original Award(s)
Number of Shares Under Void Options
April 28, 2011
2007
206,297
July 21, 2011
2008
460,733
October 20, 2011
2009
460,733
January 31, 2012
2009
460,733
April 27, 2012
2009
407,149
April 25, 2013
2009
350,002
 
Total
2,345,647



Void PIP Awards

Date of Granting Resolution
Void PIP Shares
October 26, 2007
100,750




6
 EX-31.1 4 acas10q33115ex311.htm EXHIBIT 31.1 ACAS 10Q 3.31.15 EX31.1


Exhibit 31.1
 
CERTIFICATION
 
I, Malon Wilkus, certify that:

1.
I have reviewed this quarterly report on Form 10-Q of American Capital, Ltd.;

2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors:

(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
 
 Date: May 11, 2015
 
/S/    MALON WILKUS
 
Malon Wilkus
 
Chairman of the Board and Chief Executive Officer (Principal Executive Officer)
 


 EX-31.2 5 acas10q33115ex312.htm EXHIBIT 31.2 ACAS 10Q 3.31.15 EX31.2


Exhibit 31.2
 
CERTIFICATION
 
I, John R. Erickson, certify that:
 
1.
I have reviewed this quarterly report on Form 10-Q of American Capital, Ltd.;

2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors:

(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 Date: May 11, 2015

/S/    JOHN R. ERICKSON
 
John R. Erickson
 
Chief Financial Officer (Principal Financial Officer)
 



 EX-32 6 acas10q33115ex32.htm EXHIBIT 32 ACAS 10Q 3.31.15 EX32


Exhibit 32
 
Certification of CEO and CFO Pursuant to 18 U.S.C. Section 1350,
as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
 
In connection with the Quarterly Report on Form 10-Q of American Capital, Ltd. (the “Company”), for the fiscal quarter ended March 31, 2015, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Malon Wilkus as Chief Executive Officer of the Company, and John R. Erickson, as Chief Financial Officer of the Company, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of his knowledge, respectively, that:
 
1.
The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and

2.
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
/S/    MALON WILKUS
 
Name:
  
Malon Wilkus
 
Title:
  
Chairman of the Board and Chief Executive Officer (Principal Executive Officer)
 
Date:
  
May 11, 2015
 
 
 
/S/    JOHN R. ERICKSON
 
Name:
  
John R. Erickson
 
Title:
  
Chief Financial Officer (Principal Financial Officer)
 
Date:
  
May 11, 2015
 
 
The certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.



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