Amended Statement of Beneficial Ownership (sc 13d/a)
October 05 2016 - 4:20PM
Edgar (US Regulatory)
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D/A
Under the Securities Exchange Act of
1934
(Amendment No. 13)*†
Fifth Street Senior Floating Rate Corp.
(Name of Issuer)
Common Stock, par value $0.01 per share
(Title of Class of Securities)
31679F 10 1
(CUSIP Number)
Leonard M. Tannenbaum
777 West Putnam Avenue, 3rd Floor
Greenwich, CT 06830
(203) 681-3600
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
September 30, 2016
(Date of Event Which Requires Filing of
this Statement)
If the filing person has previously filed a statement on Schedule
13G to report the acquisition that is the subject of this Schedule 13D/A, and is filing this schedule because of §§ 240.13d-1(e),
240.13d-1(f) or 240.13d-1(g), check the following box.
¨
Note
: Schedules filed in paper format shall include a
signed original and five copies of the schedule, including all exhibits. See Section 240.13d-7 for other parties to whom copies
are to be sent.
* The remainder of this cover page shall be filled out for a
reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment
containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page
shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended
(“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions
of the Act (however, see the Notes).
† This Schedule 13D/A constitutes (i) Amendment No. 6
to the Schedule 13D of Fifth Street Asset Management Inc. originally filed on February 24, 2016, as amended by Amendment No. 1
filed on April 8, 2016, Amendment No. 2 filed on August 16, 2016, Amendment No. 3 filed on August 26, 2016, Amendment No. 4 filed
on September 8, 2016, and Amendment No. 5 filed on September 14, 2016, (ii) Amendment No. 5 to the Schedule 13D of Fifth Street
Holdings L.P. originally filed on February 24, 2016, as amended by Amendment No. 1 filed on August 16, 2016, Amendment No. 2 filed
on August 26, 2016, Amendment No. 3 filed on September 8, 2016, and Amendment No. 4 filed on September 14, 2016 and (iii) Amendment
No. 13 to the Schedule 13D of Leonard M. Tannenbaum originally filed on March 21, 2014, as amended by Amendment No. 1 filed on
March 24, 2014, Amendment No. 2 filed on August 26, 2014, Amendment No. 3 filed on December 22, 2014, Amendment No. 4 filed on
May 26, 2015, Amendment No. 5 filed on December 2, 2015, Amendment No. 6 filed on December 31, 2015, Amendment No. 7 filed on February
3, 2016, Amendment No. 8 filed on February 24, 2016, Amendment No. 9 filed on August 16, 2016, Amendment No. 10 filed on August
26, 2016, Amendment No. 11 filed on September 8, 2016, and Amendment No. 12 filed on September 14, 2016.
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1.
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Names of Reporting Persons.
Leonard M. Tannenbaum
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2.
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Check the Appropriate Box if a Member of a Group (See Instructions)
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(a)
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¨
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(b)
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þ
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3.
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SEC Use Only
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4.
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Source of Funds (See Instructions)
PF, AF
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5.
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Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)
¨
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6.
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Citizenship or Place of Organization
United States of America
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Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With
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7.
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Sole Voting Power
5,205,328.622
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8.
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Shared Voting Power
2,677,494
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9.
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Sole Dispositive Power
5,205,328.622
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10.
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Shared Dispositive Power
2,677,494
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11.
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Aggregate Amount Beneficially Owned by Each Reporting Person
7,882,822.622
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12.
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Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
¨
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13.
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Percent of Class Represented by Amount in Row (11)
26.8%
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14.
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Type of Reporting Person (See Instructions)
IN
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1.
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Names of Reporting Persons.
Fifth Street Asset Management Inc.
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2.
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Check the Appropriate Box if a Member of a Group (See Instructions)
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(a)
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¨
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(b)
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þ
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3.
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SEC Use Only
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4.
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Source of Funds (See Instructions)
WC
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5.
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Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)
¨
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6.
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Citizenship or Place of Organization
Delaware
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Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With
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7.
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Sole Voting Power
0
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8.
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Shared Voting Power
2,677,494
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9.
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Sole Dispositive Power
0
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10.
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Shared Dispositive Power
2,677,494
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11.
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Aggregate Amount Beneficially Owned by Each Reporting Person
2,677,494
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12.
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Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
¨
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13.
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Percent of Class Represented by Amount in Row (11)
9.1%
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14.
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Type of Reporting Person (See Instructions)
CO
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1.
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Names of Reporting Persons.
Fifth Street Holdings L.P.
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2.
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Check the Appropriate Box if a Member of a Group (See Instructions)
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(a)
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¨
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(b)
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þ
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3.
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SEC Use Only
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4.
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Source of Funds (See Instructions)
WC
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5.
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Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)
¨
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6.
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Citizenship or Place of Organization
Delaware
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Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With
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7.
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Sole Voting Power
0
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8.
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Shared Voting Power
2,677,494
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9.
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Sole Dispositive Power
0
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10.
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Shared Dispositive Power
2,677,494
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11.
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Aggregate Amount Beneficially Owned by Each Reporting Person
2,677,494
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12.
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Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
¨
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13.
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Percent of Class Represented by Amount in Row (11)
9.1%
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14.
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Type of Reporting Person (See Instructions)
PN
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This Schedule 13D/A constitutes (i) Amendment No. 6 to the Schedule
13D of Fifth Street Asset Management Inc. originally filed on February 24, 2016, as amended by Amendment No. 1 filed on April 8,
2016, Amendment No. 2 filed on August 16, 2016, Amendment No. 3 filed on August 26, 2016, Amendment No. 4 filed on September 8,
2016, and Amendment No. 5 filed on September 14, 2016, (ii) Amendment No. 5 to the Schedule 13D of Fifth Street Holdings L.P. originally
filed on February 24, 2016, as amended by Amendment No. 1 filed on August 16, 2016, Amendment No. 2 filed on August 26, 2016, Amendment
No. 3 filed on September 8, 2016, and Amendment No. 4 filed on September 14, 2016 and (iii) Amendment No. 13 to the Schedule 13D
of Leonard M. Tannenbaum originally filed on March 21, 2014 (the “Tannenbaum Schedule 13D”), as amended by Amendment
No. 1 filed on March 24, 2014, Amendment No. 2 filed on August 26, 2014, Amendment No. 3 filed on December 22, 2014, Amendment
No. 4 filed on May 26, 2015, Amendment No. 5 filed on December 2, 2015, Amendment No. 6 filed on December 31, 2015, Amendment No.
7 filed on February 3, 2016, Amendment No. 8 filed on February 24, 2016, Amendment No. 9 filed on August 16, 2016, Amendment No.
10 filed on August 26, 2016, Amendment No. 11 filed on September 8, 2016, and Amendment No. 12 filed on September 14, 2016.
Item 3.
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Source and Amount of Funds or Other Consideration
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Item 3 is amended by adding the following:
It is anticipated that the Purchase (as defined in
Item 4) would be financed through Mr. Tannenbaum’s personal funds, FSH’s working capital, borrowings by Mr. Tannenbaum
and/or FSH or a combination thereof. The summary of the PSA (as defined in Item 4) and the Purchase in Item 4 is incorporated by
reference in its entirety into this Item 3. Such summary is qualified in its entirety by reference to the complete text of the
PSA, a copy of which is attached hereto as Exhibit 4 and is incorporated by reference in its entirety into this Item 3.
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Item 4.
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Purpose of Transaction
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Item 4 is amended by adding the following:
On September 30, 2016, Mr. Tannenbaum and Fifth Street
Holdings L.P. (“FSH”) entered into the Purchase and Settlement Agreement (the “PSA”) by and among (i) FSH,
Leonard M. Tannenbaum (together with FSH, the “Buyers”), and (ii) Ironsides Partners LLC, Ironsides Partners Special
Situations Master Fund II L.P. and Ironsides P Fund L.P. (collectively, this clause (ii), the “Sellers”).
On the terms and subject to the conditions of the
PSA, the Buyers have agreed to purchase 1,942,641 Shares (as defined in the Tannenbaum Schedule 13D) of the Issuer (as defined
in the Tannenbaum Schedule 13D) from the Sellers for a per-share purchase price of $9.00, without interest (the “Purchase”).
The closing of the Purchase is contemplated to occur on November 30, 2016.
In the PSA, the Sellers agreed to observe certain
standstill provisions in respect of the Issuer, Fifth Street Finance Corp. and Fifth Street Asset Management Inc. until the earlier
of (i) certification of voting results with respect to each company’s 2018 annual meeting of stockholders, (ii) July 6, 2018
and (iii) the closing date, if the closing of the Purchase has not occurred on November 30, 2016 (other than by reason of the failure
of the Sellers to deliver the Shares, free and clear of any liens, at the closing). On the
basis of the foregoing agreements, the Reporting Persons may be deemed to have formed a “group,” as such term is used
in Section 13(d) of the Securities Exchange Act of 1934 and the rules thereunder, with the Sellers. Based on the representations
of the Sellers in the PSA, the Reporting Persons believe that the members of such group would have aggregate beneficial ownership
of 7,882,822.622 Shares.
In connection with the execution and delivery of the
PSA, FSH and Mr. Tannenbaum have entered into an allocation and backstop agreement (the “Allocation and Backstop Agreement”)
that provides that to the extent that FSH fails to purchase any or all of the Shares set forth under FSH’s name on Schedule
I to the PSA (as may be amended), Mr. Tannenbaum shall purchase all such remaining Shares, provided that Sellers have delivered
their Shares free and clear of liens pursuant to the PSA. The Allocation and Backstop Agreement also provides for mutual indemnification
of the parties in connection with their obligations under the PSA and the Allocation and Backstop Agreement.
The summary of the PSA and the Purchase in this
Item 4 is qualified in its entirety by reference to the complete text of the PSA, a copy of which is attached hereto
as Exhibit 4 and is incorporated by reference in its entirety into this Item 4. The summary of the Allocation
and Backstop Agreement in this Item 4 is qualified in its entirety by reference to the complete text of the
Allocation and Backstop Agreement, a copy of which is attached hereto as Exhibit 4 and is
incorporated by reference in its entirety into this Item 4.
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Item 5.
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Interest in Securities of the Issuer
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Item 5 is amended and restated as follows:
(a)-(b) The information set forth in rows 7 through
13 of each cover page to this Schedule 13D is incorporated by reference. The percentage set forth in row 13 is based on 29,466,768
outstanding Shares as of August 9, 2016, as reported in the Issuer’s Form 10-Q for the quarterly period ended June 30, 2016.
Of the Shares over which Mr. Tannenbaum has sole voting and dispositive power, (i) 5,098,819.622 Shares are held by him directly;
(ii) 95,634 Shares are held by the Leonard M. Tannenbaum Foundation (the “Foundation”), for which Mr. Tannenbaum serves
as the President; and (iii) 10,875 Shares are held as custodian for his three children (in the amounts of 7,500 Shares, 2,000 Shares
and 1,375 Shares). The 2,677,494 Shares over which Mr. Tannenbaum has shared voting and dispositive power are directly held by
FSH. The 2,677,494 Shares over which FSAM has shared voting and dispositive power are directly held by FSH.
(c) Not applicable, other than as disclosed in Item
4.
(d) FSH has the right to receive or the power to direct
the receipt of dividends from, or the proceeds from the sale of, 2,677,494 Shares beneficially owned by Mr. Tannenbaum and FSAM.
The Foundation has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of,
95,634 Shares beneficially owned by Mr. Tannenbaum. Mr. Tannenbaum’s children have the right to receive or the power to direct
the receipt of dividends from, or the proceeds from the sale of, 10,875 Shares beneficially owned by Mr. Tannenbaum.
(e) Not applicable
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Item 6.
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Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer
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Item 6 is amended by adding the following:
The summary of the PSA and the Purchase in Item
4 is incorporated by reference in its entirety into this Item 6. Such summary is qualified in its entirety by
reference to the complete text of the PSA, a copy of which is attached hereto as Exhibit 4 and is incorporated by
reference in its entirety into this Item 6. The summary of the Allocation and Backstop Agreement in Item 4 is
incorporated by reference in its entirety into this Item 6. Such summary is qualified in its entirety by
reference to the complete text of the Allocation and Backstop Agreement, a copy of which is attached hereto as
Exhibit 5 and is incorporated by reference in its entirety into this Item 6.
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Item 7.
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Material to be Filed as Exhibits
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Exhibit 4 Purchase and Settlement Agreement, dated
as of September 30, 2016, by and among Fifth Street Holdings L.P., Leonard M. Tannenbaum, Ironsides Partners LLC, Ironsides Partners
Special Situations Master Fund II L.P. and Ironsides P Fund L.P.
Exhibit 5 Allocation and Backstop Agreement,
dated September 30, 2016, by and between Fifth Street Holdings L.P. and Leonard M. Tannenbaum
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SIGNATURES
After reasonable inquiry and to the best
of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Dated: October 5, 2016
/s/ Leonard M. Tannenbaum
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LEONARD M. TANNENBAUM
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FIFTH STREET ASSET MANAGEMENT INC.
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By:
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/s/ Leonard M. Tannenbaum
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Name:
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Leonard M. Tannenbaum
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Title:
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Chief Executive Officer
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FIFTH STREET HOLDINGS, L.P.
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By: Fifth Street Asset Management Inc., its general partner
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By:
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/s/ Leonard M. Tannenbaum
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Name:
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Leonard M. Tannenbaum
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Title:
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Chief Executive Officer
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