Exhibit 10.4

Execution Version

SECOND AMENDMENT
TO
REVOLVING CREDIT AGREEMENT

THIS SECOND AMENDMENT TO REVOLVING CREDIT AGREEMENT (this “Amendment”) is dated
as of October 9, 2018 (the “Effective Date”), by and among OWL ROCK CAPITAL
CORPORATION, a Maryland corporation (“Borrower”), WELLS FARGO BANK, NATIONAL
ASSOCIATION (“Wells Fargo”), as administrative agent (in such capacity,
“Administrative Agent”), as Letter of Credit Issuer and a Lender, and the other
Lenders party hereto.

WHEREAS, Borrower, Administrative Agent and the lenders party thereto
(“Lenders”) are party to that certain Revolving Credit Agreement dated as of
August 1, 2016 (as amended, restated, supplemented or otherwise modified from
time to time, the “Credit Agreement”);

WHEREAS, the Borrower has requested to amend the Credit Agreement to amend
certain terms; and

WHEREAS, Borrower, Administrative Agent, and Lenders party hereto have agreed,
upon the following terms and conditions, to amend the Credit Agreement as
provided herein.

NOW, THEREFORE, in consideration of the mutual promises herein contained and for
other valuable consideration the parties hereto agree as follows:

1.Definitions.  Capitalized terms not otherwise defined herein shall have the
respective meanings assigned in the Credit Agreement.

2.Amendment to Credit Agreement.  On and as of the Effective Date, the Credit
Agreement shall be amended as follows:

(a)Section 1.01 of the Credit Agreement shall be amended to insert the following
definitions in appropriate alphabetical order to read in its entirety as
follows:

“Prior Notice Requirement” has the meaning provided in Section 9.5(a).

“Second Amendment Closing Date” means October 9, 2018.

(b)Section 7.24 of the Credit Agreement shall be amended and restated in its
entirety to read as follows:

“7.24 Investors

.  The Borrowing Base Certificate most recently delivered to the Administrative
Agent, as it may be updated in writing from time to time by the Borrowers, is
true and correct in all material respects (subject to any Transfer of an
Investor’s Subscribed Interest not yet reported, as permitted by Section 9.5).”

(c)Section 8.1(b) of the Credit Agreement shall be amended and restated in its
entirety to read as follows:

“(b) Compliance Certificate.  As soon as available, but no later than the date
any financial statement is due pursuant to Section 8.1(a), a compliance
certificate substantially in the form of Exhibit L (the “Compliance
Certificate”), certified by a Responsible Officer of the Borrowers to be true
and correct in all material respects, (i) stating whether any Event of Default
or, to the Responsible Officer’s knowledge, any Potential Default exists and is
continuing; (ii) stating, to the Responsible Officer’s knowledge, whether the
Borrowers are in compliance with the Debt Limitations contained in Section 9.9
and containing the calculations evidencing such compliance; (iii) stating, to
the Responsible Officer’s knowledge, that no Exclusion Event has occurred with
respect to any Included Investor or Designated Investor (that has not

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previously been disclosed to the Administrative Agent in writing);
(iv) reporting the most recently determined Per Share NAV with respect to the
Common Shares of each Borrower; (v) setting forth the aggregate Unused Capital
Commitments of the Investors and, separately, the aggregate Unused Capital
Commitments of the Included Investors and Designated Investors and the
calculations for the Available Commitment as of the date of delivery of such
Compliance Certificate; (vi) reporting all Transfers of any Investor’s
Subscribed Interest that occurred within the prior fiscal quarter; and (vii)
setting forth all Transfers of an Investor’s Subscribed Interest for which the
Borrower did not comply with the Prior Notice Requirement and calculating the
aggregate amount of such Transfers as a percentage of the total aggregate
Capital Commitments of Investors in the Borrower.”

(d)Section 8.1(k) of the Credit Agreement shall be amended and restated in its
entirety to read as follows:

“(k) Borrowing Base Certificate.  The Borrowers will provide an updated
Borrowing Base Certificate certified by a Responsible Officer of the Borrowers
to be true and correct in all material respects (provided that in no event shall
such Borrowing Base Certificate be deemed not to be true and correct in all
material respects as a result of the failure of such certificate to reflect any
Transfer of an Investor’s Subscribed Interest not yet reported, as permitted by
Section 9.5) setting forth a calculation of the Available Commitment in
reasonable detail at each of the following times: (i) concurrently with the
delivery of the annual and quarterly financial statements referred to in
Section 8.1(a); (ii) in connection with any new Borrowing or request for a
Letter of Credit; (iii) within three (3) Business Days following the issuance of
any Drawdown Notices to the Investors together with the form of such Drawdown
Notices in accordance within Section 8.1(c); and (iv) within two (2) Business
Days after a Responsible Officer of a Borrower obtains actual knowledge of the
occurrence of the following events: (A) any Exclusion Event or (B) a Transfer of
any Included Investor’s or Designated Investor’s Capital Commitment; and
(v) within five (5) Business Days after a Responsible Officer of a Borrower
obtains actual knowledge of the occurrence of any other event that reduces the
Available Commitment.”

(e)Section 9.5(a) of the Credit Agreement shall be amended and restated in its
entirety to read as follows:

“9.5 Transfer of Subscribed Interests; Admission of Investors

.

(a)Transfers of Investor Interests.  No Borrower shall permit any Transfer by an
Included Investor or a Designated Investor of its Subscribed Interest unless
explicitly permitted pursuant to this Section 9.5.  The Borrowers shall notify
the Administrative Agent of any Transfer by any Included Investor or Designated
Investor of all or a portion of any Subscribed Interest in such Borrower at
least five (5) Business Days before the proposed Transfer (the “Prior Notice
Requirement”), and shall, promptly upon receipt thereof, deliver to the
Administrative Agent copies of any executed assignment agreement and other
documentation delivered to, or required of such Investor by such Borrower,
provided, that, with respect to Transfers occurring after the Second Amendment
Closing Date, no breach of the foregoing shall occur with respect to any such
Transfers for which the Borrowers failed to comply with the Prior Notice
Requirement, so long as (i) the Borrowers provide written notice to the
Administrative Agent of such Transfer within thirty (30) days thereof, together
with executed assignment agreements and/or other transfer documentation and (ii)
Transfers by Investors for which the Borrowers failed to comply with the Prior
Notice Requirement do not, in the aggregate, exceed five percent (5%) of the
total Capital Commitments of the Investors in the Borrowers and provided,
further that nothing herein shall limit the Borrowers’ obligations to comply
with Section 9.5(c).  Upon notice of any Transfer by an Included Investor or
Designated Investor of all or a portion of its Subscribed Interest permitted
hereunder, each transferee will be considered for Included Investor or
Designated Investor status, provided that in order for a new Investor to be
deemed to be an Included Investor or a Designated Investor, such new Investor
must satisfy the criteria therefor as set out in this Credit Agreement.  If the
Transfer of a Subscribed Interest to a new Investor would result in a mandatory
prepayment pursuant to Section 3.5(b) (due to the transferee not being
designated as an Included Investor or a Designated Investor or otherwise), such
mandatory prepayment shall be calculated and paid to the Lenders prior to the
effectiveness of the Transfer and such prepayment shall be subject to
Section 4.5.  Subject to compliance

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with the preceding sentence and Section 9.5(c) and Section 9.5(d), any
assignment by an Included Investor or Designated Investor shall be
permitted.  Any Transfer of any Subscribed Interest in any Borrower by any
Excluded Investor to any other Person shall be permitted without the consent of
the Administrative Agent or Lenders, subject to compliance with Section 9.5(c)
and Section 9.5(d).”

(f)Exhibit E of the Credit Agreement (Form of Request for Borrowing) is hereby
amended and restated in its entirety to read as set forth on Exhibit E (Form of
Request for Borrowing) attached hereto.

(g)Exhibit F of the Credit Agreement (Form of Request for Letter of Credit) is
hereby amended and restated in its entirety to read as set forth on Exhibit F
(Form of Request for Letter of Credit) attached hereto.

(h)Exhibit L of the Credit Agreement (Form of Compliance Certificate) is hereby
amended and restated in its entirety to read as set forth on Exhibit L (Form of
Compliance Certificate) attached hereto.

3.ACKNOWLEDGMENT OF INVESTOR TRANSFERS. The Lenders party hereto hereby
acknowledge that they have (a) been notified of the Transfers of Subscribed
Interests listed on the document entitled “ORCC Institutional Transfers”
delivered to Lenders on the date hereof and (b) received the executed assignment
agreements or other transfer documentation associated therewith.  The Borrower
represents and warrants that no Investor has transferred its Capital Commitment
or Subscribed Interest other than as set forth on such list. Each Lender party
hereto hereby accepts the Transfers listed on such list, and agrees that each
transferee shall have the Investor designation set forth on such list.

4.REPRESENTATIONS AND WARRANTIES.  Borrower hereby represents and warrants that:

(a)Representations and Warranties in Credit Agreement.  The representations and
warranties set forth in Section 7 of the Credit Agreement are true and correct
in all material respects, except to the extent such representations and
warranties expressly relate to an earlier date.

(b)No Event of Default.  No Event of Default or Potential Default has occurred
and is continuing on the date hereof.

(c)No Amendments.  There has been no amendment to the Borrower’s Charter and
Bylaws, Investment Advisory Agreement, Administration Agreement, Memorandum and
the form of Subscription Agreement attached to the Credit Agreement as Exhibit P
since the latest delivery thereof to Administrative Agent on August 1, 2016.

5.EFFECTIVENESS.  The effectiveness of this Amendment is subject to
Administrative Agent’s receipt of:

(a)this Amendment duly executed and delivered by Borrower, Administrative Agent,
and the Lenders; and

(b)a Borrowing Base Certificate dated as of the date hereof, which constitutes
an updated Exhibit A to the Credit Agreement.

6.MISCELLANEOUS.

(a)No Other Amendments.  Except as expressly amended herein, the terms of the
Credit Agreement shall remain in full force and effect.

(b)Limitation on Agreements.  The amendments set forth herein are limited
precisely as written and shall not be deemed: (a) to be a consent under or
waiver of any other term or condition in the Credit Agreement; or (b) to
prejudice any right or rights which Administrative Agent now has or may have in
the future under, or in connection with, the Credit Agreement, as amended
hereby, any Letter of Credit or any of the other documents referred to herein or
therein.  From and after the date hereof, all references in the Credit Agreement
to the Credit Agreement shall be deemed to be references to the Credit Agreement
after giving effect to this Amendment.

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(c)Ratification.  Borrower hereby ratifies, confirms and agrees that, following
the effectiveness of this Amendment: (i) the Credit Agreement, as amended
hereby, the Notes, and the other Loan Documents shall remain in full force and
effect; and (ii) all guaranties, assurances, and Liens granted, conveyed, or
assigned to Administrative Agent under the Loan Documents are not released,
reduced, or otherwise adversely affected by this Amendment and continue to
guarantee, assure, and secure full payment and performance of the present and
future Obligations.

(d)Governing Law.  This Amendment shall be deemed to be a contract made under,
and for all purposes shall be construed in accordance with, the laws of the
State of New York.

(e)Multiple Counterparts.  This Amendment may be executed in one or more
counterparts, each of which shall constitute an original but all of which when
taken together shall constitute but one contract.  Electronic delivery of an
executed counterpart of a signature page to this Amendment shall be effective as
manual delivery of an executed original signature page to this Amendment.

Remainder of Page Intentionally Left Blank.
Signature Pages Follow.

 

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4818-6034-4947 v.6

 

 

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IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the
date first written above.

BORROWER:

OWL ROCK CAPITAL CORPORATION

 

By:
Name:

Title:

 

 

Signature Page to

Second Amendment to Revolving Credit Agreement

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ADMINISTRATIVE AGENT AND LENDERS:

WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, Letter of
Credit Issuer and a Lender

 

 

By:

Name:
Title:

Signature Page to

Second Amendment to Revolving Credit Agreement

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STATE STREET BANK AND TRUST COMPANY, as a Lender

 

 

By:

Name:
Title:

 

Signature Page to

Second Amendment to Revolving Credit Agreement

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CAPITAL ONE, N.A., as a Lender

 

 

By:

Name:
Title:

 

Signature Page to

Second Amendment to Revolving Credit Agreement

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CITY NATIONAL BANK, as a Lender

 

 

By:

Name:
Title:

 

Signature Page to

Second Amendment to Revolving Credit Agreement

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ING CAPITAL LLC, as a Lender

 

 

By:

Name:
Title:

 

 

By:

Name:
Title:

Signature Page to

Second Amendment to Revolving Credit Agreement

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PNC BANK, NATIONAL ASSOCIATION, as a Lender

 

 

By:

Name:
Title:

Signature Page to

Second Amendment to Revolving Credit Agreement

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ZB, N.A. dba CALIFORNIA BANK & TRUST, as a Lender

 

 

By:

Name:
Title:

Signature Page to

Second Amendment to Revolving Credit Agreement

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COMERICA BANK, as a Lender

 

 

By:

Name:
Title:

 

 

 

Signature Page to

Second Amendment to Revolving Credit Agreement

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EXHIBIT E
FORM OF REQUEST FOR BORROWING

[DATE]

Attention: 

Telephone: 
Facsimile: 
Email:

RE:That certain Revolving Credit Agreement dated as of August 1, 2016 by and
among, inter alios, Owl Rock Capital Corporation, a Maryland corporation, as the
Initial Borrower (together with the other borrowers from time to time party
thereto, the “Borrowers”), WELLS FARGO BANK, NATIONAL ASSOCIATION, as the
Administrative Agent, Letter of Credit Issuer and a Lender and the other Lenders
from time to time party thereto (as amended, restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”).  Capitalized terms not
defined herein shall have the meanings assigned to such terms in the Credit
Agreement.

Ladies and Gentlemen:

This Request for Borrowing is executed and delivered by the Borrower(s) to the
Administrative Agent pursuant to Section 2.3(a) of the Credit Agreement.

The Borrower(s) hereby request a Borrowing pursuant to the Credit Agreement as
follows:

1.

Name of Borrower(s) or Qualified Borrower(s) (if applicable):

 

2.

Amount of Borrowing/Currency:

 

3.

Date of Borrowing:

 

4.

Type of Borrowing (check one box only):

 

 

☐ Reference Rate Loan
☐ LIBOR Rate Loan with ___ -month Interest Period
☐ LIBOR Rate Loan based on Daily LIBOR

 

 

5.

Borrower’s wire Instructions for receipt of Borrowing:

Bank:__________
ABA Number:__________
Account Name: __________
Account Number: __________
Reference:__________
Contact:__________

In connection with the Borrowing requested herein, the undersigned hereby
represent, warrant, and certify to the Administrative Agent for the benefit of
the Lenders that:

 

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(a)On and as of the date of the Borrowing(s) requested herein the
representations and warranties set forth in the Credit Agreement and the other
Loan Documents will be true and correct in all material respects, with the same
force and effect as if made on and as of such date (except to the extent such
representations and warranties expressly relate to an earlier date), provided
that if any such representation and warranty is qualified as to materiality,
with respect to such representation and warranty, the materiality qualifier set
forth above shall be disregarded for the purposes of this condition;

 

(b)No event shall have occurred and be continuing, or would result from the
Borrowing(s) requested herein, which constitutes an Event of Default or a
Potential Default;

 

(c)Other than as disclosed to the Administrative Agent in writing, the Borrowers
have no knowledge that any Investor would be entitled to exercise any
withdrawal, excuse or exemption right under its Subscription Agreement or any
other Operative Document with respect to any Investment being acquired in whole
or in part with any proceeds of the requested Borrowing;

 

(d)No Interim Period is currently in effect.

 

(e)After giving effect to the Borrowing(s) requested herein, the Dollar
Equivalent of the Principal Obligations will not exceed the Available
Commitment; and

 

(f)The Borrowing Base Certificate attached hereto as Exhibit A, which
constitutes an updated Exhibit A to the Credit Agreement, is true and correct as
of the date hereof (subject to any Transfers of an Investor’s Subscribed
Interest not yet reported, as permitted by Section 9.5).  In the event that
there is a change to the Borrowing Base Certificate changes between the date
hereof and the date of the Borrowing(s) requested herein, the Borrower(s) shall
promptly deliver to the Administrative Agent corrections thereto.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

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The undersigned hereby certifies each and every matter contained herein to be
true and correct.

BORROWERS:

OWL ROCK CAPITAL CORPORATION

By:
Name:
Title:

[OTHER BORROWERS]

[QUALIFIED BORROWER, IF APPLICABLE]

 

 

 

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EXHIBIT A TO REQUEST FOR BORROWING

[Updated Borrowing Base Certificate to be Attached Separately]

 

 

 

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EXHIBIT F
FORM OF REQUEST FOR LETTER OF CREDIT

[DATE]

Attention: 
Telephone: 
Facsimile:
Email:

 

RE:

That certain Revolving Credit Agreement dated as of August 1, 2016 by and among,
inter alios, Owl Rock Capital Corporation, a Maryland corporation, as the
Initial Borrower (together with the other borrowers from time to time party
thereto, the “Borrowers”), WELLS FARGO BANK, NATIONAL ASSOCIATION, as the
Administrative Agent, Letter of Credit Issuer and a Lender and the other Lenders
from time to time party thereto (as amended, restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”).  Capitalized terms not
defined herein shall have the meanings assigned to such terms in the Credit
Agreement.

Ladies and Gentlemen:

This Request for Letter of Credit is executed and delivered by the
Borrower(s) to the Administrative Agent pursuant to Section 2.9(b) of the Credit
Agreement.  The Borrower(s) have attached hereto an Application and Agreement
for Letter of Credit in the form of Schedule 1 dated as of [DATE].  The
Borrower(s) hereby request that the Letter of Credit Issuer issue a Letter of
Credit substantially in the form of Schedule 2.

In connection with the issuance of the Letter of Credit requested herein, the
undersigned hereby represent, warrant, and certify to the Administrative Agent
for the benefit of the Lenders and the Letter of Credit Issuer that:

(a)On and as of the date of the issuance of the Letter of Credit requested
herein, the representations and warranties set forth in the Credit Agreement and
the other Loan Documents will be true and correct in all material respects, with
the same force and effect as if made on and as of such date (except to the
extent such representations and warranties expressly relate to an earlier date),
provided, that if any such representation and warranty is qualified as to
materiality, with respect to such representation and warranty, the materiality
qualifier set forth above shall be disregarded for the purposes of this
condition;

(b)The Letter of Credit Liability (after giving effect to the issuance of the
requested Letter of Credit) will not exceed the lesser of: (A) the remainder
of: (1) the Available Commitment as of such date; minus (2) the Dollar
Equivalent of the Principal Obligations as of such date; and (B) the Letter of
Credit Sublimit on such date;

(c)No event shall have occurred and be continuing, or would result from the
issuance of the Letter of Credit requested herein, which constitutes an Event of
Default or a Potential Default;

(d)After giving effect to the issuance of the Letter of Credit requested herein
the Dollar Equivalent of the Principal Obligations will not exceed the Available
Commitment;

(e)No Interim Period is currently in effect.

 

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(f)The Borrowing Base Certificate attached hereto as Exhibit A, which
constitutes an updated Exhibit A to the Credit Agreement, is true and correct as
of the date hereof (subject to any Transfers of an Investor’s Subscribed
Interest not yet reported, as permitted by Section 9.5).  In the event that
there is a change to the Borrowing Base Certificate changes between the date
hereof and the date of the issuance of the Letter of Credit requested herein,
the Borrower(s) shall promptly deliver to the Administrative Agent corrections
thereto; and

(g)Other than as disclosed to the Administrative Agent in writing, the Borrowers
have no knowledge or reason to believe any Investor would be entitled to
exercise any withdrawal, excuse or exemption right under the its Subscription
Agreement or any other Operative Document with respect to any Investment being
acquired in whole or in part with any proceeds of the requested Letter of
Credit.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

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The undersigned hereby certifies each and every matter contained herein to be
true and correct.

BORROWERS:

OWL ROCK CAPITAL CORPORATION

 

By:
Name:
Title:

[OTHER BORROWERS/QUALIFIED BORROWER, IF APPLICABLE]

 

 

 

 

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SCHEDULE 1 TO REQUEST FOR LETTER OF CREDIT
APPLICATION AND AGREEMENT FOR LETTER OF CREDIT

Standby Letter of Credit Application

Wells Fargo

Applicant Name:

To:
Attention: 

Advising bank (if known):

Expiry Date: _______________________ in New York

Beneficiary Name:

Issuance, if not via SWIFT:

[ ] by air mail
[ ] by teletransmission (as operative instrument)

[ ] Credit to be transferable

Currency and amount in words:

Confirmation of credit:

[ ] not required[ ] required

All bank charges other than Wells Fargo charges are:

[ ] for our account[ ] for beneficiary’s account

Partial drawings:

[ ] allowed[ ] not allowed

Please issue an irrevocable Standby Letter of Credit available, at your
counters, by draft(s) at sight to be drawn on you (or on a correspondent
selected by you if the Credit is in a currency other than Dollars), when
accompanied by the following documents:

Beneficiary’s statement signed or purporting to be signed by or on behalf of
Beneficiary reading (please state below the exact wording to appear on the
statement to be presented with the draft):

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

[ ] as per attached pages 1 through _____.

Other documents:

____________________________________________________________________________________________________________________________________________________________

Additional instructions, if any:

 

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_________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

This Standby Letter of Credit expires at Wells Fargo Bank, National Association
on the expiry date indicated above.

This Standby Letter of Credit is subject to the International Standby Practices
of the International Chamber of Commerce, in effect at issuance date.

We understand that this Standby Letter of Credit will not be issued until your
Letter of Credit issuing unit has had the opportunity to process the Letter of
Credit.  We further understand that the final form of the Letter of Credit may
be subject to such final revision and changes as deemed necessary or appropriate
by such unit and we hereby consent to such.

For Bank Use Only

 

Date

Approved

 

 

 

 

Name of Applicant

 

 

 

 

 

By:

 

Date:

 

 

Authorized Signature

 

 

 

 

 

 

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SCHEDULE 2 TO REQUEST FOR LETTER OF CREDIT
FORM OF LETTER OF CREDIT

Irrevocable Standby
Letter of Credit
No.  ___________
Date: __________
Amount: $______

Attn: __________

Ladies and Gentlemen:

We hereby establish, at the request and for the account of __________ (the
“Account Party”), in your favor, this Irrevocable Standby Letter of Credit
No.  _____, in the aggregate amount of _______ (_______), as reduced from time
to time pursuant to Annex A attached hereto (the “Total Credit”), effective
______, 20__, and expiring at the close of banking business at our offices at
__________ on ______, 20__.

We hereby irrevocably authorize you to draw on us, in accordance with the terms
and conditions hereinafter set forth, in one or more drawings by your draft
bearing thereon Letter of Credit No.  ______, payable at sight on a Banking Day
(as defined below), and each accompanied by the original of this Letter of
Credit, together with any amendment thereto, and a written and appropriately
completed certificate signed by you in the form of Annex B attached hereto (any
such draft accompanied by such certificate being a “Demand”).  As used herein,
“Banking Day” means a day of the year on which banks are not required or
authorized to close in New York City (USA) or London, England or [   ].

If we receive any such Demand, all in strict conformity with the terms and
conditions of this Letter of Credit, not later than 11:00 a.m.  (New York City
time) on a Banking Day prior to the termination hereof, we will honor such
Demand by making available to you before 11:00 a.m.  (New York City time) on the
second Banking Day following the date we shall have received such Demand, an
amount in same-day funds equal to the amount of the draft submitted with such
Demand.  If we receive any such Demand, all in strict conformity with the terms
and conditions of this Letter of Credit, after 11:00 a.m.  (New York City time)
on a Banking Day prior to the termination hereof, we will honor such Demand by
making available to you, before 11:00 a.m.  (New York City time) on the third
Banking Day following the date we shall have received such Demand, an amount in
same-day funds equal to the amount of the draft submitted with such Demand.

In accordance with your instructions, payment under this Letter of Credit may be
made by wire transfer of funds from the Federal Reserve Bank of New York to your
account in a bank on the Federal Reserve wire system or by deposit of same-day
funds into a designated account that you maintain with us or such bank accounts
as specified by you in the Demand.

This Letter of Credit sets forth in full our undertaking, and such undertaking
shall not in any way be modified, amended, amplified or limited by reference to
any document, instrument or agreement referred to herein, and any such reference
shall not be deemed to incorporate herein by reference any document, instrument
or agreement except for such Demand.

This Letter of Credit shall be governed by the Customs and Practice for
Documentary Credits (2007 Revision), effective July, 2007 International Chamber
of Commerce Publication No. 600, International Standby Practices (1998 Revision,
effective January 1, 1999), International Chamber of Commerce Publication
No.  590, and, to the extent not inconsistent therewith, by the laws of the
State of New York, including the Uniform Commercial Code as in effect in the
State of New York.  Communications with

 

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respect to this Letter of Credit shall be in writing and shall be addressed to
us at the above address, specifically referring to the number of this Letter of
Credit.

Very truly yours,

[LETTER OF CREDIT ISSUER]

By:
Name:
Title:

 

 

 

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ANNEX A TO LETTER OF CREDIT
NOTICE OF REDUCTION OF TOTAL CREDIT
UNDER IRREVOCABLE STANDBY LETTER OF CREDIT NO.  [_____]

Attention: 
Telephone: 
Facsimile: 
Email:

The undersigned, a duly authorized representative of [_______], a [_________]
(the “Beneficiary”), hereby notifies [the Letter of Credit Issuer] (the
“Issuer”), with reference to Irrevocable Standby Letter of Credit No.  [_____]
(the “Letter of Credit”) issued by the Issuer in favor of the Beneficiary, that
effective as of the date hereof, the face amount shall be reduced by $[_______],
such that from and after the date hereof the face amount of the Letter of Credit
shall be equal to $[_____________].

IN WITNESS WHEREOF, the Beneficiary has executed and delivered this Notice as of
the [___] day of [_______], [____].

BENEFICIARY:

[____________________________________]
a [__________________________________]

By:
Name:
Title:

 

 

 

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ANNEX B TO LETTER OF CREDIT
CERTIFICATE FOR DRAWING UNDER
IRREVOCABLE STANDBY LETTER OF CREDIT NO.  [_____]

Attention: 
Telephone: 
Facsimile: 
Email:

The undersigned, a duly authorized representative of
[___________________________], a [__________] (the “Beneficiary”), hereby
certifies to [the Letter of Credit Issuer] (the “Issuer”), with reference to
Irrevocable Standby Letter of Credit No.  [_____] (the “Letter of Credit”)
issued by the Issuer in favor of the Beneficiary, that this certificate has been
executed and delivered by the Beneficiary pursuant to [_______________________].

[Add signed written statement(s) of the Beneficiary, if any, required by the
Applicant]

IN WITNESS WHEREOF, the Beneficiary has executed and delivered this Certificate
as of the [_________] day of [________________], [___].

BENEFICIARY:

[____________________________________]
a [__________________________________]

By:
Name:
Title:

 

 

 

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EXHIBIT A TO REQUEST FOR LETTER OF CREDIT

[Updated Borrowing Base Certificate to be Attached]

 

Signature Page to

First Amendment to Revolving Credit Agreement

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EXHIBIT L
FORM OF COMPLIANCE CERTIFICATE

[●] , 20__

Attention: 
Telephone: 
Facsimile: 
Email:

2.RE:That certain Revolving Credit Agreement dated as of August 1, 2016 by and
among, inter alios, Owl Rock Capital Corporation, a Maryland corporation, as the
Initial Borrower (together with the other borrowers from time to time party
thereto, the “Borrowers”), WELLS FARGO BANK, NATIONAL ASSOCIATION, as the
Administrative Agent, Letter of Credit Issuer and a Lender and the other Lenders
from time to time party thereto (as amended, restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”).  Capitalized terms not
defined herein shall have the meanings assigned to such terms in the Credit
Agreement.

Ladies and Gentlemen:

In connection with Section 8.1(b) of the Credit Agreement, the undersigned
certifies, in his/her capacity as a Responsible Officer of the Borrower(s), and
not in his/her individual capacity, on the date hereof that:

(a)attached as Schedule I are the [annual audited][quarterly unaudited]
financial reports required by Section 8.1(a) of the Credit Agreement as of the
[fiscal quarter][fiscal year] ended [____, 20__];

(b)no Event of Default or, to my knowledge, Potential Default exists and is
continuing;

(c)to my knowledge, the Borrowers are in compliance with the Debt Limitations
contained in Section 9.9 of the Credit Agreement, in each case as evidenced by
the calculations contained in Schedule II;

(d)to my knowledge, no Exclusion Event has occurred with respect to any Included
Investor or Designated Investor (that has not previously been disclosed to the
Administrative Agent in writing), except as set forth on Schedule III;

(e)the financial statements delivered pursuant to Section 8.1(a)(i) or (ii) of
the Credit Agreement fairly present, in all material respects, the financial
condition and results of operations of the Borrower on a consolidated basis and
were prepared in accordance with GAAP consistently applied, subject to normal
year-end adjustments and the absence of footnotes;

(f)attached as Schedule IV is an updated Borrowing Base Certificate, which
constitutes an updated Exhibit A to the Credit Agreement, current as of the last
day of the preceding quarter and which sets forth (i) the aggregate Unused
Capital Commitments of the Investors and, separately, the aggregate Unused
Capital Commitments of the Included Investors and the other Designated

 

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Investors and (ii) the calculations for the Available Commitment as of the date
hereof (subject to any Transfers of an Investor’s Subscribed Interest not yet
reported, as permitted by Section 9.5);

(g)attached as Schedule V is the most recently determined Per Share NAV with
respect to the Common Shares of each Borrower and the date of such
determination;

(h)attached as Schedule VI is a schedule setting forth each Transfer of an
Investor’s Subscribed Interest that occurred during the prior fiscal quarter;
and

(i)attached as Schedule VII is a schedule setting forth each Transfer of an
Investor’s Subscribed Interest for which the Borrowers did not compy with the
Prior Notice Requirement and calculating the aggregate amount of such Transfers
as a percentage of the total aggregate Capital Commitments of Investors in the
Borrowers.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

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The undersigned hereby certifies, in his or her capacity as a Responsible
Officer of [the] [each] Borrower and not in his or her individual capacity, each
and every matter contained herein (including in the Schedules) to be true and
correct in all material respects as of the date first written above.

 

__________________________________________
Name:
Title:

 

 

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SCHEDULE I TO COMPLIANCE CERTIFICATE
FINANCIAL REPORTS

 

 

 

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SCHEDULE II TO COMPLIANCE CERTIFICATE
CALCULATION OF DEBT LIMITATIONS

 

 

 

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SCHEDULE III TO COMPLIANCE CERTIFICATE
NATURE OF EXCLUSION EVENTS

 

 

 

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SCHEDULE IV TO COMPLIANCE CERTIFICATE
UPDATED BORROWING BASE CERTIFICATE

 

 

 

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SCHEDULE V TO COMPLIANCE CERTIFICATE
PER SHARE NAV DETERMINATION

 

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SCHEDULE VI TO COMPLIANCE CERTIFICATE
INVESTOR TRANSFERS DURING THE PRIOR FISCAL QUARTER

 

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SCHEDULE VII TO COMPLIANCE CERTIFICATE
INVESTOR TRANSFERS FOR WHICH THE BORROWERs DID NOT PROVIDE FIVE BUSINESS DAY
PRIOR NOTICE AND THE PERCENTAGE OF SUCH TRANSFERS OF THE TOTAL CAPITAL
COMMITMENTS OF INVESTORS IN THE BORROWERS