Exhibit 10.4

EXECUTION COPY

FIRST AMENDMENT

TO SECOND AMENDED AND RESTATED SENIOR SECURED REVOLVING CREDIT AGREEMENT

THIS FIRST AMENDMENT TO SECOND AMENDED AND RESTATED SENIOR SECURED REVOLVING
CREDIT AGREEMENT, dated as of June 3, 2014 (this “Amendment”), to the Existing
Credit Agreement (capitalized terms used herein and not otherwise defined shall
have the meanings given to such terms in Article I) is among TPG SPECIALTY
LENDING, INC., a Delaware corporation (the “Borrower”), the LENDERS party hereto
and SUNTRUST BANK, as Administrative Agent and, for purposes of Article III, as
Collateral Agent.

W I T N E S S E T H:

WHEREAS, the Borrower, the Lenders and the Administrative Agent are parties to
the Second Amended and Restated Senior Secured Revolving Credit Agreement, dated
as of February 27, 2014 (the “Existing Credit Agreement”; as amended by this
Amendment and as the same may be further amended, supplemented, amended and
restated or otherwise modified from time to time, the “Credit Agreement”);

WHEREAS, the Borrower, Administrative Agent, each subsidiary of the Borrower
from time to time party thereto, each holder (or a representative or trustee
therefor) from time to time of any Secured Longer-Term Indebtedness or Secured
Shorter-Term Indebtedness and the Collateral Agent are parties to the Amended
and Restated Guarantee and Security Agreement, dated as of July 2, 2013 (the
“Guarantee and Security Agreement”); and

WHEREAS, the Borrower has requested that the Lenders agree to amend the Existing
Credit Agreement and to direct the Collateral Agent to amend the Guarantee and
Security Agreement, and the Lenders are willing, on the terms and subject to the
conditions hereinafter set forth, to agree to the amendments set forth below and
the other terms hereof;

NOW, THEREFORE, the parties hereto hereby covenant and agree as follows:

ARTICLE I

DEFINITIONS

SECTION 1.1. Certain Definitions. The following terms when used in this
Amendment shall have the following meanings (such meanings to be equally
applicable to the singular and plural forms thereof):

“Amendment” is defined in the preamble.

“Borrower” is defined in the preamble.

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“Credit Agreement” is defined in the first recital.

“Existing Credit Agreement” is defined in the first recital.

“First Amendment Effective Date” is defined in Article IV.

“Guarantee and Security Agreement” is defined in the second recital.

SECTION 1.2. Other Definitions. Capitalized terms for which meanings are
provided in the Existing Credit Agreement are, unless otherwise defined herein
or the context otherwise requires, used in this Amendment with such meanings.

ARTICLE II

AMENDMENT TO EXISTING CREDIT AGREEMENT

Subject to the occurrence of the First Amendment Effective Date (as hereinafter
defined), the Existing Credit Agreement is amended in accordance with this
Article II.

SECTION 2.1. Amendments to Section 1.01. Section 1.01 of the Existing Credit
Agreement is hereby amended as follows:

(a) The definition of “Covered Debt Amount” in Section 1.01 of the Existing
Credit Agreement is hereby amended and restated as follows:

“”Covered Debt Amount” means, on any date, the sum of (x) all of the Revolving
Credit Exposures of all Lenders on such date plus (y) the aggregate amount of
Other Covered Indebtedness, the 2019 Convertible Notes and Unsecured Longer Term
Indebtedness on such date minus (z) the LC Exposures fully Cash Collateralized
on such date pursuant to Section 2.05(k) and the last paragraph of
Section 2.09(a); provided that the 2019 Convertible Notes and Unsecured
Longer-Term Indebtedness shall be excluded from the calculation of the Covered
Debt Amount, in each case, until the date that is nine (9) months prior to the
scheduled maturity date of the 2019 Convertible Notes or such Unsecured
Longer-Term Indebtedness, as applicable (provided that, to the extent, but only
to the extent, any portion of the 2019 Convertible Notes or Unsecured
Longer-Term Indebtedness is subject to a contractually scheduled amortization
payment or other principal payment or mandatory redemption (other than in common
stock of the Borrower) earlier than six (6) months after the Final Maturity
Date, such portion of such Indebtedness shall be included in the calculation of
the Covered Debt Amount beginning upon the date that is the later of (i) nine
(9) months prior to such scheduled amortization payment or other principal
payment or mandatory redemption and (ii) the date the Borrower becomes aware
that such Indebtedness is required to be paid or redeemed). For the avoidance of
doubt, for purposes of calculating the Covered Debt Amount, any convertible
securities will be included at the then outstanding principal balance thereof.”.

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(b) Section 1.01 of the Existing Credit Agreement is hereby amended by adding
the following new definitions in the appropriate alphabetical order:

“”2019 Convertible Notes” means the Borrower’s $100,000,000 aggregate principal
amount convertible notes due December 2019 to be issued in June 2014 and any
additional notes issued as a result of the exercise of the initial purchasers’
overallotment option.

“Permitted Equity Interests” means common stock of the Borrower that after its
issuance is not subject to any agreement between the holder of such common stock
and the Borrower where the Borrower is required to purchase, redeem, retire,
acquire, cancel or terminate any such common stock.”.

SECTION 2.2. Amendment to Section 6.02. Clause (i) of Section 6.02 of the
Existing Credit Agreement is hereby amended and restated to read as follows:

“(i) (x) Liens securing Hedging Agreements permitted under Section 6.04(c) and
not otherwise permitted under clause (b) above in an aggregate amount not to
exceed $5,000,000 at any time and (y) Liens incurred in connection with any
Hedging Agreement either entered into with a Lender (or an Affiliate of a
Lender) on an uncleared basis or cleared through a Lender (or Affiliate of a
Lender) as futures commission merchant in the ordinary course of business and
not for speculative purposes (it being understood that such Lien shall continue
to be permitted pursuant to this sub-clause (y) even if such Lender has assigned
all of its Loans and other interests in the Credit Agreement and thus has ceased
to be a Lender hereunder); provided that in no event shall any Obligor be
permitted to create, incur or assume any Lien pursuant to this clause (i) or
increase the aggregate amount of collateral securing any
Liens previously permitted under this clause (i) unless both before and after
giving effect to the creation, incurrence or assumption of such Lien or such
increase in the aggregate amount of collateral securing such Lien the Covered
Debt Amount does not exceed the Borrowing Base (after giving effect to the
exclusion of all such collateral from the Borrowing Base);”.

SECTION 2.3. Amendment to Section 6.12. Section 6.12 of the Existing Credit
Agreement is hereby amended and restated to read as follows:

“SECTION 6.12 Payments of Longer-Term Indebtedness and 2019 Convertible Notes.
The Borrower will not, nor will it permit any of the Subsidiary Guarantors to,
purchase, redeem, retire or otherwise acquire for value, or set apart any money
for a sinking, defeasance or other analogous fund for the purchase, redemption,
retirement or other acquisition of or make any voluntary payment or prepayment
of the principal of or interest on, or any other amount owing in respect of, any
Secured Longer-Term Indebtedness, Unsecured Longer-Term Indebtedness or the 2019
Convertible Notes (other than the refinancing of Secured Longer-Term
Indebtedness, Unsecured Longer-Term Indebtedness or the 2019 Convertible Notes
with Indebtedness permitted under Section 6.01), except for (a) regularly
scheduled payments, prepayments or redemptions of principal and interest in
respect thereof required pursuant to the instruments evidencing such
Indebtedness (it being understood that: (w) the conversion features into
Permitted Equity Interests under convertible notes; (x) the triggering of such
conversion

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and/or settlement thereof solely with Permitted Equity Interests; and (y) any
cash payment on account of interest or expenses on such convertible notes made
by the Borrower in respect of such triggering and/or settlement thereof shall be
permitted under this clause (a)); (b) so long as no Default shall exist or be
continuing, any payment that, if treated as a Restricted Payment for purposes of
Section 6.05(d), would be permitted to be made pursuant to the provisions set
forth in Section 6.05(d); (c) voluntary payments or prepayments of Secured
Longer-Term Indebtedness, so long as both before and after giving effect to such
voluntary payment or prepayment (i) the Borrower is in pro forma compliance with
the financial covenants set forth in Section 6.07 and (ii) no Default shall
exist or be continuing; and (d) mandatory payments, required prepayments or
mandatory redemptions of the 2019 Convertible Notes and any other convertible
notes constituting Unsecured Longer-Term Indebtedness in Cash (including any
cash payment elected to be paid in connection with the settlement by the
Borrower of any conversion at the option of any holder of such 2019 Convertible
Notes or other convertible notes pursuant to the conversion features
thereunder), so long as both before and after giving effect to such payment
(i) no Event of Default shall exist or be continuing and (ii) the Covered Debt
Amount does not exceed the Borrowing Base.”.

SECTION 2.4. Amendment to Section 9.02(b). Section 9.02(b) is hereby amended by
adding the following new sentence at the end of such Section:

“Anything in this Agreement to the contrary notwithstanding, this Agreement may
be amended by the Borrower with the consent of the Administrative Agent and any
Non-Extending Lender (but without the consent of the Required Lenders) for the
sole purpose of extending the Commitments of such Non-Extending Lender so that
such Non-Extending Lender becomes an Extending Lender hereunder.”.

ARTICLE III

AMENDMENT TO GUARANTEE AND SECURITY AGREEMENT

SECTION 3.1. Amendment of Collateral and Guarantee Agreement. The Lenders hereby
consent to, and instruct the Collateral Agent to enter into, an amendment to the
Guarantee and Security Agreement to amend and restate the definition of “Hedging
Agreement Obligations” in Section 1.02 of the Guarantee and Security Agreement
as follows:

““Hedging Agreement Obligations” means, collectively, all obligations of any
Obligor to any Lender (or any Affiliate thereof) under any Hedging Agreement
including in each case all fees, indemnification payments and other amounts
whatsoever, whether direct or indirect, absolute or contingent, now or hereafter
from time to time owing to such Lender (or any Affiliate thereof) under such
Hedging Agreement, and including all interest and expenses accrued or incurred
subsequent to the commencement of any bankruptcy or insolvency proceeding with
respect to such Obligor, whether or not such interest or expenses are allowed as
a claim in such proceeding; provided that, for any such obligations to
constitute Hedging Agreement Obligations for purposes hereof, the Borrower (or
any other Obligor) shall have delivered written notice to the Collateral Agent
to the effect that such obligations constitute Hedging Agreement Obligations
hereunder.

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For purposes hereof, it is understood that any obligations of any Obligor to a
Person arising under a Hedging Agreement entered into at the time such Person
(or an Affiliate thereof) is a “Lender” party to the Credit Agreement shall
nevertheless continue to constitute Hedging Agreement Obligations for purposes
hereof, notwithstanding that such Person (or Affiliate) may have assigned all of
its Loans and other interests in the Credit Agreement and therefore, at the time
a claim is to be made in respect of such obligations, such Person (or its
Affiliate) is no longer a “Lender” party to the Credit Agreement.”.

ARTICLE IV

CONDITIONS TO EFFECTIVENESS

SECTION 4.1. Effective Date. This Amendment shall become effective on the date
(the “First Amendment Effective Date”) when the Administrative Agent shall have
received counterparts of this Amendment duly executed and delivered on behalf of
the Borrower and each of the Lenders party hereto.

ARTICLE V

MISCELLANEOUS

SECTION 5.1. Cross-References. References in this Amendment to any Article or
Section are, unless otherwise specified, to such Article or Section of this
Amendment.

SECTION 5.2. Loan Document Pursuant to Existing Credit Agreement. This Amendment
is a Loan Document executed pursuant to the Existing Credit Agreement and shall
(unless otherwise expressly indicated therein) be construed, administered and
applied in accordance with all of the terms and provisions of the Existing
Credit Agreement, as amended hereby, including Article IX thereof.

SECTION 5.3. Successors and Assigns. The provisions of this Amendment shall be
binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns.

SECTION 5.4. Counterparts. This Amendment may be executed in counterparts (and
by different parties hereto on different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a
single contract. Delivery of an executed counterpart of a signature page of this
Amendment by telecopy electronically (e.g. pdf) shall be effective as delivery
of a manually executed counterpart of this Amendment.

SECTION 5.5. Governing Law. This Amendment shall be governed by and construed in
accordance with the laws of the State of New York.

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SECTION 5.6. Full Force and Effect; Limited Amendment. Except as expressly
amended hereby, all of the representations, warranties, terms, covenants,
conditions and other provisions of the Existing Credit Agreement and the other
Loan Documents shall remain unchanged and shall continue to be, and shall
remain, in full force and effect in accordance with their respective terms. The
amendment set forth herein shall be limited precisely as provided for herein to
the provisions expressly amended herein and shall not be deemed to be an
amendment to, waiver of, consent to or modification of any other terms or
provisions of the Existing Credit Agreement or any other Loan Document or of any
transaction or further or future action on the part of the Borrower which would
require the consent of the Lenders under the Existing Credit Agreement or any of
the Loan Documents. Upon and after the execution of this Amendment by each of
the parties hereto, each reference in the Existing Credit Agreement to “this
Agreement”, “hereunder”, “hereof” or words of like import referring to the
Existing Credit Agreement, and each reference in the other Loan Documents to
“the Credit Agreement”, “thereunder”, “thereof” or words of like import
referring to the Existing Credit Agreement, shall mean and be a reference to the
Existing Credit Agreement as modified hereby.

SECTION 5.7. Representations and Warranties. To induce the Lenders to execute
and deliver this Amendment, the Borrower hereby represents and warrants to the
Lenders on the First Amendment Effective Date that (A) the representations and
warranties contained in Article III of the Existing Credit Agreement and the
other Loan Documents are true and correct 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 of such earlier date and (B) no Default has occurred and is continuing.

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

 

BORROWER:     TPG SPECIALTY LENDING, INC.     By:   /s/ Alan Kirshenbaum    
Name:   Alan Kirshenbaum     Title:   Chief Financial Officer

 

SIGNATURE PAGE TO FIRST AMENDMENT – TPG

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LENDERS:     SUNTRUST BANK    

as Administrative Agent, Swingline Lender, Issuing

Bank and as a Lender and, for purposes of Article

III hereof only, as Collateral Agent

    By:   /s/ David Bennett     Name:   David Bennett     Title:   Director

 

SIGNATURE PAGE TO FIRST AMENDMENT – TPG

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BANK OF AMERICA, N.A., as a Lender By:   /s/ Jacob Garcia Name:   Jacob Garcia
Title:   Director

 

SIGNATURE PAGE TO FIRST AMENDMENT – TPG

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BARCLAYS BANK PLC, as a Lender By:   /s/ Gregory Fishbein Name:   Gregory
Fishbein Title:   Assistant Vice President

 

SIGNATURE PAGE TO FIRST AMENDMENT – TPG

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CIT FINANCE LLC, as a Lender By:   /s/ Renee M. Singer Name:   Renee M. Singer
Title:   Managing Director

 

SIGNATURE PAGE TO FIRST AMENDMENT – TPG

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CITIBANK, N.A., as a Lender By:   /s/ Eros Marshall Name:   Eros Marshall Title:
  Vice President

 

SIGNATURE PAGE TO FIRST AMENDMENT – TPG

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CITY NATIONAL BANK, as a Lender By:   /s/ Brandon L. Feitelson Name:   Brandon
L. Feitelson, C.F.A. Title:   Senior Vice President

 

SIGNATURE PAGE TO FIRST AMENDMENT – TPG

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COMERICA BANK, as a Lender By:   /s/ Timothy O’Rourke Name:   Timothy O’Rourke
Title:   Vice President

 

SIGNATURE PAGE TO FIRST AMENDMENT – TPG

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GOLDMAN SACHS BANK USA, as a Lender By:   /s/ Michelle Latzoni Name:   Michelle
Latzoni Title:   Authorized Signatory

 

SIGNATURE PAGE TO FIRST AMENDMENT – TPG

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HSBC BANK USA, as a Lender By:   Edwin Soogrim Name:   Edwin Soogrim Title:  
Vice President

 

SIGNATURE PAGE TO FIRST AMENDMENT – TPG

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JPMORGAN CHASE BANK, N.A., as a Lender By:   /s/ Lauren Gubkin Name:   Lauren
Gubkin Title:   Vice President

 

SIGNATURE PAGE TO FIRST AMENDMENT – TPG

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LLOYDS BANK PLC, as a Lender By:   /s/ Dennis McClellan Name:   Dennis McClellan
M040 Title:   Assistant Vice President By:   /s/ Joel Slomko Name:   Joel Slomko
S088 Title:   Assistant Vice President

 

SIGNATURE PAGE TO FIRST AMENDMENT – TPG

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MIZUHO BANK, LTD., as a Lender By:   /s/ James R. Fayen Name:   James R. Fayen
Title:   Deputy General Manager

 

SIGNATURE PAGE TO FIRST AMENDMENT – TPG

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MORGAN STANLEY BANK, N.A., as a Lender By:   /s/ Harry Comninellis Name:   Harry
Comninellis Title:   Authorized Signatory

 

SIGNATURE PAGE TO FIRST AMENDMENT – TPG

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PATRIOT BANK, as a Lender By:   /s/ Bill Holbert Name:   Bill Holbert Title:  
Senior Vice President

 

SIGNATURE PAGE TO FIRST AMENDMENT – TPG

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STATE STREET BANK AND TRUST COMPANY, as a Lender By:   /s/ Janet B. Nolin Name:
  Janet B. Nolin Title:   Vice President

 

SIGNATURE PAGE TO FIRST AMENDMENT – TPG