Exhibit 4.2


 


Execution Copy


 







 



 


FIRST SUPPLEMENTAL INDENTURE 


 


between 


 


OWL ROCK TECHNOLOGY FINANCE CORP. 


 


and 


 


WELLS FARGO BANK, NATIONAL ASSOCIATION,



 


as Trustee 


 


 


 


 


Dated as of June 12, 2020


 





 






 






    


     


    

 


FIRST SUPPLEMENTAL INDENTURE


 


THIS FIRST SUPPLEMENTAL
INDENTURE (this “First Supplemental Indenture”), dated as of June 12, 2020, is between Owl Rock Technology Finance
Corp., a Maryland corporation (the “Company”), and Wells Fargo Bank, National Association, as trustee (the “Trustee”).
All capitalized terms used herein shall have the meaning set forth in the Base Indenture (as defined below) unless otherwise defined
herein.


 


RECITALS OF THE COMPANY


 


The Company and the
Trustee executed and delivered an Indenture, dated as of June 12, 2020 (the “Base Indenture” and, as supplemented
by this First Supplemental Indenture, collectively, the “Indenture”), to provide for the issuance by the Company
from time to time of the Company’s unsecured debentures, notes or other evidences of indebtedness (the “Securities”),
to be issued in one or more series as provided in the Indenture.


 


The Company desires
to issue and sell $210,000,000 aggregate principal amount of the Company’s 6.75% Notes due 2025 (the “Notes”).


 


Sections 9.01(iv) and
9.01(vi) of the Base Indenture provide that without the consent of Holders of the Securities of any series issued under the Indenture,
the Company, when authorized by or pursuant to a Board Resolution, and the Trustee, at any time and from time to time, may enter
into one or more indentures supplemental to the Base Indenture to (i) change or eliminate any of the provisions of the Indenture
when there is no Security Outstanding of any series created prior to the execution of a supplemental indenture that is entitled
to the benefit of such provision and (ii) establish the form or terms of Securities of any series as permitted by Section 2.01
and Section 3.01 of the Base Indenture.


 


The Company desires
to establish the form and terms of the Notes and to modify, alter, supplement and change certain provisions of the Base Indenture
for the benefit of the Holders of the Notes (except as may be provided in a future supplemental indenture to the Indenture (“Future
Supplemental Indenture”)).


 


The Company has duly
authorized the execution and delivery of this First Supplemental Indenture to provide for the issuance of the Notes and all acts
and things necessary to make this First Supplemental Indenture a valid, binding, and legal obligation of the Company and to constitute
a valid agreement of the Company, in accordance with its terms, have been done and performed.


 


NOW, THEREFORE, THIS INDENTURE WITNESSETH:


 


For and in consideration
of the premises and the purchase of the Notes by the Holders thereof, it is mutually agreed, for the equal and proportionate benefit
of all Holders of the Notes, as follows:


 






    1


     


    

 


ARTICLE
I


TERMS OF THE NOTES


 


Section
1.01        Terms of the Notes. The following terms relating to the Notes are
hereby established:


 


(a)           The Notes shall constitute a series of Securities having the title “6.75% Notes due 2025” and shall be designated
as Senior Securities under the Indenture. The Notes offered and sold to QIBs in reliance on Rule 144A of the Securities Act shall
bear a CUSIP number of 691205 AA6 and an ISIN number of US691205AA64 and the Notes offered and sold to Institutional “Accredited
Investors” under Rule 501(a)(1), (2), (3) or (7) under the Securities Act shall bear a CUSIP number of 691205 AB4 and an
ISIN number of US691205AB48.


 


(b)           The aggregate principal amount of the Notes that may be initially authenticated and delivered under the Indenture (except
for Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Notes pursuant
to Sections 3.04, 3.05, 3.06, 9.06 or 11.07 of the Base Indenture) shall be $210,000,000. Under a Board Resolution, Officers’
Certificate pursuant to Board Resolutions or an indenture supplement, the Company may from time to time, without the consent of
the Holders of Notes, issue additional Notes (in any such case “Additional Notes”) having the same ranking and
the same interest rate, maturity, CUSIP number and other terms as the Notes (except for the issue date, offering price and, if
applicable, the initial interest payment date); provided that such Additional Notes must either (i) be issued in a
 “qualified reopening” for U.S. Federal income tax purposes, with no more than a de minimis amount of original issue
discount, or otherwise (ii)  be part of the same issue as the Notes for U.S. federal income tax purposes. Any Additional Notes
and the existing Notes will constitute a single series under the Indenture and all references to the relevant Notes herein shall
include the Additional Notes unless the context otherwise requires.


 


(c)           The entire Outstanding principal amount of the Notes shall be payable on June 30, 2025, unless earlier redeemed or repurchased
in accordance with the provisions of this First Supplemental Indenture.


 


(d)          The rate at which the Notes shall bear interest shall initially be 6.75% per annum. If the Notes receive a rating of BB+ or lower
by KBRA (or its equivalent under any successor rating categories of KBRA) (or if the Rating Agency ceases to rate the Notes for
reasons outside of the Company’s control, the equivalent investment grade credit rating from any Rating Agency selected by
the Company as a replacement Rating Agency) (an “Interest Rate Adjustment Event”), the interest rate on the
Notes shall be increased to 7.50% per annum as of the date of the Interest Rate Adjustment Event. If following an Interest Rate
Adjustment Event, the Notes receive an Investment Grade rating (an “Investment Grade Event”), the interest
rate on the Notes will be decreased to 6.75% per annum as of the date of the Investment Grade Event.


 


It
shall be the obligation of the Company to promptly notify the Trustee of any change in interest rate payable on
the Notes pursuant to this Section 1.01(d) and the date of such Interest Rate Adjustment Event or Investment Grade Event, as applicable.
Such notice shall be given by delivery to the Trustee of an Officers’ Certificate, on which the Trustee shall conclusively
rely. The Trustee shall have no obligation (i) to monitor the debt rating assigned to the Notes, (ii) to determine whether any
change to the interest rate payable on the Notes is required by this Section 1.01(d), or (iii) to determine the interest
rates applicable to the Notes.


 






    2


     


    

 


(e)           The date from which interest shall accrue on the Notes shall be June 12, 2020, or the most recent Interest Payment Date
to which interest has been paid or provided for; the Interest Payment Dates for the Notes shall be June 30 and December 30 of each
year, commencing December 30, 2020 (if an Interest Payment Date falls on a day that is not a Business Day, then the applicable
interest payment will be made on the next succeeding Business Day with the same force and effect as if made on the scheduled Interest
Payment Date and no additional interest will accrue as a result of such delayed payment); the initial interest period will be the
period from and including June 12, 2020 (or the most recent Interest Payment Date to which interest has been paid or provided for),
to, but excluding, the initial Interest Payment Date, and the subsequent interest periods will be the periods from and including
an Interest Payment Date to, but excluding, the next Interest Payment Date or the Stated Maturity, as the case may be; the interest
so payable, and punctually paid or duly provided for, on any Interest Payment Date, will be paid to the Person in whose name the
Note (or one or more predecessor Notes) is registered at the close of business on the Regular Record Date for such interest, which
shall be June 15 and December 15 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date.
Payment of principal of (and premium, if any) and any such interest on the Notes will be made at the Corporate Trust Office of
the Paying Agent, which shall initially be the Trustee, in such coin or currency of the United States of America as at the time
of payment is legal tender for payment of public and private debts; provided, however, that in the case of Notes that are not in
global form, at the option of the Company, payment of interest may be made by check mailed to the address of the Person entitled
thereto as such address shall appear in the Security Register; provided, further, however, that so long as the Notes are registered
to Cede & Co., such payment will be made by wire transfer in accordance with the procedures established by the Depository Trust
Company and the Trustee. Interest on the Notes will be computed on the basis of a 360-day year of twelve 30-day months.




 


(f)            The Notes offered and sold to QIBs in reliance on Rule 144A shall be initially issuable in global form (each such Note,
a “144A Global Note”) which, along with the Trustee’s certificate of authentication thereon shall be substantially
in the form of Exhibit A to this First Supplemental Indenture. The Notes offered and sold to Institutional “Accredited
Investors” under Rule 501(a)(1), (2), (3) or (7) under the Securities Act shall be initially issuable in global form (each
such Note, a “IAI Global Note” and together with the 144A Global Note, the “Global Notes”)
which, along with the Trustee’s certificate of authentication thereon shall be substantially in the form of Exhibit B
to this First Supplemental Indenture. Each Global Note shall represent the Outstanding Notes as shall be specified therein and
each shall provide that it shall represent the aggregate amount of Outstanding Notes from time to time endorsed thereon and that
the aggregate amount of Outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to
reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount
of Outstanding Notes represented thereby shall be made by the Trustee or the Security Registrar, in accordance with Sections 2.03
and 3.05 of the Base Indenture.


 


(g)           Every Note authenticated and delivered hereunder shall bear an additional legend in substantially the following form (the
 “Restricted Securities Legend”) unless and until such Restricted Securities Legend is no longer required in
accordance with Section 1.01(i) of this First Supplemental Indenture:


 






    3


     


    

 


THIS SECURITY HAS NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES
LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED
OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.


 


THE HOLDER OF
THIS SECURITY BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT IT IS [A “QUALIFIED INSTITUTIONAL BUYER” (AS
DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”))]/[AN INSTITUTIONAL “ACCREDITED
INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A
 “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”))] AND (2) AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE
RESTRICTION TERMINATION DATE”) WHICH IS ONE YEAR (OR SUCH OTHER DATE WHEN RESALES OF SECURITIES BY NON-AFFILIATES
ARE FIRST PERMITTED UNDER RULE 144(d)) AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF (OR ANY PREDECESSOR OF THIS
SECURITY) OR THE DATE OF ANY SUBSEQUENT REOPENING OF THE SECURITIES AND THE LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE
OF THE COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO THE COMPANY OR ANY OF ITS
SUBSIDIARIES, (B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO
LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A QUALIFIED
INSTITUTIONAL BUYER THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE
IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) TO AN INSTITUTIONAL “ACCREDITED INVESTOR”
WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER
AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, OR (E) PURSUANT
TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND THE SECURITIES LAWS OF ANY OTHER
JURISDICTION, INCLUDING ANY STATE OF THE UNITED STATES, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO
ANY SUCH OFFER, SALE OR TRANSFER TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL SATISFACTORY TO EACH OF THEM AND/OR A
CERTIFICATE OF TRANSFER OR EXCHANGE IN THE FORM PRESCRIBED IN THE INDENTURE. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF
THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.


 






    4


     


    

 


(h)          With respect to any proposed registration of transfer of any Note prior to (x) the date which is one year (or such other
date when resales of securities by non-Affiliates are first permitted under Rule 144(d) of the Exchange Act) after the later of
the date of the original issue date of the applicable Notes or the date of any subsequent reopening of such Notes and the last
date on which the Company or any of the Company’s Affiliates were the owner of such Notes (or any predecessor thereto) or
(y) such later date, if any, as may be required by applicable law (the “Resale Restriction Termination Date”),
the Holder of such Note and each subsequent Holder thereof shall offer, sell, or otherwise transfer such Note only (i) to the Company
or any of the Company’s Subsidiaries, (ii) pursuant to a registration statement which has become effective under the Securities
Act, (iii) for so long as such Note is eligible for resale pursuant to Rule 144A, to a Person it reasonably believes is a QIB that
purchases for its own account or for the account of a QIB to whom notice is given that the transfer is being made in reliance on
Rule 144A, (iv) to an institutional “accredited investor” within the meaning of Rule
501(a)(1), (2), (3) or (7) under the Securities Act that is purchasing for its own account or for the account of such an institutional
 “accredited investor” or (v) pursuant to any other available exemption from the registration requirements of
the Securities Act; in each of the foregoing cases subject to any requirements of law that the disposition of its property or the
property of such investor account or accounts be at all times within its or their control and in compliance with any applicable
state securities laws. The foregoing restrictions on resale will not apply subsequent to the Resale Restriction Termination Date.


 


(i)            Upon the transfer or replacement of a Global Note (or beneficial interest therein) not bearing a Restricted Securities Legend
(an “Unrestricted Global Note”) the Trustee shall deliver an Unrestricted Global Note (or beneficial interest
therein) and upon the transfer or replacement of a definitive Note not bearing a Restricted Securities Legend (an “Unrestricted
Definitive Note”), the Trustee shall deliver an Unrestricted Definitive Note. Upon the transfer, exchange, or replacement
of a Global Note (or beneficial interest therein) bearing a Restricted Securities Legend (a “Restricted Global Note”)
the Trustee shall deliver only a Restricted Global Note (or beneficial interest therein) and upon the transfer, exchange or replacement
of a definitive Note bearing a Restricted Securities Legend (a “Restricted Definitive Note”), the Trustee shall
deliver only Restricted Definitive Notes unless, in each case, (i) a Note is being transferred pursuant to an effective registration
statement, (ii) Notes are being exchanged for Notes that do not bear the Restricted Securities Legend in accordance with the following
paragraph, or (iii) there is delivered to the Trustee an Opinion of Counsel satisfactory to it stating that neither such legend
nor the related restrictions on transfer are required in order to maintain compliance with the provisions of the Securities Act,
upon which opinion the Trustee may conclusively rely. Any Notes sold in a registered offering shall not be required to bear the
Restricted Securities Legend.


 


Upon
the Company’s satisfaction that the Restricted Securities Legend shall no longer be required in order to maintain compliance
with the Securities Act, beneficial interests in a Restricted Global Note may be automatically exchanged into beneficial interests
in an Unrestricted Global Note without any action required by or on behalf of the Holder (the “Automatic Exchange”)
at any time on or after the date that is the 366th calendar day after the later of the date of the original issue date of
the applicable Notes or the date of any subsequent reopening of such Notes, or in each case, if such day is not a Business Day,
on the next succeeding Business Day.


 






    5


     


    

 


Upon the Company’s
satisfaction that the Restricted Securities Legend shall no longer be required in order to maintain compliance with the Securities
Act, the Company may cause the Restricted Securities Legend to be removed by (i) providing the Depositary an instruction letter
for the Depositary’s mandatory exchange process (or any successor notice, form, or action required pursuant to the Depositary’s
applicable procedures) to the extent required; (ii) providing written notice to the Trustee (x) instructing the Trustee to
take any actions as may be necessary so that the Restricted Securities Legend set forth on the Global Notes shall be deemed removed
from the Global Notes in accordance with the terms and conditions of the Notes and the Indenture, without further action on the
part of Holders and (y) instructing the Trustee to take any actions as may be necessary so that the restricted CUSIP number
for the Notes shall be removed from the Global Notes and replaced with an unrestricted CUSIP number; and (iii) on or prior to the
effective date of the Automatic Exchange (such date, the “Automatic Exchange Date”), deliver to the Trustee
for authentication one or more Unrestricted Global Notes, duly executed by the Company, in an aggregate principal amount equal
to the aggregate principal amount of Restricted Global Notes to be exchanged into such Unrestricted Global Notes. The Restricted
Global Note from which beneficial interests are transferred pursuant to an Automatic Exchange shall be cancelled following the
Automatic Exchange.


 


Any definitive Note
delivered in exchange for an interest in a Global Note pursuant to Sections 2.04 and 3.05 of the Base Indenture shall bear the
applicable legend regarding transfer restrictions applicable thereto set forth in this Section 1.01 of this First Supplemental
Indenture unless (i) the Global Note is an Unrestricted Global Note, or (ii) there is delivered to the Trustee an Opinion of Counsel
satisfactory to it stating that neither such legend nor the related restrictions on transfer are required in order to maintain
compliance with the provisions of the Securities Act, upon which opinion the Trustee may conclusively rely.


 


The Trustee shall have
no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture
or under applicable law with respect to any transfer of any interest in any Note other than to require delivery of such certificates
and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of
this First Supplemental Indenture and any Notes, and to examine the same to determine substantial compliance as to form with the
express requirements hereof.


 


All certifications,
certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 1.01 of this First Supplemental
Indenture to effect a registration of transfer or exchange may be submitted by facsimile.


 


(j)            The depositary for such Global Notes shall be the Depositary Custodian. The Security Registrar with respect to the Global
Notes shall be the Trustee.


 


(k)           The Notes shall be defeasible pursuant to Section 14.02 or Section 14.03 of the Base Indenture. Covenant defeasance
contained in Section 14.03 of the Base Indenture shall apply to the covenants contained in Sections 10.07, 10.08, and 10.09
of the Indenture.


 






    6


     


    

 


(l)            The Notes shall be redeemable pursuant to Section 11.01 of the Base Indenture and as follows:


 


(i)          The Notes will be redeemable, in whole or in part, at any time, or from time to time, at the option of the Company, at a
Redemption Price equal to the greater of the following amounts, plus, in each case, accrued and unpaid interest to, but excluding,
the Redemption Date:


 


A.               
100% of the principal amount of the Notes to be redeemed,


 


or


 


B.                
the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid
interest to the Redemption Date) on the Notes to be redeemed, discounted to the Redemption Date on a semi-annual basis (assuming
a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 50 basis points;


 


provided,
however, that if the Company redeems any Notes on or after May 30, 2025, the Redemption Price for the Notes will be equal to 100%
of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the Redemption
Date.


 


For purposes
of calculating the Redemption Price in connection with the redemption of the Notes, on any Redemption Date, the following terms
have the meanings set forth below:


 


“Treasury
Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield-to-maturity
of the Comparable Treasury Issue (computed as of the third Business Day immediately preceding the redemption), assuming a price
for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for
such Redemption Date. The Redemption Price and the Treasury Rate will be determined by the Company.


 


“Comparable
Treasury Issue” means the United States Treasury security selected by the Reference Treasury Dealer as having a maturity
comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance
with customary financing practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term
of the Notes being redeemed.


 


“Comparable
Treasury Price” means (1) the average of the remaining Reference Treasury Dealer Quotations for the Redemption Date,
after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Quotation Agent obtains fewer than
four such Reference Treasury Dealer Quotations, the average of all such quotations.


 


“Quotation
Agent” means a Reference Treasury Dealer selected by the Company.


 


“Reference
Treasury Dealer” means each of (1) SMBC Nikko Securities America, Inc. and a primary U.S. government securities dealer
selected by MUFG Securities Americas Inc., or their respective affiliates which are primary U.S. government securities dealers
in the United States (a “Primary Treasury Dealer”) and their respective successors; provided, however,
that if any of the foregoing or their affiliates shall cease to be a Primary Treasury Dealer, the Company shall select another
Primary Treasury Dealer and (2) two other Primary Treasury Dealers selected by the Company.


 






    7


     


    

 


“Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average,
as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as
a percentage of its principal amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 3:30 p.m. New York
time on the third Business Day preceding such Redemption Date.


 


All determinations
made by any Reference Treasury Dealer, including the Quotation Agent, with respect to determining the Redemption Price will be
final and binding absent manifest error.


 


(ii)         Notice of redemption shall be given in writing and mailed, first-class postage prepaid or by overnight courier guaranteeing
next-day delivery, or sent electronically in accordance with Applicable Procedures with respect to Notes in global form, to each
Holder of the Notes to be redeemed, not less than 30 nor more than 60 days prior to the Redemption Date, at the Holder’s
address appearing in the Security Register. All notices of redemption shall contain the information set forth in Section 11.04
of the Base Indenture. If the Redemption Price is not known at the time such notice is to be given, the actual Redemption Price,
calculated as described in the terms of the Notes, will be set forth in an Officers’ Certificate of the Company delivered
to the Trustee no later than two Business Days prior to the Redemption Date.


 


(iii)        Any exercise of the Company’s option to redeem the Notes will be done in compliance with the Investment Company Act,
to the extent applicable.


 


(iv)        If the Company elects to redeem only a portion of the Notes, the particular Notes to be redeemed will be selected by the
Trustee on a pro rata basis to the extent practicable, or, if a pro rata basis is not practicable for any reason,
by lot or in such other manner as the Trustee shall deem fair and appropriate, and in any case in accordance with the applicable
procedures of the Depositary and in accordance with the Investment Company Act as directed by the Company; provided, however,
that no such partial redemption shall reduce the portion of the principal amount of a Note not redeemed to less than $2,000.


 


(v)        Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to
accrue on the Notes called for redemption hereunder.


 


(m)          The Notes shall not be subject to any sinking fund pursuant to Section 12.01 of the Base Indenture.


 


(n)           The Notes shall be issuable in denominations of $2,000 and integral multiples of $1,000 in excess thereof.


 


(o)           Holders of the Notes will not have the option to have the Notes repaid prior to the Stated Maturity other than in accordance
with Article Thirteen of the Indenture.


 






    8


     


    

 


ARTICLE
II


DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION


 


Section
2.01       Except as may be provided in a Future Supplemental Indenture, for the benefit
of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding,
Article One of the Base Indenture shall be amended by adding the following defined terms to Section 1.01 of the Base Indenture
in appropriate alphabetical sequence, as follows:


 


“Below Investment
Grade Rating Event” means the Notes are downgraded below Investment Grade by the Rating Agency on any date from the date
of the public notice of an arrangement that results in a Change of Control until the end of the 60-day period following public
notice of the occurrence of a Change of Control (which period shall be extended so long as the rating of the Notes is under publicly
announced consideration for possible downgrade by the Rating Agency); provided that a Below Investment Grade Rating Event
otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular
Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change
of Control Repurchase Event hereunder) if the Rating Agency making the reduction in rating to which this definition would otherwise
apply do not announce or publicly confirm or inform the Company in writing that the reduction was the result, in whole or in part,
of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether
or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event).


 


“Change of
Control” means the occurrence of any of the following:


 


(1)         the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation)
in one or a series of related transactions, of all or substantially all of the assets of the Company and its Controlled Subsidiaries
taken as a whole to any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange
Act), other than to any Permitted Holders; provided that, for the avoidance of doubt, a pledge of assets pursuant to any
secured debt instrument of the Company or its Controlled Subsidiaries shall not be deemed to be any such sale, lease, transfer,
conveyance or disposition;


 


(2)         the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is
that any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act) (other
than any Permitted Holders) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange
Act), directly or indirectly, of more than 50% of the outstanding Voting Stock of the Company, measured by voting power rather
than number of shares; or


 


(3)         the approval by the Company’s stockholders of any plan or proposal relating to the liquidation or dissolution of the
Company.


 






    9


     


    

 


“Change of
Control Repurchase Event” means the occurrence of a Change of Control and a Below Investment Grade Rating Event.


 


“Controlled
Subsidiary” means any Subsidiary of the Company, 50% or more of the outstanding equity interests of which are owned by
the Company and its direct or indirect Subsidiaries and of which the Company possesses, directly or indirectly, the power to direct
or cause the direction of the management or policies, whether through the ownership of voting equity interests, by agreement or
otherwise.


 


“Depositary”
means, with respect to each Note in global form, The Depository Trust Company, until a successor shall have been appointed and
becomes such person, and thereafter, Depositary shall mean or include such successor.


 


“Investment
Grade” means a rating of BBB- or better by KBRA (or its equivalent under any successor rating categories of KBRA) (or
if such Rating Agency ceases to rate the Notes for reasons outside of the Company’s control, the equivalent investment grade
credit rating from any Rating Agency selected by the Company as a replacement Rating Agency).


 


“KBRA”
means Kroll Bond Rating Agency or any successor thereto.


 


“Permitted
Holders” means (i) the Company, (ii) one or more of the Company’s Controlled Subsidiaries and (iii) Owl
Rock Technology Advisors LLC, any Affiliate of Owl Rock Technology Advisors LLC that is organized under the laws of a jurisdiction
located in the United States of America and in the business of managing or advising clients.


 


“Rating Agency”
means (1) KBRA; and (2) if KBRA ceases to rate the Notes or fails to make a rating of the Notes publicly available for
reasons outside of the Company’s control, a “nationally recognized statistical rating organization” as defined
in Section 3(a)(62) of the Exchange Act selected by the Company as a replacement agency for KBRA.


 


“QIB”
means any “qualified institutional buyer” as such term is defined in Rule 144A under the Securities Act.


 


“Securities
Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder,
as amended.


 


“Significant
Subsidiary” means any Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1-02
of Regulation S-X under the Exchange Act, as such regulation is in effect on the original date of this Indenture (but excluding
any Subsidiary which is (a) a non-recourse or limited recourse Subsidiary, (b) a bankruptcy remote special purpose vehicle
or (c) not consolidated with the Company for purposes of GAAP).


 


“Voting Stock”
as applied to stock of any Person, means shares, interests, participations or other equivalents in the equity interest (however
designated) in such Person having ordinary voting power for the election of a majority of the directors (or the equivalent) of
such Person, other than shares, interests, participations or other equivalents having such power only by reason of the occurrence
of a contingency.


 






    10


     


    

 


ARTICLE
III


REMEDIES


 


Section
3.01       Except as may be provided in a Future Supplemental Indenture, for the benefit
of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding,
Section 5.01 of the Base Indenture shall be amended by replacing clause (ii) thereof with the following:


 


		“(ii)	default in the payment of the principal of (or premium, if any, on) any Note when it becomes due and payable at its Maturity, including upon any Redemption Date or required repurchase date; or”



 


Section
3.02        Except as may be provided in a Future Supplemental Indenture, for the benefit
of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding,
Section 5.01 of the Base Indenture shall be amended by adding the following language as clause (ix):


 


		“(ix):	default by the Company or any of its Significant Subsidiaries, with respect to any mortgage, agreement or other instrument under which there may be outstanding, or by which there may be secured or evidenced, any indebtedness for money borrowed in excess of $100 million in the aggregate of the Company and/or any such Significant Subsidiary, whether such indebtedness now exists or shall hereafter be created (i)resulting in such indebtedness becoming or being declared due and payable or (ii)constituting a failure to pay the principal or interest of any such debt when due and payable at its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise, unless, in either case, such indebtedness is discharged, or such acceleration is rescinded, stayed or annulled, within a period of 30 calendar days after written notice of such failure is given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the Notes then Outstanding.”



 


Section
3.03        Except as may be provided in in a Future Supplemental Indenture, for the
benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and
Outstanding, Section 5.02 of the Base Indenture shall be amended by replacing the first paragraph of Section 5.02 with the
following:


 


“If an Event of Default
with respect to the Notes occurs and is continuing, then and in every such case (other than an Event of Default specified in Section 5.01(v) or
5.01(vi)), the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Notes may declare the principal
of all the Outstanding Notes to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given
by the Holders), and upon any such declaration such principal shall become immediately due and payable; provided that 100%
of the principal of, and accrued and unpaid interest on, the Notes will automatically become due and payable in the case of an
Event of Default specified in Section 5.01(v) or 5.01(vi) hereof.”


 






    11


     


    

 


ARTICLE
IV


COVENANTS


 


Section
4.01        Except as may be provided in a Future Supplemental Indenture, for the benefit
of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding,
Article Ten of the Base Indenture shall be amended by adding the following new Sections 10.07, 10.08, and 10.09 thereto, each as
set forth below:


 


“Section 10.07   
Section 18(a)(1)(A) of the Investment Company Act.


 


The Company hereby
agrees that for the period of time during which Notes are Outstanding, the Company will not violate, whether or not it is subject
to, Section 18(a)(1)(A) as modified by Section 61(a) of the Investment Company Act or any successor provisions
thereto of the Investment Company Act, giving effect to any exemptive relief granted to the Company by the Commission.”


 


“Section 10.08   
Commission Reports and Reports to Holders.


 


If, at any time, the
Company is not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act to file any periodic reports
with the Commission, the Company agrees to furnish to the Holders of Notes and the Trustee for the period of time during which
the Notes are Outstanding: (i) within 90 days after the end of the each fiscal year of the Company, audited annual consolidated
financial statements of the Company and (ii) within 45 days after the end of each fiscal quarter of the Company (other than
the Company’s fourth fiscal quarter), unaudited interim consolidated financial statements of the Company. All such financial
statements shall be prepared, in all material respects, in accordance with GAAP, as applicable.


 


Delivery of such reports,
information, and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not
constitute actual or constructive notice of any information contained therein or determinable from information contained therein,
including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to conclusively
rely exclusively on Officers’ Certificates).”


 


“Section 10.09   
144A Information.


 


If, at any time, the
Company is not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act to file any periodic reports
with the Commission, the Company will, so long as any of the Notes, at such time, are Outstanding and constitute “restricted
securities” within the meaning of Rule 144 under the Securities Act, furnish to the Holders of the Notes and prospective
investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act.”


ARTICLE
V


THE TRUSTEE


 


Section
5.01       Neither the Trustee nor any Paying Agent shall be responsible for determining
whether any Change of Control, Below Investment Grade Rating Event, Interest Rate Adjustment Event or Investment Grade Event has
occurred and whether any Change of Control offer with respect to the Notes is required.


 






    12


     


    

 


ARTICLE
VI


OFFER TO REPURCHASE UPON A CHANGE OF CONTROL REPURCHASE EVENT


 


Section
6.01       Except as may be provided in a Future Supplemental Indenture, for the benefit
of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding,
Article Thirteen of the Base Indenture shall be amended by replacing Sections 13.01 to 13.05 thereto with the following:


 


“Section 13.01   Change
of Control.


 


If a Change of Control
Repurchase Event occurs, unless the Company shall have exercised its right to redeem the Notes in full, the Company shall make
an offer to each Holder of the Notes to repurchase all or any part (in minimum denominations of $2,000 and integral multiples of
$1,000 principal amount thereabove) of that Holder’s Notes at a repurchase price in cash equal to 100% of the aggregate principal
amount of Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but not including, the date of purchase.
Within 30 days following any Change of Control Repurchase Event or, at the Company’s option, prior to any Change of Control,
but after the public announcement of the Change of Control, the Company will send a notice to each Holder and the Trustee describing
the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event and offering to repurchase
Notes on the payment date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the
date such notice is sent. The notice shall, if sent prior to the date of consummation of the Change of Control, state that the
offer to purchase is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified
in the notice. The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws
and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes
as a result of a Change of Control Repurchase Event.


 


To the extent that
the provisions of any securities laws or regulations conflict with this Section 13.01, the Company shall comply with the applicable
securities laws and regulations and shall not be deemed to have breached its obligations under this Section 13.01 by virtue
of such conflict.


 


On the Change of Control
Repurchase Event payment date, subject to extension if necessary to comply with the provisions of the Investment Company Act, the
Company shall, to the extent lawful:


 


(1)         accept for payment all Notes or portions of Notes properly tendered pursuant to its offer;


 


(2)         deposit with the Paying Agent an amount equal to the aggregate purchase price in respect of all Notes or portions of Notes
properly tendered; and


 






    13


     


    

 


(3)         deliver or cause to be delivered to the Trustee the Notes properly accepted, together with an Officers’ Certificate
stating the aggregate principal amount of Notes being purchased by the Company.


 


The Paying Agent will
promptly remit to each Holder of Notes properly tendered the purchase price for the Notes, and the Trustee will promptly authenticate
upon receipt of a Company Order and mail (or cause to be transferred by book-entry) to each Holder a new Note equal in principal
amount to any unpurchased portion of any Notes surrendered; provided that each new Note will be in a minimum principal amount
of $2,000 or an integral multiple of $1,000 in excess thereof.


 


If any Repayment Date
upon a Change of Control Repurchase Event falls on a day that is not a Business Day, then the required payment will be made on
the next succeeding Business Day and no additional interest will accrue as a result of such delayed payment.


 


The Company will not
be required to make an offer to repurchase the Notes upon a Change of Control Repurchase Event if a third party makes an offer
in respect of the Notes in the manner, at the time and otherwise in compliance with the requirements for an offer made by the Company
and such third party purchases all Notes properly tendered and not withdrawn under its offer.”


 


ARTICLE
VII


 MISCELLANEOUS


 


Section
7.01        This First Supplemental Indenture and the Notes shall be governed by and
construed in accordance with the laws of the State of New York, without regard to principles of conflicts of laws that would cause
the application of laws of another jurisdiction. This First Supplemental Indenture is subject to the provisions of the Trust Indenture
Act that are required to be part of the Indenture and shall, to the extent applicable, be governed by such provisions. If any provision
of the Indenture limits, qualifies or conflicts with the duties imposed by Section 318(c) of the Trust Indenture Act, the
imposed duties will control.


 


Section
7.02        In case any provision in this First Supplemental Indenture or in the Notes
shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.


 


Section
7.03      This First Supplemental Indenture may be executed in any number of counterparts,
each of which will be an original, but such counterparts will together constitute but one and the same First Supplemental Indenture.
The exchange of copies of this First Supplemental Indenture and of signature pages by facsimile, .pdf transmission, email or other
electronic means shall constitute effective execution and delivery of this First Supplemental Indenture for all purposes. Signatures
of the parties hereto transmitted by facsimile, .pdf transmission, email or other electronic means shall be deemed to be their
original signatures for all purposes.


 


Section
7.04        The Base Indenture, as supplemented and amended by this First Supplemental
Indenture, is in all respects ratified and confirmed, and the Base Indenture and this First Supplemental Indenture shall be read,
taken and construed as one and the same instrument with respect to the Notes. All provisions included in this First Supplemental
Indenture supersede any conflicting provisions included in the Base Indenture with respect to the Notes, unless not permitted by
law. The Trustee accepts the trusts created by the Indenture, as supplemented by this First Supplemental Indenture, and agrees
to perform the same upon the terms and conditions of the Indenture, as supplemented by this First Supplemental Indenture. All of
the provisions contained in the Base Indenture in respect of the rights, privileges, immunities, powers, and duties of the Trustee
shall be applicable in respect of this First Supplemental Indenture as fully and with like force and effect as though fully set
forth in full herein.


 


Section
7.05        The provisions of this First Supplemental Indenture shall become effective
as of the date hereof.


 


Section
7.06        Notwithstanding anything else to the contrary herein, the terms and provisions
of this First Supplemental Indenture shall apply only to the Notes and shall not apply to any other series of Securities under
the Indenture and this First Supplemental Indenture shall not and does not otherwise affect, modify, alter, supplement or change
the terms and provisions of any other series of Securities under the Indenture, whether now or hereafter issued and Outstanding.


 


Section
7.07      The recitals contained herein and in the Notes shall be taken as the statements
of the Company, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to and
shall not be responsible for the validity or sufficiency of this First Supplemental Indenture, the Notes or any Additional Notes,
except that the Trustee represents that it is duly authorized to execute and deliver this First Supplemental Indenture, authenticate
the Notes and any Additional Notes and perform its obligations hereunder. The Trustee shall not be accountable for the use or application
by the Company of the Notes or any Additional Notes or the proceeds thereof.


 







    14


     


    


IN WITNESS WHEREOF,
the parties hereto have caused this First Supplemental Indenture to be duly executed as of the date first above written.


 


	 	OWL ROCK TECHNOLOGY FINANCE CORP.
	 	 
	 	 
	 	/s/
    Alan Kirshenbaum
	 	Name:	 Alan Kirshenbaum
	 	Title:	 Chief Operating Officer
	 	 
	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
	 	 
	 	 
	 	/s/
    Stefan Victory
	 	Name:	 Stefan Victory
	 	Title: 	Vice President



 


[Signature Page to First Supplemental Indenture]


 






    	 		 



     


    

 





Exhibit A – Form of 144A Global
Note


 


THIS SECURITY IS A
GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY
OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS
SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN THE DEPOSITORY TRUST COMPANY OR A NOMINEE
THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.


 


Unless this certificate
is presented by an authorized representative of The Depository Trust Company to the issuer or its agent for registration of transfer,
exchange or payment and such certificate issued in exchange for this certificate is registered in the name of Cede & Co.,
or such other name as requested by an authorized representative of The Depository Trust Company, any transfer, pledge or other
use hereof for value or otherwise by or to any person is wrongful, as the registered owner hereof, Cede & Co., has an
interest herein. 


 


[Insert
Restricted Securities Legend, if applicable]


 


Owl Rock Technology Finance Corp.


 


	No.	 	Initially $
	 	 	CUSIP No. 691205 AA6
	 	 	ISIN No. US691205AA64


 


6.75% Notes due 2025


 


Owl Rock Technology
Finance Corp., a corporation duly organized and existing under the laws of Maryland (herein called the “Company”, which
term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to
Cede & Co., or registered assigns, the principal sum of         dollars (U.S. $        ), or such other principal sum as shall
be set forth in the Schedule of Increases or Decreases attached hereto, on June 30, 2025, and to pay interest thereon from June
12, 2020 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually, in
arrears, on June 30 and December 30 in each year, commencing December 30, 2020, at the rate of 6.75% per annum, as may be adjusted
in accordance with Section 1.01(d) of the First Supplemental Indenture (as defined herein), until the principal hereof is paid
or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date
will, as provided in such Indenture, be paid to the Person in whose name this Security is registered at the close of business on
the Regular Record Date for such interest, which shall be June 15 and December 15 (whether or not a Business Day), as the case
may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith
cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security
is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Company,
notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date,
or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the
Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in
said Indenture. This Security may be issued as part of a series.


 






    	 	A-1	 



     


    

 


Payment of the principal
of (and premium, if any) and any such interest on this Security will be made at the Corporate Trust Office of the Paying Agent,
which shall initially be the Trustee, in such coin or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts; provided, however, that at the option of the Company payment of interest
may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register;
provided, further, however, that so long as this Security is registered to Cede & Co., such payment will
be made by wire transfer in accordance with the procedures established by the Depository Trust Company and the Trustee.


 


Reference is hereby
made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.


 


Unless the certificate
of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security
shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.


 






    	 	A-2	 



     


    

 


IN WITNESS WHEREOF, the Company has caused
this instrument to be duly executed.


 


Dated: 


 


	 	OWL ROCK TECHNOLOGY FINANCE CORP.
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	Attest:	                                                                                                              	 
	 	Name:	 
	 	Title: Secretary	 



 






    	 	A-3	 



     


    

 


This is one of the
Securities of the series designated therein referred to in the within-mentioned Indenture.


 


Dated:                     


 


	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
	 	 	 
	 	By:	 
	 	 	Authorized Signatory
	 		



 






    	 	A-4	 



     


    

 


[BACK OF NOTE]


 


Owl Rock Technology Finance Corp. 


6.75% Notes due 2025


 


This Security is one
of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in
one or more series under an Indenture, dated as of June 12, 2020 (herein called the “Base Indenture”, which term shall
have the meaning assigned to it in such instrument), between the Company and Wells Fargo Bank, National Association, as Trustee
(herein called the “Trustee”, which term includes any successor trustee under the Base Indenture), and reference is
hereby made to the Base Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder
of the Company, the Trustee, and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated
and delivered, as supplemented by the First Supplemental Indenture, relating to the Securities, dated as of June 12, 2020, by and
between the Company and the Trustee (herein called the “First Supplemental Indenture”; and together with the Base Indenture,
the “Indenture”). In the event of any conflict between the Base Indenture and the First Supplemental Indenture, the
First Supplemental Indenture shall govern and control.


 


This Security is one
of the series designated on the face hereof, initially limited in aggregate principal amount to $              . Under a Board Resolution, Officers’
Certificate pursuant to Board Resolutions or an indenture supplement, the Company may from time to time, without the consent of
the Holders of Securities, issue additional Securities of this series (in any such case “Additional Securities”) having
the same ranking and the same interest rate, maturity, CUSIP number and other terms as the Securities (except for the issue date,
offering price and, if applicable, the initial payment date), provided that such Additional Securities must either (i) be
issued in a “qualified reopening” for U.S. Federal income tax purposes, with no more than a de minimis amount of original
issue discount, or otherwise (ii)  be part of the same issue as the Securities for U.S. federal income tax purposes. Any Additional
Securities and the existing Securities will constitute a single series under the Indenture and all references to the relevant Securities
herein shall include the Additional Securities unless the context otherwise requires. The aggregate amount of Outstanding Securities
represented hereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions.


 


The Securities of this
series are subject to redemption in whole or in part at any time or from time to time, at the option of the Company, at a Redemption
Price equal to the greater of the following amounts, plus, in each case, accrued and unpaid interest to, but excluding, the Redemption
Date:


 


		(a)	100% of the principal amount of the Securities to be redeemed, or



 


		(b)	the sum of the present values of the remaining scheduled payments of principal and interest (exclusive
of accrued and unpaid interest to the Redemption Date) on the Securities to be redeemed, discounted to the Redemption Date on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 50 basis
points;



 






    	 	A-5	 



     


    

 


provided, however, that if the Company
redeems any Securities on or after May 30, 2025, the Redemption Price for the Securities will be equal to 100% of the principal
amount of the Securities to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the Redemption Date.


 


For purposes of calculating
the Redemption Price in connection with the redemption of the Securities, on any Redemption Date, the following terms have the
meanings set forth below:


 


“Treasury Rate”
means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield-to-maturity of the Comparable
Treasury Issue (computed as of the third Business Day immediately preceding the redemption), assuming a price for the Comparable
Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.
The Redemption Price and the Treasury Rate will be determined by the Company.


 


“Comparable Treasury
Issue” means the United States Treasury security selected by the Reference Treasury Dealer as having a maturity comparable
to the remaining term of the Securities to be redeemed that would be utilized, at the time of selection and in accordance with
customary financing practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of
the Securities being redeemed.


 


“Comparable Treasury
Price” means (1) the average of the remaining Reference Treasury Dealer Quotations for the Redemption Date, after excluding
the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Quotation Agent obtains fewer than four such Reference
Treasury Dealer Quotations, the average of all such quotations.


 


“Quotation Agent”
means a Reference Treasury Dealer selected by the Company.


 


“Reference Treasury
Dealer” means each of (1) SMBC Nikko Securities America, Inc. and a primary U.S. government securities dealer selected by
MUFG Securities Americas Inc., or their respective affiliates which are primary U.S. government securities dealers in the United
States (a “Primary Treasury Dealer”) and their respective successors; provided, however, that if any
of the foregoing or their affiliates shall cease to be a Primary Treasury Dealer, the Company shall select another Primary Treasury
Dealer and (2) two other Primary Treasury Dealers selected by the Company.


 


“Reference Treasury
Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined
by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of
its principal amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 3:30 p.m. New York time on
the third Business Day preceding such Redemption Date.


 


All determinations
made by any Reference Treasury Dealer, including the Quotation Agent, with respect to determining the Redemption Price will be
final and binding absent manifest error.


 


Notice of redemption
shall be given in writing and mailed, first-class postage prepaid or by overnight courier guaranteeing next-day delivery, or sent
electronically in accordance with Applicable Procedures with respect to Securities in global form, to each Holder of the Securities
to be redeemed, not less than 30 nor more than 60 days prior to the Redemption Date, at the Holder’s address appearing
in the Security Register. All notices of redemption shall contain the information set forth in Section 11.04 of the Base Indenture.


 






    	 	A-6	 



     


    

 


Any exercise of the
Company’s option to redeem the Securities will be done in compliance with the Investment Company Act, to the extent applicable.


If the Company elects
to redeem only a portion of the Securities, the particular Securities to be redeemed will be selected by the Trustee in accordance
with the applicable procedures of the Depositary and in accordance with the Investment Company Act. In the event of redemption
of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof
will be issued in the name of the Holder hereof upon the cancellation hereof; provided, however, that no such partial
redemption shall reduce the portion of the principal amount of a Security not redeemed to less than $2,000.


 


Unless the Company
defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Securities
called for redemption.


 


Holders will have the
right to require the Company to repurchase their Securities upon the occurrence of a Change of Control Repurchase Event as set
forth in the Indenture.


 


The Indenture contains
provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of
Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture.


 


If an Event of Default
with respect to Securities of this series shall occur and be continuing (other than Events of Default related to certain events
of bankruptcy, insolvency or reorganization as set forth in the Indenture), the principal of the Securities of this series may
be declared due and payable in the manner and with the effect provided in the Indenture. In the case of certain events of bankruptcy,
insolvency or reorganization described in the Indenture, 100% of the principal of and accrued and unpaid interest on the Securities
will automatically become due and payable.


 


The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company
and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of not less than a majority in principal amount of the Securities at the time Outstanding
of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal
amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to
waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon
all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor
or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.


 






    	 	A-7	 



     


    

 


As provided in and
subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with
respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder
shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this
series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have
made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee
security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities to be incurred in compliance with
such request, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this
series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding,
for 60 days after receipt of such notice, request and offer of security or indemnity. The foregoing shall not apply to any
suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest
hereon on or after the respective due dates expressed herein.


 


No reference herein
to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate,
and in the coin or currency, herein prescribed.


 


As provided in the
Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register,
upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal
of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer
in substantially the form Exhibit A hereto duly executed by, the Holder hereof or his attorney duly authorized in writing,
and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees.


 


The Securities of this
series are issuable only in registered form without coupons in denominations of $2,000 and any integral multiples of $1,000 in
excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are
exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination,
as requested by the Holder surrendering the same.


 


No service charge shall
be made for any such registration of transfer or exchange, but the Company or Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith other than certain exchanges as provided in the Indenture.


 


Prior to due presentment
of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue,
and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.


 


All terms used in this
Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.


 






    	 	A-8	 



     


    

 


To the extent any provision
of this Security conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.


 


The Indenture and this
Security shall be governed by and construed in accordance with the laws of the State of New York, without regard to principles
of conflicts of laws. 


 






    	 	A-9	 



     


    

 





Assignment
Form 


To assign this Note, fill in the form below:


 


	(I) or (we) assign and transfer this Note to: 	 
		(Insert Assignee’s Legal Name)
	 	 
	 	 
	(Insert assignee’s soc. sec. or tax I.D. no.)
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	(Print or type assignee’s name, address and zip code)



 





	and irrevocably appoint 	 
	 	 
	to transfer this Note on the books of the Company. The agent may substitute another to act for him.



 


	Date: 	 	 
	 	 	 
	 	 	Your Signature: 	 
		(Sign exactly as your name appears on the face of this Note)



 


	Signature Guarantee*: 	 	 



 


	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 


 


The
undersigned hereby certifies that it  ̈ is /  ̈
is not an Affiliate of the Company and that, to its knowledge, the proposed transferee  ̈
is /  ̈ is not an Affiliate of the Company.


 


In connection with
any transfer or exchange of any of the Securities evidenced by this certificate occurring prior to the Resale Restriction Termination
Date, the undersigned confirms that such Securities are being transferred:


 









    	 	A-10	 



     


    

 


CHECK ONE BOX BELOW:


 


	 	(1)	 ̈	To Owl Rock Technology Finance Corp. or a subsidiary thereof; or



 


	 	(2)	 ̈	To a “qualified institutional buyer” pursuant to and in compliance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”); or
	 	 	 	 
	 	(3)	 ̈	
        transferred pursuant to an effective registration
        statement under the Securities Act; or

         

	 	(4)	 ̈	transferred pursuant to another available exemption from the registration requirements of the Securities Act of 1933, as amended.


 


Unless one of the boxes
is checked, the Trustee will refuse to register any of the Securities evidenced by this certificate in the name of any person other
than the registered Holder thereof, provided, however, that if box (4) is checked, the Company may require, prior to registering
any such transfer of the Securities, in its sole discretion, such legal opinions, certifications and other information as the Company
may reasonably request to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject
to, the registration requirements of the Securities Act of 1933, as amended, such as the exemption provided by Rule 144 under such
Act.


 





	 	Your Signature: 	 
		(Sign exactly as your name appears on the face of this Note)


 


	Signature Guarantee*: 	 	 


 


	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 


 


TO BE COMPLETED BY PURCHASER IF BOX (2)
ABOVE IS CHECKED.


 


The undersigned represents
and warrants that it is purchasing this Security for its own account or an account with respect to which it exercises sole investment
discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under
the Securities Act of 1933, as amended, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges
that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined
not to request such information and that it is aware that the transferor is relying upon the undersigned’s foregoing representations
in order to claim the exemption from registration provided by Rule 144A.


 





	Dated: 	 	 
	 	 	 
	 	 	Your Signature: 	 
		


Notice: To be executed by an executive officer




 


	Signature Guarantee*: 	 	 


 


	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 



 






    	 	A-11	 



     


    

 






SCHEDULE OF INCREASES AND DECREASES OF GLOBAL
NOTE


 


The
initial principal amount of this Global Note is $[•]. The following increases and decreases
to this Global Note have been made: 


 


	
        Date of Increase or

        Decrease

         
	 	Amount of Decrease in

Principal Amount at

Maturity

of this Global Note	 	Amount of Increase in

Principal Amount at

Maturity

of this Global Note	 	Principal Amount at

Maturity

of this Global Note

Following such

decrease (or  increase)	 	Signature of

Authorized Signatory

of Trustee or DTC

Custodian



 









    A-12


     


    




 


Exhibit A


 


[FORM OF CERTIFICATE OF TRANSFER]


 


Owl Rock Technology Finance Corp.


399 Park Avenue, 38th Floor

New York, NY 10022


Attention: Chief Financial Officer


 


email:


 


Wells Fargo Bank, National Association, as Trustee and Registrar

Attn: DAPS – Reorg

600 South 4th Street – 7th Floor

Minneapolis, MN 55415

Facsimile: (866) 969-1290

Phone: (800) 344-5128

Email: DAPSReorg@wellsfargo.com


 


Re:
6.75% Notes due 2025


 


Reference
is hereby made to the Indenture, dated as of June 12, 2020 (the “Base Indenture”), by and among the Owl
Rock Technology Finance Corp. (the “Company”) and Well Fargo Bank, National Association (the “Trustee”)
as supplemented by the First Supplemental Indenture, dated as of June 12, 2020 (the “First Supplemental Indenture”
and together with the Base Indenture, the “Indenture”). Capitalized terms used but not defined herein shall
have the meanings given to them in the Indenture.


 


[●] (the “Transferor”) owns and proposes
to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $[●] in such
Note[s] or interests (the “Transfer”), to [●] (the “Transferee”), as further specified
in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that:


 


[CHECK ALL THAT APPLY]


 


1.             [_] CHECK IF TRANSFEREE
WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE RELEVANT RESTRICTED GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO RULE 144A.
The Transfer is being effected pursuant to and in accordance with Rule 144A under the United States Securities Act of 1933, as
amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that the beneficial
interest or definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial
interest or definitive Note for its own account, or for one or more accounts with respect to which such Person exercises sole investment
discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A
in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance with any applicable blue sky securities
laws of any state of the United States.


 






    A-13


     


    

 


2.             [_] CHECK AND COMPLETE
IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN A DEFINITIVE NOTE PURSUANT TO ANY PROVISION OF THE SECURITIES ACT
OTHER THAN RULE 144A. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests
in Restricted Global Notes and definitive Notes containing the Restricted Securities Legends (“Restricted Definitive Notes”)
and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United
States, and accordingly the Transferor hereby further certifies that (check one):


 


(a)       [_]
such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act;


 


(b)       [_]
such Transfer is being effected to the Company or a subsidiary thereof;


 


(c)       [_] such Transfer is being effected to an institutional
 “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act that has furnished
to the Company and the Trustee a signed letter containing certain representations and agreements (the form of which letter follows
below); or


 


(d)       [_]
such Transfer is being effected pursuant to an effective registration statement under the Securities Act, and in compliance with
the prospectus delivery requirements of the Securities Act.


 


3.             [_] CHECK IF TRANSFEREE
WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE OR OF AN UNRESTRICTED DEFINITIVE NOTE.


 


(a)           [_] CHECK IF TRANSFER
IS PURSUANT TO RULE 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act
and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any
state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Restricted Securities Legend
are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance
with the terms of the Indenture, the transferred beneficial interest or definitive Note will no longer be subject to the restrictions
on transfer enumerated in the Restricted Securities Legend printed on the Restricted Global Notes, on definitive Notes and in the
Indenture.


 


(b)           [_] CHECK IF TRANSFER
IS PURSUANT TO OTHER EXEMPTION. (i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration
requirements of the Securities Act other than Rule 144 and in compliance with the transfer restrictions contained in the Indenture
and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in
the Indenture and the Restricted Securities Legend are not required in order to maintain compliance with the Securities Act. Upon
consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or definitive
Note will not be subject to the restrictions on transfer enumerated in the Restricted Securities Legend printed on the Restricted
Global Note or Restricted Definitive Notes and in the Indenture.


 






    A-14


     


    

 


This certificate and the statements contained herein are made
for your benefit and the benefit of the Issuers.


 


	 	[Insert Name of Transferor]
	 	 	 
	 	By:	[●]
	 	 	Name:[●]
	 	 	Title:[●]


 


Dated: [●]


 



    A-15


     


    




 


ANNEX A TO CERTIFICATE OF TRANSFER


 


 


 


1.            The Transferor owns
and proposes to transfer the following:


 


[CHECK ONE]


 


		(a)	[  ]	a beneficial interest in the



 


		(i)	[ ] Restricted Global Note (CUSIP [ ]), or



 


		(ii)	[ ] Unrestricted Global Note (CUSIP [ ]); or



 


		(b)	[  ]	a Restricted Definitive Note; or



 


		(c)	[  ]	an Unrestricted Definitive Note.



 


2.            After
the Transfer the Transferee shall hold:


 


[CHECK ONE]


 


		(a)	[  ]	a beneficial interest in the



 


		(i)	[ ]	Restricted Global Note (CUSIP [ ]), or



 


		(ii)	[ ]	Unrestricted Global Note (CUSIP [ ]); or



 


		(b)	[  ]	a Restricted Definitive Note; or



 


		(c)	[  ]	an Unrestricted Definitive Note, in accordance with the terms of the Indenture.



 






    A-16


     


    

 


[FORM OF LETTER TO BE DELIVERED IN CONNECTION
WITH TRANSFERS

TO INSTITUTIONAL ACCREDITED INVESTORS]


 


Owl Rock Technology Finance Corp.  


399 Park Avenue, 38th Floor


New York, NY 10022


Attention: Chief Financial Officer  


  


Wells Fargo Bank, National Association


Attn: DAPS – Reorg

600 South 4th Street – 7th Floor

Minneapolis, MN 55415

Facsimile: (866) 969-1290

Phone: (800) 344-5128

Email: DAPSReorg@wellsfargo.com


 


Re: Owl Rock Technology Finance Corp. (the
 “Company”)


 


Ladies and Gentlemen:


 


This certificate is delivered to request
a transfer of $[___________] principal amount of the 6.75% Notes due 2025 (the “Securities”) of Owl Rock Technology
Finance Corp. (the “Company”).


 


Upon transfer, the Securities would be
registered in the name of the new beneficial owner as follows:


 


	Name: 	 	 


 


	Address: 	 	 


 


	Taxpayer ID Number: 	 	 


 


The undersigned represents and warrants
to you that:


 


	 	1.	We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended (the “Securities Act”)) purchasing for our own account or for the account of such an institutional “accredited investor,” and we are acquiring the Securities not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risk of our investment in the Securities and we invest in or purchase securities similar to the Securities in the normal course of our business. We and any accounts for which we are acting are each able to bear the economic risk of our or its investment.


 






    A-17


     


    

 


	 	2.	We understand that the Securities have not been registered under the Securities Act and, unless so registered, may not be sold except as permitted in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing Securities to offer, sell or otherwise transfer such Securities prior to the Resale Restriction Termination Date only (a) to the Company or any Subsidiary thereof, (b) pursuant to an effective registration statement under the Securities Act, (c) in a transaction complying with the requirements of Rule 144A under the Securities Act, to a person we reasonably believe is a “qualified institutional buyer” under Rule 144A of the Securities Act (a “QIB”) that is purchasing for its own account or for the account of a QIB and to whom notice is given that the transfer is being made in reliance on Rule 144A, (d) to an institutional “accredited investor” within the meaning of Rule 501 (a)(1), (2), (3) or (7) under the Securities Act that is purchasing for its own account or for the account of such an institutional “accredited investor,” in each case for investment purposes and not with a view to or for offer or sale in connection with any distribution in violation of the Securities Act or (e) pursuant to any other available exemption from the registration requirements of the Securities Act, subject in each of the foregoing cases to any requirement of law that the disposition of property or the property of such investor account or accounts be at all times within our or their control and in compliance with any applicable state securities laws. The foregoing restrictions on resale will not apply subsequent to the Resale Restriction Termination Date. If any resale or other transfer of the Securities is proposed to be made pursuant to clause (d) above prior to the Resale Restriction Termination Date, the transferor shall deliver a letter from the transferee substantially in the form of this letter to the Company and the Trustee, which shall provide, among other things, that the transferee is an institutional “accredited investor” (within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act) and that it is acquiring such Securities for investment purposes and not for distribution in violation of the Securities Act. Each purchaser acknowledges that the Company and the Trustee reserve the right prior to any offer, sale or other transfer prior to the Resale Restriction Termination Date of the Securities pursuant to clauses (d), (e) or (f) above to require the delivery of an opinion of counsel, certifications and/or other information satisfactory to the Company and the Trustee.


 


	 	3.	
        We [are][are not] an Affiliate of the Company.

         

        The Company and the Trustee are entitled
        to rely upon this letter and are irrevocably authorized to produce this letter or a copy to any interested party in any administrative
        or legal proceedings or official inquiry with respect to the matters covered hereby.



 


	 	TRANSFEREE
	 	 
	 	[Insert Name of Transferee]
	 	 
	 	 
	 	Name:
	 	Title:


 






    A-18


     


    

 


Exhibit B – Form of IAI Global
Note


 


THIS SECURITY IS A
GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY
OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS
SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN THE DEPOSITORY TRUST COMPANY OR A NOMINEE
THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.


 


Unless this certificate
is presented by an authorized representative of The Depository Trust Company to the issuer or its agent for registration of transfer,
exchange or payment and such certificate issued in exchange for this certificate is registered in the name of Cede & Co.,
or such other name as requested by an authorized representative of The Depository Trust Company, any transfer, pledge or other
use hereof for value or otherwise by or to any person is wrongful, as the registered owner hereof, Cede & Co., has an
interest herein. 


 


[Insert
Restricted Securities Legend, if applicable]


 


Owl Rock Technology Finance Corp.


 


	No.	 	Initially $
	 	 	CUSIP No. 691205 AB4
	 	 	ISIN No. US691205AB48


 


6.75% Notes due 2025


 


Owl Rock Technology
Finance Corp., a corporation duly organized and existing under the laws of Maryland (herein called the “Company”, which
term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to
Cede & Co., or registered assigns, the principal sum of        dollars (U.S. $        ), or such other principal sum as shall
be set forth in the Schedule of Increases or Decreases attached hereto, on June 30, 2025, and to pay interest thereon from June
12, 2020 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually, in
arrears, on June 30 and December 30 in each year, commencing December 30, 2020, at the rate of 6.75% per annum, as may be adjusted
in accordance with Section 1.01(d) of the First Supplemental Indenture (as defined herein), until the principal hereof is paid
or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date
will, as provided in such Indenture, be paid to the Person in whose name this Security is registered at the close of business on
the Regular Record Date for such interest, which shall be June 15 and December 15 (whether or not a Business Day), as the case
may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith
cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security
is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Company,
notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date,
or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the
Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in
said Indenture. This Security may be issued as part of a series.


 






    B-1


     


    

 


Payment of the principal
of (and premium, if any) and any such interest on this Security will be made at the Corporate Trust Office of the Paying Agent,
which shall initially be the Trustee, in such coin or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts; provided, however, that at the option of the Company payment of interest
may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register;
provided, further, however, that so long as this Security is registered to Cede & Co., such payment will
be made by wire transfer in accordance with the procedures established by the Depository Trust Company and the Trustee.


 


Reference is hereby
made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.


 


Unless the certificate
of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security
shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.


 






    B-2


     


    

 


IN WITNESS WHEREOF, the Company has caused
this instrument to be duly executed.


 


Dated: 


 


	 	 	 	OWL ROCK TECHNOLOGY FINANCE CORP.
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	Attest:	 	 	 	 
	 	Name:	 	 	 
	 	Title: Secretary	 	 	 



 






    B-3


     


    

 


This is one of the
Securities of the series designated therein referred to in the within-mentioned Indenture.


 


Dated:                     


 


	 	WELLS
        FARGO BANK, NATIONAL ASSOCIATION,

        as
        Trustee

        

	 	 
	 	By:	 
	 	 	Authorized
    Signatory


 






    B-4


     


    

 






[BACK OF NOTE] 


 


Owl Rock Technology Finance Corp. 


6.75% Notes due 2025


 


This Security is one
of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in
one or more series under an Indenture, dated as of June 12, 2020 (herein called the “Base Indenture”, which term shall
have the meaning assigned to it in such instrument), between the Company and Wells Fargo Bank, National Association, as Trustee
(herein called the “Trustee”, which term includes any successor trustee under the Base Indenture), and reference is
hereby made to the Base Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder
of the Company, the Trustee, and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated
and delivered, as supplemented by the First Supplemental Indenture, relating to the Securities, dated as of June 12, 2020, by and
between the Company and the Trustee (herein called the “First Supplemental Indenture”; and together with the Base Indenture,
the “Indenture”). In the event of any conflict between the Base Indenture and the First Supplemental Indenture, the
First Supplemental Indenture shall govern and control.


 


This Security is one
of the series designated on the face hereof, initially limited in aggregate principal amount to $         . Under a Board Resolution, Officers’
Certificate pursuant to Board Resolutions or an indenture supplement, the Company may from time to time, without the consent of
the Holders of Securities, issue additional Securities of this series (in any such case “Additional Securities”) having
the same ranking and the same interest rate, maturity, CUSIP number and other terms as the Securities (except for the issue date,
offering price and, if applicable, the initial payment date), provided that such Additional Securities must either (i) be
issued in a “qualified reopening” for U.S. Federal income tax purposes, with no more than a de minimis amount of original
issue discount, or otherwise (ii)  be part of the same issue as the Securities for U.S. federal income tax purposes. Any Additional
Securities and the existing Securities will constitute a single series under the Indenture and all references to the relevant Securities
herein shall include the Additional Securities unless the context otherwise requires. The aggregate amount of Outstanding Securities
represented hereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions.


 


The Securities of this
series are subject to redemption in whole or in part at any time or from time to time, at the option of the Company, at a Redemption
Price equal to the greater of the following amounts, plus, in each case, accrued and unpaid interest to, but excluding, the Redemption
Date:


 


		(c)	100% of the principal amount of the Securities to be redeemed, or



 


		(d)	the sum of the present values of the remaining scheduled payments of principal and interest (exclusive
of accrued and unpaid interest to the Redemption Date) on the Securities to be redeemed, discounted to the Redemption Date on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 50 basis
points;



 






    	 	B-5	 



     


    

 


provided, however, that if the Company
redeems any Securities on or after May 30, 2025, the Redemption Price for the Securities will be equal to 100% of the principal
amount of the Securities to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the Redemption Date.


 


For purposes of calculating
the Redemption Price in connection with the redemption of the Securities, on any Redemption Date, the following terms have the
meanings set forth below:


 


“Treasury Rate”
means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield-to-maturity of the Comparable
Treasury Issue (computed as of the third Business Day immediately preceding the redemption), assuming a price for the Comparable
Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.
The Redemption Price and the Treasury Rate will be determined by the Company.


 


“Comparable Treasury
Issue” means the United States Treasury security selected by the Reference Treasury Dealer as having a maturity comparable
to the remaining term of the Securities to be redeemed that would be utilized, at the time of selection and in accordance with
customary financing practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of
the Securities being redeemed.


 


“Comparable Treasury
Price” means (1) the average of the remaining Reference Treasury Dealer Quotations for the Redemption Date, after excluding
the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Quotation Agent obtains fewer than four such Reference
Treasury Dealer Quotations, the average of all such quotations.


 


“Quotation Agent”
means a Reference Treasury Dealer selected by the Company.


 


“Reference Treasury
Dealer” means each of (1) SMBC Nikko Securities America, Inc. and a primary U.S. government securities dealer selected by
MUFG Securities Americas Inc., or their respective affiliates which are primary U.S. government securities dealers in the United
States (a “Primary Treasury Dealer”) and their respective successors; provided, however, that if any
of the foregoing or their affiliates shall cease to be a Primary Treasury Dealer, the Company shall select another Primary Treasury
Dealer and (2) two other Primary Treasury Dealers selected by the Company.


 


“Reference Treasury
Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined
by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of
its principal amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 3:30 p.m. New York time on
the third Business Day preceding such Redemption Date.


 


All determinations
made by any Reference Treasury Dealer, including the Quotation Agent, with respect to determining the Redemption Price will be
final and binding absent manifest error.


 


Notice of redemption
shall be given in writing and mailed, first-class postage prepaid or by overnight courier guaranteeing next-day delivery, or sent
electronically in accordance with Applicable Procedures with respect to Securities in global form, to each Holder of the Securities
to be redeemed, not less than 30 nor more than 60 days prior to the Redemption Date, at the Holder’s address appearing
in the Security Register. All notices of redemption shall contain the information set forth in Section 11.04 of the Base Indenture.


 






    	 	B-6	 



     


    

 


Any exercise of the
Company’s option to redeem the Securities will be done in compliance with the Investment Company Act, to the extent applicable.


 


If the Company elects
to redeem only a portion of the Securities, the particular Securities to be redeemed will be selected by the Trustee in accordance
with the applicable procedures of the Depositary and in accordance with the Investment Company Act. In the event of redemption
of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof
will be issued in the name of the Holder hereof upon the cancellation hereof; provided, however, that no such partial
redemption shall reduce the portion of the principal amount of a Security not redeemed to less than $2,000.


 


Unless the Company
defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Securities
called for redemption.


 


Holders will have the
right to require the Company to repurchase their Securities upon the occurrence of a Change of Control Repurchase Event as set
forth in the Indenture.


 


The Indenture contains
provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of
Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture.


 


If an Event of Default
with respect to Securities of this series shall occur and be continuing (other than Events of Default related to certain events
of bankruptcy, insolvency or reorganization as set forth in the Indenture), the principal of the Securities of this series may
be declared due and payable in the manner and with the effect provided in the Indenture. In the case of certain events of bankruptcy,
insolvency or reorganization described in the Indenture, 100% of the principal of and accrued and unpaid interest on the Securities
will automatically become due and payable.


 


The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company
and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of not less than a majority in principal amount of the Securities at the time Outstanding
of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal
amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to
waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon
all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor
or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.


 






    	 	B-7	 



     


    

 


As provided in and
subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with
respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder
shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this
series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have
made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee
security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities to be incurred in compliance with
such request, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this
series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding,
for 60 days after receipt of such notice, request and offer of security or indemnity. The foregoing shall not apply to any
suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest
hereon on or after the respective due dates expressed herein.


 


No reference herein
to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate,
and in the coin or currency, herein prescribed.


 


As provided in the
Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register,
upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal
of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer
in substantially the form Exhibit A hereto duly executed by, the Holder hereof or his attorney duly authorized in writing,
and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees.


 


The Securities of this
series are issuable only in registered form without coupons in denominations of $2,000 and any integral multiples of $1,000 in
excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are
exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination,
as requested by the Holder surrendering the same.


 


No service charge shall
be made for any such registration of transfer or exchange, but the Company or Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith other than certain exchanges as provided in the Indenture.


 


Prior to due presentment
of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue,
and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.


 


All terms used in this
Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.


 






    	 	B-8	 



     


    

 


To the extent any provision
of this Security conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.


 


The Indenture and this
Security shall be governed by and construed in accordance with the laws of the State of New York, without regard to principles
of conflicts of laws.


 






    	 	B-9	 



     


    

 





 




 Assignment
Form 


To assign this Note, fill in the form below:


 


	(I) or (we) assign and transfer this Note to: 	 
	 	(Insert Assignee’s Legal Name)




 





	 
	 	 



(Insert assignee’s
soc. sec. or tax I.D. no.)


 


 


 


 


 


 


 


 


(Print or type assignee’s name, address and zip
code)


 


	and irrevocably appoint	 




 


to transfer this Note on the books of the Company. The agent
may substitute another to act for him.


 


	Date:	 	 	 	 
	 	 	 	 	 
		 	 	Your
    Signature: 	 
		 	 	 	(Sign
    exactly as your name appears on the face of this Note)




 


	Signature Guarantee*:	 	 




 


	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 


 


The
undersigned hereby certifies that it  ̈ is /  ̈
is not an Affiliate of the Company and that, to its knowledge, the proposed transferee  ̈
is /  ̈ is not an Affiliate of the Company.


 


In connection with
any transfer or exchange of any of the Securities evidenced by this certificate occurring prior to the Resale Restriction Termination
Date, the undersigned confirms that such Securities are being transferred:


 


CHECK ONE BOX BELOW:


 


	 	(1)	 ̈	To Owl Rock Technology Finance Corp. or a subsidiary thereof; or
	 	 	 	 
	 	(2)	 ̈	To a “qualified institutional buyer” pursuant to and in compliance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”); or
	 	 	 	 
	 	(3)	 ̈	transferred pursuant to an effective registration statement under the Securities Act; or  
	 	 	 	 
	 	(4)	 ̈	transferred pursuant to another available exemption from the registration requirements of the Securities Act of 1933, as amended.



 






    	 	B-10	 



     


    

 


Unless one of the boxes
is checked, the Trustee will refuse to register any of the Securities evidenced by this certificate in the name of any person other
than the registered Holder thereof, provided, however, that if box (4) is checked, the Company may require, prior to registering
any such transfer of the Securities, in its sole discretion, such legal opinions, certifications and other information as the Company
may reasonably request to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject
to, the registration requirements of the Securities Act of 1933, as amended, such as the exemption provided by Rule 144 under such
Act.


 


	 	Your Signature:	 
	 	 	(Sign exactly as your name appears on the face of
this Note)



 



	Signature Guarantee*:	 	 		 




 


	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 


 


TO BE COMPLETED BY PURCHASER IF BOX (2)
ABOVE IS CHECKED.


 


The undersigned represents
and warrants that it is purchasing this Security for its own account or an account with respect to which it exercises sole investment
discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under
the Securities Act of 1933, as amended, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges
that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined
not to request such information and that it is aware that the transferor is relying upon the undersigned’s foregoing representations
in order to claim the exemption from registration provided by Rule 144A.


 


	Dated:	 	 	 	 



 





	 	Your Signature:	 
	 	 	Notice: To be executed by an executive officer



 


	Signature Guarantee*:	 	 		 


 


	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 



 






    	 	B-11	 



     


    

 





 




 SCHEDULE OF INCREASES AND DECREASES OF GLOBAL
NOTE


 


The
initial principal amount of this Global Note is $[•]. The following increases and decreases
to this Global Note have been made: 


 


	Date of Increase or
 Decrease  	 	Amount of Decrease in
 Principal Amount at
 Maturity
 of this Global Note	 	Amount of Increase in
 Principal Amount at
 Maturity
 of this Global Note	 	Principal Amount at
 Maturity
 of this Global Note
 Following such
 decrease (or  increase)	 	Signature of
 Authorized Signatory
 of Trustee or DTC
 Custodian
	 	 	 	 	 	 	 	 	 



 






    	 	B-12	 



     


    

 


Exhibit A


 


[FORM OF CERTIFICATE OF TRANSFER]


 


Owl Rock Technology Finance Corp.


399 Park Avenue, 38th Floor

New York, NY 10022


Attention: Chief Financial Officer


 


email:


 


 


Wells Fargo Bank, National Association, as Trustee and Registrar

Attn: DAPS – Reorg

600 South 4th Street – 7th Floor

Minneapolis, MN 55415

Facsimile: (866) 969-1290

Phone: (800) 344-5128

Email: DAPSReorg@wellsfargo.com


 


Re:
6.75% Notes due 2025


 


Reference
is hereby made to the Indenture, dated as of June 12, 2020 (the “Base Indenture”), by and among the Owl
Rock Technology Finance Corp. (the “Company”) and Well Fargo Bank, National Association (the “Trustee”)
as supplemented by the First Supplemental Indenture, dated as of June 12, 2020 (the “First Supplemental Indenture”
and together with the Base Indenture, the “Indenture”). Capitalized terms used but not defined herein shall
have the meanings given to them in the Indenture.


 


[●] (the “Transferor”) owns and proposes
to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $[●] in such
Note[s] or interests (the “Transfer”), to [●] (the “Transferee”), as further specified
in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that:


 


[CHECK ALL THAT APPLY]


 


1.       [_] CHECK IF TRANSFEREE
WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE RELEVANT RESTRICTED GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO RULE 144A.
The Transfer is being effected pursuant to and in accordance with Rule 144A under the United States Securities Act of 1933, as
amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that the beneficial
interest or definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial
interest or definitive Note for its own account, or for one or more accounts with respect to which such Person exercises sole investment
discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A
in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance with any applicable blue sky securities
laws of any state of the United States.


 






    	 	B-13	 



     


    

 


2.       [_] CHECK AND COMPLETE
IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN A DEFINITIVE NOTE PURSUANT TO ANY PROVISION OF THE SECURITIES ACT
OTHER THAN RULE 144A. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests
in Restricted Global Notes and definitive Notes containing the Restricted Securities Legends (“Restricted Definitive Notes”)
and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United
States, and accordingly the Transferor hereby further certifies that (check one):


 


(a)       [_]
such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act;


 


(b)       [_]
such Transfer is being effected to the Company or a subsidiary thereof;


 


(c) [_] such Transfer is being effected to an institutional
 “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act that has furnished
to the Company and the Trustee a signed letter containing certain representations and agreements (the form of which letter follows
below); or


 


(d)       [_]
such Transfer is being effected pursuant to an effective registration statement under the Securities Act, and in compliance with
the prospectus delivery requirements of the Securities Act.


 


3.       [_] CHECK IF TRANSFEREE
WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE OR OF AN UNRESTRICTED DEFINITIVE NOTE.


 


(a)       [_] CHECK IF TRANSFER
IS PURSUANT TO RULE 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act
and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any
state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Restricted Securities Legend
are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance
with the terms of the Indenture, the transferred beneficial interest or definitive Note will no longer be subject to the restrictions
on transfer enumerated in the Restricted Securities Legend printed on the Restricted Global Notes, on definitive Notes and in the
Indenture.


 


(b)       [_] CHECK IF TRANSFER
IS PURSUANT TO OTHER EXEMPTION. (i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration
requirements of the Securities Act other than Rule 144 and in compliance with the transfer restrictions contained in the Indenture
and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in
the Indenture and the Restricted Securities Legend are not required in order to maintain compliance with the Securities Act. Upon
consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or definitive
Note will not be subject to the restrictions on transfer enumerated in the Restricted Securities Legend printed on the Restricted
Global Note or Restricted Definitive Notes and in the Indenture.


 


This certificate and the statements contained herein are made
for your benefit and the benefit of the Issuers.


 






    	 	B-14	 



     


    

 


	                             	[Insert Name of Transferor]
	 	 	 	 
	 	By:	[●]
	 	 	Name:[●]	 
	 	 	Title:[●]	 


 


Dated: [●]


 




    	 	B-15	 



     


    

 


ANNEX A TO CERTIFICATE OF TRANSFER


 


 


1.       The Transferor owns
and proposes to transfer the following:


 


[CHECK ONE]


 


		(a)	[  ]a beneficial interest in the



 


		(i)	[ ] Restricted Global Note (CUSIP [ ]), or



 


		(ii)	[ ] Unrestricted Global Note (CUSIP [ ]); or



 


		(b)	[  ]a Restricted Definitive Note; or



 


		(c)	[  ]an Unrestricted Definitive Note.



 


2.       After
the Transfer the Transferee shall hold:


 


[CHECK ONE]


 


		(a)	[  ]a beneficial interest in the



 


		(i)	[ ]Restricted Global Note (CUSIP [ ]), or



 


		(ii)	[ ] Unrestricted Global Note (CUSIP [ ]); or



 


		(b)	[  ]a Restricted Definitive Note; or



 


		(c)	[  ]an Unrestricted Definitive Note, in accordance with the terms of the Indenture.



 




    	 	B-16	 



     


    

 


[FORM OF LETTER TO BE DELIVERED IN CONNECTION
WITH TRANSFERS

TO INSTITUTIONAL ACCREDITED INVESTORS]


 


Owl Rock Technology Finance Corp.  


399 Park Avenue, 38th Floor


New York, NY 10022


Attention: Chief Financial Officer  


  


Wells Fargo Bank, National Association


Attn: DAPS – Reorg

600 South 4th Street – 7th Floor

Minneapolis, MN 55415

Facsimile: (866) 969-1290

Phone: (800) 344-5128

Email: DAPSReorg@wellsfargo.com


 


Re: Owl Rock Technology Finance Corp. (the
 “Company”)


 


Ladies and Gentlemen:


 


This certificate is delivered to request
a transfer of $[___________] principal amount of the 6.75% Notes due 2025 (the “Securities”) of Owl Rock Technology
Finance Corp. (the “Company”).


 


Upon transfer, the Securities would be
registered in the name of the new beneficial owner as follows:


 


	Name: 	 	 


 


	Address: 	 	 


 


	Taxpayer ID Number: 	 	 


 


The undersigned represents and warrants
to you that:


 


	 	1.	We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended (the “Securities Act”)) purchasing for our own account or for the account of such an institutional “accredited investor,” and we are acquiring the Securities not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risk of our investment in the Securities and we invest in or purchase securities similar to the Securities in the normal course of our business. We and any accounts for which we are acting are each able to bear the economic risk of our or its investment.


 






    	 	B-17	 



     


    

 


	 	2.	We understand that the Securities have not been registered under the Securities Act and, unless so registered, may not be sold except as permitted in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing Securities to offer, sell or otherwise transfer such Securities prior to the Resale Restriction Termination Date only (a) to the Company or any Subsidiary thereof, (b) pursuant to an effective registration statement under the Securities Act, (c) in a transaction complying with the requirements of Rule 144A under the Securities Act, to a person we reasonably believe is a “qualified institutional buyer” under Rule 144A of the Securities Act (a “QIB”) that is purchasing for its own account or for the account of a QIB and to whom notice is given that the transfer is being made in reliance on Rule 144A, (d) to an institutional “accredited investor” within the meaning of Rule 501 (a)(1), (2), (3) or (7) under the Securities Act that is purchasing for its own account or for the account of such an institutional “accredited investor,” in each case for investment purposes and not with a view to or for offer or sale in connection with any distribution in violation of the Securities Act or (e) pursuant to any other available exemption from the registration requirements of the Securities Act, subject in each of the foregoing cases to any requirement of law that the disposition of property or the property of such investor account or accounts be at all times within our or their control and in compliance with any applicable state securities laws. The foregoing restrictions on resale will not apply subsequent to the Resale Restriction Termination Date. If any resale or other transfer of the Securities is proposed to be made pursuant to clause (d) above prior to the Resale Restriction Termination Date, the transferor shall deliver a letter from the transferee substantially in the form of this letter to the Company and the Trustee, which shall provide, among other things, that the transferee is an institutional “accredited investor” (within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act) and that it is acquiring such Securities for investment purposes and not for distribution in violation of the Securities Act. Each purchaser acknowledges that the Company and the Trustee reserve the right prior to any offer, sale or other transfer prior to the Resale Restriction Termination Date of the Securities pursuant to clauses (d), (e) or (f) above to require the delivery of an opinion of counsel, certifications and/or other information satisfactory to the Company and the Trustee.


 


	 	3.	
        We [are][are not] an Affiliate of the Company.

         

        The Company and the Trustee are entitled
        to rely upon this letter and are irrevocably authorized to produce this letter or a copy to any interested party in any administrative
        or legal proceedings or official inquiry with respect to the matters covered hereby.



 


	 	TRANSFEREE
	 	 
	 	 
	 	[Insert Name of Transferee]
	 	 
	 	 
	 	Name:
	 	Title:


 






    	 	B-18