Document:

Eighth Supplemental Indenture with an attached Eighth Amended

 Execution Version 

EIGHTH SUPPLEMENTAL INDENTURE, dated as of September 30 2020 (this Eighth Supplemental Indenture), between CM
FINANCE SPV LTD., an exempted company incorporated with limited liability under the laws of the Cayman Islands, as issuer (the Issuer); and U.S. BANK NATIONAL ASSOCIATION, as trustee (in such capacity, together with its
permitted successors and assigns in the trusts under the Indenture, the Trustee) and, solely as expressly specified in the Indenture, in its individual capacity (the Bank). 

WHEREAS, the Issuer, the Trustee and the Bank have previously entered into that certain Seventh Amended and Restated Indenture, dated
as of September 30, 2019 (the Original Indenture), between the Issuer, the Trustee and the Bank. 
 WHEREAS, the
parties agree that this Eighth Supplemental Indenture shall constitute a supplemental indenture for purposes of Article VIII of the Indenture and wish to amend and restate the Original Indenture by entering into this Eighth Supplemental Indenture.

 WHEREAS, Section 8.2 of the Original Indenture provides that the Original Indenture may be amended for a purpose not
permitted under Section 8.1 of the Original Indenture, with the written consent of each Holder and the Collateral Manager. 

WHEREAS, the Issuer has requested (i) that, pursuant to and in accordance with the terms and conditions of this Eighth
Supplemental Indenture, the Trustee agree that the Original Indenture shall be amended and restated in the form of the Eighth Amended and Restated Indenture, dated as of September 30, 2020 (as attached hereto as Exhibit A, the
Indenture), between the Issuer, the Trustee and the Bank, and (ii) that each Holder and the Collateral Manager consent to such amendment and restatement. 

ACCORDINGLY, in consideration of the promises and the mutual agreements contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

1.        Definitions 

Capitalized terms used but not defined herein have the respective meanings given to such terms in the Indenture. 

2.        Amendments 

With effect from and including the Effective Date (as defined in Section 3), the Original Indenture shall be amended and restated so that
it shall be read and construed as set out in the Indenture attached hereto as Exhibit A. 

3.        Conditions Precedent to Effective Date 

  
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 This Eighth Supplemental Indenture shall become effective on and as of the date (the
Effective Date) on which each of the following conditions precedent shall have been satisfied: 
  

	(a)	 Eighth Supplemental Indenture. This Eighth Supplemental Indenture shall have been duly
executed and delivered by each party hereto. 

  

	(b)	 Amended RCNA. The third amended and restated Revolving Credit Note Agreement (the
Amended RCNA) shall have been duly executed and delivered by each party thereto. 

  

	(c)	 Holder Consent. The Consent to Proposed Indenture Amendment shall have been duly executed and
delivered by the beneficial owners of 100% of the Notes (each having an aggregate principal amount as indicated below its signature thereto). 

  

	(d)	 Repo Confirmations. The amended and restated confirmation with respect to the Class A-R Notes and the amended and restated confirmation with respect to the Class A Notes, in each case entered into under the Global Master Repurchase Agreement, shall have been duly executed and
delivered by each party thereto. 

 (The documents described in clauses (a) through (d) above are
collectively, the 2020 Transaction Documents). 
  

	(e)	 Representations and Warranties. Each of the representations and warranties contained in the
Indenture and the 2020 Transaction Documents is true and correct on and as of the Effective Date with the same force and effect as if made on and as of the Effective Date (or, if any such representation or warranty is expressly stated to have been
made as of a specific date, as of such specific date). 

  

	(f)	 Issuer Certificates. The Trustee shall have received the following corporate documents:

  

	 	(i)	 An Officer’s certificate of the Issuer, dated as of the date hereof, (a) evidencing the
authorization of the execution and delivery on behalf of the Issuer of (1) the 2020 Transaction Documents and (2) such related documents as may be required for the purpose of the transactions contemplated in the Indenture and the 2020
Transaction Documents; and (b) certifying that (1) the copies of the Authorizing Resolution and Constitutive Documents attached thereto are, in each case, a true and complete copy thereof; (2) such authorizations have not been amended
or rescinded and are in full force and effect on and as of the date hereof; (3) the Officers of the Issuer authorized to execute and deliver such documents hold the offices and have the signatures indicated thereon; and (4) all of the
conditions precedent set forth in Section 3 of this Supplemental Indenture have been met. 

  
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	 	(ii)	 An Officer’s certificate of the Issuer, dated as of the date hereof, stating that, to the
Officer’s knowledge, (a) the Issuer is not in default under the Original Indenture; (b) all conditions precedent provided in the Original Indenture relating to the entry into this Eighth Supplemental Indenture have been satisfied or
waived; (c) all expenses due or accrued relating to actions taken on or in connection with the Amendment and Restatement Date have been paid or reserves therefor have been made; and (d) all of its representations and warranties contained
in the Indenture and the 2020 Transaction Documents are true and correct as of the date hereof. 

  

	 	(iii)	 An Officer’s certificate of the Sole Shareholder, dated as of the date hereof, (A) evidencing the
authorization by Authorizing Resolution of the execution and delivery of (1) the 2020 Transaction Documents to which the Sole Shareholder is a party; and (2) such related documents as may be required for the transaction contemplated by the
Indenture and the 2020 Transaction Documents; and (B) certifying that (1) the copies of the Authorizing Resolution and Constitutive Documents attached thereto are, in each case, a true and complete copy thereof; (2) such resolutions
have not been amended or rescinded and are in full force and effect on and as of the date hereof; and (3) the Officers of the Sole Shareholder or its manager authorized to execute and deliver such documents hold the offices and have the
signatures indicated thereon. 

  

	(g)	 Legal Opinions. The Trustee shall have received the following legal opinions:

 (i)        U.S. Counsel Opinions. Opinion of
Alston & Bird LLP, counsel to the Trustee, and Morgan, Lewis & Bockius LLP, counsel to the Issuer, each dated the Amendment and Restatement Date, each in form and substance satisfactory to the Issuer and UBS. 

(ii)        Cayman Counsel Opinion. An opinion of Appleby (Cayman) Ltd., Cayman
Islands counsel to the Issuer, dated the Amendment and Restatement Date, in form and substance satisfactory to the Issuer and UBS. 
  

	4.	 Representations and Warranties; Covenants; other Agreements 

 

	(a)	 Each party hereto represents and warrants that this Eighth Supplemental Indenture has been duly and validly
executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms. 

  

	(b)	 From time to time, each of the parties hereto will promptly execute and deliver all such further
instruments, certificates and documents, and take all such further actions as any one of them may deem to be necessary, advisable, convenient or 

  
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proper to carry out the intent of this Eighth Supplemental Indenture and the Indenture. 

  

	(c)	 For the purposes of this Eighth Supplemental Indenture: (i) each of the Trustee, the Collateral Manager
and each Holder, by executing and delivering a counterpart of this Eighth Supplemental Indenture, hereby waives any right under the Transaction Documents to prior notice of this Eighth Supplemental Indenture; (ii) each Holder and the Collateral
Manager, by executing and delivering a counterpart of this Eighth Supplemental Indenture, hereby provides their written consent to the execution of this Eighth Supplemental Indenture and each of the 2020 Transaction Documents to which the Trustee is
a party, by the Trustee and the Issuer (pursuant to, in the case of this Eighth Supplemental Indenture, Section 8.2 of the Original Indenture); and (iii) each of the Issuer, the Collateral Manager and each Holder, by executing and
delivering a counterpart of this Eighth Supplemental Indenture, hereby agrees that the execution of this Eighth Supplemental Indenture is authorized and permitted by the Original Indenture and that all conditions precedent thereto have been
satisfied and that, for all purposes under the Original Indenture (including Section 8.3(b) thereof), the Trustee shall be permitted to rely on this Section 4(c), and shall be fully protected in so relying on this Section 4(c), in
lieu of an Opinion of Counsel. 

  

	(d)	 Surrender and exchange of Class A Notes. On the Amendment and
Restatement Date, the Trustee, as custodian of the Global Notes, shall cause all Global Notes representing Class A Notes to be surrendered for exchange, and shall cause the Class A Notes to be cancelled in accordance with Section 2.9
of the Indenture. 

  

	(e)	 Surrender and exchange of
Class A-R Notes. (i) On the Amendment and Restatement Date, each Holder of the Class A-R Notes as of the date
immediately prior to the Effective Date shall deliver the certificated Class A-R Notes held by it (collectively, the Existing
Class A-R Notes) to the Trustee for cancellation, (ii) upon receipt of such certificated Class A-R Notes, the Trustee
shall cause such certificated Class A-R Notes to be cancelled in accordance with Section 2.9 of the Indenture, and (iii) immediately upon such cancellation, the Trustee and the Issuer shall
execute new certificated Class A-R Note which have an Aggregate Outstanding Amount of U.S.$26,666,667 as of the Effective Date, and following such execution, shall deliver such new certificated Class A-R Note to UBS AG, London Branch. 

  

	(f)	 Authentication of Class A-1
Global Notes. Upon receipt of the Class A-1 Global Notes, each executed by the Issuer, the Trustee shall, upon Issuer Order, authenticate and deliver the
Class A-1 Global Notes as provided in the Indenture and the Issuer shall cause the Class A Note Registrar to register the beneficial interests in such
Class A-1 Global Notes in the names specified in the Issuer Order. 

  
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	(g)	 Authentication of Class A-2
Global Notes. Upon receipt of the Class A-2 Global Notes, each executed by the Issuer, the Trustee shall, upon Issuer Order, authenticate and deliver the
Class A-2 Global Notes as provided in the Indenture and the Issuer shall cause the Class A Note Registrar to register the beneficial interests in such
Class A-2 Global Notes in the names specified in the Issuer Order. 

  

	(h)	 Authentication of Class A-R
Notes. Upon receipt of the Class A-R Notes, each executed by the Issuer, the Trustee shall, upon Issuer Order, authenticate and deliver the Class A-R
Notes as provided in the Indenture to UBS AG, London Branch and the Issuer shall cause the Class A-R Note Registrar to register the beneficial interests in such
Class A-R Notes in the names specified in the Issuer Order. 

  

	5.	 Miscellaneous 

 

	(a)	 Successors and Assigns. This Eighth Supplemental Indenture shall be binding upon and inure to
the benefit of the parties hereto and their respective successors and permitted assigns. No person or entity other than the parties hereto and their respective successors and permitted assigns shall have any rights under this Eighth Supplemental
Indenture. 

  

	(b)	 Entire Agreement. This Eighth Supplemental Indenture constitutes the entire agreement and
understanding of the parties with respect to its subject matter and supersedes all oral communication and prior writings (except as otherwise provided herein) with respect thereto. 

 

	(c)	 Headings. The headings used in this Eighth Supplemental Indenture are for convenience of
reference only and are not to affect the construction of or to be taken into consideration in interpreting this Eighth Supplemental Indenture. 

  

	(d)	 Governing Law. This Eighth Supplemental Indenture shall be construed in accordance with, and
this Eighth Supplemental Indenture and any matters arising out of or relating in any way whatsoever to this Eighth Supplemental Indenture (whether in contract, tort or otherwise) shall be governed by, the law of the State of New York.

  

	(e)	 Jurisdiction. With respect to any suit, action or proceedings relating to this Eighth
Supplemental Indenture or any matter between the parties arising under or in connection with this Eighth Supplemental Indenture (Proceedings), each party irrevocably: (i) submits to the
non-exclusive jurisdiction of the Supreme Court of the State of New York sitting in the Borough of Manhattan and the United States District Court for the Southern District of New York, and any appellate court
from any thereof; and (ii) waives any objection which it may have at any time to the laying of venue of any Proceedings brought in any such court, waives any claim that such Proceedings have been brought in an inconvenient forum and further

  
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waives the right to object, with respect to such Proceedings, that such court does not have any jurisdiction over such party. Nothing in this Eighth Supplemental Indenture precludes any party
from bringing Proceedings in any other jurisdiction, nor will the bringing of Proceedings in any one or more jurisdictions preclude the bringing of Proceedings in any other jurisdiction. 

 

	(f)	 Waiver of Jury Trial Right. EACH PARTY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY RIGHT THAT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY PROCEEDINGS. Each party hereby (a) certifies that no representative, agent or attorney of any other has represented, expressly or otherwise, that such other
would not, in the event of a Proceeding, seek to enforce the foregoing waiver; and (b) acknowledges that it has been induced to enter into this Eighth Supplemental Indenture by, among other things, the mutual waivers and certifications in this
paragraph. 

  

	(g)	 Counterparts. This Eighth Supplemental Indenture (and each amendment, modification and waiver
in respect of this Eighth Supplemental Indenture) may be executed and delivered in any number of counterparts (including by e-mail (PDF). facsimile, or electronic transmission (including .pdf file, .jpeg file
or any electronic signature complying with the U.S. federal ESIGN Act of 2000, including Orbit, Adobe Sign, DocuSign, or any other similar platform identified by the Company and reasonably available at no undue burden or expense to the Custodian)),
each of which shall be deemed an original and all of which, taken together, shall constitute one and the same instrument, and each of the parties hereto may execute this Eighth Supplemental Indenture by signing any such counterpart. Delivery of an
executed counterpart of this Eighth Supplemental Indenture by e-mail (PDF) or facsimile shall be deemed to constitute due and sufficient delivery of such counterpart. The Trustee shall have no duty to inquire
into or investigate the authenticity or authorization of any such electronic signature and shall be entitled to conclusively rely on any such electronic signature without any liability with respect thereto. 

 

	(h)	 Severability. If any term, provision, covenant or condition of this Eighth Supplemental
Indenture, or the application thereof to any party hereto or any circumstance, is held to be unenforceable, invalid or illegal (in whole or in part) for any reason (in any relevant jurisdiction), the remaining terms, provisions, covenants and
conditions of this Eighth Supplemental Indenture, modified by the deletion of the unenforceable, invalid or illegal portion (in any relevant jurisdiction), will continue in full force and effect, and such unenforceability, invalidity, or illegality
will not otherwise affect the enforceability, validity or legality of the remaining terms, provisions, covenants and conditions of this Eighth Supplemental Indenture, so long as this Eighth Supplemental Indenture, as so modified continues to
express, without material change, the original intentions of the parties as to the subject matter hereof and the deletion of such portion of this Eighth Supplemental Indenture, will not substantially impair the respective

  
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expectations or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties. 

 

	(i)	 Acceptance by the Trustee; Certain Other Matters Relating to the Trustee. The Trustee accepts
the amendments to the Original Indenture as set forth in this Eighth Supplemental Indenture and agrees to perform the duties of the Trustee upon the terms and conditions set forth herein and in the Original Indenture set forth therein. Without
limiting the generality of the foregoing, the Trustee assumes no responsibility for the correctness of the recitals contained herein, which shall be taken as the statements of the Issuer. In entering into this Eighth Supplemental Indenture, the
Trustee shall be entitled to the benefit of every provision of the Original Indenture relating to the conduct of or affecting the liability of or affording protection to the Trustee, including Sections 6.1 and 6.3 or the Original Indenture. The
Issuer hereby directs the Trustee to execute this Eighth Supplemental Indenture and the Amended RCNA, and acknowledges and agrees that the Trustee will be fully protected in relying upon the foregoing direction. 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Eighth Supplemental Indenture to
be duly executed and delivered by their respective signatories thereunto duly authorized as of the date first written above. 
  

	
	EXECUTED as a DEED by
	 CM FINANCE SPV LTD.,

as Issuer

	
	 By:
                                         
                       

	 Name:

	 Title:

  
 Eighth Supplemental
Indenture – Signature Page 

	
	 U.S. BANK NATIONAL ASSOCIATION,

	             not in its individual capacity, but solely as
Trustee

	
	 By:
                                         
                       

	       Name:

	       Title:

  
 Eighth Supplemental
Indenture – Signature Page 

 CM INVESTMENT PARTNERS LLC (as successor to CM Investment Partners, L.P.), 

        as Collateral Manager 
  

	
	 By: MMCMIP LLC, as Managing Member

	
	 By:
                                         
                       

	 Name:

	
	 Title: MMCMIP Designee

  
 Eighth Supplemental
Indenture – Signature Page 

 EXHIBIT A 

EIGHTH AMENDED AND RESTATED INDENTURE 

 Execution Version 

EIGHTH AMENDED AND RESTATED INDENTURE (this Indenture), dated as of September 30, 2020, between CM FINANCE SPV
LTD., an exempted company incorporated with limited liability under the laws of the Cayman Islands (the Issuer) and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as trustee (herein, together with its
permitted successors and assigns in the trusts hereunder, the Trustee) and, solely as expressly specified herein, in its individual capacity (the Bank). 

This Indenture amends, restates and supersedes that certain Seventh Amended and Restated Indenture, dated as of September 30, 2019 (which
amended and restated the Sixth Amended and Restated Indenture, dated as of June 21, 2019, which amended and restated the Fifth Amended and Restated Indenture, dated as of November 20, 2017, which amended and restated the Fourth Amended and
Restated Indenture, dated as of February 28, 2017, which amended and restated the Third Amended and Restated Indenture dated as of July 20, 2015, which amended and restated the Second Amended and Restated Indenture dated as of
September 26, 2014, which amended and restated the Amended and Restated Indenture dated as of December 4, 2013, which amended and restated the Indenture dated as of May 23, 2013, in each case between the Issuer, the Trustee and the
Bank), between the Issuer, the Trustee and the Bank. 
 PRELIMINARY STATEMENT 

The Issuer is duly authorized to execute and deliver this Indenture to provide for the Notes issuable as provided in this Indenture. Except as
otherwise provided herein, all covenants and agreements made by the Issuer herein are for the benefit and security of the Secured Parties. The Issuer is entering into this Indenture, and the Trustee is accepting the trusts created hereby, for good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged. 
 All things necessary to make this Indenture a
valid agreement of the Issuer in accordance with the agreement’s terms have been done. 
 GRANTING CLAUSES 

The Issuer hereby Grants to the Trustee, for the benefit and security of the Holders of the Notes, the Trustee and the Collateral
Administrator (collectively, the Secured Parties) (or, where particular Secured Parties are specified as the beneficiaries of such Grant with respect to items of personal property identified in any of the
sub-clauses below, for the benefit and security of such Secured Parties only), except as expressly set forth below, all of its right, title and interest in, to and under, in each case, whether now owned or
existing, or hereafter acquired or arising, (a) the Portfolio Assets as of the Closing Date which the Issuer causes to be Delivered to the Trustee (directly or through an intermediary or bailee, including the Custodian) herewith and all
payments thereon or with respect thereto, and all Portfolio Assets which are Delivered to the Trustee (directly or through an intermediary or bailee, including the Custodian) in the future pursuant to the terms hereof and all payments thereon or
with respect thereto, (b) each of the Accounts (excluding any Class A-R Prepayment Account, the Portfolio Gains Account 

  
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and the Sold PI Loan Collection Subaccount), and any Eligible Investments purchased with funds on deposit in any of the Accounts (excluding any
Class A-R Prepayment Account), and all income from the investment of funds therein and all other property standing to the credit of each such Account, (c) the Collateral Management Agreement as set
forth in Article 15 hereof, the Collateral Administration Agreement, each Placement Agency Agreement, each Subscription Agreement, the Revolving Credit Note Agreement, the Issuer Contribution Agreement, the Issuer Account Control Agreement, the
Master Participation and Assignment Agreement and the Side Letter Security Agreement, (d) all Cash delivered to the Trustee (or the Custodian) for the benefit of the Secured Parties, (e) for the exclusive benefit of each Class A-R Noteholder, the Issuer’s interest in such Class A-R Noteholder’s Class A-R Prepayment Account,
(f) all accounts, chattel paper, Deposit Accounts, general intangibles, instruments and investment property, and all letter-of-credit rights and other supporting
obligations relating to the foregoing (in each case as defined in the UCC), (g) any other property otherwise delivered to the Trustee (directly or through an intermediary or bailee, including the Custodian) by or on behalf of the Issuer
(including any other securities or investments not listed above and whether or not constituting Portfolio Assets or Eligible Investments) and (h) all proceeds with respect to the foregoing; provided that such Grants shall not
include any Excepted Property (the assets referred to in (a) through (h), excluding the Excepted Property, are collectively referred to as the Collateral). 

The above Grant of Collateral is made in favor of the Trustee to hold in trust to secure the Notes and certain other amounts payable by the
Issuer as described herein. Except as set forth in the Priority of Payments and Article 13 of this Indenture, the Notes are secured by the Grant equally and ratably without prejudice, priority or distinction between any Note and any other Note by
reason of difference in time of issuance or otherwise; provided that, amounts on deposit in a Class A-R Prepayment Account shall be available only for distribution to the
Class A-R Noteholders pursuant to the Revolving Credit Note Agreement and shall not be available to the Issuer to pay amounts owed to any Secured Parties other than the
Class A-R Noteholders. The Grant is made to secure, in accordance with the priorities set forth in the Priority of Payments and Article 13 of this Indenture, (i) the payment of all amounts due on the
Notes in accordance with their terms, (ii) the payment of all other sums payable under this Indenture, (iii) the payment of amounts owing by the Issuer under the Collateral Administration Agreement and (iv) compliance with the
provisions of this Indenture, in each case as provided in this Indenture (collectively, the Secured Obligations). The foregoing Grant shall, for the purpose of determining the property subject to the lien of this Indenture, be deemed
to include any interests in any securities and any investments granted to the Trustee by or on behalf of the Issuer, whether or not such securities or investments satisfy the Asset Eligibility Criteria or other criteria set forth in the definitions
of Portfolio Asset or Eligible Investments, as the case may be. 
 The Trustee acknowledges such Grant, accepts
the trusts hereunder in accordance with the provisions hereof, and agrees to perform the duties herein in accordance with the terms hereof. 

  
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 1.      DEFINITIONS 

1.1    Definitions 

Except as otherwise specified herein or as the context may otherwise require, the following terms have the respective meanings set forth below
for all purposes of this Indenture, and the definitions of such terms are equally applicable both to the singular and plural forms of such terms and to the masculine, feminine and neuter genders of such terms. Except as otherwise specified herein or
as the context may otherwise require: (i) references to an agreement or other document are to it as amended, supplemented, restated and otherwise modified from time to time and to any successor document (whether or not already so stated); (ii)
references to a statute, regulation or other government rule are to it as amended from time to time and, as applicable, are to corresponding provisions of successor governmental rules (whether or not already so stated); (iii) the word
“including” and correlative words shall be deemed to be followed by the phrase “without limitation” unless actually followed by such phrase or a phrase of like import; (iv) the word “or” is always used inclusively
herein (for example, the phrase “A or B” means “A or B or both,” not “either A or B but not both”), unless used in an “either ... or” construction; (v) references to a Person are references to such
Person’s successors and assigns (whether or not already so stated); (vi) all references in this Indenture to designated “Articles”, “Sections”, “sub-Sections”, other
subdivisions, Schedules and Exhibits are to the designated articles, sections, sub-sections, other subdivisions, schedules and exhibits of this Indenture; and (vii) the words “herein”,
“hereof”, “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular article, section, sub-section or other subdivision. 

Acceleration Event: The meaning specified in Section 5.4(a). 

Accounts: Collectively, (i) the Payment Account, (ii) the Collection Account, (iii) the Expense Account,
(iv) the Portfolio Gains Account, (v) the Delayed Draw/Committed Proceeds Account, (vi) the Custodial Account and (vii) each Class A-R Prepayment Account. 

Accredited Investor: The meaning set forth in Rule 501(a) of Regulation D of the Securities Act. 

Act and Act of Holders: The meanings specified in Section 14.2(a). 

Adjusted Principal Balance: With respect to any Portfolio Asset on any date of determination, the product of (i) the
Principal Balance of such Portfolio Asset as of such date of determination and (ii) the Purchase Price of such Portfolio Asset. 

Administrative Expenses: The fees, expenses (including indemnities) and other amounts due or accrued and payable by the Issuer
from funds standing to the credit of the Expense Account in the following order by the Issuer: 

  
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 first, on a pro rata basis, (i) to the Trustee pursuant to
Section 6.7 and the other provisions of this Indenture, (ii) to the Revolving Credit Note Agent pursuant to the Revolving Credit Note Agreement, and (iii) to the Bank, in its individual capacity pursuant to this Indenture, 

second, to the Collateral Administrator pursuant to the Collateral Administration Agreement, and second to the and
Collateral Manager pursuant to the Collateral Management Agreement, 
 third, on a pro rata basis, to any other
Person in respect of any other fees or expenses permitted under this Indenture and the documents delivered pursuant to or in connection with this Indenture (including all legal and other fees and expenses incurred in connection with the purchase or
sale of any Portfolio Assets and any other expenses incurred in connection with the Portfolio Assets) and the Notes, and 

fourth, on a pro rata basis, indemnities payable to any Person pursuant to any Transaction Document; 

provided that Administrative Expenses shall not include (a) any amounts due or accrued with respect to the actions taken on or in
connection with the Closing Date or (b) amounts payable in respect of the Notes. 
 Administrator: Estera Trust (Cayman)
Limited and any successor thereto. 
 Advance Percentage: With respect to: 

 

	(a)	 a Senior Secured (Type I) Loan, 60%; 

 

	(b)	 a Senior Secured (Type I CL) Loan, 55%; 

 

	(c)	 a Senior Secured (Type II) Loan, 55%; 

 

	(d)	 a Senior Secured (Type III) Loan, 35%; 

 

	(e)	 a Senior Secured (Type IV) Loan, 45%; 

 

	(f)	 a Senior Secured Last Out (Type I) Loan, 45%; 

 

	(g)	 a Senior Secured Last Out (Type II) Loan, 35%; 

 

	(h)	 a Traditional Second Lien Loan, 35%; 

 

	(i)	 a Second Lien Liquid Loan, 55%; 

 

	(j)	 a Senior Secured Liquid Loan, 70%; 

  
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	(k)	 a Senior Secured (Large Cap) Loan, 65%; 

 

	(l)	 a Senior Secured Bond, 55%; 

 

	(m)	 a Non-Senior Secured Bond, 35%; and 

 

	(n)	 Cash, 75%, 

provided that, notwithstanding (a) through (n) above, if separately agreed to by the Collateral Manager and the Valuation
Agent, the Advance Percentage with respect to a particular Portfolio Asset may be such other percentage for such Portfolio Asset as agreed to by the Collateral Manager and the Valuation Agent in writing, with notice of such agreement to be given to
the Trustee and the Collateral Administrator. 
 Advance Value: With respect to any Portfolio Asset or Cash amount held by the
Issuer, (a) the Purchase Amount of such Portfolio Asset or Cash amount multiplied by (b) the applicable Advance Percentage. 

Affected Bank: A “bank” for purposes of Section 881 of the Code or an entity affiliated with such a bank that is
neither (x) a United States Person nor (y) entitled to the benefits of an income tax treaty with the United States under which withholding taxes on interest payments made by obligors resident in the United States to such bank are reduced
to 0%. 
 Affiliate: With respect to a Person, (i) any other Person who, directly or indirectly, is in control of, or
controlled by, or is under common control with, such Person or (ii) any other Person who is an Officer or employee (a) of such Person, (b) of any subsidiary or parent company of such Person or (c) of any Person described in
clause (i) above. For the purposes of this definition, “control” of a Person shall mean the power, direct or indirect, (x) to vote more than 50% of the securities having ordinary voting power for the election of directors of such
Persons or (y) to direct or cause the direction of the management and policies of such Person (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise). 

Agent Members: Members of, or participants in, DTC Euroclear or Clearstream. 

Aggregate Outstanding Amount: With respect to any of the Notes of any Class as of any date, the aggregate unpaid principal
amount of such Notes Outstanding on such date (which, in the case of the Class A-R Notes, shall be the Outstanding Class A-R Funded Amount). 

Aggregate Principal Balance: When used with respect to all or a portion of the Portfolio Assets or the Collateral, the sum of
the Principal Balances of all or of such portion of the Portfolio Assets or Collateral, respectively. 
 Amendment and Restatement
Date: September 30, 2020. 
 AML Compliance: Compliance with the Cayman AML Regulations. 

  
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 Asset-backed Commercial Paper: Commercial paper or other short-term obligations of
a program that primarily issues externally rated commercial paper backed by assets or exposures held in a bankruptcy-remote, special purpose entity. 

Asset Coverage Ratio: With respect to any date of determination, the ratio (expressed as a percentage), determined by the
Liquidation Agent (acting in a commercially reasonable manner) on a consolidated basis for the Sole Shareholder and its wholly-owned subsidiaries (without duplication), of (a) the value of total assets of the Sole Shareholder and its
wholly-owned subsidiaries, less all liabilities and indebtedness not represented by “senior securities”, as most recently reported in its monthly written report of net asset value provided to UBS under the Global Master Repurchase
Agreement to (b) the aggregate amount of “senior securities” representing indebtedness of the Sole Shareholder and its wholly-owned subsidiaries (including, without limitation, under the Global Master Repurchase Agreement) on such
date of determination based on the most recent information received, or otherwise publicly available to and accessed, by the Liquidation Agent, in each case as determined (subject to the foregoing requirements as to the information to be utilized
for purposes of such determination) pursuant to and in accordance with the requirements of the Investment Company Act (including, without limitation, the definitions of “asset coverage” and “senior security” thereunder) and any
orders of the Securities and Exchange Commission to which the Sole Shareholder is subject thereunder; provided, for the avoidance of doubt, that the exclusions from the definition of “senior security” set forth in the second
paragraph of Section 18(g) of the Investment Company Act shall not apply for purposes of such determination. 
 Asset Coverage
Ratio Test: A test which will be satisfied on any date of determination by UBS if the Asset Coverage Ratio is greater than 161%. 

Asset Eligibility Criteria: Criteria satisfied in respect of a Portfolio Asset or prospective Portfolio Asset on the trade date
for the acquisition thereof (the Portfolio Asset Trade Date) if: 
  

	(a)	 the obligation is a Loan (or an Eligible Participation Interest therein), or a Bond; 

 

	(b)	 the obligation is denominated in USD and is neither convertible by the related Portfolio Asset Obligor
thereon or thereof into, nor payable in, any other currency; 

  

	(c)	 the obligation constitutes a legal, valid, binding and enforceable obligation of each related Portfolio
Asset Obligor, enforceable against such person in accordance with its terms; 

  

	(d)	 the obligation is not a lease; 

 

	(e)	 the obligation provides for a fixed amount of principal payable at no less than par, in cash, no later than
its stated maturity; 

  
 -6- 

	(f)	 the obligation is in the form of, and is treated as, indebtedness for U.S. Federal income tax purposes;

  

	(g)	 no principal, interest, fee or other amount owing on such obligation that became payable prior to the
Portfolio Asset Trade Date remains unpaid; 

  

	(h)	 the obligation is not a Defaulted Obligation or Margin Stock; 

 

	(i)	 the Issuer is entitled to receive all payments on such obligation free of U.S. Federal or foreign
withholding tax; 

  

	(j)	 the obligation is not a Bridge Security, Structured Finance Obligation or Synthetic Security;

  

	(k)	 the obligation is not, by its terms, convertible into or exchangeable for an Equity Security at any time
over its life, provided that the obligation may have attached warrants the aggregate value of which does not exceed 5% of the purchase price of such obligation (which valuation will be based on the reasonable business judgment of the
Collateral Manager, without regard to any Portfolio Asset Obligor’s valuation of such warrants); 

  

	(l)	 the obligation does not require any future advances to be made to any Portfolio Asset Obligor on or after
the Portfolio Asset Trade Date; provided that this claim shall be deemed not to apply to any Delayed-Draw Loan if the undrawn portion of such Delayed-Draw Loan is deposited in the Delayed-Draw Committed Proceeds Account; and

  

	(m)	 the obligation is Registered. 

Authenticating Agent: The Person designated by the Trustee to authenticate the Notes on behalf of the Trustee pursuant to
Section 6.14 hereof. 
 Authorized Representative: With respect to the Issuer, any Officer or any other Person who is
authorized to act for the Issuer in matters relating to, and binding upon, the Issuer; provided that the Collateral Manager is not an Authorized Representative of the Issuer. With respect to the Collateral Manager, any Officer, employee,
member or agent of the Collateral Manager who is authorized to act for the Collateral Manager in matters relating to, and binding upon, the Collateral Manager with respect to the subject matter of the request, certificate or order in question. With
respect to the Collateral Administrator, any Officer, employee, partner or agent of the Collateral Administrator who is authorized to act for the Collateral Administrator in matters relating to, and binding upon, the Collateral Administrator with
respect to the subject matter of the request, certificate or order in question. With respect to the Trustee or any other bank or trust company acting as trustee of an express trust or as custodian, a Trust Officer. With respect to any Authenticating
Agent, any Officer of such Authenticating Agent who is authorized to authenticate the Notes. Each party may receive and accept a certification of the authority 

  
 -7- 

 
of any other party as conclusive evidence of the authority of any Person to act, and such certification may be considered as in full force and effect until receipt by such other party of written
notice to the contrary. 
 Authorizing Resolution: With respect to (i) the Issuer, any action or resolution taken by the
Board of Directors or the Sole Shareholder within the powers vested to it pursuant to the Constitutive Documents of the Issuer and (ii) the Sole Shareholder, any action taken by its manager, CM Investment Partners LLC (as successor to CM
Investment Partners, L.P.), any Officer of, or other Person authorized by, such manager or any Officer of the Sole Shareholder, within the powers vested to it pursuant to the Constitutive Documents of the Sole Shareholder. 

Balance: On any date, with respect to Cash or Eligible Investments in any account, the aggregate of the (i) current balance
of Cash, demand deposits, time deposits, bankers’ acceptances and certificates of deposit; (ii) principal amount of any interest-bearing Eligible Investments; and (iii) the accreted amount (but not greater than the face amount) of any
non-interest-bearing Eligible Investments other than Cash. 
 Bank: U.S. Bank National
Association, in its individual capacity and not as Trustee, or any successor thereto. 
 Bankruptcy Law: The federal
Bankruptcy Code, Title 11 of the United States Code, Part V of the Companies Law (2016 Revision) of the Cayman Islands, the Bankruptcy Law (1997 Revision) of the Cayman Islands, the Foreign Bankruptcy Proceedings (International Cooperation)
Rules 2008 of the Cayman Islands and the Companies Winding Up Rules 2008 of the Cayman Islands, each as amended from time to time. 

Benefit Plan Investor: An employee benefit plan (as defined in Section 3(3) of ERISA) that is subject to Part 4
of Title I of ERISA, a plan to which Section 4975 of the Code applies or an entity whose underlying assets include “plan assets” by reason of such an employee benefit plan’s or a plan’s investment in such
entity, in each case within the meaning of the Plan Asset Regulation or otherwise. 
 Board of Directors: With respect to the
Issuer, the directors of the Issuer duly appointed by the Sole Shareholder of the Issuer or the board of directors of the Issuer in accordance with the Issuer’s Constitutive Documents. 

Bond: A debt security (that is not a loan) that is issued by a corporation, limited liability company, partnership or
trust. 
 Borrowing: The meaning specified for such term in the Revolving Credit Note Agreement.  

Borrowing Request: The meaning specified for such term in the Revolving Credit Note Agreement.  

  
 -8- 

 Bridge Security: Any obligation or security that (x) is a debt obligation
incurred in connection with a merger, acquisition, consolidation, sale of all or substantially all of the assets of a Person, restructuring or similar transaction and (y), which debt obligation by its terms is required to be repaid within one year
of the incurrence thereof with proceeds from additional borrowings or other refinancings (other than any additional borrowing or refinancing if one or more financial institutions shall have provided the obligor on such debt obligation with a binding
written commitment to provide the same) (it being understood that any such obligation or security that has a nominal maturity date of one year or less from the incurrence thereof but has a term-out or other
provision whereby (automatically or at the sole option of the obligor thereof) the maturity of the indebtedness thereunder may be extended to a later date is not a Bridge Security). 

Business Day: A day on which commercial banks and foreign exchange markets settle payments in New York, Houston and London and
that is also a TARGET Settlement Day, other than a Saturday, Sunday or other day that is a legal holiday in the city in which the Corporate Trust Office is located or on which the New York Stock Exchange or banks are authorized or obligated by law
or executive order to close in New York, New York or Houston, Texas. 
 Cash: Such funds denominated in currency of the United
States of America as at the time shall be legal tender for payment of all public and private debts in the United States of America, including funds standing to the credit of an Account. 

Cayman AML Regulations: The Anti-Money Laundering Regulations (2018 Revision) and The Guidance Notes on the Prevention and
Detection of Money Laundering and Terrorist Financing in the Cayman Islands, each as amended and revised from time to time. 
 Cayman
FATCA: The Cayman Islands Tax Information Authority Law (2017 Revision) and the OECD Standard for Automatic Exchange of Financial Account Information – Common Reporting Standard (each as amended) (including any implementing legislation,
rules, regulations and guidance notes with respect to such laws). For purposes of this definition, “OECD” means the Organization for Economic Co-operation and Development. 

Certificate of Authentication: The meaning specified in Section 2.1. 

Certificated Note: A Note issued in the form of a definitive, fully registered note without coupons substantially in the
applicable form attached as Exhibit A2 (in the case of a Class A-1 Note), or Exhibit A5 (in the case of a Class A-R Note) which shall be registered
in the name of the owner thereof, duly executed by the Issuer and authenticated by the Trustee as herein provided. 
 Certificated
Security: The meaning specified in Section 8-102(a)(4) of the UCC. 

Class: Each of the Class A-1 Notes and the
Class A-R Notes. 

  
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 Class A Note Register: The meaning specified in
Section 2.5(a). 
 Class A Note Registrar: The meaning specified in Section 2.5(a).

 Class A Noteholder: With respect to any Class A Note, the Person in whose name such
Class A Note is registered in the Class A Note Register. 
 Class A Notes: The Class A-1 Notes. 
 Class A Placement Agency
Agreement: The Placement Agency Agreement, dated as of May 23, 2013, as amended from time to time. 

Class A-1 Certificated Note: The Certificated Note
representing a Class A-1 Note. 
 Class A-1 Global Note: The Class A-1 Regulation S Global Note or the Class A-1 Rule 144A Global Note, as applicable.

 Class A-1 Notes: The Class A-1 Notes issued pursuant to this Indenture and having the characteristics specified in Section 2.3. 

Class A-1 Regulation S Global Note: The Class A-1 Regulation S Global Note with CUSIP number G3164B AE4. 

Class A-1 Rule 144A Global Note: The Class A-1 Rule 144A Global Note with CUSIP number 125745 AE9. 

Class A-R Commitment Amount: The meaning specified in
the Revolving Credit Note Agreement. 
 Class A-R Note
Register: The meaning specified in Section 2.5(a). 

Class A-R Note Registrar: The meaning specified in
Section 2.5(a). 
 Class A-R Noteholder: With
respect to any Class A-R Note, the Person in whose name such Class A-R Note is registered in the Class A-R Note
Register, each of which is required to be a party to the Revolving Credit Note Agreement. 
 Class A-R Notes: The Class A-R Notes issued pursuant to this Indenture and having the characteristics specified in Section 2.3. 

Class A-R Placement Agency Agreement: The Placement
Agency Agreement, dated as of December 4, 2013, as amended as of September 26, 2014 between the Issuer and the Placement Agent. 

Class A-R Prepayment Account: The meaning specified in
the Revolving Credit Note Agreement. 

  
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 Class A-R
Regulation S Certificated Note: The Class A-R Regulation S Certificated Note with the CUSIP Number G3164B AB0. 

Class A-R Rule 144A Certificated Note: The Class A-R Rule 144A Certificated Note with the CUSIP Number 125745 AB5. 
 Clearing
Agency: An organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act. 

Clearing Corporation: (i) Clearstream, (ii) DTC, (iii) Euroclear and (iv) any entity included within the
meaning of “clearing corporation” under Section 8-102(a)(5) of the UCC. 

Clearing Corporation Security: Securities which are in the custody of or maintained on the books of a Clearing Corporation or a
nominee subject to the control of a Clearing Corporation and, if they are Certificated Securities in registered form, properly endorsed to or registered in the name of the Clearing Corporation or such nominee. 

Clearstream: Clearstream Banking, société anonyme, a corporation organized under the laws of the Duchy of
Luxembourg (formerly known as Cedelbank, société anonyme). 
 Closing Date: May 23, 2013. 

Code: The U.S. Internal Revenue Code of 1986, as amended, and the Treasury regulations promulgated thereunder. 

Collateral: The meaning assigned in the Granting Clauses hereof. 

Collateral Administration Agreement: An agreement dated as of the Closing Date (as amended, restated, supplemented or otherwise
modified from time to time) relating to the administration of the Collateral among the Issuer, the Collateral Manager and the Collateral Administrator. 

Collateral Administrator: U.S. Bank National Association, acting as collateral administrator under the Collateral Administration
Agreement, and any successor thereto. 
 Collateral Change Event and Repayment Date Report: The meaning specified in
Section 10.5(g). 
 Collateral Change Event Notice: The meaning specified in the Issuer Contribution Agreement. 

Collateral Change Trade Date: The meaning specified in the Issuer Contribution Agreement. 

Collateral Management Agreement: The agreement dated as of the Closing Date, between the Issuer and the Collateral Manager
relating to the management of the 

  
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Portfolio Assets and the other Collateral by the Collateral Manager on behalf of the Issuer. 

Collateral Manager: CM Investment Partners LLC (as successor to CM Investment Partners, L.P.), a limited liability company
formed under the laws of the State of Delaware. 
 Collection Account: The account established pursuant to Section 10.2,
which consists of the Principal Collection Subaccount and the Interest Collection Subaccount. 
 Commitment Amount: With
respect to any Portfolio Asset that is a Delayed-Draw Loan as of any date of determination, the maximum outstanding principal amount of such Portfolio Asset that a registered holder of the amount of such Portfolio Asset held by the Issuer would on
such date be obligated to fund (including all amounts previously funded and outstanding, whether or not such amounts, if repaid, may be reborrowed). 

Commitment Termination Date: The meaning specified for such term in the Revolving Credit Note Agreement. 

Committed Proceeds Asset: A Portfolio Asset that is the subject of a Committed Proceeds Transaction. 

Committed Proceeds Transaction: Any transaction for the acquisition of a Portfolio Asset listed in Schedule 1 hereto with
respect to which, as of the Closing Date, the Issuer has entered into a contractual commitment to acquire such Portfolio Asset but for which the settlement date of such transaction has not yet occurred. 

Confidential Information: The meaning specified in Section 14.15(b). 

Constitutive Documents: With respect to (i) the Issuer, the Issuer’s Certificate of Incorporation, dated as of
May 14, 2013, and Amended and Restated Memorandum of Association and Articles of Association, dated as of May 23, 2013, as they may be amended, revised or restated from time to time and (ii) the Sole Shareholder, the Sole
Shareholder’s Articles of Incorporation, dated as of February 15, 2012 and bylaws dated March 1, 2012. 

Contribution: Each capital contribution made by the Sole Shareholder to the Issuer in accordance with the Issuer Contribution
Agreement. 
 Corporate Trust Office: The corporate trust office of the Trustee at which this Indenture is administered,
currently located at 8 Greenway Plaza, Suite 1100, Houston, TX, Attention: Global Corporate Trust Service – CM Finance SPV Ltd. and, for transfer purposes and presentment, U.S. Bank Global Corporate Trust Services, 111 Fillmore Avenue East, St.
Paul, MN 55107-1402, Attention: Bond Transfer Services-EP-MN-WS2N- CM Finance SPV Ltd.; or, in each such case, such other address
as the Trustee 

  
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may designate from time to time by notice to the Holders of the Notes, the Collateral Manager and the Issuer or the principal corporate trust office of any successor Trustee. 

Costs of Assignment: With respect to any Portfolio Asset, the sum of (a) any costs of any purchase, exchange, sale,
transfer or assignment transaction with respect to such Portfolio Asset that would be paid by a Person effecting such transaction under the terms of such Portfolio Asset or otherwise actually imposed on such Person by any applicable trustee,
administrative agent, registrar, borrower or obligor incurred in connection with any such transaction with respect to such Portfolio Asset (including, without limitation, any amounts reimbursable by such Person in respect of any tax or other
governmental charge incurred with respect thereto), (b) any reasonable expenses that are incurred by such Person in connection with any such transaction and (c) any reasonable administrative, legal or accounting fees, costs and expenses
(including, without limitation, any fees and expenses of the trustee of or outside counsel to the Obligor) that are incurred by such Person in connection with any such transaction. 

Cov-Lite Loan: An obligation, the Underlying Instruments for which do not
(i) contain any financial covenants or (ii) require the Obligor thereunder to comply with any Maintenance Covenants (regardless of whether compliance with one or more Incurrence Covenants is otherwise required by such Underlying
Instruments). 
 Current Price: On any date with respect to any Portfolio Asset, the determination by the Valuation Agent of
the net cash proceeds that would be received from the sale on such date of determination of such Portfolio Asset, exclusive of accrued interest and capitalized interest and net of the related Costs of Assignment. The “Current Price” shall
be (a) expressed as a percentage of par and (b) determined exclusive of accrued interest and capitalized interest. 

Custodial Account: The account established pursuant to Section 10.3(b). 

Custodian: The meaning specified in the first sentence of Section 3.2(a) with respect to items of collateral referred to
therein, and each entity with which an Account is maintained, as the context may require, each of which shall be a Securities Intermediary. 

Daily Report: The meaning specified in Section 10.5(c). 

Default: Any Event of Default or any occurrence that is, or with notice or the lapse of time or both would unless cured or
waived become, an Event of Default. 
 Defaulted Obligation: Any Portfolio Asset as to which (a) there has occurred a
default as to the payment of principal and/or interest and/or capitalized interest (without regard to any notice requirement or grace period) (provided that such default may continue for a period of up to three Business Days from the date of such
default without such Portfolio Asset constituting a Defaulted Obligation if the Collateral Manager has certified to the Trustee that the payment failure is not due to credit-related reasons), (b) such Portfolio Asset is an Eligible Participation
Interest with respect to which the Selling Institution has 

  
 -13- 

 
defaulted in any respect in the performance of any of its payment obligations under the Eligible Participation Interest, (c) there has occurred a default as to the payment of principal
and/or interest (without regard to any notice requirement or grace period) on any other material obligation of any Portfolio Asset Obligor on such Portfolio Asset that is senior or pari passu in right of payment to such
Portfolio Asset and such default would, upon the satisfaction of any applicable notice requirement or the termination or expiration of any applicable grace period, constitute a default, event of default or similar condition or event (howsoever
described) under the terms of the instrument or agreement pursuant to which such other material obligation was issued or created, (d) an Insolvency Event has occurred with respect to any Portfolio Asset Obligor on such Portfolio Asset or
(e) such Portfolio Asset is an Eligible Participation Interest in a Loan that would, if such Loan were a Portfolio Asset, constitute a “Defaulted Obligation”; provided that, in each of the cases set forth in clauses
(a) through (e) above, such Portfolio Asset will only constitute a “Defaulted Obligation” for so long as such default has not been cured or waived (excluding any waiver granted by the Collateral Manager, the Sole Shareholder, the
Issuer or any entity which controls, is controlled by or under common control with any of the foregoing (whether such control is de jure or de facto) unless the Valuation Agent has consented to such waiver). 

Deferrable Security: A Portfolio Asset which by its terms permits the deferral and/or capitalization of payment of accrued,
unpaid interest. 
 Delayed-Draw Loan: Any Loan with respect to which the Issuer is obligated to make or otherwise fund future
term-loan advances to a borrower, but such future term-loan advances may not be paid back and reborrowed. 
 Delayed-Draw/Committed
Proceeds Account:: The account established pursuant to Section 10.3(d). 
 Deliver or Delivered or
Delivery: The taking of the following steps: 
  

	 	(i)	 in the case of each Certificated Security (other than a Clearing Corporation Security) and Instrument,

  

	 	(a)	 causing the delivery of such Certificated Security or Instrument to the Custodian by registering the same in
the name of the Custodian or its affiliated nominee or by endorsing the same to the Custodian or in blank; 

  

	 	(b)	 causing the Custodian to indicate continuously on its books and records that such Certificated Security or
Instrument is credited to the applicable Account; and 

  

	 	(c)	 causing the Custodian to maintain continuous possession of such Certificated Security or Instrument;

  
 -14- 

	 	(ii)	 in the case of each Uncertificated Security (other than a Clearing Corporation Security),

  

	 	(a)	 causing such Uncertificated Security to be continuously registered on the books of the issuer thereof in the
name of the Custodian; and 

  

	 	(b)	 causing the Custodian to indicate continuously on its books and records that such Uncertificated Security is
credited to the applicable Account; 

  

	 	(iii)	 in the case of each Clearing Corporation Security, 

 

	 	(a)	 causing the relevant Clearing Corporation to credit such Clearing Corporation Security to a securities
account in the name of the Custodian, and 

  

	 	(b)	 causing the Custodian to indicate continuously on its books and records that such Clearing Corporation
Security is credited to the applicable Account; 

  

	 	(iv)	 in the case of each security issued or guaranteed by the United States of America or agency or
instrumentality thereof and that is maintained in book-entry records of a Federal Reserve Bank (FRB) (each such security, a Government Security), 

 

	 	(a)	 causing the creation of a Security Entitlement to such Government Security by the credit of such Government
Security to a securities account in the name of the Custodian at such FRB, and 

  

	 	(b)	 causing the Custodian to indicate continuously on its books and records that such Government Security is
credited to the applicable Account; 

  

	 	(v)	 in the case of each Security Entitlement with respect to a Financial Asset not governed by clauses
(iii) through (iv) above, 

  

	 	(a)	 causing the relevant Securities Intermediary to indicate on its books and records that the underlying
Financial Asset has been credited to the Custodian’s securities account, 

  

	 	(b)	 causing such Securities Intermediary to make entries on its books and records continuously identifying such
Financial Asset as belonging to the Custodian and continuously indicating on its books and records that such Financial Asset is credited to the Custodian’s securities account, and 

  
 -15- 

	 	(c)	 causing the Custodian to indicate continuously on its books and records that such Security Entitlement (or
all rights and property of the Custodian representing such Security Entitlement) is credited to the applicable Account; 

  

	 	(vi)	 in the case of Cash, 

 

	 	(a)	 causing the delivery of such Cash to the Custodian, 

 

	 	(b)	 causing the Custodian to credit such Cash to the applicable Account or
sub-account (which shall be a Deposit Account), and 

  

	 	(c)	 causing the Custodian to indicate continuously on its books and records that such Cash is credited to the
applicable Account; and 

  

	 	(vii)	 in the case of each general intangible (including any Eligible Participation Interest),

  

	 	(a)	 causing the filing of a Financing Statement in the office of the Recorder of Deeds of the District of
Columbia, Washington, DC naming the Issuer as debtor and the Trustee as secured party and describing such Eligible Participation Interest as the collateral or indicating that the collateral includes “all assets” or “all personal
property” of the Issuer (or a similar description), and 

  

	 	(b)	 causing the registration of this Indenture in the Secured Note Register of Mortgages of the Issuer at the
Issuer’s registered office in the Cayman Islands. 

 In addition, the Collateral Manager on behalf of the Issuer will
obtain any and all consents required by the Underlying Instruments relating to any general intangibles for the transfer of ownership and/or pledge of Collateral hereunder (except to the extent that the requirement for such consent is rendered
ineffective under Section 9-406 of the UCC). 
 Deposit Account: The meaning of
“deposit accounts” as defined in Section 9-102(a)(29) of the UCC, as to which the Issuer is the “customer” (within the meaning of
Section 4-104(1)(e) of the UCC) of such Accounts. 
 Determination Date: The last
day of each Monthly Period. 
 DIP Loan: A loan made to a
debtor-in-possession pursuant to Section 364 of the U.S. Bankruptcy Code having the priority allowed by either Section 364(c) or 364(d) of the U.S.
Bankruptcy Code and fully secured by senior liens. 
 Dollar, USD or U.S.$: Such coin or currency
of the United States of America as at the time shall be legal tender for all debts, public and private. 

  
 -16- 

 DTC: The Depository Trust Company, its nominees, and their respective successors.

 Due Date: Each date on which any payment is due on a Portfolio Asset, Eligible Investment or other financial asset held by
the Issuer in accordance with its terms. 
 Eligible Investment Required Ratings: (a) If such obligation or security
(i) has both a long-term and a short-term credit rating from Moody’s, such ratings are “Aa3” (or then equivalent grade) or better (not on credit watch for possible downgrade) and
“P-1” (or then equivalent grade) (not on credit watch for possible downgrade), respectively, (ii) has only a long-term credit rating from Moody’s, such rating is “Aaa” (or then
equivalent grade) (not on credit watch for possible downgrade) or (iii) has only a short-term credit rating from Moody’s, such rating is “P-1” (or then equivalent grade) (not on credit
watch for possible downgrade) and (b) “A-1” (or then equivalent grade) or better (or, in the absence of a short-term credit rating, a long-term credit rating of “A+” (or then equivalent
grade) or better) from S&P. 
 Eligible Investments: Either Cash, or any Dollar investment that, at the time it is
Delivered (directly or through an intermediary), (x) matures not later than the Business Day immediately preceding the Payment Date immediately following the date of Delivery thereof (or such earlier date as expressly provided herein), and
(y) is one or more of the following obligations or securities: 
  

	 	(i)	 [reserved]; 

  

	 	(ii)	 deposit and trust accounts payable on demand with any depository institution or trust company incorporated
under the laws of the United States of America or any State thereof (including the Bank) and subject to supervision and examination by Federal and/or State banking authorities so long as the commercial paper and/or the debt obligations of such
depository institution or trust company (or, in the case of the principal depository institution in a holding company system, the commercial paper or debt obligations of such holding company) at the time of such investment or contractual commitment
providing for such investment have the Eligible Investment Required Ratings; and 

  

	 	(iii)	 [reserved]; 

provided that (1) no investment shall be an Eligible Investment unless it is indebtedness for US Federal income tax purposes,
(2) Eligible Investments purchased with funds in the Collection Account shall be held until maturity except as otherwise specifically provided herein and shall include only such obligations or securities as mature (or are putable at par to the
issuer thereof) no later than the earlier of 60 days and the Business Day prior to the next Payment Date unless such Eligible Investments are issued by the Bank, in which event such Eligible Investments may mature on such Payment Date;
(3) Eligible Investments shall exclude any investments not treated as “cash equivalents” for purposes of Section 75.10(c)(8)(iii)(A) of the regulations implementing the Volcker Rule in

  
 -17- 

 
accordance with any applicable interpretive guidance thereunder; and (4) none of the foregoing obligations or securities shall constitute Eligible Investments if (a) such obligation or
security has an “f”, “r”, “p”, “pi”, “q” or “t” subscript (or then equivalent subscript) assigned by S&P, (b) all, or substantially all, of the remaining amounts payable thereunder
consist of interest and not principal payments, (c) interest payments with respect to such obligations or securities or proceeds of disposition would be subject to withholding taxes by any jurisdiction and the payor is not required to make “gross-up” payments that cover the full amount of any such withholding tax on an after-tax basis, (d) such obligation or security is secured by real property,
(e) such obligation or security is purchased at a price greater than 100% of the principal or face amount thereof, (f) such obligation or security is subject of a tender offer, voluntary redemption, exchange offer, conversion or other
similar action, (g) in the Collateral Manager’s judgment (as certified to the Trustee in writing), such obligation or security is subject to material non-credit related risks, (h) such
obligation is a Structured Finance Obligation, (i) such obligation or security is represented by a certificate of interest in a grantor trust, (j) such obligation or security is not an identified banking product for purposes of 17 CFR
255.2(h)(2)(ii) of the final rule implementing Section 13 of the Bank Holding Company Act of 1956, as amended, and any other applicable implementing rule or regulation, or (k) such obligation or security is not an asset or holding allowed
for an issuing entity under 17 CFR 255.10(c)(8) of the final rule implementing Section 13 of the Bank Holding Company Act of 1956, as amended, and any other applicable implementing rule or regulation. Subject to the other requirements of this
definition, Eligible Investments may include, without limitation, those investments for which the Trustee or an Affiliate of the Trustee provides services and receives compensation. 

Eligible Investment Income: The meaning specified in Section 2.7(a)(ii). 

Eligible Participation Interest: A Participation Interest in a Loan originated by a bank or financial institution that, at the
time of acquisition, or the Issuer’s commitment to acquire the same, satisfies each of the following criteria: (i) such participation would constitute a Portfolio Asset were it acquired directly, (ii) the selling institution is a
lender on the Loan, (iii) the aggregate participation in the Loan granted by such selling institution to any one or more participants does not exceed the principal amount or commitment with respect to which the selling institution is a lender
under such Loan, (iv) such participation does not grant, in the aggregate, to the participant in such participation a greater interest than the selling institution holds in the Loan or commitment that is the subject of the participation,
(v) the entire purchase price for such participation is paid in full (without the benefit of financing from the selling institution or its affiliates) at the time of the Issuer’s acquisition (or, to the extent of a participation in the
unfunded commitment under a Delayed-Draw Loan, at the time of the funding of such Loan), (vi) the participation provides the participant all of the economic benefit and risk of the whole or part of the Loan or commitment that is the subject of the
Loan participation and (vii) such participation is documented under a Loan Syndications and Trading Association, Loan Market Association or similar agreement standard for Loan participation transactions among institutional market participants.
For the avoidance of doubt, Eligible 

  
 -18- 

 
Participation Interest shall not include a sub-participation interest in any Loan. 

Enforcement Event: The meaning specified in Section 11.1(a)(iii). 

Equity Security: Any equity or other security that is not eligible for purchase by the Issuer as a Portfolio Asset. 

ERISA: The United States Employee Retirement Income Security Act of 1974, as amended. 

Euroclear: Euroclear Bank S.A./N.V. 

Event of Default: The meaning specified in Section 5.1. 

Excepted Property: The U.S.$250 transaction fee paid to the Issuer in consideration of the issuance of the Notes and the funds
attributable to the issuance and allotment of the Issuer’s ordinary shares or the bank account in the Cayman Islands in which such funds are deposited (or any interest thereon). 

Exchange Act: The U.S. Securities Exchange Act of 1934, as amended. 

Expense Account: The account established pursuant to Section 10.3(c). 

FATCA: The meaning specified in Section 2.12(b). 

FATCA Compliance: Compliance with Sections 1471 through 1474 of the Code and any related provisions of law, court decisions, or
administrative guidance. 
 Financial Asset: The meaning specified in
Section 8-102(a)(9) of the UCC. 
 Financing Statements: The meaning
specified in Section 9-102(a)(39) of the UCC. 
 GAAP: The meaning specified
in Section 6.3(j). 
 Global Master Repurchase Agreement: The TBMA/ISMA Global Master Repurchase Agreement (2011
version), dated as of June 11, 2019 (including any annex and confirmation(s) exchanged thereunder, including, without limitation the amended and restated confirmations dated as of September 30, 2020, each as amended, modified or otherwise
supplemented from time to time) between the Sole Shareholder and UBS. 
 Global Note: Any Regulation S Global Note or
Rule 144A Global Note. 
 Grant or Granted: To grant, bargain, sell, convey, assign, transfer, mortgage,
pledge, create and grant a security interest in and right of setoff against, deposit, set over and confirm. A Grant of Collateral, or of any other instrument, shall include all rights, powers and options (but none of the obligations) of the
granting party thereunder, including, the immediate continuing right to claim for, collect, receive and receipt for 

  
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principal and interest payments in respect of Collateral, and all other Cash payable thereunder, to give and receive notices and other communications, to make waivers or other agreements, to
exercise all rights and options, to bring Proceedings in the name of the granting party or otherwise, and generally to do and receive anything that the granting party is or may be entitled to do or receive thereunder or with respect thereto. 

Hedge Agreement: Any interest rate swap, floor and/or cap agreements, including without limitation one or more interest rate
basis swap agreements.  
 Holder: With respect to any Note, the Person whose name appears on the applicable
Note Register as the registered holder of such Note. 
 Incurrence Covenant: A covenant by any borrower to comply with one or
more financial covenants only upon the occurrence of certain actions of the borrower, including a debt issuance, dividend payment, share purchase, merger, acquisition or divestiture. 

Indebtedness: With respect to any Person means, without duplication, (a) all obligations of such Person for borrowed money
or with respect to deposits or advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person upon which interest charges are customarily paid,
(d) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (e) all obligations of such Person in respect of the deferred purchase price of property or
services (excluding current accounts payable incurred in the ordinary course of business), (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by)
any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (g) all guarantees by such Person of Indebtedness of others, (h) all capital lease obligations of such Person,
(i) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty and (j) all obligations, contingent or otherwise, of such Person in respect of bankers’
acceptances. 
 Indenture: This instrument as originally executed and, if from time to time supplemented or amended by one or
more indentures supplemental hereto entered into pursuant to the applicable provisions hereof, as so supplemented or amended. 

Independent: As to any Person, any other Person (including, in the case of an accountant or lawyer, a firm of accountants or
lawyers, and any member thereof, or an investment bank and any member thereof) who (i) does not have and is not committed to acquire any material direct or any material indirect financial interest in such Person or in any Affiliate of such
Person, and (ii) is not connected with such Person as an Officer, employee, promoter, underwriter, voting trustee, partner, director or Person performing similar functions. “Independent” when used with respect to any accountant may
include an accountant who audits the books of such Person if in addition to satisfying the criteria set forth above the accountant is independent with respect to such Person within the meaning 

  
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of Rule 101 of the Code of Professional Conduct of the American Institute of Certified Public Accountants. 

Whenever any Independent Person’s opinion or certificate is to be furnished to the Trustee, such opinion or certificate shall state that
the signer has read this definition and that the signer is Independent within the meaning hereof. 
 Any pricing service, certified public
accountant or legal counsel that is required to be Independent of another Person under this Indenture must satisfy the criteria above with respect to the Issuer, the Collateral Manager and their Affiliates. 

Initial Holder: The meaning specified for such term in the Revolving Credit Note Agreement. 

Insolvency Event: With respect to any Person, an event that occurs when such Person shall (1) be dissolved (other than
pursuant to a consolidation, amalgamation or merger); (2) become insolvent or unable to pay its debts or fail or admit in writing its inability generally to pay its debts as they become due; (3) make a general assignment, arrangement or
composition with or for the benefit of its creditors; (4) institute or have instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law
affecting creditors’ rights, or a petition shall be presented for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or
petition (A) results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation or (B) is not dismissed, discharged,
stayed or restrained in each case within 45 days of the institution or presentation thereof; (5) have a resolution passed for its winding-up, official management or liquidation (other than pursuant to a
consolidation, amalgamation or merger); (6) seek or become subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its
assets; (7) have a secured party take possession of all or substantially all its assets or have a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets
and such secured party shall maintain possession, or any such process shall not be dismissed, discharged, stayed or restrained, in each case within 45 days thereafter; (8) cause or become subject to any event with respect to it which, under the
applicable laws of any jurisdiction, has an analogous effect to any of the events specified in clauses (1) to (7) (inclusive); or (9) take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in,
any of the foregoing acts. 
 Instrument: The meaning specified in
Section 9-102(a)(47) of the UCC. 
 Interest Collection Subaccount: The
meaning specified in Section 10.2(a). 
 Interest Collections: With respect to any Monthly Period, (a) all
collections of interest, capitalized interest, fees and other amounts (other than Principal Collections) paid in 

  
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respect of any Portfolio Asset and received by the Issuer during such Monthly Period (whether or not directly from the relevant Portfolio Asset Obligor), including the portion of the proceeds of
any sale properly attributable to any of the foregoing or, in the case of any sale of a Portfolio Asset permitted hereunder, any Realized Gains that are attributable to such sale (but not including any amounts deducted or withheld by any Obligor on
a Portfolio Asset for or on account of any present or future taxes, duties, assessments or governmental charges with respect to payments by such Obligor on such Portfolio Asset); and (b) with respect to Eligible Investments credited to the
Interest Collection Subaccount at any time during such Monthly Period, all interest paid on, and proceeds of, such Eligible Investments. 

Investment Company Act: The U.S. Investment Company Act of 1940, as amended from time to time, and the rules promulgated
thereunder. 
 Issuer: The Person named as such on the first page of this Indenture until a successor Person shall have become
the Issuer pursuant to the applicable provisions of this Indenture, and thereafter “Issuer” shall mean such successor Person. 

Issuer Account Control Agreement: The Account Control Agreement dated as of the Closing Date, as amended and restated as of the
Amendment and Restatement Date, and as further amended, restated, supplemented or otherwise modified from time to time, between the Issuer, the Trustee and U.S. Bank National Association and Trust Company, as Custodian. 

Issuer Contribution Agreement: The Contribution Agreement dated as of May 23, 2013 between the Sole Shareholder and the
Trustee, as amended and restated as of June 21, 2019 and as further amended, restated, supplemented or otherwise modified from time to time. 

Issuer Order and Issuer Request: A written order or request (which may be a standing order or request) to be
provided by the Issuer or by the Collateral Manager on behalf of the Issuer in accordance with the provisions of this Indenture, dated and signed in the name of the Issuer by an Authorized Representative of the Issuer, as applicable, or, in the case
of an order or request executed by the Collateral Manager, by an Authorized Representative thereof, on behalf of the Issuer. 
 LC
Commitment Amount: With respect to any Pre-funded Letter of Credit, the amount which the Issuer could be required to pay to the Pre-funded LOC Agent Bank in
respect thereof (including, for the avoidance of doubt, any portion thereof which the Issuer has collateralized or deposited into a trust or with the Pre-funded LOC Agent Bank for the purpose of making such
payments). 
 Lien: With respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance,
charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic

  
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effect as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities. 

Loan: Any obligation for the payment or repayment of borrowed money that is documented by a term loan agreement, revolving loan
agreement or other similar credit agreement. 
 Maintenance Covenant: A covenant by any Obligor to comply with one or more
financial covenants during each reporting period, whether or not such Obligor has taken any specified action. 
 Majority
Noteholders: The Holders of more than 50% of the Aggregate Outstanding Amount of the Class A Notes. 
 Mandatory
Repayment: A repayment in whole or in part of the Class A-R Notes in accordance with Section 9.1. 

Mandatory Repayment Date: With respect to any Mandatory Repayment, the first Payment Date occurring after the delivery by UBS of
the relevant Mandatory Repayment Notice in respect thereof. 
 Mandatory Repayment Notice: The meaning specified in
Section 9.1(a). 
 Margin Stock: The meaning specified under Regulation U. 

Master Participation Agreement: Collectively, the documentation providing for any sale by the Issuer of Participation Interests
in any of the Portfolio Assets pursuant to and in accordance with Section 12.3(d). 
 Master Participation and Assignment
Agreement: The Master Participation and Assignment Agreement dated as of May 23, 2013 between the Issuer and the Sole Shareholder in respect of the purchase of Portfolio Assets as identified therein. 

Material Adverse Effect: A material adverse effect on (a) the business, assets, operations, prospects or condition,
financial or otherwise, of the Issuer, (b) the ability of the Issuer or the Sole Shareholder to perform any of its obligations under the Notes or any other Transaction Document to which it is a party or (c) the rights of or benefits
available to any of the Holders or the Trustee under the Notes or any of the other Transaction Documents. 
 Maturity: With
respect to any Note, the date on which the unpaid principal of such Note becomes due and payable as therein or herein provided, whether at the Stated Maturity, or by declaration of acceleration or otherwise. 

Maximum Mandatory Repayment Amount: With respect to any Mandatory Repayment, the amount specified by UBS in the applicable
Mandatory Repayment Notice pursuant to Section 9.1(a). 

  
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 Maximum RCN Facility Funding Commitment: The meaning specified in the Revolving
Credit Note Agreement. 
 Middle Market Loan: Any Loan that, as of the date of its acquisition by the Issuer, as
reasonably determined by the Valuation Agent (i) does not have at least two dealer quotes on MarkIt Partners, or (ii) does not have a last twelve months EBITDA of at least USD 50,000,000. 

Monthly Period: Each period from, and including, the 15th calendar day of each calendar month (each, a Monthly
Date) to, but excluding, the next following Monthly Date, except that (a) the initial Monthly Period will commence on, and include, the Closing Date and will end on, but exclude, the
15th day of June 2013 and (b) the final Monthly Period will end on, but exclude, the date on which the Notes are paid in full. 

Moody’s: Moody’s Investors Service, Inc. and any successor thereto. 

Moody’s Industry Classification: The industry classifications set forth in Schedule 2 hereto, as such industry
classifications shall be updated at the option of the Collateral Manager if Moody’s publishes revised industry classifications. 

MPA Counterparty: With respect to any Master Participation Agreement, the Person (which may, for the avoidance of doubt, be the
Sole Shareholder or an Affiliate thereof) acquiring Participation Interests thereunder. 

Non-Markit Loan: Any Loan for which prices are not reported on Markit (or any successor
nationally recognized loan pricing service designated by UBS). 
 Non-Permitted ERISA
Holder: The meaning specified in Section 2.11(c). 
 Non-Permitted
Holder: The meaning specified in Section 2.11(b). 
 Non-Senior Secured
Bond: The meaning specified in the Global Master Repurchase Agreement. 
 Non-USD
Currency: Any lawful coin or currency other than Dollars. 
 Noteholder Reporting Obligations: The obligations set
forth in Section 2.12(b). 
 Note Register: The meaning specified in Section 2.5(a). 

Note Registrar: The meaning specified in Section 2.5(a). 

Notes: The Class A Notes and the Class A-R Notes, collectively. 

Obligor: The issuer, obligor or guarantor in respect of a Portfolio Asset or Eligible Investment or other loan or security,
whether or not Collateral. 

  
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 Offer: The meaning specified in Section 10.6(c). 

Officer: (a) With respect to the Issuer or any entity that is a corporation, any director, Chairman of the Board of
Directors or any Person authorized thereby to take any and all actions necessary to consummate the transactions contemplated by the Transaction Documents; (b) with respect to any other entity that is a partnership, any general partner thereof
or any Person authorized by such entity; (c) with respect to any other entity that is a limited liability company, any member thereof or any Person authorized by such entity; and (d) with respect to the Trustee and any bank or trust
company acting as trustee of an express trust or as custodian or agent, any vice president or assistant vice president of such entity or any officer customarily performing functions similar to those performed by a vice president or assistant vice
president of such entity. 
 offshore transaction: The meaning specified in Regulation S. 

Opinion of Counsel: A written opinion addressed to the Trustee (or upon which the Trustee is permitted to rely) and the Issuer,
in form and substance reasonably satisfactory to the Trustee, of a nationally or internationally recognized and reputable law firm. Whenever an Opinion of Counsel is required hereunder, such Opinion of Counsel may rely on opinions of other counsel
who are so admitted and so satisfactory, which opinions of other counsel shall accompany such Opinion of Counsel and shall either be addressed to the Trustee or shall state that the Trustee shall be entitled to rely thereon. 

Other Plan Law: Any State, local, Federal or non-U.S. laws or regulations that are
substantially similar to the prohibited transaction provisions of ERISA or Section 4975 of the Code. 
 Other Sole Shareholder
Liabilities: Any Indebtedness of the Sole Shareholder other than Indebtedness evidenced by the Global Master Repurchase Agreement. 

Outstanding: With respect to the Notes, as of any date of determination, all of the Notes theretofore authenticated and
delivered under this Indenture, except: 
  

	 	(i)	 Notes theretofore canceled by the applicable Note Registrar or delivered to such Note Registrar for
cancellation in accordance with the terms of Section 2.9; 

  

	 	(ii)	 Notes for whose payment funds in the necessary amount have been theretofore irrevocably deposited with the
Trustee or any Paying Agent in trust for the Holders of such Notes pursuant to Section 4.1(a)(ii); 

  

	 	(iii)	 Notes in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to this
Indenture, unless proof satisfactory to the Trustee is presented that any such Notes are held by a “protected purchaser” (within the meaning of Section 8-303 of the UCC); and

  
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	 	(iv)	 Notes alleged to have been mutilated, destroyed, lost or stolen for which replacement Notes have been issued
as provided in Section 2.6; 

 provided that, (A) in determining whether the Holders of the requisite
Aggregate Outstanding Amount have given any request, demand, authorization, direction, notice, consent or waiver hereunder, Notes owned by the Issuer shall be disregarded and deemed not to be Outstanding; (B) the Aggregate Outstanding Amount of
the Class A-R Notes, for purposes of payment of Interest Collections and Principal Collections shall be the Outstanding Class A-R Funded Amount and, for all
other purposes, shall be deemed to include the Remaining Unfunded Facility Commitment; and (C) the Class A-R Notes will be deemed to be Outstanding so long as the Commitment Termination Date has not
occurred, irrespective of whether there exists an Outstanding Class A-R Funded Amount. 

Outstanding Class A-R Funded Amount: The meaning
specified in the Revolving Credit Note Agreement. 
 Par Amount: In relation to any Portfolio Asset, the outstanding principal
amount of such Portfolio Asset. 
 Participation Interest: A participation interest in (e.g., an equitable assignment or other
beneficial but not record ownership of) a Loan. 
 Paying Agent: Any Person authorized by the Issuer to pay the principal of
any Notes on behalf of the Issuer as specified in Section 7.2. 
 Payment Account: The account established pursuant to
Section 10.3(a). 
 Payment Date: Each date occurring eight Business Days after the last day of any Monthly Period,
provided that the first Payment Date after the Amendment and Restatement Date shall occur on the eighth Business Day after the last day of the Monthly Period ending on July 15, 2019. 

Payment Date Report: The meaning specified in Section 10.5(a). 

Person: An individual, corporation (including a business trust), partnership, limited partnership, limited liability company,
joint venture, association, joint stock company, trust (including any beneficiary thereof), unincorporated association or government or any agency or political subdivision thereof. 

Placement Agent: UBS Securities LLC, in its capacity as placement agent under each Placement Agency Agreement. 

Placement Agency Agreement: The Class A Placement Agency Agreement and/or the
Class A-R Placement Agency Agreement, as applicable. 
 Plan Asset Regulation:
U.S. Department of Labor regulations, 29 C.F.R. §2510.3-101, as modified by Section 3(42) of ERISA. 

  
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 Portfolio: At any time, all Portfolio Assets held by the Issuer at such time. 

Portfolio Asset: Any Loan, or an Eligible Participation Interest therein (other than any Sold Participation Interest Loan), held
by the Issuer. 
 Portfolio Asset Obligor: In relation to any Portfolio Asset, the borrower or issuer of or obligor on the
Portfolio Asset. In addition, “Portfolio Asset Obligor”, unless the context otherwise requires, shall also refer to any guarantor of or other obligor on the Portfolio Asset. 

Portfolio Gains Account: The meaning specified in Section 10.3(f). 

Portfolio Asset Trade Date: The meaning set forth in the definition of “Asset Eligibility Criteria”;
provided that for purposes of the contribution of a Loan to the Issuer pursuant to the Issuer Contribution Agreement, the date of such contribution shall be deemed to be the Portfolio Asset Trade Date of such Loan. 

Pre-funded Letter of Credit: A multi-lender credit facility to which the
Issuer is party whereby (i) a fronting bank (the Pre-funded LOC Agent Bank) issues or will issue a letter of credit (LC) for account of an Obligor under an Underlying
Instrument, (ii) in the event that the LC is drawn, and such Obligor does not reimburse the Pre-funded LOC Agent Bank, each lender is obligated to fund its portion of the facility, (iii) the Pre-funded LOC Agent Bank passes on (in whole or in part) the fees and any other amounts it receives for providing the LC to the lenders and (iv)(a) the related Underlying Instrument requires the Issuer to fully
collateralize the Issuer’s obligations to the related Pre-funded LOC Agent Bank or obligate the Issuer to contribute to a trust an aggregate amount equal to the related LC Commitment Amount,
(b) either (i) the collateral posted by the Issuer to the related Pre-funded LOC Agent Bank is held by a depository institution meeting the requirement set forth in Section 10.1 at the time such
collateral is posted or (ii) the trust in which the contribution by the Issuer is held at is a depository institution that meets the requirement set forth in Section 10.1 and (c) if clause (b)(ii) applies, the Issuer’s
contribution to a trust is invested in Eligible Investments only. 
 Pre-funded LOC Agent
Bank: The meaning specified in the definition of the term “Pre-funded Letter of Credit”. 

Principal Balance: Subject to Section 1.2, with respect to (a) any item of Collateral other than a Delayed-Draw Loan,
the outstanding principal amount of such Collateral (excluding any capitalized interest) and (b) any Delayed-Draw Loan, the outstanding principal of such Delayed-Draw Loan (excluding any capitalized interest), plus (except as expressly set
forth herein) any undrawn commitments that have not been irrevocably reduced or withdrawn with respect to such Delayed-Draw Loan; provided that for all purposes the Principal Balance of any Defaulted Obligation that has remained a Defaulted
Obligation for a continuous period of three years after becoming a Defaulted Obligation and has not been sold or terminated during such three year period shall be deemed to be zero. 

  
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 Principal Collections: With respect to any Monthly Period, (a) all collections
of principal on a Portfolio Asset (excluding any capitalized interest) paid in respect of any Portfolio Asset and received by the Issuer during such Monthly Period (whether or not directly from the relevant Portfolio Asset Obligor), including the
proceeds of any sale properly attributable to principal (excluding proceeds of any sale properly attributable to capitalized interest) (but not including any amounts deducted or withheld by any Obligor on a Portfolio Asset for or on account of any
present or future taxes, duties, assessments or governmental charges with respect to payments by such Obligor on such Portfolio Asset), (b) with respect to Eligible Investments credited to the Principal Collection Subaccount at any time during such
Monthly Period, all interest paid on, and proceeds of, such Eligible Investments, (c) all amounts contributed in the form of Cash by the Sole Shareholder pursuant to Section 3 of the Issuer Contribution Agreement which are required
pursuant to the terms thereof to be deposited in the Principal Collection Subaccount, and (d) the net proceeds of any additional issuance of Notes in accordance with Section 2.13; provided that for the purposes of attributing
collections to principal and capitalized interest, such attribution shall be made (i) if the Underlying Instruments include provisions for such attribution, then in accordance with such provisions and (ii) if the Underlying Instruments do
not include any such provisions, then on a pro rata basis. 
 Principal Collection Subaccount: The meaning specified in
Section 10.2(a). 
 Priority of Payments: The meaning specified in Section 11.1(a). 

Proceeding: Any suit in equity, action at law or other judicial or administrative proceeding. 

Purchase Amount: (i) with respect to any Portfolio Asset that is not a Delayed-Draw Loan as of any date of determination,
the product of the Purchase Price and the Par Amount, (ii) with respect to any Portfolio Asset that is a Delayed-Draw Loan as of any date of determination, the product of the Purchase Price and the Commitment Amount and (iii) with respect
to any Cash 100% of the face value thereof. 
 Purchase Price: 

(a)       In relation to any Portfolio Asset that is not a Portfolio Asset acquired by the Issuer in connection
with the Sole Shareholder’s contribution obligations under the Issuer Contribution Agreement: 
 (i)
      in the case of a Portfolio Asset other than a Delayed-Draw Loan, the original purchase price therefor paid by the Issuer to acquire such Portfolio Asset (expressed as a percentage of par and exclusive of accrued
interest and capitalized interest, but inclusive of any costs incurred by the Issuer to acquire such Portfolio Asset); and 

(ii)       in the case of a Portfolio Asset that is a Delayed-Draw Loan, the original purchase
price therefor paid by the Issuer to acquire such Portfolio Asset (expressed as a 

  
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percentage of par and the Commitment Amount in respect of such Portfolio Asset and exclusive of accrued interest and capitalized interest, but inclusive of any costs incurred by the Issuer to
acquire such Portfolio Asset); and 
 (b)       in relation to any Portfolio Asset contributed by or on behalf
of the Sole Shareholder pursuant to the terms of the Issuer Contribution Agreement: 
 (i)
      in the case of a Portfolio Asset other than a Delayed-Draw Loan, the net cash proceeds that would be received by the Issuer from the sale or other disposition of such Portfolio Asset by the Issuer (as determined
by the Collateral Manager in good faith, subject and without prejudice to UBS’ rights under Section 12.2(a)(viii)) if the Issuer entered into a binding commitment to sell or otherwise dispose of such Portfolio Asset on the applicable trade
date of the relevant contribution (expressed as a percentage of par and exclusive of accrued interest and capitalized interest and net of the related Costs of Assignment); and 

(ii)       in the case of a Portfolio Asset that is a Delayed-Draw Loan, the net cash proceeds
that would be received by the Issuer from the sale or other disposition of such Portfolio Asset by the Issuer (as determined by the Collateral Manager in good faith, subject and without prejudice to UBS’ rights under Section 12.2(a)(viii))
if the Issuer entered into a binding commitment to sell or otherwise dispose of such Portfolio Asset on the applicable trade date of the relevant contribution (expressed as a percentage of par and the Commitment Amount in respect of such Portfolio
Asset and exclusive of accrued interest and capitalized interest and net of the related Costs of Assignment), 
 provided, in
each case, that (A) the Purchase Price of any Portfolio Asset (or applicable portion thereof) shall be deemed to have been decreased by a pro rata portion of such Purchase Price equal to any portion of the Principal Balance thereof that is
being sold or otherwise disposed of by the Issuer or repaid by the applicable Portfolio Asset Obligor on or after the date of acquisition thereof by the Issuer and (B) the Purchase Price of any Sold Participation Interest Loan shall be zero.

 Qualified Institutional Buyer: The meaning specified in Rule 144A under the Securities Act. 

Qualified Purchaser: The meaning specified in the Investment Company Act. 

Realized Gains: Any gain realized by the Issuer from the repayment, sale or other disposition of any Portfolio Asset or any
portion thereof by reason of the fact that the net principal proceeds received in respect of such repayment or sale is greater than the Purchase Amount thereof (or, if applicable, the portion of the Purchase Amount attributable to the portion of the
Portfolio Asset repaid, sold or otherwise disposed of). 
 Record Date: With respect to the Global Notes, the date one day
prior to the applicable Payment Date and, with respect to the Certificated Notes, the date 15 days prior to the applicable Payment Date or Mandatory Repayment Date (as applicable). 

  
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 Registered: In registered form for U.S. Federal income tax purposes and issued
after July 18, 1984, provided that a certificate of interest in a grantor trust shall not be treated as Registered unless each of the obligations or securities held by the trust was issued after that date. 

Registered Form has the meaning specified in Section 8-102(a)(13) of the UCC. 

Registered Office Agreement: The Registered Office Agreement, between the Administrator, the Sole Shareholder and the Issuer
dated May 23, 2013, providing for the provision of registered office services to the Issuer, as modified, amended and supplemented from time to time. 

Regulation S: Regulation S, as amended, under the Securities Act. 

Regulation S Class A-R Note has the meaning set forth
in Section 2.2(b). 
 Regulation S Global Note: The Class A-1 Regulation S
Global Note. 
 Regulation U: Regulation U (12 C.F.R. 221) issued by the Board of Governors of the Federal Reserve System.

 Remaining Unfunded Facility Commitment: The meaning specified for such term in the Revolving Credit Note Agreement. 

Repayment Date: The meaning specified for such term in the Issuer Contribution Agreement. 

Required Expense Equity Contribution: The meaning specified for such term in the Issuer Contribution Agreement. 

Restricted Class A-R Note has the meaning set forth in
Section 2.2(b). 
 Revolving Credit Note Agent: The Bank, as note agent acting on behalf of the Issuer under the
Revolving Credit Note Agreement. 
 Revolving Credit Note Agreement: The Third Amended and Restated Revolving Credit Note
Agreement, dated as of September 30, 2020 by and among the Issuer, the Revolving Credit Note Agent, the Trustee and the Holders from time to time of the Class A-R Notes. 

Rule 144A: Rule 144A, as amended, under the Securities Act. 

Rule 144A Global Note: The Class A-1 Rule 144A Global Note. 

S&P: Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business,
and any successor or successors thereto. 
 Sale: The meaning specified in Section 5.17. 

  
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 Scheduled Distribution: With respect to any Portfolio Asset or Eligible Investment,
for each Due Date, the scheduled payment of principal and/or interest and/or capitalized interest due on such Due Date with respect to such Collateral, determined in accordance with the assumptions specified in Section 1.2 hereof. 

Second Lien Liquid Loan: The meaning specified in the Global Master Repurchase Agreement. 

Second Lien Loan: Any Loan that: (i) is not (and cannot by its terms become) subordinate in right of payment to any
other obligation of the Obligor of the Loan; (ii) is secured by a valid first-priority perfected security interest or lien in, to or on specified collateral securing the Obligor’s obligations under the Loan; (iii) the value of the
collateral securing the Loan together with other attributes of the Obligor (including, without limitation, its general financial condition, ability to generate cash flow available for debt service and other demands for that cash flow) is
adequate (in the commercially reasonable judgment of the Collateral Manager, as certified to the Trustee in writing) to repay the Loan in accordance with its terms and to repay all other Loans of equal seniority secured by a first lien or
security interest in the same collateral and (iv) is not secured solely or primarily by common stock or other equity interests; provided that the limitation set forth in this clause (iv) shall not apply with respect to a Loan made
to a parent entity that is secured solely or primarily by the stock of one or more of the subsidiaries of such parent entity to the extent that the granting by any such subsidiary of a lien on its own property would violate law or regulations
applicable to such subsidiary (whether the obligation secured is such Loan or any other similar type of Indebtedness owing to third parties). 

Section 13 Banking Entity: An entity that (i) is defined as a “banking entity”
under the Volcker Rule regulations (Section __.2(c)), (ii) provides written certification thereof to the Issuer and the Trustee, and (iii) identifies the Class or Classes of Notes held by such entity and the outstanding principal amount
thereof. 
 Secured Obligations: The meaning assigned in the Granting Clauses hereof. 

Secured Parties: The meaning specified in the Granting Clauses. 

Securities Act: The U.S. Securities Act of 1933, as amended. 

Securities Intermediary: The meaning specified in Section 8-102(a)(14) of the
UCC. 
 Security Entitlement: The meaning specified in
Section 8-102(a)(17) of the UCC. 
 Selling Institution: The entity
obligated to make payments to the Issuer under the terms of an Eligible Participation Interest. 
 Senior Secured (Large Cap)
Loan: The meaning specified in the Global Master Repurchase Agreement. 

  
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 Senior Secured (Type I) Loan: The meaning specified in the Global Master Repurchase
Agreement. 
 Senior Secured (Type I CL) Loan: The meaning specified in the Global Master Repurchase Agreement. 

Senior Secured (Type II) Loan: The meaning specified in the Global Master Repurchase Agreement. 

Senior Secured (Type III) Loan: The meaning specified in the Global Master Repurchase Agreement. 

Senior Secured (Type IV) Loan: The meaning specified in the Global Master Repurchase Agreement. 

Senior Secured Bond: The meaning specified in the Global Master Repurchase Agreement. 

Senior Secured Last Out (Type I) Loan: The meaning specified in the Global Master Repurchase Agreement. 

Senior Secured Last Out (Type II) Loan: The meaning specified in the Global Master Repurchase Agreement. 

Senior Secured Liquid Loan: The meaning specified in the Global Master Repurchase Agreement. 

Senior Secured Loan: The meaning specified in the Global Master Repurchase Agreement. 

Side Letter Security Agreement: The letter agreement dated as of May 23, 2013 between the Issuer and the Sole Shareholder
in contemplation of the sale from time to time of Portfolio Assets from the Sole Shareholder to the Issuer. 
 Similar
Law: Any Federal, State, local, non-U.S. or other law or regulation that could cause the underlying assets of the Issuer to be treated as assets of the investor in any Note (or any
interest therein) by virtue of its interest and thereby subject the Issuer and the Collateral Manager (or other Persons responsible for the investment and operation of the Issuer’s assets) to laws or regulations that are similar to the
fiduciary responsibility or prohibited transaction provisions contained in Title I of ERISA or Section 4975 of the Code. 
 Sold
Participation Interest Loan: Any Loan (or any portion thereof) that would otherwise constitute a Portfolio Asset but for the fact that a Participation Interest in respect of such Loan (or such portion) has been sold by the Issuer pursuant to
and in accordance with Section 12.3(d); provided, that the portion, if any, of any such Loan that is identified in the related Collateral Change Event Notice as a portion in respect of

  
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which a Participation Interest must be granted pursuant to Section 3(g) of the Issuer Contribution Agreement shall be deemed to constitute a Sold Participation Interest Loan as of the trade
date for the contribution of such Loan by the Sole Shareholder to the Issuer pursuant to such Section 3(g). 
 Sold PI Loan
Collection Subaccount: The meaning specified in Section 10.2(a). 
 Sold PI Loan Collections: With respect to any
Monthly Period, all collections of interest, capitalized interest, principal, fees and other amounts paid in respect of any Sold Participation Interest Loan and received by the Issuer during such Monthly Period (whether or not directly from the
relevant Portfolio Asset Obligor) that are required to be paid or distributed to the relevant MPA Counterparty at any time on or after the effective date of, and, pursuant to and in accordance with, the relevant Master Participation Agreement,
excluding any amounts deducted or withheld by any Portfolio Asset Obligor on a Portfolio Asset for or on account of any present or future taxes, duties, assessments or governmental charges with respect to payments by such Portfolio Asset Obligor on
such Sold Participation Interest Loan. 
 Sole Shareholder: Investcorp Credit Management BDC, Inc. as successor to CM Finance
LLC, a corporation incorporated under the law of the State of Maryland and sole shareholder of the Issuer. 
 Stated Maturity:
With respect to the Notes, the date specified as such in Section 2.3. 
 Structured Finance Obligation: Any debt
obligation secured directly by, or representing ownership of, a pool of consumer receivables, auto loans, auto leases, equipment leases, home or commercial mortgages, corporate debt or sovereign debt obligations, including collateralized bond
obligations, collateralized loan obligations, mortgage-backed securities or any similar security or other asset backed security or similar investment or equipment trust certificate or trust certificate of the type generally considered to be a
repackaged security. 
 Subscription Agreements: (i) The agreement dated as of May 23, 2013 as amended as of
September 26, 2014 by and between the Issuer and Investcorp Credit Management BDC, Inc.(f/k/a CM Finance Inc.) as successor to CM Finance LLC relating to the sale of certain Class A Notes (as defined therein), (ii) the agreement dated as
of May 23, 2013 as amended as of September 26, 2014 by and between the Issuer and UBS AG relating to the sale of certain Class A Notes (as defined therein), (iii) the agreement dated as of December 4, 2013 as amended as of
September 26, 2014 by and between the Issuer and CM Finance LLC relating to the sale of certain Class A-R Notes, and (iv) the agreement dated as of November 20, 2017 by and between the
Issuer and UBS AG relating to the sale of certain Class A-R Notes. 
 Support
Document: Each of the Issuer Account Control Agreement and the Issuer Contribution Agreement. 

  
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 Synthetic Security: Any U.S. Dollar denominated swap transaction (including
any default swap), LCDX, structured bond investment, credit linked note or other derivative investment, which investment contains a probability of default, recovery upon default and expected loss characteristics closely correlated to a reference
obligation, but which may provide for a different maturity, interest rate or other non credit characteristics than such reference obligation. 

TARGET Settlement Day: Any day on which TARGET (the Trans-European Automated Real-time Gross settlement Express Transfer system)
is open. 
 Tax: Any tax, levy, impost, duty, charge or assessment of any nature (including interest, penalties and additions
thereto) imposed by any governmental taxing authority. 
 Tax Event: An event that occurs if (i) any Obligor under any
Portfolio Asset is required to deduct or withhold from any payment under such Portfolio Asset for or on account of any Tax for whatever reason (other than (x) withholding tax on (1) fees received with respect to a Pre-funded Letter of Credit and (2) amendment, waiver, consent and extension fees and (y) withholding tax imposed as a result of the failure by any Holder to comply with its Noteholder Reporting
Obligations, so long as the Issuer, within 60 days after the imposition of such withholding tax, exercises its right to demand that such Non-Permitted Holder transfer its interest to a Person that is not a Non-Permitted Holder and, if such Non-Permitted Holder fails to so transfer its Notes, the Issuer (or the Collateral Manager acting for the Issuer) exercises its right to sell
such Notes or interest therein to a Person that is not a Non-Permitted Holder) and such Obligor is not required to pay to the Issuer such additional amount as is necessary to ensure that the net amount
actually received with respect to any payment under such Portfolio Asset (free and clear of Taxes, whether assessed against such Obligor or the Issuer) will equal the full amount that the Issuer would have received had no such deduction or
withholding occurred or (ii) any jurisdiction imposes net income, profits or similar Tax on the Issuer, provided that the sum of (A) the tax or taxes imposed on the Issuer as described in clause (ii) of this definition and
(B) the total amount withheld from payments under the Portfolio Assets described in clause (i) of this definition and which are not compensated for by payment of additional amounts is in excess of 5% of the aggregate interest due and
payable on the Portfolio Assets for the relevant Monthly Period. 
 Traditional Second Lien Loan: The meaning specified in the
Global Master Repurchase Agreement. 
 Transaction Documents: The Indenture, the Issuer Account Control Agreement, Collateral
Management Agreement, the Registered Office Agreement, the Collateral Administration Agreement, the Side Letter Security Agreement, each Placement Agency Agreement, each Subscription Agreement, the Revolving Credit Note Agreement, the Issuer
Contribution Agreement and each Master Participation Agreement. 
 Transfer Agent: The Person or Persons, which may be the
Issuer, authorized by the Issuer to exchange or register the transfer of Notes. 

  
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 Trust Officer: When used with respect to the Trustee, any Officer within the
Corporate Trust Office (or any successor group of the Trustee) including any Officer to whom any corporate trust matter is referred at the Corporate Trust Office because of such person’s knowledge of and familiarity with the particular
subject and, in each case, having direct responsibility for the administration of this transaction. 
 Trustee: The meaning
specified in the first sentence of this Indenture. 
 UBS: UBS AG. 

UCC: The Uniform Commercial Code as in effect in the State of New York, as amended from time to time. 

Uncertificated Security: The meaning specified in Section 8-102(a)(18) of the
UCC. 
 Underlying Instrument: The indenture, credit agreement or other agreement pursuant to which a Portfolio Asset has been
issued or created and each other agreement that governs the terms of or secures the obligations represented by such Portfolio Asset or of which the holders of such Portfolio Asset are the beneficiaries. 

United States Person: The meaning specified in Section 7701(a)(30) of the Code. 

Unregistered Securities: The meaning specified in Section 5.17(c). 

U.S. Person or U.S. person: The meaning specified in Regulation S. 

Valuation Agent: UBS AG in its capacity as valuation agent, as appointed by the Issuer pursuant to the appointment letter dated
the date hereof between the Issuer and UBS AG, and its permitted successors and assigns. 
 Volcker Rule: Section 13 of
the U.S. Bank Holding Company Act of 1956, as amended, and the applicable rules and regulations thereunder. 
 Zero Value Portfolio
Asset: The meaning set forth in the Global Master Repurchase Agreement. 
 1.2      Assumptions as to Collateral

 In connection with all calculations required to be made pursuant to this Indenture with respect to Scheduled Distributions on any
Portfolio Asset or Eligible Investment, or any payments on any other assets included in the Collateral, with respect to the sale of and reinvestment in Portfolio Assets, and with respect to the income that can be earned on Scheduled Distributions on
such Collateral and on any other amounts that may be received for deposit in the Collection Account, the provisions set forth in this Section 1.2 shall be applied. The provisions of this Section 1.2 shall be applicable to any determination
or calculation that is covered by this Section 1.2, whether or not reference 

  
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is specifically made to Section 1.2, unless some other method of calculation or determination is expressly specified in the particular provision. 

 

	(a)	 All calculations with respect to Scheduled Distributions on the Collateral securing the Notes shall be made
on the basis of information as to the terms of each such item of Collateral and upon reports of payments, if any, received on such item of Collateral that are furnished by or on behalf of the Obligor of such item of Collateral and, to the extent
they are not manifestly in error, such information or reports may be conclusively relied upon in making such calculations. 

  

	(b)	 For each Monthly Period and as of any date of determination, the Scheduled Distribution on any item of
Collateral (other than a Defaulted Obligation, which shall be assumed to have a Scheduled Distribution of zero) shall be the sum of (i) the total amount of payments and collections to be received during such Monthly Period in respect of such
item of Collateral (including the proceeds of the sale of such Collateral received and, in the case of sales which have not yet settled, to be received during the Monthly Period and not reinvested in additional Portfolio Assets or Eligible
Investments or retained in the Collection Account for subsequent reinvestment pursuant to Section 12.2(b) that, if received as scheduled, will be available in the Collection Account at the end of the Monthly Period and (ii) any such
amounts received in prior Monthly Periods that were not disbursed on a previous Payment Date. 

  

	(c)	 All calculations, unless otherwise set forth herein or the context otherwise requires, shall be rounded to
the nearest ten-thousandth if expressed as a percentage, and to the nearest one-hundredth if expressed otherwise. 

 

	(d)	 All monetary calculations under this Indenture shall be in Dollars. 

 

	(e)	 Any reference in this Indenture to an amount of the Trustee’s or the Collateral Administrator’s
fees calculated with respect to a period at a per annum rate shall be computed on the basis of a 360-day year of twelve 30-day months prorated for the related Monthly
Period and shall be based on the aggregate face amount of the Portfolio Assets and the Eligible Investments. 

  

	(f)	 To the extent of any ambiguity in the interpretation of any definition or term contained in this Indenture
or to the extent more than one methodology can be used to make any of the determinations or calculations set forth herein, the Collateral Administrator shall request direction from the Collateral Manager as to the interpretation and/or methodology
to be used, and the Collateral Administrator shall follow such direction, and together with the Trustee, shall be entitled to conclusively rely thereon without any responsibility or liability therefor. 

  
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	(g)	 For purposes of calculating compliance with any tests hereunder, the trade date (and not the settlement
date) with respect to any acquisition or disposition of a Portfolio Asset or Eligible Investment shall be used by the Collateral Administrator to determine whether and when such acquisition or disposition has occurred. 

2.        THE NOTES 

2.1      Forms Generally 

The Notes and the Trustee’s or Authenticating Agent’s certificate of authentication thereon (the Certificate of
Authentication) shall be in substantially the forms required by this Article 2, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters,
numbers or other marks of identification and such legends or endorsements placed thereon, as may be consistent herewith, determined by the Authorized Representatives of the Issuer executing such Notes as evidenced by their execution of such Notes.
Any portion of the text of any such Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of such Note. 

2.2      Forms of Notes 
  

	(a)	 The forms of the Notes, including the forms of Certificated Notes, Regulation S Global Notes and Rule 144A
Global Notes, shall be as set forth in the applicable part of Exhibit A hereto. 

  

	(b)	 Regulation S Global Notes, Rule 144A Global Notes; Certificated Notes. 

 

	 	(i)	 (x) Regulation S Global Note: 

 

	 	(A)	 The Class A-1 Notes sold to Persons who are not U.S. persons in
offshore transactions in reliance on Regulation S shall be issued initially in the form of one permanent global note, in definitive, fully registered form without interest coupons, substantially in the applicable form attached as Exhibit A1 hereto
(the Class A-1 Regulation S Global Note), and shall be deposited on behalf of the subscribers for such
Class A-1 Notes represented thereby with the Bank as custodian for, and registered in the name of a nominee of, DTC for the respective accounts of Euroclear and Clearstream, duly executed by the Issuer
and authenticated by the Trustee as hereinafter provided. 

  

	 	(B)	 [Reserved]. 

(y) Rule 144A Global Notes: 

  
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	 	(A)	 The Class A-1 Notes sold to Persons that are initial purchasers
that are also both (A) a Qualified Purchaser or an entity owned (or in the case of Qualified Purchasers, beneficially owned) by one or more Qualified Purchasers and (B)(I) a Qualified Institutional Buyer or (II) an Accredited Investor who
is purchasing such Class A-1 Notes in a non-public transaction shall be issued initially in the form of one permanent global note, in definitive, fully registered
form without interest coupons, substantially in the form attached as Exhibit A1 hereto (the Class A-1 Rule 144A Global Note) and shall be deposited on behalf of
the subscribers for such Class A-1 Notes represented thereby with the Bank as custodian for, and registered in the name of a nominee of, DTC, duly executed by the Issuer and authenticated by the Trustee
as hereinafter provided. 

  

	 	(B)	 [Reserved]. 

  

	 	(ii)	 [Reserved]. 

  

	 	(iii)	 The Class A-R Notes offered and sold in offshore transactions
in reliance on Regulation S to persons who are not U.S. Persons (each a Regulation S Class A-R Note) shall be issued in the form of one or more certificated
securities in definitive, fully Registered Form, without interest coupons and with the applicable legends set forth in Exhibit A5 hereto, as applicable, which shall be registered in the name of the Holder or a nominee thereof and duly executed by
the Issuer and authenticated by the Trustee as hereinafter provided. Class A-R Notes offered and sold in the United States pursuant to an exemption from the registration requirements of the Securities Act
(each, a Restricted Class A-R Note) shall be issued in the form of one or more certificated securities in definitive, fully registered form, without interest
coupons and with the applicable legends set forth in Exhibit A5 hereto, which shall be registered in the name of the Holder or a nominee thereof and duly executed by the Issuer and authenticated by the Trustee as hereinafter provided.

  

	(c)	 The Issuer in issuing the Notes shall use “CUSIP,” “ISIN” or “private
placement” numbers (if then generally in use), and, if so, the Issuer will indicate the “CUSIP,” “ISIN” or “private placement” numbers of the Notes in related materials as a convenience to Holders.

  

	(d)	 Book Entry Provisions. This Section 2.2(d) shall apply only to Global Notes deposited with or
for account of DTC. 

 The provisions of the “Operating Procedures of the Euroclear System” of Euroclear and the
“Terms and Conditions Governing Use of Participants” of Clearstream, respectively, 

  
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will be applicable to the Global Notes insofar as interests in such Global Notes are held by the Agent Members of Euroclear or Clearstream, as the case may be. 

Agent Members shall have no rights under this Indenture with respect to any Global Note held on their behalf by the Bank, as
custodian for DTC and DTC may be treated by the Issuer, the Trustee, and any agent of the Issuer or the Trustee as the absolute owner of such Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuer,
the Trustee, or any agent of the Issuer or the Trustee, from giving effect to any written certification, proxy or other authorization furnished by DTC or impair, as between DTC and its Agent Members, the operation of customary practices governing
the exercise of the rights of a Holder of any Note. 
  

	  (e)	 [Reserved]. 

2.3      Authorized Amount; Stated Maturity; Denominations 

 

	  (a)	 The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is
limited to, with respect to the Class A-1 Notes, U.S.$136,000,000, and with respect to the Class A-R Notes, the Maximum RCN Facility Funding Commitment,
excluding (i) Notes issued upon registration of, transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 2.5, 2.6 or 8.5 of this Indenture or (ii) additional notes issued in accordance with Section 2.13 and
other applicable provisions of Article 8. 

  

	  (b)	 The Notes shall have the designations, aggregate principal amounts and other characteristics as follows:

  

							
	               
	 	Class Designation	  	Class A-1 Note	  	Class A-R Note
		 	Original Aggregate Principal Amount	  	U.S.$136,000,000	  	U.S.$26,666,667
		 	Stated Maturity	  	 December 5,

2029
	  	
December 5,
 2029

 The Class A-1 Notes shall be issued in minimum
denominations of U.S.$500,000 and integral multiples of U.S.$1,000 in excess thereof and shall only be transferred or resold in compliance with the terms of this Indenture. No interest shall accrue in respect of the
Class A-1 Notes. 
 The Class A-R
Notes shall be issued in minimum denominations of U.S.$500,000 (which may represent a combination of the Outstanding Class A-R Funded Amount, if any, and the Remaining Unfunded Facility Commitment
attributable 

  
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to such Class A-R Notes) and integral multiples of U.S.$1,000 in excess thereof and shall only be transferred or resold in compliance with the terms
of this Indenture and the Revolving Credit Note Agreement. No interest shall accrue in respect of the Class A-R Notes. 

All of the Class A Notes and Class A-R Notes are entitled to receive
payments of Interest Proceeds and Principal Proceeds on the relevant date following the occurrence of an Enforcement Event and the date of Maturity, in each case, pro rata and pari passu among themselves in
accordance with the Priority of Payments. In the case of any Mandatory Repayment Date, the Holders of the Class A-R Notes shall be entitled to receive repayment of the Outstanding Class A-R Funded Amount (or the applicable portion thereof that is being repaid) pro rata and pari passu among themselves and no amount shall be payable in respect of the
Class A Notes in connection with any Mandatory Repayment. 
 2.4      Execution, Authentication, Delivery and Dating

 The Notes shall be executed on behalf of the Issuer by one of its Authorized Representatives. The signature of such Authorized
Representative on the Notes may be manual or facsimile. 
 Notes bearing the manual or facsimile signatures of any individual who was at any
time an Authorized Representative of the Issuer shall bind the Issuer notwithstanding the fact that such individual has ceased to hold such office prior to the authentication and delivery of such Notes or did not hold such office at the date of
issuance of such Notes. 
 At any time and from time to time after the execution and delivery of this Indenture, the Issuer may deliver
Notes executed by the Issuer to the Trustee or the Authenticating Agent for authentication and the Trustee or the Authenticating Agent, upon Issuer Order, shall authenticate and deliver such Notes as provided in this Indenture and not otherwise.

 Each Class A-1 Note authenticated and delivered by the Trustee or the Authenticating Agent
upon Issuer Order on the Amendment and Restatement Date shall be dated as of the Amendment and Restatement Date. Each Class A-R Note authenticated and delivered by the Trustee or the Authenticating Agent
upon Issuer Order on the Amendment and Restatement Date has been dated as of the Amendment and Restatement Date. All other Notes that are authenticated and delivered after the Closing Date for any other purpose under this Indenture shall be dated
the date of their authentication. 
 Notes issued upon transfer, exchange or replacement of other Notes shall be issued in authorized
denominations reflecting the original Aggregate Outstanding Amount of the Notes so transferred, exchanged or replaced, but shall represent only the current Outstanding principal amount of the Notes so transferred, exchanged or replaced. In the event
that any Note (including, in the case of the Class A-R Notes, the Remaining Unfunded Facility Commitment) is divided into more than one Note in accordance with this Article 2, the original principal
amount of such Note shall be proportionately divided 

  
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among the Notes delivered in exchange therefor and shall be deemed to be the original aggregate principal amount of such subsequently issued Notes. 

No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Note a
Certificate of Authentication, substantially in the form provided for herein, executed by the Trustee or by the Authenticating Agent by the manual signature of one of their Authorized Representatives, and such certificate upon any Note shall be
conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 

2.5      Registration, Registration of Transfer and Exchange 

 

	  (a)	 The Trustee is hereby appointed as the registrar of the Class A Notes (the
Class A Note Registrar) and the Revolving Credit Note Agent has been appointed as the registrar of the Class A-R Notes under the Revolving Credit Note
Agreement (in such capacity, the Class A-R Note Registrar and together with the Class A Note Registrar, each a Note Registrar). The Trustee is
hereby appointed as a Transfer Agent with respect to the Notes. Each Note Registrar shall keep, on behalf of the Issuer, a register (the Class A Note Register) for the Class A Notes and a register
(the Class A-R Note Register and, together with the Class A Note Register, the Note Registers) for the
Class A-R Notes, in its Corporate Trust Office in which, subject to such reasonable regulations as it may prescribe, such Note Registrar shall provide for the registration of and the registration of
transfers of Class A Notes and the Class A-R Notes. The Note Registrar shall record the Aggregate Outstanding Amount from time to time of the Notes (as the same may be reduced by way of repayments,
redemptions or exchanges). Upon any resignation or removal of either Note Registrar, the Issuer shall promptly appoint a successor or, in the absence of such appointment, assume the duties of such Note Registrar. The Issuer may not terminate the
appointment of the Note Registrars or any Transfer Agent or appoint a new Note Registrar or Transfer Agent without the consent of the Majority Noteholders. 

If a Person other than the Trustee is appointed as a Class A Note Registrar, the Issuer will give the Trustee prompt
written notice of the appointment of a Class A Note Registrar, and of the location, and any change in the location, of the Class A Note Registrar, and the Trustee shall have the right to inspect the Class A Note Register at all
reasonable times and to obtain copies thereof and the Trustee shall have the right to rely upon a certificate executed on behalf of the Class A Note Registrar by an Officer thereof as to the names and addresses of the Holders of the
Class A Notes and the principal or face amounts and numbers of such Class A Notes. Upon written request at any time, the Class A Note Registrar shall provide to the Issuer, the Collateral Manager or any Holder of a Class A Note a
current list of Class A Noteholders as reflected in the Class A Note Register. 
 If a Person other than the
Revolving Credit Note Agent is appointed as a Class A-R Note Registrar, the Issuer will give the Revolving Credit Note Agent prompt 

  
 -41- 

 
written notice of the appointment of a Class A-R Note Registrar, and of the location, and any change in the location, of the Class A-R Note Registrar, and the Revolving Credit Note Agent shall have the right to inspect the Class A-R Note Register at all reasonable times and to obtain
copies thereof and the Revolving Credit Note Agent shall have the right to rely upon a certificate executed on behalf of the Class A-R Note Registrar by an Officer thereof as to the names and addresses of
the Holders of the Class A-R Notes and the principal or face amounts and numbers of such Class A-R Notes. Upon written request at any time, the Class A-R Note Registrar shall provide to the Issuer, the Collateral Manager or any Holder of a Class A-R Note a current list of
Class A-R Noteholders as reflected in the Class A-R Note Register. 

Subject to this Section 2.5, upon surrender for registration of transfer of any Notes at the office or agency of the
Issuer to be maintained as provided in Section 7.2, the Issuer shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of any authorized denomination and of a
like aggregate principal or face amount. 
 At the option of the Holder, Notes may be exchanged for Notes of like terms, in
any authorized denominations and of like aggregate principal amount, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Note is surrendered for exchange, the Issuer shall execute, and the Trustee shall authenticate
and deliver, the Notes that the Holder making the exchange is entitled to receive. 
 All Notes authenticated and delivered
upon any registration of transfer or exchange of Notes shall be the valid obligations of the Issuer, evidencing the same debt (to the extent they evidence debt), and entitled to the same benefits under this Indenture as the Notes surrendered upon
such registration of transfer or exchange. 
 Every Note presented or surrendered for registration of transfer or exchange
shall be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the applicable Note Registrar duly executed by the Holder thereof or such Holder’s attorney duly authorized in writing. 

No service charge shall be made to a Holder for any registration of transfer or exchange of Notes, but the Issuer, the Note
Registrars or the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The applicable Note Registrar or the Trustee shall be permitted to request such evidence reasonably
satisfactory to it documenting the identity and/or signatures of the transferor and transferee. 
 Each Note Registrar shall
ensure that the applicable Note Register is maintained in a manner such that the Notes are treated as Registered. 

  
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	  (b)	 No Note may be sold or transferred (including, without limitation, by pledge or hypothecation) unless such
sale or transfer is exempt from the registration requirements of the Securities Act, is exempt from the registration requirements under applicable State securities laws and will not cause the Issuer to become subject to the requirement that it
register as an investment company under the Investment Company Act. 

  

					
	   (c)  
	  	 (i) 
	  	 No Note may be transferred to a Benefit Plan Investor and neither the Issuer, the Trustee nor the Note Registrars will
recognize any such transfer to a Person that has represented that it is a Benefit Plan Investor. Each initial purchaser of a Note or an interest therein will be required and deemed to represent and warrant, and each subsequent transferee of a Note
or an interest therein will be deemed to have represented and warranted, that: (A) for so long as it holds such Note or interest therein, it is not, and is not acting on behalf of, a Benefit Plan Investor; and (B) if such Person is a
governmental, church, non-U.S. or other plan, (i) it is not, and for so long as it holds such Note or interest therein will not be, subject to any Similar Law, and (ii) its acquisition, holding and
disposition of its interest in such Note will not constitute or result in a violation of any applicable Other Plan Laws.

  

	 	(ii)	 Each purchaser and subsequent transferee of Notes will be required or deemed to represent that such
purchaser or subsequent transferee, as applicable, is not an Affected Bank. Each subsequent transferee of any Notes will be deemed to represent that such purchaser or subsequent transferee, as applicable, is not an Affected Bank. No transfer of any
Note to an Affected Bank will be effective, and neither the Issuer, the Trustee nor the Note Registrars will recognize any such transfer, unless such transfer is specifically authorized by the Issuer in writing. 

 

	(d)	 Notwithstanding anything contained herein to the contrary, the Trustee shall not be responsible for
ascertaining whether any transfer complies with, or for otherwise monitoring or determining compliance with, the registration provisions of or any exemptions from the Securities Act, applicable State securities laws or the applicable laws of any
other jurisdiction, ERISA, the Code or the Investment Company Act; provided that if a certificate is specifically required by the terms of this Section 2.5 to be provided to the Trustee by a prospective transferor or transferee, the
Trustee shall be under a duty to receive and examine the same to determine whether or not the certificate substantially conforms on its face to the applicable requirements of this Indenture and shall promptly notify the party delivering the same if
such certificate does not comply with such terms. 

  

	(e)	 Transfers of Notes shall only be made in accordance with the following requirements: 

 

	 	(i)	 (x) Class A-1 Notes 

  
 -43- 

 Class A-1 Rule
144A Global Note to Class A-1 Regulation S Global Note. If a holder of a beneficial interest in a Class A-1 Rule 144A Global Note deposited
with DTC wishes at any time to exchange its interest in such Class A-1 Rule 144A Global Note for an interest in the corresponding Class A-1 Regulation S Global
Note, or to transfer its interest in such Class A-1 Rule 144A Global Note to a Person who wishes to take delivery thereof in the form of an interest in the corresponding
Class A-1 Regulation S Global Note, such holder (provided that such holder or, in the case of a transfer, the transferee is not a U.S. person and is acquiring such interest in an offshore
transaction) may, subject to the immediately succeeding sentence and the rules and procedures of DTC, exchange or transfer, or cause the exchange or transfer of, such interest for an equivalent beneficial interest in the corresponding Class A-1 Regulation S Global Note. Upon receipt by the Class A Note Registrar of (A) instructions given in accordance with DTC’s procedures from an Agent Member directing the Class A Note
Registrar to credit or cause to be credited a beneficial interest in the corresponding Class A-1 Regulation S Global Note, but not less than the minimum denomination applicable to such holder’s
Notes, in an amount equal to the beneficial interest in a Class A-1 Rule 144A Global Note to be exchanged or transferred, (B) a written order given in accordance with DTC’s procedures containing
information regarding the participant account of DTC and the Euroclear or Clearstream account to be credited with such increase, (C) a certificate in the form of Exhibit B1 attached hereto given by the holder of such beneficial interest
stating that the exchange or transfer of such interest has been made in compliance with the transfer restrictions applicable to the Global Notes, including that the holder or the transferee, as applicable, is not a U.S. person, and in an
offshore transaction pursuant to and in accordance with Regulation S, and (D) a written certification in the form of Exhibit B5 attached hereto given by the transferee in respect of such beneficial interest stating, among other
things, that such transferee is a non-U.S. person purchasing such beneficial interest in an offshore transaction pursuant to Regulation S, then the Class A Note Registrar shall approve the
instructions at DTC to reduce the principal amount of such Class A-1 Rule 144A Global Note and to increase the principal amount of the Class A-1 Regulation S
Global Note by the aggregate principal amount of the beneficial interest in such Class A-1 Rule 144A Global Note to be exchanged or transferred, and to credit or cause to be credited to the securities
account of the Person specified in such instructions a beneficial interest in the corresponding Class A-1 Regulation S Global Note equal to the reduction in the principal amount of such Class A-1 Rule 144A Global Note. 
 (y) [Reserved] 

  
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	 	(ii)	   (x) Class A-1 Notes

 Class A-1 Regulation S Global Note to
Class A-1 Rule 144A Global Note. If a holder of a beneficial interest in a Class A-1 Regulation S Global Note deposited with DTC wishes at
any time to exchange its interest in such Class A-1 Regulation S Global Note for an interest in the corresponding Class A-1 Rule 144A Global Note or to
transfer its interest in such Class A-1 Regulation S Global Note to a Person who wishes to take delivery thereof in the form of an interest in the corresponding
Class A-1 Rule 144A Global Note, such holder may, subject to the immediately succeeding sentence and the rules and procedures of Euroclear, Clearstream and/or DTC, as the case may be, exchange or
transfer, or cause the exchange or transfer of, such interest for an equivalent beneficial interest in the corresponding Class A-1 Rule 144A Global Note. Upon receipt by the Class A Note Registrar of
(A) instructions from Euroclear, Clearstream and/or DTC, as the case may be, directing the Class A Note Registrar to cause to be credited a beneficial interest in the corresponding Class A-1
Rule 144A Global Note in an amount equal to the beneficial interest in such Class A-1 Regulation S Global Note, but not less than the minimum denomination applicable to such holder’s Notes to be
exchanged or transferred, such instructions to contain information regarding the participant account with DTC to be credited with such increase, (B) a certificate in the form of Exhibit B3 attached hereto given by the holder of such
beneficial interest and stating, among other things, that, in the case of a transfer, the Person transferring such interest in such Class A-1 Regulation S Global Note reasonably believes that the Person
acquiring such interest in a Class A-1 Rule 144A Global Note is a Qualified Institutional Buyer and also a Qualified Purchaser or an entity beneficially owned exclusively by Qualified Purchasers, is
obtaining such beneficial interest in a transaction meeting the requirements of Rule 144A and in accordance with any applicable securities laws of any state of the United States or any other jurisdiction and (C) a written certification in the
form of Exhibit B4 attached hereto given by the transferee in respect of such beneficial interest stating, among other things, that such transferee is a Qualified Institutional Buyer and also a Qualified Purchaser or an entity beneficially
owned exclusively by Qualified Purchasers, then such Note Registrar will approve the instructions at DTC to reduce, or cause to be reduced, such Class A-1 Regulation S Global Note by the aggregate
principal amount of the beneficial interest in such Regulation S Global Note to be transferred or exchanged and such Note Registrar shall instruct DTC, concurrently with such reduction, to credit or cause to be credited to the securities account of
the Person specified in such instructions a beneficial interest in the corresponding Class A-1 Rule 144A Global Note equal to the reduction in the principal amount of such
Class A-1 Regulation S Global Note. 

  
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 (y) [Reserved] 

 

	 	(iii)	 (x) Class A-1 Notes 

Transfer of Class A-1 Global Note to Class A-1 Certificated Note. A Holder of a beneficial interest in a Class A-1 Global Note may not transfer its interest in such Global Note to a Person who wishes to
take delivery thereof in the form of a corresponding Class A-1 Certificated Note. A Holder of a beneficial interest in a Class A-1 Global Note may not exchange
such interest for a corresponding Class A-1 Certificated Note unless it satisfies the requirements of Section 2.10. 

(y) Certificated Notes. 

Transfer of Certificated Notes to Certificated Notes. Subject to the provisions of the Revolving Credit Note Agreement
with respect to the Class A-R Notes, upon receipt by the applicable Note Registrar of (A) a Holder’s Certificated Note properly endorsed for assignment to the transferee, (B) a certificate
in the form of Exhibit B1 or Exhibit B3, as applicable, attached hereto given by the Holder of such Certificated Note, and (C) a certificate substantially in the form of Exhibit B2 executed by the transferee, such Note Registrar shall
cancel such Certificated Note in accordance with Section 2.9, record the transfer in the applicable Note Register in accordance with Section 2.5(a) and upon execution by the Issuer and authentication and delivery by the Trustee, deliver
one or more Certificated Notes bearing the same designation as the Certificated Note endorsed for transfer, registered in the names specified in the assignment described in clause (A) above, in principal amounts designated by the transferee
(the aggregate of such principal amounts being equal to the aggregate principal amount of the Certificated Note surrendered by the transferor), and in authorized denominations. 

Subject to the foregoing requirements in the immediately preceding paragraph, (x) a holder of a Class A-R Rule 144A Certificated Note may transfer its interest thereunder to any Person who may hold such transferred interest in a Class A-R Regulation S
Certificated Note or a Class A-R Rule 144A Certificated Note and (y) a holder of a Class A-R Regulation S Certificated Note may transfer its interest
thereunder to any Person who may hold such transferred interest in a Class A-R Rule 144A Certificated Note or a Class A-R Regulation S Certificated Note. 

 

	 	(iv)	 Transfer of Certificated Notes to Global Notes. If a Class A Noteholder wishes at any time to
transfer its interest in a Certificated Note to a Person who wishes to take delivery thereof in the form of a Global Note, such Class A Noteholder may, subject to the immediately succeeding sentence and the rules and procedures of Euroclear,
Clearstream and/or DTC, as the 

  
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case may be, exchange or transfer, or cause the exchange or transfer of, such Certificated Note for a beneficial interest in an applicable Global Note. Upon receipt by the Class A Note
Registrar of (A) a Holder’s Certificated Note properly endorsed for assignment to the transferee, (B) a certificate substantially in the form of Exhibit B1 (in the case of transfer to a Regulation S Global Note) or
Exhibit B3 (in the case of transfer to a Rule 144A Global Note) attached hereto executed by the transferor and a certificate substantially in the form of Exhibit B4 (in case of transfer to a Rule 144A Global Note) or Exhibit B5 (in
case of transfer to a Regulation S Global Note) attached hereto executed by the transferee, (C) instructions given in accordance with Euroclear, Clearstream or DTC’s procedures, as the case may be, from an Agent Member to instruct DTC to
cause to be credited a beneficial interest in the applicable Global Note in an amount equal to the Certificated Notes to be transferred or exchanged, and (D) a written order given in accordance with DTC’s procedures containing information
regarding the participant’s account at DTC and/or Euroclear or Clearstream to be credited with such increase, the Class A Note Registrar shall cancel such Certificated Note in accordance with Section 2.9, record the transfer in the
Class A Note Register in accordance with Section 2.5(a) and approve the instructions at DTC, concurrently with such cancellation, to credit or cause to be credited to the securities account of the Person specified in such instructions a
beneficial interest in the applicable Global Note equal to the principal amount of the Certificated Note transferred or exchanged. 

  

	  (f)	 Legends. Any Note issued upon the transfer, exchange or replacement of Notes shall bear such
applicable legend substantially as set forth in the applicable part of Exhibit A hereto. 

  

	  (g)	 Each Person who becomes a beneficial owner of Notes represented by an interest in a Global Note, and any
original purchaser of any Notes, by its acquisition of a Note, will be deemed to have represented and agreed as follows: 

  

	 	(i)	 In connection with the purchase of such Notes: 

 

	 	(A)	 none of the Issuer, the Sole Shareholder, the Collateral Manager, the Placement Agent, the Valuation Agent,
the Trustee, the Collateral Administrator or any of their respective Affiliates is acting as a fiduciary or financial or investment advisor for such beneficial owner; 

 

	 	(B)	 such beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any
advice, counsel or representations (whether written or oral) of the Issuer, the Sole Shareholder, the Collateral Manager, the Trustee, the Collateral 

  
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Administrator, the Placement Agent, the Valuation Agent, or any of their respective Affiliates; 

  

	 	(C)	 such beneficial owner has consulted with its own legal, regulatory, tax, business, investment, financial and
accounting advisors to the extent it has deemed necessary and has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to this Indenture) based upon its own judgment and upon any advice from
such advisors as it has deemed necessary and not upon any view expressed by the Issuer, the Sole Shareholder, the Collateral Manager, the Placement Agent, the Valuation Agent, the Trustee, the Collateral Administrator or any of their respective
Affiliates; 

  

	 	(D)	 such beneficial owner (1) in the case of an initial purchaser, is both (x) a Qualified Purchaser,
or an entity owned (or in the case of Qualified Purchasers, beneficially owned) by one or more Qualified Purchasers, and (y)(I) a Qualified Institutional Buyer or (II) an Accredited Investor who is purchasing such Notes in a non-public transaction and (2) in the case of a Person who becomes a beneficial owner subsequent to the Amendment and Restatement Date, is both (x) a Qualified Purchaser, or an entity owned (or in the case
of Qualified Purchasers, beneficially owned) by one or more Qualified Purchasers, and (y) a Qualified Institutional Buyer that is not a broker-dealer which owns and invests on a discretionary basis less than U.S.$25,000,000 in securities of
issuers that are not affiliated persons of the dealer and is not a plan referred to in paragraph (a)(1)(i)(d) or (a)(1)(i)(e) of Rule 144A under the Securities Act or a trust fund referred to in paragraph (a)(1)(i)(f) of Rule 144A under the
Securities Act that holds the assets of such a plan, if investment decisions with respect to the plan are made by beneficiaries of the plan, who is purchasing the Notes in reliance on the exemption from Securities Act registration provided by Rule
144A thereunder; 

  

	 	(E)	 such beneficial owner is acquiring its interest in such Notes for its own account for investment and not
with a view to the resale, distribution or other disposition thereof in violation of the Securities Act; 

  

	 	(F)	 such beneficial owner was not formed for the purpose of investing in such Notes; 

 

	 	(G)	 such beneficial owner understands that the Issuer may receive a list of participants holding interests in
the Notes from one or more book-entry depositories; 

  
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	 	(H)	 such beneficial owner will hold and transfer at least the minimum denomination of such Notes;

  

	 	(I)	 such beneficial owner is a sophisticated investor and is purchasing the Notes with a full understanding of
all of the terms, conditions and risks thereof, and is capable of and willing to assume those risks; 

  

	 	(J)	 such beneficial owner will provide notice of the relevant transfer restrictions to subsequent transferees,
including that such beneficial owners are relying on the exemption from registration under the Securities Act provided by Rule 144A thereunder; 

  

	 	(K)	 none of such beneficial owner or any of its affiliates (as such term is defined in Rule 501(b) of Regulation
D under the Securities Act) or any other Person acting on any of their behalf has engaged or will engage, in connection with such Notes, in any form of (i) general solicitation or general advertising within the meaning of Rule 502(c) under the
Securities Act or (ii) directed selling efforts within the meaning of Rule 902(c) of Regulation S thereunder; 

  

	 	(L)	 such beneficial owner has not solicited and will not solicit offers for such Notes, and has not arranged and
will not arrange commitments to purchase such Notes, except in accordance with this Indenture and any applicable U.S. Federal and State securities laws and the securities laws of any other jurisdiction in which such Notes have been offered; and

  

	 	(M)	 if such beneficial owner is not a United States person, it is not acquiring any Note as part of a plan to
reduce, avoid or evade U.S. Federal income tax. 

  

	 	(ii)	 Each Person who purchases a Note or any interest therein will be required or deemed to represent, warrant
and agree that (A) for so long as it holds such Note or interest therein, such Person is not, and is not acting on behalf of, a Benefit Plan Investor, and (B) if such Person is a governmental, church,
non-U.S. or other plan which is subject to any Other Plan Law, (1) it is not, and for so long as it holds such Notes or interest therein it will not be, subject to any Similar Law, and (2) its
purchase, holding and disposition of such Note will not constitute or result in a violation of any applicable Other Plan Laws. 

  

	 	(iii)	 Such beneficial owner understands that such Notes are being offered only in a transaction not involving any
public offering in the United States of America within the meaning of the Securities Act, such Notes have not been and will not be registered under the Securities Act, and, if in the

  
 -49- 

	 	 
future such beneficial owner decides to offer, resell, pledge or otherwise transfer such Notes, such Notes may be offered, resold, pledged or otherwise transferred only in accordance with the
provisions of this Indenture and the legend on such Notes, including any requirement for written certifications. In particular, such beneficial owner understands that the Notes may be transferred only to a Person that is either (a) both (1)(x)
a Qualified Purchaser, or (y) an entity owned (or in the case of Qualified Purchasers, beneficially owned) by one or more Qualified Purchasers and (2) a Qualified Institutional Buyer that is not a broker-dealer which owns and invests on a
discretionary basis less than U.S.$25,000,000 in securities of issuers that are not affiliated persons of the dealer and is not a plan referred to in paragraph (a)(1)(i)(d) or (a)(1)(i)(e) of Rule 144A under the Securities Act or a trust fund
referred to in paragraph (a)(1)(i)(f) of Rule 144A under the Securities Act that holds the assets of such a plan, if investment decisions with respect to the plan are made by beneficiaries of the plan, who is purchasing the Notes in reliance on the
exemption from Securities Act registration provided by Rule 144A or (b) a Person that is not a U.S. Person and is acquiring the Notes in an offshore transaction in reliance on the exemption from registration provided by Regulation S thereunder.
Such beneficial owner acknowledges that no representation has been made as to the availability of any exemption under the Securities Act or any State securities laws for resale of such Notes. Such beneficial owner understands that the Issuer has not
been registered under the Investment Company Act, and that the Issuer is exempt from registration as such by virtue of Section 3(c)(7) of the Investment Company Act. 

 

	 	(iv)	 Such beneficial owner is aware that, except as otherwise provided in this Indenture, any Class A Notes
being sold to it in reliance on Regulation S will be represented by a Regulation S Global Note and that beneficial interests therein may be held only through DTC for the respective accounts of Euroclear or Clearstream. 

 

	 	(v)	 Such beneficial owner will provide notice to each Person to whom it proposes to transfer any interest in the
Notes of the transfer restrictions and representations set forth in this Section 2.5, including the Exhibits referenced herein, Sections 2.11 and 2.12 hereunder, and the legends on the Notes. 

 

	 	(vi)	 Such beneficial owner understands that the Issuer, the Sole Shareholder, the Collateral Manager, the
Trustee, the Placement Agent, the Valuation Agent, and their respective counsel will rely upon the accuracy and truth of the foregoing representations and agreements, and such beneficial owner hereby consents to such reliance. 

  
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	(h)	 Subject to the provisions of the Revolving Credit Note Agreement with respect to the Class A-R Notes, each Person who becomes an owner of a Certificated Note will be required to make the representations and agreements set forth in Exhibit B2. 

 

	(i)	 Subject to the provisions of the Revolving Credit Note Agreement with respect to the Class A-R Notes, any purported transfer of a Note not in accordance with this Section 2.5 shall be null and void and shall not be given effect for any purpose whatsoever. 

 

	(j)	 The Note Registrars, the Trustee and the Issuer shall be entitled to conclusively rely on any transferor and
transferee certificate delivered pursuant to this Section 2.5 and shall be able to presume conclusively the continuing accuracy thereof, in each case without further inquiry or investigation. 

2.6      Mutilated, Defaced, Destroyed, Lost or Stolen Note 

If (a) any mutilated or defaced Note is surrendered to a Transfer Agent, or if there shall be delivered to the Issuer, the Trustee and
the relevant Transfer Agent evidence to their reasonable satisfaction of the destruction, loss or theft of any Note, and (b) there is delivered to the Issuer, the Trustee and such Transfer Agent such security or indemnity as may be required by
them to save each of them harmless, then, in the absence of notice to the Issuer, the Trustee or such Transfer Agent that such Note has been acquired by a protected purchaser, the Issuer shall execute and, upon Issuer Order, the Trustee shall
authenticate and deliver to the Holder, in lieu of any such mutilated, defaced, destroyed, lost or stolen Note, a new Note, of like tenor (including the same date of issuance) and equal principal or face amount, registered in the same manner,
dated the date of its authentication, and bearing a number not contemporaneously outstanding. 
 If, after delivery of such new Note, a
protected purchaser of the predecessor Note presents for payment, transfer or exchange such predecessor Note, the Issuer, the Transfer Agent and the Trustee shall be entitled to recover such new Note from the Person to whom it was delivered or any
Person taking therefrom, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuer, the Trustee and the Transfer Agent in connection therewith. 

In case any such mutilated, defaced, destroyed, lost or stolen Note has become due and payable, the Issuer in their discretion may, instead of
issuing a new Note pay such Note without requiring surrender thereof except that any mutilated or defaced Note shall be surrendered. 
 Upon
the issuance of any new Note under this Section 2.6, the Issuer may require the payment by the Holder thereof of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses
(including the fees and expenses of the Trustee) connected therewith. 

  
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 Every new Note issued pursuant to this Section 2.6 in lieu of any mutilated, defaced,
destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuer and such new Note shall be entitled, subject to the second paragraph of this Section 2.6, to all the benefits of this Indenture equally
and proportionately with any and all other Notes duly issued hereunder. 
 The provisions of this Section 2.6 are exclusive and shall
preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, defaced, destroyed, lost or stolen Notes. 

2.7      Payment of Principal and Other Amounts; Principal Rights Preserved 

 

	  (a)	 

  

	 	(i)	 Interest shall not accrue on the outstanding principal amount of the Notes. Interest Collections received by
the Issuer will be credited to the Interest Collection Subaccount. Unless an Enforcement Event has occurred, Interest Collections that are received in a Monthly Period will be payable to the Sole Shareholder as a dividend in respect of its equity
ownership interest in the Issuer on the related Payment Date. 

  

	 	(ii)	 Any Class A-R Noteholder that has deposited a prefunding amount
in a Class A-R Prepayment Account pursuant to and in accordance with the Revolving Credit Note Agreement shall be entitled to receive an amount equal to earnings in respect of Eligible Investments in such
Class A-R Prepayment Account (or subaccount, if applicable) received during the preceding Monthly Period (such amount, the Eligible Investment Income for the applicable Monthly Period with
respect to such Class A-R Prepayment Account), and the Trustee shall withdraw the Eligible Investment Income from each Class A-R Prepayment Account on the last
day of each Monthly Period and distribute it to the relevant Class A-R Noteholder on the applicable Payment Date without regard to the Priority of Payments. 

 

	 	(iii)	 All of the Class A-R Notes are entitled to receive payments
pari passu among themselves except as otherwise expressly provided for herein or in the Revolving Credit Note Agreement. 

  

	 	(iv)	 The Outstanding Class A-R Funded Amount shall be increased by
Borrowings under the Revolving Credit Note Agreement. The Outstanding Class A-R Funded Amount will be decreased by repayments pursuant to (A) the Priority of Payments or (B) Sections 2.2, 2.5 or
4.1(b) of the Revolving Credit Note Agreement. 

  

	  (b)	 Principal Collections received by the Issuer will be credited to the Principal Collection Subaccount.
Principal Collections that are received in a Monthly 

  
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Period will, at the election of the Collateral Manager acting on behalf of the Issuer, be invested in Eligible Investments to be credited to the Collection Account pursuant to Section 10.2,
reinvested in Portfolio Assets that satisfy the requirements of Section 12.2, or transferred to the Delayed-Draw/Committed Proceeds Account solely in accordance with Section 10.3(d) or the Portfolio Gains Account solely in accordance with
Section 10.3(f). No payments of principal will be payable on any Class A-1 Notes or Class A-R Notes prior to their Stated Maturity except (i) upon
the occurrence of an Enforcement Event, (ii) so long as no Event of Default has occurred and is continuing, on any Business Day, as determined by the Issuer at the direction of the Collateral Manager in accordance with Sections 2.2 and 2.5 of
the Revolving Credit Note Agreement, and (iii) in the case of the Class A-R Notes, on a Mandatory Repayment Date pursuant to a Mandatory Repayment. 

 

	  (c)	 All payments in respect of principal of the Notes will be made in accordance with the Priority of Payments
and Article 13 and, with respect to principal of the Class A-R Notes, Sections 2.2, 2.5 and 4.1(b) of the Revolving Credit Note Agreement. 

 

	  (d)	 The Paying Agent shall require the previous delivery of properly completed and signed applicable tax
certifications (generally, in the case of U.S. Federal income tax, either (i) in the case of a United States Person, an Internal Revenue Service Form W-9 (or applicable successor form) or (ii) in the
case of a Person that is not a United States Person, (A) if an Event of Default has occurred and is continuing, the applicable Internal Revenue Service Form W-8 (or applicable successor form) and
(B) at any other time, an Internal Revenue Service Form W-8IMY to which an Internal Revenue Service Form W-9 in respect of the beneficial owner is attached (or, in
each case, the applicable successor form)), any information requested pursuant to the Noteholder Reporting Obligations, or any other certification acceptable to it to enable the Issuer, the Trustee and any Paying Agent to determine their duties and
liabilities with respect to any taxes or other charges that they may be required to pay, deduct or withhold from payments in respect of such Note or the Holder or beneficial owner of such Note under any present or future law or regulation of the
Cayman Islands, the United States of America, any other jurisdiction or any political subdivision thereof or taxing authority therein or to comply with any reporting or other requirements under any such law or regulation. The Issuer shall not be
obligated to pay any additional amounts to the Holders or beneficial owners of the Notes as a result of deduction or withholding for or on account of any present or future taxes, duties, assessments or governmental charges with respect to the Notes.

  

	  (e)	 Payments in respect of principal of any Note shall be made by the Trustee, in Dollars to DTC or its nominee
with respect to a Global Note and to the Holder or its nominee with respect to a Certificated Note, by wire transfer, as directed by the Holder, in immediately available funds to a Dollar account maintained by DTC or its nominee with respect to a
Global Note, and to the Holder or its 

  
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nominee with respect to a Certificated Note; provided that (1) in the case of a Certificated Note, the Holder thereof shall have provided written wiring instructions to the Trustee on
or before the related Record Date and (2) if appropriate instructions for any such wire transfer are not received by the related Record Date, then such payment shall be made by check drawn on a U.S. bank mailed to the address of the Holder
specified in the applicable Note Register. Upon final payment due on the Maturity of a Note, the Holder thereof shall present and surrender such Note at the Corporate Trust Office of the Trustee or at the office of any Paying Agent on or prior to
such Maturity; provided that in the absence of notice to the Issuer or the Trustee that the applicable Note has been acquired by a protected purchaser, such final payment shall be made without presentation or surrender, if the Trustee and the
Issuer shall have been furnished such security or indemnity as may be required by them to save each of them harmless and an undertaking thereafter to surrender such certificate. None of the Issuer, the Trustee, the Collateral Manager, and any Paying
Agent will have any responsibility or liability for any aspects of the records maintained by DTC, Euroclear, Clearstream or any of the Agent Members relating to or for payments made thereby on account of beneficial interests in a Global Note. In the
case where any final payment of principal is to be made on any Note (other than on the Stated Maturity or any Mandatory Repayment Date thereof), the Trustee, in the name and at the expense of the Issuer shall, not more than 30 nor less than
10 days prior to the date on which such payment is to be made, mail (by first class mail, postage prepaid) to the Persons entitled thereto at their addresses appearing on the applicable Note Register a notice which shall specify the date
on which such payment will be made, the amount of such payment per U.S.$1,000 aggregate principal amount of Notes and the place where Notes may be presented and surrendered for such payment. 

 

	  (f)	 Subject to Section 4.1(b) of the Revolving Credit Note Agreement, payments to Holders shall be made
ratably in the proportion that the Aggregate Outstanding Amount of the Notes registered in the name of each such Holder on the applicable Record Date bears to the Aggregate Outstanding Amount of all Notes on such Record Date. 

 

	  (g)	 Notwithstanding any other provision of this Indenture or any other document to which the Issuer may be
party, the obligations of the Issuer under the Notes and this Indenture or any other document to which either the Issuer may be party are limited recourse obligations of the Issuer payable solely from the Collateral and following realization of the
Collateral, and application of the proceeds thereof in accordance with this Indenture, all obligations of and any claims against the Issuer hereunder or in connection herewith after such realization shall be extinguished and shall not thereafter
revive. No recourse shall be had against any Officer, director, employee, shareholder or incorporator of the Issuer, the Collateral Manager or their respective Affiliates, successors or assigns for any amounts payable under the Notes or this
Indenture. It is understood that the 

  
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foregoing provisions of this paragraph (g) shall not (i) prevent recourse to the Collateral for the sums due or to become due under any security, instrument or agreement which is part
of the Collateral; or (ii) constitute a waiver, release or discharge of any indebtedness or obligation evidenced by the Notes or secured by this Indenture until such Collateral has been realized. It is further understood that the foregoing
provisions of this paragraph (g) shall not limit the right of any Person to name the Issuer as a party defendant in any Proceeding or in the exercise of any other remedy under the Notes or this Indenture, so long as no judgment in the nature of
a deficiency judgment or seeking personal liability shall be asked for or (if obtained) enforced against any such Person. 

  

	  (h)	 Subject to the foregoing provisions of this Section 2.7, each Note delivered under this Indenture and
upon registration of transfer of or in exchange for or in lieu of any other Note shall carry the rights to unpaid principal (or other applicable amount) that were carried by such other Note. 

 

	  (i)	 All reductions in the principal amount of a Note (or one or more predecessor Notes) effected by payments of
instalments of principal made on any Payment Date or Mandatory Repayment Date shall be binding upon all future Holders of such Note and of any Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, whether
or not such payment is noted on such Note. 

 2.8      Persons Deemed Owners 

The Issuer and the Trustee, and any agent of the Issuer or the Trustee shall treat as the owner of each Note (a) for the purpose of
receiving payments on such Note (whether or not such Note is overdue), the Person in whose name such Note is registered on the applicable Note Register at the close of business on the applicable Record Date and (b) on any other date for all
other purposes whatsoever (whether or not such Note is overdue), the Person in whose name such Note is then registered on the applicable Note Register, and none of the Issuer the Trustee or any agent of the Issuer or the Trustee shall be affected by
notice to the contrary. 
 2.9      Cancellation 

All Notes surrendered for payment, registration of transfer, exchange, redemption, or mutilated, defaced or deemed lost or stolen, shall be
promptly canceled by the Trustee and may not be reissued or resold. No Note may be surrendered (including any surrender in connection with any abandonment, donation, gift, contribution or other event or circumstance) except for payment as provided
herein under Section 2.6 or 2.7(e), or for registration of transfer, exchange, redemption or for replacement in connection with any Note mutilated, defaced or deemed lost or stolen. Any such Notes shall, if surrendered to any Person other than
the Trustee, be delivered to the Trustee. No Notes shall be authenticated or registered in lieu of or in exchange for any Notes canceled as provided in this Section 2.9, except as expressly permitted by this Indenture. All canceled Notes held

  
 -55- 

 
by the Trustee shall be destroyed or held by the Trustee in accordance with its standard retention policy unless the Issuer shall direct by an Issuer Order received prior to destruction that they
be returned to it. 
 2.10      DTC Ceases to be Depository 

 

	 (a)	 A Global Note deposited with DTC pursuant to Section 2.2 shall be transferred in the form of a
corresponding Certificated Note to the beneficial owners thereof only if (A) such transfer complies with Section 2.5 of this Indenture and (B) either (x) (i) DTC notifies the Issuer that it is unwilling or unable to continue as
depository for such Global Note or (ii) DTC ceases to be a Clearing Agency registered under the Exchange Act and, in each case, a successor depository is not appointed by the Issuer within 90 days after such event or (y) an Event of
Default has occurred and is continuing and such transfer is requested by the Holder of such Global Note. 

  

	 (b)	 Any Global Note that is transferable in the form of a corresponding Certificated Note to the beneficial
owner thereof pursuant to this Section 2.10 shall be surrendered by DTC to the Trustee’s office located in the Borough of Manhattan, the City of New York to be so transferred, in whole or from time to time in part, without charge, and the
Issuer shall execute and the Trustee shall authenticate and deliver, upon such transfer of each portion of such Global Note, an equal aggregate principal amount of definitive physical certificates (pursuant to the instructions of DTC) in authorized
denominations. Any Certificated Note delivered in exchange for an interest in a Global Note shall, except as otherwise provided by Section 2.5, bear the legends set forth in the applicable Exhibit A and shall be subject to the transfer
restrictions referred to in such legends. 

  

	 (c)	 Subject to the provisions of sub-Section (b) of this
Section 2.10, the Holder of a Global Note may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action which such Holder is entitled to take under
this Indenture or the Notes. 

  

	 (d)	 In the event of the occurrence of either of the events specified in
sub-Section (a) of this Section 2.10, the Issuer will promptly make available to the Trustee a reasonable supply of Class A Notes in the form of Certificated Notes. 

In the event that Certificated Notes are not so issued by the Issuer to such beneficial owners of interests in Global Notes as
required by sub-Section (a) of this Section 2.10, the Issuer expressly acknowledges that the beneficial owners shall be entitled to pursue any remedy that the Holders of a Global Note would be
entitled to pursue in accordance with Article 5 of this Indenture (but only to the extent of such beneficial owner’s interest in the Global Note) as if corresponding Certificated Notes had been issued; provided that the Trustee
shall be entitled to 

  
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rely upon any certificate of ownership provided by such beneficial owners and/or other forms of reasonable evidence of such ownership (including a certificate in the form of Exhibit E). 

 

	2.11	 Non-Permitted Holders or Violation of ERISA Representations or
Noteholder Reporting Obligations 

  

	 (a)	 Notwithstanding anything to the contrary elsewhere in this Indenture, any transfer of a beneficial interest
in any Note to a person that is not (i) a Qualified Institutional Buyer and (ii) a Qualified Purchaser (or an entity beneficially owned exclusively by Qualified Purchasers) and that is not made pursuant to an applicable exemption under the
Securities Act and the Investment Company Act shall be null and void and any such purported transfer of which the Issuer or the Trustee shall have notice may be disregarded by the Issuer, the Trustee and the Note Registrars for all purposes.

  

	 (b)	 If (x) any person that is not permitted to acquire an interest in a Note or Notes (including in such
form) pursuant to Section 2.11(a) shall become the beneficial owner of an interest in such Note or Notes or (y) any Holder of Notes shall fail to comply with the Noteholder Reporting Obligations (any such Person, a Non-Permitted Holder), the Issuer shall, promptly after discovery that such Person is a Non-Permitted Holder by the Issuer or the Trustee (and notice by the Trustee
(if a Trust Officer of the Trustee obtains actual knowledge) to the Issuer if the Trustee makes the discovery), send notice to such Non-Permitted Holder demanding that such
Non-Permitted Holder transfer its interest in the Notes held by such Person to a Person that is not a Non-Permitted Holder within 30 days after the date of such
notice. If such Non-Permitted Holder fails to so transfer such Notes, the Issuer or the Collateral Manager acting for the Issuer shall have the right, without further notice to the Non-Permitted Holder, to sell such Notes or interest in such Notes to a purchaser selected by the Issuer that is not a Non-Permitted Holder on such terms as the Issuer may
choose. The Issuer, or the Collateral Manager acting on behalf of the Issuer, may select the purchaser by soliciting one or more bids from one or more brokers or other market professionals that regularly deal in securities similar to the Notes and
sell such Notes to the highest such bidder, provided that the Collateral Manager, its Affiliates and accounts, funds, clients or portfolios established and controlled by the Collateral Manager or any of its Affiliates shall be entitled
to bid in any such sale (to the extent any such entity is not a Non-Permitted Holder). However, the Issuer or the Collateral Manager may select a purchaser by any other means determined by it in its sole
discretion. The Holder of each Note, the Non-Permitted Holder and each other Person in the chain of title from the Holder to the Non-Permitted Holder, by its acceptance
of an interest in the Notes, agrees to cooperate with the Issuer, the Collateral Manager and the Trustee to effect such transfers. The proceeds of such sale, net of any commissions, expenses and taxes due in connection with such sale shall be
remitted to the Non-Permitted Holder. The terms and conditions of any sale under this Section 2.11(b) shall be 

  
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determined in the sole discretion of the Issuer, and none of the Issuer, the Trustee, the Note Registrars or the Collateral Manager or any of their Affiliates shall be liable to any Person having
an interest in the Notes sold as a result of any such sale or the exercise of such discretion. 

  

	 (c)	 Any transfer of a beneficial interest in a Note to a Person who is a Benefit Plan Investor or acting on
behalf of or using the assets of any Benefit Plan Investor to acquire such Note (any such Person, a Non-Permitted ERISA Holder) shall be null and void and any such purported transfer of which the
Issuer or the Trustee shall have notice may be disregarded by the Issuer, the Trustee and the Note Registrars for all purposes. 

  

	 (d)	 If any Non-Permitted ERISA Holder shall become the beneficial owner
of an interest in any Note, the Issuer shall, promptly after discovery that such Person is a Non-Permitted ERISA Holder by the Issuer or upon notice from the Trustee (if a Trust Officer of the Trustee obtains
actual knowledge), if the Trustee makes the discovery and who agrees to notify the Issuer of such discovery, send notice to such Non-Permitted ERISA Holder demanding that such
Non-Permitted ERISA Holder transfer all or any portion of the Notes held by such Person to a Person that is not a Non-Permitted ERISA Holder (and that is otherwise
eligible to hold such Notes or an interest therein) within 20 days after the date of such notice. If such Non-Permitted ERISA Holder fails to so transfer such Notes the Issuer or the Collateral Manager acting
for the Issuer shall have the right, without further notice to the Non-Permitted ERISA Holder, to sell such Notes or interest in such Notes to a purchaser selected by the Issuer that is not a Non-Permitted ERISA Holder (and that is otherwise eligible to hold such Notes or an interest therein) on such terms as the Issuer may choose. The Issuer, or the Collateral Manager acting on behalf of the Issuer, may
select the purchaser by soliciting one or more bids from one or more brokers or other market professionals that regularly deal in securities similar to the Notes and sell such Notes to the highest such bidder, provided that the
Collateral Manager, its Affiliates and accounts, funds, clients or portfolios established and controlled by the Collateral Manager or any of its Affiliates shall be entitled to bid in any such sale (to the extent any such entity is not a Non-Permitted ERISA Holder). However, the Issuer or the Collateral Manager may select a purchaser by any other means determined by it in its sole discretion. The Holder of each Note, the Non-Permitted ERISA Holder and each other Person in the chain of title from the Holder to the Non-Permitted ERISA Holder, by its acceptance of an interest in the Notes agrees
to cooperate with the Issuer, the Collateral Manager and the Trustee to effect such transfers. The proceeds of such sale, net of any commissions, expenses and taxes due in connection with such sale shall be remitted to the Non-Permitted ERISA Holder. The terms and conditions of any sale under this Section 2.11(d) shall be determined in the sole discretion of the Issuer, and none of the Issuer, the Trustee, the Note Registrars or
the Collateral Manager or any of their Affiliates 

  
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shall be liable to any Person having an interest in the Notes sold as a result of any such sale or the exercise of such discretion. 

2.12      Tax Certification and Noteholder Reporting Obligations 

 

	 (a)	 Each Holder and beneficial owner of a Note, by acceptance of such Note or an interest in such Note, shall be
deemed to understand and acknowledge that failure to provide the Issuer, the Trustee or any Paying Agent with the properly completed and signed applicable tax certifications (generally, in the case of U.S. Federal income tax, either (i) in the
case of a United States Person, an Internal Revenue Service Form W-9 (or applicable successor form) or (ii) in the case of a Person that is not a United States Person, (A) if an Event of Default has
occurred and is continuing, the applicable Internal Revenue Service Form W-8 (or applicable successor form) and (B) at any other time, an Internal Revenue Service Form
W-8IMY to which an Internal Revenue Service Form W-9 in respect of the beneficial owner is attached (or, in each case, the applicable successor form)) or the failure to
meet its Noteholder Reporting Obligations may result in withholding from payments in respect of such Note, including U.S. Federal withholding or back-up withholding. 

 

	 (b)	 

  

	 	(i)	 If a payment made to a Holder under this Indenture is subject to U.S. federal withholding tax imposed by
Sections 1471 through 1474 of the Code (FATCA) then any Holder that may be subject to such withholding shall deliver to the Issuer (or its authorized agent), the Trustee and any Paying Agent at the time or times prescribed by law and
at such time or times reasonably requested by the Issuer (or its authorized agent), the Trustee or a Paying Agent, documentation necessary for the Issuer, Trustee or Paying Agent to determine their obligations under FATCA and shall update any such
information or documentation provided upon learning that any such information or documentation previously provided has become obsolete or incorrect or is otherwise required; and 

 

	 	(ii)	 If the Issuer may become subject to any reporting requirements under Cayman FATCA, then any Holder shall
deliver to the Issuer (or its authorized agent), the Trustee and any Paying Agent at the time or times prescribed by law and at such time or times reasonably requested by the Issuer (or its authorized agent), the Trustee or a Paying Agent,
documentation necessary for the Issuer, Trustee or Paying Agent to determine their obligations under Cayman FATCA and the Cayman AML Regulations and shall update any such information or documentation provided upon learning that any such information
or documentation previously provided has become obsolete or incorrect or is otherwise required (the foregoing requirements of this Section 2.12(b)(i) and (ii), the Noteholder Reporting Obligations). Each purchaser and subsequent

  
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transferee of an interest in a Note will be required or deemed to understand and acknowledge that the Issuer may provide such information or documentation and any other information concerning
such purchaser’s or transferee’s investment in the Notes to the U.S. Internal Revenue Service or another taxing, regulatory or governmental authority. Each purchaser and subsequent transferee of an interest in a Note will be required
or deemed to understand and acknowledge that the Issuer has the right, hereunder, to compel any beneficial owner of an interest in a Note that fails to comply with the foregoing requirements to (1) sell its interest in such Note, or may sell
such interest on behalf of such owner, (2) permit the Issuer to redeem the Notes held by such purchaser or (3) permit the Issuer to take any other steps as it determines in its sole discretion are necessary or appropriate to mitigate the
consequences on the Issuer and the other purchasers of the Notes of such purchaser’s failure to achieve FATCA Compliance. 

2.13      Additional Issuance of Notes 

At the direction of the Collateral Manager, the Issuer may issue and sell, pursuant to a supplemental indenture issued in accordance with
Section 8.2 and the other applicable provisions of Article 8, additional notes of any one or more new classes of notes that are fully subordinated to the existing Notes (or to the most junior class of securities of the Issuer issued pursuant to
this Indenture, if any class of securities issued pursuant to this Indenture other than the Notes is then Outstanding) and/or additional Notes and use the proceeds to purchase additional Portfolio Assets or as otherwise permitted under this
Indenture; provided that, in the case of additional issuances of notes of any one or more new classes of notes and/or additional Notes pursuant to this Indenture, the following conditions are met: 

 

	 (a)	 each Holder shall have provided its prior written consent to such issuance; 

 

	 (b)	 the terms of each additional note issued must be substantially identical to the respective terms of
previously issued notes (except that seniority of payments and certain consent or approval rights hereunder may differ among notes that are subordinated to the existing Notes); 

 

	 (c)	 receipt by the Trustee of an Opinion of Counsel that such issuance shall not cause the Issuer, the Sole
Shareholder or the pool of Collateral to become an investment company required to be registered under the Investment Company Act; 

  

	 (d)	 the proceeds of any additional notes (net of fees and expenses incurred in connection with such issuance)
shall be treated as Principal Collections and used to purchase additional Portfolio Assets, to invest in Eligible Investments or to apply pursuant to the Priority of Payments; 

  
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	 (e)	 an opinion of tax counsel of nationally recognized standing in the United States experienced in such matters
shall be delivered to the Trustee to the effect that in the case of additional Notes, such issuance would not cause the Holders or beneficial owners of previously issued Notes to be deemed to have sold or exchanged such Notes under Section 1001
of the Code; and 

  

	 (f)	 any additional notes issued as described above will, to the extent reasonably practicable, be offered first
to Holders of Notes in such amounts as are necessary to preserve their pro rata holdings of Notes. 

2.14      Borrowings under the Revolving Credit Note Agreement 

 

	 (a)	 On or prior to the Commitment Termination Date, the Issuer (or the Collateral Manager on behalf of the
Issuer) may request Borrowings under the Revolving Credit Note Agreement by submitting a Borrowing Request in the form required by the Revolving Credit Note Agreement to the Revolving Credit Note Agent and the
Class A-R Noteholders. 

  

	 (b)	 Each Borrowing Request shall (i) be made in writing and delivered to the Revolving Credit Note Agent
and the Class A-R Noteholders in accordance with the Revolving Credit Note Agreement, (ii) contain details of the applicable Borrowing requested in the form attached as Exhibit A to the Revolving
Credit Note Agreement and (iii) be required to satisfy the conditions applicable to a Borrowing as set forth in the Revolving Credit Note Agreement. 

  

	 (c)	 Transfers of the Class A-R Notes are subject to the terms and
restrictions set forth in this Indenture and the Revolving Credit Note Agreement. 

2.15      [Reserved] 

3.          CONDITIONS PRECEDENT 

3.1        Conditions to Issuance of Notes on Closing Date 

The Notes to be issued on the Closing Date may be registered in the names of the respective Holders thereof and may be executed by the Issuer
and delivered to the Trustee for authentication and thereupon the same shall be authenticated and delivered by the Trustee upon Issuer Order and upon receipt by the Trustee of the following: 

 

	 (a)	 Officers’ Certificate of the Issuer Regarding Limited Liability Company Matters. An
Officer’s certificate of the Issuer (A) evidencing the authorization of the execution and delivery on behalf of the Issuer of (1) the Transaction Documents to which the Issuer is a party and (2) such related documents as may be
required for the purpose of the transactions contemplated therein and (B) certifying that (1) the attached copy of the Authorizing Resolution and Constitutive Documents is, in each case, a true and complete copy thereof,

  
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(2) such authorizations have not been amended or rescinded and are in full force and effect on and as of the Closing Date, (3) the Officers of the Issuer authorized to execute and
deliver such documents hold the offices and have the signatures indicated thereon and (4) all Portfolio Asset Obligors on all Portfolio Assets have been directed to make all payments under the relevant Underlying Instrument in respect of such
Portfolio Asset directly to the Collection Account. 
  

	 (b)	 Officers’ Certificate of the Sole Shareholder Regarding Corporate Matters. An Officer’s
certificate of the Sole Shareholder (A) evidencing the authorization by Authorizing Resolution of the execution and delivery of (1) the Transaction Documents to which it is a party and (2) such related documents as may be required for
the purpose of the transactions contemplated therein and (B) certifying that (1) the attached copy of the Authorizing Resolution and Constitutive Documents is in each case a true and complete copy thereof, (2) such resolutions have
not been amended or rescinded and are in full force and effect on and as of the Closing Date, and (3) the Officers of the Sole Shareholder or its manager authorized to execute and deliver such documents hold the offices and have the signatures
indicated thereon. 

  

	 (c)	 Governmental Approvals. From the Issuer either (A) a certificate of the Issuer, or other
official document, evidencing the due authorization, approval or consent of any governmental body or bodies, at the time having jurisdiction in the premises, together with an Opinion of Counsel of the Issuer that no other authorization, approval or
consent of any governmental body is required for the valid issuance of the Notes or (B) an Opinion of Counsel of the Issuer that no such authorization, approval or consent of any governmental body is required for the valid issuance of the Notes
except as has been given. 

  

	 (d)	 U.S. Counsel Opinions. Opinion of Nixon Peabody LLP, counsel to the Trustee and the Collateral
Administrator, and Bingham McCutchen LLP, counsel to the Issuer, Sole Shareholder and Collateral Manager, each dated the Closing Date, substantially in the respective forms of Exhibit C and Exhibit D attached hereto. 

 

	 (e)	 Cayman Counsel Opinion. An opinion of Appleby (Cayman) Ltd., Cayman Islands counsel to the Issuer,
dated the Closing Date, substantially in the form of Exhibit E attached hereto. 

  

	 (f)	 Officers’ Certificates of Issuer Regarding Indenture. A certificate of the Issuer stating that,
to the undersigned officer’s knowledge, the Issuer is not in default under this Indenture and that the issuance of the Notes applied for by it will not result in a default or a breach of any of the terms, conditions or provisions of, or
constitute a default under, its organizational documents, any indenture or other agreement or instrument to which it is a party or by which it is bound, or any order of any court or administrative agency entered in any Proceeding to which it is a
party or by which it may be bound or to which it may be subject; that all conditions precedent provided in this Indenture relating to the 

  
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authentication and delivery of the Notes applied for by it have been complied with; and that all expenses due or accrued with respect to the issuance and sale of such Notes or relating to actions
taken on or in connection with the Closing Date have been paid or reserves therefor have been made. The Officer’s certificate of the Issuer shall also state that all of its representations and warranties contained herein are true and correct as
of the Closing Date. 
  

	 (g)	 Transaction Documents. An executed counterpart of each Transaction Document. 

 

	 (h)	 Grant of Portfolio Assets. The Grant by the Issuer pursuant to the Granting Clauses of this Indenture
of all of the Issuer’s right, title and interest in and to the Portfolio Assets pledged to the Trustee for inclusion in the Collateral on the Closing Date shall be effective, and Delivery of such Collateral (including any promissory note and
all other Underlying Instruments related thereto to the extent received by the Issuer) as contemplated by Section 3.2 shall have been effected. 

  

	 (i)	 Certificate of the Issuer Regarding Collateral. A certificate of an Authorized Representative of the
Issuer, dated as of the Closing Date, to the effect that: 

  

	 	(i)	 in the case of each Portfolio Asset pledged to the Trustee, on the Closing Date and immediately prior to the
Delivery thereof on the Closing Date; 

  

	 	(A)	 the Issuer is the owner of each Portfolio Asset free and clear of any liens, claims or encumbrances of any
nature whatsoever except for (i) those which are being released on the Closing Date and (ii) those Granted pursuant to this Indenture; 

  

	 	(B)	 the Issuer has acquired its ownership in each Portfolio Asset in good faith without notice of any adverse
claim, except as described in paragraph (A) above; 

  

	 	(C)	 the Issuer has not assigned, pledged or otherwise encumbered any interest in any such Portfolio Asset (or,
if any such interest has been assigned, pledged or otherwise encumbered, it has been released or will be released on the Closing Date) other than interests Granted pursuant to this Indenture; 

 

	 	(D)	 the Issuer has full right to Grant a security interest in and assign and pledge each Portfolio Asset to the
Trustee; 

  

	 	(E)	 Schedule 1 hereto is a complete list of the Portfolio Assets as of the Closing Date and the information set
forth with respect to such Portfolio Asset in Schedule 1 hereto is correct; and 

  
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	 	(F)	 upon Grant by the Issuer, the Trustee has (or will have, upon the filing of the Financing Statement(s)
contemplated in Section 7.5 of this Indenture and the execution and delivery of the Issuer Account Control Agreement) a first priority perfected security interest in the Portfolio Assets and other Collateral, except as permitted by this
Indenture; and 

  

	 	(ii)	 each Portfolio Asset that the Collateral Manager on behalf of the Issuer purchased or committed to purchase
on or prior to the Closing Date satisfies, or will upon its acquisition satisfy, the requirements of Section 12.2(a). 

  

	 (j)	 Accounts. Evidence of the establishment of each of the Accounts. 

 

	 (k)	 [Reserved] 

  

	 (l)	 Withholding Certificates. From each Holder acquiring Notes on the Closing Date, either (A) a
properly completed and duly executed Internal Revenue Service Form W-9 or (B) a properly completed and duly executed Internal Revenue Service Form W-8IMY to which
are attached forms described in clause (A) in respect of each beneficial owner of the Notes. 

  

	 (m)	 Other Documents. Such other documents as the Trustee may reasonably require. 

3.2      Custodianship; Delivery of Portfolio Assets and Eligible Investments 

 

	 (a)	 The Issuer, shall deliver or cause to be delivered to a custodian appointed by the Issuer, which shall be a
Securities Intermediary (the Custodian), all Collateral in accordance with the definition of “Deliver”. Initially, the Custodian shall be the Bank. Any successor custodian shall be a State or national bank or
trust company that has capital and surplus of at least U.S.$200,000,000 acting as a Securities Intermediary. The Trustee or the Custodian, as applicable, shall hold (i) all Portfolio Assets, Eligible Investments, Cash and other investments
purchased in accordance with this Indenture and (ii) all other Collateral otherwise Delivered to the Trustee or the Custodian, as applicable, by or on behalf of the Issuer, in the relevant Account established and maintained pursuant to Article
10; as to which in each case the Trustee shall have entered into the Issuer Account Control Agreement (or an agreement substantially in the form thereof, in the case of a successor custodian) providing, inter alia, that the establishment and
maintenance of such Account will be governed by a law of a jurisdiction satisfactory to the Issuer and the Trustee. 

  

	 (b)	 Each time that the Collateral Manager on behalf of the Issuer directs or causes the acquisition of any
Portfolio Asset, Eligible Investment or other investment, the Collateral Manager (on behalf of the Issuer) shall, if the Portfolio Asset or 

  
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Eligible Investment is required to be, but has not already been, transferred to the relevant Account, cause the Portfolio Asset, Eligible Investment or other investment to be Delivered to the
Custodian to be held in the Custodial Account, or in the case of any Eligible Investment, in the Account in which the funds used to purchase the investment are held in accordance with Article 10, for the benefit of the Trustee in accordance with
this Indenture. The security interest of the Trustee in the funds or other property used in connection with the acquisition shall, immediately and without further action on the part of the Trustee, be released. The security interest of the Trustee
shall nevertheless come into existence and continue in the related Portfolio Asset or Eligible Investment so acquired, including all interests of the Issuer in to any contracts related to and proceeds of such Portfolio Asset or Eligible Investment.

 3.3      Application of Proceeds of Issuance 

The Issuer shall apply the proceeds of issuance of the Notes (a) for the purchase of Portfolio Assets, (b) to fund the Expense
Account, (if applicable) the Delayed-Draw/Committed Proceeds Account and (if applicable) the Portfolio Gains Account, pursuant to and in accordance with Sections 10.3(c), 10.3(d) and 10.3(f), respectively, (c) to fund Eligible Investments, and
(d) as otherwise permitted under this Indenture with respect to an additional issuance of Notes in accordance with Section 2.13. 

3.4      Issuance of Class A-R Notes 

The Class A-R Notes issued on the Amendment and Restatement Date may be registered in the names
of the respective Holders thereof and may be executed by the Issuer and delivered to the Trustee for authentication and thereupon the same shall be authenticated and delivered by the Trustee upon Issuer Order and upon receipt by the Trustee of such
documents as the Trustee may require. 
 4.        SATISFACTION AND
DISCHARGE 
 4.1      Satisfaction and Discharge of Indenture 

This Indenture shall be discharged and shall cease to be of further effect except as to (i) rights of registration of transfer and
exchange, (ii) substitution of mutilated, defaced, destroyed, lost or stolen Notes, (iii) rights of Holders to receive payments of principal thereof and default interest that accrues thereon as a result of a failure to make any such
payment when due, (iv) the rights, obligations and immunities of the Trustee hereunder, (v) the rights, obligations and immunities of the Collateral Manager hereunder and under the Collateral Management Agreement, (vi) the rights,
obligations and immunities of the Collateral Administrator hereunder and under the Collateral Administration Agreement, and (vii) the rights of Holders as beneficiaries hereof with respect to the property deposited with the Trustee and payable
to all or any of them (and the Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture) when: 

  
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	  (a)	 either: 

  

	 	(i)	 all Notes theretofore authenticated and delivered to Holders (other than (A) Notes which have been
mutilated, defaced, destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.6, (B) Notes for whose payment Cash has theretofore irrevocably been deposited in trust and thereafter repaid to the Issuer or
discharged from such trust, as provided in Section 7.3, and (C) Notes in respect of which final payment has been made without presentation or surrender pursuant to Section 2.7(e)) have been delivered to the Trustee for cancellation;

  

	 	(ii)	 all Notes not theretofore delivered to the Trustee for cancellation (A) have become due and payable
(or, in the case of the Class A-R Notes, the Outstanding Class A-R Funded Amount has been repaid in full), or (B) will become due and payable at their
Stated Maturity within one year (or, in the case of the Class A-R Notes, the Outstanding Class A-R Funded Amount will be repaid in full within one year), and
the Issuer has irrevocably deposited or caused to be deposited with the Trustee, in trust for such purpose, Cash or non-callable direct obligations of the United States of America; provided that the
obligations are entitled to the full faith and credit of the United States of America or are debt obligations which are rated “Aaa” by Moody’s and “AAA” by S&P, in an amount sufficient, as verified by a firm of
Independent certified public accountants which are nationally recognized, to pay and discharge the entire indebtedness on such Notes, including all principal due on the date of such deposit (in the case of Notes which have become due and payable) or
at their Stated Maturity, as the case may be, and shall have Granted to the Trustee a valid perfected security interest in such Eligible Investment that is of first priority or free of any adverse claim, as applicable, and shall have furnished an
Opinion of Counsel with respect thereto; provided that this sub-section (ii) shall not apply if an election to act in accordance with the provisions of Section 5.5(a) shall have been made
and not rescinded; or 

  

	 	(iii)	 following an election to act in accordance with the provisions of Section 5.5(a) that has been made and
not rescinded, or following the liquidation of all Portfolio Assets at the direction of the Valuation Agent pursuant to Section 12.1(c), the Issuer shall have delivered to the Trustee an Officer’s certificate stating that (i) there
are no assets that remain subject to the Lien of this Indenture and (ii) all funds on deposit in the Accounts have been distributed in accordance with the terms of this Indenture (including Section 11.1) or the Issuer has otherwise
irrevocably deposited or caused to be deposited such funds with the Trustee, in trust for such purpose, and shall have Granted to the Trustee a valid perfected security interest in such funds that is of first priority or free of any adverse

  
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claim, as applicable, and shall have furnished an Opinion of Counsel with respect thereto; 

  

	  (b)	 the Issuer has paid or caused to be paid all other sums then due and payable hereunder and the Transaction
Documents (including any amounts then due and payable pursuant to the Collateral Administration Agreement and the Collateral Management Agreement) by the Issuer and no other amounts are scheduled to be due and payable by the Issuer;

  

	  (c)	 the Issuer has delivered to the Trustee Officers’ certificates and an Opinion of Counsel, each stating
that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with; and 

  

	  (d)	 the Issuer has delivered to the Trustee a certificate stating that (i) there is no Collateral that
remains subject to the lien of this Indenture and (ii) all funds on deposit in the Accounts have been distributed in accordance with the terms of this Indenture (including the Priority of Payments) or have otherwise been irrevocably deposited
in trust with the Trustee for such purpose. 

 Notwithstanding the satisfaction and discharge of this Indenture, the
rights and obligations of the Issuer, the Trustee and, if applicable, the Holders, as the case may be, under Sections 2.7, 4.2, 5.4(d), 5.9, 5.18, 6.6, 6.7, 7.1 and 7.3 shall survive. 

4.2      Application of Trust Cash 

All Cash and obligations deposited with the Trustee pursuant to Section 4.1 shall be held in trust and applied by it in accordance with
the provisions of the Notes, the Revolving Credit Note Agreement and this Indenture, including, without limitation, the Priority of Payments, to the payment of principal, either directly or through any Paying Agent, as the Trustee may determine; and
such Cash and obligations shall be held in a segregated account identified as being held in trust for the benefit of the Secured Parties. 

4.3      Repayment of Cash Held by Paying Agent 

In connection with the satisfaction and discharge of this Indenture with respect to the Notes, all Cash then held by any Paying Agent other
than the Trustee under the provisions of this Indenture shall, upon demand of the Issuer, be paid to the Trustee to be held and applied pursuant to Section 7.3 hereof and in accordance with the Priority of Payments and thereupon such Paying
Agent shall be released from all further liability with respect to such Cash. 

5.        REMEDIES 

5.1      Events of Default 

Event of Default, wherever used herein, means any one of the following events (whatever the reason for such Event of Default and
whether it shall be voluntary or 

  
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involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 

 

	 (a)	 the Issuer shall default in the payment of any principal or other amount owing under the Notes when due
(whether at Stated Maturity, on any Mandatory Repayment Date, by acceleration, upon optional or mandatory prepayment or otherwise) and such default shall continue for at least three Business Days after notice thereof to the Issuer by any Holder; or

  

	 (b)	 the failure (i) on any Payment Date to disburse amounts available in the Payment Account in accordance
with the Priority of Payments and the continuation of such failure for a period of three Business Days, or (ii) by the Sole Shareholder to make any equity contribution (including under Section 2 and 3 of the Issuer Contribution Agreement)
or other amount owing to the Issuer pursuant to the Issuer Contribution Agreement and the continuation of such failure for (with respect to the failure under clause (i)) a period of three Business Days and (with respect to the failure under clause
(ii)) a period of two Business Days; or 

  

	 (c)	 (i) any representation, warranty or certification made herein or pursuant hereto or in or pursuant to any
Support Document (or in any modification or supplement hereto or thereto) by the Issuer or the Sole Shareholder shall prove to have been false or misleading as of the time made in any material respect or (ii) the Sole Shareholder shall breach
any of its obligation described under Section 7 or 8 of the Issuer Contribution Agreement; provided, however, that if any such representation, warranty or certification is (i) remediable and (ii) not the result of fraud or
willful misconduct on the part of the Issuer or Sole Shareholder, such representation, warranty or certification continues unremedied for a period of 30 days after the Issuer becomes aware of such false or misleading representation, warranty or
certification; or 

  

	 (d)	 (i) the Issuer shall default in the performance of any of its other obligations hereunder or (ii) the
Issuer or the Sole Shareholder shall default in the performance of any of its obligations under any Support Document (other than the Sole Shareholder’s obligations under Section 2 and Section 3 of the Issuer Contribution Agreement),
and in each case such default (A) has a material adverse effect on the Holders of the Notes and (B) if remediable, continues unremedied for a period of 10 days after notice thereof to the Issuer by any Holder; or 

 

	 (e)	 the Issuer or the Sole Shareholder shall (1) be dissolved (other than pursuant to a consolidation,
amalgamation or merger); (2) become insolvent or unable to pay its debts or fail or admit in writing its inability generally to pay its debts as they become due; (3) make a general assignment, arrangement or composition with or for the benefit
of its creditors; (4) institute or have instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief 

  
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under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition shall be presented for its winding-up or
liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition (A) results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order
for its winding-up or liquidation or (B) is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution or presentation thereof; (5) have a resolution passed
for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger); (6) seek or become subject to the appointment of an administrator, provisional
liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets; (7) have a secured party take possession of all or substantially all its assets or have a distress, execution,
attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party shall maintain possession, or any such process shall not be dismissed, discharged, stayed or
restrained, in each case within 30 days thereafter; (8) cause or become subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in clauses (1) to
(7) (inclusive); or (9) take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts; or 

 

	 (f)	 the Issuer or the Sole Shareholder shall consolidate or amalgamate with, or merge with or into, or transfer
all or substantially all its assets to, another Person and, at the time of such consolidation, amalgamation, merger or transfer: 

  

	 	(i)	 the resulting, surviving or transferee Person shall fail to assume all the obligations of the Issuer or the
Sole Shareholder under the Notes or any Support Document to which it or its predecessor was a party by operation of law or pursuant to an agreement satisfactory to the Holders of all Notes then Outstanding; 

 

	 	(ii)	 the benefits of any Support Document shall fail to extend (without the unanimous consent of the Holders of
all Notes then Outstanding) to the performance by such resulting, surviving or transferee Person of its obligations under such Support Document; or 

  

	 	(iii)	 the creditworthiness of the resulting, surviving or transferee Person shall be materially weaker than that
of the Issuer or the Sole Shareholder, as the case may be, immediately prior to such advance; or 

  

	 (g)	 any Transaction Document shall cease to be in full force or effect or the Issuer or the Sole Shareholder
shall disaffirm, disclaim, repudiate or reject, in whole or in part, or challenge the validity of, any Transaction Document to which it is a party; or 

  
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	 (h)	 the Constitutive Documents of the Issuer shall be amended, supplemented or otherwise modified, or shall be
terminated, without the consent of each Holder, except for any amendment, supplement or other modification that could not reasonably be expected to have a Material Adverse Effect; or 

 

	 (i)	 any of the Issuer, the Sole Shareholder or the pool of Collateral becomes an investment company required to
be registered under the Investment Company Act; or 

  

	 (j)	 any default, event of default or other similar condition or event (however described) in respect of Sole
Shareholder under any obligation for the payment of Indebtedness under any agreement or instrument in an amount greater than U.S.$10,000,000 has resulted in such Indebtedness becoming, or becoming capable at such time of being declared, due and
payable under, such agreement or instrument (including as a result of the early termination thereof), before it would otherwise have been due and payable; or 

 

	 (k)	 an “Event of Default” occurs and is continuing under the Global Master Repurchase Agreement with
respect to which the Sole Shareholder is the “Defaulting Party” (as each such term is defined therein). 

 Upon
obtaining knowledge of the occurrence of an Event of Default (which, in the case of an event described in clause (k), will be obtained by receipt of notice from UBS, in its capacity as party to the Global Master Repurchase Agreement, that such
event has occurred), each of (i) the Issuer, (ii) the Trustee, (iii) the Revolving Credit Note Agent and (iv) the Collateral Manager shall notify each other and the Valuation Agent. Upon the occurrence of an Event of Default
known or made known pursuant to the foregoing to a Trust Officer of the Trustee, the Trustee shall, not later than three Business Days thereafter, notify the Holders (as their names appear on the Note Registers), each Paying Agent and DTC of such
Event of Default in writing (unless such Event of Default has been waived as provided in Section 5.14). 

5.2      Acceleration of Maturity; Rescission and Annulment 

 

	 (a)	 If an Event of Default occurs and is continuing (other than an Event of Default specified in
Section 5.1(e)), the Trustee may, and shall (upon the written direction of the Majority Noteholders), by notice to the Issuer, declare the principal of all Notes (including, in the case of the
Class A-R Notes, the Outstanding Class A-R Funded Amount (including any future additions to such Outstanding
Class A-R Funded Amount as a result of additional Borrowings under the Revolving Credit Note Agreement)) to be immediately due and payable, and upon any such declaration such principal, together with any
other amounts payable hereunder, shall become immediately due and payable. If an Event of Default specified in Section 5.1(e) occurs, such accelerations shall automatically occur without any declaration or other act on the part of the Trustee
or any Holder. 

  
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	 (b)	 At any time after such a declaration of acceleration of maturity has been made and before a judgment or
decree for payment of the Cash due has been obtained by the Trustee as hereinafter provided in this Article 5, such declaration may not be rescinded except by the Majority Noteholders. 

No such rescission shall affect any subsequent Default or impair any right consequent thereon. 

5.3      Collection of Indebtedness and Suits for Enforcement by Trustee 

The Issuer covenants that if a default shall occur in respect of the payment of any principal when due and payable on any Note, the Issuer
will, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holder of such Note, the whole amount, if any, then due and payable on such Note for principal with interest upon the overdue principal, and, in addition thereto, such
further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee and its agents and counsel. Interest upon overdue principal shall accrue
at a rate equal to the Federal Funds (Effective Rate) plus 2%; provided that in no event shall the amount of interest so accrued exceed the aggregate Interest Collections received by the Issuer during the relevant accrual period. 

If the Issuer fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may, and
shall upon direction of the Majority Noteholders, institute a Proceeding for the collection of the sums so due and unpaid, may prosecute such Proceeding to judgment or final decree, and may enforce the same against the Issuer or the Sole
Shareholder, acting on behalf of the Issuer with respect to its rights under the Issuer Contribution Agreement, and collect the Cash adjudged or decreed to be payable in the manner provided by law out of the Collateral. 

If an Event of Default has occurred and is continuing, the Trustee may in its discretion, and shall upon written direction of the Majority
Noteholders, proceed to protect and enforce its rights and the rights of the Secured Parties by such appropriate Proceedings as the Trustee shall deem most effectual (if no such direction is received by the Trustee) or as the Trustee may be
directed by the Majority Noteholders, to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper
remedy or legal or equitable right vested in the Trustee by this Indenture or by law. 
 Subject always to the provisions of
Section 5.8, in case there shall be pending Proceedings relative to the Issuer or the Sole Shareholder under the Bankruptcy Law or any other applicable bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in
bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or the Sole Shareholder or their respective property or such other obligor or its property, or in case of any
other comparable Proceedings relative to the Issuer or the Sole Shareholder, or the 

  
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creditors or property of the Issuer or the Sole Shareholder, the Trustee, regardless of whether the principal of any Note shall then be due and payable as therein expressed or by declaration or
otherwise and regardless of whether the Trustee shall have made any demand pursuant to the provisions of this Section 5.3, shall be entitled and empowered, by intervention in such Proceedings or otherwise: 

 

	 (a)	 to file and prove a claim or claims for the whole amount of principal owing and unpaid in respect of the
Notes (together with any default interest that has accrued thereon) upon direction by the Majority Noteholders and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any
claim for reasonable compensation to the Trustee and each predecessor Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all reasonable expenses and liabilities incurred, and all advances made, by the Trustee and
each predecessor Trustee, except as a result of negligence or bad faith) and of the Holders allowed in any Proceedings relative to the Issuer or the Sole Shareholder or to the creditors or property of the Issuer or the Sole Shareholder;

  

	 (b)	 unless prohibited by applicable law and regulations, to vote on behalf of the Holders upon the direction of
the Majority Noteholders, in any election of a trustee or a standby trustee in arrangement, reorganization, liquidation or other bankruptcy or insolvency Proceedings or Person performing similar functions in comparable Proceedings; and

  

	 (c)	 to collect and receive any Cash or other property payable to or deliverable on any such claims, and to
distribute all amounts received with respect to the claims of the Holders and of the Trustee on their behalf; and any trustee, receiver or liquidator, custodian or other similar official is hereby authorized by each of the Holders to make payments
to the Trustee, and, in the event that the Trustee shall consent to the making of payments directly to the Holders to pay to the Trustee such amounts as shall be sufficient to cover reasonable compensation to the Trustee, each predecessor Trustee
and their respective agents, attorneys and counsel, and all other reasonable expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee except as a result of negligence or bad faith. 

Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or vote for or accept or adopt on behalf of any
Holders, any plan of reorganization, arrangement, adjustment or composition affecting the Notes or any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holders, as applicable, in any such Proceeding except, as
aforesaid, to vote for the election of a trustee in bankruptcy or similar Person. 
 In any Proceedings brought by the Trustee on behalf of
the Holders of the Notes (and any such Proceedings involving the interpretation of any provision of this Indenture to which 

  
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the Trustee shall be a party), the Trustee shall be held to represent all the Holders of the Notes. 

Notwithstanding anything in this Section 5.3 to the contrary, the Trustee may not sell or liquidate the Collateral or institute
Proceedings in furtherance thereof pursuant to this Section 5.3 except according to the provisions specified in Section 5.5(a). 

5.4      Remedies 
  

	 (a)	 If an Event of Default shall have occurred and be continuing, and the Notes have been declared or have
become due and payable (an Acceleration Event) and such Acceleration Event and its consequences have not been rescinded and annulled, the Issuer agrees that the Trustee may, and shall, upon written direction of the Majority
Noteholders, to the extent permitted by applicable law, exercise one or more of the following rights, privileges and remedies: 

  

	 	(i)	 with respect to each Portfolio Asset, the Trustee (at the direction of the Majority Noteholders) may direct
each Portfolio Asset Obligor thereon under the relevant Underlying Instrument to pay all amounts payable under such Underlying Instrument to (or to the order of) the Trustee in satisfaction of all payment obligations thereunder;

  

	 	(ii)	 the Trustee in its discretion may, in its name or in the name of the Issuer or otherwise, demand, sue for,
collect or receive any money or property at any time payable or receivable on account of or in exchange for the Portfolio Assets and other Collateral but shall be under no obligation to do so; 

 

	 	(iii)	 the Trustee may set-off any amounts payable by the Issuer with
respect to any obligations against any Collateral in the form of Cash; and 

  

	 	(iv)	 institute Proceedings for the collection of all amounts then payable on the Notes or otherwise payable under
this Indenture, whether by declaration or otherwise, enforce any judgment obtained, and collect from the Portfolio Assets and other Collateral any Cash adjudged due; 

 

	 	(v)	 sell or cause the sale of all or a portion of the Portfolio Assets and other Collateral or rights or
interests therein, at one or more public or private sales called and conducted in any manner permitted by law and in accordance with Section 5.17 hereof; 

 

	 	(vi)	 institute Proceedings from time to time for the complete or partial foreclosure of this Indenture with
respect to the Portfolio Assets and other Collateral; 

  
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	 	(vii)	 exercise any remedies of a secured party under the UCC and take any other appropriate action to protect and
enforce the rights and remedies of the Trustee and the Holders of the Notes hereunder (including exercising all rights of the Trustee under any Support Document); and 

 

	 	(viii)	 exercise any other rights and remedies that may be available at law or in equity; 

provided that the Trustee may not sell or liquidate the Collateral or institute Proceedings in furtherance thereof
pursuant to this Section 5.4 except according to the provisions of Section 5.5(a). 
 The Trustee may, but need
not, obtain and rely upon an opinion of an Independent investment banking firm of national reputation (the cost of which shall be payable as an Administrative Expense) in structuring and distributing securities similar to the Notes, which may
be the Valuation Agent, as to the feasibility of any action proposed to be taken in accordance with this Section 5.4 and as to the sufficiency of the proceeds and other amounts receivable with respect to the Collateral to make the required
payments of principal of the Notes (together with any default interest that has accrued thereon) which opinion shall be conclusive evidence as to such feasibility or sufficiency. 

 

	 (b)	 If an Event of Default as described in Section 5.1(d) hereof shall have occurred and be continuing the
Trustee shall be entitled, and at the direction of the Majority Noteholders shall, institute (or cause the Issuer to institute, in which case the Issuer shall comply with any instruction of the Trustee with respect to such Proceeding) a Proceeding
solely to compel performance of the covenant or agreement or to cure the representation or warranty, the breach of which gave rise to the Event of Default under such Section, and enforce any equitable decree or order arising from such Proceeding.

  

	 (c)	 Upon any sale, whether made under the power of sale hereby given or by virtue of judicial Proceedings, any
Secured Party may bid for and purchase the Collateral or any part thereof and, upon compliance with the terms of sale, may hold, retain, possess or dispose of such property in its or their own absolute right without accountability.

 Upon any sale, whether made under the power of sale hereby given or by virtue of judicial Proceedings,
the receipt of Cash by the Trustee, or of the Officer making a sale under judicial Proceedings, shall be a sufficient discharge to the purchaser or purchasers at any sale for its or their purchase, and such purchaser or purchasers shall not be
obliged to see to the application thereof. 
 Any such sale, whether under any power of sale hereby given or by virtue of
judicial Proceedings, shall bind the Issuer, the Trustee and the Holders of the Notes, shall operate to divest all right, title and interest whatsoever, either at law 

  
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or in equity, of each of them in and to the property sold, and shall be a perpetual bar, both at law and in equity, against each of them and their successors and assigns, and against any and all
Persons claiming through or under them. 
  

	 (d)	 Notwithstanding any other provision of this Indenture, none of the Trustee, the Secured Parties or the
Holders may, prior to the date which is one year (or if longer, any applicable preference period) and one day after the payment in full of all Notes and any other debt obligations of the Issuer that have been rated upon issuance by any rating agency
at the request of the Issuer, institute against, or join any other Person in instituting against, the Issuer any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation Proceedings, or other Proceedings under Cayman Islands,
U.S. Federal or State bankruptcy or similar laws. Nothing in this Section 5.4 shall preclude, or be deemed to estop, the Trustee, any Secured Party or any Holder (i) from taking any action prior to the expiration of the aforementioned
period in (A) any case or Proceeding voluntarily filed or commenced by the Issuer or (B) any involuntary insolvency Proceeding filed or commenced by a Person other than the Trustee, such Secured Party or such Holder, respectively, or
(ii) from commencing against the Issuer or any of its properties any legal action which is not a bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation Proceeding. 

5.5      Optional Preservation of Collateral 
  

	 (a)	 Subject to Section 5.5(d) and Section 12.1(c), but notwithstanding any other provision to the
contrary herein, if an Event of Default shall have occurred and be continuing, the Trustee shall retain the Collateral securing the Notes intact, collect and cause the collection of the proceeds thereof and make and apply all payments and deposits
and maintain all accounts in respect of the Collateral and the Notes in accordance with the Priority of Payments and the provisions of Article 10 and Article 12 unless either: 

 

	 	(i)	 (A) the Trustee, pursuant to Section 5.5(c), determines that the anticipated proceeds of a sale or
liquidation of the Collateral (after deducting the reasonable expenses of such sale or liquidation) would be sufficient to discharge in full (1) the Outstanding Class A-R Funded Amount and any other
amounts due and unpaid in respect of the Class A-R Notes, (2) the amounts then due and unpaid on the Class A Notes for principal and any default interest that has accrued as a result of a
failure to pay any principal when due, and in the case of clauses (1) and (2), all other amounts that, pursuant to the Priority of Payments, are required to be paid prior to such payments on such Notes (including amounts due and owing as
Administrative Expenses); and (B) the Majority Noteholders agree with such determination; or 

  

	 	(ii)	 the Majority Noteholders direct the sale and liquidation of the Collateral. 

  
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 The Trustee shall give written notice of the retention of the Collateral to the
Issuer with a copy to the Collateral Manager and to the Revolving Credit Note Agent. So long as such Event of Default is continuing, any such retention pursuant to this Section 5.5(a) may be rescinded at any time when the conditions specified
in clause (i) or (ii) exist. 
  

	 (b)	 Nothing contained in Section 5.5(a) shall be construed to require the Trustee to sell the Collateral
securing the Notes if the conditions set forth in clause (i) or (ii) of Section 5.5(a) are not satisfied. Nothing contained in Section 5.5(a) shall be construed to require the Trustee to preserve the Collateral securing the Notes if
prohibited by applicable law. 

  

	 (c)	 In determining whether the condition specified in Section 5.5(a)(i) exists, the Trustee shall compute
the anticipated proceeds of sale or liquidation on the basis of the Current Price of each Portfolio Asset. In addition, for the purposes of determining issues relating to the execution of a sale or liquidation of the Collateral and the execution of
a sale or other liquidation thereof in connection with a determination whether the condition specified in Section 5.5(a)(i) exists, the Trustee may retain and rely on an opinion of an Independent investment banking firm of national reputation
(the cost of which shall be payable as an Administrative Expense). 

 The Trustee shall deliver to the
Holders and the Collateral Manager a report stating the results of any determination required pursuant to Section 5.5(a)(i) no later than 10 days after such determination is made. The Trustee shall make the determinations required by
Section 5.5(a)(i) within 30 days after an Event of Default and at the request of the Majority Noteholders at any time during which the Trustee retains the Collateral pursuant to Section 5.5(a)(i). 

 

	 (d)	 Section 5.4 and this Section 5.5 shall in all respects be subject to the application of
Section 12.1(c) and any direction or instruction of the Valuation Agent thereunder (including, if so directed, as to the manner of sale of any Portfolio Asset, notwithstanding Sections 5.4, 5.5 and 5.17) and the Trustee shall comply with such
directions and instructions of the Valuation Agent pursuant to Section 12.1(c) without regard to the provisions of Section 5.5(a) above. In the event of any conflicting notice or instruction delivered to the Trustee pursuant to
Section 12.1(c) and pursuant to this Section 5, the notice or instruction delivered to the Trustee pursuant to Section 12.1(c) shall govern and the Trustee shall follow, and entitled to rely upon, such notice or instruction delivered
to the Trustee pursuant to Section 12.1(c). 

  
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 5.6      Trustee May Enforce Claims Without Possession of Notes 

All rights of action and claims under this Indenture or under any of the Notes may be prosecuted and enforced by the Trustee without the
possession of any of the Notes or the production thereof in any trial or other Proceeding relating thereto, and any such action or Proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery
of judgment shall be applied as set forth in Section 5.7 hereof. 
 5.7      Application of Cash Collected 

Any Cash collected by the Trustee with respect to the Notes pursuant to this Article 5 and any Cash that may then be held or thereafter
received by the Trustee with respect to the Notes hereunder shall be applied, in accordance with the provisions of Section 11.1(a)(iii), at the date or dates fixed by the Trustee (each such date to occur on a Payment Date). Upon the final
distribution of all proceeds of any liquidation effected hereunder, the provisions of Section 4.1(b) shall be deemed satisfied for the purposes of discharging this Indenture pursuant to Article 4. 

5.8      Limitation on Suits 

No Holder of any Note shall have any right to institute any Proceedings, judicial or otherwise, with respect to this Indenture, or for the
appointment of a receiver or trustee, or for any other remedy hereunder, unless: 
  

	  (a)	 such Holder has previously given to the Trustee written notice of an Event of Default;

  

	  (b)	 the Majority Noteholders shall have made written request to the Trustee to institute Proceedings in respect
of such Event of Default in its own name as Trustee hereunder and such Holder or Holders have provided the Trustee indemnity reasonably satisfactory to the Trustee against the costs, expenses (including reasonable attorneys’ fees and expenses)
and liabilities to be incurred in compliance with such request; 

  

	  (c)	 the Trustee, for 30 days after its receipt of such notice, request and provision of such indemnity, has
failed to institute any such Proceeding; and 

  

	  (d)	 no direction inconsistent with such written request has been given to the Trustee during such 30-day period by the Majority Noteholders; it being understood and intended that no one or more Holders of Notes shall have any right in any manner whatever by virtue of, or by availing itself of, any provision of
this Indenture to affect, disturb or prejudice the rights of any other Holders or to obtain or to seek to obtain priority or preference over any other Holders or to enforce any right under this Indenture, except in the manner herein provided and for
the equal and ratable benefit of all the Holders subject to and in accordance with the Priority of Payments. 

  
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 5.9      Unconditional Rights of Holders to Receive Principal 

Subject to Section 2.7(g), but notwithstanding any other provision of this Indenture, the Holder of any Note shall have the right, which
is absolute and unconditional, to receive payment of the principal of such Note, as such principal and other amounts become due and payable in accordance with the Priority of Payments, as the case may be, and, subject to the provisions of
Section 5.8, to institute proceedings for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder. 

5.10      Restoration of Rights and Remedies 

If the Trustee or any Holder has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been
discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case the Issuer, the Trustee and the Holder shall, subject to any determination in such Proceeding, be restored
severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Trustee and the Holder shall continue as though no such Proceeding had been instituted. 

5.11      Rights and Remedies Cumulative 

No right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or
remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any
right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

5.12      Delay or Omission Not Waiver 

No delay or omission of the Trustee or any Holder of Notes to exercise any right or remedy accruing upon any Event of Default shall impair any
such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein or of a subsequent Event of Default. Every right and remedy given by this Article 5 or by law to the Trustee or to the Holders of the Notes may be
exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders of the Notes. 

5.13      Control by Majority Noteholders 

Notwithstanding any other provision of this Indenture, the Majority Noteholders shall have the right following the occurrence, and during the
continuance of, an Event of Default to cause the institution of and direct the time, method and place of conducting any Proceeding for any remedy available to the Trustee; provided that: 

 

	  (a)	 such direction shall not conflict with any rule of law or with any express provision of this Indenture;

  
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	  (b)	 the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such
direction; provided that subject to Section 6.1, the Trustee need not take any action that it determines might involve it in liability (unless the Trustee has received the indemnity as set forth in
sub-Section (c) below); 

  

	  (c)	 the Trustee shall have been provided with indemnity reasonably satisfactory to it; and

  

	  (d)	 notwithstanding the foregoing, any direction to the Trustee to undertake a Sale of the Collateral must
satisfy the requirements of Section 5.5. 

 5.14      Waiver of Past Defaults 

Prior to the time a judgment or decree for payment of the Cash due has been obtained by the Trustee, as provided in this Article 5, Holders of
the Notes may waive any past Event of Default or any occurrence that is, or with notice or the lapse of time or both would become, an Event of Default and its consequences; provided that any such Event of Default or occurrence in respect of a
covenant or provision hereof cannot be modified or amended without the waiver or consent of each Holder. 
 In the case of any such waiver,
the Issuer, the Trustee and the Holders of the Notes shall be restored to their former positions and rights hereunder, respectively, but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto. The
Trustee shall promptly give written notice of any such waiver to the Collateral Manager, the Revolving Credit Note Agent and each Holder. 

Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for
every purpose of this Indenture, but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto. 

5.15      Undertaking for Costs 

All parties to this Indenture agree, and each Holder of any Note by such Holder’s acceptance thereof shall be deemed to have agreed, that
any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, or omitted by it as Trustee, the filing by any party litigant in such suit
of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of
the claims or defenses made by such party litigant; but the provisions of this Section 5.15 shall not apply to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10%
in Aggregate Outstanding Amount of the Notes, or to any suit instituted by any Holder for the 

  
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enforcement of the payment of the principal of any Note (or any default interest that has accrued thereon) on or after the applicable Stated Maturity. 

5.16      Waiver of Stay or Extension Laws 

The Issuer covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner
whatsoever claim or take the benefit or advantage of, any stay or extension law or any valuation, appraisement, redemption or marshalling law or rights, in each case wherever enacted, now or at any time hereafter in force, which may affect the
covenants, the performance of or any remedies under this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law or rights, and covenant that it will not hinder,
delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted or rights created. 

5.17      Sale of Collateral 
  

	  (a)	 The power to effect any sale or other disposition (a Sale) of any portion of the Collateral
pursuant to Sections 5.4 and 5.5 shall not be exhausted by any one or more Sales as to any portion of such Collateral remaining unsold, but shall continue unimpaired until the entire Collateral shall have been sold or all amounts secured by the
Collateral shall have been paid. The Trustee may upon notice to the Holders, and shall, upon direction of the Majority Noteholders, from time to time postpone any Sale by public announcement made at the time and place of such Sale. The Trustee
hereby expressly waives its rights to any amount fixed by law as compensation for any Sale; provided that the Trustee shall be authorized to deduct the reasonable costs, charges and expenses incurred by it in connection with such Sale from
the proceeds thereof notwithstanding the provisions of Section 6.7. 

  

	  (b)	 The Trustee, the Collateral Manager or any of the Collateral Manager’s Affiliates may bid for and
acquire any portion of the Collateral in connection with a public Sale thereof, and may pay all or part of the purchase price by crediting against amounts owing on the Notes in the case of the Collateral or other amounts secured by the Collateral,
all or part of the net proceeds of such Sale after deducting the reasonable costs, charges and expenses incurred by the Trustee, the Collateral Manager or an Affiliate of the Collateral Manager, as the case may be, in connection with such Sale
notwithstanding the provisions of Section 6.7 hereof. The Notes need not be produced in order to complete any such Sale, or in order for the net proceeds of such Sale to be credited against amounts owing on the Notes. The Trustee and the
Collateral Manager may hold, lease, operate, manage or otherwise deal with any property so acquired in any manner permitted by law in accordance with this Indenture and the Collateral Management Agreement, respectively. 

  
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	  (c)	 If any portion of the Collateral consists of securities issued without registration under the Securities Act
(Unregistered Securities), the Trustee may seek an Opinion of Counsel, or, if no such Opinion of Counsel can be obtained and with the consent of the Majority Noteholders, seek a no action position from the Securities and Exchange
Commission or any other relevant Federal or State regulatory authorities, regarding the legality of a public or private Sale of such Unregistered Securities. 

 

	  (d)	 The Trustee shall execute and deliver an appropriate instrument of conveyance transferring its interest in
any portion of the Collateral in connection with a Sale thereof. In addition, the Trustee is hereby irrevocably appointed the agent and attorney in fact of the Issuer to transfer and convey its interest in any portion of the Collateral in connection
with a Sale thereof, and to take all action necessary to effect such Sale. No purchaser or transferee at such a sale shall be bound to ascertain the Trustee’s authority, to inquire into the satisfaction of any conditions precedent or see to the
application of any Cash. 

 5.18      Action on the Notes 

The Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall not be affected by the seeking or obtaining
of or application for any other relief under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies of the Trustee or the Holders shall be impaired by the recovery of any judgment by the Trustee against the
Issuer or by the levy of any execution under such judgment upon any portion of the Collateral or upon any of the assets of the Issuer. 

6.      THE TRUSTEE 

6.1      Certain Duties and Responsibilities 
  

	  (a)	 Except during the continuance of an Event of Default: 

 

	 	(i)	 the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this
Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

  

	 	(ii)	 in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; provided that in the case of any such certificates or opinions
which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they substantially conform to the requirements of this Indenture and shall
promptly, but in any event within three Business Days in the case of an Officer’s certificate furnished by the Collateral Manager, notify the party 

  
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delivering the same if such certificate or opinion does not conform. If a corrected form shall not have been delivered to the Trustee within 15 days after such notice from the Trustee, the
Trustee shall so notify the Holders. 

  

	  (b)	 In case an Event of Default known to the Trustee has occurred and is continuing, the Trustee shall, prior to
the receipt of directions, if any, from the Majority Noteholders, or such other percentage as permitted by this Indenture, exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its
exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

  

	  (c)	 No provision of this Indenture shall be construed to relieve the Trustee from liability for its own
negligent action, its own negligent failure to act, or its own willful misconduct, except that: 

  

	 	(i)	 this sub-Section (c) shall not be construed to limit the effect
of sub-Section (a) of this Section 6.1; 

  

	 	(ii)	 the Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer, unless it
shall be proven that the Trustee was negligent in ascertaining the pertinent facts; 

  

	 	(iii)	 the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith
in accordance with the direction of the Issuer or the Collateral Manager in accordance with this Indenture and/or the Majority Noteholders (or such other percentage as may be required by the terms hereof) relating to the time, method and place of
conducting any Proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture; 

  

	 	(iv)	 no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur
any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers contemplated hereunder, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity
satisfactory to it against such risk or liability is not reasonably assured to it (if the amount of such funds or risk or liability is reasonably expected not to exceed the amount available for payment to the Trustee pursuant to Section 6.7(a)
on the immediately succeeding Payment Date net of the amounts specified in Section 6.7(a), the Trustee shall be deemed to be reasonably assured of such repayment) unless such risk or liability relates to the performance of its ordinary
services, including mailing of notices under Article 5, under this Indenture; and 

  
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	 	(v)	 in no event shall the Trustee be liable for special, indirect or consequential loss or damage (including
lost profits) even if the Trustee has been advised of the likelihood of such damages and regardless of such action. 

  

	  (d)	 For all purposes under this Indenture, the Trustee shall not be deemed to have notice or knowledge of any
Event of Default described in Sections 5.1(c), 5.1(d), 5.1(e), 5.1(f), 5.1(g), 5.1(h), 5.1(i), 5.1(j) or 5.1(k) unless a Trust Officer assigned to and working in the Corporate Trust Office has actual knowledge thereof or unless written notice of any
event which is in fact such an Event of Default or Default is received by the Trustee at the Corporate Trust Office, and such notice references the Notes generally, the Issuer, the Collateral or this Indenture. For purposes of determining the
Trustee’s responsibility and liability hereunder, whenever reference is made in this Indenture to such an Event of Default or a Default, such reference shall be construed to refer only to such an Event of Default or Default of which the Trustee
is deemed to have notice as described in this Section 6.1. 

  

	  (e)	 Upon the Trustee receiving written notice from the Collateral Manager that an event constituting
“Cause” as defined in the Collateral Management Agreement has occurred, the Trustee shall, not later than one Business Day thereafter, notify the Holders (as their names appear in the Note Registers). 

 

	  (f)	 Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or
affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section 6.1. 

6.2      Notice of Default 

Promptly (and in no event later than three Business Days) after the occurrence of any Default actually known to a Trust Officer of the
Trustee or after any declaration of acceleration has been made or delivered to the Trustee pursuant to Section 5.2, the Trustee shall transmit by mail to the Issuer, Collateral Manager, the Revolving Credit Note Agent and all Holders of Notes,
as their names and addresses appear on the Note Registers, notice of all Defaults hereunder known to the Trustee, unless such Default shall have been cured or waived. 

6.3      Certain Rights of Trustee 

Except as otherwise provided in Section 6.1: 
  

	  (a)	 the Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any
resolution, certificate, statement, instrument, opinion, report, , electronic communication, notice, request, direction, consent, order, note or other paper or document believed by it to be genuine and to have been signed or presented by the proper
party or parties; 

  
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	  (b)	 any request or direction of the Issuer mentioned herein shall be sufficiently evidenced by an Issuer Request
or Issuer Order, as the case may be; 

  

	  (c)	 whenever in the administration of this Indenture the Trustee shall (i) deem it desirable that a matter
of fact be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officer’s certificate
or (ii) be required to determine the value of any Collateral or funds hereunder or the cash flows projected to be received therefrom, the Trustee may, in the absence of bad faith on its part, rely on reports of nationally recognized
accountants, investment bankers or other Persons qualified to provide the information required to make such determination, including nationally recognized dealers in securities of the type being valued and securities quotation services;

  

	  (d)	 as a condition to the taking or omitting of any action by it hereunder, the Trustee may consult with counsel
and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or omitted by it hereunder in good faith and in reliance thereon; 

 

	  (e)	 the Trustee shall be under no obligation to exercise or to honor any of the rights or powers vested in it by
this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have provided to the Trustee security or indemnity reasonably satisfactory to it against the costs, expenses (including reasonable
attorneys’ fees and expenses) and liabilities which might reasonably be incurred by it in compliance with such request or direction; 

  

	  (f)	 the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution,
certificate, statement, instrument, opinion, report, electronic communication, notice, request, direction, consent, order, note or other paper or document, but the Trustee, in its discretion, may, and upon the written direction of Holders of at
least 25% of the Outstanding Notes shall, make such further inquiry or investigation into such facts or matters as it may see fit or as it shall be directed, and the Trustee shall be entitled, on reasonable prior notice to the Issuer and the
Collateral Manager, to examine the books and records relating to the Notes and the Collateral, personally or by agent or attorney, during the Issuer’ or the Collateral Manager’s normal business hours; provided that the Trustee
shall, and shall cause its agents to, hold in confidence all such information, except (i) to the extent disclosure may be required by law by any regulatory or governmental authority and (ii) to the extent that the Trustee, in its sole
discretion, may determine that such disclosure is consistent with its obligations hereunder; provided, further, that the Trustee may disclose on a confidential basis any such information to its agents, attorneys and auditors in connection
with the performance of its responsibilities hereunder; 

  
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	  (g)	 the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either
directly or by or through agents or attorneys; provided that the Trustee shall not be responsible for any misconduct or negligence on the part of any non-Affiliated agent appointed, or non-Affiliated attorney appointed, with due care by it hereunder; 

  

	  (h)	 Subject to Section 6.1(b), the Trustee shall not be liable for any action it takes or omits to take in
good faith that it reasonably believes to be authorized or within its rights or powers hereunder; 

  

	  (i)	 nothing herein shall be construed to impose an obligation on the part of the Trustee to recalculate,
evaluate or verify or independently determine the accuracy of any report, electronic communication, certificate or information received from the Issuer or Collateral Manager (unless and except to the extent otherwise expressly set forth herein);
provided that nothing in this clause (i) shall supersede or modify the responsibilities and duties of the Collateral Administrator under the Collateral Administration Agreement; 

 

	  (j)	 to the extent any defined term hereunder, or any calculation required to be made or determined by the
Trustee hereunder, is dependent upon or defined by reference to generally accepted accounting principles (as in effect in the United States of America) (GAAP), the Trustee shall be entitled to request and receive (and rely
upon) instruction from the Issuer or, in the absence of its receipt of timely instruction therefrom, shall be entitled to obtain from an Independent accountant at the expense of the Issuer, as to the application of GAAP in such connection,
in any instance; 

  

	  (k)	 the Trustee shall not be liable for the actions or omissions of the Collateral Manager, the Issuer and any
Paying Agent (other than the Trustee) and without limiting the foregoing, the Trustee shall not be under any obligation to monitor, evaluate or verify compliance by the Collateral Manager with the terms of the Collateral Management Agreement, by the
Sole Shareholder with the terms of the Issuer Contribution Agreement, or by the MPA Counterparty with the terms of a Master Participation Agreement, or to verify or independently determine the accuracy of information received by the Trustee from the
Collateral Manager (or from any selling institution, agent bank, trustee or similar source) with respect to the Collateral; 

  

	  (l)	 notwithstanding any term hereof (or any term of the UCC that might otherwise be construed to be applicable
to a “securities intermediary” as defined in the UCC) to the contrary, neither the Trustee nor the Custodian shall be under a duty or obligation in connection with the acquisition or Grant by the Issuer to the Trustee of any item
constituting the Collateral, or to evaluate the sufficiency of the documents or instruments delivered to it by or on behalf of the Issuer in connection with its Grant or otherwise, or in that regard to examine any Underlying Instrument, in each
case, in order to determine compliance with 

  
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applicable requirements of and restrictions on transfer in respect of such Collateral; 

  

	  (m)	 in the event the Bank is also acting in the capacity of Paying Agent, Note Registrar, Transfer Agent,
Collateral Administrator or Custodian, the rights, protections, benefits, immunities and indemnities afforded to the Trustee pursuant to this Article 6 shall also be afforded to the Bank acting in such capacities; 

 

	  (n)	 any permissive right of the Trustee to take or refrain from taking actions enumerated in this Indenture
shall not be construed as a duty; 

  

	  (o)	 to the extent permitted by applicable law, the Trustee shall not be required to give any bond or surety in
respect of the execution of this Indenture or otherwise; 

  

	  (p)	 the Trustee shall not be deemed to have notice or knowledge of any matter unless a Trust Officer has actual
knowledge thereof or unless written notice thereof is received by the Trustee at the Corporate Trust Office and such notice references the Notes generally, the Issuer or this Indenture. Whenever reference is made in this Indenture to a Default or an
Event of Default such reference shall, insofar as determining any liability on the part of the Trustee is concerned, be construed to refer only to a Default or an Event of Default of which the Trustee is deemed to have knowledge in accordance with
this paragraph; 

  

	  (q)	 the Trustee shall not be responsible for delays or failures in performance resulting from acts beyond its
control; 

  

	  (r)	 to help fight the funding of terrorism and money laundering activities, the Trustee will obtain, verify, and
record information that identifies individuals or entities that establish a relationship or open an account with the Trustee. The Trustee will ask for the name, address, tax identification number and other information that will allow the Trustee to
identify the individual or entity who is establishing the relationship or opening the account. The Trustee may also ask for formation documents such as articles of incorporation, an offering memorandum, or other identifying documents to be provided.
In accordance with the U.S. Unlawful Internet Gambling Act (the Gambling Act), the Issuer may not use the Accounts or other facilities of the Bank in the United States to process “restricted transactions” as such term is
defined in U.S. 31 CFR Section 132.2(y). Therefore, neither the Issuer nor any Person who has an ownership interest in or control over the Accounts may use it to process or facilitate payments for prohibited internet gambling transactions. For
more information about the Gambling Act, including the types of transactions that are prohibited, please refer to the following link: HTTP://WWW.FEDERALRESERVE.GOV/NEWSEVENTS/PRESS/BCREG/20081112B.HTM; 

  
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	  (s)	 the protections and immunities afforded to the Trustee pursuant to this Indenture and the rights of the
Trustee under Section 6.3, 6.4 and 6.5 also shall be afforded to the Collateral Administrator, except to the extent they are inconsistent with the terms of the Collateral Administration Agreement; 

 

	  (t)	 in making or disposing of any investment permitted by this Indenture, the Trustee is authorized to deal with
itself (in its individual capacity) or with any one or more of its Affiliates, in each case on an arm’s-length basis, whether it or such Affiliate is acting as a subagent of the Trustee or for any third
person or dealing as principal for its own account. If otherwise qualified, obligations of the Bank or any of its Affiliates shall qualify as Eligible Investments hereunder; 

 

	  (u)	 the Trustee or its Affiliates are permitted to receive additional compensation that could be deemed to be in
the Trustee’s economic self-interest for (i) serving as investment adviser, administrator, shareholder, servicing agent, custodian or subcustodian with respect to certain of the Eligible Investments, (ii) using Affiliates to effect
transactions in certain Eligible Investments and (iii) effecting transactions in certain Eligible Investments. Such compensation is not payable or reimbursable under Section 6.7 of this Indenture; and 

 

	  (v)	 the Trustee shall have no duty (i) to see to any recording, filing, or depositing of this Indenture or
any supplemental indenture or any financing statement or continuation statement evidencing a security interest, or to see to the maintenance of any such recording, filing or depositing or to any rerecording, refiling or redepositing of any thereof
or (ii) to maintain any insurance. 

  

	  (w)	 The Trustee is hereby authorized and directed to execute in its capacity as Trustee and deliver in the form
presented to it all Transaction Documents to which it is a party, as Trustee. 

 6.4      Not Responsible
for Recitals or Issuance of Notes 
 The recitals contained herein and in the Notes, other than the Certificate of Authentication
thereon, shall be taken as the statements of the Issuer; and the Trustee assumes no responsibility for their correctness. The Trustee makes no representation as to the validity or sufficiency of this Indenture (except as may be made with respect to
the validity of the Trustee’s obligations hereunder), the Collateral or the Notes. The Trustee shall not be accountable for the use or application by the Issuer of the Notes or the proceeds thereof or any Cash paid to the Issuer pursuant to the
provisions hereof. 
 6.5      May Hold Notes 

The Trustee, any Paying Agent, Note Registrar or any other agent of the Issuer, in its individual or any other capacity, may become the owner
or pledgee of Notes and may otherwise deal with the Issuer or any of their Affiliates with the same rights it would have if it were not Trustee, Paying Agent, Note Registrar or such other agent. 

  
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 6.6      Cash Held in Trust 

Cash held by the Trustee hereunder shall be held in trust to the extent required herein. The Trustee shall be under no liability for interest
on any Cash received by it hereunder except to the extent of income or other gain on investments which are deposits in or certificates of deposit of the Bank in its commercial capacity and income or other gain actually received by the Trustee on
Eligible Investments. 
 6.7      Compensation and Reimbursement 

 

	  (a)	 Subject to Section 6.7(b) below, the Issuer agrees: 

 

	 	(i)	 to pay the Trustee on each Payment Date reasonable compensation, as set forth in a separate fee letter, for
all services rendered by it hereunder and under the other Transaction Documents (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 

 

	 	(ii)	 except as otherwise expressly provided herein, to reimburse the Trustee in a timely manner upon its request
for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture or other Transaction Document (including, without limitation, securities transaction charges and the
reasonable compensation and expenses and disbursements of its agents and legal counsel and of any accounting firm or investment banking firm employed by the Trustee pursuant to Section 5.4, 5.5 or 6.3(c) except any such expense, disbursement or
advance as may be attributable to its negligence, willful misconduct or bad faith) but with respect to securities transaction charges, only to the extent any such charges have not been waived during a Monthly Period due to the Trustee’s receipt
of a payment from a financial institution with respect to certain Eligible Investments, as specified by the Collateral Manager; 

  

	 	(iii)	 to indemnify the Trustee and its Officers, directors, employees and agents for, and to hold them harmless
against, any loss, liability or expense incurred without negligence, willful misconduct or bad faith on their part, arising out of or in connection with the acceptance or administration of this trust, including the costs and expenses of defending
themselves (including reasonable attorney’s fees and costs) against any claim or liability in connection with the exercise or performance of any of their powers or duties hereunder and under any other Transaction Document; and

  

	 	(iv)	 to pay the Trustee reasonable additional compensation together with its expenses (including reasonable
counsel fees) for any collection action taken pursuant to Section 6.13 hereof. 

  
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	 	(b)	 The Trustee shall receive amounts pursuant to this Section 6.7 and any other amounts payable to it
under this Indenture only as provided in Section 10.3(c) and Section 11.1, and the Issuer Contribution Agreement, and only to the extent that funds are available for the payment thereof. Subject to Section 6.9, the Trustee shall
continue to serve as Trustee under this Indenture notwithstanding the fact that the Trustee shall not have received amounts due it hereunder; provided that nothing herein shall impair or affect the Trustee’s rights under
Section 6.9. No direction by the Holders shall affect the right of the Trustee to collect amounts owed to it under this Indenture. If on any date when a fee shall be payable to the Trustee pursuant to this Indenture insufficient funds are
available for the payment thereof, any portion of a fee not so paid shall be deferred and payable on such later date on which a fee shall be payable and sufficient funds are available therefor. 

 

	 	(c)	 The Trustee hereby agrees not to cause the filing of a petition in bankruptcy against the Issuer until at
least one year and one day, or, if longer, the applicable preference period then in effect plus one day, after the payment in full of all Notes (and any other debt obligations of the Issuer that have been rated upon issuance by any rating agency at
the request of the Issuer) issued under this Indenture. 

  

	 	(d)	 The Issuer’s payment obligations to the Trustee under this Section 6.7 shall be secured by the
lien of this Indenture, and shall survive the discharge of this Indenture and the resignation or removal of the Trustee. When the Trustee incurs expenses after the occurrence of a Default or an Event of Default under Section 5.1(e), the
expenses are intended to constitute expenses of administration under the Bankruptcy Code or any other applicable Federal or State bankruptcy, insolvency or similar law. 

6.8      Corporate Trustee Required; Eligibility 

There shall at all times be a Trustee hereunder which shall be an Independent organization or entity organized and doing business under the
laws of the United States of America or of any State thereof, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least U.S.$200,000,000, subject to supervision or examination by Federal or
State authority, having a rating of at least “Baa1” by Moody’s and at least “BBB+” by S&P and having an office within the United States of America. If such organization or entity publishes reports of condition at least
annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section 6.8, the combined capital and surplus of such organization or entity shall be deemed to be its combined
capital and surplus as set forth in its most recent published report of condition. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 6.8, it shall resign immediately in the manner and with
the effect hereinafter specified in this Article 6. 

  
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 6.9      Resignation and Removal; Appointment of Successor 

 

	  (a)	 No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article
6 shall become effective until the acceptance of appointment by the successor Trustee under Section 6.10. 

  

	  (b)	 The Trustee may resign at any time by giving not less than 30 days’ written notice thereof to the
Issuer, the Collateral Manager, the Revolving Credit Note Agent and the Holders of the Notes. Upon receiving such notice of resignation, the Issuer shall promptly appoint a successor trustee or trustees satisfying the requirements of
Section 6.8 by written instrument, in duplicate, executed by an Authorized Representative of the Issuer, one copy of which shall be delivered to the Trustee so resigning and one copy to the successor Trustee or Trustees, together with a copy to
each Holder and the Collateral Manager; provided that such successor Trustee shall be appointed only upon the written consent of each Holder or, at any time when an Event of Default shall have occurred and be continuing, by an Act of the
Majority Noteholders. If no successor Trustee shall have been appointed and an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the
resigning Trustee or any Holder, on behalf of itself and all others similarly situated, may petition any court of competent jurisdiction for the appointment of a successor Trustee satisfying the requirements of Section 6.8.

  

	  (c)	 The Trustee may be removed at any time by an Act of Holders of 100% of the Aggregate Outstanding Amount of
Notes delivered to the Trustee and to the Issuer. 

  

	  (d)	 If at any time: 

  

	 	(i)	 the Trustee shall cease to be eligible under Section 6.8 and shall fail to resign after written request
therefor by the Issuer or by any Holder; or 

  

	 	(ii)	 the Trustee shall become incapable of acting or shall be adjudged as bankrupt or insolvent or a receiver or
liquidator of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; 

then, in any such case (subject to Section 6.9(a)), (A) the Issuer, by Issuer Order, may remove the Trustee, or
(B) subject to Section 5.15, any Holder may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

  
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	 (e)	 If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the
office of the Trustee for any reason (other than resignation), the Issuer, by Issuer Order, shall promptly appoint a successor Trustee, provided that any such appointment shall be subject to the prior consent of each Holder. If the Issuer shall fail
to appoint a successor Trustee within 60 days after such resignation, removal or incapability or the occurrence of such vacancy, a successor Trustee may be appointed by Holders of 100% of the Aggregate Outstanding Amount of Notes by written
instrument delivered to the Issuer and the retiring Trustee. The successor Trustee so appointed shall, forthwith upon its acceptance of such appointment, become the successor Trustee and supersede any successor Trustee proposed by the Issuer. If no
successor Trustee shall have been so appointed by the Issuer or Holders of 100% of the Aggregate Outstanding Amount of Notes and shall have accepted appointment in the manner hereinafter provided, subject to Section 5.15, any Holder may, on
behalf of itself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee. 

  

	 (f)	 The Issuer shall give prompt notice of each resignation and each removal of the Trustee and each appointment
of a successor Trustee by mailing written notice of such event by first class mail, postage prepaid, to the Collateral Manager, the Holders of the Notes as their names and addresses appear in the Note Registers. Each notice shall include the name of
the successor Trustee and the address of its Corporate Trust Office. If the Issuer fail to mail such notice within ten days after acceptance of appointment by the successor Trustee, the successor Trustee shall cause such notice to be given at the
expense of the Issuer. 

  

	 (g)	 If the Bank shall resign or be removed as Trustee, the Bank shall also resign or be removed as Custodian,
Paying Agent, Note Registrar and any other capacity in which the Bank is then acting pursuant to this Indenture or any other Transaction Document. 

6.10    Acceptance of Appointment by Successor 

Every successor Trustee appointed hereunder shall meet the requirements of Section 6.8 and shall execute, acknowledge and deliver to the
Issuer and the retiring Trustee an instrument accepting such appointment. Upon delivery of the required instruments, the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed
or conveyance, shall become vested with all the rights, powers, trusts, duties and obligations of the retiring Trustee; but, on request of the Issuer or the Majority Noteholders or the successor Trustee, such retiring Trustee shall, upon payment of
its charges then unpaid, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee, and shall duly assign, transfer and deliver to such successor Trustee all property and Cash
held by such retiring Trustee hereunder. Upon request of any such successor Trustee, the Issuer shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and
trusts. 

  
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 6.11    Merger, Conversion, Consolidation or Succession to Business of Trustee 

Any organization or entity into which the Trustee may be merged or converted or with which it may be consolidated, or any organization or
entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any organization or entity succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the
Trustee hereunder, provided that such organization or entity shall be otherwise qualified and eligible under this Article 6, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any
of the Notes has been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Notes so authenticated with the
same effect as if such successor Trustee had itself authenticated such Notes. 

6.12    Co-Trustees 

At any time or times, for the purpose of meeting the legal requirements of any jurisdiction in which any part of the Collateral may at the
time be located, the Issuer and the Trustee shall have power to appoint one or more Persons to act as co-trustee, jointly with the Trustee, of all or any part of the Collateral, with the power to file such
proofs of claim and take such other actions pursuant to Section 5.6 herein and to make such claims and enforce such rights of action on behalf of the Holders, as such Holders themselves may have the right to do, subject to the other provisions
of this Section 6.12. 
 The Issuer shall join with the Trustee in the execution, delivery and performance of all instruments and
agreements necessary or proper to appoint a co-trustee. If the Issuer does not join in such appointment within 15 days after the receipt by them of a request to do so, the Trustee shall have the power to make
such appointment. 
 Should any written instrument from the Issuer be required by any co-trustee so
appointed, more fully confirming to such co-trustee such property, title, right or power, any and all such instruments shall, on request, be executed, acknowledged and delivered by the Issuer. The Issuer
agrees to pay as Administrative Expenses, to the extent funds are available therefor under the Priority of Payments, for any reasonable fees and expenses in connection with such appointment. 

Every co-trustee shall, to the extent permitted by law, but to such extent only, be appointed subject
to the following terms: 
  

	 (a)	 the Notes shall be authenticated and delivered, and all rights, powers, duties and obligations hereunder in
respect of the custody of securities, Cash and other personal property held by, or required to be deposited or pledged with, the Trustee hereunder, shall be exercised, solely by the Trustee; 

 

	 (b)	 the rights, powers, duties and obligations hereby conferred or imposed upon the Trustee in respect of any
property covered by the appointment of a co-trustee 

  
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shall be conferred or imposed upon and exercised or performed by the Trustee or by the Trustee and such co-trustee jointly as shall be provided in the
instrument appointing such co-trustee; 

  

	 (c)	 the Trustee at any time, by an instrument in writing executed by it, with the concurrence of the Issuer
evidenced by an Issuer Order, may accept the resignation of or remove any co-trustee appointed under this Section 6.12, and in case an Event of Default has occurred and is continuing, the Trustee shall
have the power to accept the resignation of, or remove, any such co-trustee without the concurrence of the Issuer. A successor to any co-trustee so resigned or removed
may be appointed in the manner provided in this Section 6.12; 

  

	 (d)	 no co-trustee hereunder shall be personally liable by reason of any
act or omission of the Trustee hereunder; 

  

	 (e)	 the Trustee shall not be liable by reason of any act or omission of a
co-trustee; and 

  

	 (f)	 any Act of Holders delivered to the Trustee shall be deemed to have been delivered to each co-trustee. 

 6.13    Certain Duties of Trustee Related to Delayed Payment of
Proceeds 
 In the event that the Collateral Administrator provides the Trustee with notice that a payment with respect to any item of
Collateral has not been received on its Due Date, (a) the Trustee shall promptly notify the Issuer and the Collateral Manager in writing and (b) unless within three Business Days (or the end of the applicable grace period for such payment,
if any) after such notice (x) such payment shall have been received by the Trustee or (y) the Trustee has received notice from the Collateral Manager that it is taking action in respect of such payment, the Trustee shall request the
issuer of or obligor on such item of Collateral, the trustee under the related Underlying Instrument or the paying agent designated by either of them, as the case may be, to make such payment as soon as practicable after such request but in no event
later than three Business Days after the date of such request. In the event that such payment is not made within such time period, the Trustee, subject to the provisions of clause (iv) of Section 6.1(c), shall take such action as the
Collateral Manager shall direct. Any such action shall be without prejudice to any right to claim a Default or Event of Default under this Indenture. In the event that the Issuer or the Collateral Manager requests a release of any Collateral and/or
delivers an additional Portfolio Asset in connection with any such action under the Collateral Management Agreement, such release and/or substitution shall be subject to Section 10.6 and Article 12 of this Indenture, as the case may be.
Notwithstanding any other provision hereof, the Trustee shall deliver to the Issuer or its designee any payment with respect to any additional Portfolio Asset or other Collateral received after the Due Date thereof to the extent the Issuer
previously made provisions for such payment satisfactory to the Trustee in accordance with this Section 6.13 and such payment shall not be deemed part of the Collateral. The foregoing shall not preclude any other exercise

  
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of any right or remedy by the Issuer with respect to any default or event of default arising under a Portfolio Asset. 

6.14    Authenticating Agents 

Upon the request of the Issuer, the Trustee shall, and if the Trustee so chooses the Trustee may, appoint one or more Authenticating Agents
with power to act on its behalf and subject to its direction in the authentication of Notes in connection with issuance, transfers and exchanges under Sections 2.4, 2.5, 2.6 and 8.6, as fully to all intents and purposes as though each such
Authenticating Agent had been expressly authorized by such Sections to authenticate such Notes. For all purposes of this Indenture, the authentication of Notes by an Authenticating Agent pursuant to this Section 6.14 shall be deemed to be the
authentication of Notes by the Trustee. 
 Any corporation into which any Authenticating Agent may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any corporation succeeding to the corporate trust business of any Authenticating Agent, shall be
the successor of such Authenticating Agent hereunder, without the execution or filing of any further act on the part of the parties hereto or such Authenticating Agent or such successor corporation. 

Any Authenticating Agent may at any time resign by giving written notice of resignation to the Trustee and the Issuer. The Trustee may at any
time terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and the Issuer. Upon receiving such notice of resignation or upon such a termination, the Trustee shall promptly appoint a
successor Authenticating Agent and shall give written notice of such appointment to the Issuer. 
 Unless the Authenticating Agent is also
the same entity as the Trustee, the Issuer agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services, and reimbursement for its reasonable expenses relating thereto as an Administrative Expense. The
provisions of Sections 2.8, 6.4 and 6.5 shall be applicable to any Authenticating Agent. 
 6.15    Withholding 

All payments made to a Holder under this Indenture shall be made without any deduction or withholding for or on account of any present or
future Tax unless such deduction or withholding is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, then in effect. If any withholding Tax is imposed on the Issuer’s payment (or
allocations of income) under the Notes by any such applicable law, such Tax shall reduce the amount otherwise distributable to the relevant Holder. The Trustee is hereby authorized and directed to retain from amounts otherwise distributable to any
Holder sufficient funds for the payment of any Tax that is legally owed or required to be withheld by the Issuer by law or pursuant to the Issuer’s agreement with a 

  
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governmental authority (but such authorization shall not prevent the Trustee from contesting any such Tax in appropriate proceedings and withholding payment of such Tax, if permitted by law,
pending the outcome of such proceedings) and to timely remit such amounts to the appropriate taxing authority. The amount of any withholding Tax imposed by law or pursuant to the Issuer’s agreement with a governmental authority with respect to
any Note shall be treated as having been paid as principal on such Note to the relevant Holder at the time such amounts are withheld by the Trustee. If there is a possibility that withholding Tax is payable with respect to a distribution, the Paying
Agent or the Trustee may, in its sole discretion, withhold such amounts in accordance with this Section 6.15. If any Holder or beneficial owner wishes to apply for a refund of any such withholding Tax, the Trustee shall reasonably cooperate
with such Person in providing readily available information so long as such Person agrees to reimburse the Trustee for any out-of-pocket expenses incurred. Nothing
herein shall impose an obligation on the part of the Trustee to determine the amount of any Tax or withholding obligation on the part of the Issuer or in respect of the Notes. 

6.16    Fiduciary for Holders Only; Agent for each other Secured Party 

With respect to the security interest created hereunder, the delivery of any Collateral to the Trustee is to the Trustee as trustee for the
Holders and agent for each other Secured Party. In furtherance of the foregoing, the possession by the Trustee of any Collateral, the endorsement to or registration in the name of the Trustee of any Collateral (including without limitation as
entitlement holder of the Custodial Account) are all undertaken by the Trustee in its capacity as trustee for the Holders, and agent for each other Secured Party. The Trustee shall not by reason of this Indenture be deemed to be acting as
fiduciary for the Collateral Manager, provided that the foregoing shall not limit any of the express obligations of the Trustee under this Indenture. 

6.17    Representations and Warranties of the Bank 

The Bank hereby represents and warrants as follows: 
  

	 (a)	 Organization. The Bank has been duly organized and is validly existing as a national banking
association with trust powers under the laws of the United States and has the power to conduct its business and affairs as a trustee, paying agent, registrar, transfer agent, custodian and calculation agent. 

 

	 (b)	 Authorization; Binding Obligations. The Bank has the corporate power and authority to perform the
duties and obligations of Trustee, Paying Agent, Note Registrar, Transfer Agent and Custodian under this Indenture. The Bank has taken all necessary corporate action to authorize the execution, delivery and performance of this Indenture, and all of
the documents required to be executed by the Bank pursuant hereto. This Indenture has been duly authorized, executed and delivered by the Bank and constitutes the legal, valid and binding obligation of the Bank enforceable in accordance with its
terms subject, as to enforcement, (i) to the effect of bankruptcy, insolvency or similar laws affecting generally the 

  
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enforcement of creditors’ rights as such laws would apply in the event of any bankruptcy, receivership, insolvency or similar event applicable to the Bank and (ii) to general equitable
principles (whether enforcement is considered in a proceeding at law or in equity). 

  

	 (c)	 Eligibility. The Bank is eligible under Section 6.8 to serve as Trustee hereunder.

  

	 (d)	 No Conflict. Neither the execution, delivery and performance of this Indenture, nor the consummation
of the transactions contemplated by this Indenture, (i) is prohibited by, or requires the Bank to obtain any consent, authorization, approval or registration under, any law, statute, rule, regulation, judgment, order, writ, injunction or decree
that is binding upon the Bank or any of its properties or assets, or (ii) will violate any provision of, result in any default or acceleration of any obligations under, result in the creation or imposition of any lien pursuant to, or require
any consent under, any material agreement to which the Bank is a party or by which it or any of its property is bound 

6.18    Rights of Trustee under certain Transaction Documents. 

In executing and performing its duties under any other Transaction Document to which it is a Party, the Trustee shall have all the rights,
benefits, protections, indemnities and immunities afforded to it under this Indenture, including Article 6 hereof. 

7.        COVENANTS 

7.1      Payment of Principal 

The Issuer will duly and punctually pay the principal of the Notes, in accordance with the terms of such Notes, the Revolving Credit Note
Agreement and this Indenture pursuant to the Priority of Payments. 
 Amounts properly withheld under the Code or other applicable law or
pursuant to the Issuer’s agreement with a governmental authority by any Person from a payment under a Note shall be considered as having been paid by the Issuer to the relevant Holder for all purposes of this Indenture. 

7.2      Maintenance of Office or Agency 

The Issuer hereby appoints the Trustee as a Paying Agent for payments on the Notes and the Issuer hereby appoints the Trustee at its
applicable Corporate Trust Office, as the Issuer’s agent where Notes may be surrendered for registration of transfer or exchange. The Issuer may at any time and from time to time appoint additional paying agents; provided that no paying
agent shall be appointed in a jurisdiction which subjects payments on the Notes to withholding tax solely as a result of such Paying Agent’s activities. If at any time the Issuer shall fail to maintain the appointment of a paying agent, or
shall fail to furnish the Trustee with the address thereof, presentations and 

  
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surrenders may be made (subject to the limitations described in the preceding sentence), and Notes may be presented and surrendered for payment, to the Trustee at its main office. 

The Issuer irrevocably consents to service of process on the Issuer by registered or certified mail or hand delivery to the address for
notices to the Issuer specified in Section 14.3. Nothing in this Indenture will affect the right of any party to this Indenture to serve process in any other manner permitted by law. 

The Issuer shall at all times maintain duplicate copies of the Note Registers at the Corporate Trust Office. The Issuer shall give prompt
written notice to the Trustee and the Holders of the appointment or termination of any such agent and of the location and any change in the location of any such office or agency. 

7.3      Cash for Note Payments to be Held in Trust 

All payments of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn from the Payment Account shall be
made on behalf of the Issuer by the Trustee or a Paying Agent. 
 When the Issuer shall have a Paying Agent that is not also a Note
Registrar, it shall furnish, or cause the applicable Note Registrar to furnish, no later than the fifth calendar day after each Record Date a list, if necessary, in such form as such Paying Agent may reasonably request, of the names and addresses of
the Holders and of the certificate numbers of individual Notes held by each such Holder. 
 Whenever the Issuer shall have a Paying Agent
with respect to the Notes other than the Trustee, it shall, on or before the Business Day next preceding each Payment Date or any Mandatory Repayment Date, direct the Trustee to deposit on such Payment Date or Mandatory Repayment Date with such
Paying Agent, if necessary, an aggregate sum sufficient to pay the amounts then becoming due (to the extent funds are then available for such purpose in the Payment Account), such sum to be held in trust for the benefit of the Persons entitled
thereto and (unless such Paying Agent is the Trustee) the Issuer shall promptly notify the Trustee of its action or failure so to act. Any Cash deposited with a Paying Agent (other than the Trustee) in excess of an amount sufficient to pay
the amounts then becoming due on the Notes with respect to which such deposit was made shall be paid over by such Paying Agent to the Trustee for application in accordance with Article 10. 

The initial Paying Agent shall be as set forth in Section 7.2. Any additional or successor Paying Agents shall be appointed by Issuer
Order with written notice thereof to the Trustee. The Issuer shall not appoint any Paying Agent that is not, at the time of such appointment, a depository institution or trust company subject to supervision and examination by Federal and/or State
and/or national banking authorities. The Issuer shall cause each Paying Agent other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee and if the Trustee

  
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acts as Paying Agent, it hereby so agrees, subject to the provisions of this Section 7.3, that such Paying Agent will: 

 

	 (a)	 allocate all sums received for payment to the Holders of Notes for which it acts as Paying Agent on each
Payment Date (including any Mandatory Repayment Date) among such Holders in the proportion specified in the applicable Payment Date Report to the extent permitted by applicable law; 

 

	 (b)	 hold all sums held by it for the payment of amounts due with respect to the Notes in trust for the benefit
of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided; 

 

	 (c)	 if such Paying Agent is not the Trustee, immediately resign as a Paying Agent and forthwith pay to the
Trustee all sums held by it in trust for the payment of Notes if at any time it ceases to meet the standards set forth above required to be met by a Paying Agent at the time of its appointment; 

 

	 (d)	 if such Paying Agent is not the Trustee, immediately give the Trustee notice of any default by the Issuer
(or any other obligor upon the Notes) in the making of any payment required to be made; and 

  

	 (e)	 if such Paying Agent is not the Trustee, during the continuance of any such default, upon the written
request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent. 

 The Issuer may at
any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Issuer Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Issuer or such Paying Agent, such
sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Issuer or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability
with respect to such Cash. 
 Except as otherwise required by applicable law, any Cash deposited with the Trustee or any Paying Agent (with
respect to Notes) in trust for any payment on any Note and remaining unclaimed for two years after such amount has become due and payable shall be paid to the Issuer on Issuer Order; and the Holder of such Note shall thereafter, as an unsecured
general creditor, look only to the Issuer for payment of such amounts (but only to the extent of the amounts so paid to the Issuer) and all liability of the Trustee or such Paying Agent with respect to such trust Cash shall thereupon cease. The
Trustee or such Paying Agent, before being required to make any such release of payment, may, but shall not be required to, adopt and employ, at the expense of the Issuer any reasonable means of notification of such release of payment, including,
but not limited to, mailing notice of such release to Holders whose right to or interest in Cash due and payable but not 

  
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claimed is determinable from the records of any Paying Agent, at the last address of record of each such Holder. 

7.4      Existence of Issuer 
  

	 (a)	 The Issuer shall, to the maximum extent permitted by applicable law, maintain in full force and effect its
existence and rights as a company incorporated under the laws of the Cayman Islands, and shall obtain and preserve its qualification to do business as a foreign entity in each jurisdiction in which such qualifications are or shall be necessary to
protect the validity and enforceability of this Indenture, the Notes, or any of the Collateral; provided that (x) the Issuer shall be entitled to change its jurisdiction of incorporation from the Cayman Islands to any other jurisdiction
reasonably selected by the Issuer so long as (i) the Issuer has received a legal opinion (upon which the Trustee may conclusively rely) to the effect that such change is not disadvantageous in any material respect to the Holders, (ii) the
Issuer has taken all necessary steps to ensure that Trustee’s security interest in the Collateral continues in effect and has received an Opinion of Counsel similar to closing date opinion given by counsel to the Issuer to the effect that,
after giving effect to such change, Trustee has a first priority perfected security interest in the Collateral and that the Issuer shall not be subject to any obligations for payment of Taxes that it would not have been subject to but for such
change of jurisdiction, (iii) written notice of such change shall have been given by the Trustee to the Holders and the Collateral Manager, and (iv) on or prior to the 15th Business Day following receipt of such notice the Trustee shall
not have received written notice from Holders of at least 25% of the Outstanding Notes objecting to such change and (y) the Issuer shall be entitled to take any action required by this Indenture within the United States notwithstanding any
provision of this Indenture requiring the Issuer to take such action outside of the United States so long as prior to taking any such action the Issuer receives a legal opinion from nationally recognized legal counsel to the effect that it is not
necessary to take such action outside of the United States or any political subdivision thereof in order to prevent the Issuer from becoming subject to United States federal, state or local income taxes on a net income basis or any material other
taxes to which the Issuer would not otherwise be subject. 

  

	 (b)	 The Issuer shall ensure that all limited liability company or other formalities regarding its existence
(including holding regular members’, managers’ or other similar meetings) are followed. The Issuer shall not take any action or conduct its affairs in a manner, that is likely to result in its separate existence being ignored (other than
for U.S. Federal income tax purposes) or in its assets and liabilities being substantively consolidated with any other Person in a bankruptcy, reorganization or other insolvency proceeding. Without limiting the foregoing, (i) the Issuer shall
not have any subsidiaries, (ii) the Issuer shall not (A) have any employees, (B) engage in any transaction with any Person that would constitute a conflict of interest (provided that its entering into and performance of its
obligations under the Transaction Documents shall not be 

  
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deemed to be a transaction that would constitute a conflict of interest) or (C) pay distributions to its equity owners other than in accordance with the terms of this Indenture and its
Constitutive Documents and (iii) the Issuer shall (A) maintain books and records separate from any other Person, (B) maintain its accounts separate from those of any other Person, (C) not commingle its assets with those of any
other Person, (D) conduct its own business in its own name, (E) maintain separate financial statements, (F) pay its own liabilities out of its own funds, (G) except as expressly contemplated herein and in the Issuer Contribution
Agreement, maintain an arm’s length relationship with its Affiliates (provided that its relationship with its Affiliates pursuant to the Transaction Documents shall be deemed to be at arm’s length), (H) use separate stationery,
invoices and checks, (I) hold itself out as a separate Person and (J) correct any known misunderstanding regarding its separate identity. 

7.5      Protection of Collateral 
  

	 (a)	 The Issuer will take such action as is necessary to maintain the perfection and priority of the security
interest of the Trustee in the Collateral; provided that the Issuer shall be entitled to rely on any Opinion of Counsel delivered pursuant to Section 7.6 and any Opinion of Counsel with respect to the same subject matter delivered
pursuant to Section 3.1(d) to determine what actions are necessary, and shall be fully protected in so relying on such an Opinion of Counsel, unless the Issuer has actual knowledge that the procedures described in any such Opinion of Counsel
are no longer adequate to maintain such perfection and priority. The Issuer shall from time to time execute and deliver all such supplements and amendments hereto and file or authorize the filing of all such Financing Statements, continuation
statements, instruments of further assurance and other instruments, and shall take such other action as may be necessary or advisable or desirable to secure the rights and remedies of the Holders of the Notes hereunder and to: 

 

	 	   (i)	 Grant more effectively all or any portion of the Collateral; 

 

	 	  (ii)	 maintain, preserve and perfect any Grant made or to be made by this Indenture including, without limitation,
the first priority nature of the lien or carry out more effectively the purposes hereof; 

  

	 	 (iii)	 perfect, publish notice of or protect the validity of any Grant made or to be made by this Indenture
(including any and all actions necessary or desirable as a result of changes in law or regulations); 

  

	 	 (iv)	 enforce any of the Collateral or other instruments or property included in the Collateral;

  
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	 	  (v)	 preserve and defend title to the Collateral and the rights therein of the Trustee and the Holders of the
Notes in the Collateral against the claims of all Persons and parties; or 

  

	 	 (vi)	 pay or cause to be paid any and all taxes levied or assessed upon all or any part of the Collateral.

 The Issuer hereby authorizes the Trustee to prepare and file any Financing Statement, continuation
statement and all other instruments, and take all other actions, required pursuant to this Section 7.5. Such designation shall not impose upon the Trustee, or release or diminish, the Issuer’s obligations under this Section 7.5. The
Issuer further authorizes, and shall cause the Issuer’s United States counsel to file, a Financing Statement that names the Issuer as debtor and the Trustee as secured party and that describes “all personal property of the Debtor now owned
or hereafter acquired, other than ‘Excepted Property’” (and that defines Excepted Property in accordance with its definition herein) or words of similar effect as the Collateral in which the Trustee has a Grant. 

 

	 (b)	 The Issuer shall enforce all of its material rights and remedies under each Transaction Document to which it
is a party. 

  

	 (c)	 Promptly upon obtaining knowledge that security interest granted by the Issuer to the Trustee pursuant to
this Indenture in any Portfolio Asset ceases to be a valid first priority security interest, the Issuer shall notify UBS whether (1) such Portfolio Asset will be secured by such security interest or Lien in, to or on such specified collateral
within a period of not more than 5 Business Days or (2) the Issuer will sell such Portfolio Asset pursuant to Section 12.1(b). 

7.6      Opinions as to Collateral 

On or before May 31 in each calendar year, commencing in 2014, the Issuer shall furnish to the Trustee an Opinion of Counsel relating to
the security interest granted by the Issuer to the Trustee, stating that, as of the date of such opinion, the lien and security interests created by this Indenture with respect to the Collateral remain in effect and that no further action (other
than as specified in such opinion) needs to be taken to ensure the continued effectiveness of such lien over the next year and (ii) the back-up security interest Granted by the Sole Shareholder (or any
Affiliate thereof) to the Issuer and Trustee, stating that, as of the date of such opinions, the lien and security interest created by the Master Participation and Assignment Agreement with respect to the related Portfolio Assets remain in effect
and that no further action (other than as specified in such opinion) needs to be taken to ensure the continued effectiveness of such lien over the next year. 

7.7      Performance of Obligations 
  

	 (a)	 The Issuer shall not take any action that would release any Person from any of such Person’s covenants
or obligations under any instrument included in the 

  
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Collateral, except (i) in the case of enforcement action taken with respect to any Defaulted Obligation in accordance with the provisions hereof or (ii) actions by the Collateral
Manager under the Collateral Management Agreement and in conformity with this Indenture or as otherwise required hereby (including consenting to any amendment or modification to the documents governing any Portfolio Asset); provided, however,
that the Issuer shall not be required to take any action following the release of any Obligor under any Portfolio Asset to the extent such release is completed pursuant to the Underlying Instruments related to such Portfolio Asset in accordance with
their terms. 

  

	 (b)	 The Issuer may, with the prior written consent of each Holder (except in the case of the Collateral
Management Agreement and the Collateral Administration Agreement, in which case no consent shall be required), contract with other Persons, including the Collateral Manager, the Trustee and the Collateral Administrator for the performance of actions
and obligations to be performed by the Issuer hereunder and under the Collateral Management Agreement by such Persons. Notwithstanding any such arrangement, the Issuer shall remain primarily liable with respect thereto. In the event of such
contract, the performance of such actions and obligations by such Persons shall be deemed to be performance of such actions and obligations by the Issuer; and the Issuer will punctually perform, and use their best efforts to cause the Collateral
Manager, the Trustee, the Collateral Administrator and such other Person to perform, all of their obligations and agreements contained in the Collateral Management Agreement, this Indenture, the Collateral Administration Agreement or any such other
agreement. 

 7.8      Negative Covenants 

 

	 (a)	 The Issuer will not at any time from and after the Amendment and Restatement Date: 

 

	 	   (i)	 sell, transfer, exchange or otherwise dispose of, or pledge, mortgage, hypothecate or otherwise encumber (or
permit such to occur or suffer such to exist), any part of the Collateral, except as expressly permitted by this Indenture; 

  

	 	  (ii)	 claim any credit on, make any deduction from, or dispute the enforceability of payment of the principal (or
any other amount) payable in respect of the Notes (other than amounts withheld or deducted in accordance with the Code or any applicable laws of the Cayman Islands or other applicable jurisdiction); 

 

	 	 (iii)	 incur or assume or guarantee any Indebtedness, other than the Notes, this Indenture and the transactions
contemplated hereby; 

  
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	 	  (iv)	 issue any additional class of securities or any additional membership interests; 

 

	 	   (v)	 permit the validity or effectiveness of this Indenture or any Support Document or any Grant hereunder or
thereunder to be impaired, or permit the lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to this Indenture or the Notes
except as may be permitted hereby; 

  

	 	  (vi)	 except as permitted by this Indenture, take any action that would permit the lien of this Indenture not to
constitute a valid first priority security interest in the Collateral; 

  

	 	 (vii)	 amend the Collateral Management Agreement (except pursuant to the terms thereof and Article 15 of this
Indenture) or the Issuer Contribution Agreement; 

  

	 	(viii)	 dissolve or liquidate in whole or in part, except as permitted hereunder or required by applicable law;

  

	 	  (ix)	 other than as otherwise expressly provided herein, pay any distributions other than in accordance with the
Priority of Payments; 

  

	 	   (x)	 permit the formation of any subsidiaries; 

 

	 	  (xi)	 conduct business under any name other than its own; 

 

	 	 (xii)	 have any employees (other than directors to the extent they are employees); 

 

	 	(xiii)	 sell, transfer, exchange or otherwise dispose of Collateral, or enter into an agreement or commitment to do
so or enter into or engage in any business with respect to any part of the Collateral, except as expressly permitted by this Indenture; 

  

	 	(xiv)	 apply proceeds of the issuance of Notes for any purpose other than as described in Section 3.3; or

  

	 	 (xv)	 enter into any Hedge Agreement. 

 

	  (b)	 The Issuer will not be party to any agreements without including customary
“non-petition” and “limited recourse” provisions therein (and shall not amend or eliminate such provisions in any agreement to which it is party), except for any agreements related to the
purchase and sale of any Portfolio Assets or Eligible Investments which contain customary purchase or sale terms or which are documented using customary loan trading documentation. 

  
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	 (c)	 The Issuer may not acquire any of the Notes (including any Notes surrendered or abandoned).

  

	 (d)	 The Issuer shall not hold Cash in any accounts other than the Accounts and shall not permit any Interest
Collections or Principal Collections to be paid into any account except the Collection Account, the Delayed-Draw/Commitment Proceeds Account (solely in accordance with Section 10.3(d)) or the Portfolio Gains Account (solely in accordance with
Section 10.3(f)). In the event that any Interest Collections or Principal Collections are paid to any account other than the Collection Account, the Issuer shall procure that such funds are promptly transferred to the Collection Account.

  

	 (e)	 In the event that, for any reason, the Issuer receives Cash denominated in a
Non-USD Currency (from any source), the Issuer shall promptly exchange (or cause the Trustee to exchange at the spot rate of exchange customarily offered by the Trustee for such purposes) such Cash into
Dollars and credit such USD funds to the appropriate Account. 

  

	 (f)	 The Issuer shall not, without the prior written consent of the Majority Noteholders, accept any contribution
from any Person, other than a capital contribution that is expressly required to be made by the Sole Shareholder under the Issuer Contribution Agreement in accordance with Section 2 or 3 thereof (each Contribution that is made with the prior
written consent of the Majority Noteholders or that is expressly required to be made by the Sole Shareholder under the Issuer Contribution Agreement, a Permitted Contribution). If any contribution is received that is not a Permitted
Contribution, the Issuer shall instruct the Trustee to promptly return such contribution to the Person that made such contribution. For the avoidance of doubt, the foregoing shall be without prejudice to the right of the Issuer to receive, and the
right of the Trustee to credit to the relevant account in accordance with Section 10 hereof, any Interest Collections or Principal Collections received in respect of Portfolio Assets. 

7.9      Statement as to Compliance 

On or before May 31 in each calendar year commencing in 2014, or immediately if there has been a Default under this Indenture, the Issuer
shall deliver to the Trustee (to be forwarded by the Trustee to the Collateral Manager and each Holder making a written request therefor) a certificate of the Issuer that, having made reasonable inquiries of the Collateral Manager, and to the
best of the knowledge, information and belief of the Issuer, there did not exist, as at a date not more than five days prior to the date of the certificate, nor had there existed at any time prior thereto since the date of the last certificate (if
any), any Default hereunder or, if such Default did then exist or had existed, specifying the same and the nature and status thereof, including actions undertaken to remedy the same, and that the Issuer has complied with all of its obligations under
this Indenture or, if such is not the case, specifying those obligations with which it has not complied. 

  
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 7.10    Issuer May Not Consolidate Except on Certain Terms 

The Issuer will not consolidate or merge with or into any other Person or transfer or convey all or substantially all of its assets to any
Person, in each case without the prior consent of each Holder. 
 7.11    Successor Substituted 

Upon any consolidation or merger, or transfer or conveyance of all or substantially all of the assets of the Issuer, in accordance with
Section 7.10 in which the Issuer is not the surviving corporation, the successor entity shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with the same effect as if such Person
had been named as the Issuer herein. In the event of any such consolidation, merger, transfer or conveyance, the Person named as the “Issuer” in the first paragraph of this Indenture or any successor which shall theretofore have become
such in the manner prescribed in this Article 7 may be dissolved, wound up and liquidated at any time thereafter, and such Person thereafter shall be released from its liabilities as obligor and maker on all the Notes and from its obligations
under this Indenture. 
 7.12    No Other Business 

The Issuer shall not have any employees and shall not engage in any business or activity other than issuing, paying and redeeming the Notes
issued pursuant to this Indenture and the Revolving Credit Note Agreement, acquiring, holding, selling, exchanging, redeeming and pledging, solely for its own account, Portfolio Assets, Eligible Investments and any other Collateral, and other
activities incidental thereto, including entering into, and performing its obligations under, the Transaction Documents to which it is a party and other documents contemplated thereby and/or incidental thereto. The Issuer shall not hold itself out
as originating loans, lending funds or securities, making a market in loans or other assets or selling loans or other assets to customers or as willing to enter into, assume, offset, assign or otherwise terminate positions in derivative financial
instruments with customers. The Issuer shall not hold itself out as a derivatives dealer willing to enter into either side of, or to offer to enter into, assume, offset, assign or otherwise terminate positions in (i) interest rate, currency,
equity, or commodity swaps or caps or (ii) derivative financial instruments (including options, forward contracts, short positions and similar instruments) in any commodity, currency, share of stock, partnership or trust, note, bond, debenture
or other evidence of indebtedness, swap or cap. The Issuer shall not amend, or permit the amendment of, its Constitutive Documents without prior written consent of the Trustee and each Holder (unless such amendment could not reasonably be expected
to materially adversely affect any of the Issuer, the Holders, the Collateral or the interests of the Trustee and Issuer therein and notice thereof has been given to the Trustee and the Valuation Agent). 

  
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 7.13    Acquisition of Portfolio Assets 

No Portfolio Asset may be acquired by the Issuer at any time unless (a) such Portfolio Asset, and the acquisition thereof, complies with
the requirements of Section 12.2 or is expressly required or permitted by the Issuer Contribution Agreement, and (b) the purchase of such Portfolio Asset is financed with (i) proceeds of the issuance of the Notes or any additional
issuance pursuant to Section 2.13 (which proceeds shall, pursuant to Section 2.13, be treated as Principal Collections), or (ii) other Principal Collections. 

7.14    Reporting 

At any time when the Issuer is not subject to Section 13 or 15(d) of the Exchange Act and are not exempt from reporting pursuant to Rule 12g3-2(b) under the Exchange Act, upon the request of a Holder or beneficial owner of a Note, the Issuer shall promptly furnish or cause to be furnished Rule 144A Information to such Holder or beneficial owner,
to a prospective purchaser of such Note designated by such Holder or beneficial owner, or to the Trustee for delivery to such Holder or beneficial owner or a prospective purchaser designated by such Holder or beneficial owner, as the case may be, in
order to permit compliance by such Holder or beneficial owner with Rule 144A under the Securities Act in connection with the resale of such Note. “Rule 144A Information” shall be such information as is specified pursuant to Rule
144A(d)(4) under the Securities Act (or any successor provision thereto). 
 7.15    Certain Tax Matters 

 

	 (a)	 The Issuer represents that (i) it is treated as an entity disregarded from its owner, the Sole
Shareholder, for U.S. Federal income tax purposes and (ii) the Sole Shareholder is treated as a U.S. person not classified as a corporation for U.S. Federal tax purposes. The Issuer shall not take any action, and shall not permit or cause the
Sole Shareholder to take any action, that would result in the Issuer being classified other than as a disregarded entity for U.S. Federal tax purposes. 

  

	 (b)	 The Issuer will treat each purchase of Portfolio Assets as a “purchase” for tax accounting and
reporting purposes. 

  

	 (c)	 The Issuer shall file, or cause to be filed, any tax returns, including information tax returns, required by
any governmental authority. 

  

	 (d)	 Notwithstanding anything herein to the contrary, the Collateral Manager, the Issuer, the Trustee, the
Collateral Administrator, the Placement Agent, the Holders and beneficial owners of the Notes and each employee, representative or other agent of those Persons, may disclose to any and all Persons, without limitation of any kind, the U.S. tax
treatment and tax structure of the transactions contemplated by this Indenture and all materials of any kind, including opinions or other tax analyses, that are provided to those Persons. This authorization to disclose the U.S. tax treatment and tax
structure does not permit disclosure of 

  
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information identifying the Collateral Manager, the Issuer, the Trustee, the Collateral Administrator, the Placement Agent, the Holders or any other party to the transactions contemplated by this
Indenture, the issuance and sale of the Notes or the pricing (except to the extent such information is relevant to U.S. tax structure or tax treatment of such transactions). 

 

	 (e)	 Each of the Collateral Manager, the Issuer, the Trustee, the Collateral Administrator, the Holders and each
beneficial owner of the Notes agrees, for U.S. federal income tax purposes, (i) not to treat the Notes as a partnership interest or any other equity interest in the Issuer, (ii) to treat the Issuer as the beneficial owner of the Portfolio
Assets; and to report the investment by the Holders in the Notes consistently with such treatment on all tax and information returns and other written communications with any taxing authority. 

 

	 (f)	 The Issuer shall not be obligated to pay any additional amounts to Holders or beneficial owners of Notes in
respect of any Portfolio Asset as a result of deduction or withholding by an Obligor on such Portfolio Asset for or on account of any present or future taxes, duties, assessments or governmental charges in respect of such Portfolio Asset.

 7.16    Side Letter Security Agreement 

The Issuer shall, at the direction of the Majority Noteholders, exercise its rights and remedies under the Side Letter Security Agreement in
accordance with their instructions. 
 8.        SUPPLEMENTAL INDENTURES 

8.1      Supplemental Indentures Without Consent of Holders of Notes 

 

	 (a)	 Without the consent of any Holders (except any consent required by clause (iii) or (vi) below), but
only with the prior written consent of the Collateral Manager, the Issuer and the Trustee, at any time and from time to time may, with an Opinion of Counsel (which may be based on an Officer’s certificate provided by the Issuer or the
Collateral Manager on behalf of the Issuer) being provided to the Issuer or the Trustee that the Holders of the Notes would not be materially and adversely affected thereby (except in the case of clause (iii) or (vi) below for which no such
Opinion of Counsel shall be required), enter into one or more indentures supplemental hereto, in form reasonably satisfactory to the Trustee, for any of the following purposes: 

 

	 	   (i)	 to evidence the succession of another Person to the Issuer and the assumption by any such successor Person
of the covenants of the Issuer herein and in the Notes; 

  

	 	  (ii)	 to add to the covenants of the Issuer or the Trustee for the benefit of the Secured Parties;

  
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	 	  (iii)	 to convey, transfer, assign, mortgage or pledge any property to or with the Trustee or add to the
conditions, limitations or restrictions on the authorized amount, terms and purposes of the issue, authentication and delivery of the Notes, provided that, if the Holders would be materially and adversely affected by such supplemental
indenture entered into pursuant to this clause (iii), the consent to such supplemental indenture has been obtained from each Holder; 

  

	 	  (iv)	 to evidence and provide for the acceptance of appointment hereunder by a successor Trustee and to add to or
change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Sections 6.9, 6.10 and 6.12 hereof; 

 

	 	   (v)	 to correct or amplify the description of any property at any time subject to the lien of this Indenture, or
to better assure, convey and confirm unto the Trustee any property subject or required to be subjected to the lien of this Indenture (including, without limitation, any and all actions necessary or desirable as a result of changes in law or
regulations, whether pursuant to Section 7.5 or otherwise) or to subject to the lien of this Indenture any additional property; 

  

	 	  (vi)	 to modify the restrictions on and procedures for resales and other transfers of Notes to reflect any changes
in ERISA or other applicable law or regulation (or the interpretation thereof) or to enable the Issuer to rely upon any exemption from registration under the Securities Act or the Investment Company Act or to remove restrictions on resale and
transfer to the extent not required thereunder, provided that, if the Holders of any Class would be materially and adversely affected by such supplemental indenture entered into pursuant to this clause (vi), the consent to such
supplemental indenture has been obtained from each Holder of such Class; 

  

	 	 (vii)	 otherwise to correct any inconsistency or cure any ambiguity, omission or manifest errors in this Indenture;

  

	 	(viii)	 to take any action necessary or advisable to prevent the Issuer or the Trustee from becoming subject to (or
otherwise reducing) withholding or other taxes, fees or assessments, including by achieving FATCA Compliance; 

  

	 	  (ix)	 to change the name of the Issuer in connection with the change in name or identity of the Collateral Manager
or as otherwise required pursuant to a contractual obligation or to avoid the use of a trade name or trademark in respect of which the Issuer does not have a license; 

  
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	 	   (x)	 to amend, modify or otherwise accommodate changes to this Indenture to comply with any rule or regulation
enacted by regulatory agencies of the United States federal government after the Closing Date that are applicable to the Notes or the transactions contemplated by this Indenture; or 

 

	 	  (xi)	 to make any modification or amendment determined by the Issuer or the Collateral Manager (in consultation
with legal counsel of national reputation experienced in such matters) as necessary or advisable (A) for any Class of Notes to not be considered an “ownership interest” as defined for purposes of the Volcker Rule or (B) for
the Issuer to not otherwise be considered a “covered fund” as defined for purposes of the Volcker Rule, in each case so long (1) as any such modification or amendment would not have a material adverse effect on any Class of
Notes, as evidenced by an Opinion of Counsel (which may be supported as to factual (including financial and capital markets) matters by any relevant certificates and other documents necessary or advisable in the judgment of the counsel delivering
the opinion), and (2) such modification or amendment is approved in writing by a supermajority (66 2/3% based on the aggregate principal amount of Notes held by Section 13 Banking Entities) of Holders that are Section 13 Banking
Entities (voting as a single class). 

 8.2      Supplemental Indentures With Consent of Holders of Notes

 The Trustee and the Issuer shall not execute any indenture supplemental hereto to add any provisions to, or change in any manner or
eliminate any of the provisions of, this Indenture or modify in any manner the rights of the Holders of any Class under this Indenture without the written consent of each Holder of such Class and the Collateral Manager, except as otherwise
permitted under Section 8.1. 
 8.3      Execution of Supplemental Indentures 

 

	 (a)	 The Trustee shall join in the execution of any such supplemental indenture and to make any further
appropriate agreements and stipulations which may be therein contained, but the Trustee shall not be obligated to enter into any such supplemental indenture which affects the Trustee’s own rights, duties, liabilities or immunities under this
Indenture or otherwise, except to the extent required by law. 

  

	 (b)	 With respect to any supplemental indenture permitted by Section 8.1, the Trustee and the Issuer shall
be entitled to receive and conclusively rely upon an Opinion of Counsel (stating that the supplemental indenture is authorized or permitted by the Indenture and all conditions precedent have been satisfied) as to matters of law (which does not
include whether or not the Holders of any Class would be materially and adversely affected by a supplemental indenture), which may be supported as to factual (including financial and capital markets) matters by any

  
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relevant certificates and other documents necessary or advisable in the judgment of counsel delivering such Opinion of Counsel) or, with respect to matters of fact (including whether or not the
Holders of any Class would be materially and adversely affected by a supplemental indenture), a certificate of the Issuer, the Collateral Manager, any investment banking firm or other Independent expert familiar with the market for the Notes
pursuant to Section 8.4; provided that, for any supplemental indenture (other than any supplemental indenture entered into pursuant to sub-clauses (iii) and (vi) of Section 8.1(a) for
which the consent of the Holders of the Notes would not otherwise be required except as expressly set forth in such clauses) if Holders of at least 25% of the Outstanding Notes of any Class have provided notice to the Trustee at least one
Business Day prior to the execution of such supplemental indenture that the Holders of such Class would be materially and adversely affected thereby, the Trustee shall not be entitled so to rely upon a certificate of the Issuer, the Collateral
Manager, any investment banking firm or other Independent expert as to whether or not the Holders of such Class would be materially and adversely affected by such supplemental indenture and the Trustee shall not enter into such supplemental
indenture without the prior written consent of each Holder of such Class. Such determination shall be conclusive and binding on all present and future Holders. In executing or accepting the additional trusts created by any supplemental indenture
permitted by this Article 8 or the modifications thereby of the trusts created by this Indenture, the Trustee and the Issuer shall be entitled to receive, and (subject to Sections 6.1 and 6.3) shall be fully protected in relying upon, an
Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture and that all conditions precedent thereto have been satisfied. Neither the Trustee nor the Issuer shall be liable for any
reliance made in good faith upon such an Opinion of Counsel or a certificate of the Issuer, the Collateral Manager, any investment banking firm or other Independent expert pursuant to Section 8.4. 

 

	 (c)	 At the cost of the Issuer, for so long as any Notes shall remain Outstanding, not later than 15 Business
Days prior to the execution of any proposed supplemental indenture pursuant to Section 8.1, the Trustee shall deliver to the Collateral Manager, the Revolving Credit Note Agent, the Collateral Administrator and the Holders a notice attaching a
copy of such supplemental indenture and indicating the proposed date of execution of such supplemental indenture. Following such delivery by the Trustee, if any changes are made to such supplemental indenture other than to correct typographical
errors or to adjust formatting, then at the cost of the Issuer, for so long as any Notes shall remain Outstanding, not later than 5 Business Days prior to the execution of such proposed supplemental indenture (provided that the execution of
such proposed supplemental indenture shall not in any case occur earlier than the date 15 Business Days after the initial distribution of such proposed supplemental indenture pursuant to the first sentence of this Section 8.3(c)), the Trustee
shall deliver to the Collateral Manager, the Revolving Credit Note Agent, the Collateral Administrator and the 

  
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Holders a copy of such supplemental indenture as revised, indicating the changes that were made. At the cost of the Issuer, the Trustee shall provide to the Holders a copy of the executed
supplemental indenture after its execution. Any failure of the Trustee to publish or deliver such copy of the executed supplemental indenture shall not in any way impair or affect the validity of any such supplemental indenture.

  

	 (d)	 It shall not be necessary for any consent or Act of any Holders of Notes to approve the particular form of
any proposed supplemental indenture, but it shall be sufficient, if the consent of any such Holders to such proposed supplemental indenture is required, that such Act or consent shall approve the substance thereof. 

 

	 (e)	 The Issuer agrees that it will not permit to become effective any supplement or modification to this
Indenture which would (i) increase the duties or liabilities of, reduce or eliminate any right or privilege of (including as a result of an effect on the amount or priority of any fees or other amounts payable to the Collateral Manager), or
adversely change the economic consequences to, the Collateral Manager, (ii) modify the restrictions on the Sales of Portfolio Assets or (iii) expand or restrict the Collateral Manager’s discretion, and the Collateral Manager shall not
be bound thereby unless the Collateral Manager shall have consented in advance thereto in writing. 

8.4      Determination of Effect on Holders 
  

	 (a)	 Unless notified prior to the execution of a supplemental indenture by Holders of at least 25% of the
Outstanding Notes of any Class that the Holders of the Notes of such Class would be materially and adversely affected as set forth in Section 8.3(b), the determination of whether any Holder is materially adversely affected by any
proposed supplemental indenture under this Article 8 shall be made based on a certificate of any of the Issuer, the Collateral Manager, any investment banking firm or other Independent expert familiar with the market for the Notes as to the economic
effect of the proposed supplemental indenture. Such determination shall be conclusive and binding on all present and future Holders. 

  

	 (b)	 The Trustee is hereby authorized to join in the execution of any such supplemental indenture and to make any
further appropriate agreements and stipulations which may be therein contained, but the Trustee shall not be obligated to enter into any such supplemental indenture which affects the Trustee’s own rights, duties, liabilities or immunities under
this Indenture or otherwise, except to the extent required by law. 

  

	 (c)	 The Trustee shall not be liable for any such determination made in good faith and in reliance upon any
certificate referred to in Section 8.4(a), if applicable, and an Opinion of Counsel delivered to the Trustee as described in Section 8.3. 

  
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 8.5      Effect of Supplemental Indentures 

Upon the execution of any supplemental indenture under this Article 8, this Indenture shall be modified in accordance therewith, and such
supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Notes theretofore and thereafter authenticated and delivered hereunder shall be bound thereby. 

8.6      Reference in Notes to Supplemental Indentures 

Notes authenticated and delivered, including as part of a transfer, exchange or replacement pursuant to Article 2 of Notes originally
issued hereunder, after the execution of any supplemental indenture pursuant to this Article 8 may, and if required by the Issuer shall, bear a notice in form approved by the Trustee as to any matter provided for in such supplemental indenture.
If the Issuer shall so determine, new Notes, so modified as to conform in the opinion of the Trustee and the Issuer to any such supplemental indenture, may be prepared and executed by the Issuer and, upon Issuer Order, authenticated and delivered by
the Trustee in exchange for Outstanding Notes. 
 9.        MANDATORY REPAYMENT
OF CLASS A-R NOTES 

9.1      Mandatory Repayment 
  

	 (a)	 Except as provided in this Section 9.1 or Section 11.1, the Class A Notes (but not, for the
avoidance of doubt, the Class A-R Notes) shall not be prepaid prior to their Stated Maturity. If, on any date of determination by UBS during a Monthly Period, the Asset Coverage Ratio Test is not
satisfied (as shall be notified by UBS to the Issuer and the Trustee no later than the third Business Day following the Determination Date for such Monthly Period, which notice shall (x) specify the portion of the Outstanding Class A-R Funded Amount that must be repaid in accordance with the Priority of Payments in order for the Asset Coverage Ratio Test to again be satisfied (such aggregated amounts, the “Maximum
Mandatory Repayment Amount” with respect to such Mandatory Repayment) and (y) constitute a “Mandatory Repayment Notice” for purposes hereof), the Issuer shall repay, in whole or in part, the Outstanding Class A-R Funded Amount in an amount equal to the least of (A) the Outstanding Class A-R Funded Amount, (B) the Maximum Mandatory Repayment Amount
specified in the applicable Mandatory Repayment Notice and (C) the aggregate amount of Principal Proceeds that is available to be transferred to the Payment Account from the Principal Collection Subaccount for application on the applicable
Mandatory Repayment Date (any such repayment, a “Mandatory Repayment”) 

  

	 (b)	 Any such repayment of the Class A-R Notes on any Mandatory
Repayment Date shall be paid to Holders of such Class ratably (such that each Holder shall receive an amount equal to the product of (i) the aggregate reduction in the Outstanding Class A-R
Funded Amount as a result of the repayment thereof multiplied by (ii) the quotient (expressed as a percentage) equal to (x) the 

  
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Aggregate Outstanding Amount of Class A-R Notes held by such Holder on the related Record Date divided by (y) the Aggregate Outstanding Amount of
the Class A-R Notes on the related Record Date). 

  

	 (c)	 For the avoidance of doubt, if the portion of the Outstanding
Class A-R Funded Amount repaid on any Mandatory Repayment Date is less than the applicable Maximum Mandatory Repayment Amount due to a deficiency in the aggregate amount of Principal Proceeds that is
available to be transferred to the Payment Account from the Principal Collection Subaccount for application on the applicable Mandatory Repayment Date, such event shall not constitute an Event of Default hereunder but, to the extent that the Asset
Coverage Ratio Test remains unsatisfied on any date of determination by UBS during the next succeeding Monthly Period (whether as a result of the Maximum Mandatory Repayment Amount not having being paid in full or otherwise), UBS shall be entitled
to again deliver a Mandatory Repayment Notice with respect to such next succeeding Monthly Period. 

9.2      Mandatory Repayment Procedures 
  

	 (a)	 Upon its receipt of a Mandatory Repayment Notice, the Trustee shall notify the Collateral Manager and the
Holders of each Class of Notes pursuant to Section 9.2(b). 

  

	 (b)	 Notice of repayment of the Class A-R Notes pursuant to
Section 9.1 shall be given by the Issuer or, upon an Issuer Order, by the Trustee in the name and at the expense of the Issuer to each Holder of Notes and (in the case of the Class A-R Notes) the
Revolving Credit Note Agent no later than one Business Day prior to the applicable Mandatory Repayment Date, at such Holder’s address in the applicable Note Register. Such notice (which may be sent by
e-mail) shall state the portion of the Outstanding Class A-R Funded Amount that is to be repaid on the applicable Mandatory Repayment Date. Failure to give notice
of repayment, or any defect therein, to any Holder of any Note shall not impair or affect the validity of the repayment of any Class A-R Notes or the rights, title, interest or benefit of the Holder of
any Class A-R Note with respect to such Class A-R Note. In the case of the Class A-R Notes, such notice shall be
given by electronic mail to the electronic mail address specified on the Revolving Credit Note Agent’s and the relevant Class A-R Noteholders’ respective signature pages to the Revolving Credit
Note Agreement. 

  

	 (c)	 Notwithstanding anything to the contrary in Article 8, with respect to any repayment (or proposed repayment)
of the Class A-R Notes hereunder, the provisions of this Article 9 (other than the amount payable in respect of any reduction in the Outstanding Class A-R
Funded Amount and the Mandatory Repayment Date) may be waived or modified with the written consent of the Issuer and UBS and, for the avoidance of doubt, without the consent of any Holder. The Trustee shall be fully protected by relying solely on
any such 

  
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written consent (without the need to obtain an opinion of counsel described in Article 8). 

9.3      Class A-R Notes Repayable on Mandatory Repayment Date 

 

	 (a)	 With respect to any Mandatory Repayment, as of the applicable Mandatory Repayment Date, all or the
applicable portion of the Outstanding Class A-R Funded Amount to be repaid pursuant to such Mandatory Repayment shall become due and payable. 

10.      ACCOUNTS, ACCOUNTINGS AND RELEASES 

10.1    Collection of Cash 

Except as otherwise expressly provided herein, the Trustee may demand payment or delivery of, and shall receive and collect, directly and
without intervention or assistance of any fiscal agent or other intermediary, all Cash and other property payable to or receivable by the Trustee pursuant to this Indenture, including all payments due on the Collateral, in accordance with the terms
and conditions of such Collateral. The Trustee shall segregate and hold all such Cash and property received by it in trust for the Holders of the Notes and shall apply it as provided in this Indenture. Each Account shall be established and
maintained with (a) a Federal or state-chartered depository institution rated (1) at least “A-1” by S&P (or at least “A+” by S&P if such institution has no short-term
rating) and if such institution’s rating falls below “A-1” by S&P (or below “A+” by S&P if such institution has no short-term rating), the assets held in such Account shall be
moved within 60 calendar days to another institution that is rated at least “A-1” by S&P (or at least “A+” by S&P if such institution has no short-term rating) and (2) at least
“P-1” by Moody’s (or at least “A1” by Moody’s if such institution has no short-term rating) and if such institution’s rating falls below
“P-1” by Moody’s (or below “A1” by Moody’s if such institution has no short-term rating), the assets held in such Account shall be moved within 60 calendar days to another
institution that is rated at least “P-1” by Moody’s (or at least “A1” by Moody’s if such institution has no short-term rating) or (b) in segregated securities accounts with
the corporate trust department of a Federal or state-chartered deposit institution subject to regulations regarding fiduciary funds on deposit similar to Title 12 of the Code of Federal Regulation Section 9.10(b). Such institution shall have a
combined capital and surplus of at least U.S.$200,000,000. All Cash deposited in the Accounts shall be invested only in Eligible Investments or Portfolio Assets in accordance with the terms of this Indenture. To avoid the consolidation of the
Collateral of the Issuer with the general assets of the Bank under any circumstances, the Trustee shall comply, and shall cause the Custodian to comply, with all law applicable to it as a national bank with trust powers holding segregated trust
assets in a fiduciary capacity; provided that the foregoing shall not be construed to prevent the Trustee or Custodian from investing the Collateral of the Issuer in Eligible Investments described in clause (ii) of the definition thereof that
are obligations of the Bank. 

  
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 10.2    Collection Account 

 

	 (a)	 In accordance with this Indenture and the Issuer Account Control Agreement, the Trustee shall, prior to the
Amendment and Restatement Date, cause to be established by the Custodian three segregated securities accounts, one of which will be designated the “Interest Collection Subaccount”, one of which will be designated the
“Principal Collection Subaccount” and one of which will be designated the “Sold PI Loan Collection Subaccount” (and which together will comprise the Collection Account), each in the name of the Issuer, each of which
(other than the Sold PI Loan Collection Subaccount) subject to the security interest of U.S. Bank National Association, as Trustee, for the benefit of the Secured Parties and each of which shall be maintained with the Custodian and in the case of
the Collection Account (other than the Sold PI Loan Collection Subaccount) in accordance with the Issuer Account Control Agreement. The Trustee shall from time to time deposit into the Interest Collection Subaccount, in addition to the deposits
required pursuant to Section 10.4(a), immediately upon receipt thereof or upon transfer from the Expense Account or Payment Account, (i) all proceeds received from the disposition of any Collateral to the extent such proceeds constitute
“Interest Collections” and (ii) all other Interest Collections. The Issuer (or the Collateral Manager on its behalf) shall promptly identify in writing to the Trustee the identity of any Loans which becomes a Sold Participation
Interest Loan and the MPA Counterparty in respect thereof, and the Trustee shall be entitled to receive and rely upon any directions requested from the Collateral Manager regarding the designation of the Sold PI Loan Collections thereon. The Trustee
shall deposit immediately upon receipt thereof all Sold PI Loan Collections remitted to the Collection Account into the Sold PI Loan Collection Subaccount. The Trustee shall deposit immediately upon receipt thereof all other amounts (other than
those referred to in the forgoing three sentences) remitted to the Collection Account into the Principal Collection Subaccount, including (w) the deposits required pursuant to Section 10.4(a), (x) all Principal Collections (unless
simultaneously reinvested in additional Portfolio Assets in accordance with Section 10.2(c) and Article 12 or in Eligible Investments), (y) all amounts contributed in the form of Cash by the Sole Shareholder pursuant to Section 3 of the
Issuer Contribution Agreement which are required pursuant to the terms thereof to be deposited in the Principal Collection Subaccount, and (z) all cash proceeds of issuance of the Notes. All Cash deposited from time to time in the Collection
Account pursuant to this Indenture shall be held by the Trustee as part of the Collateral and shall be applied to the purposes herein provided or to make withdrawals at the direction of the Collateral Manager from the Principal Collection Subaccount
for deposit in the Portfolio Gains Account as required pursuant to Section 3 of the Issuer Contribution Agreement. Subject to Section 10.2(c), amounts in the Collection Account (other than the Sold PI Loan Collection Subaccount) shall be
reinvested pursuant to Section 10.4(a). Amounts in the Sold PI Loan Collection Subaccount shall remain uninvested. 

  
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	 (b)	 The Trustee, within one Business Day after receipt of any distribution or other proceeds in respect of the
Collateral which are not Cash, shall so notify the Issuer and the Valuation Agent, and the Issuer shall use its commercially reasonable efforts to, within five Business Days after receipt of such notice from the Trustee (or as soon as practicable
thereafter), sell such distribution or other proceeds for Cash in an arm’s length transaction and deposit the proceeds thereof in the Collection Account; provided that the Issuer need not be required to sell such distributions or other
proceeds if it delivers an Issuer Order or an Officer’s certificate to the Trustee and the Valuation Agent certifying that such distributions or other proceeds constitute (i) Portfolio Assets that would have satisfied the requirements of
Section 12.2 on the date of receipt thereof had they been acquired directly by the Issuer or (ii) Eligible Investments. 

  

	 (c)	 The Collateral Manager on behalf of the Issuer may by Issuer Order direct the Trustee to, and upon receipt
of such Issuer Order the Trustee shall, withdraw funds on deposit in the Principal Collection Subaccount representing Principal Collections (together with Interest Collections but only to the extent used to pay for accrued interest or capitalized
interest on an additional Portfolio Asset) and reinvest such funds in additional Portfolio Assets or exercise a warrant held in the Collateral, in each case in accordance with the requirements of Article 12 and such Issuer Order.

  

	 (d)	 At any time, the Collateral Manager on behalf of the Issuer may by Issuer Order direct the Trustee to, and
upon receipt of such Issuer Order the Trustee shall, withdraw funds on deposit in the Principal Collection Subaccount representing Principal Collections and deposit such funds in the Delayed-Draw/Committed Proceeds Account to the extent necessary
for the Issuer to comply with funding requirements on Delayed-Draw Loans and Committed Proceeds Assets. 

  

	 (e)	 The Collateral Manager on behalf of the Issuer may by Issuer Order direct the Trustee to, and upon receipt
of such Issuer Order the Trustee shall, pay from amounts on deposit in the Principal Collection Subaccount on any Business Day during any Monthly Period any amount required to exercise a warrant or right to acquire securities held in the Collateral
in accordance with the requirements of Article 12 and such Issuer Order. 

  

	 (f)	 The Trustee shall transfer to the Payment Account, from the Collection Account (other than the Sold PI Loan
Collection Subaccount), for application pursuant to Section 11.1(a), no later than the close of business on the Business Day immediately preceding each Payment Date and any Mandatory Repayment Date, the amount of Interest Collections and
Principal Collections set forth to be so transferred in the Payment Date Report for such Payment Date or Mandatory Repayment Date; provided that the aggregate amount of Principal Collections so transferred for application to the repayment of
principal of the Class A-R Notes on any Mandatory Repayment Date shall not exceed the portion of the 

  
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Outstanding Class A-R Funded Amount being repaid on such Mandatory Repayment Date pursuant to Article 9. 

 

	 (g)	 The Trustee shall, at the direction of the Issuer (or the Collateral Manager on behalf of the Issuer) and
pursuant to and in accordance with Section 2.5(e) of the Revolving Credit Note Agreement, be permitted to transfer the amount of any permitted repayments under the Revolving Credit Note Agreement (including, without limitation, as a result of
any Mandatory Repayment) from the Principal Collection Subaccount to the relevant Class A-R Noteholder’s Class A-R Prepayment Account (or to such account
or accounts as such Class A-R Noteholder shall otherwise direct the Trustee in writing). 

  

	 (h)	 Notwithstanding anything to the contrary in this Section 10.2 and regardless of whether a Default or
Event of Default has occurred and is continuing, the Collateral Manager, on behalf of the Issuer, hereby directs the Trustee to, and the Trustee shall, within one Business Day after receipt of Sold PI Loan Collections, pay such Sold PI Loan
Collections to the relevant MPA Counterparty. The Issuer (or the Collateral Manager on its behalf) shall provide, or cause to be provided, to the Trustee all necessary wiring instructions and other relevant information necessary for such
distributions. 

 10.3    Transaction Accounts 

 

	 (a)	 Payment Account. In accordance with this Indenture and the Issuer Account Control Agreement, the
Trustee shall, prior to the Closing Date, cause to be established by the Custodian a single, segregated non-interest bearing securities account in the name of the Issuer, subject to the security interest of
U.S. Bank National Association, as Trustee, for the benefit of the Secured Parties, which shall be designated as the Payment Account, which shall be maintained with the Custodian in accordance with the Issuer Account Control Agreement. The only
permitted withdrawal from or application of funds on deposit in, or otherwise to the credit of, the Payment Account shall be to pay amounts due and payable on the Notes in accordance with their terms and the provisions of this Indenture. The Issuer
shall not have any legal, equitable or beneficial interest in the Payment Account. Amounts in the Payment Account shall remain uninvested. 

  

	 (b)	 Custodial Accounts. In accordance with this Indenture and the Issuer Account Control Agreement, the
Trustee shall, prior to the Closing Date, cause to be established by the Custodian a single, segregated non-interest bearing securities account in the name of the Issuer, subject to the security interest of
U.S. Bank National Association, as Trustee, for the benefit of the Secured Parties, which shall be designated as the Custodial Account, which shall be maintained with the Custodian in accordance with the Issuer Account Control Agreement. All
Portfolio Assets shall be credited to the Custodial Account. The only permitted withdrawals from the Custodial Account shall be in accordance with the provisions of this Indenture. The Trustee agrees to give the Issuer immediate

  
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notice if (to the actual knowledge of a Trust Officer of the Trustee) the Custodial Account or any assets or securities on deposit therein, or otherwise to the credit of the Custodial
Account, shall become subject to any writ, order, judgment, warrant of attachment, execution or similar process. 

  

	 (c)	 Expense Account. In accordance with this Indenture and the Issuer Account Control Agreement, the
Trustee shall, prior to the Closing Date, cause to be established by the Custodian a single, segregated non-interest bearing securities account in the name of the Issuer, subject to the security interest of
U.S. Bank National Association, as Trustee, for the benefit of the Secured Parties, which shall be designated as the Expense Account, which shall be maintained with the Custodian in accordance with the Issuer Account Control Agreement. From time to
time after the Amendment and Restatement Date, Required Expense Equity Contributions contributed by the Sole Shareholder to the Issuer pursuant to the Issuer Contribution Agreement as a result of a Expense Contribution Event (as defined in the
Issuer Contribution Agreement) shall be deposited into the Expense Account for use pursuant to this Section 10.3(c), at the times and in the amounts set forth in Section 2 of the Issuer Contribution Agreement. On any Business Day from and
including the Closing Date, the Trustee shall apply funds from the Expense Account, as directed by the Collateral Manager, (A) to pay expenses of the Issuer incurred in connection with the establishment of the Issuer and the structuring and
consummation of the Offering and the issuance of the Notes and (B) from time to time to pay accrued and unpaid Administrative Expenses of the Issuer. All funds on deposit in the Expense Account will be invested in Eligible Investments at the
direction of the Collateral Manager. Any income earned on amounts deposited in the Expense Account will be deposited in the Expense Account upon receipt thereof. All amounts remaining on deposit in the Expense Account at the time when substantially
all of the assets of the Issuer have been sold or otherwise disposed of will be deposited by the Trustee into the Principal Collection Subaccount for application as Principal Collections on the immediately succeeding Payment Date. For the avoidance
of doubt, no amount standing to the credit of the Expense Account may be transferred to any other Account until substantially all of the assets of the Issuer have been sold or otherwise disposed of. If on any date the Trustee obtains knowledge (or
is notified by the Collateral Manager or the Valuation Agent) that the aggregate Administrative Expenses payable at any time during a Monthly Period exceeds, or will exceed, the sum of Cash and Eligible Investments then credited to the Expense
Account, the Trustee shall so inform the Collateral Manager, the Valuation Agent and the Sole Shareholder and the Sole Shareholder shall be required, pursuant to the Issuer Contribution Agreement and within one Business Day of such notification, to
make a Required Expense Equity Contribution to the Issuer and the Trustee shall credit any such contribution payment to the Expense Account. The Issuer shall direct the Trustee to deposit into the Expense Account all Required Expense Equity
Contribution amounts received by the Issuer pursuant to Section 2 of the Issuer Contribution Agreement. 

  
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 In connection with the application of funds from the Expense Account to pay
Administrative Expenses of the Issuer, as the case may be, in accordance with this Section 10.3(c), the Trustee shall remit such funds, to the extent available, as directed and designated in an Issuer Order (which may be in the form of standing
instructions, including standing instructions to pay Administrative Expenses in such amounts on any Payment Date and to such entities as indicated in the Payment Date Report in respect of such Payment Date) delivered to the Trustee no later than the
Business Day prior to the date of payment of such Administrative Expense. 
  

	 (d)	 Delayed-Draw/Committed Proceeds Account. Upon the purchase of any Delayed-Draw Loan or Committed
Proceeds Asset not listed on Schedule 1 hereto, funds in an amount equal to the sum of (i) the amounts required to fund the purchase of such Committed Proceeds Asset or (ii) the undrawn portion of any such Delayed-Draw Loan, as the case
may be, shall be withdrawn from the Principal Collection Subaccount and deposited by the Trustee in a single, segregated non-interest bearing trust account established at the Custodian and held in the name of
the Issuer subject to the security interest of the Trustee for the benefit of the Secured Parties (the Delayed Draw/Committed Proceeds Account). On the Closing Date, a portion of the proceeds of the Notes in an amount equal to
U.S.$19,250,000 (being the aggregate amount equal to the sum of (i) the amounts required to fund the purchase of the Committed Proceeds Assets listed in Schedule 1 hereto and (ii) the undrawn portion of the Delayed-Draw Loans listed in
Schedule 1 hereto) shall be deposited in the Delayed-Draw/Committed Proceeds Account. 

 Upon the purchase
of any Delayed-Draw Loan or Committed Proceeds Asset, funds deposited in the Delayed Draw/Committed Proceeds Account in respect of any such Portfolio Asset will be treated as part of the purchase price therefor. Amounts on deposit in the Delayed
Draw/Committed Proceeds Account will be invested in Eligible Investments selected by the Collateral Manager having stated maturities no later than the next Business Day immediately succeeding the date such Eligible Investment was acquired and
earnings from all such investments will be deposited in the Interest Collection Subaccount as Interest Collections. 
 Any
funds in the Delayed Draw/Committed Proceeds Account (other than earnings from Eligible Investments therein) will be available solely to cover (i) with respect to any Delayed-Draw Loan, drawdowns thereunder and (ii) with respect to any
Committed Proceeds Asset, the payment of the purchase price (and related acquisition costs, as applicable) therefor; provided that on any date of determination, any excess of (A) the amounts on deposit in the Delayed Draw/Committed
Proceeds Account over (B) the sum of (I) the aggregate unfunded funding obligations under all Delayed-Draw Loans (which excess may occur for any reason, including upon (i) the sale or maturity of a Delayed-Draw Loan, (ii) the
occurrence of an event of default with respect to any such Delayed-Draw Loan and the termination of any commitment to fund obligations thereunder 

  
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or (iii) any other event or circumstance which results in the irrevocable reduction of the undrawn commitments under such Delayed-Draw Loan) and (II) the aggregate amount required to
fund the acquisition of the Committed Proceeds Assets pursuant to the terms of the Committed Proceeds Transactions, may be transferred by the Trustee (at the written direction of the Collateral Manager on behalf of the Issuer) from time to time
as Principal Collections to the Principal Collection Subaccount. 
  

	 (e)	 Class A-R Prepayment Account. If required
to do so pursuant to the terms of the Revolving Credit Note Agreement, the Trustee shall cause to be established and maintained by the Custodian a single, segregated non-interest bearing securities account,
which shall be designated as a Class A-R Prepayment Account, for each Class A-R Noteholder that elects from time to time to prepay (in whole or in part) its
Remaining Unfunded Facility Commitment, which securities account shall be established in the name of the Trustee as Entitlement Holder in trust for the benefit of the Issuer and such Class A-R Noteholder.
The Trustee shall deposit any amounts received from a Class A-R Noteholder to prepay (in whole or in part) its Remaining Unfunded Facility Commitment and all proceeds received from the issuance of such Class A-R Noteholder’s Class A-R Notes into such Class A-R Noteholder’s
Class A-R Prepayment Account. 

 The Trustee shall, pursuant
to the written directions of a Class A-R Noteholder, invest and reinvest funds standing to the credit of such Class A-R Noteholder’s Class A-R Prepayment Account in Eligible Investments. 
 Funds and other property on
deposit in any Class A-R Prepayment Account shall only be withdrawn from such account, or paid or transferred to the relevant Class A-R Noteholder with respect
to such account, pursuant to and in accordance with the Revolving Credit Note Agreement, and shall not be available to the Issuer for payments to any Secured Parties other than such Class A-R Noteholder.

 With respect to any Holder of Class A-R Notes that has deposited its Class A-R Commitment Amount in a Class A-R Prepayment Account pursuant to the Revolving Credit Note Agreement, on each Payment Date and without regard to the
Priority of Payments, the Trustee shall pay directly to such Class A-R Noteholder any Eligible Investment Income received on Eligible Investments standing to the credit of the Class A-R Prepayment Account of such Holder during the preceding Due Period. Eligible Investment Income in a Class A-R Prepayment Account shall not be transferred to
the Interest Collection Account or treated as Interest Proceeds. None of the Issuer or the Noteholders other than the related Holder of Class A-R Notes shall have any rights to the amounts in a Class A-R Prepayment Account except to satisfy the obligations of the related Holder under the Class A-R Notes to the Issuer. 

  
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 The Class A-R Noteholder Prepayment
Account and the income arising in such account shall be treated for U.S. Federal, state and local tax purposes as the property and the income of the Class A-R Noteholder. 

 

	 (f)	 Portfolio Gains Account. In accordance with this Indenture, the Trustee shall, prior to the
Amendment and Restatement Date, cause to be established by the Custodian a single, segregated securities account in the name of the Issuer, which shall be designated as the “Portfolio Gains Account”, which shall be maintained with
the Custodian. From time to time after the Amendment and Restatement Date, the Trustee shall, at the direction of the Collateral Manager, on behalf of the Issuer, and for use pursuant to this Section 10.3(f), transfer from the Principal
Collection Subaccount such amounts as are required to be deposited in the Portfolio Gains Account pursuant to Section 3 of the Issuer Contribution Agreement. No deposits shall be made into the Portfolio Gains Account other than those expressly
contemplated by Section 3 of the Issuer Contribution Agreement. On any Business Day from and including the Amendment and Restatement Date, the Trustee shall apply funds from the Portfolio Gains Account, as directed by the Collateral Manager on
behalf of the Sole Shareholder from time to time, (A) to make payments to the Sole Shareholder or (B) to make deposits into the Principal Collection Subaccount in satisfaction of the Sole Shareholder’s contribution obligations under
Section 3 of the Issuer Contribution Agreement. All funds on deposit in the Portfolio Gains Account may be invested in Eligible Investments at the direction of the Collateral Manager on behalf of the Sole Shareholder. Any income earned on
amounts deposited in the Portfolio Gains Account will be deposited in the Portfolio Gains Account upon receipt thereof. All amounts remaining on deposit in the Portfolio Gains Account after all expenses (and anticipated expenses) and the Notes have
been paid in full or otherwise terminated, will be distributed to the Sole Shareholder. So long as no Default or Event of Default has occurred and is continuing, amounts credited to the Portfolio Gains Account shall be distributed to the Sole
Shareholder within one Business Day after the Trustee’s receipt of the Collateral Manager’s instruction to do so. For the avoidance of doubt, prior to the payment in full or other termination of the Notes, except as contemplated in sub-clause (B) above, no amount standing to the credit of the Portfolio Gains Account may be transferred to the Principal Collection Subaccount, the Interest Collection Subaccount, the Sold PI Loan Collection
Subaccount, the Payment Account or the Custodial Account. For the avoidance of doubt, the Portfolio Gains Account is not subject to the security interest of U.S. Bank National Association, as Trustee, for the benefit of the Secured Parties.

 10.4    Reinvestment of Funds in Accounts; Reports by Trustee 

 

	 (a)	 By Issuer Order (which may be in the form of standing instructions), the Issuer (or the Collateral Manager
on behalf of the Issuer) shall at all times direct the Trustee to, and, upon receipt of such Issuer Order, the Trustee shall, invest all funds on deposit in the Interest Collection Subaccount, the Principal Collection

  
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Subaccount, the Portfolio Gains Account, and the Expense Account (other than Principal Collections reinvested in Portfolio Assets pursuant to Section 10.2(c)) as so directed in Eligible
Investments having stated maturities no later than the Business Day preceding the next Payment Date (or such shorter maturities expressly provided herein). If prior to the occurrence of an Event of Default, the Issuer shall not have given any such
investment directions, the Trustee shall seek instructions from the Collateral Manager within three Business Days after transfer of any funds to such accounts. If the Trustee does not thereafter receive written instructions from the Collateral
Manager within five Business Days after transfer of such funds to such accounts, it shall invest and reinvest the funds held in such accounts, as fully as practicable, but only in one or more Eligible Investments of the type described in clause
(ii) of the definition of “Eligible Investments” maturing no later than the Business Day immediately preceding the next Payment Date (or such shorter maturities expressly provided herein). If after the occurrence of an Event of
Default, the Issuer shall not have given such investment directions to the Trustee for three consecutive days, the Trustee shall invest and reinvest such Cash as fully as practicable in Eligible Investments of the type described in clause
(ii) of the definition of “Eligible Investments” maturing not later than the earlier of (i) 30 days after the date of such investment (unless putable at par to the Obligor thereof) or (ii) the Business Day
immediately preceding the next Payment Date (or such shorter maturities expressly provided herein). Except to the extent expressly provided otherwise herein, all Eligible Investments shall be credited to the same Account (or subaccount, as the case
may be) from which Cash was applied to acquire such Eligible Investment, all interest and other income from such Eligible Investment shall be deposited in such Account (or subaccount) and any gain realized from, or loss resulting from, such Eligible
Investment shall be credited or charged to such Account (or subaccount). The Trustee shall not in any way be held liable by reason of any insufficiency of such accounts which results from any loss relating to any such investment, provided
that nothing herein shall relieve the Bank of (i) its obligations or liabilities under any security or obligation issued by the Bank or any Affiliate thereof or (ii) liability for any loss resulting from gross negligence, willful
misconduct or fraud on the part of the Bank or any Affiliate thereof. 

  

	 (b)	 The Trustee agrees to give the Issuer immediate notice if any Account or any funds on deposit in any
Account, or otherwise to the credit of an Account, shall become subject to any writ, order, judgment, warrant of attachment, execution or similar process. 

  

	 (c)	 The Trustee shall supply, in a timely fashion, to the Issuer, the Valuation Agent, each Holder and the
Collateral Manager any information regularly maintained by the Trustee that the Issuer, the Valuation Agent, each Holder or the Collateral Manager may from time to time reasonably request with respect to the Portfolio Assets, the Accounts and the
other Collateral and provide any other requested 

  
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information reasonably available to the Trustee by reason of its acting as Trustee hereunder and under the other Transaction Documents to which it is party and required to be provided by
Section 10.5 or to permit the Collateral Manager to perform its obligations under the Collateral Management Agreement or the Issuer’s obligations hereunder that have been delegated to the Collateral Manager. The Trustee shall promptly
forward to the Collateral Manager, each Holder and the Valuation Agent copies of notices and other writings received by it from the Obligor of any Portfolio Asset or from any Clearing Agency with respect to any Portfolio Asset which notices or
writings advise the holders of such Portfolio Asset of any rights that the holders might have with respect thereto (including, without limitation, requests to vote with respect to amendments or waivers and notices of prepayments and
redemptions) as well as all periodic financial reports received from such Obligor and Clearing Agencies with respect to such Obligor. 

  

	 (d)	 In addition to any credit, withdrawal, transfer or other application of funds with respect to any Account
set forth in Article 10, any credit, withdrawal, transfer or other application of funds with respect to any Account authorized elsewhere in this Indenture is hereby authorized. 

 

	 (e)	 Any account established under this Indenture may include any number of subaccounts deemed necessary or
advisable by the Trustee in the administration of the Accounts. 

 10.5    Accountings 

 

	 (a)	 Payment Date Report. Not later than the eighth Business Day after the last day of each Monthly Period
and commencing in July 2019, the Issuer shall compile and make available (or cause the Collateral Administrator to compile and make available) to the Trustee, the Collateral Manager, the Valuation Agent and, upon written request therefor, to any
Holder shown on the Note Registers, a monthly payment date report on a trade date basis (each such report a Payment Date Report). The first Payment Date Report shall be delivered in July 2019 as described above and shall be determined
with respect to the Monthly Period ending in June 2019 and the Monthly Period ending in July 2019. The Payment Date Report for a calendar month shall contain the following information with respect to the Portfolio Assets and Eligible Investments
included in the Collateral, and shall be determined as of the Determination Date for such calendar month: 

  

	 	 (i)	 A schedule titled “Distributions” showing: (A) The Aggregate Outstanding Amount of the
Class A Notes at the beginning of the Monthly Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Notes; (B) the Outstanding Class A-R Funded Amount at the
beginning of the Monthly Period; (C) Interest Collections payable to the Sole Shareholder by way of dividend on the next Payment 

  
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Date; and (D) the amount of Outstanding Class A-R Funded Amount (if any) to be repaid on the next Payment Date. 

 

	 	   (ii)	 The amounts payable pursuant to each clause of Section 11.1(a)(i), each clause of
Section 11.1(a)(ii) and each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date. 

  

	 	 (iii)	 For the Collection Account: 

 

	 	(A)	 the Balance on deposit in the Collection Account at the end of the related Monthly Period;

  

	 	(B)	 the amounts of (x) Interest Collections payable to the Sole Shareholder from the Interest Collection
Subaccount and (y) Principal Collections payable from the Principal Collection Subaccount, in each case to the Payment Account in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date;
and 

  

	 	(C)	 the Balance remaining in the Collection Account immediately after all payments and deposits to be made on
such Payment Date. 

 Upon receipt of each Payment Date Report, the Trustee shall compare the information
contained in such Payment Date Report to the information contained in its records with respect to the Collateral and shall, within three Business Days after receipt of such Payment Date Report, notify the Issuer, the Collateral Administrator, the
Valuation Agent, the Revolving Credit Note Agent, and the Collateral Manager if the information contained in the Payment Date Report does not conform to the information maintained by the Trustee with respect to the Collateral. In the event that any
discrepancy exists, the Trustee and the Issuer, or the Collateral Manager on behalf of the Issuer, shall attempt to resolve the discrepancy. If such discrepancy cannot be promptly resolved, the Trustee shall within five Business Days notify the
Collateral Manager and the Valuation Agent, and the Valuation Agent shall review such Payment Date Report and the Trustee’s records to determine the cause of such discrepancy. If such review reveals an error in the Payment Date Report or the
Trustee’s records, the Payment Date Report or the Trustee’s records shall be revised accordingly and, as so revised, shall be utilized in making all calculations pursuant to this Indenture and notice of any error in the Payment Date Report
shall be sent as soon as practicable by the Issuer to all recipients of such report which may be accomplished by making a notation of such error in the subsequent Payment Date Report. 

Each Payment Date Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or
transfer such amounts set forth in such Payment Date Report in the manner specified and in accordance with the priorities established in Section 11.1. 

  
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	 (b)	 With respect to each Mandatory Repayment Date, the Payment Date Report in respect of the Payment Date on
which the applicable Mandatory Repayment is scheduled to occur shall also include the amount of principal payments to be made on the Class A-R Notes on the Mandatory Repayment Date, and the Aggregate
Outstanding Amount of the Class A-R Notes after giving effect to the repayment of the Outstanding Class A-R Funded Amount, as a percentage of the original
Aggregate Outstanding Amount of the Class A-R Notes. 

  

	 (c)	 Daily Reporting. Not later than 12:00 p.m. on each Business Day, the Issuer shall cause the
Collateral Administrator to compile and make available to the Trustee, the Revolving Credit Note Agent, the Collateral Manager, the Valuation Agent and, upon written request therefor, any Holder shown on the Note Registers, a daily report in a form
agreed to by the parties (each such report, a Daily Report). The Daily Report shall contain the following information: 

  

	 	  (i)	 (x) The Aggregate Principal Balance of Portfolio Assets and (y) with respect to each Account,
(I) the Aggregate Principal Balance of Eligible Investments and (II) the Cash balance thereof; 

  

	 	 (ii)	 For each Account, the cash balance of, the Eligible Investments credited to, and each credit or debit
(specifying the nature, source and amount); 

  

	 	(iii)	 A schedule showing the amount of Interest Collections received from the date of determination of the
immediately preceding Payment Date Report for (A) Interest Collections from Portfolio Assets (with any Interest Collections consisting of Realized Gains reflected as a separate line item) and (B) Interest Collections from Eligible
Investments (with any Interest Collections consisting of Realized Gains reflected as a separate line item); 

  

	 	(iv)	 A schedule titled “Distributions” showing: (A) The Aggregate Outstanding Amount of the
Class A Notes and such amount as a percentage of the original Aggregate Outstanding Amount of the Notes; (B) (1) the Outstanding Class A-R Funded Amount, (2) the Outstanding Class A-R Funded Amount as a percentage of the original Aggregate Outstanding Amount of the Class A-R Notes, (3) the
Class A-R Commitment Amount with respect to each Class A-R Noteholder and (4) the amount of the Remaining Unfunded Facility Commitment; and (C) the
Interest Collections payable to the Sole Shareholder on the next Payment Date; 

  

	 	 (v)	 Purchases, prepayments, and sales: 

 

	 	(A)	 The identity, Principal Balance (other than any accrued interest that was purchased with Principal
Collections (but excluding any capitalized interest)), Principal Collections and Interest Collections received, and date for (X) each Portfolio Asset that was released 

  
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for sale or disposition by the Issuer (and the identity and Principal Balance of each Portfolio Asset which the Issuer has entered into a commitment to sell or dispose) pursuant to
Section 12.1 since the end of the last Monthly Period and (Y) each prepayment or redemption of a Portfolio Asset since the end of the last Monthly Period; and 

 

	 	(B)	 The identity, Principal Balance, Principal Collections and Interest Collections expended, and date for each
Portfolio Asset that was purchased by the Issuer (and the identity and Purchase Price of each Portfolio Asset which the Issuer has entered into a commitment to purchase) since the end of the last Monthly Period. 

 

	 	    (vi)	 Trade Date; 

  

	 	   (vii)	 Settlement Date; 

 

	 	  (viii)	 Trade Type; 

  

	 	    (ix)	 Par Amount; 

  

	 	     (x)	 Trade Price; 

  

	 	    (xi)	 Counter Bank Name; 

 

	 	   (xii)	 Trade Amount; 

  

	 	  (xiii)	 Trade Quantity; 

  

	 	  (xiv)	 Trade Settled; 

  

	 	   (xv)	 Accrued Interest; 

 

	 	  (xvi)	 Facility Original Amount Global; 

 

	 	 (xvii)	 Rate Type (fixed versus floating); 

 

	 	(xviii)	 Par Amount Traded; 

 

	 	  (xix)	 Par Amount Settled; 

 

	 	   (xx)	 Commitment Settled; 

 

	 	  (xxi)	 Commitment Traded; 

 

	 	 (xxii)	 Outstanding Settled; 

 

	 	(xxiii)	 Moody’s rating; 

  
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	 	(xxiv)	 S&P rating; 

  

	 	 (xxv)	 With respect to any Portfolio Asset not included in Schedule 1 hereto, the following information:

  

	 	(A)	 The Obligor(s) thereon (including the issuer ticker, if any); 

 

	 	(B)	 The CUSIP or security identifier thereof; 

 

	 	(C)	 The Principal Balance thereof (other than any accrued interest that was purchased with Principal Collections
(but excluding any capitalized interest)) with any capitalized interest reflected as a separate line item; 

  

	 	(D)	 The related interest rate or spread (including any applicable LIBOR floors), the related interest payment
period (quarterly, semi-annually, etc.) and if interest may be capitalized; 

  

	 	(E)	 The stated maturity thereof; 

 

	 	(F)	 The related Moody’s Industry Classification; 

 

	 	(G)	 [Reserved]; 

  

	 	(H)	 The country of domicile of the Portfolio Asset Obligor; 

 

	 	(I)	 An indication as to whether each such Portfolio Asset (1) is a Senior Secured Loan, (2) is a
Second Lien Loan, (3) is a Defaulted Obligation, (4) is a DIP Loan, (5) is a Cov-Lite Loan; (6) pays interest less frequently than quarterly; (7) is an unsecured Loan; (8) is a
Deferrable Security; (9) is an Eligible Participation Interest (including the name of the applicable Selling Institution); (10) a Senior Secured (Type I) Loan; (11), a Senior Secured (Type I CL) Loan; (12) a Senior Secured (Type II) Loan;
(13) a Senior Secured (Type III) Loan; (14) a Senior Secured (Type IV) Loan; (15) a Senior Secured Last Out (Type I) Loan; (16) a Senior Secured Last Out (Type II) Loan; (17) a Traditional Second Lien Loan; (18) a
Second Lien Liquid Loan; (19) a Senior Secured Liquid Loan; (20) a Senior Secured (Large Cap) Loan; (21) a Senior Secured Bond; and (22) a Non-Senior Secured Bond; 

 

	 	(J)	 The date, if applicable, such Portfolio Asset has become a Defaulted Obligation; 

 

	 	(K)	 The Advance Percentage and the categorization of such Portfolio Asset for purposes of determining the
Advance Percentage applicable thereto (indicating, in the case of a Portfolio Asset for 

  
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which an alternative percentage has been specified in an agreement pursuant to the proviso to the definition of “Advance Percentage”, that such Portfolio Asset is subject to an
asset-specific agreement). 
  

	 	(xxvi)	  Cash balance of each Account; 

 

	  (d)	 Failure to Provide Accounting. If the Trustee is not the Collateral Administrator and shall not have
received any accounting provided for in this Section 10.5 on the first Business Day after the date on which such accounting is due to the Trustee, the Trustee shall notify the Collateral Manager who shall use all reasonable efforts to obtain
such accounting by the applicable Payment Date. To the extent the Collateral Manager is required to provide any information or reports pursuant to this Section 10.5 as a result of the failure of the Issuer to provide such information or
reports, the Collateral Manager shall do so at its own expense. 

  

	  (e)	 Required Content of Certain Reports. Each Payment Date Report or Daily Report sent to any Holder or
beneficial owner of an interest in a Note shall contain, or be accompanied by, the following notices: 

“The Notes have not been and will not be registered under the United States Securities Act of 1933, as amended (the
“Securities Act”). The Notes may be beneficially owned only by Persons that (i) (A) are not U.S. persons (within the meaning of Regulation S under the Securities Act) who purchased their beneficial interest in an
offshore transaction or (B) (I) are both (1) (x) a Qualified Purchaser, within the meaning of the Investment Company Act of 1940, as amended, and the rules thereunder or (y) an entity owned (or in the case of Qualified Purchasers,
beneficially owned) exclusively by Qualified Purchasers and (2) (x) in the case of a Person that is an initial purchaser of the Notes, an Accredited Investor, within the meaning of Rule 105(a) under the Securities Act, or a Qualified
Institutional Buyer or (y) in the case of a Person who becomes a beneficial owner subsequent to the date of the Indenture, a Qualified Institutional Buyer that is not a broker-dealer which owns and invests on a discretionary basis less than
U.S.$25,000,000 in securities of issuers that are not affiliated persons of the dealer and is not a plan referred to in paragraph (a)(1)(i)(d) or (a)(1)(i)(e) of Rule 144A under the Securities Act or a trust fund referred to in paragraph
(a)(1)(i)(f) of Rule 144A under the Securities Act that holds the assets of such a plan, if investment decisions with respect to the plan are made by beneficiaries of the plan, who is purchasing the Notes in reliance on the exemption from Securities
Act registration provided by Rule 144A thereunder and (II) can make the representations set forth in Section 2.5 of the Indenture and, if applicable, the appropriate Exhibit B to the Indenture and (c) otherwise comply with the
restrictions set forth in the applicable Note legends. In addition, (i) beneficial ownership interests in Rule 144A Global Notes may only be transferred to a Person that is both a Qualified Institutional Buyer and a Qualified Purchaser or a
Person beneficially owned exclusively by Qualified Purchasers and (ii) Certificated Notes may only be owned by a Person 

  
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that is both a Qualified Institutional Buyer and a Qualified Purchaser or a Person beneficially owned exclusively by a Person that is both a Qualified Institutional Buyer and a Qualified
Purchaser, and, in each case, that can make the representations referred to in clause (b) of the preceding sentence. The Issuer has the right to compel any beneficial owner of a Note that does not meet the qualifications set forth in the
preceding sentences to sell its interest in such Note, or may sell such interest on behalf of such owner, pursuant to Section 2.11 of the Indenture. 

Each Holder receiving this report agrees to keep all non-public information herein
confidential and not to use such information for any purpose other than its evaluation of its investment in the Notes, provided that any Holder may provide such information on a confidential basis to any prospective purchaser of such
Holder’s Notes that is permitted by the terms of the Indenture to acquire such Holder’s Notes and that agrees to keep such information confidential in accordance with the terms of the Indenture.” 

 

	  (f)	 Availability of Information. The Issuer (or the Trustee on behalf of the Issuer) may post the
information contained in a Payment Date Report, Daily Report or Collateral Change Event and Repayment Date Report to a password-protected internet site accessible only to the Holders of the Notes and to the Collateral Manager. 

 

	  (g)	 Collateral Change Event and Repayment Date Report. The Issuer shall (i) not later than the
eighth Business Day after the last day of each Monthly Period and commencing on July 25, 2019 and (ii) not later than 11:00 a.m. (New York time) on the Business Day immediately following any Collateral Change Trade Date or Repayment Date,
compile and make available (or cause the Collateral Administrator to compile and make available) to the Trustee, the Collateral Manager, UBS and any Holder shown on the Note Register, a report describing in reasonable detail each Collateral Change
Event or Repayment, as applicable, occurring (x) in the case of clause (i) above, during the Monthly Period ending on the Determination Date for such Monthly Period and (y) in the case of clause (ii) above, on such Collateral
Change Trade Date or Repayment Date (each such report, a “Collateral Change Event and Repayment Date Report”). 

10.6      Release of Collateral 
  

	  (a)	 If no Event of Default has occurred and is continuing (in the case of sales pursuant to Sections 12.1(a) and
(d)) and subject to Article 12, the Issuer may, by Issuer Order executed by an Authorized Representative of the Collateral Manager, delivered to the Trustee at least one Business Day prior to the settlement date for any sale of any Collateral
certifying that the sale of such Collateral is being made in accordance with Section 12.1 hereof and the Issuer Contribution Agreement and such sale complies with all applicable requirements of Section 12.1 and the requirements of the
Issuer Contribution Agreement, 

  
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direct the Trustee to release or cause to be released such Collateral from the lien of this Indenture and, upon receipt of such Issuer Order, the Trustee shall deliver any such Collateral, if in
physical form, duly endorsed to the broker or purchaser designated in such Issuer Order or, if such Collateral is a Clearing Corporation Security, cause an appropriate transfer thereof to be made, in each case against receipt of the sales price
therefor (in the case of a sale) or a receipt of certification evidencing the fact that the relevant disposition complies with the requirements of the Issuer Contribution Agreement (which certification shall be deemed to be made upon delivery of an
Issuer Order in respect of such sale), as applicable, as specified by the Collateral Manager in such Issuer Order; provided that the Trustee may deliver any such Collateral in physical form for examination in accordance with street delivery
custom. 

  

	  (b)	 Subject to the terms of this Indenture, the Trustee shall upon an Issuer Order (i) deliver any
Collateral, and release or cause to be released such Collateral from the lien of this Indenture, which is set for any mandatory call or payment in full to the appropriate paying agent on or before the date set for such call or payment, in each case
against receipt of the call or payment in full thereof and (ii) provide notice thereof to the Collateral Manager. 

  

	  (c)	 Upon receiving actual notice of any offer or any request for a waiver, consent, amendment or other
modification with respect to any Portfolio Asset, the Trustee on behalf of the Issuer shall notify the Valuation Agent of any Portfolio Asset that is subject to a tender offer, voluntary redemption, exchange offer, conversion or other similar action
(an Offer) or such request. Unless the Notes have been accelerated following an Event of Default, the Collateral Manager may direct (x) the Trustee to accept or participate in or decline or refuse to participate in such Offer and,
in the case of acceptance or participation, to release from the lien of this Indenture such Portfolio Asset in accordance with the terms of the Offer against receipt of payment therefor, or (y) the Issuer or the Trustee to agree to or otherwise
act with respect to such consent, waiver, amendment or modification; provided that in the absence of any such direction, the Trustee shall not respond or react to such Offer or request. 

 

	  (d)	 As provided in Section 10.2(a), the Trustee shall deposit any proceeds received by it from the
disposition of a Portfolio Asset in the applicable subaccount of the Collection Account, unless simultaneously applied to the purchase of additional Portfolio Assets or Eligible Investments as permitted under and in accordance with the requirements
of this Article 10 and Article 12. 

  

	  (e)	 The Trustee shall, upon receipt of an Issuer Order at such time as there are no Notes Outstanding and all
obligations of the Issuer hereunder have been satisfied, release any remaining Collateral from the lien of this Indenture. 

  

	  (f)	 Any security, Portfolio Asset or amounts that are released pursuant to Section 10.6(a), (b) or
(c) shall be released from the lien of this Indenture. 

  
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 10.7      Procedures Relating to the Establishment of Accounts Controlled by the
Trustee 
 Notwithstanding anything else contained herein, the Trustee agrees that with respect to each of the Accounts, it will cause
each Securities Intermediary establishing any such Account to enter into an account control agreement and, if the Securities Intermediary is the Bank, shall cause the Bank to comply with the provisions of such account control agreement. The Trustee
shall have the right to cause the establishment of such subaccounts of any such Account as it deems necessary or appropriate for convenience of administration. 

10.8      Section 3(c)(7) Procedures 
  

	  (a)	 DTC Actions. The Issuer will direct (or cause its agent to direct) DTC to take the following steps in
connection with the Global Notes (or such other appropriate steps regarding legends of restrictions on the Global Notes under Section 3(c)(7) of the Investment Company Act and Rule 144A as may be customary under DTC procedures at any given
time): 

  

	 	(i)	 The Issuer will direct (or cause its agent to direct) DTC to include the marker “3c7” in the DTC 20-character security descriptor and the 48-character additional descriptor for the Global Notes. 

 

	 	(ii)	 The Issuer will direct (or cause its agent to direct) DTC to cause each physical deliver order ticket that
is delivered by DTC to purchasers to contain the 20-character security descriptor. The Issuer will direct (or cause its agent to direct) DTC to cause each deliver order ticket that is delivered by DTC to
purchasers in electronic form to contain a “3c7” indicator and a related user manual for participants. Such user manual will contain a description of the relevant restrictions imposed by Section 3(c)(7). 

 

	 	(iii)	 On or prior to the Closing Date, the Issuer will instruct (or cause its agent to direct) DTC to send a
Section 3(c)(7) Notice to all DTC participants in connection with the offering of the Global Notes. 

  

	 	(iv)	 In addition to the obligations of the Note Registrars set forth in Section 2.5, the Issuer will from
time to time (upon the request of the Trustee) make a request (or cause its agent to request) to DTC to deliver to the Issuer a list of all DTC participants holding an interest in the Global Notes. 

 

	 	(v)	 The Issuer will cause each CUSIP number obtained for a Global Note to have a fixed field containing
“3c7” and “144A” indicators, as applicable, attached to such CUSIP number. 

  
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	  (b)	 Bloomberg Screens, Etc. The Issuer will from time to time request (or cause its agent to request) all
third-party vendors to include on screens maintained by such vendors appropriate legends regarding restrictions on the Global Notes under Section 3(c)(7) of the Investment Company Act and Rule 144A. 

11.      APPLICATION OF CASH 

11.1      Disbursements of Cash from Payment Account 

 

	  (a)	 Notwithstanding any other provision in this Indenture, the Transaction Documents or the Notes, the Trustee
shall disburse amounts transferred from the Collection Account to the Payment Account pursuant to Section 10.2(f) in accordance with the following (the Priority of Payments): 

 

	 	(i)	 On each Payment Date, unless an Enforcement Event has occurred, all amounts transferred to the Payment
Account from the Interest Collection Subaccount shall be applied (A) first, to the payment of accrued and unpaid Administrative Expenses; and (B) second, to make a payment by way of dividend to the Sole Shareholder in
respect of its equity ownership interest in the Issuer. 

  

	 	(ii)	 On any Mandatory Repayment Date and on the date of Maturity, unless an Enforcement Event has occurred, all
amounts transferred to the Payment Account from the Principal Collection Subaccount shall be applied: 

(A) first: 

(x) in the case of the Mandatory Repayment Date, to the repayment of the Outstanding Class A-R Funded Amount until the Outstanding Class A-R Funded Amount has been reduced to zero; and 

(y) in the case of the date of Maturity, pro rata, to the repayment of, on the date of
Maturity, (1) principal of the Class A-1 Notes until the Class A-1 Notes have been paid in full; and (2) the Outstanding Class A-R Funded Amount until the Outstanding Class A-R Funded Amount has been reduced to zero; 

(B) second, to pay any accrued and unpaid Administrative Expenses to the extent not paid pursuant to clause
(i) above; and 
 (C) third, all remaining Principal Collections shall be paid to the Issuer (in accordance
with directions of the Issuer to the Trustee). 
  

	 	(iii)	 If a declaration of acceleration of the maturity of the Notes has occurred following an Event of Default and
such declaration of acceleration has not been rescinded (an Enforcement Event), the Trustee shall apply proceeds in respect of the Portfolio Assets on each date or dates fixed by the Trustee

  
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(each such date to occur on a Payment Date), in accordance with clause (i) (in the case of Interest Collections) (but without regard to the proviso in
sub-clause (i)(A)) and clause (ii) (in the case of Principal Collections, as if the date of Maturity has occurred such that sub-clause (ii)(A)(y) above applies) of this
Section 11.1(a). 

  

	  (b)	 [Reserved]. 

12.      SALE OF PORTFOLIO ASSETS; PURCHASE
OF ADDITIONAL PORTFOLIO ASSETS 
 12.1      Sales of
Portfolio Assets 
  

	  (a)	 The Issuer will not sell or otherwise dispose of any Portfolio Asset unless each of the following conditions
is satisfied: 

  

	 	(i)	 the Sole Shareholder is not in default of any payment obligation or contribution obligation owing under the
Issuer Contribution Agreement (provided that this condition shall not apply to (a) dispositions pursuant to Section 12.1(b) or Section 12.1(c) or (b) following (i) the delivery of a “Default Notice” in respect of an
“Event of Default” (other than an “Event of Default” described in Paragraph 10(a)(vi) of the Global Master Repurchase Agreement) or (ii) the occurrence of an “Event of Default” described in Paragraph 10(a)(vi) of
the Global Master Repurchase Agreement, where, in each case, UBS is the “Defaulting Party” (as defined in the Global Master Repurchase Agreement); 

  

	 	(ii)	 other than in the case of a required transfer of a Participation Interest to the Sole Shareholder that is
being made free of payment pursuant to the Issuer Contribution Agreement, such sale or other disposition is made solely for consideration consisting of cash and otherwise on arms’ length terms and, in the case of a sale or disposition (in each
case, whether directly or indirectly) to an Affiliate of the Collateral Manager, is approved by UBS in a written consent; 

  

	 	(iii)	 in accordance with the terms of the Global Master Repurchase Agreement, the Issuer (or the Collateral
Manager on its behalf) has given UBS prior notice of such proposed sale or other disposition of such Portfolio Asset (which notice shall include the identity of the Portfolio Asset being sold or otherwise disposed of, the identity of the proposed
purchaser or transferee, the proposed settlement date for such sale or disposition, the price at which such Portfolio Asset is proposed to be sold or disposed of and any other information reasonably requested by UBS); 

 

	 	(iv)	 UBS has confirmed in writing to the Issuer, the Trustee, and the Collateral Administrator that it agrees
with the valuations set forth in the applicable Collateral Change Event Notice delivered by the Collateral Manager on 

  
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behalf of the Issuer under the Issuer Contribution Agreement in connection with such sale or other disposition with respect to the Purchase Price of any Portfolio Asset being acquired by Issuer
in connection with the Sole Shareholder’s contribution obligations under the Issuer Contribution Agreement arising out of such sale or disposition (and UBS shall be an express third party beneficiary of this Indenture for purposes of exercising
its right to confirm under this Section 12.1(a)(iv)), such confirmation to be provided promptly; and 

  

	 	(v)	 if such sale is made at a price which is less than the UBS “Market Value” for purposes of the
Global Master Repurchase Agreement, any “Margin” required to be posted under the Global Master Repurchase Agreement as a result of the adjustment of the “Market Value” in connection with the sale is posted prior to the Portfolio
Asset Trade Date with respect to such asset. 

  

	  (b)	 Mandatory Dispositions. 

 

	 	(i)	 If (A) a “Bankruptcy”, “Failure to Pay” or “Restructuring” (each as
defined in the ISDA 2003 Credit Derivatives Definitions) occurs with respect to any Portfolio Asset, or such Portfolio Asset becomes a Defaulted Obligation, (B) any Portfolio Asset fails to satisfy any Asset Eligibility Criteria on the
applicable Portfolio Asset Trade Date (or is the subject of a breach of a representation, warranty or certification as to the characteristics thereof), then the Issuer shall, within 14 days after the occurrence of such event, dispose of such
Portfolio Asset, or (C) the security interest granted by the Issuer to the Trustee pursuant to this Indenture in any asset fails to be a valid perfected first priority security interest, which failure continues for a period of five Business
Days, then the Issuer shall, within 14 days after the Issuer receives notice of the occurrence of such event, enter into a binding commitment to sell or otherwise dispose of such Portfolio Asset. 

 

	 	(ii)	 If on any date of determination by the Valuation Agent the Adjusted Principal Balance of all Portfolio
Assets forming part of the Portfolio that are Second Lien Loans exceeds 60% of the Aggregate Outstanding Amount of the Notes as of such date (provided that, for purposes of such determination, the Aggregate Outstanding Amount of the Class A-R Notes shall be the Outstanding Class A-R Funded Amount) (such event, a Second Lien Loan Excess), then the Issuer shall, within five Business
Days after the occurrence of such event, dispose of one or more Second Lien Loans as necessary to remedy such Second Lien Loan Excess. 

  

	 	(iii)	 If any Portfolio Asset or other property acquired or held by the Issuer constitutes Margin Stock, then the
Issuer shall use commercially reasonable efforts to effect the sale or other disposition of such Portfolio Asset or other property (regardless of price), unless such disposition is 

  
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prohibited by applicable law or an applicable contractual restriction, not later than 45 days after such Portfolio Asset or other property first constituted Margin Stock. 

 

	 	(iv)	 If on any date of determination by the Valuation Agent, the Adjusted Principal Balance of all Portfolio
Assets forming part of the Portfolio that are Middle Market Loans exceeds 80% of the Aggregate Outstanding Amount of the Notes as of such date (the occurrence of such excess, a Middle Market Loan Excess), then the Issuer shall, within
five Business Days after the occurrence of such event, dispose of one or more Middle Market Loans as necessary to remedy such Middle Market Loan Excess. 

  

	  (c)	 Right of Valuation Agent to Direct Dispositions. If an Event of Default has occurred and is
continuing, the Valuation Agent may require the Issuer to sell all or any portion of the Portfolio Assets in the Portfolio, and by notice (or multiple notices, so long as such Event of Default is continuing) to the Trustee (with a copy to the Issuer
and Collateral Manager) may direct the Trustee to sell such Portfolio Assets as identified by the Valuation Agent in such notice, and the Trustee shall sell such Portfolio Assets as identified in such notice (including, if so directed, as to the
manner of sale of such Portfolio Asset, notwithstanding Sections 5.4, 5.5 and 5.17).

12.2      Acquisition of Portfolio Assets; Eligible Investments 

 

	  (a)	 Acquisition of Portfolio Assets. The Issuer will not acquire any Portfolio Asset (other than a
Portfolio Asset included in the Portfolio on the Closing Date) unless as of the Portfolio Asset Trade Date (x) such Portfolio Asset satisfies each of the Asset Eligibility Criteria and (y) each of the following conditions is satisfied:

  

	 	(i)	 other than in the case of a Portfolio Asset contributed by (as opposed to acquired in consideration of an
agreed purchase price from) the Sole Shareholder pursuant to Section 3 of the Issuer Contribution Agreement, the acquisition of such Portfolio Asset and the purchase price thereof shall be on arm’s length terms and, in the case of an
acquisition from an Affiliate of the Collateral Manager, is approved by UBS in a written consent; 

  

	 	(ii)	 the Sole Shareholder is not in default of any payment obligation or contribution obligation owing under the
Issuer Contribution Agreement (including, without limitation, any obligation arising under Section 3 thereof that must be satisfied on or prior to the relevant acquisition trade date or settlement date of the proposed acquisition, as
applicable); 

  

	 	(iii)	 no Event of Default (or any event that, with the giving of notice or the lapse of time or both, would become
an Event of Default) shall have 

  
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occurred and be continuing immediately prior to or immediately after giving effect to such acquisition; 

 

	 	(iv)	 if such Portfolio Asset is to be acquired from the Sole Shareholder, the acquisition will not cause the
aggregate of the Adjusted Principal Balance of all Portfolio Assets that the Issuer has acquired from the Sole Shareholder and forming part of the Portfolio (after giving effect to such proposed acquisition) to exceed 85% of the Aggregate
Outstanding Amount of the Class A Notes as of such date; 

  

	 	(v)	 if such Portfolio Asset to be acquired is a Second Lien Loan, the acquisition will not cause the aggregate
of the Adjusted Principal Balances of all Portfolio Assets forming part of the Portfolio that are Second Lien Loans (measured as of the trade date of the proposed acquisition, and after giving effect to such proposed acquisition) to exceed 60% of
the Aggregate Outstanding Amount of the Notes as of such date (provided that, for purposes of such determination, the Aggregate Outstanding Amount of the Class A-R Notes shall be the Outstanding Class A-R Funded Amount); 

  

	 	(vi)	 if such Portfolio Asset to be acquired is a Middle Market Loan, the acquisition will not cause a Middle
Market Loan Excess to occur as of such date; 

  

	 	(vii)	 if such Portfolio Asset is a Zero Value Portfolio Asset, all margin required to be posted to UBS by the Sole
Shareholder pursuant to the terms of the Global Master Repurchase Agreement has been so posted prior to such Portfolio Asset Trade Date; and 

  

	 	(viii)	 UBS (which shall be an express third party beneficiary of this Indenture for purposes of exercising such
confirmation right under this Section 12.2(a)(viii)) has confirmed in writing to the Issuer, the Trustee and the Collateral Administrator that (A) if the Outstanding Class A-R Funded Amount is
greater than zero on such Portfolio Asset Trade Date, the Asset Coverage Ratio Test will be satisfied immediately after giving effect to such acquisition and (B) it agrees with the determination set forth in the applicable Collateral Change
Event Notice delivered by the Collateral Manager on behalf of the Issuer under the Issuer Contribution Agreement, including with respect to the Purchase Price and applicable Advance Percentage of any Portfolio Asset being acquired by the Issuer in
connection with such acquisition, such confirmation to be provided promptly. 

 For purposes of each of
Section 12.2 and Section 12.3, each of (x) a contribution of a Portfolio Asset to the Issuer and (y) a substitution (in whole or part) of any 

  
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Portfolio Asset held by the Issuer for one or more different Portfolio Assets will constitute an acquisition of such Portfolio Asset(s) by the Issuer. 

 

	  (b)	 Investment in Eligible Investments. Cash on deposit in any Account (other than the Payment Account)
may be invested at any time in Eligible Investments in accordance with Article 10. 

 12.3    Conditions Applicable
to All Sale and Purchase Transactions 
  

	  (a)	 Any transaction effected under this Article 12 or in connection with the acquisition of additional Portfolio
Assets shall be conducted on an arm’s length basis and, if effected with a Person Affiliated with the Collateral Manager (or with an account or portfolio for which the Collateral Manager or any of its Affiliates serves as investment adviser),
shall be effected in accordance with the requirements of Section 6(e) of the Collateral Management Agreement on terms no less favorable to the Issuer than would be the case if such Person were not so Affiliated, provided that the Trustee
shall have no responsibility to oversee compliance with this clause (a) by the other parties. 

  

	  (b)	 Upon any acquisition of a Portfolio Asset pursuant to this Article 12, all of the Issuer’s right, title
and interest to the Collateral or Collateral shall be Granted to the Trustee pursuant to this Indenture, such Collateral or Collateral shall be Delivered to the Custodian, and, if applicable, the Custodian shall receive such Collateral or
Collateral. 

  

	  (c)	 Any sale, participation or any other transfer of a Portfolio Asset by the Sole Shareholder or any Affiliate
thereof to the Issuer will be made pursuant to, the terms of the Side Letter Security Agreement (or an agreement that contains substantially similar terms as the Side Letter Security Agreement) and the terms of the Issuer Contribution Agreement.

  

	  (d)	 Except as otherwise provided in this Section 12.3(d), any sale or other disposition of all or a portion
of a Portfolio Asset shall be effected by the transfer by assignment by the Issuer of full record and beneficial ownership of such Portfolio Asset or the relevant portion thereof being transferred (such portion consisting of an unvarying percentage
of the Principal Balance of such Portfolio Asset and all related claims for interest, fees and other amounts). The Issuer (and the Collateral Manager on behalf of the Issuer) shall be deemed to certify that all conditions to such sale or other
disposition under Section 12.1 and the Issuer Contribution Agreement have been satisfied by the Issuer (and the Collateral Manager on behalf of the Issuer) in respect of such sale or other disposition by the delivery of the Issuer or the
Collateral Manager to the Trustee of an Issuer Order or a trade ticket in respect thereof from an Authorized Representative of the Collateral Manager on behalf of the Issuer. Notwithstanding the first sentence of this clause (d), the Issuer shall
dispose of all or a portion of a Portfolio Asset in connection with any required retransfer of 

  
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the Issuer’s right, title and interest in all or any portion of a Portfolio Asset back to the Sole Shareholder as required by Section 3(g) of the Issuer Contribution Agreement, in each
case, by selling to the relevant MPA Counterparty on the required disposition date set forth in the Issuer Contribution Agreement, a Participation Interest representing a 100% undivided beneficial ownership in such Portfolio Asset or the relevant
portion thereof being transferred (such portion consisting of an unvarying percentage of the Principal Balance of such Portfolio Asset and all related claims for interest, fees and other amounts). For the avoidance of doubt, no sale of such
Participation Interest as described in the foregoing sentence shall be made unless it is made in accordance with Section 3(g) of the Issuer Contribution Agreement. 

In connection with any such sale of a Participation Interest: 

 

	 	(i)	 the Master Participation Agreement for such sale shall (A) be based on relevant documentation published
by the Loan Syndications and Trading Association, Inc. (or documentation containing similar terms and conditions), (B) contain no liability or obligation on the Trustee, and (C) specify the date required by the Issuer Contribution Agreement as
the effective date of such sale; 

  

	 	(ii)	 the Master Participation Agreement for such sale shall include each of the following provisions:

 “Notwithstanding any other provision of this Agreement: 

 

	 	(A)	 Buyer consents to the disclosure by Seller of this Agreement to U.S. Bank National Association, as trustee
(in such capacity, the “Trustee”) under the Indenture originally dated as of May 23, 2013 (and as amended, restated, supplemented or modified from time to time, the “Indenture”) between Seller and
the Trustee. 

  

	 	(B)	 Buyer hereby acknowledges and agrees that all obligations of Seller arising out of or in connection herewith
shall constitute limited recourse obligations of Seller, payable solely from the assets of Seller. Upon realization of such assets of Seller and their reduction to zero, all unpaid or unsatisfied claims against Seller arising out of or in connection
herewith shall be deemed to be extinguished and shall not thereafter revive. No party shall have any claim for any shortfall upon realization of such assets of Seller and their reduction to zero. Buyer will have no recourse to any of the directors,
officers, employees, shareholders, members, governors, agents or affiliates of Seller with respect to any claims, losses, damages, liabilities, indemnities or other obligations in connection with any transactions contemplated hereby. Buyer agrees
not to cause the filing of a petition in a bankruptcy or 

  
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similar proceeding against or on behalf of Seller until the payment in full of all the Notes issued under the Indenture and the expiration of a period equal to one year and a day, or, if longer,
the applicable preference period, following such payment. Nothing in this Section shall preclude, or be deemed to stop, Buyer from taking any action prior to the expiration of the aforementioned period in (A) any proceeding voluntarily filed or
commenced by Seller (other than any such proceeding filed or commenced on behalf of Seller at the direction of Buyer or Seller’s sole shareholder) or (B) any involuntary insolvency proceeding filed or commenced by a person or entity other
than Seller or its sole shareholder. 

  

	 	(C)	 Buyer consents to the provisions of the assignment of this Agreement set forth in Section 15.1(i) of
the Indenture and acknowledges that Seller is assigning all of its right, title and interest in, to and under this Agreement to the Trustee as representative of the holders of the Notes issued under the Indenture and agrees that all of the
representations, covenants and agreements made by Buyer in this Agreement are also for the benefit of the Trustee. 

  

	 	(D)	 Buyer will deliver to the Trustee copies of all notices, statements, communications and instruments
delivered or required to be delivered by Buyer to Seller pursuant to this Agreement. 

  

	 	(E)	 From and after the occurrence and continuance of any default, event of default or other similar condition or
event under the Indenture, Buyer shall continue to perform and be bound by the provisions of this Agreement (except as otherwise expressly provided in this Agreement).”; 

 

	 	(iii)	 notwithstanding anything to the contrary in this Indenture, following the completion of the sale of such
Participation Interest, the Lien of this Indenture shall not apply to any Sold Participation Interest Loan and any related Sold PI Loan Collections received by or on behalf of the Issuer in respect thereof; 

 

	 	(iv)	 the Issuer hereby directs the Trustee to deposit Sold PI Loan Collections into the Sold PI Loan Collection
Subaccount and pay any Sold PI Loan Collections received in respect of any Sold Participation Interest Loan that is the subject of such Participation Interest to the relevant MPA Counterparty in accordance with Section 10.2 hereof;

  
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	 	(v)	 the exercise of voting and other consensual rights by the Issuer in respect of the related Portfolio Asset
or portion so transferred shall be allocated as provided in the relevant Master Participation Agreement; and 

  

	 	(vi)	 with respect to any elevation in accordance with the relevant Master Participation Agreement, (A) the
Collateral Manager on behalf of the Issuer shall promptly notify the Trustee of such elevation in the form of an Issuer Order pursuant to Section 10.6(a) and (B) at all times following receipt of such notice, the Trustee shall recognize
the MPA Counterparty as record holder of the applicable Sold Participation Interest Loan and such Sold Participation Interest Loan shall be released from the Lien of the Indenture and cease to be a Portfolio Asset hereunder. 

 

	  (e)	 For purposes of each of Section 12.2 and Section 12.3, each of (x) a contribution of a
Portfolio Asset to the Issuer and (y) a substitution (in whole or part) of any Portfolio Asset held by the Issuer for one or more different Portfolio Assets will constitute an acquisition of such Portfolio Assets by the Issuer.

 12.4    Calculation of Required Contributions and Withdrawals by the Sole Shareholder under the Issuer
Contribution Agreement 
 The Issuer (or the Collateral Manager on behalf of the Issuer) shall calculate on each Business Day, with
respect to any actual or proposed sale, disposition, acquisition, exchange or repayment of all or any part of a Portfolio Asset each amount required to be contributed or withdrawn by the Sole Shareholder under Section 3 of the Issuer
Contribution Agreement and shall promptly notify the Issuer, the Collateral Manager, the Trustee, the Collateral Administrator and the Sole Shareholder of any such amount no later than 5:00 p.m. (New York time) on such Business Day. 

13.    RELATIONS AMONG HOLDERS 

13.1    Relations among Holders 
  

	  (a)	 Each Holder agrees, for the benefit of all Holders, not to cause the filing of a petition in bankruptcy
against the Issuer until the payment in full of all Notes (and any other debt obligations of the Issuer that have been rated upon issuance by any rating agency at the request of the Issuer) and the expiration of a period equal to one year and one
day or, if longer, the applicable preference period then in effect plus one day, following such payment in full. In the event one or more Holders of Notes cause the filing of a petition in bankruptcy against the Issuer prior to the expiration of
such period, any claim that such Holder(s) have against the Issuer or with respect to any Collateral (including any proceeds thereof) shall be fully subordinate in right of payment to the claims of each Holder of any Note that does not seek to cause
any such filing, with such subordination being effective until each Note held by each Holder of any Note that does not seek to cause any such filing is paid in full in accordance with the Priority of Payments

  
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set forth herein (after giving effect to such subordination). The foregoing sentence shall constitute a “subordination agreement” within the meaning of Section 510(a) of the
Bankruptcy Code, Title 11 of the United States Code, as amended. 

 13.2    Standard of Conduct 

In exercising any of its or their voting rights, rights to direct and consent or any other rights as a Holder under this Indenture, a Holder
or Holders shall not have any obligation or duty to any Person or to consider or take into account the interests of any Person and shall not be liable to any Person for any action taken by it or them or at its or their direction or any failure by it
or them to act or to direct that an action be taken, without regard to whether such action or inaction benefits or adversely affects any Holder, the Issuer, or any other Person, except for any liability to which such Holder may be subject to the
extent the same results from such Holder’s taking or directing an action, or failing to take or direct an action, in bad faith or in violation of the express terms of this Indenture. 

14.    MISCELLANEOUS 

14.1    Form of Documents Delivered to Trustee 

In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that
all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other
such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
 Any
certificate or opinion of an Officer of the Issuer or the Collateral Manager may and, where required by the Issuer shall, be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel (provided
that such counsel is a nationally or internationally recognized and reputable law firm), unless such Officer knows, or should know that the certificate or opinion or representations with respect to the matters upon which such certificate or opinion
is based are erroneous. Any such certificate of an Officer of the Issuer or the Collateral Manager or Opinion of Counsel may and, where required by the Issuer, shall be based, insofar as it relates to factual matters, upon a certificate or opinion
of, or representations by, the Issuer, the Collateral Manager or any other Person, stating that the information with respect to such factual matters is in the possession of the Issuer, the Collateral Manager or such other Person, unless such Officer
of the Issuer or the Collateral Manager or such counsel knows that the certificate or opinion or representations with respect to such matters are erroneous. Any Opinion of Counsel may also be based, insofar as it relates to factual matters, upon a
certificate or opinion of, or representations by, an Officer of the Collateral Manager, the Issuer, stating that the information with respect to such matters is in the possession of the 

  
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Collateral Manager, the Issuer, unless such counsel knows that the certificate or opinion or representations with respect to such matters are erroneous. 

Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or
other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 Whenever in this Indenture it is
provided that the absence of the occurrence and continuation of a Default or Event of Default is a condition precedent to the taking of any action by the Trustee at the request or direction of the Issuer, then notwithstanding that the satisfaction
of such condition is a condition precedent to the Issuer’s right to make such request or direction, the Trustee shall be protected in acting in accordance with such request or direction if it does not have knowledge of the occurrence and
continuation of such Default or Event of Default as provided in Section 6.1(d). 
 14.2    Acts of Holders 

 

	  (a)	 Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this
Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in writing or by an agent duly appointed in writing; and, except as herein otherwise
expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee, and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action or actions embodied
therein and evidenced thereby) are herein sometimes referred to as the Act of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient
for any purpose of this Indenture and conclusive in favor of the Trustee and the Issuer, if made in the manner provided in this Section 14.2. 

  

	  (b)	 The fact and date of the execution by any Person of any such instrument or writing may be proved in any
manner which the Trustee deems sufficient. 

  

	  (c)	 The principal amount or face amount, as the case may be, and registered numbers of Notes held by any Person,
and the date of such Person’s holding the same, shall be proved by the applicable Note Register. 

  

	  (d)	 Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any
Notes shall bind the Holder (and any transferee thereof) of such and of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Trustee, the
Issuer in reliance thereon, whether or not notation of such action is made upon such Note. 

  
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 14.3    Notices, etc., to Trustee, the Revolving Credit Note Agent, the Issuer, the
Collateral Manager, the Collateral Administrator, the Paying Agent, the Valuation Agent 
  

	  (a)	 Any request, demand, authorization, direction, instruction, order, notice, consent, waiver or Act of Holders
or other documents provided or permitted by this Indenture to be made upon, given, delivered, e-mailed or furnished to, or filed with: 

 

	 	(i)	 the Trustee shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to
and mailed, by certified mail, return receipt requested, hand delivered, sent by overnight courier service guaranteeing next day delivery, by electronic mail, or by facsimile in legible form, to the Trustee addressed to it at its applicable
Corporate Trust Office, or at any other address previously furnished in writing to the other parties hereto by the Trustee, and executed by an Authorized Representative of the entity sending such request, demand, authorization, direction,
instruction, order, notice, consent, waiver or other document, provided that any demand, authorization, direction, instruction, order, notice, consent, waiver or other document sent to U.S. Bank National Association, 8 Greenway Plaza, Suite 1100,
Houston, TX, Attention: Global Corporate Trust Service – CM Finance SPV Ltd., E-Mail: CM.Finance.SPV@usbank.com (in any capacity hereunder) will be deemed effective only upon receipt thereof;

  

	 	(ii)	 the Revolving Credit Note Agent shall be sufficient for every purpose hereunder if made, given, furnished or
filed in writing to and mailed, by certified mail, return receipt requested, hand delivered, sent by overnight courier service guaranteeing next day delivery, by electronic mail, or by facsimile in legible form, to the Revolving Credit Note Agent
addressed to it at its applicable Corporate Trust Office, or at any other address previously furnished in writing to the other parties hereto by the Revolving Credit Note Agent, and executed by an Authorized Representative of the entity sending such
request, demand, authorization, direction, instruction, order, notice, consent, waiver or other document, provided that any demand, authorization, direction, instruction, order, notice, consent, waiver or other document sent to U.S. Bank National
Association, 8 Greenway Plaza, Suite 1100, Houston, TX, Attention: Global Corporate Trust Service – CM Finance SPV Ltd., E-Mail: CM.Finance.SPV@usbank.com (in any capacity hereunder) will be deemed
effective only upon receipt thereof; 

  

	 	(iii)	 the Issuer shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if
in writing and mailed, first class postage prepaid, hand delivered, sent by overnight courier service or by facsimile in legible form, to the Issuer addressed to it at c/o Investcorp Credit

  
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Management BDC, Inc., 280 Park Avenue, 39th Floor, New York, NY 10017, Attention: Rocco DelGuercio and Matt Bannon, telephone no. (212) 257-5193, Facsmile no. (212) 257-5198, email: rdelguercio@Investcorp.com, mbannon@Investcorp.com, and mmauer@investcorp.com or at any other address previously furnished
in writing to the other parties hereto by the Issuer, as the case may be, with a copy to the Collateral Manager at its address below; 

  

	 	(iv)	 the Collateral Manager shall be sufficient for every purpose hereunder if in writing and mailed, first class
postage prepaid, hand delivered, sent by overnight courier service or by facsimile in legible form, to the Collateral Manager addressed to it at 280 Park Avenue, 39th Floor, New York, NY 10017,
Attention: David Collins, Matt Bannon and Rocco DelGuercio, telephone no.: (212) 257-5193, Facsmile no. (212) 257-5198, email: mbannon@Investcorp.com,
rdelguercio@Investcorp.com and mmauer@investcorp.com or at any other address previously furnished in writing to the parties hereto; 

  

	 	(v)	 the Bank shall be sufficient for every purpose hereunder if in writing and mailed, first class postage
prepaid, hand delivered, sent by overnight courier service or by telecopy in legible form, addressed to U.S. Bank National Association, 8 Greenway Plaza, Suite 1100, Houston, TX, Attention: Global Corporate Trust Service – CM Finance SPV Ltd., E-Mail: CM.Finance.SPV@usbank.com, or at any other address previously furnished in writing to the Issuer and the Trustee by the Bank; 

 

	 	(vi)	 the Collateral Administrator shall be sufficient for every purpose hereunder if in writing and mailed, first
class postage prepaid, hand delivered, sent by overnight courier service or by facsimile in legible form, to the Collateral Administrator at U.S. Bank National Association, 8 Greenway Plaza, Suite 1100, Houston, TX, Attention: Global Corporate Trust
Service – CM Finance SPV Ltd., E-Mail: CM.Finance.SPV@usbank.com, or at any other address previously furnished in writing to the parties hereto; and 

 

	 	(vii)	  the Valuation Agent shall be sufficient for every purpose hereunder if in writing and mailed, first
class postage prepaid, hand delivered, sent by overnight courier service or by telecopy in legible form, addressed to UBS AG, London Branch, Structured Funding, Attn: Christopher Thai, 1285 Avenue of the Americas, New York, NY 10019-6064, Tel: (203)
719-2321, E-mail: ol-us_sct_structuredfunding@ubs.com, or at any other address previously furnished in writing to the Issuer and the Trustee by UBS.

  

	  (b)	 In the event that any provision in this Indenture calls for any notice or document to be delivered
simultaneously to the Trustee and any other Person, the Trustee’s 

  
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receipt of such notice or document shall entitle the Trustee to assume that such notice or document was delivered to such other Person unless otherwise expressly specified herein.

  

	  (c)	 Any reference herein to information being provided “in writing” shall be deemed to include each
permitted method of delivery specified in sub clause (a) above. 

 14.4      Notices to Holders;
Waiver 
 Except as otherwise expressly provided herein, where this Indenture provides for notice to Holders of any event, 

 

	  (a)	 such notice shall be sufficiently given to Holders if in writing and mailed, first class postage prepaid, to
each Holder affected by such event, at the address of such Holder as it appears in the Note Registers (or, in the case of Holders of Global Notes, emailed to DTC for distribution to each Holder affected by such event), not earlier than the earliest
date and not later than the latest date, prescribed for the giving of such notice; and 

  

	  (b)	 such notice shall be in the English language. 

Such notices will be deemed to have been given on the date of such mailing. 

Notwithstanding clause (a) above, a Holder may give the Trustee a written notice that it is requesting that notices to it be given by
electronic mail or by facsimile transmissions and stating the electronic mail address or facsimile number for such transmission. Thereafter, the Trustee shall give notices to such Holder by electronic mail or facsimile transmission, as so requested;
provided that if such notice also requests that notices be given by mail, then such notice shall also be given by mail in accordance with clause (a) above. 

The Trustee will deliver to the Holders any information or notice relating to this Indenture requested to be so delivered by at least 25% of
the Holders (by Aggregate Outstanding Amount), at the expense of the Issuer. The Trustee may require the requesting Holders to comply with its standard verification policies in order to confirm Holder status. 

Neither the failure to mail any notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such
notice with respect to other Holders. In case by reason of the suspension of regular mail service as a result of a strike, work stoppage or similar activity or by reason of any other cause it shall be impracticable to give such notice by mail of any
event to Holders when such notice is required to be given pursuant to any provision of this Indenture, then such notification to Holders as shall be made with the approval of the Trustee shall constitute a sufficient notification to such Holders for
every purpose hereunder. 

  
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 Where this Indenture provides for notice in any manner, such notice may be waived in writing by
any Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee but such filing shall not be a condition precedent to
the validity of any action taken in reliance upon such waiver. 
 14.5      Effect of Headings and Table of Contents

 The Article and Section headings herein (including those used in cross-references herein) and the Table of Contents are for
convenience only and shall not affect the construction hereof. 
 14.6      Successors and Assigns 

All covenants and agreements in this Indenture by the Issuer shall bind their respective successors and assigns, whether so expressed or not.

 14.7      Severability 

If any term, provision, covenant or condition of this Indenture or the Notes, or the application thereof to any party hereto or any
circumstance, is held to be unenforceable, invalid or illegal (in whole or in part) for any reason (in any relevant jurisdiction), the remaining terms, provisions, covenants and conditions of this Indenture or the Notes, modified by the deletion of
the unenforceable, invalid or illegal portion (in any relevant jurisdiction), will continue in full force and effect, and such unenforceability, invalidity, or illegality will not otherwise affect the enforceability, validity or legality of the
remaining terms, provisions, covenants and conditions of this Indenture or the Notes, as the case may be, so long as this Indenture or the Notes, as the case may be, as so modified continues to express, without material change, the original
intentions of the parties as to the subject matter hereof and the deletion of such portion of this Indenture or the Notes, as the case may be, will not substantially impair the respective expectations or reciprocal obligations of the parties or the
practical realization of the benefits that would otherwise be conferred upon the parties. 
 14.8      Benefits of
Indenture 
 The Valuation Agent, the Collateral Manager and (solely for the purposes of Sections 9.1, 12.1(a)(iv) and
Section 12.2(a)(viii) and as provided in Section 1.1(a) and any other provisions hereof that provides for UBS to have the right to make a determination, receive or deliver a notice (including, without limitation, a Mandatory Repayment
Notice), report or certificate, make a request, give consent, provide a confirmation or otherwise exercise discretion) UBS shall each be an express third party beneficiary of each agreement or obligation in this Indenture (including, without
limitation, any right to make a determination, receive or deliver a notice (including, without limitation, a Mandatory Repayment Notice), report or certificate, make a request, give consent or direct a disposition expressed as being exercisable by
the Valuation Agent, the Collateral 

  
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Manager or UBS hereunder). Nothing in this Indenture or in the Notes, expressed or implied, shall give to any Person, other than the parties hereto and their successors hereunder, the Holders,
the Collateral Manager, the Valuation Agent and UBS, any benefit or any legal or equitable right, remedy or claim under this Indenture. 

14.9    Legal Holidays 

In the event that the date of any Payment Date, any Mandatory Repayment Date or Stated Maturity shall not be a Business Day, then
notwithstanding any other provision of the Notes or this Indenture, payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the nominal date of any such Payment Date,
any such Mandatory Repayment Date or Stated Maturity date, as the case may be. 
 14.10    Governing Law 

This Indenture and the Notes shall be construed in accordance with, and this Indenture and the Notes and any matters arising out of or
relating in any way whatsoever to this Indenture or the Notes (whether in contract, tort or otherwise) shall be governed by, the law of the State of New York. 

14.11    Submission to Jurisdiction 

With respect to any suit, action or proceedings relating to this Indenture or any matter between the parties arising under or in connection
with this Indenture (Proceedings), each party irrevocably: (i) submits to the non-exclusive jurisdiction of the Supreme Court of the State of New York sitting in the Borough of Manhattan and
the United States District Court for the Southern District of New York, and any appellate court from any thereof; and (ii) waives any objection which it may have at any time to the laying of venue of any Proceedings brought in any such court,
waives any claim that such Proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such Proceedings, that such court does not have any jurisdiction over such party. Nothing in this Indenture
precludes any of the parties from bringing Proceedings in any other jurisdiction, nor will the bringing of Proceedings in any one or more jurisdictions preclude the bringing of Proceedings in any other jurisdiction. 

14.12    WAIVER OF JURY TRIAL 

EACH OF THE ISSUER AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, AND EACH HOLDER OF A NOTE BY ITS ACCEPTANCE OF SUCH NOTE OR INTEREST THEREIN
SHALL BE DEEMED TO WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. Each party
hereby (i) certifies that no representative, agent or attorney of the other has represented, expressly or otherwise, 

  
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that the other would not, in the event of a Proceeding, seek to enforce the foregoing waiver and (ii) acknowledges that it has been induced to enter into this Indenture by, among other
things, the mutual waivers and certifications in this paragraph. 
 14.13    Counterparts 

This Indenture (and each amendment, modification and waiver in respect of this Indenture) may be executed and delivered in any number of
counterparts (including by e-mail (PDF) or facsimile) (including .pdf file, .jpeg file or any electronic signature complying with the U.S. federal ESIGN Act of 2000, including Orbit, Adobe Sign, DocuSign, or
any other similar platform identified by the Issuer and reasonably available at no undue burden or expense to the Trustee), each of which shall be deemed an original and all of which, taken together, shall constitute one and the same instrument, and
each of the parties hereto may execute this Indenture by signing any such counterpart. Delivery of an executed counterpart of this Indenture by e-mail (PDF) or facsimile shall be deemed to constitute due and
sufficient delivery of such counterpart. The Trustee shall have no duty to inquire into or investigate the authenticity or authorization of any such electronic signature and shall be entitled to conclusively rely on any such electronic signature
without any liability with respect thereto. 
 14.14    Acts of Issuer 

Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or performed by
the Issuer shall be effective if given or performed by the Issuer or by the Collateral Manager on the Issuer’s behalf. 

14.15    Confidential Information 
  

	  (a)	 The Trustee and each Holder of Notes will maintain the confidentiality of all Confidential Information in
accordance with procedures adopted by the Issuer or such Holder in good faith to protect Confidential Information of third parties delivered to such Person; provided that such Person may deliver or disclose Confidential Information to:
(i) such Person’s directors, trustees, officers, employees, agents, attorneys and Affiliates who agree to hold confidential the Confidential Information substantially in accordance with the terms of this Section 14.15 and to the
extent such disclosure is reasonably required for the administration of this Indenture, the matters contemplated hereby or the investment represented by the Notes; (ii) such Person’s financial advisors and other professional advisors who
agree to hold confidential the Confidential Information substantially in accordance with the terms of this Section 14.15 and to the extent such disclosure is reasonably required for the administration of this Indenture, the matters contemplated
hereby or the investment represented by the Notes; (iii) any other Holder; (iv) any Person of the type that would be, to such Person’s knowledge, permitted to acquire Notes in accordance with the requirements of Section 2.5
hereof to which such Person sells or offers to sell any such Note or any part thereof (if such Person has agreed in writing prior to 

  
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its receipt of such Confidential Information to be bound by the provisions of this Section 14.15); (v) any other Person from which such former Person offers to purchase any security of
the Issuer (if such other Person has agreed in writing prior to its receipt of such Confidential Information to be bound by the provisions of this Section 14.15); (vi) any Federal or State or other regulatory, governmental or judicial
authority having jurisdiction over such Person; (vii) the National Association of Insurance Commissioners or any similar organization, or any nationally recognized rating agency that requires access to information about the investment portfolio
of such Person, reinsurers and liquidity and credit providers that agree to hold confidential the Confidential Information substantially in accordance with this Section 14.15; (viii) any other Person with the consent of the Issuer and the
Collateral Manager; or (ix) any other Person to which such delivery or disclosure may be necessary or appropriate (A) to effect compliance with any law, rule, regulation or order applicable to such Person, (B) in response to any
subpoena or other legal process upon prior notice to the Issuer (unless prohibited by applicable law, rule, order or decree or other requirement having the force of law), (C) in connection with any litigation to which such Person is a party
upon prior notice to the Issuer (unless prohibited by applicable law, rule, order or decree or other requirement having the force of law) or (D) if an Event of Default has occurred and is continuing, to the extent such Person may
reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under the Notes or this Indenture or (E) in the Trustee’s or Collateral
Administrator’s performance of its obligations under this Indenture, the Collateral Administration Agreement or other transaction document related thereto; and provided that delivery to Holders by the Trustee or the Collateral
Administrator of any report of information required by the terms of this Indenture to be provided to Holders shall not be a violation of this Section 14.15. Each Holder of Notes agrees, except as set forth in clauses (vi), (vii) and
(ix) above, that it shall use the Confidential Information for the sole purpose of making an investment in the Notes or administering its investment in the Notes; and that the Trustee and the Collateral Administrator shall neither be required
nor authorized to disclose to Holders any Confidential Information in violation of this Section 14.15. In the event of any required disclosure of the Confidential Information by such Holder, such Holder agrees to use reasonable efforts to
protect the confidentiality of the Confidential Information. Each Holder of a Note, by its acceptance of a Note, will be deemed to have agreed to be bound by and to be entitled to the benefits of this Section 14.15. 

 

	  (b)	 For the purposes of this Section 14.15, Confidential Information means information
delivered to the Trustee, the Collateral Administrator or any Holder of Notes by or on behalf of the Issuer in connection with and relating to the transactions contemplated by or otherwise pursuant to this Indenture; provided that such term
does not include information that: (i) was publicly known or otherwise known to the Trustee, the Collateral Administrator or such Holder 

  
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prior to the time of such disclosure; (ii) subsequently becomes publicly known through no act or omission by the Trustee, the Collateral Administrator, any Holder or any person acting on
behalf of the Trustee, the Collateral Administrator or any Holder; (iii) otherwise is known or becomes known to the Trustee, the Collateral Administrator or any Holder other than (x) through disclosure by the Issuer or (y) to the
knowledge of the Trustee, the Collateral Administrator or a Holder, as the case may be, in each case after reasonable inquiry, as a result of the breach of a fiduciary duty to the Issuer or a contractual duty to the Issuer; or (iv) is allowed
to be treated as non-confidential by consent of the Issuer. 

  

	  (c)	 Notwithstanding the foregoing, the Trustee and the Collateral Administrator may disclose Confidential
Information to the extent disclosure thereof may be required by law or by any regulatory or governmental authority and the Trustee and the Collateral Administrator may disclose on a confidential basis any Confidential Information to its agents,
attorneys and auditors in connection with the performance of its responsibilities hereunder. 

15.    ASSIGNMENT OF CERTAIN AGREEMENTS 

 

	15.1	 Assignment of Collateral Management Agreement, Revolving Credit Note Agreement, Collateral Administration
Agreement, Issuer Contribution Agreement and any Master Participation Agreement 

  

	  (a)	 The Issuer hereby acknowledges that its Grant pursuant to the first Granting Clause hereof includes all of
the Issuer’s estate, right, title and interest in, to and under the Collateral Management Agreement, the Revolving Credit Note Agreement, the Collateral Administration Agreement, the Issuer Contribution Agreement and any Master Participation
Agreement including (i) the right to give all notices, consents and releases thereunder, (ii) the right to receive all notices, accountings, consents, releases and statements thereunder, (iii) the right to do any and all other things
whatsoever that the Issuer is or may be entitled to do thereunder, (iv) with respect to the Collateral Management Agreement, the right to give all notices of termination and to take any legal action upon the breach of an obligation of the
Collateral Manager thereunder, including the commencement, conduct and consummation of proceedings at law or in equity, and (v) with respect to the Issuer Contribution Agreement, the right to give equity contribution notices and to do any and
all other things whatsoever that the Issuer is or may be entitled to do thereunder; provided that notwithstanding anything herein to the contrary, the Issuer shall retain, and the Trustee shall not have, the authority to exercise any of the
rights set forth in (i) through (v) above or that may otherwise arise as a result of the Grant until the occurrence of an Event of Default hereunder and such authority shall terminate at such time, if any, as such Event of Default is cured
or waived. 

  
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	  (b)	 The assignment made hereby is executed as collateral security, and the execution and delivery hereby shall
not in any way impair or diminish the obligations of the Issuer under the provisions of the Collateral Management Agreement, the Revolving Credit Note Agreement, the Collateral Administration Agreement, the Issuer Contribution Agreement and any
Master Participation Agreement nor shall any of the obligations contained in such agreements be imposed on the Trustee. 

  

	  (c)	 Upon the retirement of the Notes, the payment of all amounts required to be paid pursuant to the Priority of
Payments and the release of the Collateral from the lien of this Indenture, this assignment and all rights herein assigned to the Trustee for the benefit of the Holders shall cease and terminate and all the estate, right, title and interest of the
Trustee in, to and under the Collateral Management Agreement, the Revolving Credit Note Agreement, the Collateral Administration Agreement, the Issuer Contribution Agreement and any Master Participation Agreement shall revert to the Issuer and no
further instrument or act shall be necessary to evidence such termination and reversion. 

  

	  (d)	 The Issuer represents that the Issuer has not executed any other assignment of the Collateral Management
Agreement, the Revolving Credit Note Agreement, the Collateral Administration Agreement, the Issuer Contribution Agreement or any Master Participation Agreement. 

 

	  (e)	 The Issuer agrees that this assignment is irrevocable, and that it will not take any action which is
inconsistent with this assignment or make any other assignment inconsistent herewith. The Issuer will, from time to time, execute all instruments of further assurance and all such supplemental instruments with respect to this assignment as may be
necessary to continue and maintain the effectiveness of such assignment. 

  

	  (f)	 Subject to Section 15.1(a), the Issuer hereby agrees, and hereby undertakes to obtain the agreement and
consent of the Collateral Manager in the Collateral Management Agreement, to the following: 

  

	 	(i)	 The Collateral Manager shall consent to the provisions of this assignment and agree to perform any
provisions of this Indenture applicable to the Collateral Manager subject to the terms (including the standard of care set forth in the Collateral Management Agreement) of the Collateral Management Agreement. 

 

	 	(ii)	 The Collateral Manager shall acknowledge that the Issuer is assigning all of its right, title and interest
in, to and under the Collateral Management Agreement to the Trustee as representative of the Holders and the Collateral Manager shall agree that all of the representations, covenants and agreements made by the Collateral Manager in the Collateral
Management Agreement are also for the benefit of the Trustee, subject to Section 15.1(a). 

  
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	 	(iii)	 The Collateral Manager shall deliver to the Trustee copies of all notices, statements, communications and
instruments delivered or required to be delivered by the Collateral Manager to the Issuer pursuant to the Collateral Management Agreement. 

  

	 	(iv)	 Neither the Issuer nor the Collateral Manager will enter into any agreement amending, modifying or
terminating the Collateral Management Agreement (other than an amendment to correct inconsistencies, typographical or other errors, defects or ambiguities) or selecting or consenting to a successor manager except with the consents and satisfaction
of the conditions specified in the Collateral Management Agreement entered into on the Closing Date. 

  

	 	(v)	 The Collateral Manager agrees not to cause the filing of a petition in bankruptcy against or on behalf of
the Issuer until the payment in full of all Notes issued under this Indenture and the expiration of a period equal to one year and a day, or, if longer, the applicable preference period, following such payment. Nothing in this Section 15.1
shall preclude, or be deemed to stop, the Collateral Manager from taking any action prior to the expiration of the aforementioned period in (A) any case or Proceeding voluntarily filed or commenced by the Issuer (other than any such Proceeding
filed or commenced on behalf of the Issuer at the direction of the Collateral Manager or Sole Shareholder) or (B) any involuntary insolvency Proceeding filed or commenced by a Person other than the Collateral Manager or Sole Shareholder.

  

	  (g)	 Upon a Trust Officer of the Trustee (i) receiving written notice from the Collateral Manager that an
event constituting “Cause” as defined in the Collateral Management Agreement has occurred, (ii) receiving written notice that the Collateral Manager is resigning or is being removed, with or without “Cause” or
(iii) written notice of a successor collateral manager, the Trustee shall, not later than one Business Day thereafter, notify the Holders (as their names appear in the Note Registers). 

 

	  (h)	 Subject to Section 15.1(a), the Issuer hereby agrees, and hereby undertakes to obtain the agreement and
consent of the Sole Shareholder in the Issuer Contribution Agreement, to the following: 

  

	 	(i)	 The Sole Shareholder shall consent to the provisions of this assignment and agree to perform any provisions
of this Indenture applicable to the Sole Shareholder subject to the terms of the Issuer Contribution Agreement. 

  

	 	(ii)	 The Sole Shareholder shall acknowledge that the Issuer is assigning all of its right, title and interest in,
to and under the Issuer Contribution Agreement to the Trustee as representative of the Holders and the Sole 

  
 -152- 

	 	 
Shareholder shall agree that all of the representations, covenants and agreements made by the Sole Shareholder in the Issuer Contribution Agreement are also for the benefit of the Trustee,
subject to Section 15.1(a). 

  

	 	(iii)	 The Sole Shareholder shall deliver to the Trustee copies of all notices, statements, communications and
instruments delivered or required to be delivered by the Sole Shareholder to the Issuer pursuant to the Issuer Contribution Agreement. 

  

	 	(iv)	 Neither the Issuer nor the Sole Shareholder will enter into any agreement amending, modifying or terminating
the Issuer Contribution Agreement (other than an amendment to correct inconsistencies, typographical or other manifest errors, defects or ambiguities that, in each case, does not in any way affect the maintenance of a consistent aggregate Advance
Value of Portfolio Assets and Cash held by the Issuer by means of contributions and withdrawals under the Issuer Contribution Agreement) without prior written consent of the Trustee and the Valuation Agent (unless such amendment could not reasonably
be expected to materially adversely affect any of the Issuer, the Collateral or the interests of the Trustee and Issuer therein and notice thereof has been given to the Trustee and Valuation Agent). 

 

	 	(v)	 The Sole Shareholder agrees not to cause the filing of a petition in bankruptcy against or on behalf of the
Issuer until the payment in full of all Notes issued under this Indenture and the expiration of a period equal to one year and a day, or, if longer, the applicable preference period, following such payment. Nothing in this Section 15.1 shall
preclude, or be deemed to preclude, the Sole Shareholder from taking any action prior to the expiration of the aforementioned period in (A) any case or Proceeding voluntarily filed or commenced by the Issuer (other than any such Proceeding
filed or commenced on behalf of the Issuer at the direction of the Collateral Manager or Sole Shareholder) or (B) any involuntary insolvency Proceeding filed or commenced by a Person other than the Sole Shareholder or Collateral Manager.

  

	  (i)	 The Issuer hereby agrees, and hereby undertakes to obtain the agreement and consent of the relevant MPA
Counterparty to any Master Participation Agreement, to the following: 

  

	 	(i)	 The relevant MPA Counterparty shall consent to the provisions of this assignment. 

 

	 	(ii)	 The relevant MPA Counterparty shall acknowledge that the Issuer is assigning all of its right, title and
interest in, to and under the relevant Master Participation Agreement to the Trustee as representative of the 

  
 -153- 

	 	 
Holders and the relevant MPA Counterparty shall agree that all of the representations, covenants and agreements made by the relevant MPA Counterparty in the relevant Master Participation
Agreement are also for the benefit of the Trustee. 

  

	 	(iii)	 The relevant MPA Counterparty shall deliver to the Trustee copies of all notices, statements, communications
and instruments delivered or required to be delivered by the relevant MPA Counterparty to the Issuer pursuant to the relevant Master Participation Agreement. 

 

	 	(iv)	 The relevant MPA Counterparty agrees not to cause the filing of a petition in a bankruptcy or similar
Proceeding against or on behalf of the Issuer until the payment in full of all Notes issued under this Indenture and the expiration of a period equal to one year and a day, or, if longer, the applicable preference period, following such payment.
Nothing in this Section 15.1 shall preclude, or be deemed to estop, an MPA Counterparty from taking any action prior to the expiration of the aforementioned period in (A) any Proceeding voluntarily filed or commenced by the Issuer (other
than any such Proceeding filed or commenced on behalf of the Issuer at the direction of the relevant MPA Counterparty or Sole Shareholder) or (B) any involuntary insolvency Proceeding filed or commenced by a Person other than the relevant MPA
Counterparty or Sole Shareholder. 

  

	 	(v)	 From and after the occurrence and continuance of an Event of Default, the relevant MPA Counterparty shall
continue to perform and be bound by the provisions of the relevant Master Participation Agreement (except as otherwise expressly provided in any Master Participation Agreement). 

- Signature Page Follows - 

  
 -154- 

 IN WITNESS WHEREOF, we have set our hands as of the day and year first written above. 

 

			
	 CM FINANCE SPV LTD.,

as Issuer

		
	 By:
	 	
                 

			
	 Name:
	 	
	 Title:
	 	

  
 Indenture –
Signature Page 

 U.S. BANK NATIONAL ASSOCIATION, 

as Trustee and, solely as expressly specified herein, as Bank 
  

			
	 By:
	 	
                 

			
	 Name:
	 	
	 Title:
	 	

  
 Indenture –
Signature Page 

 Schedule 1 

Portfolio Assets as of Closing Date 

Committed Loans: 
  

																			
	
Status
	  	 Name
	  	 Tranche
	  	 Security Type
	  	 	 Price
	 	  	 	 Par Value
	 	  	 	 Market Value
	 
	 Committed
	  	 Virgin America
	  	 1st Lien Note
	  	 1st Lien
	  	 	$90.0000	 	  	 	$5,000,000	 	  	 	$4,500,000	 
	 Committed
	  	 Virgin America
	  	 2nd Lien Note
	  	 2nd Lien
	  	 	$100.0000	 	  	 	$5,000,000	 	  	 	$5,000,000	 
	 Committed
	  	 MF Global
	  	 Delayed Draw TL (Exit Facility)
	  	 1st Lien
	  	 	$97.5000	 	  	 	$10,000,000	 	  	 	$9,750,000	 
	
Total
	  	 	  	 	  	 	  	 	Total	 	  	 	$20,000,000	 	  	 	$19,250,000	 

 Funded Loans: 
  

																			
	
Status
	  	 Name
	  	 Tranche
	  	 Security Type
	  	 	 Price
	 	  	 	 Par Value
	 	  	 	 Market Value
	 
	Funded	  	Crestwood	  	Term Loan	  	 1st Lien
	  	 	$101.7500	 	  	 	$11,954,510	 	  	 	$12,163,714	 
	Funded	  	Endeavour	  	Term Loan (Refund Guarantee Facility)	  	 1st Lien
	  	 	$100.0000	 	  	 	$17,953,305	 	  	 	$17,953,305	 
	Funded	  	YRC	  	Receivables Facility (aka 2nd Out ABL)	  	 1st Lien
	  	 	$100.5000	 	  	 	$12,074,283	 	  	 	$12,134,654	 
	Funded	  	Capitol Petroleum Group	  	Senior Secured Note	  	 1st Lien
	  	 	$98.3600	 	  	 	$10,096,891	 	  	 	$9,931,302	 
	Funded	  	TNS	  	2nd Lien	  	 2nd Lien
	  	 	$100.5000	 	  	 	$9,250,000	 	  	 	$9,296,250	 
	Funded	  	AM General	  	Term Loan	  	 1st Lien
	  	 	$98.0000	 	  	 	$10,000,000	 	  	 	$9,800,000	 
	Funded	  	Alcatel	  	Term Loan C	  	 1st Lien
	  	 	$102.0000	 	  	 	$12,712,500	 	  	 	$12,966,750	 
	Funded	  	New Wave Communications	  	2nd Lien Term Loan	  	 2nd Lien
	  	 	$99.5000	 	  	 	$8,000,000	 	  	 	$7,960,000	 
	Total	  	 	  	 	  	 	  	 	Total	 	  	 	$92,041,489	 	  	 	$92,205,975	 

  
 -157- 

 Schedule 2 

Moody’s Industry Classifications 
  

			
	 Industry

Number
	  	
Collateral Description

	1	  	
Aerospace & Defense

	2	  	
Automotive

	3	  	
Banking, Finance, Insurance and Real Estate

	4	  	
Beverage, Food, & Tobacco

	5	  	
Capital Equipment

	6	  	
Chemicals, Plastics, & Rubber

	7	  	
Construction & Building

	8	  	
Consumer goods: durable

	9	  	
Consumer goods: non-durable

	10	  	
Containers, Packaging, & Glass

	11	  	
Energy: Electricity

	12	  	
Energy: Oil & Gas

	13	  	
Environmental Industries

	14	  	
Forest Products & Paper

	15	  	
Healthcare & Pharmaceuticals

	16	  	
High Tech Industries

	17	  	
Hotel, Gaming, & Leisure

	18	  	
Media: Advertising, Printing & Publishing

	19	  	
Media: Broadcasting & Subscription

	20	  	
Media: Diversified & Production

	21	  	
Metals & Mining

	22	  	
Retail

	23	  	
Services: Business

	24	  	
Services: Consumer

	25	  	
Sovereign & Public Finance

	26	  	
Telecommunications

	27	  	
Transportation: Cargo

	28	  	
Transportation: Consumer

	29	  	
Utilities: Electric

	30	  	
Utilities: Oil & Gas

	31	  	
Utilities: Water

	32	  	
Wholesale

  
 -1- 

 CONTENTS 
  

									
	 SECTION
	  	 	PAGE	 
			
	 1.
	 	       Definitions
	  	 	3	 
				
		 	 1.1
	  	 Definitions
	  	 	3	 
				
		 	 1.2
	  	 Assumptions as to Collateral
	  	 	35	 
			
	 2.
	 	       The Notes
	  	 	37	 
				
		 	 2.1
	  	 Forms Generally
	  	 	37	 
				
		 	 2.2
	  	 Forms of Notes
	  	 	37	 
				
		 	 2.3
	  	 Authorized Amount; Stated Maturity; Denominations
	  	 	39	 
				
		 	 2.4
	  	 Execution, Authentication, Delivery and Dating
	  	 	40	 
				
		 	 2.5
	  	 Registration, Registration of Transfer and Exchange
	  	 	41	 
				
		 	 2.6
	  	 Mutilated, Defaced, Destroyed, Lost or Stolen Note
	  	 	51	 
				
		 	 2.7
	  	 Payment of Principal and Other Amounts; Principal Rights Preserved
	  	 	52	 
				
		 	 2.8
	  	 Persons Deemed Owners
	  	 	55	 
				
		 	 2.9
	  	 Cancellation
	  	 	55	 
				
		 	 2.10
	  	 DTC Ceases to be Depository
	  	 	56	 
				
		 	 2.11
	  	 Non-Permitted Holders or Violation of ERISA Representations or Noteholder Reporting
Obligations
	  	 	57	 
				
		 	 2.12
	  	 Tax Certification and Noteholder Reporting Obligations
	  	 	59	 
				
		 	 2.13
	  	 Additional Issuance of Notes
	  	 	60	 
				
		 	 2.14
	  	 Borrowings under the Revolving Credit Note Agreement
	  	 	61	 
				
		 	 2.15
	  	 [Reserved]
	  	 	61	 
			
	 3.
	 	       Conditions Precedent
	  	 	61	 
				
		 	 3.1
	  	 Conditions to Issuance of Notes on Closing Date
	  	 	61	 
				
		 	 3.2
	  	 Custodianship; Delivery of Portfolio Assets and Eligible Investments
	  	 	64	 
				
		 	 3.3
	  	 Application of Proceeds of Issuance
	  	 	65	 
				
		 	 3.4
	  	 Issuance of Class A-R Notes
	  	 	65	 
			
	 4.
	 	       Satisfaction And Discharge
	  	 	65	 
				
		 	 4.1
	  	 Satisfaction and Discharge of Indenture
	  	 	65	 
				
		 	 4.2
	  	 Application of Trust Cash
	  	 	67	 
				
		 	 4.3
	  	 Repayment of Cash Held by Paying Agent
	  	 	67	 

  
 -i- 

									
	 5.
	 	       Remedies
	  	 	68	 
				
		 	 5.1
	  	 Events of Default
	  	 	68	 
				
		 	 5.2
	  	 Acceleration of Maturity; Rescission and Annulment
	  	 	70	 
				
		 	 5.3
	  	 Collection of Indebtedness and Suits for Enforcement by Trustee
	  	 	71	 
				
		 	 5.4
	  	 Remedies
	  	 	73	 
				
		 	 5.5
	  	 Optional Preservation of Collateral
	  	 	75	 
				
		 	 5.6
	  	 Trustee May Enforce Claims Without Possession of Notes
	  	 	77	 
				
		 	 5.7
	  	 Application of Cash Collected
	  	 	77	 
				
		 	 5.8
	  	 Limitation on Suits
	  	 	77	 
				
		 	 5.9
	  	 Unconditional Rights of Holders to Receive Principal
	  	 	78	 
				
		 	 5.10
	  	 Restoration of Rights and Remedies
	  	 	78	 
				
		 	 5.11
	  	 Rights and Remedies Cumulative
	  	 	78	 
				
		 	 5.12
	  	 Delay or Omission Not Waiver
	  	 	78	 
				
		 	 5.13
	  	 Control by Majority Noteholders
	  	 	78	 
				
		 	 5.14
	  	 Waiver of Past Defaults
	  	 	79	 
				
		 	 5.15
	  	 Undertaking for Costs
	  	 	79	 
				
		 	 5.16
	  	 Waiver of Stay or Extension Laws
	  	 	80	 
				
		 	 5.17
	  	 Sale of Collateral
	  	 	80	 
				
		 	 5.18
	  	 Action on the Notes
	  	 	81	 
			
	 6.
	 	       The Trustee
	  	 	81	 
				
		 	 6.1
	  	 Certain Duties and Responsibilities
	  	 	81	 
				
		 	 6.2
	  	 Notice of Default
	  	 	83	 
				
		 	 6.3
	  	 Certain Rights of Trustee
	  	 	83	 
				
		 	 6.4
	  	 Not Responsible for Recitals or Issuance of Notes
	  	 	87	 
				
		 	 6.5
	  	 May Hold Notes
	  	 	87	 
				
		 	 6.6
	  	 Cash Held in Trust
	  	 	88	 
				
		 	 6.7
	  	 Compensation and Reimbursement
	  	 	88	 
				
		 	 6.8
	  	 Corporate Trustee Required; Eligibility
	  	 	89	 
				
		 	 6.9
	  	 Resignation and Removal; Appointment of Successor
	  	 	90	 
				
		 	 6.10
	  	 Acceptance of Appointment by Successor
	  	 	91	 
				
		 	 6.11
	  	 Merger, Conversion, Consolidation or Succession to Business of Trustee
	  	 	92	 
				
		 	 6.12
	  	 Co-Trustees
	  	 	92	 
				
		 	 6.13
	  	 Certain Duties of Trustee Related to Delayed Payment of Proceeds
	  	 	93	 

  
 -ii- 

									
		 	 6.14
	  	 Authenticating Agents
	  	 	94	 
				
		 	 6.15
	  	 Withholding
	  	 	94	 
				
		 	 6.16
	  	 Fiduciary for Holders Only; Agent for each other Secured Party
	  	 	95	 
				
		 	 6.17
	  	 Representations and Warranties of the Bank
	  	 	95	 
				
		 	 6.18
	  	 Rights of Trustee under certain Transaction Documents.
	  	 	96	 
			
	 7.
	 	       Covenants
	  	 	96	 
				
		 	 7.1
	  	 Payment of Principal
	  	 	96	 
				
		 	 7.2
	  	 Maintenance of Office or Agency
	  	 	96	 
				
		 	 7.3
	  	 Cash for Note Payments to be Held in Trust
	  	 	97	 
				
		 	 7.4
	  	 Existence of Issuer
	  	 	99	 
				
		 	 7.5
	  	 Protection of Collateral
	  	 	100	 
				
		 	 7.6
	  	 Opinions as to Collateral
	  	 	101	 
				
		 	 7.7
	  	 Performance of Obligations
	  	 	101	 
				
		 	 7.8
	  	 Negative Covenants
	  	 	102	 
				
		 	 7.9
	  	 Statement as to Compliance
	  	 	104	 
				
		 	 7.10
	  	 Issuer May Not Consolidate Except on Certain Terms
	  	 	105	 
				
		 	 7.11
	  	 Successor Substituted
	  	 	105	 
				
		 	 7.12
	  	 No Other Business
	  	 	105	 
				
		 	 7.13
	  	 Acquisition of Portfolio Assets
	  	 	106	 
				
		 	 7.14
	  	 Reporting
	  	 	106	 
				
		 	 7.15
	  	 Certain Tax Matters
	  	 	106	 
				
		 	 7.16
	  	 Side Letter Security Agreement
	  	 	107	 
			
	 8.
	 	       Supplemental Indentures
	  	 	107	 
				
		 	 8.1
	  	 Supplemental Indentures Without Consent of Holders of Notes
	  	 	107	 
				
		 	 8.2
	  	 Supplemental Indentures With Consent of Holders of Notes
	  	 	109	 
				
		 	 8.3
	  	 Execution of Supplemental Indentures
	  	 	109	 
				
		 	 8.4
	  	 Determination of Effect on Holders
	  	 	111	 
				
		 	 8.5
	  	 Effect of Supplemental Indentures
	  	 	112	 
				
		 	 8.6
	  	 Reference in Notes to Supplemental Indentures
	  	 	112	 
			
	 9.
	 	       Mandatory Repayment of Class A-R
Notes
	  	 	112	 
				
		 	 9.1
	  	 Mandatory Repayment
	  	 	112	 
				
		 	 9.2
	  	 Mandatory Repayment Procedures
	  	 	113	 
				
		 	 9.3
	  	 Class A-R Notes Repayable on Mandatory Repayment Date
	  	 	114	 

  
 -iii- 

									
	 10.
	 	       Accounts, Accountings and Releases
	  	 	 114
	 
				
		 	 10.1
	  	 Collection of Cash
	  	 	114	 
				
		 	 10.2
	  	 Collection Account
	  	 	115	 
				
		 	 10.3
	  	 Transaction Accounts
	  	 	117	 
				
		 	 10.4
	  	 Reinvestment of Funds in Accounts; Reports by Trustee
	  	 	121	 
				
		 	 10.5
	  	 Accountings
	  	 	123	 
				
		 	 10.6
	  	 Release of Collateral
	  	 	129	 
				
		 	 10.7
	  	 Procedures Relating to the Establishment of Accounts Controlled by the Trustee
	  	 	131	 
				
		 	 10.8
	  	 Section 3(c)(7) Procedures
	  	 	131	 
			
	 11.
	 	       Application Of Cash
	  	 	 132
	 
				
		 	 11.1
	  	 Disbursements of Cash from Payment Account
	  	 	132	 
			
	 12.
	 	 Sale of Portfolio Assets; purchase of additional Portfolio Assets
	  	 	 133
	 
				
		 	 12.1
	  	 Sales of Portfolio Assets
	  	 	133	 
				
		 	 12.2
	  	 Acquisition of Portfolio Assets; Eligible Investments
	  	 	135	 
				
		 	 12.3
	  	 Conditions Applicable to All Sale and Purchase Transactions
	  	 	137	 
				
		 	 12.4
	  	 Calculation of Required Contributions and Withdrawals by the Sole Shareholder under the Issuer Contribution
Agreement
	  	 	140	 
			
	 13.
	 	       Relations among Holders
	  	 	 140
	 
				
		 	 13.1
	  	 Relations among Holders
	  	 	140	 
				
		 	 13.2
	  	 Standard of Conduct
	  	 	141	 
			
	 14.
	 	       Miscellaneous
	  	 	141	 
				
		 	 14.1
	  	 Form of Documents Delivered to Trustee
	  	 	141	 
				
		 	 14.2
	  	 Acts of Holders
	  	 	142	 
				
		 	 14.3
	  	 Notices, etc., to Trustee, the Revolving Credit Note Agent, the Issuer, the Collateral Manager, the Collateral
Administrator, the Paying Agent, the Valuation Agent
	  	 	 143
	 
				
		 	 14.4
	  	 Notices to Holders; Waiver
	  	 	145	 
				
		 	 14.5
	  	 Effect of Headings and Table of Contents
	  	 	146	 
				
		 	 14.6
	  	 Successors and Assigns
	  	 	146	 
				
		 	 14.7
	  	 Severability
	  	 	146	 
				
		 	 14.8
	  	 Benefits of Indenture
	  	 	146	 
				
		 	 14.9
	  	 Legal Holidays
	  	 	147	 
				
		 	 14.10
	  	 Governing Law
	  	 	 147
	 

  
 -iv- 

									
		 	 14.11
	  	 Submission to Jurisdiction
	  	 	147	 
				
		 	 14.12
	  	 WAIVER OF JURY TRIAL
	  	 	147	 
				
		 	 14.13
	  	 Counterparts
	  	 	148	 
				
		 	 14.14
	  	 Acts of Issuer
	  	 	148	 
				
		 	 14.15
	  	 Confidential Information
	  	 	148	 
			
	 15.
	 	       Assignment Of Certain Agreements
	  	 	 150
	 
				
		 	 15.1
	  	 Assignment of Collateral Management Agreement, Revolving Credit Note Agreement, Collateral Administration Agreement, Issuer
Contribution Agreement and any Master Participation Agreement
	  	 	 150
	 

 Schedules and Exhibits 
  

			
	Schedule 1	    	 List of Portfolio Assets as of Closing Date

	Schedule 2	    	 Moody’s Industry Classifications

		
	Exhibit A	    	 Forms of Notes

	A1	    	 Form of Global Class A-1 Note

	A2	    	 Form of Certificated Class A-1 Note

	A3	    	 [Reserved]

	A4	    	 [Reserved]

	A5	    	 Form of Class A-R Note

		
	Exhibit B	    	 Forms of Transfer and Exchange Certificates

	B1	    	 Form of Transferor Certificate for Transfer of Rule 144A Global Note or Certificated Note to Regulation S Global Note or
Certificated Note

	B2	    	 Form of Purchaser Representation Letter for Certificated Notes

	B3	    	 Form of Transferor Certificate for Transfer of Regulation S Global Note or Certificated Note to Rule 144A Global Note or
Certificated Note

	B4	    	 Form of Transferee Certificate of Rule 144A Global Note

	B5	    	 Form of Transferee Certificate of Regulation S Global Note

		
	Exhibit C	    	 Form of Opinion of Nixon Peabody LLP

	Exhibit D	    	 Form of Opinion of Bingham McCutchen LLP

	Exhibit E	    	 Form of Opinion of Appleby (Cayman) Ltd.

	Exhibit F	    	 Form of Beneficial Owner Certificate

  
 -v- 

 Dated as of September 30, 2020 

CM FINANCE SPV LTD., 
 as
Issuer 
 U.S. BANK NATIONAL ASSOCIATION, 

as Trustee 
  

 

 
 EIGHTH
AMENDED AND RESTATED 
 INDENTUREAmended Confirmation under the GMRA with respect to the Class A-1 Notes

 Execution Version 

Amended and Restated Confirmation in respect of Repurchase Transaction 

(Class A Notes) 

September 30, 2020 
  

	To:	 Investcorp Credit Management BDC, Inc. (f/k/a CM Finance Inc.) 

	  	 280 Park Avenue, 39th Floor 

	  	 New York, NY 10017 

	  	 Attention: Rocco DelGuercio, and Matt Bannon 

	  	 Tel: (212) 380-5904 

	  	 Email: Rdelguercio@Investcorp.com, mmauer@investcorp.com and mbannon@Investcorp.com 

 

	From:	 UBS AG, London Branch 

Dear Sirs/ Mesdames, 
 The
purpose of this amended and restated confirmation (this “Confirmation”) is to set forth the terms and conditions of the above-referenced repurchase transaction between Investcorp Credit Management BDC, Inc. (f/k/a CM Finance Inc.)
(“Seller”) and UBS AG, London Branch (“Buyer”, and “Party” shall mean either Seller or Buyer), on the Trade Date specified below (the “Transaction”). This Confirmation evidences the
Transaction (replacing the form of Confirmation required by Annex II to the Agreement which shall not apply to the Transaction) and forms a binding agreement between Seller and Buyer as to the terms of the Transaction. 

This Confirmation supplements, forms part of, and is subject to the TBMA/ISMA Global Master Repurchase Agreement (2011 version), dated as of
June 11, 2019, between Seller and Buyer, together with the Annex(es) thereto (as supplemented, amended or otherwise modified from time to time, the “Agreement”). 

With effect from the Amendment Effective Date, this Confirmation amends and restates the prior Confirmation dated June 21, 2019 (the
“Original Confirmation”) relating to the Transaction described herein, which Original Confirmation (with respect to the period from and after the Amendment Effective Date) is hereby superseded and shall be of no further force or
effect. 
 All provisions contained or incorporated by reference in the Agreement shall govern this Confirmation except as expressly
modified below. In the event of any inconsistency between the provisions of the Agreement and this Confirmation, this Confirmation will prevail. In this Confirmation, defined words and expressions shall have the same meaning as in the Agreement
unless otherwise defined in this Confirmation, in which case terms used in this Confirmation shall take precedence over terms used in the Agreement. 
  

			
	  

1    General Terms
	  	 
	 Seller:
	  	
Investcorp Credit Management BDC, Inc.

	 Buyer:
	  	
UBS AG, London Branch

	 Calculation Agent:
	  	
UBS AG, London Branch.
  

The Calculation Agent shall perform all determinations and calculations hereunder in good faith and in a commercially reasonable manner. For
the purpose of making any determination or calculation hereunder, the Calculation Agent may rely on any

			
	 	  	
information or notice delivered by a third party.

	 Trade Date:
	  	
June 21, 2019.

	 Amendment Effective Date:
	  	
September 30, 2020.

	 Purchase Date:
	  	
June 21, 2019.

	 Repurchase Date:
	  	
December 5, 2021, subject to adjustment in accordance with the Business Day Convention, as such date may be accelerated as provided
herein and in the Agreement.

	 Purchased Securities:
	  	
On the Purchase Date, Seller shall transfer to Buyer, collectively in exchange for the Purchase Price on the Purchase Date, Purchased
Securities comprising Class A-1 Notes having a principal amount of USD136,000,000; provided that the foregoing obligation of Seller shall be deemed to be satisfied upon the entry by Buyer and
Seller into the TRS Termination Agreement.

	 Purchase Price:
	  	
On any date of determination, USD102,000,000, as such amount may from time to time be reduced pursuant to the operation of the “Purchase
Price Reduction” provisions herein.

	 Repurchase Price:
	  	
With respect to each Purchased Security, the Purchase Price for such Purchased Security as of the relevant Repurchase Date, as such amount may
from time to time be reduced by a Voluntary Partial Prepayment pursuant to the operation of the “Purchase Price Reduction” provisions herein; in which case, for the avoidance of doubt, Purchase Price will be reduced by the Prepayment
Amount in respect of such Voluntary Partial Prepayment.
  

For the avoidance of doubt, there shall be no Price Differential incorporated into the Repurchase Price and all references to Price
Differential and Pricing Rate are hereby deleted from the Agreement. In lieu of Price Differential, Seller shall be obligated to pay the Transaction Fee Amounts to Buyer as set forth herein. For the avoidance of doubt, paragraphs 2(kk), 2(ll) and
2(rr) of the Agreement shall not apply to the Transaction.

	 Termination of Transaction:
	  	
Subject to paragraphs 10 and 11 of the Agreement and Buyer’s rights with respect to a Regulatory Event and as otherwise set forth
in this Confirmation, unless the parties otherwise agree, the Transaction shall not be terminable on demand by either Party.

	 Purchase Price Reduction:
	  	
(a)        Seller may elect to prepay all or a portion of the Repurchase Price of the Purchased
Securities upon at least five Business Days’ prior written notice to Buyer, any prepayment under this clause (a), a “Voluntary Prepayment”, any prepayment of all of the then-outstanding Repurchase Price under this clause (a), a
“Voluntary Full Prepayment” and any prepayment of a portion of the then-outstanding Repurchase Price under this clause (a), a “Voluntary Partial Prepayment”); provided that a Voluntary Partial Prepayment may
be elected if a portion of the Purchased Securities have been redeemed by the Issuer for cash in the form of USD on or prior to the related Prepayment Date (as defined below) and the portion of the Purchased Securities to be repurchased shall be
those which have been redeemed and in an amount not in excess of the Current Redeemed Amount.

  
 2 

			
	 	  	
(b)        If a Mandatory Prepayment Event has occurred and is continuing with respect to the Purchased
Securities, Buyer may upon at least three Business Days’ prior written notice to Seller require Seller to prepay the entire Repurchase Price of the Purchased Securities.

 
 Each written notice delivered by Seller under clause
(a) above or by Buyer under clause (b) above shall designate the date on which such prepayment is to be effective (each a “Prepayment Date”). For purposes of any Prepayment Date relating to a Voluntary Partial Prepayment,
the “Prepayment Amount” shall be an amount equal to the product of (x) the Advance Percentage applicable to Cash (as specified in the Indenture) and (y) the Current Redeemed Amount and in the case of a Voluntary Full
Prepayment, the “Prepayment Amount” shall be an amount equal to the Repurchase Price.
  

Subject to the Failure to Deliver Equivalent Securities and the timing therein, on each Prepayment Date:

 

(A)  Buyer shall transfer to Seller or its agent Equivalent Securities, which, in the case
of a Voluntary Partial Prepayment or a Voluntary Full Prepayment occurring after redemption of the Notes, shall be in the form of USD cash in an amount equal to the Current Redeemed Amount;

 

(B)  Seller shall pay the related Prepayment Amount to Buyer;

 

(C)  Seller shall pay the related Breakage Amount (if any) to Buyer; and

 

(D)  with respect to a Voluntary Partial Prepayment, for each Purchased Security that is
the subject of such prepayment, the Repurchase Price for such Purchased Security immediately after giving effect to such prepayment shall be equal to (x) the Repurchase Price thereof immediately prior to such prepayment minus
(y) the related Prepayment Amount for such Purchased Security.
  

For purposes of the foregoing, amounts payable by Buyer and Seller under (A), (B) and (C) above shall be netted.

	 Current Redeemed Amount:
	  	
With respect to any Prepayment Date relating to a Voluntary Partial Prepayment or a Voluntary Full Prepayment occurring after redemption in
full of the Notes, an amount in USD determined by the Calculation Agent equal to the aggregate amount actually received by the holder of the Purchased Securities from the Issuer as a principal redemption payment in respect of the Purchased
Securities on or prior to such Prepayment Date that has not previously been delivered by Buyer to Seller as Equivalent Securities.

	 Mandatory Prepayment

Event:
	  	
It shall constitute a Mandatory Prepayment Event with respect to Seller if, after giving effect to all applicable notice requirements and
grace periods, an Indenture Event of Default occurs; provided that, for purposes of this Confirmation, the determination of whether or not an Indenture Event of Default has occurred with respect to any amount due and payable on the Purchased
Securities on the stated maturity thereof shall be made (x) without giving effect to the first sentence of Section 2.7(g) of the Indenture and (y) without giving effect to any grace period in Section 5.1(a) or
Section 5.1(b)(i) of the Indenture.

	 Accelerated Termination

Event:
	  	
Buyer may, at any time following the occurrence of a Regulatory Event, terminate the Transaction under this Confirmation by notifying Seller
of an early Repurchase

  
 3 

			
	 	  	
Date for the Transaction, which Repurchase Date shall not be earlier (unless so agreed by Buyer and Seller) than 10 calendar days after the
date of such notice (or such lesser period as may be necessary for Buyer to comply with its obligations under applicable laws and regulations arising as a result of such Regulatory Event). Upon knowledge of any Regulatory Event that may occur, Buyer
and Seller shall negotiate in good faith to enter into one or more financing transactions with substantially the same terms as the effected Transaction.

	 Regulatory Event:
	  	
An event which shall occur if, at any time, (a) Buyer determines, in its good faith commercially reasonable discretion, that
Buyer’s involvement in the transactions contemplated in this Confirmation and the Agreement violates any law, rule or regulation applicable to Buyer or (b) any applicable Governmental Authority informs Buyer that Buyer’s involvement
in such transactions violates any law, rule or regulation applicable to Buyer.

	 Paragraph 6(h):
	  	
Paragraph 6(h) shall be amended by deleting the words “Subject to paragraph 10,” at the beginning thereof such that, for the
avoidance of doubt, such paragraph applies with respect to all payment obligations arising out of the occurrence of an Accelerated Termination Event, Voluntary Partial Prepayment, Voluntary Full Prepayment or an early Repurchase Date (including,
without limitation, payment obligations in respect of Income that have accrued on or prior to the relevant date), provided that the foregoing shall be without prejudice to the exercise of any set-off
pursuant to paragraphs 10(d)(ii) or 10(n) of the Agreement.

	 Failure to Deliver

Equivalent Securities:
	  	
In respect of this Transaction, this provision (Failure to Deliver Equivalent Securities) shall apply in relation to the Buyer’s
obligations with respect to the Class A Notes in lieu of paragraph 10(i) of the Agreement and any reference in the Agreement to paragraph 10(i) in respect of Buyer’s obligations with respect to the Class A Notes shall be deemed to be
a reference to this provision (Failure to Deliver Equivalent Securities).
  

It is acknowledged by each of the Parties hereto that the Class A Notes are unique assets, and that accordingly no asset other than the
Purchased Securities will qualify as Equivalent Securities.
  

Notwithstanding anything to the contrary in paragraph 10 of the Agreement or otherwise in the Agreement or this Confirmation and without
duplication of the Cure Period provisions below, if Buyer (the “Transferor”) fails to deliver to Seller (the “Transferee”) any Purchased Security (an “Unavailable Asset”) by the time (the
“Due Date”) required under this Transaction or within such other period as may be agreed in writing by the Transferor and the Transferee (such failure, a “Transfer Failure”):

 
 (a)        the
Transferor, acting in good faith and a commercially reasonable manner, shall try for a period of 10 calendar days from the day following the Due Date in respect of the Unavailable Asset (the last day of such period, the “Transfer Cut-Off Date”) to obtain such Unavailable Asset (and, where the Transfer Failure is in respect of Buyer’s obligation to deliver the Purchased Securities on the scheduled Repurchase Date for this
Transaction, this Transaction shall be deemed to continue until, and terminate upon, the Extended Termination Date);
  

(b)        if the Transferor obtains any Unavailable Asset on or prior to the Transfer Cut-Off Date, the Transferor shall promptly give notice to the Transferee of its ability to deliver such Unavailable Asset and shall transfer such Unavailable Asset to the Transferee on the third Business Day
following the day on which the

  
 4 

			
	 	  	
Transferor delivers such notice in settlement of the relevant Transfer Failure; and

 
 (c)        if any
Unavailable Asset is redeemed in full or in part by the relevant issuer prior to the Transfer Cut-Off Date, then either Party may give notice to the other Party of such redemption after becoming aware of the
same, and the Transferor shall transfer a sum of money equivalent to the proceeds of such redemption to the Transferee no later than two Business Days following the day on which the Transferor delivers or receives such notice, in exchange for the
payment by the Transferee of all or a ratable portion of any unpaid Repurchase Price (as applicable).
  

For the avoidance of doubt, in relation to this Transaction, the Parties’ other obligations under the Agreement shall continue, and if
such Transfer Failure occurred in connection with the relevant Repurchase Date for this Transaction, the Transaction shall terminate on the day (the “Extended Termination Date”) which is, with respect to the last Unavailable Asset,
the earliest to occur of:
  

(i)        the Business Day on which the Transferor transfers such last Unavailable Asset in accordance
with sub-paragraph (c) above; or
  

(ii)        the day on which the Transferor transfers proceeds of such redemption if such last
Unavailable Asset is redeemed in full in accordance with sub-paragraph (c) above.
  

If any such Transfer Failure continues to subsist after the Due Date for this Transaction, the Transaction Fee Amounts in respect of such
Unavailable Assets shall cease to accrue on the Due Date for this Transaction and no further Transaction Fee Amounts shall be payable in respect of this Transaction, notwithstanding the continuance of the Parties’ obligations up to the Extended
Termination Date under this provision.

	 Determination of Default

Valuation Time:
	  	
The “Default Valuation Time” means, in relation to an Event of Default, the close of business in the applicable market on the
40th dealing day after the day on which the non-Defaulting Party delivers notice designating an Early Termination Date pursuant to paragraph 10(b) of the Agreement or, where that Event of Default is the
occurrence of an Act of Insolvency in respect of which Automatic Early Termination is specified in Annex I, the close of business on the 40th dealing day after the day on which the non-Defaulting Party first
became aware of the occurrence of such Event of Default.
  

Paragraph 10(f)(i) of the Agreement shall be amended by adding the words “(but in no event later than the Default Valuation Time)”
immediately following the words “on or about the early Termination Date”.
  

Paragraph 10(f)(ii) of the Agreement shall be amended by adding the words “(but in no event later than the Default Valuation Time)”
immediately following the words “on or about the early Termination Date”.
  

For the avoidance of doubt, the amount payable pursuant to paragraph 10(d) of the Agreement cannot be calculated until the Default Market
Values of all of the Equivalent Securities and any Equivalent Margin Securities under each Transaction can be calculated. As such, the payment under paragraph 10(d)(ii) will be delayed until the latest date on which the Default Market Value has been
determined with respect to any such Equivalent Securities and any Equivalent Margin Securities.
  

The parties acknowledge that (a) the Purchased Securities under this Transaction
are

  
 5 

			
	 	  	
expected to be illiquid and unique and that there may be no other commercially reasonable determinant of value with respect to such Purchased
Securities other than the price at which willing buyers agree to purchase such Purchased Securities or the relevant Portfolio Assets, (b) if the Buyer were forced to liquidate such Purchased Securities or the relevant Portfolio Assets on the
date an Event of Default occurs (or shortly thereafter), such liquidation would likely result in a commercially unreasonable price, and (c) giving the Buyer an extended period of time to liquidate such Purchased Securities or the relevant
Portfolio Assets is more likely to produce a commercially reasonable result. For avoidance of doubt, Buyer may, at any time, use any commercially reasonable determinant of value (whether the price at which willing buyers agree to purchase such
Purchased Securities or the relevant Portfolio Assets or otherwise).

	 Income:
	  	
Notwithstanding anything to the contrary in paragraph 5 (Income) of the Agreement, “Income” means, without double counting:

 
 (i) any interest or dividend payment or any other payment
or distribution (other than any principal payment or repayment, which, for the avoidance of doubt, includes any redemption payment) paid with respect to any Purchased Securities and not otherwise received by Seller; and

 
 (ii) any interest or dividend payment or any other payment
or distribution (other than any principal payment or repayment, which, for the avoidance of doubt, includes any redemption payment) paid with respect to any Class A Notes and with respect to (x) the Monthly Period (as defined in the
Indenture) commencing on and including May 15, 2019, and (y) the Monthly Period (as defined in the Indenture) commencing on and including June 15, 2019, and, in each case, that are not otherwise received by Seller.

 
 Buyer shall transfer to Seller an amount equal to (and in
the same currency as) the amount of all Income paid or distributed on or in respect of the Purchased Securities within one Business Day after the date on which such Income is paid or distributed to, and actually received by, holders of the Purchased
Securities, and paragraph 5(a) of the Agreement shall be amended accordingly. For avoidance of doubt, (a) references to the amount of any Income paid shall be to an amount paid net of any withholding or deduction for or on account of taxes or
duties and (b) Buyer shall not (except in connection with a termination of this Transaction resulting from an Event of Default) net or set-off against or otherwise apply the Income payment or payments to
reduce the amount, if any, to be transferred to Buyer by Seller upon termination of this Transaction.
  

Paragraph 2(u) of the Agreement shall be amended by deleting the words “(other than Distributions)”.

 
 Paragraph 2(v) of the Agreement shall be amended by
deleting the words “other than a Distribution”.

	 Clawback:
	  	
If (a) any distribution (whether as an Income payment or otherwise) on a Purchased Security, an Equivalent Security or, if the
Equivalent Security is cash, such cash, is received by Buyer and subsequently paid by Buyer to Seller hereunder, and (b) Buyer is subsequently required to transfer all or a portion of such payment to the issuer of such Security (or trustee,
paying agent or similar party) (the amount transferred, the “Clawback Amount”), then promptly after receiving notice of such Clawback Amount from Buyer, Seller shall transfer an amount equal to the Clawback Amount to Buyer. Buyer
agrees to pay over to Seller within one Business

  
 6 

			
	 	  	
Day after receipt any amounts subsequently recovered (but only to the extent such amounts are actually received by Buyer and Buyer is not
otherwise obligated to pay such amounts to Seller pursuant to any other provision hereunder such that payment would result in duplicative payments by Buyer or any other party), and to make reasonable efforts to claim and collect such recoveries. No
interest shall be payable by Buyer or Seller in relation to Clawback Amounts or amounts recovered in respect thereof for the period prior to such amounts becoming payable under this provision. This provision shall survive the termination of the
Transaction.

	 Cure Period:
	  	
Notwithstanding paragraph 10(a) of the Agreement as amended by any Annex, the failure of a Party (“X”) to make any payment
or delivery referred to in such paragraph (other than a payment or delivery referred to in paragraph 10(a)(iv) of the Agreement) in respect of the Transaction will not give rise to the right of the other Party to deliver a Default Notice to X unless
such failure is not remedied on or before the first Business Day after notice of such failure is given to X.

	 Events of Default:
	  	
In addition to the Events of Default set forth in the Agreement, if any of the following events occurs, it shall constitute an Event of Default
with respect to the relevant Party specified below which shall be the Defaulting Party:
  

(a)        with respect to Seller, if Seller fails to pay any Transaction Fee Amount due on a
Transaction Fee Payment Date, and Buyer, as non-Defaulting Party, serves a Default Notice on the Seller as Defaulting Party;

 
 (b)        with
respect to Seller, if Seller breaches any of the covenants set forth in the section “Certain Covenants of Seller” below and Buyer, as non-Defaulting Party, serves a Default Notice on the Seller as
Defaulting Party;
  

(c)        with respect to Seller, if Seller breaches the CM Finance Financials Requirement and such
failure is not cured within three Business Days following notice from Buyer to Seller of such failure, and Buyer, as non-Defaulting Party, serves a Default Notice on the Seller as Defaulting Party;

 
 (d)        with
respect to Seller, if Seller fails to pay the applicable Breakage Amount (if any) on any Prepayment Date or early Repurchase Date, and Buyer, as non-Defaulting Party, serves a Default Notice on the Seller as
Defaulting Party;
  

(e)        with respect to Seller, Seller fails to pay any Clawback Amount in accordance with the
“Clawback” provisions herein and Buyer, as non-Defaulting Party, serves a Default Notice on the Seller as Defaulting Party;

 
 (f)        with
respect to Seller, if Seller’s Investment Manager ceases to be responsible for the asset management, loan servicing, special servicing or underwriting services of Seller and its subsidiaries, and Buyer, as
non-Defaulting Party, serves a Default Notice on the Seller as Defaulting Party;
  

(g)        with respect to Seller, notwithstanding anything to the contrary in the Agreement, if Seller
fails to deliver Purchased Securities on any Purchase Date (including without limitation, as a result of a failure by the Issuer to issue the related Purchased Securities on or prior to such Purchase Date), including, for the avoidance of doubt,
each Additional Purchase Date and Buyer, as non-Defaulting Party, serves a Default Notice on Seller as Defaulting Party;
  

(h)        with respect to Seller, the occurrence of any of the events set forth in Section 10(b)
of the Collateral Management Agreement, and Buyer, as non-

  
 7 

			
	 	  	
Defaulting Party, serves a Default Notice on Seller as Defaulting Party;

 
 (i)        with
respect to Seller, the occurrence of any breach by Seller, as Sole Member, of any of its obligations under the Issuer Contribution Agreement, and Buyer, as non-Defaulting Party, serves a Default Notice on
Seller as Defaulting Party;
  

(j)        with respect to Seller, a Zero Value Portfolio Asset EoD (as defined the “Zero Value
Portfolio Asset EoD” provisions below) has occurred, and Buyer, as non-Defaulting Party, serves a Default Notice on Seller as Defaulting Party; and

 
 (k)        with
respect to Seller, on any date of determination by the Calculation Agent, the Asset Coverage Ratio is less than 150%.
  

Each of the foregoing Events of Default shall be an “Exempt Event of Default” for purposes of the Agreement.

	 Breakage Amounts:
	  	
If (a) the Repurchase Date for this Transaction occurs prior to the scheduled Repurchase Date by reason of the occurrence of an Event of
Default (where Seller is the Defaulting Party), a Mandatory Prepayment, a Voluntary Full Prepayment or an event described in paragraph 11(a) of the Agreement in respect of which Seller is the notifying party or (b) a Prepayment Date occurs in
connection with a Voluntary Partial Prepayment, then, without limitation of any other payments or deliveries that become due as a result of such event but without duplication, on such Repurchase Date, Seller shall pay to Buyer an amount equal to the
Breakage Amount for this Transaction or the applicable portion thereof. For the avoidance of doubt, no Breakage Amount shall be payable by Seller in respect of any Repurchase Date occurring as a result of a Regulatory Event.

 
 “Breakage Amount” shall mean, with
respect to the Transaction evidenced hereby (or, in the case of a Voluntary Partial Prepayment the applicable portion thereof that is the subject of such Voluntary Partial Prepayment), the present value (using a discount factor implied by the mid-point between the forward bid and offered side LIBOR curves for fixed-for-floating LIBOR swaps of the relevant tenors) of the
Spread portion of the Transaction Fee Amounts that would have been payable to Buyer under such Transaction (or the applicable portion thereof) from (and including) the early Repurchase Date or applicable Prepayment Date (as applicable) to (but
excluding) the scheduled Repurchase Date, as determined by the Calculation Agent assuming, solely for purposes of determining such amount, that (a) the Spread is equal to the then-current Spread, (b) the Repurchase Price payable upon such
termination were to remain outstanding until the originally scheduled Repurchase Date and (c) Seller has transferred to Buyer Securities on each Purchase Date with an aggregate Purchase Price applicable to each Purchase Date as set out in the
“Purchase Price” provisions above; provided that if (i) such LIBOR curves do not appear on the relevant Bloomberg page (or any replacement page), as of the relevant time of determination by the Calculation Agent, (ii) a
public statement or publication of information has been made by or on behalf of the administrator of LIBOR or a governmental authority or regulatory supervisor having jurisdiction or regulatory authority over Buyer, identifying a date after which
LIBOR shall no longer be used or shall no longer be representative for determining interest rates for loans, or (iii) Buyer determines that any replacement curves are appropriate to determine amounts equivalent to the Breakage Amount for
transactions that are similar to those contemplated under this Confirmation with similarly situated counterparties, such replacement curves shall be utilized by the Calculation Agent for purposes
of

  
 8 

			
	 	  	
determining the Breakage Amount.

	  

2    Purchased Securities, Margining and Substitutions

	 Marking to Market:
	  	
The Parties agree that, with respect to this Transaction, the provisions of paragraphs 4(a) to (i) (inclusive), 4(k) and 4(l) of the
Agreement shall not apply and instead margin shall be provided separately in respect of this Transaction in accordance with the terms of this Confirmation. For the avoidance of doubt, the provisions of paragraph 8(d) of the Agreement shall not apply
to the Transaction.

	 Margin Maintenance:
	  	
Subject to the “Timing of Transfer of Eligible Margin” provision of this Confirmation:

 

(a)   if at any time the Net Transaction Exposure for the Transaction is greater
than the Minimum Transfer Amount, Buyer may, by notice to Seller, require Seller to, and Seller shall following such notice, transfer to Buyer an amount of Eligible Margin such that, immediately following such transfer, the Net Transaction Exposure
is not greater than zero;
  

(b)   if at any time (i) the Net Transaction Exposure for the Transaction is
less than zero and (ii) the absolute value of the Net Transaction Exposure for the Transaction exceeds the Minimum Transfer Amount, Seller may, by notice to Buyer, require Buyer to, and Buyer shall following such notice, transfer an amount of
Eligible Margin to Seller equal to the Net Transaction Exposure;
  

(c)   if at any time the Class A Supplemental Margin Amount for the Transaction
is a positive number, Buyer may, by notice to Seller, require Seller to, and Seller shall following such notice, transfer to Buyer an amount of Eligible Margin equal to the Class A Supplemental Margin Amount;

 

(d)   if at any time the Class A Supplemental Margin Amount for the Transaction
is a negative number, Seller may, by notice to Buyer, require Buyer to, and Buyer shall following such notice, transfer an amount of Eligible Margin to Seller equal to the absolute value of the Class A Supplemental Margin Amount;

 
 provided that:

 
 (i) Buyer shall only be obligated to transfer Eligible
Margin to Seller pursuant to sub-clause (d) above if (and only to the extent that) such transfer of Eligible Margin by Buyer is a return of Eligible Margin that has previously been transferred by Seller
to Buyer pursuant to sub-clause (c) above in respect of the Transaction and has not been previously returned by Buyer to Seller; and

 
 (ii) Buyer or Seller may not transfer Eligible Margin
except to the extent that it is requested by the other Party to do so in accordance with the applicable sub-clause (a) through (d) above and accordingly, any Eligible Margin transferred by either Party in
breach of this sub-clause (iii) shall not qualify as Eligible Margin and shall be assigned a zero value for all purposes hereof unless, until and solely to the extent that Eligible Margin is subsequently
requested by the other Party in accordance with any of sub-clauses (a) through (d) above.

 

  
 9 

			
	 	  	
Seller acknowledges that failure to timely Transfer Eligible Margin may have ramifications under the Indenture, Collateral Management
Agreement and Issuer Contribution Agreement, including, but not limited to, failure of conditions necessary to purchase or sell Portfolio Assets thereunder and acceleration of the Notes.

	 Class A Supplemental Margin Amount:
	  	
As of any date of determination by the Calculation Agent, the “Class A Supplemental Margin Amount” shall be equal to:

 

(a)   the product of (i) the excess (if any) of (A) the quotient of
(1) Repurchase Price divided by (2) Trigger over (B) Prospective Inclusion MV multiplied by (ii) the Class A Note Cash-Out Percentage minus

 

(b)   the product of (i) Supplemental Margin Held multiplied by (ii) the
Class A Note Cash-Out Percentage,
  

where:
  

“Prospective Inclusion MV” means, as of any date of determination, the Portfolio Inclusion MV as of such date of
determination, but determined as if the trade date or contribution date for any proposed sale, disposition or acquisition of any Portfolio Asset that has been identified in a Collateral Change Event Notice (as each such term is defined in the Issuer
Contribution Agreement) has already occurred;
  

“Repurchase Price” for purposes of calculating the Class A Supplemental Margin Amount means the sum of: (i) all of
the Repurchase Prices in respect of all Purchased Securities (which shall, for the avoidance of doubt, give effect to reductions in such Repurchase Prices resulting from any Voluntary Partial Prepayment) plus (ii) the Repurchase Prices (as
defined in the Class A-R Note Repo Confirmation) of all of the Purchased Securities (as defined in the Class A-R Note Repo Confirmation) under the Class A-R Note Repo Confirmation;
  

“Supplemental Margin Held” means, as of any date of determination, the aggregate Market Value of all Eligible Margin held by
UBS as Buyer in respect of (a) the Class A Supplemental Margin Amount and (b) Class A-R Supplemental Margin Amount (as defined in the Class A-R
Note Repo Confirmation), in each case, but not yet returned to Seller prior to such date of determination; and
  

“Trigger” means 60%.

	 Eligible Margin:
	  	
USD cash only.

	 Net Transaction Exposure:
	  	
As of any time, an amount equal to the excess (if any) of:

 

(a)   the Purchased Securities Exposure Amount over

 

(b)   an amount equal to the product of (i) the amount of Net Margin
(determined exclusive of Supplemental Margin Held) provided to Buyer by Seller multiplied by (ii) the Class A Note Cash-Out Percentage.

	 Purchased Securities Exposure Amount:
	  	
An amount equal to the product of:
  

(a) the excess (if any) of (i) the Portfolio Inclusion MV over (ii) the Market Value of the Purchased Securities, multiplied
by

  
 10 

			
	 	  	
(b) the Class A Note Cash-Out Percentage.

	 Minimum Transfer Amount:
	  	
As of any time, the Minimum Transfer Amount shall be:
  

(a)   at all times from and including the Purchase Date to and including such time
as the Purchased Securities Exposure Amount is first greater than the 7.5% Threshold, the 7.5% Threshold; or
  

(b)   otherwise, the product of (i) USD250,000 multiplied by
(ii) the Class A Note Cash-Out Percentage.
  

“7.5% Threshold” means an amount equal to the product of (a) 7.5% multiplied by (b) the Portfolio Inclusion MV
multiplied by (c) the Class A Note Cash-Out Percentage.

	 Net Margin:
	  	
The definition of Net Margin in paragraph 2(gg) of the Agreement shall be deleted in its entirety and replaced with the following:

 
 “The ‘Net Margin’ provided to a
party at any time shall mean the excess (if any) at that time of (i) the sum of the amount of Cash Margin paid to that party (including accrued interest on such Cash Margin which has not been paid to the other party) under the Margin
Maintenance provisions in this Confirmation and the Margin Maintenance provisions in the Class A-R Note Repo Confirmation (in each case, excluding any Cash Margin which has been repaid to the other party)
over (ii) the sum of the amount of Cash Margin paid to the other party (including accrued interest on such Cash Margin which has not been paid by the other party) under the Margin Maintenance provisions in this Confirmation and the
Margin Maintenance provisions in the Class A-R Note Repo Confirmation (excluding any Cash Margin which has been repaid by the other party) and for this purpose any amounts not denominated in the Base
Currency shall be converted into the Base Currency at the Spot Rate prevailing at the relevant time.”

	 Timing of Transfer of Eligible Margin:
	  	
Where Eligible Margin is to be transferred under the Margin Maintenance provisions hereof, unless otherwise agreed between the Parties, if the
relevant notification is received:
  

(a)        on a Business Day at or prior to the Margin Transfer Notification Time, then the transfer
shall be made not later than the close of business on the same Business Day; and
  

(b)        on a Business Day after the Margin Transfer Notification Time or on a day that is not a
Business Day, then the relevant transfer shall be made not later than the close of business on the next Business Day after the date such notification is received.

 
 “Margin Transfer Notification Time” means
10:00 am (New York time).

	 Portfolio Inclusion MV:
	  	
On any date of determination by the Calculation Agent, an amount equal to the sum of:

 
 (a)        with
respect to each Portfolio Asset held by the Issuer on such date, including any Zero Value Portfolio Asset, the Purchase Amount of such Portfolio Asset (as of the date of acquisition), plus

 
 (b)        the
aggregate amount of all cash held by the Issuer on such date in, or

  
 11 

			
	 	  	
required to be deposited in, the Principal Collection Subaccount and Delayed-Draw/Committed Proceeds/Revolver Account, plus

 
 (c)        the
aggregate market value of all Eligible Investments held by the Issuer on such date which are credited, or required to be credited to, to the Principal Collection Subaccount and Delayed-Draw/Committed Proceeds/Revolver Account.

	 Market Value:
	  	
Notwithstanding paragraph 2(ee) of the Agreement, “Market Value” shall mean:

 
 (a)        with
respect to Eligible Margin, the amount of cash;
  

(b)        with respect to the Purchased Securities, on any date of determination by the Calculation
Agent, an amount equal to the market value of all of the Purchased Securities, calculated as the sum of:
  

(i)  with respect to each Portfolio Asset held by the Issuer on such date, other than any
Zero Value Portfolio Asset, the product of (A) the Current Price with respect to such Portfolio Asset multiplied by (B) the Principal Balance with respect to such Portfolio Asset, in each case on such date of determination,
plus
  

(ii)  the aggregate amount of all cash held by the Issuer on such date in, or required to
be deposited in, the Principal Collection Subaccount and Delayed-Draw/Committed Proceeds/Revolver Account, plus
  

(iii)   the aggregate market value of all Eligible Investments held by the Issuer on
such date which are credited to, or required to be credited to, the Principal Collection Subaccount and Delayed-Draw/Committed Proceeds/Revolver Account.
  

For the avoidance of doubt, Zero Value Portfolio Assets are excluded from and thus have a value of zero in the calculation of the Market Value
of the Purchased Securities.

	 Determination of When Assets are Held
or
Disposed of:
	  	
For purposes of calculating Portfolio Inclusion MV, Market Value pursuant to clause (b) thereof and the status of an asset (or a portion
thereof) as a Zero Value Portfolio Asset, with respect to:
  

(a)        the Inclusion of any asset which would not, on its Inclusion Date, be a Zero Value Portfolio
Asset, the Portfolio Asset Trade Date shall be used to determine whether and when a Portfolio Asset is held by the Issuer; and
  

(b)        the Inclusion of any asset which would, on its Inclusion Date, be a Zero Value Portfolio
Asset, the Business Day preceding the Portfolio Asset Trade Date shall be used to determine whether and when a Portfolio Asset is held by the Issuer;
  

(c)        the disposition of any asset,

 

(i)  where the asset is a Zero Value Portfolio Asset which is a Defaulted Obligation, the
settlement date for any disposition shall be used to determine whether and when a Portfolio Asset is held by the Issuer (and, correspondingly, in the event that the Buyer holds margin, any margin held in respect of such Defaulted Obligation shall
not be released until after the sale proceeds in

  
 12 

			
	 	  	
       respect of such disposition are received), and

 

(ii)  otherwise, (A) where the disposition is to an Approved Dealer on Approved
Terms, the Portfolio Asset Trade Date of such disposition shall be used to determine whether and when a Portfolio Asset is held by the Issuer and (B) otherwise the settlement date of such disposition shall be used to determine whether and when
a Portfolio Asset is held by the Issuer; and
  

(d)        cash to be paid or received or Eligible Investments to be liquidated in relation to
Inclusion or disposition of a Portfolio Asset, such cash or Eligible Investments shall be debited or credited as of the relevant date on which such Portfolio Asset becomes or ceases to be held by the Issuer as determined by the Calculation Agent in
accordance with the preceding clause (a), (b) or (c) (as applicable).

	 Current Price:
	  	
On any date of determination by the Calculation Agent with respect to any Portfolio Asset, including as of the related Inclusion Date of such
Portfolio Asset, the net cash proceeds (expressed as a percentage of par) that would be received from the sale of such Portfolio Asset on such date, exclusive of accrued interest and capitalized interest and net of the related Costs of Assignment
(as defined below), as determined by the Calculation Agent.
  

In the event that the Issuer proposes to engage in a sale of a Portfolio Asset, the Issuer will notify the Calculation Agent of the proposed
buyer, the proposed sale price and proposed settlement date in accordance with the Indenture. (If such sale is entered into, it is a “Sale”, and the agreed sale price is the “Sale Price”). After the date on which
such notice is received by the Calculation Agent (the “Sale Notice Date”) and at all times until the settlement of such transaction, the Current Price (“Sale Adjusted Price”) will be equal to:

 
 (a)        if
(x) such Sale is to an Approved Dealer on Approved Terms, (y) the Calculation Agent has received a copy of the related fully executed and delivered confirmation in substantially the form prescribed by the Loan Syndications &
Trading Association or the Loan Market Association (as applicable) and (z) the Calculation Agent has determined, based on such confirmation, that such a Sale constitutes a direct sale to an Approved Dealer, the Sale Price, exclusive of accrued
interest and capitalized interest and net of the related Costs of Assignment; and
  

(b)        if such Sale is not to one of the Approved Dealers or is not on Approved Terms, the lesser
of (i) the Current Price determined as if there were no Sale and (ii) the Sale Price exclusive of accrued interest and capitalized interest and net of the related Costs of Assignment.

 
 If the Issuer is to sell a Portfolio Asset for a clean
price below the Current Price of such asset (a “Low Sale”), the Seller will be obligated to transfer additional Eligible Margin required to reflect the use of the Sale Adjusted Price as the Current Price prior to, and as a condition
of, consummation of the relevant Low Sale.
  

“Approved Terms” means terms evidenced in a binding confirmation in market standard form between Issuer and the buyer under
the Sale.
  
 “Costs of Assignment”
means, with respect to any Portfolio Asset, the sum (without duplication) of (a) any costs of any exchange, sale, transfer or assignment transaction with respect to such Portfolio Asset that would be paid by a
hypothetical

  
 13 

			
	 	  	
seller in effecting such transaction under the terms of such Portfolio Asset or otherwise actually imposed on such hypothetical seller by any
applicable trustee, administrative agent, registrar, borrower or Portfolio Asset Obligor incurred in connection with any such transaction with respect to such Portfolio Asset (including, without limitation, any amounts reimbursable by such person in
respect of any tax or other governmental charge incurred with respect thereto), (b) any reasonable expenses that would be incurred by a hypothetical seller in connection with any such transaction and (c) any reasonable administrative, legal or
accounting fees, costs and expenses (including, without limitation, any fees and expenses of the trustee of or outside counsel to the Portfolio Asset Obligor on such Portfolio Asset) that a would be incurred by a hypothetical seller in connection
with any such transaction.

	 Zero Value Portfolio Asset:
	  	
(a)        Any Portfolio Asset that, at any time after the Inclusion/Amendment Date on any date of
determination by the Calculation Agent, has (i) become, as determined by the Calculation Agent, a Defaulted Obligation for a continuous period of 14 calendar days, or (ii) ceased to comply with any of the Asset Eligibility Criteria;

 
 (b)        Any
Illiquid Loan that is deemed to be a Zero Value Portfolio Asset as a result of Seller’s failure to comply with the requirements described in the “Third Party Valuations” provision below;

 
 (c)        Any
Portfolio Asset which (i) together with any other Portfolio Assets, has resulted in a breach of any of the Repo Portfolio Criteria; provided that (i) where a Repo Portfolio Criterion is expressed as a maximum, a Portfolio Asset
shall constitute a Zero Value Portfolio Asset as a result of a violation of the Repo Portfolio Criteria only with respect to the portion of such Portfolio Asset that (together with the equivalent and equal portions of any other Portfolio Assets
which are members of the category subject to such maximum) causes the failure by the Issuer to satisfy any of the Repo Portfolio Criteria, allocated across Portfolio Assets by the Buyer (in the case where a Portfolio Asset violates or causes the
violation of more than one of the Repo Portfolio Criteria) and (ii) where a Repo Portfolio Criterion is expressed as a minimum, a Portfolio Asset shall constitute a Zero Value Portfolio Asset as a result of a violation of the Repo Portfolio
Criteria only with respect to the portion of such Portfolio Asset that (together with the equivalent and equal portions of any other Portfolio Assets that are not members of the category subject to such minimum) causes the failure by the Issuer to
satisfy any of the Repo Portfolio Criteria, allocated across Portfolio Assets by the Buyer (in the case where a Portfolio Asset violates or causes a violation of more than one of the Repo Portfolio Criteria);

 
 (d)        Any
Portfolio Asset that does not at the time of Inclusion satisfy the conditions and requirements set forth in Section 12.2(a) and 12.3(b) of the Indenture and that has not since such time satisfied such conditions and requirements;

 
 (e)        Any
Portfolio Asset with respect to which Seller took, agreed or consented to any action under the Collateral Management Agreement, including, but not limited to, actions relating to voting rights in respect of any Portfolio Asset, without providing
Buyer (acting in its capacity as Liquidation Agent or otherwise) with any prior or subsequent notice in relation thereto required by the Collateral Management Agreement within the timeframes set out therein;

 

(f)        [reserved];

 
 (g)        Any
Portfolio Asset in relation to which the Collateral Manager did not provide

  
 14 

			
	 	  	
an Advance Restructuring Notice (as defined in the Collateral Management Agreement) when originally due under the Collateral Management
Agreement; and
  

(h)        Any Portfolio Asset in relation to which the Collateral Manager did not provide a
Post-Restructuring Notice (as defined in the Collateral Management Agreement) when originally due pursuant to the Collateral Management Agreement.

	 Determination of Status of Certain Portfolio
Assets:
	  	
For purposes hereof, whether any Portfolio Asset meets the criteria of any of the following definitions shall be determined by the Buyer as of
the latest of (a) the Inclusion Date for such Portfolio Asset and (b) the most recent Amendment Date for such Portfolio Asset (such latest date, the “Inclusion/Amendment Date”):

 
 (1) Illiquid Loan;

 
 (2) Liquid Loan;

 
 (3) Middle-Market Loan;

 
 (4) Cov-Lite
Loan;
  
 (5) Second Lien Loan;

 
 (6) Second Lien Liquid Loan;

 
 (7) Senior Secured First Out Loan;

 
 (8) Senior Secured Last Out Loan;

 
 (9) Senior Secured Last Out (Type I) Loan;

 
 (10) Senior Secured Last Out (Type II) Loan;

 
 (11) Senior Secured Liquid Loan;

 
 (12) Senior Secured Loan;

 
 (13) Senior Secured (Large Cap) Loan:

 
 (14) Senior Secured (Type I) Loan;

 
 (15) Senior Secured (Type I CL) Loan:

 
 (16) Senior Secured (Type II) Loan;

 
 (17) Senior Secured (Type III) Loan;

 
 (18) Senior Secured (Type IV) Loan;

 
 (19) Senior Secured Bonds;

 
 (20) Non-Senior
Secured Bonds; and
  
 (21) Traditional Second Lien
Loan.

  
 15 

			
	 Zero Value Portfolio Asset EoD:
	  	
With respect to any asset which would, as of its Inclusion Date, be a Zero Value Portfolio Asset due to failure to satisfy the Asset
Eligibility Criteria or Repo Portfolio Criteria, it shall be a “Zero Value Portfolio Asset EoD” if the Portfolio Asset Trade Date for the Zero Value Portfolio Asset occurs prior to the later of:

 
 (a)        one
Business Day after the date on which the Issuer notified UBS of the intended Inclusion of such asset; and
  

(b)    one Business Day after the date on which the Seller posted any additional Margin required based on recalculation of
the Market Value of the Purchased Securities in connection with the acquisition of an asset that would, on its Inclusion Date, be a Zero Value Portfolio Asset (such recalculation occurring as of the Business Day preceding the Portfolio Asset Trade
Date as described in clause (b) of the “ Determination of When Assets are Held or Disposed of “ provision above).

	 Repo Portfolio Criteria:
	  	
Criteria that are satisfied on any date of determination by Buyer so long as:

 
 (a)        the
Aggregate Principal Balance of all Portfolio Assets that are Second Lien Loans does not exceed 60.0% of the Aggregate Portfolio Par Value;
  

(b)        the Aggregate Principal Balance of all Portfolio Assets that are Middle Market Loans does
not exceed 80.0% of the Aggregate Portfolio Par Value;
  

(c)        the Aggregate Principal Balance of all Portfolio Assets consisting of Cov-Lite Loans does not exceed 0.0% of the Aggregate Portfolio Par Value; and
  

(d)        the Aggregate Principal Balance of all Portfolio Assets consisting of Bonds does not exceed
15.0% of the Aggregate Portfolio Par Value.

	 Third Party Valuations:
	  	
Seller shall procure that the Initial Valuation Company or a Fallback Valuation Company provide valuations in respect of each Portfolio Asset
that was, as of the related Inclusion Date an Illiquid Loan (an “Asset Valuation Report”) to Buyer as follows:
  

(a)        with respect to each such Illiquid Loan acquired by the Issuer, on or before the Inclusion
Date of such Illiquid Loan; and
  

(b)        within 20 calendar days of the last day of each Asset Valuation Report Period, an Asset
Valuation Report in respect of each such Illiquid Loan held by the Issuer as of such date which remains, as of the last day of such Asset Valuation Report Period, an Illiquid Loan.

 
 For purposes of the foregoing, “Asset Valuation
Report Period” means each calendar quarter ending on March 31, June 30, September 30 and December 31.
  

If, on any date of determination by the Calculation Agent, Seller has failed to procure an Asset Valuation Report in respect of one or more
Illiquid Loans in accordance with the requirements of clause (a) or (b), each such Illiquid Loan omitted from such Asset Valuation Report shall be deemed to be a Zero Value Portfolio Asset until such time as such Illiquid Loan is included in a
subsequent Asset Valuation Report or an equivalent report from the Initial Valuation Company or a Fallback Valuation Company delivered at any time after such date of determination (which equivalent report may be requested by Seller at any
time).

  
 16 

			
	 Dispute Rights:
	  	
Provided that no Event of Default has occurred and is continuing with respect to Seller, if Seller in good faith has a commercially reasonable
basis for disagreement with the Calculation Agent’s determination of the Current Price of any Portfolio Asset, then Seller may dispute such determination by giving notice of such dispute (a “Dispute Notice”) to Buyer and the
Calculation Agent no later than (a) if Seller receives notice of the Calculation Agent’s determination of a Current Price in dispute at or prior to noon (New York time) on any Business Day, by the close of business on such Business Day and
(b) if Seller receives notice of the Calculation Agent’s determination of a Current Price in dispute after noon (New York time) on any Business Day, by noon (New York time) on the following Business Day. Any such Dispute Notice shall
specify, in reasonable detail, the bid-side market price Seller believes should be attributed to any such Portfolio Asset, along with reasonable evidence supporting such value.

 
 Promptly following delivery of a Dispute Notice in
relation to any Portfolio Asset, the Calculation Agent and Seller shall negotiate in good faith to try to agree to the disputed Current Price. If by 10:00 a.m. (New York time) on the Business Day following the day on which the Dispute Notice is
delivered, the Calculation Agent and Seller are unable to agree, then:
  

(i)  Seller shall request that the Initial Valuation Company provide an Eligible Valuation
to the Calculation Agent;
  

(ii)  if (A) no such Eligible Valuation is received by the Calculation Agent from the
Initial Valuation Company by 2:00 p.m. (New York time) on the fifth Business Day following such request (a “Valuation Non-Delivery”) or (B) the Buyer in good faith has a commercially
reasonable basis to disagree with the Initial Valuation Company’s Eligible Valuation (a “Valuation Disagreement”) and the Calculation Agent notifies Seller of such disagreement on the day such Eligible Valuation is received by
the Calculation Agent (the earlier of such fifth Business Day and the day of such notification, the “Notification Day”), then no later than 10:00 a.m. (New York time) on the Business Day next following the Notification Day, the
Calculation Agent shall deliver a request (a “Back-Up Request”) to any of the Fallback Valuation Companies to provide an Eligible Valuation for such disputed Portfolio Asset; and

 

(iii)   the Current Price in relation to such disputed Portfolio Asset shall be:

 
 (A)  if
the Initial Valuation Company provides an Eligible Valuation and the Calculation Agent does not provide a Back-Up Request, the Resolved Current Price in relation to the Eligible Valuation provided by the
Initial Valuation Company;
  

(B)  if the Calculation Agent provides a Back-Up
Request and the Fallback Valuation Company provides an Eligible Valuation for such disputed Portfolio Asset by no later than 2:00 p.m. (New York time) on the fifth Business Day following such request, the Resolved Current Price in relation to the
Eligible Valuation provided by the Fallback Valuation Company;
  

(C)  if the Calculation Agent provides a Back-Up
Request as a result of a Valuation Non-Delivery and the Fallback Valuation Company fails to provide an Eligible Valuation for such disputed Portfolio Asset by no later than 2:00 p.m. (New York time) on the
fifth

  
 17 

			
	 	  	
       Business Day following such request, the Current Price
originally determined by the Calculation Agent; and
  

(D)  if the Calculation Agent provides a Back-Up
Request as a result of a Valuation Disagreement and the Fallback Valuation Company fails to provide an Eligible Valuation for such disputed Portfolio Asset by no later than 2:00 p.m. (New York time) on the fifth Business Day following such request,
the Eligible Valuation provided by the Initial Valuation Company.
  

If Seller has delivered a Dispute Notice, during the pendency of such dispute, the Parties shall be required to deliver or return (as
applicable) margin based on the Calculation Agent’s determination in accordance with this Confirmation; provided that, following resolution of the dispute, the Parties shall be required to deliver or return (as applicable) margin based
on the Current Price so determined. For the avoidance of doubt, with respect to the dispute of the Current Price of any Portfolio Asset, upon the determination of such Current Price in accordance with the foregoing, the Calculation Agent shall
recalculate the relevant Market Value of the related Purchased Securities using such Current Price for such Portfolio Asset.
  

“Eligible Valuation” shall mean, with respect to any disputed Portfolio Asset, a valuation (which may be quoted in a range of
values) for the outstanding principal amount of such Portfolio Asset (expressed as a percentage of par) that would be received from the sale of such Portfolio Asset on the date such valuation is provided, exclusive of accrued interest and
capitalized interest; and
  
 “Resolved Current
Price” shall be, with respect to any Eligible Valuation that is:
  

(I)   quoted as a range of values where the difference between the lowest and
highest values in such range (each expressed as a percentage of par) is an amount greater than 5% of par, as determined by the Calculation Agent, the lowest value in such range;

 

(II)  quoted as a range of values where the difference between the lowest and highest
values in such range (each expressed as a percentage of par) is an amount less than or equal to 5% of par, as determined by the Calculation Agent, the mid-point between the lowest and highest value in such
range, as determined by the Calculation Agent; and
  

(III)   not quoted as a range of values, such Eligible Valuation.

	 Interest on Cash Margin:
	  	
The interest rate applicable to Cash Margin shall be a rate per annum equal to the overnight Federal Funds (Effective) Rate for each day cash
is held as Margin hereunder, as reported in Federal Reserve Publication H.15-519.

	 Substitutions:
	  	
No substitutions of Purchased Securities shall be permitted.

	  

3    Fees

	 Transaction Fees:
	  	
On each Transaction Fee Payment Date, for each Purchased Security, Seller shall pay to Buyer an amount equal to the applicable Transaction
Fee Amount for such Purchased Security for the related Transaction Fee Period.

	 Transaction Fee Payment
	  	
For each Purchased Security, the 9th Business Day after the end of each
Transaction

  
 18 

			
	 Dates:
	  	
Fee Period, subject to adjustment in accordance with the Business Day Convention.

	 Transaction Fee Periods:
	  	
For each Purchased Security, each period from (and including) the 15th calendar day of
each calendar month (each, a “Monthly Date”) to, but excluding, the next following Monthly Date; provided that (a) the initial Transaction Fee Period shall commence on (and include) the Purchase Date for such
Purchased Security and shall end on, but exclude, the 15th day of the calendar month immediately following such Purchase Date, and (b) the final Transaction Fee Period shall end on (and
exclude) the Repurchase Date for such Purchased Security.

	 Transaction Fee Amounts:
	  	
With respect to a Purchased Security, Seller shall pay to Buyer a Transaction Fee Amount on each Transaction Fee Payment Date in an amount
equal to the sum of the products, for each day that occurs during the related Transaction Fee Period, of (i) the Repurchase Price of such Purchased Security multiplied by (ii) the Applicable Transaction Fee Rate on such day
multiplied by (iii) 1/360.

	 Applicable Transaction Fee Rate:
	  	
For each Transaction Fee Period, a rate per annum equal to the sum of (a) LIBOR determined on the Reset Date for such Transaction Fee
Period plus (b) the applicable Spread.
  
 Where:

 
 “LIBOR”, for any Reset Date, means the
London Interbank Offered Rate for the Relevant Period in respect of USD as quoted on the Bloomberg Screen BTMM Page (or such other page as may replace the Bloomberg Screen BTMM Page) under the heading “LIBOR-FIX-BBAM<GO>” (or any replacement heading) as of 11:00 a.m., London time, on the day (the “Determination Date”) that is two London banking days preceding such date.

 
 If (i) such rate does not appear on the Bloomberg
Screen BTMM Page (or any replacement page) under such heading (or any replacement heading), as of such time on a Determination Date, (ii) a public statement or publication of information has been made by or on behalf of the administrator of
LIBOR or a governmental authority or regulatory supervisor having jurisdiction or regulatory authority over Buyer, identifying a date after which LIBOR shall no longer be used or shall no longer be representative for determining interest rates for
loans, or (iii) Buyer provides notice to Seller of a replacement rate that is appropriate for transactions that are similar to those contemplated under this Confirmation with similarly situated counterparties, LIBOR shall be deemed to be such
rate as determined by the Calculation Agent.
  
 For any
Transaction Fee Period that is less than the Relevant Period, LIBOR shall be determined through the use of straight line interpolation by reference to two rates based on LIBOR, one of which shall be determined as if the Relevant Period were the
period of time for which rates are available next shorter than the length of the Transaction Fee Period and the other of which shall be determined as if the Relevant Period were the period of time for which rates are available next longer than the
length of the Transaction Fee Period.
  

“Relevant Period” means one month.
  

“Reset Date” with respect to any Transaction Fee Period, means the first day of
such

  
 19 

			
		  	
Transaction Fee Period.
  

“Spread” means:
  

(a)        from and including the Amendment Effective Date to, but excluding, the Transaction Fee
Payment Date falling in December 2020, 3.55%; and
  

(b)        from and including the Transaction Fee Payment Date falling in December 2020,
3.15%.

	
4    Miscellaneous

	 Voting Rights:
	  	
Where any voting or consent rights fail to be exercised in relation to any Purchased Securities, Buyer shall be entitled to exercise such
voting or consent rights in its sole discretion and shall not have any obligation to arrange for voting or consent rights to be exercised in accordance with the instructions of Seller.

	 Business Day:
	  	
Notwithstanding paragraph 2(f) of the Agreement, “Business Day” means any day on which commercial banks are open for general
business (including dealings in foreign exchange and foreign currency deposits) in New York, Houston and London and that is a TARGET Settlement Day, other than a Saturday, Sunday or other day which the New York Stock Exchange or banks are authorized
or obligated by law or executive order to close in New York, New York.

	 Business Day Convention:
	  	
The convention for adjusting any relevant date if it would otherwise fall on a day that is not a Business Day so that such date will be the
first following day that is a Business Day.

	 Unpaid Amounts:
	  	
For the avoidance of doubt, on the final Repurchase Date (whether occurring prior to, on, or after, the scheduled Repurchase Date, and
whether occurring as a result of an Event of Default, a Prepayment Date, or otherwise), if there are amounts that became payable by one Party to the other Party on or prior to such Repurchase Date and which remain unpaid as at such Repurchase Date,
such amounts shall remain an outstanding obligation of such Party and shall be netted with and set off against the amounts otherwise payable by the Parties on such Repurchase Date.

	 Interest on Amounts Payable:
	  	
Any amount due from one party to the other following the occurrence of an Event of Default shall be paid together with (to the extent
permitted under applicable law) interest thereon (both before and after judgment) in USD, from (and including) the date on which such amount was originally due to (but excluding) the date such amount is paid, at a rate per annum equal to the
overnight Federal Funds (Effective) Rate for each day such amount remains outstanding (as reported in Federal Reserve Publication H.15-519) plus 1% per annum. Such interest will accrue daily without
compounding based on the actual number of days elapsed. The provisions of this paragraph shall supersede any conflicting provisions in paragraph 12 of the Agreement.

	 Tax Matters:
	  	
(a)        For (and only for) U.S. Federal income tax purposes, each Party agrees: (i) to treat
the purchase hereunder of Purchased Securities as if Buyer had made a loan to Seller secured by such Purchased Securities, (ii) to treat Seller as beneficial owner of such Purchased Securities, and (iii) not to take any inconsistent
position on any related tax return, unless otherwise required by applicable law.
  

(b)        Notwithstanding anything else in the Agreement, if the defaulting
Party

  
 20 

			
	 	  	
exercises its right to assign rights to payment under Paragraph 16(b) of the Agreement following an Event of Default, if any withholding or
other taxes are imposed on payments to any assignee, the payor’s obligation to gross-up any such payment in respect of such tax to such assignee shall be limited to the amount of any gross-up it would have been obligated to pay immediately before any such assignment occurred.
  

(c)        Each party shall provide the other party with a properly executed IRS Form W-8 or W-9, as applicable. If either Party exercises its right to assign rights to payment under Paragraph 16(b) of the Agreement, prior to being entitled to receive any gross-up payments in respect of any taxes withheld, any assignee will be required to submit to the payor an executed, complete IRS Form W-8 or
W-9 (as applicable) establishing any available exemption or reduction from any US withholding taxes that may be imposed on the payment assigned.

	 Certain Covenants of Seller:
	  	
(i)        Seller agrees that Seller will not permit any securities to be issued under the Indenture to
any person or entity other than Seller and that Seller will not direct or permit the Issuer to issue any securities other than in conjunction with a Purchase Date or otherwise as required under the Indenture or other transaction documents.

 
 (ii)        Seller
agrees that Seller will not sell, transfer or otherwise dispose of any securities issued under the Indenture (or any interest therein) other than pursuant to the Transaction.

 

(iii)        Seller agrees that if CM Investment Partners LLC ceases to be a business development
company (within the meaning of the U.S. Investment Company Act of 1940) and to file publicly-available financials as required of a public business development company, Seller will provide, or cause to be provided, to Buyer quarterly unaudited
financial statements within 60 days of each quarter-end and annual audited financial statements within 120 days of the year-end, prepared in accordance with generally
accepted accounting principles (as in effect in the relevant jurisdiction) (such covenant, the “CM Finance Financials Requirement”).
  

(iv)        Seller shall maintain an Asset Coverage Ratio of at least 150%.

	 Notification of Events of Default:
	  	
Each Party shall notify the other Party as soon as reasonably practicable upon becoming aware of the occurrence of any Event of Default with
respect to such notifying Party or event which with the giving of notice and/or lapse of time could become an Event of Default with respect to such notifying Party.

	 Representations and acknowledgements:
	  	
Unless agreed to the contrary expressly and in writing in this Confirmation and notwithstanding any communication that each Party (and/or its
Affiliates) may have had with the other Party or any of its Affiliates, in respect of the Transaction subject to this Confirmation, each Party will be deemed to represent to the other Party on the Trade Date, the Amendment Effective Date, each
Purchase Date of the Transaction and each date on which the Transaction is terminated (in whole or in part) that:
  

(i)        it is entering into or terminating (in whole or in part) the Transaction for its own
account;
  

(ii)        none of the other Party or any of its Affiliates or agents are acting as a fiduciary or
financial adviser for it;

  
 21 

			
	 	  	
(iii)        it is a sophisticated investor that has made its own independent decisions to enter into
the Transaction, as to whether the Transaction is appropriate or proper for it and as to any related investment, hedging and/or trading based upon its own judgment and upon advice from such legal, regulatory, tax, financial, accounting and other
advisers as it has deemed necessary, and not upon any view expressed by the other Party or any of its Affiliates or agents;
  

(iv)        it is not relying on any communication (written or oral) of the other Party or any
Affiliate or agent thereof except those expressly set forth in the Agreement, except that nothing in the Agreement will limit or exclude any liability of a party for fraud;

 
 (v)        it is
capable of assessing the merits of and understanding (on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of the Transaction, and is also capable of assuming, and assumes, the
risks of the Transaction;
  

(vi)        having made all necessary enquiries with relevant authorities, its entry into or
termination (in whole or in part) of the Transaction will not contravene any applicable law, decree, regulation, regulatory guidance, regulatory request, regulatory briefing or order of any government or governmental body (including any court or
tribunal); and
  

(vii)        to the extent required to do so, it has notified relevant authorities, in a manner
acceptable to such authorities, of its entry into the Transaction.
  

Unless agreed to the contrary expressly and in writing in this Confirmation and notwithstanding any communication that each Party (and/or its
Affiliates) may have had with the other Party, in respect of the Transaction subject to this Confirmation, each Party will be deemed to acknowledge on the date on which it enters into the Transaction that:

 
 (a)        none of
the other Party or its Affiliates provides investment, tax, accounting, legal or other advice in respect of the Transaction;
  

(b)        it has been given the opportunity to obtain information from the other Party concerning the
terms and conditions of the Transaction necessary in order for it to evaluate the merits and risks of the Transaction; provided that, notwithstanding the foregoing, (i) it and its advisors are not relying on any communication (written or
oral and including, without limitation, opinions of third party advisors) of the other Party or its Affiliates as (A) legal, regulatory, tax, business, investments, financial, accounting or other advice, (B) a recommendation to enter into
the Transaction or (C) an assurance or guarantee as to the expected results of the Transaction; it being understood that information and explanations related to the terms and conditions of the Transaction are made incidental to the other
Party’s business and shall not be considered (x) legal, regulatory, tax, business, investments, financial, accounting or other advice, (y) a recommendation to enter into the Transaction or (z) an assurance or guarantee as to the
expected results of the Transaction and (ii) any such communication should not be the basis on which such Party has entered into the Transaction, and should be independently confirmed by such Party and its advisors prior to entering into the
Transaction;
  

(c)        none of the Parties or any Affiliate thereof has any obligation to, and it will not, select
securities or transfers of currency, with regard to the needs or interests of any person other than itself, and each Party and its Affiliates may accept deposits

  
 22 

			
	 	  	
from, make loans or otherwise extend credit to, and generally engage in any kind of commercial or investment banking business with the issuer
of any Purchased Security or its affiliates or any other person or entity having obligations relating to the Purchased Securities and may act with respect to such business in the same manner as if the Transaction did not exist, regardless of whether
any such action may have an adverse effect on either Party’s position under the Transaction;
  

(d)        each Party and its Affiliates may, whether by virtue of the types of relationships described
above or otherwise, at the date hereof or at times hereafter be in possession of information in relation to the Issuer which is or may be material in the context of the Transaction and which is or may not be known to the general public or to one or
both of the Parties, and the Transaction does not create any obligation on the part of any of the Parties and their respective Affiliates to disclose to either Party any such relationship or information (whether or not confidential);

 
 (e)        neither
Party makes any representations or warranties to the other in connection with, and shall have no responsibility with respect to, the accuracy of any statements, warranties or representations made in or in connection with the Purchased Securities,
any information contained in any document filed by the issuer of the Purchased Securities (the “Issuer”) with any exchange or with any governmental entity regulating the purchase and sale of securities, the solvency or financial
condition of the Issuer, or the legality, validity, binding effect or enforceability of the obligations of the Issuer in respect of the Purchased Securities. Each Party acknowledges that it has, independently and without reliance on the other and
based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into the Transaction and will continue to be responsible for making its own independent appraisal of the business, affairs and
financial condition of the Issuer; and
  

(f)        the Transaction does not create either a direct or indirect obligation of the Issuer owing
to Seller or a direct or indirect participation in any obligation of the Issuer owing to Buyer. The Seller acknowledges that the Seller shall not have any voting rights with respect to the Purchased Securities or any other rights under or with
respect to the Purchased Securities, other than as expressly set forth herein.
  

Each Party acknowledges and agrees that (i) the Transaction to which this Confirmation relates is (x) a “securities
contract”, as defined in Section 741 of the federal Bankruptcy Code, Title 11 of the United States Code, as amended (the “Bankruptcy Code”) and (y) a “repurchase agreement” as that term is defined in
Section 101 of Title 11 of the Bankruptcy Code (except insofar as the type of Securities subject to the Transaction or the term of the Transaction would render such definition inapplicable) and (ii) the exercise by either Party of any
right under the Agreement to cause the liquidation, termination or acceleration of the Transaction, because of a condition of the kind specified in Section 365(e)(1) of the Bankruptcy Code shall not be stayed, avoided, or otherwise limited by
operation of any provision of the Bankruptcy Code or by order of a court or administrative agency in any proceeding under the Bankruptcy Code.

	 Additional Seller Representations:
	  	
The following additional paragraph 9(A), subsections (i) and (ii) shall be inserted into the Agreement:

 
 “9(A). Additional Representations
and Notice.
  
 (i) Seller
Representations. Seller represents and warrants on and as of the date hereof and on and as of each date this Agreement or any Transaction remains

  
 23 

			
	 	  	
outstanding:
  

(A)     No Prohibited Transactions. Seller represents and warrants that Seller is not an “employee
benefit plan” subject to Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or a “plan” within the meaning of Section 4975 of the Internal Revenue Code of 1986, as amended (the
“Code”), and all investors in Seller acquire “publicly-offered securities” within the meaning of 29 CFR § 2510.3-101. Any subsequent permitted assignee of Seller will be deemed
to have represented and warranted, that (i) no portion of the assets used by such assignee to either (x) acquire and hold the Purchased Securities or (y) enter into or assume the obligations under the Transaction evidenced hereby
constitutes the assets of any employee benefit plan subject to Title I of ERISA, a “governmental plan” within the meaning of Section 3(32) of ERISA, or a “plan” within the meaning of Section 4975(e)(1) of the Code or
(ii) both the purchase and holding of such Purchased Securities by such assignee and the assumption of the obligations under the Transaction evidenced hereby will constitute neither (x) a non-exempt
“prohibited transaction” under (and as defined in) Section 406 of ERISA or Section 4975 of the Code nor (y) a similar violation under any applicable similar federal, state, local,
non-U.S. or other law, rule or regulation.
  

(B)     Notice Requirement. Seller agrees to notify Buyer immediately if any time it learns or
discovers facts at variance with the foregoing representations and warranties.
 (ii) Seller represents and warrants that
its acquisition of the Purchased Securities complied with the terms of the Indenture.
  

(iii) Seller represents and warrants that either (i) the Purchased Securities are not required to be retained by the
Collateral Manager (or a “majority owned affiliate” of the Collateral Manager) pursuant to Section 15G of the Securities Exchange Act of 1934 and the rules promulgated thereunder (the “Risk Retention Rules”) or
(ii) the Purchased Securities are required to be retained by the Collateral Manager (or a “majority owned affiliate” of the Collateral Manager) pursuant to the Risk Retention Rules and the entry by the Collateral Manager (or a
“majority owned affiliate” of the Collateral Manager) into the transactions contemplated by the Collateral Management Agreement will not violate or conflict with the Risk Retention Rules.

 
 The first sentence in the last paragraph of paragraph 9 of
the Agreement shall be amended by adding “on the Amendment Effective Date,” after the words “On the date on which any Transaction is entered into pursuant hereto,”.

	 Transfer; Assignment; Amendment;
	  	
Neither Buyer nor Seller will have the right to transfer, assign, amend, modify or supplement the Agreement or this Confirmation or any
interest or obligation or right or benefit received in or under the Agreement or this Confirmation without the prior written consent of each party.

	 Disapplication and Modification of Provisions of
the Annex I:
	  	
The following provisions of Annex I to the Agreement shall not apply to the Transaction evidenced by this Confirmation:

 
 Parts 1(a), 1(b), 1(d)(i), 1(d)(iii), 1(d)(iv), 1(n),
2(b), and 2(c) of Annex I.

  
 24 

			
	 Counterparts Clause:
	  	
This Confirmation may be signed or executed in any number of counterparts, and by each Party on separate counterparts. Each counterpart is an
original but shall not be effective until each Party has executed and delivered at least one counterpart. All counterparts together shall constitute one and the same instrument. This has the same effect as if the signatures on the counterparts were
on a single original of this Confirmation. Delivery of an executed counterpart signature page of this Confirmation by email (portable document format (“pdf”)) or facsimile copy shall be as effective as delivery of a manually executed
counterpart of this Confirmation.

	 No effect, Inconsistency:
	  	
The terms set forth in the Confirmation for this trade shall apply only to the Transaction.

	 Buyer’s Bank Account Details:
	  	
Account Name: UBS AG, Stamford Branch

SWIFT BIC Code: UBSWUS33
  

For the benefit of:
  

UBS AG, London Branch
 SWIFT BIC
Code: UBSWGB2L
  
 Account No.: /101-WA41275-000

	 Seller’s Bank Account Details:
	  	
As specified separately to Buyer from Seller.

	 Notices:
	  	
If to Seller:
  

Address: Investcorp Credit Management BDC, Inc.
 280 Park Avenue,
39th Floor
 New York, New York 10017
 Attention: Rocco
DelGuercio and Matt Bannon
 Tel: (212) 380-5904

Email: Rdelguercio@Investcorp.com, mmauer@investcorp.com and mbannon@Investcorp.com
  

If to Buyer:
  

As specified in the Annex to the Agreement.

	 Governing Law:
	  	
This Confirmation and any non-contractual obligations arising out of or in connection with this
Confirmation or this Transaction shall be governed by, and interpreted in accordance with, the laws of England.
  

Each party irrevocably agrees that the courts of England or the courts of the State of New York located in the City and County of New York or
in the United States District Court for the Southern District of New York (the “New York Courts”) shall have exclusive jurisdiction to hear and decide any suit, action or proceedings, and to settle any disputes, which may arise out
of or in connection with this the Transaction, including without limitation to any disputes arising out of or in connection with the existence, creation, validity, effect, interpretation performance and/or termination of the legal relationships
established by this Confirmation and to

  
 25 

			
	 	  	
any disputes arising out of any non-contractual obligations arising out of or in connection with this
Confirmation, (respectively, “Proceedings” and “Disputes”) and, for these purposes, each party irrevocably submits to the jurisdiction of the courts of England or the New York Courts.

 
 Each party irrevocably waives any objection which it might
at any time have to the courts of England or the New York Courts being nominated as the fora to hear and decide any Proceedings and to settle any Disputes and agrees not to claim that the courts of England or the New York Courts are not convenient
or appropriate fora.
  
 Buyer hereby appoints the person
identified in Annex I as its agent to receive on its behalf service of process in such courts. If such agent ceases to be its agent, Buyer shall promptly appoint, and notify Seller of the identity of, a new agent in England. If Buyer fails to
appoint such an agent, Buyer agrees that Seller shall be entitled to appoint one on behalf of Buyer at the expense of Buyer.
  

Seller hereby appoints the person identified in Annex I as its agent to receive on its behalf service of process in such courts. If such agent
ceases to be its agent, Seller shall promptly appoint, and notify Buyer of the identity of a new agent in England. If Seller fails to appoint such an agent, Seller agrees that Buyer shall be entitled to appoint one on behalf of Seller at the
expense of Seller.
  
 Each party shall deliver to the
other, within 30 days of the date of this Confirmation in the case of the appointment of a person identified in Annex I or of the date of the appointment of the relevant agent in any other case, evidence of the acceptance by the agent appointed by
it pursuant to this paragraph of such appointment.
  
 Any
Affiliate of Buyer, performing obligations under or in connection with this Confirmation, shall be entitled to the benefits of and shall be subject to the Governing Law provisions of this Confirmation.

 
 Waiver of Jury Trial. EACH PARTY HEREBY
IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS CONFIRMATION OR ANY TRANSACTION, AND ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO THE OTHER PARTY’S ENTERING
INTO THIS CONFIRMATION.
  
 Paragraph 17 of the
Agreement shall not apply to this Transaction.

	
5    Additional Defined Terms

  
 26 

 The following terms shall have the respective meanings specified below: 

“Account” has the meaning given to such term in the Indenture. 

“Aggregate Portfolio Par Value” means, on any date of determination, the Aggregate Principal Balance of (a) all
Portfolio Assets held by the Issuer plus (b) all Cash credited or required to be credited to the Principal Collection Subaccount and Eligible Investments acquired with such Cash. 

“Aggregate Principal Balance” means, when used with respect to all or a portion of the Portfolio Assets or the Collateral,
the sum of the Principal Balances of all or of such portion of the Portfolio Assets or Collateral, as applicable. 
 “Amendment
Date” means, with respect to any Portfolio Asset, the effective date of any amendment or action described in Section 2(h) of the Collateral Management Agreement. 

“Approved Dealer” means each of Bank of America Securities LLC; Barclays Bank plc; BNP Paribas; Cantor Fitzgerald; Castle
Oak; CIBC World Markets, Inc.; Citibank, N.A.; Credit Agricole Cheuveux North America, Inc.; Credit Suisse First Boston LLC; Deutsche Bank Securities Inc.; Goldman Sachs & Co.; Guggenheim; Global Hunter; Jefferies & Company Inc.;
JPMorgan Chase Bank, N.A.; Macquarie; Miller Tabak Roberts Securities, LLC; Morgan Stanley & Co.; Nomura; RBC Capital Markets Corp.; SG Americas Securities LLC; Sterne, Age & Leach, Inc.; The Royal Bank of Scotland plc.; UBS AG;
Wachovia Capital Markets LLC; provided that (i) the Calculation Agent may at any time, upon written notice to Seller, delete any name listed in the foregoing list so long as such deletion is consistent with the general
application of its internal credit and risk policies with respect to such Approved Dealer (and not designed to circumvent the rights of Seller hereunder) and (ii) the parties may, at any time, agree in writing to add or remove an Approved
Dealer to or from the foregoing list. 
 “Asset Coverage Ratio” has the meaning given to such term in the Indenture. 

“Asset Eligibility Criteria” has the meaning given to such term in the Indenture. 

“Bonds” has the meaning given to such term in the Indenture. 

“Cash” has the meaning given to such term in the Indenture. 

“Class A Note Cash-Out Percentage” means the quotient (expressed as a percentage)
equal to: 
 (a) the aggregate Repurchase Prices under this Transaction 

divided by 

(b) the sum of (i) the aggregate Repurchase Prices under this Transaction plus (ii) the Repurchase Price under (and
as defined in) the Class A-R Note Repo Confirmation. 
 “Class A Notes” means
the Class A-1 Notes. 
 “Class A-1
Notes” means the Class A-1 Notes issued under the Indenture. 
 “Class A-R Note Repo Confirmation” means the Confirmation in respect of Repurchase Transaction, as amended and restated as of the Amendment Effective Date, between Investcorp Credit Management BDC, Inc. and UBS
with respect to which the Purchased Securities (as defined therein) are the Class A-R Notes. 

“Class A-R Notes” means the Class A-R
Notes issued under the Indenture. 
 “Collateral” has the meaning given to such term in the Indenture. 

  
 27 

 “Collateral Management Agreement” has the meaning given to such term in the
Indenture. 
 “Collateral Manager” has the meaning given to such term in the Indenture. 

“Consolidated Leverage Ratio” means, as of any date of determination with respect to any Portfolio Asset Obligor and a
particular Portfolio Asset of such Portfolio Asset Obligor, the ratio of: 
 (a)        the
Principal Balances of such Portfolio Asset and the outstanding principal amount of all other Indebtedness of such Portfolio Asset Obligor and its Subsidiaries that is of equal or higher seniority with such Portfolio Asset and is secured by a similar
ranking lien or security interest in the same collateral as of such date of calculation that would be stated on a consolidated balance sheet (excluding any notes thereto); provided that, for purposes of this definition only, the amount of
Indebtedness shall be determined only to the extent that it has been advanced such that any undrawn amount thereunder shall not constitute Indebtedness for purposes of this clause (a); to 

(b)        EBITDA of such Portfolio Asset Obligor for the most recent four fiscal quarters (or last
twelve months if available) for which financial reports are available for such Portfolio Asset Obligor. 
 “Cov-Lite Loan” means a Loan (a) which is a Non-Markit Loan and (b) with respect to which the Underlying Instrument does not include any financial covenants
with which compliance is determined on an ongoing maintenance basis. 
 “Daily Report” has the meaning given to such term
in the Indenture. 
 “Defaulted Obligation” has the meaning given to such term in the Indenture. 

“Delayed-Draw Loan” has the meaning given to such term in the Indenture. 

“EBITDA” means with respect to any Portfolio Asset and any period, (a) the meaning of the term “Adjusted
EBITDA”, the term “EBITDA” or any comparable definition in the related Underlying Instrument for such period and Portfolio Asset Obligor, as reported for such period pursuant to the related Underlying Instrument, and (b) in any
case that the term “Adjusted EBITDA”, the term “EBITDA” or such comparable definition is not defined in such Underlying Instrument, the sum of (i) the consolidated net income for such period of the relevant Portfolio Asset
Obligor on such Portfolio Asset, plus (ii) to the extent deducted in calculating such consolidated net income, the sum for such period of all income tax expense, interest expense, depreciation and amortization expense and all other non-cash charges, in the case of each of the foregoing clauses, as reported for such period pursuant to (and in accordance with the relevant definitions contained in) the related Underlying Instrument; provided that
(x) the relevant Portfolio Asset Obligor referred to above in this definition shall be the Portfolio Asset Obligor for which consolidated financial statements are required to be delivered under the related Underlying Instrument (and, if there
is more than one such Portfolio Asset Obligor, for the Portfolio Asset Obligor with the greatest consolidated aggregate indebtedness for borrowed money as of the last day of such period) and (y) if the Calculation Agent determines on a
commercially reasonable basis that “Adjusted EBITDA” or “EBITDA” as reported for such period pursuant to the related Underlying Instrument is not computed in accordance with generally accepted financial practice for similar
transactions, then “EBITDA” shall mean “Consolidated EBITDA” (determined on a consolidated basis based upon the Calculation Agent’s selection in good faith of a definition of “Consolidated EBITDA” that accords with
generally accepted financial practice) in relation to the relevant Portfolio Asset Obligor and its consolidated subsidiaries for such period. 

“Eligible Investments” has the meaning given to such term in the Indenture. 

“Expense Account” has the meaning given to such term in the Indenture. 

“Fallback Valuation Company” means any of CTS Capital Advisors, LLC, Duff & Phelps, Valuation Research Corporation,
GLC Advisors & Co., Houlihan Capital, Houlihan Lokey or their respective successors. 

  
 28 

 “Governmental Authority” means the government of the United States of
America or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing,
regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 

“Illiquid Loan” means a Loan which is not a Liquid Loan. 

“Inclusion” means a substitution or contribution of Portfolio Assets to the Issuer pursuant to the Issuer Contribution
Agreement or any other acquisition of Portfolio Assets by the Issuer. 
 “Inclusion Date” means (a) in the case of a
substitution or contribution of Portfolio Assets to the Issuer pursuant to the Issuer Contribution Agreement, the settlement date of substitution or contribution or (b) in the case of any other acquisition thereof by the Issuer, the Portfolio
Asset Trade Date for the acquisition thereof by the Issuer. 
 “Indebtedness” has the meaning given to such term in the
Indenture. 
 “Indenture” means the Eighth Amended and Restated Indenture dated as of September 30, 2020, between CM
Finance SPV Ltd. and U.S. Bank National Association, as trustee, as amended, supplemented or otherwise modified from time to time. 

“Indenture Event of Default” means an “Event of Default” (as defined in the Indenture) occurs with respect to the
Issuer under the Indenture. 
 “Initial Valuation Company” means Lincoln International LLC. 

“Issuer Contribution Agreement” has the meaning given to such term in the Indenture. 

“Lien” has the meaning given to such term in the Indenture. 

“Liquid Loan” means any Loan which is the subject of at least two bid quotations as reported on Markit (or any successor
nationally recognized loan pricing service designated by the Buyer). 
 “Liquidation Agent” has the meaning given to such
term in the Indenture. 
 “Loan” has the meaning given to such term in the Indenture. 

“Markit” means Markit Ltd. and any of its subsidiaries, or any successor thereto. 

“Middle Market Loan” has the meaning given to such term in the Indenture. 

“Moody’s” has the meaning given to such term in the Indenture. 

“Non-Markit Loan” means any Loan for which prices are not reported on Markit (or any
successor nationally recognized loan pricing service designated by the Buyer). 

“Non-Senior Secured Bond” means any Bond that is not a Senior Secured Bond. 

“Portfolio Asset” has the meaning given to such term in the Indenture, provided that when the relevant asset is held by the
Issuer, this definition shall be subject to “Determination of When Assets are Held” above. 
 “Portfolio Asset
Obligor” has the meaning given to such term in the Indenture. 
 “Portfolio Asset Trade Date” means the date on
which the Issuer enters into an agreement to purchase or sell a Portfolio Asset pursuant to an Issuer Order, as such term is defined in the Indenture, given by the Collateral 

  
 29 

 
Manager. 
 “Principal Balance” has the meaning given to such term in
the Indenture. 
 “Priority Loan Leverage Ratio” means of any date of determination with respect to any Portfolio Asset
Obligor and a particular Portfolio Asset of such Portfolio Asset Obligor which is a Senior Secured Last Out Loan, the ratio of: 

(a)        the Principal Balance of the Senior Secured First Out Loan relating to such Senior Secured
Last Out Loan, to 
 (b)        EBITDA for the four fiscal quarters (or last twelve months if
available) for which financial reports are available for such Portfolio Asset Obligor 
 “Purchase Amount” has the
meaning given to such term in the Indenture. 
 “Priority Revolving Loan” means, as of any date of
determination with respect to any Portfolio Asset Obligor and a particular Portfolio Asset of such Portfolio Asset Obligor, the Indebtedness of such Portfolio Asset Obligor and its Subsidiaries in the form of a Revolver Loan that when it is drawn
(x) ranks senior to such Portfolio Asset and (y) is secured by a senior ranking lien or security interest in a portion of the same collateral as of such date of calculation that would be stated on a consolidated balance sheet. 

“Priority Revolving Loan Leverage Ratio” means, as of any date of determination with respect to any Portfolio Asset
Obligor and a particular Portfolio Asset of such Portfolio Asset Obligor, the ratio of: 

(a)        the outstanding principal amount of the Priority Revolving Loan(s) relating to such
Portfolio Asset determined on the assumption that the maximum aggregate amount that can be borrowed under such Priority Revolving Loan(s) has already been fully advanced such that any undrawn amount thereunder shall constitute outstanding principal
amount for purposes of this definition; to 
 (b)        EBITDA of such Portfolio Asset Obligor for
the most recent four fiscal quarters (or last twelve months if available) for which financial reports are available for such Portfolio Asset Obligor. 

“Revolver Loan” has the meaning given to such term in the Indenture. 

“Revolving Credit Note Agreement” has the meaning given to such term in the Indenture. 

“S&P” has the meaning given to such term in the Indenture. 

“Second Lien Liquid Loan” means any Liquid Loan that is a Second Lien Loan. 

“Second Lien Loan” means any Illiquid Loan that is either (a) a Traditional Second Lien Loan or (b) a Senior
Secured Last Out (Type II) Loan. . 
 “Senior Secured (Large Cap) Loan” means any Senior Secured Loan that (a) has an
applicable margin or other stated coupon less than (or equal to) 6.0%, including for such purposes any non-cash portion thereof but excluding for such purposes any portion thereof derived from the London
interbank offered rate, base rate or other applicable fixed or floating reference rate, (b) has Portfolio Asset Obligor(s) with EBITDA for the most recent four fiscal quarters (or last twelve months if available) for which financial reports are
available greater than or equal to $50,000,000, (c) has a Consolidated Leverage Ratio with respect to such Senior Secured Loan and the related Portfolio Obligor(s) which is less than or equal to 5.2x, (d) if there is a Priority Revolving Loan
with respect to such Senior Secured Loan, has a Priority Revolving Loan Leverage Ratio with respect to such Senior Secured Loan and the related Portfolio Asset Obligor(s) which is less than or equal to 1.75x, and (e) is not a Senior Secured
Liquid Loan. 

  
 30 

 “Senior Secured (Type I) Loan” means any Senior Secured Loan that
(a) has an applicable margin or other stated coupon less than (or equal to) 9.0%, including for such purposes any non-cash portion thereof but excluding for such purposes any portion thereof derived from
the London interbank offered rate, base rate or other applicable fixed or floating reference rate, (b) has Portfolio Asset Obligor(s) with EBITDA for the most recent four fiscal quarters (or last twelve months if available) for which financial
reports are available greater than or equal to $25,000,000, (c) has a Consolidated Leverage Ratio with respect to such Senior Secured Loan and the related Portfolio Obligor(s) which is less than or equal to 5.2x, (d) if there is a Priority
Revolving Loan with respect to such Senior Secured Loan, has a Priority Revolving Loan Leverage Ratio with respect to such Senior Secured Loan and the related Portfolio Asset Obligor(s) which is less than or equal to 1.75x, (e) is not a Senior
Secured (Large Cap) Loan, (f) is not a Cov-Lite Loan and (g) is not a Senior Secured Liquid Loan. 

“Senior Secured (Type I CL) Loan” means any Senior Secured Loan (a) which would be a Senior Secured (Type I) Loan but
for the fact that such Loan is a Cov-Lite Loan and (b) has a Consolidated Leverage Ratio with respect to such Senior Secured Loan and the related Portfolio Obligor(s) which is less than or equal to 3.5x.

 “Senior Secured (Type II) Loan” means any Senior Secured Loan that (a) has an applicable margin or other stated
coupon less than (or equal to) 9.0%, including for such purposes any non-cash portion thereof but excluding for such purposes any portion thereof derived from the London interbank offered rate, base rate or
other applicable fixed or floating reference rate portion thereof, (b) has Portfolio Asset Obligor(s) with EBITDA for the most recent four fiscal quarters (or last twelve months if available) for which financial reports are available less than
$25,000,000 and equal to or greater than $15,000,000, (c) has a Consolidated Leverage Ratio with respect to such Senior Secured Loan and the related Portfolio Obligor(s) which is less than or equal to 5.2x, (d) if there is a Priority Revolving
Loan with respect to such Senior Secured Loan, has a Priority Revolving Loan Leverage Ratio with respect to such Senior Secured Loan and the related Portfolio Asset Obligor(s) which is less than or equal to 1.75x, (e) is not a Cov-Lite Loan and (f) is not a Senior Secured Liquid Loan. 
 “Senior Secured (Type III)
Loan” means any Senior Secured Loan that (a) has Portfolio Asset Obligor(s) with EBITDA for the most recent four fiscal quarters (or last twelve months if available) for which financial reports are available of less than $15,000,000
and (b) is not a Senior Secured Liquid Loan. 
 “Senior Secured (Type IV) Loan” means any (i) Senior Secured Loan
which would otherwise be a Senior Secured (Type I) Loan or a Senior Secured (Type II) Loan but for the fact that such Loan does not meet the requirements set forth in clause (a), (c) or (d) of the definition of “Senior Secured (Type I)
Loan” or “Senior Secured (Type II) Loan”, as applicable, and (ii) Senior Secured Loan which would otherwise be a Senior Secured (Type I CL) Loan but for the fact that such Loan does not meet the requirements set forth in clause
(b) of the definition of “Senior Secured (Type I CL) Loan”. 
 “Senior Secured Bond” means any Bond that
(i) is not secured solely or primarily by common stock or other equity interests, (ii) if it is subordinated by its terms, is subordinated only to indebtedness for borrowed money, trade claims, capitalized leases or other similar
obligations and (iii) is secured by a valid first priority perfected security interest or lien in, to or on specified collateral securing the obligor’s obligations under such obligation 

“Senior Secured First Out Loan” has the meaning assigned to such term in the definition of “Senior Secured Last Out
Loan” herein. 
 “Senior Secured Last Out Loan” means any Loan that would be a Senior Secured Loan but for the fact
that its terms provide that the payment of principal thereon, either prior to or after any default, event of default, financial covenant test failure or other event, is to occur after the payment of principal of any other term loan(s) (each such
other term loan, a “Senior Secured First Out Loan”) of the Portfolio Asset Obligor of such loan. 
 “Senior Secured
Last Out (Type I) Loan” means any Senior Secured Last Out Loan for which (a) the Priority Loan Leverage Ratio with respect to such Senior Secured Last Out Loan and the related Portfolio Obligor(s) is less than 1.25x and (b) the
Consolidated Leverage Ratio with respect to such Senior Secured Last Out Loan and the related Portfolio Obligor(s) is less than 4.5x. 

  
 31 

 “Senior Secured Last Out (Type II) Loan” means any Senior Secured Last Out
Loan that is not a Senior Secured Last Out (Type I) Loan. 
 “Senior Secured Liquid Loan” means any Senior Secured Loan
that is a Liquid Loan. 
 “Senior Secured Loan” means any Loan that (i) is not (and by its terms is not permitted to
become) subordinated in right of payment, liens or otherwise to any other obligation of the Portfolio Asset Obligor(s) of such Loan, including any other obligation under the same credit facility, other than any Priority Revolving Loan, and
(ii) is secured by a valid first priority perfected security interest in or Lien on collateral consisting of all or substantially all the assets of the Portfolio Asset Obligor(s), other than those assets securing any Priority Revolving Loan, as
to which it is secured by a valid second priority perfected security interest in or Lien on collateral consisting of all the assets securing such Priority Revolving Loan. 

“TARGET Settlement Day” means any day on which TARGET (the Trans-European Automated Real-time Gross settlement Express
Transfer system) is open. 
 “Transaction Documents” has the meaning given to such term in the Indenture. 

“Traditional Second Lien Loan” means any Loan that (a) is an Illiquid Loan, (b) would be Senior Secured Loan but
for the fact that it is subordinated (in right of payment, liens or otherwise) to a Senior Secured Loan of the Portfolio Asset Obligor(s) other than a Priority Revolving Loan, (c) is secured by a valid second-priority perfected security
interest in or Lien on (second only to a security interest or Lien securing a Senior Secured Loan) collateral consisting of all or substantially all the assets of the Portfolio Asset Obligor(s) (and in any event substantially all its assets securing
any other Indebtedness); and (d) is not secured solely or primarily by common stock or other equity interests; provided that the limitation set forth in this clause (d) shall not apply with respect to a Loan made to a parent entity that is
secured solely or primarily by the stock of one or more of the subsidiaries of such parent entity to the extent that (x) the granting by any such subsidiary of a Lien on its own property would violate law or regulations applicable to such
subsidiary (whether the obligation secured is such Loan or any other similar type of Indebtedness owing to third parties) and (y) its own property is not subject to a Lien securing any Indebtedness. 

“TRS Termination Agreement” means the termination agreement dated as of the date hereof between Buyer and Seller relating to
the termination of certain total return swap transactions referencing the Class A Notes and the total return swap transactions referencing the Class A-R Notes. 

“Underlying Instrument” has the meaning given to such term in the Indenture. 

  
 [signatures follow on
the next page] 
  
 32 

 By executing this Confirmation and returning it to us, Seller confirms that the foregoing
correctly sets out the terms of the agreement of the Parties. 
 Yours faithfully, 

 

	
	UBS AG, LONDON BRANCH,
	In its individual capacity and as Calculation Agent
	
	 By: _________________________________

	 Name:

	 Title:

	
	 By: _________________________________

	 Name:

	 Title:

 Investcorp Credit Management BDC, Inc. – Signature Page to Class A Confirmation 

			
	 Confirmed as of the date first above written:

	
	INVESTCORP CREDIT MANAGEMENT BDC, INC.
		
	 By:
	 	
                       
                             

		 	  

	 Name:
	 	
	 Title:
	 	

 UBS – Signature Page to Class A Confirmation

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