Document:

Exhibit 10.4

 

Fifth Amendment to Credit
Agreement

 

This Fifth Amendment
to Credit Agreement (herein, the “Amendment”) is entered into as of December 2, 2014, by and among Pioneer
Power Solutions, Inc., a Delaware corporation (the “Borrower”), the direct and indirect Domestic Subsidiaries
of the Borrower, as Guarantors, and Bank of Montreal, a
Canadian chartered bank acting through its Chicago branch (the “Bank”).

 

Preliminary Statements

 

A.The Borrower, the Guarantors
and the Bank entered into a certain Credit Agreement, dated as of June 28, 2013 (the Credit Agreement, as the same has been
amended prior to the date hereof, being referred to herein as the “Credit Agreement”). All capitalized terms
used herein without definition shall have the same meanings herein as such terms have in the Credit Agreement.

 

B.The Borrower has requested that
the Bank extend a term loan to fund, in part, the TEWI Acquisition Agreement, and the Bank is willing to do so under the terms
and conditions set forth in this Amendment.

 

Now,
Therefore, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties
hereto agree as follows:

 

Section 1.Amendments.

 

Subject to the satisfaction
of the conditions precedent set forth in Section 2 below, the Credit Agreement shall be and hereby is amended as follows:

 

1.1.The definition of
“Borrowing Base” appearing in Section 1.1 shall be amended by replacing clause (c) thereof with the following:

 

(c)reserved;
less

 

1.2.The definition of
“Term Loan Maturity Date” shall be amended and restated in its entirety to read as follows:

 

“Term Loan
Maturity Date” means five (5) years from the Fifth Amendment Effective Date.

 

1.3.New definitions of
“Fifth Amendment Effective Date”, “PTES”, “TEWI” and “TEWI Acquisition”
shall be inserted in appropriate alphabetical sequence to read as follows:

 

“Fifth Amendment
Effective Date” means December 2, 2014.

 

    	 

    	 

    

  

“PTES”
means PTES Acquisition Corp., a Delaware corporation.

 

“TEWI”
means Titan Energy Worldwide, Inc., a Nevada corporation.

 

“TEWI Acquisition”
means the Acquisition by PCP (or a Subsidiary thereof) of TEWI and its Subsidiaries by (a) purchasing at least 51% of the
Class D preferred stock thereof, and (b) acquiring from TEWI all of the new Series A-1 convertible preferred stock
of TEWI for a cash purchase price not to exceed $1,000,000. For the avoidance of doubt, all references to Permitted Acquisition
shall be deemed to include the TEWI Acquisition.

 

1.4.Section 2.1 of the
Credit Agreement is hereby amended and restated in its entirety as follows:

 

Section 2.1.Term Loan
Facility. Subject to the terms and conditions hereof, the Bank agrees to make loans (the “Term Loan”) in
U.S. Dollars to the Borrower in the amount of $5,000,000. The Term Loan shall be advanced in one Borrowing on the Fifth Amendment
Effective Date, at which time the Term Loan Commitment shall expire. As provided in Section 2.6(a), the Borrower may elect
that the Term Loan be outstanding as U.S. Prime Rate Loans or Eurodollar Loans. No amount repaid or prepaid on the Term Loan
may be borrowed again.

 

1.5.Section 2.7(a) of
the Credit Agreement is hereby amended and restated in its entirety as follows:

 

(a) Scheduled
Payments of Term Loan. The Borrower shall make principal payments on the Term Loan in installments on the last day of each
March, June, September, and December in each year, commencing with the calendar quarter ending March 31, 2015, with the amount
of each such principal installment to equal the percentage of the original Borrowing of the Term Loan set forth in Column B
below shown opposite of the relevant due date as set forth in Column A below:

 

	
        Column A

        Payment
        Date
	
        Column B

        Percentage

	03/31/15	1.25%
	06/30/15	1.25%
	09/30/15	1.25%
	12/31/15	1.25%
	03/31/16	2.00%
	06/30/16	2.00%
	09/30/16	2.00%
	12/31/16	2.00%
	03/31/17	2.50%
	06/30/17	2.50%
	09/30/17	2.50%
	12/31/17	2.50%
	03/31/18	3.00%
	06/30/18	3.00%
	09/30/18	3.00%
	12/31/18	3.00%
	03/31/19	3.75%
	06/30/19	3.75%
	09/30/19	3.75%

  

, with a final payment of all principal
and interest not sooner paid on the Term Loan due and payable on the Term Loan Maturity Date.

 

    	-2-

    	 

    

 

 

1.6.Section 6.6 of the
Credit Agreement shall be amended and restated in its entirety to read as follows:

 

Section 6.6.No Material
Adverse Change. Since March 31, 2013 (the Fifth Amendment Effective Date for TEWI and its Subsidiaries), there has been
no change in the condition (financial or otherwise) or business prospects of any Loan Party or any Subsidiary of a Loan Party except
those occurring in the ordinary course of business, which individually or in the aggregate would reasonably be expected to have
a Material Adverse Effect.

 

1.7.Section 8.5 of the
Credit Agreement shall be amended by amending and restating clauses (b), (c) and (e) to read as follows:

 

(b)as soon as available, and
in any event no later than 45 days after the last day of the first three fiscal quarters of each fiscal year of the Borrower,
a copy of the consolidated and consolidating balance sheet of (i) the Loan Parties and (ii) the Borrower and its Subsidiaries,
each as of the last day of such fiscal quarter and the consolidated and consolidating statements of income, retained earnings,
and cash flows of (i) the Loan Parties and (ii) the Borrower and its Subsidiaries, each for the fiscal quarter and for
the fiscal year-to-date period then ended, each in reasonable detail showing in comparative form the figures for the corresponding
date and period in the previous fiscal year, prepared by the Borrower in accordance with GAAP (subject to the absence of footnote
disclosures and year-end audit adjustments) and certified to by a Financial Officer of the Borrower;

 

    	-3-

    	 

    

  

(c)as soon as available, and
in any event no later than 120 days after the last day of each fiscal year of the Borrower, a copy of the consolidated balance
sheet of the Loan Parties and their Non-Canadian Subsidiaries as of the last day of the fiscal year then ended and the consolidated
statements of income, retained earnings, and cash flows of the Loan Parties and their Non-Canadian Subsidiaries for the fiscal
year then ended, and accompanying notes thereto and a supplemental informational section that contains consolidating financial
statements for the fiscal year then ended, each in reasonable detail showing in comparative form the figures for the previous fiscal
year, accompanied in the case of the consolidated financial statements by a compilation report (or, if requested by the Bank by
no later than September 15th each year, an unqualified opinion) of BDO USA, LLP or another firm of independent public accountants
of recognized standing, selected by the Borrower and reasonably satisfactory to the Bank, to the effect that the consolidated financial
statements have been prepared in accordance with GAAP and present fairly in accordance with GAAP the consolidated financial condition
of the Loan Parties and Non-Canadian Subsidiaries of the close of such fiscal year and the results of their operations and cash
flows for the fiscal year then ended;

 

(e)as soon as available, and
in any event no later than 120 days after the last day of each fiscal year of PECI, a copy of the consolidated balance sheet
of PECI and its Subsidiaries as of the last day of the fiscal year then ended and the consolidated statements of income, retained
earnings, and cash flows of PECI and its Subsidiaries for the fiscal year then ended, and accompanying notes thereto and a supplemental
informational section that contains consolidating financial statements for the fiscal year then ended, each in reasonable detail
showing in comparative form the figures for the previous fiscal year, accompanied in the case of the consolidated financial statements
by a compilation report (or, if requested by the Bank by no later than September 15th each year, an unqualified opinion) of
BDO USA, LLP or another firm of independent public accountants of recognized standing, selected by PECI and reasonably satisfactory
to the Bank, to the effect that the consolidated financial statements have been prepared in accordance with GAAP and present fairly
in accordance with GAAP the consolidated financial condition of PECI and its Subsidiaries as of the close of such fiscal year and
the results of their operations and cash flows for the fiscal year then ended;

 

    	-4-

    	 

    

  

1.8.Section 8.7
of the Credit Agreement shall be amended by (i) deleting the word “and” at the end of clause (o), and (ii) inserting
new clauses (q) and (r) to read as follows:

 

(q)unsecured Indebtedness of
TEWI in an aggregate amount of principal amount not to exceed $3,300,000 (plus accrued interest) or such greater amount as may
be approved by the Bank; and

 

(r)Indebtedness in an amount
of up to $2,900,000 of TEWI owing to PTES on the Fifth Amendment Effective Date.

 

1.9.Section 8.9 of the
Credit Agreement shall be amended by (i) deleting the word “and” at the end of clause (i), (ii) redesignating
clause (j) as clause (l) and (iii) inserting new clauses (j) and (k) to read as follows:

 

(j)a $2,900,000 loan on the Fifth
Amendment Effective Date to TEWI by PTES, together with any further advances made to TEWI pursuant to Section 8.7(e), which
loan may be converted, in whole or in part, into an equity investment;

 

(k)the Borrower’s creation
of and investment in PTES to facilitate the TEWI Acquisition; and

 

1.10.Section 8.23(a)
of the Credit Agreement shall be amended and restated in its entirety to read as follows:

 

(a)Total Leverage Ratio.
As of the last day of each fiscal quarter of the Borrower ending during the relevant period set forth below, the Loan Parties and
their Non-Canadian Subsidiaries shall not permit the Total Leverage Ratio to be greater than the corresponding ratio set forth
opposite such period:

 

    	-5-

    	 

    

 

 

	Period(s) Ending	Total Leverage Ratio shall not be greater than:
	Fiscal quarters ending on or about 12/31/14—9/30/15 	3.75 to 1.0
	Fiscal quarters ending on or about 12/31/15 and at all times thereafter	3.00 to 1.0

 

1.11.Schedule 6.2
to the Credit Agreement shall be replaced with Schedule 6.2 attached hereto.

 

Section 2.Conditions
Precedent.

 

The effectiveness of
this Amendment is subject to the satisfaction of all of the following conditions precedent:

 

2.1.The Borrower, the
Guarantors and the Bank shall have executed and delivered this Amendment.

 

2.2.The Bank shall have
received copies (executed or certified, as may be appropriate) of all legal documents or proceedings taken in connection with the
execution and delivery of this Amendment to the extent the Bank or its counsel may reasonably request.

 

2.3.Legal matters incident
to the execution and delivery of this Amendment shall be satisfactory to the Bank and its counsel, and the Bank shall have received
an opinion of counsel as to each new Guarantor.

 

2.4.The Bank shall have
received a non-refundable closing fee of $12,500.

 

2.5.All of the conditions
precedent set forth in Section 7.3 of the Credit Agreement shall be satisfied with respect to the TEWI Acquisition, as if
(a) all references therein to “Permitted Acquisition” were instead to the “TEWI Acquisition” and (b) clause
(e) thereof referred to the financial covenants set forth in Section 8.26 as of September 30, 2014.

 

2.6.The TEWI Acquisition
shall meet all of the conditions of a Permitted Acquisition except that no Quality of Earnings Report is required.

 

2.7.The Bank shall have
received a certificate from a Responsible Officer of the Borrower certifying that since September 30, 2014, no Material Adverse
Effect has occurred and that there is no litigation, action or other legal proceeding pending or known to be threatened against
the Borrower or any Guarantor which could reasonably be expected to have a Material Adverse Effect on the Borrower or any Guarantor.

 

    	-6-

    	 

    

  

2.8.The Bank shall be
satisfied with the capital and organizational structure of the TEWI Acquisition, including that the total equity and debt investment
does not exceed $6,800,000.

 

Section 3.Conditions
Subsequent.

 

The Borrower hereby
covenants and agrees that the following items may be delivered after the Fifth Amendment Effective Date, notwithstanding any requirements
of Section 2 above.

 

3.1.Within 90 days of
the Fifth Amendment Effective Date, the Borrower shall deliver satisfactory opinions with respect to all remaining new Guarantors
(other than those formed in Delaware, which shall be required on the Fifth Amendment Effective Date).

 

Section 4.Representations.

 

In order to induce
the Bank to execute and deliver this Amendment, the Borrower hereby represents to the Bank that as of the date hereof (a) 
the representations and warranties set forth in Section 6 of the Credit Agreement are and shall be and remain true and correct
(except that the representations contained in Section 6.5 shall be deemed to refer to the most recent financial statements
of the Borrower delivered to the Bank) and (b) the Borrower is in compliance with the terms and conditions of the Credit Agreement
and no Default or Event of Default has occurred and is continuing under the Credit Agreement or shall result after giving effect
to this Amendment.

 

Section 5.Miscellaneous.

 

5.1.The Borrower and the Guarantors
heretofore executed and delivered to the Bank the Security Agreement and certain other Collateral Documents. The Borrower and the
Guarantors hereby acknowledge and agree that the Liens created and provided for by the Collateral Documents continue to secure,
among other things, the Secured Obligations arising under the Credit Agreement as amended hereby; and the Collateral Documents
and the rights and remedies of the Bank thereunder, the obligations of the Borrower and Guarantors thereunder, and the Liens created
and provided for thereunder remain in full force and effect and shall not be affected, impaired or discharged hereby. Nothing herein
contained shall in any manner affect or impair the priority of the liens and security interests created and provided for by the
Collateral Documents as to the indebtedness which would be secured thereby prior to giving effect to this Amendment.

 

5.2.Except as specifically amended
herein, the Credit Agreement shall continue in full force and effect in accordance with its original terms. Reference to this specific
Amendment need not be made in the Credit Agreement, the Notes, or any other instrument or document executed in connection therewith,
or in any certificate, letter or communication issued or made pursuant to or with respect to the Credit Agreement, any reference
in any of such items to the Credit Agreement being sufficient to refer to the Credit Agreement as amended hereby.

 

    	-7-

    	 

    

  

5.3.The Borrower agrees to pay
on demand all costs and expenses of or incurred by the Bank in connection with the negotiation, preparation, execution and delivery
of this Amendment, including the reasonable fees and expenses of counsel for the Bank.

 

5.4.This Amendment may be executed
in any number of counterparts, and by the different parties on different counterpart signature pages, all of which taken together
shall constitute one and the same agreement. Any of the parties hereto may execute this Amendment by signing any such counterpart
and each of such counterparts shall for all purposes be deemed to be an original. Delivery of a counterpart hereof by facsimile
transmission or by e-mail transmission of an Adobe portable document format file (also known as a “PDF” file) shall
be effective as delivery of a manually executed counterpart hereof. This Amendment shall be governed by, and construed in accordance
with, the internal laws of the State of Illinois.

 

[Signature
Page to Follow]

 

    	-8-

    	 

    

  

This Fifth Amendment
to Credit Agreement is entered into as of the date and year first above written.

 

	 	“Borrower”
	 	 	 
	 	Pioneer Power Solutions, Inc.
	 	 	 
	 	By	/s/ Andrew Minkow
	 	 	Name Andrew Minkow
	 	 	Title Chief Financial Officer
	 	 	 
	 	“Guarantors”
	 	 	 
	 	Jefferson Electric, Inc.
	 	 	 
	 	By	/s/ Andrew Minkow
	 	 	Name Andrew Minkow
	 	 	Title Chief Financial Officer
	 	 	 
	 	Pioneer Critical Power Inc.
	 	 	 
	 	By	/s/ Andrew Minkow
	 	 	Name Andrew Minkow
	 	 	Title Chief Financial Officer
	 	 	 
	 	Pioneer Custom Electrical Products Corp.
	 	 	 
	 	By	/s/ Andrew Minkow
	 	 	Name Andrew Minkow
	 	 	Title Chief Financial Officer
	 	 	 
	Accepted and agreed
to.	 	 
	 	 	 
	 	Bank of Montreal, acting through its Chicago Branch
	 	 	 
	 	By	/s/ Joseph W. Linder
	 	 	Name Joseph W. Linder
	 	 	Title Vice President

 

 

[Signature Page to Fifth Amendment to Credit
Agreement]

 

    	 

    	 

    

  

Schedule 6.2

 

Subsidiaries

 

	Name	Jurisdiction of Organization	Percentage Ownership	Owner
	 	 	 	 
	Pioneer Critical Power, Inc.	Delaware	100%	Borrower
	 	 	 	 
	Jefferson Electric, Inc.	Delaware	100%	Borrower
	 	 	 	 
	Nexus Custom Magnetics, LLC	Texas	100%	Jefferson Electric, Inc.
	 	 	 	 
	JE Mexican Holdings, Inc.	Delaware	100%	Borrower
	 	 	 	 
	Jefferson Electric Mexico Holdings, LLC	Wisconsin	100%	JE Mexican Holdings, Inc.
	 	 	 	 
	Nexus Magneticos de Mexico, S. de R.L. de C.V.	Mexico	100%	
        Nexus Custom Magnetics, LLC—99%

        Jefferson Electric Mexico Holdings, LLC—1%

	 	 	 	 
	Pioneer Electrogroup Canada, Inc.	Quebec	100%	Borrower
	 	 	 	 
	Pioneer Custom Electrical Products Corp.	Delaware	100%	Borrower
	 	 	 	 
	PTES Acquisition Corp.	Delaware	100%	PCP
	 	 	 	 
	Titan Energy Worldwide, Inc.	Nevada	>51%	PTES
	 	 	 	 
	Stellar Energy Services, Inc.	Minnesota	100%	TEWI
	 	 	 	 
	Titan Systems Northeast, Inc.	Minnesota	100%	TEWI
	 	 	 	 
	Grove Power, Inc.	Florida	100%	TEWIEX-10.1

 Exhibit 10.1 

Execution Copy 
 THL
CREDIT LOGAN JV LLC 
 LIMITED LIABILITY COMPANY AGREEMENT 

THE SECURITIES REPRESENTED BY THIS AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
REGISTERED OR QUALIFIED UNDER THE SECURITIES LAWS OF ANY STATES OR OTHER JURISDICTIONS. THEY ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND THE REGISTRATION AND QUALIFICATION
REQUIREMENTS OF SUCH LAWS. THE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND SUCH LAWS PURSUANT TO REGISTRATION, QUALIFICATION, OR EXEMPTION
THEREFROM AND IN ACCORDANCE WITH THE TERMS OF THIS AGREEMENT. THE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION OR BY ANY STATE OR OTHER SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY, NOR HAVE ANY
OF THE FOREGOING AUTHORITIES PASSED UPON OR ENDORSED THE MERITS OF THIS OFFERING OR THE ACCURACY OR ADEQUACY OF THE OFFERING MATERIALS, AND ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL. 

 Execution Copy 

THL CREDIT LOGAN JV LLC 

LIMITED LIABILITY COMPANY AGREEMENT 

This Limited Liability Company Agreement, dated as of December 3, 2014, of THL Credit Logan JV LLC (the “Company”) is
entered into by and between THL Credit, Inc. and Perspecta Trident LLC (each, a “Member” and collectively, the “Members”). 

WHEREAS, the Members desire to form a co-managed limited liability company under the Act (as defined below) for the purposes and
pursuant to the terms set forth herein; 
 NOW THEREFORE, in consideration of the mutual agreements set forth below, and intending to
be legally bound, the Members hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 
 Section 1.01
Definitions. For purposes of this Agreement, the following terms shall have the following meanings: 
 “1940 Act”
has the meaning set forth in Section 6.11(b). 
 “Acceptance Period” has the meaning set forth in
Section 7.01(g)(ii). 
 “Act” means the Limited Liability Company Act of the State of Delaware, as from time to time
in effect. 
 “Administrative Agent” means THL Credit Advisors LLC or an Affiliate thereof retained by the Company with
Board Approval to perform administrative services for the Company. 
 “Administrative Services Agreement” means the
Administrative Services Agreement between the Company and the Administrative Agent, as amended from time to time with Board Approval. 

“Advancing Member” has the meaning set forth in Section 3.02. 

“Advisers Act” has the meaning set forth in Section 6.11(b). 

“Affiliate” means, with respect to a Person, any other Person that directly, or indirectly through one or more
intermediaries, controls, is controlled by, or is under common control with, the other Person. 
 “Agreement” means this
Limited Liability Company Agreement, as it may from time to time be amended. 
 “Board” means the Board of Directors of the
Company. 
 “Board Approval” means, as to any matter requiring Board Approval under this Agreement, the unanimous approval
or subsequent ratification by each of the Directors. Matters requiring Board Approval are set forth in further detail in Schedule A of this Agreement. 

 “Capital Account” means, as to each Member, the capital account maintained on
the books of the Company for the Member in accordance with Section 4.01.
 “Capital Commitment” means, as to each
Member, the total amount set forth on the Member List, which is contributed and agreed to be contributed to the Company by the Member as a Capital Contribution. 

“Capital Contribution” means, as to each Member, the aggregate amount of cash actually contributed to the equity capital of
the Company by the Member as set forth in Section 3.01. The Capital Contribution of a Member that is an assignee of all or a portion of an equity interest in the Company shall include the Capital Contribution of the assignor (or a pro rata
portion of the assignor’s Capital Contribution in the case of an assignment of less than the Entire Interest of the assignor). 

“Certificate of Formation” means the certificate of formation for the Company filed under the Act, as amended from time to
time. 
 “Change of Control” means, with respect to any Person, a transaction which causes the owners of that Person as of
the date of this Agreement and their Affiliates to own less than fifty percent (50%) of that Person immediately after that transaction. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time. 

“Company” has the meaning set forth in the recitals. 

“Control” means the power, directly or indirectly, to direct the management or policies of a Person, whether by ownership of
securities, by contract, or otherwise. 
 “Daily Interest Amount” means, with respect to an Investment, the amount obtained
by multiplying the outstanding principal amount of an Investment by the Daily Interest Rate applicable to that Investment. 
 “Daily
Interest Rate” means (i) for an Investment in the form of a loan or debt, the rate determined by dividing the per annum interest rate applicable to such Investment by 365, and (ii) for an Investment in the form of preferred,
structured or other equity that has an associated contractual accruing dividend rate, the rate determined by dividing the per annum contractual accruing dividend rate applicable to such Investment by 365. 

“Default Date” has the meaning set forth in Section 3.03(a). 

“Defaulting Member” has the meaning set forth in Section 3.03(a). 

“Delayed Contribution” has the meaning set forth in Section 3.02. 

“Delayed Member” has the meaning set forth in Section 3.02. 

“Director” means each Person elected, designated, or appointed to serve as a member of the Board. 

“Electing Member” has the meaning set forth in Section 8.03(e). 

“Election to Purchase” has the meaning set forth in Section 8.03(e). 

“Entire Interest” means all of a Member’s interests in the Company, including the Member’s transferable interest
and all management and other rights. 

  
 2 

 “ERISA” the Employee Retirement Income Security Act of 1974, as from time to
time amended. 
 “ERISA Plan” a Person that is an “employee benefit plan” within the meaning of, and subject to
the provisions of, ERISA. 
 “Expenses” means all costs and expenses, of whatever nature, directly or indirectly borne by
the Company, including those borne under the Administrative Services Agreement. 
 “GAAP” means United States generally
accepted accounting principles. 
 “GAAP Profit or GAAP Loss” means, as to any transaction or fiscal period, the net income
or loss of the Company under GAAP. 
 “Investment” has the meaning set forth in Section 2.04(a). 

“Investment Committee” means a committee consisting of an equal number of THL Credit IC Representatives and Perspecta IC
Representatives. 
 “Investor Laws” has the meaning set forth in Section 7.02(b). 

“Loss” has the meaning set forth in Section 6.12(a). 

“Member” and “Members” have the meaning set forth in the recitals and also includes any Person that becomes
a Member of the Company after the date of this Agreement under the terms of this Agreement. 
 “Member List” has the
meaning set forth in Section 2.07. 
 “Notice of Intent” has the meaning set forth in Section 7.01(g)(i). 

“Organization Costs” means all out-of-pocket costs and expenses reasonably incurred directly by the Company or for the
Company by a Member or its Affiliates in connection with the formation and capitalization of the Company, the initial offering of Company interests to THL Credit and Perspecta, and the preparation by the Company to commence its business operations,
including reasonable and documented (i) fees and disbursements of legal counsel to the Company, the Administrative Agent, or its Affiliates, (ii) accountant fees and other fees for professional services, and (iii) travel costs and
other out-of-pocket expenses. 
 “Person” means an individual or a corporation, partnership, association, joint venture,
company, limited liability company, trust, governmental authority, or other entity. 
 “Perspecta” means Perspecta Trident
LLC, or any Person substituted for Perspecta Trident LLC as a Member pursuant to the terms of this Agreement. 
 “Perspecta Change
of Control” has the meaning set forth in Section 6.11(b). 
 “Perspecta IC Representative” has the meaning
set forth in Section 6.02. 
 “Portfolio Company” means, with respect to any Investment, any Person that is the issuer
of any equity securities, equity-related securities or obligations, debt instruments or debt-related securities, or obligations (including senior debt instruments, including investments in senior loans, senior debt securities, and any notes or other
evidences of indebtedness, preferred equity, warrants, options, subordinated debt, mezzanine securities, or similar securities or instruments) that are the subject of the Investment. Portfolio Companies do not include Subsidiaries. 

  
 3 

 “Prior Investment Committee Approval” means, as to any matter requiring Prior
Investment Committee Approval under this Agreement, the unanimous prior approval of the THL Credit IC Representatives and the Perspecta IC Representatives. 

“Proceeding” has the meaning set forth in Section 6.12(a). 

“Profit or Loss” means, as to any transaction or fiscal period, the GAAP Profit or GAAP Loss with respect to the transaction
or period, with such adjustments to the GAAP Profit or GAAP Loss as may be required by this Agreement; provided that in the event that the Value of any Company asset is adjusted under Section 9.05, the amount of the adjustment shall in all
events be taken into account in the same manner as gain or loss from the disposition of the asset for purposes of computing Profit or Loss, and the gain or loss from any disposition of the asset shall be calculated by reference to the adjusted
Value; and provided further, that GAAP Profit or GAAP Loss may be adjusted with Board Approval to amortize Organization Costs over four years. 

“Proportionate Share” means, as to any Member, the percentage that its Capital Contributions represents of all Capital
Contributions. 
 “Sale Period” has the meaning set forth in Section 7.01(g)(iii). 

“SEC” means the U.S. Securities and Exchange Commission. 

“Securities Act” has the meaning set forth in the legend on the cover page. 

“Subsidiary” as to any Person, means any corporation, partnership, limited liability company, joint venture, trust, or
estate of or in which more than 50% of (a) the issued and outstanding capital stock having ordinary voting power to elect a majority of the board of directors of the corporation (irrespective of whether at the time capital stock of any other
class of such corporation may have voting power upon the happening of a contingency), (b) the interest in the capital or profits of such partnership, limited liability company, or joint venture or (c) the beneficial interest in the trust
or estate is at the time directly or indirectly owned or controlled through one or more intermediaries, or both, by that Person. Unless otherwise qualified, all references to a “Subsidiary” or to “Subsidiaries” in this Agreement
shall refer to a Subsidiary or Subsidiaries of the Company. 
 “Tax Matters Member” has the meaning set forth in
Section 6.13. 
 “Temporary Advance” has the meaning set forth in Section 3.02. 

“Temporary Advance Fee” means, with respect to any Temporary Advance made by an Advancing Member relating to an Investment
that closes prior to the time that a Delayed Member has made its Delayed Contribution, an amount equal to the product of (i) the sum of the Daily Interest Amounts for each day beginning on the date the Investment is made and ending on the date
prior to which the Delayed makes has made its Delayed Contribution and (ii) the Delayed Member’s Proportionate Share (after giving effect to the Delayed Contribution). 

“THL Credit” means THL Credit, Inc., or any Person substituted for THL Credit, Inc., as a Member pursuant to the terms of
this Agreement. 
 “THL Credit IC Representative” has the meaning set forth in Section 6.02. 

“Transfer” or “transfer” means, with respect to any Member’s interest in the Company, the direct or
indirect sale, assignment, transfer, withdrawal, mortgage, pledge, hypothecation, 

  
 4 

 
exchange, or other disposition of any part or all of that interest, whether or not for value and whether such disposition is voluntary, involuntary, by operation of law, or otherwise, and a
“transferee” or “transferor” means a Person that receives or makes a transfer. Notwithstanding the foregoing, a “Transfer” shall not include any pledge or grant of a security interest in a Member’s
interest in the Company to a lender. 
 “Treasury Regulations” means all final and temporary federal income tax
regulations, as amended from time to time, issued under the Code by the United States Treasury Department. 
 “Value”
means, as of the date of computation with respect to some or all of the assets of the Company or any assets acquired by the Company, the value of those assets determined in accordance with Section 9.05. 

ARTICLE II 
 GENERAL
PROVISIONS 
 Section 2.01 Formation of the Limited Liability Company. The Company was formed under and pursuant to the Act upon the
filing of the Certificate of Formation in the office of the Secretary of State of the State of Delaware, and the Members hereby agree to continue the Company under and pursuant to the Act. The Members agree that the rights, duties, and liabilities
of the Members shall be as provided in the Act, except as otherwise provided in this Agreement. Each Person being admitted as a Member as of the date of this Agreement shall be admitted as a Member at the time the Person has executed this Agreement
or a counterpart of this Agreement. By its signature to this Agreement (or, in the case of substitute Members, the instrument described in Section 7.01(c) below whereby such transferee becomes a party to this Agreement), each Member represents
to the Company and to the other Members that (1) the Member is an “accredited investor” as defined in Rule 501 under the Securities Act, and is a “qualified purchaser” as defined in Section 2(a)(51) under the 1940 Act,
and (2) the Member understands that the securities represented by this Agreement have not been and will not be registered under the Securities Act or any state securities laws and cannot be sold or otherwise distributed by the Member unless the
securities either are registered or otherwise qualified under the Securities Act and any applicable state securities laws or are exempt from such registrations or qualifications. In addition to the foregoing representations, each Member represents
to the Company and to the other Members as follows: 
  

	 	(a)	It is duly organized and validly existing under the laws of the jurisdiction of its organization; 

  

	 	(b)	It has the power to execute and deliver this Agreement and the documents referred to in this Agreement and to perform its obligations under this Agreement and has taken all necessary action to authorize the execution,
delivery, and performance; 

  

	 	(c)	The execution, delivery, and performance do not violate or conflict with any law applicable to it, any provision of its organizational documents, any order or judgment of any court or other agency of government
applicable to it, or any of its assets or any contractual restriction binding on or affecting it or any of its assets; 

  

	 	(d)	All governmental and other consents that are required to have been obtained by it with respect to this Agreement and the documents referred to in this Agreement have been obtained and are in full force and effect and
all conditions of any such consents have been complied with; 

  
 5 

	 	(e)	This Agreement constitutes and, upon execution of the documents referred to in this Agreement, those documents will constitute, its legal, valid, and binding obligation, enforceable in accordance with their respective
terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium, or similar laws affecting creditors’ rights generally and subject, as to enforceability, to equitable principles of general application regardless of whether
enforcement is sought in a proceeding in equity or at law); 

  

	 	(f)	It is entering into this Agreement for its own account for investment and not with a view to any distribution of the interests in the Company. It fully understands, accepts, and is able to bear the economic risks
associated with the obligations and undertakings contained in this Agreement; and 

  

	 	(g)	It has taken or will take all necessary steps to ensure its compliance with all applicable federal and state securities laws and regulations. 

Section 2.02 Company Name. The name of the Company shall be “THL Credit Logan JV LLC,” or such other name as approved by Board Approval.

 Section 2.03 Place of Business; Agent for Service of Process. 
  

	 	(a)	The registered office of the Company in the State of Delaware is located at 1209 Orange Street, Wilmington, Delaware, or such other place as the Members may designate. The name of its registered agent for service at
that address is The Corporation Trust Company or such other Person as the Members may designate. 

  

	 	(b)	The initial principal business office of the Company shall be at 100 Federal Street, 31st floor, Boston, Massachusetts 02110. 

Section 2.04 Purpose and Powers of the Company. 

(a) The purpose and business of the Company shall be (i) to make loans to and other investments in third-party Portfolio Companies
(“Investments”), and (ii) to engage in any other lawful acts or activities as the Board deems reasonably necessary or advisable for which limited liability companies may be organized under the Act.

(b) Subject to the provisions of this Agreement, the Company shall have the power and authority to take any and all actions necessary,
appropriate, proper, advisable, convenient, or incidental to, or for the furtherance of, the purposes set forth in Section 2.04(a). 

(c) The Company may enter into and perform the Administrative Services Agreement, without any further act, vote, or approval of any Member
notwithstanding any other provision of this Agreement, the Act or any other applicable law, rule or regulation. 

  
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 Section 2.05 Fiscal Year. The fiscal year of the Company shall be the period ending on
December 31 of each year. 
 Section 2.06 Liability of Members. Except as expressly provided in this Agreement, a Member shall have such
liability for the repayment, satisfaction, and discharge of the debts, liabilities, and obligations of the Company only as is provided by the Act. A Member that receives a distribution made in violation of the Act shall be liable to the Company for
the amount of that distribution to the extent, and only to the extent, required by the Act. The Members, in their capacities as Members, shall not otherwise be liable for the repayment, satisfaction, or discharge of the Company’s debts,
liabilities, and obligations, except that each Member shall be required to make Capital Contributions in accordance with the terms of this Agreement and shall be required to repay any distributions which are not made in accordance with this
Agreement. 
 Section 2.07 Member List. The Administrative Agent shall cause to be maintained in the principal office of the Company a list (the
“Member List”) setting forth, with respect to each Member, the Member’s name, address, Capital Commitment, and such other information as the Administrative Agent may deem necessary or desirable or as required by the Act. The
Administrative Agent shall from time to time update the Member List as necessary to reflect accurately the information in the Member List. Any reference in this Agreement to the Member List shall be deemed to be a reference to the Member List as in
effect from time to time. No action of the Members shall be required to supplement or amend the Member List. Revisions to the Member List made by the Administrative Agent as a result of changes to the information set forth in the Member List made in
accordance with this Agreement shall not constitute an amendment of this Agreement. The initial Member List is attached to this Agreement as Appendix A. 

ARTICLE III  

COMPANY CAPITAL AND INTERESTS 

Section 3.01 Capital Commitments. 
  

	 	(a)	Each Member’s Capital Commitment shall be set forth on the Member List and shall be payable in cash in U.S. dollars. Within seven (7) business days after notice from the Administrative Agent specifying the
amount of a Capital Contribution then to be paid, or such later date as may be specified in such notice, a Member shall pay the Capital Contribution; provided that any amount of a Capital Contribution to be used for a purpose requiring Prior
Investment Committee Approval or Board Approval shall be subject to the Prior Investment Committee Approval or Board Approval, as applicable. Capital Contributions shall be made by all Members pro rata based on their respective Capital Commitments.

  

	 	(b)	Capital Contributions that are not used within ninety (90) days shall be returned to the Members in the same proportion in which made, in which case such amount shall be added back to the unfunded Capital
Commitments of the Members and may be recalled by the Company as set forth in this Article III. 

  
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 Section 3.02 Temporary Advances. Following a notice from the Administrative Agent pursuant to
Section 3.01 above relating to a Capital Contribution, a Member (the “Advancing Member”), in its discretion and in addition to its own Capital Contribution relating to that notice, may make loans (“Temporary
Advances”) to temporarily fund the Company or people or entities in which the Company has already invested until Capital Contributions (“Delayed Contributions”) are made by the Members (each, a “Delayed
Member”) who have not yet made Capital Contributions relating to the notice as set forth in Section 3.01. Any Temporary Advances shall be repaid from the Delayed Members’ Capital Contributions under Section 3.01 (including
from any Delayed Contributions), with any unreturned Temporary Advances and any Temporary Advance Fees paid as set forth in Section 5.01. 

Section 3.03 Defaulting Members. 
  

	 	(a)	Upon the failure of any Member (a “Defaulting Member”) to pay in full any portion of the Member’s Capital Commitment within ten (10) days after written notice from the other Member (the
“Default Date”) that the payment is overdue, the other Member, in its sole discretion, shall have the right to pursue one or more of the following remedies on behalf of the Company if the failure has not been cured in full within
the ten-day period: 

  

	 	(i)	collect the unpaid portion (and all attorneys’ fees and other costs incident to the collection) by exercising or pursuing any legal remedy the Company may have; and 

 

	 	(ii)	upon thirty (30) days’ written notice (which period may commence during the ten-day notice period provided above), and provided that the overdue payment has not been made, dissolve and wind down the Company in
accordance with Article VIII. 

 Except as set forth in section 3.03(b), the non-defaulting Member’s election to pursue
any one of those remedies shall not be deemed to preclude the Member from pursuing any other such remedy, or any other available remedy, simultaneously or subsequently. 
  

	 	(b)	Notwithstanding any provision of this Agreement to the contrary, 

  

	 	(i)	a Defaulting Member shall remain fully liable to the creditors of the Company to the extent provided by law as if the default had not occurred; 

 

	 	(ii)	a Defaulting Member shall not be entitled to distributions made after the Default Date until the default is cured and any distributions to which the Defaulting Member would otherwise have been entitled if the default
had not occurred shall be debited against the Capital Account of the Defaulting Member so as to reduce the remaining amount of the default; and 

  

	 	(iii)	the Company shall not make new Investments after the Default Date until the default is cured, except for those Investments which the Company was committed to make in whole or in part (as evidenced by a commitment
letter, term sheet, or letter of intent, or definitive legal documents under which less than all advances have been made) on or before the Default Date. 

  
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 Section 3.04 Interest or Withdrawals. No Member shall be entitled to receive any interest on any
Capital Contribution to the Company. Except as otherwise specifically provided in this Agreement, no Member shall be entitled to withdraw any part of its Capital Contributions or Capital Account balance. 

Section 3.05 Admission of Additional Members. 
  

	 	(a)	The Members may, with Board Approval, (i) admit additional Members upon terms approved by Board Approval, (ii) permit existing Members to subscribe for additional interests in the Company, and (iii) admit
a substitute Member in accordance with Section 7.01. 

  

	 	(b)	Each additional Member shall execute and deliver a written instrument satisfactory to the existing Members whereby the additional Member becomes a party to this Agreement, as well as a subscription agreement and any
other documents reasonably required by the existing Members. Each additional Member shall thereafter be entitled to all the rights and subject to all the obligations of Members as set forth in this Agreement. Upon the admission of or the increase in
the interest of any Member as provided in this section 3.05, the Administrative Agent is hereby authorized to update the Member List, as required, to reflect the admission or increase.

Section 3.06 Alternative Investment Vehicle. Based on legal, tax, regulatory, and other structuring considerations, in connection with particular
Investments, the Company may, with Prior Board Approval, create one or more partnerships, corporations, or other entities (each, an “Alternative Investment Vehicle”), through which Members invest directly, through which the Company
invests, or which invests on a side-by-side basis with the Company, for purposes of making, holding, and disposing of one or more Investments. To the extent that one or more of the Members are required to provide capital directly to an Alternative
Investment Vehicle, the investment shall be to the same extent, for the same purposes, and on the same terms and conditions as the Members are required to provide capital to the Company, and the capital shall reduce the unfunded Capital Commitment
to the same extent as if made to the Company. The terms of any Alternative Investment Vehicle, including the terms with respect to management and control of the Alternative Investment Vehicle, shall be substantially similar in all material respects
to those of the Company; provided, that, those terms may vary based on the structure of the relevant transaction, legal, tax, and regulatory considerations. Any Alternative Investment Vehicle shall be structured in a manner whereby the Members
participating in the Alternative Investment Vehicle shall bear the incremental costs of the alternative arrangement (including taxes). The governing documents of any Alternative Investment Vehicle shall provide for the limited liability of the
Members to the same extent in all material respects as is provided to the Members under this Agreement. If a Member fails to provide all or a portion of its required capital to an Alternative Investment Vehicle on the applicable drawdown date
(unless the Member is excused from providing such capital by the governing documents of the Alternative Investment Vehicle), the other Member shall be entitled to pursue any and all remedies set forth in Section 3.03 in addition to any
applicable provisions of the governing documents of the Alternative Investment Vehicle. 

  
 9 

 ARTICLE IV 

ALLOCATIONS 
 Section 4.01
Capital Accounts. 
  

	 	(a)	A Capital Account shall be maintained for each Member consisting of the Member’s Capital Contribution, increased or decreased by Profit or Loss allocated to the Member, decreased by the cash or Value of property
distributed to the Member (giving net effect to any liabilities to which the property is subject or which the Member assumes), and otherwise maintained consistent with this Agreement. In the event that the Administrative Agent determines that it is
prudent to modify the manner in which Capital Accounts, including all debits and credits to the Capital Accounts, are computed in order to be maintained consistent with this Agreement, the Administrative Agent is authorized to make those
modifications to the extent that they do not result in a material adverse effect to any Member. Capital Accounts shall be maintained in a manner consistent with applicable Treasury Regulations. 

 

	 	(b)	Profit or Loss shall be allocated among Members as of the end of each fiscal year of the Company; provided that Profit or Loss shall also be allocated at the end of (i) each period terminating on the date of any
withdrawal by any Member, (ii) each period terminating immediately before the date of any admission or increase in Capital Commitment of any Member, (iii) the liquidation of the Company, or (iv) any period which is determined by Board
Approval to be appropriate. Organization Costs shall be amortized over four (4) years or such other period deemed appropriate by Board Approval.

Section 4.02 Allocations. Profit or Loss shall be allocated among the Members as provided by this Section 4.02. Loss (after taking into
account any Temporary Advance Fees) shall be allocated among the Members pro rata in accordance with their Capital Accounts. Profit shall be allocated among the Members (i) first, pro rata until the cumulative amount of profit allocated to a
Member (or any transferee of any Member) equals the cumulative amount of Loss previously allocated to the Member (or any transferee of that Member) and (ii) thereafter pro rata in accordance with the Members’ Capital Accounts. 

Section 4.03 Changes of Interests. For purposes of allocating Profit or Loss for any fiscal year or other fiscal period between any permitted
transferor and permitted transferee of a Company interest, or between any Members whose relative Company interests have changed during that period, or to any withdrawing Member that is no longer a Member in the Company, the Company shall allocate
according to any method allowed by the Code and selected by the Members. Distributions with respect to an interest in the Company shall be payable to the owner of the interest on the date of distribution. For purposes of determining the Profit or
Loss allocable to or the distributions payable to a permitted transferee of an interest in the Company or to a Member whose interest has otherwise increased or decreased, Profit or Loss allocations and distributions made to predecessor owners with
respect to the transferred interest or increase of interest shall be deemed allocated and made to the permitted transferee or other holder. 

  
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 Section 4.04 Income Taxes and Tax Capital Accounts. 

 

	 	(a)	The Company shall be treated as a partnership for U.S. federal income tax purposes. 

  

	 	(b)	Each item of income, gain, loss, deduction, or credit shall be allocated in the same manner as the item is allocated pursuant to Section 4.02. 

 

	 	(c)	In the event of any variation between the adjusted tax basis and value of any Company property reflected in the Members’ capital accounts maintained for federal income tax purposes, the variation shall be taken
into account in allocating taxable income or loss for income tax purposes in accordance with, and to the extent consistent with, the principles under Section 704(c) of the Code and applicable Treasury Regulations. A decision to use a method to
allocate such variation pursuant to Treasury Regulation Section 1.704-3 shall be considered a tax election requiring Board Approval. 

ARTICLE V 

DISTRIBUTIONS 
 Section 5.01
General. 
  

	 	(a)	To the extent of available cash and cash equivalents after payment of Expenses, the Company shall make distributions quarterly in the amounts as determined by Board Approval, shared among the Members as set forth in
Section 5.01(b) below; provided that the amount of any distribution may be reduced as provided by Section 5.02 and Section 5.03. 

  

	 	(b)	Any distribution under this Section 5.01 shall be shared among the Members as follows: 

  

	 	(i)	First, to pay any outstanding Temporary Advances and Temporary Advance Fees; provided, that Temporary Advance Fees relating to an Investment will only be paid after and to the extent the Company actually receives
interest payments relating to such Investment; and 

  

	 	(ii)	Second, to the Members as distributions in respect of their interests in the Company in proportion to their respective Capital Accounts. 

Notwithstanding the foregoing provisions of this Section 5.01, at any time prior to the second anniversary of this Agreement, (i) proceeds received
by the Company and that are distributed to the Members may be added back to the unfunded Capital Commitments of the Members and may be recalled by the Company as set forth in Article III, or alternatively (ii) upon Board Approval, in lieu of
distributing proceeds pursuant to Section 5.01(b), the Company may elect to retain and reinvest such proceeds in Investments. 
 Section 5.02
Withholding. The Company may withhold from any distribution to any Member any amount which the Company has paid or is obligated to pay in respect of any withholding or other tax, including any interest, penalties, or additions with respect
any withholding or other tax imposed on any interest or income of or distributions to the Member, and the withheld amount shall be considered an interest payment or a distribution, as the case may be, to the Member for purposes of this Agreement. If
no payment is then being made to the Member in an amount sufficient to pay the Company’s withholding obligation, then any amount that the Company is 

  
 11 

 
obligated to pay shall be deemed an interest-free advance from the Company to the Member, payable by the Member by withholding from subsequent distributions or within ten (10) days after
receiving written request for payment from the Company. 
 Section 5.03 Certain Limitations. Notwithstanding sections 5.01 and 5.02: 

 

	 	(a)	In no event shall the Company make a distribution to the extent that it would (i) render the Company insolvent, or (ii) violate Section 18-607(a) of the Act or other applicable law. 

 

	 	(b)	Without Board Approval, the Company shall not make in-kind distributions. Distributions of securities and of other non-cash assets of the Company upon Board Approval shall only be made pro rata to all Members (in
proportion to their respective Capital Accounts) with respect to each security or other asset distributed. Securities listed on a national securities exchange that are not restricted as to transferability and unlisted securities for which an active
trading market exists and that are not restricted as to transferability shall be valued in the manner contemplated by Section 9.05 as of the close of business on the day preceding the distribution, and all other securities and non-cash assets
shall be valued as determined in the last valuation made pursuant to Section 9.05. 

 ARTICLE VI 

MANAGEMENT OF COMPANY 

Section 6.01 Management Generally. 
  

	 	(a)	The management of the Company and its business and affairs shall be vested in the Board. The Board shall act as the “manager” of the Company for the purposes of the Act. The Members shall not manage or control
the business and affairs of the Company, except for situations in which the approval of all or certain Members is required by this Agreement or by non-waivable provisions of applicable law. Matters requiring Board Approval are set forth in further
detail in Schedule A of this Agreement. 

  

	 	(b)	Notwithstanding section 6.01(a), the matters detailed in Schedule B of this Agreement will require the approval (“Prior Investment Committee Approval”) of a committee (the “Investment
Committee”), rather than Board Approval.

  

	 	(c)	The Company is entering into the Administrative Services Agreement with the Administrative Agent, pursuant to which certain loan servicing and administrative functions are delegated to the Administrative Agent. The
Members agree that, notwithstanding anything to the contrary in this Agreement, the Administrative Services Agreement shall not require Board Approval and is hereby approved by the Members; provided, that any amendments to the Administrative
Services Agreement after the date of this Agreement shall require Board Approval. The function of the Administrative Agent shall be administrative only. 

  
 12 

 Section 6.02 Board of Directors; Investment Committee. 

 

	 	(a)	The Members may determine at any time by mutual agreement the number of Directors to constitute the Board and the authorized number of Directors may be increased or decreased by the Members at any time by mutual
agreement, upon notice to all Directors; provided that at all times each Member has an equal number of Directors on the Board. The initial number of Directors shall be two (2), and each Member shall elect, designate, or appoint one
(1) Director. The initial Director appointed by Perspecta is Anthony J. Annino and the initial Director appointed by THL Credit is Christopher J. Flynn. Each Director elected, designated, or appointed by a Member shall hold office until a
successor is elected and qualified by the Member or until the Director’s earlier death, resignation, expulsion, or removal. A Director need not be a Member. 

  

	 	(b)	The Directors will determine the number of members of the Investment Committee and the authorized number of committee members may be increased or decreased by the Directors at any time provided that at all time each
Member has appointed an equal number of members to the Investment Committee. The initial number of members of the Investment Committee shall be two (2), and each Member shall elect, designate, or appoint one (1) member of the Investment
Committee. The initial member of the Investment Committee appointed by Perspecta is Anthony J. Annino and the initial member of the Investment Committee appointed by THL Credit is Christopher J. Flynn. At any time and from time to time, (x) THL
Credit may designate, remove, or designate a successor to any Person or Persons designated by THL Credit to serve on the Investment Committee (each of those Persons, a “THL Credit IC Representative”) by written notice to Perspecta
and (y) Perspecta may designate, remove, or designate a successor to any Person or Persons designated by Perspecta to serve on the Investment Committee (each of those Persons, a “Perspecta IC Representative”) by written notice
to THL Credit; provided, that (i) in the case of the replacement of Christopher J. Flynn as the THL Credit IC Representative, the replacement must be approved by Perspecta if Perspecta (or any of its Affiliates) is a Member, and (ii) in
the case of the replacement of Anthony J. Annino as the Perspecta IC Representative, the replacement must be approved by THL Credit, Inc., if THL Credit, Inc., (or any of its Affiliates) is a Member. 

 

	 	(c)	Each Director, THL Credit IC Representative, and Perspecta IC Representative shall devote substantially all of his or her professional time to the Company, the Member by whom he or she was appointed, and that
Member’s Affiliates. At such time as any Director, THL Credit IC Representative, or Perspecta IC Representative shall cease to devote substantially all of his or her professional time to the Company, the Member by whom he or she was appointed,
and that Member’s Affiliates, the Director, THL Credit IC Representative, or Perspecta IC Representative, as applicable, shall be ineligible to serve in that capacity and must be replaced immediately by the Member by whom he or she was
appointed; provided, that (i) in the case of the replacement of Christopher J. Flynn as a Director or THL Credit IC Representative, the replacement must be approved by Perspecta if Perspecta (or any of its Affiliates) is a Member, and
(ii) in the case of the replacement of Anthony J. Annino as a Director or Perspecta IC Representative, the replacement must be approved by THL Credit, Inc., if THL Credit, Inc., (or any of its Affiliates) is a Member. 

  
 13 

	 	(d)	Subject to matters requiring Board Approval and Prior Investment Committee Approval, the Investment Committee shall have the power to do any and all acts necessary, convenient, or incidental to or for the furtherance of
the purposes described in this Agreement, including all powers, statutory or otherwise. The Investment Committee has the authority to bind the Company. 

  

	 	(e)	Subject to Board Approval, the Company shall obtain directors and officers insurance coverage on the Company, the Directors, and the members of the Investment Committee. 

Section 6.03 Meetings of the Board of Directors. The Board may hold meetings, both regular and special, within or outside the State of Delaware.
Meetings of the Board may be called by any Director on not less than 24 hours’ notice to each Director by telephone, facsimile, mail, telegram, email, or any other similar means of communication, with the notice stating the place, date, and
hour of the meeting (and the means by which each Director may participate by telephone conference or similar communications equipment in accordance with Section 6.05 of this Agreement) and the purpose or purposes for which the meeting is
called. Special meetings may be called by a Director in like manner and with like notice upon the written request of any one or more of the Directors. Attendance of a Director at any meeting (including any meeting that occurs less than 24 hours
after notice of the meeting) shall constitute a waiver of notice of the meeting, except where a Director attends a meeting for the express purpose of objecting to the transaction of any business because the meeting is not lawfully called or
convened. 
 Section 6.04 Quorum; Acts of the Board. 
  

	 	(a)	At all meetings of the Board the presence of two (2) Directors shall constitute a quorum for the transaction of business, provided that there are an equal number of Directors present that were elected, designated,
or appointed by each Member. If a quorum shall not be present at any meeting of the Board, then the Directors present at the meeting may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum is
present. 

  

	 	(b)	Every act or decision done or made by the Board shall require the unanimous approval of all Directors present at a meeting duly held at which a quorum is present. The Company shall not have the authority without Board
Approval to approve or undertake any item set forth in Section 1 of Schedule A of this Agreement (as such schedule may be amended from time to time with Board Approval). Any action required or permitted to be taken at any meeting of the Board
may be taken without a meeting, without notice, and without a vote if all Directors entitled to vote with respect to the subject matter of that action consent to the action in writing (including by e-mail), and the writing or writings are filed with
the minutes of proceedings of the Board.

 Section 6.05 Electronic Communications. Members of the Board may participate in
meetings of the Board, or any committee, by means of telephone conference or similar communications equipment that allows all persons participating in the meeting to hear each other, and such participation in a meeting shall constitute presence in
person at the meeting. If all the participants are participating by telephone conference or similar communications equipment, then the meeting shall be deemed to be held at the principal place of business of the Company. 

  
 14 

 Section 6.06 Compensation of Directors; Expenses. The Directors shall not receive any compensation.
However, the Directors shall be reimbursed for their reasonable out-of-pocket expenses, if any, of attendance at meetings of the Board. No such payment shall preclude any Director from serving the Company in any other capacity and receiving
compensation for those services. 
 Section 6.07 Removal and Resignation of Directors; Vacancies. Without limitation of Section 6.02(c)
above, and unless otherwise restricted by law, any Director may be removed or expelled, with or without cause, at any time solely by the Member that elected, designated, or appointed the Director. Any Director may resign at any time by giving
written notice to the Board. The resignation shall take effect at the time specified in that notice and, unless tendered to take effect upon acceptance of resignation, the acceptance of the resignation shall not be necessary to make it effective.
Any vacancy caused by removal or expulsion of a Director or the resignation of a Director in accordance with this Section 6.07 shall be filled solely by the action of the Member who previously elected, designated, or appointed the Director in
order to fulfill the Board composition requirements of Section 6.02(a); provided, that (i) in the case of the replacement of Christopher J. Flynn as a Director, the replacement must be approved by Perspecta if Perspecta (or any of its
Affiliates) is a Member, and (ii) in the case of the replacement of Anthony J. Annino as a Director, the replacement must be approved by THL Credit, Inc., if THL Credit, Inc., (or any of its Affiliates) is a Member. 

Section 6.08 Directors as Agents. Notwithstanding the last sentence of Section 18-402 of the Act, except as provided in this Agreement or in
a resolution of the Board expressly authorizing such action which resolution is duly adopted by the Board by the affirmative vote required for such matter pursuant to the terms of this Agreement, a Director may not bind the Company. 

Section 6.09 Duties of Board, THL Credit IC Representative and Perspecta IC Representative. To the extent that, at law or in equity, a Director,
THL Credit IC Representative, or Perspecta IC Representative has duties (including fiduciary duties) and liabilities relating to those duties to the Company or to any Member, the individual acting in good faith pursuant to the terms of this
Agreement shall not be liable to the Company or to any Member for his or her good faith reliance on the provisions of this Agreement. The provisions of this Agreement, to the extent that they restrict the duties and liabilities of the individual
otherwise existing at law or in equity, are agreed by the parties to this Agreement to replace such other duties and liabilities of the individual. 

Section 6.10 Reliance by Third Parties. Notwithstanding any other provision of this Agreement, any contract, instrument, or act on behalf of the
Company by a Member, a Director, an officer, or any other Person delegated by Board Approval or Prior Investment Committee Approval, as applicable, shall be conclusive evidence in favor of any third party dealing with the Company that the Person has
the authority, power, and right to execute and deliver the contract or instrument and to take the act on behalf of the Company. This Section shall not be deemed to limit the liabilities and obligations of the Person to seek Board Approval or Prior
Investment Committee Approval as set forth in this Agreement. 

  
 15 

 Section 6.11 Members’ Outside Transactions; Perspecta Change of Control; Investment
Opportunities. 
  

	 	(a)	Each Member shall devote such time and effort as is reasonably necessary to diligently administer the activities and affairs of the Company, but shall not be obligated to spend full time or any specific portion of their
time to the activities and affairs of the Company. 

  

	 	(b)	Perspecta must immediately notify THL Credit following a transaction or series of transactions that causes a Change of Control of Perspecta (a “Perspecta Change of Control”). 

 

	 	(c)	The Administrative Agent and its Affiliates manage and administer other investment funds and other accounts with similar or dissimilar mandates and may manage or administer additional funds and other accounts in the
future, and are subject to the provisions of the Investment Company Act of 1940, as amended (the “1940 Act”), and the Investment Advisers Act of 1940, as amended (the “Advisers Act”), and the rules, regulations, and
interpretations of those acts, with respect to the allocation of investment opportunities among such other investment funds and other accounts and the Company. Except for any obligations under the Advisers Act, neither the Administrative Agent nor
its Affiliates shall be obligated to offer any investment opportunity, or portion of any investment opportunity, to the Company. 

  

	 	(d)	Subject to the foregoing provisions of this Sections 6.11 and other provisions of this Agreement, each of the Members, the Administrative Agent, and each of their respective Affiliates and members may engage in, invest
in, participate in, or otherwise enter into other business ventures of any kind, nature, and description, individually and with others, including the formation and management of other investment funds with or without the same or similar purposes as
the Company, and the ownership of and investment in securities, and neither the Company nor any other Member shall have any right in or to any of those activities or the income or profits derived from those activities. 

Section 6.12 Indemnification. 
  

	 	(a)	 Subject to the limitations and conditions as provided in this Section 6.12, each Person who was or is made a party or is threatened to be made a
party to or is involved in any threatened, pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, investigative, or arbitrative or in the nature of an alternative dispute resolution in lieu of any of the
foregoing (hereinafter a “Proceeding”), or any appeal in a Proceeding or any inquiry or investigation that could lead to a Proceeding, by reason of the fact that the Person, or a Person of which the Person is the legal
representative, is or was a Member, a Director, THL Credit IC Representative, or Perspecta IC Representative, or a representative, officer, director, or employee thereof, shall be indemnified by the Company to the fullest extent permitted by
applicable law, as the same exists or may be amended (but, in the case of any amendment, only to the extent that the amendment permits the Company to provide broader indemnification rights than the law permitted the Company to provide prior to the
amendment) against all liabilities and expenses (including judgments, penalties (including excise and similar taxes and punitive damages), losses, fines, settlements, and reasonable expenses (including reasonable attorneys’ and experts’
fees)) actually incurred by the Person in connection with the Proceeding, appeal, inquiry, or investigation (each a “Loss”), unless the Loss is 

  
 16 

	 	
primarily the result of gross negligence, fraud, or willful misconduct by the Person seeking indemnification under this Section 6.12, in which case the indemnification shall
not cover the Loss to the extent resulting from gross negligence, fraud, or intentional misconduct. Indemnification under this Section 6.12 shall continue as to a Person who has ceased to serve in the capacity which initially entitled
the Person to indemnity under this Section 6.12. The rights granted pursuant to this Section 6.12 shall be deemed contract rights, and no amendment, modification, or repeal of this Section 6.12 shall have the effect of
limiting or denying any rights with respect to actions taken or Proceedings, appeals, inquiries, or investigations arising prior to any amendment, modification, or repeal. To the fullest extent permitted by law, no Person entitled to indemnification
under this Section 6.12 shall be liable to the Company or any Member for any act or omission performed or omitted by or on behalf of the Company; provided that the act or omission has not been fully adjudicated to constitute gross negligence,
fraud, or willful misconduct. In addition, any Person entitled to indemnification under this Section 6.12 may consult with legal counsel selected with reasonable care and shall incur no liability to the Company or any Member to the extent that
the Person acted or refrained from acting in good faith in reliance upon the opinion or advice of that counsel. 

  

	 	(b)	The right to indemnification conferred in Section 6.12(a) shall include the right to be paid or reimbursed by the Company for the reasonable expenses incurred by a Person entitled to be indemnified
under Section 6.12(a) who was, is, or is threatened to be made a named defendant or respondent in a Proceeding in advance of the final disposition of the Proceeding and without any determination as to the Person’s ultimate entitlement
to indemnification; provided, however, that the payment of the expenses incurred by a Person in advance of the final disposition of a Proceeding shall be made only upon delivery to the Company of a written undertaking by the Person to repay all
amounts so advanced if it shall be finally adjudicated that the indemnified Person is not entitled to be indemnified under this Section 6.12 or otherwise. 

 

	 	(c)	The Company, with Board Approval, may indemnify and advance expenses to an employee or agent of the Company to the same extent and subject to the same conditions under which it may indemnify and advance expenses to
a Member under Sections 6.12(a) and (b). 

  

	 	(d)	The right to indemnification and the advancement and payment of expenses conferred in this Section 6.12 shall not be exclusive of any other right that a Member or other Person indemnified pursuant to
this Section 6.12 may have or hereafter acquire under any law (common or statutory) or provision of this Agreement. 

  

	 	(e)	The indemnification rights provided by this Section 6.12 shall inure to the benefit of the heirs, executors, administrators, successors, and assigns of each Person indemnified pursuant to
this Section 6.12. 

 Section 6.13 Tax Matters Member. THL Credit shall be the “tax matters partner” of the Company
within the meaning of Section 6231(a)(7) of the Code (in that capacity, the “Tax Matters Member”). The provisions of Section 6.12 shall apply to all actions taken on behalf of

  
 17 

 
the Members by the Tax Matters Member in its capacity as the Company’s tax matters partner. The Tax Matters Member shall have the right and obligation to take all actions authorized and
required, respectively, by the Code for the tax matters partner of the Company. The Tax Matters Member shall have the right to retain professional assistance in respect of any audit of the Company and all reasonable, documented out-of-pocket
expenses and fees incurred by the Tax Matters Member on behalf of the Company as Tax Matters Member shall be reimbursed by the Company. In the event the Tax Matters Member receives notice of a final Company adjustment under Section 6223(a) of
the Code, it shall either (i) file a court petition for judicial review of that final adjustment within the period provided under Section 6226(a) of the Code, a copy of which petition shall be mailed to all Members on the date the petition
is filed, or (ii) mail a written notice to all Members within that period that describes its reasons for determining not to file a petition. Each Member shall be a “notice partner” within the meaning of Section 6231(a)(8) of the
Code. For the avoidance of doubt, the Tax Matter Member shall not take any action requiring Board Approval or Prior Investment Committee Approval prior to Board Approval or Prior Investment Committee Approval, as applicable, being obtained. 

ARTICLE VII 

TRANSFERS OF COMPANY INTERESTS; WITHDRAWALS 

Section 7.01 Transfers by Members. 
  

	 	(a)	Subject to the requirements of this Article VII, all or a portion of the Entire Interest of a Member may be Transferred with Board Approval. Notwithstanding the foregoing, without Board Approval, (i) any Member may
make a Transfer in accordance with Section 7.01(g) or Section 8.03(e), in each case if the Transfer is otherwise in accordance with the requirements of this Article VII, and (ii) equityholders in each Member may Transfer or redeem
their ownership of such Member, if permitted by such Member, provided, that in the case of Perspecta, such Transfer or redemption does not result in a Perspecta Change in Control. 

 

	 	(b)	No Transfer by a Member shall be binding upon the Company until the Company receives an executed copy of the documentation as reasonably requested by the other Member to show the Transfer is in accordance with this
Article VII. 

  

	 	(c)	Any Person which acquires an interest in the Company by Transfer in accordance with the provisions of this Agreement shall be admitted as a substitute Member, provided the requirements of this Agreement are satisfied.
The admission of a transferee as a substitute Member shall be conditioned upon the transferee’s written assumption, in form and substance reasonably satisfactory to the other Member, of all obligations of the transferor in respect of the
Transferred interest and execution of an instrument reasonably satisfactory to the other Member whereby the transferee becomes a party to this Agreement and makes the representations set forth in Section 2.01 of this Agreement.

  

	 	(d)	In the event any Member shall be adjudicated as bankrupt, or in the event of the winding up or liquidation of a Member, the legal representative of the Member shall, upon written notice to the other Member of the
happening, become a transferee of the Member’s interest, subject to all of the terms of this Agreement as then in effect. 

  
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	 	(e)	Any transferee of the interest of a Member, irrespective of whether the transferee has accepted and adopted in writing the terms and provisions of this Agreement, shall be deemed by the acceptance of the Transfer to
have agreed to be subject to the terms and provisions of this Agreement in the same manner as its transferor. 

  

	 	(f)	As additional conditions to the validity of any Transfer of a Member’s interest, the assignment shall not: 

  

	 	(i)	violate the registration provisions of the Securities Act or the securities laws of any applicable jurisdiction; 

  

	 	(ii)	cause the Company to cease to be entitled to the exemption from the definition of an “investment company” pursuant to Section 3(c)(7) of the 1940 Act and the rules and regulations of the Securities and
Exchange Commission under the 1940 Act; 

  

	 	(iii)	result in the termination of the Company under the Code or in the Company being classified as a “publicly traded partnership” under the Code; 

 

	 	(iv)	unless the other Member waives in writing the application of this clause (iv) with respect to such assignment (which the other Member may refuse to do in its absolute discretion), be to a Person which is an ERISA
Plan; or 

  

	 	(v)	cause the Company or the other Member to be in violation of, or effect an assignment to a Person that is in violation of, applicable Investor Laws. 

The non-Transferring Member may require reasonable evidence as to the conditions set forth in clauses (i) through (v), including an
opinion of counsel reasonably acceptable to the non-Transferring Member. Any purported Transfer as to which the conditions set forth in clauses (i) through (v) are not satisfied shall be void ab initio. A Transferring Member shall be
responsible for all costs and expenses incurred by the Company, including reasonable legal fees and expenses, in connection with any assignment or proposed assignment. 
  

	 	(g)	Except for Transfers of all or a portion of a Member’s Entire Interest to an Affiliate of the Member who remains liable for the transferring Member’s Capital Commitments, each Member hereby unconditionally and
irrevocably grants to the other Member or its designee a right of first offer to purchase or designate a third party to purchase all, but not less than all, of any interest in the Company that the other Member may propose to Transfer to another
Person at the valuation most recently approved in accordance with Section 9.05. 

  

	 	(i)	The Member proposing to make a Transfer that would be subject to this Section 7.01(g) must deliver written notice of its intention to Transfer the interest (the “Notice of Intent”) to the other
Member not later than thirty (30) days prior to the proposed closing date of the Transfer. The Notice of Intent shall contain the material terms and conditions of the proposed Transfer and shall identify the proposed transferee of such
interest, if known. 

  
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	 	(ii)	The Member receiving the Notice of Intent shall have the right, for a period of fifteen (15) business days from the date of receipt of the Notice of Intent (the “Acceptance Period”), to accept the
interest or to designate a third-party purchaser to accept the interest at the valuation most recently approved in accordance with Section 9.05 and on the terms stated in the Notice of Intent. The acceptance shall be made by delivering a
written notice to the selling Member and the Company within the Acceptance Period stating that it elects to exercise its right of first offer and, if applicable, providing the identity of any Person that the non-transferring Member designates as the
purchaser. 

  

	 	(iii)	Following expiration of the Acceptance Period, the selling Member shall be free to sell its interest in the Company to a third party in a Transfer (which third party shall be the party identified in the Notice of
Intent, if known by the selling Member) that otherwise meets the requirements of this Section 7.01 on terms and conditions it deems acceptable (but at a price not less than the price and on terms not more favorable to the third-party purchaser
than the price and terms stated in the Notice of Intent); provided that the sale takes place within sixty (60) days after the expiration of the Acceptance Period (the “Sale Period”). To the extent the selling Member Transfers
its interest in the Company during the Sale Period, the selling Member shall promptly notify the Company, and the Company shall promptly notify the other Member, as to the terms of the Transfer and the name of each of the owners to whom the interest
was Transferred. If no sale occurs during the Sale Period, then any attempted Transfer of the interest shall again be subject to the right of first offer set forth in this Section 7.01(g) and the procedures of this Section 7.01(g) shall be
repeated de novo. 

 Section 7.02 Withdrawal by Members. Members may withdraw from the Company only as provided by this Agreement.

  

	 	(a)	Notwithstanding any provision of this Agreement to the contrary, if a Member obtains an opinion of counsel to the effect that, as a result of the other Member’s ownership of an interest in the Company, the Company
would be required to register as an investment company under the 1940 Act, then the other Member shall, upon written notice from the first Member, withdraw from or reduce (in accordance with the provisions of clause (c) below) its interest in
the Company (including its Capital Commitment) to the extent that the first Member has determined, based upon the opinion of counsel, to be necessary in order for the Company not to be required to register. Each Member shall, upon written request
from the other Member, promptly furnish to the other Member such information as the other Member may reasonably request from time to time in order to make a determination pursuant to this Section 7.02(a), but in no event later than ten
(10) business days after such request. 

  

	 	(b)	 Notwithstanding any provision of this Agreement to the contrary, if a Member breaches the Member’s obligation under the immediately following
sentence, or if the other Member obtains an opinion of counsel to the effect that any contribution or payment by a Member to the Company would cause the Company or the other Member to be in

  
 20 

	 	
violation of, or to the effect that the Member is in violation of, any law or regulation to which the Company, a Member, or the Member’s investment in the Company may be subject from time to
time (collectively, “Investor Laws”) and which violation would reasonably be expected to have a material adverse effect on the Company, then the Member shall, upon written notice from the other Member, withdraw from the Company in
accordance with the provisions of Section 7.02(c). Each Member shall, upon written request from the other Member, promptly furnish to the other Member the information as the other Member may reasonably request from time to time in order to make
a determination pursuant to this Section 7.02(b), but in no event later than ten (10) business days after the request. 

  

	 	(c)	If a Member partially withdraws its interest in the Company pursuant to this Section 7.02, it shall receive, in full payment for the withdrawn interest from cash and cash equivalents available for distribution
pursuant to Article V, the sum of the portion of the Capital Account attributable to the withdrawn interest (adjusted to reflect the Value of the Company as determined as of the date of the last valuation pursuant to
Section 9.05). Notwithstanding the foregoing, the Member that is partially withdrawing its interest shall receive the portion of the Capital Account attributable to the withdrawn interest after the distribution of any amounts pursuant to
Section 5.01(b)(i) of this Agreement and prior to the distribution of any amount pursuant to Section 5.01(b)(ii). If a Member withdraws its entire interest in the Company pursuant to this Section 7.02, then the Company shall terminate
as provided by Article VIII. 

 ARTICLE VIII 

TERM, DISSOLUTION, AND LIQUIDATION OF COMPANY 

Section 8.01 Term. Except as provided in Section 8.02(b) through 8.02(f), the Company shall continue without dissolution until all
Investments are liquidated by the Company. 
 Section 8.02 Dissolution. The Company shall be dissolved and its affairs wound up upon the
occurrence of any of the following events: 
  

	 	(a)	the expiration of the term of the Company determined pursuant to Section 8.01; 

  

	 	(b)	distribution of all assets of the Company; 

  

	 	(c)	subject to Section 8.03(e) below, (i) the full withdrawal of a Member of the Company pursuant to Section 7.02, or (ii) a bankruptcy, insolvency, dissolution, or liquidation of a Member, or
(iii) the making of an assignment for the benefit of creditors by a Member, or (iv) a default under Section 3.03 by a Member which remains uncured or unwaived after the expiration of the cure period set forth in Section 3.03, in
each case of clauses (ii) through (iv) above at the election of the other Member by providing written notice of the election; 

  

	 	(d)	 subject to Section 8.03(e) below, a determination by the SEC to subject THL Credit’s participation in the Company to an accounting or
reporting treatment or other consequence which THL Credit, in its sole discretion, determines to be materially adverse to it, or a failure by the SEC to grant its assent to THL Credit’s interest in the Company

  
 21 

	 	
or a change by the SEC of any assent it may have granted regarding THL Credit’s interest in the Company or the terms of the assent or its conclusions regarding the accounting or reporting
treatment or other consequence which THL Credit, in its sole discretion, determines to be materially adverse to it, in each case at the election of THL Credit by providing written notice of the election to the other Member; 

 

	 	(e)	the entry of a decree of judicial dissolution pursuant to the Act, in which event the provisions of Section 8.03, as modified by that decree, shall govern the winding up of the Company’s affairs; or

  

	 	(f)	a written notice by a Member to the other Member to dissolve the Company, which notice shall become effective as stated therein but no less than ninety (90) days after delivery (unless the other Member waives the
notification requirement). 

 Section 8.03 Wind-down. 
  

	 	(a)	Upon the dissolution of the Company, the Company shall be liquidated in accordance with this Article and the Act. The liquidation shall be conducted and supervised by the Board in the same manner provided by Article VI
with respect to the operation of the Company during its term; provided that in the case of a dissolution and winding up of the Company pursuant to Sections 8.02(c) or 8.02(d), the Member that elects the dissolution and winding up (or in the case of
a full withdrawal of a Member under Section 8.02(c), the non-withdrawing Member) may elect further, by written notice to the other Member, to exercise as liquidating agent all of the rights, powers, and authority with respect to the assets and
liabilities of the Company in connection with the liquidation of the Company, to the same extent as the Board would have during the term of the Company. 

  

	 	(b)	From and after the date on which an event set forth in Section 8.02 becomes effective, the Company shall cease to make Investments after that date, except for (i) Investments which the Company was committed to
make in whole or in part (as evidenced by a commitment letter, term sheet, or letter of intent, or definitive legal documents under which less than all advances have been made) on or before such effective date, and (ii) at the election of the
Board by Board Approval within three (3) business days after receipt by the Board of written notice of the availability of the election from any Member, any Investment in a Portfolio Company in which the Company then has an Investment in which
the Company participates, provided that the election shall not apply to any Investment in connection with a sale or other Change of Control of the Portfolio Company or a refinancing of the Company’s prior Investment in the Portfolio Company.
Capital calls against the Capital Commitment of the Members shall cease from and after the effective date; provided that capital calls against the Capital Commitment of the Members may continue to fund the allocable share of Investments in which the
Company continues to participate (as set forth in the immediately preceding sentence), Expenses and all other obligations of the Company. Subject to the foregoing provisions of this Section 8.03(b), the Members shall continue to bear an
allocable share of Expenses and other obligations of the Company, in proportion to their respective Capital Accounts, until all Investments in which the Company participates are repaid or otherwise disposed of in the normal course of the
Company’s activities. 

  
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	 	(c)	Distributions to the Members during the winding down of the Company shall be made no less frequently than quarterly to the extent consisting of a Member’s allocable share of cash and cash equivalents, after taking
into account reasonable reserves deemed appropriate by Board Approval (or in the event of a dissolution and winding up of the Company pursuant to Sections 8.02(c) or 8.02(d), by a Member that has elected to act as liquidating agent pursuant to
Section 8.03(a)), to fund Investments in which the Company continues to participate (as set forth in the immediately preceding paragraph), Expenses and all other obligations (including contingent obligations) of the Company. Unless waived by
Board Approval, the Company also shall withhold ten percent (10%) of distributions in any calendar year, which withheld amount shall be distributed within sixty (60) days after the completion of the annual audit covering that year. A
Member shall remain a member of the Company until all Investments in which the Company participates are repaid or otherwise disposed of, the Member’s allocable share of all Expenses and all other obligations (including contingent obligations)
of the Company are paid, and all distributions are made under this Agreement, at which time the Member shall have no further rights under this Agreement.

  

	 	(d)	Upon dissolution of the Company, final allocations of all items of Company’s Profit and Loss shall be made in accordance with Section 4.02. Upon dissolution of the Company, the assets of the Company shall be
applied in the following order of priority: 

  

	 	(i)	To creditors (other than Members) in satisfaction of liabilities of the Company (whether by payment or by the making of reasonable provision for payment of those liabilities), including to establish any reasonable
reserves which the Board may by Board Approval, in its reasonable judgment, deem necessary or advisable for any contingent, conditional, or unmatured liability of the Company; 

 

	 	(ii)	To creditors who are Members in satisfaction of liabilities of the Company (whether by payment or by the making of reasonable provision for payment of those liabilities), including to establish any reasonable reserves
which the Board may by Board Approval, in its reasonable judgment, deem necessary or advisable for any contingent, conditional, or unmatured liability of the Company; 

 

	 	(iii)	To establish any reserves which the Board may by Board Approval, in its reasonable judgment, deem necessary or advisable for any contingent, conditional, or unmatured liability of the Company to Members; and

  

	 	(iv)	The balance, if any, to the Members in accordance with Section 5.01(b). 

  

	 	(e)	 Notwithstanding Sections 8.02(a) through 8.02(d), upon the occurrence of an event described in Sections 8.02(c) or 8.02(d), the Member that may elect
a dissolution and winding up (or, in the case of a full withdrawal of a Member under Section 8.02(c)(i), the non-withdrawing Member) (the Member, the “Electing Member”) may elect alternatively by written notice to the other
Member, for a period of fifteen (15) business days following the occurrence of that event, to purchase the other Member’s Entire Interest or 

  
 23 

	 	
designate a third party to effect the purchase (the election, the “Election to Purchase”). The purchase price for the Entire Interest shall be payable in cash within ninety
(90) days after the Election to Purchase is delivered to the other Member and shall be equal to the Capital Account of the other Member adjusted to reflect the Value of the Company as determined as of the date of the last valuation pursuant to
Section 9.05. Each Member hereby agrees to sell its Entire Interest to the Electing Member or the third party designated by the Electing Member at that price if the Election to Purchase is timely exercised by the Electing Member. If the
Electing Member does not exercise the Election to Purchase within the 15-business day period set forth in this Section 8.02(e) or if the Electing Member or its third-party designee does not purchase the other Member’s Entire Interest
within ninety (90) days after the Election to Purchase is delivered to the other Member, then the Election to Purchase shall terminate, and (i) in the case of a full withdrawal by a Member under Section 8.02(c)(i), the other Member
shall withdraw its Entire Interest pursuant to Section 7.02, and the Company shall terminate as provided by Article VIII or (ii) in the case of the occurrence of an event described Section 8.02(c)(ii)-(iv) or
Section 8.02(d), the Electing Member shall retain the option to elect the dissolution of the Company pursuant to Section 8.02(c) or (d), as applicable. After any purchase pursuant to an Election to Purchase, the other Member shall no
longer be a member of the Company, and the Electing Member or third party designee of the Electing Member that has consummated the purchase may dissolve or continue the Company as it may determine. 

 

	 	(f)	If an audit or reconciliation relating to the fiscal year in which a Member receives a distribution under this Section 8.03 reveals that the Member received a distribution in excess of that to which the Member was
entitled, then the other Member may, in its discretion, seek repayment of the distribution to the extent that the distribution exceeded what was due to the Member.

 

	 	(g)	Each Member shall be furnished with a statement prepared by the Company’s accountant, which shall set forth the assets and liabilities of the Company as at the date of complete liquidation, and each Member’s
share of those assets and liabilities. Upon compliance with the distribution plan set forth in this Section 8.3, the Members shall cease to be Members, and either Member may execute, acknowledge, and cause to be filed a certificate of
cancellation of the Company. 

 ARTICLE IX 

ACCOUNTING, REPORTING AND VALUATION PROVISIONS 

Section 9.01 Books and Accounts. 
  

	 	(a)	 Complete and accurate books and accounts shall be kept and maintained for the Company at its principal office. The books and accounts shall be kept on
the accrual basis method of accounting and shall include separate Capital Accounts for each Member. Capital Accounts for financial reporting purposes and for purposes of this Agreement shall be maintained in accordance with Section 4.01, and
for U.S. federal income tax purposes the Members shall cause the Administrative Agent to maintain the Members’ Capital Accounts in accordance with the Code and applicable Treasury Regulations. Each

  
 24 

	 	
Member or its duly authorized representative, at its own expense, shall at all reasonable times and upon reasonable prior written notice to the Administrative Agent have access to, and may
inspect, the books and accounts and any other records of the Company for any purpose reasonably related to its interest in the Company. 

  

	 	(b)	All funds received by the Company shall be deposited in the name of the Company in the bank account or accounts or with the custodian, and securities owned by the Company may be deposited with the custodian, as may be
designated by Board Approval from time to time and withdrawals from those bank or custodial accounts shall be made upon such signature or signatures on behalf of the Company as may be designated by Board Approval from time to time.

 Section 9.02 Financial Reports; Tax Return. 
  

	 	(a)	The Company shall engage an independent certified public accountant selected and approved by Board Approval to act as the accountant for the Company and to audit the Company’s books and accounts as of the end of
each fiscal year. As soon as practicable, but no later than one-hundred twenty (120) days, after the end of each fiscal year, the Board shall cause the Administrative Agent to deliver, by any of the methods described in Section 10.07, to
each Member and to each former Member who withdrew during the fiscal year: 

  

	 	(i)	audited financial statements of the Company as at the end of and for the fiscal year, including a balance sheet and statement of income, together with the report on those financial statements of the Company’s
independent certified public accountant, which annual financial statements shall be approved by Board Approval; 

  

	 	(ii)	a statement of holdings of securities of the Company, including both the cost and the valuation of such securities as determined pursuant to Section 9.05, and a statement of the Member’s Capital Account;

  

	 	(iii)	to the extent that the requisite information is then available, a Schedule K-1 for the Member with respect to the fiscal year, prepared in accordance with the Code, together with corresponding forms for state income tax
purposes, setting forth the Member’s distributive share of Company items of Profit or Loss for the fiscal year and the amount of the Member’s Capital Account at the end of the fiscal year; and

 

	 	(iv)	such other financial information and documents respecting the Company and its business as the Administrative Agent deems appropriate, or as a Member may reasonably require and request, to enable such Member to comply
with regulatory requirements applicable to it or to prepare its federal and state income tax returns. 

  

	 	(b)	The Company shall cause the Administrative Agent to prepare and timely file after the end of each fiscal year of the Company all federal and state income tax returns of the Company for the fiscal year.

  
 25 

	 	(c)	As soon as practicable, but in no event later than thirty (30) days, after the end of each of the first three fiscal quarters of a fiscal year, the Board shall cause the Administrative Agent to prepare and deliver,
by any of the methods described in Section 10.07, to each Member (i) unaudited financial information with respect to the Member’s allocable share of Profit or Loss and changes to its Capital Account as of the end of the fiscal quarter
and for the portion of the fiscal year then ended, (ii) a statement of holdings of securities of the Company as to which the Member participates, including both the cost and the valuation of the securities as determined pursuant to
Section 9.05, and (iii) such other financial information as the Administrative Agent deems appropriate, or as a Member may reasonably require and request, to enable the Member to comply with regulatory requirements applicable to it.

 Section 9.03 Tax Elections. The Company may, by Board Approval, but shall not be required to, make any election pursuant to the
provisions of Sections 754 or 1045 of the Code, or any other election required or permitted to be made by the Company under the Code. 
 Section 9.04
Confidentiality. 
  

	 	(a)	Each Member agrees to maintain the confidentiality of the Company’s records, reports, and affairs, and all information and materials furnished to the Member by the Company, the other Member, the Administrative
Agent, or their Affiliates with respect to their respective businesses and activities; each Member agrees not to provide to any other Person copies of any financial statements, tax returns, or other records or reports, or other information or
materials provided or made available to the Member by the Company, the other Member, the Administrative Agent, or their Affiliates with respect to their respective businesses and activities; and each Member agrees not to disclose to any other Person
any information contained in those materials (including any information respecting Portfolio Companies), without the express prior written consent of the disclosing party; provided that: 

 

	 	(i)	THL Credit may disclose any such information as may be required by law in connection with its filings with the SEC, and each Member may disclose the names of Portfolio Companies and summaries of the loan transactions in
any marketing materials (including tombstone ads) of each Member and its Affiliates, subject to applicable confidentiality restrictions that THL Credit or either Member may have with the Portfolio Company; 

 

	 	(ii)	 any Member may provide financial statements, tax returns, and other information contained in those statements and returns: (1) to the
Member’s accountants, internal and external auditors, legal counsel, financial advisors, and other fiduciaries and representatives (who may be Affiliates of the Member) as long as the Member instructs the Persons to maintain the confidentiality
of that information and not to disclose that information to any other Person; (2) to bona fide potential transferees of the Member’s Entire Interest that agree in writing, for the benefit of the Company, to maintain the confidentiality of
that information, but only after reasonable advance notice to the Company; (3) if and to the extent required by law (including judicial or administrative order); 

  
 26 

	 	
provided that, to the extent legally permissible, the Company is given prior notice to enable it to seek a protective order or similar relief; (4) to representatives of any governmental
regulatory agency or authority with jurisdiction over the Member, or as otherwise may be necessary to comply with regulatory requirements applicable to the Member; and (5) in order to enforce rights under this Agreement; and 

 

	 	(iii)	Perspecta may provide financial statements, tax returns, and other information contained in those statements and returns to its members who have a need to know such information as long as Perspecta instructs its members
to whom such information is provided to maintain the confidentiality of that information and not to disclose that information to any other Person. 

  

	 	(b)	Notwithstanding Section 9.04(a), the following shall not be considered confidential information for purposes of this Agreement: (i) information generally known to the public; (ii) information obtained by
a Member from a third party who is not prohibited from disclosing the information; (iii) information in the possession of a Member prior to its disclosure by the Company, the other Member, the Administrative Agent, or their Affiliates; or
(iv) information which a Member can show by written documentation was developed independently of disclosure by the Company, the other Member, the Administrative Agent, or their Affiliates. 

 

	 	(c)	Notwithstanding Section 9.04(b), Perspecta shall not engage in the purchase, sale, or other trading of securities or derivatives of securities based upon confidential information received from the Company, THL
Credit, THL Credit’s investment adviser, the Administrative Agent, or their Affiliates. 

  

	 	(d)	To the extent permitted by applicable law, and notwithstanding Sections 9.04(a), 9.04(b), and 9.04(c), each of the Company, each Member, the Administrative Agent, or any of their Affiliates may, in its reasonable
discretion, keep confidential from any Member information to the extent the Person reasonably determines that: (i) disclosure of the information to the Member likely would have a material adverse effect upon the Company or a Portfolio Company
due to an actual or likely conflict of business interests between the Member and one or more other parties or an actual or likely imposition of additional statutory or regulatory constraints upon the Company, each Member, the Administrative Agent,
any of its Affiliates, or a Portfolio Company; or (ii) the Member cannot or will not adequately protect against the improper disclosure of confidential information, the disclosure of which likely would have a material adverse effect upon the
Company, either Member, the Administrative Agent, any of its Affiliates, or a Portfolio Company. Notwithstanding the foregoing provisions of this Section 9.04(d), each of the Company, each Member, the Administrative Agent, or any of their
Affiliates shall promptly provide to each Member all relevant information and documents related to any notice or request (whether written or oral) received from any governmental or regulatory agency involving any pending or threatened Proceeding in
connection with the activities or operations of the Company. 

  
 27 

	 	(e)	The Members: (i) acknowledge that the Company, THL Credit, the Administrative Agent, its Affiliates, and their respective direct or indirect members, managers, officers, directors, and employees are expected to
acquire confidential third-party information that, pursuant to fiduciary, contractual, legal, or similar obligations, cannot be disclosed to the Company or the Members; and (ii) agree that none of such Persons shall be in breach of any duty
under this Agreement or the Act as a result of acquiring, holding, or failing to disclose that information to the Company or the Members. 

Section 9.05 Valuation. 
  

	 	(a)	Valuations shall be made (x) as of the end of each fiscal quarter, (y) upon liquidation of the Company, or (z) if determined by the Board in its sole discretion, at any other time, in each case in
accordance with the following provisions and the Company’s valuation guidelines then in effect (which shall be consistent with THL Credit’s valuation guidelines then in effect): 

 

	 	(i)	Within thirty-five (35) days after the date as of which a valuation is to be made, the Administrative Agent shall deliver to the Board a report as to the recommended valuation as of that date, and provide those
Persons with a reasonable opportunity to request information and to provide comments with respect to the report. 

  

	 	(ii)	If the recommended valuation as of that date is approved by Board Approval, then the valuation that has been approved shall be final. 

 

	 	(iii)	If there is an objection to the recommended valuation by the Board, then the Administrative Agent shall cause a valuation of the asset(s) subject to unresolved objection to be made as of such date by an approved
valuation expert (if not already made) and shall determine a valuation of those asset(s) consistent with the valuation as of that date by the approved valuation expert, and the valuation shall be final. For this purpose, a valuation of an asset as
of that date shall be considered consistent with a valuation of an approved valuation expert if it is equal to the recommended value or within the recommended range of values determined by the approved valuation expert as of that date. An approved
valuation expert shall mean an independent valuation consultant that either has been approved by Board Approval or has been referenced as the independent valuation consultant of the Company in a previous valuation report by the Administrative Agent
without objection by any Director. 

  

	 	(iv)	Liabilities of the Company shall be taken into account at the amounts at which they are carried on the books of the Company, and provision shall be made in accordance with GAAP for contingent or other liabilities not
reflected on those books and, in the case of the liquidation of the Company, for the Expenses (to be borne by the Company) of the liquidation and winding up of the Company’s affairs. 

 

	 	(v)	No value shall be assigned to the Company name and goodwill or to the office records, files, statistical data, or any similar intangible assets of the Company not normally reflected in the Company’s accounting
records. 

  

	 	(b)	All valuations shall be made in accordance with the foregoing shall be final and binding on all Members, absent actual and apparent error. Valuations of the Company’s assets by independent valuation consultants
shall be at the Company’s expense. 

  
 28 

 ARTICLE X 

MISCELLANEOUS PROVISIONS 

Section 10.01 Governing Law; Jurisdiction; Jury Waiver. This Agreement shall be governed by, and construed in accordance with, the law of the
State of Delaware. To the fullest extent permitted by law, in the event of any dispute or controversy arising out of the terms and conditions of this Agreement, the parties to this Agreement consent and submit to the jurisdiction of the courts of
the Commonwealth of Massachusetts in the county of Middlesex and of the U.S. District Court for the District of Massachusetts. 
 THE PARTIES TO THIS
AGREEMENT HEREBY IRREVOCABLY WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT, OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE ACTIONS OF THOSE PARTIES IN THE NEGOTIATION,
ADMINISTRATION, PERFORMANCE, OR ENFORCEMENT OF THIS AGREEMENT. 
 Section 10.02 Certificate of Formation; Other Documents. The Members hereby
approve and ratify the filing of the Certificate of Formation on behalf of the Company. The Members agree to execute such other instruments and documents as may be required by law or which a Member or the Board deems necessary or appropriate to
carry out the intent of this Agreement. 
 Section 10.03 Force Majeure. Whenever any act or thing is required of the Company or a Member under
this Agreement to be done within any specified period of time, the Company and the Member shall be entitled to an additional period of time to do the act or thing as shall equal any period of delay resulting from causes beyond the reasonable control
of the Company or the Member, including bank holidays and actions of governmental agencies, and excluding economic hardship; provided that this provision shall not have the effect of relieving the Company or the Member from the obligation to perform
any act or thing. 
 Section 10.04 Waivers. 
  

	 	(a)	No waiver of the provisions of this Agreement shall be valid unless in writing and then only to the extent set forth in that writing. Any right or remedy of the Members under this Agreement may be waived by Board
Approval, and any waiver shall be binding on all Members, other than situations where those rights or remedies are non-waivable under applicable law. Except as specifically provided in this Agreement, no failure or delay by any party in exercising
any right or remedy under this Agreement shall operate as a waiver of that right or remedy, and a waiver of a particular right or remedy on one occasion shall not be deemed a waiver of any other right or remedy or a waiver on any subsequent
occasion. 

  

	 	(b)	Except as otherwise provided in this Agreement or for situations in which the approval or consent of all or certain Members is required by non-waivable provisions of applicable law, any approval or consent of the
Members may be given by Board Approval, and any approval or consent shall be binding on all Members.

  
 29 

 Section 10.05 Notices. All notices, demands, solicitations of consent or approval, and other
communications under this Agreement shall be in writing or by electronic mail (with or without attached PDFs), and shall be sufficiently given if personally delivered or sent by postage prepaid, registered or certified mail, return receipt
requested, or sent by electronic mail, overnight courier or facsimile transmission, addressed as follows: if intended for the Company, to the Company’s principal office determined pursuant to Section 2.03; and if intended for any Member,
to the address of the Member set forth on the Member List, or to such other address as any Member may designate by written notice. Notices shall be deemed to have been given (i) when personally delivered, (ii) if sent by registered or
certified mail, on the earlier of (A) three days after the date on which deposited in the mails or (B) the date on which received, or (iii) if sent by electronic mail, overnight courier, or facsimile transmission, on the date on which
received; provided that notices of a change of address shall not be deemed given until the actual receipt of those notices. The provisions of this Section shall not prohibit the giving of written notice in any other manner; any written notice shall
be deemed given only when actually received. 
 Section 10.06 Construction. 

 

	 	(a)	The captions used in this Agreement are intended for convenience of reference only and shall not modify or affect in any manner the meaning or interpretation of any of the provisions of this Agreement.

  

	 	(b)	As used in this Agreement , the singular shall include the plural, the masculine gender shall include the feminine and neuter, and the neuter gender shall include the masculine and feminine, unless the context otherwise
requires.

  

	 	(c)	References in this Agreement to Articles, Sections, and Schedules are intended to refer to Articles, Sections, and Schedules of this Agreement unless otherwise specifically stated. 

 

	 	(d)	Unless otherwise specified, references in this Agreement to applicable statutes or other laws are references to the federal laws of the United States. 

 

	 	(e)	Nothing in this Agreement shall be deemed to create any right in or benefit for any creditor of the Company that is not a party to this Agreement, and this Agreement shall not be construed in any respect to be for the
benefit of any creditor of the Company that is not a party to this Agreement. 

  

	 	(f)	As used in this Agreement, the verb “include” and word “including” are words of enlargement; they are not restrictive in their meaning, and each example following those words is illustrative.

  
 30 

 Section 10.07 Amendments. This Agreement may be amended at any time and from time to time by a
written instrument executed by each Member. 
 Section 10.08 Legal Counsel. Schedule C is incorporated by reference herein. 

Section 10.09 Execution. This Agreement may be executed in any number of counterparts, and all of those counterparts together shall constitute one
agreement binding on all Members. 
 Section 10.10 Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of the
respective heirs, executors, administrators, legal representatives, successors, and assigns of the parties to this Agreement; provided that this Section 10.10 shall not be construed to permit any assignment or transfer which is otherwise
prohibited by this Agreement. 
 Section 10.11 Severability. If any one or more of the provisions contained in this Agreement, or any
application of those provisions, is invalid, illegal, or unenforceable in any respect, then the validity, legality, and enforceability of the remaining provisions contained in this Agreement and all other applications of those provisions shall not
in any way be affected or impaired by that invalidity, illegality, or unenforceability. 
 Section 10.12 Computation of Time. In computing any
period of time under this Agreement, the day of the act, event, or default from which the designated period of time begins to run shall not be included. The last day of the period so computed shall be included, unless it is a Saturday, Sunday, or
legal holiday on which banks in New York are closed, in which event the period shall run until the end of the next day which is not a Saturday, Sunday, or such a legal holiday. Any reference to “business day” shall refer to any day which
is not a Saturday, Sunday, or such a legal holiday. Any references to time of day shall refer to New York time. 
 Section 10.13 Entire
Agreement. This Agreement (including the Schedules to this Agreement) and the Administrative Services Agreement constitute the entire agreement between the parties and supersede all prior agreements, understandings, and arrangements with respect
to the subject matter of this Agreement. 
 [Signatures appear on next page] 

  
 31 

 IN WITNESS WHEREOF, the Members have caused this Agreement to be executed and delivered as of the date first
above written. 
  

			
	THL Credit, Inc.
		
	By:	 	 /s/ Christopher J. Flynn

	Name:	 	Christopher J. Flynn
	Title:	 	Co-Chief Executive Officer & Co-Chief Investment Officer
	
	Perspecta Trident LLC
		
	By:	 	 /s/ Anthony J. Annino

	Name:	 	Anthony J. Annino
	Title:	 	Authorized Person, VP of Perspecta Trust LLC

  
 32 

 Execution Copy 

Appendix A 
 Member List

  

					
	 Name/Address
	  	Capital Commitment	 
		
	 THL Credit, Inc.

100 Federal Street, 31st floor

Boston, MA 02110
	  	$	120,000,000	  
		
	 Perspecta Trident LLC

One Liberty Lane East, Suite 100

Hampton, NH 03842
	  	$	30,000,000	  

 Execution Copy 

Schedule A 
 Board
Approval 
  

	1.	Board Approval shall be required in advance for the Company or any Subsidiary to do any of the following: 

  

	 	i.	Enter into any transaction with a Member or an Affiliate of a Member (except as expressly permitted by this Agreement); 

  

	 	ii.	Make an Investment in the securities of a Member or an Affiliate of a Member; 

  

	 	iii.	Enter into hedging, swaps, forward contracts, or other commodities transactions; 

  

	 	iv.	Enter into any credit facility or other similar agreement for the incurrence of debt or issue debt securities, or materially modify or waive the terms or extend the maturity thereof or make a voluntary prepayment with
respect thereto; 

  

	 	v.	Organize, acquire an interest in, or transfer or otherwise dispose of an interest in, any Subsidiary or any other investment or financing vehicle, or materially modify or waive the terms thereof; 

 

	 	vi.	Replace the Administrative Agent for the Company, or materially modify or waive the terms of any administrative services agreement; 

  

	 	vii.	Approve a Transfer of an interest in the Company where required by Article VII; 

  

	 	viii.	Take any action or decision which pursuant to any provision of this Agreement requires Board Approval; 

  

	 	ix.	Modify or waive any material provision of this Agreement, including this Schedule A or modify the Certificate of Formation of the Company in a manner adverse to the rights of any Member under this Agreement;

  

	 	x.	Materially change the business of the Company or Subsidiaries from its current business or enter into any line of business other than existing or related lines of business; 

 

	 	xi.	Make, change, or rescind any tax election; 

  

	 	xii.	Settle or compromise with respect to any tax audit, claim, deficiency notice, suit, or other proceeding relating to taxes; make a request for a written ruling to any tax authority; or enter into a written and legally
binding agreement with any tax authority (including any agreement to extend or waive any statute of limitations with respect to any taxes); 

  

	 	xiii.	Invest an amount in any single Portfolio Company which is more than five percent (5%) of the sum of the total Capital Commitments to the Company plus the maximum amount of any credit facilities of the Company and
its Subsidiaries (determined at the time of the first investment in such Portfolio Company; 

	 	xiv.	Admit additional Members; and 

  

	 	xv.	Make short sales of securities, except to hedge its position in Investments owned by it or to hedge against fluctuations in non-U.S. currencies which might affect the value of its Investments. 

 

	2.	Subject to Section 1 of this Schedule A for matters requiring Board Approval in advance, Board Approval shall be required for the Company or any Subsidiary to do any of the following, which Board Approval may be
obtained by ratification: 

  

	 	i.	Change the name or principal office of the Company or open additional offices of the Company; 

  

	 	ii.	Retain third-party agents on behalf of the Company, open accounts with third parties on behalf of the Company and designate signatures upon which withdrawals from accounts shall be made on behalf of the Company;

  

	 	iii.	Adjust GAAP Profit or GAAP Loss to amortize Organization Costs over four years or select a period other than four years over which to amortize Organization Costs; 

 

	 	iv.	Determine a period to allocate Profit or Loss among the Members pursuant to Section 4.01(b); 

  

	 	v.	Select and approve an independent certified public accountant to act as the accountant for the Company and to audit the Company’s books and accounts as of the end of each fiscal year; provided that no approval
shall be required for the retention of PricewaterhouseCoopers as the Company’s independent certified accountant for the fiscal year ending December 31, 2014; and 

 

	 	vi.	Take any action or decision which pursuant to any provision of this Agreement requires Board Approval.

 For the
avoidance of doubt, Board Approval in advance shall be required for all matters set forth in Section 1 of this Schedule A. 

 Execution Copy 

Schedule B 
 Prior
Investment Committee Approval 
 Prior Investment Committee Approval shall be required for the Company or any Subsidiary to do any of the following:

  

	 	i.	Take any action or make any decision that results in the acquisition or disposition of an Investment other than funding of Investments pursuant to commitments previously approved by Prior Investment Committee Approval;

  

	 	ii.	Materially modify or waive the terms of any Investment which results in: (1) an extension of additional capital or commitments; (2) an amendment or waiver of a financial covenant of a borrower for more than
four consecutive quarters; (3) approval of a material acquisition or disposition; (4) the incurrence of additional senior debt by the borrower in an amount equal to or greater than 10% of the existing senior debt commitments or which
results in leverage increases by more than 0.5 times; or (5) an amendment or waiver of any payment term, including mandatory prepayments; 

  

	 	iii.	Make any Investment that requires derivation from any investment restrictions set forth in this Agreement; or 

  

	 	iv.	Take any action or make any decision which pursuant to any provision of this Agreement requires Prior Investment Committee Approval.  

Each Member, THL Credit IC Representative, and Perspecta IC Representative and their respective designees may, in the name and on behalf of the Company, do
all things which he, she, or it deems necessary, advisable, or appropriate to make investment opportunities available to the Company, to carry out and implement matters approved by Board Approval or Prior Investment Committee Approval, as
applicable, and to administer the activities of the Company, including: 
  

	 	i.	Execute and deliver all agreements, amendments, and other documents and exercise and perform of all rights and obligations with respect to any Person in which the Company holds an interest, including Subsidiaries and
other investment and financing vehicles; 

  

	 	ii.	Execute and deliver other agreements, amendments, and other documents and exercise and perform all rights and obligations with respect to matters approved by Board Approval or Prior Investment Committee Approval, as
applicable, or which are necessary, advisable, or appropriate for the administration of the Company, including with respect to any contracts evidencing indebtedness for borrowed funds; and 

 

	 	iii.	Take any and all other acts delegated to a Member or Director by this Agreement or by Board Approval; provided that if the acts require Board Approval or Prior Investment Committee Approval, Board Approval or Prior
Investment Committee Approval, as applicable, has been obtained. 

 Execution Copy 

Schedule C 
 Legal
Counsel 
 THL Credit has engaged Sutherland Asbill & Brennan LLP (“Sutherland”) as legal counsel to the Company and THL
Credit. Moreover, Sutherland has previously represented and/or concurrently represents the interests of the Company, THL Credit, and/or parties to this Agreement in connection with matters other than the preparation of this Agreement and may
represent such Persons in the future. Each Member: (i) approves Sutherland’s representation of the Company and THL Credit in the preparation of this Agreement; and (ii) acknowledges that Sutherland has not been engaged by any other
Member to protect or represent the interests of such Member vis-à-vis the Company or the preparation of this Agreement, and that actual or potential conflicts of interest may exist among the Members in connection with the preparation of this
Agreement. In addition, each Member: (i) acknowledges the possibility of a future conflict or dispute among Members or between any Member or Members and the Company; and (ii) acknowledges the possibility that, under the laws and ethical
rules governing the conduct of attorneys, Sutherland may be precluded from representing the Company and/or THL Credit (or any equity holder thereof) in connection with any such conflict or dispute. Nothing in this Schedule C shall preclude the
Company from selecting different legal counsel to represent it at any time in the future, and no Member shall be deemed by virtue of this Schedule C to have waived its right to object to any conflict of interest relating to matters other than this
Agreement or the transactions contemplated in this Agreement.

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