Document:

Eighth Amendment to Senior Secured Revolving Credit Agreement

 EXECUTION COPY 

EIGHTH AMENDMENT TO SENIOR SECURED REVOLVING CREDIT AGREEMENT 

This EIGHTH AMENDMENT TO SENIOR SECURED REVOLVING CREDIT AGREEMENT, dated as of August 13, 2021 (this “Amendment”), is
entered into among GOLDMAN SACHS BDC, INC., a Delaware corporation (the “Borrower”), and, solely for the purposes of Section 4.9, GSBD WINE I, LLC, a Delaware limited liability company, MMLC WINE I, LLC, a Delaware limited
liability company, BDC BLOCKER I, LLC (f/k/a My-On BDC Blocker, LLC), a Delaware limited liability company, MMLC BLOCKER I, LLC (f/k/a My-On MMLC Blocker, LLC), a
Delaware limited liability company, GSBD BLOCKER II, LLC, a Delaware limited liability company, MMLC BLOCKER II, LLC, a Delaware limited liability company, GSBD Blocker III LLC, a Delaware limited liability company, MMLC Blocker III LLC, a Delaware
limited liability company, and GSBD Blocker IV LLC, a Delaware limited liability company (collectively, the “Subsidiary Guarantors”, and each individually, a “Subsidiary Guarantor”), the LENDERS party hereto and
TRUIST BANK (as successor by merger to SunTrust Bank), as Administrative Agent (in such capacity, the “Administrative Agent”), and as Collateral Agent (in such capacity, the “Collateral Agent”). 

RECITALS 
 WHEREAS, the
Borrower and the Administrative Agent entered into that certain Senior Secured Revolving Credit Agreement dated as of September 19, 2013 (as amended by that certain First Omnibus Amendment to Senior Secured Revolving Credit Agreement and
Guarantee and Security Agreement, dated as of October 3, 2014, by that certain Second Amendment to Senior Secured Revolving Credit Agreement, dated as of November 4, 2015, by that certain Third Amendment to Senior Secured Revolving Credit
Agreement, dated as of December 16, 2016, by that certain Fourth Amendment to Senior Secured Revolving Credit Agreement, dated as of February 21, 2018, by that certain Fifth Amendment to Senior Secured Revolving Credit Agreement, dated as
of September 17, 2018, by that certain Sixth Amendment to Senior Secured Revolving Credit Agreement, dated as of February 25, 2020, by that certain Seventh Amendment to Senior Secured Revolving Credit Agreement, dated as of
November 20, 2020, and as further amended or otherwise modified prior to the Effective Date, the “Existing Credit Agreement”) with the lenders party thereto (the “Lenders”), pursuant to which the Lenders
extended certain commitments and made certain loans to the Borrower; and 
 WHEREAS, the Borrower and the other parties hereto desire to
amend the Existing Credit Agreement to make certain changes, as set forth below; 
 NOW, THEREFORE, in consideration of the premises and the
mutual agreements contained herein and in the Existing Credit Agreement, the parties hereto agree as follows: 
 SECTION 1.
Definitions. All capitalized terms not otherwise defined herein are used as defined in (or by reference in) the Existing Credit Agreement as amended hereby. 

SECTION 2. Amendments to Existing Credit Agreement. Subject to the occurrence of the Effective Date, the Existing Credit Agreement
(including the Exhibits and Schedules thereto) is hereby amended in its entirety in the form of Exhibit A attached hereto. 
  

 SECTION 3. Conditions Precedent. Section 2 hereof shall become
effective on the date the following conditions are satisfied (the “Effective Date”): 
 Receipt by the Administrative Agent
of: 
 (a) from each party hereto either (i) a counterpart of this Amendment signed on behalf of such party or
(ii) written evidence satisfactory to the Administrative Agent (which may include telecopy transmission of a signed signature page to this Amendment) that such party has signed a counterpart of this Amendment; 

(b) the Assignment and Assumption, dated as of the date hereof, by and among Credit Suisse, as assignor, ING Capital LLC, as
assignee, and the Administrative Agent; 
 (c) a favorable written opinion (addressed to the Administrative Agent and the
Lenders and dated as of the date hereof) of counsel for the Borrower, in form and substance reasonably acceptable to the Administrative Agent (and the Borrower hereby instructs such counsel to deliver such opinion to the Lenders and the
Administrative Agent); 
 (d) such documents and certificates as the Administrative Agent or its counsel may reasonably
request relating to the organization, existence and good standing of the Borrower, the authorization of this Amendment and any other legal matters relating to the Borrower, this Amendment or the Transactions, all in form and substance satisfactory
to the Administrative Agent and its counsel; and 
 (e) confirmation of receipt by the Lenders of any fees and expenses due
and owing by the Borrower as of the date hereof. 
 SECTION 4. Miscellaneous. 

4.1. Representations and Warranties. The Borrower hereby represents and warrants that (i) this Amendment constitutes a legal, valid
and binding obligation of it, enforceable against it in accordance with its terms, (ii) no Event of Default shall have occurred and be continuing on the Effective Date, both before and after giving effect to this Amendment and (iii) its
representations and warranties as set forth in the Loan Documents, as applicable, are true and correct in all material respects (except those representations and warranties qualified by materiality or by reference to a material adverse effect, which
are true and correct in all respects) on and as of the date hereof as though made on and as of the date hereof (unless such representations and warranties specifically refer to a previous day, in which case, they shall be complete and correct in all
material respects (or, with respect to such representations or warranties qualified by materiality or by reference to a material adverse effect, complete and correct in all respects) on and as of such previous day). 

4.2. References to Existing Credit Agreement. Upon the effectiveness of this Amendment, each reference in the Existing Credit Agreement
to “this Agreement”, “hereunder”, “hereof”, “herein”, or words of like import shall mean and be a reference to the Existing Credit Agreement, as amended hereby, and each reference to the Existing Credit
Agreement in any other document, instrument or agreement executed and/or delivered in connection with the Existing Credit Agreement shall mean and be a reference to the Existing Credit Agreement as amended hereby. 

  
 2 

 4.3. Effect on Existing Agreements. Except as specifically amended above, the Existing
Credit Agreement and all other documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed. 

4.4. No Waiver. The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy
of the Administrative Agent under the Existing Credit Agreement or any other document, instrument or agreement executed in connection therewith, nor constitute a waiver of any provision contained therein, except as specifically set forth herein. The
parties hereto hereby agree that this Amendment is a Loan Document. 
 4.5. Governing Law. This Amendment shall be construed in
accordance with and governed by the law of the State of New York. 
 4.6. Successors and Assigns. This Amendment shall be binding upon
and shall inure to the benefit of the parties hereto and their respective successors and assigns, except that the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each
Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void). 
 4.7. Headings. The
Section headings in this Amendment are inserted for convenience of reference only and shall not affect the meaning or interpretation of this Amendment or any provision hereof. 

4.8. Counterparts. This Amendment may be executed by the parties hereto in several counterparts, each of which shall be deemed to be an
original and all of which shall constitute together but one and the same agreement. 
 4.9. Reaffirmation. The Subsidiary Guarantors
each hereby consent to the terms of this Amendment, each confirm that its Guarantee under the Guarantee and Security Agreement remains unaltered and in full force and effect and each hereby reaffirm, ratify and confirm the terms and conditions of
the Guarantee and Security Agreement. 
 [SIGNATURES FOLLOW] 

  
 3 

 IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their
respective officers thereunto duly authorized, as of the date first above written. 
  

			
	GOLDMAN SACHS BDC, INC.,
	as Borrower
		
	By:	 	 /s/ Brendan McGovern

		 	Name: Brendan McGovern
		 	Title: Chief Executive Officer and President

 [SIGNATURES CONTINUE ON FOLLOWING PAGE] 

  
 Signature Page to Eighth
Amendment 

 
			
	TRUIST BANK,
	as the Administrative Agent, the Collateral Agent and a Lender
		
	By:	 	 /s/ Hays Wood

		 	Name: Hays Wood
		 	Title: Director

 [SIGNATURES CONTINUE ON FOLLOWING PAGE] 

  
 Signature Page to Eighth
Amendment 

 
			
	 BANK OF AMERICA, N.A.,
 as a
Lender

		
	 By:
	 	/s/ Sidhima Daruka
		 	Name: Sidhima Daruka
		 	Title: Vice President

 Signature Page to Eighth Amendment 

 
			
	BANKUNITED, N.A.,
	as a Lender
		
	By:	 	/s/ George Manchenko
		 	Name: George Manchenko
		 	Title: SVP

 Signature Page to Eighth Amendment 

 
			
	BARCLAYS BANK PLC,
	as a Lender
		
	By:	 	/s/ Craig J. Malloy
		 	Name: Craig J. Malloy
		 	Title: Director

 Signature Page to Eighth Amendment 

 
			
	BNP PARIBAS, SA
	as a Lender
		
	By:	 	/s/ Jessica Broughton
		 	Name: Jessica Broughton
		 	Title: Director
		
	By:	 	/s/ Marguerite L Lebon
		 	Name: Marguerite L Lebon
		 	Title: Vice President

 Signature Page to Eighth Amendment 

 
			
	CIBC BANK USA,
	as a Lender
		
	By:	 	/s/ Nicholas Jordan
		 	Name: Nicholas Jordan
		 	Title: Managing Director

 Signature Page to Eighth Amendment 

 
			
	CIT FINANCE LLC,
	as a Lender
		
	By:	 	/s/ Robert L. Klein
		 	Name: Robert L. Klein
		 	Title: Director

 Signature Page to Eighth Amendment 

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

 Signature Page to Eighth Amendment 

 
			
	HSBC BANK USA, N.A.,
	as a Lender
		
	By:	 	/s/ Shubhendu Kudasaiya
		 	Name: Shubhendu Kudaisya
		 	Title: Senior Vice President, Structured Finance

 Signature Page to Eighth Amendment 

 
			
	INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED, NEW YORK BRANCH,
	as a Lender
		
	By:	 	/s/ Weiming Zhou
		 	Name: Weiming Zhou
		 	Title: Director
		
	By:	 	/s/ Charles Inkeles
		 	Name: Charles Inkeles
		 	Title: Executive Director

 Signature Page to Eighth Amendment 

 
			
	ING CAPITAL LLC,
	as a Lender
		
	By:	 	/s/ Patrick Frisch
		 	Name: Patrick Frisch
		 	Title: Managing Director
		
	By:	 	/s/ Dina Kook
		 	Name: Dina Kook
		 	Title: Director

 Signature Page to Eighth Amendment 

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

 Signature Page to Eighth Amendment 

 
			
	MUFG UNION BANK, N.A.
	as a Lender
		
	By:	 	/s/ Jeanne Horn
		 	Name: Jeanne Horn
		 	Title: Managing Director

 Signature Page to Eighth Amendment 

 
			
	SIGNATURE BANK,
	as a Lender
		
	By:	 	/s/ Victor Rutenberg
		 	Name: Victor Rutenberg
		 	Title: Managing Director
		
	By:	 	/s/ Charles Newcomb
		 	Name: Charles Newcomb
		 	Title: Managing Director

 Signature Page to Eighth Amendment 

 
			
	STATE STREET BANK AND TRUST COMPANY,
	as a Lender
		
	By:	 	/s/ John Doherty
		 	Name: John Doherty
		 	Title: Vice President

 Signature Page to Eighth Amendment 

 
			
	SUMITOMO MITSUI BANKING CORPORATION,
	as a Lender
		
	By:	 	/s/ Shane Klein
		 	Name: Shane Klein
		 	Title: Managing Director

 Signature Page to Eighth Amendment 

 
			
	Agreed and acknowledged solely with respect to Section 4.9.
	
	GSBD WINE I, LLC
		
	By:	 	 /s/ Brendan McGovern

		 	Name: Brendan McGovern
		 	Title: Manager
	
	MMLC WINE I, LLC
		
	By:	 	 /s/ Brendan McGovern

		 	Name: Brendan McGovern
		 	Title: Manager
	
	BDC BLOCKER I, LLC (f/k/a My-On BDC Blocker, LLC)
	
	By: Goldman Sachs BDC, Inc., its sole member
		
	By:	 	 /s/ Brendan McGovern

		 	Name: Brendan McGovern
		 	Title: Chief Executive Officer and President
	
	MMLC BLOCKER I, LLC (f/k/a My-On MMLC Blocker, LLC)
	
	By: Goldman Sachs BDC, Inc., its sole member
		
	By:	 	 /s/ Brendan McGovern

		 	Name: Brendan McGovern
		 	Title: Chief Executive Officer and President

 Signature Page to Eighth Amendment 

 
			
	GSBD BLOCKER II, LLC
	
	By: Goldman Sachs BDC, Inc., its sole member
		
	By:	 	 /s/ Brendan McGovern

		 	Name: Brendan McGovern
		 	Title: Chief Executive Officer and President
	
	MMLC BLOCKER II, LLC
	
	By: Goldman Sachs BDC, Inc., its sole member
		
	By:	 	 /s/ Brendan McGovern

		 	Name: Brendan McGovern
		 	Title: Chief Executive Officer and President
	
	GSBD BLOCKER III LLC
	
	By: Goldman Sachs BDC, Inc., its sole member
		
	By:	 	 /s/ Brendan McGovern

		 	Name: Brendan McGovern
		 	Title: Chief Executive Officer and President
	
	MMLC BLOCKER III LLC
	
	By: Goldman Sachs BDC, Inc., its sole member
		
	By:	 	 /s/ Brendan McGovern

		 	Name: Brendan McGovern
		 	Title: Chief Executive Officer and President

 Signature Page to Eighth Amendment 

 
			
	GSBD BLOCKER IV LLC
	
	By: Goldman Sachs BDC, Inc., its sole member
		
	By:	 	 /s/ Brendan McGovern

		 	Name: Brendan McGovern
		 	Title: Chief Executive Officer and President

 Signature Page to Eighth Amendment 

 EXHIBIT A 

[Attached] 

  

 
 SENIOR SECURED 

REVOLVING CREDIT AGREEMENT 
 dated
as of 
 September 19, 2013 

and 
 as amended by the First
Omnibus Amendment to Senior Secured Revolving Credit Agreement and Guarantee and Security Agreement dated as of October 3, 2014, the Second Amendment to Senior Secured Revolving Credit Agreement dated as of November 4, 2015, the Third
Amendment to Senior Secured Revolving Credit Agreement dated as of December 16, 2016, the Fourth Amendment to Senior Secured Revolving Credit Agreement dated as of February 21, 2018, the Fifth Amendment to Senior Secured Revolving Credit
Agreement dated as of September 17, 2018, the Sixth Amendment to Senior Secured Revolving Credit Agreement dated as of February 25, 2020, the Seventh Amendment to Senior Secured Revolving Credit Agreement dated as of November 20, 2020
and the Eighth Amendment to Senior Secured Revolving Credit Agreement dated as of August 13, 2021 
 among 

GOLDMAN SACHS BDC, INC. 
 as
Borrower 
 The LENDERS Party Hereto 

and 
 TRUIST BANK (as successor by
merger to SunTrust Bank) 
 as Administrative Agent 

$1,695,000,000 
  

 
 TRUIST
SECURITIES, INC. 
 as Joint Lead Arranger and Sole Book Runner 

BOFA SECURITIES, INC., 
 as Joint
Lead Arranger 
 and 
 BANK OF
AMERICA, N.A. 
 as Syndication Agent 
  

 
  

 

							
	 ARTICLE I DEFINITIONS
	  	 	1	 
			
	 SECTION 1.01.
	 	Defined Terms	  	 	1	 
			
	 SECTION 1.02.
	 	Classification of Loans and Borrowings	  	 	46	 
			
	 SECTION 1.03.
	 	Terms Generally	  	 	46	 
			
	 SECTION 1.04.
	 	Accounting Terms; GAAP	  	 	47	 
			
	 SECTION 1.05.
	 	Currencies; Currency Equivalents	  	 	48	 
			
	 SECTION 1.06.
	 	Divisions	  	 	49	 
		
	 ARTICLE II THE CREDITS
	  	 	49	 
			
	 SECTION 2.01.
	 	The Commitments	  	 	49	 
			
	 SECTION 2.02.
	 	Loans and Borrowings	  	 	49	 
			
	 SECTION 2.03.
	 	Requests for Syndicated Borrowings	  	 	50	 
			
	 SECTION 2.04.
	 	Swingline Loans	  	 	51	 
			
	 SECTION 2.05.
	 	Letters of Credit	  	 	53	 
			
	 SECTION 2.06.
	 	Funding of Borrowings	  	 	59	 
			
	 SECTION 2.07.
	 	Interest Elections	  	 	59	 
			
	 SECTION 2.08.
	 	Termination, Reduction or Increase of the Commitments	  	 	61	 
			
	 SECTION 2.09.
	 	Repayment of Loans; Evidence of Debt	  	 	63	 
			
	 SECTION 2.10.
	 	Prepayment of Loans	  	 	65	 
			
	 SECTION 2.11.
	 	Fees	  	 	68	 
			
	 SECTION 2.12.
	 	Interest	  	 	70	 
			
	 SECTION 2.13.
	 	Inability to Determine Interest Rates	  	 	71	 
			
	 SECTION 2.14.
	 	Increased Costs	  	 	74	 
			
	 SECTION 2.15.
	 	Break Funding Payments	  	 	75	 
			
	 SECTION 2.16.
	 	Taxes	  	 	76	 
			
	 SECTION 2.17.
	 	Payments Generally; Pro Rata Treatment: Sharing of Set-offs	  	 	80	 
			
	 SECTION 2.18.
	 	Mitigation Obligations; Replacement of Lenders	  	 	83	 
			
	 SECTION 2.19.
	 	Defaulting Lenders	  	 	84	 
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES
	  	 	87	 
			
	 SECTION 3.01.
	 	Organization; Powers	  	 	87	 
			
	 SECTION 3.02.
	 	Authorization; Enforceability	  	 	88	 
			
	 SECTION 3.03.
	 	Governmental Approvals; No Conflicts	  	 	88	 
			
	 SECTION 3.04.
	 	No Material Adverse Effect	  	 	88	 

  
 i 

							
	 SECTION 3.05.
	 	Litigation	  	 	88	 
			
	 SECTION 3.06.
	 	Compliance with Laws and Agreements	  	 	88	 
			
	 SECTION 3.07.
	 	Taxes	  	 	89	 
			
	 SECTION 3.08.
	 	ERISA	  	 	89	 
			
	 SECTION 3.09.
	 	Disclosure	  	 	89	 
			
	 SECTION 3.10.
	 	Investment Company Act; Margin Regulations	  	 	89	 
			
	 SECTION 3.11.
	 	Material Agreements and Liens	  	 	90	 
			
	 SECTION 3.12.
	 	Subsidiaries and Investments	  	 	90	 
			
	 SECTION 3.13.
	 	Properties	  	 	91	 
			
	 SECTION 3.14.
	 	Affiliate Agreements	  	 	91	 
			
	 SECTION 3.15.
	 	Sanctions	  	 	91	 
			
	 SECTION 3.16.
	 	Collateral Documents	  	 	92	 
			
	 SECTION 3.17.
	 	EEA Financial Institutions	  	 	92	 
		
	 ARTICLE IV CONDITIONS
	  	 	92	 
			
	 SECTION 4.01.
	 	Effective Date	  	 	92	 
			
	 SECTION 4.02.
	 	Each Credit Event	  	 	94	 
		
	 ARTICLE V AFFIRMATIVE COVENANTS
	  	 	94	 
			
	 SECTION 5.01.
	 	Financial Statements and Other Information	  	 	95	 
			
	 SECTION 5.02.
	 	Notices of Material Events	  	 	97	 
			
	 SECTION 5.03.
	 	Existence; Conduct of Business	  	 	97	 
			
	 SECTION 5.04.
	 	Payment of Obligations	  	 	97	 
			
	 SECTION 5.05.
	 	Maintenance of Properties; Insurance	  	 	98	 
			
	 SECTION 5.06.
	 	Books and Records; Inspection and Audit Rights	  	 	98	 
			
	 SECTION 5.07.
	 	Compliance with Laws	  	 	98	 
			
	 SECTION 5.08.
	 	Certain Obligations Respecting Subsidiaries; Further Assurances	  	 	98	 
			
	 SECTION 5.09.
	 	Use of Proceeds	  	 	100	 
			
	 SECTION 5.10.
	 	Status of RIC and BDC	  	 	100	 
			
	 SECTION 5.11.
	 	Investment Policies	  	 	100	 
			
	 SECTION 5.12.
	 	Portfolio Valuation and Diversification Etc.	  	 	100	 
			
	 SECTION 5.13.
	 	Calculation of Borrowing Base	  	 	104	 
		
	 ARTICLE VI NEGATIVE COVENANTS
	  	 	110	 
			
	 SECTION 6.01.
	 	Indebtedness	  	 	110	 

  
 ii 

							
	 SECTION 6.02.
	 	Liens	  	 	112	 
			
	 SECTION 6.03.
	 	Fundamental Changes	  	 	113	 
			
	 SECTION 6.04.
	 	Investments	  	 	115	 
			
	 SECTION 6.05.
	 	Restricted Payments	  	 	116	 
			
	 SECTION 6.06.
	 	Certain Restrictions on Subsidiaries	  	 	117	 
			
	 SECTION 6.07.
	 	Certain Financial Covenants	  	 	118	 
			
	 SECTION 6.08.
	 	Transactions with Affiliates	  	 	118	 
			
	 SECTION 6.09.
	 	Lines of Business	  	 	119	 
			
	 SECTION 6.10.
	 	No Further Negative Pledge	  	 	119	 
			
	 SECTION 6.11.
	 	Modifications of Longer-Term Indebtedness Documents	  	 	120	 
			
	 SECTION 6.12.
	 	Payments of Longer-Term Indebtedness	  	 	121	 
			
	 SECTION 6.13.
	 	Accounting Changes	  	 	121	 
			
	 SECTION 6.14.
	 	SBIC Guarantee	  	 	121	 
			
	 SECTION 6.15.
	 	Sanctions	  	 	122	 
		
	 ARTICLE VII EVENTS OF DEFAULT
	  	 	122	 
		
	 ARTICLE VIII THE ADMINISTRATIVE AGENT
	  	 	127	 
			
	 SECTION 8.01.
	 	Appointment of the Administrative Agent	  	 	127	 
			
	 SECTION 8.02.
	 	Capacity as Lender	  	 	127	 
			
	 SECTION 8.03.
	 	Limitation of Duties; Exculpation	  	 	127	 
			
	 SECTION 8.04.
	 	Reliance	  	 	128	 
			
	 SECTION 8.05.
	 	Sub-Agents	  	 	128	 
			
	 SECTION 8.06.
	 	Resignation; Successor Administrative Agent	  	 	128	 
			
	 SECTION 8.07.
	 	Reliance by Lenders	  	 	129	 
			
	 SECTION 8.08.
	 	Modifications to Loan Documents	  	 	129	 
			
	 SECTION 8.09.
	 	Erroneous Payments	  	 	130	 
		
	 ARTICLE IX MISCELLANEOUS
	  	 	133	 
			
	 SECTION 9.01.
	 	Notices; Electronic Communications	  	 	133	 
			
	 SECTION 9.02.
	 	Waivers; Amendments	  	 	135	 
			
	 SECTION 9.03.
	 	Expenses; Indemnity; Damage Waiver	  	 	138	 
			
	 SECTION 9.04.
	 	Successors and Assigns	  	 	140	 
			
	 SECTION 9.05.
	 	Survival	  	 	145	 
			
	 SECTION 9.06.
	 	Counterparts; Integration; Effectiveness; Electronic Execution	  	 	146	 

  
 iii 

							
	 SECTION 9.07.
	 	Severability	  	 	146	 
			
	 SECTION 9.08.
	 	Right of Setoff	  	 	146	 
			
	 SECTION 9.09.
	 	Governing Law; Jurisdiction; Etc.	  	 	147	 
			
	 SECTION 9.10.
	 	WAIVER OF JURY TRIAL	  	 	148	 
			
	 SECTION 9.11.
	 	Judgment Currency	  	 	148	 
			
	 SECTION 9.12.
	 	Headings	  	 	148	 
			
	 SECTION 9.13.
	 	Treatment of Certain Information; No Fiduciary Duty; Confidentiality	  	 	149	 
			
	 SECTION 9.14.
	 	USA PATRIOT Act	  	 	150	 
			
	 SECTION 9.15.
	 	Lender Information Reporting	  	 	151	 
			
	 SECTION 9.16.
	 	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	  	 	151	 
			
	 SECTION 9.17.
	 	Certain ERISA Matters	  	 	151	 
			
	 SECTION 9.18.
	 	Acknowledgement Regarding Any Supported QFCs	  	 	153	 

  

					
	SCHEDULE 1.01(a)	  	—  	  	Approved Dealers and Approved Pricing Services
	SCHEDULE 1.01(b)	  	—  	  	Commitments
	SCHEDULE 1.01(c)	  	—  	  	Industry Classification Group List
	SCHEDULE 2.05	  	—  	  	Additional Issuing Banks
	SCHEDULE 3.11	  	—  	  	Material Agreements and Liens
	SCHEDULE 3.12(a)	  	—  	  	Subsidiaries
	SCHEDULE 3.12(b)	  	—  	  	Investments
	SCHEDULE 6.08	  	—  	  	Transactions with Affiliates
			
	EXHIBIT A	  	—  	  	Form of Assignment and Assumption
	EXHIBIT B	  	—  	  	Form of Borrowing Base Certificate
	EXHIBIT C	  	—  	  	Form of Borrowing Request
	EXHIBIT D	  	—  	  	Form of Increasing Lender/Joining Lender Agreement
	EXHIBIT E	  	—  	  	Form of Revolving Promissory Note
	EXHIBIT F	  	—  	  	Form of U.S. Tax Compliance Certificate

  

  
 iv 

 SENIOR SECURED REVOLVING CREDIT AGREEMENT dated as of September 19, 2013 (this
“Agreement”), among GOLDMAN SACHS BDC, INC., a Delaware corporation (the “Borrower”), the LENDERS party hereto, and TRUIST BANK (as successor by merger to SunTrust Bank), as Administrative Agent. 

ARTICLE I 
 DEFINITIONS

 SECTION 1.01. Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 

“2022 Notes” means the Borrower’s 4.50% convertible notes due 2022. 

“2025 Notes” means the Borrower’s 3.75% unsecured notes due 2025. 

“2026 Notes” means the Borrower’s 2.875% unsecured notes due 2026. 

“ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan is, or the Loans constituting such
Borrowing are, denominated in Dollars and bearing interest at a rate determined by reference to the Alternate Base Rate. 

“Adjusted Borrowing Base” means the Borrowing Base minus the aggregate amount of Cash and Cash Equivalents included in
the Portfolio Investments held by the Obligors (provided that Cash Collateral for outstanding Letters of Credit shall not be treated as a portion of the Portfolio Investments). 

“Adjusted Covered Debt Balance” means, on any date, the aggregate Covered Debt Amount on such date minus the aggregate
amount of Cash and Cash Equivalents included in the Portfolio Investments held by the Obligors (provided that Cash Collateral for outstanding Letters of Credit shall not be treated as a portion of the Portfolio Investments). 

“Adjusted Eurocurrency Rate” means (a) for the Interest Period for any Eurocurrency Borrowing denominated in Dollars, an
interest rate per annum (rounded upwards, if necessary, to the next 1/100 of 1%) equal to (i) the Eurocurrency Rate for such Interest Period multiplied by (ii) the Statutory Reserve Rate for such Interest Period and
(b) for the Interest Period for any Eurocurrency Borrowing denominated in a Currency (other than Dollars) an interest rate per annum (rounded upwards, if necessary, to the next 1/100 of 1%) equal to the Eurocurrency Rate for such Interest
Period for such Currency. 
 “Administrative Agent” means Truist, in its capacity as administrative agent for the Lenders
hereunder. 
 “Administrative Agent’s Account” means, for each Currency, an account in respect of such Currency
designated by the Administrative Agent in a notice to the Borrower and the Lenders. 
  

 “Administrative Questionnaire” means an administrative questionnaire in a form
supplied by the Administrative Agent. 
 “Advance Rate” has the meaning assigned to such term in
Section 5.13. 
 “Affected Currency” has the meaning assigned to such term in
Section 2.13. 
 “Affected Financial Institution” means (a) any EEA Financial Institution or
(b) any UK Financial Institution. 
 “Affiliate” means, at any time, with respect to a specified Person, another
Person that at such time directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. Anything herein to the contrary notwithstanding, the term “Affiliate”
shall not include any Person that constitutes an Investment held by any Obligor or Financing Subsidiary in the ordinary course of business; provided that the term “Affiliate” shall include any Financing Subsidiary. 

“Affiliate Agreements” means the Second Amended and Restated Investment Management Agreement, dated as of June 15, 2018,
by and between the Borrower and GSAM. 
 “Agreed Foreign Currency” means, at any time, any of Canadian Dollars, Sterling,
Euros and, with prior written consent of each Multicurrency Lender, any other Foreign Currency, so long as, in respect of any such specified Foreign Currency or other Foreign Currency, at such time no central bank or other governmental
authorization in the country of issue of such Foreign Currency (including, in the case of the Euro, any authorization by the European Central Bank) is required to permit use of such Foreign Currency by any Multicurrency Lender for making any
Loan hereunder and/or to permit the Borrower to borrow and repay the principal thereof and to pay the interest thereon, unless such authorization has been obtained and is in full force and effect. 

“Agreement” has the meaning assigned to such term in the preamble to this Agreement 

“Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of (a) zero, (b) the Prime Rate in
effect on such day, (c) the Federal Funds Effective Rate for such day plus 1/2 of 1.00% and (d) the London interbank offered rate as displayed in the Bloomberg Financial Markets System (or on any successor or substitute page of such
service, or any successor to such service, providing rate quotations comparable to those currently provided on such page of such service, as determined by the Administrative Agent in its reasonable discretion from time to time for purposes of
providing quotations of interest rates applicable to Dollar deposits in the London interbank market) at approximately 11:00 a.m., London time, on such day (or, if such day is not a Business Day, the immediately preceding Business Day), for overnight
Dollar deposits plus 1.00%. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the rate as displayed in the Bloomberg Financial Markets System (or successor therefor) as set forth
above shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or such rate as displayed in the Bloomberg Financial Markets System (or successor therefor), respectively. 

“Anti-Corruption Laws” has the meaning assigned to such term in Section 3.15. 

  
 2 

 “Applicable Dollar Percentage” means, with respect to any Dollar Lender, the
percentage of the total Dollar Commitments represented by such Dollar Lender’s Dollar Commitment. If the Dollar Commitments have terminated or expired, the Applicable Dollar Percentages shall be determined based upon the Dollar Commitments most
recently in effect, giving effect to any assignments. 
 “Applicable Financial Statements” means, as at any date, the
most-recent audited financial statements of the Borrower delivered to the Lenders; provided that if immediately prior to the delivery to the Lenders of new audited financial statements of the Borrower a Material Adverse Effect (the “Pre-existing MAE”) shall exist (regardless of when it occurred), then the “Applicable Financial Statements” as at said date means the Applicable Financial Statements in effect immediately
prior to such delivery until such time as the Pre-existing MAE shall no longer exist. 

“Applicable Margin” means with respect to any ABR Loan, 1.00% per annum, with respect to any Eurocurrency Loan, 2.00% per
annum and with respect to any RFR Loan, 2.1193%; provided that (a) at any time the Borrower has long-term corporate debt ratings from any two of Moody’s, S&P or Fitch of at least Baa3 in the case of Moody’s, BBB-in the case of S&P or BBB- in the case of Fitch, the Applicable Margin shall be (i) with respect to any ABR Loan, 0.875% per annum, (ii) with respect to any
Eurocurrency Loan, 1.875% per annum and (iii) with respect to any RFR Loan, 1.9943% and (b) if the Borrowing Base (as of the most recently delivered Borrowing Base Certificate) is greater than or equal to the product of 1.60 and the
Combined Debt Amount, (i) with respect to any ABR Loan, 0.75% per annum and (ii) with respect to any Eurocurrency Loan, 1.75% per annum; (iii) with respect to any RFR Loan, 1.8693%. 

“Applicable Multicurrency Percentage” means, with respect to any Multicurrency Lender, the percentage of the total
Multicurrency Commitments represented by such Multicurrency Lender’s Multicurrency Commitment. If the Multicurrency Commitments have terminated or expired, the Applicable Multicurrency Percentages shall be determined based upon the
Multicurrency Commitments most recently in effect, giving effect to any assignments. 
 “Applicable Percentage” means, with
respect to any Lender, the percentage of the total Commitments represented by such Lender’s Commitment. If the Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Commitments most recently in
effect, giving effect to any assignments. 
 “Applicable Time” means, with respect to any borrowings and payments in any
Foreign Currency, the local time in the Principal Financial Center for such Foreign Currency as may be determined by the Administrative Agent. 

“Approved Dealer” means (a) in the case of any Portfolio Investment that is not a U.S. Government Security, a bank or a
broker-dealer registered under the Securities Exchange Act of 1934, as amended, of nationally recognized standing or an Affiliate thereof, (b) in the case of a U.S. Government Security, any primary dealer in U.S. Government Securities, and
(c) in the case of any foreign Portfolio Investment, any foreign bank or broker-dealer of internationally recognized standing or an Affiliate thereof, in the case of each of clauses (a), (b) and (c) above, either
as set forth on Schedule 1.01(a) or any other bank or broker-dealer or Affiliate thereof acceptable to the Administrative Agent in its reasonable determination. 

  
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 “Approved Pricing Service” means a pricing or quotation service either:
(a) as set forth in Schedule 1.01(a) or (b) any other pricing or quotation service approved by the Board of Directors of the Borrower and designated in writing by the Borrower to the Administrative Agent (which designation shall be
accompanied by a copy of a resolution of the Board of Directors of the Borrower that such pricing or quotation service has been approved by the Borrower). 

“Approved Third-Party Appraiser” means any Independent nationally recognized third-party appraisal firm (a) designated
by the Borrower in writing to the Administrative Agent (which designation shall be accompanied by a copy of a resolution of the Board of Directors of the Borrower that such firm has been approved by the Borrower for purposes of assisting the Board
of Directors of the Borrower in making valuations of portfolio assets to determine the Borrower’s compliance with the applicable provisions of the Investment Company Act) and (b) acceptable to the Administrative Agent. It is understood and
agreed that Houlihan Lokey Howard & Zukin Capital, Inc., Duff & Phelps LLC, Murray, Devine and Company, Lincoln International LLC (formerly known as Lincoln Partners LLC) and Valuation Research Corporation are acceptable to the
Administrative Agent. As used in Section 5.12, an “Approved Third-Party Appraiser selected by the Administrative Agent” shall mean any of the firms identified in the preceding sentence and any other Independent
nationally recognized third-party appraisal firm identified by the Administrative Agent and consented to by the Borrower (such consent not to be unreasonably withheld). 

“Assignment and Assumption” means an Assignment and Assumption entered into by a Lender and an assignee (with the consent of
any party whose consent is required by Section 9.04), appropriately completed and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by the Administrative
Agent and the Borrower. 
 “Assuming Lender” has the meaning assigned to such term in
Section 2.08(e). 
 “Availability Period” means the period from and including the Effective Date
to but excluding the earlier of (x) the Commitment Termination Date and (y) the date of the termination of all Commitments pursuant to Article VII. 

“Available Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable,
(x) if the then-current Benchmark is a term rate, any tenor for such Benchmark or (y) otherwise, any payment period for interest calculated with reference to such Benchmark, as applicable, that is or may be used for determining the length
of an Interest Period pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Period” pursuant to clause (f) of
Section 2.13. 
 “Bail-In Action” means the exercise of
any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution. 

  
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 “Bail-In Legislation” means
(a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation, rule or requirement for such EEA Member Country
from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any
other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other
insolvency proceedings). 
 “Basel III” means the agreements on capital requirements, leverage ratio and liquidity
standards contained in “Basel III: A global regulatory framework for more resilient banks and banking systems”, “Basel III: International framework for liquidity risk measurement, standards and monitoring” and “Guidance for
national authorities operating the countercyclical capital buffer” published by the Basel Committee on Banking Supervision on December 16, 2010, each as amended, supplemented or restated. 

“Benchmark” means, initially, with respect to (a) Sterling, the Daily Simple RFR, and (b) each other Agreed Foreign
Currency and Dollars, the Adjusted Eurocurrency Rate for such Currency; provided that, if a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, as applicable, and its
related Benchmark Replacement Date have occurred with respect to the Daily Simple RFR or the Adjusted Eurocurrency Rate for such Currency, as applicable, or the then-current Benchmark, then “Benchmark” means the applicable Benchmark
Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to clause (b) or clause (c) of Section 2.13. 

“Benchmark Replacement” means, for any Available Tenor, the first alternative set forth in the order below that can be
determined by the Administrative Agent for the applicable Benchmark Replacement Date; provided that, in the case of a Benchmark with respect to any obligations, interest, fees, commissions or other amounts owing hereunder denominated in any
Currency other than Dollars or calculated with respect thereto, the alternative set forth in clause (3) below: 
 (1) the sum of:
(a) Term SOFR and (b) the related Benchmark Replacement Adjustment; 
 (2) the sum of: (a) Daily Simple SOFR and (b) the
related Benchmark Replacement Adjustment; 
 (3) the sum of: (a) the alternate benchmark rate that has been selected by the
Administrative Agent and the Borrower as the replacement for the then-current Benchmark for the applicable Currency with the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement
benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for
syndicated credit facilities denominated in the applicable Currency at such time and (b) the related Benchmark Replacement Adjustment; 

  
 5 

 provided that, in the case of clause (1), such Unadjusted Benchmark Replacement is displayed on a screen
or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion; provided, further, that, solely with respect to a Loan denominated in Dollars,
notwithstanding anything to the contrary in this Agreement or in any other Loan Document, upon the occurrence of a Term SOFR Transition Event, and the delivery of a Term SOFR Notice, on the applicable Benchmark Replacement Date the “Benchmark
Replacement” shall revert to and shall be deemed to be the sum of (a) Term SOFR and (b) the related Benchmark Replacement Adjustment, as set forth in clause (1) of this definition (subject to the first proviso above). If the
Benchmark Replacement as determined pursuant to clause (1), (2) or (3) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents. 

“Benchmark Replacement Adjustment” means, with respect to any replacement of the then-current Benchmark for a Currency with
an Unadjusted Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement: 

(1) for purposes of clauses (1) and (2) of the definition of “Benchmark Replacement”, the first alternative set forth in the
order below that can be determined by the Administrative Agent: 
 (a) the spread adjustment, or method for calculating or determining such
spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that has been selected or recommended by the Relevant Governmental Body for the
replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for the applicable Corresponding Tenor; 
 (b) the spread
adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that would apply to the fallback rate for a derivative transaction referencing the ISDA
Definitions to be effective upon an index cessation event with respect to such Benchmark for the applicable Corresponding Tenor; and 
 (2)
for purposes of clause (3) of the definition of “Benchmark Replacement,” the spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value or zero) that has been selected
by the Administrative Agent and the Borrower for the applicable Corresponding Tenor and Currency giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread
adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date or (ii) any evolving or then-prevailing market convention for
determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for syndicated credit facilities in the applicable Currency;

  
 6 

 provided that, (x) in the case of clause (1) above, such adjustment is displayed on a screen or
other information service that publishes such Benchmark Replacement Adjustment from time to time as selected by the Administrative Agent in its reasonable discretion and (y) if the then-current Benchmark is a term rate, more than one tenor of
such Benchmark is available as of the applicable Benchmark Replacement Date and the applicable Unadjusted Benchmark Replacement that will replace such Benchmark in accordance with Section 2.13 will not be a
term rate, the Available Tenor of such Benchmark for purposes of this definition of “Benchmark Replacement Adjustment” shall be deemed to be, with respect to each Unadjusted Benchmark Replacement having a payment period for interest
calculated with reference thereto, a payment period for interest of three months. 
 “Benchmark Replacement Conforming
Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Eurocurrency Rate”, the definition of “Alternate Base Rate”, the
definition of “Business Day”, the definition of “Eurocurrency Banking Day”, the definition of “Daily Simple RFR”, the definition of “Interest Period”, the definition of “RFR Business Day”, the
definition of “RFR Interest Day”, the definition of “RFR Reference Day”, timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices,
length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent (after consultation with the Borrower) decides in its reasonable discretion may be
appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent
decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of
administration as the Administrative Agent (after consultation with the Borrower) decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents). 

“Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark:

 (1) in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of 

(a) the date of the public statement or publication of information referenced therein; and 

(b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or
indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); 
 (2) in the case of clause (3) of
the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein; or 

(3) in the case of a Term SOFR Transition Event, the date that is thirty (30) days after the date a Term SOFR Notice is provided to the
Lenders and the Borrower pursuant to Section 2.13(c); or 

  
 7 

 (4) in the case of an Early Opt-in Election, the sixth
(6th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, so long as the Administrative Agent has not received, by 5:00 p.m. (New York City time) on the fifth (5th)
Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, written notice of objection to such Early Opt-in Election from Lenders
comprising (x) in the case of a Benchmark Replacement for Dollars, the Required Lenders, and, (y) in the case of a Benchmark Replacement for any Foreign Currency, the Required Multicurrency Lenders. 

For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than,
the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the “Benchmark Replacement Date” will be deemed to have
occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used
in the calculation thereof). 
 “Benchmark Transition Event” means, with respect to any Benchmark, the occurrence of one or
more of the following events with respect to the then-current Benchmark: 
 (1) a public statement or publication of information by or on
behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof),
permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); 

(2) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof), the Board, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the
administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or
such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that
will continue to provide any Available Tenor of such Benchmark (or such component thereof); or 
 (3) a public statement or publication of
information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer
representative. 
 For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a
public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof). 

  
 8 

 “Benchmark Unavailability Period” means, with respect to any then-current
Benchmark, the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced such then-current Benchmark
for all purposes hereunder and under any Loan Document in accordance with Section 2.13 and (y) ending at the time that a Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and
under any Loan Document in accordance with Section 2.13. 
 “Benefit Plan” means any of
(a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Code or (c) any person whose assets include (for purposes of ERISA
Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”. 

“Board” means the Board of Governors of the Federal Reserve System of the United States of America. 

“Borrower” has the meaning assigned to such term in the preamble to this Agreement. 

“Borrower Asset Coverage Ratio” means the ratio, determined on a consolidated basis for the Obligors, without duplication, of
(a) Total Assets minus Total Assets Concentration Limitation to (b) Total Secured Debt. 
 “Borrower Merger”
means any transaction or a series of related transactions for the direct or indirect acquisition by the Borrower of MMLC. A “Borrower Merger” will also include any “cash election” merger, any “second-step” merger
whereby MMLC merges or consolidates with and into the Borrower and any cash paid on account of fractional shares in connection with any such transaction. 

“Borrower Net Worth” means, as of any date of determination, (a) Total Assets as of such date minus (b) the
sum of (i) Total Assets Concentration Limitation as of such date plus (ii) Total Secured Debt as of such date. 

“Borrowing” means (a) all Syndicated ABR Loans of the same Class made, converted or continued on the same date,
(b) all Eurocurrency Loans of the same Class denominated in the same Currency that have the same Interest Period, (c) all RFR Loans of the same Class, or (d) a Swingline Loan. 

“Borrowing Base” has the meaning assigned to such term in Section 5.13. 

“Borrowing Base Certificate” means a certificate of a Financial Officer of the Borrower, substantially in the form of
Exhibit B (or such other form as shall be reasonably satisfactory to the Administrative Agent) and appropriately completed. 

“Borrowing Base Deficiency” means, at any date on which the same is determined, the amount, if any, that (a) the
aggregate Covered Debt Amount as of such date exceeds (b) the Borrowing Base as of such date. 

  
 9 

 “Borrowing Request” means a request by the Borrower for a Syndicated Borrowing
in accordance with Section 2.03, which, if in writing, shall be substantially in the form of Exhibit C (or such other form as shall be reasonably satisfactory to the Administrative Agent). 

“Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are
authorized or required by law to remain closed; provided that (a) when used in relation to a Eurocurrency Loan or a Eurocurrency Borrowing denominated in a Currency or in the calculation or computation of the Eurocurrency Rate for such
Currency, the term “Business Day” shall also exclude any day that is not a Eurocurrency Banking Day for such Currency and (b) when used in relation to RFR Loans or any interest rate settings, fundings, disbursements, settlements or
payments of any such RFR Loan, or any other dealings in Sterling, the term “Business Day” shall also exclude any day that is not an RFR Business Day. 

“Calculation Amount” shall mean, as of the end of any Testing Quarter, an amount equal to the greater of: (a) the amount
equal to (i) 125% of the Adjusted Covered Debt Balance (as of the end of such Testing Quarter) minus (ii) the aggregate Value of all Quoted Investments (including, without duplication, Market Value Investments) included in the Borrowing
Base (as of the end of such Testing Quarter), and (b) 10% of the aggregate Value of all Unquoted Investments included in the Borrowing Base (as of the end of such Testing Quarter); provided that in no event shall more than 25% (or, if
clause (b) applies, 10%, or as near thereto as reasonably practicable) of the aggregate Value of all Unquoted Investments in the Borrowing Base be subject to testing by the Administrative Agent pursuant to
Section 5.12(b)(ii)(E) in respect of any applicable Testing Quarter; and provided, further, that notwithstanding anything to the contrary in this Agreement, Market Value Investments shall be deemed to be
Quoted Investments for purposes of this definition. 
 “CAM Exchange” means the exchange of the Lenders’ interests
provided for in Article VII. 
 “CAM Exchange Date” means the date on which any Event of Default referred to in
clause (j) of Article VII shall occur or the date on which the Borrower receives written notice from the Administrative Agent that any Event of Default referred to in clause (i) of Article VII has occurred. 

“CAM Percentage” means, as to each Lender, a fraction, expressed as a decimal, of which (a) the numerator shall be the
aggregate Dollar Equivalent of the Designated Obligations owed to such Lender (whether or not at the time due and payable) immediately prior to the CAM Exchange Date and (b) the denominator shall be the aggregate Dollar Equivalent amount of the
Designated Obligations owed to all the Lenders (whether or not at the time due and payable) immediately prior to the CAM Exchange Date. 

“Canadian Dollars” means the lawful currency of Canada. 

“Capital Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease
of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases or finance leases on a balance sheet of such Person
under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP. 

  
 10 

 “Capital Stock” of any Person means any and all shares of corporate stock
(however designated) of, and any and all other Equity Interests and participations representing ownership interests (including membership interests and limited liability company interests) in, such Person. 

“Cash” means any immediately available funds in Dollars or in any currency other than Dollars (measured in terms of the
Dollar Equivalent thereof) which is a freely convertible currency. 
 “Cash Collateralize” means, in respect of a Letter of
Credit or any obligation hereunder, to provide and pledge cash collateral pursuant to Section 2.05(k), at a location and pursuant to documentation in form and substance reasonably satisfactory to Administrative Agent and
the Issuing Bank. “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support. 

“Cash Equivalents” means investments (other than Cash) that are one or more of the following obligations: 

(a) U.S. Government Securities, in each case maturing within one year from the date of acquisition thereof; 

(b) investments in commercial paper or other short-term corporate obligations maturing within 270 days from the date of
acquisition thereof and having, at such date of acquisition, a credit rating of at least A-1 from S&P and at least P-1 from Moody’s (or if only one of S&P
or Moody’s provides such rating, such investment shall also have an equivalent credit rating from any other rating agency); 

(c) investments in certificates of deposit, bankers’ acceptances and time deposits maturing within 180 days from the date
of acquisition thereof (i) issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial bank organized under the laws of the United States of America or any State thereof
or under the laws of the jurisdiction or any constituent jurisdiction thereof in which the Principal Financial Center in respect of any Agreed Foreign Currency is located; provided that such certificates of deposit, banker’s acceptances
and time deposits are held in a securities account (as defined in the Uniform Commercial Code) through which the Collateral Agent can perfect a security interest therein and (ii) having, at such date of acquisition, a credit rating of at
least A-1 from S&P and at least P-1 from Moody’s (or if only one of S&P or Moody’s provides such rating, such investment shall also have an equivalent
credit rating from any other rating agency); 
 (d) fully collateralized repurchase agreements with a term of not more than
30 days from the date of acquisition thereof for U.S. Government Securities and entered into with (i) a financial institution satisfying the criteria described in clause (c) of this definition or (ii) an Approved Dealer having
(or being a member of a consolidated group having) at such date of acquisition, a credit rating of at least A-2 from S&P and at least P-2 from Moody’s (or
if only one of S&P or Moody’s provides such rating, such Approved Dealer shall also have an equivalent credit rating from any other rating agency); 

  
 11 

 (e) investments in (x) money market funds that invest, and which are
restricted by their respective charters to invest, substantially all of their assets in investments of the type described in the immediately preceding clauses (a) through (d) above (including as to credit quality and maturity),
and (y) without limiting the immediately preceding clause (x), Goldman Sachs Financial Square Government Fund, Goldman Sachs Financial Square Prime Obligations Fund, Goldman Sachs Financial Square Treasury Obligations Fund and Goldman Sachs
Financial Square Federal Fund, in each case rated no lower than the then-current rating of the federal government of the United States; 

(f) a Reinvestment Agreement; 

(g) money market funds that have, at all times, credit ratings of “Aaa” and “MR1+” by Moody’s and
“AAAm” or “Aam-G” by S&P, respectively; and 
 (h) any of the
following offered by Truist (or any successor custodian or other entity acting in a similar capacity with respect to the Borrower) (I) money market deposit accounts, (II) eurodollar time deposits, (III) commercial eurodollar sweep
services or (IV) open commercial paper services, in each case having, at such date of acquisition, a credit rating at least A-1 from S&P and at least P-1 from
Moody’s and maturing not later than 270 days from the date of acquisition thereof; 
 provided that (i) in no event shall Cash Equivalents
include any obligation that provides for the payment of interest alone (for example, interest-only securities or “IOs”); (ii) if any of Moody’s or S&P changes its rating system, then any ratings included in this definition
shall be deemed to be an equivalent rating in a successor rating category of Moody’s or S&P, as the case may be; (iii) Cash Equivalents (other than U.S. Government Securities, certificates of deposit, repurchase agreements or the money
market funds) shall not include any such investment of more than 10% of total assets of the Borrower and its Subsidiaries in any single issuer; and (iv) in no event shall Cash Equivalents include any obligation that is not denominated in
Dollars or an Agreed Foreign Currency. 
 “Change in Control” the Investment Adviser shall fail to be a direct or indirect
Subsidiary of The Goldman Sachs Group, Inc. 
 “Change in Law” means the occurrence, after the date of this Agreement (or
with respect to a Person becoming a Lender by assignment or joinder after the date of this Agreement, the effective date thereof), of (a) the adoption of any law, treaty or governmental rule or regulation or any change in any law, treaty or
governmental rule or regulation or in the interpretation, administration or application thereof (regardless of whether the underlying law, treaty or governmental rule or regulation was issued or enacted prior to the date hereof), but excluding
proposals thereof, or any determination of a court or Governmental Authority, (b) any guideline, request or directive by any Governmental Authority (whether or not having the force of law) or any implementation rules or interpretations of
previously issued guidelines, requests or directives, in each case that is issued or made after the date of this Agreement (or with respect to a Person 

  
 12 

 
becoming a Lender by assignment or joinder after the date of this Agreement, the effective date thereof) or (c) compliance by any Lender (or its applicable lending office) or any company
controlling such Lender with any guideline, request or directive regarding capital adequacy or liquidity (whether or not having the force of law) of any such Governmental Authority, in each case adopted after the date of this Agreement (or with
respect to a Person becoming a Lender by assignment or joinder after the date of this Agreement, the effective date thereof). For the avoidance of doubt, all requests, rules, guidelines or directives concerning liquidity and capital adequacy issued
(i) by any United States regulatory authority under or in connection with the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act and (ii) in connection with the implementation of the recommendations of the Bank
for International Settlements or the Basel Committee on Banking Supervision (or any successor or similar authority), in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date adopted,
issued, promulgated or implemented. 
 “Class”, when used in reference to any Loan or Borrowing, refers to whether such
Loan, or the Loans constituting such Borrowing, are Syndicated Dollar Loans, Syndicated Multicurrency Loans or Swingline Loans; when used in reference to any Lender, refers to whether such Lender is a Dollar Lender or a Multicurrency Lender; and,
when used in reference to any Commitment, refers to whether such Commitment is a Dollar Commitment or a Multicurrency Commitment. The “Class” of a Letter of Credit refers to whether such Letter of Credit is a Dollar Letter of Credit
or a Multicurrency Letter of Credit. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time. 

“Collateral” has the meaning assigned to such term in the Guarantee and Security Agreement. 

“Collateral Agent” means Truist in its capacity as Collateral Agent under the Guarantee and Security Agreement, and includes
any successor Collateral Agent thereunder. 
 “Collateral Pool” means, at any time, each Portfolio Investment that has been
Delivered (as defined in the Guarantee and Security Agreement) to the Collateral Agent and is subject to the Lien of the Guaranty and Security Agreement, and then only for so long as such Portfolio Investment continues to be Delivered as
contemplated therein and in which the Collateral Agent has a first-priority perfected Lien as security for the Secured Obligations (as defined in the Guarantee and Security Agreement) (subject to any Lien permitted by Section 6.02 hereof),
provided that in the case of any Portfolio Investment in which the Collateral Agent has a first-priority perfected (other than, for a period of up to 7 days (or such longer period up to thirty (30) days as the Administrative Agent and the
Collateral Agent may agree in their respective sole discretion), customary rights of setoff, banker’s lien, security interest or other like right upon deposit accounts and securities accounts of such Obligor in which such Portfolio Investments
are held) security interest pursuant to a valid Uniform Commercial Code filing, such Portfolio Investment may be included in the Borrowing Base so long as all remaining actions to complete “Delivery” are satisfied in full within 7 days of
such inclusion (or such longer period up to thirty (30) days as the Administrative Agent and the Collateral Agent may agree in their respective sole discretion). 

  
 13 

 “Combined Debt Amount” means, as of any date, (i) the aggregate Commitments
as of such date (or, if greater, the Revolving Credit Exposures of all Lenders as of such date) plus (ii) the aggregate amount of outstanding Designated Indebtedness (as such term is defined in the Guarantee and Security Agreement) and, without
duplication, the aggregate amount of unused commitments under any Designated Indebtedness (as such term is defined in the Guarantee and Security Agreement). 

“Commitment Increase” has the meaning assigned to such term in Section 2.08(e). 

“Commitment Increase Date” has the meaning assigned to such term in Section 2.08(e). 

“Commitments” means, collectively, the Dollar Commitments and the Multicurrency Commitments. 

“Commitment Termination Date” means August 13, 2025, as such date may be extended upon the consent of each affected
Lender. 
 “Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however
denominated) or that are franchise Taxes or branch profits Taxes. 
 “Consolidated Asset Coverage Ratio” means the ratio,
determined on a consolidated basis for Borrower and its Subsidiaries, without duplication, of (a) the value of total assets of the Borrower and its Subsidiaries, less all liabilities and indebtedness not represented by senior securities to
(b) the aggregate amount of senior securities representing indebtedness of Borrower and its Subsidiaries (including any Indebtedness outstanding under this Agreement or under any Designated Swap (it being understood that, for purposes of this
clause (b), the amount of any such Indebtedness under a Designated Swap shall be the excess of the notional value of the reference obligations under such Designated Swap over the value of the margin posted by the Borrower or any of its
Subsidiaries thereunder)), in each case as determined pursuant to the Investment Company Act and any orders of the Securities and Exchange Commission issued to or with respect to Borrower thereunder, including any exemptive relief granted by the
Securities and Exchange Commission with respect to the indebtedness of any SBIC Subsidiary or otherwise (including, for the avoidance of doubt, any exclusion of such indebtedness in the foregoing calculation). 

“Consolidated Group” has the meaning assigned to such term in Section 5.13(a). 

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or
policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto; provided, however, “Control” shall
not include “negative” control or “blocking” rights whereby action cannot be taken without the vote or consent of any Person. 

“Corresponding Tenor” with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an
interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor. 

  
 14 

 “Covered Debt Amount” means, on any date, the sum of (x) all of the
Revolving Credit Exposures of all Lenders on such date plus (y) the aggregate amount of Other Covered Indebtedness (including Permitted Convertible Indebtedness and Special Permitted Indebtedness constituting Unsecured Shorter-Term
Indebtedness) on such date minus (z) the LC Exposures fully Cash Collateralized on such date pursuant to Section 2.05(k) and the last paragraph of Section 2.09(a); provided that
the 2022 Notes, 2025 Notes, 2026 Notes, Permitted Convertible Indebtedness and Special Permitted Indebtedness constituting Unsecured Shorter-Term Indebtedness shall be excluded from the calculation of the Covered Debt Amount until the date that is
nine (9) months prior to the scheduled maturity date of such Indebtedness (provided that to the extent, but only to the extent, any portion of any such Indebtedness is subject to a contractually scheduled amortization payment, other principal
payment or redemption (other than any conversion into Permitted Equity Interests) earlier than the scheduled maturity date of such Indebtedness (in the case of Permitted Convertible Indebtedness and Special Permitted Indebtedness constituting
Unsecured Shorter-Term Indebtedness), such portion of such Indebtedness shall be included in the calculation of the Covered Debt Amount beginning upon the date that is the later of (i) 9 months prior to such scheduled amortization payment, other
principal payment or redemption and (ii) the date the Borrower becomes aware that such Indebtedness is required to be paid or redeemed). For the avoidance of doubt, for purposes of calculating the Covered Debt Amount, any Permitted Convertible
Indebtedness and Special Permitted Indebtedness that constitutes Unsecured Shorter-Term Indebtedness that is included in the calculation of the Covered Debt Amount at any time will be included at the then outstanding principal balance thereof. 

“Currency” means Dollars or any Foreign Currency. 

“Custodian Control Agreement” has the meaning assigned to such term in Section 4.01(a)(vi). 

“Daily Simple RFR” means, for any day (an “RFR Interest Day”), an interest rate per annum equal to the
greater of (i) SONIA for the day (the “RFR Reference Day”) that is five Business Days prior to (A) if such RFR Interest Day is a Business Day, such RFR Interest Day or (B) if such RFR Interest Day is not a Business
Day, the Business Day immediately preceding such RFR Interest Day and (ii) 0.00%. If by 5:00 p.m., (London time), on the second Business Day immediately following any RFR Reference Day, SONIA in respect of such RFR Reference Day has not been
published on the SONIA RFR Administrator’s Website and a Benchmark Replacement Date with respect to the Daily Simple RFR has not occurred, then SONIA for such RFR Reference Day will be SONIA as published in respect of the first preceding RFR
Business Day for which SONIA was published on the SONIA Administrator’s Website; provided that SONIA as determined pursuant to this sentence shall be utilized for purposes of calculating the Daily Simple RFR for no more than three consecutive
RFR Interest Days. Any change in Daily Simple RFR due to a change in SONIA shall be effective from and including the effective date of such change in SONIA without notice to the Borrower. 

“Daily Simple SOFR” means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being
established by the Administrative Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining “Daily Simple SOFR” for syndicated business loans; provided, that if
the Administrative Agent decides that any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its reasonable discretion. 

  
 15 

 “Default” means any event or condition which constitutes an Event of Default or
which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default. 
 “Defaulting Lender”
means, subject to Section 2.19(b), any Lender that (a) has failed to (i) fund all or any portion of its Loans or participations in Letters of Credit within two Business Days of the date such Loans were required to
be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s reasonable determination that one or more conditions precedent to funding (each of which
conditions precedent, together with the applicable default, if any, shall be specifically identified in detail in such writing) has not been satisfied or has not otherwise been waived in accordance with the terms of this Agreement or (ii) pay
to the Administrative Agent, Issuing Bank, Swingline Lender or any Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swingline Loans) within two Business Days of the date
when due, (b) has notified the Borrower, the Administrative Agent, Issuing Bank or Swingline Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such
writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s commercially reasonable determination that a condition precedent to funding (which condition
precedent, together with the applicable default, if any, shall be specifically identified in detail in such writing or public statement) cannot be satisfied), (c) has failed, within three Business Days after written request by the Administrative
Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this
clause (c) upon receipt of such written confirmation by Administrative Agent and Borrower), or (d) Administrative Agent has received notification that such Lender has become, or has a direct or indirect Parent Company that is,
(i) insolvent, or is generally unable to pay its debts as they become due, or admits in writing its inability to pay its debts as they become due, or makes a general assignment for the benefit of its creditors, (ii) other than via an
Undisclosed Administration, the subject of a bankruptcy, insolvency, reorganization, liquidation or similar proceeding, or a receiver, trustee, conservator, intervenor or sequestrator or the like has been appointed for such Lender or its direct or
indirect Parent Company, or such Lender or its direct or indirect Parent Company has taken any action in furtherance of or indicating its consent to or acquiescence in any such proceeding or appointment or (iii) the subject of a Bail-In Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any Equity Interest in that Lender or any direct or indirect Parent Company thereof
by a Governmental Authority or instrumentality so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of
attachment on its assets or permit such Lender (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a
Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to
Section 2.19(b)) upon such determination (and the Administrative Agent shall deliver written notice of such determination to the Borrower, the Issuing Bank and each Lender and the Swingline Lender). 

  
 16 

 “Designated Obligations” means all obligations of the Borrower with respect to
(a) principal of and interest on the Loans and (b) accrued and unpaid fees under the Loan Documents. 
 “Designated
Swap” means any total return swap, credit default swap or equity hedging agreement entered into as a means to invest in bonds, notes, loans, debentures or securities on a leveraged basis. 

“Disposition” or “Dispose” means the sale, transfer, license, lease or other disposition (including any sale
and leaseback transaction) of any property by any Person (or the granting of any option or other right to do any of the foregoing), including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts
receivable or any rights and claims associated therewith; provided that the term “Disposition” or “Dispose” shall not include the disposition of Investments originated by the Borrower and immediately transferred to a
Financing Subsidiary pursuant to a transaction not prohibited hereunder. 
 “Dollar Commitment” means, with respect to each
Dollar Lender, the commitment of such Dollar Lender to make Syndicated Loans, and to acquire participations in Letters of Credit and Swingline Loans, denominated in Dollars hereunder, expressed as an amount representing the maximum aggregate amount
of such Lender’s Revolving Dollar Credit Exposure hereunder, as such commitment may be (a) reduced or increased from time to time pursuant to Section 2.08 and (b) reduced or increased from time to time
pursuant to assignments by or to such Lender pursuant to Section 9.04. The initial amount of each Lender’s Dollar Commitment is set forth on Schedule 1.01(b), or in the Assignment and
Assumption pursuant to which such Lender shall have assumed its Dollar Commitment, as applicable. The aggregate amount of the Lenders’ Dollar Commitments as of the Eighth Amendment Effective Date is $195,000,000. 

“Dollar Equivalent” means, on any date of determination, with respect to an amount denominated in any Foreign Currency, the
amount of Dollars that would be required to purchase such amount of such Foreign Currency on the date two Business Days prior to such date, based upon the spot selling rate at which the Administrative Agent or the Issuing Bank, as applicable, offers
to sell such Foreign Currency for Dollars in the Principal Financial Center for such Foreign Currency at approximately 11:00 a.m., Applicable Time, for delivery two Business Days later; provided that the Administrative Agent or such
Issuing Bank, as applicable, may obtain such spot rate from another financial institution designated by the Administrative Agent or the Issuing Bank if the Person acting in such capacity does not have as of the date of determination a spot buying
rate for any such currency; and provided further that the Issuing Bank may use such spot rate quoted on the date as of which the foreign exchange computation is made in the case of any Letters of Credit denominated in any Agreed
Foreign Currency. 
 “Dollar LC Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of all
outstanding Dollar Letters of Credit at such time plus (b) the aggregate amount of all LC Disbursements in respect of such Letters of Credit that have not yet been reimbursed by or on behalf of the Borrower at such time. The Dollar LC
Exposure of any Lender at any time shall 

  
 17 

 
be its Applicable Dollar Percentage of the total Dollar LC Exposure at such time. For all purposes of this Agreement, if on any date of determination a Dollar Letter of Credit has expired by its
terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the International Standby Practices, such Dollar Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be
drawn. 
 “Dollar Lender” means the Persons listed on Schedule 1.01(b) as having Dollar
Commitments and any other Person that shall have become a party hereto pursuant to an Assignment and Assumption that provides for it to assume a Dollar Commitment or to acquire Revolving Dollar Credit Exposure, other than any such Person that ceases
to be a party hereto pursuant to an Assignment and Assumption. 
 “Dollar Letters of Credit” means Letters of Credit that
utilize the Dollar Commitments. 
 “Dollar Loan” means a Loan denominated in Dollars. 

“Dollars” or “$” refers to lawful money of the United States of America. 

“Early Opt-in Election” means, if the then-current Benchmark for any Currency is the
Adjusted Eurocurrency Rate, the occurrence of: 
 (a) a notification by the Administrative Agent to (or the request by the Borrower to the
Administrative Agent to notify) each of the other parties hereto that at least five currently outstanding syndicated credit facilities denominated in such Currency at such time contain (as a result of amendment or as originally executed) (1) in
the case of syndicated credit facilities denominated in Dollars, a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark rate, or (2) in the case of syndicated credit facilities denominated in any other
Currency, the same replacement benchmark with respect to such Currency (and, in each case, such syndicated credit facilities are identified in such notice and are publicly available for review), and 

(b) the joint election by the Administrative Agent and the Borrower to trigger a fallback from the Adjusted Eurocurrency Rate for such Currency
and the provision by the Administrative Agent of written notice of such election to the Lenders. 
 “EEA Financial
Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which
is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition
and is subject to consolidated supervision with its parent. 
 “EEA Member Country” means any of the member states of the
European Union, Iceland, Liechtenstein and Norway. 

  
 18 

 “EEA Resolution Authority” means any public administrative authority or any
Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Effective Date” means the date on which the conditions specified in Section 4.01 are satisfied (or
waived in accordance with Section 9.02), which date is September 19, 2013. 
 “Equity
Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests or equivalents (however designated, including any
instrument treated as equity for U.S. federal income Tax purposes) in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such equity interest. As used in this Agreement, “Equity
Interests” shall not include convertible debt unless and until such debt has been converted to any of the foregoing. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time. 

“ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with the Borrower, is treated as a
single employer under Section 414(b) or (c) of the Code, or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code. 

“ERISA Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations
issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) any failure by any Plan to satisfy the minimum funding standard (within the meaning of
Section 412 of the Code or Section 302 of ERISA) applicable to such Plan; (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with
respect to any Plan; (d) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Borrower or any ERISA Affiliate from the
PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by the Borrower or any of its ERISA Affiliates of any liability with respect
to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower or any ERISA Affiliate of any
notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent, within the meaning of Title IV of ERISA. 

“Erroneous Payment” has the meaning assigned to it in Section 8.09(a). 

“Erroneous Payment Deficiency Assignment” has the meaning assigned to it in Section 8.09(d). 

“Erroneous Payment Impacted Class” has the meaning assigned to it in Section 8.09(d). 

  
 19 

 “Erroneous Payment Return Deficiency” has the meaning assigned to it in
Section 8.09(d). 
 “Erroneous Payment Subrogation Rights” has the meaning assigned to it in
Section 8.09(d). 
 “EU Bail-In Legislation Schedule”
means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. 

“Euro” means a single currency of the Participating Member States. 

“Eurocurrency”, when used in reference to any Loan or Borrowing, refers to whether such Loan is, or the Loans constituting
such Borrowing are, bearing interest at a rate determined by reference to the Adjusted Eurocurrency Rate. 
 “Eurocurrency Banking
Day” means for Eurocurrency Loans, Eurocurrency Borrowings, interest, fees, commissions or other amounts denominated in, or calculated with respect to: 

(a) Dollars, any day (other than a Saturday or Sunday) on which banks are open for business in London, England; 

(b) Euros, a TARGET Day; 
 (c)
Canadian Dollars, any day (other than a Saturday or Sunday) on which banks are open for business in Toronto, Canada. 
 “Eurocurrency
Rate” means, for any Interest Period: 
 (a) in the case of Eurocurrency Borrowings denominated in Dollars, the ICE
Benchmark Administration Limited London interbank offered rate per annum for deposits in Dollars for a period equal to the Interest Period as displayed in the Bloomberg Financial Markets System (or such other page on that service or such other
service designated by the ICE Benchmark Administration Limited for the display of such Administration’s London interbank offered rate for deposits in Dollars) as of 11:00 a.m., London time on the day that is two Eurocurrency Banking Days for
Dollars prior to the first day of the Interest Period (the “LIBO Screen Rate”); provided that if the Administrative Agent determines that the relevant foregoing sources are unavailable for the relevant Interest Period, Eurocurrency
Rate shall mean for Dollars, the rate of interest determined by the Administrative Agent to be the average (rounded upward, if necessary, to the nearest 1/100th of 1%) of the rate per annum at which the Administrative Agent could borrow funds if it
were to do so by asking for and then accepting interbank offers two Eurocurrency Banking Days for Dollars preceding the first day of such Interest Period in the London interbank market for Dollars as of 11:00 a.m. for delivery on the first day of
such Interest Period, for the number of days comprised therein and in an amount comparable to the amount of the Administrative Agent’s portion of the relevant Eurocurrency Borrowing; 

  
 20 

 (b) in the case of Eurocurrency Borrowings denominated in Euros, the rate per
annum equal to the Euro Interbank Offered Rate as administered by the European Money Markets Institute (or any other Person that takes over the administration of such rate) for a period equal in length to such Interest Period, as displayed on the
applicable Bloomberg page (or on any successor or substitute page or service providing such quotations as determined by the Administrative Agent from time to time in its reasonable discretion; in each case, the “EURIBOR Screen
Rate”) at approximately 11:00 a.m. (Brussels time) two Eurocurrency Banking Days for Euros prior to the first day of such Interest Period; 

(c) in the case of Eurocurrency Borrowings denominated in Canadian Dollars, the rate per annum equal to the average of the
annual yield rates applicable to Canadian Dollar bankers’ acceptances at or about 10:00 a.m. (Toronto, Ontario time) on the first day of such Interest Period (or if such day is not a Eurocurrency Banking Day, then on the immediately preceding
Eurocurrency Banking Day) as reported on the “CDOR Page” (or any display substituted therefor) of Reuters Monitor Money Rates Service (or such other page or commercially available source displaying Canadian interbank bid rates for Canadian
Dollar bankers’ acceptances as may be designated by the Administrative Agent from time to time) for a term equivalent to such Interest Period (or if such Interest Period is not equal to a number of months, for a term equivalent to the number of
months closest to such Interest Period) (the “CDOR Screen Rate”); 
 provided in each case, if such
rate for any Currency is less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 
 “Event of
Default” has the meaning assigned to such term in Article VII. 
 “Excluded Taxes” means any of the
following Taxes imposed on or with respect to, or required to be withheld or deducted from a payment to, the Administrative Agent, any Lender, the Issuing Bank or any other recipient of any payment to be made by or on account of any obligation of
the Borrower hereunder, (a) Taxes imposed on (or measured by) its net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such recipient being organized under the laws of,
or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a
Lender, any U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in the Loans or Commitments pursuant to a law in effect on the date on which (i) at the time such
Lender (other than an assignee pursuant to a request by the Borrower under Section 2.18(b)) acquires such interest in the Loans or Commitments or (ii) such Lender changes its lending office, except in each case to the
extent that, pursuant to Section 2.16, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it
changed its lending office, (c) Taxes attributable to such Lender’s, Administrative Agent’s, the Issuing Bank’s or any other recipient’s failure to comply with Section 2.16(f), and (d) any U.S.
federal withholding Tax that is imposed pursuant to FATCA. 

  
 21 

 “Extraordinary Receipts” means any cash received by or paid to any Obligor on
account of any foreign, United States, state or local Tax refunds, pension plan reversions, judgments, proceeds of settlements or other consideration of any kind in connection with any cause of action, condemnation awards (and payments in lieu
thereof), indemnity payments received not in the ordinary course of business and any purchase price adjustment received not in the ordinary course of business in connection with any purchase agreement and proceeds of insurance (excluding, however,
for the avoidance of doubt, proceeds of any issuance of Equity Interests and issuances of Indebtedness by any Obligor); provided that Extraordinary Receipts shall not include any (x) amounts that the Borrower receives from the
Administrative Agent or any Lender pursuant to Section 2.16(g), or (y) cash receipts to the extent received from proceeds of insurance, condemnation awards (or payments in lieu thereof), indemnity payments or payments
in respect of judgments or settlements of claims, litigation or proceedings to the extent that such proceeds, awards or payments are received by any Person in respect of any unaffiliated third party claim against or loss by such Person and promptly
applied to pay (or to reimburse such Person for its prior payment of) such claim or loss and the costs and expenses of such Person with respect thereto. 

“FATCA” means Section 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor
version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any
fiscal or regulatory legislation or rules adopted pursuant to any published intergovernmental agreement, treaty or convention among Governmental Authorities entered into in connection with the implementation of the foregoing. 

“Federal Funds Effective Rate” means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of
1%) of the rates on overnight federal funds transactions, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average (rounded
upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by the Administrative Agent from three federal funds brokers of recognized standing selected by it. 

“Final Maturity Date” means August 13, 2026. 

“Financial Officer” means the chief financial officer, principal accounting officer, treasurer or controller of the Borrower.

 “Financing Subsidiary” means an SPE Subsidiary or an SBIC Subsidiary. 

“Fitch” means Fitch Ratings Inc. 

“Floor” means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement,
the modification, amendment or renewal of this Agreement or otherwise) with respect to any applicable Benchmark. 
 “Foreign
Currency” means at any time any Currency other than Dollars. 
 “Foreign Currency Equivalent” means, with respect
to any amount in Dollars, the amount of any Foreign Currency that could be purchased with such amount of Dollars using the reciprocal of the foreign exchange rate(s) specified in the definition of the term “Dollar Equivalent”, as
determined by the Administrative Agent. 

  
 22 

 “Foreign Lender” means any Lender that is not a “United States person”
as defined under Section 7701(a)(30) of the Code. 
 “Foreign Subsidiary” means any (a) direct or indirect
Subsidiary of the Borrower which is a “controlled foreign corporation” within the meaning of the Code, (b) direct or indirect Subsidiary that is disregarded as an entity that is separate from its owner for United States federal income
tax purposes and substantially all of its assets consist of the Capital Stock of one or more Foreign Subsidiaries or (c) direct or indirect Subsidiary substantially all the assets of which consist of Equity Interests in “controlled foreign
corporations” within the meaning of the Code. 
 “Fronting Exposure” means, at any time there is a Defaulting Lender,
with respect to any Issuing Bank, such Defaulting Lender’s (a) Applicable Dollar Percentage of the outstanding Dollar LC Exposure and (b) Applicable Multicurrency Percentage of the outstanding Multicurrency LC Exposure, in each case
with respect to Letters of Credit issued by such Issuing Bank other than Dollar LC Exposure or Multicurrency LC Exposure, as the case may be, as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or
Cash Collateralized in accordance with the terms hereof. 
 “GAAP” means generally accepted accounting principles in the
United States of America. 
 “GICS” means, as of any date, the most recently published Global Industry Classification
Standard. 
 “GICS Industry Group Classification” means any industry group classification within GICS, as updated and
amended from time to time. 
 “Governmental Authority” means the government of the United States of America, or of any
other nation, or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or
administrative powers or functions of or pertaining to government (including any supra-national body exercising such powers or functions, such as the European Union or the European Central Bank). 

“Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the
guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation
of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for
the payment thereof, (b) to purchase or lease property securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity capital or any
other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit or letter of guaranty

  
 23 

 
issued to support such Indebtedness or obligation; provided that the term Guarantee shall not include (i) endorsements for collection or deposit in the ordinary course of business or
(ii) customary indemnification agreements entered into in the ordinary course of business, provided that such indemnification obligations are unsecured, such Person has determined that liability thereunder is remote and such indemnification
obligations are not the functional equivalent of the guaranty of a payment obligation of the primary obligor. 
 “Guarantee and
Security Agreement” means that certain Guarantee and Security Agreement dated as of September 19, 2013 among the Borrower, the Administrative Agent, each Subsidiary of the Borrower from time to time party thereto, each holder (or an
authorized agent, representative or trustee therefor) from time to time of any Secured Longer-Term Indebtedness or Secured Shorter-Term Indebtedness, and the Collateral Agent, as the same shall be amended, modified, restated and supplemented and in
effect from time to time. 
 “Guarantee Assumption Agreement” means a Guarantee Assumption Agreement substantially in the
form of Exhibit B to the Guarantee and Security Agreement (or such other form as shall be reasonably satisfactory to the Collateral Agent) between the Collateral Agent and an entity that pursuant to Section 5.08 is
required to become a “Subsidiary Guarantor” under the Guarantee and Security Agreement (with such changes as the Administrative Agent shall request consistent with the requirements of Section 5.08). 

“Hedging Agreement” means any interest rate protection agreement, foreign currency exchange protection agreement, commodity
price protection agreement, or other interest, currency exchange rate or commodity hedging arrangement; provided, however, in no event shall any Designated Swap be treated as a Hedging Agreement hereunder. 

“Immaterial Subsidiaries” means those Subsidiaries of the Borrower that are “designated” as Immaterial Subsidiaries
by the Borrower from time to time (it being understood that the Borrower may at any time change any such designation); provided that such designated Immaterial Subsidiaries shall collectively meet all of the following criteria as of the date
of the most recent balance sheet required to be delivered pursuant to Section 5.01: (a) the aggregate assets of such Subsidiaries and their Subsidiaries (on a consolidated basis) as of such date do not exceed an amount
equal to 3% of the consolidated assets of the Borrower and its Subsidiaries as of such date; and (b) the aggregate revenues of such Subsidiaries and their Subsidiaries (on a consolidated basis) for the fiscal quarter ending on such date do not
exceed an amount equal to 3% of the consolidated revenues of the Borrower and its Subsidiaries for such period. 
 “Increasing
Lender” has the meaning assigned to such term in Section 2.08(e). 
 “Indebtedness” of
any Person means, without duplication, (a) all obligations of such Person for borrowed money or with respect to deposits or advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar
instruments representing extensions of credit, (c) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person (excluding accounts payable and accrued expenses incurred
in the ordinary course of business), (d) all obligations of such Person in respect of the deferred purchase price of property or services (excluding accounts payable and accrued expenses incurred in the ordinary course of business),
(e) all Indebtedness of 

  
 24 

 
others secured by any Lien (other than a Lien permitted by Section 6.02(d)) on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed
(with the value of such Indebtedness being the lower of the outstanding amount of such Indebtedness and the fair market value of the property subject to such Lien), (f) all Guarantees by such Person of Indebtedness of others, (g) all
Capital Lease Obligations of such Person, (h) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty, (i) all obligations, contingent or otherwise, of such
Person in respect of bankers’ acceptances and (j) all obligations of such Person under any Designated Swap (it being understood that, for purposes of this definition, the amount of any such Indebtedness under a Designated Swap shall be the
excess of the notional value of the reference obligations under such Designated Swap over the value of the margin posted by the Borrower or any of its Subsidiaries thereunder). The Indebtedness of any Person shall include the Indebtedness of any
other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent
the terms of such Indebtedness provide that such Person is not liable therefor. Notwithstanding the foregoing, “Indebtedness” shall not include (u) any revolving commitments or letters of credit for which any Obligor is acting as a
lender or issuing lender, as applicable, as part of or in connection with a Portfolio Investment, (v) any non-recourse liabilities for participations sold by any Person in any Bank Loans, (w) escrows
or purchase price holdbacks arising in the ordinary course of business in respect of a portion of the purchase price of an asset or Investment to satisfy unperformed obligations of the seller of such asset or Investment, (x) a commitment
arising in the ordinary course of business to make a future Investment, (y) any accrued incentive, management or other fees to the Investment Adviser or Affiliates (regardless of any deferral in payment thereof) or (z) uncalled capital or
other commitments of an Obligor in Joint Venture Investments, as well as any letter or agreement requiring any Obligor to provide capital to a Joint Venture Investment or a lender to a Joint Venture Investment. 

“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on
account of any obligation of the Borrower under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes. 

“Independent” when used with respect to any specified Person means that such Person (a) does not have any direct
financial interest or any material indirect financial interest in the Borrower or any of its Subsidiaries or Affiliates (including its investment adviser or any Affiliate thereof) and (b) is not connected with the Borrower or of its
Subsidiaries or Affiliates (including its investment adviser or any Affiliate thereof) as an officer, employee, promoter, underwriter, trustee, partner, director or Person performing similar functions. 

“Industry Classification Group” means (a) any of the GICS Industry Group Classifications set forth in Schedule
1.01(c) hereto, together with any such group classifications that may be subsequently added to GICS and provided by the Borrower to the Lenders, and (b) up to three additional industry group classifications established by the Borrower
pursuant to Section 5.12. 
 “Interest Election Request” means a request by the Borrower to
convert or continue a Syndicated Borrowing in accordance with Section 2.07. 

  
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 “Interest Payment Date” means (a) with respect to any Syndicated ABR Loan
or RFR Loan, each Quarterly Date, (b) with respect to any Eurocurrency Loan, the last day of each Interest Period therefor and, in the case of any Interest Period of more than three months’ duration, each day prior to the last day of such
Interest Period that occurs at three-month intervals after the first day of such Interest Period and (c) with respect to any Swingline Loan, the day that such Loan is required to be repaid. 

“Interest Period” means, for any Eurocurrency Loan or Borrowing, the period commencing on the date of such Loan or Borrowing
and ending on the numerically corresponding day in the calendar month that is one month, three months or, except with respect to Eurocurrency Loans denominated in Canadian Dollars, six months thereafter or, with respect to such portion of any
Eurocurrency Loan or Borrowing denominated in a Foreign Currency that is scheduled to be repaid on the Final Maturity Date, a period of less than one month’s duration commencing on the date of such Loan or Borrowing and ending on the Final
Maturity Date, as specified in the applicable Borrowing Request or Interest Election Request; provided that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next
succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day, and (ii) any Interest Period (other than an Interest Period
pertaining to a Eurocurrency Borrowing denominated in a Foreign Currency that ends on the Final Maturity Date that is permitted to be of less than one month’s duration as provided in this definition) that commences on the last Business Day
of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof,
the date of a Loan initially shall be the date on which such Loan is made and thereafter shall be the effective date of the most recent conversion or continuation of such Loan, and the date of a Syndicated Borrowing comprising Loans that have been
converted or continued shall be the effective date of the most recent conversion or continuation of such Loans. 

“Investment” means, for any Person: (a) Equity Interests, bonds, notes, debentures or other securities of any other
Person or any agreement to acquire any Equity Interests, bonds, notes, debentures or other securities of any other Person (and any rights or proceeds in respect of (x) any “short sale” of securities or (y) any sale of any
securities at a time when such securities are not owned by such Person); (b) deposits, advances, loans or other extensions of credit made to any other Person (including purchases of property from another Person subject to an understanding or
agreement, contingent or otherwise, to resell such property to such Person, but excluding any advances to employees, officers, directors and consultants of such Borrower or any of its Subsidiaries for expenses in the ordinary course of business); or
(c) Hedging Agreements and Designated Swaps. 
 “Investment Adviser” means Goldman Sachs Asset Management, L.P. 

“Investment Company Act” means the Investment Company Act of 1940, as amended from time to time. 

  
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 “Investment Policies” means the investment objectives, policies, restrictions
and limitations set forth in the “BUSINESS” section of its Registration Statement, and as the same may be changed, altered, expanded, amended, modified, terminated or restated from time to time. 

“ISDA Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or
any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time by the International Swaps and Derivatives Association, Inc. or such successor
thereto. 
 “Issuing Bank” means Truist, in its capacity as the issuer of Letters of Credit hereunder, and its successors
in such capacity as provided in Section 2.05(j). In the case of any Letter of Credit to be issued in an Agreed Foreign Currency, Truist may designate any of its affiliates as the “Issuing Bank” for purposes of
such Letter of Credit. 
 “IVP Supplemental Cap” has the meaning assigned to such term in
Section 9.03(a). 
 “Joint Lead Arrangers” means Truist Securities, Inc. and BofA Securities,
Inc. 
 “Joint Venture Investment” means, with respect to any Person, any Investment by such Person in a joint venture or
other investment vehicle in the form of a capital investment, loan or other commitment in or to such joint venture or other investment vehicle pursuant to which such Person may be required to provide contributions, investments, or financing to such
joint venture or other investment vehicle and which Investment the Borrower has designated as a “Joint Venture Investment”. 

“LC Disbursement” means a payment made by the Issuing Bank pursuant to a Letter of Credit. 

“LC Exposure” means, at any time, the sum of the Dollar LC Exposure and the Multicurrency LC Exposure. 

“Lenders” means, collectively, the Dollar Lenders and the Multicurrency Lenders. Unless the context otherwise requires, the
term “Lenders” includes the Swingline Lender. 
 “Letter of Credit” means any letter of credit issued pursuant to
this Agreement. 
 “Letter of Credit Collateral Account” has the meaning assigned to such term in
Section 2.05(k). 
 “Letter of Credit Documents” means, with respect to any Letter of Credit,
collectively, any application therefor and any other agreements, instruments, guarantees or other documents (whether general in application or applicable only to such Letter of Credit) governing or providing for (a) the rights and
obligations of the parties concerned or at risk with respect to such Letter of Credit or (b) any collateral security for any of such obligations, each as the same may be modified and supplemented and in effect from time to time. 

  
 27 

 “Lien” means, with respect to any asset, (a) any mortgage, deed of trust,
lien, pledge, hypothecation, encumbrance in the form of a security interest, charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention
agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to
such securities (other than on market terms at fair value so long as in the case of any Portfolio Investment, the Value used in determining the Borrowing Base is not greater than the purchase or call price), except in favor of the issuer thereof
(and, for the avoidance of doubt, in the case of Investments that are loans or other debt obligations, customary restrictions on assignments or transfers thereof pursuant to the underlying documentation of such Investment shall not be deemed to be a
“Lien” and in the case of Investments that are securities, excluding customary drag-along, tag-along, right of first refusal, restrictions on assignments or transfers and other similar rights in
favor of one or more equity holders of the same issuer). 
 “Loan Documents” means, collectively, this Agreement, the
Letter of Credit Documents and the Security Documents. 
 “Loans” means the loans made by the Lenders to the Borrower
pursuant to this Agreement. 
 “Losses” has the meaning assigned to such term in Section 9.03(b).

 “Margin Stock” means “margin stock” within the meaning of Regulations T, U and X. 

“Market Value Investments” has the meaning assigned to such term in Section 5.12(b)(ii)(B)(z). 

“Material Adverse Effect” means a material adverse effect on (a) the business, Investments and other assets, liabilities
or financial condition of the Borrower or the Borrower and its Subsidiaries (other than Financing Subsidiaries) taken as a whole (excluding in any case a decline in the net asset value of the Borrower or a change in general market conditions or
values of the Investments), or (b) the validity or enforceability of any of the Loan Documents or the rights or remedies of the Administrative Agent and the Lenders thereunder. 

“Material Indebtedness” means (a) Indebtedness (other than the Loans, Letters of Credit, Hedging Agreements and
Designated Swaps), of any one or more of the Borrower and its Subsidiaries in an aggregate principal amount exceeding $40,000,000 and (b) obligations in respect of one or more Hedging Agreements or Designated Swaps under which the maximum
aggregate amount (giving effect to any netting agreements) that the Borrower and its Subsidiaries would be required to pay if such Hedging Agreement(s) or such Designated Swap(s) were terminated at such time would exceed $40,000,000. 

“Minimum Collateral Amount” means, at any time, with respect to Cash Collateral consisting of Cash or deposit account
balances, an amount equal to 100% of the Fronting Exposure of the Issuing Bank with respect to Letters of Credit issued and outstanding at such time. 

  
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 “MMLC” means Goldman Sachs Middle Market Lending Corp. 

“MMLC Merger Agreement” means the Agreement and Plan of Merger, dated as of December 9, 2019, by and among the Borrower,
Evergreen Merger Sub, Inc., MMLC and GSAM. 
 “Moody’s” means Moody’s Investors Service, Inc. or any successor
thereto. 
 “Multicurrency Commitment” means, with respect to each Multicurrency Lender, the commitment of such
Multicurrency Lender to make Syndicated Loans, and to acquire participations in Letters of Credit and Swingline Loans, denominated in Dollars and in Agreed Foreign Currencies hereunder, expressed as an amount representing the maximum aggregate
amount of such Lender’s Revolving Multicurrency Credit Exposure hereunder, as such commitment may be (a) reduced or increased from time to time pursuant to Section 2.08 and (b) reduced or increased from time
to time pursuant to assignments by or to such Lender pursuant to Section 9.04. The initial amount of each Lender’s Multicurrency Commitment is set forth on Schedule 1.01(b), or in the
Assignment and Assumption pursuant to which such Lender shall have assumed its Multicurrency commitment, as applicable. The aggregate amount of the Lenders’ Multicurrency Commitments as of the Eighth Amendment Effective Date is $1,500,000,000.

 “Multicurrency LC Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding
Multicurrency Letters of Credit at such time plus (b) the aggregate amount of all LC Disbursements in respect of such Letters of Credit that have not yet been reimbursed by or on behalf of the Borrower at such time. The Multicurrency LC
Exposure of any Lender at any time shall be its Applicable Multicurrency Percentage of the total Multicurrency LC Exposure at such time. For purposes of computing the amount available to be drawn under any Multicurrency Letter of Credit, the amount
of such Multicurrency Letter of Credit shall be determined in accordance with Section 1.05. For all purposes of this Agreement, if on any date of determination a Multicurrency Letter of Credit has expired by its terms but
any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the International Standby Practices, such Multicurrency Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be
drawn. 
 “Multicurrency Lender” means the Persons listed on Schedule 1.01(b) as having
Multicurrency Commitments and any other Person that shall have become a party hereto pursuant to an Assignment and Assumption that provides for it to assume a Multicurrency Commitment or to acquire Revolving Multicurrency Credit Exposure, other than
any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. 
 “Multicurrency Letters of
Credit” means Letters of Credit that utilize the Multicurrency Commitments. 
 “Multicurrency Loan” means a Loan
denominated in Dollars or an Agreed Foreign Currency. 
 “Multiemployer Plan” means a multiemployer plan as defined in
Section 4001(a)(3) of ERISA. 

  
 29 

 “National Currency” means the currency, other than the Euro, of a Participating
Member State. 
 “Net Cash Proceeds” means: 

(a) with respect to any Disposition by the Borrower or any of its Subsidiaries (other than Financing Subsidiaries), or any
Extraordinary Receipt received or paid to the account of the Borrower or any of its Subsidiaries (other than Financing Subsidiaries) (in each case, which requires a payment of the Loans under Section 2.10(d)), an amount
equal to (x) the sum of cash and Cash Equivalents received in connection with such transaction (including any cash or Cash Equivalents received by way of deferred payment pursuant to, or by monetization of, a note receivable or otherwise, but
only as and when so received) minus (y) the sum of (i) the principal amount of any Indebtedness that is secured by the applicable asset and that is required to be repaid in connection with such transaction (other than Indebtedness
under the Loan Documents), (ii) the reasonable out-of-pocket fees, costs and expenses incurred by the Borrower or such Subsidiary in connection with such transaction,
(iii) the Taxes paid or reasonably estimated to be actually payable within two years of the date of the relevant transaction in connection with such transaction; provided that, if the amount of any estimated Taxes pursuant to clause
(iii) exceeds the amount of Taxes actually required to be paid in cash in respect of such Disposition, the aggregate amount of such excess shall constitute Net Cash Proceeds (as of the date the Borrower determines such excess exists), (iv)
any reasonable costs, fees, commissions, premiums and expenses incurred by the Borrower or any of its Subsidiaries in connection with such Disposition, and (v) reserves for indemnification, purchase price adjustments or analogous arrangements
reasonably estimated by the Borrower or the relevant Subsidiary in connection with such Disposition; provided that, if the amount of any estimated reserves pursuant to this clause (v) exceeds the amount actually required to be paid in cash in
respect of indemnification, purchase price adjustments or analogous arrangements for such Disposition, the aggregate amount of such excess shall constitute Net Cash Proceeds (as of the date the Borrower determines such excess exists); and 

(b) with respect to the sale or issuance of any Equity Interest by the Borrower or any of its Subsidiaries (other than any
Financing Subsidiary) (including, for the avoidance of doubt, cash received by the Borrower or any of its Subsidiaries (other than any Financing Subsidiaries) for the sale by the Borrower or such Subsidiary of any Equity Interest of a Financing
Subsidiary but specifically excluding any sale of any Equity Interest by a Financing Subsidiary or cash received by a Financing Subsidiary in connection with the sale of any Equity Interest), or the incurrence or issuance of any Indebtedness by the
Borrower or any of its Subsidiaries (other than Financing Subsidiaries) (in each case, which requires a payment of the Loans under Section 2.10(d)), an amount equal to (x) the sum of the cash and Cash Equivalents
received in connection with such transaction minus (y) the sum of (i) reasonable out-of-pocket fees, costs and expenses, incurred by the Borrower or
such Subsidiary in connection therewith plus (ii) any reasonable costs, fees, commissions, premiums, expenses, or underwriting discounts or commissions incurred by the Borrower or any of its Subsidiaries in connection with such sale or
issuance. 

  
 30 

 “Non-Consenting Lender” has the meaning
assigned to such term in Section 9.02(d). 
 “Non-Defaulting
Lender” means, at any time, a Lender that is not a Defaulting Lender at such time. 

“Non-Public Information” means material
non-public information (within the meaning of United States federal, state or other applicable securities laws) with respect to Borrower or its Affiliates or their Securities. 

“Note” means a promissory note made by the Borrower in favor of a Lender evidencing Loans made by such Lender, in form and
substance reasonably acceptable to the Administrative Agent. 
 “Obligor” means, collectively, the Borrower and the
Subsidiary Guarantors. 
 “OFAC” has the meaning assigned to such term in Section 3.15. 

“Original Currency” has the meaning assigned to such term in Section 2.17. 

“Other Connection Taxes” means, with respect to the Administrative Agent, any Lender or the Issuing Bank, Taxes
imposed as a result of a present or former connection between such recipient and the jurisdiction imposing such Tax (other than connections arising from such recipient having executed, delivered, become a party to, performed its obligations under,
received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loans or Loan Document). 

“Other Covered Indebtedness” means, collectively, Secured Longer-Term Indebtedness, Secured Shorter-Term Indebtedness,
Unsecured Shorter-Term Indebtedness, and, upon the occurrence of any contingent event that results in the mandatory amortization of any Unsecured Longer-Term Indebtedness prior to the date that is six months after the Final Maturity Date, an amount
equal to the portion of such Unsecured Longer-Term Indebtedness that is subject to such mandatory amortization payment; provided that “Other Covered Indebtedness” shall not include any Indebtedness secured by a Lien on Investments
permitted under Section 6.02(e) or any Indebtedness permitted under Section 6.01(o). 

“Other Permitted Indebtedness” means (a) accrued expenses and current trade accounts payable incurred in the ordinary
course of the Borrower’s business which are not overdue for a period of more than 90 days or which are being contested in good faith by appropriate proceedings, (b) Indebtedness (other than Indebtedness for borrowed money) arising in
connection with transactions in the ordinary course of the Borrower’s business in connection with its purchasing of securities, loans, derivatives transactions, reverse repurchase agreements or dollar rolls to the extent such transactions are
permitted under the Investment Company Act and the Borrower’s Investment Policies (after giving effect to any Permitted Policy Amendments), provided that such Indebtedness in connection with reverse repurchase agreements or dollar rolls does
not arise in connection with the purchase of Investments other than Cash Equivalents and U.S. Government Securities, (c) Indebtedness in respect of judgments or awards so long as such judgments or awards do not constitute an Event of Default
under clause (l) of Article VII and (d) Indebtedness acquired in connection with the Borrower Merger in an aggregate principal amount not exceeding $1,000,000. 

  
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 “Other Taxes” means any and all present or future stamp, court, documentary,
intangibles, recording, filing or similar Taxes arising from any payment made under any Loan Document or from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or
otherwise with respect to, any Loan Document, excluding any such Taxes that are Other Connection Taxes resulting from an assignment by any Lender in accordance with Section 9.04 (unless such assignment is made pursuant to a
request of the Borrower under Section 2.18(b)). 
 “Parent Company” means, with respect to a
Lender, the bank holding company (as defined in Board Regulation Y), if any, of such Lender, and/or any Person owning, beneficially or of record, directly or indirectly, a majority of the outstanding Equity Interests of such Lender. 

“Participant” has the meaning assigned to such term in Section 9.04. 

“Participant Register” has the meaning assigned to such term in Section 9.04. 

“Participating Member State” means any member state of the European Community that adopts or has adopted the Euro as its
lawful currency in accordance with the legislation of the European Union relating to the European Monetary Union. 
 “Participation
Interest” means a participation interest in an investment that at the time of acquisition by the Borrower or another Obligor satisfies each of the following criteria: (a) the underlying investment would constitute a Portfolio
Investment were it acquired directly by the Borrower or another Obligor; (b) the seller of such participation interest is MMLC or any of its Subsidiaries; and (c) such participation provides the participant all of the economic benefit and
risk of the whole or part of such portfolio investment that is the subject of such participation interest. 
 “PBGC” means
the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions. 

“Permitted Convertible Indebtedness” means Indebtedness incurred by an Obligor that is convertible solely into Permitted
Equity Interests of the Borrower. The 2022 Notes shall constitute “Permitted Convertible Indebtedness” so long as the 2022 Notes are solely convertible into Permitted Equity Interests of the Borrower. 

“Permitted Equity Interests” means common stock of the Borrower that after its issuance is not subject to any agreement
between the holder of such common stock and the Borrower where the Borrower is required to purchase, redeem, retire, acquire, cancel or terminate any such common stock at any time prior to the first anniversary of the Final Maturity Date (as in
effect from time to time). 

  
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 “Permitted Indebtedness” means Permitted Convertible Indebtedness and any other
unsecured Indebtedness, in each case, incurred by an Obligor and designated by the Borrower as “Permitted Indebtedness” in writing to the Administrative Agent. 

“Permitted Liens” means (a) Liens imposed by any Governmental Authority for Taxes, assessments or charges not yet due or
that are being contested in good faith and by appropriate proceedings if adequate reserves with respect thereto are maintained on the books of the Borrower in accordance with GAAP; (b) Liens of clearing agencies, broker-dealers and similar
Liens incurred in the ordinary course of business, provided that such Liens (i) attach only to the securities (or proceeds) being purchased or sold and (ii) secure only obligations incurred in connection with such purchase or sale,
and not any obligation in connection with margin financing; (c) Liens imposed by law, such as materialmen’s, mechanics’, carriers’, workmens’, storage and repairmen’s Liens and other similar Liens arising in the
ordinary course of business and securing obligations (other than Indebtedness for borrowed money) not yet due or that are being contested in good faith and by appropriate proceedings if adequate reserves with respect thereto are maintained on the
books of the Borrower in accordance with GAAP; (d) Liens incurred or pledges or deposits made to secure obligations incurred in the ordinary course of business under workers’ compensation laws, unemployment insurance or other similar
social security legislation (other than in respect of employee benefit plans subject to ERISA) or to secure public or statutory obligations; (e) Liens securing the performance of, or payment in respect of, bids, insurance premiums,
deductibles or co-insured amounts, tenders, government or utility contracts (other than for the repayment of borrowed money), surety, stay, customs and appeal bonds and other obligations of a similar nature
incurred in the ordinary course of business; (f) Liens arising out of judgments or awards so long as such judgments or awards do not constitute an Event of Default under clause (l) of Article VII;
(g) customary rights of setoff and liens upon (i) deposits of cash in favor of banks or other depository institutions in which such cash is maintained in the ordinary course of business, (ii) cash and financial assets held in
securities accounts in favor of banks and other financial institutions with which such accounts are maintained in the ordinary course of business and (iii) assets held by a custodian in favor of such custodian in the ordinary course of business
securing payment of fees, indemnities and other similar obligations; (h) Liens arising solely from precautionary filings of financing statements under the Uniform Commercial Code of the applicable jurisdictions in respect of operating leases
entered into by the Borrower or any of its Subsidiaries in the ordinary course of business or in respect of assets sold or otherwise disposed of to a non-Obligor in a transaction permitted by this Agreement;
(i) deposits of money securing leases to which Borrower is a party as lessee made in the ordinary course of business; (j) Liens in favor of any escrow agent solely on and in respect of any cash earnest money deposits made by any Obligor in
connection with any letter of intent or purchase agreement (to the extent that the acquisition or disposition with respect thereto is otherwise permitted hereunder); (k) any restrictions on the sale or disposition of assets arising from the Borrower
Merger and set forth in the MMLC Merger Agreement; and (l) precautionary Liens, and filings of financing statements under the Uniform Commercial Code, covering assets sold or contributed to any Person not prohibited hereunder. 

“Permitted Policy Amendment” means any change, alteration, expansion, amendment, modification, termination, restatement or
replacement of the Investment Policies that is one of the following: (a) approved in writing by the Administrative Agent (with the consent of the Required Lenders), (b) required by applicable law, rule, regulation or Governmental Authority,

  
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or (c) not materially adverse to the rights, remedies or interests of the Lenders in the reasonable discretion of the Administrative Agent (for the avoidance of doubt, no change, alteration,
expansion, amendment, modification, termination or restatement of the Investment Policies shall be deemed “material” if investment size proportionately increases as the size of the Borrower’s capital base changes). 

“Permitted SBIC Guarantee” means a guarantee by the Borrower of Indebtedness of an SBIC Subsidiary on the SBA’s then
applicable form (or the applicable form at the time such guarantee was entered into), provided that the recourse to the Borrower thereunder is expressly limited only to periods after the occurrence of an event or condition that is an impermissible
change in the control of such SBIC Subsidiary (it being understood that, as provided in clause (s) of Article VII, it shall be an Event of Default hereunder if any such event or condition giving rise to such recourse occurs). 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, Governmental Authority, vessel or other entity. 
 “Plan” means any employee pension benefit plan (other than
a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would
under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 

“Platform” has the meaning set forth in Section 5.01(i). 

“Portfolio Investment” means any Investment (including a Participation Interest) held by the Obligors in their asset
portfolio (and, solely for purposes of determining the Borrowing Base, Cash). Without limiting the generality of the foregoing, the following Investments shall not be considered Portfolio Investments under this Agreement or any other Loan Document:
(a) any Investment by an Obligor in any Subsidiary, including any Financing Subsidiary; (b) any Investment that provides in favor of the obligor in respect of such Portfolio Investment an express right of rescission, set-off, counterclaim or any other defenses; (c) any Investment, which if debt, is an obligation (other than the unused portion of a revolving loan or delayed draw term loan) pursuant to which any future
advances or payments to the obligor of such debt may be required to be made by applicable Obligor; (d) any Investment which is, as of the date of the making of such Investment, made to a bankrupt entity (other than a debtor-in-possession financing and current pay obligations, even if such Investment is not actually currently paying); and (e) any Investment, Cash or account in which a
Financing Subsidiary has an interest. 
 “Prime Rate” means the rate which is quoted as the “prime rate” in the
print edition of The Wall Street Journal, Money Rates Section. 
 “Principal Financial Center” means, in the case of
any Foreign Currency, the principal financial center where such Currency is cleared and settled, as determined by the Administrative Agent. 

  
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 “Prohibited Assignees and Participants Side Letter” means that certain Side
Letter, dated as of the Sixth Amendment Effective Date, between the Borrower and the Administrative Agent (as amended, restated, modified or otherwise supplemented from time to time with the consent of the Administrative Agent and each Joint Lead
Arranger). The Administrative Agent agrees to promptly provide each Lender with (a) the Prohibited Assignees and Participants Side Letter then in effect upon the request of such Lender and (b) any amendments, modifications or other updates
to the Prohibited Assignees and Participants Side Letter. 
 “PTE” means a prohibited transaction class exemption issued by
the U.S. Department of Labor, as any such exemption may be amended from time to time. 
 “Public Lender” means Lenders that
do not wish to receive Non-Public Information with respect to the Borrower or any of its Subsidiaries or their Securities. 

“Quarterly Dates” means the last Business Day of March, June, September and December in each year, commencing on
September 30, 2013. 
 “Quoted Investment” means a Portfolio Investment with a value assigned by the Borrower pursuant
to Section 5.12(b)(ii)(A). 
 “Reference Time” with respect to any setting of the then-current
Benchmark means (1) if such Benchmark is the Adjusted Eurocurrency Rate for Dollars, 11:00 a.m. (London time) on the day that is two Eurocurrency Banking Days preceding the date of such setting, (2) if such Benchmark is the Adjusted
Eurocurrency Rate for Euros, 11:00 a.m. (Brussels time) on the day that is two Eurocurrency Banking Days preceding the date of such setting, (3) if such Benchmark is the Adjusted Eurocurrency Rate for Canadian Dollars, 10:00 a.m. (Toronto time)
on the date of such setting, (4) if such Benchmark is Daily Simple RFR, four RFR Business Days prior to such setting and (5) if otherwise, the time determined by the Administrative Agent in its reasonable discretion. 

“Register” has the meaning set forth in Section 9.04. 

“Registration Statement” means the Registration Statement originally filed by the Borrower with the Securities and Exchange
Commission on November 8, 2016, as amended by Amendment Number 1, filed on December 23, 2016 and Amendment Number 2, filed on January 18, 2017, as the same may be subsequently amended. 

“Regulations D, T, U and X” means, respectively, Regulations D, T, U and X of the Board of Governors of the Federal Reserve
System (or any successor), as the same may be modified and supplemented and in effect from time to time. 
 “Related
Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective partners, directors, officers, managers, employees, agents, advisers and other representatives of such Person and such Person’s
Affiliates. 
 “Reinvestment Agreement” means a guaranteed reinvestment agreement from a bank (if treated as a deposit by
such bank), insurance company or other corporation or entity having a credit rating of at least A-1 from S&P and at last P-1 from Moody’s; provided that such
agreement provides that it may be unwound at the option of the Borrower at any time without penalty. 

  
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 “Relevant Governmental Body” means (a) with respect to a Benchmark
Replacement in respect of obligations, interest, fees, commissions or other amounts owing hereunder denominated in Dollars, the Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Board and/or the
Federal Reserve Bank of New York or any successor thereto, (b) with respect to a Benchmark Replacement in respect of obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to, Sterling, the Bank of
England, or a committee officially endorsed or convened by the Bank of England or, in each case, any successor thereto, (c) with respect to a Benchmark Replacement in respect of obligations, interest, fees, commissions or other amounts
denominated in, or calculated with respect to, Euros, the European Central Bank, or a committee officially endorsed or convened by the European Central Bank or, in each case, any successor thereto and (d)with respect to a Benchmark Replacement in
respect of obligations, interest, fees, commissions or other amounts owing hereunder denominated in any Currency other than Dollars, Sterling or Euros, (1) the central bank for the Currency in which such obligations, interest, fees, commissions
or other amounts are denominated or any central bank or other supervisor which is responsible for supervising either (A) such Benchmark Replacement or (B) the administrator of such Benchmark Replacement or (2) any working group or
committee officially endorsed or convened by (A) the central bank for the Currency in which such obligations, interest, fees, commissions or other amounts are denominated, (B) any central bank or other supervisor that is responsible for
supervising either (i) such Benchmark Replacement or (ii) the administrator of such Benchmark Replacement, (C) a group of those central banks or other supervisors or (D) the Financial Stability Board or any part thereof. 

“Required Lenders” means, at any time, Lenders having Revolving Credit Exposures and unused Commitments representing more
than 50% of the sum of the total Revolving Credit Exposures and unused Commitments at such time; provided that the Revolving Credit Exposures and unused Commitments of any Defaulting Lender shall be disregarded in the determination of
Required Lenders. The Required Lenders of a Class (which shall include the terms “Required Dollar Lenders” and “Required Multicurrency Lenders”) means, at any time, Lenders having Revolving Credit Exposures and unused
Commitments of such Class representing more than 50% of the sum of the total Revolving Credit Exposures and unused Commitments of such Class at such time; provided that the Revolving Credit Exposures and unused Commitments of any
Defaulting Lenders shall be disregarded in the determination of the Required Lenders of a Class. 
 “Resolution Authority”
means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority. 
 “Responsible
Officer” means the chief executive officer, president, chief financial officer, treasurer, assistant treasurer or controller of an Obligor. Any document delivered hereunder that is signed by a Responsible Officer of an Obligor shall be
conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Obligor and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Obligor. 

“Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with
respect to any shares of any class of Capital Stock of the 

  
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Borrower or any of its Subsidiaries, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption,
retirement, acquisition, cancellation or termination of any such shares of Capital Stock of the Borrower or any option, warrant or other right to acquire any such shares of Capital Stock of the Borrower (it being understood that none of:
(w) the conversion features under convertible notes; (x) the triggering and/or settlement thereof; or (y) any cash payment made by the Borrower in respect thereof, shall constitute a Restricted Payment). 

“Return of Capital” means (a) any net cash amount received by the Borrower in respect of the outstanding principal of
any Investment (whether at stated maturity, by acceleration or otherwise), (b) without duplication of amounts received under clause (a), any net cash proceeds received by the Borrower from the sale of any property or assets pledged as
collateral in respect of any Investment to the extent such net cash proceeds are less than or equal to the outstanding principal balance of such Investment, (c) any net cash amount received by the Borrower in respect of any Investment that is
an Equity Interest (x) upon the liquidation or dissolution of the issuer of such Investment, (y) as a distribution of capital made on or in respect of such Investment, or (z) pursuant to the recapitalization or reclassification of the
capital of the issuer of such Investment or pursuant to the reorganization of such issuer or (d) any similar return of capital received by the Borrower in cash in respect of any Investment (in the case of clauses (a), (b),
(c) and (d), net of any fees, costs, expenses and Taxes payable with respect thereto). 
 “Revolving Credit
Exposure” means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender’s Revolving Dollar Credit Exposure and Revolving Multicurrency Credit Exposure at such time. 

“Revolving Dollar Credit Exposure” means, with respect to any Lender at any time, the sum of the outstanding principal amount
of such Lender’s Syndicated Loans, and its LC Exposure and Swingline Exposure, at such time made or incurred under the Dollar Commitments. 

“Revolving Multicurrency Credit Exposure” means, with respect to any Lender at any time, the sum of the outstanding principal
amount of such Lender’s Syndicated Loans, and its LC Exposure and Swingline Exposure, at such time made or incurred under the Multicurrency Commitments. 

“Revolving Percentage” means, as of any date of determination, the result, expressed as a percentage, of the Revolving Credit
Exposure on such date divided by the aggregate outstanding Covered Debt Amount on such date. 
 “RFR”, when used in
reference to any Loan or Borrowing, refers to whether such Loan, or the Loans constituting such Borrowing, are bearing interest at a rate determined by reference to Daily Simple RFR for the applicable Currency. 

“RFR Business Day” means, for any Loans, Borrowings, interest, fees, commissions or other amounts denominated in, or
calculated with respect to, Sterling, any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which banks are closed for general business in London. 

  
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 “RFR Interest Day” has the meaning specified in the definition of “Daily
Simple RFR”. 
 “RFR Reference Day” has the meaning specified in the definition of “Daily Simple RFR”. 

“RIC” means a person qualifying for treatment as a “regulated investment company”, as defined in Section 851
of the Code. 
 “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw Hill Companies,
Inc., a New York corporation, or any successor thereto. 
 “Sanctioned Country” means, at any time, a country, territory or
region which is the subject or target of any comprehensive Sanctions. 
 “Sanctions” has the meaning assigned to such term
in Section 3.15. 
 “SBA” means the United States Small Business Administration or any
Governmental Authority succeeding to any or all of the functions thereof. 
 “SBIC Equity Commitment” means a commitment by
the Borrower to make one or more capital contributions to an SBIC Subsidiary. 
 “SBIC Subsidiary” means any direct or
indirect Subsidiary (including such Subsidiary’s general partner or managing entity to the extent that the only material asset of such general partner or managing entity is its equity interest in the SBIC Subsidiary) of the Borrower licensed as
a small business investment company under the Small Business Investment Act of 1958, as amended, (or that has applied for such a license and is actively pursuing the granting thereof by appropriate proceedings promptly instituted and diligently
conducted) and which is designated by the Borrower (as provided below) as an SBIC Subsidiary, so long as (a) no portion of the Indebtedness or any other obligations (contingent or otherwise) of such Subsidiary: (i) is Guaranteed by any
Obligor (other than a Permitted SBIC Guarantee or analogous commitment), (ii) is recourse to or obligates any Obligor in any way (other than in respect of any SBIC Equity Commitment, Permitted SBIC Guarantee or analogous commitment), or
(iii) subjects any property of any Obligor, directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than Equity Interests in any SBIC Subsidiary pledged to secure such Indebtedness, and (b) no Obligor has any
obligation to maintain or preserve such Subsidiary’s financial condition or cause such entity to achieve certain levels of operating results (other than in respect of any SBIC Equity Commitment, Permitted SBIC Guarantee or analogous
commitment). Any such designation by the Borrower shall be effected pursuant to a certificate of a Financial Officer delivered to the Administrative Agent, which certificate shall include a statement to the effect that, to the best of such
officer’s knowledge, such designation complied with the foregoing conditions. 
 “Screen Rate” means each of the LIBO
Screen Rate, the EURIBOR Screen Rate and the CDOR Screen Rate. 

  
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 “Secured Longer-Term Indebtedness” means, as at any date, Indebtedness (other
than Indebtedness hereunder) of any Obligor (which may be Guaranteed by any other Obligor) that is secured by any assets of any Obligor and that (a) has no scheduled amortization (other than for amortization in an amount not greater
than 1% of the aggregate initial principal amount of such Indebtedness per annum, provided that amortization in excess of 1% per annum shall be permitted so long as the amount of such amortization in excess of 1% is permitted to be incurred pursuant
to Section 6.01(i)) prior to, and a final maturity date not earlier than, six months after the Final Maturity Date (it being understood that none of: (w) the conversion features under convertible notes; (x) the
triggering and/or settlement thereof; or (y) any cash payment made in respect thereof, shall constitute “amortization” for purposes of this clause (a)), (b) is incurred pursuant to documentation containing
(i) financial covenants, covenants governing the borrowing base, if any, portfolio valuations and events of default (other than events of default customary in indentures or similar instruments that have no analogous provisions in this Agreement
or credit agreements generally) that are not materially more burdensome upon the Borrower and its Subsidiaries than those set forth in this Agreement and (ii) other terms (other than interest) that are not materially more burdensome upon the
Borrower and its Subsidiaries, prior to the Termination Date, than those set forth in this Agreement (it being understood that put rights or repurchase or redemption obligations (x) in the case of convertible securities, in connection with the
suspension or delisting of the Capital Stock of the Borrower or the failure of the Borrower to satisfy a continued listing rule with respect to its Capital Stock or (y) arising out of circumstances that would constitute a “fundamental
change” (as such term is customarily defined in convertible note offerings) or an Event of Default under this Agreement shall not be deemed to be more restrictive for purposes of this definition)); provided that, upon the Borrower’s
written request in connection with the incurrence of any Secured Longer-Term Indebtedness that otherwise would not meet the requirements of this clause (b), this Agreement will be deemed automatically amended (and, upon the request of the
Administrative Agent or the Required Lenders, the Borrower shall promptly enter into a written amendment evidencing such amendment), mutatis mutandis, solely to the extent necessary such that the financial covenants, covenants governing the
borrowing base, if any, portfolio valuations, events of default (other than events of default customary in indentures or similar instruments that have no analogous provisions in this Agreement or credit agreements generally) or other terms, as
applicable, in this Agreement shall be as restrictive as such covenants in the Secured Longer-Term Indebtedness, and (c) is not secured by any assets of any Obligor other than pursuant to this Agreement or the Security Documents and the holders
of which (or an authorized agent, representative or trustee of such holders) have either executed (i) a joinder agreement to the Guarantee and Security Agreement or (ii) such other document or agreement, in a form reasonably satisfactory
to the Administrative Agent and the Collateral Agent, pursuant to which the holders (or an authorized agent, representative or trustee of such holders) of such Secured Longer-Term Indebtedness shall have become a party to the Guarantee and Security
Agreement and assumed the obligations of a Financing Agent or Designated Indebtedness Holder (in each case, as defined in the Guarantee and Security Agreement); provided that Indebtedness arising under any Designated Swap shall not constitute
Secured Longer-Term Indebtedness hereunder. 
 “Secured Shorter-Term Indebtedness” means, collectively, (a) any
Indebtedness of an Obligor that is secured by any assets of any Obligor and that does not constitute Secured Longer-Term Indebtedness and that is not secured by any assets of any Obligor other than pursuant to this Agreement or the Security
Documents and the holders of which (or an authorized agent, representative or trustee of such holders) have either executed (i) a joinder agreement to the Guarantee and Security Agreement or (ii) such other document or agreement, in a form
reasonably 

  
 39 

 
satisfactory to the Administrative Agent and the Collateral Agent, pursuant to which the holders (or an authorized agent, representative or trustee of such holders) of such Secured Shorter-Term
Indebtedness shall have become a party to the Guarantee and Security Agreement and assumed the obligations of a Financing Agent or Designated Indebtedness Holder (in each case, as defined in the Guarantee and Security Agreement), and (b) any
Indebtedness that is designated as “Secured Shorter-Term Indebtedness” pursuant to Section 6.11(a); provided that Indebtedness arising under any Designated Swap shall not constitute Secured Shorter-Term
Indebtedness hereunder. 
 “Security Documents” means, collectively, the Guarantee and Security Agreement, all Uniform
Commercial Code financing statements filed with respect to the security interests in personal property created pursuant to the Guarantee and Security Agreement and all other assignments, pledge agreements, security agreements, control agreements and
other instruments executed and delivered on or after the date hereof by any of the Obligors pursuant to the Guarantee and Security Agreement or otherwise providing or relating to any collateral security for any of the Secured Obligations under and
as defined in the Guarantee and Security Agreement. 
 “Shareholders’ Equity” means, at any date, the amount
determined on a consolidated basis, without duplication, in accordance with GAAP, of shareholders equity for the Borrower and its Subsidiaries at such date. 

“Sixth Amendment Effective Date” means February 25, 2020. 

“SOFR” means, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such
Business Day published by the SOFR Administrator on the SOFR Administrator’s Website at approximately 8:00 a.m. (New York City time) on the immediately succeeding Business Day. 

“SOFR Administrator” means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight
financing rate). 
 “SOFR Administrator’s Website” means the website of the Federal Reserve Bank of New York,
currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time. 

“SONIA” means a rate equal to the sterling overnight index average published by the SONIA Administrator. 

“SONIA Administrator” means the Bank of England (or any successor administrator of the sterling overnight index average).

 “SONIA Administrator’s Website” means the Bank of England’s website, currently at
http://www.bankofengland.co.uk, or any successor source for the sterling overnight index average identified as such by the SONIA Administrator from time to time. 

  
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 “SPE Subsidiary” means 

(a) a direct or indirect Subsidiary of the Borrower to which any Obligor sells, conveys or otherwise transfers (whether
directly or indirectly) Investments, which engages in no material activities other than in connection with the purchase, holding, disposition or financing of such assets and which is designated by the Borrower (as provided below) as an SPE
Subsidiary, so long as: 
 (i) no portion of the Indebtedness or any other obligations (contingent or otherwise) of which
(i) is Guaranteed by any Obligor (other than Guarantees in respect of Standard Securitization Undertakings), (ii) is recourse to or obligates any Obligor in any way other than pursuant to Standard Securitization Undertakings or
(iii) subjects any property of any Obligor, directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings or any Guarantee thereof, 

(ii) no Obligor has any material contract, agreement, arrangement or understanding other than on terms, taken as a whole, not
materially less favorable to such Obligor than those that might be obtained at the time from Persons that are not Affiliates of any Obligor, other than fees payable in the ordinary course of business in connection with servicing receivables, and

 (iii) no Obligor has any obligation to maintain or preserve such entity’s financial condition or cause such entity to
achieve certain levels of operating results; and 
 (b) any passive holding company that is designated by the Borrower (as
provided below) as a SPE Subsidiary, so long as: 
 (i) such passive holding company is the direct parent of a SPE Subsidiary
referred to in clause (a); 
 (ii) such passive holding company engages in no activities and has no assets (other than
in connection with the transfer of assets to and from a SPE Subsidiary referred to in clause (a), and its ownership of all of the Equity Interests of a SPE Subsidiary referred to in clause (a)) or liabilities; 

(iii) no Obligor has any contract, agreement, arrangement or understanding with such passive holding company; and 

(iv) no Obligor has any obligation to maintain or preserve such passive holding company’s financial condition or cause
such entity to achieve certain levels of operating results. 
 Any designation of a SPE Subsidiary by the Borrower shall be effected
pursuant to a certificate of a Financial Officer delivered to the Administrative Agent, which certificate shall include a statement to the effect that, to the best of such Financial Officer’s knowledge, such designation complied with each of
the conditions set forth in clause (a) or (b) above, as applicable. Each Subsidiary of an SPE Subsidiary shall be deemed to be an SPE Subsidiary and shall comply with the foregoing requirements of this definition. 

  
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 “Special Equity Interest” means any Equity Interest that is subject to a Lien in
favor of creditors of the issuer of such Equity Interest provided that (a) such Lien was created to secure Indebtedness owing by such issuer or any of its Subsidiaries (as defined without giving effect to the penultimate sentence of the
definition of such term) to such creditors, (b) such Indebtedness was (i) in existence at the time the Obligors acquired such Equity Interest, (ii) incurred or assumed by such issuer substantially contemporaneously with such
acquisition or (iii) already subject to a Lien granted to such creditors and (c) unless such Equity Interest is not intended to be included in the Collateral, the documentation creating or governing such Lien does not prohibit the
inclusion of such Equity Interest in the Collateral. 
 “Special Permitted Indebtedness” means any Permitted Indebtedness
that has no scheduled amortization prior to, and a final maturity date not earlier than, the Final Maturity Date (it being understood that none of (a) the conversion features under convertible notes, (b) the triggering and/or settlement
thereof or (c) any cash payment made in respect thereof, shall constitute “amortization” hereunder). 
 “Standard
Securitization Undertakings” means, collectively, (a) customary arms-length servicing obligations (together with any related performance guarantees), (b) obligations (together with any related performance guarantees) to
refund the purchase price or grant purchase price credits for dilutive events or misrepresentations (in each case unrelated to the collectability of the assets sold or the creditworthiness of the associated account debtors),
(c) representations, warranties, covenants and indemnities (together with any related performance guarantees) of a type that are reasonably customary in accounts receivable securitizations or securitizations of financial assets and
(d) obligations (together with any related performance guarantees) under any bad boy guarantee or guarantee of any make-whole premium. 

“Statutory Reserve Rate” means, for the Interest Period for any Eurocurrency Borrowing, a fraction (expressed as a decimal),
the numerator of which is the number one and the denominator of which is the number one minus the arithmetic mean, taken over each day in such Interest Period, of the aggregate of the maximum reserve percentages (including any marginal,
special, emergency or supplemental reserves) expressed as a decimal established by the Board to which the Administrative Agent is subject for eurocurrency funding (currently referred to as “Eurocurrency liabilities” in Regulation D).
Such reserve percentages shall include those imposed pursuant to Regulation D. Eurocurrency Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration,
exemptions or offsets that may be available from time to time to any Lender under Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve
percentage. 
 “Sterling” means the lawful currency of the United Kingdom. 

“Subsidiary” means, with respect to any Person (the “parent”) at any date, any corporation, limited
liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with
GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the
ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of 

  
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such date, otherwise Controlled by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. Anything herein to the contrary
notwithstanding, the term “Subsidiary” shall not include any (x) Joint Venture Investment or (y) Person that constitutes an Investment held by the Borrower in the ordinary course of business and that is not, under GAAP,
consolidated on the financial statements of the Borrower and its Subsidiaries. Unless otherwise specified, “Subsidiary” means a Subsidiary of the Borrower. 

“Subsidiary Guarantor” means any Subsidiary that is a Guarantor under the Guarantee and Security Agreement. It is understood
and agreed that no Financing Subsidiary, Immaterial Subsidiary, Foreign Subsidiary or Subsidiary of a Foreign Subsidiary shall be a Subsidiary Guarantor. 

“Swingline Exposure” means, at any time, the aggregate principal amount of all Swingline Loans outstanding at such time. The
Swingline Exposure of any Lender at any time shall be the sum of (i) its Applicable Dollar Percentage of the total Swingline Exposure at such time incurred under the Dollar Commitments and (ii) its Applicable Multicurrency Percentage of
the total Swingline Exposure at such time incurred under the Multicurrency Commitments. 
 “Swingline Lender” means Truist,
in its capacity as lender of Swingline Loans hereunder, and its successors in such capacity as provided in Section 2.04(d). 

“Swingline Loan” means a Loan made pursuant to Section 2.04. 

“Syndicated”, when used in reference to any Loan or Borrowing, refers to whether such Loan or the Loans constituting such
Borrowing are made pursuant to Section 2.01. 
 “TARGET Day” means any day on which the
Trans-European Automated Real-time Gross Settlement Express Transfer payment system (or any successor settlement system as determined by the Administrative Agent to be a suitable replacement) is open for the settlement of payments in Euros. 

“Taxes” means any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings (including
backup withholding), assessments, fees, or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Term SOFR” means, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate
based on SOFR that has been selected or recommended by the Relevant Governmental Body. 
 “Term SOFR Notice” means a
notification by the Administrative Agent to the Lenders and the Borrower of the occurrence of a Term SOFR Transition Event. 
 “Term
SOFR Transition Event” means the determination by the Administrative Agent that (a) Term SOFR has been recommended for use by the Relevant Governmental Body, (b) the administration of Term SOFR is administratively feasible for the
Administrative Agent and (c) a Benchmark Transition Event or an Early Opt-in Election, as applicable, has previously occurred resulting in a Benchmark Replacement for Dollars in accordance with
Section 2.13 that is not Term SOFR. 

  
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 “Termination Date” means the earliest to occur of (i) the Final Maturity
Date, (ii) the date of the termination of the Commitments in full pursuant to Section 2.08(c), or (iii) the date on which the Commitments are terminated pursuant to Article VII. 

“Testing Quarter” has the meaning assigned to such term in Section 5.12(b)(ii)(E). 

“Total Assets” means, as of any date of determination, the value of the total assets of the Obligors on a consolidated basis,
less all liabilities and indebtedness not represented by senior securities, in each case, as of such date of determination. 

“Total Assets Concentration Limitation” means, as of any date of determination, the amount by which the aggregate value of
Equity Interests in Financing Subsidiaries held by the Obligors as of such date of determination exceeds 15% of the Total Assets as of such date of determination. 

“Total Secured Debt” means, as of any date of determination, the aggregate amount of senior securities representing secured
indebtedness of the Obligors as of such date of determination. 
 “Transactions” means the execution, delivery and
performance by the Borrower of this Agreement and the other Loan Documents, the borrowing of Loans, the use of the proceeds thereof and the issuance of Letters of Credit under this Agreement. 

“Transferred Assets” has the meaning assigned to such term in Section 6.3(h). 

“Truist” means Truist Bank (as successor by merger to SunTrust Bank). 

“Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans
constituting such Borrowing, is determined by reference to the Adjusted Eurocurrency Rate, Daily Simple RFR or the Alternate Base Rate. 

“UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time
to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes
certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms. 
 “UK
Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution. 

“Unadjusted Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement
Adjustment. 

  
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 “Undisclosed Administration” means, in relation to a Lender, the appointment of
an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official by a supervisory authority or regulator under or based on the law in the country where such Lender is subject to home jurisdiction
supervision if applicable law requires that such appointment is not to be publicly disclosed. 
 “Uniform Commercial Code”
means the Uniform Commercial Code as in effect from time to time in the State of New York. 
 “Unquoted Investments” means
a Portfolio Investment with a value assigned by the Borrower pursuant to Section 5.12(b)(ii)(B). 

“Unsecured Longer-Term Indebtedness” means Indebtedness of any Obligor (which may be Guaranteed by any other Obligor) that
(a) has no scheduled amortization prior to, and a final maturity date not earlier than, six months after the Final Maturity Date (it being understood that (A) none of: (w) the conversion features under convertible notes; (x) the
triggering and/or settlement thereof; and (y) any cash payment made in respect thereof shall constitute “amortization” for the purposes of this definition); and (B) any mandatory amortization that is contingent upon the happening
of an event that is not certain to occur (including a change of control or bankruptcy) shall not in and of itself be deemed to disqualify such Indebtedness under this clause (a), (b) is incurred pursuant to terms that are substantially comparable to
market terms for substantially similar debt of other similarly situated borrowers as reasonably determined in good faith by the Borrower or, if such transaction is not one in which there are market terms for substantially similar debt of other
similarly situated borrowers, on terms that are negotiated in good faith on an arm’s length basis (except, in each case, other than financial covenants and events of default (other than events of default customary in indentures or similar
instruments that have no analogous provisions in this Agreement or credit agreements generally), which shall be not materially more burdensome upon the Borrower and its Subsidiaries, while any Loans or the Commitments are outstanding, than those set
forth in the Loan Documents; provided that, upon the Borrower’s written request in connection with the incurrence of any Unsecured Longer-Term Indebtedness that otherwise would not meet the requirements set forth in this parenthetical of this
clause (b), this Agreement will be deemed automatically amended (and, upon the request of the Administrative Agent or the Required Lenders, the Borrower shall promptly enter into a written amendment evidencing such amendment), mutatis
mutandis, solely to the extent necessary such that the financial covenants and events of default, as applicable, in this Agreement shall be as restrictive as such provisions in the Unsecured Longer-Term Indebtedness) (it being understood that
put rights or repurchase or redemption obligations (x) in the case of convertible securities, in connection with the suspension or delisting of the Capital Stock of the Borrower or the failure of the Borrower to satisfy a continued listing rule
with respect to its Capital Stock or (y) arising out of circumstances that would constitute a “fundamental change” (as such term is customarily defined in convertible note offerings) or be Events of Default under this Agreement shall
not be deemed to be more restrictive for purposes of this definition) and (c) is not secured by any assets of any Obligor. For the avoidance of doubt the conversion of all or any portion of any Permitted Convertible Indebtedness constituting
Unsecured Longer-Term Indebtedness into Permitted Equity Interests in accordance with Section 6.12(a), shall not cause such Indebtedness to be designated as Unsecured Shorter-Term Indebtedness hereunder. 

  
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 “Unsecured Shorter-Term Indebtedness” means, collectively, (a) any
Indebtedness of an Obligor that is not secured by any assets of any Obligor and that does not constitute Unsecured Longer-Term Indebtedness and (b) any Indebtedness that is designated as “Unsecured Shorter-Term Indebtedness” pursuant
to Section 6.11(a). 
 “U.S. Government Securities” means securities that are direct obligations
of, and obligations the timely payment of principal and interest on which is fully guaranteed by, the United States or any agency or instrumentality of the United States the obligations of which are backed by the full faith and credit of the United
States and in the form of conventional bills, bonds, and notes. 
 “U.S. Person” means any Person that is a “United
States person” as defined in Section 7701(a)(30) of the Code. 
 “Value” has the meaning assigned to such term in
Section 5.13. 
 “Withdrawal Liability” means liability to a Multiemployer Plan as a result of a
complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 

“Withholding Agent” means the Borrower and the Administrative Agent. 

“Write-Down and Conversion Powers” means, (a) with respect to any EEA Resolution Authority, the write-down and
conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel,
reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any
other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that
Bail-In Legislation that are related to or ancillary to any of those powers. 
 SECTION 1.02.
Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a “Syndicated Dollar Loan” or “Syndicated Multicurrency Loan”), by Type (e.g., an “ABR
Loan”) or by Class and Type (e.g., a “Syndicated Multicurrency Eurocurrency Loan”). Borrowings also may be classified and referred to by Class (e.g., a “Dollar Borrowing”, “Multicurrency Borrowing” or
“Syndicated Borrowing”), by Type (e.g., an “ABR Borrowing”) or by Class and Type (e.g., a “Syndicated ABR Borrowing” or “Syndicated Multicurrency Eurocurrency Borrowing”). Loans and Borrowings may
also be identified by Currency. 
 SECTION 1.03. Terms Generally. The definitions of terms herein shall apply equally to the singular
and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed
to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word 

  
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“shall”. Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such
agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person
shall be construed to include such Person’s successors and assigns, (c) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety
and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (e) the words
“asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 

SECTION 1.04. Accounting Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature
shall be construed in accordance with GAAP, as in effect from time to time; provided that, (a) if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of
any change occurring after December 15, 2018 in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof
for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof then (x) the Borrower, the Administrative Agent and the Lenders agree to enter into negotiations in good faith
in order to amend such provisions of this Agreement with respect to the Borrower so as to equitably reflect such change to comply with GAAP with the desired result that the criteria for evaluating the Borrower’s financial condition shall be the
same after such change to comply with GAAP as if such change had not been made and (y) such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such
notice shall have been withdrawn or such provision amended in accordance herewith and (b) all leases that would be treated as operating leases for purposes of GAAP on December 15, 2018 shall continue to be accounted for as operating leases
for purposes of all financial definitions and calculations hereunder regardless of any change to GAAP following December 15, 2018 that would otherwise require such leases to be treated as Capital Lease Obligations. Whether or not the Borrower
may at any time adopt Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Subtopic 825-10 (or successor standard solely as it relates to fair valuing liabilities) or
accounts for liabilities acquired in an acquisition on a fair value basis pursuant to FASB Statement of Financial Accounting Standard No. 141(R) (or successor standard solely as it relates to fair valuing liabilities), all determinations of
compliance with the terms and conditions of this Agreement shall be made on the basis that the Borrower has not adopted FASB Accounting Standards Codification Subtopic 825-10 (or such successor standard solely
as it relates to fair valuing liabilities) or, in the case of liabilities acquired in an acquisition, FASB Statement of Financial Accounting Standard No. 141(R) (or such successor standard solely as it relates to fair valuing liabilities). 

  
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 SECTION 1.05. Currencies; Currency Equivalents. 

(a) Currencies Generally. At any time, any reference in the definition of the term “Agreed Foreign Currency” or in any other
provision of this Agreement to the Currency of any particular nation means the lawful currency of such nation at such time whether or not the name of such Currency is the same as it was on the date hereof. Except as provided in
Section 2.10(b) and the last sentence of Section 2.17(a), for purposes of determining (i) whether the amount of any Borrowing or Letter of Credit under the Multicurrency Commitments, together
with all other Borrowings and Letters of Credit under the Multicurrency Commitments then outstanding or to be borrowed at the same time as such Borrowing, would exceed the aggregate amount of the Multicurrency Commitments, (ii) the aggregate
unutilized amount of the Multicurrency Commitments, (iii) the Revolving Credit Exposure, (iv) the Multicurrency LC Exposure, (v) the Covered Debt Amount and (vi) the Borrowing Base or the Value or the fair market value of any
Investment, the outstanding principal amount of any Borrowing or Letter of Credit that is denominated in any Foreign Currency or the Value or the fair market value of any Investment that is denominated in any Foreign Currency shall be deemed to be
the Dollar Equivalent of the amount of the Foreign Currency of such Borrowing, Letter of Credit or Investment, as the case may be, determined as of the date of such Borrowing or Letter of Credit (determined in accordance with the last sentence of
the definition of the term “Interest Period”) or the date of the valuation of such Investment, as the case may be. Wherever in this Agreement in connection with a Borrowing or Loan an amount, such as a required minimum or multiple
amount, is expressed in Dollars, but such Borrowing or Loan is denominated in a Foreign Currency, such amount shall be the relevant Foreign Currency Equivalent of such Dollar amount (rounded to the nearest 1,000 units of such Foreign Currency).
Notwithstanding the foregoing, for purposes of determining compliance with any basket in Sections 6.03(g) or 6.04(f) of this Agreement, in no event shall the Borrower or any Obligor be deemed to not be in compliance with any such basket solely as a
result of a change in exchange rates. 
 (b) Special Provisions Relating to Euro. Each obligation hereunder of any party hereto that
is denominated in the National Currency of a state that is not a Participating Member State on the date hereof shall, effective from the date on which such state becomes a Participating Member State, be redenominated in Euro in accordance with the
legislation of the European Union applicable to the European Monetary Union; provided that, if and to the extent that any such legislation provides that any such obligation of any such party payable within such Participating Member State by
crediting an account of the creditor can be paid by the debtor either in Euros or such National Currency, such party shall be entitled to pay or repay such amount either in Euros or in such National Currency. If the basis of accrual of interest or
fees expressed in this Agreement with respect to an Agreed Foreign Currency of any country that becomes a Participating Member State after the date on which such currency becomes an Agreed Foreign Currency shall be inconsistent with any convention
or practice in the interbank market for the basis of accrual of interest or fees in respect of the Euro, such convention or practice shall replace such expressed basis effective as of and from the date on which such state becomes a Participating
Member State; provided that, with respect to any Borrowing denominated in such currency that is outstanding immediately prior to such date, such replacement shall take effect at the end of the Interest Period therefor. 

Without prejudice to the respective liabilities of the Borrower to the Lenders and the Lenders to the Borrower under or pursuant to this
Agreement, each provision of this Agreement shall be subject to such reasonable changes of construction as the Administrative Agent may from time to time, in consultation with the Borrower, reasonably specify to be necessary or appropriate to
reflect the introduction or changeover to the Euro in any country that becomes a Participating Member State after the date hereof; provided that the Administrative Agent shall provide the Borrower and the Lenders with prior notice of the
proposed change with an explanation of such change in sufficient time to permit the Borrower and the Lenders an opportunity to respond to such proposed change. 

  
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 SECTION 1.06. Divisions. For all purposes under the Loan Documents, in connection with any
division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different
Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized or acquired on the first date of
its existence by the holders of its Equity Interests at such time. 
 ARTICLE II 

THE CREDITS 
 SECTION
2.01. The Commitments. Subject to the terms and conditions set forth herein: 
 (a) each Dollar Lender severally agrees to make
Syndicated Loans in Dollars to the Borrower from time to time during the Availability Period in an aggregate principal amount that will not result in (i) such Lender’s Revolving Dollar Credit Exposure exceeding such Lender’s Dollar
Commitment, (ii) the aggregate Revolving Dollar Credit Exposure of all of the Dollar Lenders exceeding the aggregate Dollar Commitments or (iii) the total Covered Debt Amount exceeding the Borrowing Base then in effect; and 

(b) each Multicurrency Lender severally agrees to make Syndicated Loans in Dollars and in Agreed Foreign Currencies to the Borrower from time
to time during the Availability Period in an aggregate principal amount that will not result in (i) such Lender’s Revolving Multicurrency Credit Exposure exceeding such Lender’s Multicurrency Commitment, (ii) the aggregate
Revolving Multicurrency Credit Exposure of all of the Multicurrency Lenders exceeding the aggregate Multicurrency Commitments or (iii) the total Covered Debt Amount exceeding the Borrowing Base then in effect. 

Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Syndicated
Loans. 
 SECTION 2.02. Loans and Borrowings. 

(a) Obligations of Lenders. Each Syndicated Loan shall be made as part of a Borrowing consisting of Loans of the same Class, Currency
and Type made by the applicable Lenders ratably in accordance with their respective Commitments of the applicable Class. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations
hereunder; provided that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required. 

  
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 (b) Type of Loans. Subject to Section 2.13, each Syndicated
Borrowing of a Class shall be constituted entirely of ABR Loans, RFR Loans or of Eurocurrency Loans of such Class denominated in a single Currency as the Borrower may request in accordance herewith. Each ABR Loan shall be denominated in
Dollars. Each Eurocurrency Loan shall be denominated in Dollars or an Agreed Foreign Currency (other than Sterling). Each RFR Loan shall be denominated in Sterling. Subject to Section 2.18, each Lender at its option may
make any Eurocurrency Loan or RFR Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in
accordance with the terms of this Agreement. 
 (c) Minimum Amounts. Each Eurocurrency Borrowing and RFR Loan shall be in an aggregate
amount of $1,000,000 or a larger multiple of $1,000,000, and each ABR Borrowing (whether a Syndicated Loan or a Swingline Loan) shall be in an aggregate amount of $1,000,000 or a larger multiple of $100,000; provided that a Syndicated ABR
Borrowing of a Class may be in an aggregate amount that is equal to the entire unused balance of the total Commitments of such Class or that is required to finance the reimbursement of an LC Disbursement of such Class as contemplated
by Section 2.05(f). Borrowings of more than one Class, Currency and Type may be outstanding at the same time. 

(d) Limitations on Interest Periods. Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to
request (or to elect to convert to or continue as a Eurocurrency Borrowing) any Borrowing if the Interest Period requested therefor would end after the Final Maturity Date. 

(e) Treatment of Classes. Notwithstanding anything to the contrary contained herein, with respect to each Syndicated Loan, Swingline
Loan or Letter of Credit designated in Dollars, the Administrative Agent shall deem the Borrower to have requested that such Syndicated Loan, Swingline Loan or Letter of Credit be applied ratably to each of the Dollar Commitments and the
Multicurrency Commitments, based upon the percentage of the aggregate Commitments represented by the Dollar Commitments and the Multicurrency Commitments, respectively. 

SECTION 2.03. Requests for Syndicated Borrowings. 

(a) Notice by the Borrower. To request a Syndicated Borrowing, the Borrower shall notify the Administrative Agent of such request by
telephone, delivery of a signed Borrowing Request or by e-mail (i) in the case of a Eurocurrency Borrowing denominated in Dollars, not later than 11:00 a.m., Eastern time, three Business Days before the
date of the proposed Borrowing, (ii) in the case of a Eurocurrency Borrowing denominated in a Foreign Currency, not later than 11:00 a.m., Eastern time, four Business Days before the date of the proposed Borrowing, (iii) in the case of a
RFR Borrowing, not later than 11:00 a.m., Eastern time, four Business Days before the date of the proposed Borrowing or (iv) in the case of a Syndicated ABR Borrowing, not later than 11:00 a.m., Eastern time, one Business Day before the date of
the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery, telecopy or electronic mail to the Administrative Agent of a written Borrowing Request in a form approved by the
Administrative Agent and signed by the Borrower. 

  
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 (b) Content of Borrowing Requests. Each telephonic and written (including by e-mail) Borrowing Request shall specify the following information in compliance with Section 2.02: 

(i) whether such Borrowing is to be made under the Dollar Commitments or the Multicurrency Commitments; 

(ii) the aggregate amount and Currency of the requested Borrowing; 

(iii) the date of such Borrowing, which shall be a Business Day; 

(iv) in the case of a Syndicated Borrowing denominated in Dollars, whether such Borrowing is to be an ABR Borrowing or a
Eurocurrency Borrowing; 
 (v) in the case of a Eurocurrency Borrowing, the Interest Period therefor, which shall be a period
contemplated by the definition of the term “Interest Period” and permitted under Section 2.02(d); and 

(vi) the location and number of the Borrower’s account to which funds are to be disbursed. 

(c) Notice by the Administrative Agent to the Lenders. Promptly following receipt of a Borrowing Request in accordance with this
Section, the Administrative Agent shall advise each applicable Lender of the details thereof and of the amounts of such Lender’s Loan to be made as part of the requested Borrowing. 

(d) Failure to Elect. If no election as to the Class of a Syndicated Borrowing is specified, then the requested Syndicated
Borrowing shall be deemed to be under the Multicurrency Commitments. If no election as to the Currency of a Syndicated Borrowing is specified, then the requested Syndicated Borrowing shall be denominated in Dollars. If no election as to the Type of
a Syndicated Borrowing is specified, then the requested Borrowing shall be a Eurocurrency Borrowing having an Interest Period of one month and, if an Agreed Foreign Currency has been specified, the requested Syndicated Borrowing shall be a
Eurocurrency Borrowing denominated in such Agreed Foreign Currency and having an Interest Period of one month; provided that, if the specified Agreed Foreign Currency is Sterling, the requested Borrowing shall be a RFR Borrowing denominated
in Sterling. If a Eurocurrency Borrowing is requested (x) if no Interest Period is specified, the Borrower shall be deemed to have selected an Interest Period of one month’s duration, and (y) if no Currency is specified, the
Eurocurrency Borrowing shall be denominated in Dollars. 
 SECTION 2.04. Swingline Loans. 

(a) Agreement to Make Swingline Loans. Subject to the terms and conditions set forth herein, the Swingline Lender agrees to make
Swingline Loans under each Commitment to the Borrower from time to time during the Availability Period in Dollars, in an aggregate principal amount at any time outstanding that will not result in (i) the aggregate principal amount of
outstanding Swingline Loans of both Classes exceeding $100,000,000, (ii) the total Revolving Dollar Credit Exposures exceeding the aggregate Dollar Commitments, (iii) the total Revolving 

  
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Multicurrency Credit Exposures exceeding the aggregate Multicurrency Commitments or (iv) the total Covered Debt Amount exceeding the Borrowing Base then in effect; provided that the
Swingline Lender shall not be required to make a Swingline Loan to refinance an outstanding Swingline Loan. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Swingline
Loans. 
 (b) Notice of Swingline Loans by the Borrower. To request a Swingline Loan, the Borrower shall notify the Administrative
Agent of such request by telephone (confirmed by telecopy) not later than 11:00 a.m., Eastern time, on the day of such proposed Swingline Loan. Each such notice shall be irrevocable and shall specify the requested date (which shall be a Business
Day), the amount of the requested Swingline Loan and whether such Swingline Loan is to be made under the Dollar Commitments or the Multicurrency Commitments. The Administrative Agent will promptly advise the Swingline Lender of any such notice
received from the Borrower. The Swingline Lender shall make each Swingline Loan available to the Borrower by means of a credit to the general deposit account of the Borrower with the Swingline Lender (or, in the case of a Swingline Loan made to
finance the reimbursement of an LC Disbursement as provided in Section 2.05(f), by remittance to the Issuing Bank) by 3:00 p.m., Eastern time, on the requested date of such Swingline Loan. 

(c) Participations by Lenders in Swingline Loans. The Swingline Lender may by written notice given to the Administrative Agent not later
than 10:00 a.m., Eastern time on any Business Day, require the Lenders of the applicable Class to acquire participations on such Business Day in all or a portion of the Swingline Loans of such Class outstanding. Such notice to the
Administrative Agent shall specify the aggregate amount of Swingline Loans in which the applicable Lenders will participate. Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each applicable Lender,
specifying in such notice such Lender’s Applicable Dollar Percentage or Applicable Multicurrency Percentage of such Swingline Loan or Loans. Each Lender hereby absolutely and unconditionally agrees, upon receipt of notice as provided above in
this paragraph, to pay to the Administrative Agent, for account of the Swingline Lender, such Lender’s Applicable Dollar Percentage or Applicable Multicurrency Percentage, as the case may be, of such Swingline Loan or Loans; provided
that no Lender shall be required to purchase a participation in a Swingline Loan pursuant to this Section 2.04(c) if (x) the conditions set forth in Section 4.02 would not be satisfied in
respect of a Borrowing at the time such Swingline Loan was made and (y) the Required Lenders of the respective Class shall have so notified the Swingline Lender in writing and shall not have subsequently determined that the circumstances
giving rise to such conditions not being satisfied no longer exist. 
 Subject to the foregoing, each Lender acknowledges and agrees that
its obligation to acquire participations in Swingline Loans pursuant to this paragraph (c) is absolute and unconditional and shall not be affected by any circumstance whatsoever, including the occurrence and continuance of a Default or
reduction or termination of the Commitments of the respective Class, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each Lender shall comply with its obligation under this paragraph by
wire transfer of immediately available funds, in the same manner as provided in Section 2.06 with respect to Loans made by such Lender (and Section 2.06 shall apply, mutatis mutandis,
to the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the Swingline Lender the amounts so received by it from the Lenders. The Administrative Agent shall 

  
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notify the Borrower of any participations in any Swingline Loan acquired pursuant to this paragraph, and thereafter payments in respect of such Swingline Loan shall be made to the Administrative
Agent and not to the Swingline Lender. Any amounts received by the Swingline Lender from the Borrower (or other party on behalf of the Borrower) in respect of a Swingline Loan after receipt by the Swingline Lender of the proceeds of a sale of
participations therein shall be promptly remitted to the Administrative Agent; any such amounts received by the Administrative Agent shall be promptly remitted by the Administrative Agent to the Lenders that shall have made their payments pursuant
to this paragraph and to the Swingline Lender, as their interests may appear. The purchase of participations in a Swingline Loan pursuant to this paragraph shall not relieve the Borrower of any default in the payment thereof. 

(d) Resignation and Replacement of Swingline Lender. The Swingline Lender may resign and be replaced at any time by written agreement
among the Borrower, the Administrative Agent, the resigning Swingline Lender and the successor Swingline Lender. The Administrative Agent shall notify the Lenders of any such resignation and replacement of the Swingline Lender. In addition to the
foregoing, if a Lender becomes, and during the period it remains, a Defaulting Lender, and if any Default has arisen from a failure of the Borrower to comply with Section 2.19(a), then the Swingline Lender may, upon prior
written notice to the Borrower and the Administrative Agent, resign as Swingline Lender, effective at the close of business Eastern time on a date specified in such notice (which date may not be less than five (5) Business Days after the date
of such notice). On or after the effective date of any such resignation, the Borrower and the Administrative Agent may, by written agreement, appoint a successor Swingline Lender. The Administrative Agent shall notify the Lenders of any such
appointment of a successor Swingline Lender. Upon the effectiveness of any resignation of the Swingline Lender, the Borrower shall repay in full all outstanding Swingline Loans together with all accrued interest thereon. From and after the effective
date of the appointment of a successor Swingline Lender, (i) the successor Swingline Lender shall have all the rights and obligations of the replaced Swingline Lender under this Agreement with respect to Swingline Loans to be made thereafter
and (ii) references herein to the term “Swingline Lender” shall be deemed to refer to such successor or to any previous Swingline Lender, or to such successor and all previous Swingline Lenders, as the context shall require. After the
replacement of the Swingline Lender hereunder, the replaced Swingline Lender shall have no obligation to make additional Swingline Loans. 

SECTION 2.05. Letters of Credit. 

(a) General. Subject to the terms and conditions set forth herein, in addition to the Loans provided for in
Section 2.01, the Borrower may request the Issuing Bank to issue, at any time and from time to time during the Availability Period and under either the Dollar Commitments or Multicurrency Commitments, Letters of Credit
denominated in Dollars or (in the case of Letters of Credit under the Multicurrency Commitments) in any Agreed Foreign Currency for its own account or the account of its designee (provided that the Obligors shall remain liable to the Lenders
hereunder for payment and reimbursement of all amounts payable in respect of the Letters of Credit hereunder) in such form as is acceptable to the Issuing Bank in its reasonable determination and for the benefit of such named beneficiary or
beneficiaries as are specified by the Borrower. Letters of Credit issued hereunder shall constitute utilization of the Commitments up to the aggregate amount available to be drawn thereunder. 

  
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 (b) Notice of Issuance, Amendment, Renewal or Extension. To request the issuance of a
Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), the Borrower shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved by the Issuing
Bank) to the Issuing Bank and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit
to be amended, renewed or extended, and specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with paragraph (d) of this
Section), the amount and Currency of such Letter of Credit, whether such Letter of Credit is to be issued under the Dollar Commitments or the Multicurrency Commitments, the name and address of the beneficiary thereof and such other information as
shall be necessary to prepare, amend, renew or extend such Letter of Credit. If requested by the Issuing Bank, the Borrower also shall submit a letter of credit application on the Issuing Bank’s standard form in connection with any request for
a Letter of Credit. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by the Borrower to, or entered into by the
Borrower with, the Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control. 
 (c)
Limitations on Amounts. A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit the Borrower shall be deemed to represent and warrant that), after
giving effect to such issuance, amendment, renewal or extension (i) the aggregate LC Exposure of the Issuing Bank (determined for these purposes without giving effect to the participations therein of the Lenders pursuant to paragraph
(e) of this Section) shall not exceed $40,000,000, (ii) the total Revolving Dollar Credit Exposures shall not exceed the aggregate Dollar Commitments, (iii) the total Revolving Multicurrency Credit Exposures shall not exceed
the aggregate Multicurrency Commitments and (iv) the total Covered Debt Amount shall not exceed the Borrowing Base then in effect. 

(d) Expiration Date. Each Letter of Credit shall expire at or prior to the close of business on the date twelve months after the date of
the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, twelve months after the then-current expiration date of such Letter of Credit, so long as such renewal or extension occurs within three months of such
then-current expiration date); provided that any Letter of Credit with a one-year term may provide for the renewal thereof for additional one-year periods. No
Letter of Credit may be renewed following the earlier to occur of the Commitment Termination Date and the Termination Date, except to the extent that the relevant Letter of Credit is Cash Collateralized no later than five (5) Business Days
prior to the Commitment Termination Date or Termination Date, as applicable, or supported by another letter of credit, in each case pursuant to arrangements reasonably satisfactory to the Issuing Bank and the Administrative Agent. 

(e) Participations. By the issuance of a Letter of Credit of a Class (or an amendment to a Letter of Credit increasing the amount
thereof) by the Issuing Bank, and without any further action on the part of the Issuing Bank or the Lenders, the Issuing Bank hereby grants to each Lender of such Class, and each Lender of such Class hereby acquires from the Issuing Bank,
a participation in such Letter of Credit equal to such Lender’s Applicable Dollar Percentage 

  
 54 

 
or Applicable Multicurrency Percentage, as the case may be, of the aggregate amount available to be drawn under such Letter of Credit. Each Lender acknowledges and agrees that its obligation to
acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the
occurrence and continuance of a Default or reduction or termination of the applicable Commitments; provided that no Lender shall be required to purchase a participation in a Letter of Credit pursuant to this
Section 2.05(e) if (x) the conditions set forth in Section 4.02 would not be satisfied in respect of a Borrowing at the time such Letter of Credit was issued and (y) the Required Lenders
of the respective Class shall have so notified the Issuing Bank in writing and shall not have subsequently determined that the circumstances giving rise to such conditions not being satisfied no longer exist. 

In consideration and in furtherance of the foregoing, each Lender of a Class hereby absolutely and unconditionally agrees to pay to the
Administrative Agent, for account of the Issuing Bank, such Lender’s Applicable Dollar Percentage or Applicable Multicurrency Percentage, as the case may be, of each LC Disbursement made by the Issuing Bank in respect of Letters of Credit of
such Class promptly upon the request of the Issuing Bank at any time from the time of such LC Disbursement until such LC Disbursement is reimbursed by the Borrower or at any time after any reimbursement payment is required to be refunded to the
Borrower for any reason. Such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each such payment shall be made in the same manner as provided in Section 2.06 with respect to Loans
made by such Lender (and Section 2.06 shall apply, mutatis mutandis, to the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the Issuing Bank the amounts so received by
it from the Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to the next following paragraph, the Administrative Agent shall distribute such payment to the Issuing Bank or, to the extent that
the Lenders have made payments pursuant to this paragraph to reimburse the Issuing Bank, then to such Lenders and the Issuing Bank as their interests may appear. Any payment made by a Lender pursuant to this paragraph to reimburse the Issuing Bank
for any LC Disbursement shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement. 

(f) Reimbursement. If the Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the
Issuing Bank in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement in Dollars, or in the case of a Letter of Credit denominated in an Agreed Foreign Currency, the Borrower shall reimburse
the Issuing Bank in such Agreed Foreign Currency, unless the Issuing Bank (at its option) shall have specified in such notice (x) that it will require reimbursement in Dollars and (y) the Dollar Equivalent of such LC Disbursement,
(i) not later than 3:00 p.m., Eastern time, on the Business Day that the Borrower receives notice of such LC Disbursement, if such notice is received prior to 10:00 a.m., Eastern time, or (ii) not later than 1:00 p.m., Eastern time on the
Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time; provided that, if such LC Disbursement is not less than $1,000,000 and is denominated in Dollars, the
Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.04 that such payment be financed with a Syndicated ABR Borrowing or a Swingline Loan of the
respective Class in an equivalent amount and, to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting Syndicated ABR Borrowing or Swingline Loan. 

  
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 If the Borrower fails to make such payment when due, the Administrative Agent shall notify each
applicable Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Lender’s Applicable Dollar Percentage or Applicable Multicurrency Percentage, as the case may be, thereof. 

(g) Obligations Absolute. The Borrower’s obligation to reimburse LC Disbursements as provided in paragraph (f) of this
Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or
enforceability of any Letter of Credit, or any term or provision therein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or
inaccurate in any respect, (iii) payment by the Issuing Bank under a Letter of Credit against presentation of a draft or other document that does not comply strictly with the terms of such Letter of Credit, and (iv) any other event or
circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of the Borrower’s obligations hereunder. 

Neither the Administrative Agent, the Lenders nor the Issuing Bank, nor any of their Related Parties, shall have any liability or
responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit by the Issuing Bank or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding
sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any
error in interpretation of technical terms or any consequence arising from causes beyond the control of the Issuing Bank; provided that the foregoing shall not be construed to excuse the Issuing Bank from liability to the Borrower to the
extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by the Issuing Bank’s fraud,
gross negligence or willful misconduct when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that: 

(i) the Issuing Bank may accept documents that appear on their face to be in substantial compliance with the terms of a Letter
of Credit without responsibility for further investigation, regardless of any notice or information to the contrary, and may make payment upon presentation of documents that appear on their face to be in substantial compliance with the terms of such
Letter of Credit; 
 (ii) the Issuing Bank shall have the right, in its sole discretion, to decline to accept such documents
and to make such payment if such documents are not in strict compliance with the terms of such Letter of Credit; and 
 (iii)
this sentence shall establish the standard of care to be exercised by the Issuing Bank when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof (and the parties hereto hereby waive, to the
extent permitted by applicable law, any standard of care inconsistent with the foregoing). 

  
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 (h) Disbursement Procedures. The Issuing Bank shall, within a reasonable time following
its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit. The Issuing Bank shall promptly after such examination notify the Administrative Agent and the Borrower by telephone (confirmed by
telecopy) of such demand for payment and whether the Issuing Bank has made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to
reimburse the Issuing Bank and the applicable Lenders with respect to any such LC Disbursement. 
 (i) Interim Interest. If the
Issuing Bank shall make any LC Disbursement, then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date
such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to Syndicated ABR Loans; provided that, if the Borrower fails to reimburse such LC Disbursement
within two Business Days following the date when due pursuant to paragraph (f) of this Section, then the provisions of Section 2.12(d) shall apply. Interest accrued pursuant to this paragraph shall be for
account of the Issuing Bank, except that interest accrued on and after the date of payment by any Lender pursuant to paragraph (e) of this Section to reimburse the Issuing Bank shall be for account of such Lender to the extent of
such payment. 
 (j) Resignation and/or Replacement of Issuing Bank. The Issuing Bank may resign and be replaced at any time by
written agreement among the Borrower, the Administrative Agent, the resigning Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Lenders of any such resignation and replacement of the Issuing Bank. Upon the
effectiveness of any resignation or replacement of the Issuing Bank, the Borrower shall pay all unpaid fees accrued for account of the resigning or replaced Issuing Bank pursuant to Section 2.11(b). From and after the
effective date of the appointment of a successor Issuing Bank, (i) the successor Issuing Bank shall have all the rights and obligations of the replaced Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter
and (ii) references herein to the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the effective
replacement or resignation of the Issuing Bank hereunder, the resigning or replaced Issuing Bank, as the case may be, shall remain a party hereto and shall continue to have all the rights and obligations of the Issuing Bank under this Agreement with
respect to Letters of Credit issued by it prior to such resignation or replacement, but shall not be required to issue additional Letters of Credit. 

(k) Cash Collateralization. If the Borrower shall be required to provide Cash Collateral for LC Exposure pursuant to
Section 2.05(d), Section 2.09(a), Section 2.10(b) or (c) or the penultimate paragraph of Article VII, the Borrower shall immediately
deposit into a segregated collateral account or accounts (herein, collectively, the “Letter of Credit Collateral Account”) in the name and under the dominion and control of the Administrative Agent Cash denominated in the
Currency of the Letter of Credit under which such LC Exposure arises in an amount equal to 

  
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the amount required under Section 2.05(d), Section 2.09(a), Section 2.10(b) or (c) or the penultimate
paragraph of Article VII, as applicable. Such deposit shall be held by the Administrative Agent as collateral in the first instance for the LC Exposure under this Agreement and thereafter for the payment of the “Secured Obligations”
under and as defined in the Guarantee and Security Agreement, and for these purposes the Borrower hereby grants a security interest to the Administrative Agent for the benefit of the Lenders in the Letter of Credit Collateral Account and in any
financial assets (as defined in the Uniform Commercial Code) or other property held therein. 
 (l) No Obligation to Issue After
Certain Events. The Issuing Bank shall not be under any obligation to issue any Letter of Credit if: any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the Issuing Bank from
issuing such Letter of Credit, or any law applicable to the Issuing Bank or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over the Issuing Bank shall prohibit, or request that the
Issuing Bank shall refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the Issuing Bank with respect to such Letter of Credit any restriction, reserve or capital requirement (for
which the Issuing Bank is not otherwise compensated hereunder) not in effect on the Eighth Amendment Effective Date, or shall impose upon the Issuing Bank any unreimbursed loss, cost or expense which was not applicable on the Eighth Amendment
Effective Date and which the Issuing Bank in good faith deems material to it, or the issuance of such Letter of Credit would violate one or more policies of the Issuing Bank applicable to letters of credit generally. 

(m) Applicability of ISP and UCP. Unless otherwise expressly agreed by the Issuing Bank and the Borrower when a Letter of Credit is
issued, (i) the rules of the International Standby Practices shall apply to each standby Letter of Credit, and (ii) the rules of the Uniform Customs and Practice for Documentary Credits, as most recently published by the International
Chamber of Commerce at the time of issuance shall apply to each commercial Letter of Credit. 
 (n) Conflict with Letter of Credit
Documents. In the event of any conflict between the terms of this Agreement and the terms of any Letter of Credit Document, the terms of this Agreement shall control. 

(o) Additional Issuing Banks. From time to time, the Borrower may, by notice to the Administrative Agent, designate additional Lenders
as an Issuing Bank, each of which agrees (in its sole discretion) to act in such capacity and is reasonably satisfactory to the Administrative Agent; provided that each such notice shall include an updated Schedule 2.05;
provided, further, that the Borrower shall not update Schedule 2.05 to increase any Issuing Bank’s maximum LC Exposure without such Issuing Bank’s consent. Each such additional Issuing Bank shall execute a counterpart
of this Agreement upon the approval of the Administrative Agent (which approval shall not be unreasonably withheld) and shall thereafter be an Issuing Bank hereunder for all purposes. 

  
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 SECTION 2.06. Funding of Borrowings. 

(a) Funding by Lenders. Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of
immediately available funds by 11:00 a.m., Eastern time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders; provided that Swingline Loans shall be made as provided in
Section 2.04. The Administrative Agent will make such Loans available to the Borrower by promptly crediting the amounts so received, in like funds, to an account of the Borrower designated by the Borrower in the applicable
Borrowing Request; provided that Syndicated ABR Borrowings made to finance the reimbursement of an LC Disbursement as provided in Section 2.05(f) shall be remitted by the Administrative Agent to the Issuing Bank.

 (b) Presumption by the Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender prior to the
proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in
accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing
available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such
amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the Federal Funds Effective Rate or (ii) in the case of the Borrower, the interest rate
applicable to ABR Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing. Nothing in this paragraph shall relieve any Lender of its obligation to
fulfill its commitments hereunder, and this paragraph shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent. 

SECTION 2.07. Interest Elections. 

(a) Elections by the Borrower for Syndicated Borrowings. Subject to Section 2.03(d), the Loans constituting
each Syndicated Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing, shall have the Interest Period specified in such Borrowing Request. Thereafter, the Borrower may
elect to convert such Borrowing to a Borrowing of a different Type or to continue such Borrowing as a Borrowing of the same Type and, in the case of a Eurocurrency Borrowing, may elect the Interest Period therefor, all as provided in this Section;
provided, however, that (i) a Syndicated Borrowing of a Class may only be continued or converted into a Syndicated Borrowing of the same Class, (ii) a Syndicated Borrowing denominated in one Currency may not be continued
as, or converted to, a Syndicated Borrowing in a different Currency, (iii) prior to the Commitment Termination Date, no Eurocurrency Borrowing denominated in a Foreign Currency may be continued if, after giving effect thereto, the aggregate
Revolving Multicurrency Credit Exposures would exceed the aggregate Multicurrency Commitments, and (iv) a Eurocurrency Borrowing denominated in a Foreign Currency may not be converted to a Borrowing of a different Type. The Borrower may elect
different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders of the respective Class holding the Loans constituting such Borrowing, and the Loans
constituting each such portion shall be considered a separate Borrowing. This Section shall not apply to Swingline Loans, which may not be converted or continued. 

  
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 (b) Notice of Elections. To make an election pursuant to this Section, the Borrower shall
notify the Administrative Agent of such election by telephone, delivery of a signed Interest Election Request or e-mail by the time that a Borrowing Request would be required under
Section 2.03 if the Borrower were requesting a Syndicated Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such telephonic Interest Election Request shall be
irrevocable and shall be confirmed promptly (but no later than the close of business on the date of such request) by hand delivery, telecopy or electronic communication to the Administrative Agent of a written Interest Election Request in a
form approved by the Administrative Agent and signed by the Borrower. 
 (c) Content of Interest Election Requests. Each telephonic
and written (including by e-mail) Interest Election Request shall specify the following information in compliance with Section 2.02: 

(i) the Borrowing (including the Class) to which such Interest Election Request applies and, if different options are
being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) of this paragraph
shall be specified for each resulting Borrowing); 
 (ii) the effective date of the election made pursuant to such Interest
Election Request, which shall be a Business Day; 
 (iii) whether, in the case of a Borrowing denominated in Dollars, the
resulting Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing; and 
 (iv) if the resulting Borrowing is a
Eurocurrency Borrowing, the Interest Period therefor after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period” and permitted under Section 2.02(d).

 (d) Notice by the Administrative Agent to the Lenders. Promptly following receipt of an Interest Election Request, the
Administrative Agent shall advise each applicable Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. 

(e) Failure to Elect; Events of Default. If the Borrower fails to deliver a timely and complete Interest Election Request with respect
to a Eurocurrency Borrowing prior to the end of the Interest Period therefor, then, unless such Borrowing is repaid as provided herein, (i) if such Borrowing is denominated in Dollars, at the end of such Interest Period such Borrowing shall be
converted to a Syndicated Eurocurrency Borrowing of the same Class having an Interest Period of one month, and (ii) if such Borrowing is denominated in a Foreign Currency, the Borrower shall be deemed to have selected an Interest Period of
one month’s duration. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, (i) any Eurocurrency
Borrowing denominated in Dollars shall, at the end of the applicable Interest Period for such Eurocurrency Borrowing, be automatically converted to an ABR Borrowing and (ii) any Eurocurrency Borrowing denominated in a Foreign Currency shall not
have an Interest Period of more than one month’s duration. 

  
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 SECTION 2.08. Termination, Reduction or Increase of the Commitments. 

(a) Scheduled Termination. Unless previously terminated, the Commitments of each Class shall: (i) equal the Revolving Credit
Exposure of such Class on the Commitment Termination Date, (ii) thereafter such Commitment shall be reduced automatically as and to the extent of reductions in the Revolving Credit Exposure of such Class, and (iii) terminate on the
Final Maturity Date. 
 (b) Voluntary Termination or Reduction. The Borrower may at any time without premium or penalty terminate, or
from time to time reduce, the Commitments of either Class; provided that (i) each reduction of the Commitments of a Class shall be in an amount that is $10,000,000 (or, if less, the entire amount of the Commitments of such Class) or
a larger multiple of $5,000,000 in excess thereof and (ii) the Borrower shall not terminate or reduce the Commitments of either Class if, after giving effect to any concurrent prepayment of the Syndicated Loans of such Class in
accordance with Section 2.10, the total Revolving Credit Exposures of such Class would exceed the total Commitments of such Class. Any such reduction of the Commitments below the principal amount of the Swingline Loans
permitted under Section 2.04(a)(i) and the Letters of Credit permitted under Section 2.05(c)(i) shall result in a
dollar-for-dollar reduction of such amounts as applicable. 

(c) Notice of Voluntary Termination or Reduction. The Borrower shall notify the Administrative Agent of any election to terminate or
reduce the Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following
receipt of any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of
the Commitments of a Class delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or events, in which case such notice may be revoked by the Borrower (by notice to the
Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. 
 (d) Effect of Termination or
Reduction. Any termination or reduction of the Commitments of a Class pursuant to clause (b) shall be permanent. Each reduction of the Commitments of a Class pursuant to clause (b) shall be made ratably among
the Lenders of such Class in accordance with their respective Commitments. 
 (e) Increase of the Commitments. 

(i) Requests for Increase by Borrower. The Borrower may, at any time, request that the Commitments hereunder of a
Class be increased (each such proposed increase being a “Commitment Increase”), upon notice to the Administrative Agent (who shall promptly notify the Lenders), which notice shall specify each existing Lender (each an
“Increasing Lender”) and/or each additional lender (each an “Assuming Lender”) that shall have agreed to an additional Commitment and the date on which such increase is to be effective (the
“Commitment Increase Date”), which shall be a Business Day at least three Business Days (or such shorter period as the Administrative Agent may reasonably agree) after delivery of such notice and at least 30 days prior to the
Commitment Termination Date; provided that: 

  
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 (A) the minimum amount of the Commitment of any Assuming Lender, and the
minimum amount of the increase of the Commitment of any Increasing Lender, as part of such Commitment Increase shall be $10,000,000 or a larger multiple of $5,000,000 in excess thereof or such lesser amount as the Administrative Agent may reasonably
agree; 
 (B) immediately after giving effect to such Commitment Increase, the total Commitments of all of the Lenders
hereunder shall not exceed $2,250,000,000; 
 (C) each Assuming Lender shall be consented to by the Administrative Agent
and the Issuing Bank (such consent not to be unreasonably withheld); 
 (D) no Default shall have occurred and be
continuing on such Commitment Increase Date or shall result from the proposed Commitment Increase; and 
 (E) the
representations and warranties contained in this Agreement shall be true and correct in all material respects (or, in the case of any portion of the representations and warranties already subject to a materiality qualifier, true and correct in all
respects) on and as of the Commitment Increase Date as if made on and as of such date (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date). 

(ii) Effectiveness of Commitment Increase by Borrower. An Assuming Lender, if any, shall become a Lender hereunder as of
such Commitment Increase Date and the Commitment of the respective Class of any Increasing Lender and such Assuming Lender shall be increased as of such Commitment Increase Date; provided that: 

(x) the Administrative Agent shall have received on or prior to 11:00 a.m., Eastern time, on such Commitment Increase Date
(or on or prior to a time on a date not earlier than three (3) Business Days before such scheduled Commitment Increase Date specified by the Administrative Agent) a certificate of a duly authorized officer of the Borrower stating that each of
the applicable conditions to such Commitment Increase set forth in the foregoing paragraph (i) has been satisfied; and 

(y) each Assuming Lender or Increasing Lender shall have delivered to the Administrative Agent, on or prior to 11:00 a.m.,
Eastern time on such Commitment Increase Date (or on or prior to the time on an earlier date specified by the Administrative Agent in compliance with clause (x) above), an increasing/joinder agreement substantially in the form of Exhibit
D (or such other form as shall be reasonably satisfactory to the Administrative Agent) appropriately completed, and otherwise in form and substance reasonably satisfactory to the 

  
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Borrower and the Administrative Agent, pursuant to which such Lender shall, effective as of such Commitment Increase Date, undertake a Commitment or an increase of Commitment in each case of the
respective Class, duly executed by such Assuming Lender or Increasing Lender, as applicable, and the Borrower and acknowledged by the Administrative Agent. 

Promptly following satisfaction of such conditions, the Administrative Agent shall notify the Lenders of such Class (including any Assuming
Lenders) thereof and of the occurrence of the Commitment Increase Date by facsimile transmission or electronic messaging system. 

(iii) Recordation into Register. Upon its receipt of an agreement referred to in clause (ii)(y) above
executed by an Assuming Lender or any Increasing Lender, together with the certificate referred to in clause (ii)(x) above, the Administrative Agent shall, if such agreement has been completed, (x) accept such agreement,
(y) record the information contained therein in the Register and (z) give prompt notice thereof to the Borrower. 

(iv) Adjustments of Borrowings upon Effectiveness of Increase. On the Commitment Increase Date, the Borrower shall
(A) prepay the outstanding Loans (if any) of the affected Class in full, (B) simultaneously borrow new Loans of such Class hereunder in an amount equal to such prepayment (which may also include the amount of any fees,
expenses or amounts due by the Borrower on or prior to the Commitment Increase Date); provided that with respect to subclauses (A) and (B), (x) the prepayment to, and borrowing from, any existing Lender shall be
effected by book entry to the extent that any portion of the amount prepaid to such Lender will be subsequently borrowed from such Lender and (y) the existing Lenders, the Increasing Lenders and the Assuming Lenders shall make and receive
payments among themselves, in a manner acceptable to the Administrative Agent, so that, after giving effect thereto, the Loans of such Class are held ratably by the Lenders of such Class in accordance with the respective Commitments of
such Class of such Lenders (after giving effect to such Commitment Increase) and (C) pay to the Lenders of such Class the amounts, if any, payable under Section 2.15 as a result of any such prepayment.
Concurrently therewith, the Lenders of such Class shall be deemed to have adjusted their participation interests in any outstanding Letters of Credit of such Class so that such interests are held ratably in accordance with their
commitments of such Class as so increased. 
 SECTION 2.09. Repayment of Loans; Evidence of Debt. 

(a) Repayment. The Borrower hereby unconditionally promises to pay the Loans of each Class as follows: 

(i) to the Administrative Agent for account of the Lenders of such Class the outstanding principal amount of the
Syndicated Loans of such Class and all other amounts due and owing hereunder and under the other Loan Documents on the Final Maturity Date; and 

  
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 (ii) to the Swingline Lender the then unpaid principal amount of each Swingline
Loan of such Class denominated in Dollars, on the earlier of the Commitment Termination Date and the first date after such Swingline Loan is made that is the 15th or last day of a calendar month and is at least ten Business Days after such
Swingline Loan is made; provided that on each date that a Syndicated Borrowing of such Class is made, the Borrower shall repay all Swingline Loans of such Class then outstanding. 

In addition, on the Commitment Termination Date, the Borrower shall deposit into the Letter of Credit Collateral Account Cash (denominated in
the Currency of the Letter of Credit under which such LC Exposure arises) in an amount equal to 100% of the undrawn face amount of all Letters of Credit outstanding on the close of business on the Commitment Termination Date, such deposit to be held
by the Administrative Agent as collateral security for the LC Exposure under this Agreement in respect of the undrawn portion of such Letters of Credit. 

(b) Manner of Payment. Prior to any repayment or prepayment of any Borrowings of any Class hereunder, the Borrower shall select the
Borrowing or Borrowings of such Class to be paid and shall notify the Administrative Agent by telephone (confirmed by telecopy or e-mail) of such selection not later than the time set forth in
Section 2.10(e) prior to the scheduled date of such repayment; provided that, each repayment of Borrowings within a Class shall be applied to repay any outstanding ABR Borrowings of such Class before any
other Borrowings of such Class. If the Borrower fails to make a timely selection of the Borrowing or Borrowings to be repaid or prepaid, such payment shall be applied, first, to pay any outstanding ABR Borrowings of the applicable Class and,
second, to other Borrowings of such Class in the order of the remaining duration of their respective Interest Periods (the Borrowing with the shortest remaining Interest Period to be repaid first). Each payment of a Syndicated Borrowing shall
be applied ratably to the Loans included in such Borrowing. 
 (c) Maintenance of Records by Lenders. Each Lender shall maintain in
accordance with its usual practice records evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts and Currency of principal and interest payable and paid to such Lender from
time to time hereunder. 
 (d) Maintenance of Records by the Administrative Agent. The Administrative Agent shall maintain records in
which it shall record (i) the amount and Currency of each Loan made hereunder, the Class and Type thereof and each Interest Period therefor, (ii) the amount and Currency of any principal or interest due and payable or to become due
and payable from the Borrower to each Lender of such Class hereunder and (iii) the amount and Currency of any sum received by the Administrative Agent hereunder for account of the Lenders and each Lender’s share thereof. 

(e) Effect of Entries. The entries made in the records maintained pursuant to paragraph (c) or (d) of this
Section shall be prima facie evidence, absent obvious error, of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent to maintain such records or
any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement. 

  
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 (f) Promissory Notes. Any Lender may request that Loans of any Class made by it be
evidenced by a Note; in such event, the Borrower shall prepare, execute and deliver to such Lender a Note payable to such Lender (or, if requested by such Lender, to such Lender and its registered assigns) substantially in the form of
Exhibit E (or such other form as shall be reasonably satisfactory to the Administrative Agent). Thereafter, the Loans evidenced by such Note and interest thereon shall at all times (including after assignment pursuant to
Section 9.04) be represented by one or more Notes in such form payable to the payee named therein (or, if such Note is a registered note, to such payee and its registered assigns). 

SECTION 2.10. Prepayment of Loans. 

(a) Optional Prepayments. The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in
part, without premium or penalty except for payments under Section 2.15, subject to the requirements of this Section. 

(b) Mandatory Prepayments due to Changes in Exchange Rates. 

(i) Determination of Amount Outstanding. On each Quarterly Date and, in addition, promptly upon the receipt by the
Administrative Agent of a Currency Valuation Notice (as defined below), the Administrative Agent shall determine the aggregate Revolving Multicurrency Credit Exposure. For the purpose of this determination, the outstanding principal amount of any
Loan that is denominated in any Foreign Currency shall be deemed to be the Dollar Equivalent of the amount in the Foreign Currency of such Loan, determined as of such Quarterly Date or, in the case of a Currency Valuation Notice received by the
Administrative Agent prior to 11:00 a.m., Eastern time, on a Business Day, on such Business Day or, in the case of a Currency Valuation Notice otherwise received, on the first Business Day after such Currency Valuation Notice is received. Upon
making such determination, the Administrative Agent shall promptly notify the Multicurrency Lenders and the Borrower thereof. 

(ii) Prepayment. If on the date of such determination the aggregate Revolving Multicurrency Credit Exposure minus
the Multicurrency LC Exposure fully Cash Collateralized on such date exceeds 105% of the aggregate amount of the Multicurrency Commitments as then in effect, the Borrower shall, if requested by the Required Multicurrency Lenders (through the
Administrative Agent), prepay the Syndicated Multicurrency Loans and Swingline Multicurrency Loans (and/or provide Cash Collateral for Multicurrency LC Exposure as specified in Section 2.05(k)) within 15 Business Days
following the Borrower’s receipt of such request in such amounts as shall be necessary so that after giving effect thereto the aggregate Revolving Multicurrency Credit Exposure does not exceed the Multicurrency Commitments. 

For purposes hereof “Currency Valuation Notice” means a notice given by the Required Multicurrency Lenders to the Administrative Agent
stating that such notice is a “Currency Valuation Notice” and requesting that the Administrative Agent determine the aggregate Revolving Multicurrency Credit Exposure. The Administrative Agent shall not be required to make more than one
valuation determination pursuant to Currency Valuation Notices within any rolling three month period. 

  
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 Any prepayment pursuant to this clause (b) of this Section shall be applied,
first to Swingline Multicurrency Loans outstanding, second, to Syndicated Multicurrency Loans outstanding and third, to Cash Collateralize Multicurrency LC Exposure. 

(c) Mandatory Prepayments due to Borrowing Base Deficiency. In the event that at any time any Borrowing Base Deficiency shall exist, the
Borrower shall, within five Business Days after delivery of the applicable Borrowing Base Certificate, prepay the Loans (or provide Cash Collateral for Letters of Credit as contemplated by Section 2.05(k)) or reduce
Other Covered Indebtedness or any other Indebtedness that is included in the Covered Debt Amount at such time in such amounts as shall be necessary so that such Borrowing Base Deficiency is cured; provided that (i) the aggregate amount
of such prepayment of Loans (and Cash Collateral for Letters of Credit) shall be at least equal to the Revolving Percentage times the aggregate prepayment of the Covered Debt Amount, and (ii) if, within five Business Days after delivery of
a Borrowing Base Certificate demonstrating such Borrowing Base Deficiency, the Borrower shall present the Administrative Agent with a reasonably feasible plan to enable such Borrowing Base Deficiency to be cured within 30 Business Days (which 30-Business Day period shall (A) include the five Business Days permitted for delivery of such plan and (B) be subject to extension beyond 30 Business Days with the consent of the Administrative Agent in
its sole discretion), then such prepayment or reduction shall not be required to be effected immediately but may be effected in accordance with such plan (with such modifications as the Borrower may reasonably determine), so long as such Borrowing
Base Deficiency is cured within such 30-Business Day period (or any extended period consented to by the Administrative Agent in its sole discretion). 

(d) Mandatory Prepayments During Amortization Period. During the period commencing on the date immediately following the Commitment
Termination Date and ending on the Final Maturity Date: 
 (i) Asset Disposition. If the Borrower or any of its
Subsidiaries (other than a Financing Subsidiary) Disposes of any property which results in the receipt by such Person of Net Cash Proceeds in excess of $2,000,000 in the aggregate for any single Disposition or series of Dispositions, the Borrower
shall prepay an aggregate principal amount of Loans equal to 100% of such Net Cash Proceeds; provided that the Borrower shall not be required to prepay any Loans pursuant to this clause (i) until the aggregate amount of unpaid Net
Cash Proceeds required to be paid under this clause (i) equals or exceeds $2,000,000 (either for the first time or at any time since the last prepayment of Loans pursuant to this clause (i)) in which event the Borrower shall
prepay an aggregate principal amount of Loans equal to 100% of such unpaid Net Cash Proceeds within five (5) Business Days of such date (such prepayments to be applied as set forth in Section 2.09(b)). 

(ii) Equity Issuance. Upon the sale or issuance by the Borrower or any of its Subsidiaries (other than a Financing
Subsidiary) of any of its Equity Interests (other than any sales or issuances of Equity Interests to the Borrower or any Subsidiary Guarantor), the Borrower shall prepay an aggregate principal amount of Loans equal to 75% of all Net Cash Proceeds
received therefrom no later than the fifth Business Day following the receipt of such Net Cash Proceeds (such prepayments to be applied as set forth in Section 2.09(b)). 

  
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 (iii) Indebtedness. Upon the incurrence or issuance by the Borrower or any
of its Subsidiaries (other than a Financing Subsidiary) of any Indebtedness, the Borrower shall prepay an aggregate principal amount of Loans equal to 100% of all Net Cash Proceeds received therefrom no later than the fifth Business Day following
the receipt of such Net Cash Proceeds (such prepayments to be applied as set forth in Section 2.09(b)). 

(iv) Extraordinary Receipt. Upon any Extraordinary Receipt (which, when taken with all other Extraordinary Receipts
received after the Commitment Termination Date, exceeds $5,000,000 in the aggregate) received by or paid to or for the account of the Borrower or any of its Subsidiaries (other than a Financing Subsidiary), and not otherwise included in clauses
(i), (ii) or (iii) of this Section 2.10(d), the Borrower shall prepay an aggregate principal amount of Loans equal to 100% of all Net Cash Proceeds received therefrom no later than the fifth Business
Day following the receipt of such Net Cash Proceeds (such prepayments to be applied as set forth in Section 2.09(b)). 

(v) Return of Capital. If the Borrower shall receive any Return of Capital (other than from any Financing Subsidiary),
and is not otherwise included in clauses (i), (ii), (iii) or (iv) of this Section 2.10(d), the Borrower shall prepay an aggregate principal amount of Loans equal to 90% of such Return
of Capital (excluding amounts payable by the Borrower pursuant to Section 2.15) no later than the fifth Business Day following the receipt of such Return of Capital (such prepayments to be applied as set forth in
Section 2.09(b)). 
 Notwithstanding the foregoing, Net Cash Proceeds and Return of Capital required to be applied
to the prepayment of the Loans pursuant to this Section 2.10(d) shall (A) be applied in accordance with Section 8.06 of the Guarantee and Security Agreement, (B) exclude the amounts necessary for the Borrower
to make all required dividends and distributions (which shall be no less than the amount estimated in good faith by Borrower under Section 6.05(b)) to maintain its Tax status as a RIC under the Code and its election to be
treated as a “business development company” under the Investment Company Act for so long as the Borrower retains such status and to avoid payment by the Borrower of federal excise Taxes imposed by Section 4982 of the Code for so long
as the Borrower retains the status of a RIC under the Code, and (C) if the Loans to be prepaid are Eurocurrency Loans, the Borrower may defer such prepayment until the last day of the Interest Period applicable to such Loans, so long as the
Borrower deposits an amount equal to such Net Cash Proceeds, no later than the fifth Business Day following the receipt of such Net Cash Proceeds, into a segregated collateral account in the name and under the dominion and control of the
Administrative Agent, pending application of such amount to the prepayment of the Loans on the last day of such Interest Period; provided, further, that the Administrative Agent may direct the application of such deposits as set forth
in Section 2.09(b) at any time and if the Administrative Agent does so, no amounts will be payable by the Borrower pursuant to Section 2.15. 

(e) Notices, Etc. The Borrower shall notify the Administrative Agent (and, in the case of prepayment of a Swingline Loan, the Swingline
Lender) by telephone (confirmed by telecopy or electronic communication) of any prepayment hereunder (i) in the case of prepayment of a Eurocurrency Borrowing denominated in Dollars (other than in the case of a prepayment pursuant to
Section 2.10(d)), not later than 11:00 a.m., Eastern time, three Business Days before the date of prepayment, (ii) in the case of prepayment of a Eurocurrency Borrowing denominated

  
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in a Foreign Currency (other than in the case of a prepayment pursuant to Section 2.10(d)), not later than 11:00 a.m., Applicable Time, four Business Days before the
date of prepayment, (iii) in the case of prepayment of a RFR Borrowing (other than in the case of a prepayment pursuant to Section 2.10(d)), not later than 11:00 a.m., London time, four Business Days before the date of
prepayment, (iv) in the case of prepayment of a Syndicated ABR Borrowing (other than in the case of a prepayment pursuant to Section 2.10(d)), not later than 11:00 a.m., Eastern time, one Business Day before the date
of prepayment, (iv) in the case of prepayment of a Swingline Loan, not later than 11:00 a.m., Eastern time, on the date of prepayment, or (v) in the case of any prepayment pursuant to Section 2.10(d), not later
than 11:00 a.m., Eastern time, one Business Day before the date of prepayment, or, in each case of the notice periods described in this clause (e), such lesser period as the Administrative Agent may reasonably agree. Each such notice shall be
irrevocable and shall specify the prepayment date, the principal amount of each Borrowing or portion thereof to be prepaid and, in the case of a mandatory prepayment, a reasonably detailed calculation of the amount of such prepayment;
provided that, if (i) a notice of prepayment is given in connection with a conditional notice of termination of the Commitments of a Class as contemplated by Section 2.08, then such notice of prepayment may
be revoked if such notice of termination is revoked in accordance with Section 2.08 and (ii) any notice given in connection with Section 2.10(d) may be conditioned on the consummation of the
applicable transaction contemplated by such Section and the receipt by the Borrower or any such Subsidiary (other than a Financing Subsidiary) of Net Cash Proceeds. Promptly following receipt of any such notice relating to a Syndicated Borrowing,
the Administrative Agent shall advise the affected Lenders of the contents thereof. Each partial prepayment of any Borrowing shall be in an amount that would be permitted in the case of a Borrowing of the same Type as provided in
Section 2.02 or in the case of a Swingline Loan, as provided in Section 2.04, except as necessary to apply fully the required amount of a mandatory prepayment. Each prepayment of a Syndicated
Borrowing of a Class shall be applied ratably to the Loans of such Class included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the extent required by Section 2.12 and shall be
made in the manner specified in Section 2.09(b). 
 SECTION 2.11. Fees. 

(a) Commitment Fee. The Borrower agrees to pay to the Administrative Agent for account of each Lender a commitment fee, which shall
accrue at a rate per annum equal to 0.375% on the average daily unused amount of the Dollar Commitment and Multicurrency Commitment, as applicable, of such Lender during the period from and including the Effective Date to but excluding the earlier
of the date such commitment terminates and the Commitment Termination Date. Commitment fees accrued through and including such Quarterly Date shall be payable within five Business Days after each Quarterly Date commencing on the first such date to
occur after the Effective Date and on the earlier of the date the Commitments of the respective Class terminate and the Commitment Termination Date. All commitment fees shall be computed on the basis of a year of 360 days and shall be payable
for the actual number of days elapsed (including the first day but excluding the last day). For purposes of computing commitment fees, the Commitment of any Class of a Lender shall be deemed to be used to the extent of the outstanding
Syndicated Loans and LC Exposure of such Class of such Lender (and the Swingline Exposure of such Class of such Lender shall be disregarded for such purpose). 

  
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 (b) Letter of Credit Fees. The Borrower agrees to pay (i) to the Administrative Agent
for account of each Lender a participation fee with respect to its participations in Letters of Credit of each Class, which shall accrue at a rate per annum equal to the Applicable Margin applicable to interest on Eurocurrency Loans on the average
daily amount of such Lender’s LC Exposure of such Class (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date on which
such Lender’s Commitment of such Class terminates and the date on which such Lender ceases to have any LC Exposure of such Class, and (ii) to the Issuing Bank a fronting fee, which shall accrue at the rate of 0.25% per annum on the
average daily amount of the LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date of termination of the
Commitments and the date on which there ceases to be any LC Exposure, as well as the Issuing Bank’s standard fees with respect to the issuance, amendment, renewal or extension of any Letter of Credit or processing of drawings thereunder.
Participation fees and fronting fees accrued through and including each Quarterly Date shall be payable on the third Business Day following such Quarterly Date, commencing on the first such date to occur after the Effective Date; provided
that all such fees with respect to the Letters of Credit shall be payable on the Termination Date and the Borrower shall pay any such fees that have accrued and that are unpaid on the Termination Date and, in the event any Letters of Credit shall be
outstanding that have expiration dates after the Termination Date, the Borrower shall prepay on the Termination Date the full amount of the participation and fronting fees that will accrue on such Letters of Credit subsequent to the Termination Date
through but not including the date such outstanding Letters of Credit are scheduled to expire (and, in that connection, the Lenders agree not later than the date two Business Days after the date upon which the last such Letter of Credit shall expire
or be terminated to rebate to the Borrower the excess, if any, of the aggregate participation and fronting fees that have been prepaid by the Borrower over the sum of the amount of such fees that ultimately accrue through the date of such expiration
or termination and the aggregate amount of all other unpaid obligations hereunder at such time). Any other fees payable to the Issuing Bank pursuant to this paragraph shall be payable within 10 Business Days after demand. All participation fees and
fronting fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 

(c) Administrative Agent Fees. The Borrower agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts
and at the times separately agreed upon between the Borrower and the Administrative Agent. 
 (d) Payment of Fees. All fees payable
hereunder shall be paid on the dates due, in Dollars (or, at the election of the Borrower with respect to any fees payable to the Issuing Bank on account of Letters of Credit issued in any Foreign Currency, in such Foreign Currency) and immediately
available funds, to the Administrative Agent (or to the Issuing Bank, in the case of fees payable to it) for distribution, in the case of commitment fees and participation fees, to the Lenders entitled thereto. Fees paid shall not be refundable
under any circumstances absent obvious error. 

  
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 SECTION 2.12. Interest. 

(a) ABR Loans. The Loans constituting each ABR Borrowing (including each Swingline Loan) shall bear interest at a rate per annum
equal to the Alternate Base Rate plus the Applicable Margin. 
 (b) Eurocurrency Loans. The Loans constituting each
Eurocurrency Borrowing shall bear interest at a rate per annum equal to the Adjusted Eurocurrency Rate for the related Interest Period for such Borrowing plus the Applicable Margin. 

(c) RFR Loans. The Loans constituting each RFR Borrowing shall bear interest at a rate per annum equal to the Daily Simple RFR
plus the Applicable Margin. 
 (d) Default Interest. Notwithstanding the foregoing, (i) if any amount of principal of any
Loan, interest or fee payable by the Borrower hereunder is accrued and not paid when due (after giving effect to any grace periods), whether at stated maturity, by acceleration or otherwise, such overdue amount shall thereafter bear interest at a
fluctuating interest rate per annum at all times equal to (A) in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loan as provided above, (B) in the case of any Letter of Credit, 2%
plus the fee otherwise applicable to such Letter of Credit as provided in Section 2.11(b)(i), or (C) in the case of any fee, 2% plus the rate applicable to ABR Loans as provided in
paragraph (a) of this Section and (ii) if any other Event of Default has occurred and is continuing for any Eurocurrency Loan, at the end of the current applicable Interest Period, interest shall (if requested by the
Administrative Agent upon instructions of the Required Lenders) accrue (A) in the case of Dollar Loans, at the Alternate Base Rate plus the Applicable Margin plus 2% per annum and (B) for Loans in any Foreign Currency, at the one month
Eurocurrency Rate plus 2% per annum. 
 (e) Payment of Interest. Accrued interest on each Loan shall be payable in arrears on each
Interest Payment Date for such Loan in the Currency in which such Loan is denominated and, in the case of Syndicated Loans, upon the Termination Date; provided that (i) interest accrued pursuant to paragraph (c) of this
Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a Syndicated ABR Loan prior to the Final Maturity Date), accrued interest on the principal amount repaid or prepaid
shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Borrowing denominated in Dollars prior to the end of the Interest Period therefor, accrued interest on such Borrowing
shall be payable on the effective date of such conversion. 
 (f) Computation. All interest hereunder shall be computed on the basis
of a year of 360 days, except that interest computed (i) by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate and (ii) on Multicurrency Loans denominated in Sterling shall be computed on
the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate, Daily Simple RFR or
Adjusted Eurocurrency Rate shall be determined by the Administrative Agent and such determination shall be conclusive absent manifest error. 

  
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 SECTION 2.13. Inability to Determine Interest Rates. 

(a) Temporary Inability. If prior to the commencement of any Interest Period for any Eurocurrency Borrowing of a Class or at any
time for a RFR Borrowing (the Currency of such Borrowing herein called the “Affected Currency”): 

(i) (A) in the case of a Eurocurrency Borrowing, the Administrative Agent shall have determined that, by reason of
circumstances affecting the relevant interbank market, adequate and reasonable means do not exist for ascertaining the Adjusted Eurocurrency Rate for the Affected Currency (including, without limitation, because the applicable Screen Rate is not
available or published on a current basis) for such Interest Period or (B) in the case of a RFR Borrowing, the Administrative Agent shall have determined that adequate and reasonable means do not exist for ascertaining the Daily Simple RFR
(each determination under this clause (i) shall be made in good faith and shall be conclusive absent manifest error); or 

(ii) (A) in the case of a Eurocurrency Borrowing, the Administrative Agent shall have received notice from the Required
Lenders of such Class of Commitments that the Adjusted Eurocurrency Rate for the Affected Currency for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their respective Loans included
in such Borrowing for such Interest Period or (B) in the case of a RFR Borrowing, the Administrative Agent shall have received notice from the Required Multicurrency Lenders that the Daily Simple RFR will not adequately and fairly reflect the
cost to such Lenders of making or maintaining the Loans included in such RFR Borrowing; 
 then the Administrative Agent shall give written notice thereof
(or telephonic notice, promptly confirmed in writing) to the Borrower and the affected Lenders as soon as practicable thereafter identifying the relevant provision above. Until the Administrative Agent shall notify the Borrower and the Lenders that
the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion of any Syndicated Borrowing to, or the continuation of any Syndicated Borrowing as, a Eurocurrency Borrowing
denominated in the Affected Currency shall be ineffective and, if the Affected Currency is Dollars, such Syndicated Borrowing (unless prepaid) shall be continued as, or converted to, a Syndicated ABR Borrowing, (ii) if the Affected
Currency is Dollars and any Borrowing Request requests a Eurocurrency Borrowing denominated in Dollars, such Borrowing shall be made as a Syndicated ABR Borrowing and (iii) if the Affected Currency is a Foreign Currency, then either, at the
Borrower’s election, (A), any Borrowing Request that requests a Eurocurrency Borrowing or RFR Borrowing denominated in the Affected Currency shall be ineffective, or (B) the Eurocurrency Rate for such Eurocurrency Borrowing or the Daily
Simple RFR for such RFR Borrowing shall be a rate quoted as being representative of the cost to the Lenders of funding such Eurocurrency Borrowing or RFR Borrowing, as applicable (from whatever source and using whatever methodologies the
Administrative Agent may select in its reasonable discretion), which the Administrative Agent shall provide to the Borrower within five (5) Business Days of the Borrower’s request to the Administrative Agent therefor; provided that
any rate provided under this clause (B) shall expire, to the extent the Borrower has not elected to use such rate, on the date that is five (5) Business Days after the delivery by the Administrative Agent thereof. 

  
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 (b) Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other
Loan Document, if a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the
then-current Benchmark for a Currency, then (x) if a Benchmark Replacement for such Currency is determined in accordance with clause (1) or (2) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date,
such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other
party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause (3) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark
Replacement will replace such Benchmark for such Currency for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of
such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has not received, by such time, written
notice of objection to such Benchmark Replacement from Lenders comprising (x) in the case of a Benchmark Replacement for Dollars, the Required Lenders, and, in the case of a Benchmark Replacement for any Foreign Currency, the Required
Multicurrency Lenders. 
 (c) Term SOFR Transition Event. Notwithstanding anything to the contrary herein or in any other Loan
Document and subject to the proviso below in this paragraph, if a Term SOFR Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then the
applicable Benchmark Replacement will replace the then-current Benchmark for all purposes hereunder or under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings, without any amendment to, or further action or
consent of any other party to, this Agreement or any other Loan Document; provided that this clause (c) shall not be effective unless the Administrative Agent has delivered to the Lenders and the Borrower a Term SOFR Notice. 

(d) Benchmark Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, the Administrative Agent
(after consultation with the Borrower) will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such
Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document. 

(e) Notices; Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower and the Lenders of
(i) any occurrence of a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date, (ii) the implementation of any
Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (e) below and (v) the commencement or conclusion of
any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) 

  
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pursuant to this Section 2.13, including any determination with respect to a tenor, rate or adjustment or of the occurrence or
non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or
their sole discretion and without consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section 2.13. 

(f) Unavailability of Tenor of Benchmark. Notwithstanding anything to the contrary herein or in any other Loan Document, at any time
(including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark for a Currency is a term rate (including Term SOFR or the Adjusted Eurocurrency Rate) and either (A) any tenor for such Benchmark
for such Currency is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator
of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark for such Currency is or will be no longer representative, then the Administrative Agent may modify the definition of
“Interest Period” for any Benchmark settings for such Currency at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to
clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark for such Currency (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is or
will no longer be representative for a Benchmark for such Currency (including a Benchmark Replacement), then the Administrative Agent may modify the definition of “Interest Period” for all Benchmark settings for such Currency at or after
such time to reinstate such previously removed tenor. 
 (g) Benchmark Unavailability Period. Upon the Borrower’s receipt of
notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any request for a Eurocurrency Borrowing or RFR Borrowing of, conversion to or continuation of Eurocurrency Loans in each affected Currency to be made,
converted or continued during such Benchmark Unavailability Period and, failing that, (i) in the case of a request for a Dollar Borrowing, the Borrower will be deemed to have converted such request into a request for a Borrowing of or
conversion to an ABR Loan, and (ii) in the case of a request for a Eurocurrency Borrowing other than in Dollars or a RFR Borrowing, the Eurocurrency Rate for such Eurocurrency Borrowing or Daily Simple RFR for such RFR Borrowing shall be a rate
quoted as being representative of the cost to the Lenders of funding such Eurocurrency Borrowing or RFR Borrowing, as applicable (from whatever source and using whatever methodologies the Administrative Agent may select in its reasonable
discretion), which the Administrative Agent shall provide to the Borrower within five (5) Business Days of the Borrower’s request to the Administrative Agent therefor. During any Benchmark Unavailability Period with respect to Dollars or
at any time that a tenor for the then-current Benchmark for Dollars is not an Available Tenor, the component of Alternate Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any
determination of Alternate Base Rate. 

  
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 (h) Eurocurrency Rate Notification. The London interbank offered rate
(“LIBOR”) is intended to represent the rate at which contributing banks could obtain short-term borrowings from one another in the London interbank market. On March 5, 2021, the Financial Conduct Authority
(“FCA”), the regulatory supervisor of LIBOR’s administrator, announced in a public statement the future cessation of the 35 LIBOR benchmark settings currently published by ICE Benchmark administration. This public statement
constitutes a Benchmark Transition Event. To the extent the Final Maturity Date goes beyond the cessation dates indicated in the FCA’s announcement, an alternate rate of interest will be determined at the appropriate time in accordance with
Section 2.13(b) for any applicable tenors of Dollar LIBOR. 
 Upon the occurrence of a Benchmark Transition Event, a Term SOFR Transition Event or an
Early Opt-in Election, Section 2.13(b) and (c) provide the mechanism for determining an alternative rate of interest. The Administrative Agent will promptly notify the Borrower, pursuant to
Section 2.13(e), of any change to the reference rates upon which the interest rates on Eurocurrency Borrowings are based. However, the Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with
respect to, the administration, submission or any other matter related to LIBOR or other rates in the definition of “Adjusted Eurocurrency Rate” or with respect to any alternative or successor rate thereto, or replacement rate thereof
(including, without limitation, (i) any such alternative, successor or replacement rate implemented pursuant to Section 2.13(b) or (c), whether upon the occurrence of a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, and (ii) the implementation of any Benchmark Replacement Conforming Changes pursuant to Section 2.13(d)), including without limitation, whether the composition or characteristics of any
such alternative, successor or replacement reference rate will be similar to, or produce the same value or economic equivalence of, the Adjusted Eurocurrency Rate or have the same volume or liquidity as did LIBOR prior to its discontinuance or
unavailability. 
 SECTION 2.14. Increased Costs. 

(a) Increased Costs Generally. If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement
against assets of, deposits with or for account of, or credit extended or participated in by, any Lender (except any such reserve requirement reflected in the Adjusted Eurocurrency Rate) or the Issuing Bank; 

(ii) impose on any Lender or the Issuing Bank or the London interbank market any other condition, cost or expense (other than
Taxes) affecting this Agreement or Eurocurrency Loans made by such Lender or any Letter of Credit or participation therein; or 

(iii) subject the Administrative Agent, any Lender or the Issuing Bank to any Taxes (other than (A) Indemnified Taxes,
(B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes, and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits,
reserves, other liabilities or capital attributable thereto; 

  
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 and the result of any of the foregoing shall be to increase the cost to such Lender of making, converting to,
continuing or maintaining any Eurocurrency Loan (or of maintaining its obligation to make any such Loan) or to increase the cost to such Lender or the Issuing Bank of participating in, issuing or maintaining any Letter of Credit or to reduce
the amount of any sum received or receivable by such Lender or the Issuing Bank hereunder (whether of principal, interest or otherwise), then the Borrower will pay to such Lender or the Issuing Bank, as the case may be, in Dollars, such additional
amount or amounts as will compensate such Lender or the Issuing Bank, as the case may be, for such additional costs incurred or reduction suffered. 

(b) Capital Requirements. If any Lender or the Issuing Bank determines that any Change in Law regarding capital or liquidity
requirements has or would have the effect of reducing the rate of return on such Lender’s or the Issuing Bank’s capital or on the capital of such Lender’s or the Issuing Bank’s holding company, if any, as a consequence of this
Agreement or the Loans made by, or participations in Swingline Loans and Letters of Credit held by, such Lender, or the Letters of Credit issued by the Issuing Bank, to a level below that which such Lender or the Issuing Bank or such Lender’s
or the Issuing Bank’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or the Issuing Bank’s policies and the policies of such Lender’s or the Issuing Bank’s holding
company with respect to capital adequacy), by an amount deemed to be material by such Lender or Issuing Bank, then from time to time the Borrower will pay to such Lender or the Issuing Bank, as the case may be, in Dollars, such additional amount or
amounts as will compensate such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company for any such reduction suffered. 

(c) Certificates from Lenders. A certificate of a Lender or the Issuing Bank setting forth in reasonable detail the basis for and the
calculation of the amount or amounts in Dollars, necessary to compensate such Lender or the Issuing Bank or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be promptly
delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender or the Issuing Bank, as the case may be, the amount shown as due on any such certificate within 10 Business Days after receipt thereof. 

(d) Delay in Requests. Failure or delay on the part of any Lender or the Issuing Bank to demand compensation pursuant to this
Section shall not constitute a waiver of such Lender’s or the Issuing Bank’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender or the Issuing Bank pursuant to this
Section for any increased costs or reductions incurred more than six months prior to the date that such Lender or the Issuing Bank, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and
of such Lender’s or the Issuing Bank’s intention to claim compensation therefor; provided, further, that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the six-month period referred to above shall be extended to include the period of retroactive effect thereof. 

SECTION 2.15. Break Funding Payments. In the event of (a) the payment of any principal of any Eurocurrency Loan other than on the
last day of an Interest Period therefor (including as a result of the occurrence of any Commitment Increase Date or an Event of Default), (b) the conversion of any Eurocurrency Loan other than on the last day of an Interest Period therefor,
(c) the failure to borrow, convert, continue or prepay any Syndicated Loan on the date specified in any notice delivered pursuant hereto (including in connection with any Commitment Increase Date and regardless of whether such notice is
permitted to be revocable under Section 2.10(e) and is revoked in accordance herewith), or (d) the assignment as a result of a 

  
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request by the Borrower pursuant to Section 2.18(b) of any Eurocurrency Loan other than on the last day of an Interest Period therefor, then, in any such event, the
Borrower shall compensate each affected Lender for the loss, cost and reasonable expense attributable to such event (excluding loss of anticipated profits). In the case of a Eurocurrency Loan, the loss to any Lender attributable to any such event
shall be deemed to include an amount determined by such Lender to be equal to the excess, if any, of 
 (i) the amount of
interest that such Lender would pay for a deposit equal to the principal amount of such Loan denominated in the Currency of such Loan for the period from the date of such payment, conversion, failure or assignment to the last day of the then current
Interest Period for such Loan (or, in the case of a failure to borrow, convert or continue, the duration of the Interest Period that would have resulted from such borrowing, conversion or continuation) if the interest rate payable on such
deposit were equal to the Adjusted Eurocurrency Rate for such Currency for such Interest Period, over 
 (ii) the
amount of interest that such Lender would earn on such principal amount for such period if such Lender were to invest such principal amount for such period at the interest rate that would be bid by such Lender (or an affiliate of such Lender) for
deposits denominated in such Currency from other banks in the Eurocurrency market at the commencement of such period. 
 Payment under this
Section shall be made upon written request of a Lender delivered not later than ten Business Days following the payment, conversion, or failure to borrow, convert, continue or prepay that gives rise to a claim under this
Section accompanied by a certificate of such Lender setting forth in reasonable detail the basis for and the calculation of the amount or amounts that such Lender is entitled to receive pursuant to this Section, which certificate shall be
conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within ten Business Days after receipt thereof. 

SECTION 2.16. Taxes. 
 (a)
Payments Free of Taxes. Any and all payments by or on account of any obligation of the Borrower hereunder or under any other Loan Document shall be made free and clear of and without deduction or withholding for any Taxes, except as required
by applicable law. If any applicable law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Taxes from any such payment by a Withholding Agent, then the applicable Withholding
Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Taxes are Indemnified Taxes, the sum
payable by the Borrower shall be increased as necessary so that after such deduction or withholding has been made (including such deduction and withholding applicable to additional sums payable under this Section) or withholding the
Administrative Agent, applicable Lender or Issuing Bank (as the case may be) receives an amount equal to the sum it would have received had no such deduction or withholding been made. 

(b) Payment of Other Taxes by the Borrower. In addition, the Borrower shall pay timely any Other Taxes to the relevant Governmental
Authority in accordance with applicable law or, at the option of the Administrative Agent, timely reimburse it for the payment of any Other Taxes. 

  
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 (c) Indemnification by the Borrower. The Borrower shall indemnify the Administrative
Agent, each Lender and the Issuing Bank for and, within 10 Business Days after written demand therefor, pay the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to
amounts payable under this Section) payable or paid by, or required to be withheld or deducted from a payment to, the Administrative Agent, such Lender or the Issuing Bank, as the case may be, and any penalties, interest and reasonable expenses
arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability
delivered to the Borrower by a Lender or the Issuing Bank, or by the Administrative Agent on its own behalf or on behalf of a Lender or the Issuing Bank, shall be conclusive absent manifest error. 

(d) Indemnification by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within 10 Business Days after
written demand therefor, for (i) any Indemnified Taxes or Other Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes or Other Taxes without
limiting the obligation of the Borrower to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 9.04(f) relating to the maintenance of a Participant Register, and
(iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not
such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest
error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source
against any amount due to the Administrative Agent under this paragraph (d). 
 (e) Evidence of Payments. As soon as
practicable after any payment of Taxes by the Borrower to a Governmental Authority pursuant to Section 2.16, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by
such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 

(f) Tax Documentation. (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to
payments under this Agreement shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation
reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if requested by the Borrower or the Administrative Agent,
shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to
backup withholding or information reporting 

  
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requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in
Section 2.16(f)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or
expense or would materially prejudice the legal or commercial position of such Lender. 
 (i) Without limiting the generality
of the foregoing: 
 (A) any Lender that is a “United States person” (as defined under Section 7701(a)(30) of
the Code) shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the
Administrative Agent), duly completed and executed copies of Internal Revenue Service Form W-9 or any successor form certifying that such Lender is exempt from U.S. federal backup withholding tax; 

(B) each Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative
Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or
the Administrative Agent), whichever of the following is applicable: 
 (w) duly completed and executed copies of Internal
Revenue Service Form W-8BEN or W-8BEN-E or any applicable successor form claiming eligibility for benefits of an income tax
treaty to which the United States is a party, 
 (x) duly completed and executed copies of Internal Revenue Service Form W-8ECI or any successor form certifying that the income receivable pursuant to this Agreement is effectively connected with the conduct of a trade or business in the United States, 

(y) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of
the Code, (1) a certificate substantially in the form of Exhibit F-1 (or such other form as shall be reasonably satisfactory to the Administrative Agent) to the effect that such Foreign Lender is
not (I) a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (II) a “10 percent shareholder” of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, or (III) a
“controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (2) duly completed and executed copies of Internal Revenue Service Form W-8BEN or W-8BEN-E (or any applicable successor form) certifying that the Foreign Lender is not a United States Person, or 

  
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 (z) to the extent a Foreign Lender is not the beneficial owner, duly completed
and executed copies of Internal Revenue Service Form W-8IMY (or any applicable successor form), accompanied by Internal Revenue Service Form W-8ECI (or any applicable
successor form), Internal Revenue Service Form W-8BEN or W-8BEN-E (or any applicable successor form), a U.S. Tax Compliance
Certificate substantially in the form of Exhibit F-2 or Exhibit F-3 (or, in each case, such other form as shall be reasonably satisfactory to the
Administrative Agent), Internal Revenue Service Form W-9 (or any applicable successor form), and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign
Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit F-4 (or such other form as shall be reasonably satisfactory to the Administrative Agent) on behalf of each such direct and indirect partner; 

(C) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative
Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the
Administrative Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be
prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and 

(D) If a payment made to a Lender under this Agreement would be subject to U.S. federal withholding Tax imposed by FATCA if
such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent,
at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent, such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code)
and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their respective obligations under FATCA and to determine that such
Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this Section 2.16(f)(ii)(D), “FATCA” shall include
any amendments made to FATCA after the date of this Agreement. 

  
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 (ii) In addition, each Lender shall deliver to the Borrower and the
Administrative Agent updated forms or certifications promptly upon the obsolescence, expiration or invalidity of any form or certification previously delivered by such Lender; provided such Lender is legally able to do so at the time. Each
Lender shall promptly notify the Borrower and the Administrative Agent in writing if such Lender no longer satisfies the legal requirements to provide any previously delivered form or certificate to the Borrower (or any other form of certification
adopted by the U.S. or other taxing authorities for such purpose). 
 (g) Treatment of Certain Refunds. If the Administrative Agent,
any Lender or the Issuing Bank determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes or Other Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid
additional amounts pursuant to this Section, it shall pay to the Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower under this Section with respect to the
Taxes or Other Taxes giving rise to such refund), net of all reasonable out-of-pocket expenses of the Administrative Agent, such Lender or the Issuing Bank, as the case
may be, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided that the Borrower, upon the request of the Administrative Agent, such Lender or the Issuing Bank, as the
case may be, agrees to repay to the Administrative Agent, such Lender or the Issuing Bank, respectively, the amount that the Administrative Agent, such Lender or the Issuing Bank, respectively, paid over to the Borrower pursuant to this clause
(g) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event the Administrative Agent, such Lender or the Issuing Bank, respectively, is required to repay such refund to such Governmental
Authority. Notwithstanding anything to the contrary in this clause (g), in no event will the Administrative Agent, any Lender or the Issuing Bank be required to pay any amount to the Borrower pursuant to this clause (g), the payment of
which would place such Person in a less favorable net after-Tax position than such Person would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted,
withheld, or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This subsection shall not be construed to require the Administrative Agent, any Lender or the Issuing Bank to
make available its tax returns or its books or records (or any other information relating to its taxes that it deems confidential) to the Borrower or any other Person. 

SECTION 2.17. Payments Generally; Pro Rata Treatment: Sharing of Set-offs. 

(a) Payments by the Borrower. The Borrower shall make each payment required to be made by it hereunder (whether of principal, interest,
fees or reimbursement of LC Disbursements, or under Section 2.14, 2.15 or 2.16, or otherwise) or under any other Loan Document (except to the extent otherwise provided therein) prior to 2:00 p.m.,
Eastern time, on the date when due, in immediately available funds, without set-off or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be
deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent at the Administrative Agent’s Account, except as otherwise expressly
provided in the relevant Loan Document and except payments to be made directly to the Issuing Bank or the Swingline Lender as expressly provided herein and payments pursuant to Sections 2.14, 2.15, 2.16 and 9.03, which
shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment
hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such
extension. 

  
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 All amounts owing under this Agreement (including commitment fees, payments required under
Section 2.14, and payments required under Section 2.15 relating to any Loan denominated in Dollars, but not including principal of and interest on any Loan denominated in any Foreign Currency or
payments relating to any such Loan required under Section 2.15, which are payable in such Foreign Currency) or under any other Loan Document (except to the extent otherwise provided therein) are payable in
Dollars. Notwithstanding the foregoing, if the Borrower shall fail to pay any principal of any Loan when due (whether at stated maturity, by acceleration, by mandatory prepayment or otherwise), the unpaid portion of such Loan shall, if such Loan is
not denominated in Dollars, automatically be redenominated in Dollars on the due date thereof (or, if such due date is a day other than the last day of the Interest Period therefor, on the last day of such Interest Period) in an amount equal to
the Dollar Equivalent thereof on the date of such redenomination and such principal shall be payable on demand; and if the Borrower shall fail to pay any interest on any Loan that is not denominated in Dollars, such interest shall automatically be
redenominated in Dollars on the due date therefor (or, if such due date is a day other than the last day of the Interest Period therefor, on the last day of such Interest Period) in an amount equal to the Dollar Equivalent thereof on the date
of such redenomination and such interest shall be payable on demand. 
 Notwithstanding the foregoing provisions of this Section, if, after
the making of any Borrowing in any Foreign Currency, currency control or exchange regulations are imposed in the country which issues such currency with the result that the type of currency in which the Borrowing was made (the “Original
Currency”) no longer exists or the Borrower is not able to make payment to the Administrative Agent for the account of the Lenders in such Original Currency, then all payments to be made by the Borrower hereunder in such currency shall
instead be made when due in Dollars in an amount equal to the Dollar Equivalent (as of the date of repayment) of such payment due, it being the intention of the parties hereto that the Borrower takes all risks of the imposition of any such currency
control or exchange regulations. 
 (b) Application of Insufficient Payments. If at any time insufficient funds are received by and
available to the Administrative Agent to pay fully all amounts of principal, unreimbursed LC Disbursements, interest and fees of a Class then due hereunder, such funds shall be applied (i) first, to pay interest and fees of such
Class then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees of such Class then due to such parties, and (ii) second, to pay principal and unreimbursed LC Disbursements of
such Class then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and unreimbursed LC Disbursements of such Class then due to such parties. 

(c) Pro Rata Treatment. Except to the extent otherwise provided herein: (i) each Syndicated Borrowing of a Class shall be made
from the Lenders of such Class, each payment of commitment fee under Section 2.11 shall be made for account of the Lenders of the applicable Class, and each termination or reduction of the amount of the Commitments of a
Class under Section 2.08 shall be applied to the respective Commitments of the Lenders of such Class, pro rata according to the amounts of their respective Commitments of such Class; (ii) each

  
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Syndicated Borrowing of a Class shall be allocated pro rata among the Lenders of such Class according to the amounts of their respective Commitments of such Class (in the case of the
making of Syndicated Loans) or their respective Loans of such Class that are to be included in such Borrowing (in the case of conversions and continuations of Loans); (iii) each payment or prepayment of principal of Syndicated Loans
of a Class by the Borrower shall be made for account of the Lenders of such Class pro rata in accordance with the respective unpaid principal amounts of the Syndicated Loans of such Class held by them; and (iv) each payment of
interest on Syndicated Loans of a Class by the Borrower shall be made for account of the Lenders of such Class pro rata in accordance with the amounts of interest on such Loans of such Class then due and payable to the respective
Lenders. 
 (d) Sharing of Payments by Lenders. If any Lender of any Class shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Syndicated Loans, or participations in LC Disbursements or Swingline Loans, of such Class resulting
in such Lender receiving payment of a greater proportion of the aggregate amount of its Syndicated Loans, and participations in LC Disbursements and Swingline Loans, and accrued interest thereon of such Class then due than the proportion
received by any other Lender of such Class, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Syndicated Loans, and participations in LC Disbursements and Swingline Loans, of other
Lenders of such Class to the extent necessary so that the benefit of all such payments shall be shared by the Lenders of such Class ratably in accordance with the aggregate amount of principal of and accrued interest on their respective
Syndicated Loans, and participations in LC Disbursements and Swingline Loans, of such Class; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such
participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by the Borrower pursuant to and in
accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or participations in LC Disbursements to any assignee or participant, other
than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender
acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct
creditor of the Borrower in the amount of such participation. 
 (e) Presumptions of Payment. Unless the Administrative Agent shall
have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for account of the Lenders or the Issuing Bank hereunder that the Borrower will not make such payment, the Administrative Agent may
assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing Bank, as the case may be, the amount due. In such event, if the Borrower has not
in fact made such payment, then each of the Lenders or the Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or the Issuing Bank with interest
thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent at the Federal Funds Effective Rate. 

  
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 (f) Certain Deductions by the Administrative Agent. If any Lender shall fail to make any
payment required to be made by it pursuant to Section 2.04(c), 2.05(e), 2.06(a) or (b) or 2.17(e), then the Administrative Agent may, in its discretion (notwithstanding any
contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid. 

SECTION 2.18. Mitigation Obligations; Replacement of Lenders. 

(a) Designation of a Different Lending Office. If any Lender requests compensation under Section 2.14, or if
the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.16, then, at the request of the Borrower, such
Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if in the judgment of such
Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.14 or 2.16, as the case may be, in the future and (ii) would not subject such Lender to any cost or
expense not required to be reimbursed by the Borrower and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or
assignment. 
 (b) Replacement of Lenders. If any Lender requests compensation under Section 2.14, or if the
Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for account of any Lender pursuant to Section 2.16, and, in each case, such Lender has not designated a
different lending office in accordance with clause (a) above, or if any Lender becomes a Defaulting Lender or is a Non-Consenting Lender (as provided in Section 9.02(d)), then
the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in
Section 9.04), all its interests, rights (other than its existing rights to payments pursuant to Sections 2.14 and 2.16) and obligations under this Agreement and the related Loan Documents to an assignee
(which has met the restrictions contained in Section 9.04 and has received the required consents under Section 9.04) that shall assume such obligations (which assignee may be another Lender, if a
Lender accepts such assignment); provided that (i) the Borrower shall have received the prior written consent of the Administrative Agent (and, if a Commitment is being assigned, the Issuing Bank and the Swingline Lender), which consent
shall not unreasonably be withheld, conditioned or delayed, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and participations in LC Disbursements and Swingline Loans, accrued interest
thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts) and (iii) in the
case of any such assignment resulting from a claim for compensation under Section 2.14 or payments required to be made pursuant to Section 2.16, such assignment will result in a reduction or
elimination of such compensation or payments. A Lender shall not be required to make any such assignment and delegation if prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such
assignment and delegation cease to apply. 

  
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 SECTION 2.19. Defaulting Lenders. 

(a) Defaulting Lender Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a
Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable law: 

(i) Defaulting Lender Waterfall. Any payment of principal, interest, fees or other amounts received by Administrative
Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VII or otherwise) or received by Administrative Agent from a Defaulting Lender pursuant to
Section 9.08 shall be applied at such time or times as may be determined by Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to Administrative Agent hereunder;
second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to Issuing Bank or Swingline Lender hereunder; third, to Cash Collateralize Issuing Bank’s Fronting Exposure with respect to such Defaulting
Lender in the manner described in Section 2.09(a); fourth, as Borrower may request (so long as no Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion
thereof as required by this Agreement, as determined by Administrative Agent; fifth, if so determined by Administrative Agent and Borrower, to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting
Lender’s potential future funding obligations with respect to Loans under this Agreement and (y) Cash Collateralize Issuing Bank’s future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of
Credit issued under this Agreement, in the manner described in Section 2.09(a); sixth, to the payment of any amounts owing to the Lenders, Issuing Bank or Swingline Lender as a result of any judgment of a court of
competent jurisdiction obtained by any Lender, Issuing Bank or Swingline Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, to the payment of any amounts
owing to Borrower as a result of any judgment of a court of competent jurisdiction obtained by Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to
such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans or reimbursement obligations in respect of any LC Disbursement for
which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in Section 4.02 were satisfied
or waived, such payment shall be applied solely to pay the Loans of, and reimbursement obligations in respect of any LC Disbursement that is owed to, all Non-Defaulting Lenders on a pro rata basis prior to
being applied to the payment of any Loans of, or reimbursement obligations in respect of any LC Disbursement that is owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in Letters of Credit and
Swingline Loans are held by the Lenders pro rata in accordance with the applicable Commitments without giving effect to Section 2.19(a)(iii). Any payments, prepayments or other amounts paid or payable to a Defaulting Lender
that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 2.19(a)(i) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender
irrevocably consents hereto. 

  
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 (ii) Certain Fees. 

(A) No Defaulting Lender shall be entitled to receive any fee pursuant to Sections 2.11(a) and (b) for any
period during which that Lender is a Defaulting Lender (and Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender); provided that such Defaulting Lender shall be
entitled to receive fees pursuant to Section 2.11(b) for any period during which that Lender is a Defaulting Lender only to extent allocable to its Applicable Percentage of the stated amount of Letters of Credit for which
such Defaulting Lender (but not the Borrower) has provided Cash Collateral pursuant to Section 2.19(d). 

(B) With respect to any fees pursuant to Section 2.11(b) not required to be paid to any Defaulting
Lender pursuant to clause (A) above, Borrower shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such
Defaulting Lender’s participation in Letters of Credit or Swingline Loans that has been reallocated to such Non-Defaulting Lender pursuant to clause (iii) below, (y) pay to Issuing Bank the
amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to Issuing Bank’s Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such fee. 

(iii) Reallocation of Participations to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s
participation in Letters of Credit and Swingline Loans shall be reallocated (effective no later than one (1) Business Day after the Administrative Agent has actual knowledge that such Lender has become a Defaulting Lender) among the Non-Defaulting Lenders in accordance with their respective Applicable Dollar Percentages and Applicable Multicurrency Percentages, as the case may be (in each case calculated without regard to such Defaulting
Lender’s Commitment), but only to the extent that (x) the conditions set forth in Section 4.02 are satisfied at the time of such reallocation (and, unless Borrower shall have otherwise notified Administrative
Agent at such time, Borrower shall be deemed to have represented and warranted that such conditions are satisfied at such time), and (y) such reallocation does not cause the aggregate Revolving Credit Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Commitment. Subject to Section 9.16, no reallocation hereunder shall constitute a
waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation. 
 (iv)
Cash Collateral; Repayment of Swingline Loans. If the reallocation described in clause (iii) above cannot, or can only partially, be effected, the Borrower shall not later than two (2) Business Days after demand by the
Administrative Agent (at the direction of the Issuing Bank and/or the Swingline Lender), without prejudice to any right or remedy available to it hereunder or under law, (x) first, prepay Swingline Loans in an amount equal to the Swingline
Lender’s Swingline Exposure (which exposure shall be 

  
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deemed equal to the applicable Defaulting Lender’s Applicable Percentage of the total outstanding Swingline Exposure (other than Swingline Exposure as to which such Defaulting Lender’s
participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof)) and (y) second, Cash Collateralize the Issuing Bank’s Fronting Exposure in accordance with the procedures set forth
in Section 2.19(d) or (z) make other arrangements reasonably satisfactory to the Administrative Agent, the Issuing Bank and the Swingline Lender in their sole discretion to protect them against the risk of non-payment by such Defaulting Lender. 
 (b) Defaulting Lender Cure. If the Borrower, the
Administrative Agent, the Swingline Lender and the Issuing Bank agree in writing that a Lender is no longer a Defaulting Lender, Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and
subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that such former Defaulting Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other
Lenders or take such other actions as Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Letters of Credit and Swingline Loans to be held pro rata by the Lenders in accordance with the
applicable Commitments (without giving effect to Section 2.19(a)(iii)), and if Cash Collateral has been posted with respect to such Defaulting Lender, the Administrative Agent will promptly return or release such Cash
Collateral to the Borrower, whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of Borrower while that Lender was a
Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party
hereunder arising from that Lender having been a Defaulting Lender. 
 (c) New Swingline Loans/Letters of Credit. So long as any
Lender is a Defaulting Lender, (i) the Swingline Lender shall not be required to fund any Swingline Loans unless it is satisfied that the participations therein will be fully allocated among
Non-Defaulting Lenders in a manner consistent with clause (a)(iii) above and the Defaulting Lender shall not participate therein and (ii) the Issuing Bank shall not be required to issue, extend,
renew or increase any Letter of Credit unless it is satisfied that the participations in any existing Letters of Credit as well as the new, extended, renewed or increased Letter of Credit has been or will be fully allocated among the Non-Defaulting Lenders in a manner consistent with clause (a)(iii) above and such Defaulting Lender shall not participate therein except to the extent such Defaulting Lender’s participation has been or
will be fully Cash Collateralized in accordance with Section 2.19(d). 
 (d) Cash Collateral. At any time
that there shall exist a Defaulting Lender, promptly following the written request of Administrative Agent or Issuing Bank (with a copy to Administrative Agent) Borrower shall Cash Collateralize Issuing Bank’s Fronting Exposure with respect to
such Defaulting Lender (determined after giving effect to Section 2.19(a)(iii) and any Cash Collateral provided by such Defaulting Lender) in an amount not less than the Minimum Collateral Amount. 

  
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 (i) Grant of Security Interest. Borrower, and to the extent provided by
any Defaulting Lender, such Defaulting Lender, hereby grants to (and subjects to the control of) Administrative Agent, for the benefit of Issuing Bank, and agrees to maintain, a first priority security interest in all such Cash Collateral as
security for the Defaulting Lenders’ obligation to fund participations in respect of Letters of Credit, to be applied pursuant to clause (ii) below. If at any time Administrative Agent determines that Cash Collateral is subject to
any right or claim of any Person other than Administrative Agent and Issuing Bank as herein provided, or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount, Borrower will, promptly upon demand by Administrative
Agent, pay or provide to Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency (after giving effect to any Cash Collateral provided by the Defaulting Lender). All Cash Collateral (other than credit
support not constituting funds subject to deposit) shall be maintained in blocked, non-interest bearing deposit accounts at Truist. Borrower shall pay on demand therefor from time to time all reasonable and
customary account opening, activity and other administrative fees and charges in connection with the maintenance and disbursement of Cash Collateral. 

(ii) Application. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under
this Section 2.19 in respect of Letters of Credit shall be applied to the satisfaction of the Defaulting Lender’s obligation to fund participations in respect of Letters of Credit (including, as to Cash Collateral
provided by a Defaulting Lender, any interest accrued on such obligation) for which the Cash Collateral was so provided, prior to any other application of such property as may otherwise be provided for herein. 

(iii) Termination of Requirement. Cash Collateral (or the appropriate portion thereof) provided to reduce Issuing
Bank’s Fronting Exposure shall no longer be required to be held as Cash Collateral pursuant to this Section 2.19 following (i) the elimination or reduction of the applicable Fronting Exposure (including by the
termination of Defaulting Lender status of the applicable Lender or giving effect to Section 2.19(a)(iii)) or (ii) the determination by Administrative Agent and Issuing Bank that there exists excess Cash Collateral;
provided that, subject to the other provisions of this Section 2.19, the Person providing Cash Collateral and Issuing Bank may agree that Cash Collateral shall be held to support future anticipated Fronting Exposure;
provided, further, that to the extent that such Cash Collateral was provided by Borrower, such Cash Collateral shall remain subject to the security interest granted pursuant to the Loan Documents. 

ARTICLE III 
 REPRESENTATIONS
AND WARRANTIES 
 The Borrower represents and warrants to the Lenders that: 

SECTION 3.01. Organization; Powers. Each of the Borrower and its Subsidiaries is duly organized, validly existing and in good standing
under the laws of the jurisdiction of its organization, has all requisite power and authority to carry on its business as now conducted and, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to
result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required of the Borrower or such Subsidiary, as applicable. 

  
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 SECTION 3.02. Authorization; Enforceability. The Transactions are within the
Borrower’s corporate powers and have been duly authorized by all necessary corporate and, if required, by all necessary shareholder action. This Agreement has been duly executed and delivered by the Borrower and constitutes, and each of the
other Loan Documents when executed and delivered by each Obligor party thereto will constitute, a legal, valid and binding obligation of such Obligor, enforceable in accordance with its terms, except as such enforceability may be limited by
(a) bankruptcy, insolvency, reorganization, moratorium or similar laws of general applicability affecting the enforcement of creditors’ rights and (b) the application of general principles of equity (regardless of whether such
enforceability is considered in a proceeding in equity or at law). 
 SECTION 3.03. Governmental Approvals; No Conflicts. The
Transactions (a) do not require any consent or approval of, registration or filing with, or any other action by, any applicable Governmental Authority, except for (i) such as have been or will be obtained or made and are in full force and
effect and (ii) filings and recordings in respect of the Liens created pursuant to this Agreement or the Security Documents, (b) will not violate any applicable law or regulation or the charter,
by-laws or other organizational documents of the Borrower or any other Obligor or any order of any Governmental Authority applicable to the Borrower or any other Obligor, or their respective property,
(c) will not violate or result in a default in any material respect under any indenture, agreement or other instrument binding upon the Borrower or any of its Subsidiaries or assets, or give rise to a right thereunder to require any payment to
be made by any such Person, and (d) except for the Liens created pursuant to this Agreement or the Security Documents, will not result in the creation or imposition of any Lien (other than Liens permitted by
Section 6.02) on any asset of the Borrower or any other Obligor. 
 SECTION 3.04. No Material Adverse
Effect. Since the date of the most recent Applicable Financial Statements, there has not been any event, development or circumstance that has had or could reasonably be expected to have a Material Adverse Effect. 

SECTION 3.05. Litigation. There are no actions, suits, investigations or proceedings by or before any arbitrator or Governmental
Authority now pending against or, to the knowledge of the Borrower, threatened in writing against or affecting the Borrower or any of its Subsidiaries (i) as to which there is a reasonable possibility of an adverse determination and that, if
adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect or (ii) that involve this Agreement or the Transactions (other than any action brought by the Borrower against a
Defaulting Lender). 
 SECTION 3.06. Compliance with Laws and Agreements. Each of the Borrower and its Subsidiaries is in compliance
with all laws, regulations and orders of any Governmental Authority applicable to it or its property and all indentures, agreements and other instruments binding upon it or its property, except where the failure to do so, individually or in the
aggregate, could not reasonably be expected to result in a Material Adverse Effect. None of the Obligors is subject to any contract or other arrangement, the performance of which by them could reasonably be expected to result in a Material Adverse
Effect. 

  
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 SECTION 3.07. Taxes. Each of the Borrower and its Subsidiaries has timely filed or caused
to be filed all material Tax returns and reports required to have been filed and has paid or caused to be paid all material Taxes required to have been paid by it, except (a) Taxes that are being contested in good faith by appropriate
proceedings and for which such Person has set aside on its books adequate reserves or (b) to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect. 

SECTION 3.08. ERISA. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA
Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect. 
 SECTION
3.09. Disclosure. As of the Eighth Amendment Effective Date, the Borrower has disclosed in its public filings or to the Lenders all agreements, instruments and corporate or other restrictions to which it or any of its Subsidiaries is subject,
that if terminated prior to its term, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. None of the written reports, financial statements, certificates or
other written information (other than projected financial information, other forward looking information and information of a general economic or general industry nature or information relating to third parties that, for the avoidance of doubt, are
not Affiliates) furnished by or on behalf of the Borrower to the Administrative Agent in connection with the negotiation of this Agreement and the other Loan Documents or delivered hereunder or thereunder (as modified or supplemented by other
information so furnished) when taken together with the Borrower’s public filings and as a whole (and after giving effect to all updates, modifications and supplements) contains any material misstatement of fact or omits to state any material
fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading at the time made; provided that with respect to projected financial information, the Borrower represents only that
such information was prepared in good faith based upon assumptions believed to be reasonable at the time of the preparation thereof (it being understood that projections are subject to significant and inherent uncertainties and contingencies which
may be outside of the Borrower’s control and that no assurance can be given that projections will be realized, and are therefore not to be viewed as fact, and that actual results for the periods covered by projections may differ from the
projected results set forth in such projections and that such differences may be material). 
 SECTION 3.10. Investment Company Act;
Margin Regulations. 
 (a) Status as Business Development Company. The Borrower has elected to be regulated as a “business
development company” within the meaning of the Investment Company Act. 
 (b) Compliance with Investment Company Act. The
business and other activities of the Borrower and its Subsidiaries, including the making of the Loans hereunder, the application of the proceeds and repayment thereof by the Borrower and the consummation of the Transactions contemplated by the Loan
Documents do not result in a violation or breach in any material respect of the provisions of the Investment Company Act or any rules, regulations or orders issued by the Securities and Exchange Commission thereunder, in each case that are
applicable to the Borrower and its Subsidiaries. 

  
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 (c) Investment Policies. The Borrower is in compliance in all respects with the Investment
Policies (after giving effect to any Permitted Policy Amendments), except to the extent that the failure to so comply could not reasonably be expected to have a Material Adverse Effect. 

(d) Use of Credit. Neither the Borrower nor any of its Subsidiaries is engaged principally, or as one of its important activities, in
the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying Margin Stock, and no part of the proceeds of any extension of credit hereunder will be used to buy or carry any Margin Stock (provided
that so long as no violation of Regulation U would result therefrom and the Borrower intends to immediately retire any whole or fractional shares of its common stock purchased, (x) the Borrower may use proceeds of the Loans to purchase its
common stock in connection with the redemption (or buyback) of its shares and (y) the Borrower may use proceeds of the Loans for any (i) cash consideration paid or payable and (ii) cash paid on account of fractional shares, in each
case of this clause (y), in connection with the Borrower Merger). 
 SECTION 3.11. Material Agreements and Liens. 

(a) Material Agreements. Part A of Schedule 3.11 is a complete and correct list, as of the Eighth Amendment Effective
Date, of each credit agreement, loan agreement, indenture, purchase agreement, guarantee, letter of credit or other arrangement providing for or otherwise relating to any Indebtedness for borrowed money or any extension of credit (or commitment for
any extension of credit) to, or guarantee for borrowed money by, the Borrower or any other Obligor outstanding on the date hereof (in each case, other than any such agreement or arrangement that is between or among an Obligor and any other
Obligor), and the aggregate principal or face amount outstanding or that is, or may become, outstanding under each such arrangement, in each case, as of the date hereof, is correctly described in Part A of Schedule 3.11. 

(b) Liens. Part B of Schedule 3.11 is a complete and correct list, as of the Eighth Amendment Effective Date, of each Lien
securing Indebtedness of any Person outstanding on the date hereof (other than Indebtedness hereunder or under any other Loan Document) covering any property of the Borrower or any of the Subsidiary Guarantors, and the aggregate principal amount of
such Indebtedness secured (or that may be secured) by each such Lien and the property covered by each such Lien as of the date hereof is correctly described in Part B of Schedule 3.11. 

SECTION 3.12. Subsidiaries and Investments. 

(a) Subsidiaries. Set forth on Schedule 3.12(a) is a list of the Borrower’s Subsidiaries as of the Eighth Amendment
Effective Date. 
 (b) Investments. Set forth on Schedule 3.12(b) is a complete and correct list, as of the Eighth Amendment
Effective Date, of all Investments (other than Investments of the types referred to in clauses (b), (c), (d) and (g) of Section 6.04) held by the Borrower or any of the Subsidiary Guarantors
in any Person on the date hereof and, for each such Investment, (x) the identity of the Person or Persons holding such Investment and (y) the nature of such Investment. Except as disclosed in Schedule 3.12, as of the date hereof,
each of the Borrower and any of the Subsidiary Guarantors owns, free and clear of all Liens (other than Liens created pursuant to this Agreement or the Security Documents and Permitted Liens), all such Investments. 

  
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 SECTION 3.13. Properties. 

(a) Title Generally. Each of the Borrower and the Subsidiary Guarantors has good title to, or valid leasehold interests in, all its real
and personal property material to its business, except for minor defects in title that do not interfere with its ability to conduct its business as currently conducted or to utilize such properties for their intended purposes. 

(b) Intellectual Property. Each of the Borrower and its Subsidiaries (other than any Financing Subsidiary) owns, or is licensed to use,
all trademarks, trade names, copyrights, patents and other intellectual property material to its business, and the use thereof by the Borrower and its Subsidiaries (other than any Financing Subsidiary) does not infringe upon the rights of any other
Person, except for any such infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

SECTION 3.14. Affiliate Agreements. As of the Eighth Amendment Effective Date, the Borrower has heretofore delivered (to the extent not
otherwise publicly filed with the Securities and Exchange Commission) to the Administrative Agent true and complete copies of each of the Affiliate Agreements as in effect as of the Eighth Amendment Effective Date (including schedules and exhibits
thereto, and any amendments, supplements or waivers executed and delivered thereunder). As of the Eighth Amendment Effective Date, each of the Affiliate Agreements is in full force and effect. 

SECTION 3.15. Sanctions. None of the Borrower or any Subsidiary nor, to the knowledge of the Borrower, any director or officer of the
Borrower or any Subsidiary is currently (i) the subject of any sanctions (collectively, “Sanctions”) administered or enforced by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”),
the U.S. Department of State, the United Nations Security Council, Her Majesty’s Treasury or the European Union or (ii) organized or resident in a Sanctioned Country. No Obligor will to its knowledge directly or indirectly use the proceeds
of the Loans or otherwise make available such proceeds (i) to any Person for the purpose of financing the activities of any Person, at the time of such financing (A) subject to, or the subject of, any Sanctions or (B) organized or
resident in a Sanctioned Country or (ii) for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to
obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended and any applicable law or regulation implementing the OECD Convention on Combating Bribery of
Foreign Public Officials in International Business Transactions (collectively, the “Anti-Corruption Laws”). The Borrower has implemented policies, procedures and internal controls reasonably designed to ensure compliance with the
economic sanctions and trade embargo regulations promulgated by OFAC, the U.S. Department of State, the United Nations Security Council, Her Majesty’s Treasury or the European Union and Anti- Corruption Laws. 

  
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 SECTION 3.16. Collateral Documents. The provisions of the Security Documents are effective
to create in favor of the Collateral Agent a legal, valid and enforceable first priority Lien (subject to Liens permitted by Section 6.02) on all right, title and interest of the Borrower and each Subsidiary Guarantor in
the Collateral described therein, except for any failure that would not constitute an Event of Default under clause (p) of Article VII. Except for filings and actions completed on or prior to the Effective Date or as contemplated hereby and by
the Security Documents, no filing or other action will be necessary to perfect such Liens to the extent required thereunder, except for the failure to make any filing or take any other action that would not constitute an Event of Default under
clause (p) of Article VII. 
 SECTION 3.17. EEA Financial Institutions. Neither the Borrower nor any Subsidiary is an EEA
Financial Institution. 
 ARTICLE IV 

CONDITIONS 
 SECTION 4.01.
Effective Date. The effectiveness of this Agreement and of the obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit hereunder shall not become effective until completion of each of the following
conditions precedent (unless a condition shall have been waived in accordance with Section 9.02): 
 (a)
Documents. Administrative Agent shall have received each of the following documents, each of which shall be satisfactory to the Administrative Agent (and to the extent specified below to each Lender) in form and substance: 

(i) Executed Counterparts. From each party hereto either (i) a counterpart of this Agreement signed on behalf of
such party or (ii) written evidence satisfactory to the Administrative Agent (which may include telecopy or electronic (e.g. pdf) transmission of a signed signature page to this Agreement) that such party has signed a counterpart of this
Agreement. 
 (ii) Opinion of Counsel to the Borrower. Favorable written opinions (addressed to the Administrative
Agent and the Lenders and dated the Effective Date) of: (x) Fried, Frank, Harris, Shriver & Jacobson LLP, special New York counsel for the Borrower, and (y) Dechert LLP, counsel to the Borrower, each in form and substance
reasonably acceptable to the Administrative Agent (and the Borrower hereby instructs such counsel to deliver such opinions to the Lenders and the Administrative Agent). 

(iii) Corporate Documents. Such documents and certificates as the Administrative Agent or its counsel may reasonably
request relating to the organization, existence and good standing of the Borrower, the authorization of the Transactions and any other legal matters relating to the Borrower, this Agreement or the Transactions, all in form and substance satisfactory
to the Administrative Agent and its counsel. 
 (iv) Officer’s Certificate. A certificate, dated the Effective
Date and signed by the President, the Chief Executive Officer, a Vice President or a Financial Officer of the Borrower, confirming compliance with the conditions set forth in the lettered clauses of the first sentence of
Section 4.02. 

  
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 (v) Guarantee and Security Agreement. The Guarantee and Security
Agreement, duly executed and delivered by each of the parties to the Guarantee and Security Agreement. 
 (vi) Control
Agreement. A control agreement (the “Custodian Control Agreement”), duly executed and delivered by the Borrower, the Administrative Agent and State Street Bank and Trust Company. 

(vii) Borrowing Base Certificate. A Borrowing Base Certificate showing a calculation of the Borrowing Base as of
July 31, 2013. 
 (b) Liens. The Administrative Agent shall have received results of a recent lien search in each relevant
jurisdiction with respect to the Borrower and the Subsidiary Guarantors, confirming that each financing statement in respect of the Liens in favor of the Collateral Agent created pursuant to the Security Documents is otherwise prior to all other
financing statements or other interests reflected therein (other than any financing statement or interest in respect of liens permitted under Section 6.02 or Liens to be discharged on or prior to the Effective Date pursuant
to documentation satisfactory to the Administrative Agent). All UCC financing statements and similar documents required to be filed in order to create in favor of the Collateral Agent, for the benefit of the Lenders, a first priority perfected
security interest in the Collateral (to the extent that such a security interest may be perfected by a filing under the Uniform Commercial Code) shall have been properly filed in each jurisdiction required (or arrangements for such filings
acceptable to the Collateral Agent shall have been made). 
 (c) Consents. The Borrower shall have obtained and delivered to the
Administrative Agent certified copies of any consents, approvals, authorizations, registrations, or filings if required to be made or obtained by the Borrower and all Subsidiary Guarantors in connection with the Transactions and any transaction
being financed with the proceeds of the Loans, and such consents, approvals, authorizations, registrations, filings and orders shall be in full force and effect and all applicable waiting periods shall have expired and no investigation or inquiry by
any Governmental Authority regarding the Transactions or any transaction being financed with the proceeds of the Loans shall be ongoing. 

(d) Fees and Expenses. The Borrower shall have paid in full to the Administrative Agent and the Lenders all fees and expenses related to
this Agreement owing on the Effective Date. 
 (e) Patriot Act. The Administrative Agent and the Lenders shall have received,
sufficiently in advance of the Effective Date, all documentation and other information required by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT
Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)). 
 (f) Other
Documents. The Administrative Agent shall have received such other documents as the Administrative Agent or any Lender may reasonably request in form and substance satisfactory to the Administrative Agent. 

  
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 SECTION 4.02. Each Credit Event. The obligation of each Lender to make any Loan, and of
the Issuing Bank to issue, amend, renew or extend any Letter of Credit, is additionally subject to the satisfaction of the following conditions: 

(a) the representations and warranties of the Borrower set forth in this Agreement and in the other Loan Documents shall be true and correct in
all material respects (or, in the case of any portion of any representations and warranties already subject to a materiality qualifier, true and correct in all respects) on and as of the date of such Loan or the date of issuance, amendment, renewal
or extension of such Letter of Credit, as applicable, or, as to any such representation or warranty that refers to a specific date, as of such specific date; 

(b) at the time of and immediately after giving effect to such Loan or the issuance, amendment, renewal or extension of such Letter of Credit,
as applicable, no Default shall have occurred and be continuing; 
 (c) either (i) the aggregate Covered Debt Amount (after giving
effect to such extension of credit and other concurrent transactions) shall not exceed the Borrowing Base reflected on the Borrowing Base Certificate most recently delivered to the Administrative Agent or (ii) the Borrower shall have
delivered an updated Borrowing Base Certificate demonstrating that the Covered Debt Amount (after giving effect to such extension of credit) shall not exceed the Borrowing Base after giving effect to such extension of credit as well as any
concurrent acquisitions of Investments or payment of outstanding Loans or Other Covered Indebtedness or any other Indebtedness that is included in the Covered Debt Amount at such time; and 

(d) solely with respect to the initial funding under this Agreement, the sum of (i) the amount of Cash held by the Borrower plus
(ii) the Borrower’s Shareholders’ Equity shall be equal to or greater than $550,000,000. 
 Each Borrowing and each issuance,
amendment, renewal or extension of a Letter of Credit shall be deemed to constitute a representation and warranty by the Borrower on the date thereof as to the matters specified in the preceding sentence. For the avoidance of doubt, the conversion
or continuation of a Borrowing as the same or a different Type (without increase in the principal amount thereof) shall not be considered to be the making of a Loan. 

ARTICLE V 
 AFFIRMATIVE
COVENANTS 
 Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable
hereunder shall have been paid in full and all Letters of Credit shall have expired, been terminated, Cash Collateralized or backstopped and all LC Disbursements shall have been reimbursed, the Borrower covenants and agrees with the Lenders that:

  
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 SECTION 5.01. Financial Statements and Other Information. 

(a) The Borrower will furnish to the Administrative Agent (for distribution to each Lender): 

(i) within 90 days after the end of each fiscal year of the Borrower, the audited consolidated balance sheet and statement of
operations, changes in net assets and cash flows of the Borrower and its Subsidiaries as of the end of and for such year, setting forth in each case in comparative form the figures for the previous fiscal year, all reported on by
PricewaterhouseCoopers LLP or other independent public accountants of recognized national standing to the effect that such consolidated financial statements present fairly in all material respects the financial condition and results of operations of
the Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP consistently (except as disclosed therein) applied; provided that the requirements set forth in this clause (a) may be fulfilled by providing to the
Administrative Agent the report of the Borrower to the SEC on Form 10-K for the applicable fiscal year; 

(ii) within 45 days after the end of each of the first three fiscal quarters of each fiscal year of the Borrower, the
consolidated balance sheet and statement of operations, changes in net assets and cash flows of the Borrower and its Subsidiaries as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each
case in comparative form the figures for (or, in the case of the statements of assets and liabilities, operations, changes in net assets and cash flows, as of the end of) the corresponding period or periods of the previous fiscal year, all
certified by a Financial Officer of the Borrower as presenting fairly in all material respects the financial condition and results of operations of the Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP consistently
(except as disclosed therein) applied, subject to normal year-end audit adjustments and the absence of footnotes; provided that the requirements set forth in this clause (ii) may be
fulfilled by providing to the Administrative Agent the report of the Borrower to the SEC on Form 10-Q for the applicable quarterly period; 

(iii) concurrently with any delivery of financial statements under clause (a) or (b) of this Section, a
certificate of a Financial Officer of the Borrower (x) certifying as to whether the Borrower has knowledge that a Default has occurred during the applicable period and, if a Default has occurred, specifying the details thereof and any action
taken or proposed to be taken with respect thereto, (y) setting forth reasonably detailed calculations demonstrating compliance with Sections 6.01, 6.02, 6.04 and 6.07 and (z) stating whether any change in GAAP
as applied by (or in the application of GAAP by) the Borrower has occurred since the Effective Date and, if any such change has occurred, specifying the effect as determined by the Borrower of such change on the financial statements accompanying
such certificate; provided that the requirements set forth in this clause (iii)(z) may be fulfilled by providing to the Administrative Agent the report of the Borrower to the SEC on Form
10-Q for the applicable quarterly period; 
 (iv) as soon as available and in any
event not later than 20 days after the end of each monthly accounting period (ending on the last day of each calendar month) of the Borrower and its Subsidiaries, (i) a Borrowing Base Certificate as at the last day of such accounting
period, (ii) a certificate executed by a Responsible Officer of the Borrower setting forth reasonably detailed calculations demonstrating compliance with Section 6.07(e) and (iii) if during such monthly accounting
period the Borrower has declared or made any Restricted Payment pursuant to Section 6.05(d), a certificate of a Financial Officer of the Borrower describing each such Restricted Payment and certifying that conditions set
forth in Section 6.05(d) were satisfied on the date of each such Restricted Payment; 

  
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 (v) promptly but no later than five Business Days after any Responsible Officer
of the Borrower shall at any time have knowledge that there is a Borrowing Base Deficiency, a Borrowing Base Certificate as at the date such Person has knowledge of such Borrowing Base Deficiency indicating the amount of the Borrowing Base
Deficiency as at the date such Person obtained knowledge of such deficiency and the amount of the Borrowing Base Deficiency as of the date not earlier than one Business Day prior to the date the Borrowing Base Certificate is delivered pursuant to
this paragraph; 
 (vi) promptly upon receipt thereof copies of all significant reports submitted by the Borrower’s
independent public accountants in connection with each annual, interim or special audit or review of any type of the financial statements or related internal control systems of the Borrower or any of its Subsidiaries delivered by such accountants to
the management or board of directors of the Borrower; 
 (vii) promptly after the same become publicly available, copies of
all periodic and other reports, proxy statements and other materials sent to all stockholders filed by the Borrower or any of the Subsidiary Guarantors with the Securities and Exchange Commission, or any Governmental Authority succeeding to any or
all of the functions of said Commission, or with any national securities exchange, as the case may be; and 
 (viii) promptly
following any request therefor, such other information regarding the operations, business affairs and financial condition of the Borrower or any of its Subsidiaries, or compliance with the terms of this Agreement and the other Loan Documents, as the
Administrative Agent or any Lender may reasonably request, including without limitation, all documentation and other information required by bank regulatory authorities under applicable “know your customer”, anti-money laundering and
anti-terrorism rules and regulations, including the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) and the Administrative Agent’s or such Lender’s policies and
procedures relating thereto. 
 (b) Borrower and each Lender acknowledge that certain of the Lenders may be Public Lenders and, if documents
or notices required to be delivered pursuant to this Section 5.01 or otherwise are being distributed through IntraLinks/IntraAgency, SyndTrak or another relevant website or other information platform (the
“Platform”), any document or notice that Borrower has indicated contains Non-Public Information shall not be posted by Administrative Agent on that portion of the Platform designated for such
Public Lenders. Borrower agrees to clearly designate all information provided to Administrative Agent by or on behalf of Borrower or any of its Subsidiaries which is suitable to make available to Public Lenders. If Borrower has not indicated whether
a document or notice delivered pursuant to this Section 5.01 contains Non-Public Information, the Administrative Agent reserves the right to post such document or notice solely on
that portion of the Platform designated for Lenders who wish to receive material Non-Public Information with respect to Borrower, its Subsidiaries and their Securities (as such term is defined in
Section 5.13 of this Agreement). 

  
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 (c) Notwithstanding anything to the contrary herein, the requirements to deliver documents set
forth in Section 5.01(a)(i), (ii) and (vii) will be fulfilled by filing by the Borrower of the applicable documents for public availability on the SEC’s Electronic Data Gathering and Retrieval
system; provided, that the Borrower shall notify the Administrative Agent (by telecopier or electronic mail) of the posting of any such documents. 

SECTION 5.02. Notices of Material Events. The Borrower will furnish to the Administrative Agent (for distribution to each Lender)
prompt written notice upon any Responsible Officer obtaining actual knowledge of the following: 
 (a) the occurrence of any Default (unless
the Borrower first became aware of such Default from a notice delivered by the Administrative Agent); 
 (b) the filing or commencement of
any action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting the Borrower or any of its Affiliates that, if adversely determined, could reasonably be expected to result in a Material Adverse Effect; 

(c) the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred after the Eighth Amendment
Effective Date, could reasonably be expected to result in liability of the Borrower and its Subsidiaries in an aggregate amount exceeding $30,000,000; and 

(d) any other development (excluding matters of a general economic, financial or political nature to the extent that they could not reasonably
be expected to have a disproportionate effect on the Borrower or any of its Subsidiaries) that results in, or could reasonably be expected to result in, a Material Adverse Effect. 

Each notice delivered under this Section shall be accompanied by a statement of a Responsible Officer or other executive officer of the
Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 

SECTION 5.03. Existence; Conduct of Business. The Borrower will, and will cause each of its Subsidiaries (other than Immaterial
Subsidiaries) to, do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and franchises material to the conduct of its business;
provided that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under Section 6.03. 

SECTION 5.04. Payment of Obligations. The Borrower will, and will cause each of its Subsidiaries to, pay its obligations, including
U.S. federal income Tax and any other material Tax liabilities and material contractual obligations, that, if not paid, could reasonably be expected to result in a Material Adverse Effect on the Borrower or on the Borrower and its Subsidiaries taken
as a whole before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) the Borrower or such Subsidiary has set aside on its books
adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect. 

  
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 SECTION 5.05. Maintenance of Properties; Insurance. The Borrower will, and will cause each
of its Subsidiaries (other than Immaterial Subsidiaries) to, (a) keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted, and (b) maintain, with
financially sound and reputable insurance companies, insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations. 

SECTION 5.06. Books and Records; Inspection and Audit Rights. The Borrower will, and will cause each of its Subsidiaries to, keep books
of record and account in accordance with GAAP. The Borrower will, and will cause each other Obligor to, permit any representatives designated by the Administrative Agent or any Lender, upon reasonable prior notice, to visit and inspect its
properties during business hours, to examine and make extracts from its books and records (but only to the extent the Borrower is not prohibited from disclosing such information or providing access to such information pursuant to applicable law or
an agreement any Obligor entered into with a third party in the ordinary course of its business), and to discuss its affairs, finances and condition with its officers and independent accountants, all at such reasonable times and as often as
reasonably requested, in each case, to the extent such inspection or requests for such information are reasonable and such information can be provided or discussed without violation of law, rule, regulation or contract; provided that
(i) the Borrower or such Obligor shall be entitled to have its representatives and advisers present during any inspection of its books and records and (ii) unless an Event of Default shall have occurred and be continuing, the
Borrower’s obligation to reimburse any costs and expenses incurred by the Administrative Agent and the Lenders in connection with any such inspections shall be limited to one inspection per calendar year under this Section 5.06 and
Section 7.01(a) of the Guarantee and Security Agreement. 
 SECTION 5.07. Compliance with Laws. The Borrower will, and will
cause each of its Subsidiaries to, comply with all laws, rules, regulations, including the Investment Company Act, and orders of any Governmental Authority applicable to it or its property, except where the failure to do so, individually or in the
aggregate, could not reasonably be expected to result in a Material Adverse Effect. Without limiting the generality of the foregoing, the Borrower will, and will cause its Subsidiaries to, conduct its business and other activities in compliance in
all material respects with the provisions of the Investment Company Act and any applicable rules, regulations or orders issued by the Securities and Exchange Commission thereunder. The Borrower will maintain policies, procedures and internal
controls reasonably designed to ensure compliance with the economic sanctions and trade embargo regulations promulgated by OFAC, the U.S. Department of State, the United Nations Security Council, Her Majesty’s Treasury or the European Union and
Anti-Corruption Laws. 
 SECTION 5.08. Certain Obligations Respecting Subsidiaries; Further Assurances. 

(a) Subsidiary Guarantors. In the event that the Borrower or any Subsidiary Guarantor shall form or acquire any new Subsidiary (other
than a Financing Subsidiary, a Foreign Subsidiary, an Immaterial Subsidiary or a Subsidiary of a Foreign Subsidiary) the Borrower will within thirty (30) days thereof (or such longer period as shall be reasonably agreed by the Administrative
Agent) cause such new Subsidiary to become a “Subsidiary Guarantor” (and, thereby, an “Obligor”) under the Guarantee and Security Agreement pursuant to a Guarantee Assumption Agreement and to deliver such proof of corporate or
other action, incumbency of officers, opinions of counsel (unless waived by the Administrative Agent) and other documents as is consistent with those delivered by the Borrower pursuant to Section 4.01 upon the Effective
Date or as the Administrative Agent shall have reasonably requested. 

  
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 (b) Ownership of Subsidiaries. The Borrower will, and will cause each Subsidiary to, take
such action from time to time as shall be necessary to ensure that each Subsidiary is a wholly owned Subsidiary; provided that the foregoing shall not prohibit any transaction under Section 6.03 or 6.04, so long as after giving effect to
such permitted transaction each of the remaining Subsidiaries of the Borrower is a wholly-owned Subsidiary. 
 (c) Further
Assurances. The Borrower will, and will cause each of the Subsidiary Guarantors to, take such action from time to time (including filing appropriate Uniform Commercial Code financing statements and executing and delivering such assignments,
security agreements and other instruments) as shall be reasonably requested by the Administrative Agent to effectuate the purposes and objectives of this Agreement, including: (i) to create, in favor of the Collateral Agent for the benefit of
the Lenders (and any affiliate thereof that is a party to any Hedging Agreement entered into with the Borrower) and the holders of any Secured Longer-Term Indebtedness or Secured Shorter-Term Indebtedness, perfected security interests and Liens in
the Collateral; provided that any such security interest or Lien shall be subject to the relevant requirements of the Security Documents, (ii) to cause any bank or securities intermediary (within the meaning of the Uniform Commercial
Code) to enter into such arrangements with the Collateral Agent as shall be appropriate in order that the Collateral Agent has “control” (within the meaning of the Uniform Commercial Code) over each bank account or securities
account of the Obligors (other than “Excluded Accounts” as defined in the Guarantee and Security Agreement), and in that connection, the Borrower agrees to cause all cash and other proceeds of Investments received by any Obligor to be
promptly deposited into such an account (or otherwise delivered to, or registered in the name of, the Collateral Agent), (iii) in the case of any Investment consisting of a Bank Loan (as defined in Section 5.13) that does
not constitute all of the credit extended to the underlying borrower under the relevant underlying loan documents and a Financing Subsidiary holds any interest in the loans or other extensions of credit under such loan documents, (x) to cause
such Financing Subsidiary to be party to such underlying loan documents as a “lender” having a direct interest (or a participation not acquired from an Obligor) in such underlying loan documents and the extensions of credit thereunder and
(y) to ensure that all amounts owing to such Obligor or Financing Subsidiary by the underlying borrower or other obligated party are remitted by such borrower or obligated party directly to separate accounts of such Obligor and such Financing
Subsidiary, (iv) in the event that any Obligor is acting as an agent or administrative agent (or analogous capacity) under any loan documents with respect to any Bank Loan that does not constitute all of the credit extended to the underlying
borrower under the relevant underlying loan documents, to ensure that all funds held by such Obligor in such capacity as agent or administrative agent is segregated from all other funds of such Obligor and clearly identified as being held in an
agency capacity and (v) if an Event of Default has occurred and is continuing, to cause the closing sets and all executed amendments, consents, forbearances and other modifications and assignment agreements relating to any Investment and any
other documents relating to any Investment requested by the Collateral Agent, in each case, to be held by the Collateral Agent or a custodian pursuant to the terms of a custodian agreement and/or control agreement reasonably satisfactory to the
Administrative Agent (and the Administrative Agent hereby acknowledges that the Custodian Control Agreement is satisfactory for this purpose); provided that, for the avoidance of doubt, this clause (v) shall not apply to any item of
Collateral that is required to be Delivered (as such term is used in and to the extent required under Section 7.01(a) of the Guarantee and Security Agreement). 

  
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 SECTION 5.09. Use of Proceeds. The Borrower will use the proceeds of the Loans only for
general corporate purposes of the Borrower in the ordinary course of business, including (v) purchasing shares of its common stock in connection with the redemption (or buyback) of its shares, (w) for (i) cash consideration paid or payable
or (ii) cash paid on account of fractional shares, in each case of this clause (w), in connection with the Borrower Merger (x) the acquisition and funding (either directly or through one or more wholly-owned Subsidiaries) of leveraged
loans, mezzanine loans, high-yield securities, convertible securities, preferred stock, common stock and other Investments, (y) the payment of expenses or other liabilities, and (z) the payment of Restricted Payments; provided that
neither the Administrative Agent nor any Lender shall have any responsibility as to the use of any of such proceeds. No part of the proceeds of any Loan will be used in violation of applicable law or, directly or indirectly, for the purpose, whether
immediate, incidental or ultimate, of buying or carrying any Margin Stock. Margin Stock shall be purchased by the Obligors only with the proceeds of Indebtedness not directly or indirectly secured by Margin Stock, or with the proceeds of equity
capital of the Borrower. 
 SECTION 5.10. Status of RIC and BDC. The Borrower shall at all times maintain its status as a
“business development company” under the Investment Company Act. The Borrower has elected to be treated as a RIC commencing with its taxable year ending December 31, 2013, and will at all times beginning in that taxable year and
thereafter continue to be treated as a RIC. 
 SECTION 5.11. Investment Policies. The Borrower shall at all times be in compliance in
all material respects with its Investment Policies (after giving effect to any Permitted Policy Amendments). 
 SECTION 5.12. Portfolio
Valuation and Diversification Etc. 
 (a) Industry Classification Groups. For purposes of this Agreement, the Borrower shall
assign each Portfolio Investment included in the Borrowing Base to an Industry Classification Group. To the extent the Borrower determines that any Portfolio Investment included in the Borrowing Base is not adequately correlated with the risks of
other Portfolio Investments in an Industry Classification Group, such Portfolio Investment may be assigned by the Borrower to an Industry Classification Group that is more closely correlated to such Portfolio Investment. In the absence of any
adequate correlation, the Borrower shall be permitted, upon prior notice to the Administrative Agent (for the distribution to each Lender), to create up to three additional industry classification groups for purposes of this Agreement. 

  
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 (b) Portfolio Valuation Etc. 

(i) Settlement Date Basis. For purposes of this Agreement, all determinations of whether an investment is to be included
as a Portfolio Investment shall be determined on a settlement-date basis (meaning that any investment that has been purchased will not be treated as a Portfolio Investment until such purchase has settled, and any Portfolio Investment which has been
sold will not be excluded as a Portfolio Investment until such sale has settled); provided that no such investment shall be included as a Portfolio Investment to the extent it has not been paid for in full. 

(ii) Determination of Values. For the purposes of this Agreement and not to be required to be utilized for any other
purpose (including, for the avoidance of doubt, the Borrower’s financial statements, valuations required under the Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value Measurement (ASC 820) or valuations
required under the Investment Company Act), the Borrower will conduct reviews of the value to be assigned to each of its Portfolio Investments included in the Borrowing Base as follows: 

(A) Quoted Investments - External Review. With respect to Portfolio Investments (including Cash Equivalents) for
which market quotations are readily available, the Borrower shall, not less frequently than once each calendar week, determine the market value of such Portfolio Investments which shall, in each case, be determined in accordance with one of the
following methodologies (as selected by the Borrower): 
 (w) in the case of public and 144A securities, the average of the
bid prices as determined by two Approved Dealers or Approved Pricing Services (in each case, as selected by the Borrower), 

(x) in the case of bank loans, the bid price as determined by one Approved Dealer or Approved Pricing Services (in each case,
as selected by the Borrower), 
 (y) in the case of any Portfolio Investment traded on an exchange, the closing price for
such Portfolio Investment most recently posted on such exchange, and 
 (z) in the case of any other Portfolio Investment,
the fair market value thereof as determined by an Approved Pricing Service (as selected by the Borrower). 
 (B) Unquoted
Investments - External Review. With respect to Portfolio Investments included in the Borrowing Base for which market quotations are not readily available, the Borrower shall request one or more Approved Third-Party Appraiser(s) to assist the
Board of Directors of the Borrower in determining the fair market value of each such Portfolio Investment (other than any Portfolio Investments that the Administrative Agent has most recently notified the Borrower that it intends to have an Approved
Third Party Appraiser selected by the Administrative Agent value), as at the last day of each fiscal quarter; provided that: 

  
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 (x) except as set forth in clause (z) below, the Value of any such
Portfolio Investment (i.e., a Portfolio Investment for which market quotations are not readily available) (including, for the avoidance of doubt, a Participation Interest) acquired during a fiscal quarter shall be deemed to be equal to the cost
of such Portfolio Investment until such time as the fair market value of such Portfolio Investment is determined in accordance with the foregoing provisions of this subclause (B) as at the last day of such fiscal quarter; 

(y) notwithstanding the foregoing and except as set forth in clause (z) below, the Board of Directors of the
Borrower may, without the assistance of an Approved Third-Party Appraiser, determine the fair market value of such unquoted Portfolio Investments so long as the aggregate Value thereof so determined does not at any time exceed 10% of the aggregate
Borrowing Base, except that the fair market value of any Portfolio Investment that has been determined without the assistance of an Approved Third-Party Appraiser as at the last day of any fiscal quarter shall be deemed to be zero as at the last day
of the immediately succeeding fiscal quarter (but effective upon the date upon which the Borrowing Base Certificate for such last day is required to be delivered hereunder) if an Approved Third-Party Appraiser has not assisted the Board of
Directors of the Borrower in determining the fair market value of such Portfolio Investments, as at such date; and 
 (z)
the Value, at the end of any fiscal quarter, of any such Portfolio Investment (i.e., a Portfolio Investment for which market quotations are not readily available) that was acquired within thirty (30) days of the end of such fiscal quarter
(collectively, the “Market Value Investments”) shall be deemed to be equal to the cost of such Portfolio Investment. 

(C) Internal Review. The Borrower shall conduct internal reviews of all Portfolio Investments included in the Borrowing
Base at least once each calendar week which shall take into account any events of which any Responsible Officer of the Borrower has knowledge that materially adversely affect the aggregate value of the Portfolio Investments included in the Borrowing
Base. If the value of any Portfolio Investment as most recently determined by the Borrower pursuant to this Section 5.12(b)(ii)(C) is lower than the value of such Portfolio Investment as most recently determined pursuant to
Section 5.12(b)(ii)(A) and (B), such lower value shall be deemed to be the “Value” of such Portfolio Investment for purposes hereof; provided that the Value of any Portfolio Investment of the
Borrower and its Subsidiaries shall be increased by the net unrealized gain as at the date such Value is determined of any Hedging Agreement entered into to hedge risks associated with such Portfolio Investment and reduced by the net unrealized loss
as at such date of any such Hedging Agreement (such net unrealized gain or net unrealized loss, on any date, to be equal to the aggregate amount receivable or payable under the related Hedging Agreement if the same were terminated on such date).

  
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 (D) Failure to Determine Values. If the Borrower shall fail to determine
the value of any Portfolio Investment as at any date pursuant to the requirements of the foregoing subclauses (A), (B) or (C), then the “Value” of such Portfolio Investment as at such date shall be deemed to be
zero for purposes of the Borrowing Base until such time as the value of such Portfolio Investment is otherwise determined or reviewed, as applicable, in accordance herewith. 

(E) Testing of Values. At least six (6) weeks prior to the end of each fiscal quarter (the last such fiscal quarter
is referred to herein as, the “Testing Quarter”), the Administrative Agent in its reasonable discretion shall select (and inform the Borrower of) the particular Portfolio Investments included in the Borrowing Base for which market
quotations are not readily available to be valued by an Approved Third-Party Appraiser selected by the Administrative Agent that collectively have an aggregate Value approximately equal to the Calculation Amount. For the avoidance of doubt, all
calculations of value pursuant to this Section 5.12(b)(ii)(E) shall be determined without application of the Advance Rates. The Testing Quarter shall not be required to coincide with the timing of any valuations conducted
by the Board of Directors of the Borrower pursuant to Section 5.12(b)(ii)(B). 
 (F) Valuation
Dispute Resolution. Notwithstanding the foregoing, the Administrative Agent shall at any time have the right to request, in its reasonable discretion, any Unquoted Investment included in the Borrowing Base with a value determined pursuant to
Section 5.12(b)(ii) to be independently valued by an Approved Third-Party Appraiser selected by the Administrative Agent. There shall be no limit on the number of such appraisals requested by the Administrative Agent in its reasonable
discretion; provided that (i) any appraisal shall be conducted in a manner that is not disruptive to the Borrower’s business and (ii) the values determined by any appraisal shall be treated as confidential information by
the Administrative Agent and the Lenders and shall be deemed to be “Information” hereunder and subject to Section 9.13 hereof. The reasonable and documented out-of-pocket costs of any such valuation shall be at the expense of the Borrower. The Administrative Agent shall notify the Borrower of its receipt of results from an Approved Third-Party Appraiser of any
appraisal and provide a copy of the results and any related reports to the Borrower. If the difference between the Borrower’s valuation pursuant to Section 5.12(b)(ii)(B) and the valuation of any Approved Third-Party
Appraiser selected by the Administrative Agent pursuant to Section 5.12(b)(ii)(E) or (F) is (1) less than 5% of the Borrower’s value thereof, then the Borrower’s valuation shall be used,
(2) between 5% and 20% of the Borrower’s value thereof, then the valuation of such Portfolio Investment shall be the average of the value determined by the Borrower and the value determined by the Approved Third-Party Appraiser selected by
the Administrative Agent and (3) greater than 20% of the Borrower’s value thereof, then the Borrower and the Administrative Agent shall select an additional Approved Third-Party Appraiser and the valuation of such Portfolio Investment
shall be the average of the three valuations (with the Administrative Agent’s Approved Third-Party Appraiser’s valuation to be used until the third valuation is obtained). 

  
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 (iii) Generally Applicable Valuation Provisions. 

(A) Each Approved Third-Party Appraiser (whether selected by the Borrower or the Administrative Agent) shall apply a recognized
valuation methodology that is commonly accepted in the Borrower’s industry for valuing Portfolio Investments of the type being valued and held by the Obligors. Other procedures relating to the valuation will be reasonably agreed upon by the
Administrative Agent and the Borrower. 
 (B) For the avoidance of doubt, subject to
Section 5.12(b)(ii)(B)(y), the value of any Portfolio Investments determined in accordance with any provision of this Section 5.12 shall be the Value of such Portfolio Investment for purposes of
this Agreement until a new Value for such Portfolio Investment is subsequently determined in good faith in accordance with this Section 5.12. 

(C) The foregoing valuation procedures shall only be required to be used for purposes of calculating the Borrowing Base and
shall not be required to be utilized by the Borrower for any other purpose, including, without limitation, the delivery of financial statements or valuations required under ASC820 or the Investment Company Act or otherwise. 

(D) The Administrative Agent shall notify the Borrower of its receipt of the final results of any such test promptly upon its
receipt thereof and shall provide a copy of such results and the related report to the Borrower promptly upon the Borrower’s request. 

(c) RIC Diversification Requirements. The Borrower will at all times, subject to Section 851(d) of the Code and applicable
grace periods set forth in the Code, comply with the portfolio diversification requirements set forth in the Code applicable to RICs, to the extent applicable. 

(d) Participation Interests. The Value attributable to any Participation Interest shall be the Value determined with respect to the
underlying portfolio investment related to such Participation Interest in accordance with this Section 5.12, provided any participation interest that does not satisfy the definition of Participation Interest shall have a Value of zero
for purposes of this Agreement. 
 SECTION 5.13. Calculation of Borrowing Base. For purposes of this Agreement, the
“Borrowing Base” shall be determined, as at any date of determination, as the sum of the Advance Rates of the Value of each Portfolio Investment (excluding any Cash Collateral held by the Administrative Agent pursuant to
Section 2.05(k) or the last paragraph of Section 2.09(a)); provided that: 
 (a)
the Advance Rate applicable to that portion of the aggregate Value of the Portfolio Investments in a consolidated group of corporations or other entities (collectively, a “Consolidated Group”), in accordance with GAAP, that exceeds
6% of the aggregate Value of all Portfolio Investments in the Collateral Pool (which, for purposes of this calculation shall exclude the aggregate amount of Equity Interests in Financing Subsidiaries) shall be 50% of the Advance Rate otherwise
applicable; 

  
 104 

 (b) the Advance Rate applicable to that portion of the aggregate Value of the Portfolio
Investments of all issuers in a Consolidated Group exceeding 12% of the aggregate Value of all Portfolio Investments in the Collateral Pool (which, for purposes of this calculation shall exclude the aggregate amount of Equity Interests in Financing
Subsidiaries) shall be 0%; 
 (c) the Advance Rate applicable to that portion of the aggregate Value of the Portfolio Investments in any
single Industry Classification Group that exceeds 25% of the aggregate Value of all Portfolio Investments in the Collateral Pool (which for purposes of this calculation shall exclude the aggregate amount of Equity Interests in Financing
Subsidiaries) shall be 0%; 
 (d) no Portfolio Investment may be included in the Borrowing Base unless the Collateral Agent maintains a
first priority, perfected Lien (subject to Permitted Liens) on such Portfolio Investment and such Portfolio Investment has been Delivered (as such term is used in and to the extent required under Section 7.01(a) of the Guarantee and Security
Agreement) to the Collateral Agent, and then only for so long as such Portfolio Investment continues to be Delivered as contemplated therein; 

(e) the portion of the Borrowing Base attributable to Performing Non-Cash Pay High Yield Securities,
Performing Non-Cash Pay Mezzanine Investments, Equity Interests and Non-Performing Portfolio Investments shall not exceed 20%; 

(f) the portion of the Borrowing Base attributable to Equity Interests shall not exceed 10% (it being understood that in no event shall Equity
Interests of Financing Subsidiaries be included in the Borrowing Base; 
 (g) the portion of the Borrowing Base attributable to Non-Performing Portfolio Investments shall not exceed 15% and the portion of the Borrowing Base attributable to Portfolio Investments that were Non-Performing Portfolio
Investments at the time such Portfolio Investments were acquired shall not exceed 5%; 
 (h) the portion of the Borrowing Base attributable
to Portfolio Investments invested outside the United States, Canada, the United Kingdom, Ireland, Australia, Germany, France, Belgium, the Netherlands, Luxembourg, Switzerland, Denmark, Finland, Norway and Sweden shall not exceed 5% without the
consent of the Administrative Agent; 
 (i) at any time the Borrower Asset Coverage Ratio is greater than or equal to 2.00 to 1.00, but less
than 2.25 to 1.00, the portion of the Borrowing Base attributable to Portfolio Investments other than Performing First Lien Bank Loans shall not exceed 62.5%; 

(j) at any time the Borrower Asset Coverage Ratio is greater than or equal to 2.25 to 1.00, the portion of the Borrowing Base attributable to
Portfolio Investments other than Performing First Lien Bank Loans shall not exceed 67.5%; and 

  
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 (k) the Advance Rate applicable to that portion of the aggregate Value of the Borrower’s
Portfolio Investments in Lien Restricted Investments shall be 0% to the extent necessary so that no more than 2% of the Borrowing Base is attributable to such investments; 

(l) no Participation Interest may be included in the Borrowing Base for more than 90 days. 

To the extent any Portfolio Investment is required to be removed from the Borrowing Base to comply with any of the portfolio limitations set forth in this
Section 5.13, the Borrower shall be permitted to choose the Portfolio Investments, or portions of such Portfolio Investments, to be so removed to effect such compliance. 

As used herein, the following terms have the following meanings: 

“Advance Rate” means, as to any Portfolio Investment and subject to adjustment as provided in
Section 5.13(a), (b) and (c), the following percentages with respect to such Portfolio Investment: 
  

									
	 Portfolio Investment
	  	Quoted	 	 	Unquoted	 
	 Cash, Cash Equivalents and Short-Term U.S. Government Securities
	  	 	100	% 	 	 	0	% 
	 Long-Term U.S. Government Securities
	  	 	95	% 	 	 	0	% 
	 Performing First Lien Bank Loans
	  	 	85	% 	 	 	75	% 
	 Performing Unitranche Loans
	  	 	80	% 	 	 	70	% 
	 Performing Second Lien Bank Loans
	  	 	75	% 	 	 	65	% 
	 Performing Cash Pay High Yield Securities
	  	 	70	% 	 	 	60	% 
	 Performing Cash Pay Mezzanine Investments
	  	 	65	% 	 	 	55	% 
	 Performing Non-Cash Pay High Yield Securities
	  	 	60	% 	 	 	50	% 
	 Performing Non-Cash Pay Mezzanine Investments
	  	 	55	% 	 	 	45	% 
	 Non-Performing First Lien Bank Loans
	  	 	45	% 	 	 	45	% 
	 Non-Performing Unitranche Loans
	  	 	40	% 	 	 	40	% 
	 Non-Performing Second Lien Bank Loans
	  	 	40	% 	 	 	35	% 
	 Non-Performing High Yield Securities
	  	 	30	% 	 	 	30	% 
	 Non-Performing Mezzanine Investments
	  	 	30	% 	 	 	25	% 
	 Performing Common Equity (and zero cost or penny warrants with performing debt), including
Performing Joint Venture Investments
	  	 	30	% 	 	 	20	% 
	 Non-Performing Common Equity (and zero cost or penny
warrants with non performing debt), including Non-Performing Joint Venture Investments
	  	 	0	% 	 	 	0	% 
	 Structured Finance Obligations and Finance Leases
	  	 	0	% 	 	 	0	% 

 “Bank Loans” means debt obligations (including term loans, notes, revolving loans, debtor-in-possession financings, the funded and unfunded portion of revolving credit lines and letter of credit facilities and other similar loans and investments including
interim loans, bridge loans and senior subordinated loans) which are generally under a loan or credit facility (whether or not syndicated), note purchase agreement or other similar financing arrangement facility. 

  
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 “Capital Stock” has the meaning given to such term in
Section 1.01. 
 “Cash” has the meaning assigned to such term in
Section 1.01. 
 “Cash Equivalents” has the meaning assigned to such term in
Section 1.01. 
 “Finance Lease” means any transaction representing the obligation of a lessee to
pay rent or other amounts under a lease which is required to be classified and accounted for as a capital lease on the balance sheet of such lessee under GAAP. 

“First Lien Bank Loan” means a Bank Loan that is entitled to the benefit of a first lien and first priority perfected security
interest (subject to Liens for “ABL” revolvers and customary encumbrances) on a substantial portion of the assets of the respective borrower and guarantors obligated in respect thereof. For the avoidance of doubt, an Obligor’s
investment in the “first-out” portion (as defined in the definition of Unitranche Loan) of a First Lien Bank Loan shall be treated as a First Lien Bank Loan for purposes of determining the applicable
Advance Rate for such portion of such Portfolio Investment. 
 “High Yield Securities” means debt Securities and Preferred
Stock, in each case (a) issued by public or private issuers, (b) issued pursuant to an effective registration statement or pursuant to Rule 144A under the Securities Act (or any successor provision thereunder) or other exemption to
the Securities Act and (c) that are not Cash Equivalents, Mezzanine Investments or Bank Loans. 
 “Lien Restricted
Investment” means a Portfolio Investment consisting of an Obligor’s equity investment in an entity that holds Investments subject to underlying agreements that restrict the granting of a direct Lien on such Investments under this
Agreement; provided that (a) there are no greater restrictions or limitations in any material respect on the ability of the Borrower to liquidate such entity or its Investments therein (including any material redemption restrictions or
penalties) and use the proceeds thereof than would be applicable if each Investment held by such entity was held directly as a Portfolio Investment by the Borrower and (b) there is no leverage employed by such entity. 

“Long-Term U.S. Government Securities” means U.S. Government Securities maturing more than one year from the applicable date
of determination. 
 “Mezzanine Investments” means debt Securities (including convertible debt Securities (other than the “in-the-money” equity component thereof)) and Preferred Stock in each case (a) issued by public or private issuers, (b) issued without registration
under the Securities Act, (c) not issued pursuant to Rule 144A under the Securities Act (or any successor provision thereunder), (d) that are not Cash Equivalents and (e) contractually subordinated in right of payment to other debt of
the same issuer. 
 “Non-Performing Common Equity” means Capital Stock (other than
Preferred Stock) and warrants of an issuer having any debt outstanding that is non-Performing. 

“Non-Performing First Lien Bank Loans” means First Lien Bank Loans other than
Performing First Lien Bank Loans. 

  
 107 

 “Non-Performing High Yield Securities”
means High Yield Securities other than Performing High Yield Securities. 
 “Non-Performing
Joint Venture Investment” means Joint Venture Investments other than Performing Joint Venture Investments. 
 “Non-Performing Mezzanine Investments” means Mezzanine Investments other than Performing Mezzanine Investments. 

“Non-Performing Portfolio Investment” means Portfolio Investments for which the issuer
is, at the time of determination, in default of any payment obligations of principal or interest in respect thereof after the expiration of any applicable grace period. 

“Non-Performing Second Lien Bank Loans” means Second Lien Bank Loans other than
Performing Second Lien Bank Loans. 
 “Non-Performing Unitranche Loans” means
Unitranche Loans other than Performing Unitranche Loans. 
 “Performing” means (a) with respect to any Portfolio
Investment that is debt, the issuer of such Portfolio Investment is, at the time of determination, not in default of any payment obligations outstanding with respect to accrued and unpaid interest or principal in respect thereof after the receipt of
any notice and/or expiration of any applicable grace period and (b) with respect to any Portfolio Investment that is Preferred Stock, the issuer of such Portfolio Investment has not failed to meet any scheduled redemption obligations or to pay
its latest declared cash dividend, after the expiration of any applicable grace period. 
 “Performing Cash Pay High Yield
Securities” means High Yield Securities (a) as to which, at the time of determination, not less than 2/3rds of the interest (including accretions and
“pay-in-kind” interest) for the current monthly, quarterly, semiannual or annual period (as applicable) is payable in cash and (b) which are
Performing. 
 “Performing Cash Pay Mezzanine Investments” means Mezzanine Investments (a) as to which, at the time of
determination, not less than 2/3rds of the interest (including accretions and “pay-in-kind” interest) for the current monthly, quarterly, semi-annual or
annual period (as applicable) is payable in cash and (b) which are Performing. 
 “Performing Common Equity” means
Capital Stock (other than Preferred Stock) and warrants of an issuer all of whose outstanding debt is Performing. 
 “Performing
First Lien Bank Loans” means First Lien Bank Loans which are Performing. 
 “Performing Joint Venture Investments”
means Joint Venture Investments which are Performing. 
 “Performing Non-Cash Pay High Yield
Securities” means Performing High Yield Securities other than Performing Cash Pay High Yield Securities. 

  
 108 

 “Performing Non-Cash Pay Mezzanine
Investments” means Performing Mezzanine Investments other than Performing Cash Pay Mezzanine Investments. 
 “Performing
Second Lien Bank Loans” means Second Lien Bank Loans which are Performing. 
 “Preferred Stock,” as applied to the
Capital Stock of any Person, means Capital Stock of such Person of any class or classes (however designated) that ranks prior, as to the payment of dividends or as to the distribution of assets upon any voluntary or involuntary liquidation,
dissolution or winding up of such Person, to any shares (or other interests) of other Capital Stock of such Person, and shall include cumulative preferred, non-cumulative preferred, participating
preferred and convertible preferred Capital Stock. 
 “Second Lien Bank Loan” means a Bank Loan (other than a First Lien
Bank Loan) that is entitled to the benefit of a first and/or second lien and first and/or second priority perfected security interest (subject to customary encumbrances) on specified assets of the respective borrower and guarantors obligated in
respect thereof. 
 “Securities” means common and preferred stock, units and participations, member interests in limited
liability companies, partnership interests in partnerships, notes, bonds, debentures, trust receipts and other obligations, instruments or evidences of indebtedness, including debt instruments of public and private issuers and tax-exempt securities (including warrants, rights, put and call options and other options relating thereto, representing rights, or any combination thereof) and other property or interests commonly regarded as
securities or any form of interest or participation therein, but not including Bank Loans. 
 “Securities Act” means the
United States Securities Act of 1933, as amended. 
 “Short-Term U.S. Government Securities” means U.S. Government
Securities maturing within one year of the applicable date of determination. 
 “Structured Finance Obligation” means any
obligation issued by a special purpose vehicle and secured directly by, referenced to, or representing ownership of, a pool of receivables or other financial assets of any obligor, including collateralized debt obligations and mortgaged-backed
securities. For the avoidance of doubt, if an obligation satisfies the definition of “Structured Finance Obligation”, such obligation shall not (a) qualify as any other category of Portfolio Investment and (b) be included in the
Borrowing Base. 
 “U.S. Government Securities” has the meaning assigned to such term in
Section 1.01. 
 “Unitranche Loan” means the
“last-out” portion of a Bank Loan that is a First Lien Bank Loan, a portion of which is, in effect, subject to superpriority rights (the “first-out”
portion) of other lenders with respect to such lenders’ right to receive distributions of collateral proceeds following an event of default (such portion, a “last-out” portion). An
Obligor’s investment in the last-out portion shall be treated as a Unitranche Loan for purposes of determining the applicable Advance Rate for such Portfolio Investment under this Agreement. 

  
 109 

 “Value” means, with respect to any Portfolio Investment, the lower of: 

(i) the most recent internal market value as determined pursuant to Section 5.12(b)(ii)(C) and

 (ii) the most recent external market value as determined pursuant to Section 5.12(b)(ii)(A) and
(B). 
 ARTICLE VI 

NEGATIVE COVENANTS 
 Until
the Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder have been paid in full and all Letters of Credit have expired, been terminated, Cash Collateralized or backstopped and all LC
Disbursements shall have been reimbursed, the Borrower covenants and agrees with the Lenders that: 
 SECTION 6.01. Indebtedness. The
Borrower will not, nor will it permit any of the Subsidiary Guarantors to, create, incur, assume or permit to exist any Indebtedness, except: 

(a) Indebtedness created under this Agreement or any other Loan Document; 

(b) Secured Longer-Term Indebtedness and Unsecured Longer-Term Indebtedness so long as (i) no Default exists at the time of the incurrence
thereof, (ii) at the time of incurrence thereof, the aggregate amount of such Secured Longer-Term Indebtedness and Unsecured Longer-Term Indebtedness (determined at the time of the incurrence thereof), taken together with other then-outstanding
Indebtedness that constitutes senior securities, does not exceed the amount required to comply with the provisions of Sections 6.07(c) and (d), and (iii) prior to and immediately after giving effect to the
incurrence of any Secured Longer-Term Indebtedness, the Covered Debt Amount does not or would not exceed the Borrowing Base then in effect (for clarity, with respect to revolving loan facilities or staged advance loan facilities,
“incurrence” shall be deemed to take place only at the time such facility is entered into or the aggregate commitments thereunder are increased or extended); 

(c) Other Permitted Indebtedness; 

(d) Guarantees of Indebtedness otherwise permitted hereunder; 

(e) Indebtedness of any Obligor owing to any other Obligor or, if such Indebtedness is subject to subordination terms and conditions that are
satisfactory to the Administrative Agent, any other Subsidiary of the Borrower; 
 (f) Indebtedness of Financing Subsidiaries; 

(g) repurchase obligations arising in the ordinary course of business with respect to U.S. Government Securities; 

  
 110 

 (h) obligations payable or payments of margin or posting of margin collateral to clearing
agencies, brokers, dealers or others in connection with the purchase or sale of securities or other Investments, credit default swaps or other derivative transactions, in each case in the ordinary course of business; 

(i) Secured Shorter-Term Indebtedness and Unsecured Shorter-Term Indebtedness (other than Permitted Indebtedness and Special Permitted
Indebtedness constituting Unsecured Shorter-Term Indebtedness) so long as (i) no Default exists at the time of the incurrence thereof, (ii) at the time of incurrence thereof, the aggregate outstanding principal amount (determined at the
time of the incurrence of such Indebtedness) of such Indebtedness does not exceed the greater of (A) $40,000,000 and (B) 5% of Borrower Net Worth, (iii) the aggregate amount of such Indebtedness (determined at the time of incurrence
thereof), taken together with other then-outstanding Indebtedness that constitutes senior securities, does not exceed the amount required to comply with the provisions of Sections 6.07(c) and (d), and (iv) prior
to and immediately after giving effect to the incurrence of any such Indebtedness, the Covered Debt Amount does not or would not exceed the Borrowing Base then in effect (for clarity, with respect to revolving loan facilities or staged advance loan
facilities, “incurrence” shall be deemed to take place only at the time such facility is entered into or the aggregate commitments thereunder are increased or extended); 

(j) obligations (including Guarantees) in respect of Standard Securitization Undertakings; 

(k) Permitted SBIC Guarantees and any SBIC Equity Commitment or analogous commitment; 

(l) Indebtedness arising under any Designated Swap so long as (i) the aggregate amount of such Indebtedness (determined at the time of
incurrence thereof), taken together with other then-outstanding Indebtedness, does not exceed the amount required to comply with the provisions of Sections 6.07(c) and (d), (ii) prior to and immediately after giving
effect to the incurrence of any such Indebtedness, the Covered Debt Amount does not or would not exceed the Borrowing Base then in effect and (iii) the aggregate amount of such Indebtedness (determined at the time of incurrence thereof) does
not exceed $400,000,000; 
 (m) Permitted Indebtedness (other than Special Permitted Indebtedness), including, for the avoidance of doubt,
the 2022 Notes, the 2025 Notes and the 2026 Notes, constituting Unsecured Shorter-Term Indebtedness so long as (i) no Default exists at the time of the incurrence thereof, (ii) the aggregate amount (determined at the time of the incurrence
of such Indebtedness) of such Indebtedness does not exceed $1,015,000,000, (iii) at the time of incurrence thereof, the aggregate amount of such Indebtedness, taken together with other then-outstanding Indebtedness that constitutes senior
securities, does not exceed the amount required to comply with the Consolidated Asset Coverage Ratio and the Borrower Asset Coverage Ratio, (iv) prior to and immediately after giving effect to the incurrence of any such Indebtedness, the
Covered Debt Amount does not or would not exceed the Borrowing Base then in effect (for clarity, with respect to revolving loan facilities or staged advance loan facilities, “incurrence” shall be deemed to take place only at the time of
each borrowing thereunder and not at any time such facility is entered into, the aggregate commitments thereunder are increased or the facility is otherwise modified) and (v) at the time of incurrence thereof, the aggregate amount of such
Indebtedness, taken together with other then-outstanding Special Permitted Indebtedness constituting Unsecured Shorter-Term Indebtedness, does not exceed $1,360,000,000; 

  
 111 

 (n) Special Permitted Indebtedness constituting Unsecured Shorter-Term Indebtedness so long as
(i) no Default exists at the time of the incurrence thereof, (ii) the aggregate amount (determined at the time of the incurrence of such Indebtedness) of such Indebtedness does not exceed $500,000,000, (iii) at the time of incurrence
thereof, the aggregate amount of such Indebtedness, taken together with other then-outstanding Indebtedness that constitutes senior securities, does not exceed the amount required to comply with the Consolidated Asset Coverage Ratio and Borrower
Asset Coverage Ratio, (iv) prior to and immediately after giving effect to the incurrence of any such Indebtedness, the Covered Debt Amount does not or would not exceed the Borrowing Base then in effect (for clarity, with respect to revolving
loan facilities or staged advance loan facilities, “incurrence” shall be deemed to take place only at the time of each borrowing thereunder and not at any time such facility is entered into, the aggregate commitments thereunder are
increased or the facility is otherwise modified) and (v) at the time of incurrence thereof, the aggregate amount of such Indebtedness, taken together with other then-outstanding Permitted Indebtedness constituting Unsecured Shorter-Term
Indebtedness, does not exceed $1,360,000,000; and 
 (o) other Indebtedness at any time in an aggregate principal amount outstanding not to
exceed $20,000,000. 
 SECTION 6.02. Liens. The Borrower will not, nor will it permit any of the Subsidiary Guarantors to, create,
incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights in respect of any thereof (which, for the avoidance of
doubt, shall not include participations in Investments to the extent that the portion of such Investment represented by such participation is not treated as a Portfolio Investment), except: 

(a) any Lien on any property or asset of the Borrower or any Subsidiary Guarantor existing on the date hereof and set forth in Part B of
Schedule 3.11; provided that (i) no such Lien shall extend to any other property or asset of the Borrower or any of the Subsidiary Guarantors, and (ii) any such Lien shall secure only those obligations which it secures on the
date hereof and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof; 
 (b) Liens
created pursuant to this Agreement (including Section 2.19) or any of the Security Documents (including Liens in favor of the Designated Indebtedness Holders (as defined in the Guarantee and Security Agreement)); 

(c) for the avoidance of doubt, Liens on the assets of a Financing Subsidiary securing obligations of such Financing Subsidiary; 

(d) Liens on Special Equity Interests included in the Investments of the Borrower but only to the extent securing obligations in the manner
provided in the definition of “Special Equity Interests” in Section 1.01; 

  
 112 

 (e) Liens securing Indebtedness or other obligations in an aggregate principal amount not
exceeding $40,000,000 at any one time outstanding (which may cover Portfolio Investments, but only to the extent released from, or otherwise not covered by, the Lien in favor of the Collateral Agent pursuant to Section 10.03 of the Guarantee
and Security Agreement), so long as at the time of incurrence of such Indebtedness or other obligations, the aggregate outstanding principal amount of Indebtedness permitted under clauses (a), (b) and (i) of
Section 6.01, does not exceed the lesser of (i) the Borrowing Base and (ii) the amount required to comply with the provisions of Sections 6.07(c) and (d); 

(f) Permitted Liens; 
 (g) Liens
on Equity Interests in any SBIC Subsidiary created in favor of the SBA or its designee and Liens on Equity Interests in any SPE Subsidiary in favor of and required by any lender providing third-party financing to such SPE Subsidiary; 

(h) Liens securing Hedging Agreements permitted under Section 6.04(c) and not otherwise permitted under clause
(b) above in an aggregate amount (i.e., value of collateral posted) not to exceed $30,000,000 at any time (it being understood that any Cash, Cash Equivalents or other collateral subject to such Liens shall not be required to be subject to
any account control agreement hereunder and shall not be included in the Borrowing Base); 
 (i) Liens securing repurchase obligations
arising in the ordinary course of business with respect to U.S. Government Securities; and 
 (j) Liens securing collateral posted as margin
to secure obligations under any Indebtedness permitted under Section 6.01(l) so long as (i) either (x) the amount by which the Borrowing Base exceeds the Covered Debt Amount immediately prior to the granting of
any such Lien under this clause (j) is not diminished as a result of the granting of such Lien or (y) the Borrowing Base immediately after giving effect to the granting of any such Lien under this clause (j) is at least
110% of the Covered Debt Amount and (ii) the value of the assets subject to such Liens in the aggregate does not exceed $280,000,000 (it being understood that any Cash, Cash Equivalents or other collateral subject to such Liens shall not be
required to be subject to any account control agreement hereunder and shall not be included in the Borrowing Base). 
 SECTION 6.03.
Fundamental Changes. The Borrower will not, nor will it permit any of the Subsidiary Guarantors to, enter into any transaction of merger or consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any
liquidation or dissolution). The Borrower will not, nor will it permit any of the Subsidiary Guarantors to, acquire any business or property from, or Capital Stock of, or be a party to any acquisition of, any Person, except for purchases or
acquisitions of Investments and other assets in the normal course of the day-to-day business activities of the Borrower and its Subsidiaries and not in violation of the
terms and conditions of this Agreement or any other Loan Document. The Borrower will not, nor will it permit any of the Subsidiary Guarantors to, convey, sell, lease, transfer or otherwise dispose of, in one transaction or a series of
transactions, any part of its assets, whether now owned or hereafter acquired, but excluding (w) any transaction permitted under Section 6.05 or 6.12, (x) assets (other than Investments) sold or disposed of in the ordinary course of
business (including to make expenditures of Cash and Cash Equivalents in the normal course of the day-to-day business activities of the Borrower and its Subsidiaries)
and (y) subject to the provisions of clauses (d) and (e) below, Investments. 

  
 113 

 Notwithstanding the foregoing provisions of this Section: 

(a) any Subsidiary Guarantor may be merged or consolidated with or into the Borrower or any other Subsidiary Guarantor; provided that if
any such transaction shall be between a Subsidiary Guarantor and a wholly owned Subsidiary Guarantor, the wholly owned Subsidiary Guarantor shall be the continuing or surviving corporation; 

(b) any Obligor may sell, lease, transfer or otherwise dispose of any or all of its assets (upon voluntary liquidation or otherwise) to
the Borrower or any wholly owned Subsidiary Guarantor of the Borrower; 
 (c) the Capital Stock of any Subsidiary of the Borrower may be
sold, transferred or otherwise disposed of (including by way of consolidation or merger) (i) to the Borrower or any wholly owned Subsidiary Guarantor of the Borrower or (ii) so long as such transaction results in an Obligor receiving the
proceeds of such disposition, to any other Person, provided that in the case of this clause (ii) if such Subsidiary is a Subsidiary Guarantor or holds any Portfolio Investments, the Borrower would not have been prohibited from disposing of any
such Portfolio Investments to such other Person under any other term of this Agreement; 
 (d) the Obligors may sell, transfer or otherwise
Dispose of Investments (other than to a Financing Subsidiary) so long as after giving effect to such sale, transfer or other disposition (and any concurrent acquisitions of Investments or payment of outstanding Loans or Other Covered Indebtedness or
any other Indebtedness that is included in the Covered Debt Amount at such time) either (x) the Covered Debt Amount does not exceed the Borrowing Base or (y) if such sale, transfer or other disposition is made pursuant to, and in
accordance with, a plan submitted and accepted in accordance with clause (e) of Article VII or if the Administrative Agent otherwise consents in writing, the amount by which the Covered Debt Amount exceeds the Borrowing Base is
reduced thereby; 
 (e) the Obligors may sell, transfer or otherwise Dispose of Investments to a Financing Subsidiary so long as
(i) after giving effect to such sale, transfer or other disposition (and any concurrent acquisitions of Investments or payment of outstanding Loans or Other Covered Indebtedness or any other Indebtedness that is included in the Covered Debt
Amount at such time) the Covered Debt Amount does not exceed the Borrowing Base and the Borrower delivers to the Administrative Agent a certificate of a Financial Officer to such effect and (ii) either (x) the amount by which the
Borrowing Base exceeds the Covered Debt Amount immediately prior to such sale, transfer or other disposition is not diminished as a result of such sale, transfer or other disposition or (y) the Borrowing Base immediately after giving effect to
such sale, transfer or other disposition is at least 110% of the Covered Debt Amount; 
 (f) the Borrower may merge or consolidate with (or
acquire all or substantially all of the assets of) any other Person so long as (i) the Borrower is the continuing or surviving entity in such transaction and (ii) at the time thereof and after giving effect (or, with respect to the
Borrower Merger, solely as of the date of entering into the applicable agreement governing the Borrower Merger) thereto (and any concurrent acquisitions of Portfolio Investments by the Borrower or payment of outstanding Loans), no Default shall have
occurred or be continuing; 

  
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 (g) the Borrower and each of the Subsidiary Guarantors may sell, lease, transfer or otherwise
dispose of equipment or other property or assets that do not consist of Investments so long as the aggregate amount of all such sales, leases, transfer and dispositions does not exceed $10,000,000 in any fiscal year; 

(h) the Obligors may transfer assets to a Financing Subsidiary for the sole purpose of facilitating the transfer of assets from one
Financing Subsidiary (or a Subsidiary that was a Financing Subsidiary immediately prior to such disposition) to another Financing Subsidiary, directly or indirectly through such Obligor (such assets, the “Transferred Assets”),
provided that (i) no Default exists or is continuing at such time, (ii) the Covered Debt Amount shall not exceed the Borrowing Base at such time and (iii) the Transferred Assets were transferred to such Obligor by the transferor
Financing Subsidiary on the same Business Day that such assets are transferred by such Obligor to the transferee Financing Subsidiary; and 

(i) the Obligors may dissolve or liquidate (i) any Immaterial Subsidiary or (ii) any Subsidiary so long as (x) in connection
with such dissolution or liquidation, any and all of the assets of such Subsidiary shall be distributed or otherwise transferred to an Obligor and (y) such dissolution or liquidation is not materially adverse to the Lenders and the Borrower
determines in good faith that such dissolution or liquidation is in the best interests of the Borrower. 
 SECTION 6.04. Investments.
The Borrower will not, nor will it permit any of the Subsidiary Guarantors to, acquire, make or enter into, or hold, any Investments except: 

(a) operating deposit accounts with banks; 

(b) Investments by the Borrower and the Subsidiary Guarantors in the Borrower and the Subsidiary Guarantors; 

(c) Hedging Agreements entered into in the ordinary course of any Obligor’s financial planning and not for speculative purposes; 

(d) Investments by the Borrower and its Subsidiary Guarantors to the extent such Investments are permitted under the Investment Company Act (if
applicable) and in compliance in all material respects with the Borrower’s Investment Policies, in each case as in effect as of the date such Investments are acquired; provided that no Obligor shall be permitted to make an Investment in
a Joint Venture Investment that is a Non-Performing Joint Venture Investment under this Section 6.04 unless, after giving effect to such Investment (and any concurrent acquisition of
Portfolio Investments in the Borrowing Base or payment of outstanding Indebtedness), the Covered Debt Amount does not exceed the Borrowing Base; 

(e) Investments in Financing Subsidiaries and Investments in the form of Designated Swaps, determined at the time any such Investment is made
(or, if earlier, committed to be made), so long as, (i) after giving effect to such Investment, the Covered Debt Amount does not exceed the Borrowing Base and (ii) the sum of (x) all Investments under this clause (e) that
occur after the Commitment Termination Date and (y) all Investments under clause (f) below that occur after the Commitment Termination Date, shall not exceed $20,000,000 in the aggregate; 

  
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 (f) additional Investments, determined at the time any such Investment is made (or, if earlier,
committed to be made), up to but not exceeding $30,000,000 in the aggregate made after the Eighth Amendment Effective Date; provided that the sum of (x) all Investments under this clause (f) that occur after the Commitment
Termination Date and (y) all Investments under clause (e) above that occur after the Commitment Termination Date, shall not exceed $20,000,000 in the aggregate; 

(g) Investments in Cash and Cash Equivalents; 

(h) Investments described on Schedule 3.12(b); 

(i) for the avoidance of doubt, Investments by a Financing Subsidiary; 

(j) Investments in the form of Guarantees permitted pursuant to Section 6.01; and 

(k) the Borrower Merger. 
 For
purposes of clauses (e) and (f) of this Section, the aggregate amount of an Investment at any time shall be deemed to be equal to (A) the aggregate amount of cash, together with the aggregate fair market value of
property, loaned, advanced (including posted as margin under any Designated Swap), contributed, transferred or otherwise invested that gives rise to such Investment minus (B) the aggregate amount of the Return of Capital and dividends,
distributions or other payments received in cash in respect of such Investment and the values (valued in accordance with Section 5.12(b)) of other Investments received in respect of such Investment; provided that in
no event shall the aggregate amount of such Investment be deemed to be less than zero; the amount of an Investment shall not in any event be reduced by reason of any write-off of such Investment nor increased
by any increase in the amount of earnings retained in the Person in which such Investment is made that have not been dividended, distributed or otherwise paid out. 

SECTION 6.05. Restricted Payments. The Borrower will not, nor will it permit any of the Subsidiary Guarantors to, declare or make, or
agree to pay or make, directly or indirectly, any Restricted Payment, except that the Borrower may declare and pay: 
 (a) dividends with
respect to the Capital Stock of the Borrower payable solely in additional shares of the Borrower’s stock, which may include a combination of cash and stock; provided that such cash dividend would otherwise be permitted pursuant to
another clause of this Section; 
 (b) dividends and distributions in either case in cash or other property (excluding for this purpose the
Borrower’s common stock) in any taxable year of the Borrower (or for such year under Section 855 of the Code) in amounts not to exceed the amount that is determined in good faith by the Borrower to be required to (i) maintain the
status of the Borrower as a RIC, or (ii) avoid federal income and excise taxes imposed by Section 4982 of the Code in any case for such taxable year or other relevant period; 

  
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 (c) dividends and distributions in each case in cash or other property (excluding for this
purpose the Borrower’s common stock) in addition to the dividends and distributions permitted under the foregoing clauses (a) and (b), so long as on the date of such Restricted Payment and after giving effect thereto:

 (i) no Default shall have occurred and be continuing or would result therefrom; and 

(ii) the aggregate amount of Restricted Payments made (after the Effective Date) during any taxable year (or for such year
under Section 855 of the Code) of the Borrower ending after the Effective Date under this clause (c) shall not exceed the amount (not less than zero) equal to (x) an amount equal to 15% of the taxable income of the Borrower for
such taxable year determined under section 852(b)(2) of the Code, but without regard to subparagraphs (A), (B) or (D) thereof, minus (y) the amount, if any, by which dividends and distributions made during
such taxable year (or for such year under Section 855 of the Code) pursuant to the foregoing clause (b) (whether in respect of such taxable year or the previous taxable year) based upon the Borrower’s estimate of taxable income
exceeded the actual amounts specified in subclauses (i) and (ii) of such foregoing clause (b) for such taxable year; 

(d) other Restricted Payments so long as on the date of such other Restricted Payment and after giving effect thereto (x) the Covered Debt
Amount does not exceed 90% of the Borrowing Base and (y) no Default shall have occurred and be continuing or would result therefrom; and 

(e) Restricted Payments (i) on account of fractional shares, (ii) as part of the purchase price, (iii) in the form of a tax
distribution or (iv) any other payments incidental to the foregoing, in each case, made pursuant to the terms of the MMLC Merger Agreement. 

Nothing herein shall be deemed to prohibit the payment of Restricted Payments by any Subsidiary of the Borrower to the Borrower or to any other
Subsidiary Guarantor. 
 SECTION 6.06. Certain Restrictions on Subsidiaries. The Borrower will not permit any of its Subsidiaries
(other than Financing Subsidiaries) to enter into or suffer to exist any indenture, agreement, instrument or other arrangement (other than the Loan Documents) that prohibits or restrains, in each case in any material respect, or imposes
materially adverse conditions upon, the incurrence or payment of Indebtedness, the declaration or payment of dividends, the making of loans, advances, guarantees or Investments or the sale, assignment, transfer or other disposition of property to
the Borrower by any Subsidiary (other than a Financing Subsidiary) (except for restrictions imposed by the underlying governing agreements of an entity the equity interests of which constitute a Lien Restricted Investment, and applicable only to
such asset held by an entity the equity interests of which constitute a Lien Restricted Investment); provided that the foregoing shall not apply to (i) indentures, agreements, instruments or other arrangements pertaining to other
Indebtedness permitted hereby (provided that such restrictions would not adversely affect the exercise of rights or remedies of the Administrative Agent or the Lenders hereunder or under the Security Documents or restrict any Subsidiary in any
manner from performing its obligations under the Loan Documents) and (ii) indentures, agreements, instruments or other arrangements pertaining to any lease, sale or other disposition of any asset permitted by this Agreement or any Lien
permitted by this Agreement on such asset so long as the applicable restrictions only apply to the assets subject to such lease, sale, other disposition or Lien. 

  
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 SECTION 6.07. Certain Financial Covenants. 

(a) Minimum Shareholders’ Equity. The Borrower will not permit Shareholders’ Equity at the last day of any fiscal quarter of
the Borrower to be less than $800,000,000 plus 25% of the net proceeds from the sale of Equity Interests by the Borrower and its Subsidiaries after the Sixth Amendment Effective Date, other than proceeds of sales of Equity Interests by and
among the Borrower and its Subsidiaries. 
 (b) Minimum Borrower Net Worth. The Borrower will not permit Borrower Net Worth at the
last day of any fiscal quarter to be less than $700,000,000. 
 (c) Borrower Asset Coverage Ratio. The Borrower will not permit the
Borrower Asset Coverage Ratio at the last day of any fiscal quarter to be less than 2.00 to 1. 
 (d) Consolidated Asset Coverage
Ratio. The Borrower will not permit the Consolidated Asset Coverage Ratio at the last day of any fiscal quarter to be less than 1.50 to 1. 

(e) Liquidity Test. The Borrower will calculate and report to the Administrative Agent no less frequently than with the monthly
Borrowing Base Certificate and will not permit the aggregate Value of the Portfolio Investments that are Cash (excluding Cash Collateral for outstanding Letters of Credit) or that can be converted to Cash in fewer than 10 Business Days without more
than a 5% change in price, to be less than 10% of the Covered Debt Amount, for more than 30 consecutive Business Days during any period when the Adjusted Covered Debt Balance is greater than 90% of the Adjusted Borrowing Base. 

SECTION 6.08. Transactions with Affiliates. The Borrower will not, and will not permit any of its Subsidiaries to enter into any
transactions with any of its Affiliates, even if otherwise permitted under this Agreement, except 
 (a) transactions at prices and on terms
and conditions, taken as a whole, not materially less favorable to the Borrower or such Subsidiary (other than an SBIC Subsidiary) other than in good faith is believed to be obtained on an arm’s-length
basis from unrelated third parties, 
 (b) transactions between or among the Borrower and its Subsidiaries not involving any other Affiliate,

 (c) Restricted Payments permitted by Section 6.05, 

(d) the Affiliate Agreements and the transactions provided in the Affiliate Agreements (as amended, supplemented, restated or otherwise
modified so long as such amendment, supplement, restatement or other modification is not materially adverse to the Lenders), 

  
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 (e) transactions described on Schedule 6.08 (as amended, supplemented, restated or
otherwise modified by notice from the Borrower to the Administrative Agent so long as (x) in the aggregate, payments by the Borrower and its Subsidiaries are not materially increased, or (y) such amendment, supplement, restatement or other
modification is not materially adverse to the Lenders), 
 (f) any Investment that results in the creation of an Affiliate, 

(g) transactions between or among the Obligors and any SBIC Subsidiary or any “downstream affiliate” (as such term is used under the
rules promulgated under the Investment Company Act) company of an Obligor at prices and on terms and conditions, taken as a whole, not materially less favorable to the Obligors than in good faith is believed could be obtained at the time on an arm’s-length basis from unrelated third parties, 
 (h) the payment of reasonable fees to, and
indemnities and director’s and officer’s insurance provided for the benefit of, directors, managers and officers of the Investment Adviser, the Borrower or any Subsidiary in the ordinary course of business, 

(i) the Borrower may issue and sell Equity Interests to its Affiliates, 

(j) transactions with Goldman, Sachs & Co. or its Affiliates in accordance with clause (a) above whereby Goldman,
Sachs & Co. or its Affiliates may act as a placement agent or an underwriter in any securities offering of the Borrower or its Affiliates, 

(k) transactions with one or more Affiliates (including co-investments) permitted by an exemptive order
granted by the Securities and Exchange Commission (as may be amended from time to time), any no action letter or as otherwise permitted by applicable law, rule or regulation and Securities and Exchange Commission staff interpretations thereof, 

(l) transactions between a Subsidiary that is not an Obligor and an Affiliate thereof that is not an Obligor, 

(m) transactions and documents governing transactions permitted under Section 6.03 (including, for the avoidance of doubt, the Borrower
Merger); and 
 (n) transactions approved by a majority of the independent members of the board of directors of the Borrower. 

SECTION 6.09. Lines of Business. The Borrower will not, nor will it permit any of its Subsidiaries (other than Immaterial Subsidiaries)
to, engage to any material extent in any business other than in accordance with its Investment Policies. The Borrower will not, nor will it permit any of its Subsidiaries to amend or modify the Investment Policies (other than a Permitted Policy
Amendment). 
 SECTION 6.10. No Further Negative Pledge. The Borrower will not, and will not permit any of the Subsidiary Guarantors
to, enter into any agreement, instrument, deed or lease which prohibits or limits in any material respect the ability of any Obligor to create, incur, assume or suffer to exist any Lien upon any of its properties, assets or revenues, whether now
owned or hereafter acquired, or which requires the grant of any security for an obligation if security is granted for another obligation, except the following: 

  
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 (a) this Agreement, the other Loan Documents and documents with respect to Indebtedness permitted
under Section 6.01(b) or (i); 
 (b) documents creating Liens permitted by
Section 6.02 (including with respect to the Designated Indebtedness Obligations or Designated Indebtedness Holders under (and, in each case, as defined in) the Security Documents) prohibiting further Liens on the assets
encumbered thereby; 
 (c) customary restrictions contained in leases not subject to a waiver; 

(d) for the avoidance of doubt, any such document, agreement or instrument that imposes customary restrictions on any Equity Interest; and 

(e) any other document that does not restrict in any manner (directly or indirectly) Liens created pursuant to the Loan Documents on any
Collateral securing the “Secured Obligations” under and as defined in the Guarantee and Security Agreement and does not require (other than pursuant to a grant of a Lien under the Loan Documents) the direct or indirect granting of any Lien
securing any Indebtedness or other obligation (other than such “Secured Obligations”) by virtue of the granting of Liens on or pledge of property of any Obligor to secure the Loans or any Hedging Agreement; and 

(f) the underlying governing agreements of any minority equity interest that impose such restrictions only on such equity interest. 

SECTION 6.11. Modifications of Longer-Term Indebtedness Documents. The Borrower will not consent to any modification, supplement or
waiver of: 
 (a) any of the provisions of any agreement, instrument or other document evidencing or relating to any Secured Longer-Term
Indebtedness or Unsecured Longer-Term Indebtedness that would result in such Indebtedness not meeting the requirements of the definition of “Secured Longer-Term Secured Indebtedness” and “Unsecured Longer-Term Indebtedness”, as
applicable, set forth in Section 1.01 of this Agreement, unless (i) in the case of Secured Longer-Term Indebtedness, such Indebtedness would have been permitted to be incurred as Secured Shorter-Term Indebtedness at
the time of such modification, supplement or waiver and the Borrower so designates such Indebtedness as “Secured Shorter-Term Indebtedness” (whereupon such Indebtedness shall be deemed to constitute “Secured Shorter-Term
Indebtedness” for all purposes of this Agreement) and (ii) in the case of Unsecured Longer-Term Indebtedness, such Indebtedness would have been permitted to be incurred as Unsecured Shorter-Term Indebtedness at the time of such
modification, supplement or waiver and the Borrower so designates such Indebtedness as “Unsecured Shorter-Term Indebtedness” (whereupon such Indebtedness shall be deemed to constitute “Unsecured Shorter-Term Indebtedness” for all
purposes of this Agreement); 
 (b) any of the Affiliate Agreements (other than in connection with the Borrower Merger), unless such
modification, supplement or waiver is not materially less favorable to the Borrower than could be obtained on an arm’s-length basis from unrelated third parties, in each case, without the prior consent of
the Administrative Agent (with the approval of the Required Lenders) or permitted pursuant to Section 6.08; or 

  
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 (c) any of the provisions of the MMLC Merger Agreement if such modification, supplement or waiver
is materially adverse to the interests of the Lenders (as reasonably determined by the Administrative Agent), unless the Administrative Agent shall have consented thereto (such consent not to be unreasonably withheld, delayed or conditioned). 

SECTION 6.12. Payments of Longer-Term Indebtedness. The Borrower will not, nor will it permit any of the Subsidiary Guarantors to,
purchase, redeem, retire or otherwise acquire for value, or set apart any money for a sinking, defeasance or other analogous fund for the purchase, redemption, retirement or other acquisition of or make any voluntary payment or prepayment of the
principal of or interest on, or any other amount owing in respect of, any Secured Longer-Term Indebtedness or Unsecured Longer-Term Indebtedness (other than (i) the refinancing of Secured Longer-Term Indebtedness or Unsecured Longer-Term
Indebtedness with Indebtedness permitted under Section 6.01 or (ii) prior to the occurrence of the Commitment Termination Date, with the proceeds of any issuance of Equity Interests), except for: 

(a) regularly scheduled payments, prepayments or redemptions of principal and interest in respect thereof required pursuant to the instruments
evidencing such Indebtedness and the payment when due of the types of fees and expenses that are customarily paid in connection with such Indebtedness (it being understood that: (w) the conversion features into Permitted Equity Interests under
Permitted Convertible Indebtedness; (x) the triggering of such conversion and/or settlement thereof solely with Permitted Equity Interests; and (y) any cash payment on account of interest or expenses on such Permitted Convertible
Indebtedness (or any cash payment on account of fractional shares issued upon conversion provisions of such Permitted Convertible Indebtedness) made by the Borrower or any of its Subsidiaries in respect of such triggering and/or settlement thereof
shall be permitted under this clause (a)); 
 (b) so long as no Default shall exist or be continuing, any payment that, if treated as
a Restricted Payment for purposes of Section 6.05(d), would be permitted to be made pursuant to the provisions set forth in Section 6.05(d); and 

(c) voluntary payments or prepayments of Secured Longer-Term Indebtedness and/or Permitted Indebtedness, so long as both before and after
giving effect to such voluntary payment or prepayment (i) the Borrower is in pro forma compliance with the financial covenants set forth in Section 6.07 and (ii) no Default or Event of Default shall exist or be
continuing. 
 SECTION 6.13. Accounting Changes. The Borrower will not, nor will it permit any of its Subsidiaries to, make any
change in (a) accounting policies or reporting practices, except as permitted under GAAP or required by law or rule or regulation of any Governmental Authority, or (b) its fiscal year. 

SECTION 6.14. SBIC Guarantee. The Borrower will not, nor will it permit any of its Subsidiaries to, cause or permit the occurrence of
any event or condition that would result in any recourse to any Obligor under any Permitted SBIC Guarantee. 

  
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 SECTION 6.15. Sanctions. No Obligor will, to its knowledge, use any of the funds advanced
under this Agreement directly or indirectly in any way (including but not limited to engaging in prohibited business activities with Persons named on any sanctions lists issued by any of the following bodies) that would breach or contravene any
Anti-Corruption Laws, Sanctions, restrictions or embargoes imposed by (a) the United States Department of State, the United Nations, the European Union, or Her Majesty’s Treasury and/or (b) any other Governmental Authority notified in
writing by the Administrative Agent (acting on behalf of any Lender) to the Borrower from time to time, in each case under this clause (b) if and to the extent that (i) any such Governmental Authority has jurisdiction over such
Obligor and/or such Sanctions, restrictions or embargoes of any Governmental Authority referred to under this clause (b) are binding on such Obligor or (ii) upon prior written notice to the Obligors from the Administrative Agent,
the Issuing Bank or any Lender, such Sanctions, restrictions or embargoes of any Governmental Authority referred to under this clause (b) are binding on any Lender or the Issuing Bank. 

ARTICLE VII 
 EVENTS OF DEFAULT

 If any of the following events (“Events of Default”) shall occur and be continuing: 

(a) the Borrower shall (i) fail to pay any principal of any Loan or any reimbursement obligation in respect of any LC Disbursement when
and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise (including, for the avoidance of doubt, any failure to pay all principal on the Loans in full on the Final Maturity
Date) or (ii) fail to deposit any amount into the Letter of Credit Collateral Account as required by Section 2.09(a) on the Commitment Termination Date; 

(b) the Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in clause
(a) of this Article) payable under this Agreement or under any other Loan Document, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of five or more Business Days; 

(c) any representation or warranty made or deemed made by or on behalf of the Borrower or any of its Subsidiaries in or in connection with this
Agreement or any other Loan Document or any amendment or modification hereof or thereof, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or any other Loan Document or
any amendment or modification hereof or thereof, shall prove to have been incorrect when made or deemed made in any material respect; 
 (d)
the Borrower shall fail to observe or perform any covenant, condition or agreement contained in (i) Section 5.03 (with respect to the Borrower’s existence), Sections 5.08(a) and
(b), Section 5.09 or in Article VI or any Obligor shall default in the performance of any of its obligations contained in Sections 3 (subject to the cure period specified in clause
(b) above) and 7 of the Guarantee and Security Agreement (other than Section 7.01 thereof) or (ii) Sections 5.01(a)(v), (vi) and (viii) or 5.02 and such failure in the case of
this clause (ii) shall continue unremedied for a period of five or more Business Days after notice thereof by 

  
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the Administrative Agent (given at the request of any Lender) to the Borrower; it being acknowledged and agreed that a failure of an Obligor to “Deliver” (as defined in the
Guarantee and Security Agreement) any particular Investment to the extent required by Section 7.01 of the Guarantee and Security Agreement shall result in such Investment not being included in the Borrowing Base but shall
not (in and of itself) be, or result in, a Default or an Event of Default; 
 (e) a Borrowing Base Deficiency shall occur and continue
unremedied for a period of five or more Business Days after delivery of a Borrowing Base Certificate demonstrating such Borrowing Base Deficiency pursuant to Section 5.01(a)(v); provided that it shall not be an Event
of Default hereunder if the Borrower shall present the Administrative Agent with a reasonably feasible plan acceptable to the Administrative Agent in its sole discretion to enable such Borrowing Base Deficiency to be cured within 30 Business Days
(which 30-Business Day period shall include the five Business Days permitted for delivery of such plan), so long as such Borrowing Base Deficiency is cured within such
30-Business Day period; 
 (f) the Borrower or any Obligor, as applicable, shall fail to observe or
perform any covenant, condition or agreement contained in this Agreement (other than those specified in clause (a), (b), (d), (e) or (r) of this Article) or any other Loan Document and such failure shall
continue unremedied for a period of 30 or more days after notice thereof from the Administrative Agent (given at the request of any Lender) to the Borrower; 

(g) the Borrower or any of its Subsidiaries shall fail to make any payment (whether of principal or interest and regardless of amount) in
respect of any Material Indebtedness, when and as the same shall become due and payable, taking into account any applicable grace period; 

(h) any event or condition occurs that (i) results in any Material Indebtedness becoming due prior to its scheduled maturity or
(ii) shall continue unremedied for any applicable period of time sufficient to enable or permit the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to, as a result of an event of default under such
Material Indebtedness, cause any Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity (for the avoidance of doubt, after giving effect to any applicable
grace period), unless, in the case of this clause (ii), such event or condition is no longer continuing or has been waived in accordance with the terms of such Material Indebtedness such that the holder or holders thereof or any trustee or agent on
its or their behalf are no longer enabled or permitted to cause such Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this
clause (h) shall not apply to (1) secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness; (2) convertible debt that becomes due as a result of a
conversion or redemption event, other than to the extent it becomes due or is paid in cash (other than interest, expenses or fractional shares, which may be paid in cash in accordance with conversion provisions of convertible indebtedness) as a
result of an “event of default” (as defined in the documents governing such convertible Material Indebtedness); (3) for the avoidance of doubt, Other Covered Indebtedness to the extent of required prepayment, repurchase, redemption or
defeasance triggered by required prepayment of less than all of the Loans and other amounts under this Agreement or other Loan Documents; or (4) in the case of clause (h)(ii), any Indebtedness of a Financing Subsidiary to the extent the event
or condition giving rise to the circumstances in clause (h)(ii) was not a payment or insolvency default. 

  
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 (i) an involuntary proceeding shall be commenced or an involuntary petition shall be filed
seeking (i) liquidation, reorganization or other relief in respect of the Borrower or any of its Subsidiaries (other than Immaterial Subsidiaries) or its debts, or of a substantial part of its assets, under any federal, state or foreign
bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any of its Subsidiaries (other than
Immaterial Subsidiaries) or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed and unstayed for a period of 60 or more days or an order or decree approving or ordering any of the
foregoing shall be entered; 
 (j) the Borrower or any of its Subsidiaries (other than Immaterial Subsidiaries) shall (i) voluntarily
commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution
of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (i) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator,
conservator or similar official for the Borrower or any of its Subsidiaries (other than Immaterial Subsidiaries) or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in
any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action to authorize or effectuate any of the foregoing; 

(k) the Borrower or any of its Subsidiaries (other than Immaterial Subsidiaries) shall become unable, admit in writing its inability or fail
generally to pay its debts as they become due; 
 (l) one or more judgments for the payment of money in an aggregate amount in excess of
$50,000,000 shall be rendered against the Borrower or any of its Subsidiaries (other than Immaterial Subsidiaries) or any combination thereof since the Eighth Amendment Effective Date and the same shall remain undischarged for a period of 30
consecutive days following the entry of such judgment during which 30-day period such judgment shall not have been vacated, stayed, discharged or bonded pending appeal, or liability for such judgment amount
shall not have been admitted by an insurer or reputable standing or execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of the Borrower or any of its Subsidiaries
(other than Immaterial Subsidiaries) to enforce any such judgment; 
 (m) an ERISA Event shall have occurred that, in the opinion of the
Required Lenders, when taken together with all other ERISA Events that have occurred, could reasonably be expected to result in a Material Adverse Effect; 

(n) a Change in Control shall occur; 

  
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 (o) the Borrower shall cease to be managed by the Investment Adviser or an Affiliate thereof;

 (p) the Liens created by the Security Documents shall, at any time with respect to Portfolio Investments, having an aggregate Value in
excess of 5% of the aggregate Value of all Portfolio Investments, not be valid and perfected (to the extent perfection by filing, registration, recordation, possession or control is required herein or in any Security Document) in favor of the
Collateral Agent, free and clear of all other Liens (other than Liens permitted under Section 6.02 or under the respective Security Documents) except to the extent that any such loss of perfection results from the failure
of the Collateral Agent to maintain possession of the certificates representing the securities pledged under the Loan Documents; provided, that, if such default is as a result of any action of the Administrative Agent or the Collateral Agent
or a failure of the Administrative Agent or the Collateral Agent to take any action within its control, then there shall be no Default or Event of Default hereunder unless such default shall continue unremedied for a period of ten
(10) consecutive Business Days after such Borrower receives written notice of such default thereof from the Administrative Agent unless the continuance thereof is a result of a failure of the Administrative Agent or the Collateral Agent to take
an action within their control; 
 (q) except for expiration or termination in accordance with its terms, any of the Loan Documents shall for
whatever reason be terminated or cease to be in full force and effect in any material respect, or the enforceability thereof shall be contested by the Borrower or any other Obligor; 

(r) the Obligors shall at any time, without the consent of the Required Lenders fail to comply with the covenant contained in
Section 5.11, and such failure shall continue unremedied for a period of 30 or more days after the earlier of notice thereof by the Administrative Agent (given at the request of any Lender) to the Borrower or knowledge
thereof by a Financial Officer; or 
 (s) the Borrower or any of its Subsidiaries shall cause or permit the occurrence of any condition or
event that would result in any recourse to any Obligor under any Permitted SBIC Guarantee; 
 then, and in every such event (other than an event with
respect to the Borrower described in clause (i) or (j) of this Article), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by
notice to the Borrower, take either or both of the following actions, at the same or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to
be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with
accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder and under the other Loan Documents, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of
which are hereby waived by the Borrower; and in case of any event with respect to the Borrower described in clause (i) or (j) of this Article, the Commitments shall automatically terminate and the principal of the Loans then
outstanding, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder and under the other Loan Documents, shall automatically become due and payable, without presentment, demand, protest or other
notice of any kind, all of which are hereby waived by the Borrower. 

  
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 In the event that the Loans shall be declared, or shall become, due and payable pursuant to the
immediately preceding paragraph then, upon notice from the Administrative Agent or Lenders with LC Exposure representing more than 50% of the total LC Exposure demanding the deposit of Cash Collateral pursuant to this paragraph, the Borrower shall
immediately deposit into the Letter of Credit Collateral Account cash in an amount equal to the LC Exposure as of such date plus any accrued and unpaid interest thereon; provided that the obligation to deposit such cash shall become
effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to the Borrower described in clause (i) or
(j) of this Article. 
 Notwithstanding anything to the contrary contained herein, on the CAM Exchange Date, to the extent not
otherwise prohibited by law, (a) the Lenders shall automatically and without further act be deemed to have exchanged interests in the Designated Obligations such that, in lieu of the interests of each Lender in the Designated Obligations under
each Loan in which it shall participate as of such date, such Lender shall own an interest equal to such Lender’s CAM Percentage in the Designated Obligations under each of the Loans and (b) simultaneously with the deemed exchange of
interests pursuant to clause (a) above, the interests in the Designated Obligations to be received in such deemed exchange shall, automatically and with no further action required, be converted into the Dollar Equivalent of such amount
(as of the Business Day immediately prior to the CAM Exchange Date) and on and after such date all amounts accruing and owed to the Lenders in respect of such Designated Obligations shall accrue and be payable in Dollars at the rate otherwise
applicable hereunder. Each Lender, each Person acquiring a participation from any Lender as contemplated by Section 9.04 and the Borrower hereby consents and agrees to the CAM Exchange. The Borrower and the Lenders agree
from time to time to execute and deliver to the Administrative Agent all such promissory notes and other instruments and documents as the Administrative Agent shall reasonably request to evidence and confirm the respective interests and obligations
of the Lenders after giving effect to the CAM Exchange, and each Lender agrees to surrender any promissory notes originally received by it in connection with its Loans hereunder to the Administrative Agent against delivery of any promissory notes so
executed and delivered; provided that the failure of the Borrower to execute or deliver or of any Lender to accept any such promissory note, instrument or document shall not affect the validity or effectiveness of the CAM Exchange. As a result of
the CAM Exchange, on and after the CAM Exchange Date, each payment received by the Administrative Agent pursuant to any Loan Document in respect of the Designated Obligations shall (except as otherwise expressly stated in this Agreement with respect
to fees or Defaulting Lenders) be distributed to the Lenders pro rata in accordance with their respective CAM Percentages (to be redetermined as of each such date of payment). 

  
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 ARTICLE VIII 

THE ADMINISTRATIVE AGENT 

SECTION 8.01. Appointment of the Administrative Agent. Each of the Lenders and the Issuing Bank hereby irrevocably appoints the
Administrative Agent as its agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or
thereof, together with such actions and powers as are reasonably incidental thereto. Each of the Lenders and the Issuing Bank hereby irrevocably appoints the Collateral Agent as its agent hereunder and under the other Loan Documents and authorizes
the Collateral Agent to take such actions on its behalf and to exercise such powers as are delegated to the Collateral Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. 

SECTION 8.02. Capacity as Lender. The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its
capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and such Person and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the
Borrower or any Subsidiary or other Affiliate thereof as if it were not the Administrative Agent hereunder. 
 SECTION 8.03. Limitation
of Duties; Exculpation. The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, (a) the Administrative
Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any
discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise in writing by the Required Lenders, and (c) except as expressly set
forth herein and in the other Loan Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Subsidiaries that is communicated
to or obtained by the bank serving as Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be liable to any Lender or the Issuing Bank for any action taken or not taken by it with the consent or at the
request of the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents) or in the absence of its own fraud, gross negligence or willful misconduct. The
Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by the Borrower or a Lender, and the Administrative Agent shall not be responsible for or have any
duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or
thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein, (iv) the validity, enforceability, effectiveness or
genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein or therein, other than to confirm receipt of
items expressly required to be delivered to the Administrative Agent. 

  
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 SECTION 8.04. Reliance. The Administrative Agent shall be entitled to rely upon, and shall
not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it
to be genuine and to have been signed or sent by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for
relying thereon. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it and in
accordance with the advice of any such counsel, accountants or experts. 
 SECTION 8.05.
Sub-Agents. The Administrative Agent may perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents appointed by
the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through their respective Related Parties. The exculpatory
provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply
to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a count of competent jurisdiction determines in a final and non-appealable judgment that the Administrative Agent acted with fraud, gross
negligence or willful misconduct in the selection of such sub-agents. 
 SECTION 8.06.
Resignation; Successor Administrative Agent. The Administrative Agent may resign by providing not less than thirty (30) days advance written notice to the Lenders, the Issuing Bank and the Borrower. Upon any such notice of resignation,
the Required Lenders shall have the right, with the consent of the Borrower not to be unreasonably withheld (or, if an Event of Default has occurred and is continuing in consultation with the Borrower), to appoint a successor. If no successor shall
have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent’s resignation shall
nonetheless become effective at the end of such thirty (30) days period (except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders or the Issuing Banks under any of the Loan Documents, the
retiring or removed Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and (1) the retiring Administrative Agent shall be discharged from its duties and
obligations hereunder and (2) the Required Lenders shall perform the duties of the Administrative Agent (and all payments and communications provided to be made by, to or through the Administrative Agent shall instead be made by or to each
Lender directly) until such time as the Required Lenders appoint a successor agent as provided for above in this paragraph. Upon the acceptance of its appointment as Administrative Agent hereunder by a successor, such successor shall succeed to and
become vested with all the rights, powers, privileges and duties of the retiring (or retired) Administrative Agent and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder (if not already discharged
therefrom as provided above in this paragraph). The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the
Administrative Agent’s resignation hereunder, the provisions of this Article and Section 9.03 shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as
Administrative Agent. 

  
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 Any resignation by Truist as Administrative Agent pursuant to this Section shall also constitute
its resignation as Issuing Bank and Swingline Lender. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and
duties of the retiring Issuing Bank and Swingline Lender, (b) the retiring Issuing Bank and Swingline Lender shall be discharged from all of their respective duties and obligations hereunder or under the other Loan Documents, and (c) the
successor Issuing Bank shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to the retiring Issuing Bank to effectively assume the
obligations of the retiring Issuing Bank with respect to such Letters of Credit. 
 SECTION 8.07. Reliance by Lenders. Each Lender
acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this
Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall from time to time deem appropriate, continue to make
its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. The Administrative Agent shall have no duty or responsibility,
either initially or on a continuing basis, to make any such investigation or any such appraisal on behalf of Lenders or to provide any Lender with any credit or other information with respect thereto, whether coming into its possession before the
making of the Loans or at any time or times thereafter, and the Administrative Agent shall have no responsibility with respect to the accuracy of or the completeness of any information provided to Lenders. 

Each Lender, by delivering its signature page to this Agreement or any Assignment and Assumption and funding any Loan shall be deemed to have
acknowledged receipt of, and consented to and approved, each Loan Document and each other document required to be approved by the Administrative Agent, Required Lenders or Lenders. 

SECTION 8.08. Modifications to Loan Documents. Except as otherwise provided in Section 2.13(b) or
Section 9.02(b) or (c) of this Agreement or the Security Documents with respect to this Agreement, the Administrative Agent may, with the prior consent of the Required Lenders (but not otherwise), consent
to any modification, supplement or waiver under any of the Loan Documents; provided that, without the prior consent of each Lender, the Administrative Agent shall not (except as provided herein or in the Security Documents) release all
or substantially all of the Collateral or otherwise terminate all or substantially all of the Liens under any Security Document providing for collateral security, agree to additional obligations being secured by all or substantially all of such
collateral security (except in connection with securing additional obligations equally and ratably with the Loans and other obligations hereunder in accordance with the Guarantee and Security Agreement), or alter the relative priorities of the
obligations entitled to the benefits of the Liens created under the Security Documents with respect to all or substantially all of the Collateral, except that no such consent shall be required, and the

  
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Administrative Agent is hereby authorized, (v) to release any Subsidiary Guarantor (and any property of such Subsidiary Guarantor) from its guarantee obligations to the extent it may be
released in accordance with Section 10.03 of the Guarantee and Security Agreement, (w) to release any Lien covering property that is the subject of either a Disposition of property permitted hereunder or a Disposition to which the Required
Lenders have consented, (x) for the avoidance of doubt, execute and deliver agreements, instruments and other documents reasonably requested by the Borrower to implement collateral sharing with respect to Secured Longer-Term Indebtedness and
Secured Shorter-Term Indebtedness, (y) following the (i) cancellation, expiration or termination of any commitment to extend credit or issue Letters of Credit under this Agreement or any other Loan Document, (ii) final payment in full
of all principal of and interest on each Loan, any LC Disbursements, any fees and any other amounts then due and owing under this Agreement or any other Loan Document and (iii) termination of this Agreement, to release all Liens and guarantees
by Obligors, and (z) to allocate the Liens created under the Security Documents to any Designated Indebtedness Obligations or Hedging Agreement Obligations (as such terms are defined in the Guarantee and Security agreement) in accordance with
the Guarantee and Security Agreement. 
 SECTION 8.09. Erroneous Payments. 

(a) If the Administrative Agent notifies a Lender, an Issuing Bank or an Indemnitee, or any Person who has received funds on behalf of a
Lender, an Issuing Bank or an Indemnitee (any such Lender, Issuing Bank, Indemnitee or other recipient, a “Payment Recipient”), that the Administrative Agent has determined in its sole discretion (whether or not after receipt
of any notice under immediately succeeding clause (b)) that any funds received by such Payment Recipient from the Administrative Agent or any of its Affiliates were erroneously transmitted to, or otherwise erroneously or mistakenly received
by, such Payment Recipient (whether or not known to such Lender, Issuing Bank, Indemnitee or other Payment Recipient on its behalf) (any such funds, whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or
otherwise, individually and collectively, an “Erroneous Payment”) and demands the return of such Erroneous Payment (or a portion thereof), such Erroneous Payment shall at all times remain the property of the Administrative Agent and
shall be segregated (or earmarked) by the Payment Recipient and held in trust for the benefit of the Administrative Agent, and such Lender, Issuing Bank or Indemnitee shall (or, with respect to any Payment Recipient who received such funds on its
behalf, shall cause such Payment Recipient to) promptly, but in no event later than two Business Days thereafter, return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in
same day funds (in the currency so received), together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to
the Administrative Agent in same day funds at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect. A notice of the
Administrative Agent to any Payment Recipient under this clause (a) shall be conclusive, absent manifest error. 

  
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 (b) Without limiting the immediately preceding clause (a), each Lender,
Issuing Bank or Indemnitee, or any Person who has received funds on behalf of a Lender, Issuing Bank or Indemnitee, hereby further agrees that if it receives a payment, prepayment or repayment (whether received as a payment, prepayment or repayment
of principal, interest, fees, distribution or otherwise) from the Administrative Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in a notice of payment, prepayment or
repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, (y) that was not preceded or accompanied by a notice of payment, prepayment or repayment sent by the Administrative
Agent (or any of its Affiliates), or (z) that such Lender, Issuing Bank or Indemnitee, or other such recipient, otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part) in each case: 

(i) (A) in the case of immediately preceding clauses (x) or (y), an error shall be presumed to have
been made (absent written confirmation from the Administrative Agent to the contrary) or (B) an error has been made (in the case of immediately preceding clause (z)), in each case, with respect to such payment, prepayment or repayment;
and 
 (ii) such Lender, Issuing Bank or Indemnitee shall (and shall cause any other recipient that receives funds on its
respective behalf to) promptly (and, in all events, within one Business Day of its knowledge of such error) notify the Administrative Agent of its receipt of such payment, prepayment or repayment, the details thereof (in reasonable detail) and that
it is so notifying the Administrative Agent pursuant to this Section 8.09(b). 
 (c) Each Lender, Issuing Bank and
Indemnitee hereby authorizes the Administrative Agent to set off, net and apply any and all amounts at any time owing to such Lender, Issuing Bank or Indemnitee under any Loan Document, or otherwise payable or distributable by the Administrative
Agent to such Lender, Issuing Bank or Indemnitee from any source, against any amount due to the Administrative Agent under the immediately preceding clause (a) or under the indemnification provisions of this Agreement. 

(d) In the event that an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand
therefor by the Administrative Agent in accordance with the immediately preceding clause (a), from any Lender or Issuing Bank that has received such Erroneous Payment (or portion thereof) (and/or from any Payment Recipient who received such
Erroneous Payment (or portion thereof) on its respective behalf) (such unrecovered amount, an “Erroneous Payment Return Deficiency”), upon the Administrative Agent’s notice to such Lender or Issuing Bank at any time,
(i) such Lender or Issuing Bank shall be deemed to have assigned its Loans (but not its Commitments) of the relevant Class with respect to which such Erroneous Payment was made (the “Erroneous Payment Impacted Class”) in
an amount equal to the Erroneous Payment Return Deficiency (or such lesser amount as the Administrative Agent may specify) (such assignment of the Loans (but not Commitments) of the Erroneous Payment Impacted Class, the “Erroneous Payment
Deficiency Assignment”) at par plus any accrued and unpaid interest (with the assignment fee to be waived by the Administrative Agent in such instance), and is hereby (together with the Borrower) deemed to execute and deliver an Assignment
and Assumption (or, to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to a Platform as to which the Administrative Agent and such parties are participants) with respect to such Erroneous Payment
Deficiency Assignment, and such Lender or Issuing Bank shall deliver any notes evidencing such Loans to the Borrower or the Administrative Agent, (ii) the Administrative Agent as the assignee Lender shall be deemed to acquire the Erroneous
Payment Deficiency Assignment, (iii) upon such deemed acquisition, the 

  
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Administrative Agent as the assignee Lender shall become a Lender or Issuing Bank, as applicable, hereunder with respect to such Erroneous Payment Deficiency Assignment and the assigning Lender
or assigning Issuing Bank shall cease to be a Lender or Issuing Bank, as applicable, hereunder with respect to such Erroneous Payment Deficiency Assignment, excluding, for the avoidance of doubt, its obligations under the indemnification provisions
of this Agreement and its applicable Commitments which shall survive as to such assigning Lender or assigning Issuing Bank and (iv) the Administrative Agent may reflect in the Register its ownership interest in the Loans subject to the
Erroneous Payment Deficiency Assignment. The Administrative Agent may, in its discretion, sell any Loans acquired pursuant to an Erroneous Payment Deficiency Assignment and upon receipt of the proceeds of such sale, the Erroneous Payment Return
Deficiency owing by the applicable Lender or Issuing Bank shall be reduced by the net proceeds of the sale of such Loan (or portion thereof), and the Administrative Agent shall retain all other rights, remedies and claims against such Lender or
Issuing Bank (and/or against any recipient that receives funds on its respective behalf). For the avoidance of doubt, no Erroneous Payment Deficiency Assignment will reduce the Commitments of any Lender or Issuing Bank and such Commitments shall
remain available in accordance with the terms of this Agreement. In addition, each party hereto agrees that, except to the extent that the Administrative Agent has sold a Loan (or portion thereof) acquired pursuant to an Erroneous Payment Deficiency
Assignment, and irrespective of whether the Administrative Agent may be equitably subrogated, the Administrative Agent shall be contractually subrogated to all the rights and interests of the applicable Lender, Issuing Bank or Indemnitee under the
Loan Documents with respect to each Erroneous Payment Return Deficiency (the “Erroneous Payment Subrogation Rights”). 
 (e)
The parties hereto agree that an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Revolving Credit Exposure or other obligations owed by the Borrower or any other Obligor, except, in each case, to the extent such
Erroneous Payment is, and solely with respect to the amount of such Erroneous Payment that is, comprised of funds received by the Administrative Agent or applicable Lender, Issuing Bank or Indemnitee from the Borrower or any other Obligor for the
purpose of making payment in respect of Revolving Credit Exposure or other obligations owed by the Borrower or any other Obligor. 
 (f) To
the extent permitted by applicable law, no Payment Recipient shall assert any right or claim to an Erroneous Payment, and hereby waives, and is deemed to waive, any claim, counterclaim, defense or right of
set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous Payment received, including without limitation waiver of any defense based on
“discharge for value” or any similar doctrine. 
 (g) Each party’s obligations, agreements and waivers under this
Section 8.09 shall survive the resignation or replacement of the Administrative Agent, any transfer of rights or obligations by, or the replacement of, a Lender or Issuing Bank, the termination of the Commitments
and/or the repayment, satisfaction or discharge of all obligations (or any portion thereof) under any Loan Document. 

  
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 ARTICLE IX 

MISCELLANEOUS 
 SECTION
9.01. Notices; Electronic Communications. 
 (a) Notices Generally. Except in the case of notices and other communications
expressly permitted to be given by telephone, all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy, as
follows: 
  

	 	(i)	 if to the Borrower, to it at: 

200 West Street 
 New York, New
York 10282 
 Attention: Jonathan Lamm 

Telecopy Number: (212) 428-3889 

 

	 	(ii)	 if to the Administrative Agent or Swingline Lender, to it at: 

Truist Bank 
 3333 Peachtree
Road, 7th Floor 
 Atlanta, Georgia 30326 

Attention: Hays Wood 
 Telecopy
Number: (404) 836-5879 
 with a copy to: 

Truist Bank 
 Agency Services

 303 Peachtree Street, N. E./ 25th Floor 

Atlanta, Georgia 30308 

Attention: Wanda Gregory 

Telecopy Number: (404) 658-4906 

 

	 	(iii)	 if to the Issuing Bank, to it at: 

Truist Bank 
 303 Peachtree
Street, N. E./ 25th Floor 
 Atlanta, Georgia 30308 

Attention: Wanda Gregory 

Telecopy Number: (404) 658-4906 

 

	 	(iv)	 if to any other Lender, to it at its address (or telecopy number) set forth in its Administrative
Questionnaire. 

  
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 Any party hereto may change its address or telecopy number for notices and other communications
hereunder by notice to the other parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt. Notices delivered through
electronic communications to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b). 

(b) Electronic Communications. Notices and other communications to the Lenders and the Issuing Bank hereunder may be delivered or
furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply
to notices to any Lender or the Issuing Bank pursuant to Section 2.06 if such Lender or the Issuing Bank, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article by
electronic communication. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that
approval of such procedures may be limited to particular notices or communications. 
 (i) Notices and other communications
sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available,
return e-mail or other written acknowledgement); provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be
deemed to have been sent at the opening of business on the next Business Day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended
recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor. 

Each party hereto understands that the distribution of material through an electronic medium is not necessarily secure and that there are
confidentiality and other risks associated with such distribution and agrees and assumes the risks associated with such electronic distribution, except to the extent caused by the fraud, willful misconduct or gross negligence of Administrative
Agent, any Lender or their respective Related Parties, as determined by a final, non-appealable judgment of a court of competent jurisdiction. The Platform and any electronic communications media approved by
the Administrative Agent as provided herein are provided “as is” and “as available”. None of the Administrative Agent or its Related Parties warrant the accuracy, adequacy, or completeness of such media or the Platform and each
expressly disclaims liability for errors or omissions in the Platform and such media. No warranty of any kind, express, implied or statutory, including any warranty of merchantability, fitness for a particular purpose,
non-infringement of third party rights or freedom from viruses or other code defects is made by the Administrative Agent and any of its Related Parties in connection with the Platform or the electronic
communications media approved by the Administrative Agent as provided for herein. 

  
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 (c) Private Side Information Contacts. Each Public Lender agrees to cause at least one
individual at or on behalf of such Public Lender to at all times have selected the “Private Side Information” or similar designation on the content declaration screen of the Platform in order to enable such Public Lender or its delegate,
in accordance with such Public Lender’s compliance procedures and applicable law, including United States federal and state securities laws, to make reference to information that is not made available through the “Public Side
Information” portion of the Platform and that may contain Non-Public Information with respect to the Borrower, its Subsidiaries or their Securities for purposes of United States federal or state
securities laws. In the event that any Public Lender has determined for itself to not access any information disclosed through the Platform or otherwise, such Public Lender acknowledges that (i) other Lenders may have availed themselves of such
information and (ii) neither Borrower nor Administrative Agent has any responsibility for such Public Lender’s decision to limit the scope of the information it has obtained in connection with this Agreement and the other Loan Documents.

 (d) Documents to be Delivered under Sections 5.01. For so long as an
IntralinksTM or equivalent website is available to each of the Lenders hereunder, the Borrower may satisfy its obligation to deliver documents to the Administrative Agent or the Lenders under
Sections 5.01 by delivering either an electronic copy or a notice identifying the website where such information is located for posting by the Administrative Agent on IntralinksTM or
such equivalent website; provided that the Administrative Agent shall have no responsibility to maintain access to IntralinksTM or an equivalent website. 

SECTION 9.02. Waivers; Amendments. 

(a) No Deemed Waivers Remedies Cumulative. No failure or delay by the Administrative Agent, the Issuing Bank, the Swingline Lender or
any Lender in exercising any right or power hereunder shall operate as a waiver thereof nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any
other or further exercise thereof or the exercise of any other right or power. The rights and remedies hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this
Agreement or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific
instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan, Swingline Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether the
Administrative Agent, the Swingline Lender, any Lender or the Issuing Bank may have had notice or knowledge of such Default at the time. 

(b) Amendments to this Agreement. Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to
an agreement or agreements in writing entered into by the Borrower and the Required Lenders or by the Borrower and the Administrative Agent with the consent of the Required Lenders; provided that no such agreement shall: 

(i) increase the Commitment of any Lender without the written consent of such Lender, 

(ii) reduce the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon (other than with respect
to the election of or the failure to elect the default rate in accordance with Section 2.12(d) or as specifically contemplated herein), or reduce any fees payable hereunder, without the written consent of each Lender
directly and adversely affected thereby, 

  
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 (iii) postpone the scheduled date of payment of the principal amount of any Loan
or LC Disbursement, or any interest thereon, or any fees payable hereunder, or reduce the amount of waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender directly
and adversely affected thereby, 
 (iv) change Section 2.17(b), (c) or
(d) in a manner that would alter the pro rata sharing of payments required thereby without the written consent of each Lender directly and adversely affected thereby; or 

(v) change any of the provisions of this Section or the definition of the term “Required Lenders” or any other
provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender directly affected thereby;

 provided further that (x) no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent, the
Issuing Bank or the Swingline Lender hereunder without the prior written consent of the Administrative Agent, the Issuing Bank or the Swingline Lender, as the case may be, and (y) the consent of Lenders (other than Defaulting Lenders) holding
not less than two-thirds of the Revolving Credit Exposure and unused Commitments (other than of Defaulting Lenders) will be required (A) for any adverse change (from the Lenders’ perspective)
affecting the provisions of this Agreement relating to the determination of the Borrowing Base (excluding changes to the provisions of Section 5.12(b)(ii)(E) and (F), but including changes to the provisions of
Sections 5.12(b)(i), (ii)(A), (ii)(B), (ii)(C) and (ii)(D) and the definitions set forth in Section 5.13), and (B) for any release of any material portion of
the Collateral other than for fair value or as otherwise permitted hereunder or under the other Loan Documents. 
 In addition, whenever a
waiver, amendment or modification requires the consent of a Lender “affected” thereby, such waiver, amendment or modification shall, upon consent of such Lender, become effective as to such Lender whether or not it becomes effective as to
any other Lender, so long as the Required Lenders consent to such waiver, amendment or modification as provided above. 
 Anything in this
Agreement to the contrary notwithstanding, no waiver or modification of any provision of this Agreement or any other Loan Document that could reasonably be expected to adversely affect the Lenders of any Class in a manner that does not affect
all Classes equally shall be effective against the Lenders of such Class unless the Required Lenders of such Class shall have concurred with such waiver or modification; provided, however, for the avoidance of doubt, except
as expressly required herein, in no other circumstances shall the concurrence of the Required Lenders of a particular Class be required for any waiver, amendment or modification of any provision of this Agreement or any other Loan Document.

  
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 (c) Amendments to Security Documents. Except to the extent otherwise expressly set forth
in the Guarantee and Security Agreement or the other Loan Documents, no Security Document nor any provision thereof may be waived, amended or modified, nor may the Liens thereof be spread to secure any additional obligations (including any increase
in Loans hereunder, but excluding (x) any such increase pursuant to a Commitment Increase under Section 2.08(e), (y) any Secured Longer-Term Indebtedness or Secured Shorter-Term Indebtedness) except pursuant to an
agreement or agreements in writing entered into by the Borrower, and by the Collateral Agent with the consent of the Required Lenders or (z) the spreading of such Liens to any Designated Indebtedness Obligations or Hedging Agreement
Obligations; provided that, except as permitted by the Loan Documents, (i) without the written consent of each Lender, no such agreement shall release all or substantially all of the Obligors from their respective obligations under the
Security Documents (ii) without the written consent of each Lender, no such agreement shall amend or waive Section 8.06 of the Guarantee and Security Agreement and (iii) without the written consent of each Lender, no such agreement
shall release all or substantially all of the collateral security or otherwise terminate all or substantially all of the Liens under the Security Documents, alter the relative priorities of the obligations entitled to the Liens created under the
Security Documents (except in connection with securing additional obligations equally and ratably with the Loans and other obligations hereunder, including any Secured Longer-Term Indebtedness or Secured Shorter-Term Indebtedness) with respect
to all or substantially all of the collateral security provided thereby, or release all or substantially all of the guarantors under the Guarantee and Security Agreement from their guarantee obligations thereunder, except that no such consent shall
be required, and the Administrative Agent is hereby authorized (and so agrees with the Borrower) to direct the Collateral Agent under the Guarantee and Security Agreement, (w) to release from the Guarantee and Security Agreement any
“Subsidiary Guarantor” (and any property of such Subsidiary Guarantor) that is designated as a “Financing Subsidiary”, a “Foreign Subsidiary”, an “Immaterial Subsidiary” or a “Subsidiary of a Foreign
Subsidiary” or which is otherwise no longer required to be a “Subsidiary Guarantor” in accordance with this Agreement and the Guarantee and Security Agreement, (x) to release any Lien covering property (and to release any such
guarantor) that is the subject of either a Disposition of property permitted hereunder or a Disposition to which the Required Lenders or the required number or percentage of Lenders have consented, (y) to release any Lien and/or guarantee
obligation in accordance with Section 10.03 of the Guarantee and Security Agreement, and (z) to release (and to acknowledge the release of) all Liens and guarantees of Obligors upon the termination of this Agreement (including in
connection with a complete refinancing). 
 (d) Replacement of Non-Consenting Lender. If, in
connection with any proposed change, waiver, amendment, consent, discharge or termination to any of the provisions of this Agreement as contemplated by this Section 9.02, the consent of the Required Lenders shall have been
obtained but the consent of one or more Lenders (each a “Non-Consenting Lender”) whose consent is required for such proposed change, waiver, amendment, consent, discharge or termination is not
obtained, then (so long as no Event of Default has occurred and is continuing) the Borrower shall have the right, at its sole cost and expense, to replace each such Non-Consenting Lender or Lenders with one or
more replacement Lenders pursuant to Section 2.18(b) so long as at the time of such replacement, each such replacement Lender consents to the proposed change, waiver, discharge or termination. 

  
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 SECTION 9.03. Expenses; Indemnity; Damage Waiver. 

(a) Costs and Expenses. The Borrower shall pay (i) all reasonable and documented out-of-pocket costs and expenses incurred by the Administrative Agent, the Collateral Agent and their Affiliates, including the reasonable and documented out-of-pocket fees, charges and disbursements of one outside counsel for the Administrative Agent and the Collateral Agent (but only one counsel for all such Persons together), in connection with the
syndication of the credit facilities provided for herein, the preparation and administration of this Agreement and the other Loan Documents and any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the
transactions contemplated hereby or thereby shall be consummated) and, subject to the last sentence of this clause (a), all costs and expenses of the Approved Third-Party Appraiser, (ii) all reasonable and documented out-of-pocket expenses incurred by the Issuing Bank in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment
thereunder, (iii) all reasonable and documented out-of-pocket costs and expenses incurred by the Administrative Agent, the Issuing Bank, the Swingline Lender or any
Lender, including the reasonable and documented fees, charges and disbursements of one outside counsel for the Administrative Agent, the Issuing Bank and the Swingline Lender as well as one outside counsel for the Lenders and additional counsel
should any conflict of interest arise, in connection with the enforcement or protection of its rights in connection with this Agreement and the other Loan Documents, including its rights under this Section, or in connection with the Loans made or
Letters of Credit issued hereunder, including all such documented out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect thereof
and (iv) and all reasonable and documented out-of-pocket costs, expenses, taxes, assessments and other charges reasonably incurred in connection with any filing,
registration, recording or perfection of any security interest contemplated by any Security Document or any other document referred to therein. Unless an Event of Default has occurred and is continuing, the Borrower shall not be responsible for the
reimbursement of any fees, costs and expenses of the Approved Third-Party Appraiser incurred pursuant to Section 5.12(b)(ii)(E), and the fees, costs and expenses incurred in accordance with Section 7.01(a) of the Guarantee and Security
Agreement, in excess of $450,000 in the aggregate incurred for all such fees, costs and expenses (excluding any valuation costs and expenses incurred by the Administrative Agent as a result of a regulatory directive) in any 12-month period (the “IVP Supplemental Cap”). 
 (b) Indemnification by the
Borrower. The Borrower shall indemnify the Administrative Agent, the Joint Lead Arrangers, the Issuing Bank, the Swingline Lender and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an
“Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities, actions, judgments, suits, costs, expenses and disbursements of any kind or nature whatsoever (including the
reasonable and documented out-of-pocket fees and disbursements of one outside counsel for all Indemnitees (and, if reasonably necessary, of one local counsel in any
relevant jurisdiction for all Indemnitees) unless, in the reasonable opinion of an Indemnitee, representation of all Indemnitees by such counsel would be inappropriate due to the existence of an actual or potential conflict of interest)
(collectively, “Losses”) in connection with any investigative, administrative or judicial proceeding or hearing commenced or threatened by any Person, whether or not any such Indemnitee shall be designated as a party or a potential
party thereto, and any fees or expenses incurred by Indemnitees in enforcing this indemnity), whether based on any federal, state or foreign laws, statutes, rules or regulations (including 

  
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securities and commercial laws, statutes, rules or regulations and laws, statutes, rules or regulations relating to environmental, occupational safety and health or land use matters), on common
law or equitable cause or on contract or otherwise and related expenses or disbursements of any kind, including the fees, charges and disbursements of outside counsel for any such affected Indemnitee for the Indemnitees collectively as specified
above, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement or any agreement or instrument contemplated hereby, the performance by the parties
hereto of their respective obligations hereunder or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan, Swingline Loan or Letter of Credit or the use of the proceeds therefrom (including any
refusal by the Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit) or (iii) any actual or prospective
claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and whether brought by the Borrower or a third party and regardless of whether any Indemnitee is a party thereto;
provided that such indemnity shall not as to any Indemnitee, be available to the extent that such Losses are (A) determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from (i) the
fraud, willful misconduct or gross negligence of such Indemnitee or its Related Parties or (ii) a claim brought by the Borrower or any Obligor against such Indemnitee for breach in bad faith of such Indemnitee’s obligations under this
Agreement or the other Loan Documents, if the Borrower or such Obligor has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdictions, (B) result from the settlement of any such
claim, investigation, litigation or other proceedings described in clause (iii) above unless the Borrower has consented to such settlement (which consent shall not be unreasonably withheld or delayed (provided that nothing in this
clause (B) shall restrict the right of any person to settle any claim for which it has waived its right of indemnity by the Borrower) or (C) result from disputes solely among Indemnitees and not involving any act or omission of an
Obligor or any of Affiliate thereof (other than any dispute against the Administrative Agent in its capacity as such). Paragraph (b) of this Section shall not apply with respect to Taxes other than any Taxes that represent losses,
claims, damages, etc. arising from any non-Tax claim. 
 The Borrower shall not be liable to any
Indemnitee for any special, indirect, consequential or punitive Losses arising out of, in connection with, or as a result of this Agreement or any agreement or instrument contemplated hereby, the Transactions, any Loan or Letter of Credit or the use
of proceeds thereof, asserted by an Indemnitee against the Borrower or any other Obligor; provided that the foregoing limitation shall not be deemed to impair or affect the obligations of the Borrower under the preceding provisions of this
subsection with respect to Losses not expressly described in the foregoing limitation. 
 (c) Reimbursement by Lenders. To the extent
that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent, the Issuing Bank or the Swingline Lender under paragraph (a) or (b) of this Section or to the extent that the fees, costs and
expenses of the Approved Third-Party Appraiser incurred pursuant to Section 5.12(b)(ii)(E) hereof and Section 7.01(a) of the Guarantee and Security Agreement, exceed the IVP Supplemental Cap for
any 12-month period at any time no Event of Default shall exist (provided that prior to incurring expenses in excess of the IVP Supplemental Cap, the Administrative Agent shall have afforded the Lenders
an opportunity to consult with the Administrative Agent regarding such expenses), 

  
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each Lender severally agrees to pay to the Administrative Agent, the Issuing Bank or the Swingline Lender, as the case may be, such Lender’s Applicable Percentage (determined as of the time
that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed Loss was incurred by or asserted against the Administrative Agent, the Issuing Bank or the Swingline Lender in
its capacity as such. 
 (d) Waiver of Consequential Damages, Etc. To the extent permitted by applicable law, no party hereto shall
assert, and each party hereto hereby waives, any claim against any other party (or any Related Party to such party), on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual
damages) arising out of, in connection with, or as a result of, this Agreement or any agreement or instrument contemplated hereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee shall be liable
for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other
Loan Documents or the transactions contemplated hereby or thereby, except to the extent caused by the fraud, willful misconduct or gross negligence of such Indemnitee or its Related Parties, as determined by a final,
non-appealable judgment of a court of competent jurisdiction. 
 (e) Payments. All amounts
due under this Section shall be payable promptly after written demand therefor. 
 SECTION 9.04. Successors and Assigns. 

(a) Assignments Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns permitted hereby (including any Affiliate of the Issuing Bank that issues any Letter of Credit), except that (i) the Borrower may not assign or otherwise transfer any of its rights or obligations
hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations
hereunder except in accordance with this Section (and any attempted assignment or transfer by any Lender which is not in accordance with this Section shall be treated as provided in the second sentence of Section 9.04(b)(iii)). Nothing in this
Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby (including any Affiliate of the Issuing Bank that issues any Letter of
Credit) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Issuing Bank and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

(b) Assignments by Lenders. 

(i) Assignments Generally. Subject to the conditions set forth in clause (ii) below, any Lender may assign
to one or more assignees (other than natural persons (or a holding company, investments vehicle, investment vehicle or trust for, or owned and operated by or for the primary benefit of a natural person), any Defaulting Lender or Persons listed in
the Prohibited Assignees and Participants Side Letter) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans and LC Exposure at the time owing to it) with the prior
written consent (such consent not to be unreasonably withheld or delayed) of: 

  
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 (A) the Borrower; provided that no consent of the Borrower shall be
required for an assignment to a Lender, an Affiliate of a Lender with credit ratings at least as good as the assigning Lender, or, if an Event of Default has occurred and is continuing, any other assignee; provided, further, that the
Borrower shall be deemed to have consented to any such assignment unless it shall have objected thereto by written notice to the Administrative Agent within ten Business Days after having received notice thereof; and 

(B) the Administrative Agent and the Issuing Bank: provided that no consent of the Administrative Agent or Issuing Bank
shall be required for an assignment by a Lender to an Affiliate of such Lender. 
 (ii) Certain Conditions to
Assignments. Assignments shall be subject to the following additional conditions: 
 (A) except in the case of an
assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining amount of the assigning Lender’s Commitment or Loans and LC Exposure of a Class, the amount of the Commitment or Loans and LC Exposure of such
Class of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than U.S. $5,000,000 unless each
of the Borrower and the Administrative Agent otherwise consent; provided that no such consent of the Borrower shall be required if an Event of Default has occurred and is continuing; 

(B) each partial assignment of any Class of Commitments or Loans and LC Exposure shall be made as an assignment of a
proportionate part of all the assigning Lender’s rights and obligations under this Agreement in respect of such Class of Commitments, Loans and LC Exposure; 

(C) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption in
substantially the form of Exhibit A hereto (or any other form approved by the Administrative Agent and the Borrower), together with a processing and recordation fee of U.S. $3,500 (which fee shall not be payable in connection with an
assignment to a Lender or to an Affiliate of a Lender), for which the Borrower and the Guarantors shall not be obligated; 

(D) the assignee, if it shall not already be a Lender of the applicable Class, shall deliver to (x) the Administrative
Agent, an Administrative Questionnaire, and (y) to the Administrative Agent and the Borrower, any tax forms or certifications required by Section 2.16; and 

  
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 (E) any assignment by a Multicurrency Lender shall (unless the Borrower otherwise
consents in writing) be made only to an assignee that has agreed to make Loans pursuant to its Multicurrency Commitment and receive payments in the Agreed Foreign Currencies for which Loans may be made at the time of such proposed assignment. 

(iii) Effectiveness of Assignments. Subject to acceptance and recording thereof pursuant to paragraph (c) of
this Section, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and
obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an
Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.14, 2.15,
2.16 and 9.03 with respect to facts and circumstances occurring prior to the effective date of such assignment). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this
Section 9.04 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (f) of this Section (but only to the extent
such assignment or other transfer otherwise complies with the provisions of such paragraph). Notwithstanding anything to the contrary herein, in connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such
assignment shall be effective unless and until, in addition to the other conditions set forth in Section 9.04(b)(ii) or otherwise, the parties to the assignment shall make such additional payments to Administrative Agent in
an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of Borrower
and Administrative Agent, the Applicable Percentage of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all
payment liabilities then owed by such Defaulting Lender to Administrative Agent, Issuing Bank, Swingline Lender and each Lender hereunder (and interest accrued thereon), and (y) acquire (and fund as appropriate) its full Applicable Percentage
of all Loans and participations in Letters of Credit and Swingline Loans. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable law
without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs. 

(c) Maintenance of Registers by Administrative Agent. The Administrative Agent, acting for this purpose as an agent of the Borrower,
shall maintain at one of its offices in New York City a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amount (and stated
interest) of the Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof from time to time (the “Registers” and each individually, a “Register”). The entries in the Registers shall be
conclusive absent manifest error, and the Borrower, the Administrative Agent, the Issuing Bank and the Lenders may treat each Person whose name is recorded in the Registers pursuant to the terms hereof as a Lender hereunder for all purposes of this
Agreement, notwithstanding notice to the contrary. The Registers shall be available for inspection by the Borrower, the Issuing Bank and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

  
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 (d) Acceptance of Assignments by Administrative Agent. Upon its receipt of a duly
completed Assignment and Assumption executed by an assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to
in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained
therein in the Register. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. 

(e) Special Purposes Vehicles. Notwithstanding anything to the contrary contained herein, any Lender (a “Granting
Lender”) may grant to a special purpose funding vehicle (an “SPC”) owned or administered by such Granting Lender, identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the
Borrower, the option to provide all or any part of any Loan that such Granting Lender would otherwise be obligated to make; provided that (i) nothing herein shall constitute a commitment to make any Loan by any SPC, (ii) if an SPC
elects not to exercise such option or otherwise fails to provide all or any part of such Loan, the Granting Lender shall, subject to the terms of this Agreement, make such Loan pursuant to the terms hereof, (iii) the rights of any such SPC
shall be derivative of the rights of the Granting Lender, and such SPC shall be subject to all of the restrictions upon the Granting Lender herein contained, and (iv) no SPC shall be entitled to the benefits of Sections 2.14 (or any
other increased costs protection provision), 2.15 or 2.16. Each SPC shall be conclusively presumed to have made arrangements with its Granting Lender for the exercise of voting and other rights hereunder in a manner which is acceptable
to the SPC, the Administrative Agent, the Lenders and the Borrower, and each of the Administrative Agent, the Lenders and the Obligors shall be entitled to rely upon and deal solely with the Granting Lender with respect to Loans made by or through
its SPC. The making of a Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by the Granting Lender. 

Each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one
year and one day after the payment in full of all outstanding senior indebtedness of any SPC, it will not institute against, or join any other person in instituting against, such SPC, any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings or similar proceedings under the laws of the United States or any State thereof, in respect of claims arising out of this Agreement; provided that the Granting Lender for each SPC hereby agrees to indemnify, save and
hold harmless each other party hereto for any Losses arising out of their inability to institute any such proceeding against its SPC. In addition, notwithstanding anything to the contrary contained in this Section, any SPC may (i) without the
prior written consent of the Borrower and the Administrative Agent and without paying any processing fee therefor, assign all or a portion of its interests in any Loans to its Granting Lender or to any financial institutions providing liquidity
and/or credit facilities to or for the account of such SPC to fund the Loans made by such SPC or to support the securities (if any) issued by such SPC to fund such Loans (but nothing contained herein shall be construed in derogation of the
obligation of the Granting Lender to make Loans hereunder); provided that neither the consent of 

  
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the SPC or of any such assignee shall be required for amendments or waivers hereunder except for those amendments or waivers for which the consent of participants is required under paragraph
(f) below, and (ii) disclose on a confidential basis (in the same manner described in Section 9.13(b)) any non-public information relating to its Loans to any
rating agency, commercial paper dealer or provider of a surety, guarantee or credit or liquidity enhancement to such SPC. 
 (f)
Participations. Any Lender may, with the consent of the Borrower (such consent not to be unreasonably withheld or delayed), sell participations to one or more banks or other entities (other than natural persons (or a holding company,
investments vehicle, investment vehicle or trust for, or owned and operated by or for the primary benefit of a natural person) or any Person listed on the Prohibited Assignees and Participants Side Letter) (a “Participant”) in
all or a portion of such Lender’s rights and obligations under this Agreement and the other Loan Documents (including all or a portion of its Commitments and the Loans and LC Disbursements owing to it); provided that (i) the consent
of the Borrower shall not be required so long as an Event of Default has occurred and is continuing, (ii) such Lender’s obligations under this Agreement and the other Loan Documents shall remain unchanged, (iii) such Lender shall
remain solely responsible to the other parties hereto for the performance of such obligations, (iv) the Borrower, the Administrative Agent, the Issuing Bank and the other Lenders shall continue to deal solely and directly with such Lender in
connection with such Lender’s rights and obligations under this Agreement and the other Loan Documents and (v) the Borrower shall be deemed to have consented to any such participation unless it shall have objected thereto by written notice
to the Administrative Agent within ten Business Days after having received notice thereof. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this
Agreement and the other Loan Documents and to approve any amendment, modification or waiver of any provision of this Agreement or any other Loan Document; provided that such agreement or instrument may provide that such Lender will not,
without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to Section 9.02(b) that directly affects such Participant. Subject to paragraph (g) of
this Section, the Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.14, 2.15 and 2.16 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to
paragraph (b) of this Section; provided that (A) such Participant agrees to be subject to the provisions of Sections 2.18 as if it were an assignee under paragraph (b) of this Section and (B) such Participant
shall not be entitled to receive any greater payment under Sections 2.14, 2.15 or 2.16, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement
to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation; provided, further, that no Participant shall be entitled to the benefits of
Section 2.16 unless the Borrower is notified of the participation granted to such Participant and such Participant shall have complied with the requirements of Section 2.16 as if such Participant
is a Lender. Each Lender that sells a participation agrees, at the Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 2.18 with respect to any Participant. To
the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender; provided such Participant agrees to be subject to
Section 2.17(d) as though it were a Lender hereunder. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower,
maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan

  
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Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of
any Participant or any other information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any person except to the extent that such disclosures are necessary
to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant
Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the
contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. 

(g) Limitations on Rights of Participants. A Participant shall not be entitled to receive any greater payment under
Section 2.14, 2.15 or 2.16 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is
made with the Borrower’s prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 2.16 unless the Borrower is notified of the
participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with paragraphs (f) and (h) of Section 2.16 as though it were a Lender and in the case
of a Participant claiming exemption for portfolio interest under Section 871(h) or 881(c) of the Code, the applicable Lender shall provide the Borrower with satisfactory evidence that the participation is in registered form and shall
permit the Borrower to review such register as reasonably needed for the Borrower to comply with its obligations under applicable laws and regulations. 

(h) Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this
Agreement to secure obligations of such Lender, including any such pledge or assignment to a Federal Reserve Bank or any other central bank having jurisdiction over such Lender, and this Section 9.04 shall not apply to
any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such assignee for such Lender as a party
hereto. 
 (i) No Assignments to the Borrower or Affiliates. Anything in this Section to the contrary notwithstanding, no Lender may
assign or participate any interest in any Loan or LC Exposure held by it hereunder to the Borrower or any of its Affiliates or Subsidiaries without the prior consent of each Lender. 

SECTION 9.05. Survival. All covenants, agreements, representations and warranties made by the Borrower herein and in the certificates
or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement and the making of any Loans and
issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent, the Issuing Bank or any Lender may have had notice or knowledge of any Default or
incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount

  
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payable under this Agreement is outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired or terminated. The provisions of Sections
2.14, 2.15, 2.16 and 9.03 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or
termination, Cash Collateralization or backstop of the Letters of Credit and the Commitments or the termination of this Agreement or any provision hereof. 

SECTION 9.06. Counterparts; Integration; Effectiveness; Electronic Execution. 

(a) Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto on
different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and any separate letter agreements with respect to fees payable to the Administrative Agent
constitute the entire contract between and among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in
Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the
signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page to this
Agreement by telecopy or electronically (e.g. pdf) shall be effective as delivery of a manually executed counterpart of this Agreement. 

(b) Electronic Execution of Assignments. The words “execution,” “signed,” “signature,” and words of like
import in any Assignment and Assumption shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect validity or enforceability as a manually executed signature or the
use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and
Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 
 SECTION 9.07. Severability. Any
provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and
enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

SECTION 9.08. Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates is
hereby authorized at any time and from time to time (with the prior consent of the Administrative Agent or the Required Lenders), to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand,
provisional or final) at any time held and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of the Borrower against any of and all the obligations of the Borrower now or hereafter existing
under this Agreement held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement and although such obligations may be unmatured; provided that in the event that any Defaulting Lender

  
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shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to Administrative Agent for further application in accordance with the provisions of
Sections 2.17(d) and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of Administrative Agent, the Issuing Bank, and the Lenders, and (y) the Defaulting
Lender shall provide promptly to Administrative Agent a statement describing in reasonable detail the amounts owing to such Defaulting Lender hereunder as to which it exercised such right of setoff. The rights of each Lender under this
Section are in addition to other rights and remedies (including other rights of setoff) which such Lender may have. Each Lender agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and application;
provided that the failure to give such notice shall not affect the validity of such setoff and application. 
 SECTION 9.09.
Governing Law; Jurisdiction; Etc. 
 (a) Governing Law. This Agreement shall be construed in accordance with and governed by
the law of the State of New York. 
 (b) Submission to Jurisdiction. Each party to this Agreement hereby irrevocably and
unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any
appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement and any Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and
unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such federal court. Each of the parties hereto agrees that a final judgment
in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that the Administrative Agent, the
Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement against the Borrower or its properties in the courts of any jurisdiction. 

(c) Waiver of Venue. The Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do
so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in paragraph (b) of this Section. Each of the parties
hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(d) Service of Process. Each party to this Agreement (i) irrevocably consents to service of process in the manner provided for
notices in Section 9.01 and (ii) agrees that service as provided in the manner provided for notices in Section 9.01 is sufficient to confer personal jurisdiction over such party in any
proceeding in any court and otherwise constitutes effective and binding service in every respect. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

  
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 SECTION 9.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT,
TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

SECTION 9.11. Judgment Currency. This is an international loan transaction in which the specification of Dollars or any Foreign
Currency, as the case may be (the “Specified Currency”), and payment in New York City or the country of the Specified Currency, as the case may be (the “Specified Place”), is of the essence, and the Specified
Currency shall be the currency of account in all events relating to Loans denominated in the Specified Currency. The payment obligations of the Borrower under this Agreement shall not be discharged or satisfied by an amount paid in another currency
or in another place, whether pursuant to a judgment or otherwise, to the extent that the amount so paid on conversion to the Specified Currency and transfer to the Specified Place under normal banking procedures does not yield the amount of the
Specified Currency at the Specified Place due hereunder. If for the purpose of obtaining judgment in any court it is necessary to convert a sum due hereunder in the Specified Currency into another currency (the “Second Currency”),
the rate of exchange that shall be applied shall be the rate at which in accordance with normal banking procedures the Administrative Agent could purchase the Specified Currency with the Second Currency on the Business Day next preceding the day on
which such judgment is rendered. The obligation of the Borrower in respect of any such sum due from it to the Administrative Agent or any Lender hereunder or under any other Loan Document (in this Section called an “Entitled
Person”) shall, notwithstanding the rate of exchange actually applied in rendering such judgment be discharged only to the extent that on the Business Day following receipt by such Entitled Person of any sum adjudged to be due
hereunder in the Second Currency such Entitled Person may in accordance with normal banking procedures purchase and transfer to the Specified Place the Specified Currency with the amount of the Second Currency so adjudged to be due; and the Borrower
hereby, as a separate obligation and notwithstanding any such judgment, agrees to indemnify such Entitled Person against, and to pay such Entitled Person on demand, in the Specified Currency, the amount (if any) by which the sum originally due
to such Entitled Person in the Specified Currency hereunder exceeds the amount of the Specified Currency so purchased and transferred. 

SECTION 9.12. Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only,
are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

  
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 SECTION 9.13. Treatment of Certain Information; No Fiduciary Duty; Confidentiality. 

(a) Treatment of Certain Information. The Borrower acknowledges that from time to time financial advisory, investment banking and other
services may be offered or provided to the Borrower or one or more of its Subsidiaries (in connection with this Agreement or otherwise) by any Lender or by one or more subsidiaries or affiliates of such Lender and the Borrower hereby authorizes
each Lender to share any information delivered to such Lender by the Borrower and its Subsidiaries pursuant to this Agreement, or in connection with the decision of such Lender to enter into this Agreement, to any such subsidiary or affiliate, it
being understood that any such subsidiary or affiliate receiving such information shall be bound by the provisions of paragraph (b) of this Section as if it were a Lender hereunder. Such authorization shall survive the repayment of
the Loans, the expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement or any provision hereof. Each Lender shall use all information delivered to such Lender by the Borrower and its Subsidiaries
pursuant to this Agreement, or in connection with the decision of such Lender to enter into this Agreement, in connection with providing services to the Borrower. The Administrative Agent, each Lender and their Affiliates (collectively, solely for
purposes of this paragraph, the “Lenders”), may have economic interests that conflict with those of the Borrower or any of its Subsidiaries, their stockholders and/or their affiliates. The Borrower, on behalf of itself and each of its
Subsidiaries, agrees that nothing in the Loan Documents or otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between any Lender, on the one hand, and the Borrower or any of its
Subsidiaries, its stockholders or its affiliates, on the other. The Borrower and each of its Subsidiaries each acknowledge and agree that (i) the transactions contemplated by the Loan Documents (including the exercise of rights and remedies
hereunder and thereunder) are arm’s-length commercial transactions between the Lenders, on the one hand, and the Borrower and its Subsidiaries, on the other, and (ii) in connection therewith and with
the process leading thereto, (x) no Lender has assumed an advisory or fiduciary responsibility in favor of the Borrower or any of its Subsidiaries, any of their stockholders or affiliates with respect to the transactions contemplated hereby (or
the exercise of rights or remedies with respect thereto) or the process leading thereto (irrespective of whether any Lender has advised, is currently advising or will advise the Borrower or any of its Subsidiaries, their stockholders or their
affiliates on other matters) or any other obligation to the Borrower or any of its Subsidiaries except the obligations expressly set forth in the Loan Documents and (y) each Lender is acting solely as principal and not as the agent or fiduciary
of the Borrower or any of its Subsidiaries, their management, stockholders, creditors or any other Person. The Borrower and each of its Subsidiaries each acknowledge and agree that it has consulted its own legal and financial advisers to the extent
it deemed appropriate and that it is responsible for making its own independent judgment with respect to such transactions and the process leading thereto. The Borrower and each of its Subsidiaries each agree that it will not claim that any Lender
has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to the Borrower or any of its Subsidiaries, in connection with such transaction or the process leading thereto. 

(b) Confidentiality. Each of the Administrative Agent, the Lenders, the Swingline Lender and the Issuing Bank agrees to maintain the
confidentiality of the Information (as defined below), except that Information may be disclosed (i) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees, agents, advisers, market data
collectors, similar service providers to the lending industry and service providers to the Administrative Agent and the Lenders in connection with the administration of this Agreement, the other Loan Documents, and the Commitments, and other
representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential on terms substantially

  
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similar to the terms set forth in this clause (b) and on a confidential and need to know basis), (ii) to the extent requested by any regulatory authority purporting to have jurisdiction
over it (including any self-regulatory authority), (iii) to the extent required by applicable laws or regulations or by any subpoena or similar legal process (provided that, except in the case of any ordinary course examination by a regulatory,
self-regulatory or governmental agency, it will use its commercially reasonable efforts to notify the Borrower of any such disclosure prior to making such disclosure to the extent legally permitted and timely practicable), (iv) to any other
party hereto, (v) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder,
(vi) other than to any Person listed in the Prohibited Assignees and Participants Side Letter, subject to an agreement containing provisions substantially the same as those of this Section, to (x) any assignee of or Participant in, or any
prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (y) any actual or prospective counterparty (or its advisers) to any swap or derivative transaction or credit insurance provider, in each
case in this clause (vi), (A) relating to the Borrower and its obligations and (B) so long as no Event of Default has occurred and is continuing, with the prior written consent of the Borrower as to the assignee, Participant, prospective
assignee or Participant, actual or prospective counterparty or credit insurance provider, (vii) with the written consent of the Borrower, (viii) to the extent such Information (x) becomes publicly available other than as a result of a
breach of this Section or (y) becomes available to the Administrative Agent, any Lender, the Issuing Bank or any of their respective Affiliates on a non-confidential basis from a source other than
the Borrower, or (ix) on a confidential basis to (x) any rating agency in connection with rating the Borrower or its Subsidiaries or the credit facilities provided hereunder or (y) the CUSIP Service Bureau or any similar agency in
connection with the issuance and monitoring of CUSIP numbers with respect to the credit facilities provided hereunder. 
 For purposes of
this Section, “Information” means all information received from or on behalf of the Borrower or any of its Subsidiaries relating to the Borrower or any of its Subsidiaries or any of their respective businesses or any Portfolio
Investment, other than any such information that is available to the Administrative Agent, any Lender or the Issuing Bank on a non-confidential basis prior to disclosure by the Borrower or any of its
Subsidiaries; provided that, in the case of Information received from the Borrower or any of its Subsidiaries after the date hereof, such Information shall be deemed confidential at the time of delivery unless clearly identified therein as
nonconfidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain
the confidentiality of such Information as such Person would accord to its own confidential information. 
 SECTION 9.14. USA PATRIOT
Act. Each Lender hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), it is required to obtain,
verify and record information that identifies the Borrower and each other Obligor, which information includes the name and address of the Borrower and each other Obligor and other information that will allow such Lender to identify the Borrower and
each other Obligor in accordance with said Act. 

  
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 SECTION 9.15. Lender Information Reporting. The Administrative Agent shall use
commercially reasonable efforts to deliver to the Borrower not later than one Business Day after the last day of each calendar month, a report summarizing in reasonable detail the amount of interest, fees and (if any) other expenses under this
Agreement or the other Loan Documents accrued for the month then ended (and noting amounts paid / unpaid); provided that the failure of the Administrative Agent to deliver this report shall not excuse the Borrower from paying interest, fees
and (if any) other expenses in accordance with the terms of this Agreement or the other Loan Documents. 
 SECTION 9.16. Acknowledgement
and Consent to Bail-In of Affected Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each
party hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of the applicable Resolution
Authority and agrees and consents to, and acknowledges and agrees to be bound by: 
 (a) the application of any Write-Down and Conversion
Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and 

(b) the effects of any Bail-In Action on any such liability, including, if applicable: 

(i) a reduction in full or in part or cancellation of any such liability; 

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected
Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any
such liability under this Agreement or any other Loan Document; or 
 (iii) the variation of the terms of such liability in
connection with the exercise of the write-down and conversion powers of the applicable Resolution Authority. 
 SECTION 9.17. Certain
ERISA Matters. 
 (a) Each Lender (x) represents and warrants, as of the later of the date such Person became a Lender party hereto
and the Eighth Amendment Effective Date, to, and (y) covenants, from such date to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, each Joint Lead Arranger, and their respective Affiliates,
and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Obligor, that at least one of the following is and will be true: 

(i) such Lender is not using “plan assets” (within the meaning of 29 CFR §
2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments, 

  
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 (ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions
involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a
class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house
asset managers), is applicable with respect to and covers such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, 

(iii) (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the
meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the
Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or 

(iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole
discretion, and such Lender with respect to the Loan Documents. 
 (b) In addition, unless
sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or such Lender has not provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the later of the date such Person became a Lender party hereto and the Eighth
Amendment Effective Date, to, and (y) covenants, from such date to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, each Joint Lead Arranger, and their respective Affiliates, and not, for
the avoidance of doubt, to or for the benefit of the Borrower or any other Obligor, that: 
 (i) none of the Administrative
Agent, the Joint Lead Arrangers, or any of their respective Affiliates is a fiduciary with respect to the assets of such Lender (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement,
any Loan Document or any documents related to hereto or thereto), 
 (ii) the Person making the investment decision on behalf
of such Lender with respect to the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is independent (within the meaning of 29 CFR § 2510.3-21) and is a bank, an insurance carrier, an investment adviser, a broker-dealer or other person that holds, or has under management or control, total assets of at least $50 million, in each case as
described in 29 CFR § 2510.3-21(c)(1)(i)(A)-(E), 

  
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 (iii) the Person making the investment decision on behalf of such Lender with
respect to the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is capable of evaluating investment risks independently, both in general and with regard to
particular transactions and investment strategies (including in respect of the Secured Obligations (as defined in the Guarantee and Security Agreement)), 

(iv) the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in,
administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is a fiduciary under ERISA or the Code, or both, with respect to the Loans, the Letters of Credit, the Commitments and this Agreement and is
responsible for exercising independent judgment in evaluating the transactions hereunder, and 
 (v) no fee or other
compensation is being paid directly to the Administrative Agent, any Joint Lead Arranger or any their respective Affiliates for investment advice (as opposed to other services) in connection with the Loans, the Letters of Credit, the Commitments or
this Agreement. 
 (c) The Administrative Agent and each Joint Lead Arranger hereby inform the Lenders that each such Person is not
undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person has a financial interest in the transactions contemplated hereby in that
such Person or an Affiliate thereof (i) may receive interest or other payments with respect to the Loans, the Letters of Credit, the Commitments and this Agreement, (ii) may recognize a gain if it extended the Loans, the Letters of Credit
or the Commitments for an amount less than the amount being paid for an interest in the Loans, the Letters of Credit or the Commitments by such Lender or (iii) may receive fees or other payments in connection with the transactions contemplated
hereby, the Loan Documents or otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent or collateral agent fees, utilization fees,
minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker’s acceptance fees, breakage or other early termination fees or fees similar to the
foregoing. 
 SECTION 9.18. Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan Documents provide support,
through a guarantee or otherwise, for Hedging Agreements or any other agreement or instrument that is a QFC (such support, “QFC Credit Support”, and each such QFC, a “Supported QFC”), the parties acknowledge and
agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations
promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact
be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States): 

  
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 (a) In the event a Covered Entity that is party to a Supported QFC (each, a “Covered
Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC
Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the
Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered
Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are
permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United
States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC
Credit Support. 
 (b) As used in this Section 9.17, the following terms have the following meanings: 

(i) “BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and
interpreted in accordance with, 12 U.S.C. 1841(k)) of such party. 
 (ii) “Covered Entity” means any of the
following: 
 (A) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R.
§ 252.82(b); 
 (B) a “covered bank” as that term is defined in, and interpreted in accordance with, 12
C.F.R. § 47.3(b); or 
 (C) a “covered FSI” as that term is defined in, and interpreted in accordance
with, 12 C.F.R. § 382.2(b). 
 (iii) “Default Right” has the meaning assigned to that term in, and
shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. 
 (iv)
“QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D). 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
respective authorized officers as of the day and year first above written. 
  

			
	GOLDMAN SACHS BDC, INC.
		
	By:	 	              

		 	Name:
		 	Title:
	
	TRUIST BANK (AS SUCCESSOR BY MERGER TO SUNTRUST BANK), as Administrative Agent, Swingline Lender, Issuing Bank and a Lender
		
	By:	 	              

		 	Name:
		 	Title:

 Schedule 1.01(a) 

Approved Dealers and Approved Pricing Services 

Approved Dealers 
 Barclays 

Citigroup 
 Credit Suisse 

Wells Fargo 
 Deutsche Bank 

JP Morgan 
 Bank Of America Merrill Lynch 

Morgan Stanley 
 UBS 

BNP 
 RBS 

Jefferies 
 Nomura 

Lazard 
 FBR 

RBC 
 Oppenheimer 

GE Capital Market 
 Cantor Fitzgerald 

Mizuho 
 SunTrust 

Macquire 
 Bank of Nova Scotia 

BMO Capital Markets 
 HSBC 

Guggenheim 
 Robert W. Baird & Co 

Credit Agricole 
 Approved Pricing Services 

FT Interactive Data Corporation 
 Bloomberg 

JP Morgan Pricing Direct 
 Markit Partners 

Barclays Index Pricing Service 
 Reuters 

Standard & Poor’s 
 SuperDerivatives 

  
 Sch.1.01 (a)-1 

 Schedule 1.01(b) 

Commitments 
  

																									
	 Lenders
	  	Dollar
Commitment	 	  	Applicable
Dollar
Percentage	 	 	Multicurrency
Commitment	 	  	Applicable
Multicurrency
Percentage	 	 	Aggregate
Commitment	 	  	Aggregate
Commitment
Percentage	 
	 Truist Bank
	  	 	—  	 	  	 	—  	 	 	$	175,000,000.00	 	  	 	11.67	% 	 	$	175,000,000.00	 	  	 	10.32	% 
	 Bank of America, N.A.
	  	 	—  	 	  	 	—  	 	 	$	175,000,000.00	 	  	 	11.67	% 	 	$	175,000,000.00	 	  	 	10.32	% 
	 MUFG Union Bank, N.A.
	  	$	175,000,000.00	 	  	 	89.74	% 	 	 	—  	 	  	 	—  	 	 	$	175,000,000.00	 	  	 	10.32	% 
	 Sumitomo Mitsui Banking Corporation
	  	 	—  	 	  	 	—  	 	 	$	175,000,000.00	 	  	 	11.67	% 	 	$	175,000,000.00	 	  	 	10.32	% 
	 HSBC Bank USA, N.A.
	  	 	—  	 	  	 	—  	 	 	$	150,000,000.00	 	  	 	10.00	% 	 	$	150,000,000.00	 	  	 	8.85	% 
	 State Street Bank and Trust Company
	  	 	—  	 	  	 	—  	 	 	$	150,000,000.00	 	  	 	10.00	% 	 	$	150,000,000.00	 	  	 	8.85	% 
	 Industrial and Commercial Bank of China Limited, New York Branch
	  	 	—  	 	  	 	—  	 	 	$	125,000,000.00	 	  	 	8.33	% 	 	$	125,000,000.00	 	  	 	7.37	% 
	 Morgan Stanley Bank, N.A.
	  	 	—  	 	  	 	—  	 	 	$	125,000,000.00	 	  	 	8.33	% 	 	$	125,000,000.00	 	  	 	7.37	% 
	 Citibank, N.A.
	  	 	—  	 	  	 	—  	 	 	$	100,000,000.00	 	  	 	6.67	% 	 	$	100,000,000.00	 	  	 	5.90	% 
	 ING Capital LLC
	  	 	—  	 	  	 	—  	 	 	$	75,000,000.00	 	  	 	5.00	% 	 	$	75,000,000.00	 	  	 	4.42	% 
	 Barclays Bank PLC
	  	 	—  	 	  	 	—  	 	 	$	50,000,000.00	 	  	 	3.33	% 	 	$	50,000,000.00	 	  	 	2.95	% 
	 BNP Paribas
	  	 	—  	 	  	 	—  	 	 	$	50,000,000.00	 	  	 	3.33	% 	 	$	50,000,000.00	 	  	 	2.95	% 
	 CIBC Bank USA
	  	 	—  	 	  	 	—  	 	 	$	50,000,000.00	 	  	 	3.33	% 	 	$	50,000,000.00	 	  	 	2.95	% 
	 CIT Finance LLC
	  	 	—  	 	  	 	—  	 	 	$	50,000,000.00	 	  	 	3.33	% 	 	$	50,000,000.00	 	  	 	2.95	% 
	 Signature Bank
	  	 	—  	 	  	 	—  	 	 	$	50,000,000.00	 	  	 	3.33	% 	 	$	50,000,000.00	 	  	 	2.95	% 
	 BankUnited, N.A.
	  	$	20,000,000.00	 	  	 	10.26	% 	 	 	—  	 	  	 	—  	 	 	$	20,000,000.00	 	  	 	1.18	% 
		  	  
	  
	 	  	  
	  
	 	 	  
	  
	 	  	  
	  
	 	 	  
	  
	 	  	  
	  
	 
	 Total
	  	$	195,000,000.00	 	  	 	100.00	% 	 	$	1,500,000,000.00	 	  	 	100.00	% 	 	$	1,695,000,000.00	 	  	 	100.00	% 
		  	  
	  
	 	  	  
	  
	 	 	  
	  
	 	  	  
	  
	 	 	  
	  
	 	  	  
	  
	 

  
 Sch. 1.01(b)-1 

 Schedule 1.01(c) 

Industry Classification Group List 

Energy Equipment & Services 
 Oil, Gas &
Consumable Fuels 
 Chemicals 
 Construction Materials 

Containers & Packaging 
 Metals & Mining 

Paper & Forest Products 
 Aerospace & Defense

 Building Products 
 Construction & Engineering 

Electrical Equipment 
 Industrial Conglomerates 

Machinery 
 Trading Companies & Distributors 

Commercial Services & Supplies 
 Professional Services

 Air Freight & Logistics 
 Airlines 

Marine 
 Road & Rail 

Transportation Infrastructure 
 Auto Components 

Automobiles 
 Household Durables 

Leisure Products 
 Textiles, Apparel & Luxury Goods 

Hotels, Restaurants & Leisure 
 Diversified Consumer
Services 
 Distributors 
 Internet & Direct Marketing
Retail 
 Multiline Retail 
 Specialty Retail 

Food & Staples Retailing 
 Beverages 

Food Products 
 Tobacco 

Household Products 
 Personal Products 

Health Care Equipment & Supplies 

  
 Sch. 1.01(c)-1 

 Health Care Providers & Services 

Health Care Technology 
 Biotechnology 

Pharmaceuticals 
 Life Sciences Tools & Services 

Banks 
 Thrifts & Mortgage Finance 

Diversified Financial Services 
 Consumer Finance 

Capital Markets 
 Mortgage Real Estate Investment 

Trusts (REITs) 
 Insurance 

IT Services 
 Software 

Communications Equipment 
 Technology Hardware, Storage &
Peripherals 
 Electronic Equipment, Instruments & Components 

Semiconductors & Semiconductor Equipment 
 Diversified
Telecommunication Services 
 Wireless Telecommunication Services 

Media 
 Entertainment 

Interactive Media & Services 
 Electric Utilities 

Gas Utilities 
 Multi-Utilities 

Water Utilities 
 Independent Power and Renewable Electricity
Producers 
 Equity Real Estate 
 Investment Trusts 

(REITs) 
 Real Estate Management & Development 

  
 Sch. 1.01(c)-2 

 Schedule 2.05 

 

									
	 Issuing Bank
	  	Maximum LC
Exposure	 	  	Applicable
Percentage	 
	 Truist Bank
	  	$	40,000,000	 	  	 	100.0	% 
	 Total
	  	$	40,000,000	 	  	 	100	% 
		  	  
	  
	 	  	  
	  
	 

  
 Sch. 2.05-1 

 Schedule 3.11 

Material Agreements and Liens 
 PART
A: Agreements: 
 Senior Secured Revolving Credit Agreement, dated as of September 19, 2013 (as amended by that certain First Omnibus Amendment
to Senior Secured Revolving Credit Agreement and Guarantee and Security Agreement, dated as of October 3, 2014, as amended by that certain Second Amendment to Senior Secured Revolving Credit Agreement, dated as of November 4, 2015, as
amended by that certain Third Amendment to Senior Secured Revolving Credit Agreement, dated as of December 16, 2016, as amended by that certain Fourth Amendment to Senior Secured Revolving Credit Agreement, dated as of February 21, 2018,
as amended by that certain Fifth Amendment to Senior Secured Revolving Credit Agreement, dated as of September 17, 2018, as amended by that certain Sixth Amendment to Senior Secured Revolving Credit Agreement, dated as of February 25,
2020, as amended by that certain Seventh Amendment to Senior Secured Revolving Credit Agreement, dated as of November 20, 2020, as amended by that certain Eighth Amendment to Senior Secured Revolving Credit Agreement, dated as of
August 13, 2021, and as may be further amended, restated, supplemented or otherwise modified from time to time). Outstanding commitment is $1,695,000,000 (plus all accrued and unpaid interest and premiums and fees thereon, all costs and
expenses and all indemnifications payable in connection with such facility). 
 Guarantee and Security Agreement, dated as of September 19, 2013 (as
amended by that certain First Omnibus Amendment to Senior Secured Revolving Credit Agreement and Guarantee and Security Agreement, dated as of October 3, 2014, and as may be further amended, restated, supplemented or otherwise modified from
time to time). 
 Indenture, dated as of October 3, 2016, between Goldman Sachs BDC, Inc. and Wells Fargo Bank, National Association, as Trustee.
Outstanding aggregate principal amount of 4.50% Convertible Notes due 2022 is $155,000,000. 
 Indenture, dated February 10, 2020, between Goldman
Sachs BDC, Inc. and Wells Fargo Bank, National Association, as Trustee, the First Supplemental Indenture, dated as of February 10, 2020, between Goldman Sachs BDC, Inc. and Wells Fargo Bank, National Association, and the Second Supplemental
Indenture, dated as of November 24, 2020, between Goldman Sachs BDC, Inc. and Wells Fargo Bank, National Association. Outstanding aggregate principal amount of 3.75% Notes due 2025 is $360,000,000 and 2.875% Notes due 2026 is $500,000,000. 

PART B: Liens: 
 None. 

  
 Sch. 3.11-1 

 Schedule 3.12(a) 

Subsidiaries 
  

	1.	 GSBD Wine I, LLC 

	2.	 MMLC Wine I, LLC 

	3.	 BDC Blocker I, LLC (f/k/a My-On BDC Blocker, LLC)

	4.	 MMLC Blocker I, LLC (f/k/a My-On MMLC Blocker, LLC)

	5.	 GSBD Blocker II, LLC 

	6.	 MMLC Blocker II, LLC 

	7.	 GSBD Blocker III LLC 

	8.	 MMLC Blocker III LLC 

	9.	 GSBD Blocker IV LLC 

  
 Sch. 3.12(a)-1 

 Schedule 3.12(b) 

Investments 
 [None.] 

  
 Sch. 3.12(b)-1 

 Schedule 6.08 

Transactions with Affiliates 
 Second
Amended and Restated Investment Management Agreement, dated as of June 15, 2018, between Goldman Sachs BDC, Inc. and Goldman Sachs Asset Management, L.P., a Delaware limited partnership. 

License Agreement, dated as of April 1, 2013, between Goldman, Sachs & Co., a New York limited partnership, and Goldman Sachs BDC, Inc. 

Agreement and Plan of Merger, dated as of December 9, 2019, by and among Goldman Sachs BDC, Inc., Evergreen Merger Sub, Inc., a Delaware corporation,
Goldman Sachs Asset Management, L.P., a Delaware limited partnership, and Goldman Middle Market Lending Corp., a Delaware corporation. 

  
 Sch. 6.08-1 

 EXHIBIT A 

ASSIGNMENT AND ASSUMPTION 

This Assignment and Assumption (the “Assignment and Assumption”) is dated as of the Effective Date set forth below and is
entered into by and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”). Capitalized terms used but not defined herein shall have the meanings given to
them in the Credit Agreement identified below (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard
Terms and Conditions set forth in Annex I attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 

For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases
and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below: all of the Assignor’s rights and
obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and
obligations of the Assignor under the respective facilities identified below (including any letters of credit, guarantees, and swingline loans included in such facilities) (the rights and obligations sold and assigned above being referred to herein
collectively as the “Assigned Interest”). Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor. 

 

	1.	 Assignor:
                                .

  

	2.	 Assignee:
                                .

 [and is an Affiliate of [identify Lender]1] 

 

	3.	 Borrower: Goldman Sachs BDC, Inc. 

 

	4.	 Administrative Agent: Truist Bank, as the administrative agent under the Credit Agreement.

  

	5.	 Credit Agreement: The Senior Secured Revolving Credit Agreement dated as of September 19, 2013, among
Goldman Sachs BDC, Inc., the Lenders party thereto and Truist Bank, as Administrative Agent, as it may be amended, restated, supplemented or otherwise modified from time to time. 

 

	1 	 Select as applicable. 

  
 A-1 

 6. Assigned Interest: 
  

													
	
Class Assigned2
	  	Aggregate Amount of
Commitment/Loans
for all Lenders	 	  	Amount of
Commitment/Loans
Assigned	 	  	Percentage Assigned
of
Commitment/Loans3	 
		  	$	 	 	  	$	 	 	  	 	%	 
		  	$	 	 	  	$	 	 	  	 	%	 
		  	$	 	 	  	$	 	 	  	 	%	 

 Effective Date: _______________, 20__ [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF
RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 
 The terms set forth in this Assignment and Assumption are hereby agreed to: 

 

			
	ASSIGNOR
	
	[NAME OF ASSIGNOR]
		
	By:	 	
                 

		 	Title:
	
	ASSIGNEE
	
	[NAME OF ASSIGNEE]
		
	By:	 	              

		 	Title:

  

	2 	 Fill in the appropriate terminology for the types of facilities under the Credit Agreement that are being
assigned under this Assignment (e.g. “Dollar Commitment”, “Multicurrency Commitment”, etc.). 

	3 	 Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder.

  
 A-2 

			
	[Consented to and]4 Accepted:
	
	TRUIST BANK, as
	Administrative Agent
		
	By:	 	              

		 	Title:
	
	TRUIST BANK, as
	Issuing Bank
		
	By:	 	          

		 	Title:
	
	[Consented to:]5
	
	GOLDMAN SACHS BDC, INC., as
	Borrower
		
	By:	 	              

		 	Title:

  

	4 	 To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement.

	5 	 To be added only when the consent of the Borrower is required by the terms of the Credit Agreement.

  
 A-3 

 ANNEX I 

STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ASSUMPTION 
 1.
Representations and Warranties. 
 1.1 Assignor. The Assignor (a) represents and warrants that (i) it is the legal and
beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver
this Assignment and Assumption and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement
or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its
Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations
under any Loan Document. 
 1.2 Assignee. The Assignee (a) represents and warrants that (i) it has full power and
authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it satisfies the requirements,
if any, specified in the Credit Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and become a Lender, (iii) it has experience and expertise in the making of or investing in loans such as the applicable
Loans, (iv) it makes or invests in its Loans for its own account in the ordinary course and without a view to distribution of such Loans within the meaning of the Securities Act or the Securities Exchange Act of 1934, as amended (it being
understood that the disposition of such Loans or any interest therein shall at all times remain within its exclusive control), (v) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder
and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (vi) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to
Section 5.01 thereof, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on the
basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender, (vii) it has appointed the Administrative Agent and the Collateral Agent as set forth in the Credit
Agreement and (viii) attached to the Assignment and Assumption are original copies of the Internal Revenue Service tax forms, U.S. Tax Compliance Certificates (if applicable) or any other documentation required to be delivered by it pursuant to
Section 2.16(f) of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor or any other Lender, and based on such
documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, (ii) it will perform in accordance with their terms all of the obligations

  
 A-4 

 
which by the terms of the Loan Documents are required to be performed by it as a Lender, (iii) as a Lender it may receive material non-public
information and agrees to use such information in accordance with the Credit Agreement, and (iv) if applicable, it will pay the $3,500 fee set forth in Section 9.04(b)(ii)(C) of the Credit Agreement. 

2. Payments. From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest
(including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued up to but excluding the Effective Date and to the Assignee for amounts which have accrued from and after the Effective Date. 

3. General Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their
respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and
Assumption by telecopy, email or other electronic method of transmission shall be as effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in
accordance with, the law of the State of New York. 

  
 A-5 

 EXHIBIT B 

FORM OF BORROWING BASE CERTIFICATE 

Monthly accounting period ended _______________, 201__ 

Reference is made to that certain Senior Secured Revolving Credit Agreement, dated as of September 19, 2013 (as amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Goldman Sachs BDC, Inc., a Delaware corporation (the “Borrower”), the financial institutions party thereto as Lenders, and
Truist Bank, as the Administrative Agent. Capitalized terms used herein without definition are so used as defined in the Credit Agreement. 

Pursuant to Sections 4.02(c), 5.01(d), 5.01(e) or 6.05(d), as applicable, the undersigned, the _________________ of the Borrower, and as such
a Financial Officer of the Borrower, hereby certifies in his or her official (and not personal) capacity, represents and warrants on behalf of the Borrower that (a) attached hereto as Annex I is (i) a complete and correct list as of
the end of the monthly accounting period ended ______________, 201__ of all Portfolio Investments included in the Collateral and (ii) a true and correct calculation of the Borrowing Base as of the end of such monthly accounting period
determined in accordance with the requirements of the Credit Agreement, and (b) without limiting the generality of the foregoing, all Portfolio Investments included in the calculation of the Borrowing Base herein have been Delivered (as defined
in, and to the extent required pursuant to the definition of “Deliver” and Section 7.01(a) of, Guarantee and Security Agreement) to the Collateral Agent. 

IN WITNESS WHEREOF, the undersigned has caused this certificate to be duly executed as of the ___________ day of _________________, 201__.

  

			
	GOLDMAN SACHS BDC, INC.
		
	By:	 	
                 

	Name:
	Title:

  
 B-1 

 EXHIBIT C 

BORROWING REQUEST 

Date:____________, _____ 
 To:
Truist Bank, as Administrative Agent 
 Ladies and Gentlemen: 

Reference is made to that certain Senior Secured Revolving Credit Agreement, dated as of September 19, 2013 (as amended, restated,
extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement”), among Goldman Sachs BDC, Inc., a Delaware corporation (the “Borrower”), the financial institutions party thereto as
Lenders, and Truist Bank, as the Administrative Agent. Capitalized terms used herein without definition are so used as defined in the Credit Agreement. 

The Borrower hereby requests a Borrowing of Loans: 
  

	 	1.	 On ____ (a Business Day). 

 

	 	2.	 In the amount of ______. 

 

	 	3.	 Comprised of _______________________________________. 

[Type of Borrowing requested] 
  

	 	4.	 In the following currency: __________________. 

 

	 	5.	 For Eurocurrency Borrowings: with an Interest Period of ____ months. 

 

	 	6.	 To Borrower’s account number
                         located
at                        . 

 

			
	
	 GOLDMAN SACHS BDC, INC.

		
	 By:
	 	
              
   

		
	 Name:
	 	
              
   

		
	 Title:
	 	
              
   

  
 C-1 

 EXHIBIT D 

FORM OF JOINDER AGREEMENT 

JOINDER AGREEMENT 
 JOINDER
AGREEMENT dated as of_________, ______ by [NAME OF ASSUMING LENDER (the “Assuming Lender”)] [NAME OF INCREASING LENDER (the “Increasing Lender”)], a [_____________], in favor of Goldman Sachs BDC, Inc., a Delaware
corporation (the “Borrower”), and Truist Bank, as administrative agent under the Credit Agreement referred to below (in such capacity, together with its successors in such capacity, the “Administrative Agent”). 

The Borrower, the Lenders [(including the Increasing Lender)] from time to time party thereto and the Administrative Agent are parties to a
Senior Secured Revolving Credit Agreement, dated as of September 19, 2013 (as amended, supplemented or otherwise modified and in effect from time to time, the “Credit Agreement”). 

[Pursuant to Section 2.08(e) of the Credit Agreement, the Assuming Lender hereby agrees to (and does hereby) become
a “Lender” under and for all purposes of the Credit Agreement with a [Multicurrency Commitment] [Dollar Commitment] equal to $[     ]. Without limiting the foregoing, the Assuming Lender hereby agrees to be bound
by and comply with all of the terms and provisions of the Credit Agreement applicable to it as a “Lender” thereunder.] 

[Pursuant to Section 2.08(e) of the Credit Agreement, the Increasing Lender hereby agrees to increase its
[Multicurrency Commitment] [Dollar Commitment] from $[ ] to $[___________].] 
 Sections 9.06, 9.09 and 9.10 of the Credit Agreement
apply to this Joinder Agreement mutatis mutandis. 
 IN WITNESS WHEREOF, the [Assuming Lender] [Increasing Lender] has caused this
Joinder Agreement to be duly executed and delivered as of the day and year first above written. 
  

			
	[NAME OF ASSUMING LENDER] [NAME OF INCREASING LENDER]
		
	By:	 	
                 

	Name:	 	
	Title:	 	

  
 D-1 

			
	Accepted and agreed:
	
	GOLDMAN SACHS BDC, INC.
		
	By:	 	
                 

	Name:	 	
	Title:	 	
	
	TRUIST BANK,
	as Administrative Agent
		
	By:	 	
                 

	Name:	 	
	Title:	 	

  
 D-2 

 EXHIBIT E 

FORM OF NOTE 

September 19, 2013 
 FOR VALUE RECEIVED, the
undersigned (the “Borrower”), hereby promises to pay to [LENDER] or registered assigns (the “Lender”), in accordance with the provisions of the Credit Agreement (as hereinafter defined), the principal amount of each
Loan from time to time made by the Lender to the Borrower under that Senior Secured Revolving Credit Agreement, dated as of September 19, 2013 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”; the terms defined therein being used herein as therein defined), by and among the Borrower, the financial institutions party thereto as Lenders, and Truist Bank, as the Administrative Agent. 

The Borrower promises to pay interest on the unpaid principal amount of each Loan from the date of such Loan until such principal amount is paid in full, at
such interest rates and at such times as provided in the Credit Agreement. Except as otherwise provided in the Loan Documents, all payments of principal and interest shall be made to the Administrative Agent at the Administrative Agent’s
Account. If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the due date thereof until the date of actual payment (and before as well as after judgment) computed at the per
annum rate set forth in the Credit Agreement. 
 This Note is one of the Notes referred to in the Credit Agreement, is entitled to the benefits thereof and
may be prepaid in whole or in part subject to the terms and conditions provided therein. This Note is also entitled to the benefits of the Guarantee and Security Agreement and is secured by the Collateral. Upon the occurrence and continuation of one
or more of the Events of Default specified in the Credit Agreement, all amounts then remaining unpaid on this Note shall become, or may be declared to be, immediately due and payable all as provided in the Credit Agreement. Loans made by the Lender
shall be evidenced by one or more loan accounts or records maintained by the Lender in the ordinary course of business. The Lender may also attach schedules to this Note and endorse thereon the date, amount and maturity of its Loans and payments
with respect thereto. 
 The Borrower, for itself, its successors and assigns, hereby waives diligence, presentment, protest and demand and notice of
protest, demand, dishonor and non-payment of this Note. 

  
 E-1 

 THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

 

			
	GOLDMAN SACHS BDC, INC.
		
	By:	 	
                 

	Name:	 	
                 

	Title:	 	
                 

  
 E-2 

 LOANS AND PAYMENTS with respect thereto 

 

													
	 Date
	  	Type of
Loan Made	  	Amount of
Loan Made	  	End of
Interest
Period	  	Amount of
Principal or
Interest
Paid This
Date	  	Outstanding
Principal
Balance
This Date	  	Notation
Made By
	
                
        
	  	                    	  	                    	  	                    	  	                    	  	                    	  	                    
	
                
        
	  	                    	  	                    	  	                    	  	                    	  	                    	  	                    
	
                
        
	  	                    	  	                    	  	                    	  	                    	  	                    	  	                    
	
                
        
	  	                    	  	                    	  	                    	  	                    	  	                    	  	                    
	
                
        
	  	                    	  	                    	  	                    	  	                    	  	                    	  	                    
	
                
        
	  	                    	  	                    	  	                    	  	                    	  	                    	  	                    
	
                
        
	  	                    	  	                    	  	                    	  	                    	  	                    	  	                    
	
                
        
	  	                    	  	                    	  	                    	  	                    	  	                    	  	                    
	
                
        
	  	                    	  	                    	  	                    	  	                    	  	                    	  	                    
	
                
        
	  	                    	  	                    	  	                    	  	                    	  	                    	  	                    
	
                
        
	  	                    	  	                    	  	                    	  	                    	  	                    	  	                    
	
                
        
	  	                    	  	                    	  	                    	  	                    	  	                    	  	                    
	
                
        
	  	                    	  	                    	  	                    	  	                    	  	                    	  	                    
	
                
        
	  	                    	  	                    	  	                    	  	                    	  	                    	  	                    
	
                
        
	  	                    	  	                    	  	                    	  	                    	  	                    	  	                    
	
                
        
	  	                    	  	                    	  	                    	  	                    	  	                    	  	                    
	
                
        
	  	                    	  	                    	  	                    	  	                    	  	                    	  	                    
	
                
        
	  	                    	  	                    	  	                    	  	                    	  	                    	  	                    

  
 E-3 

 EXHIBIT F-1 

FORM OF TAX CERTIFICATE 

(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is made to that certain Senior Secured Revolving Credit Agreement, dated as of September 19, 2013 (as amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Goldman Sachs BDC, Inc., a Delaware corporation (the “Borrower”), the financial institutions party thereto as Lenders, and
Truist Bank, as the Administrative Agent. Each capitalized term used but not defined herein has the meaning ascribed to such term in the Credit Agreement. 

Pursuant to the provisions of Section 2.16 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record
and beneficial owner of the Loans (as well as any Note evidencing such Loans) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten
percent shareholder of the Borrower within the meaning of Section 881(c)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished the Administrative Agent and the Borrower with a certificate of its
non-U.S. Person status on IRS Form W-8BEN. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes,
the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective
certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

[NAME OF LENDER] 
  

									
	By:	  	          
	  	    	  	Date:	  	                    ,             
		  	Name:	  		  		  	
		  	Title:	  		  		  	

  
 F-1-1 

 EXHIBIT F-2 

FORM OF TAX CERTIFICATE 

(For Foreign Participants That Are Not Partnerships for U.S. Federal Income Tax Purposes) 

Reference is made to that certain Senior Secured Revolving Credit Agreement, dated as of September 19, 2013 (as amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Goldman Sachs BDC, Inc., a Delaware corporation (the “Borrower”), the financial institutions party thereto as Lenders, and
Truist Bank, as the Administrative Agent. Each capitalized term used but not defined herein has the meaning ascribed to such term in the Credit Agreement. 

Pursuant to the provisions of Section 2.16 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record
and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower
within the meaning of Section 881(c)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished its participating Lender with a certificate of its non-U.S. Person
status on IRS Form W-8BEN. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in
writing, and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the
two calendar years preceding such payments 
  

									
	[NAME OF PARTICIPANT]	  		  		  	

									
	By:	  	          
	  	    	  	Date:	  	                    ,             
		  	Name:	  		  		  	
		  	Title:	  		  		  	

  
 F-2-1 

 EXHIBIT F-3 

FORM OF TAX CERTIFICATE 

(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is made to that certain Senior Secured Revolving Credit Agreement, dated as of September 19, 2013 (as amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Goldman Sachs BDC, Inc., a Delaware corporation (the “Borrower”), the financial institutions party thereto as Lenders, and
Truist Bank, as the Administrative Agent. Each capitalized term used but not defined herein has the meaning ascribed to such term in the Credit Agreement. 

Pursuant to the provisions of Section 2.16 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record
owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect to such participation, neither the
undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code,
(iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 881(c)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign
corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished its
participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN from each of such partner’s/member’s beneficial
owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing,
and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two
calendar years preceding such payments. 
 [NAME OF PARTICIPANT] 
  

									
	By:	  	          
	  	    	  	Date:	  	                    ,             
		  	Name:	  		  		  	
		  	Title:	  		  		  	

  
 F-3-1 

 EXHIBIT F-4 

FORM OF TAX CERTIFICATE 

(For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is made to that certain Senior Secured Revolving Credit Agreement, dated as of September 19, 2013 (as amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Goldman Sachs BDC, Inc., a Delaware corporation (the “Borrower”), the financial institutions party thereto as Lenders, and
Truist Bank, as the Administrative Agent. Each capitalized term used but not defined herein has the meaning ascribed to such term in the Credit Agreement. 

Pursuant to the provisions of Section 2.16 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record
and beneficial owner of the Loans (as well as any Note evidencing such Loans) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Loans (as well as any Note
evidencing such Loans), (iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant
to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower
within the meaning of Section 881(c)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished the Administrative Agent and the Borrower with IRS Form W-8IMY
accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this
certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times
furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding
such payments. 
 [NAME OF LENDER] 
  

									
	By:	  	          
	  	    	  	Date:	  	                    ,             
		  	Name:	  		  		  	
		  	Title:	  		  		  	

  
 F-4-1Exhibit 4.1

      

      
        

        

        EXECUTION VERISON

         

        

        INDENTURE

         

        Dated as of August 16, 2021

         

        by and among

         

        KREF 2021-FL2 LTD.,

        as Issuer,

         

        KREF 2021-FL2 LLC,

        as Co-Issuer,

        

        

        KREF CLO LOAN SELLER LLC,

        as Advancing Agent,

        

        

        WILMINGTON TRUST, NATIONAL ASSOCIATION,

        as Trustee,

         

        and

         

        WELLS FARGO BANK, NATIONAL ASSOCIATION,

        as Note Administrator

        
          

          

        

        
          
            

        

        TABLE OF CONTENTS

        

        

        	 	 	
                Page

              
	 	
                ARTICLE 1

              	 
	 	 	 
	 	
                DEFINITIONS

              	 
	 	 	 
	
                Section 1.1

              	
                Definitions

              	
                3

              
	
                Section 1.2

              	
                Interest Calculation Convention.

              	
                62

              
	
                Section 1.3

              	
                Rounding Convention.

              	
                62

              
	 	 	 
	 	
                ARTICLE 2

              	 
	 	 	 
	 	
                THE NOTES

              	 
	 	 	 
	
                Section 2.1

              	
                Forms Generally.

              	
                62

              
	
                Section 2.2

              	
                Forms of Notes and Certificate of Authentication.

              	
                62

              
	
                Section 2.3

              	
                Authorized Amount; Stated Maturity Date; and Denominations.

              	
                64

              
	
                Section 2.4

              	
                Execution, Authentication, Delivery and Dating.

              	
                65

              
	
                Section 2.5

              	
                Registration, Registration of Transfer and Exchange.

              	
                65

              
	
                Section 2.6

              	
                Mutilated, Defaced, Destroyed, Lost or Stolen Note.

              	
                73

              
	
                Section 2.7

              	
                Payment of Principal and Interest and Other Amounts; Principal and Interest Rights Preserved.

              	
                73

              
	
                Section 2.8

              	
                Persons Deemed Owners.

              	
                77

              
	
                Section 2.9

              	
                Cancellation.

              	
                78

              
	
                Section 2.10

              	
                Global Notes; Definitive Notes; Temporary Notes.

              	
                78

              
	
                Section 2.11

              	
                U.S. Tax Treatment of Notes and the Issuer.

              	
                80

              
	
                Section 2.12

              	
                Authenticating Agents.

              	
                81

              
	
                Section 2.13

              	
                Forced Sale on Failure to Comply with Restrictions.

              	
                81

              
	
                Section 2.14

              	
                No Gross Up.

              	
                82

              
	
                Section 2.15

              	
                Exchangeable Notes; Exchange of MASCOT Notes.

              	
                82

              
	
                Section 2.16

              	
                Benchmark Transition Event.

              	
                84

              
	 	 	 
	 	
                ARTICLE 3

              	 
	 	 	 
	
                CONDITIONS PRECEDENT; PLEDGED COLLATERAL INTERESTS

              
	 	 	 
	
                Section 3.1

              	
                General Provisions.

              	
                86

              
	
                Section 3.2

              	
                Security for Offered Notes.

              	
                88

              
	
                Section 3.3

              	
                Transfer of Collateral.

              	
                90

              
	
                Section 3.4

              	
                Credit Risk Retention.

              	
                98

              

        

        

        
          -i-

          
            

        

        	 	
                ARTICLE 4

              	 
	 	 	 
	
                SATISFACTION AND DISCHARGE

              
	 	 	 
	
                Section 4.1

              	
                Satisfaction and Discharge of Indenture.

              	
                99

              
	
                Section 4.2

              	
                Application of Amounts held in Trust.

              	
                100

              
	
                Section 4.3

              	
                Repayment of Amounts Held by Paying Agent.

              	
                101

              
	
                Section 4.4

              	
                Limitation on Obligation to Incur Company Administrative Expenses.

              	
                101

              
	 	 	 
	 	
                ARTICLE 5

              	 
	 	 	 
	 	
                REMEDIES

              	 
	 	 	 
	
                Section 5.1

              	
                Events of Default.

              	
                101

              
	
                Section 5.2

              	
                Acceleration of Maturity; Rescission and Annulment.

              	
                103

              
	
                Section 5.3

              	
                Collection of Indebtedness and Suits for Enforcement by Trustee.

              	
                105

              
	
                Section 5.4

              	
                Remedies.

              	
                107

              
	
                Section 5.5

              	
                Preservation of Collateral.

              	
                109

              
	
                Section 5.6

              	
                Trustee May Enforce Claims Without Possession of Notes.

              	
                111

              
	
                Section 5.7

              	
                Application of Amounts Collected.

              	
                111

              
	
                Section 5.8

              	
                Limitation on Suits.

              	
                111

              
	
                Section 5.9

              	
                Unconditional Rights of Noteholders to Receive Principal and Interest.

              	
                112

              
	
                Section 5.10

              	
                Restoration of Rights and Remedies.

              	
                112

              
	
                Section 5.11

              	
                Rights and Remedies Cumulative.

              	
                113

              
	
                Section 5.12

              	
                Delay or Omission Not Waiver.

              	
                113

              
	
                Section 5.13

              	
                Control by the Controlling Class.

              	
                113

              
	
                Section 5.14

              	
                Waiver of Past Defaults.

              	
                114

              
	
                Section 5.15

              	
                Undertaking for Costs.

              	
                114

              
	
                Section 5.16

              	
                Waiver of Stay or Extension Laws.

              	
                115

              
	
                Section 5.17

              	
                Sale of Collateral.

              	
                115

              
	
                Section 5.18

              	
                Action on the Notes.

              	
                116

              
	 	 	 
	 	
                ARTICLE 6

              	 
	 	 	 
	
                THE TRUSTEE AND NOTE ADMINISTRATOR

              
	 	 	 
	
                Section 6.1

              	
                Certain Duties and Responsibilities.

              	
                116

              
	
                Section 6.2

              	
                Notice of Default.

              	
                118

              
	
                Section 6.3

              	
                Certain Rights of Trustee and Note Administrator.

              	
                119

              
	
                Section 6.4

              	
                Not Responsible for Recitals or Issuance of Notes.

              	
                121

              
	
                Section 6.5

              	
                May Hold Notes.

              	
                121

              
	
                Section 6.6

              	
                Amounts Held in Trust.

              	
                121

              
	
                Section 6.7

              	
                Compensation and Reimbursement.

              	
                122

              
	
                Section 6.8

              	
                Corporate Trustee Required; Eligibility.

              	
                123

              
	
                Section 6.9

              	
                Resignation and Removal; Appointment of Successor.

              	
                124

              
	
                Section 6.10

              	
                Acceptance of Appointment by Successor.

              	
                126

              

        

        

        
          -ii-

          
            

        

        	
                Section 6.11

              	
                Merger, Conversion, Consolidation or Succession to Business of Trustee and Note Administrator.

              	
                126

              
	
                Section 6.12

              	
                Co-Trustees and Separate Trustee.

              	
                127

              
	
                Section 6.13

              	
                Direction to enter into the Servicing Agreement.

              	
                128

              
	
                Section 6.14

              	
                Representations and Warranties of the Trustee.

              	
                128

              
	
                Section 6.15

              	
                Representations and Warranties of the Note Administrator.

              	
                129

              
	
                Section 6.16

              	
                Requests for Consents.

              	
                129

              
	
                Section 6.17

              	
                Withholding.

              	
                130

              
	
                Section 6.18

              	
                Registrar of Participation Holders

              	
                130

              
	 	 	 
	 	
                ARTICLE 7

              	 
	 	 	 
	 	
                COVENANTS

              	 
	 	 	 
	
                Section 7.1

              	
                Payment of Principal and Interest.

              	
                131

              
	
                Section 7.2

              	
                Maintenance of Office or Agency.

              	
                131

              
	
                Section 7.3

              	
                Amounts for Note Payments to be Held in Trust.

              	
                132

              
	
                Section 7.4

              	
                Existence of the Issuer and Co-Issuer.

              	
                134

              
	
                Section 7.5

              	
                Protection of Collateral.

              	
                136

              
	
                Section 7.6

              	
                Notice of Any Amendments.

              	
                138

              
	
                Section 7.7

              	
                Performance of Obligations.

              	
                138

              
	
                Section 7.8

              	
                Negative Covenants.

              	
                138

              
	
                Section 7.9

              	
                Statement as to Compliance.

              	
                141

              
	
                Section 7.10

              	
                Issuer and Co-Issuer May Consolidate or Merge Only on Certain Terms.

              	
                141

              
	
                Section 7.11

              	
                Successor Substituted.

              	
                144

              
	
                Section 7.12

              	
                No Other Business.

              	
                145

              
	
                Section 7.13

              	
                Reporting.

              	
                145

              
	
                Section 7.14

              	
                Calculation Agent.

              	
                146

              
	
                Section 7.15

              	
                REIT Status.

              	
                146

              
	
                Section 7.16

              	
                Permitted Subsidiaries.

              	
                148

              
	
                Section 7.17

              	
                Repurchase Requests.

              	
                148

              
	
                Section 7.18

              	
                Servicing of Real Estate Loans and Control of Servicing Decisions.

              	
                149

              
	 	 	 
	 	
                ARTICLE 8

              	 
	 	 	 
	 	
                SUPPLEMENTAL INDENTURES

              	 
	 	 	 
	
                Section 8.1

              	
                Supplemental Indentures Without Consent of Securityholders.

              	
                149

              
	
                Section 8.2

              	
                Supplemental Indentures with Consent of Securityholders.

              	
                153

              
	
                Section 8.3

              	
                Execution of Supplemental Indentures.

              	
                156

              
	
                Section 8.4

              	
                Effect of Supplemental Indentures.

              	
                157

              
	
                Section 8.5

              	
                Reference in Notes to Supplemental Indentures.

              	
                157

              

        

        

        
          -iii-

          
            

        

        	 	
                ARTICLE 9

              	 
	 	 	 
	
                REDEMPTION OF SECURITIES; REDEMPTION PROCEDURES

              
	 	 	 
	
                Section 9.1

              	
                Clean-up Call; Tax Redemption; Optional Redemption; and Auction Call Redemption.

              	
                158

              
	
                Section 9.2

              	
                Notice of Redemption.

              	
                160

              
	
                Section 9.3

              	
                Notice of Redemption or Maturity.

              	
                160

              
	
                Section 9.4

              	
                Notes Payable on Redemption Date.

              	
                161

              
	
                Section 9.5

              	
                Mandatory Redemption.

              	
                161

              
	 	 	 
	 	
                ARTICLE 10

              	 
	 	 	 
	
                ACCOUNTS, ACCOUNTINGS AND RELEASES

              
	 	 	 
	
                Section 10.1

              	
                Collection of Amounts; Custodial Account.

              	
                162

              
	
                Section 10.2

              	
                Reinvestment and Replenishment Account.

              	
                162

              
	
                Section 10.3

              	
                Payment Account.

              	
                164

              
	
                Section 10.4

              	
                [Reserved]

              	
                164

              
	
                Section 10.5

              	
                Expense Reserve Account.

              	
                164

              
	
                Section 10.6

              	
                [Reserved]

              	
                165

              
	
                Section 10.7

              	
                Interest Advances.

              	
                165

              
	
                Section 10.8

              	
                Reports by Parties.

              	
                169

              
	
                Section 10.9

              	
                Reports; Accountings.

              	
                169

              
	
                Section 10.10

              	
                Release of Collateral Interests; Release of Collateral.

              	
                172

              
	
                Section 10.11

              	
                [Reserved]

              	
                173

              
	
                Section 10.12

              	
                Information Available Electronically.

              	
                173

              
	
                Section 10.13

              	
                Investor Q&A Forum; Investor Registry.

              	
                177

              
	
                Section 10.14

              	
                Certain Procedures.

              	
                180

              
	 	 	 
	 	
                ARTICLE 11

              	 
	 	 	 
	 	
                APPLICATION OF FUNDS

              	 
	 	 	 
	
                Section 11.1

              	
                Disbursements of Amounts from Payment Account.

              	
                180

              
	
                Section 11.2

              	
                Securities Accounts.

              	
                186

              
	 	 	 
	 	
                ARTICLE 12

              	 
	 	 	 
	
                SALE AND EXCHANGES OF COLLATERAL INTERESTS; FUTURE FUNDING ESTIMATES

              
	 	 	 
	
                Section 12.1

              	
                Sales and Exchanges of Collateral Interests.

              	
                187

              
	
                Section 12.2

              	
                Reinvestment Collateral Interests; Replenishment Collateral Interests.

              	
                191

              
	
                Section 12.3

              	
                Conditions Applicable to all Transactions Involving Sale or Grant.

              	
                192

              
	
                Section 12.4

              	
                Modifications to Offered Note Protection Tests.

              	
                193

              

        

        

        
          -iv-

          
            

        

        	
                Section 12.5

              	
                Ongoing Future Advance Estimates.

              	
                194

              
	 	 	 
	 	
                ARTICLE 13

              	 
	 	 	 
	 	
                NOTEHOLDERS’ RELATIONS

              	 
	 	 	 
	
                Section 13.1

              	
                Subordination.

              	
                196

              
	
                Section 13.2

              	
                Standard of Conduct.

              	
                198

              
	 	 	 
	 	
                ARTICLE 14

              	 
	 	 	 
	 	
                MISCELLANEOUS

              	 
	 	 	 
	
                Section 14.1

              	
                Form of Documents Delivered to the Trustee and Note Administrator.

              	
                199

              
	
                Section 14.2

              	
                Acts of Securityholders.

              	
                200

              
	
                Section 14.3

              	
                Notices, etc., to the Trustee, the Note Administrator, the Issuer, the Co-Issuer, the Advancing Agent, the Servicer, the Special Servicer, the Preferred Share Paying
                  Agent, the Placement Agents, the Collateral Manager and the Rating Agencies.

              	
                200

              
	
                Section 14.4

              	
                Notices to Noteholders; Waiver.

              	
                204

              
	
                Section 14.5

              	
                Effect of Headings and Table of Contents.

              	
                204

              
	
                Section 14.6

              	
                Successors and Assigns.

              	
                204

              
	
                Section 14.7

              	
                Severability.

              	
                205

              
	
                Section 14.8

              	
                Benefits of Indenture.

              	
                205

              
	
                Section 14.9

              	
                Governing Law; Waiver of Jury Trial.

              	
                205

              
	
                Section 14.10

              	
                Submission to Jurisdiction.

              	
                205

              
	
                Section 14.11

              	
                Counterparts and Signatures.

              	
                205

              
	
                Section 14.12

              	
                Liability of Co-Issuers.

              	
                206

              
	
                Section 14.13

              	
                17g-5 Information.

              	
                206

              
	
                Section 14.14

              	
                Rating Agency Condition.

              	
                209

              
	
                Section 14.15

              	
                Patriot Act Compliance.

              	
                209

              
	
                Section 14.16

              	
                Special Servicer Alternative Rate Activities.

              	
                209

              
	 	 	 
	 	
                ARTICLE 15

              	 
	 	 	 
	
                ASSIGNMENT OF THE COLLATERAL INTEREST PURCHASE AGREEMENT

              
	 	 	 
	
                Section 15.1

              	
                Assignment of Collateral Interest Purchase Agreement.

              	
                209

              
	 	 	 
	 	
                ARTICLE 16

              	 
	 	 	 
	 	
                ADVANCING AGENT

              	 
	 	 	 
	
                Section 16.1

              	
                Liability of the Advancing Agent.

              	
                212

              
	
                Section 16.2

              	
                Merger or Consolidation of the Advancing Agent.

              	
                212

              
	
                Section 16.3

              	
                Limitation on Liability of the Advancing Agent and Others.

              	
                212

              

        

        

        
          -v-

          
            

        

        	
                Section 16.4

              	
                Representations and Warranties of the Advancing Agent.

              	
                213

              
	
                Section 16.5

              	
                Resignation and Removal; Appointment of Successor.

              	
                214

              
	
                Section 16.6

              	
                Acceptance of Appointment by Successor Advancing Agent.

              	
                215

              
	
                Section 16.7

              	
                Removal and Replacement of Backup Advancing Agent.

              	
                215

              
	 	 	 
	 	
                ARTICLE 17

              	 
	 	 	 
	 	
                CURE RIGHTS; PURCHASE RIGHTS

              	 
	 	 	 
	
                Section 17.1

              	
                Collateral Interest Purchase Agreements.

              	
                215

              
	
                Section 17.2

              	
                Representations and Warranties Related to Reinvestment Collateral Interests, Replenishment Collateral Interests and Exchange Collateral Interests.

              	
                216

              
	
                Section 17.3

              	
                Operating Advisor.

              	
                216

              

        

        

        	 	
                SCHEDULES

              	 
	 	 	 
	 	
                Schedule A

              	
                Schedule of Collateral Interests

              
	 	
                Schedule B

              	
                Benchmark

              
	 	
                Schedule C

              	
                List of Authorized Officers of Collateral Manager

              
	 	 	 
	 	
                EXHIBITS

              	 
	 	 	 
	 	
                Exhibit A

              	
                Form of Offered Notes

              
	 	
                Exhibit B

              	
                Form of Class F Notes, Class F-E Notes, Class F-X Notes, Class G Notes, Class G-E Notes and Class G-X Notes

              
	 	
                Exhibit C-1

              	
                Form of Transfer Certificate – Regulation S Global Note

              
	 	
                Exhibit C-2

              	
                Form of Transfer Certificate – Rule 144A Global Note

              
	 	
                Exhibit C-3

              	
                Form of Transfer Certificate – Definitive Note

              
	 	
                Exhibit D

              	
                Form of Custodian Post-Closing Certification

              
	 	
                Exhibit E

              	
                Form of Request for Release

              
	 	
                Exhibit F

              	
                Form of NRSRO Certification

              
	 	
                Exhibit G

              	
                Form of Note Administrator’s Monthly Report

              
	 	
                Exhibit H-1

              	
                Form of Investor Certification (for Non-Borrower Affiliates)

              
	 	
                Exhibit H-2

              	
                Form of Investor Certification (for Borrower Affiliates)

              
	 	
                Exhibit I

              	
                Form of Online Market Data Provider Certification

              
	 	
                Exhibit J

              	
                Form of Certificate of the Collateral Manager with Respect to the Acquisition of Collateral Interests

              
	 	
                Exhibit K

              	
                MASCOT Note Officer’s Certificate

              
	 	
                Exhibit L

              	
                Beneficial Holder Information Form

              
	 	
                Exhibit M

              	
                Form of Auction Call Procedure

              

        

        

        
          -vi-

          
            

        

        INDENTURE, dated as of August 16, 2021, by and among KREF 2021-FL2 LTD., an exempted company incorporated with limited liability under the laws of the Cayman Islands (the “Issuer”), KREF 2021-FL2 LLC, a limited liability company formed under the laws of Delaware (the “Co‐Issuer”), KREF CLO Loan Seller LLC, a limited liability company formed under the laws of Delaware, as advancing agent (herein, together with its permitted successors and assigns
            in the trusts hereunder, the “Advancing Agent”), WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association, as trustee (in such capacity, together with its permitted successors and assigns in the trusts hereunder, the “Trustee”), and WELLS
          FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as note administrator, paying agent, calculation agent, transfer agent, authentication agent, custodian, backup advancing agent and notes
            registrar (in all of the foregoing capacities, together with its permitted successors and assigns, the “Note Administrator”).

         

        PRELIMINARY STATEMENT

         

        Each of the Issuer and the Co-Issuer is duly authorized to execute and deliver this Indenture to provide for the Notes issuable as provided in this Indenture.  All covenants and agreements made
          by the Issuer and Co-Issuer herein are for the benefit and security of the Secured Parties.  The Issuer, the Co-Issuer, the Note Administrator, in all of its capacities hereunder, the Trustee and the Advancing Agent are entering into this
          Indenture, and the Trustee is accepting the trusts created hereby, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged.

         

        All things necessary to make this Indenture a valid agreement of the Issuer and Co-Issuer in accordance with this Indenture’s terms have been done.

         

        GRANTING CLAUSES

         

        The Issuer hereby Grants to the Trustee, for the benefit and security of the Secured Parties, all of its right, title and interest in, to and under, in each case, whether now owned or existing,
          or hereafter acquired or arising out of (in each case, to the extent of the Issuer’s interest therein and specifically excluding any interest of the related Companion Participation Holder therein and excluding any interest in the Excepted
          Property):

         

        (a)        the Closing Date Collateral Interests that the Issuer has purchased on the Closing Date and all payments thereon or with
            respect thereto, and all Collateral Interests which the Issuer purchases after the Closing Date pursuant to the terms hereof (including all Reinvestment Collateral Interests, Replenishment Collateral Interests and Exchange Collateral Interests
            acquired by the Issuer after the Closing Date) and all payments thereon or with respect thereto, in each case, other than Retained Interests, if any, under, and as defined in, the Collateral Interest Purchase Agreement,

         

        (b)         the Servicing Accounts, the Payment Account, the Reinvestment and Replenishment Account, the Expense Reserve Account, the
            Custodial Account and the related security entitlements and all income from the investment of funds in any of the foregoing at any time credited to any of the foregoing accounts,

        

          

        
          
            

        

        (c)          the Eligible Investments,

         

        (d)         the rights of the Issuer under the Collateral Management Agreement, the Collateral Interest Purchase Agreement, the Servicing
            Agreement, the AML Services Agreement and the Company Administration Agreement,

         

        (e)          all amounts delivered to the Note Administrator (directly or through a securities intermediary),

         

        (f)          all other investment property, instruments and general intangibles in which the Issuer has an interest, other than the
            Excepted Property,

         

        (g)          the Issuer’s ownership interest in, and rights to, all Permitted Subsidiaries, and

         

        (h)          all proceeds with respect to the foregoing clauses (a) through (g).

         

        The collateral described in the foregoing clauses (a) through (h), with the exception of the Excepted Property, is referred to herein as the “Collateral.”  Such Grants are made to secure the
          Offered Notes equally and ratably without prejudice, priority or distinction between any Offered Note and any other Offered Note for any reason, except as expressly provided in this Indenture (including, but not limited to, the Priority of
          Payments) and to secure (i) the payment of all amounts due on and in respect of the Offered Notes in accordance with their terms, (ii) the payment of all other sums payable under this Indenture and (iii) compliance with the provisions of this
          Indenture, all as provided in this Indenture (together, the “Secured Obligations”).  The foregoing Grant shall, for the purpose of determining the property subject to the lien of this Indenture, be deemed to include any securities and any
          investments granted by or on behalf of the Issuer to the Trustee for the benefit of the Secured Parties, whether or not such securities or such investments satisfy the criteria set forth in the definitions of “Collateral Interest” or “Eligible
          Investment,” as the case may be.

         

        Except to the extent otherwise provided in this Indenture, this Indenture shall constitute a security agreement under the laws of the State of New York applicable to agreements made and to be
          performed therein, for the benefit of the Noteholders.  Upon the occurrence and during the continuation of any Event of Default hereunder, and in addition to any other rights available under this Indenture or any other Collateral held for the
          benefit and security of the Noteholders or otherwise available at law or in equity but subject to the terms hereof, the Trustee shall have all rights and remedies of a secured party under the laws of the State of New York and other applicable law
          to enforce the assignments and security interests contained herein and, in addition, shall have the right, subject to compliance with any mandatory requirements of applicable law and the terms of this Indenture, to exercise, sell or apply any
          rights and other interests assigned or pledged hereby in accordance with the terms hereof at public and private sale.

         

        The Trustee acknowledges such Grants, accepts the trusts hereunder in accordance with the provisions hereof, and agrees to perform the duties herein in accordance with, and subject to, the terms
          hereof, in order that the interests of the Secured Parties may be adequately and effectively protected in accordance with this Indenture.

        

        

        
          -2-

          
            

        

        Notwithstanding anything in this Indenture to the contrary, for all purposes hereunder, no holder of the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes and/or the
          Class G-X Notes shall be a secured party for purposes of the Grant by virtue of holding such Notes.

         

        CREDIT RISK RETENTION

         

        On the Closing Date, the Retention Holder will retain 100% of the Preferred Shares.  The Preferred Shares are referred to in this Indenture as the EHRI.  The fair value of the EHRI is
          $94,250,000.

         

        As of the Closing Date, the aggregate outstanding Principal Balance of the Closing Date Collateral Interests equals approximately $1,300,000,000.

         

        ARTICLE 1

         

        DEFINITIONS

         

        Section 1.1          Definitions

         

        Except as otherwise specified herein or as the context may otherwise require, the following terms have the respective meanings set forth below for all purposes of this Indenture, and the
          definitions of such terms are equally applicable both to the singular and plural forms of such terms and to the masculine, feminine and neuter genders of such terms.  The word “including” and its variations shall mean “including without
          limitation.”  Whenever any reference is made to an amount the determination of which is governed by Section 1.2, the provisions of Section 1.2 shall be applicable to such determination or calculation, whether or not reference is
          specifically made to Section 1.2, unless some other method of calculation or determination is expressly specified in the particular provision.  All references in this Indenture to designated “Articles,” “Sections,” “Subsections” and other
          subdivisions are to the designated Articles, Sections, Subsections and other subdivisions of this Indenture as originally executed.  The words “herein,” “hereof,” “hereunder” and other words of similar import refer to this Indenture as a whole
          and not to any particular Article, Section, Subsection or other subdivision.

         

        “17g-5 Information”:  The meaning specified in Section 14.3(i).

         

        “17g-5 Information Provider”:  The meaning specified in Section 14.13(a).

         

        “17g-5 Website”:  A password-protected internet website maintained by the 17g-5
          Information Provider, which shall initially be located at www.ctslink.com, under the “NRSRO” tab for this transaction.  Any change of the 17g-5 Website shall only occur after notice
          has been delivered by the 17g-5 Information Provider to the Issuer, the Note Administrator, the Trustee, the Servicer, the Special Servicer, the Collateral Manager, the Placement Agents and the Rating Agencies, which notice shall set forth the
          date of change and new location of the 17g-5 Website.

         

        “1940 Act”:  Investment Company Act of 1940, as amended.

        

        

        
          -3-

          
            

        

        “Accepted Loan Servicer”:  Any commercial real estate loan master or primary servicer that (i) is engaged in the business of servicing commercial real estate loans (with a minimum
          servicing portfolio of $100,000,000) that are comparable to the Real Estate Loans owned or to be owned by the Issuer, (ii) as to which Moody’s has not cited servicing concerns of such servicer as the sole or material factor in any downgrade or
          withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any commercial real estate backed securities transaction serviced by such servicer prior to the time of
          determination and (iii) in the case of DBRS Morningstar, (a) that has a then current ranking by DBRS Morningstar equal to or higher than “MOR CS3” as servicer (if ranked by DBRS Morningstar) or (b) within the prior twelve (12) month period, has
          acted as a servicer in a commercial real estate backed securities transaction rated by DBRS Morningstar and DBRS Morningstar has not cited servicing concerns of such servicer as the sole or material factor in any downgrade or withdrawal of the
          ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any commercial real estate backed securities transaction serviced by such servicer prior to the time of determination rated by DBRS
          Morningstar.

         

        “Access Termination Notice”:  The meaning specified in the Future Funding Agreement.

         

        “Account”: Any of the Servicing Accounts, the Indenture Accounts and the Preferred Share Payment Account.

         

        “Accountants’ Report”:  A report of a firm of Independent certified public accountants of recognized national reputation.

         

        “Act” or “Act of Securityholders”:  The meaning specified in Section 14.2.

         

        “Acquisition and Disposition Requirements”:  With respect to any acquisition (whether by purchase, exchange or substitution) or disposition of a Collateral Interest, each of the following conditions:  (1) such
          a Collateral Interest is being acquired or disposed of in accordance with the terms and conditions set forth in this Indenture; (b) the acquisition or disposition of such Collateral Interest does not result in a reduction or withdrawal of the
          then current rating issued by Moody’s or DBRS Morningstar on any Class of Notes then Outstanding; and (c) such Collateral Interest is not being acquired or disposed of for the primary purpose of recognizing gains or decreasing losses resulting
          from market value changes.

         

        “Acquisition Criteria”:  The following criteria that shall be satisfied as of the date of the commitment to purchase any Reinvestment Collateral Interest and Replenishment Collateral Interest or the date of
          acquisition of any Exchange Collateral Interest by the Issuer, as applicable: (i) each Offered Note Protection Test is satisfied; and (ii) no Event of Default has occurred and is continuing.

         

        “Advance Rate”:  The meaning specified in the Servicing Agreement.

         

        “Advancing Agent”:  KREF CLO Loan Seller LLC, a
            Delaware limited liability company, solely in its capacity as advancing agent hereunder, unless a successor Person shall

        

          

        
          -4-

          
            

        

        have become the Advancing Agent pursuant to the applicable provisions of this Indenture, and thereafter “Advancing Agent” shall mean such successor Person.

         

        “Advancing Agent Fee”:  The fee payable monthly in arrears on each Payment Date to the
            Advancing Agent in accordance with the Priority of Payments, equal to 0.02% per annum on the Aggregate Outstanding Amount of the Class A
            Notes, the Class A-S Notes and the Class B Notes on such Payment Date prior to giving effect to distributions with respect to such Payment Date; which fee is hereby waived by the Advancing Agent for so long as the Seller (or one of its
            Affiliates) (i) is the Advancing Agent and (ii) owns the Preferred Shares.  Such fee shall accrue on the basis of the actual number of days during the related Interest Accrual Period divided by three hundred sixty (360).

         

        “Advisers Act”:  The Investment Advisers Act of 1940, as amended.

         

        “Advisory Committee”:  The meaning specified in the Collateral Management Agreement.

         

        “Affiliate” or “Affiliated”:  With respect to a Person, (i) any other Person who, directly or indirectly, is in control of, or controlled by, or is under common control with, such
          Person or (ii) any other Person who is a director, Officer or employee (a) of such Person, (b) of any subsidiary or parent company of such Person or (c) of any Person described in clause (i) above.  For the purposes of this definition, control of
          a Person shall mean the power, direct or indirect, (i) to vote more than 50% of the securities having ordinary voting power for the election of directors of such Person, or (ii) to direct or cause the direction of the management and policies of
          such Person whether by contract or otherwise; provided that neither the Company Administrator nor any other company, corporation or Person to which the Company Administrator provides directors and/or administrative services and/or acts as
          share trustee shall be an Affiliate of the Issuer or Co-Issuer; provided, further, that none of KREF, KREF Holdings, KREF Sub-REIT, the Seller, the Retention Holder or any of their
          subsidiaries shall be deemed to be Affiliates of the Issuer.  The Note Administrator, the Servicer, the Special Servicer, the Collateral Manager and Trustee may rely on certifications of any Holder or party hereto regarding such Person’s
          affiliations.

         

        “Affiliated Future Funding Companion Participation Holder”:  Any Companion Participation Holder that is the Seller or an Affiliate of the Seller.

         

        “Agent Members”:  Members of, or participants in, the Depository, Clearstream, Luxembourg or Euroclear.

         

        “Aggregate Collateral Interest Cut-off Date Balance”: $1,300,000,000.

         

        “Aggregate Outstanding Amount”:  For each Class of Notes is the aggregate principal balance of such Class outstanding at the date of determination, which includes (i) in the case of the Class C Notes, any
          Class C Deferred Interest, (ii) in the case of the Class D Notes, any Class D Deferred Interest, (iii) in the case of the Class E Notes, any Class E Deferred Interest, (iv) in the case of the Class F Notes, any Class F Deferred Interest, (v) in
          the case of the Class F-E Notes, any Class F-E Deferred Interest, (vi) in the case of the Class G Notes, any

        

        

        
          -5-

          
            

        

        Class G Deferred Interest or (vii) in the case of the Class G-E Notes, any Class G-E Deferred Interest.

         

        “Aggregate Outstanding Notional Amount”:  With respect to any MASCOT Interest Only Notes
            on any date of determination, the aggregate notional amount of such MASCOT Interest Only Notes, which will equal the Aggregate Outstanding Amount on such date of the MASCOT P&I Notes that were
            issued with such MASCOT Interest Only Notes in connection with an exchange. For the avoidance of doubt, any payment of principal to any MASCOT P&I Notes will constitute a corresponding reduction of the Aggregate Outstanding Notional Amount
            of the related MASCOT Interest Only Notes.

         

        “Aggregate Outstanding Portfolio Balance”: On any Measurement Date, the sum of (without duplication) (i) the Aggregate Principal Balance of the Collateral Interests and (ii) the aggregate
          Principal Balance of all Principal Proceeds held as Cash and Eligible Investments.

         

        “Aggregate Principal Balance”: When used with respect to any Collateral Interests as of any date of determination, the sum of the Principal Balances on such date of determination of all
          such Collateral Interests.

         

        “AML Compliance”:  Compliance with the Cayman AML Regulations.

         

        “AML Services Agreement”:  The AML Services Agreement, dated as of the Closing Date, by and between the Issuer and the AML Services Provider, as amended, supplemented or
            otherwise modified from time to time in accordance with its terms.

         

        “AML Services Provider”:  Maples Compliance Services (Cayman) Limited, unless a successor Person shall have become the AML services provider pursuant to the applicable provisions of the AML Services Agreement,
          and thereafter “AML Services Provider” shall mean such successor Person.

         

        “Annual Debt Service”:  For any Real Estate Loan, the annual debt service for such Real Estate Loan pursuant to the terms of the related Loan Documents calculated at an interest rate equal to the applicable
          mortgage rate floor.  With respect to each Combined Loan, the related Mortgage Loan and the related Mezzanine Loan shall be treated as a single Real Estate Loan for purposes of calculating the Annual Debt Service.

         

        “Appraisal”:  The meaning specified in the Servicing Agreement.

         

        “Appraisal Reduction Amount”:  For any Collateral Interest with respect to which an Appraisal Reduction Event has occurred, an amount equal to the excess, if any, of (a) the Principal Balance thereof, plus all
          other amounts due and unpaid with respect thereto, over (b) the sum of (i) an amount equal to 90% percent of the aggregate appraised value for the underlying mortgaged properties related to such Collateral Interest (net of any liens senior to the
          lien of the related mortgage) as determined by an Updated Appraisal on each such underlying mortgaged property related to such Collateral Interest, plus (ii) the aggregate amount of all reserves, letters
          of credit and escrows held in connection therewith (other than escrows and reserves for unpaid real estate taxes and assessments and insurance premiums), plus (iii) all

        

        

        
          -6-

          
            

        

        insurance and casualty proceeds and condemnation awards that constitute collateral therefor (whether paid or then payable by any insurance company or government authority).

         

        With respect to any Collateral Interest that is a Pari Passu Participation, any Appraisal Reduction Amount calculated with respect to the underlying Participated Loan shall be deemed allocated on a pro rata and pari passu basis among the related Participations (based on the outstanding Principal Balances thereof).

         

        With respect to any Combined Loan, any Appraisal Reduction Amount will be calculated as, and allocated to, the Combined Loan as a whole.

         

        “Appraisal Reduction Event”:  The occurrence of any of the following events with respect to a Real Estate Loan:

         

        	

              	(a)	
                the 90th day following the occurrence of any uncured delinquency in monthly payments with respect to such Real Estate Loan;

              

         

        	

              	(b)	
                receipt of notice that the related Obligor has filed a bankruptcy petition or the date on which a receiver is appointed and continues in such capacity or the 90th day after the related Obligor becomes the subject of involuntary
                  bankruptcy proceedings and such proceedings are not dismissed in respect of the Mortgaged Property securing such Real Estate Loan;

              

         

        	

              	(c)	
                the date on which the Mortgaged Property securing such Real Estate Loan becomes an REO Property;

              

         

        	

              	(d)	
                such Real Estate Loan becomes a Modified Loan; and

              

         

        	

              	(e)	
                a payment default occurs with respect to a balloon payment; provided, however if (i) the related Obligor is diligently seeking a refinancing commitment and delivers a written certification to that effect to the Servicer
                  within 30 days after the default, who will promptly deliver a copy to the Special Servicer and the Collateral Manager, (ii) the related Obligor continues to make its assumed scheduled payment, (iii) no other Appraisal Reduction Event has
                  occurred with respect to that Real Estate Loan and (iv) the Collateral Manager consents, an Appraisal Reduction Event shall not occur until ninety (90) days beyond the related maturity date, unless extended by the Special Servicer in
                  accordance with the Transaction Documents, the Indenture or this Agreement; and provided, further, if the related Obligor has delivered to the Servicer, who has promptly delivered a copy to the Special Servicer and the
                  Collateral Manager, on or before the 90th day after the related maturity date, a refinancing commitment reasonably acceptable to the Special Servicer, and
                  the Obligor continues to make its assumed scheduled payments (and no other Appraisal Reduction Event has occurred with respect to that Real Estate Loan), an Appraisal Reduction Event shall not occur until the earlier of (A) 120 days
                  beyond the related maturity date (or extended maturity date) and (B) the termination of the refinancing commitment.

              

        

        

        
          -7-

          
            

        

        “Article 15 Agreement”:  The meaning specified in Section 15.1(a).

         

        “As-Stabilized LTV”:  With respect to any Collateral Interest, the ratio, expressed as a percentage, as calculated by the Collateral Manager in accordance with the Collateral Management
          Standard, of (i) the Principal Balance of such Collateral Interest and any pari passu Non-Acquired Participation (assuming it has been fully funded), but excluding any subordinate or junior Non-Acquire
          Participation to (ii) the value estimate of the related real estate property as reflected in an appraisal that was obtained not more than twelve (12) months prior to the date of determination (or, if originated by the Seller of an affiliate
          thereof, not more than three months prior to the date of origination), which value is based on the appraisal or portion of an appraisal that states an “as-stabilized” value and/or “as-renovated” value for such property, which may be based on the
          assumption that certain events will occur, including without limitation, with respect to the re-tenanting, renovation or other repositioning of such property and, may be based on the capitalization rate reflected in such appraisal; provided,
          that if the appraisal was not obtained within three (3) months prior to the date of determination, the Collateral Manager may adjust such capitalization rate in its reasonable good faith judgment executed in accordance with the Collateral
          Management Standard.  In determining As-Stabilized LTV for any Reinvestment Collateral Interest, Replenishment Collateral Interest and Exchange Collateral Interest that is a Pari Passu Participation, the calculation of As-Stabilized LTV shall
          take into account the outstanding Principal Balance of the Pari Passu Participation being acquired by the Issuer and the related Non-Acquired Participation(s) (assuming fully-funded).  In determining the As-Stabilized LTV for any Reinvestment
          Collateral Interest, Replenishment Collateral Interest and Exchange Collateral Interest that is cross-collateralized with one or more other Collateral Interest, the As-Stabilized LTV shall be calculated with respect to the cross-collateralized
          group in the aggregate.

         

        “Asset Replacement Percentage”: On any date of calculation on which the Benchmark is LIBOR, a fraction (expressed as a percentage) where (i) the numerator is the Aggregate
            Principal Balance of the Collateral Interests for which interest payments under such Collateral Interests would be calculated with reference to a benchmark other than the then-current Benchmark, and (ii) the denominator is the Aggregate
            Principal Balance of all the Collateral Interests; provided, however, that if the Benchmark is not LIBOR, the Asset Replacement Percentage will be deemed to be 0.00%.

         

        “Auction Call Redemption”:  The meaning specified in Section 9.1(d).

         

        “Authenticating Agent”:  With respect to the Notes or a Class of the Notes, the Person designated by the Note Administrator to authenticate such Notes on behalf of the Note Administrator
          pursuant to Section 2.12.

         

        “Authorized Officer”:  With respect to the Issuer or Co‐Issuer, any Officer (or
          attorney-in-fact appointed by the Issuer or the Co‐Issuer) who is authorized to act for the Issuer or Co‐Issuer in matters relating to, and binding upon, the Issuer or Co‐Issuer.  With respect to the Collateral Manager, the Persons listed on Schedule
            C attached hereto or such other Person or Persons specified by the Collateral Manager by written notice to the other parties hereto.  With respect to the Servicer, a “Responsible Officer” of the Servicer as set forth in the Servicing
          Agreement.  With respect to the Note Administrator or the Trustee or any other bank or trust company acting as trustee of an express trust, a Trust Officer.  Each party may receive and

        

        

        
          -8-

          
            

        

        accept a certification of the authority of any other party as conclusive evidence of the authority of any Person to act, and such certification may be considered as in full force and effect until receipt by such other party of written notice
          to the contrary.

         

        “Backup Advancing Agent”:  The Note Administrator, solely in its capacity as
          Backup Advancing Agent hereunder, or any successor Backup Advancing Agent; provided that any such successor Backup Advancing Agent must be a financial institution having (i) a long-term unsecured debt rating at least equal to “A2” by Moody’s and
          a short-term unsecured debt rating from Moody’s at least equal to “P-1” and (ii) a long-term unsecured debt rating at least equal to “A” by DBRS Morningstar or, if not rated by DBRS Morningstar, an equivalent by two other NRSROs, one of which may
          be Moody’s.

         

        “Bankruptcy Code”:  The federal Bankruptcy Code, Title 11 of the United States Code, Part V of the Companies Act (As Revised) of the Cayman Islands, the Bankruptcy Act (As Revised) of the
          Cayman Islands, the Companies Winding Up Rules (As Revised) of the Cayman Islands and the Foreign Bankruptcy Proceedings (International Cooperation) Rules (As Revised) of the Cayman Islands, each as amended from time to time.

         

        “Benchmark”: Initially, LIBOR; provided that if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the then-current Benchmark, then “Benchmark” shall
          mean the applicable Benchmark Replacement.

         

        “Benchmark Determination Date”: With respect to any Interest Accrual Period, (i) if the Benchmark is LIBOR, the second London Banking Day preceding the first day of such Interest Accrual Period and (ii) if the
          Benchmark is not LIBOR, the time determined by the Designated Transaction Representative in the Benchmark Replacement Conforming Changes.

         

        “Benchmark Replacement”: The first alternative set forth in the order below that can be determined by the Designated Transaction Representative as of the Benchmark Replacement Date: (i) the sum of (a) Term
          SOFR and (b) the Benchmark Replacement Adjustment; (ii) the sum of (a) Compounded SOFR and (b) the applicable Benchmark Replacement Adjustment; (iii) the sum of (a) the alternate rate of interest that has been selected or recommended by the
          Relevant Governmental Body as the replacement for the then-current Benchmark for the applicable Corresponding Tenor and (b) the Benchmark Replacement Adjustment; (iv) the sum of (a) the ISDA Fallback Rate and (b) the Benchmark Replacement
          Adjustment; and(v) the sum of (a) the alternate rate of interest that has been selected by the Designated Transaction Representative as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration
          to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar denominated securitizations at such time and (b) the Benchmark Replacement Adjustment.

         

        Notwithstanding the foregoing, in no event may the Benchmark Replacement be less than zero.

         

        “Benchmark Replacement Adjustment”: The first alternative set forth in the order below that can be determined by the Designated Transaction Representative as of the Benchmark Replacement Date: (i) the spread
          adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value or zero), that has been endorsed,

        

        

        
          -9-

          
            

        

        selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement; (ii) if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, the ISDA Fallback Adjustment; and
          (iii) the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Designated Transaction Representative giving due consideration to any industry-accepted spread adjustment, or method for calculating or
          determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. Dollar denominated securitization transactions at such time.

         

        “Benchmark Replacement Conforming Changes”: With respect to any Benchmark Replacement, any technical, administrative or operational changes (including, but not limited to, changes to the definition of
          “Interest Accrual Period”, setting an applicable Benchmark Determination Date and Reference Time, the timing and frequency of determining rates and making payments of interest, the method for determining the Benchmark Replacement and which may,
          for the avoidance of doubt, have a material economic impact on the Notes and other administrative matters) that the Designated Transaction Representative decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner
          substantially consistent with market practice (or, if the Designated Transaction Representative decides that adoption of any portion of such market practice is not administratively feasible or if the Designated Transaction Representative
          determines that no market practice for use of the Benchmark Replacement exists, in such other manner as the Designated Transaction Representative determines is reasonably necessary).

         

        “Benchmark Replacement Date”:

         

        (i)        for purposes of clause (i) or (ii) of the definition of “Benchmark Transition Event,” the earlier of (a) the later of (x) the date of the public statement or publication of information referenced therein
          and (y) the date on which the administrator of the relevant Benchmark permanently or indefinitely ceases to provide such Benchmark and (b) the date selected by the Designated Transaction Representative, in its sole discretion, to be an
          appropriate Benchmark Replacement Date based on market practice;

         

        (ii)         for purposes of clause (iii) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information; or

         

        (iii)       for purposes of clause (iv) of the definition of “Benchmark Transition Event,” the 30th Business Day following the Designated Transaction Representative’s determination that the Asset Replacement
          Percentage is greater than 50%;

         

        provided, however, that, other than in the case of clause (1)(b) above, on or after the 60th day preceding the date on which such Benchmark Replacement Date would otherwise occur (if applicable), the
          Designated Transaction Representative may give written notice to the Issuer, the Co-Issuer, the Advancing Agent, the Servicer, the Special Servicer, the Note Administrator, the Trustee and the Calculation Agent (if different from the Note
          Administrator) in which the Designated Transaction Representative designates an earlier date (but not earlier than the 30th day following such notice) and represents that such earlier date will facilitate an

        

        

        
          -10-

          
            

        

        orderly transition of the transaction to the Benchmark Replacement, in which case such earlier date shall be the Benchmark Replacement Date.

         

        On March 8, 2021, the ARRC announced that based on the FCA Announcement of March 5, 2021, the Benchmark Replacement Date for one-month LIBOR is expected to be on or immediately after June 30, 2023 (although if other
          Benchmark Transition Events occur the Benchmark Replacement Date could be earlier).

         

        “Benchmark Transition Event”: The occurrence of one or more of the following events with respect to the then-current Benchmark:

         

        (i)          a public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that the
            administrator has ceased or will cease to provide the Benchmark permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark;

         

        (ii)         a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark, the
            central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark or a court or an entity with
            similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely; provided that, at
            the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark;

         

        (iii)       a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark
            announcing that the Benchmark is no longer representative; or

         

        (iv)        the Asset Replacement Percentage is greater than 50%, as calculated by the Designated Transaction Representative, based on the
            Aggregate Principal Balance of each applicable Commercial Real Estate Loan, as reported in the most recent monthly report of the Servicer.

         

        On March 8, 2021, the ARRC announced that the FCA Announcement of March 5, 2021, amounted to a Benchmark Transition Event.

         

        “Beneficial Holder Information Form”:  A beneficial holder information form substantially in the form of Exhibit L.

         

        “Board of Directors”:  With respect to the Issuer, the directors of the Issuer duly appointed in accordance with the Governing Documents of the Issuer and, with respect to the Co-Issuer,
          the LLC Managers duly appointed by the sole member of the Co-Issuer or otherwise.

         

        “Board Resolution”:  With respect to the Issuer, a resolution of the Board of Directors of the Issuer and, with respect to the Co-Issuer, a resolution or unanimous written consent of the
          LLC Managers or the sole member of the Co-Issuer.

        

        

        
          -11-

          
            

        

        “Business Day”: Any day other than (i) a Saturday or Sunday or (ii) a day on which
          commercial banks are authorized or required by applicable law, regulation or executive order to close in New York, New York, in the State of North Carolina, Kansas or Commonwealth of Pennsylvania or the location of the Corporate Trust Office of
          the Note Administrator or the Trustee, or (iii) days when the New York Stock Exchange or the Federal Reserve Bank of New York are closed.

         

        “Calculation Agent”:  The meaning specified in Section 7.14(a).

         

        “Calculation Amount”:  With respect to (i) any Collateral Interest that is a Modified Collateral Interest, the Principal Balance of such Collateral Interest, minus any Appraisal Reduction
          Amount allocated to such Collateral Interest; and (ii) any Collateral Interest that is a Defaulted Collateral Interest, the lowest of (a) the Moody’s Recovery Rate of such Collateral Interest multiplied by the Principal Balance of such Collateral
          Interest, (b) the market value of such Collateral Interest, as determined by the Collateral Manager in accordance with the Collateral Management Standard based upon, among other things, a recent Appraisal and information from one or more third
          party commercial real estate brokers and such other information as the Collateral Manager deems appropriate and (c) the Principal Balance of such Collateral Interest, minus any Appraisal Reduction Amount
          allocated to such Collateral Interest.

         

        With respect to any Participated Loan, any Calculation Amount will be deemed allocated on a pro rata and pari passu
          basis among the related Pari Passu Participations (based on the outstanding principal balance thereof).

         

        “Cash”:  Such coin or currency of the United States of America as at the time shall be legal tender for payment of all public and private debts.

         

        “Cayman AML Regulations”: The Anti-Money Laundering Regulations (As Revised) and The Guidance Notes on the Prevention and Detection of Money Laundering and Terrorist
          Financing in the Cayman Islands, each as amended and revised from time to time.

         

        “Cayman FATCA Legislation”: The Cayman Islands Tax Information Authority Act (As Revised), together with related legislation, regulations, rules and guidance notes
          made pursuant to such act (including the CRS).

         

        “Certificate of Authentication”:  The meaning specified in Section 2.1.

         

        “Certificated Security”:  A “certificated security” as defined in Section 8‐102(a)(4) of the UCC.

         

        “Class”:  The Class A Notes, the Class A‐S Notes, the Class B Notes, the Class C
          Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes or the Class G-X Notes, as applicable.

         

        “Class A Defaulted Interest Amount”:  With respect to the Class A Notes as of each Payment Date, the accrued and unpaid amount due to Holders of the Class A Notes on account of any
          shortfalls in the payment of the Class A Interest Distribution Amount with respect

        

        

        
          -12-

          
            

        

        to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful) at the Class A Rate.

         

        “Class A Interest Distribution Amount”:  On each Payment Date, the amount due to Holders
            of the Class A Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the Class A Notes on the first day of the related Interest Accrual Period, (ii) the actual number of days in such Interest Accrual
            Period divided by three hundred sixty (360) and (iii) the Class A Rate.

         

        “Class A Notes”:  The Class A Senior Secured Floating Rate Notes, Due 2039, issued by the Issuer and the Co‐Issuer pursuant to this Indenture.

         

        “Class A Rate”:  With respect to any Class A Note, the per annum rate at which interest accrues on such Note for any Interest Accrual Period, which shall be equal to the sum of (a) the Benchmark (determined as described herein) plus (b)
            (i) with respect to each Payment Date (and related Interest Accrual Period) prior to the Payment Date in June 2027, 1.070% and (ii) with respect to each Payment Date (and related Interest Accrual
            Period) on and after the Payment Date in June 2027, 1.320%.

         

        “Class A-S Defaulted Interest Amount”:  With respect to the Class A-S Notes as of each Payment Date, the accrued and unpaid amount due to Holders of the Class A-S Notes on account of any shortfalls in the
          payment of the Class A-S Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful) at the Class A-S Rate.

         

        “Class A-S Interest Distribution Amount”:  On each Payment Date, the amount due to Holders of the Class A-S Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the
          Class A-S Notes on the first day of the related Interest Accrual Period, (ii) the actual number of days in such Interest Accrual Period divided by three hundred sixty (360) and (iii) the Class A-S Rate.

         

        “Class A-S Notes”:  The Class A-S Second Priority Secured Floating Rate Notes, Due 2039, issued by the Issuer and the Co‐Issuer pursuant to this Indenture.

         

        “Class A-S Rate”:  With respect to any Class A-S Note, the per annum rate at which interest accrues on such Note for any Interest Accrual Period,
          which shall be equal to the sum of (a) the Benchmark (determined as described herein) plus (b) (i) with
            respect to each Payment Date (and related Interest Accrual Period) prior to the Payment Date in June 2027, 1.300% and (ii) with respect to each Payment Date (and related Interest Accrual Period) on and
            after the Payment Date in June 2027, 1.550%.

         

        “Class B Defaulted Interest Amount”:  With respect to the Class B Notes as of each Payment Date, the accrued and unpaid amount due to Holders of the Class B Notes on account of any
          shortfalls in the payment of the Class B Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful) at the Class B Rate.

        

        

        
          -13-

          
            

        

        “Class B Interest Distribution Amount”:  On each Payment Date, the amount due to Holders
            of the Class B Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the Class B Notes on the first day of the related Interest Accrual Period, (ii) the actual number of days in such Interest Accrual
            Period divided by three hundred sixty (360) and (iii) the Class B Rate.

         

        “Class B Notes”:  The Class B Third Priority Secured Floating Rate Notes Due 2039, issued by the Issuer and the Co-Issuer pursuant to this Indenture.

         

        “Class B Rate”:  With respect to any Class B Note, the per annum rate at which interest accrues on such Note for any Interest Accrual Period, which shall be equal to the sum of (a) the Benchmark (determined as described herein) plus (b) (i) with respect to each Payment Date (and related Interest Accrual Period) prior
          to the Payment Date in June 2027, 1.650% and (ii) with respect to each Payment Date (and related Interest Accrual Period) on and after the Payment Date in June 2027,
            2.150%.

         

        “Class C Defaulted Interest Amount”:  If no Class A Notes, Class A-S Notes or Class B Notes are outstanding, with respect to the Class C Notes as of each Payment Date, the accrued and unpaid amount due to Holders of the Class C Notes on account
            of any shortfalls in the payment of the Class C Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful) at the Class C Rate.

         

        “Class C Deferred Interest”:  So long as any of the Class A Notes, the Class A-S Notes or the Class B Notes are Outstanding, any interest due on the Class C Notes that is not paid as a
          result of the operation of the Priority of Payments on any Payment Date.

         

        “Class C Interest Distribution Amount”:  On each Payment Date, the amount due to Holders
            of the Class C Notes on account of interest (including Deferred Interest) equal to the product of (i) the Aggregate Outstanding Amount of the Class C Notes on the first day of the related Interest Accrual Period, (ii) the actual number of days
            in such Interest Accrual Period divided by three hundred sixty (360) and (iii) the Class C Rate.

         

        “Class C Notes”:  The Class C Fourth Priority Secured Floating Rate Notes Due 2039, issued by the Issuer and the Co-Issuer pursuant to this Indenture.

         

        “Class C Rate”:  With respect to any Class C Note, the per annum rate at which interest
            accrues on such Note for any Interest Accrual Period, which shall be equal to the sum of (a) the Benchmark (determined as described herein) plus (b)
            (i) with respect to each Payment Date (and related Interest Accrual Period) prior to the Payment Date in June 2027, 2.000% and (ii) with respect to each Payment Date (and related Interest Accrual
            Period) on and after the Payment Date in June 2027, 2.500%.

         

        “Class D Defaulted Interest Amount”:  If no Class A Notes, Class A-S Notes, Class B Notes or Class C Notes are outstanding, with respect to the Class D Notes as of each Payment Date, the accrued and unpaid amount due to Holders of the Class D
            Notes on account of any shortfalls in the payment of the Class D Interest Distribution Amount with respect to any

        

          

        
          -14-

          
            

        

        preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful) at the Class D Rate.

         

        “Class D Deferred Interest”:  So long as any of the Class A Notes, the Class A-S Notes, the Class B Notes or the Class C Notes are Outstanding, any interest due on the Class D Notes that
          is not paid as a result of the operation of the Priority of Payments on any Payment Date.

         

        “Class D Interest Distribution Amount”:  On each Payment Date, the amount due to Holders
            of the Class D Notes on account of interest (including Deferred Interest) equal to the product of (i) the Aggregate Outstanding Amount of the Class D Notes on the first day of the related Interest Accrual Period, (ii) the actual number of days
            in such Interest Accrual Period divided by three hundred sixty (360) and (iii) the Class D Rate.

         

        “Class D Notes”:  The Class D Fifth Priority Secured Floating Rate Notes Due 2039, issued by the Issuer and the Co-Issuer pursuant to this Indenture.

         

        “Class D Rate”:  With respect to any Class D Note, the per annum rate at which interest
            accrues on such Note for any Interest Accrual Period, which shall be equal to the sum of (a) the Benchmark (determined as described herein) plus (b)
            (i) with respect to each Payment Date (and related Interest Accrual Period) prior to the Payment Date in June 2027, 2.200% and (ii) with respect to each Payment Date (and related Interest Accrual
            Period) on and after the Payment Date in June 2027, 2.700%.

         

        “Class E Defaulted Interest Amount”:  If no Class A Notes, Class A-S Notes, Class B Notes, Class C Notes or Class D Notes are outstanding, with respect to the Class E Notes as of each Payment Date, the accrued and unpaid amount due to Holders of
            the Class E Notes on account of any shortfalls in the payment of the Class E Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful) at the Class E
            Rate.

         

        “Class E Deferred Interest”:  So long as any of the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes or the Class D Notes are Outstanding, any interest due on the
          Class E Notes that is not paid as a result of the operation of the Priority of Payments on any Payment Date.

         

        “Class E Interest Distribution Amount”:  On each Payment Date, the amount due to Holders
            of the Class E Notes on account of interest (including Deferred Interest) equal to the product of (i) the Aggregate Outstanding Amount of the Class E Notes on the first day of the related Interest Accrual Period, (ii) the actual number of days
            in such Interest Accrual Period divided by three hundred sixty (360) and (iii) the Class E Rate.

         

        “Class E Notes”:  The Class E Sixth Priority Secured Floating Rate Notes Due 2039, issued by the Issuer and the Co-Issuer pursuant to this Indenture.

         

        “Class E Rate”:  With respect to any Class E Note, the per annum rate at which interest
            accrues on such Note for any Interest Accrual Period, which shall be equal to the sum of (a) the Benchmark (determined as described herein) plus (b)
            (i) with respect to each Payment

        

          

        
          -15-

          
            

        

        Date (and related Interest Accrual Period) prior to the Payment Date in June 2027, 2.850% and (ii) with respect to each Payment Date (and related Interest Accrual
            Period) on and after the Payment Date in June 2027, 3.350%.

         

        “Class F Defaulted Interest Amount”:  If no Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes or Class E Notes are outstanding, with respect to the Class F Notes as of each Payment Date, the accrued and unpaid amount
            due to Holders of the Class F Notes on account of any shortfalls in the payment of the Class F Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent
            lawful) at the Class F Rate.

         

        “Class F Deferred Interest”:  So long as any of the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes or the Class E Notes are Outstanding, any
          interest due on the Class F Notes that is not paid as a result of the operation of the Priority of Payments on any Payment Date.

         

        “Class F Interest Distribution Amount”:  On each Payment Date, the amount due to Holders
            of the Class F Notes on account of interest (including Deferred Interest) equal to the product of (i) the Aggregate Outstanding Amount of the Class F Notes on the first day of the related Interest Accrual Period, (ii) the actual number of days
            in such Interest Accrual Period divided by three hundred sixty (360) and (iii) the Class F Rate.

         

        “Class F Notes”:  The Class F Seventh Priority Floating Rate Notes Due 2039, issued by the Issuer pursuant to this Indenture.

         

        “Class F Rate”:  With respect to any Class F Note, the per annum rate at which interest
            accrues on such Note for any Interest Accrual Period, which shall be equal to the sum of (a) the Benchmark (determined as described herein) plus (b) (i) with respect to each Payment Date (and related Interest Accrual Period) prior to the Payment Date in September 2023, 4.000% and (ii) with respect to each Payment Date (and related Interest Accrual Period) on and after the Payment Date in September 2023, 4.500%.

         

        “Class F-E Defaulted Interest Amount”:  If no Class A Notes, Class A‐S Notes, Class B Notes, Class C Notes, Class D Notes or Class E Notes are outstanding, with respect to the Class F-E Notes as of each
          Payment Date, the accrued and unpaid amount due to holders of the Class F-E Notes on account of any shortfalls in the payment of the Class F-E Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with
          interest accrued thereon (to the extent lawful) at the interest rate on the Class F-E Notes described in Section 2.15.

         

        “Class F-E Deferred Interest”:  So long as any of the Class A Notes, the Class A‐S Notes, the Class B Notes, the Class C Notes, the Class D Notes or the Class E Notes are outstanding, any interest due on the
          Class F-E Notes and the Class F-X Notes that is not paid as a result of the operation of the Priority of Payments on any Payment Date.  Any Class F-E Deferred Interest added to the Aggregate Outstanding Amount of the Class F-E Notes shall have
          the effect of increasing the Aggregate Outstanding Notional Amount of the Class F-X Notes.

        

        

        
          -16-

          
            

        

        “Class F-E Interest Distribution Amount”:  On each Payment Date, the amount due to Holders of the Class F-E Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the
          Class F-E Notes on the first day of the related Interest Accrual Period, (ii) the actual number of days in such Interest Accrual Period divided by three hundred sixty (360) and (iii) the interest rate on the Class F-E Notes described in Section
            2.15.

         

        “Class F-E Notes”:  The meaning specified in Section 2.3.

         

        “Class F-X Defaulted Interest Amount”:  If no Class A Notes, Class A‐S Notes, Class B Notes, Class C Notes, Class D Notes or Class E Notes are outstanding, with respect to the Class F-X Notes as of each
          Payment Date, the accrued and unpaid amount due to holders of the Class F-X Notes on account of any shortfalls in the payment of the Class F-X Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with
          interest accrued thereon (to the extent lawful) at the interest rate on the Class F-X Notes described in Section 2.15.

         

        “Class F-X Interest Distribution Amount”:  On each Payment Date, the amount due to Holders of the Class F-X Notes on account of interest equal to the product of (i) the Aggregate Outstanding Notional Amount of
          the Class F-X Notes on the first day of the related Interest Accrual Period, (ii) the actual number of days in such Interest Accrual Period divided by three hundred sixty (360) and (iii) the interest rate on the Class F-X Notes described in Section
            2.15.

         

        “Class F-X Notes”:  The meaning specified in Section 2.3.

         

        “Class G Defaulted Interest Amount”: If no Class A Notes, Class A‐S Notes, Class B Notes, Class C Notes, Class D Notes, Class E Notes, Class F Notes, Class F-E Notes or Class F-X Notes are outstanding, with
          respect to the Class G Notes as of each Payment Date, the accrued and unpaid amount due to holders of the Class G Notes on account of any shortfalls in the payment of the Class G Interest Distribution Amount with respect to any preceding Payment
          Date or Payment Dates, together with interest accrued thereon (to the extent lawful) at the Class G Rate.

         

        “Class G Deferred Interest”:  So long as any of the Class A Notes, the Class A‐S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes and the Class F Notes (including any
          corresponding Class F-E Notes and Class F-X Notes, if applicable) are outstanding, any interest due on the Class G Notes that is not paid as a result of the operation of the Priority of Payments on any Payment Date.

         

        “Class G Interest Distribution Amount”:  On each Payment Date, the amount due to Holders of the Class G Notes on account of interest (including Deferred Interest) equal
          to the product of (i) the Aggregate Outstanding Amount of the Class G Notes on the first day of the related Interest Accrual Period, (ii) the actual number of days in such Interest Accrual Period divided by three hundred sixty (360) and (iii) the
          Class G Rate.

         

        “Class G Notes”:  The Class G Eighth Priority Floating Rate Notes Due 2039, issued by the Issuer pursuant to this Indenture.

        

        

        
          -17-

          
            

        

        “Class G Rate”:  With respect to any Class G Note, the per annum rate at which interest accrues on such Note for any Interest Accrual Period, which shall be equal to (a) the
            Benchmark (determined as described herein) plus (b) (i) with respect to each Payment Date (and related Interest Accrual Period) prior to
            the Payment Date in September 2023, 5.000% and (ii) with respect to each Payment Date (and related Interest Accrual Period) on and after the Payment Date in September 2023, 5.500%.

         

        “Class G-E Defaulted Interest Amount”:  If no Class A Notes, Class A‐S Notes, Class B Notes, Class C Notes, Class D Notes, Class E Notes, Class F Notes, Class F-E Notes or Class F-X Notes are outstanding, with
          respect to the Class G-E Notes as of each Payment Date, the accrued and unpaid amount due to holders of the Class G-E Notes on account of any shortfalls in the payment of the Class G-E Interest Distribution Amount with respect to any preceding
          Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful) at the interest rate on the Class G-E Notes described in Section 2.15.

         

        “Class G-E Deferred Interest”:  So long as any of the Class A Notes, the Class A‐S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes and the Class F Notes (including any
          corresponding Class F-E Notes and Class F-X Notes, if applicable) are outstanding, any interest due on the Class G-E Notes and the Class G-X Notes that is not paid as a result of the operation of the Priority of Payments on any Payment Date.  Any
          Class G-E Deferred Interest added to the Aggregate Outstanding Amount of the Class G-E Notes shall have the effect of increasing the Aggregate Outstanding Notional Amount of the Class G-X Notes.

         

        “Class G-E Interest Distribution Amount”:  On each Payment Date, the amount due to Holders of the Class G-E Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the
          Class G-E Notes on the first day of the related Interest Accrual Period, (ii) the actual number of days in such Interest Accrual Period divided by three hundred sixty (360) and (iii) the interest rate on the Class G-E Notes described in Section
            2.15.

         

        “Class G-E Notes”:  The meaning specified in Section 2.3.

         

        “Class G-X Defaulted Interest Amount”: If no Class A Notes, Class A‐S Notes, Class B Notes, Class C Notes, Class D Notes, Class E Notes, Class F Notes, Class F-E Notes or Class F-X Notes are outstanding, with
          respect to the Class G-X Notes as of each Payment Date, the accrued and unpaid amount due to holders of the Class G-X Notes on account of any shortfalls in the payment of the Class G-X Interest Distribution Amount with respect to any preceding
          Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful) at the interest rate on the Class G-X Notes described in Section 2.15.

         

        “Class G-X Interest Distribution Amount”:  On each Payment Date, the amount due to Holders of the Class G-X Notes on account of interest equal to the product of (i) the Aggregate Outstanding Notional Amount of
          the Class G-X Notes on the first day of the related Interest Accrual Period, (ii) the actual number of days in such Interest Accrual Period divided by three hundred sixty (360) and (iii) the interest rate on the Class G-X Notes described in Section
            2.15.

        

        

        
          -18-

          
            

        

        “Class G-X Notes”:  The meaning specified in Section 2.3.

         

        “Clean-up Call”:  The meaning specified in Section 9.1.

         

        “Clean-up Call Date”:  The meaning specified in Section 9.1.

         

        “Clearing Agency”: An organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act.

         

        “Clearstream, Luxembourg”:  Clearstream Banking, société anonyme, a limited liability company organized under the laws of the Grand Duchy of Luxembourg.

         

        “CLO Controlled Collateral Interests”:  Each Collateral Interest that is not a
          Non-CLO Controlled Collateral Interest.  As of the Closing Date, the following Collateral Interest is a CLO Controlled Collateral Interest: “The Edison.”

         

        “Closing Date”:  August 16, 2021.

         

        “Closing Date Collateral Interests”:  The Collateral Interests acquired by the Issuer on the Closing Date and listed on Schedule A attached hereto.

         

        “Code”:  The United States Internal Revenue Code of 1986, as amended.

         

        “Co-Issuer”:  KREF 2021-FL2 LLC, a limited liability company formed under the laws of the State of Delaware, until a successor Person shall have become the Co-Issuer pursuant to the
          applicable provisions of this Indenture, and thereafter “Co-Issuer” shall mean such successor Person.

         

        “Co-Issuers”:  The Issuer and the Co-Issuer.

         

        “Collateral”:  The meaning specified in the first paragraph of the Granting Clause of this Indenture.

         

        “Collateral Interest File”: The meaning set forth in Section 3.3(e).

         

        “Collateral Interest Purchase Agreement”: The Collateral Interest Purchase Agreement,
            dated as of the Closing Date, by and among the Issuer, the Seller and KREF Holdings, which agreement is assigned to the Trustee on behalf of the Issuer pursuant to this Indenture, as the same may be amended or amended and restated from
          time to time or any replacement thereof.

         

        “Collateral Interests”:  Each of the Mortgage Loans, Combined Loans and Pari Passu Participations owned by the Issuer from time to time.

         

        “Collateral Management Agreement”: The Collateral Management Agreement, dated as of the
            Closing Date, by and between the Issuer and the Collateral Manager, as the same may be amended or amended and restated from time to time or any replacement thereof.

        
          -19-

          
            

        

        “Collateral Management Standard”:  The meaning set forth in the Collateral Management Agreement.

         

        “Collateral Manager”:  KKR Real Estate Finance Manager LLC, and its permitted successors and assigns or any successor Person that shall have become the Collateral Manager pursuant to the
          provisions of the Collateral Management Agreement and thereafter “Collateral Manager” shall mean such successor Person.

         

        “Collateral Manager Fee”:  The meaning set forth in the Collateral Management Agreement.

         

        “Collection Account”:  The meaning specified in the Servicing Agreement.

         

        “Combined Loan”:  Collectively, any Mortgage Loan and a related Mezzanine Loan secured by a pledge of all of the equity interests in the borrower under such Mortgage Loan, as if they are a single loan.  Each
          Combined Loan shall be treated as a single loan for all purposes hereunder.

         

        “Combined Loan Repurchase Event”:  With respect to each Collateral Interest, the meaning specified in the Collateral Interest Purchase Agreement.

         

        “Companion Participation”:  With respect to each Pari Passu Participation, the
          related companion participation interest in the related Participated Loan that will not be held by the Issuer unless it is acquired as a Reinvestment Collateral Interest or Exchange Collateral Interest after the Closing Date in accordance with
          the terms of this Indenture.  Upon any acquisition of a Companion Participation by the Issuer, such Companion Participation shall become a Collateral Interest.

         

        “Companion Participation Holder”:  The holder of any Companion Participation.

         

        “Company Administration Agreement”:  The administration agreement, dated on or about the
            Closing Date, by and among the Issuer and the Company Administrator, as the same may be amended or amended and restated from time to time or any replacement thereof.

         

        “Company Administrative Expenses”:  All fees, expenses and other amounts due or accrued with respect to any Payment Date and payable by the Issuer, Co-Issuer or any Permitted Subsidiary
          (including legal fees and expenses) to (i) the Note Administrator, the Trustee and the Designated Transaction Representative pursuant to this Indenture or any co‐trustee appointed pursuant to Section 6.7 (including amounts payable by the
          Issuer as indemnification pursuant to this Indenture) and the Collateral Management Agreement, as applicable, (ii) the Company Administrator under the Registered Office Agreement and the Company Administration Agreement (including amounts payable
          by the Issuer as indemnification pursuant to the Company Administration Agreement) and to provide for the costs of liquidating the Issuer following redemption of the Notes and the AML Services Provider under the AML Services Agreement, (iii) the
          LLC Managers (including indemnification), (iv) the independent accountants, agents and counsel of the Issuer for reasonable fees and expenses (including amounts payable in connection with the preparation of tax forms on behalf of the Issuer and
          the Co-Issuer), and any registered office and government filing fees, in each

        

        

        
          -20-

          
            

        

        case, payable in the order in which invoices are received by the Issuer, (v) a Rating Agency for fees and expenses in connection with any rating (including the annual fee payable with respect to the
            monitoring of any rating) of the Notes, including fees and expenses due or accrued in connection with any credit assessment or rating of the Collateral Interests, (vi) the Collateral Manager under this Indenture and the Collateral Management Agreement (including amounts payable by the Issuer as indemnification pursuant to this Indenture or the Collateral Management Agreement), (vii) the
            Advancing Agent or other Persons as indemnification pursuant Section 16.3, (viii) the Servicer or the Special Servicer under the Servicing
          Agreement (including any amounts payable by the Issuer as indemnification pursuant to the Servicing Agreement), (ix) the Preferred Share Paying Agent and the Share Registrar pursuant to the Preferred
          Share Paying Agency Agreement (including amounts payable by the Issuer as indemnification), (x) each member of the Advisory Committee (including amounts payable by the Issuer as indemnification) under each agreement between such Advisory
          Committee member, the Collateral Manager, and the Issuer (and the amounts payable by the Issuer to each member of the Advisory Committee as indemnification pursuant to each such agreement), (xi) any other Person in respect of any governmental
          fee, charge or tax (including any FATCA and Cayman FATCA Legislation compliance costs) in relation to the Issuer or the Co-Issuer (in each case as certified by an Authorized Officer of the Issuer or the Co-Issuer to the Note Administrator), in
          each case, payable in the order in which invoices are received by the Issuer, and (xii) any other Person in respect of any other fees or expenses (including indemnifications and the CREFC® Intellectual Property Royalty License Fee) permitted under this Indenture (including, without limitation, any costs or expenses incurred in connection with certain modeling systems and
          services) and the documents delivered pursuant to or in connection with this Indenture and the Notes and any amendment or other modification of any such documentation, in each case unless expressly prohibited under this Indenture (including,
          without limitation, the payment of all transaction fees and all legal and other fees and expenses required in connection with the purchase of any Collateral Interests or any other transaction authorized by this
            Indenture), in each case, payable in the order in which invoices are received by the Issuer; provided that Company Administrative Expenses shall not
            include (a) amounts payable in respect of the Notes and (b) any Collateral Manager Fee payable pursuant to the Collateral Management Agreement.

         

        “Company Administrator”:  Maples FS Limited, a licensed trust company incorporated in the Cayman Islands, as administrator pursuant to the Company Administration Agreement, unless a
          successor Person shall have become administrator pursuant to the Company Administration Agreement, and thereafter, “Company Administrator” shall mean such successor Person.

         

        “Compounded SOFR”: The compounded average of SOFRs calculated for the applicable Corresponding Tenor, with the rate, or methodology for this rate, and conventions for this rate (which, for
          example, may be compounded in arrears with a lookback and/or suspension period as a mechanism to determine the interest amount payable prior to the end of each Interest Accrual Period or compounded in advance) being established by the Designated
          Transaction Representative in accordance with: (i) the rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant Governmental Body for determining compounded SOFR; provided that, (ii) if,
          and to the extent that, the Designated Transaction Representative determines that Compounded SOFR cannot be determined in accordance with clause (i) above, then the rate, or methodology for this rate, and conventions for this rate that

        

        

        
          -21-

          
            

        

        have been selected by the Designated Transaction Representative giving due consideration to any industry-accepted market practice for similar U.S. Dollar denominated securitization transactions at such time.

         

        “Controlling Class”:  The Class A Notes, so long as any Class A Notes are
          Outstanding, then the Class A-S Notes, so long as any Class A-S Notes are Outstanding, then the Class B Notes, so long as any Class B Notes are Outstanding, then the Class C Notes, so long as any Class C Notes are Outstanding, then the Class D
          Notes, so long as any Class D Notes are Outstanding, then the Class E Notes, so long as any Class E Notes are Outstanding, then the Class F Notes and any Class F-E Notes (if applicable), so long as any Class F Notes and Class F-E Notes are
          Outstanding, and then the Class G Notes and any Class G-E Notes (if applicable), so long as any Class G Notes and Class G-E Notes are Outstanding.

         

        “Corporate Trust Office”:  The designated corporate trust office of (i) the
          Trustee, currently located at 1100 North Market Street, Wilmington, Delaware 19890, Attention: CMBS Trustee – KREF 2021-FL2, (ii) the Note Administrator, currently located at (a) with respect to the delivery of Loan Documents, at 1055 10th Avenue
          SE, Minneapolis, Minnesota, 55414, Attention: Document Custody Group, (b) with respect to the delivery of Note transfers and surrenders, at 600 South 4th St., 7th Floor, MAC N9300-070 Minneapolis, Minnesota 55415 and (c) for all other purposes,
          at 9062 Old Annapolis Road, Columbia, Maryland 21045-1951, Attention: Corporate Trust Services (CMBS), KREF 2021-FL2, telecopy number (410) 715-2380 or (iii) such other address as the Trustee or the Note Administrator, as applicable, may
          designate from time to time by notice to the Noteholders, the Holder of the Preferred Shares, the 17g‐5 Information Provider and the parties hereto.

         

        “Corresponding Tenor”: With respect to a Benchmark Replacement, a tenor or observation period, as applicable, having approximately the same length (disregarding business day adjustment) as the tenor or
          observation period applicable to the then-current Benchmark.

         

        “Credit Risk/Defaulted Collateral Interest Cash Purchase”:  The meaning specified in Section 12.1(b).

         

        “Credit Risk Collateral Interest”:  Any Collateral Interest that, in the Collateral Manager’s reasonable business judgment, has a significant risk of declining in credit quality or, with a lapse of time,
          becoming a Defaulted Collateral Interest.

         

        “Credit Risk Exchange Limitation”:  With respect to exchanges of Credit Risk Collateral Interests (other than those that are Defaulted Collateral Interests) after the Reinvestment Period, the condition that
          will be satisfied if, immediately after giving effect to any such exchange, the aggregate Principal Balance of Credit Risk Collateral Interests (other than those that are Defaulted Collateral Interests) that have been exchanged by the Issuer in
          exchanges to the Collateral Manager or its affiliates after the Reinvestment Period does not exceed 10% of the aggregate Principal Balance of the Closing Date Collateral Interests as of the Closing Date.

        

        

        
          -22-

          
            

        

        “Credit Risk Retention Rules”:  Regulation RR (17 C.F.R. Part 246), as such rule may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Department
          of Treasury, the Federal Reserve System, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the Securities and Exchange Commission and the Department of Housing and Urban Development in the adopting release (79 F.R.
          77601 et seq.) or by the staff of any such agency, or as may be provided by any such agency or its staff from time to time, in each case, as effective from time to time.

         

        “CREFC® Intellectual Property Royalty License Fee”: With respect to each Collateral Interest
          and for any Payment Date, an amount accrued during the related Interest Accrual Period at the CREFC® Intellectual Property Royalty License Fee Rate on the Principal
          Balance of such Collateral Interest as of the close of business on the Determination Date in such Interest Accrual Period.  Such amounts shall be computed for the same period and on the same interest accrual basis respecting which any related
          interest payment due or deemed due on the related Collateral Interest is computed and shall be prorated for partial periods.

         

        “CREFC® Intellectual Property Royalty License Fee Rate”: With respect to each Collateral
          Interest, a rate equal to 0.0005% per annum.

         

        “Custodial Account”:  An account at the Securities Intermediary established pursuant to Section 10.1(b).

         

        “Custodian”:  The meaning specified in Section 3.3(a).

         

        “DBRS Morningstar”: DBRS, Inc., and its successors in interest.

         

        “Default”:  Any Event of Default or any occurrence that is, or with notice or the lapse of time or both would become, an Event of Default.

         

        “Defaulted Collateral Interest”: Any Collateral Interest for which the related Real Estate Loan is a Defaulted Loan.

         

        “Defaulted Interest Amount”:  The Class A Defaulted Interest Amount, the Class A-S
          Defaulted Interest Amount, the Class B Defaulted Interest Amount, the Class C Defaulted Interest Amount, the Class D Defaulted Interest Amount, the Class E Defaulted Interest Amount, the Class F Defaulted Interest Amount, the Class F-E Defaulted
          Interest Amount, the Class F-X Defaulted Interest Amount, the Class G Defaulted Interest Amount, the Class G-E Defaulted Interest Amount or the Class G-X Defaulted Interest Amount, as the context requires.

         

        “Defaulted Loan”:  Any Real Estate Loan for which there has occurred and is continuing for more than sixty (60) days either: (i) a payment default or (ii) a material non-monetary event of
          default that is known to the Special Servicer, in each case, after giving effect to any applicable grace period but without giving effect to any waiver; provided, however, that the Special Servicer may determine a Real Estate Loan
          is a Defaulted Loan in advance of such sixty (60) day period if it deems such default material in its sole discretion.  If a Defaulted Loan is the subject of a work-out, modification or otherwise has cured the default such that the subject
          Defaulted Loan is no longer in default pursuant to its terms (as such terms may have been modified), such Real Estate Loan will no longer be treated as a Defaulted Loan.

        

        

        
          -23-

          
            

        

        “Deferred Interest”:  The meaning specified in Section 2.7(a).

         

        “Deferred Interest Notes”: The Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes (including any corresponding Class F-E Notes and Class F-X Notes, if applicable) and
          the Class G Notes (including any corresponding Class G-E Notes and Class G-X Notes, if applicable), to the extent such Class is not the most senior Class Outstanding.

         

        “Definitive Notes”:  The meaning specified in Section 2.2(b).

         

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

         

        “Designated Transaction Representative”: The Collateral Manager or such other person appointed by the Collateral Manager in connection with the Benchmark replacement process.

         

        “Determination Date”:  The 11th day of each month or, if such date is not a Business Day, the next
          succeeding Business Day, commencing on the Determination Date in September 2021.

         

        “Disposition Limitation Threshold”:  The time at which the sum of (i) the cumulative aggregate Principal Balance of Credit Risk Collateral Interests sold by the Issuer to the Collateral Manager or its
          affiliates plus (ii) the cumulative aggregate Principal Balance of Credit Risk Collateral Interests exchanged for Exchange Collateral Interests is equal to or greater than 10% of the aggregate Principal Balance of the Closing Date Collateral
          Interests as of the Closing Date.

         

        “Disqualified Transferee”:  The meaning specified in Section 2.5(l).

         

        “Dissolution Expenses”:  The amount of expenses reasonably likely to be incurred in connection with the discharge of this Indenture, the liquidation of the Collateral and the dissolution
          of the Co-Issuers, as reasonably certified by the Collateral Manager or the Issuer, based in part on expenses incurred by the Note Administrator and the Trustee and reported to the Collateral Manager.

         

        “Dollar,” “U.S.$” or “$”:  A U.S. dollar or other equivalent unit in Cash.

         

        “Due Period”:  With respect to any Payment Date, the period commencing on the day immediately succeeding the second preceding Determination Date (or commencing on the Closing Date, in the
          case of the Due Period relating to the first Payment Date) and ending on and including the Determination Date immediately preceding such Payment Date.

         

        “Eligibility Criteria”:  The criteria set forth below with respect to any Reinvestment Collateral Interest, Replenishment Collateral Interest and Exchange Collateral Interest compliance
          with which shall be evidenced by an Officer's Certificate of the Collateral Manager delivered to the Trustee as of the date of such acquisition:

        

        

        
          -24-

          
            

        

        (i)    it is a Mortgage Loan, a Combined Loan or a Pari Passu Participation in a Mortgage Loan or a Combined Loan that is secured by a Multifamily Property, Office Property, Life Science Office
          Property, Industrial Property, Retail Property, Self-Storage Property, Hospitality Property, Student Housing Property or Mixed-Use Property;

         

        (ii)   the aggregate Principal Balance of the Collateral Interests secured by: (a) Office Properties does not exceed 50.0% of the Aggregate Outstanding Portfolio Balance, (b) Life Science Office
          Properties does not exceed 20.0% of the Aggregate Outstanding Portfolio Balance, (c) Multifamily Properties does not fall below 25.0% of the Aggregate Outstanding Portfolio Balance, (d) Industrial Properties does not exceed 50.0% of the Aggregate
          Outstanding Portfolio Balance, (e) Hospitality Properties does not exceed 15.0% of the Aggregate Outstanding Portfolio Balance; (f) Student Housing Properties does not exceed 15.0% of the Aggregate Outstanding Portfolio Balance, (g) Retail
          Properties does not exceed 10.0% of the Aggregate Outstanding Portfolio Balance, and (h) Self-Storage Properties does not exceed 5.0% of the Aggregate Outstanding Portfolio Balance (it being understood that, for all purposes hereof, no maximum
          concentration limitation shall apply with respect to Multifamily Properties, and Mixed-Use Properties shall be broken out and measured against the individual property types that make up such Mixed-Use Property by underwritten revenue
          contribution);

         

        (iii)  the aggregate Principal Balance of the Collateral Interests secured by Multifamily Properties does not fall below 25.0% of the Aggregate Outstanding Portfolio Balance;

         

        (iv)   the obligor is incorporated or organized under the laws of, and the Collateral Interests is secured by property located in, the United States;

         

        (v)   it provides for monthly payments of interest at a floating rate based on one-month LIBOR (or based on a successor benchmark rate that is in conformance with the Alternative Reference Rates
          Committee fallback language);

         

        (vi)   it has a Moody’s Rating;

         

        (vii) it has a maturity date, assuming the exercise of all extension options (if any) that are exercisable at the option of the related borrower under the terms of such Collateral Interests,
          that is not more than five years from the date of acquisition by the Issuer (calculated excluding any initial stub interest period);

         

        (viii) it is not an Equity Interest;

         

        (ix)  the Collateral Manager has determined that it has an As-Stabilized LTV that is not greater than (a) in the case of Collateral Interests secured by Multifamily Properties, 80.0% (b) in the
          case of Collateral Interests secured by Office Properties, Life Science Office Properties, Industrial Properties, Retail Properties, Self-Storage Properties, Manufactured Housing Community Properties, Student Housing Properties or Mixed-Use
          Properties, 75.0% and (c) in the case of Collateral Interests secured by Hospitality Properties, 70%;

         

        (x)   the Collateral Manager has determined that it has an underwritten stabilized net cash flow debt service coverage ratio that is not less than (a) in the case of Collateral Interests secured
          by Multifamily Properties, 1.15x, (b) in the case of Collateral

        

        

        
          -25-

          
            

        

        Interests secured by Office Properties, Life Science Office Properties, Industrial Properties, Retail Properties, Self-Storage Properties, Student Housing Properties and Mixed-Use Properties, 1.25x, and (c) in the
          case of Hospitality Properties, 1.40x;

         

        (xi)  (A) the Weighted Average Life of the first 92.5% of the Collateral Interests with the least remaining term to maturity assuming the exercise of all contractual extension options (if any)
          that are exercisable by the borrower under each Collateral Interest, is less than or equal to the number of years (rounded to the nearest one hundredth thereof) during the period from such date of determination to 5.50 years from the Closing
          Date;

         

        (B)     the Weighted Average Spread of the Collateral Interests is not less than 2.25%; and

         

        (C)     the aggregate principal balance of Collateral Interests secured by Mortgaged Properties located in (x) California, New York, Texas, and Washington is (in each case) no more than 40.0% of
          the Aggregate Outstanding Portfolio Balance; (y) Washington (after excluding the principal balance of Collateral Interests secured by Mortgaged Properties in Seattle) and any other state is (in each case) no more than 25.0% of the Aggregate
          Outstanding Portfolio Balance.

         

        (xii)   the weighted average Moody’s Rating Factor (weighted by principal balance of the Collateral Interests) for all Collateral Interests immediately after giving effect to such acquisition is
          not greater than 5,500;

         

        (xiii) a No Downgrade Confirmation has been received from DBRS Morningstar with respect to the acquisition of such Collateral Interest, except that such confirmation shall not be required with
          respect to the acquisition of a Participation if (a) the Issuer already owns a Participation in the same underlying Participated Loan and (b) the principal balance of the Participation being acquired is $5,000,000 or less;

         

        (xiv)  the sum of the Principal Balance of such Collateral Interest and the Principal Balance of all Collateral Interests that have the same guarantor or an affiliated guarantor does not exceed
          20.0% of the Aggregate Outstanding Portfolio Balance;

         

        (xv)   it shall not require the Issuer to make any future payments after the Issuer’s purchase thereof;

         

        (xvi)   if it is a Collateral Interest with a related Future Funding Companion Participation:

         

        (A)     the Future Funding Indemnitor has Segregated Liquidity (evidenced by a certification) in an amount at least equal to the greater of (i) the Largest One Quarter Future Advance Estimate and
          (ii) the Two Quarter Future Advance Estimate for the immediately following two calendar quarters;

         

        (B)     the Future Funding Amount with respect to all Collateral Interest does not exceed 20.0% of the maximum commitment amount of all Real Estate Loans; and

        

        

        
          -26-

          
            

        

        (C)     the related Future Funding Amount of any Collateral Interest does not exceed 35.0% of the maximum commitment amount of such related Real Estate Loan;

         

        (xvii)   if it is a Combined Loan or a Pari Passu Participation in a Combined Loan, (x) the related Mortgage Loan contains a requirement that any principal repayment of the Mortgage Loan must be
          accompanied by a pro rata principal repayment (based on Principal Balance) of the related Mezzanine Loan, (y) the related Mortgage Loan and the related Mezzanine Loan are cross-defaulted and (z) the
          related Mortgage Loan does not permit the related borrower to incur additional debt secured by the related Mortgaged Property or the equity in the related borrower;

         

        (xviii)  the Herfindahl Score is greater than or equal to 14.0;

         

        (xix)  it is not prohibited under its Loan Documents from being purchased by the Issuer and pledged to the Trustee;

         

        (xx)   it is not a Defaulted Collateral Interest or Credit Risk Collateral Interest, as determined by the Collateral Manager after reasonable inquiry;

         

        (xxi)   it is not currently, and has not recently been, the subject of discussions between lender and the borrower to amend, modify or waive any material provision of any of the related Loan
          Documents in such a manner as would adversely affect the performance of the related Real Estate Loan;

         

        (xxii)  it is Dollar denominated and may not be converted into an obligation payable in any other currencies;

         

        (xxiii)  it does not have “buy/sell” rights as a dispute resolution mechanism;

         

        (xxiv)  it provides for the repayment of principal at not less than par no later than upon its maturity or upon redemption, acceleration or its full prepayment;

         

        (xxv)  it is serviced pursuant to the Servicing Agreement or it is serviced by an Accepted Loan Servicer pursuant to a commercial mortgage servicing arrangement that includes the servicing
          provisions substantially similar to those that are standard in commercial mortgage-backed securities (“CMBS”) transactions;

         

        (xxvi)     (a) it is purchased from the Seller or a wholly-owned subsidiary of KREF Holdings, and (b) the requirements set forth in the Indenture regarding the representations and warranties
          with respect to such Collateral Interest and the underlying mortgaged property (as applicable) have been met (subject to such exceptions as are reasonably acceptable to the Collateral Manager);

         

        (xxvii)  if it is a participation interest, the related Participating Institution is (and any “qualified transferee” is required to be) any of (1) a “special purpose entity” or a “qualified
          institutional lender” as such terms are typically defined in the Loan Documents related to participations, (2) an entity (or a wholly-owned subsidiary of an entity) that has (y) a long-term unsecured debt rating from Moody’s of “A3” or higher,
          and (z) a long-term unsecured debt rating from DBRS Morningstar of “A(low)” or higher (if rated by

        

        

        
          -27-

          
            

        

        DBRS Morningstar, or if not rated by DBRS Morningstar, an equivalent (or higher) rating by any two other NRSROs), (3) a securitization trust, a collateralized loan obligation (“CLO”) issuer or a similar
          securitization vehicle, or (4) a special purpose entity that is 100% directly or indirectly owned by the Sponsor, for so long as the separateness provisions of its organizational documents have not been amended (unless the Rating Agency Condition
          was satisfied in connection with such amendment), and if any Participating Institution is not the Issuer, the related Loan Documents shall be held by a third party custodian;

         

        (xxviii)  its acquisition shall be in compliance with Section 206 of the Advisers Act;

         

        (xxix)  its acquisition, ownership, enforcement and disposition shall not cause the Issuer to fail to be a Qualified REIT Subsidiary or other disregarded entity of a REIT unless a No Trade or
          Business Opinion has previously been received (which opinion may be conditioned on compliance with certain restrictions on the investment or other activity of the Issuer and/or the Collateral Manager on behalf of the Issuer);

         

        (xxx)   its acquisition would not cause the Issuer, the Co-Issuer or the pool of Collateral Interests to be required to register as an investment company under the 1940 Act and if the borrowers
          with respect to the Collateral Interests are excepted from the definition of an “investment company” solely by reason of Section 3(c)(1) of the 1940 Act, then either (x) such Collateral Interest does not constitute a “voting security” for
          purposes of the 1940 Act or (y) the aggregate amount of such Collateral Interest held by the Issuer is less than 10% of the entire issue of such Collateral Interest;

         

        (xxxi)   it does not provide for any payments which are or shall be subject to deduction or withholding for or on account of any withholding or similar tax (other than withholding on amendment,
          modification and waiver fees, late payment fees, commitment fees, exit fees, extension fees or similar fees), unless the borrower under such Collateral Interest is required to make “gross up” payments that ensure that the net amount actually
          received by the Issuer (free and clear of taxes) shall equal the full amount that the Issuer would have received had no such deduction or withholding been required;

         

        (xxxii)   it is not acquired for the primary purpose of recognizing gains or decreasing losses resulting from market value changes;

         

        (xxxiii)          after giving effect to its acquisition, together with the acquisition of any other Collateral Interests to be acquired (or as to which a binding commitment to acquire was
          entered into) on the same date, the aggregate Principal Balance of Collateral Interests held by the Issuer that are EU/UK Retention Holder Originated Collateral Interests is in excess of 50% of the aggregate Principal Balance of Collateral
          Interests held by the Issuer; and

         

        (xxxiv)  if it is a Pari Passu Participation in a Combined Loan, the proportion of the related Mortgage Loan and the related Mezzanine Loan in such Pari Passu Participation is equal to the
          proportion of the related Mortgage Loan and the related Mezzanine Loan in such Combined Loan;

        

        

        
          -28-

          
            

        

        provided, however, that (i) any determination of a percentage pursuant to the Eligibility Criteria (except for the Weighted Average Spread and the Weighted
          Average Life of all Collateral Interests) shall be rounded to the nearest 1/10th of one percent, and (ii) for purposes of the Eligibility Criteria in clauses (ii), (iii), (xi), (xiv), and (xvi)(B) above,
          the acquisition of such Collateral Interest would improve compliance with the applicable concentration limits after giving effect to such acquisition, then such Eligibility Criteria shall be deemed to have been satisfied.

         

        “Eligible Account”:  Means:

         

        (a)       an account maintained with a federal or state chartered depository institution or trust company or an account
            or accounts maintained with the Note Administrator that has, in each case, (i) a long-term unsecured debt rating of at least “A2” by Moody’s, (ii) a long-term unsecured debt rating of at least “A” by DBRS Morningstar (if rated by DBRS
            Morningstar, or if not rated by DBRS Morningstar, an equivalent (or higher) rating by any two other NRSROs (which may include Moody’s)) and (iii) a short-term unsecured debt rating at least equal to “P-1” by Moody’s;

         

        (b)         a segregated trust account maintained with the trust department of a federal or state chartered depository
            institution or trust company acting in its fiduciary capacity; provided that (i) any such institution or trust company has a long-term unsecured rating of at least “Baa1” by Moody’s and a capital surplus of at least $200,000,000, (ii)
            any such institution or trust company has a long-term unsecured debt rating of at least “BBB(high)” by DBRS Morningstar if rated by DBRS Morningstar, or if not rated by DBRS Morningstar, at least an equivalent rating by two other NRSROs (one of
            which may be Moody’s) and (iii) any such account is subject to fiduciary funds on deposit regulations substantially similar to 12 C.F. R. § 9.10(b); or

         

        (c)          any other account approved by the Rating Agencies.

         

        “Eligible Investments”:  Any Dollar-denominated investment, the maturity for which corresponds to the Issuer’s expected or potential need for funds, that, at the time it is Granted to the
          Trustee (directly or through a Securities Intermediary or bailee) is Registered and is one or more of the following obligations or securities:

         

        (i)         direct obligations of, and obligations the timely payment of principal of and interest on which is fully and expressly guaranteed by, the United States, or any agency or
          instrumentality of the United States, the obligations of which are expressly backed by the full faith and credit of the United States;

         

        (ii)         demand and time deposits in, certificates of deposit of, bankers’ acceptances issued by, or federal funds sold by, any depository institution or trust company incorporated under the
          laws of the United States or any state thereof or the District of Columbia (including the Note Administrator or the commercial department of any successor Note Administrator, as the case may be; provided that such successor otherwise
          meets the criteria specified herein) and subject to supervision and examination by federal and/or state banking authorities so long as

        

        

        
          -29-

          
            

        

        the commercial paper and/or the debt obligations of such depositary institution or trust company (or, in the case of the principal depositary institution in a holding company system, the commercial paper or debt
          obligations of such holding company) at the time of such investment or contractual commitment providing for such investment have a long-term unsecured debt rating of not less than (x) “Aa3,” in the case of long-term obligations, and “P‐1,” in the
          case of short-term obligations, by Moody’s and (y) “AAA,” in the case of long-term obligations, “R-1(middle),” in the case of short-term obligations with a maturity not greater than ninety (90) days, and “R-1(high),” in the case of short-term
          obligations with a maturity of or greater than ninety (90) days, by DBRS Morningstar (if rated by DBRS Morningstar, or if not rated by DBRS Morningstar, an equivalent (or higher) rating by any two other NRSROs (which may include Moody’s));

         

        (iii)       unleveraged repurchase or forward purchase obligations with respect to (a) any security described in clause (i) above or (b) any other security issued or guaranteed by an agency or
          instrumentality of the United States of America, in either case entered into with a depository institution or trust company (acting as principal) described in clause (ii) above (including the Note Administrator or the commercial department of any
          successor Note Administrator, as the case may be; provided that such Person otherwise meets the criteria specified herein) or entered into with a corporation (acting as principal) whose long-term unsecured debt rating is not less than (x)
          “Aa3,” in the case of long-term obligations, and “P-1,” in the case of short-term obligations, by Moody’s and (y) “AAA,” in the case of long-term obligations, “R-1(middle),” in the case of short-term obligations with a maturity not greater than
          ninety (90) days, and “R-1(high),” in the case of short-term obligations with a maturity of or greater than ninety (90) days, by DBRS Morningstar (if rated by DBRS Morningstar, or if not rated by DBRS Morningstar, an equivalent (or higher) rating
          by any two other NRSROs (which may include Moody’s));

         

        (iv)       commercial paper or other similar short-term obligations (including that of the Note Administrator or the commercial department of any successor Note Administrator, as the case may
          be, or any affiliate thereof; provided that such Person otherwise meets the criteria specified herein) having at the time of such investment a short-term unsecured debt rating not less than “P‐1” by Moody’s; provided, further,
          that the issuer thereof must also have at the time of such investment a senior long-term unsecured debt rating of not less than “Aa3” by Moody’s;

         

        (v)        any money market fund (including those managed or advised by the Note Administrator or its Affiliates, (including Wells Fargo Government Money Market Fund #3802) that maintain a
          constant asset value and that are rated “Aaa-mf” by Moody’s and in the highest long-term or short-term rating category by DBRS Morningstar or, if not rated by DBRS Morningstar, an equivalent rating by any two other NRSROs (which may include
          Moody’s); and

        

        

        
          -30-

          
            

        

        (vi)       any other investment similar to those described in clauses (i) through (v) above that (1) Moody’s has
            confirmed may be included in the portfolio of assets as an Eligible Investment without adversely affecting its then-current ratings on the Notes and (2) has a long-term credit rating of not less
          than “Aa3” by Moody’s and a short-term unsecured debt rating not less than “P‐1” by Moody’s, and “R-1(middle),” in the case of short-term obligations with a maturity not greater than ninety (90) days, and “R-1(high),” in the case of short-term
          obligations with a maturity of or greater than ninety (90) days, by DBRS Morningstar (if rated by DBRS Morningstar, or if not rated by DBRS Morningstar, an equivalent (or higher) rating by any two other NRSROs (which may include Moody’s));

         

        provided that mortgage-backed securities and interest only securities shall not constitute Eligible Investments; and provided, further, that (a)
          Eligible Investments shall not have a maturity in excess of 365 days and shall have a fixed principal amount due at maturity that cannot vary or change, (b) Eligible Investments acquired with funds in the Payment Account shall include only such
          obligations or securities that mature no later than the Business Day prior to the next Payment Date succeeding the acquisition of such obligations or securities, (c) Eligible Investments shall not include obligations bearing interest at inverse
          floating rates, (d) Eligible Investments shall be treated as indebtedness for U.S. federal income tax purposes and such investment shall not cause the Issuer to fail to be treated as a Qualified REIT Subsidiary or other disregarded entity of a
          REIT for U.S. federal income tax purposes (unless the Issuer has previously received a No Trade or Business Opinion, in which case the investment will not cause the Issuer to be treated as a foreign corporation engaged in a trade or business in
          the United States for U.S. federal income tax purposes), (e) Eligible Investments shall not be subject to deduction or withholding for or on account of any withholding or similar tax (other than any taxes imposed pursuant to FATCA), unless the
          payor is required to make “gross up” payments that ensure that the net amount actually received by the Issuer (free and clear of taxes, whether assessed against such obligor or the Issuer) will equal the full amount that the Issuer would have
          received had no such deduction or withholding been required, (f) Eligible Investments shall not be purchased for a price in excess of par; (g) notwithstanding the minimum unsecured debt rating requirements set forth in clauses (ii), (iii), (iv)
          or (v) above, Eligible Investments with maturities of 30 days or less shall only require short-term unsecured debt ratings and shall not require long-term unsecured debt ratings; and (h) Eligible Investments shall not include margin stock. 
          Eligible Investments may be purchased from the Trustee and its Affiliates so long as the Trustee has a capital and surplus of at least $200,000,000 and has a long-term unsecured credit rating of at least “Baa1” by Moody’s, and may include
          obligations for which the Trustee or an Affiliate thereof receives compensation for providing services.

         

        “Entitlement Order”:  The meaning specified in Section 8-102(a)(8) of the UCC.

         

        “Equity Interest”:  A security or other interest that does not entitle the holder thereof to receive periodic payments of interest and one or more installments of principal, including (i)
          any bond or note or similar instrument that is by its terms convertible into or exchangeable for an equity interest, (ii) any bond or note or similar instrument that includes warrants or other interests that entitle its holder to acquire an
          equity interest, or (iii) any other

        

        

        
          -31-

          
            

        

        similar instrument that would not entitle its holder to receive periodic payments of interest or a return of a residual value.

         

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

         

        “ESMA”  The European Securities and Markets Authority (including any successor or replacement organization thereto).

         

        “EU/UK Retention Holder”:  KREF 2021-FL2 Holdings LLC, solely in its capacity as
          EU/UK retention holder.

         

        “EU/UK Risk Retention Letter”:  That certain EU/UK Risk Retention Letter, delivered
          by the Retention Holder and the EU/UK Retention Holder to the Issuer, the Co-Issuer, the Trustee, the Note Administrator and the Placement Agents, dated as of the Closing Date.

         

        “EU Securitization Laws”: Regulation (EU) 2017/2402, together with any supplementary regulatory technical standards, implementing technical standards and any official guidance published in
          relation thereto by the European Banking Authority, European Insurance and Occupational Pensions Authority or the European Securities and Markets Authority, each as in force on the Closing Date.

         

        “Euroclear”:  Euroclear Bank S.A./N.V., as operator of the Euroclear system.

         

        “European Supervisory Authorities”: The European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority (including, in each case, any
          successor or replacement organization thereto).

         

        “Event of Default”:  The meaning specified in Section 5.1.

         

        “Excepted Property”:  (i) The $250 proceeds of share capital contributed by the Retention Holder as the holder of the ordinary shares of the Issuer, the $250 representing a profit fee to
          the Issuer, and, in each case, any interest earned thereon and the bank account in which such amounts are held and (ii) the Preferred Share Payment Account and all of the funds and other property from time to time deposited in or credited to the
          Preferred Share Payment Account.

         

        “Exchange Act”:  The Securities Exchange Act of 1934, as amended.

         

        “Exchange Collateral Interest”:  The meaning specified in Section 12.1(c).

         

        “Exchangeable Notes”: The meaning specified in Section 2.15.

         

        “Exchanged Notes”: The meaning specified in Section 2.15.

         

        “Expense Reserve Account”:  The account established pursuant to Section 10.5(a).

        

        

        
          -32-

          
            

        

        “Expense Year”:  (i) For the first year, the period commencing on the Closing Date and
            ending on the next January Payment Date and (ii) thereafter, each 12-month period commencing on the Business Day following a January Payment Date and ending on the following January Payment Date.

         

        “FATCA”:  Sections 1471 through 1474 of the Code, as of the date of this Indenture (or any amended or successor version that is substantially comparable) and any current or future Treasury
          Regulations promulgated thereunder, and any related provisions of law, court decisions, administrative guidance or agreements with any taxing authority (or laws thereof) in respect thereof.

         

        “Federal Reserve Bank of New York’s Website”: The website of the Federal Reserve Bank of New York at http://www.newyorkfed.org, or any successor screen or other
          information service that publishes such SOFR that has been selected, endorsed or recommended by the Relevant Governmental Body.

         

        “Financial Asset”:  The meaning specified in Section 8-102(a)(9) of the UCC.

         

        “Financing Statements”:  Financing statements relating to the Collateral naming the Issuer, as debtor, and the Trustee, on behalf of the Secured Parties, as secured party.

         

        “Future Funding Account Control Agreement”:  Any account control agreement entered into in
            accordance with the terms of the Future Funding Agreement by and among the Seller, the Trustee, as secured party, the Note Administrator and an account bank, as the same may be amended or amended and restated from time to time or any
          replacement thereof.

         

        “Future Funding Agreement”:  The meaning specified in the Servicing Agreement.

         

        “Future Funding Amount”:  With respect to a Participated Loan, any unfunded future funding obligations of the lender thereunder.

         

        “Future Funding Companion Participation”:  With respect to a Participated Loan that has any remaining Future Funding Amounts, the Companion Participation in such Participated Loan the
          holder of which is obligated to fund such Future Funding Amounts.

         

        “Future Funding Controlled Reserve Account”: The meaning specified in the Servicing Agreement.

         

        “Future Funding Indemnitor”:  KREF Holdings, and its successors in interest.

         

         “GAAP”:  The meaning specified in Section 6.3(k).

         

        “General Intangible”:  The meaning specified in Section 9-102(a)(42) of the UCC.

         

        “Global Notes”:  The Rule 144A Global Notes and the Regulation S Global Notes.

        

        

        
          -33-

          
            

        

        “Governing Documents”:  With respect to (i) the Issuer, the memorandum and articles of association of the Issuer, as amended and restated and/or supplemented and in effect from time to
          time and certain resolutions of its Board of Directors and (ii) all other Persons, the articles of incorporation, certificate of incorporation, by-laws, certificate of limited partnership, limited partnership agreement, limited liability company
          agreement, certificate of formation, articles of association and similar charter documents, as applicable to any such Person.

         

        “Government Items”:  A security (other than a security issued by the Government National Mortgage Association) issued or guaranteed by the United States of America or an agency or
          instrumentality thereof representing a full faith and credit obligation of the United States of America and, with respect to each of the foregoing, that is maintained in book-entry form on the records of a Federal Reserve Bank.

         

        “Grant”:  To grant, bargain, sell, warrant, alienate, remise, demise, release, convey, assign, transfer, mortgage, pledge, create and grant a security interest in and right of set-off
          against, deposit, set over and confirm.  A Grant of the Collateral or of any other security or instrument shall include all rights, powers and options (but none of the obligations) of the granting party thereunder, including without limitation
          the immediate continuing right to claim, collect, receive and take receipt for principal and interest payments in respect of the Collateral (or any other security or instrument), and all other amounts payable thereunder, to give and receive
          notices and other communications, to make waivers or other agreements, to exercise all rights and options, to bring Proceedings in the name of the granting party or otherwise, and generally to do and receive anything that the granting party is or
          may be entitled to do or receive thereunder or with respect thereto.

         

        “Herfindahl Score”: As of any date of determination, an amount determined by
          dividing (i) one by (ii) the sum of the series of products obtained for each Collateral Interest (including any Companion Participation which is then acquired) and Principal Proceeds collected and not yet distributed, by squaring the quotient of
          (x) the outstanding principal balance on such date of each such Collateral Interest (or in the case of Principal Proceeds, in increments of $5,000,000) and (y) the aggregate outstanding principal balance of all Collateral Interests on such date.

         

        “Holder” or “Securityholder”:  With respect to any Note, the Person in whose name such Note is registered in the Notes Register.  With respect to any Preferred Share, the Person in
          whose name such Preferred Share is registered in the register maintained by the Share Registrar.

         

        “Holder AML Obligations”:  The obligations of each holder of the Securities to (i) provide the Issuer or its agents with such information and documentation that may be required for the Issuer to achieve AML
          Compliance and (ii) update or replace such information or documentation as may be necessary.

         

        “Hospitality Property”:  A real property secured by hospitality space (including mixed-use property) as to which the majority of the underwritten revenue is from hospitality space.

        

        

        
          -34-

          
            

        

        “IAI”:  An institution that is an “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under Regulation D under the Securities Act or an entity in which all of the
          equity owners are such “accredited investors.”

         

        “Industrial Property”:  A real property secured by industrial space (including mixed-use property) as to which the majority of the underwritten revenue is from industrial space.

         

        “Indenture”:  This instrument as originally executed and, if from time to time supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable
          provisions hereof, as so supplemented or amended.

         

        “Indenture Accounts”:  The Payment Account, the Reinvestment and Replenishment Account, the Expense Reserve Account and the Custodial Account.

         

        “Independent”:  As to any Person, any other Person (including, in the case of an accountant, or lawyer, a firm of accountants or lawyers and any member thereof or an investment bank and
          any member thereof) who (i) does not have and is not committed to acquire any material direct or any material indirect financial interest in such Person or in any Affiliate of such Person, and (ii) is not connected with such Person as an Officer,
          employee, promoter, underwriter, voting trustee, partner, director or Person performing similar functions.  “Independent” when used with respect to any accountant may include an accountant who audits the books of such Person if in addition to
          satisfying the criteria set forth above the accountant is independent with respect to such Person within the meaning of Rule 101 of the Code of Ethics of the American Institute of Certified Public Accountants.

         

        Whenever any Independent Person’s opinion or certificate is to be furnished to the Trustee or Note Administrator such opinion or certificate shall state, or shall be deemed to state, that the
          signer has read this definition and that the signer is Independent within the meaning hereof.

         

        “Initial MASCOT Note Issuance Date”:  The 15th day following the Closing Date (or if such 15th day is not a Business Day, the next Business Day).

         

        “Inquiry”: The meaning specified in Section 10.13(a).

         

        “Instrument”:  The meaning specified in Section 9-102(a)(47) of the UCC.

         

        “Interest Accrual Period”:  With respect to (i) the first Payment Date, the period from and including the Closing Date to but excluding such first Payment Date, and (ii) each successive
          Payment Date, the period from and including the immediately preceding Payment Date to but excluding such Payment Date.

         

        “Interest Advance”:  The meaning specified in Section 10.7(a).

         

        “Interest Coverage Ratio”: As of any Determination Date, the number (expressed as a percentage) calculated by dividing:

        

        

        
          -35-

          
            

        

        	

              	(a)	
                (A) the sum of cash on deposit in the Expense Reserve Account, plus (B) the expected scheduled interest payments due (in each case regardless of whether the due date for any such interest
                  payment has yet occurred) in the Due Period in which such Determination Date occurs on (x) the Collateral Interests (excluding, subject to clause (3) of the last paragraph in this definition, accrued and unpaid interest on Defaulted
                  Collateral Interests); provided that no interest (or dividends or other distributions) shall be included with respect to any Collateral Interest to the extent that such Collateral Interest does
                  not provide for the scheduled payment of interest (or dividends or other distributions) in cash; and (y) the Eligible Investments held in the applicable collateral accounts (whether purchased with Interest Proceeds or Principal Proceeds),
                  plus (C) Interest Advances, if any, advanced by the Advancing Agent or the Backup Advancing Agent, with respect to the related Payment Date, minus (b)
                  any amounts scheduled to be paid pursuant to Section 11.1(a)(1) (other than any Collateral Manager Fees that the Collateral Manager has agreed to waive in accordance with the Indenture and the Collateral Management Agreement); by

              

         

        	

              	(b)	
                the sum of (i) the scheduled interest on the Class A Notes payable on the Payment Date immediately following such Determination Date, plus (ii) any Class A Defaulted Interest Amount payable on
                  the Payment Date immediately following such Determination Date, plus (iii) the scheduled interest on the Class A-S Notes payable on the Payment Date immediately following such Determination Date,
                  plus (iv) any Class A-S Defaulted Interest Amount payable on the Payment Date immediately following such Determination Date, plus (v) the scheduled
                  interest on the Class B Notes payable on the Payment Date immediately following such Determination Date, plus (vi) any Class B Defaulted Interest Amount payable on the Payment Date immediately
                  following such Determination Date, plus (vii) the scheduled interest on the Class C Notes payable on the Payment Date immediately
                  following such Determination Date, plus (viii) any Class C Defaulted Interest Amount and Class C Deferred Interest Amount payable on the Payment Date immediately following such Determination
                  Date, plus (ix) the scheduled interest on the Class D Notes payable on the Payment Date immediately following such Determination
                  Date, plus (x) any Class D Defaulted Interest Amount and Class D Deferred Interest Amount payable on the Payment Date immediately following such Determination Date plus (xi) the scheduled interest on the Class E Notes payable on the Payment Date immediately following such Determination Date, plus (xii) any Class E Defaulted Interest
                  Amount and Class E Deferred Interest Amount payable on the Payment Date immediately following such Determination Date.

              

         

        For purposes of calculating any Interest Coverage Ratio, (1) the expected interest income on the Collateral Interests and Eligible Investments and the expected interest payable on the Offered Notes shall be
          calculated using the interest rates applicable thereto on the applicable

        

        

        
          -36-

          
            

        

        Determination Date, (2) accrued original issue discount on Eligible Investments shall be deemed to be a scheduled interest payment thereon due on the date such original issue discount is scheduled to be paid, (3) there shall be excluded all
          scheduled or deferred payments of interest on or principal of Collateral Interests and any payment that the Collateral Manager has determined in its reasonable judgment shall not be made in cash or received when due and (4) with respect to any
          Collateral Interest as to which any interest or other payment thereon is subject to withholding tax of any relevant jurisdiction, each payment thereon shall be deemed to be payable net of such withholding tax unless the related borrower is
          required to make additional payments to fully compensate the Issuer for such withholding taxes (including in respect of any such additional payments).

         

        “Interest Coverage Test”: The test that shall be met as of any Determination Date on which any Offered Notes remain Outstanding if the Interest Coverage Ratio as of such Determination Date is equal to or
          greater than 120.00%.

         

        “Interest Distribution Amount”:  Each of the Class A Interest Distribution Amount,
          the Class A-S Interest Distribution Amount, the Class B Interest Distribution Amount, the Class C Interest Distribution Amount, the Class D Interest Distribution Amount, the Class E Interest Distribution Amount, the Class F Interest Distribution
          Amount, the Class F-E Interest Distribution Amount, the Class F-X Interest Distribution Amount, the Class G Interest Distribution Amount, the Class G-E Interest Distribution Amount and the Class G-X Interest Distribution Amount.

         

        “Interest Proceeds”:  With respect to any Payment Date, (A) the sum (without duplication) of:

         

        (1) all Cash payments of interest (including any deferred interest and any amount representing the accreted portion of a discount from the face amount of a Collateral Interest or an Eligible
          Investment) or other distributions (excluding Principal Proceeds) received during the related Due Period on all Collateral Interests other than Defaulted Collateral Interests (net of any fees and other compensation and reimbursement of expenses
          and Servicing Advances and interest thereon (but not net of amounts payable pursuant to any indemnification provisions) to which the Servicer or the Special Servicer are entitled to pursuant to the terms of the Servicing Agreement (and, with
          respect to any Non-Serviced Real Estate Loan, net of amounts payable to the servicer and special servicer under the applicable servicing agreement)) and Eligible Investments, including, in the Collateral Manager’s commercially reasonable
          discretion (exercised as of the trade date), the accrued interest received in connection with a sale of such Collateral Interests or Eligible Investments (to the extent such accrued interest was no applied to the purchase of Reinvestment
          Collateral Interests or Replenishment Collateral Interests), in each case, excluding, (i) any origination fees, exit fees and extension fees, which will be retained by the Seller and will not be assigned to the Issuer and (ii) any accrued
          interest included in Principal Proceeds pursuant to clauses A(3) and (4) of the definition of “Principal Proceeds”,

         

        (2) all make whole premiums, yield maintenance or prepayment premiums or any interest amount paid in excess of the stated interest amount of a Collateral Interest received during the related Due
          Period,

        

        

        
          -37-

          
            

        

        (3) all amendment, modification and waiver fees, late payment fees, extension fees and other fees and commissions received by the Issuer during such Due Period in connection with such Collateral
          Interests and Eligible Investments,

         

        (4) those funds in the Expense Reserve Account designated as Interest Proceeds by the Collateral Manager pursuant to Section 10.5(a);

         

        (5) all funds remaining on deposit in the Expense Reserve Account upon redemption of the Notes in whole;

         

        (6) Interest Advances, if any, advanced by the Advancing Agent or the Backup Advancing Agent, with respect to such Payment Date,

         

        (7) all cash payments corresponding to accrued original issue discount on Eligible Investments,

         

        (8) any interest payments received in Cash by the Issuer during the related Due Period on any asset held by a Permitted Subsidiary that is not a Defaulted Collateral Interest,

         

        (9) all payments of principal on Eligible Investments purchased with any other Interest Proceeds,

         

        (10) Cash and Eligible Investments contributed by the Holder of 100% of the Preferred Shares pursuant to Section 12(c) and designated as “Interest Proceeds” by such Holder, and

         

        (11) all other Cash payments received by the Issuer with respect to the Collateral Interests during the related Due Period to the extent such proceeds are designated “Interest Proceeds” by the
          Collateral Manager in its sole discretion with notice to the Trustee, the Servicer and the Note Administrator on or before the related Determination Date; provided that Interest Proceeds shall in no event include any payment or proceeds
          specifically defined as “Principal Proceeds” in the definition thereof,

         

        minus (B) the aggregate amount of any Nonrecoverable Interest Advances that were previously reimbursed to the Advancing Agent or the Backup Advancing Agent.

         

        “Interest Shortfall”:  The meaning set forth in Section 10.7(a).

         

        “Interested Person”:  The Servicer, the Special Servicer, any independent contractor engaged by the Special Servicer, the Collateral Manager, or, in connection with any individual Real
          Estate Loan, the borrower, the manager of the related Mortgaged Property, the holder of a related mezzanine loan or companion participation, or any affiliate of any of the preceding entities.

         

        “Investor Certification”:  A certificate, substantially in the form of Exhibit H-1 or Exhibit H-2 hereto, representing that such Person executing the certificate is a
          Noteholder, a beneficial owner of a Note, a holder of a Preferred Share or a prospective purchaser of a Note or a Preferred Share and that either (a) such Person is not an agent of, or an investment advisor to,

        

        

        
          -38-

          
            

        

        any borrower or affiliate of any borrower under a Real Estate Loan, or (b) such Person is an agent or Affiliate of, or an investment advisor to, any borrower under a Real Estate Loan.  The Investor Certification
          may be submitted electronically by means of the Note Administrator’s Website.

         

        “Investor Q&A Forum”:  The meaning specified in Section 10.13(a).

         

        “ISDA Definitions”: The 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented
            from time to time, or any successor definitional booklet for interest rate derivatives published from time to time.

         

        “ISDA Fallback Adjustment”: The spread adjustment (which may be a positive or negative value or zero) that would apply for derivatives transactions referencing the ISDA
            Definitions, to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor.

         

        “ISDA Fallback Rate”: The rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective upon the occurrence of an index cessation date
            with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment.

         

        “Issuer”:  KREF 2021-FL2 Ltd., an exempted company incorporated with limited liability under the laws of the Cayman Islands, until a successor Person shall have become the Issuer pursuant
          to the applicable provisions of this Indenture, and thereafter “Issuer” shall mean such successor Person.

         

        “Issuer Order” and “Issuer Request”:  A written order or request (which may be in the form of a standing order or request) dated and signed in the name of the Issuer (and the
          Co-Issuer, if applicable) by an Authorized Officer of the Issuer (and by an Authorized Officer of the Co-Issuer, if applicable), or by an Authorized Officer of the Collateral Manager on behalf of the Issuer.  For the avoidance of doubt, an order
          or request provided in an email (or other electronic communication) sent by an Authorized Officer of the Issuer, Co-Issuer or Collateral Manager, as applicable, shall constitute an Issuer Order, in each case except to the extent that the Trustee
          or Note Administrator reasonably requests otherwise.

         

        “KREF”:  KKR Real Estate Finance Trust Inc., a Maryland corporation.

         

        “KREF Holdings”:  KKR Real Estate Finance Holdings L.P., a Delaware limited partnership.

         

        “KREF Sub-REIT”:  KREF CLO Sub-REIT LLC, a Delaware limited liability company.

         

        “Largest One Quarter Future Advance Estimate”: The meaning specified in the Servicing Agreement.

         

        “LIBOR”:  The meaning set forth in Schedule B attached hereto.

        

        

        
          -39-

          
            

        

        “Life Science Office Property”:  A real property secured by an office property consisting of laboratory and office space with a significant portion of tenants primarily engaged in the life
          science industry.

         

        “Liquidation Fee”:  The meaning specified in the Servicing Agreement.

         

        “LLC Managers”:  The managers of the Co-Issuer duly appointed by the sole member of the Co-Issuer (or, if there is only one manager of the Co-Issuer so duly appointed, such sole manager).

         

        “Loan Documents”:  The loan agreement, note, mortgage, intercreditor agreement, participation agreement, co-lender agreement or other agreement pursuant to which a Collateral Interest and
          the related Real Estate Loan has been issued or created and each other agreement that governs the terms of or secures the obligations represented by such Collateral Interest or Real Estate Loan or of which holders of such Collateral Interest or
          Real Estate Loan are the beneficiaries.

         

        “London Banking Day”:  The meaning set forth in Schedule B attached hereto.

         

        “Loss Value Payment”:  A Cash payment made to the Issuer by the Seller in connection with a Material Breach of a representation or warranty with respect to any Collateral Interest pursuant
          to the Collateral Interest Purchase Agreement in an amount that the Collateral Manager on behalf of the Issuer, subject to the consent of a majority of the holders of each Class of Notes (excluding any Note held by the Seller or any of its
          Affiliates), determines is sufficient to compensate the Issuer for such Material Breach of representation or warranty, which Loss Value Payment will be deemed to cure such Material Breach.

         

        “Majority”:  With respect to (i) any Class of Notes, the Holders of more than 50% of the Aggregate Outstanding Amount of the Notes of such Class; and (ii) the Preferred Shares, the
          Preferred Shareholders representing more than 50% of the aggregate Notional Amount of the Preferred Shares.

         

        “Mandatory Redemption”:  The meaning specified in Section 9.5.

         

        “MASCOT Interest Only Notes”:  The meaning specified in Section 2.3.

         

        “MASCOT Notes”:  The meaning specified in Section 2.3.

         

        “MASCOT P&I Notes”: The meaning specified in Section 2.3.

         

        “Material Breach”:  With respect to each Collateral Interest, the meaning specified in the Collateral Interest Purchase Agreement.

         

        “Material Document Defect”:  With respect to each Collateral Interest, the meaning specified in the Collateral Interest Purchase Agreement.

        

        

        
          -40-

          
            

        

        “Maturity”:  With respect to any Note, the date on which the unpaid principal of such Note becomes due and payable as therein or herein provided, whether at the Stated Maturity Date or by
          declaration of acceleration or otherwise.

         

        “Measurement Date”:  Any of the following: (i) the Closing Date, (ii) the date of acquisition or disposition of any Collateral Interest, (iii) any date on which any Collateral Interest
          becomes a Defaulted Collateral Interest, (iv) each Determination Date and (v) with reasonable notice to the Issuer, the Collateral Manager and the Note Administrator, any other Business Day that any Rating Agency or the Holders of at least
          66-2/3% of the Aggregate Outstanding Amount of any Class of Notes requests be a “Measurement Date”; provided that, if any such date would otherwise fall on a day that is not a Business Day, the relevant Measurement Date shall be the
          immediately preceding Business Day.

         

        “Mezzanine Loan”: A mezzanine loan secured by a pledge of all of the equity interest in a borrower under a Mortgage Loan.

         

        “Minnesota Collateral”:  The meaning specified in Section 3.3(b)(ii).

         

        “Mixed-Use Property”:  A real property secured by real property with five or more
          residential units (including mixed-use, multifamily/office and multifamily/retail), office space, industrial space, retail space, hospitality space and/or self-storage space as to which (x) hospitality space does not represent more than one-third
          of the underwritten revenue and (y) no such other property type represents a majority of the underwritten revenue.

         

        “Modified Collateral Interest”:  The meaning specified in the Servicing Agreement.

         

        “Modified Loan”:  The meaning specified in the Servicing Agreement.

         

        “Monthly Report”:  The meaning specified in Section 10.9(a).

         

        “Moody’s”:  Moody’s Investors Service, Inc., and its successors in interest.

         

        “Moody’s Rating Factor”: With respect to any Collateral Interest, the number set forth in the table below opposite the Moody’s Rating of such Collateral Interest:

        

        

        
          -41-

          
            

        

        	
                Moody’s

                Rating

              	
                Moody’s

                Rating

                Factor

              	
                Moody’s

                Rating

              	
                Moody’s

                Rating

                Factor

              
	
                Aaa

              	
                1

              	
                Ba1

              	
                940

              
	
                Aa1

              	
                10

              	
                Ba2

              	
                1,350

              
	
                Aa2

              	
                20

              	
                Ba3

              	
                1,766

              
	
                Aa3

              	
                40

              	
                B1

              	
                2,220

              
	
                A1

              	
                70

              	
                B2

              	
                2,720

              
	
                A2

              	
                120

              	
                B3

              	
                3,490

              
	
                A3

              	
                180

              	
                Caa1

              	
                4,770

              
	
                Baa1

              	
                260

              	
                Caa2

              	
                6,500

              
	
                Baa2

              	
                360

              	
                Caa3

              	
                8,070

              
	
                Baa3

              	
                610

              	
                Ca or lower

              	
                10,000

              

         

        “Moody’s Recovery Rate”: With respect to each Collateral Interest, the rate specified in the table set forth below with respect to the property type of the related Mortgaged Property or Mortgaged Properties:

         

        	
                
                  Property Type

                

              	 	
                
                  Moody’s Recovery Rate

                

              
	
                Industrial, multifamily (including student housing) and anchored retail properties

              	 	
                60%

              
	
                Office, Life Science Office Property, unanchored retail and self-storage properties

              	 	
                55%

              
	
                Hospitality properties

              	 	
                45%

              
	
                All other property types

              	 	
                40%

              

         

        “Mortgage Loan”:  A commercial and/or multifamily real estate mortgage loan secured by a first-lien mortgage or deed-of-trust on commercial and/or Multifamily Properties.

         

        “Mortgaged Property”: With respect to any Mortgage Loan or Mezzanine Loan, the commercial and/or multifamily mortgage property or properties directly or indirectly securing such Mortgage
          Loan or Mezzanine Loan, as applicable.

         

        “Multifamily Property”:  A real property with five or more residential rental units (including mixed‐use property) as to which the majority of the underwritten revenue is from residential
          rental units.

         

        “Net Cash Flow”:  With respect to any Collateral Interest and any Mortgaged
          Property, the cash flow or revenue available for debt service from the use and operation of such Mortgaged Property less the sum of (a) operating expenses (such as utilities, administrative expenses, repairs and maintenance, management fees and
          advertising), (b) fixed expenses, such as insurance, real estate taxes and, if applicable, space lease payments, and (c) reserves for capital expenditures, including tenant improvement costs and leasing commissions, and generally excluding
          interest expenses, non-cash items such as depreciation and amortization and other non-reoccurring expenses.

        

        

        
          -42-

          
            

        

        “Net Outstanding Portfolio Balance”:  On any Measurement Date, the sum (without duplication) of:

         

        (i)          the aggregate Principal Balance of the Collateral Interests (other than any Modified Collateral Interests and Defaulted Collateral
          Interests);

         

        (ii)         the aggregate Principal Balance of all Principal Proceeds held as cash and Eligible Investments; and

         

        (iii)        with respect to each Modified Collateral Interest or Defaulted Collateral Interest, the Calculation Amount of such Collateral Interest;

         

        provided, however, that (i) with respect to each Defaulted
          Collateral Interest that has been owned by the Issuer for more than three years after becoming a Defaulted Collateral Interest, the Principal Balance of such Defaulted Collateral Interest will be zero for purposes of computing the Net Outstanding
          Portfolio Balance and (ii) in the case of a Collateral Interest subject to a Credit Risk/Defaulted Collateral Interest Cash Purchase or an exchange for an Exchange Collateral Interest, the Collateral Manager will have 45 days to exercise such
          purchase or exchange and during such period such Collateral Interest will not be treated as a Defaulted Collateral Interest for purposes of computing the Net Outstanding Portfolio Balance.

         

        “No Downgrade Confirmation”:  A confirmation from a Rating Agency that any
          proposed action, or failure to act or other specified event will not, in and of itself, result in the downgrade or withdrawal of the then-current rating assigned to any Class of Notes then rated by such Rating Agency, provided that if the
          Requesting Party receives a written waiver or acknowledgment from a Rating Agency indicating such Rating Agency’s decision not to review the matter for which the No Downgrade Confirmation is sought, then the requirement to receive a No Downgrade
          Confirmation from that Rating Agency with respect to such matter shall not apply.  For the purposes of this definition, any confirmation, waiver, request, acknowledgment or approval which is required to be in writing may be in the form of
          electronic mail.  Notwithstanding anything to the contrary set forth in this Indenture, at any time during which the Notes are no longer rated by a Rating Agency, a No Downgrade Confirmation shall not be
          required from such Rating Agency under this Indenture.

         

        “No Entity-Level Tax Opinion”: The meaning specified in Section 7.8(f).

         

        “No Trade or Business Opinion”:  An opinion of Dechert LLP, Hunton Andrews Kurth LLP or another nationally recognized tax counsel experienced in such matters that the Issuer will be
          treated as a foreign corporation that is not engaged in a trade or business in the United States for U.S. federal income tax purposes, which opinion may be conditioned on compliance with certain restrictions on the investment or other activities
          of the Issuer and the Collateral Manager on behalf of the Issuer.

         

        “Non-Acquired Participation”:  Any Future Funding Companion Participation or funded Companion Participation that is not acquired by the Issuer.

        

        

        
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        “Non-call Period”:  The period from the Closing Date to and including the Business Day immediately preceding the Payment Date in August 2023 during which no Optional Redemption is
          permitted to occur.

         

        “Non-CLO Controlled Collateral Interest”:  Each Collateral Interest that (i) is a Pari Passu Participation that is owned by the Issuer and (ii) as to which the holder of the related Companion Participation is
          the controlling holder under the related Participation Agreement.  If a related Companion Participation is acquired in its entirety by the Issuer, the Collateral Interest (together with a related Companion Participation) shall become a CLO
          Controlled Collateral Interest.  As of the Closing Date, (i) the Closing Date Collateral Interest identified on Schedule A as “The Edison” is a CLO Controlled Collateral Interest and (ii) each of the Closing Date Collateral Interests
          other than the Closing Date Collateral Interest specified in (i) above is a Non-CLO Controlled Collateral Interest.  In addition, certain Reinvestment Collateral Interests, Replenishment Collateral Interests and Exchange Collateral Interests may
          be Non-CLO Controlled Collateral Interests. A Collateral Interest shall not be considered a Non-CLO Controlled Collateral Interest solely as a result of the holder of the related Pari Passu Participation being required to obtain the consent of
          the holder of the related Companion Participation in order to exercise rights to such effective control over remedies.

         

        “Non-Permitted AML Holder”:  A holder of the Securities that fails to comply with the Holder AML Obligations.

         

        “Non-Permitted Holder”: The meaning specified in Section 2.13(b).

         

        “Non-Serviced Real Estate Loan”: Each of the Real Estate Loans related to the Closing Date Collateral Interests identified on Schedule A as “727 West Madison” and “Boston South End Life Science Campus”
          and any Reinvestment Collateral Interest, Replenishment Collateral Interest and Exchange Collateral Interest (and the related underlying Real Estate Loan) which is serviced and administered pursuant to a servicing agreement other than the
          Servicing Agreement.  If the related Real Estate Loan is acquired in its entirety by the Issuer, the Real Estate Loan will become a Serviced Real Estate Loan.  In addition, if the related pooled Companion Participation or note is no longer held
          by a securitization, the Real Estate Loan may become a Serviced Real Estate Loan in accordance with the related Participation Agreement or co-lender agreement.

         

        “Nonrecoverable Interest Advance”: Any Interest Advance previously made or proposed to be made pursuant to Section 10.7 that the Advancing Agent or the Backup Advancing Agent, as
          applicable, has determined in its sole discretion, exercised in good faith, that the amount so advanced or proposed to be advanced plus interest expected to accrue thereon, will not be ultimately recoverable from subsequent payments or
          collections with respect to the Collateral Interests.

         

        “Note Administrator”:  Wells Fargo Bank, National Association, a national banking
          association, solely in its capacity as note administrator hereunder, unless a successor Person shall have become the Note Administrator pursuant to the applicable provisions of this Indenture, and thereafter “Note Administrator” shall mean such
          successor Person.  Wells Fargo

        

        

        
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        Bank, National Association will perform the Note Administrator role through its Corporate Trust Services division.

         

        “Note Administrator’s Website”:  Initially, www.ctslink.com, provided that such address may change upon notice by the Note Administrator to the parties hereto, the 17g‐5 Information Provider and Noteholders.

         

        “Note Interest Rate”:  With respect to the Class A Notes, the Class A Rate, with respect to the Class A-S Notes, the Class A-S Rate, with respect to the Class B Notes, the Class B Rate,
          with respect to the Class C Notes, the Class C Rate, with respect to the Class D Notes, the Class D Rate, with respect to the Class E Notes, the Class E Rate, with respect to the Class F Notes, the Class F Rate, with respect to the Class F-E
          Notes, the interest rate on the Class F-E Notes described in Section 2.15, with respect to the Class F-X Notes, the interest rate on the Class F-X Notes described in Section 2.15, with respect to the Class G Notes, the Class G
          Rate, with respect to the Class G-E Notes, the interest rate on the Class G-E Notes described in Section 2.15, with respect to the Class G-X Notes, the interest rate on the Class G-X Notes described in Section 2.15

         

        “Note Liquidation Event”:  The meaning specified in Section 12.1(h).

         

        “Noteholder”:  The Person in whose name such Note is registered in the Notes Register.

         

        “Notes”:  The Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes,
          the Class G Notes, the Class G-E Notes and the Class G-X Notes, collectively, authorized by, and authenticated and delivered under, this Indenture.

         

        “Notes Register” and “Notes Registrar”:  The respective meanings specified in Section 2.5(a).

         

        “Notional Amount”:  In respect of the Preferred Shares, the per share notional amount of $1,000.  The aggregate Notional Amount of the Preferred Shares on the Closing Date will be
          $94,250,000.

         

        “NRSRO”:  Any nationally recognized statistical rating organization, including the Rating Agencies.

         

        “NRSRO Certification”:  A certification (a) executed by a NRSRO in favor of the 17g-5 Information Provider substantially in the form attached hereto as Exhibit F or (b) provided
          electronically and executed by an NRSRO by means of a click-through confirmation on the 17g‐5 Website.

         

        “Offered Notes”: The Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes, collectively, authorized by, and authenticated and
          delivered under this Indenture.

        

        

        
          -45-

          
            

        

        “Offered Note Par Value Ratio”:  As of any Measurement Date, the number (expressed as a percentage) calculated by dividing (a) the Net Outstanding
          Portfolio Balance on such Measurement Date by (b) the sum of the Aggregate Outstanding Amount of the Offered Notes and the amount of any unreimbursed Interest Advances.

         

        “Offered Note Protection Tests”:  The Par Value Test and the Interest Coverage Test.

         

        “Offering Memorandum”:  The Offering Memorandum, dated July 21, 2021, as supplemented by the Supplement to Preliminary Offering Memorandum, dated July 22, 2021 relating to the offering of
          the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes.

         

        “Office Property”:  A real property secured by office space (including mixed-use property) as to which the majority of the underwritten revenue is from office space.

         

        “Officer”:  With respect to any company, corporation or limited liability company, including the Issuer, the Co-Issuer and the Collateral Manager, any Director, Manager, the Chairman of
          the Board of Directors, the President, any Executive Vice President, any Senior Vice President, any Vice President, the Secretary, any Assistant Secretary, the Treasurer, any Assistant Treasurer, General Partner of such entity or any authorized
          person designated by such company, corporation or limited liability company as an “Officer”; and with respect to the Note Administrator and the Trustee, any Trust Officer; and with respect to the Servicer or the Special Servicer, a “Responsible
          Officer” (as defined in the Servicing Agreement).

         

        “Officer’s Certificate”:  With respect to the Issuer, the Co-Issuer and the Collateral Manager, any certificate executed by an Authorized Officer thereof.

         

        “Opinion of Counsel”:  A written opinion addressed to the Trustee and the Note Administrator and, if required by the terms hereof, the Servicer, the Special Servicer and/or the Rating
          Agencies (each, a “Recipient”), in form and substance reasonably satisfactory to each Recipient, of an outside third party counsel of national recognition (or the Cayman Islands, in the case of an opinion relating to the laws of the Cayman
          Islands), which attorney may, except as otherwise expressly provided in this Indenture, be counsel for the Issuer, and which attorney shall be reasonably satisfactory to the Trustee and the Note Administrator.  Whenever an Opinion of Counsel is
          required hereunder, such Opinion of Counsel may rely on opinions of other counsel who are so admitted and so satisfactory which opinions of other counsel shall accompany such Opinion of Counsel and shall either be addressed to each Recipient or
          shall state that each Recipient shall each be entitled to rely thereon.

         

        “Optional Redemption”:  The meaning specified in Section 9.1(c).

         

        “Originated As-Is LTV”:  With respect to any Collateral Interest, the ratio, expressed as a percentage, as calculated by the Collateral Manager in accordance with the Collateral Management Standard, of the
          Principal Balance of such Collateral Interest (including the Principal Balance of any funded Companion Participation that is pari passu in right of repayment and any Collateral Interest that is
          cross-collateralized with the subject Collateral Interest) as of the date of origination, to the “as-is” value estimate of the related Mortgaged

        

        

        
          -46-

          
            

        

        Property (and any Mortgaged Property cross-collateralizing the related Collateral Interest) as reflected in an appraisal that was obtained not more than three months prior to the date of origination of the related Real Estate Loan.

         

        “Outstanding”:  With respect to the Notes, as of any date of determination, all of the Notes or any Class of Notes, as the case may be, theretofore authenticated and delivered under this
          Indenture except:

         

        (i)          Notes theretofore canceled by the Notes Registrar or delivered to the Notes Registrar for cancellation;

         

        (ii)        Notes or portions thereof for whose payment or redemption funds in the necessary amount have been
            theretofore irrevocably deposited with the Note Administrator or the Paying Agent in trust for the Holders of such Notes pursuant to Section 4.1(a)(ii); provided that, if such Notes or portions thereof are to be redeemed, notice
            of such redemption has been duly given pursuant to this Indenture;

         

        (iii)       Notes in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to
            this Indenture, unless proof satisfactory to the Note Administrator is presented that any such Notes are held by a Holder in due course; and

         

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

         

        provided that in determining whether the Noteholders of the requisite Aggregate Outstanding Amount have given any request, demand, authorization, direction, notice, consent or waiver hereunder, (x) Notes
          owned by the Issuer, the Co-Issuer or any Affiliate thereof shall be disregarded and deemed not to be Outstanding.  The Trustee and the Note Administrator shall be protected in relying upon any such request, demand, authorization, direction,
          notice, consent or waiver, except to the extent that a Trust Officer of the Trustee or Note Administrator, as applicable, has actual knowledge of any such affiliation.  Notes that have been pledged in good faith may be regarded as Outstanding if
          the pledgee establishes to the satisfaction of the Note Administrator the pledgee’s right so to act with respect to such Notes and that the pledgee is not the Issuer, the Co-Issuer or any other obligor upon the Notes or any Affiliate of the
          Issuer, the Co-Issuer, the Collateral Manager or such other obligor and (y) in relation to (i) the exercise by the Noteholders of their right, in connection with certain Events of Default, to accelerate amounts due under the Notes and (ii) any
          amendment or other modification of, or assignment or termination of, any of the express rights or obligations of the Collateral Manager under the Collateral Management Agreement or this Indenture, Notes owned by the Collateral Manager or any of
          its Affiliates, or by any accounts managed by them, will be disregarded and deemed not to be Outstanding.  The Note Administrator shall be entitled to rely on certificates from the Holder to determine any such pledges or affiliations.

         

        “Par Purchase Price”:  With respect to a Collateral Interest, the sum of (a) the
          Principal Balance of such Collateral Interest as of the date of purchase; plus (b) all accrued and

        

        

        
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        unpaid interest on such Collateral Interest at the related interest rate to but not including the date of purchase; plus (c) all related unreimbursed Servicing Advances and accrued and unpaid interest
          on such Servicing Advances at the Advance Rate, plus (d) all Special Servicing Fees and either Workout Fees or Liquidation Fees (but not both) allocable to such Collateral Interest; plus (e) all unreimbursed expenses incurred by the Issuer (and if applicable, the Seller), the Servicer (including any unpaid Servicing Fees (as defined in the Servicing Agreement) allocable thereto) and the
          Special Servicer in connection with such Collateral Interest.

         

        “Par Value Ratio”: As of any Determination Date, the number (expressed as a percentage) calculated by dividing (a) the Net Outstanding Portfolio Balance on such Determination Date by (b) the sum of the
          Aggregate Outstanding Amount of the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes and the amount of any unreimbursed Interest Advances.

         

        “Par Value Test”: A test that will be satisfied as of any Determination Date on which any Offered Notes remain Outstanding if the Par Value Ratio on such Determination Date is equal to or greater than 112.76%.

         

        “Pari Passu Participation”:  A fully funded pari passu participation interest (or pari passu notes) in a
          Mortgage Loan or a Combined Loan.

         

        “Participated Loan”:  Any Mortgage Loan or Combined Loans participated into a Pari
          Passu Participation.

         

        “Participating Institution”:  With respect to any participation, the entity that holds legal title to the participated asset.

         

        “Participation”:  Any Pari Passu Participation and/or the related Companion Participation, as applicable and as the context may require.

         

        “Participation Agreement”:  With respect to each Participated Loan, the participation
            agreement that governs the rights and obligations of the holders of the related Pari Passu Participation and the related Companion Participation(s), as the same may be amended or amended and restated from time to time or any replacement
          thereof.

         

        “Paying Agent”:  The Note Administrator, in its capacity as Paying Agent hereunder, authorized by the Issuer and the Co-Issuer, with respect to the Offered Notes, or the Issuer, with
          respect to the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes and the Class G-X Notes, to pay the principal of or interest on any Notes on behalf of the Issuer and the Co-Issuer as specified in  Section
            7.2.

         

        “Payment Account”:  The payment account established by the Note Administrator pursuant to Section 10.3.

         

        “Payment Date”:  The 4th Business Day following each Determination Date, commencing on the Payment Date in September 2021, and ending on the Stated Maturity Date unless the Notes are
          redeemed or repaid prior thereto.

        

        

        
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        “PE Purchase Rights”: The meaning specified in Section 12.1(c).

         

        “Permitted Subsidiary”: Any one or more single purpose entities that are wholly-owned by the Issuer and are established exclusively for the purpose of taking title to mortgage, real estate
          or any Sensitive Asset in connection, in each case, with the exercise of remedies or otherwise.

         

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

         

        “Placement Agency Agreement”:  The placement agreement relating to the Notes dated July
            23, 2021 by and among the Issuer, the Co-Issuer, the Sponsor and the Placement Agents, as the same may be amended or amended and restated from time to time or any replacement thereof.

         

        “Placement Agents”:  Wells Fargo Securities, LLC, KKR Capital Markets LLC, Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC, and MUFG Securities Americas Inc.

         

        “Pledged Collateral Interest”:  On any date of determination, any Collateral Interest that has been Granted to the Trustee and not been released from the lien of this Indenture pursuant to
          Section 10.10.

         

        “Preferred Share Payment Account”:  A segregated account established and designated as such by the Preferred Share Paying Agent pursuant to the Preferred Share Paying Agency Agreement.

         

        “Preferred Share Paying Agency Agreement”:  The Preferred Share Paying Agency Agreement,
            dated as of the Closing Date, among the Issuer, the Preferred Share Paying Agent relating to the Preferred Shares and the Share Registrar, as the same may be amended or amended and restated from time to time or any replacement thereof.

         

        “Preferred Share Paying Agent”:  The Note Administrator, solely in its capacity as Preferred Share Paying Agent under the Preferred Share Paying Agency Agreement and not individually,
          unless a successor Person shall have become the Preferred Share Paying Agent pursuant to the applicable provisions of the Preferred Share Paying Agency Agreement, and thereafter “Preferred Share Paying” Agent shall mean such successor Person.

         

        “Preferred Shareholder”:  A registered owner of Preferred Shares as set forth in the share register maintained by the Share Registrar.

         

        “Preferred Shares”:  The preferred shares issued by the Issuer concurrently with the issuance of the Notes.

         

        “Principal Balance” or “par”:  With respect to any Real Estate Loan, Collateral Interest or Eligible Investment, as of any date of determination, the outstanding principal amount of such Real Estate Loan, Collateral Interest or
          Eligible Investment (as reduced by all payments

        

        

        
          -49-

          
            

        

        or other collections of principal received or deemed received, and any principal forgiven by the Special Servicer and other principal losses realized, on such Real Estate Loan, Collateral Interest or Eligible Investment during the related
          collection period); provided that the Principal Balance of any Eligible Investment that does not pay Cash interest on a current basis shall be the accreted value thereof.

         

        “Principal Proceeds”:  With respect to any Payment Date, (A) the sum (without duplication) of:

         

        (1) all principal payments (including Unscheduled Principal Payments and any casualty or condemnation proceeds and any proceeds from the exercise of remedies (including liquidation proceeds))
          received during the related Due Period in respect of (a) Eligible Investments (other than Eligible Investments purchased with Interest Proceeds, Eligible Investments in the Expense Reserve Account and any amount representing the accreted portion
          of a discount from the face amount of a Collateral Interest or an Eligible Investment) and (b) Collateral Interests as a result of (i) a maturity, scheduled amortization or mandatory prepayment on a Collateral Interest, (ii) optional prepayments
          made at the option of the related borrower, (iii) recoveries on Defaulted Collateral Interests and Credit Risk Collateral Interests, or (iv) any other principal payments received with respect to Collateral Interests,

         

        (2) Sale Proceeds received during such Due Period in respect of sales in accordance with the Transaction Documents and excluding (i) accrued interest included in Sale Proceeds, (ii) any
          reimbursement of expenses included in such Sale Proceeds and (iii) any portion of such Sale Proceeds that are in excess of the outstanding principal balance of the related Collateral Interest or Eligible Investment,

         

        (3) any interest received during such Due Period on such Collateral Interests or Eligible Investments to the extent such interest constitutes proceeds from accrued interest purchased with
          Principal Proceeds other than accrued interest purchased by the Issuer on or prior to the Closing Date;

         

        (4) all Cash payments of interest received during such Due Period on Defaulted Collateral Interests,

         

        (5) any principal payments received in Cash by the Issuer during the related Due Period on any asset held by a Permitted Subsidiary,

         

        (6) any Loss Value Payment received by the Issuer from the Seller,

         

        (7) Cash and Eligible Investments contributed by the Holder of 100% of the Preferred Shares pursuant to Section 12(c) and designated as “Principal Proceeds” by such Holder; provided
          that in no event will Principal Proceeds include any proceeds from the Excepted Property, and

         

        (8) Cash and Eligible Investments transferred from the Reinvestment and Replenishment Account to the Payment Account pursuant to Section10.2;

        

        

        
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        minus (B) the aggregate amount of (i) any Nonrecoverable Interest Advances that were not previously reimbursed to the Advancing Agent or the Backup Advancing Agent from
          Interest Proceeds and (ii) any amounts paid or reimbursed to the Servicer or Special Servicer pursuant to the terms of the Servicing Agreement out of amounts that would otherwise be Principal Proceeds.

         

        “Priority of Payments”:  The meaning specified in Section 11.1(a).

         

        “Privileged Person”:  Any of the following: (i) the Placement Agents and their designees, (ii) the Collateral Manager and its Affiliates and designees, (iii) the Servicer, (iv) the Special
          Servicer, (v) the Trustee, (vi) the Paying Agent, (vii) the Note Administrator, (viii) the Seller, (ix) the Advancing Agent, (x) any Person who provides the Note Administrator with an Investor Certification (provided that access to information
          provided by the Note Administrator to any Person who provides the Note Administrator an Investor Certification in the form of Exhibit H-2 shall be limited to the Monthly Report only) and (xi) each Rating Agency or other NRSRO that
          provides the Note Administrator with an NRSRO Certification, which NRSRO Certification may be submitted electronically by means of the Note Administrator’s Website.

         

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

         

        “QIB”:  A “qualified institutional buyer” as defined in Rule 144A.

         

        “Qualified Purchaser”: A “qualified purchaser” within the meaning of Section 2(a)(51) of the 1940 Act or an entity owned exclusively by one or more such “qualified purchasers.”

         

        “Qualified REIT Subsidiary”:  A corporation that, for U.S. federal income tax purposes, is wholly owned by a real estate investment trust under Section 856(i)(2) of the Code.

         

        “Rating Agencies”:  Moody’s and DBRS Morningstar, and any successor thereto, or, with respect to the Collateral generally, if at any time Moody’s or DBRS Morningstar or any such successor ceases to provide
          rating services with respect to the Notes or certificates similar to the Notes, any other NRSRO selected by the Issuer and reasonably satisfactory to a Majority of the Notes voting as a single Class.

         

        “Rating Agency Condition”: A condition that is satisfied if:

         

        (a)             the party required to satisfy the Rating Agency Condition (the “Requesting Party”) has made a
            written request to a Rating Agency for a No Downgrade Confirmation; and

         

        (b)               any one of the following has occurred:

         

        (i)          a No Downgrade Confirmation has been received; or

        

          

        
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        (ii)    (A) within ten (10) Business Days of such request being sent to such Rating Agency, such Rating
          Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for confirmation;

         

        (B)          the Requesting Party has confirmed that such Rating Agency has received the confirmation request,

         

        (C)          the Requesting Party promptly requests the No Downgrade Confirmation a second time; and

         

        (D)          there is no response to either confirmation request within five (5) Business Days of such second request.

         

        “Rating Agency Test Modification”:  The meaning specified in Section 12.4.

         

        “Real Estate Loans”:  All of the Mortgage Loans, Combined Loans and Participated Loans.

         

        “Record Date”: With respect to any Holder and any Payment Date, the Business Day immediately preceding the related Payment Date.

         

        “Redemption Date”:  Any Payment Date specified for a redemption of the Securities pursuant to Section 9.1.

         

        “Redemption Date Statement”:  The meaning specified in Section 10.9(d).

         

        “Redemption Price”: The Redemption Price of each Class of Notes or the Preferred Shares, as applicable, on a Redemption Date or a Scheduled Preferred Shares Redemption Date, as applicable,
          shall be calculated as follows:

         

        Class A Notes.  The redemption price for the Class A Notes shall be calculated on the related Determination Date and shall equal the Aggregate Outstanding
          Amount of the Class A Notes to be redeemed, together with the Class A Interest Distribution Amount (plus any Class A Defaulted Interest Amount) due on the applicable Redemption Date.

         

        Class A-S Notes.  The redemption price for the Class A-S Notes shall be calculated on the related Determination Date and shall equal the Aggregate
          Outstanding Amount of the Class A-S Notes to be redeemed, together with the Class A-S Interest Distribution Amount (plus any Class A-S Defaulted Interest Amount) due on the applicable Redemption Date.

         

        Class B Notes.  The redemption price for the Class B Notes shall be calculated on the related Determination Date and shall equal the Aggregate Outstanding
          Amount of the Class B Notes to be redeemed, together with the Class B Interest Distribution Amount (plus any Class B Defaulted Interest Amount) due on the applicable Redemption Date.

         

        Class C Notes.  The redemption price for the Class C Notes shall be calculated on the related Determination Date and shall equal the Aggregate Outstanding
          Amount of the Class

        

        

        
          -52-

          
            

        

        C Notes (including any Class C Deferred Interest) to be redeemed, together with the Class C Interest Distribution Amount (plus any Class C Defaulted Interest Amount) due on the applicable Redemption Date.

         

        Class D Notes.  The redemption price for the Class D Notes shall be calculated on the related Determination Date and shall equal the Aggregate Outstanding
          Amount of the Class D Notes (including any Class D Deferred Interest) to be redeemed, together with the Class D Interest Distribution Amount (plus any Class D Defaulted Interest Amount) due on the applicable Redemption Date.

         

        Class E Notes.  The redemption price for the Class E Notes shall be calculated on the related Determination Date and shall equal the Aggregate Outstanding
          Amount of the Class E Notes (including any Class E Deferred Interest) to be redeemed, together with the Class E Interest Distribution Amount (plus any Class E Defaulted Interest Amount) due on the applicable Redemption Date.

         

        Class F Notes.  The redemption price for the Class F Notes shall be calculated on the related Determination Date and shall equal the Aggregate Outstanding Amount of the Class
          F Notes (including any Class F Deferred Interest) to be redeemed, together with the Class F Interest Distribution Amount (plus any Class F Defaulted Interest Amount) due on the applicable Redemption Date.

         

        Class F-E Notes. The redemption price for the Class F-E Notes shall be calculated on the related Determination Date and shall equal the Aggregate Outstanding Amount of the
          Class F-E Notes (including any Class F-E Deferred Interest) to be redeemed, together with the Class F-E Interest Distribution Amount (plus any Class F-E Defaulted Interest Amount) due on the applicable Redemption Date.

         

        Class F-X Notes. The redemption price for the Class F-X Notes shall be calculated on the related Determination Date and shall equal the Class F-X Interest Distribution Amount
          (plus any Class F-X Defaulted Interest Amount) due on the applicable Redemption Date.

         

        Class G Notes.  The redemption price for the Class G Notes shall be calculated on the related Determination Date and shall equal the Aggregate Outstanding
          Amount of the Class G Notes (including any Class G Deferred Interest) to be redeemed, together with the Class G Interest Distribution Amount (plus any Class G Defaulted Interest Amount) due on the applicable Redemption Date.

         

        Class G-E Notes. The redemption price for the Class G-E Notes shall be calculated on the related Determination Date and shall equal the Aggregate
          Outstanding Amount of the Class G-E Notes (including any Class G-E Deferred Interest) to be redeemed, together with the Class G-E Interest Distribution Amount (plus any Class G-E Defaulted Interest Amount) due on the applicable Redemption Date.

         

        Class G-X Notes. The redemption price for the Class G-X Notes shall be calculated on the related Determination Date and shall equal the Class G-X Interest
          Distribution

        

        

        
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        Amount (plus any Class G-X Defaulted Interest Amount) due on the applicable Redemption Date.

         

        Preferred Shares.  The redemption price for the Preferred Shares shall be calculated on the related Determination Date and shall be equal to the sum of
          all net proceeds from the sale of the Collateral in accordance with Article 12 and Cash (other than the Issuer’s rights, title and interest in the property described in clause (i) of the definition of “Excepted Property”), if any,
          remaining after payment of all amounts and expenses, including payments made in respect of the Notes, described under clauses (1) through (20) of Section 11.1(a)(i) and clauses (1) through (17) of Section 11.1(a)(ii); provided
          that if there are no such net proceeds or Cash remaining, the redemption price for the Preferred Shares shall be equal to $0.

         

        “Reference Time”: With respect to any determination of the Benchmark, (i) if the Benchmark is LIBOR, 11:00 a.m. (London time) on
            the Benchmark Determination Date and (ii) if the Benchmark is not LIBOR, the time determined by the Designated Transaction Representative in accordance with the Benchmark Replacement Conforming Changes on the Benchmark Determination Date.

         

        “Registered”:  With respect to any debt obligation, a debt obligation that is issued after July 18, 1984, and that is in registered form for purposes of the Code.

         

        “Registered Office Agreement”: The agreement under the standard Terms and Conditions for the Provision of Registered Office Services by MaplesFS Limited (Structured Finance—Cayman Company)
          providing for the provision of registered office facilities to the Issuer, as approved and agreed by resolution of the Board of Directors of the Issuer, as modified, amended and supplemented from time to time.

         

        “Regulation RR”:  The final rule (appearing at 17 CFR § 246.1, et seq.) that was promulgated to implement the credit risk retention requirements under Section 15G of the Securities
          Exchange Act of 1934, as added by Section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (79 F.R. 77601; pages 77740-77766), as such rule may be amended from time to time, and subject to such clarification and interpretation
          as have been provided by the U.S. regulatory agencies in the adopting release (79 FR 77601 et seq.) or by the staff of any such agency, or as may be provided by any such agency or its staff from time to time, in each case, as effective from time
          to time.

         

        “Regulation S”:  Regulation S under the Securities Act.

         

        “Regulation S Global Note”:  The meaning specified in Section 2.2(b)(ii).

         

        “Reimbursement Interest”:  Interest accrued on the amount of any Interest Advance made by the Advancing Agent or the Backup Advancing Agent, for so long as it is outstanding, at the
          Reimbursement Rate, which Reimbursement Interest is hereby waived by the Advancing Agent for so long as the Seller (or one of its Affiliates) (i) is the Advancing Agent and (ii) owns the Preferred Shares.

         

        “Reimbursement Rate”:  A rate per annum equal to the “prime rate” as published in the “Money Rates” section of the Wall Street Journal, as such
          “prime rate” may change from

        

        

        
          -54-

          
            

        

        time to time.  If more than one “prime rate” is published in The Wall Street Journal for a day, the average of such “prime rates” will be used, and such average shall be rounded up to the nearest one eighth of one
          percent (0.125%).  If the “prime rate” contained in The Wall Street Journal is not readily ascertainable, the Collateral Manager shall select an equivalent publication that publishes such “prime rate,” and if such “prime rates” are no longer
          generally published or are limited, regulated or administered by a governmental authority or quasigovernmental body, then the Collateral Manager shall select, in its reasonable discretion, a comparable interest rate index.

         

        “Reinvestment and Replenishment Account”:  The account established by the Note Administrator pursuant to Section 10.2.

         

        “Reinvestment Collateral Interest”:  Any Mortgage Loan, Combined Loan or Pari Passu Participation in a Mortgage Loan or a Combined Loan that is acquired by the Issuer during the Reinvestment Period with
          Principal Proceeds from the Collateral Interests (or any cash contributed by the holder of the Preferred Shares to the Issuer) and that satisfies the Eligibility Criteria, the Acquisition Criteria and the Acquisition and Disposition Requirements.

         

        “Reinvestment Period”:  The period beginning on the Closing Date and ending on and including the first to occur of any of the following events or dates:  (i) the Payment Date in August 2023; (ii) the end of
          the Due Period related to the Payment Date on which all of the Notes are redeemed as described herein under Section 9.1; and (iii) the date on which principal of and accrued and unpaid interest on all of the Notes is accelerated following
          the occurrence and continuation of an Event of Default.

         

        “REIT”:  A “real estate investment trust” under the Code.

         

        “Relevant Governmental Body”: The Board of Governors of the Federal Reserve System and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by any of the foregoing, or any
          successor thereto designated by the foregoing.

         

        “Remittance Date”:          The meaning
            specified in the Servicing Agreement.

         

        “Replenishment Collateral Interest”:  Any Collateral Interest acquired by the Issuer during the Replenishment Period with Principal Proceeds from the Collateral Interests (or any Cash contributed by the
          Preferred Shareholders to the Issuer) and that satisfies the Eligibility Criteria, the Acquisition Criteria and the Acquisition and Disposition Requirements.

         

        “Replenishment Period”:  The period beginning on the first day after the end of the Reinvestment Period and ending on and including the first to occur of the following events or dates:  (i) the earlier of (a)
          the date that the Issuer has acquired Funded Companion Participations in the amount equal to 10% of the Aggregate Collateral Interest Cut-off Date Balance after the Reinvestment Period and (b) the sixth (6th) Payment Date after the Reinvestment Period; (ii) the end of the Due Period related to the Payment Date on which all of the Notes are redeemed as described under Section 9.1; and (iii) the
          date on which principal of and accrued and unpaid interest on all of the Notes is accelerated following the occurrence and continuation of an Event of Default.

         

        “Repurchase Request”:  The meaning specified in Section 7.17.

        

        

        
          -55-

          
            

        

        “Retail Property”:  A real property secured by retail space (including mixed-use property) as to which the majority of the underwritten revenue is from retail space.

         

        “Retained Securities”:  100% of the Class F Notes, the Class G Notes, and related
          MASCOT Notes for which the Class F Notes or the Class G Notes are exchanged, and the Preferred Shares.

         

        “Retention Holder”:  KREF 2021-FL2 Holdings LLC, a Delaware limited liability company.

         

        “Rule 17g-5”:  The meaning specified in Section 14.13.

         

        “Rule 144A”:  Rule 144A under the Securities Act.

         

        “Rule 144A Global Note”:  The meaning specified in Section 2.2(b)(i).

         

        “Rule 144A Information”:  The meaning specified in Section 7.13.

         

        “Sale”:  The meaning specified in Section 5.17(a).

         

        “Sale Proceeds”:  All proceeds (including accrued interest) received with respect
          to Collateral Interests and Eligible Investments as a result of sales of such Collateral Interests and Eligible Investments in accordance with this Indenture, sales in connection with exercise of a purchase option by a mezzanine lender, and sales
          in connection with a repurchase for a Material Breach, a Material Document Defect or a Combined Loan Repurchase Event, in each case, net of any reasonable out-of-pocket expenses of the Collateral Manager, the Servicer, the Note Administrator, the
          Custodian or the Trustee in connection with any such sale.

         

        “Scheduled Preferred Shares Redemption Date”:  The Stated Maturity Date for the Preferred Share in February 2039.

         

        “SEC”:  The Securities and Exchange Commission.

         

        “Secured Parties”:  Collectively, the Collateral Manager, the Trustee, the
          Custodian, the Note Administrator, the Advancing Agent, the Backup Advancing Agent, the Holders of the Offered Notes, the Servicer, the Special Servicer, the AML Services Provider and the Company Administrator, each as their interests appear in
          applicable Transaction Documents.

         

        “Securities”:  Collectively, the Notes and the Preferred Shares.

         

        “Securities Account”:  The meaning specified in Section 8-501(a) of the UCC.

         

        “Securities Account Control Agreement”:  The meaning specified in Section 3.3(b).

         

        “Securities Act”:  The Securities Act of 1933, as amended.

         

        “Securities Intermediary”:  The meaning specified in Section 10.1(b).

        

        

        
          -56-

          
            

        

        “Security”:  Any Note or Preferred Share or, collectively, the Notes and Preferred Shares, as the context may require.

         

        “Security Entitlement”:  The meaning specified in Section 8-102(a)(17) of the UCC.

         

        “Seller”:  KREF CLO Loan Seller LLC, and its
            successors in interest, solely in its capacity as Seller.

         

        “Segregated Liquidity”:  The meaning specified in the Servicing Agreement.

         

        “Self-Storage Property”:  A real property secured by self-storage space (including mixed-use property) as to which the majority of the underwritten revenue is from self-storage space.

         

        “Sensitive Asset”: Means (i) a Collateral Interest, or a portion thereof, or (ii) a real property or other interest (including, without limitation, an interest in real property) resulting
          from the conversion, exchange, other modification or exercise of remedies with respect to a Collateral Interest or portion thereof, in either case, as to which the Collateral Manager has determined, based on an Opinion of Counsel, could give rise
          to material liability of the Issuer (including liability for taxes) if held directly by the Issuer.

         

        “Serviced Real Estate Loans”: All of the Real Estate Loans except the Non-Serviced Real Estate Loans, which Non-Serviced Real Estate Loans are serviced and administered pursuant to a servicing agreement other
          than the Servicing Agreement.

         

        “Servicer”: Midland Loan Services, a Division of PNC Bank, National Association, solely in its capacity as servicer under the Servicing Agreement, together with its permitted successors
          and assigns or any successor Person that shall have become the servicer pursuant to the appropriate provisions of the Servicing Agreement.

         

        “Servicing Accounts”:  The Escrow Accounts, the Collection Account, the REO Accounts and the Cash Collateral Accounts, each as established under and defined in the Servicing Agreement.

         

        “Servicing Advances”:  The meaning specified in the Servicing Agreement.

         

        “Servicing Agreement”:  The Servicing Agreement, dated as of the Closing Date, by and
            among the Issuer, the Trustee, the Collateral Manager, the Note Administrator, the Servicer, the Special Servicer and the Advancing Agent, as the same may be amended or amended and restated from time to time or any replacement thereof.

         

        “Servicing Standard”:  The meaning specified in the Servicing Agreement.

         

        “Share Registrar”:  MaplesFS Limited, unless a successor Person shall have become the Share Registrar pursuant to the applicable provisions of the Preferred Share Paying Agency Agreement,
          and thereafter “Share Registrar” shall mean such successor Person.

        

        

        
          -57-

          
            

        

        “Signature Law”:  The meaning specified in Section 14.11.

         

        “SOFR”: With respect to any day, the secured overnight financing rate published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark,
            (or a successor administrator) on the Federal Reserve Bank of New York’s Website.

         

        “Special Servicer”:  Midland Loan Services, a Division of PNC Bank, a National
          Association, solely in its capacity as special servicer under the Servicing Agreement, together with its permitted successors and assigns or any successor Person that shall have become the special servicer
            pursuant to the appropriate provisions of the Servicing Agreement.

         

        “Special Servicing Fee”:  The meaning specified in the Servicing Agreement.

         

        “Specially Serviced Loan”:  The meaning specified in the Servicing Agreement.

         

        “Specified Person”:  The meaning specified in Section 2.6(a).

         

        “Sponsor”:  KKR Real Estate Finance Holdings L.P., solely in its role as the “sponsor” as that term is defined in Section 246.2 of Regulation RR.

         

        “Stated Maturity Date”:  The Payment Date in February 2039.

         

        “Stated Principal Balance”:  With respect to each Collateral Interest, the principal balance as of the Cut-off Date as reduced (to not less than zero) on each Payment Date by (i) all payments or other
          collections of principal of such Collateral Interest received or deemed received thereon during the related Collection Period and (ii) any principal forgiven by the Special Servicer and other principal losses realized in respect of such
          Collateral Interest during the related Collection Period.

         

        “Student Housing Property”:  Real property secured by a student housing property (including mixed-use property) as to which the majority of the underwritten revenue is from student
          housing.

         

        “Subsequent REIT”:  A REIT that holds, directly or indirectly through entities disregarded as separate from their owners for U.S. federal income tax purposes, all the equity interests in the Issuer.

         

        “Subsequent Retaining Holder”:  Any Person that purchases all or a portion of the EHRI in accordance with this Indenture and applicable laws and regulations; provided that if there are
          multiple Holders of the EHRI, then “Subsequent Retaining Holder” shall mean, individually and collectively, those multiple Holders.

         

        “Successful Auction”:  Either (i) an auction that is conducted in accordance with the provisions specified in this Indenture, which includes the requirement that the aggregate cash
          purchase price for all the Collateral Interests, together with the balance of all Eligible Investments and cash in the Payment Account, will be at least equal to the Total Redemption price or (ii) the purchase of all the Collateral Interests by
          the Preferred Shareholder for a price

        

        

        
          -58-

          
            

        

        that, together with the balance of all Eligible Investments and cash in the Payment Account, is equal to the Total Redemption Price.

         

        “Supermajority”:  With respect to (i) any Class of Notes, the Holders of at least 662⁄3% of the Aggregate Outstanding Amount of the Notes of such Class and (ii) with respect to the Preferred
          Shares, the Holders of at least 662⁄3% of the aggregate Notional Amount of the Preferred Shares.

         

        “Tax Event”: (i) Any borrower is, or on the next scheduled payment date under any Collateral Interest, will be, required to deduct or withhold from any payment under any Collateral
          Interest to the Issuer for or on account of any tax for whatever reason and such borrower is not required to pay to the Issuer such additional amount as is necessary to ensure that the net amount actually received by the Issuer (free and clear of
          taxes, whether assessed against such borrower or the Issuer) will equal the full amount that the Issuer would have received had no such deduction or withholding been required, (ii) any jurisdiction imposes net income, profits, or similar tax on
          the Issuer or (iii) the Issuer fails to maintain its status as a Qualified REIT Subsidiary or other disregarded entity of a REIT and is not a foreign corporation that is not engaged in a trade or business within the United States for U.S. federal
          income tax purposes.  Withholding taxes imposed under FATCA, if any, shall be disregarded in applying the definition of “Tax Event.”

         

        “Tax Materiality Condition”:  The condition that will be satisfied if either (i) as a result of the occurrence of a Tax Event, a tax or taxes are imposed on the Issuer or withheld from
          payments to the Issuer and with respect to which the Issuer receives less than the full amount that the Issuer would have received had no such deduction occurred and such amount exceeds, in the aggregate, $1,000,000 during any 12‐month period or
          (ii) the Issuer fails to maintain its status as a Qualified REIT Subsidiary or other disregarded entity of a REIT and is not a foreign corporation that is not engaged in a trade or business within the United States for U.S. federal income tax
          purposes.

         

        “Tax Redemption”:  The meaning specified in Section 9.1(b).

         

        “Term SOFR”: The forward-looking term rate for the applicable Corresponding Tenor based on SOFR that has been endorsed, selected or recommended by the Relevant Governmental Body.

         

        “Total Redemption Price”:  The amount equal to funds sufficient to pay all amounts and expenses described under clauses (1) through (4) of Section 11.1(a)(i) and to redeem all
          Notes at their applicable Redemption Prices.

         

        “Transaction Documents”:  This Indenture, the Collateral Management Agreement, Collateral Interest Purchase Agreement, the EU/UK Risk Retention Letter, the Placement Agency Agreement, the
          Company Administration Agreement, the Preferred Share Paying Agency Agreement, the Registered Office Agreement, the AML Services Agreement, the Participation Agreements, the Future Funding Agreement, the Servicing Agreement and the Securities
          Account Control Agreement.

        

        

        
          -59-

          
            

        

        “Transfer Agent”:  The Person or Persons, which may be the Issuer, authorized by the Issuer to exchange or register the transfer of Notes in its capacity as Transfer Agent.

         

        “Treasury Regulations”:  Temporary or final regulations promulgated under the Code by the United States Treasury Department.

         

        “Trust Officer”:  When used with respect to (i) the Trustee, any officer of the
          Corporate Trust Office of the Trustee with direct responsibility for the administration of this Indenture and also, with respect to a particular matter, any other officer to whom such matter is referred because such officer’s knowledge of and
          familiarity with the particular subject and (ii) the Note Administrator, any officer of the Corporate Trust Services group of the Note Administrator with direct responsibility for the administration of this Indenture and also, with respect to a
          particular matter, any other officer to whom a particular matter is referred because of such officer’s knowledge of and familiarity with the particular subject.

         

        “Trustee”:  Wilmington Trust, National Association, a national banking
          association, solely in its capacity as trustee hereunder, unless a successor Person shall have become the Trustee pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean such successor Person.

         

        “Two Quarter Future Advance Estimate”:  The meaning specified in the Servicing Agreement.

         

        “UCC”:  The applicable Uniform Commercial Code.

         

        “UK Securitization Laws”: Regulation (EU) 2017/2402 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by the Securitization (Amendment) (EU Exit) Regulations
          2019 of the United Kingdom, together with any supplementary regulatory technical standards, implementing standards and any official guidance published in relation thereto by the UK Financial Conduct Authority and/or the UK Prudential Regulation
          Authority or any other UK regulatory authority, and any implementing laws or regulations, each as in force on the Closing Date.

         

        “Underlying Note”:  With respect to any Real Estate Loan, the promissory note or other evidence of indebtedness or agreements evidencing the indebtedness of an obligor under such Real Estate Loan.

         

        “Underwritten Stabilized NCF DSCR”:  With respect to any Collateral Interest, the
          ratio, as calculated by the Collateral Manager in accordance with the Collateral Management Standard, of the underwritten stabilized Net Cash Flow for the
          related Mortgaged Property or Properties to the Annual Debt Service for the related Real Estate Loan, assuming all Future Funding Amounts have been advanced.  With respect to each Combined Loan, the related Mortgage Loan and the related Mezzanine
          Loan shall be treated as a single Real Estate Loan for purposes of calculating the Underwritten Stabilized NCF DSCR.

         

        “Unadjusted Benchmark Replacement”: The Benchmark Replacement excluding the applicable Benchmark Replacement Adjustment.

        

        

        
          -60-

          
            

        

        “United States” and “U.S.”: The United States of America, including any state and any territory or possession administered thereby.

         

        “Unscheduled Principal Payments”:  Any proceeds received by the Issuer from an unscheduled prepayment or redemption (in whole but not in part) by the obligor of a Real Estate Loan prior to
          the maturity date of such Collateral Interest.

         

        “Updated Appraisal”:  With respect to any Mortgaged Property, an updated appraisal, or a letter update for an existing appraisal if such existing appraisal is less than twenty-four (24) months old of the
          Mortgaged Property from an independent MAI appraiser; provided that it shall not be necessary to obtain an updated appraisal or letter update for an existing appraisal if there exists an appraisal that is less than twelve (12) months old
          and the party that is required to obtain such updated appraisal or letter update for an existing appraisal is not aware of any material change in the market for, or the condition or value of the Mortgaged Property.

         

        “U.S. Person”: The meaning specified in Regulation S.

         

        “Volcker Rule”:  Section 13 of the Bank Holding Company Act of 1956, as amended, and the applicable rules and regulations promulgated thereunder.

         

        “Weighted Average Life”:  As of any date of determination with respect to the Collateral Interests (other than Defaulted Collateral Interests), the number obtained by (i) summing the products obtained by
          multiplying (a) the Average Life at such time of each Collateral Interest (other than Defaulted Collateral Interests) by (b) the outstanding Principal Balance of such Collateral Interest and (ii) dividing such sum by the aggregate Principal
          Balance at such time of all Collateral Interests (other than Defaulted Collateral Interests), where “Average Life” means, on any date of determination with respect to any Collateral Interest (other than a Defaulted Collateral Interest),
          the quotient obtained by the Collateral Manager by dividing (i) the sum of the products of (a) the number of years (rounded to the nearest one tenth thereof) from such date of determination to the respective dates of each successive expected
          distribution of principal of such Collateral Interest and (b) the respective amounts of such expected distributions of principal by (ii) the sum of all successive expected distributions of principal on such Collateral Interest.

         

        “Weighted Average Spread”:  As of any Measurement Date, the number obtained (rounded up to the next 0.001%), by (i) summing the products obtained by multiplying (a)
          with respect to any Collateral Interest (other than any Defaulted Collateral Interest), the greater of (x) the current spread above the Benchmark at which interest accrues on each such Collateral Interest and (y) if such Collateral Interest
          provides for a minimum interest rate payable thereunder, the excess, if any, of the minimum interest rate applicable to such Collateral Interest (net of any servicing fees and expenses) over the Benchmark by (b) the Principal Balance of such
          Collateral Interest as of such date, and (ii) dividing such sum by the Aggregate Principal Balance of all Collateral Interests (excluding all Defaulted Collateral Interests).

         

        “Whole Loan”:  A whole mortgage loan (but not a participation interest in a mortgage loan) secured by commercial or multifamily real estate.

         

        “Workout Fee”:  The meaning specified in the Servicing Agreement.

        

        

        
          -61-

          
            

        

        Section 1.2          Interest Calculation Convention.

         

        All calculations of interest hereunder that are made with respect to the Notes shall be made on the basis of the actual number of days during the related Interest Accrual Period divided by three
          hundred sixty (360).

         

        Section 1.3          Rounding Convention.

         

        Unless otherwise specified herein, test calculations that are evaluated as a percentage shall be rounded to the nearest ten thousandth of a percentage point and test calculations that are
          evaluated as a number or decimal shall be rounded to the nearest one hundredth of a percentage point.

         

        ARTICLE 2

         

        THE NOTES

         

        Section 2.1          Forms Generally.

         

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

         

        Section 2.2          Forms of Notes and Certificate of Authentication.

         

        (a)          Form.  The form of each Class of the Offered Notes, including the Certificate of Authentication, shall be substantially
            as set forth in Exhibit A hereto and the form of the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes and the Class G-X Notes, including the Certificate of Authentication, shall be
            substantially as set forth in Exhibit B hereto.

         

        (b)          Global Notes and Definitive Notes.

         

        (i)          The Notes initially offered and sold in the United States to (or to U.S. Persons who are) QIBs shall be
            represented by one or more permanent global notes in definitive, fully registered form without interest coupons with the applicable legend set forth in Exhibits A and B hereto added to the form of such Notes (each, a “Rule
              144A Global Note”), which shall be registered in the name of Cede & Co., as the nominee of the Depository and deposited with the Note Administrator, as custodian for the Depository, duly executed by the Issuer and in the case of the
            Offered Notes, the Co-Issuer and authenticated by the Authenticating Agent as hereinafter provided.  The aggregate principal amount of the Rule 144A Global Notes may from time to time be

        

          

        
          -62-

          
            

        

        increased or decreased by adjustments made on the records of the Note Administrator or the Depository or its nominee, as the case may be, as hereinafter provided.

         

        (ii)         The Notes initially offered and sold in the United States to (or to U.S. Persons who are) IAIs shall be
            issued in definitive form, registered in the name of the legal or beneficial owner thereof attached without interest coupons with the applicable legend set forth in Exhibits A and B hereto added to the form of such Notes (each a
            “Definitive Note”), which shall be duly executed by the Issuer and, in the case of the Offered Notes, the Co-Issuer and authenticated by the Authenticating Agent as hereinafter provided.  The aggregate principal amount of the Definitive
            Notes may from time to time be increased or decreased by adjustments made on the records of the Note Administrator or the Depository or its nominee, as the case may be, as hereinafter provided.

         

        (iii)       The Notes initially sold in offshore transactions in reliance on Regulation S shall be represented by one
            or more permanent global notes in definitive, fully registered form without interest coupons with the applicable legend set forth in Exhibits A and B, hereto added to the form of such Notes (each, a “Regulation S Global Note”),
            which shall be deposited on behalf of the subscribers for such Notes represented thereby with the Note Administrator as custodian for the Depository and registered in the name of a nominee of the Depository for the respective accounts of
            Euroclear and Clearstream, Luxembourg or their respective depositories, duly executed by the Issuer and, in the case of the Offered Notes, the Co-Issuer and authenticated by the Authenticating Agent as hereinafter provided.  The aggregate
            principal amount of the Regulation S Global Notes may from time to time be increased or decreased by adjustments made on the records of the Note Administrator or the Depository or its nominee, as the case may be, as hereinafter provided.

         

        (c)          Book-Entry Provisions.  This Section 2.2(c) shall apply only to Global Notes deposited with or on behalf of the
            Depository.

         

        Each of the Issuer and Co-Issuer shall execute and the Authenticating Agent shall, in accordance with this Section 2.2(c), authenticate and deliver initially one or more Global Notes that
          shall be (i) registered in the name of the nominee of the Depository for such Global Note or Global Notes and (ii) delivered by the Note Administrator to such Depository or pursuant to such Depository’s instructions or held by the Note
          Administrator’s agent as custodian for the Depository.

         

        Agent Members shall have no rights under this Indenture with respect to any Global Note held on their behalf by the Note Administrator, as custodian for the Depository or under the Global Note,
          and the Depository may be treated by the Issuer, the Co-Issuer, the Trustee, the Note Administrator, the Collateral Manager, the Servicer and the Special Servicer and any of their respective agents as the absolute owner of such Global Note for
          all purposes whatsoever.  Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Co-Issuer, the Trustee, the Note Administrator, the Collateral Manager, the Servicer and the Special Servicer or any of their respective agents,
          from giving effect to any written certification, proxy or other authorization furnished by the Depository or impair, as between the Depository and its

        

        

        
          -63-

          
            

        

        Agent Members, the operation of customary practices governing the exercise of the rights of a Holder of any Global Note.

         

        (d)         Delivery of Definitive Notes in Lieu of Global Notes.  Except as provided in Section 2.10, owners of beneficial
            interests in a Class of Global Notes shall not be entitled to receive physical delivery of a Definitive Note.

         

        Section 2.3          Authorized Amount; Stated Maturity Date; and Denominations.

         

        (a)       The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is limited to
            $1,205,750,000, except for Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Section 2.5, 2.6 or 8.5.

         

        Such Notes shall be divided into eight Classes having designations and original principal amounts as follows:

         

        	
                
                   

                  Designation

                

              	 	
                
                  Original

                  Principal

                  Amount

                

              	 
	
                Class A Senior Secured Floating Rate Notes Due 2039

              	 	
                $

              	
                702,000,000

              	 
	
                Class A-S Second Priority Secured Floating Rate Notes Due 2039

              	 	
                $

              	
                165,750,000

              	 
	
                Class B Third Priority Secured Floating Rate Notes Due 2039

              	 	
                $

              	
                65,000,000

              	 
	
                Class C Fourth Priority Secured Floating Rate Notes Due 2039

              	 	
                $

              	
                78,000,000

              	 
	
                Class D Fifth Priority Secured Floating Rate Notes Due 2039

              	 	
                $

              	
                69,875,000

              	 
	
                Class E Sixth Priority Secured Floating Rate Notes Due 2039

              	 	
                $

              	
                14,625,000

              	 
	
                Class F Seventh Priority Floating Rate Notes Due 2039(1)

              	 	
                $

              	
                65,000,000

              	 
	
                Class G Eighth Priority Floating Rate Notes Due 2039(1)

              	 	
                $

              	
                45,500,000

              	 

         

        (1) At any time on or after the Initial MASCOT Note Issuance Date the Class F Notes and the Class G Notes are exchangeable notes (the
          “Exchangeable Notes”) and are exchangeable for proportionate interests in the related MASCOT Notes as set forth in Section 2.15.  All or a portion of (i) the Class F Notes may be exchanged for proportionate interests in the Class
          F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and (ii) the Class G Notes may be exchanged for proportionate interests in the Class G-E Notes (the “Class G-E Notes” and, collectively with
          the Class F-E Notes, the “MASCOT P&I Notes”) and the Class G-X Notes (the “Class G-X Notes” and, collectively with the Class F-X Notes, the “MASCOT Interest Only Notes,” and together with the MASCOT P&I Notes, the “MASCOT
            Notes”), and vice versa.

         

        (b)          The Notes shall be issuable in minimum denominations of $100,000 and integral multiples of $500 in excess
            thereof (plus any residual amount).

        

          

        
          -64-

          
            

        

        Section 2.4          Execution, Authentication, Delivery and Dating.

         

        The Notes shall be executed on behalf of the Issuer and, in the case of the Offered Notes, the Co-Issuer by an Authorized Officer of the Issuer and, in the case of the Offered Notes, the
          Co-Issuer, respectively.  The Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes and the Class G-X Notes shall be executed on behalf of the Issuer by an Authorized Officer of the Issuer.  The signature
          of such Authorized Officers on the Notes may be manual or facsimile.

         

        Notes bearing the manual or facsimile signatures of individuals who were at any time the Authorized Officers of the Issuer and, in the case of the Offered Notes, the Co-Issuer shall bind the
          Issuer or the Co-Issuer, as the case may be, notwithstanding the fact that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of
          issuance of such Notes.

         

        At any time and from time to time after the execution and delivery of this Indenture, the Issuer and the Co-Issuer may deliver the Offered Notes executed by the Issuer and the Co-Issuer, and the
          Issuer may deliver the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes and the Class G-X Notes executed by the Issuer, to the Authenticating Agent for authentication and the Authenticating Agent,
          upon Issuer Order, shall authenticate and deliver such Notes as provided in this Indenture and not otherwise.

         

        Each Note authenticated and delivered by the Authenticating Agent upon Issuer Order on the Closing Date shall be dated as of the Closing Date.  All other Notes that are authenticated after the
          Closing Date for any other purpose under this Indenture shall be dated the date of their authentication.

         

        Notes issued upon transfer, exchange or replacement of other Notes shall be issued in authorized denominations reflecting the original aggregate principal amount of the Notes so transferred,
          exchanged or replaced, but shall represent only the current outstanding principal amount of the Notes so transferred, exchanged or replaced.  In the event that any Note is divided into more than one Note in accordance with this Article 2,
          the original principal amount of such Note shall be proportionately divided among the Notes delivered in exchange therefor and shall be deemed to be the original aggregate principal amount of such subsequently issued Notes.

         

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

         

        Section 2.5          Registration, Registration of Transfer and Exchange.

         

        (a)         The Issuer and the Co-Issuer shall cause to be kept a register (the “Notes Register”) in which, subject to such
            reasonable regulations as it may prescribe, the Issuer and the Co-Issuer shall provide for the registration of Notes and the registration of transfers and

        

          

        
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        exchanges of Notes.  The Note Administrator is hereby initially appointed “Notes Registrar” for the purpose of maintaining the Notes Registrar and registering Notes and transfers and exchanges of such Notes with
          respect to the Notes Register kept in the United States as herein provided.  Upon any resignation or removal of the Notes Registrar, the Issuer and the Co-Issuer shall promptly appoint a successor or, in the absence of such appointment, assume
          the duties of Notes Registrar.

         

        The name and address of each Noteholder and the principal amounts and stated interest of each such Noteholder in its Notes shall be recorded by the Notes Registrar in the Notes Register.  For the
          avoidance of doubt, the Notes Register is intended to be and shall be maintained so as to cause the Notes to be considered issued in registered form under Treasury Regulations section 5f.103-1(c).

         

        If a Person other than the Note Administrator is appointed by the Issuer and the Co-Issuer as Notes Registrar, the Issuer and the Co-Issuer shall give the Note Administrator prompt written notice
          of the appointment of a successor Notes Registrar and of the location, and any change in the location, of the Notes Register, and the Note Administrator shall have the right to inspect the Notes Register at all reasonable times and to obtain
          copies thereof and the Note Administrator shall have the right to rely upon a certificate executed on behalf of the Notes Registrar by an Authorized Officer thereof as to the names and addresses of the Holders of the Notes and the principal
          amounts and numbers of such Notes.  In addition, the Note Registrar shall be required, within one Business Day of each Record Date, to provide the Note Administrator with a copy of the Note Registrar in the format required by, and with all
          accompanying information regarding the Noteholders as may reasonably be required by the Note Administrator.

         

        Subject to this Section 2.5, upon surrender for registration of transfer of any Notes at the office or agency of the Issuer to be maintained as provided in Section 7.2, the Issuer
          and the Co-Issuer shall execute, and the Authenticating Agent shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of any authorized denomination and of a like aggregate principal amount.

         

        At the option of the Holder, Notes may be exchanged for Notes of like terms, in any authorized denominations and of like aggregate principal amount, upon surrender of the Notes to be exchanged at
          the office or agency of the Issuer to be maintained as provided in Section 7.2.  Whenever any Note is surrendered for exchange, the Issuer and, in the case of the Offered Notes, the Co-Issuer shall execute, and the Authenticating Agent
          shall authenticate and deliver, the Notes that the Holder making the exchange is entitled to receive.

         

        All Notes issued and authenticated upon any registration of transfer or exchange of Notes shall be the valid obligations of the Issuer and, in the case of the Offered Notes, the Co-Issuer,
          evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange.

         

        Every Note presented or surrendered for registration of transfer or exchange shall be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to

        

        

        
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        the Issuer and, in the case of the Offered Notes, the Co‐Issuer and, in each case, the Notes Registrar duly executed by the Holder thereof or his attorney duly authorized in writing.

         

        No service charge shall be made to a Holder for any registration of transfer or exchange of Notes, but the Note Administrator may require payment of a sum sufficient to cover any tax or other
          governmental charge payable in connection therewith.

         

        None of the Notes Registrar, the Issuer or the Co-Issuer shall be required (i) to issue, register the transfer of or exchange any Note during a period beginning at the opening of business 15 days
          before any selection of Notes to be redeemed and ending at the close of business on the day of the mailing of the relevant notice of redemption, or (ii) to register the transfer of or exchange any Note so selected for redemption.

         

        (b)         No Note may be sold or transferred (including, without limitation, by pledge or hypothecation) unless such sale or transfer is
            exempt from the registration requirements of the Securities Act and is exempt from the registration requirements under applicable securities laws of any state or other jurisdiction.

         

        (c)          No Note may be offered, sold, resold or delivered, within the United States or to, or for the benefit of, U.S. Persons except
            in accordance with Section 2.5(e) below and in accordance with Rule 144A to QIBs or, solely with respect to Definitive Notes, IAIs who are also Qualified Purchasers purchasing for their own account or for the accounts of one or more
            QIBs or IAIs who are also Qualified Purchasers, for which the purchaser is acting as fiduciary or agent.  The Notes may be offered, sold, resold or delivered, as the case may be, in offshore transactions to non-U.S. Persons in reliance on
            Regulation S.  None of the Issuer, the Co-Issuer, the Note Administrator, the Trustee or any other Person may register the Notes under the Securities Act or the securities laws of any state or other jurisdiction.

         

        (d)         Upon final payment due on the Stated Maturity Date of a Note, the Holder thereof shall present and surrender such Note at the
            Corporate Trust Office of the Note Administrator or at the office of the Paying Agent.

         

        (e)          Transfers of Global Notes.  Notwithstanding any provision to the contrary herein, so long as a Global Note remains
            outstanding and is held by or on behalf of the Depository, transfers of a Global Note, in whole or in part, shall be made only in accordance with Section 2.2(c) and this Section 2.5(e).

         

        (i)          Except as otherwise set forth below, transfers of a Global Note shall be limited to transfers of such
            Global Note in whole, but not in part, to nominees of the Depository or to a successor of the Depository or such successor’s nominee.  Transfers of a Global Note to a Definitive Note may only be made in accordance with Section 2.10.

         

        (ii)         Regulation S Global Note to Rule 144A Global Note or Definitive Note.  If a holder of a beneficial
            interest in a Regulation S Global Note wishes at any time to exchange its interest in such Regulation S Global Note for an interest in the corresponding Rule 144A Global Note or for a Definitive Note or to transfer its interest in such
            Regulation S Global Note to a Person who wishes to take delivery thereof in the form of an interest in the corresponding Rule 144A Global Note or for a Definitive Note,

        

          

        
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        such holder may, subject to the immediately succeeding sentence and the rules and procedures of Euroclear, Clearstream and/or DTC, as the case may be, exchange or transfer, or cause the exchange
          or transfer of, such interest for an equivalent beneficial interest in the corresponding Rule 144A Global Note or for a Definitive Note.  Upon receipt by the Note Administrator or the Notes Registrar of:

         

        (1)          if the transferee is taking a beneficial interest in a Rule 144A Global Note, instructions from Euroclear,
            Clearstream and/or DTC, as the case may be, directing the Note Registrar to cause to be credited a beneficial interest in the corresponding Rule 144A Global Note in an amount equal to the beneficial interest in such Regulation S Global Note,
            but not less than the minimum denomination applicable to such holder’s Notes to be exchanged or transferred, such instructions to contain information regarding the participant account with DTC to be credited with such increase and a duly
            completed certificate in the form of Exhibit C-2 attached hereto; or

         

        (2)          if the transferee is taking a Definitive Note, a duly completed transfer certificate in substantially the
            form of Exhibit C-3 hereto, certifying that such transferee is an IAI,

         

        then the Notes Registrar shall either (x) if the transferee is taking a beneficial interest in a Rule 144A Global Note, approve the instructions at DTC to reduce, or cause to
          be reduced, the Regulation S Global Note by the aggregate principal amount of the beneficial interest in the Regulation S Global Note to be transferred or exchanged and the Notes Registrar shall instruct DTC, concurrently with such reduction, to
          credit or cause to be credited to the securities account of the Person specified in such instructions a beneficial interest in the corresponding Rule 144A Global Note equal to the reduction in the principal amount of the Regulation S Global Note
          or (y) if the transferee is taking an interest in a Definitive Note, the Notes Registrar shall record the transfer in the Notes Register in accordance with Section 2.5(a) and, upon execution by the Issuers, the Authenticating Agent shall
          authenticate and deliver one or more Definitive Notes, as applicable, registered in the names specified in the instructions described above, in principal amounts designated by the transferee (the aggregate of such principal amounts being equal to
          the aggregate principal amount of the interest in the Regulation S Global Note transferred by the transferor).

         

        (iii)       Definitive Note or Rule 144A Global Note to Regulation S Global Note.  If a holder of a beneficial
            interest in a Rule 144A Global Note or a Holder of a Definitive Note wishes at any time to exchange its interest in such Rule 144A Global Note or Definitive Note for an interest in the corresponding Regulation S Global Note, or to transfer its
            interest in such Rule 144A Global Note or Definitive Note to a Person who wishes to take delivery thereof in the form of an interest in the corresponding Regulation S Global Note, such holder, provided such holder or, in the case of a transfer,
            the transferee is not a U.S. person and is acquiring such interest in an offshore transaction, may, subject to the immediately succeeding sentence and the rules and procedures of DTC, exchange or transfer, or cause the exchange or transfer of,
            such interest for an

        

          

        
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        equivalent beneficial interest in the corresponding Regulation S Global Note.  Upon receipt by the Note Administrator or the Notes Registrar of:

         

        (1)          instructions given in accordance with DTC’s procedures from an Agent Member directing the Note
            Administrator or the Notes Registrar to credit or cause to be credited a beneficial interest in the corresponding Regulation S Global Note, but not less than the minimum denomination applicable to such holder’s Notes, in an amount equal to the
            beneficial interest in the Rule 144A Global Note or Definitive Note to be exchanged or transferred, and in the case of a transfer of Definitive Notes, such Holder’s Definitive Notes properly endorsed for assignment to the transferee,

         

        (2)         a written order given in accordance with DTC’s procedures containing information regarding the participant
            account of DTC and the Euroclear or Clearstream account to be credited with such increase,

         

        (3)          in the case of a transfer of Definitive Notes, a Holder’s Definitive Note properly endorsed for assignment
            to the transferee, and

         

        (4)          a duly completed certificate in the form of Exhibit C-1 attached hereto,

         

        then the Note Administrator or the Notes Registrar shall approve the instructions at DTC to reduce the principal amount of the Rule 144A Global Note (or, in the case of a
          transfer of Definitive Notes, the Note Administrator or the Notes Registrar shall cancel such Definitive Notes) and to increase the principal amount of the Regulation S Global Note by the aggregate principal amount of the beneficial interest in
          the Rule 144A Global Note or Definitive Note to be exchanged or transferred, and to credit or cause to be credited to the securities account of the Person specified in such instructions a beneficial interest in the corresponding Regulation S
          Global Note equal to the reduction in the principal amount of the Rule 144A Global Note (or, in the case of a cancellation of Definitive Notes, equal to the principal amount of Definitive Notes so cancelled).

         

        (iv)       Transfer of Rule 144A Global Notes to Definitive Notes.  If, in accordance with Section 2.10,
            a holder of a beneficial interest in a Rule 144A Global Note wishes at any time to exchange its interest in such Rule 144A Global Note for a Definitive Note or to transfer its interest in such Rule 144A Global Note to a Person who wishes to
            take delivery thereof in the form of a Definitive Note in accordance with Section 2.10, such holder may, subject to the immediately succeeding sentence and the rules and procedures of DTC, exchange or transfer, or cause the exchange or
            transfer of, such interest for a Definitive Note.  Upon receipt by the Note Administrator or the Notes Registrar of (A) a duly complete certificate substantially in the form of Exhibit C-3 and (B) appropriate instructions from DTC, if
            required, the Note Administrator or the Notes Registrar shall approve the instructions at DTC to reduce, or cause to be reduced, the Rule 144A Global Note by the aggregate principal amount of the beneficial interest in the Rule 144A Global Note
            to be transferred or exchanged, record the transfer in the Notes Register in accordance with Section 2.5(a) and upon execution by the Issuers, the Authenticating

        

          

        
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        Agent shall authenticate and deliver one or more Definitive Notes, registered in the names specified in the instructions described in clause (B) above, in principal amounts designated by the
          transferee (the aggregate of such principal amounts being equal to the aggregate principal amount of the interest in the Rule 144A Global Note transferred by the transferor).

         

        (v)         Transfer of Definitive Notes to Rule 144A Global Notes.  If a holder of a Definitive Note wishes at
            any time to exchange its interest in such Definitive Note for a beneficial interest in a Rule 144A Global Note or to transfer such Definitive Note to a Person who wishes to take delivery thereof in the form of a beneficial interest in a Rule
            144A Global Note, such holder may, subject to the immediately succeeding sentence and the rules and procedures of DTC, exchange or transfer, or cause the exchange or transfer of, such Definitive Note for beneficial interest in a Rule 144A
            Global Note (provided that no IAI may hold an interest in a Rule 144A Global Note).  Upon receipt by the Note Administrator or the Notes Registrar of (A) a Holder’s Definitive Note properly endorsed for assignment to the transferee; (B)
            a duly completed certificate substantially in the form of Exhibit C-2 attached hereto; (C) instructions given in accordance with DTC’s procedures from an Agent Member to instruct DTC to cause to be credited a beneficial interest in the
            Rule 144A Global Notes in an amount equal to the Definitive Notes to be transferred or exchanged; and (D) a written order given in accordance with DTC’s procedures containing information regarding the participant’s account of DTC to be credited
            with such increase, the Note Administrator or the Notes Registrar shall cancel such Definitive Note in accordance herewith, record the transfer in the Notes Register in accordance with Section 2.5(a) and approve the instructions at DTC,
            concurrently with such cancellation, to credit or cause to be credited to the securities account of the Person specified in such instructions a beneficial interest in the corresponding Rule 144A Global Note equal to the principal amount of the
            Definitive Note transferred or exchanged.

         

        (vi)       Transfers of EHRI.  Transfers of the Preferred Shares and restrictions on the transfer of the EHRI
            shall be governed by the Preferred Share Paying Agency Agreement, and be subject to Section 2.5(n).

         

        (vii)       Other Exchanges.  In the event that, pursuant to Section 2.10, a Global Note is exchanged
            for Definitive Notes, such Notes may be exchanged for one another only in accordance with such procedures as are substantially consistent with the provisions above (including certification requirements intended to ensure that such transfers are
            to a QIB who is also a Qualified Purchaser or are to a non-U.S. Person, or otherwise comply with Rule 144A or Regulation S, as the case may be) and as may be from time to time adopted by the Issuer, the Co-Issuer and the Note Administrator.

         

        (f)         Removal of Legend.  If Notes are issued upon the transfer, exchange or replacement of Notes bearing the applicable
            legends set forth in Exhibits A and B hereto, and if a request is made to remove such applicable legend on such Notes, the Notes so issued shall bear such applicable legend, or such applicable legend shall not be removed, as the
            case may be, unless there is delivered to the Issuer and the Co-Issuer such satisfactory evidence, which may include an Opinion of Counsel of an attorney at law licensed to practice law in the State of New York (and addressed to the Issuer and
            the Note Administrator), as may be reasonably required by

        

          

        
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        the Issuer and the Co-Issuer, if applicable, to the effect that neither such applicable legend nor the restrictions on transfer set forth therein are required to ensure that transfers thereof comply with the
          provisions of Rule 144A or Regulation S, as applicable, the 1940 Act, ERISA or Section 4975 of the Code.  So long as the Issuer or the Co-Issuer is relying on an exemption under or promulgated pursuant to the 1940 Act, the Issuer or the Co-Issuer
          shall not remove that portion of the legend required to maintain an exemption under or promulgated pursuant to the 1940 Act.  Upon provision of such satisfactory evidence, as confirmed in writing by the Issuer and the Co-Issuer, if applicable, to
          the Note Administrator, the Note Administrator, at the direction of the Issuer and the Co-Issuer, if applicable, shall authenticate and deliver Notes that do not bear such applicable legend.

         

        (g)          Each beneficial owner of Regulation S Global Notes shall be deemed to make the representations and agreements set forth in Exhibit
              C-1 hereto.

         

        (h)          Each beneficial owner of Rule 144A Global Notes shall be deemed to make the representations and agreements set forth in Exhibit
              C-2 hereto.

         

        (i)          Each Holder of Definitive Notes shall make the representations and agreements set forth in the certificate attached as Exhibit
              C-3 hereto.

         

        (j)          Any purported transfer of a Note not in accordance with Section 2.5(a) shall be null and void and shall not be given
            effect for any purpose hereunder.

         

        (k)          Notwithstanding anything contained in this Indenture to the contrary, neither the Note Administrator nor the Notes Registrar
            (nor any other Transfer Agent) shall be responsible or liable for compliance with applicable federal or state securities laws (including, without limitation, the Securities Act or Rule 144A or Regulation S promulgated thereunder), the 1940 Act,
            ERISA or Section 4975 of the Code (or any applicable regulations thereunder); provided, however, that if a specified transfer certificate or Opinion of Counsel is required by the express
            terms of this Section 2.5 to be delivered to the Note Administrator or Notes Registrar prior to registration of transfer of a Note, the Note Administrator and/or Notes Registrar, as applicable, is required to request, as a condition for
            registering the transfer of the Note, such certificate or Opinion of Counsel and to examine the same to determine whether it conforms on its face to the requirements hereof (and the Note Administrator or Notes Registrar, as the case may be,
            shall promptly notify the party delivering the same if it determines that such certificate or Opinion of Counsel does not so conform).

         

        (l)          If the Note Administrator has actual knowledge or is notified by the Issuer, the Co-Issuer or the Collateral Manager that (i)
            a transfer or attempted or purported transfer of any interest in any Note was consummated in compliance with the provisions of this Section 2.5 on the basis of a materially incorrect certification from the transferee or purported
            transferee, (ii) a transferee failed to deliver to the Note Administrator any certification required to be delivered hereunder or (iii) the holder of any interest in a Note is in breach of any representation or agreement set forth in any
            certification or any deemed representation or agreement of such holder, the Note Administrator shall not register such attempted or purported transfer and if a transfer has been registered, such transfer shall be absolutely null and void ab initio and shall vest no rights in the purported transferee (such purported transferee, a

        

          

        
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        “Disqualified Transferee”) and the last preceding holder of such interest in such Note that was not a Disqualified Transferee shall be restored to all rights as a Holder thereof retroactively to the date of
          transfer of such Note by such Holder.

         

        In addition, the Note Administrator may require that the interest in the Note referred to in (i), (ii) or (iii) in the preceding paragraph be transferred to any Person designated by the Issuer or
          the Collateral Manager at a price determined by the Issuer or the Collateral Manager, based upon its estimation of the prevailing price of such interest and each Holder, by acceptance of an interest in a Note, authorizes the Note Administrator to
          take such action.  In any case, none of the Issuer, the Collateral Manager or the Note Administrator shall be held responsible for any losses that may be incurred as a result of any required transfer under this Section 2.5(l).

         

        (m)        Each Holder of Notes approves and consents to (i) the purchase of the Collateral Interests by the Issuer from the Seller on the
            Closing Date and (ii) any other transactions between the Issuer, the Collateral Manager and the Seller or its Affiliates that are permitted under the terms of this Indenture or the Collateral Interest Purchase Agreement.

         

        (n)         As long as any Note is Outstanding, Retained Securities and ordinary shares of the Issuer held by Retention Holder or any
            other disregarded entity of KREF Sub-REIT for U.S. federal income tax purposes may not be transferred, pledged or hypothecated to any Person (except to an affiliate that is wholly-owned by KREF Sub-REIT or a Subsequent REIT and is disregarded
            for U.S. federal income tax purposes) unless the Issuer receives a No Entity-Level Tax Opinion with respect to such transfer, pledge or hypothecation (or has previously received No Trade or Business Opinion).

         

        For the avoidance of doubt, the Indenture Accounts (including income, if any, earned on the investments of funds in such account) will be owned by KREF Sub-REIT, if the Issuer is wholly-owned by
          KREF Sub-REIT, or a Subsequent REIT, for U.S. federal income tax purposes.  The Issuer shall provide to the Note Administrator (i) an IRS Form W-9 or appropriate IRS Form W-8 no later than the Closing Date, and (ii) any additional IRS forms (or
          updated versions of any previously submitted IRS forms) or other documentation at such time or times required by applicable law or upon the reasonable request of the Note Administrator as may be necessary (i) to reduce or eliminate the imposition
          of U.S. withholding taxes and (ii) to permit the Note Administrator to fulfill its tax reporting obligations under applicable law with respect to the Indenture Accounts or any amounts paid to the Issuer.  If any IRS form or other documentation
          previously delivered becomes obsolete or inaccurate in any respect, Issuer shall timely provide to the Note Administrator accurately updated and complete versions of such IRS forms or other documentation.  The Note Administrator shall have no
          liability to Issuer or any other person in connection with any tax withholding amounts paid or withheld from the Indenture Accounts pursuant to applicable law arising from the Issuer’s failure to timely provide an accurate, correct and complete
          IRS Form W-9, an appropriate IRS Form W-8 or such other documentation contemplated under this paragraph.  For the avoidance of doubt, no funds shall be invested with respect to such Indenture Accounts absent the Note Administrator having first
          received (i) the requisite written investment direction from the Issuer with respect to the investment of such funds, and (ii) the IRS forms and other documentation required by this paragraph.

        

        

        
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        Section 2.6          Mutilated, Defaced, Destroyed, Lost or Stolen Note.

         

        If (a) any mutilated or defaced Note is surrendered to a Transfer Agent, or if there shall be delivered to the Issuer, the Co-Issuer, the Trustee, the Note Administrator and the relevant Transfer
          Agent (each a “Specified Person”) evidence to their reasonable satisfaction of the destruction, loss or theft of any Note, and (b) there is delivered to each Specified Person such security or indemnity as may be required by each Specified
          Person to save each of them and any agent of any of them harmless, then, in the absence of notice to the Specified Persons that such Note has been acquired by a bona fide purchaser, the Issuer and the Co-Issuer shall execute and, upon Issuer
          Request, the Note Administrator shall cause the Authenticating Agent to authenticate and deliver, in lieu of any such mutilated, defaced, destroyed, lost or stolen Note, a new Note, of like tenor (including the same date of issuance) and equal
          principal amount, registered in the same manner, dated the date of its authentication, bearing interest from the date to which interest has been paid on the mutilated, defaced, destroyed, lost or stolen Note and bearing a number not
          contemporaneously outstanding.

         

        If, after delivery of such new Note, a bona fide purchaser of the predecessor Note presents for payment, transfer or exchange such predecessor Note, any Specified Person shall be entitled to
          recover such new Note from the Person to whom it was delivered or any Person taking therefrom, and each Specified Person shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or
          expense incurred by such Specified Person in connection therewith.

         

        In case any such mutilated, defaced, destroyed, lost or stolen Note has become due and payable, the Issuer and the Co-Issuer, if applicable, in their discretion may, instead of issuing a new
          Note, pay such Note without requiring surrender thereof except that any mutilated or defaced Note shall be surrendered.

         

        Upon the issuance of any new Note under this Section 2.6, the Issuer and the Co-Issuer, if applicable, may require the payment by the registered Holder thereof of a sum sufficient to
          cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.

         

        Every new Note issued pursuant to this Section 2.6 in lieu of any mutilated, defaced, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the
          Issuer and the Co-Issuer, if applicable, and such new Note shall be entitled, subject to the second paragraph of this Section 2.6, to all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued
          hereunder.

         

        The provisions of this Section 2.6 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, defaced,
          destroyed, lost or stolen Notes.

         

        Section 2.7          Payment of Principal and Interest and Other Amounts; Principal and Interest Rights Preserved.

         

        (a)        Each Class of Notes shall accrue interest during each Interest Accrual Period at the Note Interest Rate applicable to such Class and such interest will be payable
          in

        

        

        
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        arrears on each Payment Date on the Aggregate Outstanding Amount thereof on the first day of the related Interest Accrual Period (after giving effect to payments of principal thereof on such date), except as otherwise set forth below.  Payment of interest on each Class of Notes will be subordinated to the payment of interest on each related Class of Notes senior thereto.  Any payment of interest due on a Class of Deferred Interest Notes on any
            Payment Date to the extent sufficient funds are not available to make such payment in accordance with the Priority of Payments on such Payment Date, but only if such Class is not the most senior Class
            Outstanding, shall constitute “Deferred Interest” with respect to such Class and shall not be considered “due and payable” for the purposes of Section 5.1(a) (and the failure to pay such interest shall not be an Event of Default) until the earliest of (i) the Payment Date on which funds are available to pay
            such Deferred Interest in accordance with the Priority of Payments, (ii) the Redemption Date with respect to such Class of Deferred Interest Notes and (iii) the Stated Maturity Date (or the earlier
            date of Maturity) of such Class of Deferred Interest Notes.  Deferred Interest on any Class of Deferred Interest Notes shall be added to the principal balance of such Class of Deferred Interest Notes.  Regardless of whether any more senior
            Class of Notes is Outstanding with respect to any Class of Deferred Interest Notes, to the extent that funds are not available on any Payment Date (other than the Redemption Date with respect to, or the
            Stated Maturity Date of, such Class of Deferred Interest Notes) to pay previously accrued Deferred Interest, such previously accrued Deferred Interest will not be due and payable on such Payment Date and any failure to pay such previously
            accrued Deferred Interest on such Payment Date will not be an Event of Default. Interest will cease to accrue on each Note, or in the case of a partial repayment, on such repaid part, from the date of repayment or the Stated Maturity Date unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal.  To the extent lawful and enforceable, interest on any
            interest that is not paid when due on the Class A Notes; or, if no Class A Notes are Outstanding, the Notes of the Controlling Class, shall accrue at the Note Interest Rate applicable to such Class until paid as provided herein.

         

        (b)          The principal of each Class of Notes matures at par and is due and payable on the date of the Stated Maturity  Date for such
            Class, unless such principal has been previously repaid or unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise.  Notwithstanding the foregoing, the
            payment of principal of each Class of Notes may only occur (other than amounts constituting Deferred Interest thereon which will be payable from Interest Proceeds) pursuant to the Priority of Payments.  The payment of principal on any Note (x)
            may only occur after each Class more senior thereto is no longer Outstanding and (y) is subordinated to the payment on each Payment Date of the principal due and payable on each Class more senior thereto and certain other amounts in accordance
            with the Priority of Payments.  Payments of principal on any Class of Notes that are not paid, in accordance with the Priority of Payments, on any Payment Date (other than the Payment Date which is the Stated Maturity Date (or the earlier date
            of Maturity) of such Class of Notes or any Redemption Date), because of insufficient funds therefor shall not be considered “due and payable” for purposes of Section 5.1(a) until the Payment Date on which such principal may be paid in
            accordance with the Priority of Payments or all Classes of Notes most senior thereto with respect to such Class have been paid in full.  Payments of principal on the Notes in connection with a Clean-up Call, Tax Redemption, Auction Call
            Redemption or Optional Redemption will be made in accordance with Section 9.1 and the Priority of Payments.

        

          

        
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        (c)         As a condition to the payment of principal of and interest on any Note without the imposition of U.S. withholding tax, the
            Issuer shall require certification acceptable to it to enable the Issuer, the Co-Issuer, the Trustee, the Preferred Share Paying Agent and the Paying Agent to determine their duties and liabilities with respect to any taxes or other charges
            that they may be required to deduct or withhold from payments in respect of such Security under any present or future law or regulation of the United States or the Cayman Islands or any present or future law or regulation of any political
            subdivision thereof or taxing authority therein or to comply with any reporting or other requirements under any such law or regulation.  Such certification may include U.S. federal income tax forms, such as IRS Form W‐8BEN (Certificate of
            Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individuals)), IRS Form W-8BEN-E (Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Entities), IRS Form W‐8IMY
            (Certificate of Foreign Intermediary, Foreign Flow-Through Entity or Certain U.S. Branches for United States Tax Withholding and Reporting), IRS Form W‐9 (Request for Taxpayer Identification Number and Certification), or IRS Form W‐8ECI
            (Certificate of Foreign Person’s Claim that Income Is Effectively Connected with the Conduct of a Trade or Business in the United States) or any successors to such IRS forms).  In addition, each of the Issuer, Co-Issuer, the Trustee, Preferred
            Share Paying Agent or any Paying Agent may require certification acceptable to it to enable the Issuer to qualify for a reduced rate of withholding in any jurisdiction from or through which the Issuer receives payments on its Collateral.  Each
            Holder and each beneficial owner of Notes agree to provide any certification requested pursuant to this Section 2.7(c) and to update or replace such form or certification in accordance with its terms or its subsequent amendments. 
            Furthermore, the Issuer shall require information to comply with FATCA and the Cayman FATCA Legislation requirements pursuant to clause (xii) of the representations and warranties set forth under the third paragraph of Exhibit C‐1
            hereto, as deemed made pursuant to Section 2.5(g) hereto, or pursuant to clause (xiii) of the representations and warranties set forth under the third paragraph of Exhibit C‐2 hereto, as deemed made pursuant to Section
              2.5(h) hereto, or pursuant to clause (vii) of the representations and warranties set forth under the third paragraph of Exhibit C-3 hereto, made pursuant to Section 2.5(i) hereto, as applicable.

         

        (d)         Payments in respect of interest and principal on the Notes shall be payable by wire transfer in immediately available funds to
            a Dollar account maintained by the Holder or its nominee; provided that the Holder has provided wiring instructions to the Paying Agent on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check
            drawn on a bank in the United States, or by a Dollar check mailed to the Holder at its address in the Notes Register.  The Issuer expects that the Depository or its nominee, upon receipt of any payment of principal or interest in respect of a
            Global Note held by the Depository or its nominee, shall immediately credit the applicable Agent Members’ accounts with payments in amounts proportionate to the respective beneficial interests in such Global Note as shown on the records of the
            Depository or its nominee.  The Issuer also expects that payments by Agent Members to owners of beneficial interests in such Global Note held through Agent Members will be governed by standing instructions and customary practices, as is now the
            case with securities held for the accounts of customers registered in the names of nominees for such customers.  Such payments shall be the responsibility of the Agent Members.  Upon final payment due on the Maturity of a Note, the Holder
            thereof shall present and surrender such Note at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent (or, to a foreign paying agent appointed by the Note Administrator outside of the United States if then
            required

        

          

        
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        by applicable law, in the case of a Definitive Note issued in exchange for a beneficial interest in the Regulation S Global Note) on or prior to such Maturity.  None of the Issuer, the Co-Issuer, the Trustee, the
          Note Administrator or the Paying Agent will have any responsibility or liability with respect to any records maintained by the Holder of any Note with respect to the beneficial holders thereof or payments made thereby on account of beneficial
          interests held therein.  In the case where any final payment of principal and interest is to be made on any Note (other than on the Stated Maturity Date thereof) the Issuer or, upon Issuer Request, the Note Administrator, in the name and at the
          expense of the Issuer, shall not more than thirty (30) nor fewer than five (5) Business Days prior to the date on which such payment is to be made, mail to the Persons entitled thereto at their addresses appearing on the Notes Register, a notice
          which shall state the date on which such payment will be made and the amount of such payment and shall specify the place where such Notes may be presented and surrendered for such payment.

         

        (e)         Subject to the provisions of Sections 2.7(a) and Section 2.7(d), Holders of Notes as of the Record Date in
            respect of a Payment Date shall be entitled to the interest accrued and payable in accordance with the Priority of Payments and principal payable in accordance with the Priority of Payments on such Payment Date.  All such payments that are
            mailed or wired and returned to the Paying Agent shall be held for payment as herein provided at the office or agency of the Issuer and the Co-Issuer to be maintained as provided in Section 7.2 (or returned to the Trustee).

         

        (f)          Interest on any Note which is payable, and is punctually paid or duly provided for, on any Payment Date shall be paid to the
            Person in whose name that Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such interest.

         

        (g)         Payments of principal to Holders of the Notes of each Class shall be made in the proportion that the Aggregate Outstanding
            Amount of the Notes of such Class registered in the name of each such Holder on such Record Date bears to the Aggregate Outstanding Amount of all Notes of such Class on such Record Date.

         

        (h)          Interest accrued with respect to the Notes shall be calculated as described in the applicable form of Note attached hereto.

         

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

         

        (j)          Notwithstanding anything contained in this Indenture to the contrary, the obligations of the Issuer under the Notes and the
            Co-Issuer under the Offered Notes, this Indenture and the other Transaction Documents are limited-recourse obligations of the Issuer and non-recourse obligations of the Co-Issuer.  The Class F Notes, the Class F-E Notes, the Class F-X Notes,
            the Class G Notes, the Class G-E Notes and the Class G-X Notes are limited recourse obligations of the Issuer.  The Notes are payable solely from the Collateral and following realization of the Collateral, all obligations of the Co-Issuers,
            with respect to the Offered Notes,

        

          

        
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        or the Issuer, with respect to the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes and the Class G-X Notes, and any claims of the Noteholders, the Trustee or any
          other parties to any Transaction Documents shall be extinguished and shall not thereafter revive.  No recourse shall be had for the payment of any amount owing in respect of the Notes against any Officer, director, employee, shareholder, limited
          partner or incorporator of the Issuer, the Co-Issuer or any of their respective successors or assigns for any amounts payable under the Notes or this Indenture.  It is understood that the foregoing provisions of this paragraph shall not (i)
          prevent recourse to the Collateral for the sums due or to become due under any security, instrument or agreement which is part of the Collateral or (ii) constitute a waiver, release or discharge of any indebtedness or obligation evidenced by the
          Notes or secured by this Indenture (to the extent it relates to the obligation to make payments on the Notes) until such Collateral have been realized, whereupon any outstanding indebtedness or obligation in respect of the Notes, this Indenture
          and the other Transaction Documents shall be extinguished and shall not thereafter revive.  It is further understood that the foregoing provisions of this paragraph shall not limit the right of any Person to name the Issuer or the Co-Issuer as a
          party defendant in any Proceeding or in the exercise of any other remedy under the Notes or this Indenture, so long as no judgment in the nature of a deficiency judgment or seeking personal liability shall be asked for or (if obtained) enforced
          against any such Person or entity.

         

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

         

        (l)          Notwithstanding any of the foregoing provisions with respect to payments of principal of and interest on the Notes (but
            subject to Sections 2.7(e) and (h)), if the Notes have become or been declared due and payable following an Event of Default and such acceleration of Maturity and its consequences have not been rescinded and annulled and the
            provisions of Section 5.5 are not applicable, then payments of principal of and interest on such Notes shall be made in accordance with Section 5.7.

         

        (m)        Payments in respect of the Preferred Shares as contemplated by Sections 11.1(a)(i)(21), 11.1(a)(ii)(18)
            and 11.1(a)(iii)(19) shall be made by the Paying Agent to the Preferred Share Paying Agent.

         

        Section 2.8          Persons Deemed Owners.

         

        The Issuer, the Co-Issuer, the Trustee, the Note Administrator, the Collateral Manager, the Servicer, the Special Servicer and any of their respective agents may treat as the owner of a Note the
          Person in whose name such Note is registered on the Notes Register on the applicable Record Date for the purpose of receiving payments of principal of and interest and other amounts on such Note and on any other date for all other purposes
          whatsoever (whether or not such Note is overdue), and none of the Note Administrator, the Collateral Manager, the Servicer, the Special Servicer or any of their respective agents shall be affected by notice to the contrary; provided, however, that the Depository, or its nominee, shall be deemed the owner of the Global Notes, and owners of beneficial interests in Global Notes will not be considered the owners of any Notes for the
          purpose of receiving notices.  With respect to the Preferred Shares,

        

        

        
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        on any Payment Date, the Trustee shall deliver to the Preferred Share Paying Agent the distributions thereon for distribution to the Preferred Shareholders.

         

        Section 2.9          Cancellation.

         

        All Notes surrendered for payment, registration of transfer, exchange or redemption, or deemed lost or stolen, shall, upon delivery to the Notes Registrar, be promptly canceled by the Notes
          Registrar and may not be reissued or resold.  No Notes shall be authenticated in lieu of or in exchange for any Notes canceled as provided in this Section 2.9, except as expressly permitted by this Indenture.  All canceled Notes held by
          the Notes Registrar shall be destroyed or held by the Notes Registrar in accordance with its standard retention policy.  Notes of the most senior Class Outstanding that are held by the Issuer, the Co-Issuer, the Collateral Manager or any of their
          respective Affiliates (and not Notes of any other Class) may be submitted to the Notes Registrar for cancellation at any time.

         

        Section 2.10        Global Notes; Definitive Notes; Temporary Notes.

         

        (a)          Definitive Notes.  Definitive Notes shall only be issued in the following limited circumstances:

         

        (i) at the discretion of the Issuer, at the direction of the Collateral Manager, with respect to any Class of Notes,

         

        (ii)         upon Transfer of Global Notes to an IAI in accordance with the procedures set forth in Section
              2.5(e)(ii) or Section 2.5(e)(iii);

         

        (iii)       if a holder of a Definitive Note wishes at any time to exchange such Definitive Note for one or more
            Definitive Notes or transfer such Definitive Note to a transferee who wishes to take delivery thereof in the form of a Definitive Note in accordance with this Section 2.10, such holder may effect such exchange or transfer upon receipt
            by the Notes Registrar of (A) a Holder’s Definitive Note properly endorsed for assignment to the transferee, and (B) duly completed certificates in the form of Exhibit C-3, upon receipt of which the Notes Registrar shall then cancel
            such Definitive Note in accordance herewith, record the transfer in the Notes Register in accordance with Section 2.5(a) and upon execution by the Co-Issuers, the Authenticating Agent shall authenticate and deliver one or more
            Definitive Notes bearing the same designation as the Definitive Note endorsed for transfer, registered in the names specified in the assignment described in clause (A) above, in principal amounts designated by the transferee (the aggregate of
            such principal amounts being equal to the aggregate principal amount of the Definitive Note surrendered by the transferor);

         

        (iv)        in the event that the Depository notifies the Issuer and the Co-Issuer that it is unwilling or unable to
            continue as Depository for a Global Note or if at any time such Depository ceases to be a “Clearing Agency” registered under the Exchange Act and a successor depository is not appointed by the Issuer within 90 days of such notice, the Global
            Notes deposited with the Depository pursuant to Section 2.2 shall be transferred to the beneficial owners thereof subject to the procedures and conditions set forth in this Section 2.10.

        

          

        
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        (b)          Any Global Note that is exchanged for a Definitive Note shall be surrendered by the Depository to the Notes Administrator’s
            Corporate Trust Office together with necessary instruction for the registration and delivery of a Definitive Note to the beneficial owners (or such owner’s nominee) holding the ownership interests in such Global Note.  Any such transfer shall
            be made, without charge, and the Authenticating Agent shall authenticate and deliver, upon such transfer of each portion of such Global Note, an equal aggregate principal amount of Definitive Notes of the same Class and authorized
            denominations.  Any Definitive Notes delivered in exchange for an interest in a Global Note shall, except as otherwise provided by Section 2.5(f), bear the applicable legend set forth in Exhibits C-1 or C-2, as
            applicable, and shall be subject to the transfer restrictions referred to in such applicable legend.  The Holder of each such registered individual Global Note may transfer such Global Note by surrendering it at the Corporate Trust Office of
            the Note Administrator, or at the office of the Paying Agent.

         

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

         

        (d)          [Reserved]

         

        (e)         In the event of the occurrence of either of the events specified in Section 2.10(a) above, the Issuer and the
            Co-Issuer shall promptly make available to the Notes Registrar a reasonable supply of Definitive Notes.

         

        Pending the preparation of Definitive Notes pursuant to this Section 2.10, the Issuer and the Co-Issuer may execute and, upon Issuer Order, the Authenticating Agent shall authenticate and
          deliver, temporary Notes that are printed, lithographed, typewritten, mimeographed or otherwise reproduced, in any authorized denomination, substantially of the tenor of the Definitive Notes in lieu of which they are issued and with such
          appropriate insertions, omissions, substitutions and other variations as the Officers executing such Definitive Notes may determine, as conclusively evidenced by their execution of such Definitive Notes.

         

        If temporary Definitive Notes are issued, the Issuer and the Co-Issuer shall cause permanent Definitive Notes to be prepared without unreasonable delay.  The Definitive Notes shall be printed,
          lithographed, typewritten or otherwise reproduced, or provided by any combination thereof, or in any other manner permitted by the rules and regulations of any applicable notes exchange, all as determined by the Officers executing such Definitive
          Notes.  After the preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the applicable temporary Definitive Notes at the office or agency maintained by the Issuer and the Co-Issuer for
          such purpose, without charge to the Holder.  Upon surrender for cancellation of any one or more temporary Definitive Note, the Issuer and the Co-Issuer shall execute, and the Authenticating Agent shall authenticate and deliver, in exchange
          therefor the same aggregate principal amount of Definitive Notes of authorized denominations.  Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes.

        

        

        
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        (f)          Each Holder of a Definitive Note agrees to provide the Issuer or its agents with such information and documentation that may
            be required for the Issuer to comply with the Cayman AML Regulations and shall update or replace such information or documentation as may be necessary.

         

        Section 2.11          U.S. Tax Treatment of Notes and the Issuer.

         

        (a)            Each of the Issuer and the Co-Issuer intends that, for U.S. federal income tax purposes, (i) the Notes (unless held
          by KREF Sub-REIT or any entity disregarded into KREF Sub-REIT) be treated as debt, (ii) 100% of the Retained Securities and 100% of the ordinary shares of the Issuer be beneficially owned by KREF Sub-REIT, and (iii) the Issuer be treated as a
          Qualified REIT Subsidiary or other disregarded entity of a REIT for U.S. federal income tax purpose (unless, in the case of clause (iii), the Issuer has received a No Trade or Business Opinion).  Each
            prospective purchaser and any subsequent transferee of a Note or any interest therein shall, by virtue of its purchase or other acquisition of such Note or interest therein, be deemed to have agreed to treat such Note in a manner consistent
            with the preceding sentence for U.S. federal income tax purposes.

         

        (b)          The Issuer and the Co-Issuer shall account for the Notes and prepare any reports to Noteholders and tax authorities consistent
            with the intentions expressed in Section 2.11(a) above.

         

        (c)          Each Holder of Notes shall timely furnish to the Issuer and the Co-Issuer or their respective agents any U.S. federal income
            tax form or certification, such as IRS Form W‐8BEN (Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individuals)), IRS Form W-8BEN-E (Certificate of Foreign Status of Beneficial Owner for the
            United States Tax Withholding and Reporting (Entities)) IRS Form W‐8IMY (Certificate of Foreign Intermediary, Foreign Flow Through Entity, or Certain U.S. Branches for United States Tax Withholding and Reporting), IRS Form W‐9 (Request for
            Taxpayer Identification Number and Certification), or IRS Form W‐8ECI (Certificate of Foreign Person’s Claim that Income is Effectively Connected with the Conduct of a Trade or Business in the United States) or any successors to such IRS forms
            that the Issuer, the Co-Issuer or their respective agents may reasonably request and shall update or replace such forms or certification in accordance with its terms or its subsequent amendments.  Furthermore, Noteholders shall timely furnish
            any information required pursuant to Section 2.7(c).

         

        (d)          The Issuer shall be responsible for all calculations of original issue discount on the Notes, if any.

         

        (e)          The Retention Holder, by acceptance of the Retained Securities and the ordinary shares of the Issuer, agrees to take no action
            inconsistent with such treatment and, for so long as any Note is Outstanding, agrees not to sell, transfer, convey, setover, pledge or encumber any Retained Securities and/or the ordinary shares of the Issuer, except to the extent permitted
            pursuant to Section 2.5(n).

        

          

        
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        Section 2.12        Authenticating Agents.

         

        Upon the request of the Issuer and, in the case of the Offered Notes, the Co-Issuer, the Note Administrator shall, and if the Note Administrator so chooses the Note Administrator may, pursuant to
          this Indenture, appoint one or more Authenticating Agents with power to act on its behalf and subject to its direction in the authentication of Notes in connection with issuance, transfers and exchanges under Sections 2.4, 2.5, 2.6
          and 8.5, as fully to all intents and purposes as though each such Authenticating Agent had been expressly authorized by such Sections to authenticate such Notes.  For all purposes of this Indenture, the authentication of Notes by an
          Authenticating Agent pursuant to this Section 2.12 shall be deemed to be the authentication of Notes by the Note Administrator.

         

        Any corporation or banking association into which any Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation or banking association resulting
          from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any corporation succeeding to the corporate trust business of any Authenticating Agent, shall be the successor of such Authenticating Agent
          hereunder, without the execution or filing of any further act on the part of the parties hereto or such Authenticating Agent or such successor corporation.  Any Authenticating Agent may at any time resign by giving written notice of resignation
          to the Note Administrator, the Trustee, the Issuer and the Co-Issuer.  The Note Administrator may at any time terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent, the Trustee, the
          Issuer and the Co-Issuer.  Upon receiving such notice of resignation or upon such a termination, the Note Administrator shall promptly appoint a successor Authenticating Agent and shall give written notice of such appointment to the Issuer.

         

        The Note Administrator agrees to pay to each Authenticating Agent appointed by it from time to time reasonable compensation for its services, and reimbursement for its reasonable expenses
          relating thereto and the Note Administrator shall be entitled to be reimbursed for such payments, subject to Section 6.7.  The provisions of Sections 2.9, 6.4 and 6.5 shall be applicable to any Authenticating
          Agent.

         

        Section 2.13        Forced Sale on Failure to Comply with Restrictions.

         

        (a)          Notwithstanding anything to the contrary elsewhere in this Indenture, any transfer of a Note or interest therein to a U.S.
            Person who is determined not to have been both (1) a QIB or an IAI and (2) a Qualified Purchaser at the time of acquisition of the Note or interest therein shall be null and void and any such proposed transfer of which the Issuer, the
            Co-Issuer, the Note Administrator or the Trustee shall have written notice (which includes via electronic mail) may be disregarded by the Issuer, the Co-Issuer, the Note Administrator and the Trustee for all purposes.

         

        (b)       If the Issuer determines that any Holder of a Note has not satisfied the applicable requirement described in Section 2.13(a)
            above or such person is a Non-Permitted AML Holder (any such Person a “Non-Permitted Holder”), then the Issuer shall promptly after discovery that such Person is a Non-Permitted Holder by the Issuer, the Co-Issuer or a Responsible
            Officer of the Paying Agent (and notice by the Paying Agent or the Co-Issuer to the

        

          

        
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        Issuer, if either of them makes the discovery), send notice (or cause notice to be sent) to such Non-Permitted Holder demanding that such Non-Permitted Holder transfer its interest to a Person that is not a
          Non-Permitted Holder within 30 days of the date of such notice.  If such Non-Permitted Holder fails to so transfer its Note or interest therein, the Issuer shall have the right, without further notice to the Non-Permitted Holder, to sell such
          Note or interest therein to a purchaser selected by the Issuer that is not a Non-Permitted Holder on such terms as the Issuer may choose.  The Issuer, or a third party acting on behalf of the Issuer, may select the purchaser by soliciting one or
          more bids from one or more brokers or other market professionals that regularly deal in securities similar to the Note, and selling such Note to the highest such bidder.  However, the Issuer may select a purchaser by any other means determined by
          it in its sole discretion.  The Holder of such Note, the Non-Permitted Holder and each other Person in the chain of title from the Holder to the Non-Permitted Holder, by its acceptance of an interest in the Note, agrees to cooperate with the
          Issuer and the Note Administrator to effect such transfers.  The proceeds of such sale, net of any commissions, expenses and taxes due in connection with such sale shall be remitted to the Non-Permitted Holder.  The terms and conditions of any
          sale under this Section 2.13(b) shall be determined in the sole discretion of the Issuer, and the Issuer shall not be liable to any Person having an interest in the Note sold as a result of any such sale of exercise of such discretion.

         

        Section 2.14        No Gross Up.

         

        The Issuer shall not be obligated to pay any additional amounts to the Holders or beneficial owners of the Notes as a result of any withholding or deduction for, or on account of, any present or
          future taxes, duties, assessments or governmental charges.

         

        Section 2.15        Exchangeable Notes; Exchange of MASCOT Notes.

         

        (a)          At any time on or after the Initial MASCOT Note Issuance Date all or a portion of the Class F Notes and the Class G Notes (such Notes to be exchanged, the “Exchangeable
            Notes”) may be exchanged for proportionate interests in one or more classes of certain other Notes and vice versa (such Notes received in such an exchange, the “Exchanged Notes”).  The Exchangeable Notes may be exchanged by the
          Holders thereof for (1) a corresponding MASCOT P&I Note with the same principal balance as the Class F Note or the Class G Note, as applicable, surrendered in the exchange but with a reduced Note Interest Rate, and (2) an MASCOT Interest Only
          Note that has a notional balance equal to the principal balance of the MASCOT P&I Note received in such exchange with a fixed interest rate equal to such reduction in Note Interest Rate.  Specifically, with respect to the exchange of the
          Class F Notes or the Class G Notes for corresponding MASCOT Notes, the per annum interest rates payable on the MASCOT P&I Notes and the MASCOT Interest Only Notes shall be determined, on the date of
          such exchange, by the holder of the Class F Notes or the Class G Notes, as applicable, surrendered in such exchange.  The aggregate interest rates of the Exchanged Notes received in the exchange shall equal the aggregate interest rate of the
          Exchangeable Notes surrendered for exchange.  The MASCOT Interest Only Notes are not entitled to any payments of principal and shall have an Aggregate Outstanding Amount of zero.

         

        (b)         (i) With respect to the exchange of the Class F Notes or the Class G Notes for corresponding MASCOT Notes, each of (1) the Aggregate Outstanding Amount of the

        

        

        
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        MASCOT P&I Note received in the exchange and (2) the Aggregate Outstanding Notional Amount of the MASCOT Interest Only Notes received in the exchange shall equal the Aggregate Outstanding Amount of the Class F Notes or the Class G Notes,
          as applicable, exchanged. The MASCOT Interest Only Notes are not entitled to any payments of principal and have an Aggregate Outstanding Amount of zero.

         

        (ii)          The aggregate Note Interest Rates of the Exchanged Notes received in the exchange must equal the aggregate Note Interest Rate of the Exchangeable Notes surrendered for exchange.

         

        (c)          Exchanges of the Class F Notes or the Class G Notes for MASCOT Notes and any subsequent exchange of such MASCOT Notes
          for the Class F Notes or the Class G Notes may occur repeatedly.

         

        (d)         With respect to an exchange of some or all of the Class F Notes or the Class G Notes, as applicable, the Holders of such MASCOT P&I Notes shall be entitled to
          exercise all the voting rights (including any rights as the Controlling Class) and objection rights that are allocated to such exchanged Class F Notes or the Class G Notes, as applicable, and the Aggregate Outstanding Amount of such MASCOT
          P&I Notes shall be used to determine if the requisite percentage of Holders under this Indenture has voted, consented or otherwise given direction; provided that, in connection with
          any supplemental indenture that affects a Class of MASCOT Notes in a manner that is materially different from the effect of such supplemental indenture on the Class F Notes or the Class G Notes, as applicable, the Holders of the applicable MASCOT
          Notes shall vote as a separate class.

         

        (e)        The Class F-X Notes and the Class G-X Notes are interest only notes that receive interest payments but do not receive
          principal payments. Interest on the MASCOT Interest Only Notes is calculated on a balance equal to the “Aggregate Outstanding Notional Amount,” which shall, as of any date, equal the Aggregate Outstanding Amount on such date of the related MASCOT
          P&I Note.

         

        (f)          In order to effect an exchange of Exchangeable Notes, the Holder shall submit a duly executed Officer’s Certificate in the form of Exhibit K to this
          Indenture to the Note Administrator no later than five (5) Business Days before the proposed exchange date. Such Officer’s Certificate shall be in writing, and may be by email to cts.cmbs.bond.admin@wellsfargo.com.  The Officer’s Certificate must
          be on the Holder’s letterhead, carry a medallion stamp guarantee and set forth the following information: (i) the CUSIP number of each Exchangeable Note and Exchanged Note; (ii) the Aggregate Outstanding Amount and the Aggregate Outstanding
          Notional Amount, as applicable, of the Notes to be exchanged; (iii) the Holder’s DTC participant number to be debited and credited; and (iv) the proposed exchange date. The exchange date with respect to any exchange may be any Business Day other
          than (1) the first or last Business Day of the month, (2) any Payment Date, (3) any Record Date or (4) any day between a Record Date and the following Payment Date. Any such notice shall become irrevocable on the second Business Day before the
          proposed exchange date. The Holder must pay the Note Administrator a fee equal to $5,000 for each exchange request and such fee must be received by the Note Administrator prior to the exchange date or such
            exchange shall not be effected. In addition, any Holder wishing to effect such an exchange must pay any

        

          

        
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        other expenses related to such exchange, including any fees charged by DTC. The Note Administrator shall make the first payment on any Exchanged Note received by a
            Holder in an exchange transaction on the Payment Date related to the next Record Date following the effective date of such exchange.

         

        Section 2.16        Benchmark Transition Event.

         

        (a)       The Designated Transaction Representative shall provide written notice to the Issuer, the Co-Issuer, the Trustee, the Note
            Administrator, the Collateral Manager, the Calculation Agent (if different from the Note Administrator), the Servicer and the Special Servicer promptly after the Designated Transaction
          Representative has determined that a Benchmark Transition Event has occurred. After the occurrence of a Benchmark Transition Event and the related Benchmark Replacement Date with respect to the then-current
            Benchmark, such Benchmark shall be replaced with the applicable Benchmark Replacement as determined by the Designated Transaction Representative. The Designated Transaction Representative shall
            provide written notice of such determination to the Issuer, the Co-Issuer, the Trustee, the Note Administrator, the Collateral Manager, the Calculation Agent (if different from the Note
            Administrator), the Servicer and the Special Servicer in advance of such Benchmark Replacement Date. Notwithstanding the occurrence of a Benchmark Transition Event, amounts payable on the Notes shall be determined with respect to the
            then-current Benchmark (which may be LIBOR as determined in accordance with methods specified in this Indenture) until the occurrence of the related Benchmark Replacement Date.

         

        (b)         If the Designated Transaction Representative determines (i) that the Unadjusted Benchmark Replacement for the then-current
            Benchmark is not Term SOFR and (ii) that a determination of the Benchmark Replacement on the first day of the most recent calendar quarter following any Benchmark Replacement Date would result in Term SOFR being selected as the Unadjusted
            Benchmark Replacement, then Designated Transaction Representative shall provide notice of such determination to the Issuer, the Co-Issuer, the Advancing Agent, the Trustee, the Note Administrator, the Collateral Manager, the Calculation Agent (if different from the Note Administrator), the Custodian, the Servicer and the Special Servicer; provided, however, that if the Designated Transaction Representative does not determine that both the conditions described in clauses (i) and (ii) are
            satisfied then the Benchmark shall continue to be the Benchmark Replacement as previously determined pursuant to Section 2.16(a). On the designated
            Benchmark Replacement Date related to such notice, the then-current Benchmark shall be replaced with a Benchmark Replacement determined utilizing Term SOFR, and the Designated Transaction Representative shall provide written notice of such
            determination to the Issuer, the Co-Issuer, the Servicer, the Special Servicer, the Advancing Agent, the Trustee, the Note Administrator, the Collateral Manager and the Calculation Agent (if different
            from the Note Administrator) in advance of such Benchmark Replacement Date.

         

        (c)          In connection with the occurrence of any Benchmark Transition Event (or any notice of the redetermination of the Benchmark
            Replacement to Term SOFR in accordance with Section 2.16(b)) and its related Benchmark Replacement Date, the Designated Transaction Representative shall direct the parties hereto at the expense of the Issuer to enter into a supplemental
            indenture in accordance with Section 8.1(a)(iv) to make such Benchmark Replacement Conforming Changes, if any, as Designated Transaction Representative determines

        

          

        
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        may be necessary or desirable to administer, implement or adopt the applicable Benchmark or the Benchmark Replacement and related Benchmark Replacement Adjustment. Any failure to supplement this
          Indenture pursuant to Section 8.1(a)(iv) on or prior to the Benchmark Replacement Date shall not affect the
            implementation of a Benchmark Replacement on such Benchmark Replacement Date, it being understood such matters will be binding upon the parties as described in clause (f) below pending the execution and delivery of any such amendment.

         

        (d)          [Reserved]

         

        (e)          For purposes of determining the Asset Replacement Percentage in respect of a Benchmark Transition Event, the Designated
            Transaction Representative shall be entitled to receive and conclusively rely upon notice from the Issuer (or the Servicer, the Special Servicer or the Collateral Manager on its behalf) of the aggregate
            principal balance of the Collateral Interests for which interest payments would be calculated with reference to a benchmark other than the Benchmark on any date of determination.

         

        (f)          Any determination, implementation, adoption, decision, proposal or election that may be made by the Designated Transaction
            Representative pursuant to this Section 2.16, with respect to any Benchmark Transition Event, Benchmark Replacement Date, Benchmark Replacement,
            Benchmark Replacement Adjustment or Benchmark Replacement Conforming Changes including any determination with respect to a tenor, observation period, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date
            and any decision to take or refrain from taking any action or any selection, shall be conclusive and binding on the parties hereto and the Noteholders absent manifest error, may be made in the sole discretion of the Designated Transaction
            Representative and may be relied upon by the Issuer, the Co-Issuer, the Advancing Agent, the Note Administrator, the Collateral Manager, the Servicer, the Special Servicer, the Trustee and the
            Calculation Agent (if different from the Note Administrator) without investigation or liability in respect thereof.

         

        (g)          Notwithstanding anything to the contrary in this Indenture, the Designated Transaction Representative may send any notices with respect to any Benchmark Transition Event, Benchmark Replacement Date, Benchmark Replacement, Benchmark Replacement Adjustment, Benchmark Replacement Conforming Changes or any other
            determination or selection made under this Section 2.16, by email (or other electronic communication).

         

        (h)          Each holder of an interest in any Note or Preferred Share, by the acceptance of its interest, shall be deemed to have irrevocably (i) agreed that the Designated Transaction Representative shall have no liability for any action taken or omitted by it or its agents in the performance of its role as Designated Transaction Representative and (ii) released the
          Designated Transaction Representative from any claim or action whatsoever relating to its performance as Designated Transaction Representative.

        

          

        
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        ARTICLE 3

         

        CONDITIONS PRECEDENT; PLEDGED COLLATERAL INTERESTS

         

        Section 3.1          General Provisions.

         

        The Notes to be issued on the Closing Date shall be executed by the Issuer and, in the case of the Offered Notes, the Co-Issuer upon compliance with Section 3.2 and shall be delivered to
          the Authenticating Agent for authentication and thereupon the same shall be authenticated and delivered by the Authenticating Agent upon Issuer Request.  The Issuer shall cause the following items to be delivered to the Trustee on or prior to the
          Closing Date:

         

        (a)         an Officer’s Certificate of the Issuer (i) evidencing the authorization by Board Resolution of the execution and delivery of
            this Indenture and the Placement Agency Agreement and related documents, the execution, authentication and delivery of the Notes and specifying the Stated Maturity Date of each Class of Notes, the principal amount of each Class of Notes and the
            applicable Note Interest Rate of each Class of Notes to be authenticated and delivered, and (ii) certifying that (A) the attached copy of the Board Resolution is a true and complete copy thereof, (B) such resolutions have not been rescinded and
            are in full force and effect on and as of the Closing Date, (C) the Directors authorized to execute and deliver such documents hold the offices and have the signatures indicated thereon and (D) the total aggregate Notional Amount of the
            Preferred Shares shall have been received in Cash by the Issuer on the Closing Date;

         

        (b)      an Officer’s Certificate of the Co-Issuer (i) unless such authorization is contemplated in the Governing Documents of the
            Co-Issuer, evidencing the authorization by Board Resolution of the execution and delivery of this Indenture and related documents, the execution, authentication and delivery of the Offered Notes and specifying the Stated Maturity Date of each
            Class of Offered Notes, the principal amount of each Class of Offered Notes and the applicable Note Interest Rate of each Class of Offered Notes to be authenticated and delivered, and (ii) certifying that (A) if Board Resolutions are attached,
            the attached copy of the Board Resolutions is a true and complete copy thereof and such resolutions have not been rescinded and are in full force and effect on and as of the Closing Date and (B) each Officer authorized to execute and deliver
            the documents referenced in clause (b)(i) above holds the office and has the signature indicated thereon;

         

        (c)         an opinion of Dechert LLP, special U.S. counsel to the Co-Issuers, the Seller, the Collateral Manager and certain of their
            Affiliates (which opinions may be limited to the laws of the State of New York and the federal law of the United States and may assume, among other things, the correctness of the representations and warranties made or deemed made by the owners
            of Notes pursuant to Sections 2.5(g), (h) and (i)) dated the Closing Date, as to certain matters of New York law and certain United States federal income tax and securities law matters, in a form satisfactory to the Placement
            Agents;

         

        (d)        opinions of Dechert LLP, special counsel to the Issuer and the Co-Issuer, dated the Closing Date, relating to (i) the
          validity of the Grant hereunder and the perfection of

        

        

        
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        the Trustee’s security interest in the Collateral, (ii) certain bankruptcy matters and (iii) certain 1940 Act matters;

         

        (e)          an opinion of Hunton Andrews Kurth LLP, special counsel to KREF Sub-REIT, dated the Closing Date, regarding its qualification
            and taxation as a REIT and the Issuer’s qualification as a Qualified REIT Subsidiary for U.S. federal income tax purposes;

         

        (f)          [reserved]

         

        (g)         an opinion of Maples and Calder (Cayman) LLP, Cayman Islands counsel to the Issuer, dated the Closing Date, regarding certain
            issues of Cayman Islands law;

         

        (h)          an opinion of Richards, Layton & Finger P.A., special Delaware counsel to the Co-Issuer, the Seller, the Collateral
            Manager, the Retention Holder and KREF Holdings, dated the Closing Date, regarding certain issues of Delaware law;

         

        (i)          an opinion of Dechert LLP, counsel to KREF dated the Closing Date, relating to certain U.S. credit risk retention rules;

         

        (j)         an opinion of (i) Eversheds Sutherland (US) LLP, counsel to the Servicer and (ii) in-house counsel to the Servicer, each dated
            as of the Closing Date, regarding certain matters of United States law, entity matters and enforceability of agreements to which the Servicer is a party;

         

        (k)          an opinion of (i) Eversheds Sutherland (US) LLP, counsel to the Special Servicer and (ii) in-house counsel to the Servicer,
            each dated as of the Closing Date, regarding certain matters of United States law, entity matters and enforceability of agreements to which the Special Servicer is a party;

         

        (l)          of (i) in-house counsel of the Note Administrator, dated as of the Closing Date, regarding certain matters of United States law and (ii) Aini & Associates
          PLLC, counsel to the Note Administrator;

         

        (m)         an opinion of Aini & Associates PLLC, counsel to Trustee;

         

        (n)          an opinion of counsel to the Issuer regarding certain matters of Minnesota law with respect to the Minnesota Collateral;

         

        (o)         an Officer’s Certificate given on behalf of the Issuer and without personal liability, stating that the Issuer is not in
            Default under this Indenture and that the issuance of the Securities by the Issuer will not result in a breach of any of the terms, conditions or provisions of, or constitute a Default under, the Governing Documents of the Issuer, any indenture
            or other agreement or instrument to which the Issuer is a party or by which it is bound, or any order of any court or administrative agency entered in any Proceeding to which the Issuer is a party or by which it may be bound or to which it may
            be subject; that all conditions precedent provided in this Indenture relating to the authentication and delivery of the Notes applied for and all conditions precedent provided in the Preferred Share Paying Agency Agreement relating to the
            issuance by the Issuer of the Preferred Shares have been complied with and that all expenses due

        

          

        
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        or accrued with respect to the offering or relating to actions taken on or in connection with the Closing Date have been paid;

         

        (p)         an Officer’s Certificate given on behalf of the Co-Issuer stating that the Co-Issuer is not in Default under this Indenture
            and that the issuance of the Offered Notes by the Co-Issuer will not result in a breach of any of the terms, conditions or provisions of, or constitute a Default under, the Governing Documents of the Co-Issuer, any indenture or other agreement
            or instrument to which the Co-Issuer is a party or by which it is bound, or any order of any court or administrative agency entered in any Proceeding to which the Co-Issuer is a party or by which it may be bound or to which it may be subject;
            that all conditions precedent provided in this Indenture relating to the authentication and delivery of the Notes applied for have been complied with and that all expenses due or accrued with respect to the offering or relating to actions taken
            on or in connection with the Closing Date have been paid;

         

        (q)        executed counterparts of the Collateral Interest Purchase Agreement, the Servicing Agreement, the Collateral Management
            Agreement, the Participation Agreements, the Future Funding Agreement, the Advisory Committee Member Agreement, the Placement Agency Agreement, the Preferred Share Paying Agency Agreement, the EU/UK Risk Retention Letter and the Securities
            Account Control Agreement;

         

        (r)         an Accountants’ Report on applying Agreed-Upon Procedures with respect to certain information concerning the Collateral
            Interests in the data tape, dated July 21, 2021, an Accountants’ Report on applying Agreed-Upon Procedures with respect to certain information concerning the Collateral Interests in the Preliminary Offering Memorandum of the Co-Issuers, dated
            July 21, 2021, and the Structural and Collateral Term Sheet dated July 21, 2021 and an Accountant’s Report on applying Agreed-Upon Procedures with respect to certain information concerning the Collateral Interests in the Offering Memorandum;

         

        (s)         evidence of preparation for filing at the appropriate filing office in the District of Columbia of a financing statement, on
            behalf of the Issuer, relating to the perfection of the lien of this Indenture in that Collateral in which a security interest may be perfected by filing under the UCC; and

         

        (t)          an Issuer Order executed by the Issuer and the Co-Issuer directing the Authenticating Agent to (i) authenticate the Notes
            specified therein, in the amounts set forth therein and registered in the name(s) set forth therein and (ii) deliver the authenticated Notes as directed by the Issuer and the Co-Issuer.

         

        Section 3.2          Security for Offered Notes.

         

        Prior to the issuance of the Notes on the Closing Date, the Issuer shall cause the following conditions to be satisfied:

         

        (a)          Grant of Security Interest; Delivery of Collateral Interests.  The Grant pursuant to the Granting Clauses of this
            Indenture of all of the Issuer’s right, title and interest in and to the Collateral shall be effective and all Collateral Interests acquired in connection therewith purchased by the Issuer on the Closing Date (as set forth in Schedule A
            hereto) together with the Loan Documents with respect thereto shall have been delivered to, and

        

          

        
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        received by, the Custodian on behalf of the Trustee, without recourse (except as expressly provided in the Collateral Interest Purchase Agreement), in the manner provided in Section 3.3(a);

         

        (b)        Certificate of the Issuer.  A certificate of an Authorized Officer of the Issuer given on behalf of the Issuer and
            without personal liability, dated as of the Closing Date, delivered to the Trustee and the Note Administrator, to the effect that, in the case of each Closing Date Collateral Interest pledged to the Trustee for inclusion in the Collateral on
            the Closing Date and immediately prior to the delivery thereof on the Closing Date:

         

        (i)          the Issuer is the owner of such Closing Date Collateral Interest free and clear of any liens, claims or
            encumbrances of any nature whatsoever except for those which are being released on the Closing Date;

         

        (ii)       the Issuer has acquired its ownership in such Closing Date Collateral Interest in good faith without notice
            of any adverse claim, except as described in paragraph (i) above;

         

        (iii)        the Issuer has not assigned, pledged or otherwise encumbered any interest in such Closing Date Collateral
            Interest (or, if any such interest has been assigned, pledged or otherwise encumbered, it has been released) other than interests Granted pursuant to this Indenture;

         

        (iv)       the Loan Documents with respect to such Closing Date Collateral Interest do not prohibit the Issuer from
            granting a security interest in and assigning and pledging such Closing Date Collateral Interest to the Trustee;

         

        (v)         the list of Closing Date Collateral Interests in Schedule A identifies every Closing Date
            Collateral Interest sold to the Issuer on the Closing Date pursuant to the Collateral Interest Purchase Agreement and pledged to the Issuer on the Closing Date hereunder;

         

        (vi)        the requirements of Section 3.2(a) with respect to such Closing Date Collateral Interests have been
            satisfied; and

         

        (vii)       (A) the Grant pursuant to the Granting Clauses of this Indenture shall, upon execution and delivery of this
            Indenture by the parties hereto, result in a valid and continuing security interest in favor of the Trustee for the benefit of the Secured Parties in all of the Issuer’s right, title and interest in and to the Collateral Interests pledged to
            the Trustee for inclusion in the Collateral on the Closing Date; and

         

        (B) upon the delivery of each participation certificate evidencing each Closing Date Collateral Interest to the Custodian on behalf of the Trustee, at the Custodian’s office in
          Minneapolis, Minnesota, the Trustee’s security interest in all Closing Date Collateral Interests shall be a validly perfected, first priority security interest under the UCC as in effect in the State of Minnesota.

        

        

        
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        (c)          Rating Letters.  The Issuer and/or Co-Issuer’s receipt of (i) a
          signed letter from (i)  Moody’s confirming that the Class A Notes have been issued with a rating of at least “Aaa(sf)” by Moody’s and (ii) DBRS Morningstar confirming that (A) the Class A Notes have been issued with a rating of “AAA(sf)” by DBRS
          Morningstar, (B) the Class A-S Notes have been issued with a rating of at least “AAA(sf)” by DBRS Morningstar, (C) the Class B Notes have been issued with a rating of at least “AA(low)(sf)” by DBRS Morningstar, (D) the Class C Notes have been
          issued with a rating of at least “A(low)(sf)” by DBRS Morningstar, (E) the Class D Notes have been issued with a rating of at least “BBB(sf)” by DBRS Morningstar, (F) the Class E Notes have been issued with a rating of at least “BBB(low)(sf)” by
          DBRS Morningstar, (G) the Class F Notes have been issued with a rating of at least “BB(low)(sf)” by DBRS Morningstar, (H) the Class F-E Notes have been issued with a rating of at least “BB(low)(sf)” by DBRS Morningstar, (I) the Class F-X Notes
          have been issued with a rating of at least “BB(low)(sf)” by DBRS Morningstar, (J) the Class G Notes have been issued with a rating of at least “B(low)(sf)” by DBRS Morningstar, (K) the Class G-E Notes
          have been issued with a rating of at least “B(low)(sf)” by DBRS Morningstar and (L) the Class G-X Notes have been issued with a rating of at least “B(low)(sf)” by DBRS Morningstar

         

        (d)          Accounts.  Evidence of the establishment of the Payment Account, the
          Preferred Share Payment Account, the Reinvestment and Replenishment Account, the Custodial Account, the Expense Reserve Account and the Collection Account.

         

        (e)          Deposit to Expense Reserve Account.  On the Closing Date, the Issuer shall deposit $150,000 into the Expense Reserve Account from the gross proceeds of
          the offering of the Securities.

         

        (f)          [reserved]

         

        (g)          Issuance of Preferred Shares.  The Issuer shall have confirmed that the Preferred Shares have been, or
            contemporaneously with the issuance of the Notes will be, (i) issued by the Issuer and (ii) acquired in their entirety by the Retention Holder.

         

        Section 3.3          Transfer of Collateral.

         

        (a)        The Note Administrator, as document custodian (in such capacity, the “Custodian”), is hereby appointed as Custodian to
            hold all of the participation certificates and mortgage notes (if any), which shall be delivered to it by the Issuer on the Closing Date or on the date of acquisition of any Reinvestment Collateral Interest, Replenishment Collateral Interest or
            Exchange Collateral Interest, as the case may be, in accordance with the terms of this Indenture, at its office in Minneapolis, Minnesota.  Any successor to the Custodian shall be a U.S. state or national bank or trust company that is not an
            Affiliate of the Issuer or the Co-Issuer and has capital and surplus of at least $200,000,000 and whose long-term unsecured debt is rated at least “Baa1” by Moody’s and “BBB” by DBRS Morningstar (if rated by DBRS Morningstar, or if not rated by
            DBRS Morningstar, an equivalent (or higher) rating by any two other NRSROs (which may include Moody’s).  Subject to the limited right to relocate Collateral set forth in Section 7.5(b), the Custodian shall hold all Loan Documents at its
            Corporate Trust Office.

        

          

        
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        (b)         All Eligible Investments and other investments purchased in accordance with this Indenture in the respective Accounts in which
            the funds used to purchase such investments shall be held in accordance with Article 10 and, in respect of each Indenture Account, the Trustee on behalf of the Secured Parties shall have entered into a securities account control
            agreement with the Issuer, as debtor and the Securities Intermediary, as “securities intermediary” (within the meaning of Section 8-102(a)(14) of the UCC as in effect in the State of New York) and the Trustee, as secured party (the “Securities
              Account Control Agreement”) providing, inter alia, that the establishment and maintenance of such Indenture Account will be governed by the law of the State of New York.  The security interest of
            the Trustee in Collateral shall be perfected and otherwise evidenced as follows:

         

        (i)         in the case of such Collateral consisting of Security Entitlements, by the Issuer (A) causing the
            Securities Intermediary, in accordance with the Securities Account Control Agreement, to indicate by book entry that a Financial Asset has been credited to the Custodial Account and (B) causing the Securities Intermediary to agree pursuant to
            the Securities Account Control Agreement that it will comply with Entitlement Orders originated by or on behalf of the Trustee with respect to each such Security Entitlement without further consent by the Issuer;

         

        (ii)         in the case of assets that consist of Instruments or Certificated Securities (the “Minnesota Collateral”),
            to the extent that any such Minnesota Collateral does not constitute a Financial Asset forming the basis of a Security Entitlement acquired by the Trustee pursuant to clause (i), by the Issuer causing (A) the Custodian, on behalf of the
            Trustee, to acquire possession of such Minnesota Collateral in the State of Minnesota or (B) another Person (other than the Issuer or a Person controlling, controlled by, or under common control with, the Issuer) (1) to (x) take possession of
            such Minnesota Collateral in the State of Minnesota and (y) authenticate a record acknowledging that it holds such possession for the benefit of the Trustee or (2) to (x) authenticate a record acknowledging that it will hold possession of such
            Minnesota Collateral for the benefit of the Trustee and (y) take possession of such Minnesota Collateral in the State of Minnesota;

         

        (iii)       in the case of Collateral that consist of General Intangibles and all other Collateral of the Issuer in
            which a security interest may be perfected by filing a financing statement under Article 9 of the UCC as in effect in the District of Columbia, filing or causing the filing of a UCC financing statement naming the Issuer as debtor and the
            Trustee as secured party, which financing statement reasonably identifies all such Collateral, with the Recorder of Deeds of the District of Columbia;

         

        (iv)        in the case of Collateral, causing the registration of the security interests granted under this Indenture
            in the register of mortgages and charges of the Issuer maintained at the Issuer’s registered office in the Cayman Islands; and

         

        (v)         in the case of Collateral that consists of Cash on deposit in any Servicing Account managed by the Servicer
            or Special Servicer pursuant to the terms of the Servicing Agreement, to deposit such Cash in a Servicing Account, which Servicing Account is in the name of the Servicer or Special Servicer on behalf of the Trustee.

        

          

        
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        (c)         The Issuer hereby authorizes the filing of UCC financing statements describing as the collateral covered thereby “all of the
            debtor’s personal property and Collateral,” or words to that effect, notwithstanding that such wording may be broader in scope than the Collateral described in this Indenture.

         

        (d)        Without limiting the foregoing, the Trustee shall cause the Note Administrator to take such different or additional action as
            the Trustee may be advised by advice of counsel to the Trustee, Note Administrator or the Issuer (delivered to the Trustee and the Note Administrator) is reasonably required in order to maintain the perfection and priority of the security
            interest of the Trustee in the event of any change in applicable law or regulation, including Articles 8 and 9 of the UCC and Treasury Regulations governing transfers of interests in Government Items (it being understood that the Note
            Administrator shall be entitled to rely upon an Opinion of Counsel, including an Opinion of Counsel delivered in accordance with Section 3.1(d), as to the need to file any financing statements or continuation statements, the dates by
            which such filings are required to be made and the jurisdictions in which such filings are required to be made).

         

        (e)         Without limiting any of the foregoing, in connection with each Grant of a Collateral Interest hereunder, the Issuer shall
            deliver (or cause to be delivered by the Seller) to the Custodian, in each case to the extent specified on the closing checklist for such Collateral Interest provided to the Custodian (with a copy to the Servicer) by the Issuer (or the Seller)
            the following documents (collectively, the “Collateral Interest File”):

         

        (i)          if such Collateral Interest is a Mortgage Loan or a Mezzanine Loan:

         

        (1)          the promissory note bearing, or accompanied by, all intervening endorsements, endorsed in blank or
          “Pay to the order of KREF 2021-FL2 LTD., an exempted company incorporated with limited liability under the laws of the Cayman Islands, without recourse, except as expressly set forth in that certain Collateral
            Interest Purchase Agreement, dated as of August 16, 2021;”

         

        (2)        with respect to a Mortgage Loan, the original mortgage (or a copy thereof certified from the applicable recording office) and, if applicable, the originals of all intervening assignments
          of mortgage (or copies thereof certified from the applicable recording office), in each case, with evidence of recording thereon, showing an unbroken chain of title from the originator thereof to the last endorsee;

         

        (3)          with respect to a Mortgage Loan, the original assignment of leases and rents (or a copy thereof certified from the applicable recording
          office), if any, and, if applicable, the originals of all intervening assignments of assignment of leases and rents (or copies thereof certified from the applicable recording office), in each case, with evidence of recording thereon, showing an
          unbroken chain of recordation from the originator thereof to the last endorsee;

         

        (4)          with respect to a Mezzanine Loan, the original pledge and security agreement (including, without
            limitation, all original membership certificates,

        

          

        
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        equity interest powers in blank, acknowledgements and confirmations related thereto);

         

        (5)        an original blanket assignment of all unrecorded documents (including a complete chain of
          intervening assignments, if applicable) in favor of the Issuer;

         

        (6)         a filed copy of the UCC-1 financing statements with evidence of filing thereon, and UCC-3 assignments
            showing a complete chain of assignment from the secured party named in such UCC-1 financing statement to the Issuer, with evidence of filing thereon;

         

        (7)         originals or copies of all assumption, modification, consolidation or extension agreements, with evidence
            of recording thereon, together with any other recorded document relating to such Collateral Interest;

         

        (8)          with respect to a Mortgage Loan, an original or a copy (which may be in electronic form) mortgagee policy of title insurance or a conformed
          version of the mortgagee’s title insurance commitment either marked as binding for insurance or attached to an escrow closing letter, countersigned by the title company or its authorized agent if the original mortgagee’s title insurance policy
          has not yet been issued;

         

        (9)         with respect to a Mezzanine Loan, an original or a copy (which may be in electronic form) lender’s UCC
            title insurance policy and a copy of the owner’s title insurance policy (with a mezzanine endorsement and assignment of title proceeds) or a conformed version of the lender’s UCC title insurance policy commitment or owner’s title insurance
            policy commitment, as applicable, either marked as binding for insurance or attached to an escrow closing letter, countersigned by the title company or its authorized agent if such original title insurance policy has not yet been issued;

         

        (10)        with respect to a Mortgage Loan, the original of any security agreement, chattel mortgage or equivalent
            document, if any;

         

        (11)       the original or copy of any related loan agreement as well as any related letter of credit, lockbox agreement, cash management agreement and
          construction contract;

         

        (12)        the original or copy of any related guarantee;

         

        (13)        the original or copy of any related environmental indemnity agreement;

         

        (14)        copies of any property management agreements;

         

        (15)        a copy of a survey of the related Mortgaged Property, together with the surveyor’s certificate thereon;

        

          

        
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        (16)         a copy of any power of attorney relating to such Mortgage Loan or Mezzanine Loan;

         

        (17)        with respect to any Collateral Interest secured in whole or in part by a ground lease, copies of any ground leases, ground lease estoppels and copies of notices issued to the related
          ground lessors regarding the transfer of the Collateral Interest to the Issuer and informing such ground lessors that copies of notices of default should thereafter be delivered to the Servicer;

         

        (18)        a copy of any related environmental insurance policy and environmental report with respect to the related
            Mortgaged Properties;

         

        (19)        with respect to any Mortgage Loan with related mezzanine or other subordinate debt (other than a Mezzanine Loan that is also a Collateral
          Interest or a Companion Participation), a copy of any related co-lender agreement, intercreditor agreement, subordination agreement or other similar agreement;

         

        (20)        with respect to any Mortgage Loan secured by a hospitality property, a copy of any related franchise
            agreement, an original or copy of any comfort letter related thereto, and if, pursuant to the terms of such comfort letter, the general assignment of the Mortgage Loan is not sufficient to transfer or assign the benefits of such comfort letter
            to the Issuer, a copy of the notice by the Seller to the franchisor of the transfer of such Mortgage Loan and/or a copy of the request for the issuance of a new comfort letter in favor of the Issuer (in each case, as and to the extent required
            pursuant to the terms of such comfort letter, as determined by the Issuer, in its sole discretion); and

         

        (21)       the following additional documents, (a) allonge, endorsed in blank; (b) assignment of mortgage, in blank, in
            form and substance acceptable for recording; (c) if applicable, assignment of leases and rents, in blank, in form and substance acceptable for recording; and (d) assignment of unrecorded documents, in blank.

         

        (ii)          if such Collateral Interest is a Pari Passu Participation:

         

        (1)          (a) originals of the documents specified in clause (i)(1) evidencing such Collateral Interest; provided,
          however, that the Issuer shall deliver (or cause to be delivered by the Seller) to the Custodian the promissory note bearing, or accompanied by, all
          intervening endorsements, endorsed in blank or “Pay to the order of KREF 2021-FL2 LTD., an exempted company incorporated with limited liability under the laws of the Cayman Islands, for the benefit of itself,
            and for the benefit of any companion participation holder(s), without recourse, except as expressly set forth in that certain Collateral Interest Purchase Agreement, dated as of August 16, 2021, and subject to the rights and obligations of any
            companion participation holder(s) under any related participation agreement(s)” and (b)(x) with respect to a Collateral Interest related to a Serviced Real Estate Loan, each of the documents specified in clause (i)(2)-(20) above with respect to
            the related

        

          

        
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        Real Estate Loan and (y) with respect to a Collateral Interest related to a Non-Serviced Real Estate Loan, unless the Custodian is also the custodian with respect to the related Real Estate Loan,
          copies of each of the documents specified in clause (i)(2)-(20) above with respect to such Real Estate Loan) (provided that, if the Custodian ceases to be the custodian with respect to the related Real Estate Loan, the Custodian shall retain
          copies of such documents as Custodian hereunder);

         

        (2)          a copy of each related companion note, if any;

         

        (3)          copies of the related co-lender and intercreditor agreement, if any;

         

        (4)          an original participation certificate evidencing such Pari Passu
            Participation in the name of the Issuer;

         

        (5)          a copy of the related Participation Agreement;

         

        (6)          a copy of any related companion participation certificate; and

         

        (7)          an assignment of the participation certificate evidencing such Pari Passu Participation or of the rights of the holder of such Pari Passu
          Participation under the related Participation Agreement from the Issuer to blank.

         

        With respect to any documents which have been delivered or are being delivered to recording offices for recording and have not been returned to the Issuer (or the Seller) in time to permit their delivery hereunder
          at the time required, the Issuer (or the Seller) shall deliver such original or certified recorded documents to the Custodian promptly when received by the Issuer (or the Seller) from the applicable recording office.

         

        (f)          The execution and delivery of this Indenture by the Note Administrator shall constitute certification that (i) each original
            note and/or participation certificate required to be delivered to the Custodian on behalf of the Trustee by the Issuer (or the Seller) and all allonges thereto or assignments thereof, if any, have been received by the Custodian; and (ii) such
            original note or participation certificate has been reviewed by the Custodian and (A) appears regular on its face (handwritten additions, changes or corrections shall not constitute irregularities if initialed by the borrower), (B) appears to
            have been executed and (C) purports to relate to the related Collateral Interest.  The Custodian agrees to review or cause to be reviewed the Collateral Interest Files within sixty (60) days after the Closing Date, and to deliver to the Issuer,
            the Note Administrator, the Servicer, the Collateral Manager and the Trustee a certification in the form of Exhibit D attached hereto, indicating, subject to any exceptions found by it in such review (and any related exception report
            and any subsequent reports thereto shall be delivered to the other parties hereto and the Servicer in electronic format, which shall be Excel-compatible), (A) those documents referred to in Section 3.3(e) that have been received, and
            (B) that such documents have been executed, appear on their face to be what they purport to be, purport to be recorded or filed (as applicable) and have not been torn, mutilated or otherwise defaced, and appear on their faces to relate to the
            Collateral Interest.  The Custodian shall have no responsibility for reviewing the Collateral Interest File except as expressly set forth in this Section 3.3(f).  None of the Trustee, the Note Administrator, and the Custodian shall be
            under

        

          

        
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        any duty or obligation to inspect, review, or examine any such documents, instruments or certificates to independently determine that they are valid, genuine, enforceable, legally sufficient, duly authorized, or
          appropriate for the represented purpose, whether the text of any assignment or endorsement is in proper or recordable form (except to determine if the endorsement conforms to the requirements of Section 3.3(e)), whether any document has
          been recorded in accordance with the requirements of any applicable jurisdiction, to independently determine that any document has actually been filed or recorded in the appropriate office, that any document is other than what it purports to be
          on its face, or whether the title insurance policies relate to the Mortgaged Property.

         

        (g)          No later than the 90th day after the Closing
            Date and every calendar quarter thereafter until all exceptions have been cleared, the Custodian shall (i) deliver to the Issuer, with a copy to the Note Administrator, the Trustee, the Collateral Manager and the Servicer a final exception
            report (which report and any updates or modifications thereto shall be delivered in electronic format, including Excel-compatible format) as to any remaining documents that are required to be, but are not in the Collateral Interest File and
            (ii) request that the Issuer cause such document deficiency to be cured.

         

        (h)          Without limiting the generality of the foregoing:

         

        (i)         from time to time upon the request of the Trustee, Collateral Manager, Servicer or Special Servicer, the Issuer shall deliver
            (or cause to be delivered) to the Custodian any Loan Document in the possession of the Issuer and not previously delivered hereunder (including originals of Loan Documents not previously required to be delivered as originals) and as to which
            the Trustee, Collateral Manager, Servicer or Special Servicer, as applicable, shall have reasonably determined, or shall have been advised, to be necessary or appropriate for the administration of such Real Estate Loan hereunder or under the
            Servicing Agreement or for the protection of the security interest of the Trustee under this Indenture;

         

        (ii)         in connection with any delivery of documents to the Custodian pursuant to clause (i) above, the Custodian shall deliver to
            the Collateral Manager, on behalf of the Issuer, a Certification in the form of Exhibit D acknowledging the receipt of such documents by the Custodian and that it is holding such documents subject to the terms of this Indenture; and

         

        (iii)       from time to time upon request of the Servicer or the Special Servicer, the Custodian shall, upon delivery by the Servicer or
            the Special Servicer, as applicable, of a Request for Release in the form of Exhibit E hereto, release to the Servicer or the Special Servicer, as applicable, such of the Loan Documents then in its custody as the Servicer or the Special
            Servicer, as applicable, reasonably so requests.  By submission of any such Request for Release, the Servicer or the Special Servicer, as applicable, shall be deemed to have represented and warranted that it has determined in accordance with
            the Servicing Standard set forth in the Servicing Agreement that the requested release is necessary for the administration of such Real Estate Loan hereunder or under the Servicing

        

          

        
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        Agreement or for the protection of the security interest of the Trustee under this Indenture.  The Servicer or the Special Servicer shall return to the Custodian each Loan Document released from
          custody pursuant to this clause (iii) within 20 Business Days of receipt thereof (except such Loan Documents as are released in connection with a sale, exchange or other disposition, in each case only as permitted under this Indenture, of the
          related Collateral Interest that is consummated within such 20-day period).  Notwithstanding the foregoing provisions of this clause (iii), any note, participation certificate or other instrument evidencing a Pledged Collateral Interest shall be
          released only for the purpose of (1) a sale, exchange or other disposition of such Pledged Collateral Interest that is permitted in accordance with the terms of this Indenture, (2) presentation, collection, renewal or registration of transfer of
          such Collateral Interest or (3) in the case of any note, in connection with a payment in full of all amounts owing under such note.

         

        (i)          As of the Closing Date (with respect to the Collateral owned or existing as of the Closing Date) and each date on which any Collateral is acquired (only with
          respect to each Collateral so acquired or arising after the Closing Date), the Issuer represents and warrants as follows:

         

        (i)         this Indenture creates a valid and continuing security interest (as defined in the UCC) in the Collateral in favor of the
            Trustee for the benefit of the Secured Parties, which security interest is prior to all other liens, and is enforceable as such against creditors of and purchasers from the Issuer;

         

        (ii)         the Issuer owns and has good and marketable title to such Collateral free and clear of any lien, claim or encumbrance of any
            Person;

         

        (iii)        in the case of each Collateral, the Issuer has acquired its ownership in such Collateral in good faith without notice of any
            adverse claim as defined in Section 8‐102(a)(1) of the UCC as in effect on the date hereof;

         

        (iv)       other than the security interest granted to the Trustee for the benefit of the Secured Parties pursuant to this Indenture, the
            Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Collateral;

         

        (v)         the Issuer has not authorized the filing of, and is not aware of, any financing statements against the Issuer that include a
            description of collateral covering the Collateral other than any financing statement (x) relating to the security interest granted to the Trustee for the benefit of the Secured Parties hereunder or (y) that has been terminated; the Issuer is
            not aware of any judgment lien, Pension Benefit Guarantee Corporation lien or tax lien filings against the Issuer;

         

        (vi)        the Issuer has received all consents and approvals required by the terms of each Collateral and the Transaction Documents to
            grant to the Trustee its interest and rights in such Collateral hereunder;

        

          

        
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        (vii)      the Issuer has caused or will have caused, within ten days, the filing of all appropriate financing statements in the proper
            filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Collateral granted to the Trustee for the benefit of the Secured Parties hereunder;

         

        (viii)     all of the Collateral constitutes one or more of the following categories:  an Instrument, a General Intangible, a Certificated
            Security or an uncertificated security, or a Financial Asset in which a Security Entitlement has been created and that has been or will have been credited to a Securities Account and Proceeds of all the foregoing;

         

        (ix)         the Securities Intermediary has agreed to treat all Collateral credited to the Custodial Account as a Financial Asset;

         

        (x)         the Issuer has delivered a fully executed Securities Account Control Agreement pursuant to which the Securities Intermediary
            has agreed to comply with all instructions originated by the Trustee relating to the Indenture Accounts without further consent of the Issuer; none of the Indenture Accounts is in the name of any Person other than the Issuer, the Note
            Administrator or the Trustee; the Issuer has not consented to the Securities Intermediary to comply with any Entitlement Orders in respect of the Indenture Accounts and any Security Entitlement credited to any of the Indenture Accounts
            originated by any Person other than the Trustee or the Note Administrator on behalf of the Trustee;

         

        (xi)       (A) all original executed copies of each promissory note, participation certificate or other writings that constitute or
            evidence any pledged obligation that constitutes an Instrument have been delivered to the Custodian for the benefit of the Trustee and (B) none of the promissory notes, participation certificates or other writings that constitute or evidence
            such collateral has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed by the Issuer to any Person other than the Trustee;

         

        (xii)      each of the Indenture Accounts constitutes a Securities Account in respect of which the Securities Intermediary has accepted to
            be Securities Intermediary pursuant to the Securities Account Control Agreement on behalf of the Trustee as secured party under this Indenture.

         

        (j)        The Note Administrator shall cause all Eligible Investments delivered to the Note Administrator on behalf of the Issuer (upon
            receipt by the Note Administrator thereof) to be promptly credited to the applicable Account.

         

        Section 3.4          Credit Risk Retention.

         

        None of the Trustee, the Note Administrator or the Custodian shall be obligated to monitor, supervise or enforce compliance with the requirements set forth in Regulation RR.

         

        
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        ARTICLE 4

         

        SATISFACTION AND DISCHARGE

         

        Section 4.1          Satisfaction and Discharge of Indenture.

         

        This Indenture shall be discharged and shall cease to be of further effect except as to (i) rights of registration of transfer and exchange, (ii) substitution of mutilated, defaced, destroyed,
          lost or stolen Notes, (iii) rights of Noteholders to receive payments of principal thereof and interest thereon, (iv) the rights, protections, indemnities and immunities of the Note Administrator (in each of its capacities) and the Trustee and
          the specific obligations set forth below hereunder, (v) the rights, obligations and immunities of the Servicer, the Special Servicer and the Collateral Manager hereunder and under the Servicing Agreement and the Collateral Management Agreement,
          as applicable, and (vi) the rights of Noteholders as beneficiaries hereof with respect to the property deposited with the Custodian or Securities Intermediary (on behalf of the Trustee) and payable to all or any of them (and the Trustee, on
          demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture) when:

         

        (a)          (i) either:

         

        (1)          all Notes theretofore authenticated and delivered to Noteholders (other than (A) Notes which have been
            mutilated, defaced, destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.6 and (B) Notes for which payment has theretofore irrevocably been deposited in trust and thereafter repaid to the Issuer or
            discharged from such trust, as provided in Section 7.3) have been delivered to the Note Registrar for cancellation; or

         

        (2)          all Notes not theretofore delivered to the Note Registrar for cancellation (A) have become due and payable,
            or (B) shall become due and payable at their Stated Maturity Date within one year, or (C) are to be called for redemption pursuant to Article 9 under an arrangement satisfactory to the Note Administrator for the giving of notice of
            redemption by the Issuer and the Co-Issuer pursuant to Section 9.3 and either (x) the Issuer has irrevocably deposited or caused to be deposited with the Note Administrator, Cash or non-callable direct obligations of the United States
            of America; which obligations are entitled to the full faith and credit of the United States of America or are debt obligations which are rated “Aaa” by Moody’s and have a long-term rating by DBRS Morningstar of “AAA” (or if not rated by DBRS
            Morningstar, then at least the equivalent by two other NRSROs) in an amount sufficient, as recalculated by a firm of Independent nationally-recognized certified public accountants, to pay and discharge the entire indebtedness (including, in the
            case of a redemption pursuant to Section 9.1, the Redemption Price) on such Notes not theretofore delivered to the Note Administrator for cancellation, for principal and interest to the date of such deposit (in the case of Notes which
            have become due and payable), or to the respective Stated Maturity Date or the respective Redemption Date, as the case may be or (y) in the event all of the Collateral is liquidated following the

        

          

        
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        satisfaction of the conditions specified in Article 5, the Issuer shall have deposited or caused to be deposited with the Note Administrator, all proceeds of such liquidation of the
          Collateral, for payment in accordance with the Priority of Payments;

         

        (ii)        the Issuer and the Co-Issuer have paid or caused to be paid all other sums then due and payable hereunder
            (including any amounts then due and payable pursuant to the Collateral Management Agreement and the Servicing Agreement) by the Issuer and Co-Issuer and no other amounts are scheduled to be due and payable by the Issuer other than Dissolution
            Expenses;  and

         

        (iii)       the Co-Issuers have delivered to the Trustee and the Note Administrator Officer’s certificates and an
            Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with;

         

        provided, however, that in the case of clause (a)(i)(2)(x) above, the Issuer has delivered to the Trustee and Note Administrator an opinion of Dechert LLP, Hunton Andrews Kurth LLP
          or an opinion of another tax counsel of nationally recognized standing in the United States experienced in such matters to the effect that the Noteholders would recognize no income, gain or loss for U.S. federal income tax purposes as a result of
          such deposit and satisfaction and discharge of this Indenture; or

         

        (b)          (i) each of the Co-Issuers has delivered to the Trustee and Note Administrator a certificate stating that (1) there is no
            Collateral (other than (x) the Collateral Management Agreement, the Servicing Agreement and the Servicing Accounts related thereto and the Securities Account Control Agreement and the Indenture Accounts related thereto and (y) Cash in an amount
            not greater than the Dissolution Expenses) that remain subject to the lien of this Indenture, and (2) all funds on deposit in or to the credit of the Accounts have been distributed in accordance with the terms of this Indenture or have
            otherwise been irrevocably deposited with the Servicer under the Servicing Agreement for such purpose; and

         

        (ii)       the Co-Issuers have
            delivered to the Note Administrator and the Trustee Officer’s certificates and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied
            with.

         

        Notwithstanding the satisfaction and discharge of this Indenture, the rights and obligations of the Issuer, the Co-Issuer, the Trustee, the Note Administrator, and, if applicable, the
          Noteholders, as the case may be, under Sections 2.7, 4.2, 5.4(d), 5.9, 5.18, 6.7, 7.3 and 14.12 shall survive.

         

        Section 4.2          Application of Amounts held in Trust.

         

        All amounts deposited with the Note Administrator pursuant to Section 4.1 shall be held in trust and applied by it in accordance with the provisions of the Notes and this Indenture
          (including, without limitation, the Priority of Payments) to the payment of the principal and interest, either directly or through any Paying Agent, as the Note Administrator

        

        

        
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        may determine, and such amounts shall be held in a segregated account identified as being held in trust for the benefit of the Secured Parties.

         

        Section 4.3          Repayment of Amounts Held by Paying Agent.

         

        In connection with the satisfaction and discharge of this Indenture with respect to the Notes, all amounts then held by any Paying Agent, upon demand of the Issuer and the Co-Issuer, shall be
          remitted to the Note Administrator to be held and applied pursuant to Section 7.3 and, in the case of amounts payable on the Notes, in accordance with the Priority of Payments and thereupon such Paying Agent shall be released from all
          further liability with respect to such amounts.

         

        Section 4.4          Limitation on Obligation to Incur Company Administrative Expenses.

         

        If at any time after an Event of Default has occurred and the Notes have been declared immediately due and payable, the sum of (i) Eligible Investments, (ii) Cash and (iii) amounts reasonably
          expected to be received by the Issuer with respect to the Collateral Interests in Cash during the current Due Period (as certified by the Collateral Manager in its reasonable judgment) is less than the sum of Dissolution Expenses and any accrued
          and unpaid Company Administrative Expenses, then notwithstanding any other provision of this Indenture, the Issuer shall no longer be required to incur Company Administrative Expenses as otherwise required by this Indenture to any Person, other
          than with respect to fees and indemnities of, and other payments, charges and expenses incurred in connection with opinions, reports or services to be provided to or for the benefit of, the Trustee, the Note Administrator, the Servicer, the
          Special Servicer or any of their respective Affiliates.  Any failure to pay such amounts or provide or obtain such opinions, reports or services no longer required hereunder shall not constitute a Default hereunder.

         

        ARTICLE 5

         

        REMEDIES

         

        Section 5.1          Events of Default.

         

        “Event of Default,” wherever used herein, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be
          effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

         

        (a)          a default in the payment of any interest on any of the Class A Notes, the Class A-S Notes and the Class B Notes (or, if none
            of the Class A Notes, the Class A-S Notes and the Class B Notes are Outstanding, any Note of the most senior Class Outstanding) when the same becomes due and payable and the continuation of any such default for three (3) Business Days after a
            Trust Officer of the Note Administrator has actual knowledge or receives notice from any holder of Notes of such payment default; provided that in the case of a failure to disburse funds due to an administrative error or omission by the
            Collateral Manager, Note

        

          

        
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        Administrator or any paying agent, such failure continues for five (5) Business Days after a trust officer of the Note Administrator receives written notice or has actual knowledge of such administrative error or
          omission; or

         

        (b)          a default in the payment of principal (or the related Redemption Price, if applicable) of any Class of Notes when the same
            becomes due and payable at its Stated Maturity Date or any Redemption Date; provided, in each case, that in the case of a failure to disburse funds due to an administrative error or omission by the Collateral Manager, Note Administrator
            or any paying agent, such failure continues for five (5) Business Days after a trust officer of the Note Administrator receives written notice or has actual knowledge of such administrative error or omission;

         

        (c)          the failure on any Payment Date to disburse amounts in excess of $100,000 available in the Payment Account in accordance with
            the Priority of Payments set forth under Section 11.1(a) (other than (i) a default in payment described in clause (a) or (b) above and (ii) unless the Holders of the Preferred Shares object, a failure to disburse any amounts to the
            Preferred Share Paying Agent for distribution to the Holders of the Preferred Shares), which failure continues for a period of three (3) Business Days or, in the case of a failure to disburse such amounts due to an administrative error or
            omission by the Note Administrator or Paying Agent, which failure continues for five (5) Business Days;

         

        (d)          any of the Issuer, the Co-Issuer or the pool of Collateral becomes an investment company required to be registered under the
            1940 Act;

         

        (e)          a default in the performance, or breach, of any other covenant or other agreement of the Issuer or Co-Issuer (other than the
            covenant to make the payments described in clauses (a), (b) or (c) above or to satisfy either Offered Note Protection Test) or any representation or warranty of the Issuer or Co-Issuer hereunder or in any certificate or other writing delivered
            pursuant hereto or in connection herewith proves to be incorrect in any material respect when made, and the continuation of such default or breach for a period of 30 days (or, if such default, breach or failure has an adverse effect on the
            validity, perfection or priority of the security interest granted hereunder, 15 days) after either the Issuer, the Co-Issuer or the Collateral Manager has actual knowledge thereof or after notice thereof to the Issuer and the Co-Issuer by the
            Trustee or to the Issuer, the Co-Issuer, the Collateral Manager and the Trustee by Holders of at least 25% of the Aggregate Outstanding Amount of the Controlling Class;

         

        (f)          the entry of a decree or order by a court having competent jurisdiction adjudging the Issuer or the Co-Issuer as bankrupt or
            insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Issuer or the Co-Issuer under the Bankruptcy Code, or any bankruptcy, insolvency, reorganization or
            similar law enacted under the laws of the Cayman Islands or any other applicable law, or appointing a receiver, liquidator, assignee, or sequestrator (or other similar official) of the Issuer or the Co-Issuer or of any substantial part of its
            property, respectively, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days;

        

          

        
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        (g)         the institution by the Issuer or the Co-Issuer of proceedings to be adjudicated as bankrupt or insolvent, or the consent by it
            to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under the Bankruptcy Code, or any bankruptcy, insolvency, reorganization or similar
            law enacted under the laws of the Cayman Islands or any other similar applicable law, or the consent by it to the filing of any such petition or to the appointment of a receiver, liquidator, assignee, trustee or sequestrator (or other similar
            official) of the Issuer or the Co-Issuer or of any substantial part of its property, respectively, or the making by it of an assignment for the benefit of creditors, or the admission by it in writing of its inability to pay its debts generally
            as they become due, or the taking of any action by the Issuer in furtherance of any such action;

         

        (h)        one or more final judgments being rendered against the Issuer or the Co-Issuer which exceed, in the aggregate, $1,000,000 and
            which remain unstayed, undischarged and unsatisfied for 30 days after such judgment(s) becomes nonappealable, unless adequate funds have been reserved or set aside for the payment thereof, and unless (except as otherwise specified in writing by
            the Rating Agencies) a No Downgrade Confirmation has been received from the Rating Agencies; or

         

        (i)          the Issuer loses its status as a Qualified REIT Subsidiary or other disregarded entity of KREF Sub-REIT or any other entity
            treated as a REIT for U.S. federal income tax purposes, unless (A) within 90 days, the Issuer either (1) delivers an opinion of tax counsel of nationally recognized standing in the United States experienced in such matters to the effect that,
            notwithstanding the Issuer’s loss of Qualified REIT Subsidiary or disregarded entity status for U.S. federal income tax purposes, the Issuer is not, and has not been, an association (or publicly traded partnership) taxable as a corporation, or
            is not, and has not been, otherwise subject to U.S. federal income tax on a net basis and the Noteholders are not otherwise materially adversely affected by the loss of Qualified REIT Subsidiary or disregarded entity status for U.S. federal
            income tax purposes or (2) receives an amount from the Preferred Shareholders sufficient to discharge in full the amounts then due and unpaid on the Notes and amounts and expenses described in clauses (1) through (20) under Section
              11.1(a)(i) in accordance with the Priority of Payments or (B) all Classes of the Notes are subject to a Tax Redemption announced by the Issuer in compliance with this Indenture, and such redemption has not been rescinded.

         

        Upon becoming aware of the occurrence of an Event of Default, the Issuer, shall promptly notify (or shall procure the prompt notification of) the Trustee, the Note Administrator, the Servicer,
          the Special Servicer, the Collateral Manager, the Preferred Share Paying Agent and the Preferred Shareholders in writing.  If the Collateral Manager or Note Administrator has actual knowledge of the occurrence of an Event of Default, the
          Collateral Manager or the Note Administrator shall promptly notify, in writing, the Trustee, the Servicer, the Special Servicer, the Noteholders and the Rating Agencies of the occurrence of such Event of Default.

         

        Section 5.2          Acceleration of Maturity; Rescission and Annulment.

         

        (a)         If an Event of Default shall occur and be continuing (other than the Events of Default specified in Section 5.1(f) or
            5.1(g)), the Trustee may (and shall at the direction of a Majority, by outstanding principal amount, of each Class of Notes voting as a separate Class

        

          

        
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        (excluding any Notes owned by the Issuer, the Seller, the Collateral Manager or any of their respective Affiliates)), declare the principal of and accrued and unpaid interest on all the Notes to be immediately due
          and payable (and any such acceleration shall automatically terminate the Reinvestment Period and Replenishment Period).  Upon any such declaration such principal, together with all accrued and unpaid interest thereon, and other amounts payable
          thereunder in accordance with the Priority of Payments will become immediately due and payable.  If an Event of Default described in Section 5.1(f) or 5.1(g) above occurs, such an acceleration shall occur automatically and without
          any further action, and any such acceleration shall automatically terminate the Reinvestment Period and Replenishment Period.  If the Notes are accelerated, payments shall be made in the order and priority set forth in Section 11.1(a).

         

        (b)          At any time after such a declaration of acceleration of Maturity of the Notes has been made, and before a judgment or decree
            for payment of the amounts due has been obtained by the Trustee as hereinafter provided in this Article 5, a Majority of each Class of Notes (voting as a separate Class), other than with respect to an Event of Default specified in Section
              5.1(d), 5.1(f), 5.1(g), or 5.1(i), by written notice to the Issuer, the Co-Issuer and the Trustee, may rescind and annul such declaration and its consequences if:

         

        (i)          the Issuer or the Co-Issuer has paid or deposited with the Note Administrator a sum sufficient to pay:

         

        (A)          all unpaid installments of interest and principal on the Notes that would be due and payable hereunder if
            the Event of Default giving rise to such acceleration had not occurred;

         

        (B)          all unpaid taxes of the Issuer and the Co-Issuer, Company Administrative Expenses and other sums paid or
            advanced by or otherwise due and payable to the Note Administrator or to the Trustee hereunder;

         

        (C)         with respect to the Advancing Agent and the Backup Advancing Agent, any amount due and payable for
            unreimbursed Interest Advances and Reimbursement Interest;

         

        (D)          with respect to the Collateral Management Agreement, any Collateral Manager Fee then due and any Company
            Administrative Expense due and payable to the Collateral Manager thereunder; and

         

        (E)         any other Company Administrative Expenses then due and payable, including, but not limited to, any Company
            Administrative Expenses then due and payable to the Servicer and the Special Servicer;

         

        (ii)         the Trustee has received notice that all Events of Default, other than the non-payment of the interest and
            principal on the Notes that have become due solely by such acceleration, have been cured and a Majority of the Controlling Class, by written notice to the Trustee, has agreed with such notice (which agreement shall not be unreasonably withheld
            or delayed) or waived as provided in Section 5.14.

        

          

        
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        At any such time that the Trustee, subject to Section 5.2(b), shall rescind and annul such declaration and its consequences as permitted hereinabove, the Collateral shall be preserved in
          accordance with the provisions of Section 5.5 with respect to the Event of Default that gave rise to such declaration; provided, however, that if such preservation of the Collateral
          is rescinded pursuant to Section 5.5, the Notes may be accelerated pursuant to the first paragraph of this Section 5.2, notwithstanding any previous rescission and annulment of a declaration of acceleration pursuant to this
          paragraph.

         

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

         

        (c)          Subject to Sections 5.4 and 5.5, a Majority of the Controlling Class shall have the right to direct the
            Trustee in the conduct of any Proceedings for any remedy available to the Trustee or in the sale of any or all of the Collateral; provided that (i) such direction will not conflict with any rule of law or this Indenture; (ii) the
            Trustee may take any other action not inconsistent with such direction; (iii) the Trustee has received security or indemnity satisfactory to it; and (iv) any direction to undertake a sale of the Collateral may be made only as described in Section
              5.17.  The Trustee shall be entitled to refuse to take any action absent such direction.

         

        (d)        As security for the payment by the Issuer of the compensation and expenses of the Trustee, the Note Administrator, and any sums
            the Trustee or Note Administrator shall be entitled to receive as indemnification by the Issuer, the Issuer hereby grants the Trustee a lien on the Collateral, which lien is senior to the lien of the Noteholders.  The Trustee’s lien shall be
            subject to the Priority of Payments and exercisable by the Trustee only if the Notes have been declared due and payable following an Event of Default and such acceleration has not been rescinded or annulled.

         

        (e)         A Majority of the Aggregate Outstanding Amount of each Class of Notes may, prior to the time a judgment or decree for the
            payment of amounts due has been obtained by the Trustee, waive any past Default on behalf of the holders of all the Notes and its consequences in accordance with Section 5.14.

         

        Section 5.3          Collection of Indebtedness and Suits for Enforcement by Trustee.

         

        (a)          The Issuer covenants that if a Default shall occur in respect of the payment of any interest and principal on any Class of
            Notes (but only after any amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in full), the Issuer and Co-Issuer shall, upon demand of the Trustee or any affected Noteholder, pay to the Note Administrator
            on behalf of the Trustee, for the benefit of the Holder of such Note, the whole amount, if any, then due and payable on such Note for principal and interest or other payment with interest on the overdue principal and, to the extent that
            payments of such interest shall be legally enforceable, upon overdue installments of interest, at the applicable interest rate and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection,
            including the reasonable compensation, expenses, disbursements and advances of the Note Administrator, the Trustee, the Special Servicer and such Noteholder and their respective agents and counsel.

        

          

        
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        If the Issuer or the Co-Issuer fails to pay such amounts forthwith upon such demand, the Trustee, as Trustee of an express trust, and at the expense of the Issuer, may institute a Proceeding for
          the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and may enforce the same against the Issuer and the Co-Issuer or any other obligor upon the Notes and collect the amounts adjudged or
          decreed to be payable in the manner provided by law out of the Collateral.

         

        If an Event of Default occurs and is continuing, the Trustee shall proceed to protect and enforce its rights and the rights of the Noteholders by such Proceedings (x) as directed by a Majority of
          the Controlling Class or (y) in the absence of direction by a Majority of the Controlling Class, as determined by the Trustee acting in good faith; provided, that (a) such direction must not conflict with any rule of law or with any
          express provision of this Indenture, (b) the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction, (c) the Trustee has been provided with security or indemnity satisfactory to it, and (d)
          notwithstanding the foregoing, any direction to the Trustee to undertake a sale of Collateral may be given only in accordance with the preceding paragraph, in connection with any sale and liquidation of all or a portion of the Collateral, the
          preceding sentence, and, in all cases, the applicable provisions of this Indenture.  Such Proceedings shall be used for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein,
          or to enforce any other proper remedy or legal or equitable right vested in the Trustee by this Indenture or by law.  Any direction to the Trustee to undertake a Sale of Collateral Interests related to a Serviced Real Estate Loan pursuant to this
          Article 5 shall be forwarded to the Special Servicer, and the Special Servicer shall conduct any such Sale in accordance with the terms of the Servicing Agreement.

         

        In the case where (x) there shall be pending Proceedings relative to the Issuer or the Co-Issuer under the Bankruptcy Code, any bankruptcy, insolvency, reorganization or similar law enacted under
          the laws of the Cayman Islands, or any other applicable bankruptcy, insolvency or other similar law, (y) a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for
          or taken possession of the Issuer or the Co-Issuer, or their respective property, or (z) there shall be any other comparable Proceedings relative to the Issuer or the Co-Issuer, or the creditors or property of the Issuer or the Co-Issuer,
          regardless of whether the principal of any Notes shall then be due and payable as therein expressed or by declaration, or otherwise and regardless of whether the Trustee shall have made any demand pursuant to the provisions of this Section
            5.3, the Trustee shall be entitled and empowered, by intervention in such Proceedings or otherwise:

         

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

        

          

        
          -106-

          
            

        

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

         

        (iii)          to collect and receive (or cause the Note Administrator to collect and receive) any amounts or other
            property payable to or deliverable on any such claims, and to distribute (or cause the Note Administrator to distribute) all amounts received with respect to the claims of the Noteholders and of the Trustee on their behalf; the Secured Parties,
            and any trustee, receiver or liquidator, custodian or other similar official is hereby authorized by each of the Noteholders to make payments to the Trustee (or the Note Administrator on its behalf), and, in the event that the Trustee shall
            consent to the making of payments directly to the Noteholders, to pay to the Trustee and the Note Administrator such amounts as shall be sufficient to cover reasonable compensation to the Trustee and the Note Administrator, each predecessor
            trustee and note administrator, and their respective agents, attorneys and counsel, and all other reasonable expenses and liabilities incurred, and all advances made, by the Backup Advancing Agent and each predecessor backup advancing agent.

         

        Nothing herein contained shall be deemed to authorize the Trustee to authorize, consent to, vote for, accept or adopt, on behalf of any Noteholder, any plan of reorganization, arrangement,
          adjustment or composition affecting the Notes or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Noteholder in any such Proceeding except, as aforesaid, to vote for the election of a trustee in
          bankruptcy or similar Person.

         

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

         

        Notwithstanding anything in this Section 5.3 to the contrary, the Trustee may not sell or liquidate the Collateral or institute Proceedings in furtherance thereof pursuant to this Section
            5.3 unless the conditions specified in Section 5.5(a) are met and any sale of Collateral related to Serviced Real Estate Loans contemplated to be conducted by the Special Servicer under this Indenture shall be effected by the
          Special Servicer pursuant to the terms of the Servicing Agreement, and the Trustee shall have no liability or responsibility for or in connection with any such sale by the Special Servicer.

         

        Section 5.4          Remedies.

         

        (a)          If an Event of Default has occurred and is continuing, and the Notes have been declared due and payable and such declaration
            and its consequences have not been rescinded and annulled, the Issuer and the Co-Issuer agree that the Trustee, or, with respect to any sale of any Collateral Interests related to Serviced Real Estate Loans, the Special Servicer, may, after
            notice to the Note Administrator and the Noteholders, and shall, upon direction by a

        

      

      
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    Majority of the Controlling Class, to the extent permitted by applicable law, exercise one or more of the following rights, privileges and remedies:

     

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

     

    (ii)        sell all or a portion of the Collateral or rights of interest therein, at one or more
        public or private sales called and conducted in any manner permitted by law and in accordance with Section 5.17 (provided that any such sale related to a Serviced Real Estate Loan shall be conducted by the Special Servicer pursuant to the
        Servicing Agreement);

     

    (iii)        institute Proceedings from time to time for the complete or partial foreclosure of this
        Indenture with respect to the Collateral;

     

    (iv)       exercise any remedies of a secured party under the UCC and take any other appropriate
        action to protect and enforce the rights and remedies of the Secured Parties hereunder; and

     

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

     

    provided, however, that no sale or liquidation of the Collateral or institution
        of Proceedings in furtherance thereof pursuant to this Section 5.4 may be effected unless either of the conditions specified in Section 5.5(a) are met.

     

    The Issuer shall, at the Issuer’s expense, upon request of the Trustee or the Special Servicer, obtain and rely upon an opinion of an Independent investment banking firm as to
      the feasibility of any action proposed to be taken in accordance with this Section 5.4 and as to the sufficiency of the proceeds and other amounts expected to be received with respect to the Collateral to make the required payments of
      principal of and interest on the Notes and other amounts payable hereunder, which opinion shall be conclusive evidence as to such feasibility or sufficiency.

     

    (b)         If an Event of Default as described in Section 5.1(e) shall have occurred and be continuing, the
        Trustee may, and at the request of the Holders of not less than 25% of the Aggregate Outstanding Amount of the Controlling Class shall, institute a Proceeding solely to compel performance of the covenant or agreement or to cure the representation
        or warranty, the breach of which gave rise to the Event of Default under such Section, and enforce any equitable decree or order arising from such Proceeding.

     

    (c)         Upon any Sale, whether made under the power of sale hereby given or by virtue of judicial proceedings, any
        Noteholder, Preferred Shareholder, the Collateral Manager, the Servicer or the Special Servicer or any of their Affiliates may bid for and purchase the Collateral or any part thereof and, upon compliance with the terms of Sale, may hold, retain,
        possess or dispose of such property in its or their own absolute right without accountability; and

     

      

    
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    any purchaser at any such Sale may, in paying the purchase money, turn in any of the Notes in lieu of Cash equal to the amount which shall, upon distribution of the net proceeds of such sale, be
      payable on the Notes so turned in by such Holder (taking into account the Class of such Notes).  Such Notes, in case the amounts so payable thereon shall be less than the amount due thereon, shall either be returned to the Holders thereof after
      proper notation has been made thereon to show partial payment or a new note shall be delivered to the Holders reflecting the reduced interest thereon.

     

    Upon any Sale, whether made under the power of sale hereby given or by virtue of judicial proceedings, the receipt of the Note Administrator or of the Officer making a sale under
      judicial proceedings shall be a sufficient discharge to the purchaser or purchasers at any sale for its or their purchase money and such purchaser or purchasers shall not be obliged to see to the application thereof.

     

    Any such Sale, whether under any power of sale hereby given or by virtue of judicial proceedings, shall (x) bind the Issuer, the Co-Issuer, the Trustee, the Note Administrator,
      the Noteholders and the Preferred Shareholders, shall operate to divest all right, title and interest whatsoever, either at law or in equity, of each of them in and to the property sold and (y) be a perpetual bar, both at law and in equity, against
      each of them and their successors and assigns, and against any and all Persons claiming through or under them.

     

    (d)         Notwithstanding any other provision of this Indenture or any other Transaction Document, none of the
        Advancing Agent, the Trustee, the Note Administrator or any other Secured Party, any other party to any Transaction Document, the Holder of the Notes and the holders of the equity in the Issuer and the Co-Issuer or third party beneficiary of this
        Indenture may, prior to the date which is one year and one day, or, if longer, the applicable preference period (plus one day) then in effect (including any period established pursuant to the laws of the Cayman Islands) after the payment in full of
        all Notes, institute against, or join any other Person in instituting against, the Issuer, the Co-Issuer or any Permitted Subsidiary any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings, or other
        proceedings under federal or State bankruptcy or similar laws of any jurisdiction.  Nothing in this Section 5.4 shall preclude, or be deemed to stop, the Advancing Agent, the Trustee, the Note Administrator, or any other Secured Party or
        any other party to any Transaction Document (i) from taking any action prior to the expiration of the aforementioned one year and one day period, or, if longer, the applicable preference period (plus one day) then in effect (including any period
        established pursuant to the laws of the Cayman Islands) period in (A) any case or proceeding voluntarily filed or commenced by the Issuer or the Co-Issuer or (B) any involuntary insolvency proceeding filed or commenced by a Person other than the
        Trustee, the Note Administrator or any other Secured Party or any other party to any Transaction Document, or (ii) from commencing against the Issuer or the Co-Issuer or any of their respective properties any legal action which is not a bankruptcy,
        reorganization, arrangement, insolvency, moratorium or liquidation proceeding.

     

    Section 5.5          Preservation of Collateral.

     

    (a)        Notwithstanding anything to the contrary herein, if an Event of Default shall have occurred and be continuing
        when any of the Notes are Outstanding, the Trustee and

    
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    the Note Administrator, as applicable, shall (except as otherwise expressly permitted or required under this Indenture) retain the Collateral securing the Offered Notes, collect and cause the
      collection of the proceeds thereof and make and apply all payments and deposits and maintain all accounts in respect of the Collateral and the Notes in accordance with the Priority of Payments and the provisions of Articles 10, 12 and
      13 and shall not sell or liquidate the Collateral, unless either:

     

    (i)        the Note Administrator, pursuant to Section 5.5(c), determines that the anticipated
        proceeds of a sale or liquidation of the Collateral (after deducting the reasonable expenses of such sale or liquidation) would be sufficient to discharge in full the amounts then due and unpaid on the Notes, Company Administrative Expenses due and
        payable pursuant to the Priority of Payments, the Collateral Manager Fees due and payable pursuant to the Priority of Payments and amounts due and payable to the Advancing Agent and the Backup Advancing Agent, in respect of unreimbursed Interest
        Advances and Reimbursement Interest, for principal and interest (including accrued and unpaid Deferred Interest), and, upon receipt of information from Persons to whom fees are expenses are payable, all other amounts payable prior to payment of
        principal on the Notes due and payable pursuant to Section 11.1(a)(iii) and the holders of a Majority of the Controlling Class agrees with such determination; or

     

    (ii)         a Supermajority of each Class of Notes (voting as a separate Class) directs the sale and
        liquidation of all or a portion of the Collateral.

     

    In the event of a sale of a portion of the Collateral pursuant to clause (ii) above representing Collateral Interests, the Special Servicer, on behalf of the Trustee,
      shall sell those items of the Collateral representing Collateral Interests identified by requisite Noteholders pursuant to a written direction, received by the Special Servicer, in form and substance satisfactory to the Trustee and all proceeds of
      such sale shall be remitted to the Note Administrator for distribution in the order set forth in Section 11.1(a).  The Note Administrator shall give written notice of the retention of the Collateral by the Custodian to the Issuer, the
      Co-Issuer, the Collateral Manager, the Trustee, the Servicer, the Special Servicer and the Rating Agencies.  So long as such Event of Default is continuing, any such retention pursuant to this Section 5.5(a) may be rescinded at any time when
      the conditions specified in clause (i) or (ii) above exist.

     

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

     

    (c)         In determining whether the condition specified in Section 5.5(a)(i) exists, the Collateral Manager
        shall obtain bid prices with respect to each Collateral Interest from two dealers (Independent of the Collateral Manager and any of its Affiliates) at the time making a market in such Collateral Interests that, at that time, engage in the trading,
        origination or securitization of loans or participation interests in loans similar to the Collateral Interests (or, if only one such dealer can be engaged, then the Collateral Manager shall obtain a bid price from such dealer or, if no such dealer
        can be engaged, from a pricing service).  The Collateral

     

      

    
      -110-

      
        

    

    Manager shall compute the anticipated proceeds of sale or liquidation on the basis of the lowest of such bid prices for each such Collateral Interest and provide the Trustee, the Special Servicer
      and the Note Administrator with the results thereof.  For the purposes of determining issues relating to the market value of any Collateral Interest and the execution of a sale or other liquidation thereof, the Special Servicer may, but need not,
      retain at the expense of the Issuer and rely on an opinion of an Independent investment banking firm of national reputation or other appropriate advisors (the cost of which shall be payable as a Company Administrative Expense) in connection with a
      determination as to whether the condition specified in Section 5.5(a)(i) exists.

     

    The Note Administrator shall promptly deliver to the Noteholders and the Servicer, and the Note Administrator shall post to the Note Administrator’s Website, a report stating the
      results of any determination required to be made pursuant to Section 5.5(a)(i).

     

    Section 5.6          Trustee May Enforce Claims Without Possession of Notes.

     

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

     

    In any Proceedings brought by the Trustee (and in any Proceedings involving the interpretation of any provision of this Indenture to which the Trustee shall be a party) in
      respect of the Notes, the Trustee shall be deemed to represent all the Holders of the Notes.

     

    Section 5.7          Application of Amounts Collected.

     

    Any amounts collected by the Note Administrator with respect to the Notes pursuant to this Article 5 and any amounts that may then be held or thereafter received by the
      Note Administrator with respect to the Notes hereunder shall be applied subject to Section 13.1 and in accordance with the Priority of Payments set forth in Section 11.1(a)(iii), at the date or dates fixed by the Note Administrator.

     

    Section 5.8          Limitation on Suits.

     

    No Holder of any Notes shall have any right to institute any Proceedings (the right of a Noteholder to institute any proceeding with respect to this Indenture or the Notes is
      subject to any non-petition covenants set forth in this Indenture or the Notes), judicial or otherwise, with respect to this Indenture or the Notes, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:

     

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

     

    (b)         except as otherwise provided in Section 5.9, the Holders of at least 25% of the then Aggregate
        Outstanding Amount of the Controlling Class shall have made written

     

      

    
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    request to the Trustee to institute Proceedings in respect of such Event of Default in its own name as Trustee hereunder and such Holders have offered to the Trustee indemnity reasonably
      satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request;

     

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

     

    (d)        no direction inconsistent with such written request has been given to the Trustee during such 30-day period by
        a Majority of the Controlling Class; it being understood and intended that no one or more Holders of Notes shall have any right in any manner whatsoever by virtue of, or by availing of, any provision of this Indenture or the Notes to affect,
        disturb or prejudice the rights of any other Holders of Notes of the same Class or to obtain or to seek to obtain priority or preference over any other Holders of the Notes of the same Class or to enforce any right under this Indenture or the
        Notes, except in the manner herein or therein provided and for the equal and ratable benefit of all the Holders of Notes of the same Class subject to and in accordance with Section 13.1 and the Priority of Payments.

     

    In the event the Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of Holders of the Controlling Class, each representing less than
      a Majority of the Controlling Class, the Trustee shall not be required to take any action until it shall have received the direction of a Majority of the Controlling Class.

     

    Section 5.9          Unconditional Rights of Noteholders to Receive Principal and Interest.

     

    Notwithstanding any other provision in this Indenture (except for Section 2.7(d) and 2.7(m)), the Holder of any Note shall have the right, which is absolute and
      unconditional, to receive payment of the principal of and interest on such Note as such principal, interest and other amounts become due and payable in accordance with the Priority of Payments and Section 13.1, and, subject to the provisions
      of Sections 5.4 and 5.8 to institute Proceedings for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder; provided, however,
      that the right of such Holder to institute proceedings for the enforcement of any such payment shall not be subject to the 25% threshold requirement set forth in Section 5.8(b).

     

    Section 5.10        Restoration of Rights and Remedies.

     

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

     

    

    
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    Section 5.11        Rights and Remedies Cumulative.

     

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

     

    Section 5.12        Delay or Omission Not Waiver.

     

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

     

    Section 5.13        Control by the Controlling Class.

     

    Subject to Sections 5.2(a) and (b), but notwithstanding any other provision of this Indenture, if an Event of Default shall have occurred and be continuing when
      any of the Notes are Outstanding, a Majority of the Controlling Class shall have the right to cause the institution of, and direct the time, method and place of conducting, any Proceeding for any remedy available to the Trustee and for exercising any
      trust, right, remedy or power conferred on the Trustee in respect of the Notes; provided that:

     

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

     

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

     

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

     

    (d)         notwithstanding the foregoing, any direction to the Trustee to undertake a Sale of the Collateral Interests
        shall be performed by the Special Servicer on behalf of the Trustee, and must satisfy the requirements of Section 5.5.

     

      

    
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    Section 5.14        Waiver of Past Defaults.

     

    Prior to the time a judgment or decree for payment of the amounts due has been obtained by the Trustee, as provided in this Article 5, a Majority of each and every Class
      of Notes (voting as a separate Class) may, on behalf of the Holders of all the Notes, waive any past Default in respect of the Notes and its consequences, except a Default:

     

    (a)         in the payment of principal of any Note;

     

    (b)         in the payment of interest in respect of the Controlling Class;

     

    (c)        in respect of a covenant or provision hereof that, under Section 8.2, cannot be modified or amended
        without the waiver or consent of the Holder of each Outstanding Note adversely affected thereby; or

     

    (d)          in respect of any right, covenant or provision hereof for the individual protection or benefit of the Trustee
        or the Note Administrator, without the Trustee’s or the Note Administrator’s express written consent thereto, as applicable.

     

    In the case of any such waiver, the Issuer, the Co-Issuer, the Trustee, and the Holders of the Notes shall be restored to their respective former positions and rights hereunder,
      but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto.

     

    Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture, but
      no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto.  Any such waiver shall be effectuated upon receipt by the Trustee and the Note Administrator of a written waiver by such Majority of each Class of
      Notes.

     

    Section 5.15        Undertaking for Costs.

     

    All parties to this Indenture agree, and each Holder of any Note by its acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any
      suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit,
      and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant;
      but the provisions of this Section 5.15 shall not apply to any suit instituted by (x) the Trustee, (y) any Noteholder, or group of Noteholders, holding in the aggregate more than 10% of the Aggregate Outstanding Amount of the Controlling
      Class or (z) any Noteholder for the enforcement of the payment of the principal of or interest on any Note or any other amount payable hereunder on or after the Stated Maturity Date (or, in the case of redemption, on or after the applicable
      Redemption Date).

     

    

    
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    Section 5.16        Waiver of Stay or Extension Laws.

     

    Each of the Issuer and the Co-Issuer covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead or in any manner whatsoever claim or
      take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force (including but not limited to filing a voluntary petition under Chapter 11 of the Bankruptcy Code and by the voluntary commencement of
      a proceeding or the filing of a petition seeking winding up, liquidation, reorganization or other relief under any bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or other similar laws now or hereafter in effect),
      which may affect the covenants, the performance of or any remedies under this Indenture; and each of the Issuer and the Co-Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and
      covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

     

    Section 5.17        Sale of Collateral.

     

    (a)         The power to effect any sale (a “Sale”) of any portion of the Collateral pursuant to Sections 5.4
        and 5.5 shall not be exhausted by any one or more Sales as to any portion of such Collateral remaining unsold, but shall continue unimpaired until all amounts secured by the Collateral shall have been paid or if there are insufficient
        proceeds to pay such amount until the entire Collateral shall have been sold.  The Special Servicer may, upon notice to the Securityholders, and shall, upon direction of a Majority of the Controlling Class, from time to time postpone any Sale by
        public announcement made at the time and place of such Sale; provided, however, that if the Sale is rescheduled for a date more than three Business Days after the date of the determination by the Note Administrator pursuant to Section

          5.5(a)(i), such Sale shall not occur unless and until the Note Administrator has again made the determination required by Section 5.5(a)(i).  The Trustee hereby expressly waives its rights to any amount fixed by law as compensation
        for any Sale; provided that the Special Servicer shall be authorized to deduct the reasonable costs, charges and expenses incurred by it, or by the Trustee or the Note Administrator in connection with such Sale from the proceeds thereof
        notwithstanding the provisions of Section 6.7.

     

    (b)         The Notes need not be produced in order to complete any such Sale, or in order for the net proceeds of such
        Sale to be credited against amounts owing on the Notes.

     

    (c)         The Trustee shall execute and deliver an appropriate instrument of conveyance transferring its interest in
        any portion of the Collateral in connection with a Sale thereof, which, in the case of any Collateral Interests, shall be upon request and delivery of any such instruments by the Special Servicer.  In addition, the Special Servicer, with respect to
        Collateral Interests, and the Trustee, with respect to any other Collateral, is hereby irrevocably appointed the agent and attorney in fact of the Issuer to transfer and convey its interest in any portion of the Collateral in connection with a Sale
        thereof, and to take all action necessary to effect such Sale.  No purchaser or transferee at such a Sale shall be bound to ascertain the Trustee’s or Special Servicer’s authority, to inquire into the satisfaction of any conditions precedent or to
        see to the application of any amounts.

     

      

    
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    (d)         In the event of any Sale of the Collateral pursuant to Section 5.4 or Section 5.5, payments
        shall be made in the order and priority set forth in Section 11.1(a) in the same manner as if the Notes had been accelerated.

     

    (e)         Notwithstanding anything herein to the contrary, any Sale by the Trustee of any portion of the Collateral
        Interests shall be executed by the Special Servicer on behalf of the Issuer, and the Trustee shall have no responsibility or liability therefor.

     

    Section 5.18        Action on the Notes.

     

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

     

    ARTICLE 6

      

      THE TRUSTEE AND NOTE ADMINISTRATOR

     

    Section 6.1          Certain Duties and Responsibilities.

     

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

     

    (i)        each of the Trustee and the Note Administrator undertakes to perform such duties and only
        such duties as are set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee or the Note Administrator; and any permissive right of the Trustee or the Note Administrator contained
        herein shall not be construed as a duty; and

     

    (ii)         in the absence of manifest error, or bad faith on its part, each of the Note
        Administrator and the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and the Note Administrator, as the case may be, and
        conforming to the requirements of this Indenture; provided, however, that in the case of any such certificates or opinions which by any provision hereof are specifically required to be
        furnished to the Trustee or the Note Administrator, the Trustee and the Note Administrator shall be under a duty to examine the same to determine whether or not they substantially conform to the requirements of this Indenture and shall promptly
        notify the party delivering the same if such certificate or opinion does not conform.  If a corrected form shall not have been delivered to the Trustee or the Note Administrator within 15 days after such notice from the Trustee or the Note
        Administrator, the Trustee or the Note Administrator, as applicable, shall notify the party providing such instrument and requesting the correction thereof.

     

      

    
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    (b)         In case an Event of Default actually known to a Trust Officer of the Trustee has occurred and is continuing,
        the Trustee shall, prior to the receipt of directions, if any, from a Majority of the Controlling Class (or other Noteholders to the extent provided in Article 5), exercise such of the rights and powers vested in it by this Indenture, and
        use the same degree of care and skill in its exercise as a prudent Person would exercise or use under the circumstances in the conduct of such Person’s own affairs.

     

    (c)         If, in performing its duties under this Indenture, the Trustee or the Note Administrator is required to
        decide between alternative courses of action, the Trustee and the Note Administrator may request written instructions from the Collateral Manager as to courses of action desired by it.  If the Trustee or the Note Administrator does not receive such
        instructions within two (2) Business Days after it has requested them, it may, but shall be under no duty to, take or refrain from taking such action.  The Trustee and the Note Administrator shall act in accordance with instructions received after
        such two (2) Business Day period except to the extent it has already taken, or committed itself to take, action inconsistent with such instructions.  The Trustee and the Note Administrator shall be entitled to request and rely on the advice of
        legal counsel and Independent accountants in performing its duties hereunder and be deemed to have acted in good faith and shall not be subject to any liability if it acts in accordance with such advice.

     

    (d)         No provision of this Indenture shall be construed to relieve the Trustee or the Note Administrator from
        liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that neither the Trustee nor the Note Administrator shall be liable:

     

    (i)          for any error of judgment made in good faith by a Trust Officer, unless it shall be
        proven that it was negligent in ascertaining the pertinent facts; or

     

    (ii)       with respect to any action taken or omitted to be taken by it in good faith in accordance
        with the direction of the Issuer, the Collateral Manager, and/or a Majority of the Controlling Class relating to the time, method and place of conducting any Proceeding for any remedy available to the Trustee or the Note Administrator in respect of
        any Note or exercising any trust or power conferred upon the Trustee or the Note Administrator under this Indenture.

     

    (e)         No provision of this Indenture shall require the Trustee or the Note Administrator to expend or risk its own
        funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers contemplated hereunder, if it shall have reasonable grounds for believing that repayment of such
        funds or adequate indemnity against such risk or liability is not reasonably assured to it unless such risk or liability relates to its ordinary services under this Indenture, except where this Indenture provides otherwise.

     

    (f)       Neither the Trustee nor the Note Administrator shall be liable to the Noteholders for any action taken or
        omitted by it at the direction of the Issuer, the Co-Issuer, the Collateral Manager, the Servicer, the Special Servicer, the Controlling Class, the Trustee (in the case of the Note Administrator), the Note Administrator (in the case of the Trustee)
        and/or a

     

      

    
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    Noteholder under circumstances in which such direction is required or permitted by the terms of this Indenture.

     

    (g)         Neither the Trustee nor the Note Administrator shall have any obligation to verify the compliance by the Issuer, the EU/UK Retention Holder or
      the Retention Holder with Credit Risk Retention Rules or the EU/UK Risk Retention Letter.

     

    (h)         Neither the Trustee nor the Note Administrator (including in its capacity as Calculation Agent) shall have any (i) responsibility or liability
      for the selection of an alternative rate as a successor or replacement benchmark to LIBOR and shall be entitled to rely upon any designation of such a rate by the Designated Transaction Representative and (ii) liability for any failure or delay in
      performing its duties under this Indenture as a result of the unavailability of a “LIBOR” rate as described in the definition thereof. The Note Administrator and the
        Trustee shall be entitled to rely upon the notices provided by the Designated Transaction Representative facilitating or specifying the Benchmark Replacement, Benchmark Replacement Date, Benchmark Replacement Conforming Changes and such other
        administrative procedures with respect to the calculation of any Benchmark Replacement.

     

    (i)         For all purposes under this Indenture, neither the Trustee nor the Note Administrator shall be deemed to have
        notice or knowledge of any Event of Default, unless a Trust Officer of either the Trustee or the Note Administrator, as applicable, has actual knowledge thereof or unless written notice of any event which is in fact such an Event of Default or
        Default is received by the Trustee or the Note Administrator, as applicable at the respective Corporate Trust Office, and such notice references the Notes and this Indenture.  For purposes of determining the Trustee’s and Note Administrator’s
        responsibility and liability hereunder, whenever reference is made in this Indenture to such an Event of Default or a Default, such reference shall be construed to refer only to such an Event of Default or Default of which the Trustee or Note
        Administrator, as applicable, is deemed to have notice as described in this Section 6.1.

     

    (j)         The Trustee and the Note Administrator shall, upon reasonable prior written notice, permit the Issuer, the
        Collateral Manager and their designees, during its normal business hours, to review all books of account, records, reports and other papers of the Trustee relating to the Notes and to make copies and extracts therefrom (the reasonable out-of-pocket
        expenses incurred in making any such copies or extracts to be reimbursed to the Trustee or the Note Administrator, as applicable, by such Person).

     

    Section 6.2          Notice of Default.

     

    Promptly (and in no event later than three (3) Business Days) after the occurrence of any Default actually known to a Trust Officer of the Trustee or after any declaration of
      acceleration (or any rescission thereof) has been made or delivered to the Trustee pursuant to Section 5.2, the Trustee shall transmit by mail to the 17g‐5 Information Provider and to the Note Administrator (who shall post such notice the
      Note Administrator’s Website) and the Note Administrator shall deliver to the Collateral Manager, all Holders of Notes as their names and addresses appear on the Notes Register, and to Preferred Share Paying Agent, notice of such Default, unless such
      Default shall have been cured or waived.

     

    

    
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    Section 6.3          Certain Rights of Trustee and Note Administrator.

     

    Except as otherwise provided in Section 6.1:

     

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

     

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

     

    (c)         whenever in the administration of this Indenture the Trustee or the Note Administrator shall deem it
        desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee and the Note Administrator (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its
        part, rely upon an Officer’s Certificate;

     

    (d)         as a condition to the taking or omitting of any action by it hereunder, the Trustee and the Note
        Administrator may consult with counsel and the advice of such counsel or any Opinion of Counsel (including with respect to any matters, other than factual matters, in connection with the execution by the Trustee or the Note Administrator of a
        supplemental indenture pursuant to Section 8.3) shall be full and complete authorization and protection in respect of any action taken or omitted by it hereunder in good faith and in reliance thereon;

     

    (e)          neither the Trustee nor the Note Administrator shall be under any obligation to exercise or to honor any of
        the rights or powers vested in it by this Indenture at the request or direction of any of the Noteholders pursuant to this Indenture, or to make any investigation of matters arising hereunder or to institute, conduct or defend any litigation
        hereunder or in relation hereto at the request, order or direction of any of the Noteholders unless such Noteholders shall have offered to the Trustee and the Note Administrator, as applicable indemnity acceptable to it against the costs, expenses
        and liabilities which might reasonably be incurred by it in compliance with such request or direction;

     

    (f)         neither the Trustee nor the Note Administrator shall be bound to make any investigation into the facts or
        matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, note or other paper documents and shall be entitled to rely conclusively thereon;

     

    (g)        each of the Trustee and the Note Administrator may execute any of the trusts or powers hereunder or perform
        any duties hereunder either directly or by or through agents or attorneys, and upon any such appointment of an agent or attorney, such agent or attorney shall be conferred with all the same rights, indemnities, and immunities as the Trustee or Note
        Administrator, as applicable;

     

    (h)         neither the Trustee nor the Note Administrator shall be liable for any action it takes or omits to take in
        good faith that it reasonably and prudently believes to be authorized or within its rights or powers hereunder;

     

      

    
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    (i)          neither the Trustee nor the Note Administrator shall be responsible for the accuracy of the books or records
        of, or for any acts or omissions of, the Depository, any Transfer Agent (other than the Note Administrator itself acting in that capacity), Clearstream, Luxembourg, Euroclear, any Calculation Agent (other than the Note Administrator itself acting
        in that capacity) or any Paying Agent (other than the Note Administrator itself acting in that capacity);

     

    (j)          neither the Trustee nor the Note Administrator shall be liable for the actions or omissions of the Issuer,
        the Co-Issuer, the Collateral Manager, the Servicer, the Special Servicer, the Trustee (in the case of the Note Administrator) or the Note Administrator (in the case of the Trustee); and without limiting the foregoing, neither the Trustee nor the
        Note Administrator shall be under any obligation to verify compliance by any party hereto with the terms of this Indenture (other than itself) or to verify or independently determine the accuracy of information received by it from the Servicer or
        Special Servicer (or from any selling institution, agent bank, trustee or similar source) with respect to the Real Estate Loans;

     

    (k)         to the extent any defined term hereunder, or any calculation required to be made or determined by the Trustee
        or Note Administrator hereunder, is dependent upon or defined by reference to generally accepted accounting principles in the United States in effect from time to time (“GAAP”), the Trustee and Note Administrator shall be entitled to request
        and receive (and rely upon) instruction from the Issuer or the accountants appointed pursuant to Section 10.12 as to the application of GAAP in such connection, in any instance;

     

    (l)          neither the Trustee nor the Note Administrator shall have any responsibility to the Issuer or the Secured
        Parties hereunder to make any inquiry or investigation as to, and shall have no obligation in respect of, the terms of any engagement of Independent accountants by the Issuer (or the Collateral Manager on its behalf);

     

    (m)        the Trustee and the Note Administrator shall be entitled to all of the same rights, protections, immunities
        and indemnities afforded to it as Trustee or as Note Administrator, as applicable, in each capacity for which it serves hereunder and under the Future Funding Agreement, the Future Funding Account Control Agreement and the Securities Account
        Control Agreement (including, without limitation, as Secured Party, Paying Agent, Authenticating Agent, Calculation Agent, Transfer Agent, Custodian, Securities Intermediary, Backup Advancing Agent and Notes Registrar);

     

    (n)         in determining any affiliations of Noteholders with any party hereto or otherwise, each of the Trustee and
        the Note Administrator shall be entitled to request and conclusively rely on a certification provided by a Noteholder;

     

    (o)        except in the case of actual fraud (as determined by a non-appealable final court order), in no event shall
        the Trustee or Note Administrator be liable for special, punitive, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee or Note Administrator has been advised of the
        likelihood of such loss or damage and regardless of the form of action;

     

      

    
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    (p)        neither the Trustee nor the Note Administrator shall be required to give any bond or surety in respect of the
        execution of the trusts created hereby or the powers granted hereunder;

     

    (q)        neither the Trustee nor the Note Administrator shall be responsible for any delay or failure in performance resulting from acts beyond its control
      (such acts include but are not limited to acts of God, strikes, lockouts, riots and acts of war); provided that such delay or failure is not also a result of its own negligence,
      bad faith or willful misconduct;

     

    (r)        except as otherwise expressly set forth in this Indenture, Wells Fargo Bank, National Association, acting in any particular capacity hereunder
      will not be deemed to be imputed with knowledge of (i) Wells Fargo Bank, National Association acting in a capacity that is unrelated to the transactions contemplated by this Indenture, or (ii) Wells Fargo Bank, National Association acting in any
      other capacity hereunder, except, in the case of either clause (i) or clause (ii), where some or all of the obligations performed in such capacities are performed by one or more employees within the same group or division of Wells Fargo Bank,
      National Association or where the groups or divisions responsible for performing the obligations in such capacities have one or more of the same Responsible Officers; and

     

    (s)          nothing herein shall require the Note Administrator or the Trustee to act in any manner that is contrary to applicable law.

     

    Section 6.4          Not Responsible for Recitals or Issuance of Notes.

     

    The recitals contained herein and in the Notes, other than the Certificate of Authentication thereon, shall be taken as the statements of the Issuer and the Co-Issuer, and
      neither the Trustee nor the Note Administrator assumes any responsibility for their correctness.  Neither the Trustee nor the Note Administrator makes any representation as to the validity or sufficiency of this Indenture, the Collateral or the
      Notes.  Neither the Trustee nor the Note Administrator shall be accountable for the use or application by the Issuer or the Co-Issuer of the Notes or the proceeds thereof or any amounts paid to the Issuer or the Co-Issuer pursuant to the provisions
      hereof.

     

    Section 6.5          May Hold Notes.

     

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

     

    Section 6.6          Amounts Held in Trust.

     

    Amounts held by the Note Administrator hereunder shall be held in trust to the extent required herein.  The Note Administrator shall be under no liability for interest on any
      amounts received by it hereunder except to the extent of income or other gain on investments received by the Note Administrator on Eligible Investments.

     

    

    
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    Section 6.7          Compensation and Reimbursement.

     

    (a)          The Issuer agrees:

     

    (i)        to pay the Trustee and Note Administrator on each Payment Date in accordance with the
        Priority of Payments reasonable compensation for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee or note administrator of an express trust);

     

    (ii)       except as otherwise expressly provided herein, to reimburse the Trustee and Note
        Administrator in a timely manner upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee or Note Administrator in connection with its performance of its obligations under, or otherwise in accordance
        with any provision of this Indenture;

     

    (iii)        to indemnify the Trustee or Note Administrator and its Officers, directors, employees and
        agents for, and to hold them harmless against, any loss, liability or expense (including any expenses incurred in connection with the enforcement of this indemnity) incurred without negligence, willful misconduct or bad faith on their part, arising
        out of or in connection with the acceptance or administration of this trust, including the costs and expenses of defending themselves against any claim or liability in connection with the exercise or performance of any of their powers or duties
        hereunder or under the Servicing Agreement or the Preferred Share Paying Agency; and

     

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

     

    (b)         The Issuer may remit payment for such fees and expenses to the Trustee and Note Administrator or, in the
        absence thereof, the Note Administrator may from time to time deduct payment of its and the Trustee’s fees and expenses hereunder from amounts on deposit in the Payment Account in accordance with the Priority of Payments.

     

    (c)         The Note Administrator, in its capacity as Note Administrator,
        Paying Agent, Calculation Agent, Transfer Agent, Custodian, Securities Intermediary, Backup Advancing Agent and Notes Registrar, hereby agrees not to cause the filing of a petition in bankruptcy against the Issuer, the Co-Issuer or any Permitted
        Subsidiary until at least one year and one day (or, if longer, the applicable preference period (plus one day) then in effect) after the payment in full of all
        Notes issued under this Indenture.  This provision shall survive termination of this Indenture.

     

    (d)         The Trustee and Note Administrator agree that the payment of all amounts to which it is entitled pursuant to
        Sections 6.7(a)(i), (a)(ii), (a)(iii) and (a)(iv) shall be subject to the Priority of Payments, shall be payable only to the extent funds are available in accordance with such Priority of Payments, shall be payable
        solely from the Collateral and following realization of the Collateral, any such claims of the Trustee or Note Administrator against the Issuer, and all obligations of the Issuer, shall be extinguished.  The Trustee and Note Administrator will have
        a lien upon the Collateral to secure the payment of such payments to it

     

      

    
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    in accordance with the Priority of Payments; provided that the Trustee and Note Administrator shall not institute any proceeding for enforcement of such lien except in connection with an
      action taken pursuant to Section 5.3 for enforcement of the lien of this Indenture for the benefit of the Noteholders.

     

    The Trustee and Note Administrator shall receive amounts pursuant to this Section 6.7 and Section 11.1(a) only to the extent that such payment is made in
      accordance with the Priority of Payments and the failure to pay such amounts to the Trustee and Note Administrator will not, by itself, constitute an Event of Default.  Subject to Section 6.9, the Trustee and Note Administrator shall continue
      to serve under this Indenture notwithstanding the fact that the Trustee and Note Administrator shall not have received amounts due to it hereunder; provided that the Trustee and Note Administrator shall not be required to expend any funds or
      incur any expenses unless reimbursement therefor is reasonably assured to it.  No direction by a Majority of the Controlling Class shall affect the right of the Trustee and Note Administrator to collect amounts owed to it under this Indenture.

     

    If on any Payment Date, an amount payable to the Trustee and Note Administrator pursuant to this Indenture is not paid because there are insufficient funds available for the
      payment thereof, all or any portion of such amount not so paid shall be deferred and payable on any later Payment Date on which sufficient funds are available therefor in accordance with the Priority of Payments.

     

    Section 6.8          Corporate Trustee Required; Eligibility.

     

    There shall at all times be a Trustee and a Note Administrator hereunder which shall be (i) a corporation, national bank, national banking association or trust company, organized and doing business
      under the laws of the United States of America or of any State thereof, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $200,000,000 and subject to supervision or examination by federal
      or State authority or (ii) an institution insured by the Federal Deposit Insurance Corporation, which, in the case of (i) or (ii), has long-term senior unsecured debt rating of at least “A2” by Moody’s (or a long term counterparty risk rating of
      “A2(cr)” by Moody’s) and “A” by DBRS Morningstar (or, if not rated by DBRS Morningstar, an equivalent rating by any two other NRSROs (which may include Moody’s)); provided, that with respect to the Trustee, it may maintain a long-term senior
      unsecured debt rating of at least “Baa2” by Moody’s and “A(low)” by DBRS Morningstar (or, if not rated by DBRS Morningstar, at least an equivalent by two other NRSROs) and a short-term senior unsecured debt rating of at least “P-2” by Moody’s, and
      having an office in the United States, or, in the case of each of the Note Administrator and the Trustee, such lower ratings as to which a No Downgrade Confirmation has been received.  If such corporation publishes reports of condition at least
      annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section 6.8, the combined capital and surplus of such corporation shall be deemed to be its combined capital
      and surplus as set forth in its most recent report of condition so published.  If at any time the Trustee or the Note Administrator shall cease to be eligible in accordance with the provisions of this Section 6.8, the Trustee or the Note
      Administrator, as applicable, shall resign immediately in the manner and with the effect hereinafter specified in this Article 6.

     

      

    
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    Section 6.9          Resignation and Removal; Appointment of Successor.

     

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

     

    (b)         Each of the Trustee and the Note Administrator may resign at any time by giving written notice thereof to the
        Issuer, the Co-Issuer, the Collateral Manager, the Servicer, the Special Servicer, the Noteholders, the Note Administrator (in the case of the Trustee), the Trustee (in the case of the Note Administrator), and the Rating Agencies.  Upon receiving
        such notice of resignation, the Issuer and the Co-Issuer shall promptly appoint a successor trustee or trustees, or a successor Note Administrator, as the case may be, by written instrument, in duplicate, executed by an Authorized Officer of the
        Issuer and an Authorized Officer of the Co-Issuer, one copy of which shall be delivered to the Note Administrator or the Trustee so resigning and one copy to the successor Note Administrator, Trustee or Trustees, together with a copy to each
        Noteholder, the Servicer, the parties hereto and the Rating Agencies; provided that such successor Note Administrator and Trustee shall be appointed only upon the written consent of a Majority of the Notes (or if there are no Notes
        Outstanding, a Majority of Preferred Shareholders) or, at any time when an Event of Default shall have occurred and be continuing or when a successor Note Administrator and Trustee has been appointed pursuant to Section 6.10, by Act of a
        Majority of the Controlling Class.  If no successor Note Administrator and Trustee shall have been appointed and an instrument of acceptance by a successor Trustee or Note Administrator shall not have been delivered to the Trustee or the Note
        Administrator within 30 days after the giving of such notice of resignation, the resigning Trustee or Note Administrator, as the case may be, the Controlling Class of Notes or any Holder of a Note, on behalf of himself and all others similarly
        situated, may petition any court of competent jurisdiction for the appointment of a successor Trustee or a successor Note Administrator, as the case may be, at the expense of the Issuer.  No resignation or removal of the Note Administrator or the
        Trustee and no appointment of a successor Note Administrator or Trustee will become effective until the acceptance of appointment by the successor Note Administrator or Trustee, as applicable.

     

    (c)         The Note Administrator and Trustee may be removed at any time by Act of a Supermajority of the Notes, upon
        not less than 30 days’ written notice (or if there are no Notes Outstanding, a Majority of Preferred Shareholders) or when a successor Trustee has been appointed pursuant to Section 6.10, by Act of a Majority of the Controlling Class, with
        copies of such notice delivered to the parties hereto.

     

    (d)         If at any time:

     

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

     

    (ii)        the Trustee or the Note Administrator shall become incapable of acting or there shall be
        instituted any proceeding pursuant to which it could be adjudged as bankrupt or insolvent or a receiver or liquidator of the Trustee or the Note Administrator

     

      

    
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    or of its respective property shall be appointed or any public officer shall take charge or control of the Trustee or the Note Administrator or of its respective property or
      affairs for the purpose of rehabilitation, conservation or liquidation;

     

    then, in any such case (subject to Section 6.9(a)), (a) the Issuer or the Co-Issuer, by Issuer Order, may remove the Trustee or the Note Administrator, as applicable, or (b) subject to Section

        5.15, a Majority of the Controlling Class or any Holder may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee or the Note Administrator, as the case may be, and
      the appointment of a successor thereto.

     

    (e)         If the Trustee or the Note Administrator shall resign, be removed or become incapable of acting, or if a
        vacancy shall occur in the office of the Trustee or the Note Administrator for any reason, the Issuer and the Co-Issuer, by Issuer Order, subject to the written consent of the Collateral Manager, shall promptly appoint a successor Trustee or Note
        Administrator, as applicable, and the successor Trustee or Note Administrator so appointed shall, forthwith upon its acceptance of such appointment, become the successor Trustee or the successor Note Administrator, as the case may be.  If the
        Issuer and the Co-Issuer shall fail to appoint a successor Trustee or Note Administrator within 30 days after such resignation, removal or incapability or the occurrence of such vacancy, a successor Trustee or Note Administrator may be appointed by
        Act of a Majority of the Controlling Class delivered to the Collateral Manager and the parties hereto, including the retiring Trustee or the retiring Note Administrator, as the case may be, and the successor Trustee or Note Administrator so
        appointed shall, forthwith upon its acceptance of such appointment, become the successor Trustee or Note Administrator, as applicable, and supersede any successor Trustee or Note Administrator proposed by the Issuer and the Co-Issuer.  If no
        successor Trustee or Note Administrator shall have been so appointed by the Issuer and the Co-Issuer or a Majority of the Controlling Class and shall have accepted appointment in the manner hereinafter provided, subject to Section 5.15, the
        Controlling Class or any Holder may, on behalf of itself or himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee or Note Administrator.

     

    (f)         The Issuer and the Co-Issuer shall give prompt notice of each resignation and each removal of the Trustee or
        Note Administrator and each appointment of a successor Trustee or Note Administrator by mailing written notice of such event by first class mail, postage prepaid, to the Rating Agencies, the Preferred Share Paying Agent, the Collateral Manager, the
        parties hereto, and to the Holders of the Notes as their names and addresses appear in the Notes Register.  Each notice shall include the name of the successor Trustee or Note Administrator, as the case may be, and the address of its respective
        Corporate Trust Office.  If the Issuer or the Co-Issuer fail to mail such notice within ten days after acceptance of appointment by the successor Trustee or Note Administrator, the successor Trustee or Note Administrator shall cause such notice to
        be given at the expense of the Issuer or the Co-Issuer, as the case may be.

     

    (g)      The resignation or removal of the Note Administrator in any capacity in which it is serving hereunder, including
        Note Administrator, Paying Agent, Authenticating Agent, Calculation Agent, Transfer Agent, Custodian, Securities Intermediary, Backup Advancing Agent and Notes Registrar, shall be deemed a resignation or removal, as applicable, in each of the other
        capacities in which it serves.

     

      

    
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    Section 6.10        Acceptance of Appointment by Successor.

     

    Every successor Trustee or Note Administrator appointed hereunder shall execute, acknowledge and deliver to the Collateral Manager, the Servicer, and the parties hereto including
      the retiring Trustee or the retiring Note Administrator, as the case may be, an instrument accepting such appointment.  Upon delivery of the required instruments, the resignation or removal of the retiring Trustee or the retiring Note Administrator
      shall become effective and such successor Trustee or Note Administrator, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts, duties and obligations of the retiring Trustee or Note Administrator, as
      the case may be; but, on request of the Issuer, the Co-Issuer, a Majority of the Controlling Class, the Collateral Manager or the successor Trustee or Note Administrator, such retiring Trustee or Note Administrator shall, upon payment of its fees,
      indemnities and other amounts then unpaid, execute and deliver an instrument transferring to such successor Trustee or Note Administrator all the rights, powers and trusts of the retiring Trustee or Note Administrator, as the case may be, and shall
      duly assign, transfer and deliver to such successor Trustee or Note Administrator all property and amounts held by such retiring Trustee or Note Administrator hereunder, subject nevertheless to its lien, if any, provided for in Section 6.7(d). 

      Upon request of any such successor Trustee or Note Administrator, the Issuer and the Co-Issuer shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee or Note Administrator all such
      rights, powers and trusts.

     

    No successor Trustee or successor Note Administrator shall accept its appointment unless (a) at the time of such acceptance such successor shall be qualified and eligible under
      this Article 6, (b) such successor shall have a long-term unsecured debt rating satisfying the requirements set forth in Section 6.8, and (c) the Rating Agency Condition is satisfied.

     

    Section 6.11        Merger, Conversion, Consolidation or Succession to Business of Trustee and Note
          Administrator.

     

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

     

    

    
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    Section 6.12        Co-Trustees and Separate Trustee.

     

    At any time or times, including, but not limited to, for the purpose of meeting the legal requirements of any jurisdiction in which any part of the Collateral may at the time be
      located, for enforcement actions, or where a conflict of interest exists, the Trustee shall have power to appoint, one or more Persons to act as co‐trustee jointly with the Trustee or as a separate trustee with respect to of all or any part of the
      Collateral, with the power to file such proofs of claim and take such other actions pursuant to Section 5.6 herein and to make such claims and enforce such rights of action on behalf of the Holders of the Notes as such Holders themselves may
      have the right to do, subject to the other provisions of this Section 6.12.

     

    Each of the Issuer and the Co-Issuer shall join with the Trustee in the execution, delivery and performance of all instruments and agreements necessary or proper to appoint a
      co-trustee.  If the Issuer and the Co-Issuer do not both join in such appointment within 15 days after the receipt by them of a request to do so, the Trustee shall have power to make such appointment on its own.

     

    Should any written instrument from the Issuer or the Co-Issuer be required by any co-trustee, so appointed, more fully confirming to such co-trustee such property, title, right
      or power, any and all such instruments shall, on request, be executed, acknowledged and delivered by the Issuer or the Co-Issuer, as the case may be.  The Issuer agrees to pay (but only from and to the extent of the Collateral) to the extent funds
      are available therefor under the Priority of Payments, for any reasonable fees and expenses in connection with such appointment.

     

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

     

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

     

    (b)         the rights, powers, duties and obligations hereby conferred or imposed upon the Trustee in respect of any
        property covered by the appointment of a co-trustee shall be conferred or imposed upon and exercised or performed by the Trustee or by the Trustee and such co-trustee jointly in the case of the appointment of a co-trustee as shall be provided in
        the instrument appointing such co-trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Trustee shall be incompetent or unqualified to perform such act, in which event such rights,
        powers, duties and obligations shall be exercised and performed by a co-trustee;

     

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

     

      

    
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    (d)         no co-trustee hereunder shall be personally liable by reason of any act or omission of the Trustee hereunder,
        and any co-trustee hereunder shall be entitled to all the privileges, rights and immunities under Article 6, as if it were named the Trustee hereunder;

     

    (e)        except as required by applicable law, the appointment of a co-trustee or separate trustee under this Section

          6.12 shall not relieve the Trustee of its duties and responsibilities hereunder; and

     

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

     

    Section 6.13        Direction to enter into the Servicing Agreement.

     

    The Issuer hereby directs the Trustee and the Note Administrator to enter into the Servicing Agreement.  Each of the Trustee and the Note Administrator shall be entitled to the
      same rights, protections, immunities and indemnities afforded to each herein in connection with any matter contained in the Servicing Agreement.

     

    Section 6.14        Representations and Warranties of the Trustee.

     

    The Trustee represents and warrants for the benefit of the other parties to this Indenture and the parties to the Servicing Agreement that:

     

    (a)         the Trustee is a national banking association with trust powers, duly and validly existing under the laws of
        the United States of America, with corporate power and authority to execute, deliver and perform its obligations under this Indenture and the Servicing Agreement, and is duly eligible and qualified to act as Trustee under this Indenture and the
        Servicing Agreement;

     

    (b)         this Indenture and the Servicing Agreement have each been duly authorized, executed and delivered by the
        Trustee and each constitutes the valid and binding obligation of the Trustee, enforceable against it in accordance with its terms except (i) as limited by bankruptcy, fraudulent conveyance, fraudulent transfer, insolvency, reorganization,
        liquidation, receivership, moratorium or other similar laws now or hereafter in effect relating to creditors’ rights generally and by general equitable principles, regardless of whether considered in a proceeding in equity or at law, and (ii) that
        the remedy of specific performance and injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceeding therefor may be brought;

     

    (c)         neither the execution, delivery and performance of this Indenture or the Servicing Agreement, nor the
        consummation of the transactions contemplated by this Indenture or the Servicing Agreement, (i) is prohibited by, or requires the Trustee to obtain any consent, authorization, approval or registration under, any law, statute, rule, regulation, or
        any judgment, order, writ, injunction or decree that is binding upon the Trustee or any of its properties or Collateral or (ii) will violate the provisions of the Governing Documents of the Trustee; and

     

    (d)        there are no proceedings pending or, to the best knowledge of the Trustee, threatened against the Trustee
        before any Federal, state or other governmental agency, authority,

     

      

    
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    administrator or regulatory body, arbitrator, court or other tribunal, foreign or domestic, which could have a material adverse effect on the Collateral or the performance by the Trustee of its
      obligations under this Indenture or the Servicing Agreement.

     

    Section 6.15        Representations and Warranties of the Note Administrator.

     

    The Note Administrator represents and warrants for the benefit of the other parties to this Indenture and the parties to the Servicing Agreement that:

     

    (a)        the Note Administrator is a national banking association with trust powers, duly and validly existing under
        the laws of the United States of America, with corporate power and authority to execute, deliver and perform its obligations under this Indenture and the Servicing Agreement, and is duly eligible and qualified to act as Note Administrator under
        this Indenture and the Servicing Agreement;

     

    (b)         this Indenture and the Servicing Agreement have each been duly authorized, executed and delivered by the Note
        Administrator and each constitutes the valid and binding obligation of the Note Administrator, enforceable against it in accordance with its terms except (i) as limited by bankruptcy, fraudulent conveyance, fraudulent transfer, insolvency,
        reorganization, liquidation, receivership, moratorium or other similar laws now or hereafter in effect relating to creditors’ rights generally and by general equitable principles, regardless of whether considered in a proceeding in equity or at
        law, and (ii) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceeding therefor may be brought;

     

    (c)         neither the execution, delivery and performance of this Indenture of the Servicing Agreement, nor the
        consummation of the transactions contemplated by this Indenture or the Servicing Agreement, (i) is prohibited by, or requires the Note Administrator to obtain any consent, authorization, approval or registration under, any law, statute, rule,
        regulation, or any judgment, order, writ, injunction or decree that is binding upon the Note Administrator or any of its properties or Collateral or (ii) will violate the provisions of the Governing Documents of the Note Administrator; and

     

    (d)          there are no proceedings pending or, to the best knowledge of the Note Administrator, threatened against the
        Note Administrator before any Federal, state or other governmental agency, authority, administrator or regulatory body, arbitrator, court or other tribunal, foreign or domestic, which could have a material adverse effect on the Collateral or the
        performance by the Note Administrator of its obligations under this Indenture or the Servicing Agreement.

     

    Section 6.16        Requests for Consents.

     

    In the event that the Trustee and Note Administrator receives written notice of any offer or any request for a waiver, consent, amendment or other modification with respect to
      any Collateral Interest (before or after any default) or in the event any action is required to be taken in respect to a Loan Document, the Note Administrator shall promptly forward such notice to the Issuer, the Servicer and the Special Servicer. 
      The Special Servicer shall take such action as required under the Servicing Agreement as described in Section 10.10(f), except with respect

     

    

    
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    to any Administrative Modifications and Criteria-Based Modifications,
        which will be analysed, processed and executed solely by the Collateral Manager.

     

    Section 6.17        Withholding.

     

    (a)        If any amount is required to be deducted or withheld from any payment to any Noteholder or other payee, such
        amount shall reduce the amount otherwise distributable to such Noteholder or payee.  The Note Administrator is hereby authorized to withhold or deduct from amounts otherwise distributable to any Noteholder or other payee sufficient funds for the
        payment of any tax that is legally required to be withheld or deducted (but such authorization shall not prevent the Note Administrator from contesting any such tax in appropriate proceedings and legally withholding payment of such tax, pending the
        outcome of such proceedings).  The amount of any withholding tax imposed with respect to any Noteholder or other payee shall be treated as Cash distributed to such Noteholder or payee at the time it is deducted or withheld by the Issuer or the Note
        Administrator, as applicable, and remitted to the appropriate taxing authority.  If there is a possibility that withholding tax is payable with respect to a distribution, the Note Administrator may in its sole discretion withhold such amounts in
        accordance with this Section 6.17.  The Issuer and the Co-Issuer agree to timely provide to the Note Administrator accurate and complete copies of all documentation received from Noteholders pursuant to Sections 2.7(f) and 2.11(c). 

        Solely with respect to FATCA compliance and reporting, nothing herein shall impose an obligation on the part of the Note Administrator to determine the amount of any tax or withholding obligation on the part of the Issuer or in respect of the
        Notes.  In addition, initial purchasers and transferees of Definitive Notes after the Closing Date will be required to provide to the Issuer, the Trustee, the Note Administrator, or their agents, all information, documentation or certifications
        reasonably required to permit the Issuer to comply with its tax reporting obligations under applicable law, including any applicable cost basis reporting obligation.  For the avoidance of doubt, the Note Administrator will have no responsibility
        for the preparation of any tax returns or related reports on behalf of or for the benefit of the Issuer or any noteholder, or the calculation of any original issue discount on the Notes.

     

    (b)        For the avoidance of doubt, the Note Administrator shall reasonably cooperate with Issuer, at Issuer’s
        direction and expense, to permit Issuer to fulfill its obligations under FATCA and the Cayman FATCA Legislation; provided that the Note Administrator shall have no independent obligation to cause or maintain Issuer’s compliance with FATCA
        or the Cayman FATCA Legislation and shall have no liability for any withholding on payments to Issuer as a result of Issuer’s failure to achieve or maintain FATCA or Cayman FATCA Legislation compliance.

     

    Section 6.18        Registrar of Participation Holders

     

    Pursuant to each related Participation Agreement and Section 3.25(b) of the Servicing Agreement, the Note Administrator shall maintain the registrar for the Participation
      holders under such Participation Agreement on behalf of the Issuer, for so long as the related Pari Passu Participation is included in this KREF 2021-FL2 securitization.  The Note Administrator shall maintain the registrar of Participation holders
      and facilitate transfers in

     

    

    
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    accordance with the terms of the related Participation Agreement and as compensation therefor shall be entitled to the Participation Fee payable in accordance with the Servicing Agreement.

     

    ARTICLE 7

      

      COVENANTS

     

    Section 7.1          Payment of Principal and Interest.

     

    The Issuer and the Co-Issuer shall duly and punctually pay the principal of and interest on each Class of Notes in accordance with the terms of this Indenture.  Amounts properly
      withheld under the Code or other applicable law by any Person from a payment to any Noteholder of interest and/or principal shall be considered as having been paid by the Issuer and the Co-Issuer, and, with respect to the Preferred Shares, by the
      Issuer, to such Preferred Shareholder for all purposes of this Indenture.

     

    The Note Administrator shall, unless prevented from doing so for reasons beyond its reasonable control, give notice to each Securityholder of any such withholding requirement no
      later than ten days prior to the related Payment Date from which amounts are required, as directed by the Issuer (or the Collateral Manager on its behalf) to be withheld, provided that, despite the failure of the Note Administrator to give
      such notice, amounts withheld pursuant to applicable tax laws shall be considered as having been paid by the Issuer and the Co-Issuer, as provided above.

     

    Section 7.2          Maintenance of Office or Agency.

     

    The Co-Issuers hereby appoint the Note Administrator as a Paying Agent for the payment of principal of and interest on the Notes and where Notes may be surrendered for
      registration of transfer or exchange and the Issuer hereby appoints Corporation Service Company in New York, New York, as its agent where notices and demands to or upon the Issuer in respect of the Notes or this Indenture may be served.

     

    The Issuer may at any time and from time to time vary or terminate the appointment of any such agent or appoint any additional agents for any or all of such purposes; provided, however, that the Issuer will maintain in the Borough of Manhattan, The City of New York, an office or agency where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may
      be served, and, subject to any laws or regulations applicable thereto, an office or agency outside of the United States where Notes may be presented and surrendered for payment; provided, further,
      that no paying agent shall be appointed in a jurisdiction which subjects payments on the Notes to withholding tax.  The Issuer shall give prompt written notice to the Trustee, the Note Administrator, the Rating Agencies and the Noteholders of the
      appointment or termination of any such agent and of the location and any change in the location of any such office or agency.

     

    If at any time the Issuer shall fail to maintain any such required office or agency in the Borough of Manhattan, The City of New York, or outside the United States, or shall fail
      to furnish the Trustee and the Note Administrator with the address thereof, presentations and

     

    

    
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    surrenders may be made (subject to the limitations described in the preceding paragraph) at and notices and demands may be served on the Issuer and Co-Issuer and Notes may be presented and
      surrendered for payment to the appropriate Paying Agent at its main office and the Issuer and the Co-Issuer hereby appoint the same as their agent to receive such respective presentations, surrenders, notices and demands.

     

    Section 7.3          Amounts for Note Payments to be Held in Trust.

     

    (a)         All payments of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn
        from the Payment Account shall be made on behalf of the Issuer and the Co-Issuer by the Note Administrator or a Paying Agent (in each case, from and to the extent of available funds in the Payment Account and subject to the Priority of Payments)
        with respect to payments on the Notes.

     

    When the Paying Agent is not also the Notes Registrar, the Issuer and the Co-Issuer shall furnish, or cause the Notes Registrar to furnish, no later than the fifth calendar day
      after each Record Date a list, if necessary, in such form as such Paying Agent may reasonably request, of the names and addresses of the Holders of Notes and of the certificate numbers of individual Notes held by each such Holder together with wiring
      instructions, contact information, and such other information reasonably required by the paying agent.

     

    Whenever the Paying Agent is not also the Note
        Administrator, the Issuer, the Co-Issuer, and such Paying Agent shall, on or before the Business Day next preceding each Payment Date or Redemption Date, as the case may be, direct the Note Administrator to deposit on such Payment Date with such
        Paying Agent, if necessary, an aggregate sum sufficient to pay the amounts then becoming due pursuant to the terms of this Indenture (to the extent funds are then available for such purpose in the Payment Account, and subject to the Priority of
        Payments), such sum to be held for the benefit of the Persons entitled thereto and (unless such Paying Agent is the Note Administrator) the Issuer and the Co-Issuer shall promptly notify the Note Administrator of its action or failure so to act. 
        Any amounts deposited with a Paying Agent (other than the Note Administrator) in excess of an amount sufficient to pay the amounts then becoming due on the Notes with respect to which such deposit was made shall be paid over by such Paying Agent to
        the Note Administrator for application in accordance with Article 11.  Any such Paying Agent shall be deemed to agree by assuming such role not to cause the filing of a petition in bankruptcy against the Issuer, the Co-Issuer or any Permitted Subsidiary for the non-payment to the Paying Agent of any
        amounts payable thereto until at least one year and one day (or, if longer, the applicable preference period (plus one day) then in effect)
          after the payment in full of all Notes issued under this Indenture.

     

    The initial Paying Agent shall be as set forth in Section 7.2. Any additional or successor Paying Agents shall be appointed by Issuer Order of the Issuer and Issuer Order
      of the Co-Issuer and at the sole cost and expense (including such Paying Agent’s fee) of the Issuer and the Co‐Issuer, with written notice thereof to the Note Administrator; provided, however,
      that so long as any Class of the Notes are rated by a Rating Agency and with respect to any additional or successor Paying Agent for the Notes, either (i) such Paying Agent has a long-term unsecured debt rating of “Aa3” or higher by Moody’s, a
      long-term unsecured debt rating of at least “A” by DBRS Morningstar (if rated by DBRS Morningstar, or if not rated by DBRS Morningstar, an

     

    

    
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    equivalent (or higher) rating by any two other NRSROs (which may include Moody’s)) and a short-term debt rating of “P-1” by Moody’s or (ii) each of the Rating Agencies confirms that employing such
      Paying Agent shall not adversely affect the then-current ratings of the Notes.  In the event that such successor Paying Agent ceases to have a long-term debt rating of “Aa3” or higher by Moody’s, a long-term unsecured debt rating of at least “A” by
      DBRS Morningstar (if rated by DBRS Morningstar, or if not rated by DBRS Morningstar, an equivalent (or higher) rating by any two other NRSROs (which may include Moody’s)) and a short-term debt rating of at least “P-1” by Moody’s, the Issuer and the
      Co-Issuer shall promptly remove such Paying Agent and appoint a successor Paying Agent.  The Issuer and the Co-Issuer shall not appoint any Paying Agent that is not, at the time of such appointment, a depository institution or trust company subject
      to supervision and examination by federal and/or state and/or national banking authorities.  The Issuer and the Co-Issuer shall cause the Paying Agent other than the Note Administrator to execute and deliver to the Note Administrator an instrument in
      which such Paying Agent shall agree with the Note Administrator (and if the Note Administrator acts as Paying Agent, it hereby so agrees), subject to the provisions of this Section 7.3, that such Paying Agent will:

     

    (i)          allocate all sums received for payment to the Holders of Notes in accordance with the
        terms of this Indenture;

     

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

     

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

     

    (iv)        if such Paying Agent is not the Note Administrator, immediately give the Note
        Administrator notice of any Default by the Issuer or the Co-Issuer (or any other obligor upon the Notes) in the making of any payment required to be made; and

     

    (v)        if such Paying Agent is not the Note Administrator at any time during the continuance of
        any such Default, upon the written request of the Note Administrator, forthwith pay to the Note Administrator all sums so held by such Paying Agent.

     

    The Issuer or the Co-Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Issuer Order
      direct the Paying Agent to pay, to the Note Administrator all sums held by the Issuer or the Co-Issuer or held by the Paying Agent for payment of the Notes, such sums to be held by the Note Administrator in trust for the same Noteholders as those
      upon which such sums were held by the Issuer, the Co-Issuer or the Paying Agent; and, upon such payment by the Paying Agent to the Note Administrator, the Paying Agent shall be released from all further liability with respect to such amounts.

     

    

    
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    Except as otherwise required by applicable law, any amounts deposited with the Note Administrator in trust or deposited with the Paying Agent for the payment of the principal of
      or interest on any Note and remaining unclaimed for two years after such principal or interest has become due and payable shall be paid to the Issuer on request; and the Holder of such Note shall thereafter, as an unsecured general creditor, look
      only to the Issuer for payment of such amounts and all liability of the Note Administrator or the Paying Agent with respect to such amounts (but only to the extent of the amounts so paid to the Issuer or the Co-Issuer, as applicable) shall thereupon
      cease.  The Note Administrator or the Paying Agent, before being required to make any such release of payment, may, but shall not be required to, adopt and employ, at the expense of the Issuer or the Co-Issuer, as the case may be, any reasonable
      means of notification of such release of payment, including, but not limited to, mailing notice of such release to Holders whose Notes have been called but have not been surrendered for redemption or whose right to or interest in amounts due and
      payable but not claimed is determinable from the records of the Paying Agent, at the last address of record of each such Holder.

     

    Section 7.4          Existence of the Issuer and Co-Issuer.

     

    (a)         So long as any Note is Outstanding, the Issuer shall, to the maximum extent permitted by applicable law,
        maintain in full force and effect its existence and rights as an exempted company incorporated with limited liability under the laws of the Cayman Islands and shall obtain and preserve its qualification to do business as a foreign limited liability
        company in each jurisdiction in which such qualifications are or shall be necessary to protect the validity and enforceability of this Indenture, the Notes or any of the Collateral; provided that the Issuer shall be entitled to change its
        jurisdiction of registration from the Cayman Islands to any other jurisdiction reasonably selected by the Issuer so long as (i) such change is not disadvantageous in any material respect to the Holders of the Notes or the Preferred Shares, (ii) it
        delivers written notice of such change to the Note Administrator for delivery to the Holders of the Notes or Preferred Shares, the Preferred Share Paying Agent and the Rating Agencies and (iii) on or prior to the fifteenth (15th) Business Day
        following delivery of such notice by the Note Administrator to the Noteholders, the Note Administrator shall not have received written notice from a Majority of the Controlling Class or a Majority of Preferred Shareholders objecting to such
        change.  So long as any Rated Notes are Outstanding, the Issuer will maintain at all times at least one director who is Independent of the Collateral Manager and its Affiliates.

     

    (b)          So long as any Note is Outstanding, the Co-Issuer shall maintain in full force and effect its existence and
        rights as a limited liability company organized under the laws of Delaware and shall obtain and preserve its qualification to do business as a foreign limited liability company in each jurisdiction in which such qualifications are or shall be
        necessary to protect the validity and enforceability of this Indenture or the Notes; provided, however, that the Co-Issuer shall be entitled to change its jurisdiction of formation from
        Delaware to any other jurisdiction reasonably selected by the Co-Issuer so long as (i) such change is not disadvantageous in any material respect to the Holders of the Notes, (ii) it delivers written notice of such change to the Note Administrator
        for delivery to the Holders of the Notes and the Rating Agencies and (iii) on or prior to the fifteenth (15th) Business Day following such delivery of such notice by the Note Administrator to the Noteholders, the Note Administrator shall not have
        received written notice from a Majority of the Controlling Class objecting to such change. So

     

      

    
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    long as any Rated Notes are Outstanding, the Co‐Issuer will maintain at all times at least one director who is Independent of the Collateral Manager and its Affiliates.

     

    (c)         So long as any Note is Outstanding, the Issuer shall ensure that all corporate or other formalities regarding
        its existence are followed (including correcting any known misunderstanding regarding its separate existence).  So long as any Note is Outstanding, the Issuer shall not take any action or conduct its affairs in a manner that is likely to result in
        its separate existence being ignored or its Collateral and liabilities being substantively consolidated with any other Person in a bankruptcy, reorganization or other insolvency proceeding.  So long as any Note is Outstanding, the Issuer shall
        maintain and implement administrative and operating procedures reasonably necessary in the performance of the Issuer’s obligations hereunder, and the Issuer shall at all times keep and maintain, or cause to be kept and maintained, separate books,
        records, accounts and other information customarily maintained for the performance of the Issuer’s obligations hereunder.  Without limiting the foregoing, so long as any Note is Outstanding, (i) the Issuer shall (A) pay its own liabilities only out
        of its own funds; (B) use separate stationery, invoices and checks; (C) hold itself out and identify itself as a separate and distinct entity under its own name; (D) not commingle its assets with assets of any other Person; (E) hold title to its
        assets in its own name; (F) maintain separate financial statements, showing its assets and liabilities separate and apart from those of any other Person and not have its assets listed on any financial statement of any other Person; provided,
        however, that the Issuer’s assets may be included in a consolidated financial statement of its Affiliate provided that (1) appropriate notation shall be made on such consolidated financial statements to indicate the separateness of the Issuer from
        such Affiliate and to indicate that the Issuer’s assets and credit are not available to satisfy the debts and other obligations of such Affiliate or any other Person and (2) such assets shall also be listed on the Issuer’s own balance sheet; (G)
        not guarantee any obligation of any Person, including any Affiliate or become obligated for the debts of any other Person or hold out its credit or assets as being available to satisfy the obligations of others; (H) allocate fairly and reasonably
        any overhead expenses, including for shared office space; (I) not have its obligations guaranteed by any Affiliate; (J) not pledge its assets to secure the obligations of any other Person; (K) correct any known misunderstanding regarding its
        separate identity; (L) maintain adequate capital in light of its contemplated business purpose, transactions and liabilities; (M) not acquire any securities of any Affiliate of the Issuer; and (N) not own any asset or property other than property
        arising out of the actions permitted to be performed under the Transaction Documents; and (ii) the Issuer shall not (A) have any subsidiaries (other than a Permitted Subsidiary and, in the case of the Issuer, the Co-Issuer); (B) engage, directly or
        indirectly, in any business other than the actions required or permitted to be performed under the Transaction Documents; (C) engage in any transaction with any shareholder that is not permitted under the terms of the Servicing Agreement; (D) pay
        dividends other than in accordance with the terms of this Indenture, its governing documents and the Preferred Share Paying Agency Agreement; (E) conduct business under an assumed name (i.e., no “DBAs”); (F) incur, create or assume any
        indebtedness other than as expressly permitted under the Transaction Documents; (G) enter into any contract or agreement with any of its Affiliates, except upon terms and conditions that are commercially reasonable and substantially similar to
        those available in arm’s-length transactions; provided that the foregoing shall not prohibit the Issuer from entering into the transactions contemplated by the Company Administration Agreement or the Registered Office Agreement with the
        Company Administrator, the Preferred Share Paying Agency Agreement with the Share Registrar and any other agreement contemplated or permitted by the

     

      

    
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    Servicing Agreement or this Indenture; (H) make or permit to remain outstanding any loan or advance to, or own or acquire any stock or securities of, any Person, except that the Issuer may invest
      in those investments permitted under the Transaction Documents and may make any advance required or expressly permitted to be made pursuant to any provisions of the Transaction Documents and permit the same to remain outstanding in accordance with
      such provisions or (I) to the fullest extent permitted by law, engage in any dissolution, liquidation, consolidation, merger, asset sale or transfer of ownership interests other than such activities as are expressly permitted pursuant to any
      provision of the Transaction Documents.

     

    (d)         So long as any Note is Outstanding, the Co-Issuer shall ensure that all limited liability company or other
        formalities regarding its existence are followed, as well as correcting any known misunderstanding regarding its separate existence.  The Co-Issuer shall not take any action or conduct its affairs in a manner, that is likely to result in its
        separate existence being ignored or its Collateral and liabilities being substantively consolidated with any other Person in a bankruptcy, reorganization or other insolvency proceeding.  The Co-Issuer shall maintain and implement administrative and
        operating procedures reasonably necessary in the performance of the Co-Issuer’s obligations hereunder, and the Co-Issuer shall at all times keep and maintain, or cause to be kept and maintained, books, records, accounts and other information
        customarily maintained for the performance of the Co-Issuer’s obligations hereunder.  Without limiting the foregoing, the Co-Issuer shall not (A) have any subsidiaries, (B) have any employees (other than its managers), (C) join in any transaction
        with any member that is not permitted under the terms of the Servicing Agreement or this Indenture, (D) pay dividends other than in accordance with the terms of this Indenture, (E) commingle its funds or Collateral with those of any other Person,
        or (F) enter into any contract or agreement with any of its Affiliates, except upon terms and conditions that are commercially reasonable and substantially similar to those available in arm’s-length transactions with an unrelated party.

     

    Section 7.5          Protection of Collateral.

     

    (a)         The Note Administrator, at the expense of the Issuer, upon receipt of any Opinion of Counsel received
        pursuant to Section 7.5(d) shall execute and deliver all such Financing Statements, continuation statements, instruments of further assurance and other instruments, and may take such other action as may be necessary or advisable or
        desirable to secure the rights and remedies of the Secured Parties hereunder and to:

     

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

     

    (ii)         maintain or preserve the lien (and the priority thereof) of this Indenture or to carry
        out more effectively the purposes hereof;

     

    (iii)       perfect, publish notice of or protect the validity of any Grant made or to be made by this
        Indenture (including, without limitation, any and all actions necessary or desirable as a result of changes in law or regulations);

     

    (iv)       cooperate with the Servicer and the Special Servicer with respect to enforcement on any of
        the Collateral Interests or enforce on any other instruments or property included in the Collateral;

     

      

    
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    (v)        instruct the Special Servicer to preserve and defend title to the Collateral Interests and
        preserve and defend title to the other Collateral and the rights of the Trustee, the Holders of the Notes in the Collateral against the claims of all persons and parties; and

     

    (vi)        pursuant to Sections 11.1(a)(i)(1) and 11.1(a)(ii)(1), pay or cause to be
        paid any and all taxes levied or assessed upon all or any part of the Collateral.

     

    The Issuer hereby designates the Note Administrator as its agent and attorney-in-fact to execute any Financing Statement, continuation statement or other instrument required
      pursuant to this Section 7.5.  The Note Administrator agrees that it will from time to time execute and cause such Financing Statements and continuation statements to be filed (it being understood that the Note Administrator shall be entitled
      to rely upon an Opinion of Counsel described in Section 7.5(d), at the expense of the Issuer, as to the need to file such Financing Statements and continuation statements, the dates by which such filings are required to be made and the
      jurisdictions in which such filings are required to be made).

     

    (b)      Neither the Trustee nor the Note Administrator shall (except in accordance with Section 10.12(a), (b)
        or (c) and except for payments, deliveries and distributions otherwise expressly permitted under this Indenture) cause or permit the Custodial Account or the Custodian to be located in a different jurisdiction from the jurisdiction in which
        the Custodian was located on the Closing Date, unless the Trustee or the Note Administrator, as applicable, shall have first received an Opinion of Counsel to the effect that the lien and security interest created by this Indenture with respect to
        such property will continue to be maintained after giving effect to such action or actions.

     

    (c)        The Issuer shall (i) pay or cause to be paid taxes, if any, levied on account of the beneficial ownership by
        the Issuer of any Collateral that secure the Offered Notes and timely file all tax returns and information statements as required, (ii) take all actions necessary or advisable to prevent the Issuer from becoming subject to any withholding or other
        taxes or assessments and to allow the Issuer to comply with FATCA and the Cayman FATCA Legislation, and (iii) if required to prevent the withholding or imposition of United States income tax, deliver or cause to be delivered a United States IRS
        Form W‐9 (or the applicable IRS Form W‐8, if appropriate) or successor applicable form, to each borrower, counterparty or paying agent with respect to (as applicable) an item included in the Collateral at the time such item is purchased or entered
        into and thereafter prior to the expiration or obsolescence of such form.

     

    (d)         For so long as the Notes are Outstanding, on or about February 2026 and every 60 months thereafter, the
        Issuer (or the Collateral Manager on its behalf) shall deliver to the Trustee and the Note Administrator, for the benefit of the Trustee, the Collateral Manager, the Note Administrator and the Rating Agencies, at the expense of the Issuer, an
        Opinion of Counsel stating what is required, in the opinion of such counsel, as of the date of such opinion, to maintain the lien and security interest created by this Indenture with respect to the Collateral, and confirming the matters set forth
        in the Opinion of Counsel, furnished pursuant to Section 3.1(d), with regard to the perfection and priority of such security interest (and such Opinion of Counsel may likewise be subject to qualifications and assumptions similar to those
        set forth in the Opinion of Counsel delivered pursuant to Section 3.1(d)).

     

      

    
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    Section 7.6          Notice of Any Amendments.

     

    Each of the Issuer and the Co-Issuer shall give notice to the 17g‐5 Information Provider of, and satisfy the Rating Agency Condition with respect to, any amendments to its
      Governing Documents.

     

    Section 7.7          Performance of Obligations.

     

    (a)          Each of the Issuer and the Co-Issuer shall not take any action, and will use commercially reasonable efforts
        not to permit any action to be taken by others, that would release any Person from any of such Person’s covenants or obligations under any Instrument included in the Collateral, except in the case of enforcement action taken with respect to any
        Defaulted Collateral Interest in accordance with the provisions hereof and as otherwise required hereby.

     

    (b)        The Issuer or the Co-Issuer may, with the prior written consent of the Majority of the Notes (or if there are
        no Notes Outstanding, a Majority of Preferred Shareholders), contract with other Persons, including the Servicer, the Special Servicer, the Note Administrator, the Collateral Manager or the Trustee, for the performance of actions and obligations to
        be performed by the Issuer or the Co-Issuer, as the case may be, hereunder by such Persons and the performance of the actions and other obligations with respect to the Collateral of the nature set forth in this Indenture.  Notwithstanding any such
        arrangement, the Issuer or the Co-Issuer, as the case may be, shall remain primarily liable with respect thereto.  In the event of such contract, the performance of such actions and obligations by such Persons shall be deemed to be performance of
        such actions and obligations by the Issuer or the Co-Issuer; and the Issuer or the Co-Issuer shall punctually perform, and use commercially reasonable efforts to cause the Servicer, the Special Servicer, the Collateral Manager or such other Person
        to perform, all of their obligations and agreements contained in this Indenture or such other agreement.

     

    (c)         Unless the Rating Agency Condition is satisfied with respect thereto, the Issuer shall maintain the Servicing
        Agreement in full force and effect so long as any Notes remain Outstanding and shall not terminate the Servicing Agreement with respect to any Collateral Interest except upon the sale or other liquidation of such Collateral Interest in accordance
        with the terms and conditions of this Indenture.

     

    (d)        If the Co-Issuers receive a notice from the Rating Agencies stating that they are not in compliance with Rule
        17g-5, the Co-Issuers shall take such action as mutually agreed between the Co-Issuers and the Rating Agencies in order to comply with Rule 17g-5.

     

    Section 7.8          Negative Covenants.

     

    (a)         The Issuer and the Co-Issuer shall not:

     

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

     

      

    
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    (ii)         claim any credit on, make any deduction from, or dispute the enforceability of, the
        payment of the principal or interest payable in respect of the Notes (other than amounts required to be paid, deducted or withheld in accordance with any applicable law or regulation of any governmental authority) or assert any claim against any
        present or future Noteholder by reason of the payment of any taxes levied or assessed upon any part of the Collateral;

     

    (iii)       (A) incur or assume or guarantee any indebtedness, other than the Notes and this Indenture
        and the transactions contemplated hereby; (B) issue any additional class of securities, other than the Notes, the Preferred Shares, the ordinary shares of the Issuer and the limited liability company membership interests of the Co-Issuer; or (C)
        issue any additional shares of stock, other than the ordinary shares of the Issuer and the Preferred Shares;

     

    (iv)      (A) permit the validity or effectiveness of this Indenture or any Grant hereunder to be
        impaired, or permit the lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to this Indenture or the Notes, except as may be
        expressly permitted hereby; (B) permit any lien, charge, adverse claim, security interest, mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to or otherwise arise upon or burden the Collateral or any
        part thereof, any interest therein or the proceeds thereof, except as may be expressly permitted hereby; or (C) take any action that would permit the lien of this Indenture not to constitute a valid first priority security interest in the
        Collateral, except as may be expressly permitted hereby;

     

    (v)         amend the Servicing Agreement, except pursuant to the terms thereof;

     

    (vi)        amend the Preferred Share Paying Agency Agreement, except pursuant to the terms thereof;

     

    (vii)       to the maximum extent permitted by applicable law, dissolve or liquidate in whole or in
        part, except as permitted hereunder;

     

    (viii)     make or incur any capital expenditures, except as reasonably required to perform its
        functions in accordance with the terms of this Indenture and, in the case of the Issuer, the Preferred Share Paying Agency Agreement;

     

    (ix)      become liable in any way, whether directly or by assignment or as a guarantor or other
        surety, for the obligations of the lessee under any lease, hire any employees or pay any dividends to its shareholders, except with respect to the Preferred Shares in accordance with the Priority of Payments and Cayman Islands law;

     

    (x)         maintain any bank accounts other than the Accounts and the bank account in the Cayman
        Islands in which (inter alia) the proceeds of the Issuer’s issued share capital and the transaction fees paid to the Issuer for agreeing to issue the Securities will be kept;

     

      

    
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    (xi)     conduct business under an assumed name, or change its name without first delivering at least
        30 days’ prior written notice to the Trustee, the Note Administrator, the Noteholders and the Rating Agencies and an Opinion of Counsel to the effect that such name change will not adversely affect the security interest hereunder of the Trustee or
        the Secured Parties;

     

    (xii)       take any action that would result in it failing to qualify as a Qualified REIT Subsidiary
        or other disregarded entity of KREF Sub-REIT for U.S. federal income tax purposes (including, but not limited to, an election to treat the Issuer as a “taxable REIT subsidiary,” as defined in Section 856(l) of the Code), unless (A) based on an
        Opinion of Counsel of Dechert LLP, Hunton Andrews Kurth LLP or another nationally-recognized tax counsel experienced in such matters, the Issuer will be treated as a Qualified REIT Subsidiary or other disregarded entity of a REIT other than KREF
        Sub-REIT, or (B) based on an Opinion of Counsel of Dechert LLP, Hunton Andrews Kurth LLP or another nationally-recognized tax counsel experienced in such matters, the Issuer will be treated as a foreign corporation that is not engaged in a trade or
        business within the United States for U.S. federal income tax purposes;

     

    (xiii)     except for any agreements involving the purchase and sale of Collateral Interests having
        customary purchase or sale terms and documented with customary loan trading documentation, enter into any agreements unless such agreements contain “non-petition” and “limited recourse” provisions; or

     

    (xiv)      amend their respective organizational documents without satisfaction of the Rating Agency
        Condition in connection therewith.

     

    (b)         Neither the Issuer nor the Trustee shall sell, transfer, exchange or otherwise dispose of Collateral, or
        enter into or engage in any business with respect to any part of the Collateral, except as expressly permitted or required by this Indenture or the Servicing Agreement.

     

    (c)         The Co-Issuer shall not invest any of its Collateral in “securities” (as such term is defined in the 1940
        Act) and shall keep all of the Co-Issuer’s Collateral in Cash.

     

    (d)        For so long as any of the Notes are Outstanding, the Co-Issuer shall not issue any limited liability company
        membership interests of the Co-Issuer to any Person other than KREF Sub-REIT or a wholly-owned subsidiary of KREF Sub-REIT.

     

    (e)         The Issuer shall not enter into any material new agreements (other than any Collateral Interest Purchase
        Agreement or other agreement contemplated by this Indenture) (including, without limitation, in connection with the sale of Collateral by the Issuer) without the prior written consent of the Holders of at least a Majority of the Notes (or if there
        are no Notes Outstanding, a Majority of Preferred Shareholders) and shall provide notice of all new agreements (other than any Collateral Interest or other agreement specifically contemplated by this Indenture) to the Holders of the Notes.  The
        foregoing notwithstanding, the Issuer may agree to any material new agreements; provided that (i) the Issuer (or the Collateral Manager on its behalf) determines that such new agreements would not, upon becoming effective, adversely

     

      

    
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    affect the rights or interests of any Class or Classes of Noteholders and (ii) subject to satisfaction of the Rating Agency Condition.

     

    (f)         As long as any Offered Note is Outstanding, the Retention Holder may not transfer (whether by means of actual
        transfer or a transfer of beneficial ownership for U.S. federal income tax purposes), pledge or hypothecate any of the Preferred Shares or ordinary shares or other equity interests of the Issuer to any Person (except to an affiliate that is
        wholly-owned by KREF Sub-REIT or a Subsequent REIT and is disregarded for U.S. federal income tax purposes) unless the Issuer receives an opinion of Dechert LLP, Hunton Andrews Kurth LLP or another nationally recognized tax counsel experienced in
        such matters that such transfer, pledge or hypothecation will not cause the Issuer to be treated as a foreign corporation engaged in a trade or business within the United States for U.S. federal income tax purposes or otherwise to become subject to
        U.S. federal income tax on a net basis, which opinion may be conditioned on compliance with certain restrictions on the investment or other activities of the Issuer and the Collateral Manager on behalf of the Issuer (such opinion, a “No
          Entity-Level Tax Opinion”) (or has previously received a No Trade or Business Opinion) which opinion may be conditioned, in each case, on compliance with certain restrictions on the investment or other activities of the Issuer and the
        Servicer on behalf of the Issuer.

     

    (g)       Any financing arrangement pursuant to Section 7.8(f) shall prohibit any further transfer (whether by
        means of actual transfer or a transfer of beneficial ownership for U.S. federal income tax purposes) of the Retained Securities and Issuer’s ordinary shares, including a transfer in connection with any exercise of remedies under such financing
        unless the Issuer receives a No Entity-Level Tax Opinion.

     

    Section 7.9          Statement as to Compliance.

     

    On or before January 31 in each calendar year, commencing in 2022 or immediately if there has been a Default in the fulfillment of an obligation under this Indenture, the Issuer
      shall deliver to the Trustee, the Note Administrator and the 17g-5 Information Provider an Officer’s Certificate given on behalf of the Issuer and without personal liability stating, as to each signer thereof, that, since the date of the last
      certificate or, in the case of the first certificate, the Closing Date, to the best of the knowledge, information and belief of such Officer, the Issuer has fulfilled all of its obligations under this Indenture or, if there has been a Default in the
      fulfillment of any such obligation, specifying each such Default known to them and the nature and status thereof.

     

    Section 7.10        Issuer and Co-Issuer May Consolidate or Merge Only on Certain Terms.

     

    (a)        The Issuer shall not consolidate or merge with or into any other Person or transfer or convey all or
        substantially all of its Collateral to any Person, unless permitted by the Governing Documents and Cayman Islands law and unless:

     

    (i)          the Issuer shall be the surviving entity, or the Person (if other than the Issuer) formed
        by such consolidation or into which the Issuer is merged or to which all or substantially all of the Collateral of the Issuer are transferred shall be an entity

     

      

    
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    incorporated or formed and existing under the laws of the Cayman Islands or such other jurisdiction approved by a Majority of each and every Class of the Notes (each voting as a
      separate Class), and a Majority of Preferred Shareholders; provided that no such approval shall be required in connection with any such transaction undertaken solely to effect a change in the jurisdiction of registration pursuant to Section

        7.4; and provided, further, that the surviving entity shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, the Note Administrator, and each
      Noteholder, the due and punctual payment of the principal of and interest on all Notes and other amounts payable hereunder and under the Servicing Agreement and the performance and observance of every covenant of this Indenture and the Servicing
      Agreement on the part of the Issuer to be performed or observed, all as provided herein;

     

    (ii)         the Rating Agency Condition shall be satisfied;

     

    (iii)       if the Issuer is not the surviving entity, the Person formed by such consolidation or into
        which the Issuer is merged or to which all or substantially all of the Collateral of the Issuer are transferred shall have agreed with the Trustee and the Note Administrator (A) to observe the same legal requirements for the recognition of such
        formed or surviving entity as a legal entity separate and apart from any of its Affiliates as are applicable to the Issuer with respect to its Affiliates and (B) not to consolidate or merge with or into any other Person or transfer or convey all or
        substantially all of the Collateral or all or substantially all of its Collateral to any other Person except in accordance with the provisions of this Section 7.10, unless in connection with a sale of the Collateral pursuant to Article
          5, Article 9 or Article 12;

     

    (iv)        if the Issuer is not the surviving entity, the Person formed by such consolidation or into
        which the Issuer is merged or to which all or substantially all of the Collateral of the Issuer are transferred shall have delivered to the Trustee, the Note Administrator, the Servicer, the Special Servicer, the Collateral Manager and the Rating
        Agencies an Officer’s Certificate and an Opinion of Counsel each stating that such Person is duly organized, validly existing and in good standing in the jurisdiction in which such Person is organized; that such Person has sufficient power and
        authority to assume the obligations set forth in Section 7.10(a)(i) above and to execute and deliver an indenture supplemental hereto for the purpose of assuming such obligations; that such Person has duly authorized the execution, delivery
        and performance of an indenture supplemental hereto for the purpose of assuming such obligations and that such supplemental indenture is a valid, legal and binding obligation of such Person, enforceable in accordance with its terms, subject only to
        bankruptcy, reorganization, insolvency, moratorium and other laws affecting the enforcement of creditors’ rights generally and to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at
        law); that, immediately following the event which causes such Person to become the successor to the Issuer, (A) such Person has good and marketable title, free and clear of any lien, security interest or charge, other than the lien and security
        interest of this Indenture, to the Collateral securing, in the case of a consolidation or merger of the Issuer, all of the Notes or, in the case of any transfer or conveyance of the Collateral securing any of the Notes, such Notes, (B) the Trustee
        continues to have a valid perfected first priority security interest in the Collateral

     

      

    
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    securing, in the case of a consolidation or merger of the Issuer, all of the Notes, or, in the case of any transfer or conveyance of the Collateral securing any of the Notes,
      such Notes and (C) such other matters as the Trustee, the Note Administrator, the Servicer, the Special Servicer, the Collateral Manager or any Noteholder may reasonably require;

     

    (v)         immediately after giving effect to such transaction, no Default or Event of Default shall
        have occurred and be continuing;

     

    (vi)        the Issuer shall have delivered to the Trustee, the Note Administrator, the Preferred
        Share Paying Agent and each Noteholder, an Officer’s Certificate and an Opinion of Counsel each stating that such consolidation, merger, transfer or conveyance and such supplemental indenture comply with this Article 7 and that all
        conditions precedent in this Article 7 provided for relating to such transaction have been complied with;

     

    (vii)       the Issuer has received an opinion from Dechert LLP, Hunton Andrews Kurth LLP or an
        opinion of other nationally recognized U.S. tax counsel experienced in such matters that the Issuer or the Person referred to in clause (a) either will (a) be treated as a Qualified REIT Subsidiary or (b) be treated as a foreign corporation not
        engaged in a trade or business within the United States for U.S. federal income tax purposes or otherwise not subject to U.S. federal income tax on a net basis;

     

    (viii)      the Issuer has received an opinion from Dechert LLP, Hunton Andrews Kurth LLP or an
        opinion of other nationally recognized U.S. tax counsel experienced in such matters that such action will not adversely affect the tax treatment of the Noteholders as described in the Offering Memorandum under the heading “Certain U.S. Federal
        Income Tax Considerations” to any material extent; and

     

    (ix)        after giving effect to such transaction, the Issuer shall not be required to register as
        an investment company under the 1940 Act.

     

    (b)         The Co-Issuer shall not consolidate or merge with or into any other Person or transfer or convey all or
        substantially all of its Collateral to any Person, unless no Notes remain Outstanding or:

     

    (i)           the Co-Issuer shall be the surviving entity, or the Person (if other than the Co-Issuer)
        formed by such consolidation or into which the Co-Issuer is merged or to which all or substantially all of the Collateral of the Co-Issuer are transferred shall be a company organized and existing under the laws of Delaware or such other
        jurisdiction approved by a Majority of the Controlling Class; provided that no such approval shall be required in connection with any such transaction undertaken solely to effect a change in the jurisdiction of formation pursuant to Section

          7.4; and provided, further, that the surviving entity shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, the Note Administrator, and each
        Noteholder, the due and punctual payment of the principal of and interest on all Notes and the performance and observance of every covenant of this Indenture on the part of the Co‐Issuer to be performed or observed, all as provided herein;

     

      

    
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    (ii)         the Rating Agency Condition has been satisfied;

     

    (iii)        if the Co-Issuer is not the surviving entity, the Person formed by such consolidation or
        into which the Co-Issuer is merged or to which all or substantially all of the Collateral of the Co-Issuer are transferred shall have agreed with the Trustee and the Note Administrator (A) to observe the same legal requirements for the recognition
        of such formed or surviving entity as a legal entity separate and apart from any of its Affiliates as are applicable to the Co-Issuer with respect to its Affiliates and (B) not to consolidate or merge with or into any other Person or transfer or
        convey all or substantially all of its Collateral to any other Person except in accordance with the provisions of this Section 7.10;

     

    (iv)        if the Co-Issuer is not the surviving entity, the Person formed by such consolidation or
        into which the Co-Issuer is merged or to which all or substantially all of the Collateral of the Co-Issuer are transferred shall have delivered to the Trustee, the Note Administrator and the Rating Agencies an Officer’s Certificate and an Opinion
        of Counsel each stating that such Person is duly organized, validly existing and in good standing in the jurisdiction in which such Person is organized; that such Person has sufficient power and authority to assume the obligations set forth in Section 7.10(b)(i)
        above and to execute and deliver an indenture supplemental hereto for the purpose of assuming such obligations; that such Person has duly authorized the execution, delivery and performance of an indenture supplemental hereto for the purpose of
        assuming such obligations and that such supplemental indenture is a valid, legal and binding obligation of such Person, enforceable in accordance with its terms, subject only to bankruptcy, reorganization, insolvency, moratorium and other laws
        affecting the enforcement of creditors’ rights generally and to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law); such other matters as the Trustee, the Note Administrator or
        any Noteholder may reasonably require;

     

    (v)         immediately after giving effect to such transaction, no Default or Event of Default shall
        have occurred and be continuing;

     

    (vi)        the Co-Issuer shall have delivered to the Trustee, the Note Administrator, the Preferred
        Share Paying Agent and each Noteholder an Officer’s Certificate and an Opinion of Counsel each stating that such consolidation, merger, transfer or conveyance and such supplemental indenture comply with this Article 7 and that all
        conditions precedent in this Article 7 provided for relating to such transaction have been complied with and that no adverse tax consequences will result therefrom to the Holders of the Notes or the Preferred Shareholders; and

     

    (vii)       after giving effect to such transaction, the Co-Issuer shall not be required to register
        as an investment company under the 1940 Act.

     

    Section 7.11        Successor Substituted.

     

    Upon any consolidation or merger, or transfer or conveyance of all or substantially all of the Collateral of the Issuer or the Co-Issuer, in accordance with Section 7.10,

     

    

    
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    the Person formed by or surviving such consolidation or merger (if other than the Issuer or the Co-Issuer), or the Person to which such consolidation, merger, transfer or conveyance is made, shall
      succeed to, and be substituted for, and may exercise every right and power of, the Issuer or the Co-Issuer, as the case may be, under this Indenture with the same effect as if such Person had been named as the Issuer or the Co-Issuer, as the case may
      be, herein.  In the event of any such consolidation, merger, transfer or conveyance, the Person named as the “Issuer” or the “Co-Issuer” in the first paragraph of this Indenture or any successor which shall theretofore have become such in the manner
      prescribed in this Article 7 may be dissolved, wound-up and liquidated at any time thereafter, and such Person thereafter shall be released from its liabilities as obligor and maker on all the Notes and from its obligations under this
      Indenture.

     

    Section 7.12        No Other Business.

     

    The Issuer shall not engage in any business or activity other than issuing and selling the Notes pursuant to this Indenture and any supplements thereto, issuing its ordinary
      shares and issuing and selling the Preferred Shares in accordance with its Governing Documents, and acquiring, owning, holding, disposing of and pledging the Collateral in connection with the Notes and such other activities which are necessary,
      suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith.  The Co-Issuer shall not engage in any business or activity other than issuing and selling the Notes pursuant to this Indenture and any supplements
      thereto and such other activities which are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith.

     

    Section 7.13        Reporting.

     

    At any time when the Issuer and/or the Co-Issuer is not subject to Section 13 or 15(d) of the Exchange Act and is not exempt from reporting pursuant to Rule 12g3-2(b) under the
      Exchange Act, upon the request of a Holder or beneficial owner of a Note, the Issuer and/or the Co-Issuer shall promptly furnish or cause to be furnished “Rule 144A Information” (as defined below) to such Holder or beneficial owner, to a prospective
      purchaser of such Note designated by such Holder or beneficial owner or to the Note Administrator for delivery to such Holder or beneficial owner or a prospective purchaser designated by such Holder or beneficial owner, as the case may be, in order
      to permit compliance by such Holder or beneficial owner with Rule 144A under the Securities Act in connection with the resale of such Note by such Holder or beneficial owner.  “Rule 144A Information” shall be such information as is specified
      pursuant to Rule 144A(d)(4) under the Securities Act (or any successor provision thereto).  The Note Administrator shall reasonably cooperate with the Issuer and/or the Co-Issuer in mailing or otherwise distributing (at the Issuer’s expense) to such
      Noteholders or prospective purchasers, at and pursuant to the Issuer’s and/or the Co-Issuer’s written direction the foregoing materials prepared by or on behalf of the Issuer and/or the Co-Issuer; provided, however,
      that the Note Administrator shall be entitled to prepare and affix thereto or enclose therewith reasonable disclaimers to the effect that such Rule 144A Information was not assembled by the Note Administrator, that the Note Administrator has not
      reviewed or verified the accuracy thereof, and that it makes no representation as to such accuracy or as to the sufficiency of such information under the requirements of Rule 144A or for any other purpose.

     

    

    
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    Section 7.14        Calculation Agent.

     

    (a)        The Issuer and the Co-Issuer hereby agree that for so long as any Notes remain Outstanding there shall at all
        times be an agent appointed to calculate the Benchmark rate in respect of each Interest Accrual Period in accordance with the terms of Schedule B attached hereto (the “Calculation Agent”).  The Issuer and the Co-Issuer initially have
        appointed the Note Administrator as Calculation Agent for purposes of determining the Benchmark rate for each Interest Accrual Period.  The Calculation Agent may be removed by the Issuer at any time upon at least thirty (30) days’ notice delivered
        to the Calculation Agent.  If the Calculation Agent is unable or unwilling to act as such or is removed by the Issuer, or if the Calculation Agent fails to determine the rate using the Benchmark or the Interest Distribution Amount for any Class of
        Notes for any Interest Accrual Period, the Issuer shall promptly appoint as a replacement Calculation Agent a leading bank which does not control or is not controlled by or under common control with the Issuer or its affiliates and which, if the
        Benchmark is LIBOR, is engaged in transactions in Eurodollar deposits in the international Eurodollar market. To the extent the Calculation Agent is removed without cause, the expenses incurred in connection with transferring the Calculation
        Agent’s responsibilities under this Indenture will be required to be reimbursed by the Issuer. The Calculation Agent may not resign its duties without a successor having been duly appointed.  If no successor Calculation Agent shall have been
        appointed within thirty (30) days after giving of a notice of resignation, the resigning Calculation Agent or a Majority of the Holders of the Notes, on behalf of itself and all others similarly situated, may petition a court of competent
        jurisdiction for the appointment of a successor Calculation Agent

     

    (b)         The Calculation Agent shall be required to agree that, as soon as practicable after the Reference Time, but
        in no event later than 11:00 a.m. (New York time) on the next succeeding Business Day (or the next succeeding London Banking Day if the Benchmark is LIBOR) immediately following each Benchmark Determination Date, the Calculation Agent shall
        calculate the Benchmark for the related Interest Accrual Period and will communicate such information to the Note Administrator, who shall include such calculation on the next Monthly Report following such Benchmark Determination Date.  The
        Calculation Agent shall notify the Issuer, the Co-Issuer and the Collateral Manager before 5:00 p.m. (New York time) on each Benchmark Determination Date if it has not determined and is not in the process of determining the Benchmark and the
        Interest Distribution Amounts for each Class of Notes, together with the reasons therefor.  The determination of the Note Interest Rates and the related Interest Distribution Amounts, respectively, by the Calculation Agent shall, absent manifest
        error, be final and binding on all parties.

     

    Section 7.15        REIT Status.

     

    (a)        KREF Holdings shall not take any action that results in the Issuer failing to qualify as a Qualified REIT
        Subsidiary or other disregarded entity of KREF Sub-REIT for U.S. federal income tax purposes, unless (A) based on an Opinion of Counsel, the Issuer will be treated as a Qualified REIT Subsidiary or other disregarded entity of a REIT other than KREF
        Sub-REIT, or (B) based on an Opinion of Counsel, the Issuer will be treated as a foreign corporation that is not engaged in a trade or business within the United States for U.S. federal income tax purposes.

     

      

    
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    (b)         Without limiting the generality of Section 7.16, if the Issuer is no longer a Qualified
        REIT Subsidiary or other disregarded entity of a REIT, prior to the time that:

     

    (i)          any Collateral Interest would cause the Issuer to be treated as engaged in a trade or
        business within the United States for U.S. federal income tax purposes or to become subject to U.S. federal income tax on a net basis,

     

    (ii)         restructuring of a Collateral Interest that could cause the Issuer to be treated as
        engaged in a trade or business within the United States for U.S. federal income tax purposes or to become subject to U.S. federal income tax on a net basis,

     

    (iii)        the Issuer would acquire the real property underlying any Collateral Interest pursuant to
        a foreclosure or deed-in-lieu of foreclosure, or

     

    (iv)        any Real Estate Loan is modified in such a manner that could cause the Issuer to be
        treated as engaged in a trade or business within the United States for U.S. federal income tax purposes or to become subject to U.S. federal income tax on a net basis,

     

    the Issuer will either (x) organize one or more Permitted Subsidiaries and contribute the subject property to such Permitted Subsidiary, (y) contribute such Collateral Interest to an existing
      Permitted Subsidiary, or (z) sell such Collateral Interest in accordance with Section 12.1.

     

    (c)         At the direction of 100% of the Preferred Shareholders (including any party that will become the beneficial
        owner of 100% of the Preferred Shares because of a default under any financing arrangement for which the Preferred Shares are security), the Issuer may operate as a foreign corporation that is not engaged in a trade or business within the United
        States for U.S. federal income tax purposes, provided that (i) the Issuer receives a No Entity-Level Tax Opinion; (ii) this Indenture and the Servicing Agreement, as applicable, are amended or supplemented (A) to adopt written tax
        guidelines governing the Issuer’s origination, acquisition, disposition and modification of Real Estate Loans designed to prevent the Issuer from being treated as engaged in a trade or business within the United States for U.S. federal income tax
        purposes, (B) to form one or more “grantor trusts” to the hold Real Estate Loans and (C) to implement any other provisions deemed necessary (as determined by the tax counsel providing the opinion) to prevent the Issuer from being treated as a
        foreign corporation engaged in a trade or business within the United States for U.S. federal income tax purposes or otherwise becoming subject to U.S. federal withholding tax or U.S. federal income tax on a net basis; (iii) the Preferred
        Shareholder shall pay the administrative and other costs related to the Issuer converting from a Qualified REIT Subsidiary to operating as a foreign corporation, including the costs of any opinions and amendments; and (iv) the Preferred Shareholder
        agrees to pay any ongoing expenses related to the Issuer’s status as a foreign corporation not engaged in a trade or business within the United States for U.S. federal income tax purposes, including but not limited to U.S. federal income tax
        filings required by the Issuer, the “grantor trusts” or any taxable subsidiaries or required under FATCA.

     

      

    
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    Section 7.16        Permitted Subsidiaries.

     

    Notwithstanding any other provision of this Indenture, the Collateral Manager on behalf of the Issuer shall, following delivery of an Issuer Order to the parties hereto, be
      permitted to sell to a Permitted Subsidiary at any time any Sensitive Asset for consideration consisting entirely of the equity interests of such Permitted Subsidiary (or for an increase in the value of equity interests already owned).  Such Issuer
      Order shall certify that the sale of a Sensitive Asset is being made in accordance with satisfaction of all requirements of this Indenture.  The Custodian shall, upon receipt of a Request for Release with respect to a Sensitive Asset, release such
      Sensitive Asset and shall deliver such Sensitive Asset as specified in such Request for Release.  The following provisions shall apply to all Sensitive Asset and Permitted Subsidiaries:

     

    (a)        For all purposes under this Indenture, any Sensitive Asset transferred to a Permitted Subsidiary shall be
        treated as if it were an asset owned directly by the Issuer.

     

    (b)         Any distribution of Cash by a Permitted Subsidiary to the Issuer shall be characterized as Interest Proceeds
        or Principal Proceeds to the same extent that such Cash would have been characterized as Interest Proceeds or Principal Proceeds if received directly by the Issuer and each Permitted Subsidiary shall cause all proceeds of and collections on each
        Sensitive Asset owned by such Permitted Subsidiary to be deposited into the Payment Account.

     

    (c)        To the extent applicable, the Issuer shall form one or more Securities Accounts with the Securities
        Intermediary for the benefit of each Permitted Subsidiary and shall, to the extent applicable, cause Sensitive Asset to be credited to such Securities Accounts.

     

    (d)       Notwithstanding the complete and absolute transfer of a Sensitive Asset to a Permitted Subsidiary, the
        ownership interests of the Issuer in a Permitted Subsidiary or any property distributed to the Issuer by a Permitted Subsidiary shall be treated as a continuation of its ownership of the Sensitive Asset that was transferred to such Permitted
        Subsidiary (and shall be treated as having the same characteristics as such Sensitive Asset).

     

    (e)        If the Special Servicer on behalf of the Trustee, or any other authorized party takes any action under this
        Indenture to sell, liquidate or dispose of all or substantially all of the Collateral, the Issuer (or the Collateral Manager on its behalf) shall cause each Permitted Subsidiary to sell each Sensitive Asset and all other Collateral held by such
        Permitted Subsidiary and distribute the proceeds of such sale, net of any amounts necessary to satisfy any related expenses and tax liabilities, to the Issuer in exchange for the equity interest in such Permitted Subsidiary held by the Issuer.

     

    Section 7.17        Repurchase Requests.

     

    If the Issuer, the Trustee, the Note Administrator, the Collateral Manager, the Servicer or the Special Servicer receives any request or demand that a Collateral Interest be
      repurchased or replaced arising from any Material Breach of a representation or warranty made with respect to such Collateral Interest, any Material Document Defect or any Combined Loan Repurchase Event (any such request or demand, a “Repurchase
        Request”) or a withdrawal of a Repurchase Request from any Person other than the Servicer or Special Servicer, then the Collateral Manager (on behalf of the Issuer), the Trustee or the Note Administrator, as

     

    

    
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    applicable, shall promptly forward such notice of such Repurchase Request or withdrawal of a Repurchase Request, as the case may be, to the Servicer (if related to a performing Real Estate Loan) or
      Special Servicer, and include the following statement in the related correspondence:  “This is a “Repurchase Request/withdrawal of a Repurchase Request” under Section 3.19 of the Servicing Agreement relating to KREF 2021-FL2 Ltd. and KREF 2021-FL2
      LLC, requiring action from you as the “Repurchase Request Recipient” thereunder.”  Upon receipt of such Repurchase Request or withdrawal of a Repurchase Request by the Collateral Manager, Servicer or Special Servicer pursuant to the prior sentence,
      the Servicer or the Special Servicer, as applicable, shall be deemed to be the Repurchase Request Recipient in respect of such Repurchase Request or withdrawal of a Repurchase Request, as the case may be, and shall be responsible for complying with
      the procedures set forth in Section 3.19 of the Servicing Agreement with respect to such Repurchase Request.

     

    Section 7.18        Servicing of Real Estate Loans and Control of Servicing Decisions.

     

    The Real Estate Loans (other than the Non-Serviced Real Estate Loans) will be serviced by the Servicer or, with respect to Specially Serviced Loans, the Special Servicer, in each
      case pursuant to the Servicing Agreement, subject to the consultation, consent and direction rights and those in respect to Administrative Modifications and Criteria-Based Modifications of the Collateral Manager, as set forth in the Servicing
      Agreement, subject to those conditions, restrictions or termination events expressly provided therein.  Nothing in this Indenture shall be interpreted to limit in any respect the rights of the Collateral Manager under the Servicing Agreement and none
      of the Issuer, Co-Issuer, Note Administrator and Trustee shall take any action under this Indenture inconsistent with the Collateral Manager’s rights set forth under the Servicing Agreement.

     

    ARTICLE 8

      

      SUPPLEMENTAL INDENTURES

     

    Section 8.1          Supplemental Indentures Without Consent of Securityholders.

     

    (a)         Without the consent (or deemed consent) of the Holders of any Notes or any Preferred Shareholders, without
        prior notice to the Holder of any Notes or any Preferred Shareholders and without satisfaction of the Rating Agency Condition, the Issuer, the Co-Issuer, when authorized by Board Resolutions of the Co-Issuers, the Trustee and the Note
        Administrator, at any time and from time to time subject to the requirement provided below in this Section 8.1, may enter into one or more indentures supplemental hereto, in form satisfactory to the parties thereto, for any of the following
        purposes:

     

    (i)          conform this Indenture to the provisions described in the Offering Memorandum (or any
        supplement thereto);

     

    (ii)         correct any defect or ambiguity in this Indenture in order to address any manifest error,
        omission or mistake in any provision of this Indenture;

     

      

    
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    (iii)        conform this Indenture to any Rating Agency Test Modification;

     

    (iv)        provide for the Notes of each Class to bear interest based on the applicable Benchmark
        Replacement from and after the related Benchmark Replacement Date; and/or at the direction of the Designated Transaction Representative, to make Benchmark Replacement Conforming Changes;

     

    (v)          evidence the succession of any Person to the Issuer or the Co-Issuer and the assumption
        by any such successor of the covenants of the Issuer or the Co-Issuer, as applicable, herein and in the Notes;

     

    (vi)       add to the covenants of the Issuer, the Co-Issuer, the Note Administrator or the Trustee
        for the benefit of the Holders of the Notes or the Preferred Shareholders or to surrender any right or power herein conferred upon the Issuer or the Co-Issuer, as applicable;

     

    (vii)       convey, transfer, assign, mortgage or pledge any property to or with the Trustee, or add
        to the conditions, limitations or restrictions on the authorized amount, terms and purposes of the issue, authentication and delivery of the Notes;

     

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

     

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

     

    (x)         modify the restrictions on and procedures for resales and other transfers of Notes to
        reflect any changes in applicable law or regulation (or the interpretation thereof) or to enable the Issuer and the Co-Issuer to rely upon any exemption or exclusion from registration under the Securities Act, the Exchange Act or the 1940 Act
        (including, without limitation, (A) to prevent any Class of Notes from being considered an “ownership interest” under the Volcker Rule or (B) to prevent the Issuer or the Co-Issuer from being considered a “covered fund” under the Volcker Rule) or
        to remove restrictions on resale and transfer to the extent not required thereunder;

     

    (xi)        accommodate the issuance or settlement of the Notes in book-entry form through the
        facilities of DTC, Euroclear or Clearstream, Luxembourg or otherwise;

     

    (xii)       take any action commercially reasonably necessary or advisable as required for the Issuer
        to comply with the requirements of FATCA (or the Cayman FATCA Legislation); or to prevent the Issuer from failing to qualify as a Qualified REIT Subsidiary or other disregarded entity of a REIT for U.S. federal income tax purposes or

     

      

    
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    from otherwise being treated as a foreign corporation engaged in a trade or business in the United States for U.S. federal income tax purposes, or to prevent the Issuer, the
      holders of the Notes, the Preferred Shareholders, or the Trustee from being subject to withholding or other taxes, fees or assessments or from otherwise being subject to U.S. federal, state, local or foreign income or franchise tax on a net basis;

     

    (xiii)      amend or supplement any provision of the Indenture to the extent necessary to maintain the
        then-current ratings assigned to the Notes;

     

    (xiv)      authorize the appointment of any listing agent, transfer agent, paying agent or additional
        registrar for any Class of Notes required or advisable in connection with the listing of any Class of Notes on any stock exchange, and otherwise to amend this Indenture to incorporate any changes required or requested by any governmental authority,
        stock exchange authority, listing agent, transfer agent, paying agent or additional registrar for any Class of Notes in connection therewith;

     

    (xv)        evidence changes to applicable laws and regulations;

     

    (xvi)    modify, eliminate or add to any of the provisions of this Indenture in the event the U.S.
        Risk Retention Rules, the EU Securitization Laws or the UK Securitization Laws (as applicable) are amended or repealed, in order to modify or eliminate the risk retention requirements in the event of such amendment or repeal; provided that
        (a) in relation to the U.S. Risk Retention Rules, the Trustee has received an opinion of counsel or (b) in relation to the EU Securitization Laws and UK Securitization Laws, the EU/UK Retention Holder consents thereto and (c) in each case, the
        Sponsor or the EU/UK Retention Holder (as applicable) certifies to the Trustee that it has received written legal advice, in each case, to the effect the action is consistent with and will not cause a violation of the U.S. Risk Retention Rules, the
        EU Securitization Laws or the UK Securitization Laws (as applicable);

     

    (xvii)    reduce the minimum denominations required for transfer of the Notes; provided that
        such denominations are not reduced below the minimum denomination necessary to maintain an exemption from the registration requirements of the Securities Act or the 1940 Act;

     

    (xviii)   modify the provisions of this Indenture with respect to reimbursement of Nonrecoverable
        Interest Advances if the Collateral Manager determines that the commercial mortgage securitization industry standard for such provisions has changed, in order to conform to such industry standard;

     

    (xix)      modify the procedures set forth in this Indenture relating to compliance with Rule 17g-5 of the Exchange Act; provided that the change would not materially increase the obligations of the Collateral Manager,
      the Note Administrator, the Trustee, any paying agent, the Servicer or the Special Servicer (in each case, without such party’s consent) and would not adversely affect in any material respect the interests of any Noteholder or Holder of the Preferred
      Shares; provided, further, that the Collateral Manager must provide a copy of any such amendment to the
      17g-5 Information Provider

     

    

    
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    for posting to the 17g-5 Website and provide notice of any such amendment to the Rating Agencies;

     

    (xx)       at the direction of 100% of the Preferred Shareholders (including any party that shall
        become the beneficial owner of 100% of the Preferred Shares because of a default under any financing arrangement for which the Preferred Shares are security), modify the provisions of this Indenture to adopt restrictions provided by tax counsel in
        order to prevent the Issuer from being treated as a foreign corporation that is engaged in a trade or business in the United States for U.S. federal income tax purposes or otherwise become subject to U.S. federal withholding tax or U.S. federal
        income tax on a net basis;

     

    (xxi)      [reserved]

     

    (xxii)     make any change to any other provisions with respect to matters or questions arising under
        this Indenture; provided that the party requesting the supplemental indenture represents that it believes the required action will not adversely affect in any material respect the interests of any Noteholder not consenting thereto, as
        evidenced by and (A) such party has obtained an opinion of counsel to such effect or such party has obtained an officer’s certificate of the Collateral Manager to such effect; and

     

    (xxiii)    providing for and/or facilitating the exchange of Exchangeable Notes for Exchanged Notes to the extent permitted by this
      Indenture and to extend to such Exchanged Notes (to the extent explicitly provided herein) the benefits and provisions of this Indenture.

     

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

     

    

    
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    (b)         [Reserved]

     

    (c)         In the event that any or all restrictions and/or limitations under the Credit Risk Retention Rules, the or EU
        Securitization Laws or the UK Securitization Laws or any other regulations relating to risk retention requirements in securitization transaction are withdrawn, repealed or modified to be less restrictive on the Sponsor and/or the EU/UK Retention
        Holder, as applicable, then at the request of the Sponsor and/or EU/UK Retention Holder, as applicable, in each case certifying to the Trustee that it has received written legal advice to the effect the action is consistent with and will not cause
        a violation of the Credit Risk Retention Rules, or the EU Securitization Laws or the UK Securitization Laws, the Issuer, the Co-Issuer, the Trustee and the Note Administrator agree to modify any corresponding terms of this Indenture in accordance
        with Section 8.1(a)(xv) to reflect any such withdrawal, repeal or modification.

     

    Section 8.2          Supplemental Indentures with Consent of Securityholders.

     

    Except as set forth below, the Note Administrator, the Trustee and the Co‐Issuers may enter into one or more indentures supplemental hereto to add any provisions to, or change in
      any manner or eliminate any of the provisions of, this Indenture or modify in any manner the rights of the Holders of any Class of Notes or the Preferred Shares under this Indenture only with (x) the written consent of the Holders of at least
      Majority in Aggregate Outstanding Amount of the Notes of each Class materially and adversely affected thereby (excluding any Notes owned by the Seller, the Collateral Manager or any of their Affiliates as identified in the Beneficial Holder
      Information Form submitted along with the related Noteholder's consent and the Holder of Preferred Shares if materially and adversely affected thereby, by Act of said Securityholders delivered to the Trustee, the Note Administrator and the
      Co-Issuers, and (y) satisfaction of the Rating Agency Condition, notice of which may be in electronic form.  The Note Administrator shall provide fifteen calendar days’ notice of such change to the Holders of each Class of Notes and the Holder of the
      Preferred Shares, requesting notification by such Noteholders and Holders of the Preferred Shares if any such Noteholders or Holders of the Preferred Shares would be materially and adversely affected by the proposed supplemental indenture.  The Note
      Administrator shall include notice of such consent request in the next Monthly Report and a copy of the proposed supplemental indenture shall be posted on the Note Administrator’s Website.  Following such initial fifteen (15) calendar day period (or
      if the end of such period is not a Business Day, the next Business Day), the Note Administrator shall provide three successive additional 15 calendar days’ notices (in each case, if the end of such period is not a Business Day, then the next Business
      Day).  Unless the Note Administrator is notified (after giving such initial fifteen (15) calendar days’ notice and the three additional fifteen (15) calendar days’ notices, as applicable) by Holders of at least 331/3% in the Aggregate
      Outstanding Amount of the Notes (excluding any Notes owned by the Seller, the Collateral Manager or any of their Affiliates or by any accounts managed by them as identified in the Beneficial Holder Information Form submitted along with the related
      Noteholder's notice) of the Notes) of any Class that such Class of Notes or a Majority of the Preferred Shareholders will be materially and adversely affected by the proposed supplemental indenture (and upon receipt by the Trustee and the Note
      Administrator of an Officer’s Certificate of the Collateral Manager), the interests of such Class and the interests of the Preferred Shares will be deemed not to be materially and adversely affected by such proposed supplemental indenture; provided
      that, a Class of Notes may only be deemed to not be materially and adversely affected without the written consent by at least a

     

    

    
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    majority of the Notes of any Class by up to five (5) proposed supplemental indentures in the aggregate; provided further that repeated requests for a supplemental indenture on
      separate occasions relating to the same subject matter  will count as a separate proposal; provided further that the required multiple notices provided by the Note Administrator as described above for the same proposed supplemental indenture
      will constitute a single proposal (as determined by an Issuer Order delivered to the Trustee and the Note Administrator in connection with such supplemental indenture).  Such determinations shall be conclusive and binding on all present and future
      Noteholders.  The consent of the Holders of the Preferred Shares shall be binding on all present and future Holders of the Preferred Shares.  The Note Administrator and the Trustee shall not be liable for any such determination made in good faith and
      may rely conclusively on any Officer’s Certificate or opinion accepted in good faith.

     

    Notwithstanding the foregoing, any supplemental indenture to add or modify any of the provisions of this Indenture with respect to (a) the definitions of “Controlling Class,”
      “Majority,” “Reinvestment Period,” “Replenishment Period” and “Supermajority” and (b) the Eligibility Criteria, the Acquisition Criteria or the Offered Note Protection Tests, other than with respect to a Rating Agency Test Modification, shall
      require, in each case, the consent of the Holders of at least a Majority of the Aggregate Outstanding Amount of the Notes of each Class.

     

    Without the consent of (x) all of the Holders of each Outstanding Class of Notes materially adversely affected and (y) all of the Holders of the Preferred Shares materially
      adversely affected thereby, no supplemental indenture may:

     

    (a)         change the Stated Maturity Date of the principal of or the due date of any installment of interest on any
        Note, reduce the principal amount thereof or the Note Interest Rate thereon or the Redemption Price with respect to any Note, change the date of any scheduled distribution on the Preferred Shares, or the Redemption Price with respect thereto,
        change the earliest date on which any Note may be redeemed at the option of the Issuer, change the provisions of this Indenture that apply proceeds of any Collateral to the payment of principal of or interest on Notes or of distributions to the
        Preferred Share Paying Agent for the payment of distributions in respect of the Preferred Shares or change any place where, or the coin or currency in which, any Note or the principal thereof or interest thereon is payable, or impair the right to
        institute suit for the enforcement of any such payment on or after the Stated Maturity Date thereof (or, in the case of redemption, on or after the applicable Redemption Date);

     

    (b)        reduce the percentage of the Aggregate Outstanding Amount of Holders of Notes of each Class or the Notional
        Amount of Preferred Shares of the Holders thereof whose consent is required for the authorization of any such supplemental indenture or for any waiver of compliance with certain provisions of this Indenture or certain Defaults hereunder or their
        consequences provided for in this Indenture;

     

    (c)          impair or adversely affect the Collateral except as otherwise permitted in this Indenture;

     

    (d)         permit the creation of any lien ranking prior to or on a parity with the lien of this Indenture with respect
        to any part of the Collateral or terminate such lien on any property at any time subject hereto or deprive the Holder of any Note, or the Holder of any Preferred

     

      

    
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    Share as an indirect beneficiary, of the security afforded to such Holder by the lien of this Indenture;

     

    (e)         reduce the percentage of the Aggregate Outstanding Amount of Holders of Notes of each Class whose consent is
        required to request the Trustee to preserve the Collateral or rescind any election to preserve the Collateral pursuant to Section 5.5 or to sell or liquidate the Collateral pursuant to Section 5.4 or 5.5;

     

    (f)         modify any of the provisions of Section 8.1 and this Section 8.2, except to increase any
        percentage of Outstanding Notes whose holders’ consent is required for any such action or to provide that other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Note affected thereby;

     

    (g)         modify the definition of the term “Outstanding” or the provisions of Section 11.1(a) or Section
          13.1;

     

    (h)        modify any of the provisions of this Indenture in such a manner as to affect the calculation of the amount of
        any payment of interest on or principal of any Note on any Payment Date or of distributions to the Preferred Share Paying Agent for the payment of distributions in respect of the Preferred Shares on any Payment Date (or any other date) or to affect
        the rights of the Securityholders to the benefit of any provisions for the redemption of such Securities contained herein;

     

    (i)          modify any of the provisions of this Indenture in such a manner as to affect the requirement that the Issuer
        be treated as a Qualified REIT Subsidiary or other disregarded entity of a REIT for U.S. federal income tax purposes;

     

    (j)        reduce the permitted minimum denominations of the Notes below the minimum denomination necessary to maintain
        an exemption from the registration requirements of the Securities Act or the 1940 Act; or

     

    (k)         modify any provisions regarding non-recourse or non-petition covenants with respect to the Issuer and the
        Co-Issuer,

     

    provided that the holders of each Class of Notes and Preferred Shares will be deemed to be materially adversely affected by any supplemental indenture with respect to clauses (b) and (f) above

     

    The Trustee and Note Administrator shall be entitled to rely upon an Officer’s Certificate of the Issuer (or the Collateral Manager on its behalf) in determining whether or not
      the Securityholders would be materially or adversely affected by such change (after giving notice of such change to the Securityholders).  Such determination shall be conclusive and binding on all present and future Securityholders.  Neither the
      Trustee nor the Note Administrator shall be liable for any such determination made in good faith.

     

    

    
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    Section 8.3          Execution of Supplemental Indentures.

     

    In executing or accepting the additional trusts created by any supplemental indenture permitted by this Article 8 or the modifications thereby of the trusts created by
      this Indenture, the Note Administrator and Trustee shall be entitled to receive, and shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this
      Indenture and that all conditions precedent thereto have been satisfied (which Opinion of Counsel may rely upon an Officer’s Certificate as to whether or not the Securityholders would be materially and adversely affected by such supplemental
      indenture).  The Note Administrator and Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects its own rights, duties or immunities under this Indenture or otherwise.

     

    The Sponsor’s written consent shall be required prior to any amendment to this Indenture by which the Sponsor is adversely affected.

     

    The Servicer and Special Servicer will not be bound by any amendment or supplement to this Indenture that affects their respective rights and obligations unless the Servicer or
      Special Servicer, as applicable, gives prior written consent to the Note Administrator, the Trustee and the Issuer to such amendment.  The Issuer, the Trustee and the Note Administrator shall give written notice to the Servicer and Special Servicer
      of any amendment made to this Indenture pursuant to its terms.  In addition, the Servicer and Special Servicer’s written consent shall be required prior to any amendment to this Indenture by which it is adversely affected.

     

    The Collateral Manager will be bound to follow any amendment or supplement to this Indenture of which it has received written notice at least ten (10) Business Days prior to the
      execution and delivery of such amendment or supplement; provided, however, that with respect to any amendment or supplement to this Indenture which may, in the judgment of the Collateral Manager adversely affect the Collateral
      Manager, the Collateral Manager, as applicable, shall not be bound (and the Issuer agrees that it shall not permit any such amendment to become effective) unless the Collateral Manager, as applicable, gives written consent to the Note Administrator
      and the Issuer to such amendment.  The Issuer and the Note Administrator shall give written notice to the Collateral Manager, the Servicer and the Special Servicer of any amendment made to this Indenture pursuant to its terms.  In addition, the
      Collateral Manager’s written consent shall be required prior to any amendment to this Indenture by which it is adversely affected.

     

    In connection with any supplemental indenture that affects a Class of MASCOT Notes in a manner that is materially different from the effect of such supplemental indenture on the
      Class F Notes or the Class G Notes, as applicable, the Holders of the applicable MASCOT Notes shall vote as a separate class.

     

    At the cost of the Issuer, the Note Administrator shall provide to each Noteholder, each holder of Preferred Shares and, for so long as any Class of Notes shall remain
      Outstanding and is rated, the Note Administrator shall provide to the 17g-5 Information Provider and the Rating Agencies a copy of any proposed supplemental indenture at least fifteen (15) Business Days prior to the execution thereof by the Note
      Administrator, and following execution shall

     

    

    
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    provide to the 17g-5 Information Provider and the Rating Agencies a copy of the executed supplemental indenture.

     

    Neither the Trustee nor the Note Administrator may enter into any such supplemental indenture (i) if such action would adversely affect the tax treatment of the Holders of the
      Offered Notes as indebtedness, cause the Issuer to be a taxable entity or constitute an event requiring a beneficial owner of an Offered Note to recognize gain or loss for U.S. federal income tax purposes, and (ii) unless the Trustee and the Note
      Administrator has received an Opinion of Counsel from Dechert LLP, Hunton Andrews Kurth LLP or other nationally recognized U.S. tax counsel experienced in such matters that the proposed supplemental indenture will not cause the Issuer to be treated
      as a foreign corporation that is engaged in a trade or business within the United States for U.S. federal income tax purposes.  The Trustee and the Note Administrator shall be entitled to rely upon (i) the receipt of notice from the Rating Agencies
      or the Requesting Party, which may be in electronic form, that the Rating Agency Condition has been satisfied and (ii) receipt of an Opinion of Counsel forwarded to the Trustee and Note Administrator certifying that, following provision of notice of
      such supplemental indenture to the Noteholders and holders of the Preferred Shares, that the Securityholders would not be materially and adversely affected by such supplemental indenture.  Such determination shall be conclusive and binding on all
      present and future Securityholders.  Neither the Trustee nor the Note Administrator shall be liable for any such determination made in good faith and in reliance upon such Opinion of Counsel, as the case may be.

     

    It shall not be necessary for any Act of Securityholders under this Section 8.3 to approve the particular form of any proposed supplemental indenture, but it shall be
      sufficient if such Act shall approve the substance thereof.

     

    Promptly after the execution by the Issuer, the Co-Issuer, the Note Administrator and the Trustee of any supplemental indenture pursuant to this Section 8.3, the Note
      Administrator, at the expense of the Issuer, shall mail to the Securityholders, the Preferred Share Paying Agent, the Servicer, the Special Servicer, the Sponsor and, so long as the Notes are Outstanding and so rated, the Rating Agencies a copy
      thereof based on an outstanding rating.  Any failure of the Trustee and the Note Administrator to publish or mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture.

     

    Section 8.4          Effect of Supplemental Indentures.

     

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

     

    Section 8.5          Reference in Notes to Supplemental Indentures.

     

    Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this Article 8 may, and if required by the Note Administrator shall, bear
      a

     

    

    
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    notice in form approved by the Note Administrator as to any matter provided for in such supplemental indenture.  If the Issuer and the Co-Issuer shall so determine, new Notes, so modified as to
      conform in the opinion of the Note Administrator and the Issuer and the Co-Issuer to any such supplemental indenture, may be prepared and executed by the Issuer and the Co-Issuer and authenticated and delivered by the Note Administrator in exchange
      for Outstanding Notes.  Notwithstanding the foregoing, any Note authenticated and delivered hereunder shall be subject to the terms and provisions of this Indenture, and any supplemental indenture.

     

    ARTICLE 9

      

      REDEMPTION OF SECURITIES; REDEMPTION PROCEDURES

     

    Section 9.1          Clean-up Call; Tax Redemption; Optional Redemption; and Auction Call Redemption.

     

    (a)       The Notes shall be redeemed by the Issuer and the Co-Issuer, as applicable, at the direction of the Collateral
        Manager delivered to the Issuer, the Note Administrator and the Trustee (such redemption, a “Clean-up Call”), in whole but not in part, at a price equal to the applicable Redemption Prices on any Payment Date (the “Clean-up Call Date”)

        on or after the Payment Date on which the Aggregate Outstanding Amount of the Class A Notes in the aggregate has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date; provided that the
        funds available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price.  Disposition of Collateral in connection with a Clean-up Call may include sales of Collateral to more than one purchaser, including by means of
        sales of participation interests in one or more Real Estate Loans to more than one purchaser.

     

    (b)       The Notes shall be redeemable by the Issuer and the Co-Issuer, as applicable, in whole but not in part, at the
        written direction of a Majority of Preferred Shareholders delivered to the Issuer, the Note Administrator, the Preferred Share Paying Agent and the Trustee, on the Payment Date (the “Tax Redemption Date”) following the occurrence of a Tax
        Event if the Tax Materiality Condition is satisfied at a price equal to the applicable Redemption Prices (such redemption, a “Tax Redemption”); provided that the funds available to be used for such Tax Redemption will be sufficient
        to pay the Total Redemption Price.  Upon the receipt of such written direction of a Tax Redemption, the Note Administrator shall provide written notice thereof to the Securityholders and the Rating Agencies.  Any sale or disposition of a Collateral
        Interest by the Trustee in connection with a Tax Redemption shall be performed upon Issuer Order by the Collateral Manager on behalf of the Issuer.

     

    (c)         The Notes shall be redeemable by the Issuer and the Co-Issuer, as applicable, in whole but not in part, and
        without payment of any penalty or premium, at a price equal to the applicable Redemption Prices, on any Payment Date after the end of the Non-call Period, at the written direction of a Majority of the Preferred Shareholders to the Issuer, the Note
        Administrator and the Trustee (such redemption, an “Optional Redemption”); provided, however, that the funds available to be used for such Optional Redemption will be sufficient to pay
        the Total Redemption Price.  Notwithstanding anything herein to the contrary, the Issuer

     

      

    
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    shall not sell any Collateral Interest to any Affiliate other than the Retention Holder in connection with an Optional Redemption.

     

    Notwithstanding anything herein to the contrary in this Indenture, in the case of an Optional Redemption, if the Holder of the Preferred Shares and/or one or more Affiliates
      thereof own 100% of one or more of the most junior Classes of Notes, such Holder(s) may elect to exchange such Notes and the Preferred Shares for all of the remaining Collateral Interests and other assets of the Issuer, in lieu of the Issuer paying
      such Holder(s) the Redemption Price for such Securities.

     

    (d)         The Notes shall be redeemable by the Issuer and the Co-Issuer, as
        applicable, in whole but not in part, at a price equal to the applicable Redemption Prices, on any Payment Date occurring in January, April, July or October in each year, beginning on the Payment Date occurring in August 2031, upon the occurrence
        of a Successful Auction and pursuant to the procedures set forth in Exhibit M (such
        redemption, an “Auction Call Redemption”).  An Auction Call
      Redemption may only occur on a Payment Date in January, April, July or October in accordance with the requirements set forth in Exhibit M.

     

    (e)        The election by the Collateral Manager to redeem the Notes pursuant to a Clean-up Call shall be evidenced by an Officer’s Certificate from the
      Collateral Manager directing the Note Administrator to pay to the Paying Agent the Redemption Price of all of the Notes to be redeemed from funds in the Payment Account in accordance with the Priority of Payments.  In connection with a Tax
      Redemption, the occurrence of a Tax Event and satisfaction of the Tax Materiality Condition and the election by a Majority of Preferred Shareholders to redeem the Notes pursuant to a Tax Redemption shall be evidenced by an Officer’s Certificate from
      the Collateral Manager certifying that such conditions for a Tax Redemption have occurred.  The election by a Majority of Preferred Shareholders to redeem the Notes pursuant to an Optional Redemption shall be evidenced by an Officer’s Certificate
      from the Collateral Manager certifying that the conditions for an Optional Redemption have occurred.

     

    (f)        A redemption pursuant to Section 9.1(a), 9.1(b) or 9.1(c) shall not occur unless (i) at least five (5) Business Days before the scheduled Redemption Date, (A) the Collateral Manager shall have furnished to the Trustee and the Note Administrator evidence (in a form reasonably satisfactory
        to the Trustee and the Note Administrator) that the Collateral Manager, on behalf of the Issuer, has entered into a binding agreement or agreements with one or more financial institutions whose long-term unsecured debt obligations (other than such
        obligations whose rating is based on the credit of a Person other than such institution) have a credit rating from Moody’s at least equal to the highest rating of any Notes then Outstanding or whose short-term unsecured debt obligations have a
        credit rating of “P-1” or higher by Moody’s (as long as the term of such agreement is ninety (90) days or less), to sell (directly or by participation or other
        arrangement) all or part of the Collateral not later than the Business Day immediately preceding the scheduled Redemption Date, (B) the Rating Agency Condition has been satisfied with respect to the applicable method of redemption, (C) the
        Collateral Manager shall have furnished to the Trustee and the Note Administrator evidence (in a form reasonably satisfactory to the Trustee and the Note Administrator) that the Collateral Manager, on behalf of the Issuer, has entered into a
        binding agreement or agreements with the Retention Holder (or an Affiliate or agent thereof) to sell (directly or by participation or other arrangement) all or part of

     

      

    
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    the Collateral not later than the scheduled Redemption Date, or (D) KREF Holdings (or an Affiliate or agent thereof) has priced but not yet closed another securitization transaction, and (ii) the
      related Sale Proceeds pursuant to clause (i)(A) or clause (i)(C), or the net proceeds pursuant to clause (i)(D), as applicable, (in immediately available funds), together with all other available funds (including proceeds from the sale of the
      Collateral, Eligible Investments maturing on or prior to the scheduled Redemption Date, all amounts in the Accounts and available Cash), shall be an aggregate amount sufficient to pay all amounts, payments, fees and expenses in accordance with the
      Priority of Payments due and owing on such Redemption Date.

     

    Section 9.2          Notice of Redemption.

     

    (a)        In connection with a Clean-up Call pursuant to Section 9.1(a), a Tax Redemption pursuant to Section

          9.1(b), an Optional Redemption pursuant to Section 9.1(c), or an Auction Call Redemption pursuant to Section 9.1(d), the Note Administrator shall set the applicable Record Date ten (10) Business Days prior to the proposed
        Redemption Date.  The Note Administrator shall deliver to the Rating Agencies any notice received by it from the Issuer or the Special Servicer of such proposed Redemption Date, the applicable Record Date, the principal amount of Notes to be
        redeemed on such Redemption Date and the Redemption Price of such Notes in accordance with Section 9.1.

     

    (b)        Any such notice of an Optional Redemption, Clean-up Call or Tax Redemption may be withdrawn by the Issuer and
        the Co-Issuer at the direction of the Collateral Manager up to the second Business Day prior to the scheduled Redemption Date by written notice to the Note Administrator, the Trustee, the Preferred Share Paying Agent, the Servicer, the Special
        Servicer, the Operating Advisor and each Holder of Notes to be redeemed.  The failure of any Optional Redemption, Clean-up Call or Tax Redemption that is withdrawn in accordance with this Indenture shall not constitute an Event of Default.

     

    Section 9.3          Notice of Redemption or Maturity.

     

    Any sale or disposition of a Collateral Interest by the Trustee in connection with an Optional Redemption, Clean-up Call, Tax Redemption or Auction Call Redemption shall be
      performed upon Issuer Order by the Collateral Manager on behalf of the Issuer, and the Trustee shall have no responsibility or liability therefore.  Notice of redemption (or a withdrawal thereof) or Clean-up Call pursuant to Section 9.1 or
      the Maturity of any Notes shall be given by first class mail, postage prepaid, mailed not less than ten (10) Business Days (or, where the notice of an Optional Redemption, a Clean-up Call or a Tax Redemption is withdrawn pursuant to Section
        9.2(b), four (4) Business Days (or promptly thereafter upon receipt of written notice, if later)) prior to the applicable Redemption Date or Maturity, to (unless the Note Administrator agrees to a shorter notice period) the Collateral Manager,
      the Trustee, the Servicer, the Special Servicer, the Preferred Share Paying Agent, the Rating Agencies, and each Securityholder to be redeemed, at its address in the Notes Register.

     

    All notices of redemption shall state:

     

    (a)         the applicable Redemption Date;

     

    (b)         the applicable Redemption Price;

     

      

    
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    (c)         that all the Notes are being paid in full and that interest on the Notes shall cease to accrue on the
        Redemption Date specified in the notice; and

     

    (d)         the place or places where such Notes to be redeemed in whole are to be surrendered for payment of the
        Redemption Price which shall be the office or agency of the Paying Agent as provided in Section 7.2.

     

    Notice of redemption shall be given by the Issuer and Co-Issuer, or at their request, by the Note Administrator in their names, and at the expense of the Issuer.  Failure to give
      notice of redemption, or any defect therein, to any Holder of any Note shall not impair or affect the validity of the redemption of any other Notes.

     

    Section 9.4          Notes Payable on Redemption Date.

     

    Notice of redemption having been given as aforesaid, the Notes to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, and
      from and after the Redemption Date (unless the Issuer shall Default in the payment of the Redemption Price and accrued interest thereon) the Notes shall cease to bear interest on the Redemption Date.  Upon final payment on a Note to be redeemed, the
      Holder shall present and surrender such Note at the place specified in the notice of redemption on or prior to such Redemption Date; provided, however, that if there is delivered to the Issuer,
      the Co-Issuer, the Note Administrator and the Trustee such security or indemnity as may be required by them to hold each of them harmless and an undertaking thereafter to surrender such Note, then, in the absence of notice to the Issuer, the Note
      Administrator and the Trustee that the applicable Note has been acquired by a bona fide purchaser, such final payment shall be made without presentation or surrender.  Payments of interest on the Notes so to be redeemed whose Maturity is on or prior
      to the Redemption Date shall be payable to the Holders of such Notes, or one or more predecessor Notes, registered as such at the close of business on the relevant Record Date according to the terms and provisions of Section 2.7(f).

     

    If any Note called for redemption shall not be paid upon surrender thereof for redemption, the principal thereof shall, until paid, bear interest from the Redemption Date at the
      applicable Note Interest Rate for each successive Interest Accrual Period the Note remains Outstanding.

     

    Section 9.5          Mandatory Redemption.

     

    (a)        If either of the Offered Note Protection Tests is not satisfied as of any related Determination Date, on the
        next Payment Date the Offered Notes shall be redeemed (a “Mandatory Redemption”), from Interest Proceeds as set forth in Section 11.1(a)(i)(14) in an amount necessary, and only to the extent necessary, for such Offered Note
        Protection Test to be satisfied. On or promptly after such Mandatory Redemption, the Issuer shall certify or cause to be certified to the Rating Agencies, the Note Administrator and the Trustee whether the Offered Note Protection Tests have been
        satisfied.

     

      

    
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    ARTICLE 10

      

      ACCOUNTS, ACCOUNTINGS AND RELEASES

     

    Section 10.1        Collection of Amounts; Custodial Account.

     

    (a)         Except as otherwise expressly provided herein, the Note Administrator may demand payment or delivery of, and
        shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all amounts and other property payable to or receivable by the Note Administrator pursuant to this Indenture, including all
        payments due on the Collateral in accordance with the terms and conditions of such Collateral.  The Note Administrator shall segregate and hold all such amounts and property received by it in an Eligible Account in trust for the Secured Parties,
        and shall apply such amounts as provided in this Indenture.  Any Indenture Account may include any number of subaccounts deemed necessary or appropriate by the Trustee for convenience in administering sub account.

     

    (b)         The Note Administrator in its capacity as Securities Intermediary on behalf of the Trustee for the benefit of
        the Secured Parties (the “Securities Intermediary”) shall, upon receipt, credit all Collateral Interests and Eligible Investments to an account in its own name for the benefit of the Secured Parties designated as the “Custodial Account.”

     

    Section 10.2        Reinvestment and Replenishment Account.

     

    (a)          The Note Administrator shall, on or prior to the Closing Date, establish a single, segregated trust account which shall be designated as the “Reinvestment and Replenishment Account,” which shall be held in trust in the name of the Note Administrator for the benefit of the Secured Parties and over which the Note
      Administrator shall have exclusive control and the sole right of withdrawal; provided, however,
      that the Note Administrator shall only withdraw such amounts as directed by the Issuer or the Collateral Manager on behalf of the Issuer.  All amounts credited to the Reinvestment and Replenishment Account pursuant to Section 11.1(a)(ii) or otherwise shall be held by the Note Administrator as part of the Collateral and shall be applied to the purposes herein provided.

     

    (b)        The Note Administrator agrees to give the Issuer and the Collateral Manager prompt notice if it becomes aware that the Reinvestment and
      Replenishment Account or any funds on deposit therein, or otherwise to the credit of the Reinvestment and Replenishment Account, becomes subject to any writ, order, judgment, warrant of attachment, execution or similar process.  The Issuer shall have
      no legal, equitable or beneficial interest in the Reinvestment and Replenishment Account other than in accordance with the Priority of Payments.  The Reinvestment and Replenishment Account shall remain at all times an Eligible Account.

     

    (c)         The Collateral Manager, on behalf of the Issuer, may direct the Note Administrator to, and upon such direction the Note Administrator shall,
      invest all funds in the Reinvestment and Replenishment Account in Eligible Investments designated by the Collateral Manager, and in accordance with Section 11.2.  All interest
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    investments shall be deposited in the Reinvestment and Replenishment Account, any gain realized from such investments shall be credited to the Reinvestment and Replenishment Account, and any loss resulting from such
      investments shall be charged to the Reinvestment and Replenishment Account.  The Note Administrator shall not in any way be held liable (except as a result of negligence, willful misconduct or bad faith) by reason of any insufficiency of such
      Reinvestment and Replenishment Account resulting from any loss relating to any such investment, except with respect to investments in obligations of the Note Administrator or any Affiliate thereof.  Initially, funds in the Reinvestment and
      Replenishment Account shall be held in Wells Fargo Government Money Market Fund #3802 until such time as the Collateral Manager provides written instructions directing the Note Administrator  to reinvest them in another Eligible Investment or not to
      invest them.

     

    (d)         Amounts in the Reinvestment and Replenishment Account shall remain in the Reinvestment and Replenishment Account (or invested in Eligible
      Investments) until the earlier of (i) the time the Collateral Manager instructs the Note Administrator in writing to transfer any such amounts (or related Eligible Investments) to the Payment Account, (ii) the time the Collateral Manager notifies the
      Note Administrator in writing that such amounts (or related Eligible Investments) are to be applied to the acquisition of Reinvestment Collateral Interests and Replenishment Collateral Interests in accordance with Section 12.2 and (iii) the first Business Day after the last day of the Replenishment Period.  Upon receipt of notice pursuant to clause (i) above and on the date described in clause (iii) above, the Note
      Administrator shall transfer the applicable amounts (or related Eligible Investments) to the Payment Account, in each case for application on the next Payment Date pursuant to Section
          11.1(a)(ii) as Principal Proceeds.

     

    (e)          During the Reinvestment Period (and up to sixty (60) days thereafter to the extent necessary to acquire Reinvestment Collateral Interests
      pursuant to binding commitments entered into during the Reinvestment Period using Principal Proceeds received on, before or after the last day of the Reinvestment Period) or the Replenishment Period, as applicable, the Collateral Manager on behalf of
      the Issuer may, by notice to the Note Administrator, direct the Note Administrator to, and upon receipt of such notice the Note Administrator shall, reinvest amounts (and related Eligible Investments) credited to the Reinvestment and Replenishment
      Account in Real Estate Loans and Pari Passu Participations selected by the Collateral Manager as permitted under and in accordance with the requirements of Article 12 and such
      notice.  The Note Administrator shall be entitled to conclusively rely on such notice and shall not be required to make any determination as to whether any loans or participations satisfy the Eligibility Criteria, the Acquisition Criteria or the
      Acquisition and Disposition Requirements.

     

    (f)         During the Reinvestment Period and the Replenishment Period, upon
        certification in the form of Officer’s Certificate by the Collateral Manager to the Servicer and the Note Administrator (which the Servicer and the Note Administrator may rely upon without further inquiry) that (i) the Offered Note Protection Tests were satisfied as of the immediately preceding Payment Date and (ii) the Collateral Manager reasonably expects the Offered Note Protection Tests to be satisfied
        on the immediately succeeding Payment Date, the Servicer shall, pursuant to the Servicing Agreement, remit any Unscheduled Principal Payments to the Note Administrator for deposit into the Reinvestment and Replenishment Account prior to a Payment
        Date and such Principal Proceeds available for distribution in accordance with the Priority of Payments will be reduced accordingly. Upon receipt of such Officer’s Certificate by the Note

     

    

    
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    Administrator and receipt of such funds from the Servicer, the Note Administrator shall be entitled to release any such funds to acquire Reinvestment Collateral Interests or Replenishment Collateral Interests, as
      applicable, upon direction from the Collateral Manager.

     

    Section 10.3        Payment Account.

     

    (a)        The Note Administrator shall, on or prior to the Closing Date, establish a single, segregated trust account
        which shall be designated as the “Payment Account,” which shall be held in trust in the name of the Note Administrator for the benefit of the Secured Parties and over which the Note Administrator shall have exclusive control and the sole right of
        withdrawal.  All funds received by the Note Administrator from the Servicer on each Remittance Date shall be credited to the Payment Account.  Any and all funds at any time on deposit in, or otherwise to the credit of, the Payment Account shall be
        held in trust by the Note Administrator, on behalf of the Trustee for the benefit of the Secured Parties.  Except as provided in Sections 11.1 and 11.2, the only permitted withdrawal from or application of funds on deposit in, or
        otherwise to the credit of, the Payment Account shall be (i) to pay the interest and the principal on the Notes and make other payments in respect of the Notes in accordance with their terms and the provisions of this Indenture, (ii) to deposit
        into the Preferred Share Payment Account for distributions to the Preferred Shareholders, (iii) upon Issuer Order, to pay other amounts specified therein, and (iv) otherwise to pay amounts payable pursuant to and in accordance with the terms of
        this Indenture, each in accordance with the Priority of Payments.

     

    (b)        The Note Administrator agrees to give the Issuer and the Collateral Manager prompt notice if it becomes aware
        that the Payment Account or any funds on deposit therein, or otherwise to the credit of the Payment Account, becomes subject to any writ, order, judgment, warrant of attachment, execution or similar process.  The Issuer shall have no legal,
        equitable or beneficial interest in the Payment Account other than in accordance with the Priority of Payments.  The Payment Account shall remain at all times an Eligible Account.

     

    Section 10.4        [Reserved]

     

    Section 10.5        Expense Reserve Account.

     

    (a)         The Note Administrator shall, on or prior to the Closing Date, establish a single, segregated trust account which shall be designated as the “Expense Reserve Account,” which shall be held in trust in the name of the Note Administrator for the benefit of the Secured Parties and over which the Note Administrator shall have
      exclusive control and the sole right of withdrawal.  The only permitted withdrawal from or application of funds on deposit in, or otherwise standing to the credit of, the Expense Reserve Account shall be to pay (on any day other than a Payment Date),
      accrued and unpaid Company Administrative Expenses (other than accrued and unpaid expenses and indemnities payable to the Collateral Manager under the Collateral Management Agreement); provided that the Collateral Manager shall be entitled (but not
      required) without liability on its part, to direct the Note Administrator to refrain from making any such payment of a Company Administrative Expense on any day other than a Payment Date if, in its reasonable determination, taking into account the
      Priority of Payments, the payment of such amounts is likely to leave insufficient funds available to pay in full each of the items payable prior thereto in the Priority of Payments on the next succeeding Payment Date.  At the

     

    

    
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    direction of the Collateral Manager to the Note Administrator, amounts credited to the Expense Reserve Account may be applied on or prior to the Determination Date preceding the first Payment Date to pay amounts due in
      connection with the offering of the Notes.  On or after the first Payment Date, any amount remaining in the Expense Reserve Account may, at the election of the Collateral Manager, be designated as Interest Proceeds.  On the date on which all or
      substantially all of the Issuer’s assets have been sold or otherwise disposed of, the Issuer by Issuer Order executed by an Authorized Officer of the Collateral Manager shall direct the Note Administrator to, and upon receipt of such Issuer Order,
      the Note Administrator shall, transfer all amounts on deposit in the Expense Reserve Account to the Payment Account for application pursuant to Section 11.1(a)(i) as Interest Proceeds.

     

    (b)         On each Payment Date, the Collateral Manager may designate Interest Proceeds (in an amount not to exceed $100,000 on such Payment Date) after
      application of amounts payable pursuant to clauses (1) through (19) of Section 11.1(a)(i) for deposit into the Expense Reserve Account.

     

    (c)        The Note Administrator agrees to give the Issuer and the Collateral Manager prompt notice if it becomes aware that the Expense Reserve Account or
      any funds on deposit therein, or otherwise to the credit of the Expense Reserve Account, becomes subject to any writ, order, judgment, warrant of attachment,
      execution or similar process.  The Issuer shall have no legal, equitable or beneficial interest in the Expense Reserve Account other than in accordance with the Priority of Payments.  The Expense Reserve Account shall remain at all times an Eligible
      Account.

     

    (d)         The Collateral Manager, on behalf of the Issuer, may direct the Note Administrator to, and upon such direction the Note Administrator shall,
      invest all funds in the Expense Reserve Account in Eligible Investments designated by the Collateral Manager. All interest and other income from such investments shall be deposited in the Expense Reserve Account, any gain realized from such
      investments shall be credited to the Expense Reserve Account, and any loss resulting from such investments shall be charged to the Expense Reserve Account. The Note Administrator shall not in any way be held liable (except as a result of negligence,
      willful misconduct or bad faith) by reason of any insufficiency of such Expense Reserve Account resulting from any loss relating to any such investment. If the Note Administrator does not receive written investment instructions from an Authorized
      Officer of the Collateral Manager, funds in the Expense Reserve Account shall be held uninvested.

     

    Section 10.6        [Reserved]

     

    Section 10.7        Interest Advances.

     

    (a)         With respect to each Payment Date for which the sum of Interest Proceeds and, if applicable, Principal
        Proceeds, collected during the related Due Period and remitted to the Note Administrator are insufficient to remit the interest due and payable with respect to the Class A Notes, the Class A-S Notes and the Class B Notes on such Payment Date as a
        result of interest shortfalls on the Class A Notes, the Class A-S Notes and the Class B Notes (or the application of interest received on the Class A Notes, the Class A-S Notes and the Class B Notes to pay certain expenses in accordance with the
        terms of the Servicing Agreement) (the amount of such

     

      

    
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    insufficiency, an “Interest Shortfall”), the Note Administrator shall provide the Advancing Agent with email notice of such
        Interest Shortfall no later than the close of business on the Business Day preceding such Payment Date, at the following address: KREF2021FL2@kkr.com, or such other email address as provided by the Advancing Agent to the Note Administrator.  The Note Administrator shall provide the Advancing Agent with additional email notice, prior to any funding of an Interest Advance by the
          Advancing Agent, of any additional interest remittances received by the Note Administrator after delivery of such initial notice that reduces such Interest Shortfall.  No later than 10:00 a.m. (New York time) on the related Payment Date, the
          Advancing Agent shall advance the difference between such amounts (each such advance, an “Interest Advance”) by deposit of an amount equal to such Interest
          Advance in the Payment Account, subject to a determination of recoverability by the Advancing Agent as described in Section 10.7(b), and subject to a
          maximum limit in respect of any Payment Date equal to the lesser of (i) the aggregate of such Interest Shortfalls that would otherwise occur on the Class A Notes, the Class A-S Notes and the Class B Notes and (ii) the aggregate of the interest
          payments not received in respect of Collateral Interests with respect to such Payment Date (including, for such purpose, interest payments received on the Collateral Interests but applied to pay certain expenses in accordance with the terms of
          the Servicing Agreement).

     

    Notwithstanding the foregoing, in no circumstance will the Advancing Agent be required to make an Interest Advance in respect of a Collateral Interest to the extent that the
      aggregate outstanding amount of all unreimbursed Interest Advances would exceed the Aggregate Outstanding Amount of the Class A Notes, the Class A-S Notes and the Class B Notes.  In addition, in no event will the Advancing Agent or Backup Advancing
      Agent be required to advance any payments in respect of interest on any Class of Notes other than the Class A Notes, the Class A-S Notes and the Class B Notes or principal of any Note.  Any Interest Advance made by the Advancing Agent with respect to
      a Payment Date that is in excess of the actual Interest Shortfall for such Payment Date shall be refunded to the Advancing Agent by the Note Administrator on the related Payment Date (or, if such Interest Advance is made prior to final determination
      by the Note Administrator of such Interest Shortfall, on the Business Day of such final determination).

     

    The Advancing Agent shall provide the Note Administrator written notice of a determination by the Advancing Agent that a proposed Interest Advance would constitute a
      Nonrecoverable Interest Advance no later than 10:00 a.m. (New York time) on the related Payment Date.  If the Advancing Agent shall fail to make any required Interest Advance by 10:00 a.m. (New York time) on the Payment Date upon which distributions
      are to be made pursuant to Section 11.1(a)(i), the Collateral Manager shall remove the Advancing Agent in its capacity as advancing agent hereunder as required under Section 16.5(d) and the Backup Advancing Agent shall be required to
      make such Interest Advance no later than 11:00 a.m. (New York time) on the Payment Date, subject to a determination of recoverability by the Backup Advancing Agent as described in Section 10.7(b).  Based

      upon available information at the time, the Backup Advancing Agent and the Advancing Agent or the Collateral Manager, as applicable, will provide fifteen (15) days prior notice to the Rating Agencies if recovery of a Nonrecoverable Interest Advance
      would result in an Interest Shortfall on the next succeeding Payment Date.  No later than the close of business on the Determination Date related to a Payment Date on which the recovery of a Nonrecoverable Interest Advance would result in an

     

    

    
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    Interest Shortfall, the Backup Advancing Agent or the Collateral Manager, as applicable, shall provide the Rating Agencies notice of such recovery.

     

    (b)         Notwithstanding anything herein to the contrary, neither the Advancing Agent nor the Backup Advancing Agent,
        as applicable, shall be required to make any Interest Advance unless such Person determines, in its sole discretion, exercised in good faith that such Interest Advance, or such proposed Interest Advance, plus interest expected to accrue thereon at
        the Reimbursement Rate, will not be a Nonrecoverable Interest Advance.  In determining whether any proposed Interest Advance will be, or whether any Interest Advance previously made is, a Nonrecoverable Interest Advance, the Advancing Agent or the
        Backup Advancing Agent, as applicable, will take into account certain factors, including but not limited to:

     

    (i)          amounts that may be realized on each Mortgaged Property in its “as is” or then-current
        condition and occupancy;

      

    

    (ii)         the potential length of time before such Interest Advance may be reimbursed and the
        resulting degree of uncertainty with respect to such reimbursement;

     

    (iii)        the possibility and effects of future adverse changes with respect to the Mortgaged
        Properties, and

     

    (iv)       the fact that Interest Advances are intended to provide liquidity only and not credit
        support to the Holders of the Class A Notes, the Class A-S Notes or the Class B Notes.

     

    For purposes of any such determination of whether an Interest Advance constitutes or would constitute a Nonrecoverable Interest Advance, an Interest Advance will be deemed to be
      nonrecoverable if the Advancing Agent or the Backup Advancing Agent, as applicable, determines that future Interest Proceeds and Principal Proceeds may be ultimately insufficient to fully reimburse such Interest Advance, plus interest thereon at the
      Reimbursement Rate within a reasonable period of time.  The Backup Advancing Agent will be entitled to conclusively rely on any affirmative determination by the Advancing Agent that an Interest Advance would have been a Nonrecoverable Interest
      Advance.  Absent bad faith, the determination by the Advancing Agent or the Backup Advancing Agent, as applicable, as to the nonrecoverability of any Interest Advance shall be conclusive and binding on the Holders of the Class A Notes, the Class A-S
      Notes and the Class B Notes.

     

    (c)       Each of the Advancing Agent and the Backup Advancing Agent may recover any previously unreimbursed Interest
        Advance made by it (including any Nonrecoverable Interest Advance), together with interest thereon, first, from Interest Proceeds and second (to the extent that
        there are insufficient Interest Proceeds for such reimbursement), from Principal Proceeds to the extent that such reimbursement would not trigger an additional Interest Shortfall; provided that if at any time an Interest Advance is
        determined to be a Nonrecoverable Interest Advance, the Advancing Agent or the Backup Advancing Agent shall be entitled to recover all outstanding Interest Advances from the Collection Account pursuant to the Servicing Agreement on any Business Day
        during any Interest Accrual Period prior to the related Determination Date.  The Advancing Agent shall be permitted (but not obligated) to defer

     

      

    
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    or otherwise structure the timing of recoveries of Nonrecoverable Interest Advances in such manner as the Advancing Agent determines is in the best interest of the Holders of the Notes, as a
      collective whole, which may include being reimbursed for Nonrecoverable Interest Advances in installments.

     

    (d)       The Advancing Agent and the Backup Advancing Agent will each be entitled with respect to any Interest Advance
        made by it (including Nonrecoverable Interest Advances) to interest accrued on the amount of such Interest Advance for so long as it is outstanding at the Reimbursement Rate.

     

    (e)         The obligations of the Advancing Agent and the Backup Advancing Agent to make Interest Advances in respect of
        the Class A Notes, the Class A-S Notes and the Class B Notes shall continue through the Stated Maturity Date of the Class A Notes, the Class A‐S Notes and the Class B Notes unless the Class A Notes, the Class A‐S Notes and the Class B Notes
        redeemed or repaid in full.

     

    (f)          In no event will the Advancing Agent, in its capacity as such hereunder or the Note Administrator, in its
        capacity as Backup Advancing Agent hereunder, be required to advance any amounts in respect of payments of principal of any Collateral Interest or Note.

     

    (g)         In consideration of the performance of its obligations hereunder, the Advancing Agent shall be entitled to
        receive, at the times set forth herein and subject to the Priority of Payments, to the extent funds are available therefor, the Advancing Agent Fee.  For so long as the Seller (or one of its Affiliates) (i) is the Advancing Agent and (ii) owns the
        Preferred Shares, the Advancing Agent hereby agrees, on behalf of itself and its affiliates, to waive its rights to receive the Advancing Agent Fee and any Reimbursement Interest.  The Note Administrator shall not be entitled to an additional fee
        in respect of its role as Backup Advancing Agent.  If the Advancing Agent is terminated for failing to make an Interest Advance hereunder (as provided in Section 16.5(d)) (or for failing to make a Servicing Advance under the Servicing
        Agreement) that the Advancing Agent did not determine to be nonrecoverable, the Backup Advancing Agent or any applicable subsequent successor advancing agent will be entitled to receive the Advancing Agent Fee (plus Reimbursement Interest on any
        Interest Advances, in the case of the Backup Advancing Agent or successor advancing agent, or Servicing Advance made by the successor advancing agent) and shall make Interest Advances until a successor Advancing Agent is appointed under this
        Indenture.

     

    (h)         The determination by the Advancing Agent or the Backup Advancing Agent (in its capacity as successor
        Advancing Agent), as applicable, (i) that it has made a Nonrecoverable Interest Advance (together with Reimbursement Interest thereon) or (ii) that any proposed Interest Advance, if made, would constitute a Nonrecoverable Interest Advance, shall be
        evidenced by an Officer’s Certificate delivered promptly to the Trustee, the Note Administrator, the Issuer and the 17g-5 Information Provider, setting forth the basis for such determination; provided that failure to give such notice, or
        any defect therein, shall not impair or affect the validity of, or the Advancing Agent or the Backup Advancing Agent, entitlement to reimbursement with respect to, any Interest Advance.

     

      

    
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    Section 10.8        Reports by Parties.

     

    (a)      The Note Administrator shall supply, in a timely fashion, to the Issuer, the Trustee, the Servicer, the Special
        Servicer and the Collateral Manager any information regularly maintained by the Note Administrator that the Issuer, the Trustee, the Servicer, the Special Servicer or the Collateral Manager may from time to time request in writing with respect to
        the Collateral or the Indenture Accounts and provide any other information reasonably available to the Note Administrator by reason of its acting as Note Administrator hereunder and required to be provided by Section 10.9 or to permit the
        Collateral Manager to perform its obligations under the Collateral Management Agreement.  Each of the Issuer, the Servicer, and the Special Servicer shall promptly forward to the Collateral Manager, the Trustee and the Note Administrator any
        information in their possession or reasonably available to them concerning any of the Collateral that the Trustee or the Note Administrator reasonably may request or that reasonably may be necessary to enable the Note Administrator to prepare any
        report or to enable the Trustee or the Note Administrator to perform any duty or function on its part to be performed under the terms of this Indenture.

     

    Section 10.9        Reports; Accountings.

     

    (a)        Based primarily on the CREFC® Loan Periodic Update File prepared by the Servicer with respect to
        the Serviced Real Estate Loans and delivered by the Servicer to the Note Administrator no later than 2:00 p.m. (New York time) on the second Business Day before the Payment Date, the Note Administrator shall prepare and make available on its
        website initially located at www.ctslink.com (or, upon written request from registered Holders of the Notes or from those parties that cannot receive such statement electronically, provide by first class
        mail), on each Payment Date to Privileged Persons, a report substantially in the form of Exhibit G hereto (the “Monthly Report”), setting forth the following information:

     

    (i)          the amount of the distribution of principal and interest on such Payment Date to the
        Noteholders and any reduction of the Aggregate Outstanding Amount of the Notes;

     

    (ii)        the aggregate amount of compensation paid to the Note Administrator, the Trustee and
        servicing compensation paid to the Servicer during the related Due Period;

     

    (iii)        the Aggregate Outstanding Portfolio Balance outstanding immediately before and
        immediately after the Payment Date;

     

    (iv)       the number, Aggregate Outstanding Portfolio Balance, weighted average remaining term to
        maturity and weighted average interest rate of the Collateral Interests as of the end of the related Due Period;

     

    (v)         the number and Aggregate Principal Balance of Collateral Interests that are (A) delinquent
        30-59 days, (B) delinquent 60-89 days, (C) delinquent ninety (90) days or more and (D) current but Specially Serviced Loans or in foreclosure but not an REO Property;

     

      

    
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    (vi)       the value of any REO Property owned by the Issuer or any Permitted Subsidiary as of the end
        of the related Due Period, on an individual Collateral Interest basis, based on the most recent appraisal or valuation;

     

    (vii)       the amount of Interest Proceeds and Principal Proceeds received in the related Due Period;

     

    (viii)      the amount of any Interest Advances made by the Advancing Agent or the Backup Advancing
        Agent, as applicable;

     

    (ix)        the payments due pursuant to the Priority of Payments with respect to each clause thereof;

     

    (x)         the number and related principal balances of any Collateral Interests that have been (or
        are related to Real Estate Loans that have been) extended or modified during the related Due Period on an individual Collateral Interest basis;

     

    (xi)        the amount of any remaining unpaid Interest Shortfalls as of the close of business on the
        Payment Date;

     

    (xii)       a listing of each Collateral Interest that was the subject of a principal prepayment
        during the related collection period and the amount of principal prepayment occurring;

     

    (xiii)      the aggregate unpaid principal balance of the Collateral Interests outstanding as of the
        close of business on the related Determination Date;

     

    (xiv)     with respect to any Collateral Interest as to which a liquidation occurred during the
        related Due Period (other than through a payment in full), (A) the number thereof and (B) the aggregate of all liquidation proceeds which are included in the Payment Account and other amounts received in connection with the liquidation (separately
        identifying the portion thereof allocable to distributions of the Notes);

     

    (xv)       with respect to any REO Property owned by the Issuer or any Permitted Subsidiary thereof,
        as to which the Special Servicer determined that all payments or recoveries with respect to the related property have been ultimately recovered during the related collection period, (A) the related Collateral Interest and (B) the aggregate of all
        liquidation proceeds and other amounts received in connection with that determination (separately identifying the portion thereof allocable to distributions on the Securities);

     

    (xvi)      the amount on deposit in the Expense Reserve Account;

     

    (xvii)    the aggregate amount of interest on monthly debt service advances in respect of the
        Collateral Interests paid to the Advancing Agent and/or the Backup Advancing Agent since the prior Payment Date;

     

    (xviii)    a listing of each modification, extension or waiver made with respect to each Collateral
        Interest;

     

      

    
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    (xix)      an itemized listing of any Special Servicing Fees received from the Special Servicer or any
        of its affiliates during the related Due Period;

     

    (xx)       the amount of any dividends or other distributions to the Preferred Shares on the Payment
        Date; and

     

    (xxi)      the Net Outstanding Portfolio Balance.

     

    (b)         The Note Administrator will post on the Note Administrator’s Website, any report received from the Servicer
        or Special Servicer detailing any breach of the representations and warranties with respect to any Collateral Interest by the Seller or any of its affiliates and the steps taken by the Seller or any of its affiliates to cure such breach; a listing
        of any breach of the representations and warranties with respect to any Collateral Interest by the Seller or any of its affiliates and the steps taken by the Seller or any of its affiliates to cure such breach;

     

    (c)         All information made available on the Note Administrator’s Website will be restricted and the Note
        Administrator will only provide access to such reports to Privileged Persons in accordance with this Indenture.  In connection with providing access to its website, the Note Administrator may require registration and the acceptance of a disclaimer.

     

    (d)         Not more than five (5) Business Days after receiving an Issuer Request requesting information regarding a
        Clean-up Call, a Tax Redemption, an Auction Call Redemption or an Optional Redemption as of a proposed Redemption Date, the Note Administrator shall, subject to its timely receipt of the necessary information to the extent not in its possession,
        compute the following information and provide such information in a statement (the “Redemption Date Statement”) delivered to the Collateral Manager and the Preferred Share Paying Agent:

     

    (i)          the Aggregate Outstanding Amount of the Notes of the Class or Classes to be redeemed as
        of such Redemption Date;

     

    (ii)         the amount of accrued interest due on such Notes as of the last day of the Due Period
        immediately preceding such Redemption Date;

     

    (iii)        the Redemption Price;

     

    (iv)        the sum of all amounts due and unpaid under Section 11.1(a) (other than amounts
        payable on the Notes being redeemed or to the Noteholders thereof); and

     

    (v)      the amounts in the Collection Account and the Indenture Accounts (other than the Preferred
        Share Payment Account) available for application to the redemption of such Notes.

     

    (e)         [reserved]

     

    (f)        Commencing after the quarter ending on December 2021, the Issuer shall provide quarterly updates on the status of the business plan for each
      Collateral Interest, which

     

    

    
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    reports shall be sent to cts.cmbs.bond.admin@wellsfargo.com and posted to the Note Administrator’s Website.

     

    Section 10.10      Release of Collateral Interests; Release of Collateral.

     

    (a)         If no Event of Default has occurred and is continuing and subject to Article 12, the Issuer (or the
        Collateral Manager on its behalf) may direct the Trustee to release a Pledged Collateral Interest from the lien of this Indenture, by Issuer Order delivered to the Trustee and the Custodian at least two (2) Business Days prior to the settlement
        date for any sale of a Pledged Collateral Interest, which Issuer Order shall be accompanied by a certification of the Collateral Manager that (i) the Pledged Collateral Interest has been sold pursuant to and in compliance with Article 12 or
        (ii) in the case of a redemption pursuant to Section 9.1, the proceeds from any such sale of Collateral Interests are sufficient to redeem the Notes pursuant to Section 9.1 and pay all Company Administrative Expenses then due and
        payable, and, upon receipt of a Request for Release of such Collateral Interest from the Collateral Manager, the Servicer or the Special Servicer, the Custodian shall deliver any such Pledged Collateral Interest, if in physical form, duly endorsed
        to the broker or purchaser designated in such Issuer Order or to the Issuer if so requested in the Issuer Order, or, if such Pledged Collateral Interest is represented by a Security Entitlement, cause an appropriate transfer thereof to be made, in
        each case against receipt of the sales price therefor as set forth in such Issuer Order.  If requested, the Custodian may deliver any such Pledged Collateral Interest in physical form for examination (prior to receipt of the sales proceeds) in
        accordance with street delivery custom.  The Custodian shall (i) deliver any agreements and other documents in its possession relating to such Pledged Collateral Interest and (ii) the Trustee, if applicable, duly assign each such agreement and
        other document, in each case, to the broker or purchaser designated in such Issuer Order or to the Issuer if so requested in the Issuer Order.

     

    (b)         The Issuer (or the Collateral Manager on behalf of the Issuer) may deliver to the Trustee and Custodian at
        least three (3) Business Days prior to the date set for redemption or payment in full of a Pledged Collateral Interest, an Issuer Order certifying that such Pledged Collateral Interest is being paid in full.  Thereafter, the Collateral Manager, the
        Servicer or the Special Servicer, by delivery of a Request for Release, may direct the Custodian to deliver such Pledged Collateral Interest and the related Collateral Interest File therefor on or before the date set for redemption or payment, to
        the Collateral Manager, the Servicer or the Special Servicer for redemption against receipt of the applicable redemption price or payment in full thereof.

     

    (c)         With respect to any Collateral Interest subject to a workout or restructuring, the Issuer (or the Collateral
        Manager on behalf of the Issuer) may, by Issuer Order delivered to the Trustee and Custodian at least two (2) Business Days prior to the date set for an exchange, tender or sale, certify that a Collateral Interest is subject to a workout or
        restructuring and setting forth in reasonable detail the procedure for response thereto.  Thereafter, the Collateral Manager, the Servicer or the Special Servicer may, in accordance with the terms of, and subject to any required consent and
        consultation obligations set forth in the Servicing Agreement, direct the Custodian, by delivery to the Custodian of a Request for Release, to deliver any Collateral to the Collateral Manager, the Servicer or the Special Servicer in accordance with
        such Request for Release.

        

      

    
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    (d)        The Special Servicer shall remit to the Servicer for deposit into the Collection Account any net proceeds
        received by it from the disposition of a Pledged Collateral Interest and treat such proceeds as Principal Proceeds, for remittance by the Servicer to the Note Administrator on the first Remittance Date occurring thereafter.  None of the Trustee,
        the Note Administrator or the Securities Intermediary shall be responsible for any loss resulting from delivery or transfer of any such proceeds prior to receipt of payment in accordance herewith.

     

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

     

    (f)         Upon receiving actual notice of any offer or any request for a
        waiver, consent, amendment or other modification with respect to any Collateral Interest, or in the event any action is required to be taken in respect to a Loan Document, the Special Servicer on behalf of the Issuer will promptly notify the
        Collateral Manager and the Servicer of such request, and the Special Servicer shall grant any waiver or consent, and enter into any amendment or other modification pursuant to the Servicing Agreement in accordance with the Servicing Standard,
        except with respect to any Administrative Modifications and Criteria-Based Modifications, which will be analysed, processed and executed solely by the Collateral Manager.  In the case of any modification or amendment that results in the release of the related Collateral Interest, notwithstanding anything to the contrary in Section 5.5(a), the Custodian, upon receipt of a Request for
        Release, shall release the related Collateral Interest File upon the written instruction of the Servicer or the Special Servicer, as applicable.

     

    Section 10.11       [Reserved]

     

    Section 10.12      Information Available Electronically.

     

    (a)         The Note Administrator shall make available to any Privileged Person the following items (in each case, as
        applicable, to the extent received by it) by means of the Note Administrator’s Website the following items (to the extent such items were prepared by or delivered to the Note Administrator in electronic format):

     

    (i)          The following documents, which will initially be available under a tab or heading
        designated “deal documents”:

     

    (1)         the final Offering Memorandum related to the Notes offered thereunder;

     

    (2)         this Indenture, and any schedules, exhibits and supplements thereto;

     

    (3)         the CREFC® Loan Setup file;

     

    (4)         the Issuer Charter;

     

      

    
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    (5)         the Servicing Agreement, any schedules, exhibits and supplements thereto; and

     

    (6)         the Preferred Share Paying Agency Agreement, and any schedules, exhibits and supplements
        thereto;

     

    (ii)        The following documents will initially be available under a tab or heading designated
        “periodic reports”:

     

    (1)      the Monthly Reports prepared by the Note Administrator pursuant to Section 10.9(a);

     

    (2)     certain information and reports specified in the Servicing Agreement (including the collection
        of reports specified by CRE Finance Council or any successor organization reasonably acceptable to the Note Administrator and the Servicer) known as the “CREFC® Investor Reporting Package” relating to the Collateral Interests to the
        extent that the Note Administrator receives such information and reports from the Servicer from time to time; and

     

    (3)      any quarterly updates on the status of the business plan for each Collateral Interest
        delivered by the Issuer to the Note Administrator;

     

    (iii)       The following documents, which will initially be available under a tab or heading
        designated “additional documents”:

     

    (1)      inspection reports delivered to the Note Administrator under the terms of the Servicing
        Agreement;

     

    (2)      appraisals delivered to the Note Administrator under the terms of the Servicing Agreement;

     

    (3)      any quarterly updates on the status of the business plan for each Collateral Interest
        delivered by the Issuer to the Note Administrator; and

     

    (4)    the Issuer hereby directs the Note Administrator to post any reports or such other information
        that, from time to time, the Issuer or the Special Servicer provides to the Note Administrator to be made available on the Note Administrator’s Website;

     

    (iv)       The following documents, which will initially be available under a tab or heading
        designated “special notices”:

     

    (1)      notice of final payment on the Notes delivered to the Note Administrator pursuant to Section
          2.7(d);

     

    (2)      notice of termination of the Servicer or the Special Servicer;

     

      

    
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    (3)     notice of a Servicer Termination Event or a Special Servicer Termination Event, each as
        defined in the Servicing Agreement and delivered to the Note Administrator under the terms of the Servicing Agreement;

     

    (4)      notice of the resignation of any party to this Indenture and notice of the acceptance of
        appointment of a replacement for any such party, to the extent such notice is prepared or received by the Note Administrator;

     

    (5)     officer’s certificates supporting the determination that any Interest Advance was (or, if
        made, would be) a Nonrecoverable Interest Advance delivered to the Note Administrator pursuant to Section 10.7(b);

     

    (6)     any direction received by the Note Administrator from the Collateral Manager for the
        termination of the Special Servicer during any period when such Person is entitled to make such a direction, and any direction of a Majority of the Notes to terminate the Special Servicer;

     

    (7)      any direction received by the Note Administrator from a Majority of the Controlling Class or
        a Supermajority of the Notes for the termination of the Note Administrator or the Trustee pursuant to Section 6.9(c);

     

    (8)    any notices from the Designated Transaction Representative with respect to any Benchmark
        Transition Event, Benchmark Replacement Date, Benchmark Replacement, Benchmark Replacement Adjustment or any supplemental indenture implementing Benchmark Replacement Conforming Changes;

     

    (9)     any notice or documents provided to the Note Administrator by the Collateral Manager or the
        Servicer directing the Note Administrator to post to the “special notices” tab; and

     

    (10)    any notice of a proposed supplement, amendment or modification to this Indenture;

     

      

    
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    (v)              Any notices required pursuant to the EU/UK Risk Retention Letter and provided by
        the EU/UK Retention Holder, the Retention Holder, or the Collateral Manager to the Note Administrator, which will initially be available under a tab or heading designated “EU Risk Retention” (and the Note Administrator shall email notification to
        any Privileged Person (other than market data providers) that has registered to receive access to the Note Administrator’s Website that a notice has been posted under the tab or heading designated “EU Risk Retention”);

     

    (vi)                the following notices provided by the Retention Holder or the Collateral
        Manager to the Note Administrator, if any, which will initially be available under a tab or heading designated “U.S. Risk Retention Special Notices”:

     

    (1)          any changes to the fair values set forth in the “Credit Risk Retention” section of the Offering Memorandum between the date of the Offering
        Memorandum and the Closing Date;

     

    (2)          any material differences between the valuation methodology or any of the key inputs and assumptions that were used in calculating
        the fair value or range of fair values prior to the pricing of the Notes and the Closing Date;  and

     

    (3)         any noncompliance of the applicable credit risk retention requirements under the credit risk retention requirements under Section
        15G of the Exchange Act by the Retention Holder or a Subsequent Retaining Holder as and to the extent the Sponsor is required under the credit risk retention requirements under Section 15G of the Exchange Act;

     

    (vii)      the “Investor Q&A Forum” pursuant to Section 10.13; and

     

    (viii)     solely to the Noteholders and holders of any Preferred Shares, the “Investor Registry”
        pursuant to Section 10.13.

     

    The Note Administrator shall, in addition to posting the applicable notices on the “U.S. Risk Retention Special Notices” tab, provide email notification to any Privileged Person
      (other than market data providers) that has registered to receive access to the Note Administrator’s Website that a notice has been posted to the “U.S. Risk Retention Special Notices” tab.

     

    Privileged Persons who execute Exhibit H-2 shall only be entitled to access the Monthly Report, and shall not have access to any other information on the Note
      Administrator’s Website.

     

    The Note Administrator’s Website shall initially be
        located at www.ctslink.com.  The foregoing information shall be
        made available by the Note Administrator on the Note Administrator’s Website promptly following receipt.  The Note Administrator may change the titles of the tabs and headings on portions of its website, and may re-arrange the files as it deems
        proper.  The Note Administrator shall have no obligation or duty to verify, confirm or otherwise determine whether the information being delivered is accurate, complete, conforms to the

     

      

    
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    transaction, or otherwise is or is not anything other than what it
        purports to be.  In the event that any such information is delivered or posted in error, the Note Administrator may remove it from the Note Administrator’s Website.  The Note Administrator has not obtained and shall not be deemed to have obtained
        actual knowledge of any information posted to the Note Administrator’s Website to the extent such information was not produced by the Note Administrator.  In connection with providing access to the Note Administrator’s Website, the Note
        Administrator may require registration and the acceptance of a disclaimer.  The Note Administrator shall not be liable for the dissemination of information in accordance with the terms of this Indenture, makes no representations or warranties as to the accuracy or completeness of such information being made available, and assumes no responsibility for such information.  Assistance in
          using the Note Administrator’s Website can be obtained by calling (866) 846-4526.

     

    Section 10.13      Investor Q&A Forum; Investor Registry.

     

    (a)        The Note Administrator shall make the “Investor Q&A Forum” available to Privileged Persons and prospective purchasers
        of Notes by means of the Note Administrator’s Website, where the Noteholders (including beneficial owners of Notes) may (i) submit inquiries to the Note Administrator relating to the Monthly Reports, and submit inquiries to the Collateral Manager,
        the Servicer or the Special Servicer (each, a “Q&A Respondent”)
        relating to any servicing reports prepared by that party, the Collateral Interests, or the properties related thereto (each an “Inquiry” and collectively, “Inquiries”), and (ii) view Inquiries that have been previously submitted and answered, together with the answers thereto.  Upon receipt of an Inquiry for a Q&A Respondent, the Note Administrator shall forward
        the Inquiry to the applicable Q&A Respondent, in each case via email or such other method as the Note Administrator and the Servicer or the Special Servicer agree within a commercially reasonable period of time following receipt thereof. 
        Following receipt of an Inquiry, the Note Administrator and the applicable Q&A Respondent, unless such party determines not to answer such Inquiry as provided below, shall reply to the Inquiry, which reply of the applicable Q&A Respondent
        shall be by email to the Note Administrator, the Servicer and the Special Servicer or such other method as the Note Administrator and the Servicer or the Special Servicer will agree.  The Note Administrator shall post (within a commercially
        reasonable period of time following preparation or receipt of such answer, as the case may be) such Inquiry and the related answer to the Note Administrator’s Website. 

        If the Note Administrator or the applicable Q&A Respondent determines, in its respective sole discretion, that (i) any Inquiry is not of a type described above, (ii) answering any Inquiry would not be in the best interests of the Issuer or the
        Noteholders, (iii) answering any Inquiry would be in violation of applicable law, the Loan Documents, the Collateral Management Agreement, this Indenture or the Servicing Agreement, (iv) answering any Inquiry would materially increase the duties
        of, or result in significant additional cost or expense to, the Note Administrator, the Collateral Manager, the Servicer or the Special Servicer, as applicable or (v) answering any such inquiry would reasonably be expected to result in the waiver
        of an attorney client privilege or the disclosure of attorney work product, or is otherwise not advisable to answer, it shall not be required to answer such Inquiry and shall promptly notify the Note Administrator of such determination.  The Note
        Administrator shall notify the Person who submitted such Inquiry in the event that the Inquiry shall not be answered in accordance with the terms of this Indenture.  Any notice by the Note Administrator to the Person who submitted an Inquiry that shall not be answered shall include the following statement: “Because

     

      

    
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    this Indenture and the Servicing Agreement provides that the Note
        Administrator, the Collateral Manager, the Servicer, and the Special Servicer shall not answer an Inquiry if it determines, in its respective sole discretion, that (i) any Inquiry is beyond the scope of the topics described in this Indenture, (ii)
        answering any Inquiry would not be in the best interests of the Issuer and/or the Noteholders, (iii) answering any Inquiry would be in violation of applicable law or the Loan Documents, the Collateral Management Agreement, this Indenture or the
        Servicing Agreement, (iv) answering any Inquiry would materially increase the duties of, or result in significant additional cost or expense to, the Note Administrator, the Collateral Manager, the Servicer or the Special Servicer, as applicable, or (v) answering any such inquiry would reasonably be expected to result in the waiver of an attorney client privilege or the disclosure of attorney work
        product, or is otherwise not advisable to answer, no inference shall be drawn from the fact that the Trustee, the Collateral Manager, the Servicer or the Special Servicer has declined to answer the Inquiry.” Answers posted on the Investor Q&A
        Forum shall be attributable only to the Q&A Respondent, and shall not be deemed to be answers from any other Person.  Any Inquiry and the related answer posted to the Note
        Administrator’s Website may be amended, modified, deleted or otherwise altered as the Note Administrator, the Collateral Manager, Servicer or Special Servicer, as applicable, may determine in its sole discretion. 
          None of the Placement Agents, the Issuer, the Co-Issuer, the Seller, the Collateral Manager, the Advancing Agent, the Future Funding Indemnitor, the Retention Holder, the Servicer, the Special Servicer, the Note Administrator or the Trustee, or
          any of their respective Affiliates shall certify to any of the information posted in the Investor Q&A Forum and no such party shall have any responsibility or liability for the content of any such information.  The Note Administrator shall
          not be required to post to the Note Administrator’s Website any Inquiry or answer thereto that the Note Administrator determines, in its sole discretion, is administrative or ministerial in nature.  The Investor Q&A Forum shall not reflect
          questions, answers and other communications that are not submitted via the Note Administrator’s Website.  Additionally, the Note Administrator may require acceptance of a waiver and disclaimer for access to the Investor Q&A Forum.

     

    (b)         The Note Administrator shall make available to any Noteholder or holder of Preferred Shares and any
        beneficial owner of a Note, the Investor Registry.  The “Investor Registry” shall be a voluntary service available on the Note Administrator’s Website, where Noteholders and beneficial owners of Notes can register and thereafter obtain information
        with respect to any other Noteholder or beneficial owner that has so registered.  Any Person registering to use the Investor Registry shall be required to certify that (i) it is a Noteholder, a beneficial owner of a Note or a holder of a Preferred
        Share and (ii) it grants authorization to the Note Administrator to make its name and contact information available on the Investor Registry for at least 45 days from the date of such certification to other registered Noteholders and registered
        beneficial owners or Notes.  Such Person shall then be asked to enter certain mandatory fields such as the individual’s name, the company name and email address, as well as certain optional fields such as address, and phone number.  If any
        Noteholder or beneficial owner of a Note notifies the Note Administrator that it wishes to be removed from the Investor Registry (which notice may not be within forty-five (45) days of its registration), the Note Administrator shall promptly remove
        it from the Investor Registry.  The Note Administrator shall not be responsible for verifying or validating any information submitted on the Investor Registry, or for monitoring or otherwise maintaining the accuracy of any information thereon.  The
        Note Administrator may require acceptance of a waiver and disclaimer for access to the Investor Registry.

     

      

    
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    (c)        Certain information concerning the Collateral and the Notes, including the Monthly Reports, CREFC®
        Reports and supplemental notices, and notices and documents related to any Benchmark Transition Event and Benchmark Replacement, shall be provided by the Note Administrator to certain market data providers upon receipt by the Note Administrator
        from such persons of a certification in the form of  Exhibit I hereto, which certification may be submitted electronically via the Note Administrator’s Website.  The Issuer hereby authorizes the provision of such information to Bloomberg,
        L.P., Trepp, LLC, Intex Solutions, Inc., Markit Group Limited, Interactive Data Corp., BlackRock Financial Management, Inc., CMBS.com, Inc., Moody’s Analytics, Inc., KBRA Analytics, LLC, MBS Data, LLC, RealInsight, Thomson Reuters Corporation and
        PricingDirect Inc. and such other providers of data and analytical software as directed by the Issuer in writing to the Note Administrator.

     

    (d)         [Reserved]

     

    (e)        The 17g-5 Information Provider will make the “Rating Agency Q&A Forum and Servicer Document Request Tool”
        available to NRSROs via the 17g-5 Information Providers Website, where NRSROs may (i) submit inquiries to the Note Administrator relating to the Monthly Report, (ii) submit inquiries to the Collateral Manager, the Servicer or the Special Servicer
        relating to servicing reports prepared by such parties, or the Collateral, except to the extent already obtained, (iii) submit requests for loan-level reports and information, and (iv) view previously submitted inquiries and related answers or
        reports, as the case may be.  Upon receipt of an inquiry or request for the Note Administrator, the Collateral Manager, the Servicer or the Special Servicer, as the case may be, the 17g-5 Information Provider shall forward such inquiry or request
        to the Note Administrator, the Collateral Manager, the Servicer or the Special Servicer, as applicable, in each case via email within a commercially reasonable period of time following receipt thereof.  The Trustee, the Note Administrator, the
        Collateral Manager, the Servicer or the Special Servicer, as applicable, will be required to answer each inquiry, unless it determines that (a) answering the inquiry would be in violation of applicable law, the Servicing Standard, the Collateral
        Management Standard, this Indenture, the Collateral Management Agreement, the Servicing Agreement, or the applicable loan documents, (b) answering the inquiry would or is reasonably expected to result in a waiver of an attorney-client privilege or
        the disclosure of attorney work product, or (c) answering the inquiry would materially increase the duties of, or result in significant additional cost or expense to, such party, and the performance of such additional duty or the payment of such
        additional cost or expense is beyond the scope of its duties under this Indenture or the Servicing Agreement, as applicable.  In the event that any of the Trustee, the Note Administrator, the Servicer or the Special Servicer declines to answer an
        inquiry, it shall promptly email the 17g-5 Information Provider with the basis of such declination.  The 17g-5 Information Provider will be required to post the inquiries and the related answers (or reports, as applicable) on the Rating Agency
        Q&A Forum and Servicer Document Request Tool promptly upon receipt, or in the event that an inquiry is unanswered, the inquiry and the basis for which it was unanswered.  The Rating Agency Q&A Forum and Servicer Document Request Tool may
        not reflect questions, answers, or other communications which are not submitted through the 17g-5 Website.  Answers and information posted on the Rating Agency Q&A Forum and Servicer Document Request Tool will be attributable only to the
        respondent, and will not be deemed to be answers from any other Person.  No such other Person will have any responsibility or liability for, and will not be deemed to have knowledge of, the content of any such information.

     

      

    
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    Section 10.14      Certain Procedures.

     

    For so long as the Notes may be transferred only in accordance with Rule 144A, the Issuer (or the Collateral Manager on its behalf) will ensure that any Bloomberg screen
      containing information about the Rule 144A Global Notes includes the following (or similar) language:

     

    (i)          the “Note Box” on the bottom of the “Security Display” page describing the Rule 144A
        Global Notes will state: “Iss’d Under 144A”;

     

    (ii)         the “Security Display” page will have the flashing red indicator “See Other Available
        Information”; and

     

    The indicator will link to the “Additional Security Information” page, which will state that the Offered Notes “are being offered in reliance on the exemption from registration
      under Rule 144A of the Securities Act to persons who are qualified institutional buyers (as defined in Rule 144A under the Securities Act)”.

     

    ARTICLE 11

      

      APPLICATION OF FUNDS

     

    Section 11.1         Disbursements of Amounts from Payment Account.

     

    (a)          Notwithstanding any other provision in this Indenture, but subject to the other subsections of this Section

          11.1, on each Payment Date, the Note Administrator shall disburse amounts transferred to the Payment Account in accordance with the following priorities (the “Priority of Payments”):

     

    (i)          Interest Proceeds.  On each Payment Date that is not a Redemption Date, the Stated
        Maturity Date or a Payment Date following an acceleration of the Notes as a result of the occurrence and continuation of an Event of Default, Interest Proceeds with respect to the related Due Period shall be distributed in the following order of
        priority:

     

    (1)         to the payment of taxes and filing fees (including any registered office and government fees) owed by the Issuer or the Co-Issuer, if any;

     

    (2)        (a) first, to the extent not previously reimbursed, to the Backup Advancing Agent and the Advancing Agent, in that order, the aggregate amount of any Nonrecoverable
      Interest Advances due and payable to such party; (b) second, to the Backup Advancing Agent if the Advancing Agent has failed to make any Interest Advance required to be made by the Advancing Agent pursuant to the terms hereof and the Advancing Agent,
      in that order, the Advancing Agent Fee and any previously due but unpaid Advancing Agent Fee (with respect to amounts owed to the Advancing Agent, unless waived by the Advancing Agent) (provided that the Advancing Agent or Backup Advancing Agent, as
      applicable, has not failed to make any Interest Advance required to be made in respect of any

     

    

    
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    Payment Date pursuant to the terms of this Indenture); and (c) third, to the Backup Advancing Agent and the Advancing Agent, in that order, to the extent due and payable to such party, Reimbursement
      Interest and reimbursement of any outstanding Interest Advances not to exceed, in each case, the amount that would result in an Interest Shortfall with respect to such Payment Date;

     

    (3)         (a) first, pro rata to the payment to the Note Administrator and to the Trustee of
      the accrued and unpaid fees in respect of their services equal to $5,750, in each case payable monthly (a portion of which is required to be paid to the Trustee by the Note Administrator), (b) second, to the payment of other accrued and unpaid Company Administrative Expenses of the Note Administrator, the Trustee, the custodian, the Paying Agent and the Preferred Share Paying Agent not to exceed the sum of
      $150,000 per Expense Year, and (c) third, to the payment of any other accrued and unpaid Company Administrative Expenses;

     

    (4)          to the payment of the Collateral Manager Fee and any previously due but unpaid Collateral Manager Fee (if not waived by the Collateral Manager);

     

    (5)          to the payment of the Class A Interest Distribution Amount plus any Class A Defaulted Interest Amount;

     

    (6)          to the payment of the Class A-S Interest Distribution Amount plus any Class A-S Defaulted Interest Amount;

     

    (7)          to the payment of the Class B Interest Distribution Amount plus any Class B Defaulted Interest Amount;

     

    (8)          to the payment of the Class C Interest Distribution Amount and, if no Class A Notes, Class A-S Notes and Class B Notes are outstanding, any Class C Defaulted Interest
      Amount;

     

    (9)          to the payment of the Class C Deferred Interest (in reduction of the Aggregate Outstanding Amount of the Class C Notes);

     

    (10)      to the payment of the Class D Interest Distribution Amount and, if no Class A Notes, Class A-S Notes, Class B Notes and Class C Notes are outstanding, any Class D
      Defaulted Interest Amount;

     

    (11)        to the payment of the Class D Deferred Interest (in reduction of the Aggregate Outstanding Amount of the Class D Notes);

     

    (12)       to the payment of the Class E Interest Distribution Amount and, if no Class A Notes, Class A-S Notes, Class B Notes, Class C Notes and Class D Notes are outstanding, any
      Class E Defaulted Interest Amount;

     

    (13)        to the payment of the Class E Deferred Interest (in reduction of the Aggregate Outstanding Amount of the Class E Notes);

     

    

    
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    (14)       if either of the Offered Note Protection Tests is not satisfied as of the Determination Date relating to such Payment Date, to the payment of, first, principal on the Class A Notes, second, principal on the Class A-S Notes, third, principal on the Class B Notes, fourth, principal on the Class C Notes, fifth, principal on the Class D Notes, and sixth, principal on the Class E Notes,
      in each case, to the extent necessary to cause each of the Offered Note Protection Tests to be satisfied or, if sooner, until the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes have
      been paid in full;

     

    (15)        pro rata, based on entitlement, to the payment of the Class F Interest
      Distribution Amount, the Class F-E Interest Distribution Amount and the Class F-X Interest Distribution Amount and, if no Class C Notes, Class D Notes and Class E Notes are outstanding, any Class F Defaulted Interest Amount, any Class F-E Defaulted
      Interest Amount and any Class F-X Defaulted Interest Amount, as applicable;

     

    (16)        pro rata, based on entitlement, to the payment of the Class F Deferred Interest (in reduction of the Aggregate Outstanding Amount of the Class F Notes) and the Class F-E Deferred Interest (in reduction of the Aggregate Outstanding Amount of
      the Class F-E Notes);

     

    (17)        pro rata, based on entitlement, to the payment of the Class G Interest
      Distribution Amount, the Class G-E Interest Distribution Amount and the Class G-X Interest Distribution Amount and, if no Class C Notes, Class D Notes, Class E Notes, Class F Notes, Class F-E Notes and Class F-X Notes are outstanding, any Class G
      Defaulted Interest Amount, any Class G-E Defaulted Interest Amount and any Class G-X Defaulted Interest Amount, as applicable;

     

    (18)        pro rata, based on entitlement, to the payment of the Class G Deferred Interest (in reduction of the Aggregate Outstanding Amount of the Class G Notes) and the Class G-E Deferred Interest (in reduction of the Aggregate Outstanding Amount of
      the Class G-E Notes);

     

    (19)         to the payment of any Company Administrative Expenses not paid pursuant to clause (3) above in the order specified therein;

     

    (20)       upon direction of the Collateral Manager, for deposit into the Expense Reserve Account in an amount not to exceed $100,000 in respect of such Payment Date; and

     

    (21)       any remaining Interest Proceeds to be released from the lien of the Indenture and paid (upon standing order of the Issuer) to the Preferred Share Paying Agent for
      deposit into the Preferred Share Distribution Account for distribution to the holder of the Preferred Shares subject to and in accordance with the provisions of the Preferred Share Paying Agency Agreement.

     

    

    
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    (ii)    Principal Proceeds.  On each Payment Date that is not a Redemption Date, the Stated
        Maturity Date or a Payment Date following an acceleration of the Notes as a result of the occurrence and continuation of an Event of Default, Principal Proceeds with respect to the related Due Period shall be distributed in the following order of
        priority:

     

    (1)        to the payment of the amounts referred to in clauses (1) through (5) of Section 11.1(a)(i) in the same
      order of priority specified therein, without giving effect to any limitations on amounts payable set forth therein, but only to the extent not paid in full thereunder;

     

    (2)         during the Reinvestment Period and Replenishment Period and for so long as the Offered Note Protection Tests are satisfied, so
      long as the Issuer is permitted to purchase Reinvestment Collateral Interests or the Replenishment Collateral Interests, as applicable, under Section 12.2 at the direction of
      the Collateral Manager, for deposit in the Reinvestment and Replenishment Account the amount designated by the Collateral Manager during the related Interest Accrual Period to be held for reinvestment in Reinvestment Collateral Interests or
      Replenishment Collateral Interests, as applicable, or for payment of the purchase price of Reinvestment Collateral Interests and Replenishment Collateral Interests, as applicable, (it being understood that the Collateral Manager shall be deemed to
      have directed the reinvestment of all Principal Proceeds until such time as it has provided the Note Administrator with a notice to the contrary);

     

    (3)          to the payment of principal of the Class A Notes until the Class A Notes have been paid in full;

     

    (4)          to the payment of amounts referred to in clause (6) of Section 11.1(a)(i), but only to the extent not
      paid in full thereunder;

     

    (5)          to the payment of principal of the Class A-S Notes until the Class A-S Notes have been paid in full;

     

    (6)          to the payment of amounts referred to in clause (7) of Section 11.1(a)(i), but only to the extent not
      paid in full thereunder;

     

    (7)          to the payment of principal of the Class B Notes until the Class B Notes have been paid in full;

     

    (8)          to the payment of amounts referred to in clause (8) of Section 11.1(a)(i), but only to the extent not
      paid in full thereunder

     

    (9)          to the payment of principal of the Class C Notes (including any Class C Deferred Interest) until the Class C Notes have been
      paid in full;

     

    (10)        to the payment of amounts referred to in clause (10) of Section 11.1(a)(i), but only to the extent not
      paid in full thereunder;

     

    

    
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    (11)        to the payment of principal of the Class D Notes (including any Class D Deferred Interest) until the Class D Notes have been
      paid in full;

     

    (12)        to the payment of amounts referred to in clause (12) of Section 11.1(a)(i), but only to the extent not
      paid in full thereunder;

     

    (13)        to the payment of principal of the Class E Notes (including any Class E Deferred Interest) until the Class E Notes have been
      paid in full;

     

    (14)        to the payment of amounts referred to in clause (15) of Section 11.1(a)(i), but only to the extent not
      paid in full thereunder;

     

    (15)        pro rata, based on Aggregate Outstanding
      Amount, to the payment of principal of the Class F Notes (including any Class F Deferred Interest) and the Class F-E Notes (including any Class F-E Deferred
      Interest) until the Class F Notes and the Class F-E Notes have been paid in full;

     

    (16)        to the payment of amounts referred to in clause (17) of Section 11.1(a)(i), but only to the extent not
      paid in full thereunder;

     

    (17)        pro rata, based on Aggregate Outstanding
      Amount, to the payment of principal of the Class G Notes (including any Class G Deferred Interest) and the Class G-E Notes (including any Class G-E Deferred
      Interest) until the Class G Notes and the Class G-E Notes have been paid in full; and

     

    (18)        any remaining Principal Proceeds to be released from the lien of the Indenture and paid (upon standing order of the Issuer) to
      the Preferred Share Paying Agent for deposit into the Preferred Share Distribution Account for distribution to the holder of the Preferred Shares subject to and in accordance with the provisions of the Preferred Share Paying Agency Agreement.

     

    During the Reinvestment Period and the Replenishment Period, the Collateral Manager may request that the Servicer remit Principal Proceeds to the Note Administrator, no later
      than two (2) Business Days after receipt by the Servicer of the related Principal Proceeds, for deposit into the Reinvestment and Replenishment Account prior to a Payment Date upon certification by the Collateral Manager to each of the Servicer and
      the Note Administrator that (i) the Offered Note Protection Tests were satisfied as of the immediately preceding Payment Date, (ii) the Collateral Manager reasonably expects the Offered Note Protection Tests to be satisfied on the immediately
      succeeding Payment Date and (iii) the Collateral Manager reasonably expects that such Principal Proceeds will not be necessary to make payments in accordance with clause (1) of this Section 11.1(a)(ii), and Principal Proceeds
      available for distribution in accordance with this Section 11.1(a)(ii) shall be reduced accordingly.  Upon receipt of such certification by the Note Administrator and receipt of such funds from the Servicer, the Note Administrator shall be
      entitled to release any such funds upon direction from the Collateral Manager.

     

    (iii)      Redemption Dates and Payment Dates During Events of Default.  On any Redemption
        Date, the Stated Maturity Date or a Payment Date following the occurrence

     

      

    
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    and continuation of an Event of Default, Interest Proceeds and Principal Proceeds with respect to the related Due Period will be distributed in the following order of priority:

     

    (1)         to the payment of the amounts referred to in clauses (1) through (4) of Section
          11.1(a)(i) in the same order of priority specified therein, but without giving effect to any limitations on amounts payable set forth therein;

     

    (2)         to the payment of any out-of-pocket fees and expenses of the Issuer, the Note
        Administrator and Trustee (including legal fees and expenses) incurred in connection with an acceleration of the Notes following an Event of Default, including in connection with sale and liquidation of any of the Collateral in connection
        therewith;

     

    (3)         to the payment of the Class A Interest Distribution Amount, plus, any Class A Defaulted
        Interest Amount;

     

    (4)         to the payment in full of principal of the Class A Notes;

     

    (5)         to the payment of the Class A-S Interest Distribution Amount, plus, any Class A-S
        Defaulted Interest Amount;

     

    (6)         to the payment in full of principal of the Class A-S Notes;

     

    (7)         to the payment of the Class B Interest Distribution Amount, plus, any Class B Defaulted
        Interest Amount;

     

    (8)         to the payment in full of principal of the Class B Notes;

     

    (9)         to the payment of the Class C Interest Distribution Amount, plus, any Class C Defaulted
        Interest Amount;

     

    (10)       to the payment in full of principal of the Class C Notes (including any Class C Deferred
        Interest);

     

    (11)       to the payment of the Class D Interest Distribution Amount, plus, any Class D Defaulted
        Interest Amount;

     

    (12)       to the payment in full of principal of the Class D Notes (including any Class D Deferred
        Interest);

     

    (13)       to the payment of the Class E Interest Distribution Amount plus any Class E Defaulted
        Interest Amount;

     

    (14)       to the payment in full of principal of the Class E Notes (including any Class E Deferred
        Interest);

     

    (15)       pro rata, based on entitlement, to the payment of the Class F Interest Distribution
      Amount, the Class F-E Interest Distribution Amount and the

     

    

    
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    Class F-X Interest Distribution Amount plus any Class F Defaulted Interest Amount, any Class F-E Defaulted Interest Amount and any Class F-X Defaulted
      Interest Amount, as applicable;

     

    (16)       pro rata, based on Aggregate Outstanding Amount, to the payment in full of principal of the Class F Notes (including any Class F Deferred
      Interest) and the Class F-E Notes (including any Class F-E Deferred Interest);

     

    (17)       pro rata, based on entitlement, to the payment of the Class G Interest Distribution
      Amount, the Class G-E Interest Distribution Amount and the Class G-X Interest Distribution Amount plus any Class G Defaulted Interest Amount, any Class G-E
      Defaulted Interest Amount and any Class G-X Defaulted Interest Amount, as applicable;

     

    (18)        pro rata, based on Aggregate Outstanding Amount, to the payment in full of principal of the Class G Notes (including any Class G Deferred
      Interest) and the Class G-E Notes (including any Class G-E Deferred Interest); and

     

    (19)       any remaining Interest Proceeds and Principal Proceeds to be released from the lien of the Indenture and paid (upon standing order of the Issuer) to the Preferred Share Paying Agent for deposit into the Preferred Share Distribution Account for distribution to the holder of the
      Preferred Shares subject to and in accordance with the provisions of the Preferred Share Paying Agency Agreement.

     

    (b)         On or before the Business Day prior to each Payment Date, the Issuer shall, pursuant to Section 10.3,
        remit or cause to be remitted to the Note Administrator for deposit in the Payment Account an amount of Cash sufficient to pay the amounts described in Section 11.1(a) required to be paid on such Payment Date.

     

    (c)         If on any Payment Date the amount available in the Payment Account from amounts received in the related Due
        Period are insufficient to make the full amount of the disbursements required by any clause of Section 11.1(a)(i), Section 11.1(a)(ii) or Section 11.1(a)(iii), such payments will be made to Noteholders of each applicable
        Class, as to each such clause, ratably in accordance with the respective amounts of such disbursements then due and payable to the extent funds are available therefor.

     

    (d)         In connection with any required payment by the Issuer to the Servicer or the Special Servicer pursuant to the
        Servicing Agreement of any amount scheduled to be paid from time to time between Payment Dates from amounts received with respect to the Collateral Interests, the Servicer or the Special Servicer, as applicable, shall be entitled to retain or
        withdraw such amounts from the Collection Account pursuant to the terms of the Servicing Agreement.

     

    Section 11.2         Securities Accounts.

     

    All amounts held by, or deposited with the Note Administrator in the Reinvestment and Replenishment Account, Custodial Account and Expense Reserve Account

     

    

    
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    pursuant to the provisions of this Indenture shall be invested in Eligible Investments described in clause (v) of the definition of Eligible Investments and such amounts shall be credited to the Indenture
      Account that is the source of funds for such investment.  Absent such direction, funds in the foregoing accounts shall be held uninvested.  All amounts held by or deposited with the Note Administrator in the Payment Account shall be held uninvested. 
      Any amounts not so invested in Eligible Investments as herein provided, shall be credited to one or more securities accounts established and maintained pursuant to the Securities Account Control Agreement at the
        Corporate Trust Office of the Note Administrator, or at another financial institution whose long-term rating is at least equal to “A2” by Moody’s (or such lower rating as the Rating Agencies shall approve)
        and agrees to act as a Securities Intermediary on behalf of the Note Administrator on behalf of the Secured Parties pursuant to an account control agreement in form and substance similar to the Securities Account Control Agreement.

     

    ARTICLE 12

      

      SALE AND EXCHANGES OF COLLATERAL INTERESTS; FUTURE FUNDING ESTIMATES

     

    Section 12.1        Sales and Exchanges of Collateral Interests.

     

    (a)         Except as otherwise expressly permitted or required by this Indenture, the Issuer shall not sell or otherwise dispose of any Collateral
      Interest.  The Collateral Manager, on behalf of the Issuer, acting pursuant to the Collateral Management Agreement may direct the Trustee or the Special Servicer in writing to sell at any time:

     

    (i)          any Defaulted Collateral Interest;

     

    (ii)        any Credit Risk Collateral Interest, unless in the case of a sale of a Credit Risk Collateral Interest to an entity other than
      the Collateral Manager or an affiliate thereof that is for a cash purchase price that is less than the Par Purchase Price thereof, the Offered Note Protection Tests were not satisfied as of the immediately preceding Measurement Date and has not been
      cured as of the proposed sale date; or

     

    (iii)        any Collateral Interest acquired in violation of the Eligibility Criteria, the Acquisition Criteria or the Acquisition and
      Disposition Requirements.

     

    The Special Servicer shall sell any Collateral Interest in any sale permitted pursuant to this Section 12.1(a), as directed by the Collateral Manager.  Promptly after any sale pursuant to
      this Section 12.1(a), the Collateral Manager shall notify the 17g-5 Information Provider of the Collateral Interest sold and the sale price and shall provide such other information relating to such sale as may be reasonably requested by the
      Rating Agencies.

     

    

    
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    (b)          In addition, with respect to any Credit Risk Collateral Interest or a Defaulted Collateral Interest permitted to be sold pursuant to Section 12.1(a), such Credit Risk Collateral Interest or Defaulted Collateral Interest may be sold by the Issuer at the direction of the Collateral Manager:

     

    (i)           to an entity, other than an Interested Person; or

     

    (ii)          to an Interested Person for a cash purchase price that is equal to or greater than:

     

    (a)          with respect to (A) Defaulted Collateral Interests, at any time, and (B) Credit Risk Collateral Interests, until the Disposition Limitation Threshold has been met, in
      each case, the Par Purchase Price thereof; and

     

    (b)          with respect to Credit Risk Collateral Interests, after the Disposition Limitation Threshold has been met, following disclosure to, and approval by, the Advisory
      Committee in accordance with the Collateral Management Agreement, the greater of (A) the Par Purchase Price thereof and (B) the fair market value thereof (any such purchase pursuant to Section

          12.1(b)(ii), a “Credit Risk/Defaulted Collateral Interest Cash Purchase”).

     

    In connection with the sale of a Credit Risk Collateral Interest or a Defaulted Collateral Interest in accordance with Section 12.1(a) or this Section 12.1(b), the Collateral Manager
      may cause the Issuer to create one or more participation interests in such Defaulted Collateral Interest or Credit Risk Collateral Interest and direct the Special Servicer or the Trustee to sell one or more of such participation interests.

     

    If a Collateral Interest that is a Defaulted Collateral Interest is not sold or otherwise disposed of by the Issuer within three years of such Collateral Interest becoming a Defaulted Collateral
      Interest, the Collateral Manager shall use commercially reasonable efforts to cause the Issuer to sell or otherwise dispose of such Collateral Interest as soon as commercially practicable thereafter.  In no event shall the Issuer or the Collateral
      Manager be permitted to sell or otherwise dispose of any Collateral Interest for the primary purpose of recognizing gains or decreasing losses resulting from market value changes.

     

    In the case of a sale of a Credit Risk Collateral Interest or a Defaulted Collateral Interest, or the exchange of a Credit Risk Collateral Interest, in each case, which is a Combined Loan, the
      related Mortgage Loan and the corresponding Mezzanine Loan shall be sold or exchanged together.

     

    

    
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    (c)        At all times the Majority of the Preferred Shares shall have the rights (such rights, collectively, the “PE Purchase Rights”) to purchase (i) any Defaulted Collateral Interest for a purchase price that is equal to or greater than the Par Purchase Price and (ii) any Credit Risk Collateral Interest for a purchase price
      that is equal to or greater than (1) until the Disposition Limitation Threshold has been met, the Par Purchase Price and (2) after the Disposition Limitation Threshold has been met, following disclosure to, and approval by, the Advisory Committee in
      accordance with the Collateral Management Agreement, the greater of (A) the Par Purchase Price and (B) the fair market value thereof.

     

    (d)        A Defaulted Collateral Interest or Credit Risk Collateral Interest may be disposed of at any time, following disclosure to, and approval by, the
      Advisory Committee, by the Collateral Manager directing the Issuer to exchange such Defaulted Collateral Interest or Credit Risk Collateral Interest for (1) a Collateral Interest owned by an affiliate of the Collateral Manager that satisfies the
      Eligibility Criteria and the Acquisition and Disposition Requirements (such Collateral Interest, an “Exchange Collateral Interest”) or (2) a combination of an Exchange Collateral
      Interest and cash (such exchange, a “Credit Risk/Defaulted Collateral Interest Exchange”); provided that:

     

    (i)         the sum of (A) the Par Purchase Price of such Exchange Collateral Interest plus (B) the cash amount (if any) to be paid to the Issuer by the Collateral Manager or such affiliate thereof in connection with such exchange, is equal to or greater than the sum of the Par Purchase
      Price of the Credit Risk Collateral Interest or Defaulted Collateral Interest sought to be exchanged; and

     

    (ii)         with respect to any such exchange of a Credit Risk Collateral Interest after the Reinvestment Period, the Credit Risk
      Exchange Limitation is satisfied.

     

    If the Collateral Manager directs the sale of a Collateral Interest acquired in violation of the Eligibility Criteria, the Acquisition Criteria or the Acquisition and Disposition Requirements, the
      Issuer may sell such Collateral Interest to the Collateral Manager or an affiliate thereof for a cash purchase price that is equal to or greater than the Par Purchase Price thereof.

     

    If the Collateral Manager does not promptly direct the sale of a Collateral Interest that is determined to have been acquired in violation of the Eligibility Criteria, the Acquisition Criteria or the
      Acquisition and Disposition Requirements, the Issuer shall satisfy the Rating Agency Condition with respect to such Collateral Interest within sixty (60) days after such date of determination.  If the Issuer satisfies the Rating Agency Condition with
      respect to such Collateral Interest within such time period, the Issuer may retain such Collateral Interest.  If the Issuer does not satisfy the Rating Agency Condition with respect to such Collateral Interest within such time period, the Issuer
      shall promptly sell such Collateral Interest to the Collateral Manager or an affiliate thereof for a cash purchase price that is equal to or greater than the Par Purchase Price thereof.

     

    In connection with the exchange of a Credit Risk Collateral Interest or a Defaulted Collateral Interest as in accordance with this Section 12.1(d), the Collateral Manager may cause the Issuer
      to create one or more participation interests in such Defaulted Collateral

     

    

    
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    Interest or Credit Risk Collateral Interest and direct the Special Servicer or the Trustee to exchange one or more of such participation interests.

     

    (e)        After the Issuer has notified the Trustee and the Note Administrator of an Optional Redemption, a Clean-up Call, a Tax Redemption or an Auction
      Call Redemption in accordance with Section 9.1, the Collateral Manager, on behalf of the Issuer, and acting pursuant to the Collateral Management Agreement, may at any time
      direct the Trustee (in the case of an Optional Redemption, Clean-up Call Redemption or Tax Redemption) or the Special Servicer (in the case of an Auction Call Redemption) in writing by Issuer Order to sell, and the Trustee or the Special Servicer, as
      applicable, shall sell in the manner directed by the Majority of Preferred Shareholders in writing, any Collateral Interest without regard to the foregoing limitations in Section 12.1(a);
      provided that:

     

    (i)          the Sale Proceeds therefrom must be used to pay certain expenses and redeem all of the
        Notes in whole but not in part pursuant to Section 9.1, and upon any such sale the Trustee shall release the lien of such Collateral Interest, and the Custodian shall, upon receipt of a Request for Release, release the related Collateral
        Interest File, pursuant to Section 10.10;

     

    (ii)       the Collateral Manager on behalf of the Issuer shall not sell (and the Trustee shall not be
        required to release) a Collateral Interest pursuant to this Section 12.1(f) unless the Collateral Manager certifies to the Trustee and the Note Administrator that, in the Collateral Manager’s reasonable business judgment based on
        calculations included in the certification (which shall include the sales prices of the Collateral Interests), the Sale Proceeds from the sale of one or more of the Collateral Interests and all Cash and proceeds from Eligible Investments will be at
        least equal to the Total Redemption Price; and

     

    (iii)       in connection with an Optional
      Redemption, a Clean-Up Call, a Tax Redemption or an Auction Call Redemption, all the Collateral Interests to be sold pursuant to this Section 12.1(f) must be sold in accordance with the requirements set forth in Section 9.1(f).

     

    (f)         In the event that any Notes remain Outstanding as of the Payment Date occurring six months prior to the
        Stated Maturity Date of the Notes, the Collateral Manager will be required to determine whether the proceeds expected to be received on the Collateral Interests prior to the Stated Maturity Date of the Notes will be sufficient to pay in full the
        principal amount of (and accrued interest on) the Notes on the Stated Maturity Date.  If the Collateral Manager determines, in its sole discretion, that such proceeds will not be sufficient to pay the outstanding principal amount of and accrued
        interest on the Notes (a “Note Liquidation Event”) on the Stated Maturity Date of the Notes, the Issuer will, at the direction of the Collateral Manager, be obligated to liquidate the portion of Collateral Interests sufficient to pay the
        remaining principal amount of and interest on the Notes on or before the Stated Maturity Date.  The Collateral Interests to be liquidated by the Issuer will be selected by the Collateral Manager.

     

    (g)        Notwithstanding anything herein to the contrary, the Collateral Manager on behalf of the Issuer shall be
        permitted to sell to a Permitted Subsidiary any Sensitive Asset for

     

      

    
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    consideration consisting of equity interests in such Permitted Subsidiary (or an increase in value of equity interests already owned).

     

    (h)          Under no circumstances shall the Trustee be required to acquire any Collateral Interests or property related
        thereto.

     

    (i)          Any Collateral Interest sold pursuant to this Section 12.1 shall be released from the lien of this
        Indenture.

     

    (j)          Any Collateral Interest that was required at acquisition to satisfy the Eligibility Criteria, the Acquisition and Disposition Requirements or,
      as applicable, the Acquisition Criteria, but failed to do so, may be sold by the Collateral Manager on behalf of the Issuer to the Seller or an affiliate thereof within 60 days of such acquisition at a price that is equal to the Par Purchase Price of
      such Collateral Interest.

     

    Section 12.2        Reinvestment Collateral Interests; Replenishment Collateral Interests.

     

    (a)         Except as provided in Section 12.3(c), during the Reinvestment Period (and up to sixty (60) days thereafter to the extent necessary to acquire Reinvestment Collateral Interests pursuant to binding commitments entered
      into during the Reinvestment Period using Principal Proceeds received on, before or after the last day of the Reinvestment Period), amounts (or Eligible Investments) credited to the Reinvestment and Replenishment Account may, but are not required to,
      be reinvested in Reinvestment Collateral Interests (which shall be, and hereby are upon acquisition by the Issuer, Granted to the Trustee pursuant to the Granting Clause of this Indenture) that satisfy as of the date of the commitment to purchase
      such Reinvestment Collateral Interests the applicable Eligibility Criteria, the Acquisition and Disposition Requirements and the Acquisition Criteria, as evidenced by an Officer’s Certificate of the Collateral Manager on behalf of the Issuer
      delivered to the Trustee and the Note Administrator, substantially in the form of Exhibit J hereto (which shall include the Subsequent Transfer Instrument attached to such
      Officer’s Certificate), delivered as of the date of the commitment to purchase such Reinvestment Collateral Interest.

     

    Amounts on deposit in the Reinvestment and Replenishment Account shall be available for the table-funding and subsequent acquisition of any Reinvestment Collateral Interest subject to the procedures
      and conditions set forth in this Section 12.2 above and as long as the Custodian is in possession of either (i) the related Loan Documents or (ii) a bailee letter received from origination counsel that is issued with respect to the related
      Loan Documents; provided that (x) the bailee under the bailee letter shall not be an agent of the Custodian and (y) the Loan Documents held under bailee letter shall be forwarded to the Custodian no later than five Business Days following acquisition
      of such Reinvestment Collateral Interest.

     

    (b)        Notwithstanding the foregoing provisions, (i) Cash on deposit in the Reinvestment and Replenishment Account may be invested in Eligible
      Investments pending investment in Reinvestment Collateral Interests and (ii) if an Event of Default shall have occurred and be continuing, no Reinvestment Collateral Interest may be acquired unless it was

     

    

    
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    the subject of a commitment entered into by the Issuer prior to the occurrence of such Event of Default.

     

    (c)          Notwithstanding the foregoing provisions, at any time when the
        Retention Holder, or any Affiliate that is wholly-owned by KREF Sub-REIT or a Subsequent REIT and is a disregarded entity for U.S. federal income tax purposes, continues to own 100% of the Preferred Shares, it may contribute additional Cash,
        Eligible Investments and Collateral Interests to the Issuer so long as, in the case of Collateral Interests, any such Collateral Interests satisfy the Eligibility Criteria at the time of such contribution, including, but not limited to, for
      purposes of effecting any cure rights reserved for the holder of the Pari Passu Participations, pursuant to and in accordance with the terms of the related Participation Agreement.  Cash or Eligible Investments contributed to the Issuer by the
      Retention Holder (during the Reinvestment Period or the Replenishment Period) shall be credited to the Reinvestment and Replenishment Account (unless the Retention Holder directs otherwise) and may be reinvested by the Issuer in Reinvestment
      Collateral Interests and Replenishment Collateral Interests, as applicable, so long as no Event of Default has occurred and is continuing.

     

    (d)          In addition, prior to the end of the Replenishment Period, but not thereafter, the Issuer may, but is not required to, reinvest Principal
      Proceeds in an amount up to 10% of the Aggregate Collateral Interest Cut-off Date Balance of funded Companion Participations that satisfy the Eligibility Criteria if, after giving effect to such reinvestment, the Acquisition Criteria and the
      Acquisition and Disposition Requirements are satisfied as of the date of the commitment to purchase such funded Companion Participation, as evidenced by an Officer’s Certificate of the Collateral Manager on behalf of the Issuer delivered to the
      Trustee and the Note Administrator, substantially in the form of Exhibit J hereto (which shall include the Subsequent Transfer Instrument attached to such Officer’s
      Certificate), delivered as of the date of the commitment to purchase such Replenishment Collateral Interest.  Principal Proceeds (including Sale Proceeds) shall not be reinvested following the Replenishment Period.

     

    Section 12.3        Conditions Applicable to all Transactions Involving Sale or
          Grant.

     

    (a)          Any transaction effected after the Closing Date under this Article 12
      shall be conducted in accordance with the requirements of the Collateral Management Agreement; provided that (1) the Collateral Manager shall not direct the Special Servicer to acquire any Collateral Interest for inclusion in the Collateral from the Collateral Manager or any of its Affiliates as principal or to sell any Collateral
      Interest from the Collateral to the Collateral Manager or any of its Affiliates as principal unless the transaction is effected in accordance with the Collateral Management Agreement and (2) the Collateral Manager shall not direct the Special
      Servicer to acquire any Collateral Interest for inclusion in the Collateral from any account or portfolio for which the Collateral Manager serves as investment adviser or direct the Special Servicer to sell any Collateral Interest to any account or
      portfolio for which the Collateral Manager serves as investment adviser unless such transactions comply with the Collateral Management Agreement and Section 206(3) of the Advisers Act.  The Special Servicer shall have no responsibility to oversee
      compliance with this clause by the other parties.

     

    

    
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    (b)         Upon any Grant pursuant to this Article 12, all of the Issuer’s right,
      title and interest to the Collateral Interest or Securities shall be Granted to the Trustee pursuant to this Indenture, such Collateral Interest or Securities shall be registered in the name of the Issuer, and the Trustee (or the Custodian on its
      behalf) shall receive such Pledged Collateral Interest or Securities as evidenced by the Collateral Interest File.  The original note and/or participation certificate and
        all allonges thereto or assignments thereof that are required to be included in the Collateral Interest File related to any Reinvestment Collateral Interest or Exchange Collateral Interest acquired by the Issuer after the Closing Date shall
      be delivered no later than one (1) Business Day before the date of acquisition of such Reinvestment Collateral Interest or Exchange Collateral Interest, as applicable, by the Issuer and the remaining documents constituting such Collateral Interest
      File shall be delivered by no later than three (3) Business Days after the date of acquisition.

     

    (c)          Notwithstanding anything contained in this Article 12 to the contrary,
      the Issuer shall, subject to this Section 12.3(c), have the right to effect any transaction which has been consented to by the Holders of Notes evidencing 100% of the Aggregate
      Outstanding Amount of each and every Class of Notes (or if there are no Notes Outstanding, 100% of the Preferred Shares).

     

    (d)         The acquisition by the Issuer of any Reinvestment Collateral Interest or Exchange Collateral Interest shall be conditioned upon delivery by the
      Issuer to the Custodian of a Subsequent Transfer Instrument substantially in the form of Exhibit C to the Collateral Interest Purchase Agreement.

     

    (e)          Any acquisition or disposition of a Collateral Interest shall be conditioned upon delivery by the Collateral Manager to the Issuer, the Note
      Administrator and the Special Servicer of an Officer’s Certificate of the Collateral Manager substantially in the form of Exhibit J hereto stating that the Acquisition Criteria,
      the Eligibility Criteria, the Acquisition and Disposition Requirements and the requirements of Section 12.3(a) have been satisfied (and setting forth, to the extent appropriate,
      calculations in reasonable detail necessary to determine compliance with the Eligibility Criteria).

     

    Section 12.4        Modifications to Offered Note Protection Tests.

     

    In the event that (1) Moody’s modifies the definitions or calculations relating to any of the Moody’s specific Eligibility Criteria or (2) any Rating Agency modifies the definitions or calculations
      relating to either of the Offered Note Protection Tests (each, a “Rating Agency Test Modification”), in any case in order to correspond with published changes in the guidelines, methodology or standards established by such Rating Agency, the
      Issuer may, but is under no obligation solely as a result of this Section 12.4 to, incorporate corresponding changes into this Indenture by an amendment or supplement hereto without the consent of the
      Holders of the Notes (except as provided below) (but with written notice to the Noteholders) or the Preferred Shares if (x) in the case of a modification of a Moody’s specific Eligibility Criteria, the Rating Agency Condition is satisfied with
      respect to Moody’s, (y) in the case of a modification of an Offered Note Protection Test, the Rating Agency Condition is satisfied with respect to each Rating Agency then rating any Class of Notes and (z) written notice of such modification is
      delivered by the Collateral Manager to the Note Administrator and the Trustee and the Holders

     

    

    
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    of the Notes and Preferred Shares (which notice may be included in the next regularly scheduled report to Noteholders).  Any such Rating Agency Test Modification shall be effected without execution of a supplemental
      indenture; provided, however, that such amendment shall be (i) evidenced by a written instrument executed and delivered by each of the Co‐Issuers and the Collateral Manager and delivered to the Trustee, and (ii) accompanied by
      delivery by the Issuer to the Trustee of an Officer’s Certificate of the Issuer (or the Collateral Manager on behalf of the Issuer) certifying that such amendment has been made pursuant to and in compliance with this Section 12.4.

     

    Section 12.5        Ongoing Future Advance Estimates.

     

    (a)         The Note Administrator and the Trustee, on behalf of the Noteholders and the Holders of the Preferred Shares,
        are hereby directed by the Issuer to (i) enter into the Future Funding Agreement and the Future Funding Account Control Agreement, pursuant to which the Seller will agree to pledge certain collateral described therein in order to secure certain
        future funding obligations of any Affiliated Future Funding Companion Participation Holder as holder of any Future Funding Companion Participations and (ii) administer the rights of the Note Administrator and the secured party, as applicable, under
        the Future Funding Agreement and the Future Funding Account Control Agreement.  In the event an Access Termination Notice (as defined in the Future Funding Agreement) has been sent by the Note Administrator to the related account bank and for so
        long as such Access Termination Notice is not withdrawn by the Note Administrator, the Note Administrator shall, pursuant to the direction of the Issuer or the Special Servicer on its behalf, direct the use of funds on deposit in the Future Funding
        Controlled Reserve Account pursuant to the terms of the Future Funding Agreement.  Neither the Trustee nor the Note Administrator shall have any obligation to ensure that the Seller is depositing or causing to be deposited all amounts into the
        Future Funding Controlled Reserve Account that are required to be deposited therein pursuant to the Future Funding Agreement.

     

    (b)         Pursuant to the Future Funding Agreement, on the Closing Date,
        (i) KREF Holdings, in its capacity as Future Funding Indemnitor, shall deliver its Largest One Quarter Future Advance Estimate to the Collateral Manager, the Servicer, the Special Servicer, the Note Administrator and the 17g-5 Information Provider
        and (ii) the Future Funding Indemnitor shall deliver to the Collateral Manager, the Servicer, the Special Servicer, the Note Administrator and the 17g-5 Information Provider a certification of a responsible financial officer of the Future Funding
        Indemnitor that the Future Funding Indemnitor has Segregated Liquidity at least equal to the Largest One Quarter Future Advance Estimate.  Thereafter, so long as any Future Funding Companion Participation is held by an Affiliated Future
      Funding Companion Participation Holder and any future advance obligations remain outstanding under such Future Funding Companion Participation, no later than the 18th day
        (or, if such day is not a Business Day, the next succeeding Business Day) of the calendar-month preceding the beginning of each calendar quarter (starting with the calendar quarter beginning in January 2022), the Future Funding Indemnitor shall
        deliver (which may be by email) to the Collateral Manager, the Servicer, the Special Servicer, the Note Administrator and the 17g-5 Information Provider a certification of a responsible financial officer of the Future Funding Indemnitor that the
        Future Funding Indemnitor has Segregated Liquidity equal to the greater of (i) the Largest One Quarter Future Advance Estimate or (ii) the controlling Two Quarter Future Advance Estimate for the immediately following two calendar quarters.

     

      

    
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    (c)          Pursuant to the Future Funding Agreement, for so long as any
        Future Funding Companion Participations is held by an Affiliated Future Funding Companion Participation Holder and any future advance obligations remain
        outstanding under such Future Funding Companion Participation and, subject to Section 12.5(d), by (x) no earlier than the thirty-five (35) days prior to, and (y) no later than the fifth (5th) day of, the calendar-month preceding the beginning of each calendar quarter (starting with the calendar
        quarter beginning in January 2022) (or if such day is not a Business Day, the next succeeding Business Day), the Seller is required to deliver to the Collateral Manager, the Servicer, the Special Servicer, the Note Administrator and the Future
        Funding Indemnitor (i) a Two Quarter Future Advance Estimate for the immediately following two calendar quarters and (ii) such supporting documentation and other information (including any relevant calculations) as is reasonably necessary for the
        Servicer to perform its obligations described below.  The Issuer shall cause the Servicer to, within ten (10) days after receipt of the Two Quarter Future Advance Estimate and supporting documentation from the Seller, (A) review the Seller’s Two
        Quarter Future Advance Estimate and such supporting documentation and other information provided by the Seller in connection therewith, (B) consult with the Seller with respect thereto and make such inquiry, and request such additional information
        (and the Seller shall promptly respond to each such request for consultation, inquiry or request for information), in each case as is commercially reasonable for the Servicer to perform its obligations described in the following clause (C), and
        (C) by written notice to the Note Administrator, the Seller and the Future Funding Indemnitor substantially in the form set forth in the Servicing Agreement, either (1) confirm that nothing has come to the attention of the Servicer in the
        documentation provided by the Seller that in the reasonable opinion of the Servicer would support a determination of a Two Quarter Future Advance Estimate that is at least 25% higher than the Seller’s Two Quarter Future Advance Estimate for such
        period and shall state that the Seller’s Two Quarter Future Advance Estimate for such period shall control or (2) deliver its own Two Quarter Future Advance Estimate for such period.  If the Servicer’s Two Quarter Future Advance Estimate is at least 25% higher than the Seller’s Two Quarter Future Advance Estimate for any period, then the Servicer’s Two Quarter Future Advance Estimate for such
        period shall control; otherwise, the Seller’s Two Quarter Future Advance Estimate for such period shall control.

     

    (d)         No Two Quarter Future Advance Estimate shall be made by the Seller or the Servicer for a calendar quarter if, by the fifth (5th) day of the calendar-month preceding the beginning of such calendar quarter, the Future Funding Indemnitor delivers (which may be by email) to the Collateral Manager, the
      Servicer, the Special Servicer, the Note Administrator and the 17g-5 Information Provider a certificate of a responsible financial officer of the Future Funding Indemnitor certifying that (i) the Future Funding Indemnitor has Segregated Liquidity
      equal to at least 100% of the aggregate amount of outstanding future advance obligations (subject to the same exclusions as the calculation of the Two Quarter Future Advance Estimate) under the Future Funding Companion Participations held by Affiliated Future Funding Companion Participation Holders or (ii) no such future funding obligations remain outstanding under the Future Funding Companion
      Participations held by Affiliated Future Funding Companion Participation Holders.  All certifications regarding Segregated Liquidity, any Two Quarter Future Advance Estimates, or any notices described in (b) and (c) above shall be emailed to the Note Administrator at trustadministrationgroup@wellsfargo.com and cts.cmbs.bond.admin@wellsfargo.com or such other email address as provided by the Note
      Administrator.

     

    

    
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    (e)          The 17g-5 Information Provider shall promptly post to the 17g-5
        Website pursuant to Section 14.13(d) of this Indenture, any certification with respect to the holder of the Future Funding Companion Participations that is delivered to it in accordance with the Future Funding Agreement.

     

    ARTICLE 13

      

      NOTEHOLDERS’ RELATIONS

     

    Section 13.1        Subordination.

     

    (a)         Anything in this Indenture or the Notes to the contrary notwithstanding, the Issuer and the Holders agree
        that, for the benefit of the Holders of the Class A Notes, that the rights of the Holders of the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X
        Notes, the Class G Notes, the Class G-E Notes and the Class G-X Notes shall be subordinate and junior to the Class A Notes to the extent and in the manner set forth in Article 11 of this Indenture; provided that on each Redemption
        Date and each Payment Date as a result of the occurrence and continuation of the acceleration of the Notes following the occurrence of an Event of Default, all accrued and unpaid interest on and outstanding principal on the Class A Notes shall be
        paid pursuant to Section 11.1(a)(iii) in full in Cash or, to the extent 100% of Holders of the Class A Notes consent, other than in Cash, before any further payment or distribution is made on account of any other Class of Notes, to the
        extent and in the manner provided in Section 11.1(a)(iii).

     

    (b)         Anything in this Indenture or the Notes to the contrary notwithstanding, the Issuer and the Holders agree,
        for the benefit of the Holders of the Class A-S Notes, that the rights of the Holders of the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the
        Class G-E Notes and the Class G-X Notes shall be subordinate and junior to the Class A-S Notes to the extent and in the manner set forth in Article 11 of this Indenture; provided that on each Redemption Date and each Payment Date as
        a result of the occurrence and continuation of the acceleration of the Notes following the occurrence of an Event of Default, all accrued and unpaid interest on and outstanding principal on the Class A-S Notes shall be paid pursuant to Section
          11.1(a)(iii) in full in Cash or, to the extent 100% of Holders of the Class A-S Notes consent, other than in Cash, before any further payment or distribution is made on account of any of the Class B Notes, the Class C Notes, the Class D
        Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes and the Class G-X Notes to the extent and in the manner provided in Section 11.1(a)(iii).

     

    (c)          Anything in this Indenture or the Notes to the contrary notwithstanding, the Issuer and the Holders agree,
        for the benefit of the Holders of the Class B Notes, that the rights of the Holders of the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes and
        the Class G-X Notes shall be subordinate and junior to the Class B Notes to the extent and in the manner set forth in Article 11 of this Indenture; provided that on each Redemption Date and each Payment Date as a result of the
        occurrence and continuation of the acceleration of the Notes following the occurrence of an Event of Default, all accrued and unpaid interest on and

     

      

    
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    outstanding principal on the Class B Notes shall be paid pursuant to Section 11.1(a)(iii) in full in Cash or, to the extent 100% of Holders of the Class B Notes consent, other than in Cash,
      before any further payment or distribution is made on account of any of the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes and the Class G-X
      Notes to the extent and in the manner provided in Section 11.1(a)(iii).

     

    (d)          Anything in this Indenture or the Notes to the contrary notwithstanding, the Issuer and the Holders agree,
        for the benefit of the Holders of the Class C Notes, that the rights of the Holders of the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes and the Class G-X Notes
        shall be subordinate and junior to the Class C Notes to the extent and in the manner set forth in Article 11 of this Indenture; provided that on each Redemption Date and each Payment Date as a result of the occurrence and
        continuation of the acceleration of the Notes following the occurrence of an Event of Default, all accrued and unpaid interest on and outstanding principal on the Class C Notes shall be paid pursuant to Section 11.1(a)(iii) in full in Cash
        or, to the extent 100% of Holders of the Class C Notes consent, other than in Cash, before any further payment or distribution is made on account of any of the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X
        Notes, the Class G Notes, the Class G-E Notes and the Class G-X Notes to the extent and in the manner provided in Section 11.1(a)(iii).

     

    (e)          Anything in this Indenture or the Notes to the contrary
        notwithstanding, the Issuer and the Holders agree, for the benefit of the Holders of the Class D Notes, that the rights of the Holders of the Class E Notes, the
        Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes,
        the Class G-E Notes and the Class G-X Notes shall be subordinate and junior to the Class D Notes to the extent and in the manner set forth in Article 11 of this Indenture; provided that on each Redemption Date and each Payment Date as a result of the occurrence and continuation of the acceleration of the Notes following the occurrence of an Event of Default, all accrued and unpaid
        interest on and outstanding principal on the Class D Notes shall be paid pursuant to Section 11.1(a)(iii) in full in Cash or, to the extent 100% of Holders of the Class D Notes consent, other than in Cash, before any further payment or distribution is made on account of any of the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes and the Class G-X Notes to the extent and in the manner provided in Section 11.1(a)(iii).

     

    (f)          Anything in this Indenture or the Notes to the contrary notwithstanding, the Issuer and the Holders agree,
        for the benefit of the Holders of the Class E Notes, that the rights of the Holders of the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes and the Class G-X Notes shall be subordinate and junior to
        the Class E Notes to the extent and in the manner set forth in Article 11 of this Indenture; provided that on each Redemption Date and each Payment Date as a result of the occurrence and continuation of the acceleration of the Notes following the
        occurrence of an Event of Default, all accrued and unpaid interest on and outstanding principal on the Class E Notes shall be paid pursuant to Section 11.1(a)(iii) in full in Cash or, to the extent 100% of Holders of the Class E Notes
        consent, other than in Cash, before any further payment or distribution is made on account of any of the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes and the Class G-X Notes to the extent and in
        the manner provided in Section 11.1(a)(iii).

     

      

    
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    (g)          Anything in this Indenture or the Notes to the contrary notwithstanding, the Issuer and the Holders agree, for the benefit of the Holders of the
      Class F Notes, the Class F-E Notes and the Class F-X Notes, that the rights of the Holders of the Class G Notes, the Class G-E Notes and the Class G-X Notes shall be subordinate and junior to the Class F Notes, the Class F-E Notes and the Class F-X
      Notes to the extent and in the manner set forth in Article 11 of this Indenture; provided that on each
      Redemption Date and each Payment Date as a result of the occurrence and continuation of the acceleration of the Notes following the occurrence of an Event of Default, all accrued and unpaid interest on and outstanding principal on the Class F Notes,
      the Class F-E Notes and the Class F-X Notes shall be paid pursuant to Section 11.1(a)(iii) in full in Cash or, to the extent 100% of Holders of the Class F Notes, the Class F-E
      Notes and the Class F-X Notes consent, other than in Cash, before any further payment or distribution is made on account of any of the Class G Notes, the Class G-E Notes and the Class G-X Notes to the extent and in the manner provided in Section 11.1(a)(iii).

     

    (h)          In the event that notwithstanding the provisions of this Indenture, any Holders of any Class of Notes shall
        have received any payment or distribution in respect of such Class contrary to the provisions of this Indenture, then, unless and until all accrued and unpaid interest on and outstanding principal of all more senior Classes of Notes have been paid
        in full in accordance with this Indenture, such payment or distribution shall be received and held in trust for the benefit of, and shall forthwith be paid over and delivered to, the Note Administrator, which shall pay and deliver the same to the
        Holders of the more senior Classes of Notes in accordance with this Indenture.

     

    (i)          Each Holder of any Class of Notes agrees with the Note Administrator on behalf of the Secured Parties that
        such Holder shall not demand, accept, or receive any payment or distribution in respect of such Notes in violation of the provisions of this Indenture including Section 11.1(a) and this Section 13.1; provided, however, that after all accrued and unpaid interest on, and principal of, each Class of Notes senior to such Class have been paid in full, the Holders of such Class of Notes shall be fully subrogated
        to the rights of the Holders of each Class of Notes senior thereto.  Nothing in this Section 13.1 shall affect the obligation of the Issuer to pay Holders of such Class of Notes any amounts due and payable hereunder.

     

    (j)           The Trustee agrees and the Holders of each Class of Notes and
        the holders of the equity in the Issuer, the Co-Issuer and the Collateral Manager are deemed to agree, not to institute against, or join any other person in instituting against, the Issuer, the Co-Issuer or any Permitted Subsidiary, any petition
        for bankruptcy, reorganization, arrangement, moratorium, liquidation or similar proceedings under the laws of any jurisdiction before one year and one day or, if longer, the applicable preference period (plus one day) then in effect, have elapsed since the final payments to the Holders of the Notes.

     

    Section 13.2        Standard of Conduct.

     

    In exercising any of its or their voting rights, rights to direct and consent or any other rights as a Securityholder under this Indenture, a Securityholder or Securityholders
      shall not have any obligation or duty to any Person or to consider or take into account the interests of any Person and shall not be liable to any Person for any action taken by it or them or at its or their direction or any failure by it or them to
      act or to direct that an action be taken, without

     

    

    
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    regard to whether such action or inaction benefits or adversely affects any Securityholder, the Issuer, or any other Person, except for any liability to which such Securityholder may be subject to
      the extent the same results from such Securityholder’s taking or directing an action, or failing to take or direct an action, in bad faith or in violation of the express terms of this Indenture.

     

    ARTICLE 14

      

      MISCELLANEOUS

     

    Section 14.1        Form of Documents Delivered to the Trustee and Note Administrator.

     

    In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by,
      or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters,
      and any such Person may certify or give an opinion as to such matters in one or several documents.

     

    Any certificate or opinion of an Authorized Officer of the Issuer or the Co-Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or
      representations by, counsel, unless such Authorized Officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based are
      erroneous.  Any such certificate of an Authorized Officer of the Issuer or the Co-Issuer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, the Issuer, the Co-Issuer,
      the Collateral Manager or any other Person, stating that the information with respect to such factual matters is in the possession of the Issuer, the Co-Issuer, the Collateral Manager or such other Person, unless such Authorized Officer of the Issuer
      or the Co-Issuer or such counsel knows that the certificate or opinion or representations with respect to such matters are erroneous.  Any Opinion of Counsel also may be based, insofar as it relates to factual matters, upon a certificate or opinion
      of, or representations by, an Authorized Officer of the Issuer or the Co-Issuer, or the Collateral Manager on behalf of the Issuer, certifying as to the factual matters that form a basis for such Opinion of Counsel and stating that the information
      with respect to such matters is in the possession of the Issuer or the Co-Issuer or the Collateral Manager on behalf of the Issuer, unless such counsel knows that the certificate or opinion or representations with respect to such matters are
      erroneous.

     

    Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture,
      they may, but need not, be consolidated and form one instrument.

     

    Whenever in this Indenture it is provided that the absence of the occurrence and continuation of a Default or Event of Default is a condition precedent to the taking of
      any action by the Trustee or the Note Administrator at the request or direction of the Issuer or the Co-Issuer, then notwithstanding that the satisfaction of such condition is a condition precedent to the Issuer’s or the Co-Issuer’s rights to make
      such request or direction, the Trustee or the Note

     

    

    
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    Administrator shall be protected in acting in accordance with such request or direction if it does not have knowledge of the occurrence and continuation of such Default or Event of Default as
      provided in Section 6.1(g).

     

    Section 14.2        Acts of Securityholders.

     

    (a)          Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this
        Indenture to be given or taken by Securityholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Securityholders in person or by an agent duly appointed in writing; and, except as herein
        otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and the Note Administrator, and, where it is hereby expressly required, to the Issuer and/or the Co-Issuer.  Such
        instrument or instruments (and the action or actions embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Securityholders signing such instrument or instruments.  Proof of execution of any such
        instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee, the Note Administrator, the Issuer and the Co-Issuer, if made in the manner provided in this Section

          14.2.

     

    (b)           The fact and date of the execution by any Person of any such instrument or writing may be proved in any
        manner which the Trustee or the Note Administrator deems sufficient.

     

    (c)          The principal amount and registered numbers of Notes held by any Person, and the date of his holding the
        same, shall be proved by the Notes Register.  The Notional Amount and registered numbers of the Preferred Shares held by any Person, and the date of his holding the same, shall be proved by the register of members maintained with respect to the
        Preferred Shares.  Notwithstanding the foregoing, the Trustee and Note Administrator may conclusively rely on an Investor Certification to determine ownership of any Notes.

     

    (d)         Any request, demand, authorization, direction, notice, consent, waiver or other action by the Securityholder
        shall bind such Securityholder (and any transferee thereof) of such Security and of every Security issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the
        Trustee, the Note Administrator, the Preferred Share Paying Agent, the Share Registrar, the Issuer or the Co-Issuer in reliance thereon, whether or not notation of such action is made upon such Security.

     

    Section 14.3      Notices, etc., to the Trustee, the Note Administrator, the Issuer, the
          Co-Issuer, the Advancing Agent, the Servicer, the Special Servicer, the Preferred Share Paying Agent, the Placement Agents, the Collateral Manager and the Rating Agencies.

     

    Any request, demand, authorization, direction, notice, consent, waiver or Act of Securityholders or other documents provided or permitted by this Indenture to be made upon, given
      or furnished to, or filed with:

     

    (a)         the Trustee by any Securityholder or by the Note Administrator, the Issuer or the Co-Issuer shall be sufficient for every purpose hereunder if
      made, given, furnished or filed

     

    

    
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    in writing to and mailed, by certified mail, return receipt requested, hand delivered, sent by overnight courier service guaranteeing next day delivery, to the Trustee addressed to it at Wilmington Trust, National
      Association, 1100 North Market Street, Wilmington, Delaware 19890, Attention:  CMBS Trustee – KREF 2021-FL2, Facsimile number:  (302) 636-6196, with a copy to:  E-mail:  cmbstrustee@wilmingtontrust.com, or
      at any other address previously furnished in writing to the parties hereto and the Servicing Agreement, and to the Securityholders;

     

    (b)          the Note Administrator by the Trustee or by any Securityholder shall be sufficient for every purpose hereunder (unless otherwise herein
      expressly provided) if in writing and mailed, first class postage prepaid, hand delivered, sent by overnight courier service, to the Note Administrator addressed to it at Wells Fargo Bank, National Association, Corporate Trust Services, 9062 Old
      Annapolis Road, Columbia, Maryland  21045-1951, Attention:  Corporate Trust Services – KREF 2021-FL2, with a copy by email to: trustadministrationgroupp@wellsfargo.com and cts.cmbs.bond.admin@wellsfargo.com, or at any other address previously furnished in writing to the parties hereto and the Servicing Agreement, and to the Securityholders;

     

    (c)         the Issuer by the Trustee, the Collateral Manager, the Note
        Administrator or by any Securityholder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first class postage prepaid, hand delivered, sent by overnight courier service or by
        facsimile in legible form, to the Issuer addressed to it at c/o KKR Real Estate Finance Manager LLC, 30 Hudson Yards, Suite 7500, New York, New York 10001, with a copy by email to: KREF2021FL2@kkr.com, with a coy
      by email to: cayman@maples.com, or at any other address previously furnished in writing to the Trustee and the Note Administrator by the Issuer, with a copy to the
        Special Servicer;

     

    (d)          the Co-Issuer by the Trustee, the Collateral Manager, the Note
        Administrator or by any Securityholder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first class postage prepaid, hand delivered, sent by overnight courier service or by
        facsimile in legible form, to the Co-Issuer addressed to it c/o KKR Real Estate Finance Manager LLC, 30 Hudson Yards, Suite 7500, New York, New York 10001,
      with a copy by email to: KREF2021FL2@kkr.com, or at any other address previously furnished in writing to the Trustee and the Note Administrator by the Co-Issuer, with a
        copy to the Special Servicer at its address set forth below;

     

    (e)        the Advancing Agent by the Trustee, the Collateral Manager, the
        Note Administrator, the Issuer or the Co-Issuer shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first class postage prepaid, hand delivered, sent by overnight courier service or
        by facsimile in legible form, to the Advancing Agent addressed to it at c/o KKR Real Estate Finance Manager LLC, 30 Hudson Yards, Suite 7500, New York, New York
        10001, with a copy by email to: KREF2021FL2@kkr.com, or at any other address previously furnished in writing to the Trustee, the Note Administrator, and the
        Co-Issuers, with a copy to the Special Servicer at its address set forth below.

     

    (f)           the Preferred Share Paying Agent shall be sufficient for every purpose hereunder if made, given, furnished
        or filed in writing to and mailed, by certified mail, return

     

      

    
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    receipt requested, hand delivered, sent by overnight courier service guaranteeing next day delivery or by facsimile in legible form, to the Preferred Share Paying Agent addressed to it at its
      Corporate Trust Office or at any other address previously furnished in writing by the Preferred Share Paying Agent;

     

    (g)         the Servicer by the Issuer, the Collateral Manager, the Note Administrator, the Co-Issuer or the Trustee
        shall be sufficient for every purpose hereunder if in writing and mailed, first class postage prepaid to Midland Loan Services, a Division of PNC Bank, National Association, P.O. Box 25965, Shawnee Mission, Kansas 66225-5965, Attention: Executive
        Vice President – Division Head, or hand delivered, sent by overnight courier service or by facsimile in legible form, to the Servicer addressed to it at Midland Loan Services, a Division of PNC Bank, National Association, 10851 Mastin Street,
        Building 82, Suite 300, Overland Park, Kansas 66210, telephone number is (913) 253-9000, Attention: Executive Vice President – Division Head, email: noticeadmin@midlandls.com, or at any other address previously furnished in writing to the Issuer,
        the Collateral Manager, the Note Administrator, the Co-Issuer and the Trustee;

     

    (h)          the Special Servicer by the Issuer, the Collateral Manager, the Note Administrator, the Co-Issuer or the
        Trustee shall be sufficient for every purpose hereunder if in writing and mailed, first class postage prepaid to Midland Loan Services, a Division of PNC Bank, National Association, P.O. Box 25965, Shawnee Mission, Kansas 66225-5965, Attention:
        Executive Vice President – Division Head, or hand delivered, sent by overnight courier service or by facsimile in legible form, to the Special Servicer addressed to it at Midland Loan Services, a Division of PNC Bank, National Association, 10851
        Mastin Street, Building 82, Suite 300, Overland Park, Kansas 66210, telephone number is (913) 253-9000, Attention: Executive Vice President – Division Head, email: noticeadmin@midlandls.com, or at any other address previously furnished in writing
        to the Issuer, the Collateral Manager, the Note Administrator, the Co-Issuer and the Trustee;

     

    (i)          the Rating Agencies, by the Issuer, the Co-Issuer, the Collateral Manager, the Servicer, the Special Servicer, the Note Administrator or the
      Trustee shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first class postage prepaid, hand delivered, sent by overnight courier service or by facsimile in legible form, to the
      Rating Agencies addressed to them at (i) DBRS, Inc., 22 West Washington Street, Chicago, Illinois 60602, Attention: CMBS, Fax: (312) 332-3492, Email: cmbs.surveillance@morningstar.com and (ii) Moody’s Investor
      Services, Inc., 7 World Trade Center, 250 Greenwich Street, New York, New York 10007, Attention: CRE CDO Surveillance, (or by electronic mail at moodys_cre_cdo_monitoring@moodys.com), or such other address that any Rating Agency shall designate in
      the future; provided that any request, demand, authorization, direction, order, notice, consent, waiver or Act of Securityholders or other documents provided or permitted by
      this Indenture to be made upon, given or furnished to, or filed with the Rating Agencies (“17g-5 Information”) shall be given in accordance with, and subject to, the provisions
      of Section 14.13;

     

    (j)          Wells Fargo Securities, LLC, as a Placement Agent, as a Placement
        Agent, by the Issuer, the Co-Issuer, the Collateral Manager, the Note Administrator, the Trustee or the Servicer shall be sufficient for every purpose hereunder if in writing and mailed, first class

     

      

    
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    postage prepaid, hand delivered, sent by overnight courier service or by facsimile in legible form to Wells Fargo Securities, LLC, 30 Hudson Yards, 15th Floor, New York, New York 10001, Attention: 
      A.J. Sfarra, fax: (212) 214-8970, email: anthony.sfarra@wellsfargo.com, with a copy to:  Brad W. Funk, Esq., Wells Fargo Law Department, D1053-300, 301 South College St., Charlotte, North Carolina 28288, fax: (704) 715-2378, email:
      brad.funk@wellsfargo.com;

     

    (k)         KKR Capital Markets LLC, as a Placement Agent, by the Issuer, the
        Co-Issuer, the Collateral Manager, the Note Administrator, the Trustee or the Servicer shall be sufficient for every purpose hereunder if in writing and mailed, first class postage prepaid, hand delivered, sent by overnight courier service or by facsimile in legible form to 30 Hudson Yards, Suite 7500, New
        York, New York 10001, Attention: Adam Smith, Email:  Adam.Smith@kkr.com

     

    (l)          Morgan Stanley & Co. LLC, as a Placement Agent, by the
        Issuer, the Co-Issuer, the Collateral Manager, the Note Administrator, the Trustee or the Servicer shall be sufficient for every purpose hereunder if in writing
        and mailed, first class postage prepaid, hand delivered, sent by overnight courier service or by facsimile in legible form to Morgan Stanley & Co. LLC, 1585 Broadway, New York, New York 10036, Attention:  Jane Lam, e-mail:
      jane.lam@morganstanley.com, with a copy to:  Morgan Stanley & Co. LLC, Legal Compliance Division, 1221 Avenue of the Americas, New York, New York 10020;

     

    (m)        Goldman Sachs & Co. LLC, as a Placement Agent, by the Issuer,
        the Co-Issuer, the Collateral Manager, the Note Administrator, the Trustee or the Servicer shall be sufficient for every purpose hereunder if in writing and
        mailed, first class postage prepaid, hand delivered, sent by overnight courier service or by facsimile in legible form to Goldman Sachs & Co. LLC, 200 West Street, New York, New York 10282, Attention:  Michael Barbieri, e-mail:
        michael.barbieri@gs.com, with a copy to: Joe Osborne, facsimile number: (212) 291-5381, email:  joe.osborne@gs.com;

     

    (n)        MUFG Securities Americas Inc., as a Placement Agent, by the
        Issuer, the Co-Issuer, the Collateral Manager, the Note Administrator, the Trustee or the Servicer shall be sufficient for every purpose hereunder if in writing
        and mailed, first class postage prepaid, hand delivered, sent by overnight courier service or by facsimile in legible form to MUFG Securities Americas Inc., 1221 Avenue of the Americas, 6th Floor, New York, New York 10020, Attention: Asif Khan, email: asif.khan@mufgsecurities.com;

     

    (o)          the Collateral Manager shall be sufficient for every purpose hereunder if in writing and mailed, first class postage prepaid, hand delivered,
      sent by overnight courier service or by facsimile in legible form, to the Collateral Manager addressed to it at KKR Real Estate Finance Manager LLC, 30 Hudson Yards,
        Suite 7500, New York, New York 10001, with a copy by email to: KREF2021FL2@kkr.com; and

     

    (p)          the Note Administrator, shall be sufficient for every purpose hereunder if in writing and mailed, first class
        postage prepaid hand delivered, sent by overnight courier service to the Corporate Trust Office of the Note Administrator.

     

      

    
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    Section 14.4        Notices to Noteholders; Waiver.

     

    Except as otherwise expressly provided herein, where this Indenture or the Servicing Agreement provides for notice to Holders of Notes of any event,

     

    (a)         such notice shall be sufficiently given to Holders of Notes if in writing and mailed, first class postage
        prepaid, to each Holder of a Note affected by such event, at the address of such Holder as it appears in the Notes Register, not earlier than the earliest date and not later than the latest date, prescribed for the giving of such notice;

     

    (b)          such notice shall be in the English language; and

     

    (c)          all reports or notices to Preferred Shareholders shall be sufficiently given if provided in writing and
        mailed, first class postage prepaid, to the Preferred Share Paying Agent.

     

    The Note Administrator shall deliver to the Holders of the Notes any information or notice in its possession, requested to be so delivered by at least 25% of the Holders of any
      Class of Notes.

     

    Neither the failure to mail any notice, nor any defect in any notice so mailed, to any particular Holder of a Note shall affect the sufficiency of such notice with respect to
      other Holders of Notes.  In case by reason of the suspension of regular mail service or by reason of any other cause, it shall be impracticable to give such notice by mail, then such notification to Holders of Notes shall be made with the approval of
      the Note Administrator and shall constitute sufficient notification to such Holders of Notes for every purpose hereunder.

     

    Where this Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice, either before or after the event, and
      such waiver shall be the equivalent of such notice.  Waivers of notice by Noteholders shall be filed with the Trustee and with the Note Administrator, but such filing shall not be a condition precedent to the validity of any action taken in reliance
      upon such waiver.

     

    In the event that, by reason of the suspension of the regular mail service as a result of a strike, work stoppage or similar activity, it shall be impractical to mail notice of
      any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the Trustee and the Note Administrator shall be deemed to be a sufficient
      giving of such notice.

     

    Section 14.5        Effect of Headings and Table of Contents.

     

    The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof.

     

    Section 14.6        Successors and Assigns.

     

    All covenants and agreements in this Indenture by the Issuer and the Co-Issuer shall bind their respective successors and assigns, whether so expressed or not.

     

    

    
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    Section 14.7        Severability.

     

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

     

    Section 14.8        Benefits of Indenture.

     

    Nothing in this Indenture or in the Securities, expressed or implied, shall give to any Person, other than (i) the parties hereto and their successors hereunder and (ii) the
      Servicer, the Special Servicer, the Collateral Manager, the Preferred Shareholders, the Preferred Share Paying Agent, the Share Registrar, the Noteholders and the Sponsor (each of whom shall be an express third party beneficiary hereunder), any
      benefit or any legal or equitable right, remedy or claim under this Indenture.

     

    Section 14.9        Governing Law; Waiver of Jury Trial.

     

    THIS INDENTURE AND EACH NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT
      REGARD TO CONFLICT OF LAWS PRINCIPLES.

     

    THE PARTIES HERETO HEREBY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THEIR RESPECTIVE RIGHTS TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, WHETHER IN
      CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THIS INDENTURE OR THE TRANSACTIONS CONTEMPLATED HEREBY.

     

    Section 14.10      Submission to Jurisdiction.

     

    Each of the Issuer and the Co-Issuer hereby irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan in
      The City of New York in any action or proceeding arising out of or relating to the Notes or this Indenture, and each of the Issuer and the Co-Issuer hereby irrevocably agrees that all claims in respect of such action or proceeding may be heard and
      determined in such New York State or federal court.  Each of the Issuer and the Co-Issuer hereby irrevocably waives, to the fullest extent that they may legally do so, the defense of an inconvenient forum to the maintenance of such action or
      proceeding.  Each of the Issuer and the Co-Issuer irrevocably consents to the service of any and all process in any action or proceeding by the mailing or delivery of copies of such process to it at the office of the Issuer’s and the Co-Issuer’s
      agent set forth in Section 7.2.  Each of the Issuer and the Co-Issuer agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner
      provided by law.

     

    Section 14.11      Counterparts and Signatures.

     

    This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but

     

    

    
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    one and the same instrument. This Indenture and any document in the Collateral Interest File shall be valid, binding and enforceable against a party (and any respective successors and permitted assigns thereof) when
      executed and delivered by an authorized individual on behalf of such party by means of (i) an original manual signature, (ii) a faxed, scanned or photocopied manual signature or (iii) any other electronic signature permitted by the federal Electronic
      Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act and/or any other relevant electronic signatures law, including any relevant provisions of the Uniform Commercial Code (collectively, “Signature

        Law”), in each case, to the extent applicable.  Each faxed, scanned or photocopied manual signature, or other electronic signature, shall for all purposes have the same validity, legal effect and admissibility in evidence as an original manual
      signature.  Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned or photocopied manual signature, or other electronic signature, of any other party and shall have no duty to
      investigate, confirm or otherwise verify the validity or authenticity thereof.  Delivery of an executed counterpart of a signature page of this Indenture in Portable Document Format (PDF) or by electronic transmission shall be as effective as
      delivery of a manually executed original counterpart to this Indenture. For the avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under the Uniform Commercial Code or other Signature
      Law due to the character or intended character of the writings.

     

    Section 14.12      Liability of Co-Issuers.

     

    Notwithstanding any other terms of this Indenture, the Notes or any other agreement entered into between, inter alios, the Issuer and
      the Co-Issuer or otherwise, neither the Issuer nor the Co-Issuer shall have any liability whatsoever to the Co-Issuer or the Issuer, respectively, under this Indenture, the Notes, any such agreement or otherwise and, without prejudice to the
      generality of the foregoing, neither the Issuer nor the Co-Issuer shall be entitled to take any steps to enforce, or bring any action or proceeding, in respect of this Indenture, the Notes, any such agreement or otherwise against the other Co-Issuer
      or the Issuer, respectively.  In particular, neither the Issuer nor the Co-Issuer shall be entitled to petition or take any other steps for the winding up or bankruptcy of the Co-Issuer or the Issuer, respectively or shall have any claim in respect
      of any Collateral of the Co-Issuer or the Issuer, respectively.

     

    Section 14.13      17g-5 Information.

     

    (a)          The Co-Issuers shall comply with their obligations under Rule 17g-5 promulgated under the Exchange Act (“Rule

          17g-5”), by their or their agent’s posting on the 17g-5 Website, no later than the time such information is provided to the Rating Agencies, all information that the Issuer or other parties on its behalf, including the Trustee, the Note
        Administrator, the Servicer and the Special Servicer, provide the Rating Agencies for the purposes of determining the initial credit rating of the Notes or undertaking credit rating surveillance of the Notes; provided that no party other
        than the Issuer, the Trustee, the Note Administrator, the Servicer or the Special Servicer may provide information to the Rating Agencies on the Issuer’s behalf without the prior written consent of the Issuer.  At all times while any Notes are
        rated by any Rating Agency or any other NRSRO, the Issuer shall engage a third party to post 17g-5 Information to the 17g-5 Website.  The Issuer hereby engages the Note Administrator (in such capacity, the “17g-5 Information Provider”), to
        post 17g-5 Information it

     

      

    
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    receives from the Issuer, the Trustee, the Note Administrator, the Servicer or the Special Servicer to the 17g-5 Website in accordance with this Section 14.13, and the Note Administrator
      hereby accepts such engagement.

     

    (b)          Any information required to be delivered to the 17g-5 Information Provider by any party under this Indenture or the Servicing Agreement shall be
      delivered to it via electronic mail at 17g5informationprovider@wellsfargo.com, specifically with a subject reference of “KREF 2021-FL2 Ltd.” and an identification of the type of information being provided in the body of such electronic mail, or via
      any alternative electronic mail address following notice to the parties hereto or any other delivery method established or approved by the 17g-5 Information Provider.

     

    Upon delivery by the Co-Issuers to the 17g-5 Information Provider (in an electronic format mutually agreed upon by the Co-Issuers and the 17g-5 Information Provider) of
      information designated by the Co-Issuers as having been previously made available to NRSROs by the Co-Issuers (the “Pre-Closing 17g-5 Information”), the 17g-5 Information Provider shall make such Pre-Closing 17g-5 Information available only to
      the Co-Issuers and to NRSROs via the 17g-5 Information Provider’s Website pursuant this Section 14.13(b)  The Co-Issuers shall not be entitled to direct the 17g-5 Information Provider to provide access to the Pre-Closing 17g-5 Information or
      any other information on the 17g-5 Information Provider’s Website to any designee or other third party.

     

    (c)       The 17g-5 Information Provider shall make available, solely to NRSROs, the following items to the extent such items are delivered to it via email
      at 17g5informationprovider@wellsfargo.com, specifically with a subject reference of “KREF 2021-FL2 Ltd.” and an identification of the type of information being provided in the body of the email, or via any alternate email address following notice to
      the parties hereto or any other delivery method established or approved by the 17g-5 Information Provider if or as may be necessary or beneficial:

     

    (i)          any statements as to compliance and related Officer’s Certificates delivered under Section

          7.9;

     

    (ii)          any information requested by the Issuer or the Rating Agencies;

     

    (iii)        any notice to the Rating Agencies relating to the Special Servicer’s determination to
        take action without satisfaction of the Rating Agency Condition;

     

    (iv)        any requests for satisfaction of the Rating Agency Condition that are delivered to the
        17g-5 Information Provider pursuant to Section 14.14;

     

    (v)         any summary of oral communications with the Rating Agencies that are delivered to the
        17g-5 Information Provider pursuant to Section 14.13(c); provided that the summary of such oral communications shall not disclose which Rating Agencies the communication was with;

     

    (vi)         any amendment or proposed supplemental
        indenture to this Indenture pursuant to Section 8.3; and

     

      

    
      -207-

      
        

    

    (vii)       the “Rating Agency Q&A Forum and Servicer Document Request Tool” pursuant to Section

          10.13(e).

     

    The foregoing information shall be made available by the 17g-5 Information Provider on the 17g-5 Website or such other website as the Issuer may notify the parties hereto in
      writing.

     

    (d)          Information shall be posted on the same Business Day of receipt provided that such information is received by
        12:00 p.m. (eastern time) or, if received after 12:00 p.m., on the next Business Day.  The 17g-5 Information Provider shall have no obligation or duty to verify, confirm or otherwise determine whether the information being delivered is accurate,
        complete, conforms to the transaction, or otherwise is or is not anything other than what it purports to be.  In the event that any information is delivered or posted in error, the 17g-5 Information Provider may remove it from the website.  The
        17g-5 Information Provider (and the Trustee) has not obtained and shall not be deemed to have obtained actual knowledge of any information posted to the 17g-5 Website to the extent such information was not produced by it.  Access will be provided
        by the 17g-5 Information Provider to NRSROs upon receipt of an NRSRO Certification in the form of Exhibit F hereto (which certification may be submitted electronically via the 17g-5 Website).

     

    (e)          Upon request of the Issuer or a Rating Agency, the 17g-5 Information Provider shall post on the 17g-5 Website
        any additional information requested by the Issuer or such Rating Agency to the extent such information is delivered to the 17g-5 Information Provider electronically in accordance with this Section 14.13. In no event shall the 17g-5
        Information Provider disclose on the 17g-5 Website the Rating Agency or NRSRO that requested such additional information.

     

    (f)        The 17g-5 Information Provider shall provide a mechanism to notify
        each Person that has signed-up for access to the 17g-5 Website in respect of the transaction governed by this Indenture each time an additional document is
        posted to the 17g-5 Website.

     

    (g)        Any other information required to be delivered to the Rating
        Agencies pursuant to this Indenture shall be furnished to the Rating Agencies only after the earlier of (x) receipt of confirmation (which may be by email) from
        the 17g-5 Information Provider that such information has been posted to the 17g-5 Website and (y) at the same time such information has been delivered to the 17g‐5 Information Provider in accordance with this Section 14.13.

     

    (h)          Notwithstanding anything to the contrary in this Indenture, a breach of this Section 14.13 shall not
        constitute a Default or Event of Default.

     

    (i)          If any of the parties to this Indenture receives a Form ABS Due Diligence-15E from any party in connection
        with any third-party due diligence services such party may have provided with respect to the Collateral Interests (“Due Diligence Service Provider”), such receiving party shall promptly forward such Form ABS Due Diligence-15E to the 17g-5
        Information Provider for posting on the 17g-5 Website.  The 17g-5 Information Provider shall post on the 17g-5 Website any Form ABS Due Diligence-15E it receives directly from a Due

     

      

    
      -208-

      
        

    

    Diligence Service Provider or from another party to this Indenture, promptly upon receipt thereof.

     

    Section 14.14      Rating Agency Condition.

     

    Any request for satisfaction of the Rating Agency Condition made by a Requesting Party pursuant to this Indenture, shall be made in writing, which writing shall contain a cover
      page indicating the nature of the request for satisfaction of the Rating Agency Condition, and shall contain all back-up material necessary for the Rating Agencies to process such request.  Such written request for satisfaction of the Rating Agency
      Condition shall be provided in electronic format to the 17g-5 Information Provider in accordance with Section 14.13 and after receiving actual knowledge of such posting (which may be in the form of an automatic email notification of posting
      delivered by the 17g-5 Website to such party), the Requesting Party shall send the request for satisfaction of such Rating Agency Condition to the Rating Agencies in accordance with the instructions for notices set forth in Section 14.3.

     

    Section 14.15      Patriot Act Compliance.

     

    In order to comply with laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including those relating to the funding of
      terrorist activities and money laundering (“Applicable Law”), the Trustee, Note Administrator, the Servicer and the Special Servicer may be required to obtain, verify and record certain information relating to individuals and entities which
      maintain a business relationship with the Trustee or Note Administrator, as the case may be.  Accordingly, each of the parties agrees to provide to the Trustee and the Note Administrator, upon its request from time to time, such identifying
      information and documentation as may be available for such party in order to enable the Trustee and the Note Administrator, as applicable, to comply with Applicable Law.

     

    Section 14.16      Special Servicer Alternative Rate Activities.

     

    Each holder of an interest in any Note or Preferred Share, by the acceptance of its interest, shall be deemed to have irrevocably waived and released any and all claims, in each
      case, with respect to any action taken or omitted to be taken by the Special Servicer in the performance of the Special Servicer Alternative Rate Activities (as defined in the Servicing Agreement) unless such actions are taken or omitted to be taken
      by reason of the Special Servicer’s gross negligence.

     

    ARTICLE 15

      

      ASSIGNMENT OF THE COLLATERAL INTEREST PURCHASE AGREEMENT

     

    Section 15.1        Assignment of Collateral Interest Purchase Agreement.

     

    (a)        The Issuer, in furtherance of the covenants of this Indenture and as security for the Notes and amounts
        payable to the Secured Parties hereunder and the performance and observance of the provisions hereof, hereby collaterally assigns, transfers, conveys and sets over to the Trustee, for the benefit of the Noteholders (and to be exercised on behalf of
        the Issuer

     

      

    
      -209-

      
        

    

    by persons responsible therefor pursuant to this Indenture and the Servicing Agreement), all of the Issuer’s estate, right, title and interest in, to and under the Collateral Interest Purchase Agreement
          (now or hereafter entered into) (each, an “Article 15 Agreement”), including, without limitation, (i) the right to give all notices, consents and releases
          thereunder, (ii) the right to give all notices of termination and to take any legal action upon the breach of an obligation of the Seller or Collateral Manager thereunder, including the commencement, conduct and consummation of proceedings at law
          or in equity, (iii) the right to receive all notices, accountings, consents, releases and statements thereunder and (iv) the right to do any and all other things whatsoever that the Issuer is or may be entitled to do thereunder; provided, however, that the Issuer reserves for itself a
          license to exercise all of the Issuer’s rights pursuant to each Article 15 Agreement without notice to or the consent of the Trustee or any other party hereto (except as otherwise expressly required by this Indenture, including, without
          limitation, as set forth in Section 15.1(f)) which license shall be and is hereby deemed to be automatically revoked upon the occurrence of an Event of
          Default hereunder until such time, if any, that such Event of Default is cured or waived.

     

    (b)          The assignment made hereby is executed as collateral security, and the execution and delivery hereby shall
        not in any way impair or diminish the obligations of the Issuer under the provisions of each of the Article 15 Agreements, nor shall any of the obligations contained in each of the Article 15 Agreements be imposed on the Trustee.

     

    (c)          Upon the retirement of the Notes and the release of the Collateral from the lien of this Indenture, this
        assignment and all rights herein assigned to the Trustee for the benefit of the Noteholders shall cease and terminate and all the estate, right, title and interest of the Trustee in, to and under each of the Article 15 Agreements shall revert to
        the Issuer and no further instrument or act shall be necessary to evidence such termination and reversion.

     

    (d)          The Issuer represents that it has not executed any assignment of the Article 15 Agreements other than this
        collateral assignment.

     

    (e)        The Issuer agrees that this assignment is irrevocable, and that it shall not take any action which is
        inconsistent with this assignment or make any other assignment inconsistent herewith.  The Issuer shall, from time to time upon the request of the Trustee, execute all instruments of further assurance and all such supplemental instruments with
        respect to this assignment as the Trustee may specify.

     

    (f)        The Issuer hereby agrees, and hereby undertakes to obtain the agreement and consent of the Seller in the
        Collateral Interest Purchase Agreement to the following:

     

    (i)         the Seller consents to the provisions of this collateral assignment and agrees to perform
        any provisions of this Indenture made expressly applicable to the Seller pursuant to the applicable Article 15 Agreement;

     

    (ii)         the Seller acknowledges that the Issuer is collaterally assigning all of its right, title
        and interest in, to and under the Collateral Interest Purchase Agreement to the Trustee for the benefit of the Noteholders, and the Seller agrees that all of the representations, covenants and agreements made by the Seller in such Article 15

     

      

    
      -210-

      
        

    

    Agreement are also for the benefit of, and enforceable by, the Trustee and the Noteholders;

     

    (iii)       the Seller shall deliver to the Trustee duplicate original copies of all notices,
        statements, communications and instruments delivered or required to be delivered to the Issuer pursuant to the applicable Article 15 Agreement;

     

    (iv)        none of the Issuer or the Seller shall enter into any agreement amending, modifying or
        terminating the applicable Article 15 Agreement, (other than in respect of an amendment or modification to cure any inconsistency, ambiguity or manifest error) or selecting or consenting to a successor without notifying the Rating Agencies and
        without the prior written consent and written confirmation of the Rating Agencies that such amendment, modification or termination will not cause its then-current ratings of the Notes to be downgraded or withdrawn;

     

    (v)        except as otherwise set forth herein and therein (including, without limitation, pursuant to Section 12 of the Collateral
      Management Agreement), the Collateral Manager shall continue to serve as Collateral Manager under the Collateral Management Agreement, notwithstanding that the Collateral Manager shall not have received amounts due it under the Collateral Management
      Agreement because sufficient funds were not then available hereunder to pay such amounts pursuant to the Priority of Payments.  The Collateral Manager agrees not to cause the filing of a petition in bankruptcy against the Issuer for the nonpayment of
      the fees or other amounts payable to the Collateral Manager under the Collateral Management Agreement until the payment in full of all Notes issued under this Indenture and the expiration of a period equal to the applicable preference period (plus
      one day) under the Bankruptcy Code plus ten days following such payment; and

     

    (vi)        the Collateral Manager irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in
      the Borough of Manhattan in The City of New York in any action or proceeding arising out of or relating to the Notes or this Indenture, and the Collateral Manager irrevocably agrees that all claims in respect of such action or proceeding may be heard
      and determined in such New York State or federal court.  The Collateral Manager irrevocably waives, to the fullest extent it may legally do so, the defense of an inconvenient forum to the maintenance of such action or proceeding.  The Collateral
      Manager irrevocably consents to the service of any and all process in any action or Proceeding by the mailing by certified mail, return receipt requested, or delivery requiring signature and proof of delivery of copies of such initial process to it
      at c/o Maples Fiduciary Services (Delaware) Inc., 4001 Kennett Pike, Suite 302, Wilmington, Delaware 19807.  The Collateral Manager agrees that a final and non-appealable judgment by a court of competent jurisdiction in any such action or proceeding
      shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

     

    

    
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    ARTICLE 16

      

      ADVANCING AGENT

     

    Section 16.1        Liability of the Advancing Agent.

     

    The Advancing Agent shall be liable in accordance herewith only to the extent of the obligations specifically imposed upon and undertaken by the Advancing Agent.

     

    Section 16.2        Merger or Consolidation of the Advancing Agent.

     

    (a)          The Advancing Agent will keep in full effect its existence, rights and franchises as a corporation under the
        laws of the jurisdiction in which it was formed, and will obtain and preserve its qualification to do business as a foreign corporation in each jurisdiction in which such qualification is or shall be necessary to protect the validity and
        enforceability of this Indenture to perform its duties under this Indenture.

     

    (b)         Any Person into which the Advancing Agent may be merged or consolidated, or any corporation resulting from
        any merger or consolidation to which the Advancing Agent shall be a party, or any Person succeeding to the business of the Advancing Agent shall be the successor of the Advancing Agent, hereunder, without the execution or filing of any paper or any
        further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding (it being understood and agreed by the parties hereto that the consummation of any such transaction by the Advancing Agent shall have no effect on
        the Backup Advancing Agent’s obligations under Section 10.7, which obligations shall continue pursuant to the terms of Section 10.7).

     

    Section 16.3        Limitation on Liability of the Advancing Agent and Others.

     

    None of the Advancing Agent or any of its Affiliates, directors, officers, employees or agents shall be under any liability for any action taken or for refraining from the taking
      of any action in good faith pursuant to this Indenture, or for errors in judgment; provided, however, that this provision shall not protect the Advancing Agent against liability to the Issuer
      or Noteholders for any breach of warranties or representations made herein or any liability which would otherwise be imposed by reason of willful misfeasance, bad faith or negligence in the performance of duties or by reason of negligent disregard of
      obligations and duties hereunder.  The Advancing Agent and any director, officer, employee or agent of the Advancing Agent may rely in good faith on any document of any kind prima facie properly executed and submitted by any Person respecting any
      matters arising hereunder.  The Advancing Agent and any director, officer, employee or agent of the Advancing Agent shall be indemnified by the Issuer pursuant to the priorities set forth in Section 11.1(a) and held harmless against any loss,
      liability or expense incurred in connection with any legal action relating to this Indenture or the Notes, other than any loss, liability or expense (i) specifically required to be borne by the Advancing Agent pursuant to the terms hereof or
      otherwise incidental to the performance of obligations and duties hereunder (except as any such loss, liability or expense shall be otherwise reimbursable pursuant to this Indenture); or (ii) incurred by reason of any breach of a representation,
      warranty or covenant made herein, any misfeasance, bad faith or negligence by the Advancing Agent in the

     

    

    
      -212-

      
        

    

    performance of or negligent disregard of, obligations or duties hereunder or any violation of any state or federal securities law.

     

    Section 16.4        Representations and Warranties of the Advancing Agent.

     

    The Advancing Agent represents and warrants that:

     

    (a)          the Advancing Agent (i) has been duly organized, is validly existing and is in good standing under the laws
        of the State of Delaware, (ii) has full power and authority to own the Advancing Agent’s Collateral and to transact the business in which it is currently engaged, and (iii) is duly qualified and in good standing under the laws of each jurisdiction
        where the Advancing Agent’s ownership or lease of property or the conduct of the Advancing Agent’s business requires, or the performance of this Indenture would require, such qualification, except for failures to be so qualified that would not in
        the aggregate have a material adverse effect on the business, operations, Collateral or financial condition of the Advancing Agent or the ability of the Advancing Agent to perform its obligations under, or on the validity or enforceability of, the
        provisions of this Indenture applicable to the Advancing Agent;

     

    (b)        the Advancing Agent has full power and authority to execute, deliver and perform this Indenture; this
        Indenture has been duly authorized, executed and delivered by the Advancing Agent and constitutes a legal, valid and binding agreement of the Advancing Agent, enforceable against it in accordance with the terms hereof, except that the
        enforceability hereof may be subject to (i) bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect relating to creditors’ rights and (ii) general principles of equity (regardless of whether such
        enforcement is considered in a proceeding in equity or at law);

     

    (c)          neither the execution and delivery of this Indenture nor the performance by the Advancing Agent of its duties
        hereunder conflicts with or will violate or result in a breach or violation of any of the terms or provisions of, or constitutes a default under: (i) the Governing Documents of the Advancing Agent, (ii) the terms of any indenture, contract, lease,
        mortgage, deed of trust, note agreement or other evidence of indebtedness or other agreement, obligation, condition, covenant or instrument to which the Advancing Agent is a party or is bound, (iii) any law, decree, order, rule or regulation
        applicable to the Advancing Agent of any court or regulatory, administrative or governmental agency, body or authority or arbitrator having jurisdiction over the Advancing Agent or its properties, and which would have, in the case of any of (i),
        (ii) or (iii) of this Section 16.4(c), either individually or in the aggregate, a material adverse effect on the business, operations, Collateral or financial condition of the Advancing Agent or the ability of the Advancing Agent to perform
        its obligations under this Indenture;

     

    (d)         no litigation is pending or, to the best of the Advancing Agent’s knowledge, threatened, against the
        Advancing Agent that would materially and adversely affect the execution, delivery or enforceability of this Indenture or the ability of the Advancing Agent to perform any of its obligations under this Indenture in accordance with the terms hereof;
        and

     

    (e)          no consent, approval, authorization or order of or declaration or filing with any government, governmental
        instrumentality or court or other Person is required for the

     

      

    
      -213-

      
        

    

    performance by the Advancing Agent of its duties hereunder, except such as have been duly made or obtained.

     

    Section 16.5        Resignation and Removal; Appointment of Successor.

     

    (a)         No resignation or removal of the Advancing Agent and no appointment of a successor Advancing Agent pursuant
        to this Article 16 shall become effective until the acceptance of appointment by the successor Advancing Agent under Section 16.6.

     

    (b)          The Advancing Agent may, subject to Section 16.5(a), resign at any time by giving written notice
        thereof to the Issuer, the Co-Issuer, the Collateral Manager, the Note Administrator, the Trustee, the Servicer, the Noteholders and the Rating Agencies.

     

    (c)         The Advancing Agent may be removed at any time by Act of Supermajority of the Preferred Shares upon written
        notice delivered to the Trustee and to the Issuer and the Co-Issuer.

     

    (d)        If the Advancing Agent fails to make a required Interest Advance and it has not determined such Interest Advance to be a Nonrecoverable Interest
      Advance the Collateral Manager may, and at the direction of the Majority of the Controlling Class shall, terminate the Advancing Agent and replace the Advancing Agent with a successor Advancing Agent, subject to the satisfaction of the Rating Agency
      Condition.  In the event that the Collateral Manager has not terminated and replaced the Advancing Agent within 30 days of the Advancing Agent’s failure to make a required Interest Advance, the Note Administrator may, and at the direction of the
      Majority of the Controlling Class shall, terminate the Advancing Agent and use commercially reasonable efforts for up to 90 days after such termination to appoint a successor Advancing Agent, subject to the satisfaction of the Rating Agency
      Condition.

     

    (e)          Subject to Section 16.5(d), if the Advancing Agent shall resign or be removed, upon receiving such
        notice of resignation or removal, the Backup Advancing Agent shall become the successor advancing agent until such time as the Issuer and the Co-Issuer shall promptly appoint a successor advancing agent by written instrument, in duplicate, executed
        by an Authorized Officer of the Issuer and an Authorized Officer of the Co-Issuer, one copy of which shall be delivered to the Advancing Agent so resigning and to the Backup Advancing Agent, and one copy to the successor Advancing Agent, together
        with a copy to each Noteholder, the Collateral Manager, the Trustee, the Note Administrator, the Servicer and the Special Servicer; provided that such successor Advancing Agent shall be appointed only subject to satisfaction of the Rating Agency
        Condition, upon the written consent of a Majority of Preferred Shareholders.  If no successor Advancing Agent shall have been appointed and an instrument of acceptance by a successor Advancing Agent shall not have been delivered to the Advancing
        Agent within thirty (30) days after the giving of such notice of resignation, the Backup Advancing Agent, the Trustee, the Note Administrator, or any Preferred Shareholder, on behalf of himself and all others similarly situated, may petition any
        court of competent jurisdiction for the appointment of a successor Advancing Agent.

     

      

    
      -214-

      
        

    

    (f)         The Issuer and the Co-Issuer shall give prompt notice of each resignation and each removal of the Advancing
        Agent and each appointment of a successor Advancing Agent by mailing written notice of such event by first class mail, postage prepaid, to the Rating Agencies, the Trustee, the Note Administrator, and to the Holders of the Notes as their names and
        addresses appear in the Notes Register.

     

    Section 16.6        Acceptance of Appointment by Successor Advancing Agent.

     

    (a)        Every successor Advancing Agent appointed hereunder shall execute, acknowledge and deliver to the Issuer, the
        Co-Issuer, the Collateral Manager, the Servicer, the Special Servicer, the Trustee, the Note Administrator, and the retiring Advancing Agent an instrument accepting such appointment hereunder and under the Servicing Agreement.  Upon delivery of the
        required instruments, the resignation or removal of the retiring Advancing Agent shall become effective and such successor Advancing Agent, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts, duties
        and obligations of the retiring Advancing Agent hereunder and under the Servicing Agreement.

     

    (b)         Other than with respect to the Backup Advancing Agent as set forth in Section 16.5(e), no appointment of a successor Advancing Agent shall become effective unless (1) the Rating Agency Condition
      has been satisfied with respect to the appointment of such successor Advancing Agent and (2) such successor has a long-term unsecured debt rating of at least “A2” by Moody’s, and whose short-term unsecured debt rating is at least “P-1” from Moody’s.

     

    Section 16.7        Removal and Replacement of Backup Advancing Agent.

     

    The Note Administrator shall replace any such successor Advancing Agent (excluding the Note Administrator in its capacity as Backup Advancing Agent) upon receiving notice that such successor
      Advancing Agent’s long-term unsecured debt rating at any time becomes lower than “A2” by Moody’s, and whose short-term unsecured debt rating becomes lower than “P-1” by Moody’s, with a successor Advancing Agent that has a long-term unsecured debt
      rating of at least “A2” by Moody’s, and whose short-term unsecured debt rating is at least “P-1” from Moody’s.

     

    ARTICLE 17

      

      CURE RIGHTS; PURCHASE RIGHTS

     

    Section 17.1        Collateral Interest Purchase Agreements.

     

    Following the Closing Date, unless a Collateral Interest Purchase Agreement is necessary to comply with the provisions of this Indenture, the Issuer may acquire Collateral Interests in accordance
      with customary settlement procedures in the relevant markets.  In any event, the Issuer (or the Collateral Manager on behalf of the Issuer) shall obtain from any seller of a Collateral Interest, all Loan Documents with respect to each Collateral
      Interest that govern, directly or indirectly, the rights and obligations of the owner of the Collateral Interest with respect to the Collateral Interest and any certificate evidencing the Collateral Interest.

     

    

    
      -215-

      
        

    

    Section 17.2      Representations and Warranties Related to Reinvestment Collateral Interests, Replenishment
          Collateral Interests and Exchange Collateral Interests.

     

    (a)         Upon the acquisition of any Collateral Interest by the Issuer, the  Seller shall be required to make representations and warranties substantially
      in the form attached as Exhibit B to the Collateral Interest Purchase Agreement with such exceptions as may be relevant.

     

    (b)         The representations and warranties in Section 17.2(a) with respect to
      the acquisition of any Reinvestment Collateral Interest, Replenishment Collateral Interest and Exchange Collateral Interest may be subject to any modification,
      limitation or qualification that the Collateral Manager determines to be reasonably acceptable in accordance with the Collateral Management Standard; provided that the Collateral Manager shall provide the Rating Agencies with a report (by providing such report to the 17g-5 Information Provider) attached to each Monthly Report
      identifying each such affected representation or warranty and the modification, exception, limitation or qualification received with respect to the acquisition of any Reinvestment Collateral Interest, Replenishment Collateral Interest and Exchange
      Collateral Interest during the period covered by the Monthly Report, which report may contain explanations by the Collateral Manager as to its determinations.

     

    (c)         The Issuer (or the Collateral Manager on behalf of the Issuer) shall obtain a covenant from the Person making any representation or warranty to
      the Issuer pursuant to Section 17.2(a) that such Person shall repurchase the related Collateral Interest if any such representation or warranty is materially breached (but only
      after the expiration of any permitted cure periods and failure to cure such breach).  The purchase price for any Collateral Interest repurchased shall be a price equal to the sum of the following (in each case, without duplication) as of the date of
      such repurchase:  (i) the then outstanding Principal Balance of such Collateral Interest, discounted based on the percentage amount of any discount that was applied when such Collateral Interest was purchased by the Issuer, plus (ii) accrued and unpaid interest on such Collateral Interest, plus (iii) any unreimbursed
      advances made under this Indenture or the Servicing Agreement on the Collateral Interest, plus (iv) accrued and unpaid interest on advances made under this
      Indenture or the Servicing Agreement on the Collateral Interest, plus (v) any reasonable costs and expenses (including, but not limited to, the cost of any
      enforcement action, incurred by the Issuer, the Trustee, the Servicer or the Special Servicer in connection with any such repurchase), plus (vi) any Liquidation
      Fee payable to the Special Servicer in connection with a repurchase of the Collateral Interest by the Seller.

     

    Section 17.3        Operating Advisor.

     

    If the Issuer, as a holder of a Pari Passu Participation has the right pursuant to the related Loan Documents to appoint the operating advisor, directing holder or Person serving a similar function under the Loan
      Documents, each of the Issuer, the Trustee and the Collateral Manager shall take such actions as are reasonably necessary to appoint the Collateral Manager to such position.

     

    [SIGNATURE PAGES FOLLOW]

     

    

    
      -216-

      
        

    

    IN WITNESS WHEREOF, the parties hereto have executed and delivered this Indenture as of the day and year first above written.

     

    	 	
            KREF 2021-FL2 LTD., as Issuer

          
	 	 
	 	
            Executed as a deed

          
	 	 
	 	
            By

          	
            /s/ Patrick Mattson

          
	 	 	
            Name: Patrick Mattson

          
	 	 	
            Title: Authorized Signatory

          

     

    	 	
            KREF 2021-FL2 LLC, as Co‐Issuer

          
	 	 	 
	 	
            By:

          	
            /s/ Patrick Mattson

          
	 	 	
            Name: Patrick Mattson

          
	 	 	
            Title: Chief Operating Officer and Secretary

          

     

    	 	
            KREF CLO LOAN SELLER LLC, as Advancing Agent

          
	 	 	 
	 	
            By:

          	
            /s/ Patrick Mattson

          
	 	 	
            Name: Patrick Mattson

          
	 	 	
            Title: Chief Operating Officer and Secretary

          

     

     [SIGNATURES CONTINUE ON FOLLOWING PAGE]

     

    

    
      KREF 2021-FL2 – Signature Page to Indenture

       

      

    

    
      
        

    

    	 	
            WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee

          
	 	 	 
	 	
            By:

          	
            /s/ Dorri Costello

          
	 	 	
            Name: Dorri Costello

          
	 	 	
            Title: Vice President

          

     

     [SIGNATURES CONTINUE ON FOLLOWING PAGE]

     

    

    
      KREF 2021-FL2 – Signature Page to Indenture

       

      

    

    
      
        

    

    	 	
            WELLS FARGO BANK, NATIONAL ASSOCIATION, as Note Administrator

          
	 	 	 
	 	
            By:

          	
            /s/ Amy Mofsenson

          
	 	 	
            Name: Amy Mofsenson

          
	 	 	
            Title: Vice President

          

    

    KREF 2021-FL2 – Signature Page to Indenture

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