Document:

EX-10.3

 Exhibit 10.3 

Execution Version 
  

 
  

COLLATERAL MANAGEMENT AGREEMENT 

dated as of June 26, 2015 

by and between 
 CARLYLE GMS
FINANCE MM CLO 2015-1 LLC 
 and 

CARLYLE GMS INVESTMENT MANAGEMENT L.L.C. 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 1.
	 	Definitions	  	 	2	  
			
	 2.
	 	General Duties of the Collateral Manager	  	 	3	  
			
	 3.
	 	Purchase and Sale Transactions; Brokerage	  	 	7	  
			
	 4.
	 	Services to Other Issuers; Certain Affiliated Activities	  	 	9	  
			
	 5.
	 	Conflicts of Interest	  	 	12	  
			
	 6.
	 	Records; Confidentiality	  	 	12	  
			
	 7.
	 	Obligations of Collateral Manager	  	 	13	  
			
	 8.
	 	Compensation	  	 	14	  
			
	 9.
	 	Benefit of the Agreement	  	 	16	  
			
	 10.
	 	Limits of Collateral Manager Responsibility; Indemnification	  	 	16	  
			
	 11.
	 	No Partnership or Joint Venture	  	 	19	  
			
	 12.
	 	Term; Termination	  	 	19	  
			
	 13.
	 	Termination for Cause	  	 	21	  
			
	 14.
	 	Action Upon Termination	  	 	23	  
			
	 15.
	 	Use of Name	  	 	24	  
			
	 16.
	 	Assignments	  	 	24	  
			
	 17.
	 	Representations and Warranties	  	 	25	  
			
	 18.
	 	Observation Rights	  	 	29	  
			
	 19.
	 	Notices	  	 	29	  
			
	 20.
	 	Binding Nature of Agreement; Successors and Assigns; No Third-Party Beneficiaries	  	 	29	  
			
	 21.
	 	Entire Agreement; Amendments	  	 	29	  
			
	 22.
	 	Conflict with the Indenture	  	 	30	  
			
	 23.
	 	Subordination and Assignment	  	 	30	  
			
	 24.
	 	Governing Law; Submission to Jurisdiction; Venue, Etc	  	 	30	  
			
	 25.
	 	Indulgences Not Waivers	  	 	31	  
			
	 26.
	 	Costs and Expenses	  	 	31	  
			
	 27.
	 	Titles Not to Affect Interpretation	  	 	31	  
			
	 28.
	 	Execution in Counterparts	  	 	31	  
			
	 29.
	 	Provisions Separable	  	 	31	  

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 30.
	 	Number and Gender	  	 	31	  
			
	 31.
	 	Written Disclosure Statement	  	 	32	  
			
	 32.
	 	Survival of Representations, Warranties and Indemnities	  	 	32	  
			
	 33.
	 	Non Recourse	  	 	32	  

  
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 Collateral Management Agreement 

This Collateral Management Agreement, dated as of June 26, 2015 (the “Agreement”), is entered into by and between
CARLYLE GMS FINANCE MM CLO 2015-1 LLC, a Delaware limited liability company (together with successors and assigns permitted hereunder, the “Issuer”), and CARLYLE GMS INVESTMENT MANAGEMENT L.L.C., a Delaware limited liability
company, as collateral manager (together with its successors and assigns, “CGIM” or the “Collateral Manager”). 

WITNESSETH: 
 WHEREAS, the Issuer
intends to issue, pursuant to an indenture to be dated as of the date hereof (as the same may be supplemented or otherwise modified from time to time, the “Indenture”), between the Issuer and State Street Bank and Trust Company, a
trust company organized under the laws of the Commonwealth of Massachusetts, as Trustee (as defined therein), (i) U.S.$160,000,000 aggregate principal amount of Class A-1A Senior Secured Floating Rate Notes, due 2027 (the “Class
A-1A Notes”), (ii) U.S.$40,000,000 aggregate principal amount of Class A-1B Senior Secured Floating Rate Notes, due 2027 (the “Class A-1B Notes”), (iii) U.S. $27,000,000 aggregate principal amount of
Class A-1C Senior Secured Fixed Rate Notes, due 2027 (the “Class A-1C Notes”) and (iv) U.S. $46,000,000 Class A-2 Senior Secured Floating Rate Notes, due 2027 (the “Class A-2 Notes” and, together with
the Class A-1A Notes, the Class A-1B Notes and the Class A-1C Notes, the “Notes”); 
 WHEREAS, the Issuer
also intends to issue, pursuant to the Limited Liability Company Agreement, Preferred Interests in an amount equal to U.S. $125,900,000 (the “Preferred Interests”); 

WHEREAS, the Issuer also will issue, pursuant to the Indenture, Reinvesting Holder Notes, due 2027 (the “Reinvesting Holder
Notes” and, together with the Notes and the Preferred Interests, the “Securities”); 
 WHEREAS, pursuant to the
Indenture, the Issuer intends to pledge to the Trustee for the benefit of the Secured Parties certain Collateral Obligations, Eligible Investments, any Equity Securities acquired or received in connection with the Collateral Obligations, together
with certain other contract rights, amounts on deposit in certain accounts, certain other assets and the proceeds thereof; 
 WHEREAS, the
Issuer is authorized to enter into this Agreement, pursuant to which the Collateral Manager agrees to perform, on behalf of the Issuer, certain duties with respect to the Assets in the manner and on the terms set forth herein and to provide such
additional duties as are consistent with the terms of this Agreement and the Indenture as the Issuer may from time to time request; and 

WHEREAS, the Issuer desires to engage the Collateral Manager to provide the services described herein and the Collateral Manager has the
capacity to provide such services, is prepared to perform such services upon the terms and conditions set forth herein and desires to accept such appointment. 

 NOW, THEREFORE, in consideration of the mutual agreements herein set forth and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties to this Agreement, the parties hereto agree as follows: 

1. Definitions. 

Capitalized terms used herein but not otherwise defined shall have the meanings set forth in the Indenture. 

“Advisers Act” shall have the meaning specified in Section 17(b)(i). 

“Affiliate Transaction” shall have the meaning specified in Section 3(e). 

“Agreement” shall mean this Collateral Management Agreement, as amended from time to time in accordance with the terms
hereof. 
 “Collateral Manager Breach” shall have the meaning specified in Section 10(a). 

“Cross Transactions” shall have the meaning specified in Section 3(c). 

“Deferred Base Management Fee” shall have the meaning specified in Section 8(b). 

“Deferred Base Management Fee Cap” shall mean, on any Payment Date, the maximum amount of Deferred Base Management Fee that
the Collateral Manager may be repaid on such Payment Date, equal to the lesser of (a) the amount designated by the Collateral Manager for payment on such Payment Date and (b) the amount available for distribution in excess of the current
interest payments on the Rated Notes (excluding any Deferred Base Management Fee elected by the Collateral Manager to be paid on such Payment Date). 

“Deferred Management Fees” shall have the meaning specified in Section 8(b). 

“Deferred Subordinated Management Fee” shall have the meaning specified in Section 8(b). 

“Firm” shall have the meaning specified in Section 4(a). 

“Indemnified Party” shall have the meaning specified in Section 10(b). 

“Indemnifying Party” shall have the meaning specified in Section 10(b). 

“Indenture” shall have the meaning specified in the recitals. 

“Losses” shall have the meaning specified in Section 10(b). 

“Notes” shall have the meaning specified in the recitals. 

  
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 “Personnel” shall have the meaning specified in Section 4(a). 

“Preferred Interests” shall have the meaning specified in the recitals. 

“Reinvestment Holder Notes” shall have the meaning specified in the recitals. 

“Securities” shall have the meaning specified in the recitals. 

“Transaction” shall mean any action taken by the Collateral Manager on behalf of the Issuer in accordance with the terms of
this Agreement, including, without limitation, (i) selecting and acquiring Collateral Obligations and Eligible Investments, (ii) supervising, investing and reinvesting the Assets, and (iii) instructing the Trustee with respect to any
disposition or tender of a Collateral Obligation, Equity Security or Eligible Investment by the Issuer. 
 2. General Duties of the
Collateral Manager. 
 The Collateral Manager shall provide services to the Issuer as follows: 

(a) Subject to and in accordance with the terms of the Indenture and this Agreement, the Collateral Manager agrees to supervise and direct the
investment and reinvestment of the Assets, and shall perform on behalf of the Issuer those investment-related duties and functions assigned to the Issuer under the Indenture, including, without limitation, the furnishing of Issuer Orders and
providing such certifications as may be required under the Indenture with respect to permitted purchases and sales of Collateral Obligations and Eligible Investments; and the Collateral Manager shall have the power to execute and deliver all other
necessary and appropriate documents and instruments on behalf of the Issuer with respect thereto. 
 (b) The Collateral Manager shall,
subject to the terms and conditions of the Indenture and this Agreement, perform its obligations hereunder and under the Indenture with reasonable care and in good faith using a degree of skill and attention no less than that which the Collateral
Manager exercises with respect to comparable assets that it manages for itself and for others with similar objectives and policies, and to carry out its obligations hereunder using a standard no less than the practices and procedures followed by
institutional managers of national standing relating to assets of the nature and character of the Assets. Without prejudicing the preceding sentence, the Collateral Manager shall follow its customary standards, policies and procedures in performing
its duties hereunder. 
 (c) The Collateral Manager shall comply with all the terms and conditions of the Indenture affecting the duties and
functions to be performed by it hereunder. The Collateral Manager shall be bound to follow the terms of any amendment to the Indenture; provided that in each case the Collateral Manager has consented to such amendment and received a copy of
such amendment. The Issuer agrees that it will not permit to become effective any amendment to the Indenture or any other agreement that would, as reasonably determined by the Collateral Manager, (A) increase the duties or liabilities of,
reduce or eliminate any protection, right or privilege of (including as a result of an effect on the amount or priority of any fees or other amounts payable to the Collateral Manager), or adversely change the economic consequences to,

  
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the Collateral Manager; (B) modify the Investment Criteria, Collateral Quality Test, Coverage Tests, or the restrictions on the Sales of Collateral Obligations; or (C) materially expand
or restrict the Collateral Manager’s discretion; unless, in each case, the Collateral Manager has been given prior written notice of such amendment and has consented thereto in writing, such consent not to be unreasonably withheld or delayed;
provided, that the Collateral Manager may withhold its consent in its sole discretion with respect to any amendment that increases or adds to the obligations of the Collateral Manager or affects the amount, timing or priority of payment of
the fees or other amounts payable to the Collateral Manager. 
 (d) Subject to the terms and conditions of this Agreement and the Indenture,
the Collateral Manager shall (i) select the Collateral Obligations and Eligible Investments to be received or acquired by the Issuer; (ii) invest and reinvest the Assets and facilitate the acquisition and settlement of Collateral
Obligations by the Issuer; (iii) advise the Issuer with respect to interest rate risk and cash flow timing including selecting and negotiating hedge agreements; (iv) monitor the Assets and instruct the Trustee with respect to any
disposition or tender of a Collateral Obligation, Equity Security or Eligible Investment by the Issuer in accordance with the Indenture; (v) select the applicable Matrix Combination to be in effect from time to time; and (vi) provide to
the Collateral Administrator certain information specified in the Collateral Administration Agreement and review the reports prepared pursuant to the Indenture and the Collateral Administration Agreement. In performing its duties hereunder, the
Collateral Manager shall manage the Assets with the objectives (but with no guarantee) that there be sufficient funds available on each Payment Date in accordance with the Priority of Payments (1) to pay interest on the Notes in a timely
manner; (2) to repay principal of each Class of Notes in full on or prior to the Stated Maturity; (3) to pay expenses; and (4) subject to clauses (1) through (3) above, to provide returns to holders of the
Preferred Interests; provided, that, subject to Section 10 herein, in no event whatsoever shall there be recourse to the Collateral Manager or any of its Affiliates for any amounts payable on the Securities or the other payment
obligations of the Issuer under the Indenture or any of the other documents executed and delivered by the Issuer in connection with the transactions contemplated by the Indenture. 

(e) The Collateral Manager shall monitor the Assets on behalf of the Issuer and, on an ongoing basis, provide to the Trustee and the Issuer all
reports, schedules and other data which the Issuer or the Collateral Manager is required to prepare and deliver under the Indenture, substantially in the form and containing such information required thereby, in sufficient time for such required
reports, schedules and data to be reviewed and delivered by the Issuer to the parties entitled thereto under the Indenture. In addition, the Collateral Manager shall, on behalf of the Issuer and to the extent reasonable and practicable, from sources
of information normally available to it, be responsible for (i) obtaining any information concerning whether a Collateral Obligation is or has become a Defaulted Obligation, Credit Risk Obligation, Credit Improved Obligation, Cov-Lite Loan,
Margin Stock, Equity Security or a Deferring Security; (ii) providing any Rating Agency, in the event such Rating Agency is requested by the Issuer to provide information with respect to the rating of a security, with any information the
Collateral Manager has or can reasonably obtain which is necessary in order for such Rating Agency to provide such rating; and (iii) providing any Rating Agency with any information the Collateral Manager has or can reasonably obtain which is
necessary in order for such Rating Agency to confirm its respective ratings of any Notes as required under the Indenture. 

  
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 (f) The Collateral Manager may, subject to and in accordance with the provisions of the Indenture
and this Agreement, direct the Trustee to take the following actions with respect to the Assets: 
 (i) purchase and retain
any Collateral Obligation or Eligible Investment or acquire or retain any Equity Security; 
 (ii) sell or otherwise dispose
of such Collateral Obligation, Equity Security or Eligible Investment in the open market or otherwise as permitted under the terms hereof and under the terms of the Indenture; 

(iii) if applicable, tender such Collateral Obligation, Equity Security or Eligible Investment pursuant to an Offer; 

(iv) if applicable, consent or withhold consent to any proposed amendment, modification or waiver pursuant to an Offer; 

(v) retain or dispose of any securities or other property (other than Cash) received pursuant to an Offer; 

(vi) waive any default with respect to a Defaulted Obligation; 

(vii) vote to accelerate the maturity of a Defaulted Obligation; 

(viii) subject to its obligations in Section 7, participate in a committee or group formed by creditors of an
issuer or a borrower under a Collateral Obligation or Eligible Investment; or 
 (ix) exercise any other rights or remedies
with respect to such Collateral Obligation, Equity Security or Eligible Investment as provided in the related underlying instruments or take any other action consistent with the terms of the Indenture which in the reasonable judgment of the
Collateral Manager is in the best interests of the Holders of the Securities. 
 (g) Subject to the satisfaction of the requirements of this
Agreement and the Indenture, upon the disposition of any Collateral Obligation, Equity Security or Eligible Investment (or any security or property received in exchange therefor), the Collateral Manager shall direct the Trustee to apply such amounts
in accordance with the Indenture to the purchase of one or more Collateral Obligations or Eligible Investments or as otherwise required or permitted by the Indenture. In addition, the Collateral Manager shall determine in its sole discretion
(i) whether, in light of the composition of the Collateral Obligations, general market conditions and other pertinent factors, the investment of Principal Proceeds in additional Collateral Obligations within the foreseeable future would be
consistent with the objectives stated in Section 2(d) for purposes of determining whether to elect to terminate the Reinvestment Period as provided in the definition thereof set forth in the Indenture; (ii) whether all or a portion
of the Principal Proceeds will be allocated to a Special Redemption of the Securities on any Payment Date during the Reinvestment Period pursuant to Section 9.6 of the Indenture; (iii) whether a Clean-Up Call Redemption shall be effected
pursuant to Section 9.7 of the Indenture; 

  
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(iv) in connection with a Refinancing, upon receipt of a direction from a Majority of the Preferred Interests to designate Principal Proceeds up to the Excess Par Amount as of the related
Determination Date as Interest Proceeds for Payment on the Redemption Date, whether to consent to such direction; and (v) whether, in light of the condition of any Collateral Obligation, such Collateral Obligation needs to be substituted with a
Substitute Obligation. 
 (h) The Collateral Manager hereby agrees to the following: 

(i) the Collateral Manager agrees not to institute against, or join any other Person in instituting against the Issuer, any
bankruptcy, reorganization, arrangement, insolvency, winding-up, moratorium or liquidation proceedings or other proceedings under U.S. federal or state bankruptcy or similar laws until at least one year and one day (or, if longer, the applicable
preference period then in effect plus one day), after the payment in full of all Securities, provided, however, that nothing in this clause (i) shall preclude, or be deemed to estop, the Collateral Manager (A) from taking any action prior
to the expiration of the applicable preference period in (x) any case or proceeding voluntarily filed or commenced by the Issuer, as the case may be, or (y) any involuntary insolvency proceeding filed or commenced against the Issuer, as
the case may be, by a Person other than the Collateral Manager or any of its Affiliates that has entered into an agreement with the Issuer similar to this Section 2(h)(i), or (B) from commencing against the Issuer, or any properties of the
Issuer, any legal action which is not a bankruptcy, reorganization, arrangement, insolvency, winding-up, moratorium or liquidation proceeding; and 

(ii) the Collateral Manager shall provide to the Independent accountants appointed pursuant to Section 10.9 of the
Indenture, all reports, data and other information (including, without limitation, any letters of representations) that such accountants may reasonably request in connection with such appointment. 

(i) In providing services hereunder, the Collateral Manager may, without the prior consent of the Issuer or any Holder, employ third parties,
including its Affiliates, to render advice and assistance to the Issuer, including the performance of any of its duties hereunder (other than duties relating to portfolio selection and composition, in respect of which the Collateral Manager may
employ sub-advisers). Such third parties employed by the Collateral Manager shall be in addition to the Collateral Administrator employed by the Issuer pursuant to the Collateral Administration Agreement, the Independent accountants appointed on
behalf of the Issuer pursuant to Section 10.9 of the Indenture, and any additional agents and counsel employed by the Issuer pursuant to the Indenture; and to the maximum extent permitted under applicable law, the Collateral Manager shall not
be liable for the acts or omissions of any such third party employed or appointed by the Issuer; provided that (x) no such employment of sub-advisers will constitute an assignment of this Agreement or the Collateral Manager’s duties
hereunder and (y) the Collateral Manager is required to exercise reasonable care in the selection of any such third party. The Collateral Manager shall not be relieved of any of its duties hereunder by the third parties employed by the
Collateral Manager pursuant to this Section 2(i) regardless of the performance of services by such third parties and the Collateral Manager shall be solely responsible for the fees and expenses of such third parties, except as provided
in Section 8(e). Notwithstanding the foregoing, the Collateral Manager may not assign its duties hereunder except in accordance with Section 16. 

  
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 3. Purchase and Sale Transactions; Brokerage. 

(a) The Collateral Manager, subject to and in accordance with the Indenture, hereby agrees that it shall cause any Transaction by it, on behalf
of the Issuer, including any Transaction with Affiliates, to be on the same economic and other material terms and conditions as would have governed such Transaction were it conducted with a third party and negotiated on an arm’s-length basis.

 (b) The Collateral Manager will use all commercially reasonable efforts to seek to obtain the best execution for each order placed with
respect to any Transaction, considering all relevant circumstances, including without limitation, if applicable, the conditions or terms of early redemption of the Securities. Subject to the objective of obtaining best execution (as indicated above)
and to the extent contemplated by the Collateral Manager’s current or future Form ADV, the Collateral Manager may cause the Issuer to pay a broker-dealer an amount of commission or other compensation for effecting a Transaction for the account
of the Issuer that is greater than the commission or other compensation another broker-dealer would have charged, provided that such broker-dealer is not an Affiliate of the Collateral Manager and the Collateral Manager determined in good
faith that the amount of the commission or other compensation paid to such broker-dealer was reasonable in relation to the value of the brokerage and research services provided by such broker-dealer, viewed in terms of either that particular
Transaction or the Collateral Manager’s overall responsibilities with respect to accounts as to which it exercises investment discretion. Such services may be used by the Collateral Manager in connection with its other advisory activities or
investment operations. The Collateral Manager may aggregate sales and purchase orders with respect to a Transaction with similar orders being made simultaneously for other accounts managed by the Collateral Manager or with accounts of the Affiliates
of the Collateral Manager, if in the Collateral Manager’s sole and reasonable judgment such aggregation shall result in an overall economic benefit to the Issuer, taking into consideration the advantageous selling or purchase price, brokerage
commission or other expenses. When a Transaction occurs (in accordance with the terms of the Indenture) as part of any aggregate sales or purchase orders, the Collateral Manager (and any of its Affiliates involved in such Transactions) shall
allocate the executions among the accounts in an equitable manner in accordance with its established policies and procedures. The Collateral Manager may consider various factors in selecting banks, brokers and dealers to effect Transactions for the
Issuer. The Collateral Manager may take into account a host of qualitative factors other than price. Such factors may include: experience and speed of execution, as well as any “research” services provided to the Collateral Manager, which
may include research reports, trade seminars and access to certain professionals available to the Collateral Manager in connection with effecting transactions. From time to time, brokerage firms may pay for seminars, travel to such seminars and
lodging and entertainment. These products and services may not benefit the Issuer directly or indirectly. As a result, to the extent permitted by law and in accordance with its policies and procedures, such arrangements may be taken into account by
the Collateral Manager in deciding to conduct Transactions with a specific bank, broker or dealer even though such party may not offer the lowest transaction fees. 

  
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 (c) Subject to the Collateral Manager’s execution obligations described in Sections
3(a) and 3(b), the requirements to obtain certain approvals under Section 3(e), the requirements of Section 5 and applicable law, the Collateral Manager is hereby authorized to execute so much or all of the
Transactions for the Issuer’s account with or through itself or any of its Affiliates as agent or as principal as the Collateral Manager in its sole discretion shall determine, and may execute Transactions in which the Collateral Manager, its
Affiliates and/or its or their personnel have interests as described in Section 4; provided that such Transactions shall be effected for fair market value and on terms as favorable to the Issuer as would be the case in a
transaction with an independent third party. In all such dealings, the Collateral Manager or its Affiliates shall be authorized and entitled to retain any commissions, remuneration or profits that may be made in such Transactions and shall not be
liable to account for the same to the Issuer, and the Collateral Manager’s fees as set forth in Section 8 shall not be abated thereby. The Issuer authorizes the Collateral Manager or its Affiliates to effect Transactions subject to
section 11(a) of the U.S. Securities Exchange Act of 1934, as amended, and rule 11a2-2(T) thereunder (or any similar rule that may be adopted in the future), and the Collateral Manager will use its best efforts to provide the Issuer with information
annually disclosing commissions, if any, retained by the Collateral Manager or its Affiliates in connection with such exchange Transactions for the Issuer’s account. The Collateral Manager and its Affiliates also are authorized to effect
Transactions for the Issuer’s account in which a security or other property is sold to or purchased from another investment advisory client or brokerage customer of the Collateral Manager or its Affiliate (collectively, “Cross
Transactions”), provided that all such Cross Transactions are effected in compliance with applicable law. In a Cross Transaction, the Collateral Manager or its Affiliate may act as an investment adviser or broker for, and may receive
commissions or other compensation from, both the Issuer and the other party to the Transaction, and will have a potentially conflicting division of loyalties and responsibilities to both parties. The Issuer’s prior consent to a Cross
Transaction is not required and normally will not be obtained where the Collateral Manager or an Affiliate receive no compensation other than the Collateral Manager’s fees under this Agreement for effecting the Cross Transaction. The consent of
the Issuer to any Cross Transaction requiring such consent may be obtained from the Board of Managers, including an approval by a majority of the independent directors of the Originator as a designated manager of the Issuer. 

(d) The Collateral Manager may also conduct transactions for its own account, for the account of its Affiliates, for the account of the Issuer
or for the accounts of third parties and will endeavor to resolve conflicts arising therefrom in a manner that it deems equitable to the extent possible under the prevailing facts and circumstances and applicable law as disclosed under “Summary
of Terms — Collateral Manager,” “Risk Factors — Relating to the Collateral Manager,” “Risk Factors — Relating to Certain Conflicts of Interest — The Issuer will be subject to various conflicts of
interest involving the Collateral Manager and its Affiliates and clients” and “The Collateral Manager” and the subheadings thereunder in the final Offering Circular, dated June 24, 2015 (the “Offering Circular”),
provided by the Issuer for the Securities (collectively, the “Collateral Manager Information”). 
 (e) Without limiting the
foregoing, the Collateral Manager, on behalf of and for the account of the Issuer, may sell Collateral Obligations to, or buy Collateral Obligations from, the Collateral Manager, any Affiliate of the Collateral Manager or any fund managed by the
Collateral Manager (some or all of which Affiliates or funds may be owned in part by 

  
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principals, partners, members, directors, managers, managing directors, officers, employees, agents or Affiliates of the Collateral Manager) in transactions in which the Collateral Manager, an
Affiliate or such fund acts as principal on the other side of the transaction from the Issuer and buys or sells the Collateral Obligations for its own account (such transactions being referred to as “Affiliate Transactions”),
provided that any such Affiliate Transaction has been approved prior to its completion by the Board of Managers, including an approval by a majority of the independent directors of the Originator as a designated manager of the Issuer. 

4. Services to Other Issuers; Certain Affiliated Activities. 

(a) The relationship between the Collateral Manager and the Issuer as described in this Agreement permits, expressly as set forth herein, the
Collateral Manager and its Affiliates to act in multiple capacities (i.e., act as principal or agent in addition to acting on behalf of the Issuer), and, subject only to the Collateral Manager’s execution obligations set forth in
Section 3, the requirements to obtain certain approvals under Section 3(e), the requirements of Section 5 and applicable law, to effect Transactions with or for the Issuer’s account in instances in which the
Collateral Manager and its Affiliates may have multiple interests. In this regard the Issuer acknowledges that the Collateral Manager is part (or, during the period over which the Securities are Outstanding, may become part) of a worldwide, full
service investment banking, broker dealer, asset management organization, and as such, the Collateral Manager and its Affiliates (collectively, the “Firm”) and their principals, partners, members, stockholders, directors, managers,
managing directors, officers and employees (collectively, “Personnel”) may have multiple advisory, transactional and financial and other interests in securities, instruments and companies that may be purchased, sold or held for the
Issuer’s account. The Firm may act as adviser to clients in investment banking, financial advisory, asset management and other capacities related to instruments that may be purchased, sold or held on the Issuer’s behalf, and the Firm may
issue, or be engaged as underwriter for the issuer of, instruments that the Issuer may purchase, sell or hold. At times, these activities may cause departments of the Firm to give advice to clients that may cause these clients to take actions
adverse to the interests of the Issuer. The Firm and Personnel may act in a proprietary capacity with long or short positions, in instruments of all types, including those that may be purchased, sold or held by the Issuer. Such activities could
affect the prices and availability of the securities and instruments that the Collateral Manager seeks to buy or sell for the Issuer’s account, which could adversely impact the financial returns of the Issuer in respect of Assets. The Firm and
Personnel may give advice, and take action, with respect to any of the Firm’s clients or proprietary accounts that may differ from the advice given, or may involve a different timing or nature of action taken, than with respect to any one or
all of the Collateral Manager’s advisory accounts, and effect transactions for such clients or proprietary accounts at prices or rates that may be more or less favorable than the prices or rates applying to Transactions effected for the Issuer.
In resolving these potential conflicts, the Collateral Manager will use reasonable efforts to ensure that the Issuer is treated fairly and equitably, taking into account, among other things, the Collateral Manager’s obligations to its other
client account(s) either by law or agreement. 
 (b) The Issuer acknowledges that the ability of the Collateral Manager and its Affiliates to
effect and/or recommend Transactions may be restricted by applicable regulatory requirements in the United States, United Kingdom or elsewhere and/or their internal policies designed to comply with such requirements. As a result, there may be
periods when the 

  
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Collateral Manager will not initiate or recommend certain types of Transactions in certain investments when the Collateral Manager or its Affiliates are performing investment related services or
other services or when aggregated position limits have been reached and the Issuer will not be advised of that fact. Without limitation, when the Collateral Manager or an Affiliate is engaged in investment related services with respect to the
securities of a company, the Collateral Manager may, in certain circumstances, be prohibited from purchasing or selling or recommending the purchase or sale of certain securities of that company for its clients. Without limitation, the Collateral
Manager and its Affiliates may also be prohibited from effecting Transactions for the Issuer’s account with or through its Affiliates, from acting as agent for another customer as well as the Issuer in respect of a particular Transaction, or
from acting as the counterparty in a Transaction with the Issuer. If not prohibited, the Collateral Manager is nonetheless not required to effect Transactions for the Issuer’s account with or through the Collateral Manager’s Affiliates and
other clients of the Collateral Manager and/or its Affiliates or in instances in which the Collateral Manager or its Affiliates have multiple interests. 

(c) Nothing herein shall prevent the Collateral Manager or its Affiliates, the Firm or any Personnel from engaging, to the extent permitted by
law and not prohibited by the Indenture, in other businesses or from rendering services of any kind to the Issuer and its Affiliates, the Trustee, the Fiscal Agent, the Holders or any other Person or entity, including those transactions disclosed in
the Collateral Manager Information. There is no limitation or restriction on the ability of the Collateral Manager or any of its Affiliates now or in the future to act as collateral manager (or in a similar role) to other Persons. 

Without prejudice to the generality of the foregoing, principals, partners, members, stockholders, directors, managers, managing directors,
officers, employees and agents of the Collateral Manager and its Affiliates, the Firm or any Personnel, may, subject to the Indenture, among other things: 

(i) serve as directors (whether supervisory or managing), principals, officers, employees, agents, nominees or signatories for
the Issuer or any Affiliate thereof, or for any obligor or Affiliate of any obligor of any of the Collateral Obligations or Eligible Investments or any issuer of an Equity Security, to the extent not prohibited under the terms thereof or by any
resolutions duly adopted by the Issuer, its Affiliates, any obligor of any of the Collateral Obligations or Eligible Investments or any issuer of an Equity Security pursuant to their respective underlying instruments; 

(ii) receive fees for services of whatever nature rendered to the obligor of any of the Collateral Obligations or Eligible
Investments or the issuer of any Equity Security; 
 (iii) be retained to provide services unrelated to this Agreement to the
Issuer or its Affiliates and be paid therefor; 
 (iv) be a secured or unsecured creditor of, or hold an equity interest in
(x) the Issuer or any Affiliate thereof; provided that the Collateral Manager may not hold any such interest if, in the opinion of counsel to the Issuer, the existence of such interest would require registration of the Issuer as an
“investment company” under the Investment 

  
 10 

 
Company Act or violate any provisions of federal or applicable state law or any law, rule or regulation of any governmental body or agency having jurisdiction over the Issuer or (y) any
obligor of any Collateral Obligation or Eligible Investment or any issuer of an Equity Security; 
 (v) subject to
Sections 3 and 5, sell any Collateral Obligation or Eligible Investment to, or purchase any Collateral Obligation or Equity Security from, the Issuer while acting in the capacity of principal or agent; 

(vi) underwrite, act as a distributor of or make a market in any Collateral Obligation, Equity Security or Eligible Investment;
and 
 (vii) subject to its obligations in Section 7, serve as a member of any “creditors’
committee” with respect to any Defaulted Obligation or Eligible Investment. 
 (d) The Issuer acknowledges and agrees that: 

(i) the Firm has proprietary interests in, and may manage or advise, accounts or investment funds that have investment
objectives similar or dissimilar to those of the Issuer and/or that engage in transactions in the same types of securities and investments as the Issuer, and as a result may compete with the Issuer for appropriate investment opportunities; 

(ii) obligors of securities held by the Issuer may have publicly or privately traded securities or other debt, including
securities or other debt that are senior to, or have interests different from or adverse to, the securities that are pledged to secure the Securities, in which the Firm is an investor or makes a market; 

(iii) the Firm’s trading activities may be carried out without reference to positions held by the Issuer and may have an
effect on the value of the positions so held, or may result in the Firm having an interest in the applicable obligor adverse to that of the Issuer; 

(iv) the Firm may create, write or issue derivative instruments with respect to which the underlying securities may be those in
which the Issuer invests or that may be based on the performance of the Issuer; and 
 (v) the Firm and Personnel may obtain
and keep any profits, commissions and fees accruing to them in connection with their activities as agent or principal in Transactions for the Issuer’s account and other activities for themselves and other clients and their own accounts, and the
Collateral Manager’s fees as set forth in this Agreement shall not be abated or otherwise affected thereby. 
 (e) The Issuer
acknowledges and agrees that, from time to time at the Collateral Manager’s discretion, advisory Personnel may consult with Personnel in proprietary trading or other areas of the Firm or form investment policy committees comprised of such
Personnel, and the performance of Personnel obligations related to their consultation with the Collateral Manager could conflict with their areas of primary responsibility within the 

  
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Firm. In connection with their activities with the Collateral Manager, the Issuer understands that such Personnel may receive information regarding the Collateral Manager’s proposed
investment activities that is not generally available to the public. However, there will be no obligation on the part of such Personnel to make available for use by advisory accounts any information or strategies known to them or developed in
connection with their client, proprietary or other activities. In addition, the Firm will be under no obligation to make available any research or analysis prior to its public dissemination. Furthermore, the Firm shall have no obligation to
recommend for purchase or sale by the Issuer any security that the Firm or Personnel may purchase for themselves or for any other clients. The Firm shall have no obligation to seek to obtain any material non public information about any issuer of
securities, and, in accordance with applicable securities laws and regulations, will not effect Transactions for the Issuer on the basis of any material non public information as may come into its possession. 

The Issuer acknowledges that certain Personnel may possess information relating to particular obligors who have issued Collateral Obligations,
Eligible Investments or Equity Securities, which information is not known to Personnel of the Collateral Manager who are responsible for monitoring the Collateral Obligations, Eligible Investments or Equity Securities and performing the other
obligations of the Collateral Manager under this Agreement, and the Issuer agrees that the Firm shall have no obligation to share any such information, opportunity or idea with such Personnel or the Issuer. 

5. Conflicts of Interest. 

In addition to meeting any applicable requirements of the Indenture, any Transaction effected after the Closing Date between the Issuer and the
Collateral Manager, an Affiliate of the Collateral Manager or a fund managed by the Collateral Manager on a principal basis (including any Transaction effected with the Originator) shall be approved by the Board of Managers, including an approval by
a majority of the independent directors of the Originator as a designated manager of the Issuer prior to the completion of the Transaction. In certain circumstances, the interests of the Issuer and/or the Holders with respect to matters as to which
the Collateral Manager is advising the Issuer may conflict with the interests of the Collateral Manager. The Issuer hereby acknowledges that various potential and actual conflicts of interest may exist with respect to the Collateral Manager as
described in this Agreement, the Indenture, the Offering Circular provided by the Issuer for the Securities or the Form ADV of the Collateral Manager; provided that nothing in this Section 5 shall be construed as altering the
duties of the Collateral Manager as set forth herein, in the Indenture or under applicable law. The Collateral Manager acknowledges that the Issuer is a wholly-owned subsidiary of the Originator and is subject to restrictions of the Investment
Company Act applicable to the Originator on a consolidated basis. For so long as the Issuer is wholly-owned by the Originator, the Collateral Manager shall not take any actions that would jeopardize such treatment. 

6. Records; Confidentiality. 

The Collateral Manager shall maintain appropriate books of account and records relating to services performed hereunder, and such books of
account and records shall be accessible for inspection by a representative of the Issuer, the Trustee, the Initial Purchaser and 

  
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the Independent accountants appointed pursuant to Section 10.9 of the Indenture and as otherwise required under Rule 144A at any time during the Collateral Manager’s normal business
hours and upon not less than three (3) Business Days’ prior notice; provided that the Collateral Manager shall not be obligated to provide access to any non-public information if it determines in good faith that the disclosure of
such information would violate any applicable law, regulation or (unless the recipient of such access agrees to maintain the confidentiality of such non-public information in a manner satisfactory to the Collateral Manager) contractual arrangement,
including laws applicable to subsidiaries of the Originator. Upon reasonable request by the Issuer or the Trustee, the Collateral Manager shall provide the Issuer or the Trustee respectively, with sufficient information and reports as are reasonably
necessary to maintain the books and records of the Issuer. 
 Notwithstanding anything in this Agreement or the Indenture to the contrary,
the Collateral Manager, the Issuer, the Trustee, the Fiscal Agent, the Initial Purchaser and the Holders and beneficial owners of the Securities (and each of their respective employees, representatives or other agents) may disclose to any and all
Persons, without limitation of any kind, the U.S. tax treatment and U.S. tax structure (in each case, under applicable federal, state or local law) of the transactions contemplated by this Agreement and all materials of any kind (including opinions
or other tax analyses) that are provided to them relating to such U.S. tax treatment and U.S. tax structure; provided that such U.S. tax treatment and U.S. tax structure shall be kept confidential to the extent reasonably necessary to comply
with applicable U.S. federal or state laws. 
 7. Obligations of Collateral Manager. 

Subject to the terms of the Indenture and to Section 10 hereof, the Collateral Manager shall use all commercially reasonable
efforts and act in good faith to ensure that no action is taken by it, and shall not intentionally or with reckless disregard take any action, which would (a) materially adversely affect the status of the Issuer for purposes of U.S. federal or
state law or any other law which, in the Collateral Manager’s good faith judgment is applicable to the Issuer, (b) not be permitted by the Issuer’s organizational documents, (c) violate any law, rule or regulation of any
governmental body or agency having jurisdiction over the Issuer, including, without limitation, actions which would violate any U.S. federal, state or other applicable securities law the violation of which would adversely affect, in any material
respect, the business, operations, assets or financial condition of the Issuer, or the ability of the Collateral Manager to perform its obligations hereunder, (d) require registration of the Issuer or the pool of Collateral as an
“investment company” under the Investment Company Act (and such requirement has not been eliminated after a period of 45 days), (e) result in the Issuer violating the terms of, or result in a Default under, the Indenture, including,
without limitation, any representations made thereunder with respect to the Assets or (f) adversely affect the interests of the Secured Parties in the pool of Assets in any material respect (other than actions permitted hereunder or under the
Indenture); provided that it is understood that, in connection with the foregoing provisions and any other provision of this Agreement and any other Transaction Document (including the Indenture) applicable to the Collateral Manager, the Collateral
Manager shall not be required to make any independent investigation of any laws or regulations or interpretations thereof that may affect or be applicable to the holders of the Securities. It is further understood that the Collateral Manager and its
Affiliates and their respective principals, 

  
 13 

 
partners, members, stockholders, directors, managers, managing directors, officers, employees and agents shall not be liable to the Issuer, the Trustee, the Fiscal Agent, any Secured Party or any
other Person except as provided in Section 10. If the Collateral Manager is ordered to take any action by the Issuer (which may be by the Board of Managers) that, in the Collateral Manager’s sole judgment, would have one or more of
the consequences set forth above, the Collateral Manager shall notify promptly the Issuer, the Trustee and each Rating Agency; provided that the Collateral Manager need not take such action unless the Issuer (which may be by the Board of
Managers) again requests the Collateral Manager to do so and the Trustee and a Majority of the Holders of the Securities (voting separately by Class) have consented thereto in writing. In addition, the Collateral Manager need not take such action
unless arrangements satisfactory to it are made to insure or indemnify the Collateral Manager from any liability it may incur as a result of such action. The Collateral Manager covenants that it shall comply in all material respects with applicable
laws and regulations relating to its performance under this Agreement. Notwithstanding anything contained in this Agreement to the contrary, any indemnification by the Issuer provided for in this Section 7 and in Section 10
shall be payable out of the Assets as an Administrative Expense in accordance with the Priority of Payments. 
 8. Compensation. 

(a) The Issuer shall pay to the Collateral Manager, for services rendered and performance of its obligations under this Agreement, the Base
Management Fee, the Subordinated Management Fee and the Incentive Management Fee at the times, in the amounts and with the priority provided in the Indenture. 

(b) The Collateral Manager may elect in its sole discretion to defer payment of all or a portion of the Base Management Fees or the
Subordinated Management Fees on any Payment Date by providing written notice thereof to the Trustee of such election at least five Business Days prior to such Payment Date (such amounts, together with any amounts so deferred, or deferred as a result
of insufficient funds, on prior dates that remain unpaid, the “Deferred Base Management Fee” or the “Deferred Subordinated Management Fee,” as applicable, and, collectively, the “Deferred Management
Fees”). The Collateral Manager may elect to receive payment of all or any portion of the Deferred Base Management Fee or the Deferred Subordinated Management Fee on any Payment Date to the extent of funds available in accordance with the
Priority of Payments (including in accordance with the Deferred Base Management Fee Cap) on such Payment Date by providing notice to the Trustee of such election and the amount of such fees to be paid on or before five Business Days preceding such
Payment Date. No prior election to defer the payment of all or a portion of the Base Management Fees or the Subordinated Management Fees on a Payment Date shall imply a similar election on a subsequent Payment Date. Any election to waive the
Management Fees or Deferred Management Fees may also be made by written standing instructions to the Trustee; provided that such standing instruction may be rescinded by the Collateral Manager at any time. 

(c) If this Agreement is terminated pursuant to Section 12 or 13, any accrued and unpaid Management Fees or Deferred
Management Fees will immediately become due and payable in accordance with the Priority of Payments on the next Payment Date to the outgoing Collateral Manager; provided that with respect to the Incentive Management Fee, any Incentive
Management Fee payable on the Payment Date occurring immediately following the date of such 

  
 14 

 
termination shall be payable in accordance with the Priority of Payments on such Payment Date or any Payment Date thereafter to the terminated Collateral Manager and the successor collateral
manager pro rata based on the number of days each served as Collateral Manager during the Collection Period in which this Agreement is terminated. 

(d) Without limitation of Section 8(b), the Collateral Manager may in its sole discretion also elect to waive payment of all or a
portion of the Management Fees (including any Deferred Management Fees and any accrued and unpaid interest thereon) that are due and payable in accordance with the Priority of Payments on any Payment Date and designate that the amount of such waived
Management Fees or Deferred Management Fees be applied as Interest Proceeds or Principal Proceeds (as specified by the Collateral Manager in its sole discretion) under the Priority of Payments by providing written notice to the Trustee of such
election and specification at least five Business Days prior to such Payment Date. 
 (e) Unless otherwise specified herein (including
clause (ix) of the following sentence) or in the Indenture, the Collateral Manager shall be responsible for its ordinary rent, office expenses and employee salaries incurred in connection with the performance of its obligations pursuant
to this Agreement. Except as set forth in the preceding sentence, to the extent funds are available therefor in accordance with the Priority of Payments, the Collateral Manager will be paid and reimbursed by the Issuer, for all reasonable costs and
expenses whatsoever incurred by the Collateral Manager in connection with entering into this Agreement and the performance of its obligations hereunder or incurred in connection with the transactions contemplated hereby or by the Indenture,
including, without limitation, any and all of the following, whether incurred by the Collateral Manager before or after the Closing Date, (i) rating agency expenses, (ii) specialty and custom software expenses for the monitoring of the
Collateral Obligations, Eligible Investments and other assets of the Issuer, (iii) the fees and disbursements of the Collateral Manager and its counsel with respect to the offering and sale of the Securities, (iv) the reasonable expenses
of employing outside lawyers or consultants in connection with the restructuring of any Collateral Obligation, (v) fees payable to the independent manager of the Issuer, (vi) the reasonable fees and expenses of employing outside lawyers to
provide advice with respect to any provisions of the Indenture, this Agreement or all Transaction Documents, including any amendment or waiver thereto or hereto, (vii) the reasonable expenses of exercising observation rights (including through
a representative) pursuant to Section 18, (viii) data services fees of the Collateral Manager of up to $100,000 per annum, (ix) reasonable costs and expenses incurred in connection with any action taken with respect to the
Collateral Obligations, Eligible Investments and other assets of the Issuer (including, without limitation, costs and expenses incurred with respect to potential investments by the Issuer, even if such investment is not made by or on behalf of the
Issuer, and brokerage commissions) and (x) the reasonable fees and expenses of employing outside lawyers or consultants in connection with the Advisers Act and any other law, rule or regulation. Notwithstanding the foregoing, in the event the
Collateral Manager has documented fees or expenses that are allocable to one or more entities in addition to the Issuer to which the Collateral Manager provides management or advisory services, the Issuer shall be responsible for only a pro rata
portion of such fees and expenses, based on the aggregate assets under management of all entities to which such costs or expenses are allocable. All obligations of the Issuer pursuant to this Section 8(e) shall be subject to, and payable
only in accordance with, the Priority of Payments. 

  
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 9. Benefit of the Agreement. 

The Collateral Manager agrees that its obligations under this Agreement shall be enforceable by the Issuer and the Trustee on behalf of the
Secured Parties. 
 10. Limits of Collateral Manager Responsibility; Indemnification. 

(a) Subject to Section 7, the Collateral Manager assumes no responsibility under this Agreement other than to render the services
called for hereunder and under the terms of the Indenture applicable to it with reasonable care and in good faith and, subject to the standard of conduct described in the next succeeding sentence, shall not be responsible for any action of the
Issuer or the Trustee in following or declining to follow any advice, recommendation or direction of the Collateral Manager. The Collateral Manager and its Affiliates and their respective principals, partners, members, stockholders, directors,
managers, managing directors, officers, employees and agents shall not be liable to the Issuer, the Trustee, the Fiscal Agent, the Collateral Administrator, any Secured Party or the Holders of the Securities or any other Persons for any Losses (as
defined below) incurred, or for any decrease in the value of the Assets, as a result of the actions taken or recommended, or for any omissions, by the Collateral Manager or its Affiliates or their respective principals, partners, members,
stockholders, directors, managers, managing directors, officers, employees or agents under this Agreement or the Indenture, except (i) by reason of acts or omissions which have been determined in a final judicial proceeding to constitute bad
faith, willful misconduct or gross negligence in the performance of, or reckless disregard with respect to, its obligations hereunder; or (ii) that arise out of or are based upon any Collateral Manager Information in the Offering Circular that
contains any untrue statement of a material fact or omits to state a material fact necessary in order to make any statements in the Collateral Manager Information in the final Offering Circular as of the date hereof, in light of the circumstances
under which they were made, not misleading, as determined in a final judicial proceeding (each, a “Collateral Manager Breach”). United States federal and state securities laws impose liabilities under certain circumstances on
persons who act in good faith and nothing contained herein will constitute a waiver or limitation of any rights which the Issuer or any holder of Securities may have under any applicable federal or state securities laws. Notwithstanding anything in
this Agreement or the Indenture to the contrary, any obligation of the Collateral Manager to apply commercially reasonable efforts in purchasing and disposing of Collateral Obligations and Eligible Investments and the performance of its other duties
under this Agreement and the Indenture shall permit the Collateral Manager to take into account its investment decision-making process and any other considerations it deems appropriate. It is understood in connection with the foregoing provisions
and any other provision of this Agreement and any other Transaction Document (including the Indenture) applicable to the Collateral Manager, that the Collateral Manager is not required to make any independent investigation of any laws or regulations
or interpretations thereof that may affect or be applicable to the holders of the Securities. The Collateral Manager and its Affiliates and their respective principals, partners, members, stockholders, directors, managers, managing directors,
officers, employees and agents shall be entitled to indemnification by the Issuer in accordance with Section 10(b) and the Priority of Payments Notwithstanding anything to the contrary in this Agreement or in the Indenture, in no event
shall the Collateral Manager or its Affiliates be liable for special, indirect, consequential or punitive damages. 

  
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 (b) To the maximum extent allowed under applicable law, including, without limitation, as
applicable, ERISA, the Issuer shall indemnify and hold harmless (the Issuer, in such case the “Indemnifying Party”) the Collateral Manager and its Affiliates and their respective principals, partners, members, stockholders,
directors, managers, managing directors, officers, employees and agents (each, an “Indemnified Party”) from and against any and all expenses, losses, damages, liabilities, demands, charges or claims of any nature whatsoever
(including reasonable attorneys’ fees and expenses) (collectively, “Losses”), as incurred, in respect of or arising from (i) the issuance of the Securities, (ii) the transactions described in the final Offering
Circular, the Indenture, this Agreement or the Transaction Documents, (iii) any action or failure to act by any Indemnified Party, or (iv) in respect of any untrue statement or alleged untrue statement of a material fact contained in the
Offering Circular, or any omission or alleged omission to state a material fact necessary to make the statements in the Offering Circular, in light of the circumstances under which they were made, not misleading; provided that with respect to
the foregoing indemnity, the Issuer shall not be liable for any Losses that arise out of or are based upon any Collateral Manager Breach. The obligations of the Issuer under this Section 10 to indemnify any Indemnified Party for any
Losses will be payable solely out of the Assets in accordance with the Priority of Payments. Notwithstanding anything to the contrary in this Agreement or the Indenture, in no event will the Collateral Manager or its Affiliate be liable for special,
direct, consequential or punitive damages. 
 The foregoing provisions, however, shall not be construed to relieve any person of any
liability to the extent that such liability may not be waived, modified or limited under applicable law. 
 An Indemnified Party shall (or
with respect to the Collateral Manager’s Affiliates and the principals, partners, members, stockholders, directors, managers, managing directors, officers, employees and agents of the Collateral Manager and its Affiliates, the Collateral
Manager shall cause such Indemnified Party to) notify promptly the Indemnifying Party if the Indemnified Party receives a complaint, claim, compulsory process or other notice of any loss, claim, damage or liability giving rise to a claim for
indemnification under this Section 10, but failure so to notify the Indemnifying Party (i) shall not relieve such Indemnifying Party from its obligations under this Section 10 unless and to the extent that it did not
otherwise learn of such action or proceeding and to the extent such failure results in the forfeiture by the Indemnifying Party of substantial rights and defenses and (ii) shall not, in any event, relieve the Indemnifying Party of any
obligations to any Person entitled to indemnity pursuant to this Section 10 other than the indemnification obligations provided for in this Section 10. 

(c) With respect to any claim made or threatened against an Indemnified Party, or compulsory process or request served upon such Indemnified
Party for which such Indemnified Party is or may be entitled to indemnification under this Section 10, such Indemnified Party shall (or with respect to the Collateral Manager’s Affiliates and the principals, partners, members,
stockholders, directors, managers, managing directors, officers, employees and agents of the Collateral Manager and its Affiliates, the Collateral Manager shall cause such Indemnified Party to), at the Indemnifying Party’s expense: 

(i) provide the Indemnifying Party such information and cooperation with respect to such claim as the Indemnifying Party may
reasonably require, including, but not limited to, making appropriate personnel available to the Indemnifying Party at such reasonable times as the Indemnifying Party may request; 

  
 17 

 (ii) cooperate and take all such steps as the Indemnifying Party may reasonably
request to preserve and protect any defense to such claim; 
 (iii) in the event suit is brought with respect to such claim,
upon reasonable prior notice, afford to the Indemnifying Party the right, which the Indemnifying Party may exercise in its sole discretion and at its expense, to participate in the investigation, defense and settlement of such claim and, to the
extent that it shall wish, to assume the defense thereof, with counsel satisfactory to such Indemnified Party (who shall not, except with the consent of the Indemnified Party, be counsel to the Indemnifying Party), and, after notice from the
Indemnifying Party to such Indemnified Party of its election to so assume the defense thereof, the Indemnifying Party shall not be liable to such Indemnified Party under such subsection for any legal expenses of other counsel or any other expenses
directly related to the defense thereof, in each case subsequently incurred by such Indemnified Party, other than reasonable costs of investigation; 

(iv) neither incur any material expense to defend against any such claim nor make any admission with respect thereto (other
than routine or incontestable admissions or factual admissions the failure to make which would expose such Indemnified Party to (A) unindemnified liability or (B) any liability in respect of which, in the good faith determination of such
Indemnified Party, the Indemnifying Party is unlikely to have sufficient funds available to indemnify the Indemnified Party in full, taking into account the priorities set forth in Article XI of the Indenture) without the prior written consent of
the Indemnifying Party; provided that the Indemnifying Party shall have advised such Indemnified Party that such Indemnified Party is entitled to be indemnified hereunder with respect to such claim; and 

(v) without the prior written consent of the Indemnifying Party, which consent shall not be unreasonably withheld or delayed,
neither release, settle or compromise any claim giving rise to a claim for indemnity hereunder, nor permit a default or consent to the entry of any judgment in respect thereof, unless such settlement, compromise or consent includes, as an
unconditional term thereof, the giving by the claimant to the Indemnifying Party of a release from liability substantially equivalent to the release given by the claimant to such Indemnified Party in respect of such claim; provided that such
Indemnified Party shall not be required to seek or obtain such consent if it determines in good faith, that the Indemnifying Party is unlikely to have sufficient funds available to indemnify it in full, taking into account the priorities set forth
in Article XI of the Indenture; provided that the Indemnifying Party shall have advised such Indemnified Party that such Indemnified Party is entitled to be indemnified hereunder with respect to such claim. 

(d) In the event that any Indemnified Party expressly waives in writing its right to indemnification hereunder, the Indemnifying Party shall
not be entitled to appoint counsel to represent such Indemnified Party nor shall the Indemnifying Party reimburse such Indemnified Party for any costs of counsel to such Indemnified Party. 

  
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 11. No Partnership or Joint Venture. 

The Issuer and the Collateral Manager are not partners or joint venturers with each other and nothing herein shall be construed to make them
such partners or joint venturers or impose any liability as such on either of them. The Collateral Manager shall be, for all purposes herein, deemed to be an independent contractor and shall, unless otherwise expressly provided herein or authorized
by the Issuer from time to time, have no authority to act for or represent the Issuer in any way or otherwise be deemed an agent of the Issuer. 

12. Term; Termination. 

(a) This Agreement shall continue in force until the first of the following occurs: (i) the payment in full or redemption in whole of the
Securities and the termination of the Indenture in accordance with its terms; (ii) the liquidation of the Assets and the final distribution of the proceeds of such liquidation to the Holders; or (iii) the termination of this Agreement in
accordance with Section 12(b) or (c) or Section 13. In the absence of the circumstances described in clause (i) or (ii) of the preceding sentence, no termination of this Agreement or any
removal or resignation of the Collateral Manager shall be effective until written acceptance of appointment by a successor Collateral Manager and the effective assumption by such successor collateral manager of the duties of the Collateral Manager
have been received. The Collateral Manager hereby acknowledges and agrees that the Collateral Manager shall continue to perform its obligations hereunder and under the Indenture in the manner provided herein and therein until the payment in full or
redemption in whole of the Securities and the termination of the Indenture in accordance with its terms unless any of the events described in clause (ii) or (iii) of the second preceding sentence occur prior thereto. 

(b) Notwithstanding any other provision hereof to the contrary, this Agreement may be terminated without cause by the Collateral Manager, and
the Collateral Manager may resign, upon 90 days’ prior written notice to the Issuer and the Trustee (or such shorter notice as is acceptable to the Issuer and the Trustee; provided that the Collateral Manager shall have the right to
resign immediately upon the effectiveness of any material change in applicable law or regulations that renders the performance by the Collateral Manager of its duties under this Agreement or under the Indenture to be a violation of such law or
regulation). The Issuer shall use its best efforts to appoint a successor Collateral Manager to assume such duties and obligations. 
 (c)
This Agreement shall be automatically terminated in the event that the Board of Managers determines in good faith that the Issuer or any portion of the pool of Assets has become required to register as an investment company under the provisions of
the Investment Company Act by virtue of any action taken by the Collateral Manager (and such requirement has not been eliminated after a period of 45 days), and the Issuer notifies the Collateral Manager thereof. 

  
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 (d) If this Agreement is terminated pursuant to this Section 12, such termination
shall be without any further liability or obligation of either party to the other, except as provided in Sections 2(h)(i), 6, 8(c), 10, 14, 15 and 33, which provisions shall survive the termination of
this Agreement. 
 (e) Within 30 days of the resignation, termination or removal of the Collateral Manager pursuant to Section 12
or 13 while any of the Securities are outstanding, a Majority of the Preferred Interests shall propose a successor Collateral Manager to the Issuer that satisfies the criteria set forth in clause (g) below by delivering notice
thereof to the Trustee, the Collateral Manager and the Holders of the Controlling Class. A Majority of the Controlling Class shall have 30 days from receipt of such notice to (i) object to such successor collateral manager, and
(ii) propose a successor collateral manager that satisfies the criteria set forth in clause (g) below by delivering notice of such objection and proposed successor to the Trustee, the Collateral Manager and the Holders of the
Preferred Interests. If no such notice is received by the Trustee within such time period, such proposed successor collateral manager shall be appointed Collateral Manager. If, however, such notice is received by the Trustee within such time period,
a Majority of the Preferred Interests shall have 30 days from receipt of such notice to (i) object to such successor collateral manager, and (ii) propose a successor collateral manager that satisfies the criteria set forth in
clause (g) below by delivery of notice of such objection and proposed successor to the Trustee, the Collateral Manager and the Holders of the Controlling Class. If no such notice is received by the Trustee within such time period, such
proposed successor collateral manager shall be appointed Collateral Manager. If, however, such notice is received by the Trustee within such time period, a Majority of the Controlling Class shall have 30 days from receipt of such notice to
(i) object to such successor collateral manager, and (ii) propose a successor collateral manager that satisfies the criteria set forth in clause (g) below by delivery of notice of such objection and proposed successor to
the Trustee, the Collateral Manager and the Holders of the Preferred Interests. If such notice is received by the Trustee within such time period, a Majority of the Preferred Interests shall have 30 days from receipt of such notice to object to such
successor collateral manager by delivery of notice of such objection to the Trustee, the Collateral Manager and the Holders of the Controlling Class. If no such notice of objection is received by the Trustee within such time period, such successor
collateral manager proposed by a Majority of the Controlling Class will be appointed Collateral Manager. 
 (f) Notwithstanding the
foregoing, if no successor Collateral Manager shall have been appointed by the Issuer or an instrument of acceptance by a successor Collateral Manager shall not have been delivered as provided in clause (g) below within 180 days
following the date of resignation, termination or removal of the Collateral Manager, the Collateral Manager, a Majority of the Preferred Interests or a Majority of the Controlling Class may petition any court of competent jurisdiction for the
appointment of a successor Collateral Manager without the approval of any Holders of Securities. If neither the Collateral Manager, a Majority of the Preferred Interests nor the Majority of the Controlling Class shall petition a court of competent
jurisdiction within 45 days of having the right to do so, then any Holder of Securities of the Controlling Class may so petition. 
 (g) Any
successor collateral manager shall be an institution that (i) has demonstrated an ability to professionally and competently perform duties similar to those imposed upon the Collateral Manager, (ii) is legally qualified and has the capacity
to act as 

  
 20 

 
collateral manager and assume all of the responsibilities, duties and obligations of the Collateral Manager hereunder and under the applicable terms of the Indenture, (iii) by its
appointment will not cause or result in the Issuer or any portion of the Assets becoming required to register under the provisions of the Investment Company Act and (iv) has accepted its appointment in writing and has agreed to perform all
duties of the Collateral Manager pursuant to this Agreement and any letter agreement that the Collateral Manager executed in connection with its duties hereunder. 

(h) Upon the acceptance by a successor Collateral Manager of such appointment, all rights and obligations of the Collateral Manager under this
Agreement shall terminate, except as provided in Sections 2(h)(i), 6, 8(c), 10, 14(a), 15 and 33. Upon expiration of the applicable notice period with respect to termination specified in this
Section 12 or Section 13, as applicable, and upon the acceptance by a successor Collateral Manager of such appointment, all authority and power of the Collateral Manager under this Agreement and the Indenture, whether with
respect to the Assets or otherwise, shall automatically and without further action by any Person pass to and be vested in the successor Collateral Manager upon the appointment thereof. Nevertheless, the Collateral Manager shall take such steps as
may be reasonably necessary to transfer such authority and power. 
 13. Termination for Cause. 

This Agreement may be terminated, and the Collateral Manager may be removed (1) by the Issuer for cause upon ten (10) Business
Days’ prior written notice from the Issuer or (2) by the Issuer or the Trustee for cause, upon ten (10) Business Days’ prior written notice at the direction of a Majority of the Controlling Class (excluding, in each case, any
Manager Securities) unless a Majority of the Controlling Class withdraws such direction within ten (10) Business Days after such written notice by the Issuer or the Trustee; provided that the termination of this Agreement pursuant to
Section 13(c) shall be automatic with no notice required from the Issuer, the Trustee or any other person. Notice of such removal for cause shall be delivered by or on behalf of the Issuer to the Holders of each Class of Securities. In
determining whether the requisite number of the Holders of Securities has given such direction pursuant to this Section 13 and any related direction under Section 12 in connection with a removal or termination for cause (but,
notwithstanding anything herein to the contrary, not for a replacement following a removal for cause), Securities owned by the Collateral Manager or any Affiliate (including any Securities held by the Collateral Manager or any of its Affiliates or
any fund established and controlled by the Collateral Manager or any Affiliate thereof) shall be disregarded and deemed not to be Outstanding. No such termination or removal shall be effective until the date as of which a successor collateral
manager shall have agreed in writing to assume all of the Collateral Manager’s duties and obligations pursuant to this Agreement. For purposes of determining “cause” with respect to termination of this Agreement pursuant to this
Section 13, such term shall mean only any one of the following events: 
 (a) willful violation or willful breach by the
Collateral Manager of any provision of this Agreement or the Indenture applicable to the Collateral Manager (unrelated to the economic performance of the Collateral), it being understood that an action (or failure to act) by the Collateral Manager
based on its good faith interpretation of a provision of the Collateral Management Agreement or the Indenture will not be considered a willful violation or willful breach; 

  
 21 

 (b) violation by the Collateral Manager of any material provision of this Agreement or the
Indenture applicable to the Collateral Manager (other than as covered by the preceding clause (a) and it being understood that the failure of any Coverage Test, Investment Criteria, Interest Diversion Test or Collateral Quality Test is
not such a violation) which violation (1) has a material adverse effect on the Holders and (2) if capable of being cured, is not cured within 30 days of the Collateral Manager having actual knowledge of, or receiving notice from the Issuer
or the Trustee of, such violation, or, if such violation is not capable of cure within 30 days but is capable of being cured in a longer period, the Collateral Manager fails to cure such violation within the period in which a reasonably prudent
person could cure such violation, but in no event greater than 60 days of the Collateral Manager having actual knowledge of, or receiving notice from the Issuer or the Trustee of, such violation; 

(c) the Collateral Manager is wound up or dissolved or there is appointed over it or a substantial part of its assets a receiver,
administrator, administrative receiver, trustee or similar officer; or the Collateral Manager (i) ceases to be able to, or admits in writing its inability to, pay its debts as they become due and payable, or makes a general assignment for the
benefit of, or enters into any composition or arrangement with, its creditors generally; (ii) applies for or consents (by admission of material allegations of a petition or otherwise) to the appointment of a receiver, trustee, assignee,
custodian, liquidator or sequestrator (or other similar official) of the Collateral Manager or of any substantial part of its properties or assets, or authorizes such an application or consent, or proceedings seeking such appointment are commenced
without such authorization, consent or application against the Collateral Manager and continue undismissed for 60 days; (iii) authorizes or files a voluntary petition in bankruptcy, or applies for or consents (by admission of material
allegations of a petition or otherwise) to the application of any bankruptcy, winding-up, reorganization, arrangement, readjustment of debt, insolvency or dissolution, or authorizes such application or consent, or proceedings to such end are
instituted against the Collateral Manager without such authorization, application or consent and are approved as properly instituted and remain undismissed for 60 days or result in adjudication of bankruptcy or insolvency; or (iv) permits or
suffers all or any substantial part of its properties or assets to be sequestered or attached by court order and the order remains undismissed for 60 days; 

(d) the occurrence of any act constituting fraud or criminal negligence and resulting in a conviction by the Collateral Manager or any managing
director of the Collateral Manager who has direct supervisory responsibility for the investment activities of the Issuer and such managing director continues to have such direct supervisory responsibility for a period of 30 days after such
conviction; or 
 (e) the occurrence of any event specified in clause (a) or (b) of the definition of Event of
Default which default is directly the result of any act or omission of the Collateral Manager resulting from a breach of its duties under this Agreement or under the Indenture (unrelated to the economic performance of the Assets). 

  
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 If any of the events specified in this Section 13 shall occur, the Collateral Manager
shall give prompt written notice thereof to the Issuer, the Trustee and each Rating Agency then rating the Notes upon the Collateral Manager’s having actual knowledge of the occurrence of such event. 

14. Action Upon Termination. 

(a) From and after the effective date of termination of this Agreement, the Collateral Manager shall not be entitled to compensation for
further services hereunder, but shall be paid all compensation accrued to the date of termination and its pro rata portion of any Incentive Management Fee payable on the Payment Date occurring immediately following such date of
termination, as provided in Section 8(c), and shall be entitled to receive any amounts owing under Sections 7, 8 and 10. For the avoidance of doubt, following the resignation or removal of the Collateral Manager, any
Deferred Management Fees will be treated as if the outgoing Collateral Manager had given notice to the Trustee of the Collateral Manager’s election to receive payment of all of the Deferred Management Fees and shall be payable to the outgoing
Collateral Manager on the next Payment Date in accordance with the Priority of Payments and any ongoing discretionary deferral by the outgoing Collateral Manager shall thereafter terminate and have no further force or effect. Upon termination, the
Collateral Manager shall as soon as practicable: 
 (i) deliver to the Issuer or to the successor collateral manager if so
directed by the Issuer, all property and documents of the Trustee or the Issuer or otherwise relating to the Assets then in the custody of the Collateral Manager; provided that the Collateral Manager may keep copies of any documents required
to be retained in compliance with the record keeping requirements of the Advisers Act; and 
 (ii) deliver to the Trustee an
accounting with respect to the books and records delivered to the Trustee or the successor collateral manager appointed pursuant to Sections 12(e), (f) and (g). 

Notwithstanding such termination, the Collateral Manager shall remain liable for its acts or omissions hereunder to the extent set forth in
Section 10 arising prior to termination and for any expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever (including reasonable attorneys’ fees) in respect of or arising out of a breach of the
representations and warranties made by the Collateral Manager in Section 17(b) or from any failure of the Collateral Manager to comply with the provisions of this Section 14 or its obligations under
Section 2(h)(i) and Section 6 (with respect to confidentiality). 
 The Collateral Manager agrees that,
notwithstanding any termination, it shall reasonably cooperate in any Proceeding arising in connection with this Agreement, the Indenture or any of the Assets (excluding any such Proceeding in which claims are asserted against the Collateral
Manager) upon receipt of appropriate indemnifications and expense reimbursement. 
 (b) The Issuer agrees that it shall give each Rating
Agency then rating the Rated Notes notice of any resignation or removal of the Collateral Manager under this Agreement and of the appointment of any successor collateral manager. 

  
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 15. Use of Name. 

The Collateral Manager hereby grants to the Issuer a non-exclusive, non-transferable license to use the name “Carlyle” as part of the
name of the Issuer and in offering memoranda, statements and reports to investors and other documents with respect to the Issuer. It is understood that the name “Carlyle” and any logo associated with that name is the valuable property of
the Collateral Manager. From and after the effective date of termination of this Agreement, the Collateral Manager shall be entitled to direct the Issuer to cease to use the “Carlyle” name and logo and to take such action as may be
necessary to change their respective names and to eliminate all references to such name and logo in the Issuer’s statements and reports to investors and other documents in respect of the Issuer as promptly as possible thereafter,
provided that the Collateral Manager shall reimburse the Issuer for any reasonable fees and expenses incurred in connection with such direction. 

16. Assignments. 
 The
Collateral Manager may not assign any of its rights or responsibilities under this Agreement without (a) obtaining a Rating Agency Confirmation for such assignment and (b) the written consent of the Issuer, a Majority of the Controlling
Class and a Majority of the Preferred Interests; provided that, notwithstanding the foregoing, the Collateral Manager shall be permitted to assign any or all of its rights and delegate any or all of its obligations under this Agreement to an
Affiliate (without the consent of the Issuer, a Majority of the Controlling Class, a Majority of the Preferred Interests or any other Person, or without obtaining a Rating Agency Confirmation) so long as such Affiliate (A) has demonstrated an
ability to professionally and competently perform duties similar to those imposed upon the Collateral Manager under this Agreement and the Indenture; (B) is legally qualified and has the capacity to act as Collateral Manager under this
Agreement; (C) has the systems and technology, or rights to the systems and technology, necessary to perform the duties and obligations being assigned or delegated to it; and (D) immediately after such assignment performs its obligations
under this Agreement using substantially the same team of principal individuals which would have performed such obligations had the assignment not occurred; provided, further, that to the extent any consent is required under the Advisers Act
for any assignment pursuant to the immediately preceding proviso, the Collateral Manager will obtain the consent of the Issuer (which may be by the Board of Managers). Notwithstanding the foregoing, the assignment by the Collateral Manager of any or
all of its rights or the delegation of any or all of its obligations under this Agreement to any Affiliate will require prompt notification to the Controlling Class and each Rating Agency. 

Notwithstanding the immediately preceding paragraph, without the consent of, opportunity to object or any other action by, the Issuer or any
holder of Securities or any other Person, and without Rating Agency Confirmation, the Collateral Manager may assign this Agreement and all of its rights or obligations under this Agreement to any person into which the Collateral Manager may be
merged or converted or with which it may be consolidated, or any person resulting from any merger, conversion or consolidation to which the Collateral Manager or the collateral management business of the Collateral Manager is a party, or any person
otherwise acquiring or succeeding to all or substantially all of the collateral management business of the Collateral Manager, provided that the surviving entity (A) has demonstrated an ability to professionally and competently perform
duties similar to those imposed upon the 

  
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Collateral Manager under this Agreement and the Indenture, (B) is legally qualified and has the capacity to act as Collateral Manager under this Agreement and (C) has the systems and
technology, or rights to the systems and technology, necessary to perform the duties and obligations being assigned or delegated to it; provided, further, that, to the extent any consent is required under the Advisers Act for any assignment
pursuant to the immediately preceding proviso, the Collateral Manager shall obtain the consent of the Issuer (which may be by the Board of Managers). 

Any assignment made in accordance with this Agreement shall bind the assignee hereunder in the same manner as the Collateral Manager is bound,
including pursuant to any previously existing letter agreement. In addition, the assignee shall execute and deliver to the Issuer, the Trustee and each Rating Agency then rating the Rated Notes a counterpart of this Agreement naming such assignee as
Collateral Manager. Upon the execution and delivery of such a counterpart by the assignee, the Collateral Manager shall be released from further obligation pursuant to this Agreement, except with respect to its obligations arising under
Section 10 prior to such assignment and for any expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever (including reasonable attorneys’ fees) in respect of or arising out of a breach of the
representations and warranties made by the Collateral Manager in Section 17(b) or from any failure of the Collateral Manager to comply with the provisions of this Section 16 or its obligations under
Section 2(h)(i) and Section 6 (with respect to confidentiality). In addition, Sections 8(c), 14, 15, 22, 24, 25 and 33 shall survive any release of the Collateral Manager from
its obligations under this Agreement pursuant to any assignment. 
 This Agreement shall not be assigned by the Issuer without the prior
written consent of the Collateral Manager, the Trustee and a Majority of each Class of Securities, except in the case of assignment by the Issuer (i) to an entity which is a successor to the Issuer permitted under the Indenture, in which case
such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Issuer is bound thereunder, or (ii) to the Trustee as contemplated by the Indenture. In the event of any assignment by the
Issuer, the Issuer shall use reasonable efforts to cause its successor to execute and deliver to the Collateral Manager such documents as the Collateral Manager shall consider reasonably necessary to effect fully such assignment. 

17. Representations and Warranties. 

(a) The Issuer hereby represents and warrants to the Collateral Manager as follows: 

(i) The Issuer is a limited liability company duly organized, validly existing and in good standing under the laws of the State
of Delaware and has full limited liability company power and authority to own its assets and the securities proposed to be owned by it and included in the Assets and to transact the business in which it is presently engaged and is duly qualified
under the laws of each jurisdiction where its ownership or lease of property or the conduct of its business requires, or the performance of its obligations under this Agreement, the Account Agreement, the Indenture or the Securities would require
such qualification, except for failures to be so qualified, authorized or licensed that would not in the aggregate have a material adverse effect on the business, operations, assets or financial condition of the Issuer. 

  
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 (ii) The Issuer has full limited liability company power and authority to execute
and deliver this Agreement, the Indenture, the Account Agreement and the Securities and perform all obligations required hereunder and thereunder and has taken all necessary action to authorize this Agreement, the Indenture, the Account Agreement
and the Securities on the terms and conditions hereof and thereof and the execution, delivery and performance of this Agreement, the Indenture, the Account Agreement and the Securities and the performance of all obligations imposed upon it hereunder
and thereunder. No consent of any other person including, without limitation, stockholders and creditors of the Issuer, and no license, permit, approval or authorization of, exemption by, notice or report to, or registration, filing or declaration
with, any governmental authority, other than those that may be required under state securities or “blue sky” laws and those that have been or shall be obtained in connection with this Agreement, the Indenture, the Account Agreement or the
issuance of the Securities, is required by the Issuer in connection with this Agreement, the Indenture, the Account Agreement or the Securities or the execution, delivery, performance, validity or enforceability of this Agreement, the Indenture, the
Account Agreement or the Securities or the obligations imposed upon it hereunder or thereunder. This Agreement, the Indenture, the Account Agreement and the Securities constitute, and each instrument or document required hereunder or thereunder,
when executed and delivered hereunder or thereunder, shall constitute, the legally valid and binding obligation of the Issuer enforceable against the Issuer in accordance with its terms, subject, as to enforcement, to (A) the effect of
bankruptcy, insolvency or similar laws affecting generally the enforcement of creditors’ rights, as such laws would apply in the event of any bankruptcy, receivership, insolvency, winding up or similar event applicable to the Issuer and
(B) general equitable principles (whether enforceability of such principles is considered in a proceeding at law or in equity). 

(iii) The execution, delivery and performance of this Agreement and the documents and instruments required hereunder shall not
violate any provision of any existing law or regulation binding on the Issuer, or any order, judgment, award or decree of any court, arbitrator or governmental authority binding on the Issuer, or the organizational documents of, or any securities
issued by, the Issuer or of any mortgage, indenture, lease, contract or other agreement, instrument or undertaking to which the Issuer is a party or by which the Issuer or any of its assets is or may be bound, the violation of which would have a
material adverse effect on the business, operations, assets or financial condition of the Issuer, and shall not result in or require the creation or imposition of any lien on any of its property, assets or revenues pursuant to the provisions of any
such mortgage, indenture, lease, contract or other agreement, instrument or undertaking (other than the lien of the Indenture). 

(iv) The Issuer is not an “investment company” which is required to be registered under the Investment Company Act.

  
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 (v) The Issuer is not in violation of its organizational documents or in breach
or violation of or in default under the Indenture, the Account Agreement or any contract or agreement to which it is a party or by which it or any of its assets may be bound, or any applicable statute or any rule, regulation or order of any court,
government agency or body having jurisdiction over the Issuer or its properties, the breach or violation of which or default under which would have a material adverse effect on the validity or enforceability of this Agreement or the performance by
the Issuer of its duties hereunder. 
 (b) The Collateral Manager hereby represents and warrants to the Issuer as follows: 

(i) The Collateral Manager is a limited liability company duly organized, validly existing and in good standing under the laws
of the State of Delaware and has full power and authority to own its assets and to transact the business in which it is currently engaged and is duly qualified as a foreign limited liability company and is in good standing under the laws of each
jurisdiction where the performance of this Agreement would require such qualification, except for those jurisdictions in which the failure to be so qualified, authorized or licensed would not have a material adverse effect on the validity or
enforceability of this Agreement and the provisions of the Indenture applicable to the Collateral Manager; or the performance by the Collateral Manager of its duties hereunder or thereunder. The Collateral Manager is a registered investment adviser
under the United States Investment Advisers Act of 1940, as amended (the “Advisers Act”). 
 (ii) The
Collateral Manager has the necessary power and authority to execute, deliver and perform this Agreement and all obligations required hereunder and under the provisions of the Indenture applicable to the Collateral Manager and has taken all necessary
action to authorize this Agreement on the terms and conditions hereof and the execution, delivery and performance of this Agreement and all obligations required hereunder and under the terms of the Indenture applicable to the Collateral Manager. No
consent of any other person, including, without limitation, creditors of the Collateral Manager, and no license, permit, approval or authorization of, exemption by, notice or report to, or registration, filing or declaration with, any governmental
authority is required by the Collateral Manager in connection with this Agreement or the execution, delivery, performance, validity or enforceability of this Agreement or the obligations required hereunder or under the terms of the Indenture
applicable to the Collateral Manager. This Agreement has been, and each instrument and document required hereunder or under the terms of the Indenture, will be, executed and delivered by a duly authorized officer of the Collateral Manager, and this
Agreement constitutes, and each instrument and document required hereunder or under the terms of the Indenture when executed and delivered by the Collateral Manager hereunder or under the terms of the Indenture, will constitute, the valid and
legally binding obligations of the Collateral Manager enforceable against the Collateral Manager in accordance with their terms, subject, as to enforcement, to (A) the effect of bankruptcy, insolvency or similar laws affecting generally the
enforcement of creditors’ rights, as such laws would apply in the event of any bankruptcy, receivership, insolvency or similar event applicable to the Collateral Manager and (B) general equitable principles (whether enforceability of such
principles is considered in a proceeding at law or in equity). 

  
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 (iii) The execution, delivery and performance of this Agreement and the
performance by the Collateral Manager of the terms of the Indenture applicable to it will not violate any provision of any existing law or regulation binding on the Collateral Manager, or any order, judgment, award or decree of any court, arbitrator
or governmental authority binding on the Collateral Manager, or the organizational documents of, or any securities issued by the Collateral Manager or of any mortgage, indenture, lease, contract or other agreement, instrument or undertaking to which
the Collateral Manager is a party or by which the Collateral Manager or any of its assets may be bound, the violation of which would have a material adverse effect on the business operations, assets or financial condition of the Collateral Manager
or any of its subsidiaries, and will not result in or require the creation or imposition of any lien on any of its property, assets or revenues pursuant to the provisions of any such mortgage, indenture, lease, contract or other agreement,
instrument or undertaking. 
 (iv) There is no charge, investigation, action, suit or proceeding before or by any court
pending or, to the best knowledge of the Collateral Manager, threatened that, if determined adversely to the Collateral Manager, would have a material adverse effect upon the performance by the Collateral Manager of its duties under, or on the
validity or enforceability of, this Agreement and the provisions of the Indenture applicable to the Collateral Manager hereunder. 

(v) The Collateral Manager is not in violation of its organizational documents or in breach or violation of or in default under
any contract or agreement to which it is a party or by which it or any of its property may be bound, or any applicable statute or any rule, regulation or order of any court, government agency or body having jurisdiction over the Collateral Manager
or its properties, the breach or violation of which or default under which would have a material adverse effect on the validity or enforceability of this Agreement or the provisions of the Indenture applicable to the Collateral Manager hereunder, or
the performance by the Collateral Manager of its duties hereunder or thereunder. 
 (vi) The information (as such information
may be amended or supplemented) provided by the Collateral Manager expressly for inclusion in the Collateral Manager Information does not purport to provide the scope of disclosure required to be included in a prospectus with respect to a registrant
in connection with the offer and sale of securities of such registrant registered under the Securities Act; however, the Collateral Manager Information contained in the Offering Circular as of its date (or, if amended or supplemented, as consented
to by the Collateral Manager, as of the date of any such amendment or supplement of or to such information), and as of the Closing Date does not and will not contain any untrue statement of a material fact or omit to state any material fact
necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. 

  
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 18. Observation Rights. 

The Issuer covenants and agrees that, upon request by the Collateral Manager, the Issuer shall notify the Collateral Manager in advance of each
meeting of the Board of Managers. In addition, upon request by the Collateral Manager, the Issuer will provide to the Collateral Manager, at the time of distribution to the Board of Managers, any materials to be distributed to the Board of Managers
in connection with such meeting. The Issuer will afford a representative of the Collateral Manager the opportunity to be present at each such meeting upon request by the Collateral Manager, in person or by telephone at the option of the Collateral
Manager. 
 19. Notices. 

Unless expressly provided otherwise herein, all notices, requests, demands and other communications required or permitted under this Agreement
shall be in writing (including by facsimile) and shall be deemed to have been duly given, made and received when delivered against receipt or upon actual receipt of registered or certified mail, postage prepaid, return receipt requested, or, in the
case of notice by facsimile or electronic mail, when received in legible form (as evidenced by the sender’s written record of a telephone call to the recipient in which the recipient acknowledged receipt of such facsimile or electronic mail
message), in each case addressed as set forth in Section 14.3 of the Indenture. 
 Any party may alter the mailing address, facsimile
number or electronic mail address to which communications or copies are to be sent by giving notice of such change of address in conformity with the provisions of this Section 19 for the giving of notice. 

20. Binding Nature of Agreement; Successors and Assigns; No Third-Party Beneficiaries. 

This Agreement shall be binding upon and inure to the benefit of the parties hereto and the Trustee and their respective heirs, personal
representatives, successors and assigns as provided herein. Other than the parties hereto and the Trustee and their respective heirs, personal representatives, successors and assigns there are and shall be no third-party beneficiaries of this
Agreement. 
 21. Entire Agreement; Amendments. 

This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject matter hereof, and
supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede
any course of performance and/or usage of the trade inconsistent with any of the terms hereof. This Agreement may not be modified or amended without the consent of each Class materially and adversely affected by such amendment (other than in respect
of an amendment or modification of the type that may be made to the Indenture without the consent of any holder of a Security) and subject to obtaining Rating Agency Confirmation; provided that the Issuer will be entitled to rely on a
certificate of the Collateral Manager attesting that each such class is not materially and adversely affected by such amendment and provided, further, that no consent of the Holders may be required in connection

  
 29 

 
with any amendment or modification to this Agreement the sole purpose of which is to comply with changes in the Retention Requirements. For so long as any of the Securities are listed on the
Irish Stock Exchange, the Issuer shall cause a copy of any amendment or modification of this Agreement to be sent to the Irish Stock Exchange. 

22. Conflict with the Indenture. 

In the event that this Agreement requires any action to be taken with respect to any matter and the Indenture requires that a different action
be taken with respect to such matter, and such actions are mutually exclusive, the provisions of the Indenture in respect thereof shall control. 

23. Subordination and Assignment. 

The Collateral Manager agrees that the payment of all amounts to which it is entitled pursuant to this Agreement shall be subordinated to the
extent set forth in, and the Collateral Manager agrees to be bound by the provisions of, Article XI of the Indenture and each of the Collateral Manager and Issuer hereby consents to the assignment of this Agreement as provided in Section 15.1
of the Indenture. Without limiting the foregoing, the Collateral Manager hereby acknowledges and agrees that its claims in respect of any accrued and unpaid Incentive Management Fee shall, both before and after the commencement of the winding-up of
the Issuer, be subordinated to the claims of the Holders of the Preferred Interests to the payment of any distribution on the Preferred Interests in the manner and to the extent provided in the Priority of Payments. 

24. Governing Law; Submission to Jurisdiction; Venue, Etc. 

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

With respect to Proceedings relating to this Agreement, to the fullest extent permitted by applicable law, each party irrevocably
(i) submits to the non-exclusive jurisdiction of the courts of the State of New York and the United States District Court located in the Borough of Manhattan in New York City and (ii) waives any objection which it may have at any time to
the laying of venue of any Proceedings brought in any such court, waives any claim that such Proceedings have been brought in an inconvenient forum and further waives the right to claim that such Proceedings have been brought in an inconvenient
forum and further waives the right to object, with respect to such Proceedings, that such court does not have any jurisdiction over such party. Nothing in this Agreement precludes either party from bringing Proceedings in any other jurisdiction, nor
will the bringing of Proceedings in any one or more jurisdictions preclude the bringing of Proceedings in any other jurisdiction. 
 THE
PARTIES HERETO IRREVOCABLY CONSENT TO THE SERVICE OF ANY AND ALL PROCESS IN ANY ACTION OR PROCEEDING BY THE MAILING OR DELIVERY OF COPIES OF SUCH PROCESS TO EACH SUCH PARTY AT THE ADDRESS SPECIFIED IN SECTION 19 OF THIS AGREEMENT. THE PARTIES
HERETO AGREE THAT A FINAL JUDGMENT 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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 25. Indulgences Not Waivers. 

Neither the failure nor any delay on the part of any party hereto to exercise any right, remedy, power or privilege under this Agreement shall
operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right,
remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party
asserted to have granted such waiver. 
 26. Costs and Expenses. 

The reasonable costs and expenses (including the fees and disbursements of counsel and accountants) incurred by the Collateral Manager in
connection with the negotiation and preparation of and the execution of this Agreement, and all matters incident thereto, shall be borne by the Issuer as an Administrative Expense. 

27. Titles Not to Affect Interpretation. 

The titles of paragraphs and subparagraphs contained in this Agreement are for convenience only, and they neither form a part of this Agreement
nor are they to be used in the construction or interpretation hereof. 
 28. Execution in Counterparts. 

This Agreement may be executed in any number of counterparts by facsimile or other written form of communication, each of which shall be deemed
to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together,
shall bear the signatures of all of the parties reflected hereon as the signatories. 
 29. Provisions Separable. 

The provisions of this Agreement are independent of and separable from each other, and no provision shall be affected or rendered invalid or
unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 

30. Number and Gender. 

Words used herein, regardless of the number and gender specifically used, will be deemed and construed to include any other number, singular or
plural, and any other gender, masculine, feminine or neuter, as the context requires. 

  
 31 

 31. Written Disclosure Statement. 

The Issuer acknowledges receipt of Part II of the Collateral Manager’s Form ADV filed with the Securities and Exchange Commission, as
required by Rule 204-3 under the Advisers Act, more than 48 hours’ prior to the date of execution of this Agreement. 
 32. Survival
of Representations, Warranties and Indemnities. 
 Each representation and warranty made or deemed to be made herein or pursuant hereto,
and each indemnity provided for hereby, shall survive indefinitely. 
 33. Non Recourse. 

(a) Notwithstanding any other provision of this Agreement to the contrary, no recourse shall be had for the payment of any amount owing in
respect of this Agreement, from time to time and at any time, against any officer, director, employee, stockholder or incorporator of the Issuer. All obligations of the Issuer under this Agreement, shall constitute limited recourse obligations of
the Issuer. Recourse in respect of any obligations of the Issuer hereunder shall, from time to time and at any time, be limited to the amounts derived from or referable to the Assets available at such time distributed in accordance with the Priority
of Payments. Upon the exhaustion of the Assets, all remaining claims against the Issuer arising from this Agreement or any transaction contemplated hereby shall be extinguished and shall not thereafter revive. 

(b) This Section 33 shall survive the termination of this Agreement. 

  
 32 

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

			
	CARLYLE GMS INVESTMENT MANAGEMENT L.L.C., as Collateral Manager
		
	By:	 	 /s/ Orit Mizrachi

		 	Name: Orit Mizrachi
		 	Title: Officer
	
	CARLYLE GMS FINANCE MM CLO 2015-1 LLC, as Issuer
		
	By:	 	 /s/ Donald J. Puglisi

		 	Name: Donald J. Puglisi
		 	Title: Independent Manager

 [Signature Page to Collateral Management Agreement]EX-10.4

 Exhibit 10.4 

Execution Version 

CONTRIBUTION AGREEMENT 

This CONTRIBUTION AGREEMENT (this “Agreement”), date as of June 26, 2015, by and between Carlyle GMS Finance, Inc., a
Maryland corporation, as the contributor (the “Contributor”), and Carlyle GMS Finance MM CLO 2015-1 LLC, a Delaware limited liability company, as the contributee (the “Contributee”). 

RECITALS 
 A. WHEREAS, the
Contributor owns 100% of the membership interests of the Contributee. 
 B. WHEREAS, the Contributor desires to contribute, and the
Contributee has agreed to receive from the Contributor, all of the loans and other debt obligations listed on Schedule I hereto (including the loans and other debt obligations subject to that certain Distribution and Contribution Agreement,
dated as of the date hereof between the Contributor and Carlyle GMS Finance SPV LLC (the “Distribution and Contribution Agreement”) and any rights of the Contributor in connection therewith) (the “Contributed Collateral
Obligations”), in each case, together with, among other things, the related rights of payment thereunder and the interest of the Contributor in the related property and other interests securing the payments to be made under such Contributed
Collateral Obligations; 
 C. WHEREAS, subject to the conditions set forth herein, the Contributee and the Contributor intend that any such
contribution of the Contributed Collateral Obligations be an irrevocable, unconditional, absolute transfer thereof, without any recourse whatsoever, including without any recourse to the Contributor with regard to collectibility; 

D. WHEREAS, (a) in exchange for the contribution of the Contributed Collateral Obligations, the Contributor will receive an increase in
the capital account of the Contributor in the Contributee and 125,900,000 preferred limited liability company interests of the Contributee with a nominal value of $125,900,000 to be issued to the Contributor in accordance with the Amended and
Restated Limited Liability Company Agreement of the Contributee, dated as of June 26, 2015 (the “Contributee LLC Agreement”) (the “Preferred Interests” or the “Contribution Value”) and
(b) on the date hereof the Contributor shall receive a one-time cash distribution on the date hereof in the amount of $254,086,652.75 (the “Closing Date Dividend”). 

AGREEMENT 
 NOW,
THEREFORE, in consideration of the mutual covenants and promises contained herein and for other good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

Section 1. Contribution and Receipt of the Contributed Collateral Obligations. 

 (a) Subject to the terms and conditions of this Agreement, on and as of the date hereof (the
“Contribution Date”), the Contributor hereby contributes (the “Contribution”) to the Contributee, without recourse, and the Contributee hereby receives, as a contribution to its capital, all right, title and
interest of the Contributor (whether now owned or hereafter acquired or arising, and wherever located) in and to the Contributed Collateral Obligations (including, without limitation all rights, title and interest of the Contributor under the
Distribution and Contribution Agreement (including any rights the Contributor has thereunder to enter into the Master Participation Agreement for Par/Near Par Trades attached as an exhibit thereto)). The Contributor hereby acknowledges that the
Contribution to the Contributee hereunder is absolute and irrevocable, without reservation or retention of any interest whatsoever by the Contributor. The Contributee hereby acknowledges that the Contribution to the Contributee will be credited to
the capital account of the Contributor in the Contributee as further set forth herein and in the Contributee LLC Agreement. 
 1. The
Contributor shall, in connection with the Contribution, execute and/or deliver to the Contributee any such loan assignment agreements or any other agreements in connection with the Contributed Collateral Obligations as may be necessary or reasonably
advisable to effect the Contribution with respect to each Contributed Collateral Obligation. 
 2. On and after the Contribution Date, the
Contributee shall own the Contributed Collateral Obligations Contributed by the Contributor to the Contributee on the Contribution Date, and the Contributor shall not take any action inconsistent with such ownership and shall not claim (except for
tax purposes) any ownership interest in such Contributed Collateral Obligations. 
 3. The Contribution and receipt of the Contributed
Collateral Obligations under this Agreement shall be without recourse to the Contributor; it being understood that the Contributor shall be liable to the Contributee for all representations, warranties and covenants made by the Contributor pursuant
to the terms of this Agreement, all of which obligations are limited so as not to constitute recourse to the Contributor for the credit risk of the respective obligors of the Contributed Collateral Obligations. 

4. In connection with the receipt by the Contributee of Contributed Collateral Obligations as contemplated by this Agreement, the Contributor
further agrees that it shall, at its own expense, indicate clearly and unambiguously in its computer files on or prior to the Contribution Date, and its financial statements, that such Contributed Collateral Obligations have been transferred to the
Contributee in accordance with this Agreement. 
 (b) On the date hereof the Contributee shall (i) issue to the Contributor the
Preferred Interests and (ii) distribute to the Contributor the Closing Date Dividend. 
 Section 2. Participations Pending
Assignment. 
 Pending receipt of any required consents to, and the effectiveness of, the assignment of each of the Contributed
Collateral Obligations to the Contributee in accordance with the applicable underlying instrument (including, without limitation, with respect to the Contributed Collateral Obligations which the Contributor has received pursuant to the

  
 2 

 
Distribution and Contribution Agreement and which are to be contributed to the Contributee pursuant to the terms hereof), the Contributor also (a) transfers to the Contributee its rights,
pursuant to the Distribution and Contribution Agreement, to enter into the Master Participation Agreement for Par/Near Par Trades attached as an exhibit thereto pursuant to which the Contributee may acquire from Carlyle GMS Finance SPV LLC a 100%
participation in such Contributed Collateral Obligations (each an “SPV Participation”) and (b) agrees to enter into a Master Participation Agreement for Par/Near Par Trades in the form attached as Exhibit A hereto in
respect of the Contributed Collateral Obligations that were not received pursuant to the Distribution and Contribution Agreement pursuant to which the Contributee may acquire from the Contributor a 100% participation in such Contributed Collateral
Obligations (each a “Contributor Participation” and, together with the SPV Participations, each a “Participation”). In connection with the assignment of the Contributor’s rights under the Distribution and
Contribution Agreement (including, without limitation, with respect to the SPV Participations), for administrative convenience, the parties hereto agree to enter into a tri-party agreement between the Contributor, the Contributee and Carlyle GMS
Finance SPV LLC to, among other things, effect the transfer of the Contributed Collateral Obligations from Carlyle GMS Finance SPV LLC to the Contributee, as designee of the Contributor under the Distribution and Contribution Agreement, and the
transfer of the Closing Date Dividend to Carlyle GMS Finance SPV LLC, as designee of the Contributor and in satisfaction of the contribution of amounts set forth in the Distribution and Contribution Agreement from the Contributor to Carlyle GMS
Finance SPV LLC. 
 Section 3. Nature of the Contribution. 

(a) It is the express intent of the parties hereto that the Contribution of the Contributed Collateral Obligations by the Contributor to the
Contributee hereunder be, and be treated for all purposes (other than for tax purposes) as an absolute contribution to the capital of the Contributee by the Contributor (free and clear of any lien, security interest, charge or encumbrance other than
customary permitted liens) of such Contributed Collateral Obligations, in consideration of, or in exchange for, the issuance of the Preferred Interests to the Contributor and an increase in the capital account of the Contributor in the Contributee.
It is, further, not the intention of the parties that such Contribution be deemed a pledge of the Contributed Collateral Obligations by the Contributor to the Contributee to secure a debt or other obligation of the Contributor. 

(b) Notwithstanding Section 3(a) above, in the event that, notwithstanding the intent of the parties, the Contributed Collateral
Obligations, or any portion thereof, is held to continue to be property of the Contributor, then the parties hereto agree that: (i) this Agreement shall also be deemed to be, and hereby is, a “security agreement” within the meaning of
Article 9 of the Uniform Commercial Code (the “UCC”); (ii) the contribution of the Contributed Collateral Obligations provided for in this Agreement shall be deemed to be a grant by the Contributor to the Contributee of,
and the Contributor does hereby grant to the Contributee, a first priority security interest (subject only to customary permitted liens) in all of the Contributor’s right, title and interest in and to the Contributed Collateral Obligations and
all amounts payable to the holders of the Contributed Collateral Obligations in accordance with the terms thereof and all proceeds of the conversion, voluntary or involuntary, of the foregoing into cash, instruments, securities or other property,
whether in the form of cash, instruments, 

  
 3 

 
securities or other property, to secure the prompt and complete payment of a loan deemed to have been made in an amount equal to the aggregate Contribution Value of the Contributed Collateral
Obligations together with all of the other obligations of the Contributor hereunder; (iii) the possession by the Contributee (or the Trustee for the benefit of the Secured Parties) of Contributed Collateral Obligations and such other items of
property as constitute instruments, money, negotiable documents or chattel paper shall be, subject to clause (iv), for purposes of perfecting the security interest pursuant to the UCC; and (iv) acknowledgements from persons holding
such property shall be deemed acknowledgements from custodians, bailees or agents (as applicable) of the Contributee for the purpose of perfecting such security interest under applicable law. The parties further agree in such event that any
assignment of the interest of the Contributor pursuant to any provision hereof shall also be deemed to be an assignment of any security interest created pursuant to the terms of this Agreement. The Contributor shall, to the extent consistent with
this Agreement, take such actions as may be necessary to ensure that, if this Agreement were deemed to create a security interest in the Contributed Collateral Obligations, such security interest would be deemed to be a perfected security interest
of first priority (subject only to customary permitted liens) under applicable law and will be maintained as such throughout the term of this Agreement. The Contributee shall have, in addition to the rights and remedies which it may have under this
Agreement, all other rights and remedies provided to a secured creditor under the UCC and other applicable law, which rights and remedies shall be cumulative. 

(c) It is the intention of each of the parties hereto that the Contributed Collateral Obligations Contributed by the Contributor to the
Contributee pursuant to this Agreement shall constitute assets owned by the Contributee and shall not be part of the Contributor’s estate in the event of the filing of a bankruptcy petition by or against the Contributor under any bankruptcy or
similar law. 
 (d) The Contributee agrees to treat, and shall cause the Contributor to treat, for all purposes (other than for tax
purposes), the transactions effected by this Agreement as contributions of assets to the Contributee in exchange for the issuance of the Preferred Interests to the Contributor and an increase in the capital account of the Contributor in the
Contributee. The Contributor agrees to reflect in the Contributor’s financial records and to include a note in the publicly filed annual and quarterly financial statements of the Contributor indicating that: (i) assets related to
transactions that do not meet GAAP requirements for accounting sale treatment are reflected in the consolidated balance sheet of the Contributor within the “investments” line and are disclosed in the Contributor’s schedule of
investments, and (ii) those assets are owned by a special purpose entity that is consolidated in the financial statements of the Contributor, and the creditors of that special purpose entity have received ownership and/or security interests in
such assets and such assets are not intended to be available to the creditors of the Contributor (or any affiliate of the Contributor other than the Contributee) of such assets to that special purpose entity. 

(e) For purposes of complying with the requirements of the Asset-Backed Securities Facilitation Act of the State of Delaware, 6 Del. C.
§ 2701A, et seq. (the “Securitization Act”), each of the parties hereto hereby agrees that: 

  
 4 

 1. Any property, assets or rights purported to be contributed, in whole or in part, by the
Contributor pursuant to this Agreement shall be deemed to no longer be the property, assets or rights of the Contributor; 
 2. None of the
Contributor, its creditors or, in any insolvency proceeding with respect to the Contributor or the Contributor’s property, a bankruptcy trustee, receiver, debtor in possession or similar person, to the extent the issue is governed by Delaware
law, shall have any rights, legal or equitable, whatsoever to reacquire (except pursuant to a provision of this Agreement), reclaim, recover, repudiate, disaffirm, redeem or recharacterize as property of the Contributor any property, assets or
rights purported to be contributed, in whole or in part, by the Contributor pursuant to this Agreement; 
 3. In the event of bankruptcy,
receivership or other insolvency proceeding with respect to the Contributor or the Contributor’s property, to the extent the issue is governed by Delaware law, such property, assets and rights shall not be deemed to be part of the
Contributor’s property, assets, rights or estate; and 
 4. The transactions contemplated by the indenture to be dated as of the date
hereof between the Contributee and State Street Bank and Trust Company, as trustee (as the same may be supplemented or otherwise modified from time to time, the “Indenture”) and any related transaction documents shall constitute a
“securitization transaction” as such term is used in the Securitization Act. 
 Section 4. Representations and
Warranties. 
 (a) Representations and Warranties of the Contributor. The Contributor hereby represents and warrants to the
Contributee as of the date hereof that: 
 1. Organization and Good Standing. The Contributor has been duly formed, and is validly
existing as a limited liability company in good standing under the laws of the jurisdiction of its formation. 
 2. Due Qualification.
The Contributor is duly qualified to do business and is in good standing as a corporation, and has obtained all necessary qualifications, licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its
business requires such qualifications, licenses or approvals, except where the failure to receive such qualifications would not be reasonably expected to result in a material adverse effect on the Contributed Collateral Obligations or the ability of
the Contributor to perform its obligations under this Agreement. 
 3. Power and Authority; Due Authorization; Execution and Delivery.
The Contributor (i) has the corporate, partnership or company power and authority, as the case may be, to (a) execute and deliver this Agreement, and (b) perform its obligations under this Agreement, and (ii) has duly authorized,
by all necessary limited liability company action the execution, delivery and performance of this Agreement and the transfer of the Contributed Collateral Obligations on the terms and conditions herein provided. This Agreement has been duly executed
and delivered by the Contributor. 

  
 5 

 4. Binding Obligation. This Agreement constitutes a legal, valid and binding obligation of
the Contributor enforceable against the Contributor in accordance with its respective terms, except as such enforceability may be limited by insolvency laws and by general principles of equity (whether considered in a suit at law or in equity). 

5. No Violation. The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof will not
(i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under, the Contributor’s organizational documents, or any material contractual
obligation of the Contributor, (ii) result in the creation or imposition of any lien upon any of the Contributor’s properties pursuant to the terms of any such material Contractual Obligation, other than this Agreement, or
(iii) violate in any material respect any law applicable to the Contributor. 
 6. No Proceedings. There is no litigation,
proceeding or investigation pending or, to the knowledge of the Contributor, threatened against the Contributor, before any applicable governmental authority (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the
consummation of any of the transactions contemplated by this Agreement or (iii) seeking any determination or ruling that would reasonably be expected to have a material adverse effect on the Contributed Collateral Obligations or the ability of
the Contributor to perform its obligations under this Agreement. 
 7. Consents. All approvals, authorizations, consents, orders,
licenses or other actions of any person or of any governmental authority (if any) required for the due execution, delivery and performance by the Contributor of this Agreement have been obtained, except as otherwise contemplated herein. Other than
any consents required to assign the Contributed Collateral Obligations to the Contributee pursuant to the underlying instruments with respect to the Contributed Collateral Obligations, each Contributed Collateral Obligation is not subject to any
condition to or restriction on the ability of the holder thereof to sell, pledge, assign, or otherwise transfer such Contributed Collateral Obligation or to exercise or enforce the provisions thereof or of any document related thereto whether set
forth in such Contributed Collateral Obligation itself or in any document related thereto, it being understood that any condition or restriction that, after giving effect to the applicable anti-assignment provisions of the UCC or other applicable
law, is ineffective shall not itself negatively affect a determination of whether a Contributed Collateral Obligation is freely transferable. 

8. Solvency. The Contributor is not the subject of any insolvency event. The Contributor is solvent and the transactions contemplated by
this Agreement do not and will not render the Contributor not solvent. 
 9. Ownership of Contributed Collateral Obligations.
Immediately prior to the transfer of the Contributed Collateral Obligations hereunder (and pursuant to the Distribution and Contribution Agreement with respect to the Contributed Collateral Obligations to be transferred from Carlyle GMS Finance SPV
LLC), the Contributor owns and has good and marketable title to such Contributed Collateral Obligations. Upon the issuance of the Preferred Interests to the Contributor and the increase in the capital account of the Contributor in the Contributee by
an amount equal to the value of the Contribution, the Contributee will receive such Contributed Collateral Obligations free and clear of any lien. 

  
 6 

 10. Location of Offices. The Contributor’s location (within the meaning of Article 9
of the UCC) is set forth opposite the Contributor’s name on Schedule II hereto, as may be supplemented from time to time. The Contributor has not changed its name (whether by amendment of its certificate of formation, by reorganization
or otherwise) or its jurisdiction of organization and has not changed its location for purposes of the UCC within the four months preceding the date hereof. 

11. Value Given. The Contributor has received reasonably equivalent value from the Contributee in consideration for the Contribution to
the Contributee of each Contributed Collateral Obligations on the applicable Contribution Date as contemplated by this Agreement. No such transfer shall have been made for or on account of an antecedent debt of the Contributor or any of its
affiliates to the Contributee. No such transfer is or may be voidable or subject to avoidance under any section of the bankruptcy code of the United States. 

12. Special Purpose Entity. The Contributee is an entity with assets and liabilities separate and distinct from those of the Contributor
and any other affiliates thereof, and the Contributor hereby acknowledges that the Contributee and the other parties to the transactions contemplated by the Indenture are entering into the transactions contemplated thereby in reliance upon the
identity of the Contributee as a legal entity that is separate from the Contributor and from each other affiliate of the Contributor. 
 The
representations and warranties in this Section shall survive the termination of this Agreement and the Contribution of any Contributed Collateral Obligations to the Contributee. Upon discovery by the Contributor or the Contributee of a breach of any
of the foregoing representations and warranties, the party discovering such breach shall give prompt written notice thereof to the other immediately upon obtaining knowledge of such breach. 

(b) Representations and Warranties of the Contributee. The Contributee hereby represents and warrants to the Contributor as of the date
hereof that: 
 1. Organization and Good Standing. The Contributee has been duly formed, and is validly existing as a limited
liability company, in good standing under the laws of the State of Delaware. 
 2. Due Qualification. The Contributee is duly
qualified to do business and is in good standing as a limited liability company, and has obtained all necessary qualifications, licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its business
requires such qualifications, licenses or approvals, except where the failure to obtain such approvals or licenses would not be reasonably expected to result in a material adverse effect on the Contributee or the ability of the Contributee to
perform its obligations under this Agreement. 
 3. Power and Authority; Due Authorization; Execution and Delivery. The Contributee
has the power and authority to execute and deliver this Agreement and to carry out the terms of this Agreement, and has duly authorized by all necessary action the execution, delivery and performance of this Agreement and the receipt of the
Contributed Collateral Obligations on the terms and conditions herein provided. This Agreement has been duly executed and delivered by the Contributee. 

  
 7 

 4. Binding Obligation. This Agreement constitutes a legal, valid and binding obligation of
the Contributee enforceable against the Contributee in accordance with its terms, except as such enforceability may be limited by insolvency laws and by general principles of equity (whether considered in a suit at law or in equity). 

5. No Violation. The consummation of the transactions contemplated by this Agreement, and the fulfillment of the terms hereof will not
(i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under the Contributee’s organizational documents or any contractual obligation of the
Contributee, (ii) result in the creation or imposition of any lien upon any of the Contributee’s properties pursuant to the terms of any such material Contractual Obligation, other than this Agreement or (iii) violate any law
applicable to Contributee. 
 6. No Proceedings. There is no litigation, proceeding or investigation pending or, to the knowledge of
the Contributee, threatened against the Contributee, before any applicable governmental authority (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the consummation of any of the transactions contemplated by this
Agreement or (iii) seeking any determination or ruling that could reasonably be expected to have material adverse effect on the Contributee. 

7. Consents. All approvals, authorizations, consents, orders, licenses or other actions of any person or of any governmental authority
(if any) required for the due execution, delivery and performance by the Contributee of this Agreement have been obtained, except as otherwise contemplated herein, or where the failure to obtain such approvals, authorizations, consents, orders or
licenses would not be reasonably expected to result in a material adverse effect on the Contributee. 
 8. Value Given. The
Contributee has given reasonably equivalent value to the Contributor in consideration for the Contribution to the Contributee of the Contributed Collateral Obligations as contemplated by this Agreement, no such transfer has been made for or on
account of an antecedent debt owed by the Contributor or any of its affiliates to the Contributee, and no such transfer is or may be voidable or subject to avoidance as to the Contributee under any section of the bankruptcy code of the United
States. 
 9. Solvency. The Contributee is not the subject of any insolvency event. The Contributee is solvent and the transactions
contemplated by this Agreement do not and will not violate Section 18-607 of the Delaware Limited Liability Company Act or render the Contributee not solvent. 

Section 5. Miscellaneous. 

(a) Amendments. This Agreement may be amended or modified only by a written instrument executed by all parties hereto. 

  
 8 

 (b) Governing Law. THIS AGREEMENT SHALL, IN ACCORDANCE WITH SECTION 5-1401 OF THE GENERAL
OBLIGATIONS LAW OF THE STATE OF NEW YORK, BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, EXCEPT THAT SECTIONS 1 AND 3 HEREOF SHALL, IN ACCORDANCE WITH 6 DEL. C. §2708, BE GOVERNED BY THE LAWS OF THE STATE OF DELAWARE. EACH OF
THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION ARISING DIRECTLY OR INDIRECTLY OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE TRANSACTIONS
CONTEMPLATED HEREUNDER. 
 (c) Consent to Jurisdiction; Service of Process. Each party hereto hereby irrevocably submits to the
non-exclusive jurisdiction of any New York State or Federal court sitting in New York City in any action or proceeding arising out of or relating to this Agreement, and each party hereto hereby irrevocably agrees that all claims in respect of such
action or proceeding may be heard and determined in such New York State court or, to the extent permitted by law, in such Federal court. The parties hereto hereby irrevocably waive, to the fullest extent they may effectively do so, the defense of an
inconvenient forum to the maintenance of such action or proceeding. The parties hereto agree 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. In addition, each of the parties hereto hereby irrevocably and unconditionally agrees (a) to be subject to the non-exclusive jurisdiction of the courts of the State of Delaware and of the federal courts sitting in
the State of Delaware, and (b) (1) to the extent such party is not otherwise subject to service of process in the State of Delaware, to appoint and maintain an agent in the State of Delaware as such party’s agent for acceptance of
legal process, and (2) that, to the fullest extent permitted by applicable law, service of process may also be made on such party by prepaid certified mail with a proof of mailing receipt validated by the United States Postal Service
constituting evidence of valid service, and that service made pursuant to (b) (1) or (2) above shall, to the fullest extent permitted by applicable law, have the same legal force and effect as if served upon such party personally
within the State of Delaware. 
 (d) Headings. The section headings contained in this Agreement are inserted for convenience only and
shall not affect in any way the meaning or interpretation of this Agreement. Each of the Schedules and Exhibits to this Agreement are hereby incorporated into and made a part of this Agreement. 

(e) Counterparts. This Agreement may be executed in any number of multiple counterparts, each of which shall be deemed to be an original
copy and all of which shall constitute one agreement, binding on all parties hereto. Delivery of an executed counterpart of a signature page to this Agreement by facsimile shall be effective as delivery of a manually executed counterpart of this
Agreement. 
 (f) Successor and Assigns. This Agreement shall be binding upon, shall inure to the benefit of, and shall be enforceable
by the parties hereto and their respective legal representatives, successors and permitted assigns. 

  
 9 

 (g) Further Assurances. Each of the parties hereto does hereby covenant and agree on
behalf of itself, its legal representatives, successors and permitted assigns, without further consideration, to prepare, execute, acknowledge, file, record, publish, and deliver such other instruments, documents and statements, and to take such
other action as may be required by law or reasonably necessary to carry out the purposes of this Agreement. 
 (h) Severability. In
the event that any provision of this Agreement as applied to any party or to any circumstance shall be adjudged by a court to be void, unenforceable or inoperative as a matter of law, then the same shall in no way affect any other provision in this
Agreement, the application of such provision in any other circumstance or with respect to any other party, or the validity of enforceability of this Agreement as a whole 

(i) Bankruptcy Non-Petition and Limited Recourse; Claims. The Contributor hereby agrees that it will not institute against, or join any
other person in instituting against, the Contributee, any bankruptcy, reorganization, arrangement, insolvency, winding-up, moratorium or liquidation proceedings or other proceedings under U.S. federal or state bankruptcy or similar laws until at
least one year and one day (or, if longer, the applicable preference period then in effect plus one day), after the payment in full of all Securities (as defined in the Indenture), between the Contributee and State Street Bank and Trust Company, a
trust company organized under the laws of the Commonwealth of Massachusetts, provided, however, that nothing in this clause (i) shall preclude, or be deemed to estop, the Contributor (A) from taking any action prior to the expiration of
the applicable preference period in (x) any case or proceeding voluntarily filed or commenced by the Contributee, as the case may be, or (y) any involuntary insolvency proceeding filed or commenced against the Contributee, as the case may
be, by a person other than the Contributor or any of its affiliates that has entered into an agreement with the Contributor similar to this Section 5(i), or (B) from commencing against the Contributee, or any properties of the Contributee,
any legal action which is not a bankruptcy, reorganization, arrangement, insolvency, winding-up, moratorium or liquidation proceeding. 

(Signature Page Follows) 

  
 10 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date first set
forth above. 
  

			
	CARLYLE GMS FINANCE, INC., as Contributor
		
	By:	 	 /s/ Orit Mizrachi

	Name:	 	Orit Mizrachi
	Title:	 	Chief Operating Officer
	
	CARLYLE GMS FINANCE MM CLO 2015-1 LLC, as Contributee
		
	By:	 	 /s/ Donald J. Puglisi

		 	

  

 Schedule I 

Loan List 

  
 12 

 Carlyle GMS Finance MM CLO 2015-1 

Contribution from Carlyle GMS Finance, Inc. 
  

																			
	 Issuer/Borrower Name
	  	 Tranche
	  	Maturity	 	  	Par	 	  	Purchase Price	 	 	Purchase
Proceeds	 
	 Access CIG, LLC
	  	First Lien	  	 	10/17/2021	  	  	 	10,000,000.00	  	  	 	100.25	% 	 	 	10,025,000.00	  
	 AF Borrower LLC (Accuvant)
	  	First Lien	  	 	1/28/2022	  	  	 	12,000,000.00	  	  	 	100.04	% 	 	 	12,004,800.00	  
	 Allied Security Holdings LLC
	  	Second Lien	  	 	8/14/2021	  	  	 	3,600,000.00	  	  	 	100.29	% 	 	 	3,610,440.00	  
	 Alpha Packaging Holdings, Inc.
	  	First Lien	  	 	5/12/2020	  	  	 	8,000,000.00	  	  	 	98.21	% 	 	 	7,856,800.00	  
	 Anaren, Inc.
	  	First Lien	  	 	02/18/2021	  	  	 	8,000,000.00	  	  	 	98.75	% 	 	 	7,900,000.00	  
	 Audax AAMP Holdings, Inc.
	  	First Lien	  	 	6/24/2017	  	  	 	8,000,000.00	  	  	 	100.00	% 	 	 	8,000,000.00	  
	 Berlin Packaging L.L.C.
	  	Second Lien	  	 	10/1/2022	  	  	 	3,600,000.00	  	  	 	101.25	% 	 	 	3,645,000.00	  
	 Blue Bird Body Company
	  	First Lien	  	 	06/27/2020	  	  	 	8,000,000.00	  	  	 	96.35	% 	 	 	7,708,000.00	  
	 Brooks Equipment Company, LLC
	  	First Lien	  	 	8/29/2020	  	  	 	6,705,747.12	  	  	 	99.61	% 	 	 	6,679,594.71	  
	 Capstone Logistics Acquisition, Inc.
	  	First Lien	  	 	10/07/2021	  	  	 	8,000,000.00	  	  	 	98.28	% 	 	 	7,862,400.00	  
	 Castle Management Borrower LLC (Highgate Hotels L.P.)
	  	First Lien	  	 	09/18/2020	  	  	 	6,803,000.00	  	  	 	97.23	% 	 	 	6,614,556.90	  
	 Castle Management Borrower LLC (Highgate Hotels L.P.)
	  	Delayed Draw Term Loan	  	 	09/18/2020	  	  	 	1,197,000.00	  	  	 	97.23	% 	 	 	1,163,843.10	  
	 Central Security Group, Inc.
	  	First Lien	  	 	10/06/2020	  	  	 	8,000,000.00	  	  	 	98.01	% 	 	 	7,840,800.00	  
	 Charter NEX US Holdings, Inc
	  	Second Lien	  	 	2/5/2023	  	  	 	3,600,000.00	  	  	 	96.96	% 	 	 	3,490,560.00	  
	 Consolidated Aerospace Manufacturing, LLC
	  	First Lien	  	 	3/27/2020	  	  	 	5,202,321.84	  	  	 	98.25	% 	 	 	5,111,281.21	  
	 Coyote Logistics, LLC
	  	First Lien	  	 	3/26/2022	  	  	 	12,000,000.00	  	  	 	99.84	% 	 	 	11,980,800.00	  
	 CRCI Holdings, Inc. (CLEAResult Consulting, Inc.)
	  	First Lien	  	 	07/10/2019	  	  	 	4,955,000.00	  	  	 	98.68	% 	 	 	4,889,594.00	  
	 Dent Wizard International Corporation
	  	First Lien	  	 	4/7/2020	  	  	 	7,000,000.00	  	  	 	98.94	% 	 	 	6,925,800.00	  
	 Diversitech Corporation
	  	Second Lien	  	 	11/19/2022	  	  	 	3,600,000.00	  	  	 	95.73	% 	 	 	3,446,280.00	  
	 DTZ U.S. Borrower, LLC
	  	First Lien	  	 	11/5/2021	  	  	 	6,563,550.01	  	  	 	98.84	% 	 	 	6,487,412.83	  
	 DTZ U.S. Borrower, LLC
	  	Delayed Draw Term Loan	  	 	11/5/2021	  	  	 	1,436,449.99	  	  	 	98.84	% 	 	 	1,419,787.17	  
	 EP Minerals, LLC
	  	First Lien	  	 	08/20/2020	  	  	 	8,000,000.00	  	  	 	99.67	% 	 	 	7,973,600.00	  
	 FCX Holdings Corp.
	  	First Lien	  	 	8/4/2020	  	  	 	8,000,000.00	  	  	 	98.49	% 	 	 	7,879,200.00	  
	 Genex Holdings, Inc.
	  	First Lien	  	 	05/30/2021	  	  	 	4,275,384.62	  	  	 	98.76	% 	 	 	4,222,369.85	  
	 Genoa, A QoL Healthcare Company, LLC
	  	Second Lien	  	 	4/30/2023	  	  	 	3,600,000.00	  	  	 	97.08	% 	 	 	3,494,880.00	  
	 Green Energy Partners/Stonewall LLC
	  	First Lien	  	 	11/13/2021	  	  	 	8,300,000.00	  	  	 	101.00	% 	 	 	8,383,000.00	  
	 Indra Holdings Corp. (Totes Isotoner)
	  	First Lien	  	 	5/1/2021	  	  	 	12,000,000.00	  	  	 	97.96	% 	 	 	11,755,200.00	  
	 Institutional Shareholder Services, Inc.
	  	Second Lien	  	 	4/30/2022	  	  	 	3,600,000.00	  	  	 	94.54	% 	 	 	3,403,440.00	  
	 Jazz Acquisition, Inc. (Wencor)
	  	Second Lien	  	 	6/19/2022	  	  	 	3,600,000.00	  	  	 	96.00	% 	 	 	3,456,000.00	  
	 Landslide Holdings, Inc. (LANDesk Software)
	  	Second Lien	  	 	2/25/2021	  	  	 	3,500,000.00	  	  	 	93.06	% 	 	 	3,257,100.00	  
	 Miller Heiman, Inc.
	  	First Lien	  	 	09/30/2019	  	  	 	8,000,000.00	  	  	 	97.27	% 	 	 	7,781,600.00	  
	 MSX International, Inc.
	  	First Lien	  	 	08/21/2020	  	  	 	8,000,000.00	  	  	 	100.78	% 	 	 	8,062,400.00	  
	 National Technical Systems, Inc.
	  	First Lien	  	 	6/12/2021	  	  	 	8,000,000.00	  	  	 	99.00	% 	 	 	7,920,000.00	  
	 NES Global Talent Finance US LLC
	  	First Lien	  	 	10/3/2019	  	  	 	8,000,000.00	  	  	 	97.63	% 	 	 	7,810,400.00	  
	 Novetta, LLC
	  	First Lien	  	 	10/02/2020	  	  	 	8,000,000.00	  	  	 	99.08	% 	 	 	7,926,400.00	  
	 Paradigm Acquisition Corp
	  	First Lien	  	 	6/2/2022	  	  	 	10,000,000.00	  	  	 	99.11	% 	 	 	9,911,000.00	  
	 Pelican Products, Inc.
	  	First Lien	  	 	04/11/2020	  	  	 	6,876,956.77	  	  	 	98.62	% 	 	 	6,782,054.76	  
	 Phillips-Medisize Corporation
	  	Second Lien	  	 	6/16/2022	  	  	 	3,600,000.00	  	  	 	99.63	% 	 	 	3,586,680.00	  
	 Plano Molding Company, LLC
	  	First Lien	  	 	5/12/2021	  	  	 	12,000,000.00	  	  	 	100.16	% 	 	 	12,019,200.00	  
	 PSC Industrial Holdings Corp.
	  	First Lien	  	 	12/05/2020	  	  	 	8,000,000.00	  	  	 	99.00	% 	 	 	7,920,000.00	  
	 SolAero Technologies Corp. (Emcore)
	  	Incremental Term Loan	  	 	12/10/2020	  	  	 	9,400,000.00	  	  	 	99.59	% 	 	 	9,361,460.00	  
	 Synarc-Biocore Holdings, LLC
	  	First Lien	  	 	03/10/2021	  	  	 	10,000,000.00	  	  	 	98.12	% 	 	 	9,812,000.00	  
	 Systems Maintenance Services Holding, Inc.
	  	First Lien	  	 	10/18/2019	  	  	 	2,209,322.04	  	  	 	98.52	% 	 	 	2,176,624.07	  
	 TASC, Inc.
	  	First Lien	  	 	5/23/2020	  	  	 	8,000,000.00	  	  	 	100.94	% 	 	 	8,075,200.00	  
	 Teaching Strategies, LLC
	  	First Lien	  	 	10/1/2019	  	  	 	8,000,000.00	  	  	 	99.22	% 	 	 	7,937,600.00	  
	 The Hygenic Corporation (Performance Health)
	  	First Lien	  	 	10/11/2020	  	  	 	10,000,000.00	  	  	 	99.80	% 	 	 	9,980,000.00	  
	 The SI Organization, Inc.
	  	First Lien	  	 	11/23/2019	  	  	 	6,575,267.61	  	  	 	100.38	% 	 	 	6,600,253.63	  
	 The Topps Company, Inc.
	  	First Lien	  	 	10/02/2018	  	  	 	8,000,000.00	  	  	 	100.00	% 	 	 	8,000,000.00	  
	 TruckPro, LLC
	  	First Lien	  	 	8/6/2018	  	  	 	8,000,000.00	  	  	 	99.76	% 	 	 	7,980,800.00	  
	 U.S. Farathane, LLC
	  	First Lien	  	 	12/23/2021	  	  	 	8,000,000.00	  	  	 	100.27	% 	 	 	8,021,600.00	  
	 Vetcor Professional Practices LLC
	  	First Lien	  	 	4/20/2021	  	  	 	7,000,000.00	  	  	 	99.77	% 	 	 	6,983,900.00	  
	 Violin Finco S.A.R.L (Alexander Mann Solutions)
	  	First Lien	  	 	12/20/2019	  	  	 	8,000,000.00	  	  	 	100.00	% 	 	 	8,000,000.00	  
	 Vitera Healthcare Solutions, LLC
	  	First Lien	  	 	11/04/2020	  	  	 	8,000,000.00	  	  	 	99.85	% 	 	 	7,988,000.00	  
	 Watchfire Enterprises, Inc.
	  	Second Lien	  	 	10/2/2021	  	  	 	3,600,000.00	  	  	 	95.81	% 	 	 	3,449,160.00	  
	 Zest Holdings, LLC
	  	First Lien	  	 	08/16/2020	  	  	 	8,000,000.00	  	  	 	100.38	% 	 	 	8,030,400.00	  

  
 13 

 Schedule II 

 

			
	 Seller
	  	 Location

	Carlyle GMS Finance, Inc.	  	Maryland

  
 14 

 Exhibit A 

Master Participation Agreement 

  
 15 

 MASTER PARTICIPATION AGREEMENT FOR PAR/NEAR PAR TRADES 

TRANSACTION SPECIFIC TERMS 
 THIS MASTER
PARTICIPATION AGREEMENT FOR PAR/NEAR PAR TRADES is dated as of the Agreement Date and entered into by and between Seller and Buyer to govern the purchase and sale of the Participation in the Loans, the Commitments (if any) and the other Transferred
Rights, in accordance with the terms, conditions and agreements set forth in Annex A hereto (the “Standard Terms”). The Standard Terms are incorporated herein by reference without any modification whatsoever except as
specifically supplemented and modified by the terms and elections set forth in the Transaction Summary and Sections A through H below. The Standard Terms and the Transaction Specific Terms together constitute a single integrated Master Participation
Agreement for Par/Near Par Trades governing the Transaction. With respect to the Transaction, the Parties agree to be bound by the Standard Terms and the Transaction Specific Terms set forth herein. 

 

			
	TRANSACTION SUMMARY
		
	Trade Date:	  	June 26, 2015
	Agreement Date:	  	June 26, 2015
	Seller:	  	Carlyle GMS Finance, Inc.
	Buyer:	  	Carlyle GMS Finance MM CLO 2015-1 LLC
	Set-Off Applicable (Y/N):	  	N
	
	SEE SCHEDULE 1 FOR ADDITIONAL TERMS

 A. DEFINITIONS 

Capitalized terms used in this Agreement shall have the respective meanings ascribed thereto in Section 1 of the Standard Terms, as supplemented by
Section A of the Transaction Specific Terms and as otherwise may be provided in other provisions of this Agreement. Terms defined in a Credit Agreement and not otherwise defined in this Agreement shall have the same meanings in this Agreement with
respect to the relevant part of the Participation as in such Credit Agreement. Except as otherwise expressly set forth herein, each reference herein to “the Agreement,” “this Agreement,” “herein,” “hereunder”
or “hereof” shall be deemed a reference to this Agreement. If there is any inconsistency between the Transaction Specific Terms and the Standard Terms, the Transaction Specific Terms shall govern and control. 

In this Agreement: 
 “Agent” with respect to any
Credit Agreement means the Administrative Agent or other comparable Agent specified in Schedule 1 with respect to such Credit Agreement. 

 “Assignment” with respect to any Credit Agreement means the applicable document form specified
in Schedule 1 with respect to such Credit Agreement that is in the form specified in such Credit Agreement for an assignment of the Loans and Commitments (if any) and any Elevation Required Consents to such assignment, as well as any other relevant
assignment or consent documents required under such Credit Agreement, as specified in Schedule 1 with respect to such Credit Agreement. 

“Commitments” means the commitment tranche(s), and in the principal amount(s), specified in Schedule 1 with respect to each Credit Agreement.

 “Elevation Required Consents” with respect to each Credit Agreement means the consent(s), acknowledgement(s) and/or notice(s) (if any)
required by the relevant Transaction Documents to assign the relevant Transferred Rights in connection with an Elevation, as specified in Schedule 1 with respect to such Credit Agreement. 

“Elevation Transfer Fee” with respect to each Credit Agreement means the transfer or other similar fee payable to the relevant Agent in
connection with the Assignment submitted in connection with an Elevation (if any), as specified in Schedule 1 with respect to such Credit Agreement. 

“Loans” means the loan tranche(s), and in the outstanding principal amount(s), specified in Schedule 1 with respect to each Credit Agreement.

 “Participation Required Consents” with respect to each Credit Agreement means the consent(s), acknowledgement(s) and/or notice(s)
required by the relevant Transaction Documents to grant a participation in the Transferred Rights, as specified in Schedule 1 with respect to such Credit Agreement. 

“Participation Transfer Fee” means the transfer fee (if any) set forth in Section E.1 payable to Seller in connection with the assignment by
Buyer of all or any portion of the Participation, subject to Section 10.1 of the Standard Terms and Conditions. 
 “Unfunded
Commitments” means that part of the Commitments that has not been funded in the form of loans, advances, letter of credit disbursements, and in the principal amounts, specified in Schedule 1 with respect to each Credit Agreement including,
if any, issued and undrawn letters of credit in the principal amount specified in Schedule 1 with respect to such Credit Agreement and any other Unfunded Commitments that may still be drawn as specified in Schedule 1 with respect to such Credit
Agreement, not including any portion of the Unfunded Commitments that is irrevocably “frozen” (i.e., that is not subject to future drawing). 

B. SECTION 5 (BUYER’S REPRESENTATIONS AND WARRANTIES) 

If “Yes” is specified under “Delivery of Credit Documents” in the Transaction Summary with respect to a Credit Agreement, Buyer represents
and warrants that it (i) was not a Lender on the Trade Date under such Credit Agreement and (ii) requested copies of the Credit Documents in relation to such Credit Agreement from Seller on or prior to the Trade Date. 

  
 2 

 C. SECTION 8 (DISTRIBUTIONS: INTEREST AND FEES; PAYMENTS; COMMITMENT REDUCTIONS) 

C.1 Section 8.3 (Wire Instructions). 

Buyer’s Wire Instructions: 
 Bank
Name: State Street Corporation 
 ABA #: 011-000-028 

Credit Account #: 10627966 

Account Name: CGMS Finance MM CLO 2015-1 LLC 

Ref: “Loan Name / Type of Payment” 

Seller’s Wire Instructions: 
 Bank
Name: State Street 
 ABA #: 011-000-028 

Account #: 10168441 
 Account
Name: Carlyle GMS Finance Inc. 
 Ref: CRCO 

C.2 Section 8.7 (Set-Off). 
 If
“Yes” is specified under “Set-Off” in the Transaction Summary, clause (i) of the proviso to the second sentence of Section 8.7 shall apply. 

D. SECTION 9 (NOTICES; RECORDS) 
 Buyer’s
Address for Notices and Delivery: 
 520 Madison Avenue 

New York, New York 10022 
 Attention: Orit Mizrachi 

Telephone: (212) 813-4508 
 Facsimile: (212) 813-4393

 Electronic Mail Address: orit.mizrachi@carlyle.com 
 with a
copy to 
 c/o Carlyle GMS Investment Management L.L.C. 
 520
Madison Avenue 
 New York, New York 10022 
 Attention: Orit
Mizrachi 
 Telephone: (212) 813-4508 
 Facsimile:
(212) 813-4939 
 Electronic Mail Address: orit.mizrachi@carlyle.com 

  
 3 

 Seller’s Address for Notices and Delivery: 

c/o Carlyle GMS Finance, Inc. 
 520 Madison Avenue 

38th Floor 
 New York, NY 10022 

Attention: Orit Mizrachi 
 Telephone: (212) 813-4508 

Facsimile: (212) 813-4393 
 Electronic Mail Address:
orit.mizrachi@carlyle.com 
 E. SECTION 10 (FURTHER TRANSFERS) 

E.1 Select one: 
 x There is no Participation Transfer Fee. 
  ̈
There is a Participation Transfer Fee, in the amount of $/£/€ _______________. 
 F. SECTION 11 (VOTING) 

F.1 “Voting” select one with respect to all Transferred Rights: 

x Buyer shall have voting rights with respect to all Transferred Rights, subject to
Section 11.1(a) of the Standard Terms and Conditions. 
  ̈ Buyer shall have no voting
rights in respect of any Transferred Rights, subject to Section 11.1(b) of the Standard Terms and Conditions, except with respect to the following matters: 

F.2 With respect to all Transferred Rights and Assumed Obligations, for purposes of determining the Majority Holders or Majority Claims Holders
pursuant to Section 11.1(a) of the Standard Terms and Conditions: 
  ̈ the interests or
claims held by Seller for its own account shall be counted; 
 x the interests or claims held
by Seller for its own account shall not be counted; 
 AND 

 ̈ the interests or claims held by Affiliates of Seller shall be counted. 

x the interests or claims held by Affiliates of Seller shall not be counted. 

  
 4 

 G. SECTION 15 (ELEVATION)  

G.1 Select one: 
 x Any Elevation Transfer Fee shall be paid as follows: 

 ̈ Such Elevation Transfer Fee shall be paid by Seller to the Agent and Buyer shall reimburse
Seller in an amount equal to 
  ̈ one-half thereof. 

 ̈ [other relevant fraction or percentage]
            thereof. 
 x Such
Elevation Transfer Fee shall be paid by Buyer to the Agent and Seller shall reimburse Buyer in an amount equal to 
  ̈ one-half thereof. 
 x [other relevant fraction
or percentage] 100% thereof. 
 H. SECTION 31 (FURTHER PROVISIONS) 

H.1 Notwithstanding any other provision of this Agreement, the Seller hereby acknowledges and agrees that all obligations from time to time and at any
time of the Buyer arising out of or in connection herewith shall constitute limited recourse obligations of the Buyer, payable solely from the assets of the Buyer available at such time. Upon realization of such assets of the Buyer and their
reduction to zero, all unpaid or unsatisfied claims against the Buyer arising out of or in connection herewith shall be deemed to be extinguished and shall not thereafter revive. No party shall have any claim for any shortfall upon realization of
such assets of the Buyer and their reduction to zero. The Seller will have no recourse to any of the directors, officers, employees, shareholders, members, governors, agents or affiliates of the Buyer with respect to any claims, losses, damages,
liabilities, indemnities or other obligations in connection with any transactions contemplated hereby. The Seller agrees that it will not petition a court, or take any action or commence any proceedings for the liquidation or the winding-up of the
Buyer or any other bankruptcy or insolvency proceedings with respect to the Buyer until one year (or, if longer, the preference period then in effect) and one day after the later of the termination of this Agreement or the date on which the final
payment has been made in respect of the Buyer’s rated securities. The provisions of this Section H.1 shall survive the termination of this Agreement. 

H.2 Notwithstanding any other provision of this Agreement, the Buyer hereby acknowledges and agrees that all obligations from time to time and at any
time of the Seller arising out of or in connection herewith shall constitute limited recourse obligations of the Seller, payable solely from the assets of the Seller available at such time. Upon realization of such assets of the Seller and their
reduction to zero, all unpaid or unsatisfied claims against the Seller arising out of or in connection herewith shall be deemed to be extinguished and shall not thereafter revive. No party shall have any claim for any shortfall upon realization of
such assets of the Seller and their reduction to zero. The Buyer will have no recourse to any of the directors, officers, employees, shareholders, members, governors, agents or affiliates of the Seller with respect to any claims, losses, damages,
liabilities, indemnities or other obligations in connection with any transactions contemplated 

  
 5 

 
hereby. The Buyer agrees that it will not petition a court, or take any action or commence any proceedings for the liquidation or the winding-up of the Seller or any other bankruptcy or
insolvency proceedings with respect to the Seller until one year (or, if longer, the preference period then in effect) and one day after the later of the termination of this Agreement or the date on which the final payment has been made in respect
of the Seller’s rated securities. The provisions of this Section H.2 shall survive the termination of this Agreement. 
 H.3 (a) Notwithstanding
the other terms and conditions of this Agreement, including Section 18, Buyer consents to the disclosure by Seller of this Agreement to SunTrust Bank, as administrative agent under the Senior Secured Revolving Credit Agreement (as amended or
modified, the “Seller Financing Agreement”) among Seller, as borrower, the Lenders party thereto, and SunTrust Bank, as administrative agent (the “Administrative Agent”). 

(b) Notwithstanding the other terms and conditions of this Agreement, including Section 18, Seller consents to the disclosure by Buyer of this Agreement
to State Street Bank and Trust Company, as Trustee under the Indenture dated as of July 26, 2015 (as amended or modified, the Buyer Indenture) among Buyer and State Street Bank and Trust Company. 

H.4 Elevation. Section 15 of the Standard Terms is hereby amended and restated as follows: 

Subject to the terms and provisions of the Credit Documents and any applicable law or regulation, each Party agrees to take such actions as are
necessary (including obtaining all Elevation Required Consents (if any)), as soon as reasonably practicable, to cause Buyer or any actual or prospective transferee or subparticipant with respect to all or any portion of the Participation (any such
Entity or Buyer, a “Permitted Assignee”) to become a Lender under the Credit Agreement with respect to all or any part of the Transferred Rights (an “Elevation”; and the date on which such Permitted Assignee becomes
a Lender under the Credit Agreement, the “Elevation Date”); provided that, (x) if any Funding Advance or other fees or amounts shall then be due and payable or any other obligations are due and owing to Seller by Buyer,
the Elevation will not be permitted, and (y) if an Elevation would contravene any law, rule, order or regulation applicable to either Party, the Elevation will not be permitted. Upon the Elevation Date, to the extent of such Elevation,
(i) Buyer shall assume all of the Assumed Obligations, (ii) Seller shall have no further responsibility in respect of such Assumed Obligations and (iii) this Agreement shall terminate except as provided in the last sentence of
Section 16. At the time of Elevation, Buyer and Seller shall each pay its applicable share of any applicable Elevation Transfer Fee, as specified in Section G.1 of the Transaction Specific Terms. Notwithstanding the foregoing, the occurrence of
an Elevation shall not affect (a) each Party’s rights or obligations under this Agreement, (b) the indemnities set forth in Section 6, in each case arising on or before the Elevation Date, including, without limitation, any
rights or obligations relating to a Party’s breach of any of 

  
 6 

 
its representations, warranties, covenants or agreements hereunder, (c) Seller’s obligation to deliver to Buyer any Distributions (whether received before, on or after the Elevation
Date) pursuant to Section 8 of this Agreement or (d) either Party’s right to reimbursement of Agent Expenses pursuant to Section 7.1. 

H.5 Grant of Security. To secure its obligations under this Agreement, Seller hereby pledges, assigns and grants to Buyer a continuing security
interest in, lien on and right of set-off against, all of its right, title and interest (if any), whether now owned or hereafter acquired, in, to and under each Loan and the Transferred Rights subject to this Agreement and all proceeds thereof
whether now existing or hereafter arising (collectively, the “Collateral”). Seller hereby represents that (x) the creation and perfection of the forgoing security interests by Seller are within its corporate powers and have
been duly authorized by all necessary corporate and, if required, stockholder action; and (y) the foregoing security interests constitute valid and (subject to the filing of a financing statement in accordance with the Uniform Commercial Code
as in effect in the State of Delaware (in the form attached hereto as Schedule 2) in the Filing Office of the State of Delaware) perfected first priority security interests in the Collateral securing the Seller’s obligations under this
Agreement. Notwithstanding the foregoing grant, Seller acknowledges and agrees that it has not retained any beneficial or equitable interest in the Loans that are being transferred to Buyer pursuant to and are the subject of this Agreement. 

H.6 Events of Default; Remedies. Upon (i) the failure of Seller to comply with or perform any agreement or obligation to be complied with or
performed by Seller in accordance with this Agreement, which failure has not been cured within five Business Days (or two Business Days for a failure to deliver Distributions) of Seller having been so notified by Buyer; (ii) a representation
made or repeated or deemed to have been made or repeated by Seller in this Agreement proves to have been incorrect or misleading in any material respect; (iii) Seller (1) becomes insolvent or is unable to pay its debts as they become due;
(2) makes a general assignment, arrangement or composition with or for the benefit of its creditors; (3) institutes or has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any
bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding
or petition (A) results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation or (B) is not dismissed, discharged, stayed or restrained in each case within
30 days of the institution or presentation thereof; (4) has a resolution passed for its winding-up, official management or liquidation; (5) seeks or becomes subject to the appointment of an administrator, provisional liquidator,
conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets; (6) has a secured party (other than the Buyer) take possession of all or substantially all its assets or has a distress,
execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or
restrained, in each case within 30 days thereafter; (7) causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in clauses
(1)

  
 7 

 
through (6); or (8) takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts; or (iv) Seller disaffirms, disclaims,
repudiates or rejects, in whole or in part, or challenges the validity of, its pledge of Collateral or its other obligations hereunder (any of the foregoing, an “Event of Default”), Buyer may exercise (or cause its agents or
co-agents, if any, to exercise) any or all of the remedies available to it (or to such agents or co-agents) under this Agreement or applicable law. Without limiting the generality of the foregoing, if an Event of Default shall have occurred and be
continuing, Buyer may exercise, in addition to all other rights and remedies given by law or this Agreement, all the rights and remedies of a secured party under the UCC (whether or not in effect in the jurisdiction where such rights are exercised
and whether or not the UCC applies to the affected Collateral) with respect to any Collateral. Seller agrees that it will execute and deliver such documents and take such other action as Buyer deems necessary or advisable in order that any such sale
or other disposition may be made in compliance with law. 
 H.7 Covenant to Maintain Existence. Seller hereby agrees to not wind-up, liquidate
or dissolve at any time prior to the termination of this Agreement in accordance with Section 15 and/or Section 16 of the Standard Terms. 
 H.8
Reserved. 
 H.9 Other Undertakings. Seller hereby covenants or represents, as applicable, as of the Settlement Date and, where
specifically indicated, the Agreement Date, that: 
 (i) as of the date hereof it will not grant, and has not granted, any liens on the
Participations other than the lien provided herein or under the Seller Financing Agreement; 
 (ii) it shall maintain the necessary service
providers and have sufficient funds to pay for the expenses related to elevating each of the Participations, to continue its existence and to effect the duties and obligations of Seller as provided herein, in each case until the termination of this
Agreement in accordance with Section 15 and/or Section 16 of the Standard Terms; 
 (iii) [Reserved]; 

(iv) The Loans, the Commitments and the Transferred Rights have been, upon payment of the Purchase Price, released from the lien of the
Administrative Agent under the Seller Financing Agreement and the Seller will cause all Distributions to be paid to the account of the Buyer within one Business Day of receipt thereof; 

(v) Other than as granted to the Buyer and as released by the Administrative Agent on the date of this Agreement, there is no charge, pledge or
lien or other security interest in any Loan or Participation subject to this Agreement; 
 (vi) The Purchase Price paid by Buyer to Seller
for the Participation represents the amount agreed to by the Buyer and the Seller as of the date of determination thereof; 

  
 8 

 (vii) [Reserved]; 

(viii) (i) Seller has not instituted, and Seller does not have pending against it, a proceeding seeking a judgment of its insolvency or
bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights; and Seller does not have a petition presented for its winding-up or liquidation; (ii) Seller has not and will not sell
the Participation or otherwise transfer an interest in the Loans in contemplation thereof or to prevent the application of its assets in the manner described in the Bankruptcy Code or any other applicable insolvency law, and (iii) Seller is not
selling the Participation to Buyer with an intent to hinder or delay payment to or defraud the creditors of Seller; 
 (ix) There are no
agreements, arrangements or understandings, written or otherwise, with respect to the Loans or the Transferred Rights, other than the Transaction Documents, the Contribution Agreement, the Distribution and Contribution Agreement, the Multilateral
Agreement and this Agreement; 
 (x) Seller does not have the right under this Agreement, nor will Seller attempt in any way, to take any
unilateral action to modify or alter the terms of any transfer of the Loans and Transferred Rights subsequent to the Settlement Date; 
 (xi)
No provision exists whereby the Purchase Price will be modified subsequent to the Settlement Date; 
 (xii) There are no guarantees,
keep-well arrangements, collateral security or other arrangements involving Seller which have the effect of a recourse provision against Seller with respect to the Transaction; 

(xiii) Seller will exercise its rights related to the Loans, the Commitments and the Transferred Rights in a manner consistent with this
Agreement and with the Buyer Indenture and will not consent, directly or indirectly, to any proposed amendment or modification of the Credit Documents to the extent such amendment or modification would be prohibited pursuant to the terms of the
Buyer Indenture; 
 (xiv) Seller will not take any action inconsistent with Buyer’s ownership of the Participation or, upon Elevation,
the Loans. If a third party, including a potential purchaser of the Loans, should inquire with respect to any Loan which has not been elevated, Seller will disclose that the Participation has been sold to Buyer and will claim no beneficial interest
in the Loans; 
 (xv) On the date hereof and after giving effect to the Transaction, Seller is solvent, and has adequate capital or assets to
carry on its business; 
 (xvi) The transfer of the participation interest in and to the Loans pursuant to this Agreement constitutes an
arm’s length secondary market transaction customary for syndicated leveraged loans; and 

  
 9 

 (xvii) Upon consummation of the transfer of the respective Participations in each Loan on the
date hereof, Seller acknowledges that it is not the beneficial owner of any Loan, has no right to any Distributions and is not liable for failure by any underlying obligor to make any payment on any Loan. 

H.10 Seller and Buyer Acknowledgement. Seller and Buyer hereby understand and acknowledge, ratify and consent to (i) the role of the
collateral manager of the Buyer as the investment advisor of the Seller and (ii) waive any conflicts or potential conflicts arising out of or related thereto. 

  
 10 

 IN WITNESS WHEREOF, Seller and Buyer have executed this Agreement by their duly authorized
officers or representatives as of the Agreement Date. 
  

					
	 SELLER
  

CARLYLE GMS FINANCE, INC.
  

	By:	 	  

		 	 Name:
 Title:
	 	
	
	 BUYER
  

CARLYLE GMS FINANCE MM CLO 2015-1, LLC
  

	By:	 	  

		 	 Name:
 Title:
	 	

 Master Participation Agreement – Signature Page 

 Annex A 

Standard Terms 

 MASTER PARTICIPATION AGREEMENT FOR PAR/NEAR PAR TRADES 

STANDARD TERMS AND CONDITIONS 
 The
following shall govern the Transaction described in the Transaction Specific Terms. 
 1. Definitions 

1.1 General. Capitalized terms used in this Agreement shall have the respective meanings ascribed thereto in Section 1 of the Standard
Terms, as supplemented by Section A of the relevant Transaction Specific Terms, and as otherwise may be provided in other provisions of this Agreement. Terms defined in a Credit Agreement and not otherwise defined in this Agreement shall have the
same meanings in this Agreement with respect to the relevant part of the Participation as in such Credit Agreement. Except as otherwise expressly set forth herein, each reference herein to “the Agreement,” “this Agreement,”
“herein,” “hereunder” or “hereof” shall be deemed a reference to this Agreement. If there is any inconsistency between the Transaction Specific Terms and the provisions of the Standard Terms, the Transaction Specific
Terms shall govern and control. 
 1.2 In this Agreement: 

“Act” has the meaning specified in Section 11.1 (a). 

“Adequate Protection Order” means any order of the relevant bankruptcy court authorizing or ordering any Borrower or any
Obligor(s) to make adequate protection payments to the Lenders under the related Credit Agreement. 
 “Adequate Protection
Payments” means, with respect to the Transferred Rights, amounts (other than PIK Interest) authorized and/or ordered to be paid as adequate protection for the loans and obligations owed under a Credit Agreement pursuant to an Adequate
Protection Order that accrue during the period before (but excluding) the earlier of (a) the Settlement Date and (b) the Commencement Date. 

“Affiliate” means “affiliate” as defined in either (a) Bankruptcy Code §101(2) or (b) Rule 144 of the
Securities Act. 
 “Agent Expenses” means any costs, liabilities, losses, claims, damages, and expenses incurred by, and any
indemnification claims of, any Agent, for which such Agent has recourse under the Credit Documents and that are attributable or allocable to the Transferred Rights. 

“Agreement” means this Master Participation Agreement between Seller and Buyer dated as of the Agreement Date governing the
Transaction, such Agreement consisting of the Standard Terms as modified and supplemented by the Transaction Specific Terms. 

“Agreement Date” means the date specified as such in the Transaction Summary. 

 “Assumed Obligations” means all obligations and liabilities of Seller with
respect to, or in connection with, all Transferred Rights arising or occurring on or after the Settlement Date; excluding, however, the Retained Obligations. 

“Bankruptcy Code” means the Bankruptcy Reform Act of 1978, 11 U.S.C. §§101 et seq., as amended. 

“Benefit Plan” means an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, a
“plan” as defined in Section 4975 of the Code or any Entity 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.” 
 “Borrower” means, collectively, the Entity or Entities specified
as such in the Transaction Summary with respect to each Credit Agreement and such other borrower(s) as may be identified in such Credit Agreement. 

“Buyer” means the Entity specified as such in the Transaction Summary. 

“Business Day” means any day that is not (a) a Saturday, (b) a Sunday, (c) any other day on which the Federal
Reserve Bank of New York is closed or (d) only with respect to the determination of T+7, any other day on which the New York Stock Exchange is closed. 

“Buyer Excluded Information” has the meaning specified in Section 5.1(g). 

“Buyer Indemnitees” has the meaning specified in Section 6.1. 

“Code” means the Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated under it. 

“Commencement Date” means (a) for Early Day Trades with respect to a Credit Agreement, the date fourteen
(14) Business Days after the Trigger Date with respect to such Credit Agreement and (b) for all other trades with respect to a Credit Agreement, the date seven (7) Business Days after the Trade Date with respect to such Credit
Agreement. 
 “Contractual Currency” has the meaning specified in Section 28.1. 

“Contribution Agreement” means that certain Contribution Agreement, dated as of the Agreement Date by and between the Seller
and the Buyer, as such agreement may be amended, supplemented or otherwise modified from time to time in accordance with its terms. 

“Credit Agreements” means the agreements specified as such in the Transaction Summary (including all intercreditor agreements,
subordination agreements, waivers and amendments entered into pursuant thereto or in connection therewith). 

  
 2 

 “Credit Documents” means the Credit Agreements and all Guaranties, security
agreements, mortgages, deeds of trust, letters of credit, reimbursement agreements, waivers, amendments, modifications, supplements, forbearances, intercreditor agreements, subordination agreements and all other agreements, documents or instruments
executed and delivered in connection therewith. 
 “Distribution” means any payment or other distribution, whether received
by setoff or otherwise, of cash (including interest), notes, securities, or other property (including Loan Collateral) or proceeds under or in respect of the Transferred Rights; excluding, however, any Retained Interest Distribution.

 “Distribution and Contribution Agreement” means the Distribution and Contribution Agreement dated as of the Agreement
Date by and between the Seller and Carlyle GMS Finance SPV LLC. 
 “Early Day Trade” with respect to a Credit Agreement
means a trade for which the Trade Date is a date on or before the sixth (6th) Business Day following the Trigger Date for such trade with respect to such Credit Agreement. 

“Elevation” has the meaning specified in Section 15. 

“Elevation Date” has the meaning specified in Section 15. 

“Elevation Transfer Fee” means any fee payable to the relevant Agent under a Credit Document to effect an Elevation, which
shall be paid in accordance with Section G.2 of the Transaction Specific Terms. 
 “Encumbrance” means any
(a) mortgage, pledge, lien, security interest, charge, hypothecation, security agreement, security arrangement or encumbrance or other adverse claim against title of any kind; (b) purchase, option, call or put agreement or arrangement;
(c) subordination agreement or arrangement other than as specified in the Credit Documents; or (d) agreement or arrangement to create or effect any of the foregoing. 

“Entity” means any individual, partnership, corporation, limited liability company, association, estate, trust, business
trust, Governmental Authority, fund, investment account or other entity. 
 “ERISA” means the Employee Retirement Income
Security Act of 1974, as amended, and the rules and regulations promulgated under it. 
 “Experts” has the meaning specified
in Section 12.2. 
 “Federal Funds Rate” means, for any date, the weighted average (rounded upwards, if necessary, to
the next 1/100 of 1%) of the rates set by the Federal Reserve Bank of New York on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published on the next succeeding Business Day in
The Wall Street Journal (Eastern Edition), or, if such rate 

  
 3 

 
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
Parties from three federal funds brokers of recognized standing selected by the Parties. For a day that is not a Business Day, the Federal Funds Rate shall be the rate applicable to federal funds transactions on the immediately preceding day for
which such rate is reported. 
 “Funded Loan” has the meaning specified in Section 8.7. 

“Funding Advance” has the meaning specified in Section 8.5. 

“Funding Date” has the meaning specified in Section 8.5. 

“Funding Memorandum” means the document agreed upon by Buyer and Seller (whether or not signed) that specifies the
calculations determining the Purchase Price with respect to the Participation. 
 “Funding Notice” has the meaning specified
in Section 8.5. 
 “Governmental Authority” means any federal, state, or other governmental department, agency,
institution, authority, regulatory body, court or tribunal, foreign or domestic, and includes arbitration bodies, whether governmental, private or otherwise. 

“Guaranty” means a guaranty of any of a Borrower’s obligations under the related Credit Documents, including a
Borrower’s obligations in connection with the related Loans. 
 “Indemnified Party” has the meaning specified in
Section 6.3. 
 “Indemnifying Party” has the meaning specified in Section 6.3. 

“Interest and Accruing Fees” means all interest and accruing ordinary course fees (such as commitment, facility, letter of
credit and other similar fees) that are paid in connection with the Loans and Commitments (if any) in accordance with the related Credit Documents from and after the Trade Date; provided that Interest and Accruing Fees shall not include any PIK
Interest. 
 “Judgment Currency” has the meaning specified in Section 28.1. 

“Judgment Currency Conversion Date” has the meaning specified in Section 28.1. 

“Lender” means a lender under a Credit Agreement, and its successors, transferees and permitted assigns. 

“Loan Collateral” means any property, whether real or personal, tangible or intangible, of whatever kind and wherever located,
whether now owned or hereafter acquired or created, in or over which an Encumbrance has been, or is purported to have been, granted to (or otherwise created) or for the benefit of the Lenders under any Credit Documents. 

  
 4 

 “Loans” means the Loan(s) in the amount(s) specified in the Transaction Specific
Terms, as such amounts may change from time to time after the Settlement Date as a result of the funding of Unfunded Commitments and the repayment of principal, and includes the note(s) (if any) evidencing such Loan(s) issued under the respective
Credit Agreements. 
 “LSTA” means The Loan Syndications and Trading Association, Inc.® 
 “Majority Claims Holders” has the meaning specified in
Section 11.1 (a). 
 “Majority Holders” has the meaning specified in Section 11.1(a). 

“Multilateral Assignment Agreement” means the Multilateral Assignment Agreement dated as of the Agreement Date among the
Carlyle GMS Finance SPV LLC, the Seller and the Buyer. 
 “Obligor” means any Entity (other than Borrowers, Lenders and any
administrative, collateral, syndication, documentation or other similar agent under any Credit Agreement) that is obligated under any Credit Documents. 

“Operative Documents” means (i) this Agreement and (ii) upon Elevation, the Assignment. 

“Participation” has the meaning specified in Section 2.1(a). 

“Participation Transfer Fee” has the meaning specified in Section 10.1(a). 

“Party” means Buyer or Seller, as applicable. 

“Permitted Assignee” has the meaning specified in Section 15. 

“PIK Interest” means any paid-in-kind interest, fees or other amounts paid or payable from and after the Trade Date in
connection with any Loans and Commitments (if any) in accordance with any Credit Documents or Adequate Protection Order (if any), as applicable. 

“Post-Elevation Transfer” has the meaning specified in Section 10.2. 

“Pre-Elevation Transfer” has the meaning specified in Section 10.1. 

“Pre-Settlement Date Accruals” means all Interest and Accruing Fees that accrue during the period before (but excluding) the
earlier of (a) the Settlement Date and (b) T+7; so long as payment or distribution of such Interest and Accruing Fees is made (i) on or before the due date thereof or the expiration of any applicable grace period, each as specified in
the relevant Credit Agreement as in effect on the Trade 

  
 5 

 
Date (or, if no such grace period exists, the expiration of thirty (30) days from such due date), and (ii) before a default by the relevant Borrower or any Obligor in connection with
other payment obligations of such Borrower or any related Obligor under the relevant Credit Agreement; otherwise such Interest and Accruing Fees (if and when paid) and any other accrued amounts due thereafter shall be for the account of Buyer, and
Seller shall not be entitled to any part thereof. 
 “PTEs” means the prohibited transaction class exemptions issued
by the U.S. Department of Labor. 
 “Purchase Price” means the price relating to the Transaction and set forth in the
Funding Memorandum (if any). 
 “Reimbursement Claims” means any claim of Seller arising in connection with the return,
disgorgement or reimbursement by Seller to Borrower, or any other Entity, of all or any portion of any payment or transfer received by Seller on account of the Transferred Rights prior to the Settlement Date. 

“Retained Interest” means the right retained by Seller to receive, in accordance with the provisions of Section 8.2,
payments or other distributions, whether received by setoff or otherwise, of cash (including interest), notes, securities or other property (including Loan Collateral) or proceeds paid or delivered in respect of the Pre-Settlement Date Accruals or
the Adequate Protection Payments (if any); provided that Retained Interest shall not include any PIK Interest. 
 “Retained
Interest Distribution” means a payment or other distribution, whether received by setoff or otherwise, of cash (including interest), notes, securities or other property (including Loan Collateral) or proceeds payable or deliverable to
Seller in respect of a Retained Interest. 
 “Retained Obligations” means all obligations and liabilities of Seller relating
to all Transferred Rights (i) arising or occurring prior to the Settlement Date, (ii) that result from Seller’s breach of its representations, warranties, covenants, or agreements under this Agreement or any Credit Documents,
(iii) that result from Seller’s bad faith, gross negligence, or willful misconduct or (iv) that are attributable to Seller’s actions or obligations in any capacity other than as a Lender under any Credit Documents. 

“Securities Act” means the Securities Act of 1933, 15 U.S.C. §§77a et seq., as amended, and the rules and
regulations promulgated under it. 
 “Seller” means the Entity specified as such in the Transaction Summary. 

“Seller Excluded Information” has the meaning specified in Section 4.1(h). 

“Seller Indemnitees” has the meaning specified in Section 6.2. 

“Seller’s Claims” has the meaning specified in Section 11.1(a). 

  
 6 

 “Settlement Date” means the date on which Seller receives the Purchase Price.

 “Standard Terms” means these Standard Terms and Conditions. 

“T+7” means the date that is seven (7) Business Days after the Trade Date. 

“Trade Date” means the date(s) specified as such in the Transaction Summary. 

“Transaction” means the purchase and sale of the Participation to which this Agreement relates. 

“Transaction Documents” means the Credit Documents and the Operative Documents (provided that, as used in Sections 4.1
and 5.1, “Transaction Documents” shall not include any Assignments). 
 “Transaction Specific Terms” means the
specific terms and elections governing the Transaction that are set forth in the Transaction Summary and Sections A through H of this Agreement. 

“Transaction Summary” means the Transaction Summary set forth in the Transaction Specific Terms. 

“Transferee” has the meaning specified in Section 10.1(a). 

“Transferred Rights” means (i) all of Seller’s rights in its capacity as a Lender under each Credit Agreement and
any other documents or instruments delivered pursuant thereto to the extent related to the Loans and Commitments (if any), including without limitation any letters of credit, Guaranties, and swingline loans included in the Loans (excluding, however,
the Retained Interest, if any) and (ii) to the extent relating to the rights set forth in the preceding clause (i) and permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of Seller in its
capacity as a Lender against any Entity, whether known or unknown, arising under or in connection with such Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based
on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity. 

“Trigger Date” with respect to the Loans and Commitments (if any) under a Credit Agreement is the date of initial funding
under such Credit Agreement, unless there is no funding of any facilities under such Credit Agreement at or about the time it becomes effective, in which case the “Trigger Date” is the date such Credit Agreement is executed and delivered.

 2. Participation 
 2.1 In
consideration of the mutual covenants and agreements in, and subject to the terms and conditions of, this Agreement: 

  
 7 

	 	(a)	subject to the satisfaction or waiver of the conditions in Section 3.2, Seller irrevocably sells, grants and conveys an undivided 100% participation interest in and to the Loans, the Commitments (if any) and the
Transferred Rights (the “Participation”) to Buyer with effect on and after the Settlement Date; 

  

	 	(b)	subject to the satisfaction or waiver of the conditions in Section 3.1, Buyer irrevocably acquires the Participation, and agrees to reimburse Seller for all amounts paid in respect of the Assumed Obligations (or,
in the case of Section 8.5, perform its funding obligations with respect to the Assumed Obligations thereunder), with effect on and after the Settlement Date; and 

 

	 	(c)	Seller agrees to remain responsible for, and assumes and agrees timely to perform and comply with, the Retained Obligations. Until the Elevation Date, Seller shall hold title to the Loans and the Commitments (if any)
for the benefit of Buyer to the extent of the Participation. 

 3. Conditions Precedent 

3.1 Buyer’s obligations to pay the Purchase Price to Seller, to acquire the Participation and to agree to reimburse Seller for the Assumed
Obligations shall be subject to the conditions that (a) Seller’s representations and warranties in this Agreement shall have been true and correct on the Agreement Date and/or the Settlement Date (as specified in Section 4.1),
(b) Seller shall have complied in all material respects with all covenants required by this Agreement to be complied with by it on or before the Settlement Date and (c) Buyer shall have received (i) the Transaction Specific Terms duly
executed on behalf of Seller and (ii) all acknowledgements and consents specified in the definition of Participation Required Consents. 

3.2 Seller’s obligation to sell, grant and convey the Participation to Buyer shall be subject to the conditions that (a) Buyer’s
representations and warranties in this Agreement shall have been true and correct on the Agreement Date and/or the Settlement Date (as specified in Section 5.1), (b) Buyer shall have complied in all material respects with all covenants
required by this Agreement to be complied with by it on or before the Settlement Date, (c) Seller shall have received (i) the Transaction Specific Terms duly executed on behalf of Buyer and (ii) all acknowledgements and consents
specified in the definition of Participation Required Consents and (d) Seller shall have received payment of the Purchase Price from Buyer. 
 4.
Seller’s Representations and Warranties 
 4.1 Seller represents and warrants to Buyer (as of the Settlement Date and, where
specifically indicated, the Agreement Date) that: 
  

	 	(a)	Seller (i) is, and was on the Agreement Date, duly organized and validly existing under the laws of its jurisdiction of organization or incorporation, (ii) is, and was on the Agreement Date, in good standing
under such laws and (iii) has, and had on the Agreement Date, full power and authority to execute, deliver and perform its obligations under the Transaction Documents to which it is or will become a party. 

  
 8 

	 	(b)	Seller’s execution, delivery, and performance of the Transaction Documents to which it is or will become a party have not resulted, did not result on the Agreement Date and will not result in a breach or violation
of any provision of (i) Seller’s organizational documents, (ii) any statute, law, writ, order, rule or regulation of any Governmental Authority applicable to Seller, (iii) any judgment, injunction, decree or determination of any
Governmental Authority applicable to Seller or (iv) any contract, indenture, mortgage, loan agreement, note, lease or other agreement, document or instrument to which Seller may be a party, by which Seller may be bound or to which any of the
assets of Seller is subject. 

  

	 	(c)	(i) The Transaction Documents to which Seller is, and was on the Agreement Date, a party (a) have been duly and validly authorized, executed and delivered by Seller and (b) are the legal, valid and
binding obligations of Seller, enforceable against Seller in accordance with their respective terms, except that such enforceability against Seller may be limited by bankruptcy, insolvency, winding-up or other similar laws of general applicability
affecting the enforcement of creditors’ rights generally and by a court’s discretion in relation to equitable remedies; and 

(i) Other than the Participation Required Consents or, in connection with an Elevation, the Elevation Required Consents, no notice to,
registration with, consent or approval of or any other action by any relevant Governmental Authority or other Entity is, will be or was on the Agreement Date required for Seller to execute, deliver, and perform its obligations under, the Transaction
Documents to which Seller is or will become a party. 
  

	 	(d)	Seller is the sole legal and beneficial owner of and has good title to each of the Loans, the Commitments (if any) and the other Transferred Rights free and clear of any Encumbrance. 

 

	 	(e)	The outstanding principal amount(s) of the Loans and the principal amount(s) of the Commitments (if any) and Unfunded Commitments (if any) as of the Settlement Date are accurately stated in the Transaction Specific
Terms, (b) any PIK Interest that accreted to the principal amount of the Loans on or after the Trade Date but on or prior to the Settlement Date is specified in Schedule 1 with respect to the relevant Loans and, with respect to Loans under any
Credit Agreement, is a proportionate share of PIK Interest that accreted during such period to all of Seller’s loans of the same tranche under such Credit Agreement as such Loans, and (c) all PIK Interest (if any) that accreted to the
principal amount of the Loans after the applicable settlement date on which Seller acquired the Loans but on or prior to the Settlement Date is included in the outstanding principal amount(s) of the Loans listed in the Transaction Specific Terms.

  

	 	(f)	The amounts utilized in calculating the Purchase Price, as specified in the Funding Memorandum (if any), are true and correct as of each applicable date. 

  
 9 

	 	(g)	Seller (i) is a sophisticated Entity with respect to the sale of the Participation and the retention of the Retained Obligations, (ii) has adequate information concerning the business and financial condition
of the Borrowers and Obligors to make an informed decision regarding the sale of the Participation and the retention of the Retained Obligations and (iii) has independently and without reliance upon Buyer, and based on such information as
Seller has deemed appropriate, made its own analysis and decision to enter into this Agreement, except that Seller has relied upon Buyer’s express representations, warranties, covenants, agreements and indemnities in this Agreement. Seller
acknowledges that Buyer has not given Seller any investment advice, credit information or opinion on whether the sale of the Participation or the retention of the Retained Obligations is prudent. 

 

	 	(h)	Seller acknowledges that (i) Buyer currently may have, and later may come into possession of, information with respect to the Transferred Rights, the Retained Obligations, Borrowers, Obligors or any of their
respective Affiliates that is not known to Seller and that may be material to a decision to sell the Participation and to retain the Retained Obligations (“Seller Excluded Information”), (ii) Seller has determined to sell the
Participation and to retain the Retained Obligations notwithstanding its lack of knowledge of Seller Excluded Information and (iii) Buyer shall have no liability to Seller or any Seller Indemnitee, and Seller waives and releases any claims that
it might have against Buyer or any Buyer Indemnitee whether under applicable securities laws or otherwise, with respect to the nondisclosure of Seller Excluded Information in connection with the Transaction; provided, however, that
Seller Excluded Information shall not and does not affect the truth or accuracy of Buyer’s representations or warranties in this Agreement. 

  

	 	(i)	Seller is an “accredited investor” as defined in Rule 501 under the Securities Act. Without characterizing the Participation as a “security” within the meaning of applicable securities laws, Seller
has not made any offers to sell, or solicitations of any offers to buy, all or any portion of the Participation in violation of any applicable securities laws. 

  

	 	(j)	Either (i) no interest in the Participation is being sold by or on behalf of one or more Benefit Plans or (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), and PTE 96-23 (a class exemption for certain transactions determined by in-house asset
managers) is applicable with respect to the sale of the Participation. 

  

	 	(k)	 If as of the Trade Date Buyer was not a Lender under a Credit Agreement and if “Yes” is specified opposite “Delivery of Credit
Documents” in the Transaction 

  
 10 

	 	
Summary with respect to such Credit Agreement, Seller provided to Buyer, on or prior to the Settlement Date (a) such Credit Agreement and all intercreditor agreements, subordination
agreements, waivers and amendments executed in connection therewith, in each case as currently in effect, and (b) any other Credit Documents related to such Credit Agreement reasonably requested by Buyer. 

4.2 Except as expressly stated in this Agreement, Seller makes no representations or warranties, express or implied, with respect to the
Transaction. 
 4.3 Seller acknowledges that: (a) its transfer of the Participation to Buyer is irrevocable; (b) Seller shall have
no recourse to the Transferred Rights or the Participation except to the extent (if any) permitted pursuant to Section 8.7; and (c) Seller shall have no recourse to Buyer, except for (i) Buyer’s breaches of its representations,
warranties or covenants and (ii) Buyer’s indemnities, in each case as expressly stated in this Agreement. 
 5. Buyer’s Representations
and Warranties 
 5.1 Buyer represents and warrants to Seller (as of the Settlement Date and, where specifically indicated, the Agreement
Date) that: 
  

	 	(a)	Buyer (i) is, and was on the Agreement Date, duly organized and validly existing under the laws of its jurisdiction of organization or incorporation, (ii) is, and was on the Agreement Date, in good standing
under such laws and (iii) has, and had on the Agreement Date, full power and authority to execute, deliver and perform its obligations under, the Transaction Documents to which it is or will become a party. 

 

	 	(b)	Buyer’s execution, delivery, and performance of the Transaction Documents to which it is or will become a party have not resulted, did not result on the Agreement Date and will not result in a breach or violation
of any provision of (i) Buyer’s organizational documents, (ii) any statute, law, writ, order, rule or regulation of any Governmental Authority applicable to Buyer, (iii) any judgment, injunction, decree or determination of any
Governmental Authority applicable to Buyer or (iv) any contract, indenture, mortgage, loan agreement, note, lease or other agreement, document or instrument by which Buyer may be a party, by which Buyer may be bound or to which any of the
assets of Buyer is subject. 

  

	 	(c)	(i) The Transaction Documents to which Buyer is, and was on the Agreement Date, a party (a) have been duly and validly authorized, executed and delivered by Buyer and (b) are the legal, valid and binding
obligations of Buyer, enforceable against Buyer in accordance with their respective terms, except that such enforceability may be limited by bankruptcy, insolvency, winding-up or other similar laws of general applicability affecting the enforcement
of creditors’ rights generally and by a court’s discretion in relation to equitable remedies; and 

 (ii) Other than
the Participation Required Consents or, in connection with an Elevation, the Elevation Required Consents, no notice to, registration with, consent or approval of or any other action by any relevant Governmental Authority or other Entity is, will be
or was on the Agreement Date required for Buyer to execute, deliver, and perform its obligations under the Transaction Documents to which Buyer is or will become a party. 

  
 11 

	 	(d)	Without characterizing the Participation as a “security” within the meaning of applicable securities laws, Buyer is not purchasing the Participation with a view towards the sale or distribution thereof in
violation of the Securities Act; provided, however, that Buyer may resell the Participation if such resale is in compliance with Section 10. 

  

	 	(e)	Buyer (i) is a sophisticated Entity with respect to the purchase of the Participation and the agreement to reimburse Seller in respect of the Assumed Obligations, (ii) is able to bear the economic risk
associated with the purchase of the Participation and the agreement to reimburse Seller in respect of the Assumed Obligations, (iii) has adequate information concerning the business and financial condition of the Borrowers and Obligors to make
an informed decision regarding the purchase of the Participation and the agreement to reimburse Seller in respect of the Assumed Obligations, (iv) has such knowledge and experience, and has made investments of a similar nature, so as to be
aware of the risks and uncertainties inherent in the purchase of rights and assumption of liabilities of the type contemplated in this Agreement and (v) has independently and without reliance upon Seller, and based on such information as Buyer
has deemed appropriate, made its own analysis and decision to enter into this Agreement, except that Buyer has relied upon Seller’s express representations, warranties, covenants, agreements and indemnities in this Agreement. Buyer acknowledges
that Seller has not given Buyer any investment advice, credit information or opinion on whether the purchase of the Participation or the agreement to reimburse Seller in respect of the Assumed Obligations is prudent. 

 

	 	(f)	Except as otherwise provided in this Agreement, Buyer has not relied and will not rely on Seller to furnish or make available any documents or other information regarding the credit, affairs, financial condition or
business of any Borrower or any Obligor, or any other matter concerning any Borrower or any Obligor. 

  

	 	(g)	Buyer acknowledges that (i) Seller currently may have, and later may come into possession of, information with respect to the Transferred Rights, the Assumed Obligations, Borrowers, Obligors or any of their
respective Affiliates that is not known to Buyer and that may be material to a decision to purchase the Participation and agree to reimburse Seller in respect of the Assumed Obligations (“Buyer Excluded Information”),
(ii) Buyer has determined to purchase the Participation and agree to reimburse Seller in respect of the Assumed Obligations notwithstanding its lack of knowledge of the Buyer Excluded Information and (iii) Seller shall have no liability to
Buyer or any Buyer Indemnitee, and Buyer waives and releases any claims that it might have against Seller or any Seller Indemnitee, whether under applicable securities laws or otherwise, with respect to the nondisclosure of the Buyer Excluded
Information in connection with the Transaction; provided, however, that the Buyer Excluded Information shall not and does not affect the truth or accuracy of Seller’s representations or warranties in this Agreement.

  
 12 

	 	(h)	(i) Less than 25% in the aggregate, of the Participation is being purchased by, and shall at all times be held by, Benefit Plans and (ii) to the extent that any interest in the Participation is being acquired
by or on behalf of an Entity that is, or at any time while such interest is held thereby will be, a Benefit Plan, 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), and PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers) is applicable with respect to the purchase
and holding of the Participation and the exercise of Buyer’s rights thereunder. 

  

	 	(i)	Buyer acknowledges that, (i) if applicable, it has received copies of (a) the Credit Agreements and all intercreditor agreements, subordination agreements, waivers and amendments executed in connection
therewith, in each case as currently in effect, and (b) any other Credit Documents requested by Buyer, and (ii) without in any way limiting the representations and warranties of Seller contained in this Agreement, it is assuming all risk
with respect to the accuracy or sufficiency of the Credit Documents, other than any representations, warranties or covenants made by Seller in this Agreement or the Credit Documents to which Seller is a party. 

 

	 	(j)	Without characterizing the Participation as a security, Buyer is an “accredited investor” as defined in Rule 501 under the Securities Act. 

5.2 Except as expressly stated in this Agreement and the Assignment, Buyer makes no representations or warranties, express or implied, with
respect to the Transaction. 
 5.3 Buyer acknowledges that (a) Seller’s transfer of the Participation to Buyer and Buyer’s
agreement to reimburse Seller in respect of the Assumed Obligations are irrevocable and (b) Buyer shall have no recourse to Seller, except for (i) Seller’s breaches of its representations, warranties or covenants and
(ii) Seller’s indemnities, in each case as expressly stated in this Agreement. 
 6. Indemnification 

6.1 Seller shall indemnify, defend, and hold Buyer and its officers, directors, agents, partners, members, controlling Entities and employees
(collectively, “Buyer Indemnitees”) harmless from and against any liability, claim, cost, loss, judgment, damage or expense (including reasonable attorneys’ fees and expenses) that any Buyer Indemnitee incurs or suffers as a
result of, or arising out of a breach of any of Seller’s representations, warranties, covenants or agreements in this Agreement. 

  
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 6.2 Buyer shall indemnify, defend, and hold Seller and its officers, directors, agents, partners,
members, controlling Entities, and employees (collectively, “Seller Indemnitees”) harmless from and against any liability, claim, cost, loss, judgment, damage or expense (including reasonable attorneys’ fees and expenses) that
any Seller Indemnitee incurs or suffers as a result of or arising out of (a) a breach of any of Buyer’s representations, warranties, covenants or agreements in this Agreement or (b) Seller’s acting or refraining to act pursuant
to any direction of (i) Buyer pursuant to this Agreement or (ii) under the circumstances described in the proviso in Section 11.1(a), any Majority Holders or any Majority Claims Holders; provided, however, that
Buyer’s share of the indemnity under clause (b)(ii) with respect to any Credit Agreement shall be limited to a fraction, the numerator of which is (a) the outstanding principal amount of the portion of the Participation related to
such Credit Agreement or (b) if Seller has consented to transfers of the Participation related to such Credit Agreement (or a portion thereof) pursuant to Section 10.1(a), the then outstanding principal amount of the claims beneficially
held by Buyer in respect of which the action involved is taken by Seller under such Credit Agreement, and the denominator of which is the then aggregate outstanding principal amount of all claims in respect of which the action involved is taken by
Seller under such Credit Agreement. 
 6.3 If a third party commences any action or makes any demand against either Party for which such
Party (“Indemnified Party”) is entitled to indemnification under this Agreement, such Indemnified Party shall promptly notify the other Party (“Indemnifying Party”) of such action or demand; provided,
however, that if the Indemnified Party assumes the defense of the action and fails to provide prompt notice to the Indemnifying Party, such failure shall not limit in any way the Indemnifying Party’s obligation to indemnify the
Indemnified Party except to the extent that such failure materially prejudices the Indemnifying Party’s ability to defend the action. The Indemnifying Party may, at its own expense and without limiting its obligation to indemnify the
Indemnified Party, participate in the defense of such action with counsel reasonably satisfactory to the Indemnified Party, or the Indemnifying Party may, at its own expense and without limiting its obligation to indemnify the Indemnified Party,
assume the defense of such action with counsel reasonably acceptable to the Indemnified Party. In any event, the Party that has assumed the defense of such action shall provide the other Party with copies of all notices, pleadings, and other papers
filed or served in such action. Neither Party shall make any settlement or adjustment without the other Party’s prior consent, which consent (a) in the case of the Indemnifying Party will not be unreasonably withheld if the settlement or
adjustment involves only the payment of money damages by the Indemnifying Party and (b) in the case of the Indemnified Party may be withheld for any reason if the settlement or adjustment involves performance or admission by the Indemnified
Party. 
 6.4 Each indemnity in this Agreement is a continuing obligation, separate and independent from the other obligations of the Parties
and survives termination of this Agreement or any transfer pursuant to Section 10 of this Agreement. It is not necessary for a Party to incur expense or make payment before enforcing a right of indemnity conferred by this Agreement. 

  
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 7. Costs and Expenses 

7.1 If either Party pays any Agent Expenses, Assumed Obligations or Retained Obligations for which the other Party is responsible in accordance
with the definitions thereof and the terms of this Agreement, such other Party shall, promptly upon the request of the Party that shall have paid such amounts, reimburse such paying Party for the full amount paid on such other Party’s behalf.

 7.2 The Parties agree to bear their own respective legal and other costs and expenses for preparing, negotiating, executing and delivering
this Agreement and any related documents and consummating the Transaction. 
 7.3 Buyer shall reimburse Seller, promptly upon request for its
applicable pro rata share of all out-of-pocket expenses and disbursements (including reasonable fees and disbursements of counsel) incurred by Seller in connection with the administration of the Participation, the Transferred Rights, the Credit
Documents or any related documents and any effort to enforce or protect Seller’s or Buyer’s rights or interests thereunder. 
 8. Distributions;
Interest and Fees; Payments; Commitment Reductions 
 8.1 (a) If at any time after the Trade Date (whether before, on or after the
Settlement Date) Seller received or receives a Distribution, Seller shall (i) accept, and from and after the Settlement Date, hold such Distribution for the account and sole benefit of Buyer, (ii) except to the extent (if any) permitted
pursuant to Section 8.7, from and after the Settlement Date have no equitable or beneficial interest in such Distribution and (iii) deliver such Distribution (free of any withholding, setoff, recoupment, or deduction of any kind except as
required by law or to the extent (if any) permitted pursuant to Section 8.7) promptly (but in the case of a cash Distribution received (a) on or prior to the Settlement Date, in no event later than the Settlement Date, and (b) after
the Settlement Date, in no event later than two (2) Business Days after the date on which Seller receives such Distribution) to Buyer in the same form received and, when necessary or appropriate, with Seller’s endorsement (without
recourse, representation, or warranty), except to the extent prohibited under any applicable law, rule or order. If Seller fails to pay any cash Distribution to Buyer in accordance with the time periods set forth in clause (iii) of this
Section 8.1(a), then Seller shall pay interest on such payment for the period from (and including) the day on which such payment is actually received by Seller to (but excluding) the day such payment is actually paid to Buyer, in accordance
with Section 8.4. 
 (b) If a Distribution includes securities or other non-cash Distribution, Seller shall, to the extent permitted by
law, endorse (without recourse, representation or warranty) or use commercially reasonable efforts (at Buyer’s sole expense) to assist Buyer to cause to be registered in Buyer’s name, or such name as Buyer may direct, and deliver such
securities to Buyer or to such Entity as Buyer may direct as soon as practicable. Pending such transfer, Seller shall (from and after the Settlement Date) hold the same on behalf and for the sole benefit of Buyer, and Seller shall have no equitable
or beneficial interest in any such Distribution. 

  
 15 

 (c) Subject to applicable law, Buyer is entitled to receive any Distribution to be remitted by
Seller under this Agreement without the withholding of any tax. If Seller receives a Distribution that it is required to remit to Buyer, Buyer shall furnish to Seller such forms, certifications, statements and other documents as Seller may
reasonably request to evidence Buyer’s exemption from the withholding of any tax imposed by the United States of America or any other jurisdiction, whether domestic or foreign, or to enable Seller to comply with any applicable laws or
regulations relating thereto, and Seller may refrain from remitting such Distribution until such forms, certifications, statements and other documents have been so furnished. 

(d) If all or any portion of a Distribution received by Seller and transferred to Buyer pursuant to this Section 8.1 is required to be
returned or disgorged by Seller to any Entity, Buyer shall promptly return such Distribution (or portion thereof) to Seller together with all related interest and charges payable by Seller in respect thereof. 

8.2 (a) If at any time after an Elevation Date Buyer receives a Retained Interest Distribution, Buyer shall (i) accept and hold such
Retained Interest Distribution for the account and sole benefit of Seller, (ii) have no equitable or beneficial interest in such Retained Interest Distribution and (iii) deliver such Retained Interest Distribution (free of any withholding,
setoff, recoupment, or deduction of any kind except as required by law) promptly (but in the case of a cash Retained Interest Distribution, in no event later than two (2) Business Days after the date on which Buyer receives it) to Seller in the
same form received and, when necessary or appropriate, with Buyer’s endorsement (without recourse, representation, or warranty), except to the extent prohibited under any applicable law, rule or order. If Buyer fails to pay any cash Retained
Interest Distribution to Seller within two (2) Business Days of receipt thereof, then Buyer shall pay interest on such Retained Interest Distribution for the period from (and including) the day on which such Retained Interest Distribution is
actually received by Buyer to (but excluding) the day such Retained Interest Distribution is actually paid to Seller, in accordance with Section 8.4. 

(b) If a Retained Interest Distribution includes securities or other non-cash Distribution, Buyer shall, to the extent permitted by law,
endorse (without recourse, representation or warranty), or use commercially reasonable efforts (at Seller’s sole expense) to assist Seller to cause to be registered in Seller’s name, or such name as Seller may direct, and deliver such
securities to Seller or to such Entity as Seller may direct as soon as practicable. Pending such transfer, Buyer shall hold the same on behalf and for the sole benefit of Seller and Buyer shall have no equitable or beneficial interest in any such
Retained Interest Distribution. 
 (c) Subject to applicable law, Seller is entitled to receive any Retained Interest Distribution to be
remitted by Buyer under this Agreement without the withholding of any tax. If Buyer receives a Retained Interest Distribution that it is required to remit to Seller, Seller shall furnish to Buyer such forms, certifications, statements and other
documents as Buyer may reasonably request to evidence Seller’s exemption from the withholding of any tax imposed by the United States of America or any other jurisdiction, whether domestic or foreign, or to enable Buyer to comply with any
applicable laws or regulations relating thereto, and Buyer may refrain from remitting such Retained Interest Distribution until such forms, certifications, statements and other documents have been so furnished. 

  
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 (d) If all or any portion of a Retained Interest Distribution received by Buyer and transferred
to Seller pursuant to this Section 8.2 is required to be returned or disgorged by Buyer to any Entity, Seller shall promptly return such Retained Interest Distribution (or portion thereof) to Buyer together with all related interest and charges
payable by Buyer in respect thereof. 
 8.3 Except as provided in Sections 8.1, 8.2, 8.5 or 28, all payments made by Buyer to Seller or by
Seller to Buyer under this Agreement shall be made in the lawful currency of the United States by wire transfer of immediately available funds to Seller or Buyer, as applicable, in accordance with the wire instructions specified in Section C.1 of
the Transaction Specific Terms. 
 8.4 With respect to the payment of any funds or other property under this Agreement (including the
delivery of Distributions under Section 8.1 and Retained Interest Distributions under Section 8.2), whether from Seller to Buyer or from Buyer to Seller, (a) the Party required to deliver a Distribution or a Retained Interest
Distribution may withhold therefrom any tax required by law to be withheld, and (b) the Party failing to make full payment of any amount when due shall, upon demand by the other Party, pay such defaulted amount together with interest on it (for
each day from (and including) the date when due to (but excluding) the date when actually paid) at a rate equal to the Federal Funds Rate. 

8.5 Without limiting the generality of Section 2.1 to the extent that there are Unfunded Commitments or Agent Expenses, upon the receipt
by Seller of a notice of a proposed funding from the related Borrower or the related Agent with respect to a borrowing of funds or Agent Expenses (a “Funding Notice”), Seller shall, upon receipt of a Funding Notice, notify Buyer, by
electronic transmission or telecopier, at least one (1) Business Day prior to the date on which the funds are due (the “Funding Date”), if possible, of (a) any funding to be made in respect of the portion of the
Participation consisting of Unfunded Commitments or in respect of Agent Expenses; (b) the amount of such funding (the “Funding Advance”); (c) the currency in which the Funding Advance is to be paid; and (d) the
Funding Date. Buyer shall pay the Funding Advance to Seller in immediately available funds, without set-off, counterclaim or deduction of any kind not later than 12:00 (noon) (New York time) on the Funding Date, except in the case of Unfunded
Commitments for which same day funding is required under the related Credit Documents or other Funding Advances of which Seller has failed to give Buyer at least one Business Day’s notice, in which case, if Seller delivers the Funding Notice to
Buyer at or prior to 1:00 p.m. (New York time) on the Funding Date, Buyer shall pay the Funding Advance to Seller not later than 5:00 p.m. (New York time) on the Funding Date and, if Seller delivers the Funding Notice to Buyer after 1:00 p.m. (New
York time) on the Funding Date, Buyer shall pay the Funding Advance to Seller not later than 12:00 p.m. (noon) (New York time) on the next succeeding Business Day. 

8.6 Upon the receipt of the Funding Advance from Buyer, Seller shall fund the Funding Advance in full, in immediately available funds, without
set-off, counterclaim or deduction of any kind in accordance with the terms of the related Credit Agreement. If after Seller receives a Funding Advance from Buyer hereunder, Seller is no longer required under the related Credit Documents to pay any
portion of such Funding Advance to the related Agent or related Borrower under the related Credit Documents, then Seller shall promptly refund such portion of the Funding Advance to Buyer. 

  
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 8.7 If the Funding Advance is received by Seller at any time after 5:00 p.m. (New York time) on
the Funding Date, such Funding Advance shall be deemed to have been received on the next succeeding Business Day. Without regard to (a) the date Buyer receives the Funding Notice from Seller and (b) Buyer’s payment of the Funding
Advance, any funding by Seller of any Unfunded Commitments (a “Funded Loan”) (together with any and all rights of Seller which arise in respect thereto (including without limitation rights to repayment and all rights in, to and
under the related Credit Agreement) shall be deemed to be part of the Participation from and after the time such Funded Loan is made by Seller; provided, however that unless Buyer’s delay in paying the Funding Advance to Seller is
the result of Seller’s failure promptly to notify Buyer of the payment obligation in accordance with Section 8.5, Seller may, in its sole discretion, (i) if “Set-Off” is specified to be applicable in the Transaction Summary,
set-off all or any portion of an unpaid Funding Advance against Buyer’s right to receive payments with respect to the Transferred Rights and the Participation or (ii) charge Buyer interest at a per annum rate equal to the Federal Funds
Rate from and including the time of such Funded Loan by Seller to but excluding the date Buyer pays the Funding Advance to Seller. For the avoidance of doubt, if Seller receives a Funding Notice from a Borrower or Agent on the Funding Date,
Seller’s notice to Buyer of such Funding Notice after 1:00 p.m. (New York time) on such date shall not be deemed a failure promptly to notify Buyer of its payment obligation in accordance with Section 8.5 for purposes of the preceding
proviso and Seller may, in its sole discretion, charge Buyer interest as provided herein. 
 8.8 Notwithstanding anything set forth in
Sections 8.5, 8.6 and 8.7 or any other provision of this Agreement to the contrary, Seller shall be under no obligation to bid for competitive bid loans (or similar voluntary loan facilities, if any) on behalf of Buyer under any Credit Agreement in
respect of the Commitments (if any) or otherwise. 
 8.9 If the commitments of all the Lenders under a Credit Agreement of the same class or
tranche as any Commitments (if any) are reduced or terminated in part and such reduction or termination applies to the aggregate commitments held by Seller under such Credit Agreement, at the request of the related Borrower or otherwise, such
reduction shall be applied pro rata to the related Commitments. 
 9. Notices; Records 

9.1 All communications between the Parties in respect of, or notices, requests, directions, consents or other information sent under, this
Agreement shall be in writing, hand delivered or sent by overnight courier, electronic transmission or telecopier, addressed to the relevant Party at its address, electronic mail or facsimile number specified in Section D of the Transaction Specific
Terms or at such other address, electronic mail or facsimile number as such Party may subsequently request in writing. Except as otherwise provided in Section 11.2, all such communications and notices shall be effective upon receipt. 

9.2 Prior to the Elevation Date (if any), Seller shall, subject to applicable law and regulation and the Credit Documents, use commercially
reasonable efforts to furnish and convey to Buyer or Buyer’s designee at the address specified in the Transaction Specific Terms (or at such other address as Buyer otherwise directs) all written information and documents received by Seller in
its capacity as a Lender from time to time with respect to any Credit Documents and 

  
 18 

 
the respective Transferred Rights as soon as practicable after the same are received by Seller, but in any event within three (3) Business Days of such receipt; provided,
however, that if such information or documents relate to any matter in respect of which an Act is to be taken, Seller shall furnish and convey such information or documents to Buyer or Buyer’s designee as soon as practicable upon receipt
and, in any event, prior to such time when such Act is to be taken if received with reasonably sufficient time for Seller to furnish or convey such information or documents; provided, further, that Seller shall have no liability to
Buyer regarding the validity or content of the information and documents furnished pursuant to this Section 9.2. Buyer shall reimburse Seller for any reasonable out-of-pocket expenses incurred by Seller in connection with Seller’s
performance of its obligations under this Section 9.2. 
 9.3 From the Elevation Date through the 45th day thereafter, if Seller receives any notices, correspondence or other documents in respect of the Transferred Rights or any Credit Document that, to the best of Seller’s knowledge, were not
sent to the related Lenders generally, Seller shall promptly forward them to Buyer. 
 9.4 Seller shall maintain records of all payments made
to Seller and all payments received from Buyer with respect to the Participation, which records shall, absent manifest error, be conclusive. Such records shall be available for inspection by Buyer from time to time upon reasonable prior notice to
Seller during regular business hours. 
 10. Further Transfers 

10.1 The provisions of this Section 10.1 shall apply to any sale, assignment and any other transfer of the Participation or any of
Buyer’s rights hereunder or any part thereof or interest therein (each a “Pre-Elevation Transfer”) prior to the occurrence of an Elevation with respect to such rights, part or interest: 

(a) Buyer may not make a Pre-Elevation Transfer without the prior consent of Seller, which consent shall not be unreasonably withheld or
delayed; provided, however, that no Pre-Elevation Transfer shall be effective unless (i) such Pre-Elevation Transfer does not violate any applicable law or regulation or cause Seller to violate or be in breach of any provision of
any Transaction Document, (ii) the transferee in such Pre-Elevation Transfer (the “Transferee”) makes to Buyer for the benefit of Seller substantially each of the representations, warranties and covenants set forth in Sections
5.1, 8.1(c) and 18.3, (iii) Buyer has paid or caused to be paid to Seller the transfer fee (if any) specified in Section E.1 of the Transaction Specific Terms (such fee, a “Participation Transfer Fee”) and (iv) the
Transferee either (a) is organized under the laws of the United States or any State thereof or (b) has (1) represented to Seller that under applicable law and treaties no taxes will be required to be withheld by Seller with respect to
any payments to be made to such Transferee in respect of the Transferred Rights and (2) shall have furnished to Seller such forms, certifications, statements and other documents as Seller has requested or may request from time to time to
evidence the Transferee’s exemption from the withholding of any tax imposed by any jurisdiction or to enable Seller to comply with any applicable laws or regulations relating thereto. 

  
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 (b) Notwithstanding anything contained in this Section 10.1 to the contrary, Buyer may grant
one or more subparticipation(s) in the Participation and its rights under this Agreement, or any part thereof or interest therein, without the prior consent of or notice to Seller; provided, however, that no such subparticipation shall
be effective unless (i) such subparticipation does not violate any applicable law or regulation or cause Seller to violate or be in breach of any provision of any Transaction Document, (ii) the subparticipant makes to Buyer for the benefit
of Seller substantially each of the representations, warranties and covenants set forth in Sections 5.1(e) and (h) and 18.3, and (iii) the subparticipant agrees to obtain from any Entity to which it transfers any interest therein for
the benefit of Seller substantially each of the representations, warranties and covenants set forth in Sections 5.1(e) and (h) and 18.3; provided further that, in the event of a subparticipation, Buyer shall remain solely
responsible for its obligations under this Agreement and Seller shall continue to deal solely and directly with Buyer in connection with Buyer’s obligations hereunder and not with Buyer’s participant. 

10.2 After an Elevation, Buyer may sell, assign, grant a participation in, or otherwise transfer all or any portion of the Transferred Rights,
this Agreement and its rights under this Agreement, or any interest in any of the foregoing, but only to the extent of such Elevation, without the consent of or notice to Seller (each, a “Post-Elevation Transfer”); provided,
however, that notwithstanding any such sale, assignment, participation or transfer, unless Seller otherwise consents in writing (which consent Seller shall not unreasonably withhold or delay), Seller shall continue to deal solely and directly
with Buyer in connection with Buyer’s obligations under this Agreement. 
 10.3 Seller may assign its rights under this Agreement
without the prior consent of Buyer; provided, however, that Seller may not delegate its obligations under this Agreement without the prior consent of Buyer (which shall not be unreasonably withheld or delayed). 

11. Voting 
 11.1 The provisions of the
subsection of this Section 11.1 specified in Section F of the Transaction Specific Terms shall apply to the Transaction: 
 (a) On and
after the Settlement Date, Seller (i) shall not take (or refrain from taking) any action with respect to the Transferred Rights and Assumed Obligations (an “Act”) other than in accordance with the prior instructions of Buyer
and (ii) shall take (or refrain from taking) any Act with respect thereto in accordance with the prior instructions of Buyer, in each case except (i) as restricted or prohibited under applicable law, rule, order or the Credit Documents
(and such restrictions or prohibitions are hereby incorporated by reference as if set forth herein) or (ii) if following such instructions might (in Seller’s reasonable determination) expose Seller to any obligation, liability or expense
that in Seller’s reasonable judgment is material and for which Seller has not been provided adequate indemnity; provided, however, that (x) if the Act involved is not divisible in respect of the portion of the Participation
related to a Credit Agreement but may be made only in respect of all loans and commitments held by Seller under such Credit Agreement (“Seller’s Claims”), then Seller shall take such Act in accordance with the direction (if
timely given) of holders (including Seller, if applicable) owning or holding interests representing more than 50% of the total amount of Seller’s Claims (the “Majority Holders”); or (y) if the Act arises after the
commencement of a bankruptcy, insolvency or a similar proceeding relating to the Borrower and/or any Obligor under such Credit Agreement, 

  
 20 

 
and is not divisible in respect of all loans and commitments that Seller may own from time to time under such Credit Agreement, but is divisible in respect of all claims of the same class that
Seller may have against the Borrower and/or any Obligor under such Credit Agreement, then Seller shall take such Act in accordance with the directions (if timely given) of the majority (including Seller, if applicable) of holders (the
“Majority Claims Holders”) in respect of all such claims (measured by amount of claims). For purposes of determining the Majority Holders or Majority Claims Holders pursuant to the preceding sentence, (A) the interests or
claims held by Seller for its own account and the interests or claims held by Affiliates of Seller shall be counted or not counted as specified in Section F of the Transaction Specific Terms, and (B) Seller shall only be required to obtain
instructions relating to any Act to be taken in respect of the Transferred Rights and Assumed Obligations related to such Credit Agreement from (x) Buyer or (y) if Seller has consented to transfers of the Transferred Rights related to such
Credit Agreement (or any portion thereof) pursuant to Section 10.1(b), the then current holders of the aggregate principal amount of the claims outstanding in respect of which such Act is to be taken by Seller. Buyer acknowledges that it shall
be bound by any decisions of the Majority Holders or the Majority Claims Holders, as the case may be, to take or not take an Act. 
 OR 

(b) On and after the Settlement Date, Seller shall continue to have sole authority to make, grant and exercise (or refrain from making,
granting and exercising) all votes, whether pursuant to amendments, consents or waivers, and otherwise to exercise (or refrain from exercising) all other rights and remedies with respect to the Transferred Rights and Assumed Obligations, except with
respect to the matters specified in Section F of the Transaction Specific Terms. Only with respect to such matters, Seller shall take (or refrain from taking) any Act in accordance with the prior instructions of Buyer subject to Section 11.1
(a) above. 
 11.2 Any consent, instruction or other direction of Buyer permitted under Section 11.1 must be in writing and shall
not be effective unless received by Seller no later than one (1) Business Day prior to the date on which such direction must be taken by Seller; provided, however, that if Seller gives notice to Buyer of the Act that is to be
taken less than one (1) Business Day prior to the time when such Act is to be taken and Buyer gives a consent or other direction to Seller prior to the time when such Act is to be taken, Seller shall make commercially reasonable efforts to take
into account such direction with respect to such Act. Absent such timely consent or other direction (including the withholding of such consent) from Buyer, Seller shall be entitled (but not required), in its sole discretion, to deem that Buyer has
given its consent to take (or refrain from taking) any Act on behalf of Buyer with respect to such matters; provided, however, that in doing so, Seller shall act in good faith and subject to the provisions of Section 12. 

12. Standard of Care 
 12.1 Seller will
not be held to the standard of care of a fiduciary but will exercise the same duty of care in the administration and enforcement of the Participation and the Transferred Rights it would exercise if it held the Transferred Rights solely for its own
account, and except for losses that result from Seller’s bad faith, gross negligence, willful misconduct or breach of any of the express terms and provisions of this Agreement, it shall not be liable for any error in judgment or for any action
taken or omitted to be taken by it. Seller may rely on any notice, consent, certificate, request or other written document or communication received by Seller from Buyer or any employee or agent of Buyer and believed by Seller in good faith to be
genuine. 

  
 21 

 12.2 Seller (i) may rely on legal counsel (including counsel for any Borrower, any Agent or
any other Lender), independent public accountants and other experts selected or accepted in good faith by Seller (collectively, the “Experts”) and Seller shall not be liable for any action taken or omitted to be taken in good faith
by Seller in accordance with the advice of such Experts, (ii) may serve as a member of a creditors’ committee performing such acts as may be authorized and vote (subject to Section 11 hereof) as a member of a designated class of
creditors for a plan of reorganization related to any part of the Transferred Rights, (iii) shall be entitled to rely on, and shall incur no liability by acting upon, any conversation, notice, consent, certificate, statement, order, or any
document or other writing (including, without limitation, facsimile, electronic mail, or other telecommunication device) believed by Seller to be genuine, (iv) except as expressly set forth in Section 4, makes no warranty or representation
(express or implied) and shall not be responsible for any statement, warranty or representation made in connection with any Credit Agreement or any related document or for the financial condition of any Borrower, (v) shall not have any duty to
inspect the property (including the books and records) of any Borrower or any Obligor, (vi) except as provided in Section 11, and subject to the standard of care set forth in Section 12.1, shall have no obligations to make any claim,
or assert any lien upon, any property held by Seller or assert any offset in respect thereto, (vii) shall have no duties or obligations hereunder other than those expressly provided for herein and (viii) shall have no obligation to take
any action which Seller determines in good faith could violate applicable law, rule, regulation, order, any Credit Agreement or other Credit Documents or, in Seller’s reasonable judgment, prejudice Seller’s continuing relationship with any
regulatory authority or damage Seller’s reputation or, unless and until it shall have been provided adequate indemnity therefor, expose Seller to any material obligation, liability or expense. 

12.3 Except for reports and other documents and information expressly required to be furnished to Buyer pursuant to Sections 9.2 and 9.3 above,
Seller shall not have any duty or responsibility to provide Buyer with any credit or other information concerning the affairs, financial condition or business of any Borrower or any Obligor which may come into the possession of Seller or any of its
Affiliates. 
 12.4 Notwithstanding Sections 12.1, 12.2 and 12.3 above, nothing in this Section 12 shall relieve Seller from any
liability for its breach of any of its representations, warranties, covenants or agreements contained in this Agreement. 
 13. Exercise of Rights and
Remedies 
 13.1 No amendment of any provision of this Agreement shall be effective unless it is in writing and signed by the Parties,
and no waiver of any provision of this Agreement, nor consent to any departure by either Party from it, shall be effective unless it is in writing and signed by the affected Party, and then such waiver or consent shall be effective only in the
specific instance and for the specific purpose for which given. 

  
 22 

 13.2 No failure on the part of a Party to exercise, and no delay in exercising, any right or
remedy under this Agreement shall operate as a waiver by such Party, nor shall any single or partial exercise of any right or remedy under this Agreement preclude any other or further exercise thereof or the exercise of any other right or remedy.
The rights and remedies of each Party provided herein (a) are cumulative and are in addition to, and are not exclusive of, any rights or remedies provided by law (except as otherwise expressly set forth in this Agreement) and (b) are not
conditional or contingent on any attempt by such Party to exercise any of its rights or remedies under any other related document or against the other Party or any other Entity. 

14. Survival; Successors and Assigns 

14.1 All representations, warranties, covenants, indemnities and other provisions made by the Parties shall be considered to have been relied
upon by the Parties, shall (as to representations and warranties) be true and correct as of the Settlement Date and any other date set forth in Sections 4.1 or 5.1, as the case may be, and shall survive the execution, delivery and performance of
this Agreement and the other Operative Documents. 
 14.2 This Agreement, including the representations, warranties, covenants and
indemnities contained in this Agreement, shall inure to the benefit of, be binding upon and be enforceable by and against the Parties and their respective successors and permitted assigns. 

15. Elevation 
 Subject to the terms and
provisions of the Credit Documents and any applicable law or regulation, each Party agrees to use commercially reasonable efforts and to take such actions as are necessary (including obtaining all relevant Elevation Required Consents (if any)), as
soon as reasonably practicable, to cause Buyer or any actual or prospective transferee or subparticipant with respect to all or any part of the Participation who is mutually acceptable to the Parties (any such Entity or Buyer, a “Permitted
Assignee”) to become a Lender under a Credit Agreement with respect to all or any part of the related Transferred Rights (an “Elevation”; and the date on which such Permitted Assignee becomes a Lender under such Credit
Agreement, the “Elevation Date”); provided that, (x) if any Funding Advance or other fees or amounts shall then be due and payable or any other obligations are due and owing to Seller by Buyer, an Elevation shall not be
permitted with respect to the relevant Loans and/or Commitments, as applicable, and (y) if an Elevation would contravene any law, rule, order or regulation applicable to either Party, an Elevation shall not be permitted with respect to the
relevant Loans and/or Commitments, as applicable. Upon the Elevation Date, to the extent of such Elevation, (i) Buyer shall assume all of the Assumed Obligations, (ii) Seller shall have no further responsibility in respect of such Assumed
Obligations and (iii) this Agreement shall terminate except as provided in the last sentence of Section 16. At the time of Elevation, Buyer and Seller shall each pay its applicable share of any applicable Elevation Transfer Fee, as
specified in Section G.1 of the Transaction Specific Terms. Notwithstanding the foregoing, the occurrence of an Elevation shall not affect (a) each Party’s rights or obligations under this Agreement, (b) the indemnities set forth in
Section 6, in each case arising on or before the Elevation Date, including, without limitation, any rights or obligations relating to a Party’s breach of any of 

  
 23 

 
its representations, warranties, covenants or agreements hereunder, (c) Seller’s obligation to deliver to Buyer any Distributions (whether received before, on or after the Elevation
Date) pursuant to Section 8 of this Agreement or (d) either Party’s right to reimbursement of Agent Expenses pursuant to Section 7.1. 

16. Termination 
 This Agreement shall
terminate when (i) Seller shall have received all Distributions in respect of the Loans and the Commitments (if any) and shall, to the extent required hereunder, have distributed the same to Buyer, provided that if all such Distributions
are received in connection with a restructuring of any Loans and Commitments that requires Seller contemporaneously to fund new advances to any Borrower, then such Distributions shall be retained by Seller to the extent necessary to fund such new
advances, and this Agreement (a) shall not terminate and (b) shall apply to such new advances, modified mutatis mutandis, (ii) the Commitments (if any) have been terminated and (iii) the Borrowers and the Obligors shall no
longer have any obligations under the Credit Documents (other than obligations that, in accordance with the terms of the Credit Documents, shall survive the termination thereof). Notwithstanding the foregoing, the termination of this Agreement shall
not affect (a) either Party’s rights or obligations hereunder or (b) the indemnities set forth in Section 6, in each case arising on or before the date of such termination, including, without limitation, any rights or obligations
relating to a Party’s breach of any of its representations, warranties, covenants or agreements hereunder. 
 17. Further Assurances 

Each Party agrees to (i) execute and deliver, or cause to be executed and delivered, all such other and further agreements, documents and
instruments and (ii) take or cause to be taken all such other and further actions as the other Party may reasonably request to effectuate the intent and purposes, and carry out the terms, of this Agreement, including the procurement of the
relevant Elevation Required Consents in connection with an Elevation (if any). Without limiting the generality of the foregoing, on and after an Elevation, Seller agrees that if (i) notes have been issued evidencing all or any portion of the
Loans and the Commitments (if any), (ii) Buyer or Buyer’s designee or assignee requests that a new note or notes be issued to it, and (iii) the related Agent, the related Borrower or any Governmental Authority requires either
(x) the delivery of any note(s) evidencing any Loans and Commitments (if any) previously issued to Seller or (y) the delivery of customary lost note documentation by Seller prior to the issuance thereof, then Seller shall use commercially
reasonable efforts to either deliver such note(s) or customary lost note documentation to the related Agent; provided that Seller shall not be required to deliver either a note or such lost note documentation if no note was ever issued or
delivered to it. 
 18. Disclosure 

18.1 Each Party agrees that, without the prior consent of the other Party, it shall not disclose the contents of this Agreement to any Entity,
except that any Party may make any such disclosure (a) as required to implement or enforce this Agreement, (b) if required to do so by any law, court, regulation, subpoena or other legal process, (c) to any Governmental Authority or

  
 24 

 
self-regulatory Entity having or asserting jurisdiction over it, (d) if its attorneys advise it that it has a legal obligation to do so or that failure to do so may result in it incurring a
liability to any other Entity or sanctions that may be imposed by any Governmental Authority, (e) to its Affiliates, professional advisors and auditors or (f) as set forth in Section 18.2. 

18.2 Buyer may disclose the contents of this Agreement to any proposed transferee, assignee, participant, or other Entity proposing to enter
into contractual relations with Buyer in respect of the Transferred Rights or any part of them. 
 18.3 Buyer agrees, and shall cause each
Buyer’s designee for purposes of receiving information or documents in accordance with Section 9.2 to agree, that it shall maintain the confidentiality of any information and documents delivered to Buyer to the extent required therein and
to the same extent as if Buyer were a party to the Credit Documents and shall, upon Seller’s request, provide to Seller a confidentiality undertaking to such effect in accordance with the terms of the Credit Documents prior to the delivery of
any such information or documents. 
 19. Parties’ Relationships 

Each Party and any of their respective Affiliates may engage in any kind of lawful business or other relationship with any Borrower, any
Obligor or any of their respective Affiliates, without liability to the other Party or any obligation to disclose such business or relationship to the other Party. 

20. Entire Agreement; Conflict 
 20.1 This
Agreement and the other Operative Documents constitute the entire agreement of the Parties with respect to the Transaction and supersede all previous and contemporaneous negotiations, promises, covenants, agreements, understandings, representations
and warranties in respect thereof, all of which have become merged and finally integrated into this Agreement and the other Operative Documents. 

20.2 As between Seller and Buyer, if there is any inconsistency or conflict between this Agreement and any of the other Operative Documents,
the provisions of this Agreement shall govern and control. If there is any inconsistency between the Transaction Specific Terms and the Standard Terms, the Transaction Specific Terms shall govern and control. 

21. Counterparts; Telecopies 
 This
Agreement and the other Operative Documents may be executed in multiple counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument. Transmission by telecopier, facsimile or other form of
electronic transmission of an executed counterpart of any Operative Document shall be deemed to constitute due and sufficient delivery of such counterpart. Each fully executed counterpart of this Agreement and any other Operative Document shall be
deemed to be a duplicate original. 

  
 25 

 22. Relationship Between Buyer and Seller 

The relationship between Seller and Buyer shall be that of seller and buyer. Neither is a trustee or agent for the other, nor does either have
any fiduciary obligations to the other. This Agreement shall not be construed to create a partnership or joint venture between the Parties. In no event shall the Participation be construed as a loan from Buyer to Seller. 

23. Severability 
 The illegality,
invalidity or unenforceability of any provision of this Agreement under the law of any jurisdiction shall not affect its legality, validity or enforceability under the law of any other jurisdiction nor the legality, validity or enforceability of any
other provision. 
 24. Governing Law 

THIS AGREEMENT, THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT AND ANY CLAIM OR CONTROVERSY DIRECTLY OR INDIRECTLY BASED UPON
OR ARISING OUT OF THIS AGREEMENT OR THE TRANSACTION (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY), INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, SHALL IN ALL RESPECTS BE GOVERNED BY AND INTERPRETED, CONSTRUED AND
DETERMINED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO ANY CONFLICTS OF LAW PROVISION THEREOF THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION). 

25. Waiver of Trial by Jury 
 THE PARTIES
HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT THAT THEY MAY HAVE TO TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION, OR IN ANY LEGAL PROCEEDING, DIRECTLY OR INDIRECTLY BASED UPON OR ARISING
OUT OF THIS AGREEMENT OR THE TRANSACTION (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY (a) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE 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 PARTY HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION. 
 26. Jurisdiction 
 26.1 The
Parties irrevocably and unconditionally submit to and accept the exclusive jurisdiction of the United States District Court for the Southern District of New York located in the Borough of Manhattan or the courts of the State of New York located in
the County of New York for any action, suit or proceeding arising out of or based upon this Agreement or any matter relating to it and waive any objection that they may have to the laying of venue in any such court or that any such court is an
inconvenient forum or does not have personal jurisdiction over them. 

  
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 26.2 The Parties irrevocably agree that, should either Party institute any legal action or
proceeding in any jurisdiction (whether for an injunction, specific performance, damages or otherwise) in relation to this Agreement or the Transaction, no immunity (to the extent that it may at any time exist, whether on the grounds of sovereignty
or otherwise) from such action or proceeding shall be claimed by it or on its behalf, any such immunity being hereby irrevocably waived, and each Party irrevocably agrees that it and its assets are, and shall be, subject to such legal action or
proceeding in respect of its obligations under this Agreement. 
 27. Subrogation; Reimbursement Claims 

27.1 To the extent that Buyer enforces any claim for indemnification or other right, claim or remedy against Seller under this Agreement and
receives payment or another remedy from Seller in respect of such right, claim or remedy, the Parties agree that, to the extent permitted by law, the Credit Documents, without the need for further action on the part of either Party, Seller shall be
subrogated to the rights of Buyer against any other Entity, with respect to such right, claim or remedy to the extent that Buyer receives such payment or other remedy from Seller. 

27.2 To the extent that any Borrower or any other Entity enforces any claim for return, disgorgement or reimbursement against Seller for all or
any portion of any payment or transfer received by Seller on account of the Transferred Rights prior to the Settlement Date and receives payment or satisfaction from Seller in respect thereof, the Parties agree that, to the extent permitted by law
and the Credit Documents, without the need for further action on the part of either Party, Seller shall be subrogated to the rights of Buyer against any other Entity, including any Borrower, with respect to such claim (including the right to assert
any Reimbursement Claims); provided that, if applicable, Seller has fully indemnified Buyer with respect thereto pursuant to Section 6.1. 
 28.
Judgment Currency 
 28.1 Each Party’s obligations hereunder to make payments in a specified currency (the “Contractual
Currency”) shall not be discharged or satisfied by any tender or recovery pursuant to any judgment expressed in or converted into any currency other than the Contractual Currency, except to the extent that such tender or recovery results in
the effective receipt by the Party to which payment is owed, acting in good faith and using commercially reasonable procedures in converting the currency so tendered into the Contractual Currency, of the full amount in the Contractual Currency of
the amounts payable to such other Party under this Agreement. If, for the purpose of obtaining or enforcing judgment against any Party in any court or in any jurisdiction, it becomes necessary to convert into or from any currency other than the
Contractual Currency (such other currency being hereinafter referred to as the “Judgment Currency”) an amount due in the Contractual Currency, the conversion shall be made, at the rate of exchange (as quoted by State Street Bank and
Trust Company or if State Street Bank and Trust Company does not quote a rate of exchange on such currency, by a known dealer in such currency designated by the mutual agreement of the Parties) determined, in each case, as of the Business Day
immediately preceding the date on which the judgment is given (such Business Day being hereinafter referred to as the “Judgment Currency Conversion Date”). 

  
 27 

 28.2 If there is a change in the rate of exchange prevailing between the Judgment Currency
Conversion Date and the date of actual payment of the amount due, each Party covenants and agrees to pay, or cause to be paid, such additional amounts, if any (but in any event not a lesser amount), as may be necessary to ensure that the amount paid
in the Judgment Currency, when converted at the rate of exchange prevailing on the date of payment, will produce the amount of the Contractual Currency which could have been purchased with the amount of Judgment Currency stipulated in the judgment
or judicial award at the rate of exchange prevailing on the Judgment Currency Conversion Date. 
 28.3 If for any reason the amount in the
Contractual Currency received by a Party exceeds the amount of the Contractual Currency due and payable, the party receiving the payment will refund promptly the amount of such excess. 

28.4 For purposes of determining any rate of exchange or currency equivalent for this Section, such amounts shall include any premium and costs
payable in connection with the purchase of the Contractual Currency. 
 29. Interpretation 

29.1 This Agreement includes Annex A, Schedule 1 and any other annexes, schedules or other documents attached to or incorporated by reference
into the Agreement. 
 29.2 Terms used in the singular or the plural include the plural and the singular, respectively; “includes”
and “including” are not limiting; and “or” is not exclusive. 
 29.3 Any reference to a Party includes such Party’s
successors and permitted assigns. 
 29.4 Unless otherwise indicated, any reference to: 

 

	 	(a)	this Agreement or any other agreement, document or instrument shall be construed as a reference to this Agreement or, as the case may be, such other agreement, document or instrument as the same may have been, or may at
any time before the Settlement Date be, in effect as modified, amended or supplemented as of the Settlement Date; and 

  

	 	(b)	a statute, law, order, rule or regulation shall be construed as a reference to such statute, law, order, rule or regulation as it may have been, or may at any time before the Settlement Date be, in effect as modified,
amended or supplemented as of the Settlement Date. 

 29.5 Section and other headings and captions are included solely for
convenience of reference and are not intended to affect the interpretation of any provision of this Agreement. 
 29.6 This Agreement shall
be deemed to have been jointly drafted by the Parties and no provision of it shall be interpreted or construed for or against either Party because such Party actually or purportedly prepared or requested such provision, any other provision or the
Agreement as a whole. 

  
 28 

 30. Accounting Treatment 

This Transaction is intended to be treated as a sale by Seller and as a purchase by Buyer. 

31. Additional Provisions 
 The additional
provisions set forth in Section H of the Transaction Specific Terms shall apply. 

  
 29 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	1.	 	 Definitions
	  	 	1	  
	2.	 	 Participation
	  	 	7	  
	3.	 	 Conditions Precedent
	  	 	8	  
	4.	 	 Seller’s Representations and Warranties
	  	 	8	  
	5.	 	 Buyer’s Representations and Warranties
	  	 	11	  
	6.	 	 Indemnification
	  	 	13	  
	7.	 	 Costs and Expenses
	  	 	15	  
	8.	 	 Distributions; Interest and Fees; Payments; Commitment Reductions
	  	 	15	  
	9.	 	 Notices; Records
	  	 	18	  
	10.	 	 Further Transfers
	  	 	19	  
	11.	 	 Voting
	  	 	20	  
	12.	 	 Standard of Care
	  	 	21	  
	13.	 	 Exercise of Rights and Remedies
	  	 	22	  
	14.	 	 Survival; Successors and Assigns
	  	 	23	  
	15.	 	 Elevation
	  	 	23	  
	16.	 	 Termination
	  	 	24	  
	17.	 	 Further Assurances
	  	 	24	  
	18.	 	 Disclosure
	  	 	24	  
	19.	 	 Parties’ Relationships
	  	 	25	  
	20.	 	 Entire Agreement; Conflict
	  	 	25	  
	21.	 	 Counterparts; Telecopies
	  	 	25	  
	22.	 	 Relationship Between Buyer and Seller
	  	 	26	  
	23.	 	 Severability
	  	 	26	  
	24.	 	 Governing Law
	  	 	26	  
	25.	 	 Waiver of Trial by Jury
	  	 	26	  
	26.	 	 Jurisdiction
	  	 	26	  
	27.	 	 Subrogation; Reimbursement Claims
	  	 	27	  
	28.	 	 Judgment Currency
	  	 	27	  
	29.	 	 Interpretation
	  	 	28	  
	30.	 	 Accounting Treatment
	  	 	29	  
	31.	 	 Additional Provisions
	  	 	29	  

  
 -i- 

 Schedule 1 

Transaction Summary and Defined Terms 

 Schedule 2 

Form UCC-1 

  
 -ii-

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