Document:

Exhibit 10.2

 

COLLATERAL MANAGEMENT AGREEMENT

 

This Agreement, dated
as of December 12, 2019 (this “Agreement”), is entered into by and between Owl Rock CLO II, Ltd., an exempted
company incorporated with limited liability under the laws of the Cayman Islands, with its registered office at the offices of
Walkers Fiduciary Limited, Cayman Corporate Centre, 27 Hospital Road, George Town, Grand Cayman, KY1-9008, Cayman Islands (together
with successors and assigns permitted hereunder, the “Issuer”), and Owl Rock Capital Advisors LLC (“ORCA”),
a Delaware limited liability company, with its principal offices located at 399 Park Avenue, 38th Floor, New York, NY
10022, as collateral manager (in such capacity, the “Collateral Manager”). Capitalized terms used and not otherwise
defined herein have the meanings assigned to them in the Indenture.

 

WITNESSETH:

 

WHEREAS, the Issuer
intends to issue Notes pursuant to an indenture dated as of December 12, 2019 (the “Indenture”), among the Issuer,
Owl Rock CLO II, LLC, as co-issuer of the Co-Issued Notes (the “Co-Issuer” and, together with the Issuer, the
“Issuers”), and State Street Bank and Trust Company, as trustee (together with any successor trustee permitted
under the Indenture, the “Trustee”);

 

WHEREAS, the Issuer
intends to issue Preferred Shares pursuant to the Issuer’s memorandum and articles of association and subject to the Fiscal
Agency Agreement, dated as of the Closing Date (the “Fiscal Agency Agreement”), among the Fiscal Agent, the Share Registrar
and the Issuer, as amended from time to time in accordance with the terms thereof;

 

WHEREAS, the Issuer
intends to pledge certain Collateral Obligations, Eligible Investments and Cash (all as defined in the Indenture) and certain other
assets (all as set forth in the Indenture) (collectively, the “Assets”) to the Trustee as security for its obligations
under the Indenture;

 

WHEREAS, the Issuer
wishes 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 perform such additional duties as are
consistent with the terms of this Agreement, the Indenture and the Collateral Administration Agreement; and

 

WHEREAS, the Collateral
Manager has the capacity to provide the services required hereby and is prepared to perform such services upon the terms and conditions
set forth herein.

 

NOW, THEREFORE, in
consideration of the mutual agreements herein set forth, the parties hereto agree as follows:

 

1.                 
Definitions.

 

Terms used herein and
not defined below or elsewhere herein shall have the meanings set forth in the Indenture.

 

“Agreement”
shall mean this Agreement, as amended from time to time.

 

     

     

    

 

“Collateral
Manager Securities” shall mean any Securities owned by the Collateral Manager, an Affiliate thereof, or any account,
fund, client or portfolio established and controlled by the Collateral Manager or an Affiliate thereof or for which the Collateral
Manager or an Affiliate thereof acts as the investment adviser or with respect to which the Collateral Manager or an Affiliate
thereof exercises discretionary control thereover.

 

“Collateral
Manager Information” shall have the meaning ascribed to such term in the Offering Circular.

 

“Governing
Instruments” shall mean the memorandum of association, articles of association and by-laws, if applicable, in the case
of a corporation, the partnership agreement, in the case of a partnership, the limited liability company agreement and certificate
of formation, in the case of a limited liability company or the trust agreement and (if applicable) certificate of trust, in the
case of a trust.

 

“Offering
Circular” shall mean the final Offering Circular with respect to the Notes.

 

“Related Person”
shall mean with respect to any Person, the owners of the equity interests therein, directors, officers, employees, managers, agents
and professional advisors thereof.

 

“Responsible
Officer” shall mean, with respect to any Person, any duly authorized director, officer or manager of such Person with
direct responsibility for the administration of the applicable agreement and also, with respect to a particular matter, any other
duly authorized director, officer or manager of such Person to whom such matter is referred because of such director's, officer's
or manager's knowledge of and familiarity with the particular subject. Each party may receive and accept a certification of the
authority of any other party as conclusive evidence of the authority of any Person to act, and such certification may be considered
as in full force and effect until receipt by such other party of written notice to the contrary.

 

2.                 
General Duties and Authorization of the Collateral Manager.

 

The Collateral Manager
shall provide services to the Issuer as follows:

 

(a)              
Subject to and in accordance with the applicable terms of the Indenture and the terms of this Agreement, the Collateral
Manager agrees to, and is appointed and authorized by the Issuer to (i) select the Assets to be acquired, sold, terminated, tendered
or otherwise disposed of by the Issuer, (ii) invest and reinvest the Assets subject to the Investment Criteria and other conditions
and restrictions set forth in the Indenture, (iii) instruct the Trustee with respect to any acquisition, disposition or tender
of, or Offer with respect to, any Assets received in respect thereof in the open market or otherwise by the Issuer, and (iv) perform
all other tasks and take all other actions that any of the Indenture, the Collateral Administration Agreement or this Agreement
specify are to be taken by the Collateral Manager (provided that the Collateral Manager will not be bound to follow any amendment
or supplement to the Indenture unless it has consented thereto in accordance with the Indenture); and the Collateral Manager may,
in its sole discretion, take any other action not inconsistent with an action that such agreements specify may be taken by the
Collateral Manager.

 

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(b)              
The Collateral Manager shall monitor the Assets on behalf of the Issuer on an ongoing basis and will further agree to provide
or cause to be provided to the Issuer all reports, schedules and other data reasonably available to the Collateral Manager that
the Issuer is required to prepare and deliver or cause to be prepared and delivered under the Indenture, in such forms and containing
such information required thereby, in reasonably sufficient time for such required reports, schedules and data to be reviewed and
delivered by or on behalf of the Issuer to the parties entitled thereto under the Indenture. The obligation of the Collateral Manager
to furnish such reports, schedules and other data is subject to the Collateral Manager’s timely receipt of necessary information,
reports, schedules and other data from the Person responsible for the delivery or preparation thereof (including without limitation,
Obligors of the Collateral Obligations, the Rating Agency, the Trustee and the Collateral Administrator) and to any confidentiality
restrictions with respect thereto.

 

(c)              
Without limiting the foregoing, the Issuer authorizes the Collateral Manager to, at any time and subject to and in accordance
with this Agreement, the Indenture and the Loan Sale Agreement: (i) direct the Trustee to dispose of any or all Assets in
the open market or otherwise, (ii) direct the Trustee to acquire or retain, as security for the Secured Notes in substitution
for or in addition to any Collateral Obligations, Eligible Investments or other Assets, one or more Collateral Obligations, Eligible
Investments or other Assets, and (iii) as agent of the Issuer, direct the Trustee to take the following actions with respect
to any Asset:

 

(A)            
tender such Assets pursuant to an Offer;

 

(B)             
consent or object to any proposed amendment, modification or waiver with respect to such Asset, including pursuant to an
Offer;

 

(C)             
retain or dispose of any securities or other property (if other than Cash) received pursuant to an Offer or with respect
to any Asset;

 

(D)            
waive any default with respect to any Asset;

 

(E)             
vote to accelerate, or to rescind the acceleration of, the maturity of any Asset; or

 

(F)             
exercise any other rights or remedies with respect to such Asset as provided in the related Underlying Document or take
any other action consistent with the terms of the Indenture and the standard of care set forth in Section 2(f).

 

(d)               The
Issuer hereby irrevocably (except as provided below) appoints the Collateral Manager as its true and lawful agent
and attorney-in-fact (with full power of substitution) in its name, place and stead and at its expense, in connection with
the performance of its duties provided for in this Agreement or in the Indenture. The Issuer hereby ratifies and confirms all
that such attorney-in-fact (or any substitute) shall lawfully do hereunder and pursuant hereto and authorizes such
attorney-in-fact to exercise full discretion and act for the Issuer in the same manner and with the same force and effect as
the managers or officers of the Issuer might or could do in respect of the performance of such services, as well as in
respect of all other things the Collateral Manager deems necessary or incidental to the furtherance or conduct of such
services, subject in each case to the other terms of this Agreement. The Issuer hereby authorizes such attorney-in-fact, in
its sole discretion (but subject to applicable law and the provisions of this Agreement and the Indenture), to take all
actions that it considers reasonably necessary and appropriate in respect of the Assets, this Agreement, the Indenture and
the other Transaction Documents. This grant of power of attorney is coupled with an interest, and it shall survive and not be
affected by the subsequent dissolution or bankruptcy of the Issuer, except that, notwithstanding anything herein to the
contrary, the appointment herein of the Collateral Manager as the Issuer’s agent and attorney-in-fact shall
automatically cease and terminate upon the effective date of any termination of this Agreement, the resignation of the
Collateral Manager pursuant to Section 12 or any removal of the Collateral Manager pursuant to Section 14.

 

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(e)              
The Collateral Manager and the Issuer shall take such other action, and furnish such certificates, opinions and other documents,
as may be reasonably requested by the other party hereto in order to effectuate the purposes of this Agreement and to facilitate
compliance with applicable laws and regulations and the terms of this Agreement.

 

(f)               
The Collateral Manager will perform its obligations under this Agreement, the Indenture and the Fiscal Agency Agreement
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 may manage for itself and its other clients and which is consistent with what the Collateral
Manager reasonably believes to be the customary and usual collateral management practices that a prudent collateral manager of
national recognition in the United States would use to manage comparable assets for its own account and for the account of others,
except as expressly provided otherwise in this Agreement, the Indenture and the Fiscal Agency Agreement or under applicable law;
provided that the Collateral Manager shall not be liable for any losses or damages resulting from any failure to satisfy
the foregoing standard of care except to the extent that such failure would result in liability pursuant to Section 10.
Without prejudicing the preceding, the Collateral Manager shall follow its customary standards, policies and procedures in performing
its duties under this Agreement, the Indenture and the Fiscal Agency Agreement.

 

3.                 
Brokerage.

 

If the
Collateral Manager chooses to effect a transaction for the purchase or sale of an Asset through a broker-dealer, the
Collateral Manager shall use commercially reasonable efforts to obtain the best execution for all orders placed with respect
to the Assets, considering all circumstances (but, for the avoidance of doubt and without limiting the foregoing, with no
obligation to obtain the lowest price) and in a manner permitted by law. Subject to the preceding sentence, the Collateral
Manager may, in the allocation of business, take into consideration research and other brokerage services furnished to the
Collateral Manager or its Affiliates by brokers and dealers which are not Affiliates of the Collateral Manager. Such services
may be furnished to the Collateral Manager or its Affiliates in connection with its other advisory activities or investment
operations. Transactions may be executed as part of concurrent authorizations to purchase or sell the same investment for
other accounts served by the Collateral Manager or its Affiliates. When these concurrent transactions occur, the objective of
the Collateral Manager (and any of its Affiliates involved in such transactions) shall be to allocate the executions among
the accounts in an equitable manner. A more complete description of the Collateral Manager’s policies with respect to
the placement of orders is set forth in the Collateral Manager’s most recent Form ADV, a copy of which has been made
available to the Issuer and to the Trustee.

 

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4.                 
Additional Activities of the Collateral Manager.

 

Nothing herein shall
prevent the Collateral Manager or any of its Affiliates from engaging in its customary businesses, or from rendering services of
any kind to the Issuer and its Affiliates, the Trustee, the Holders or beneficial owners of the Securities or any other Person
or entity to the extent permitted by applicable law and not expressly prohibited under the Indenture. Without prejudice to the
generality of the foregoing, the Collateral Manager or any of its Affiliates and any directors, officers, partners, employees and
agents of the Collateral Manager or its Affiliates may, among other things, and subject to any limits specified in the Indenture:

 

(a)              
serve as directors (whether supervisory or managing), partners, officers, employees, agents, nominees or signatories for
the Issuer, its Affiliates or any issuer of any obligations included in the Assets, to the extent permitted by their Governing
Instruments, as from time to time amended, or by any resolutions duly adopted by the Issuer, its Affiliates or any issuer of any
obligations included in the Assets, pursuant to their respective Governing Instruments;

 

(b)              
receive fees for services of any nature rendered to the issuer of any obligations included in the Assets;

 

(c)              
be retained to provide services to the Issuer or its Affiliates that are unrelated to this Agreement, and be paid therefor;

 

(d)              
be a secured or unsecured creditor of, or hold an equity interest in, the Issuer, its Affiliates or any issuer of any obligation
included in the Assets;

 

(e)              
make a market in any Collateral Obligations or in any Notes; and

 

(f)               
serve as a member of any “creditors’ committee” or informal workout group with respect to any obligation
included in the Assets which is, has become, or, in the Collateral Manager’s opinion, may become a Defaulted Obligation.

 

It is understood
that the Collateral Manager and any of its Affiliates have engaged (and expect to continue to engage) in other business and
have furnished (and expect to continue to furnish) investment management and advisory services to others, including Persons
which may have investment policies similar to those followed by the Collateral Manager with respect to the Assets and which
may own obligations or securities of the same class, or which are of the same type, as the Collateral Obligations or the
Eligible Investments or other obligations or securities of the Obligors or issuers of the Collateral Obligations or the
Eligible Investments. The Collateral Manager will be free, in its sole discretion, to make recommendations to others, or
effect transactions on behalf of itself or for others, which may be the same as or different from those effected with respect
to the Assets and the Issuer. Nothing in the Indenture or this Agreement shall prevent the Collateral Manager or any of its
Affiliates, acting either as principal or agent on behalf of others, from buying or selling, or from recommending to or
directing any other account to buy or sell, at any time, obligations or securities of the same kind or class, or obligations
or securities of a different kind or class of the same Obligor or issuer, as those directed by the Collateral Manager to be
purchased or sold on behalf of the Issuer.

 

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It is understood that,
to the extent permitted by applicable law, the Collateral Manager, its Affiliates or their respective Related Persons or any member
of their families or a Person advised by the Collateral Manager or its Affiliates may have an interest in a particular transaction
or in obligations or securities of the same kind or class, or obligations or securities of a different kind or class of the same
Obligor or issuer, as those whose purchase or sale the Collateral Manager may direct under this Agreement. If, in light of market
conditions and investment objectives, the Collateral Manager determines that it would be advisable to purchase or sell the same
Collateral Obligation both for the Issuer, and either the proprietary account of the Collateral Manager or any Affiliate of the
Collateral Manager or another client of the Collateral Manager or any Affiliate, the Collateral Manager will allocate such investment
opportunities across such Persons for which such opportunities are appropriate in a manner it deems fair and equitable over time
in accordance with (i) its internal conflicts of interest and allocation policies (as such policies and procedures may change from
time to time in the sole discretion of the Collateral Manager) and (ii) any applicable requirements of the Advisers Act. The Issuer
agrees that, in the course of managing the Collateral Obligations held by the Issuer, the Collateral Manager may consider its relationships
with other clients (including Obligors and issuers) and its Affiliates. The Collateral Manager may decline to make a particular
investment for the Issuer in view of such relationships.

 

Unless the Collateral
Manager determines in its sole discretion that such purchase or sale may be appropriate, the Collateral Manager may refrain from
directing the purchase or sale hereunder of securities or obligations of (i) Persons of which the Collateral Manager, its
Affiliates or any of its or their officers, directors, partners or employees are directors or officers, (ii) Persons for which
the Collateral Manager or any of its Affiliates acts as financial adviser or underwriter or (iii) Persons about which the
Collateral Manager or any of its Affiliates has information which the Collateral Manager deems confidential or non-public or otherwise
might prohibit it from trading such securities or obligations in accordance with applicable law. The Collateral Manager shall not
be obligated to utilize with respect to the Assets any particular investment opportunity of which it becomes aware or to pursue
any particular investment strategy.

 

5.                 
Acquisitions from or Dispositions to the Collateral Manager and Related Parties.

 

Subject to compliance
with applicable laws and regulations and subject to this Agreement and the applicable provisions of the Loan Sale Agreement and
the Indenture, the Collateral Manager may direct the Trustee to acquire a Collateral Obligation from, or sell a Collateral Obligation,
Eligible Investment or Equity Security to, the Collateral Manager, any of its Affiliates or any client for whom the Collateral
Manager or any of its Affiliates serve as investment advisor. Any such acquisition by the Issuer shall be for Fair Market Value
or as otherwise specified in the Indenture.

 

6.                 
Records; Confidentiality.

 

(a)               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 and
the Independent accountants appointed by the Collateral Manager on behalf of the Issuer pursuant to Article X of the
Indenture at any time during normal business hours and upon not less than three Business Days’ prior notice. The
Collateral Manager shall provide the Issuer with sufficient information and reports to maintain the books and records of the
Issuer.

 

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(b)              
The Collateral Manager shall keep confidential any and all information obtained in connection with the services rendered
hereunder and shall not disclose any such information to non-affiliated third parties except (i) with the prior written consent
of the Issuer, (ii) such information as any Rating Agency shall reasonably request in connection with its rating of the Notes,
(iii) in connection with establishing trading or investment accounts or otherwise in connection with effecting transactions
on behalf of the Issuer, (iv) as required by law, regulation, court order or the rules or regulations of any self-regulating
organization, body or official having jurisdiction over the Collateral Manager, (v) to its professional advisers or (vi) such
information as shall have been publicly disclosed other than in violation of this Agreement. Notwithstanding the foregoing, the
Collateral Manager (a) may present summary data with respect to the performance of the Assets in conjunction with presentation
of performance statistics of other funds managed or to be managed by the Collateral Manager or its Affiliates, and may aggregate
data with respect to the performance of one or more categories of Assets with similar data of such other funds and (b) may disclose
such other information about the Issuer, the Assets and the Securities as is customarily disclosed by managers of collateralized
loan obligations. For purposes of this Section 6, the Holders and beneficial owners of the Securities shall in no event
be considered “non-affiliated third parties.”

 

(c)              
Notwithstanding anything in this Agreement or any other Transaction Document to the contrary, the Collateral Manager, the
Issuers, the Trustee 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 the Collateral Manager.

 

Unless otherwise
specifically required by any provision of this Agreement, any other Transaction Document or applicable law, the Collateral
Manager shall use commercially reasonable efforts 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 Issuer for purposes of Cayman
Islands law, United States federal or state law or any other law known to the Collateral Manager to be applicable to the
Issuer, (b) not be permitted under the Issuers’ Governing Instruments, (c) violate in any material respect
any law, rule or regulation of any governmental body or agency having jurisdiction over the Issuer, including, without
limitation, any Cayman Islands or United States federal, state or other applicable securities law, (d) require
registration of the Issuer or the pool of Assets as an “investment company” under the Investment Company Act or
(e) result in the Issuer or the Co-Issuer violating the terms of the Indenture. In connection with the foregoing, but
without prejudice to Section 2 hereof, the Collateral Manager will not be required to make any independent
investigation of any facts or laws in connection with its obligations under this Agreement or the conduct of its business
generally. If the Collateral Manager is ordered to take any such action by the Issuer, the Collateral Manager shall promptly
notify the Issuer, the Trustee and the Rating Agency of the Collateral Manager’s judgment that such action would, or
would reasonably be expected to, have one or more of the consequences set forth above and need not take such action unless
(i) the action would not have the consequences set forth in clause (c) above and (ii) the Issuer again
requests the Collateral Manager to do so and a Majority of each Class of Notes have consented thereto in writing.
Notwithstanding any such request, 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, its partners, their respective partners, and the Collateral Manager’s directors, officers, stockholders and
employees shall not be liable to the Issuer, the Trustee, the Holders or any other Person, except as provided in Section 10
of this Agreement. Any indemnification or insurance pursuant to this Section 7 that is payable out of the Assets
shall be payable only in accordance with the priorities set forth in Article XI of the Indenture.

 

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8.                 
Compensation.

 

(a)              
The Issuer shall pay to the Collateral Manager, for services rendered and performance of its obligations under this Agreement,
a fee, payable in arrears on each Payment Date (including any Redemption Date, other than a Redemption Date in connection with
a redemption of Secured Notes in part by Class not occurring on a regularly scheduled Payment Date) in accordance with the Priority
of Payments that consists of (i) an amount equal to 0.15% per annum (calculated on the basis of a 360 day year and the actual number
of days elapsed during the related Interest Accrual Period) of the Fee Basis Amount measured as of the first day of the Collection
Period relating to such Payment Date (the “Base Management Fee”) and (ii) an amount equal to 0.25% per annum
(calculated on the basis of a 360 day year and the actual number of days elapsed during the related Interest Accrual Period) of
the Fee Basis Amount measured as of the first day of the Collection Period relating to such Payment Date (the “Subordinated
Management Fee” and, together with the Base Management Fee, the “Management Fees”). If any portion
of any Collateral Management Fee payable on any Payment Date in accordance with the Priority of Payments is not paid in full for
any reason, such portion shall be deferred and remain due and payable on subsequent Payment Dates.

 

(b)              
The Collateral Manager may, in its sole discretion, (i) waive its rights to receive any portion of the Management Fees payable
on any Payment Date (including any previously Deferred Subordinated Management Fee) or (ii) defer any portion of the Subordinated
Management Fee otherwise payable to the Collateral Manager on any Payment Date (the “Deferred Subordinated Management
Fee”). The Collateral Manager hereby waives its rights to receive all Management Fees until such date as the Collateral
Manager notifies the Issuer and the Trustee that it is revoking such waiver.

 

(c)               If
this Agreement is terminated for any reason, or if the Collateral Manager resigns or is removed, (i) the Base Management Fee
and the Subordinated Management Fee will each be prorated for any partial period elapsing from the last Payment Date on
which such Collateral Manager was entitled to receive the Base Management Fee and the Subordinated Management Fee to the
effective date of such termination, resignation or removal and (ii) any unpaid or Deferred Subordinated Management Fee shall
be determined as of the effective date of such termination, resignation or removal and, in each case, shall be immediately
due and payable on each Payment Date following the effective date of such termination, resignation or removal in accordance
with the Priority of Payments until paid in full. Otherwise, such Collateral Manager shall not be entitled to any further
compensation for further services but shall be entitled to receive any expense reimbursement accrued to the effective date of
termination, resignation or removal and any indemnity amounts owing (or that may become owing) under this Agreement. Any
Collateral Management Fee, expense reimbursement and indemnities owed to such Collateral Manager or owed to any successor
Collateral Manager on any Payment Date shall be paid pro rata based on the amount thereof then owing to each such
Person, subject to the Priority of Payments.

 

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(d)               The
Collateral Manager shall be responsible for expenses incurred in the performance of its obligations under this
Agreement; provided, however, the Issuer will pay or reimburse the Collateral Manager for expenses including
fees and out-of-pocket expenses reasonably incurred by the Collateral Manager in connection with the services provided under
this Agreement with respect to (i) the costs and expenses of the Collateral Manager incurred in connection with the
negotiation, preparation and execution of this Agreement and all other agreements and matters related to the issuance of any
Securities; (ii) any transfer fees necessary to register any Collateral Obligation in accordance with the Indenture; (iii)
any fees and expenses in connection with the acquisition, management or disposition of Assets or otherwise in connection with
the Securities or the Issuer (including (a) investment related travel, communications and related expenses, (b) loan
processing fees, accounting and legal fees and expenses (including internally allocated expenses) and other expenses of
professionals retained by the Collateral Manager on behalf of the Issuer and (c) amounts in connection with the termination,
cancellation or abandonment of a potential acquisition or disposition of any Assets that is not consummated); (iv) any and
all taxes, regulatory and governmental charges that may be incurred or payable by the Issuer; (v) any and all insurance
premiums or expenses incurred in connection with the activities of the Issuer by the Collateral Manager; (vi) any and all
costs, fees and expenses incurred in connection with the rating of the Secured Notes or obtaining ratings or credit estimates
on Collateral Obligations, and communications with the Rating Agency; (vii) any and all costs, fees and expenses incurred in
connection with the Collateral Manager's communications with the Holders (including charges related to annual meetings and
for preparation of reports); (viii) costs, fees and expenses of one or more firms that provide software databases and
applications for the purpose of modeling, evaluating and monitoring the Assets and the Securities pursuant to a licensing or
other agreement; (ix) fees and expenses for services to the Issuer in respect of the Assets relating to asset pricing and
rating services; (x) any and all expenses incurred to comply with any law or regulation related to the activities of the
Issuer and, to the extent relating to the Issuer and the Assets, the Collateral Manager; (xi) the fees and expenses of any
independent advisor employed to value or consider Collateral Obligations; (xii) any and all costs, fees and expenses incurred
in connection with any amendment or supplemental indenture effected (or proposed to be effected) pursuant to the Indenture;
(xiii) in the event the Issuer is included in the consolidated financial statements of the Collateral Manager or its
Affiliates, costs and expenses associated with the preparation of such financial statements and other information by the
Collateral Manager or its Affiliates to the extent related to the inclusion of the Issuer in such financial statements; (xiv)
any and all costs, fees and expenses incurred in connection with the preparation and audit of the Issuer’s financial
statements; (xv) any out-of-pocket costs or expenses incurred by the Collateral Manager in connection with complying with
applicable law; and (xvi) as otherwise agreed upon by the Issuer and the Collateral Manager, to be paid in accordance
with the Indenture. In addition, the Issuer will pay or reimburse the costs and expenses (including fees and disbursements of
counsel and accountants) of the Collateral Manager and the Issuer incurred in connection with or incidental to the entering
into of this Agreement or any amendment hereto.

 

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9.                 
Benefit of the Agreement.

 

The Collateral Manager
shall perform its obligations hereunder in accordance with the terms of this Agreement and the terms of the Indenture applicable
to it and shall use all reasonable endeavors, in the course of carrying out such obligations, to protect the interests of the Holders
as a group. The Collateral Manager agrees that such obligations shall be enforceable at the instance of the Issuer, the Trustee,
on behalf of the Holders, or the requisite percentage of Holders as provided in the Indenture.

 

10.              
Limits of Collateral Manager Responsibility.

 

(a)              
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 in good faith and shall not be responsible for any action or inaction of
the Issuer or the Trustee in following or declining to follow any advice, recommendation or direction of the Collateral Manager.
The Collateral Manager, its Affiliates, and their respective Related Persons shall not be liable to the Issuers, the Trustee, any
Holder of Securities, any holder of the Issuer’s ordinary shares, the Initial Purchaser, any of their respective Affiliates
or Related Persons or any other Person for any act, omission, error of judgment, mistake of law, or for any claim, loss, liability,
damage, judgements, assessments, settlement cost, or other expense (including attorneys’ fees and expenses and court costs)
arising out of any investment, or for any other act or omission in the performance of the Collateral Manager’s obligations
under or in connection with this Agreement or the terms of any other Transaction Document applicable to the Collateral Manager,
incurred as a result of actions taken or recommended or for any omissions of the Collateral Manager, or for any decrease in the
value of the Assets, except the Collateral Manager will be liable (i) by reason of acts or omissions constituting bad faith, willful
misconduct or gross negligence in the performance of its duties under this Agreement and under the terms of the Indenture or (ii)
with respect to Collateral Manager Information, as of the date made, containing any untrue statement of a material fact or omitting
to state a material fact necessary in order to make the statements in the Offering Circular, in light of the circumstances under
which they were made, not misleading (the preceding clauses (i) and (ii) collectively referred to as “Collateral Manager
Breaches”).

 

(b)              
The Collateral Manager shall not be liable for any consequential, punitive, exemplary or special damages or lost profits
under this Agreement or under the Indenture. Nothing contained in this Agreement shall be deemed to waive any liability which cannot
be waived under applicable state or federal law or any rules or regulations thereunder.

 

(c)               Indemnity
by the Issuer. The Issuer shall indemnify and hold harmless (the Issuer in such case, the
“Indemnifying Party”) the Collateral Manager, its Affiliates, and their respective Related Persons (such
parties collectively in such case, the “Indemnified Parties”) from and against any and all losses, claims,
damages, judgments, assessments, costs or other liabilities (collectively, “Losses”) (as Administrative
Expenses) and will promptly reimburse each such Indemnified Party for all reasonable fees and expenses incurred by an
Indemnified Party with respect thereto (including, without limitation, reasonable fees and expenses of counsel and costs of
collection) (collectively, “Expenses”) (as Administrative Expenses) arising out of or in connection with
the issuance of the Securities (including, without limitation, any untrue statement of material fact or alleged untrue
statement of material fact contained in the Offering Circular, or any omission or alleged omission to state in the Offering
Circular a material fact necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading, other than Collateral Manager Information), the transactions contemplated by the Offering
Circular, the Indenture or this Agreement and any acts or omissions of any such Indemnified Party; provided that such
Indemnified Party shall not be indemnified for any Losses or Expenses incurred as a result of any Collateral Manager Breach
or any information contained under the headings “U.S. Credit Risk Retention” and “EU Risk Retention
Requirements—The Retention Holder” in the Offering Circular as of the date made containing any untrue statement
of a material fact or omitting to state a material fact necessary in order to make the statements in the Offering
Circular, in light of the circumstances under which they were made, not misleading.

 

    10

     

    

 

(d)              
Notwithstanding anything contained herein to the contrary, the obligations of the Issuer under this Section 10
shall be limited-recourse obligations of the Issuer, payable solely out of the Assets in accordance with the priorities set forth
in Article XI of the Indenture and shall be subject to the terms of Section 22 hereof.

 

(e)              
Notwithstanding anything to the contrary contained in this Agreement, the provisions of this Agreement shall not be construed
so as to provide for the exculpation of the Collateral Manager or the indemnification of the Issuer or the Collateral Manager for
any liability (including liability under U.S. federal securities laws), to the extent (but only to the extent) that such liability
may not be waived, modified or limited under applicable law or such indemnification may not be demanded under applicable law, but
shall otherwise be construed so as to effectuate the provisions of this Agreement to the fullest extent permitted by applicable
law.

 

(f)               
In providing services under this Agreement, the Collateral Manager may rely in good faith upon and will be fully protected
and incur no liability for acting at the direction of the Issuer (where such direction has been given without direct advice from
the Collateral Manager) or for relying upon advice of nationally recognized counsel, accountants or other advisers as the Collateral
Manager determines, in its sole discretion, is reasonably appropriate in connection with the services provided by the Collateral
Manager under this Agreement.

 

(g)               An
Indemnified Party shall (or with respect to an Indemnified Party other than the Collateral Manager, the Collateral
Manager shall cause such Indemnified Party to) promptly notify 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 and give written notice to the Indemnifying Party of such claim within ten
(10) days after such claim is made or threatened, which notice shall specify in reasonable detail the nature of the claim and
the amount (or an estimate of the amount) of the claim but failure so to notify the Indemnifying Party (i) shall not
relieve such Indemnifying Party from its obligations under paragraph (a) above 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 for any
obligations to any Person entitled to indemnity pursuant to paragraph (a) above other than the indemnification
obligations provided for in paragraph (a) above.

 

    11

     

    

 

(h)              
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 an Indemnified Party other than the Collateral Manager, 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;

 

(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;

 

(iv)           neither incur any material expense to defend against nor release or settle any such claim or 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 unindemnified liability) 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)            upon
reasonable prior notice, afford to the Indemnifying Party the right, in its sole discretion and at its sole expense, to
assume the defense of such claim, including, but not limited to, the right to designate counsel and to control all
negotiations, litigation, arbitration, settlements, compromises and appeals of such claim; provided, that if the
Indemnifying Party assumes the defense of such claim, it shall not be liable for any fees and expenses of counsel for any
Indemnified Party incurred thereafter in connection with such claim except that if such Indemnified Party reasonably
determines that counsel designated by the Indemnifying Party has a conflict of interest, such Indemnifying Party shall pay
the reasonable fees and disbursements of one counsel (in addition to any local counsel) separate from its own counsel for all
Indemnified Parties in connection with any one action or separate but similar or related actions in the same jurisdiction
arising out of the same general allegations or circumstances; and provided further, that prior to entering into any
final settlement or compromise, such Indemnifying Party shall seek the consent of the Indemnified Party and use its best
efforts in the light of the then prevailing circumstances (including, without limitation, any express or implied time
constraint on any pending settlement offer) to obtain the consent of such Indemnified Party as to the terms of settlement or
compromise. If an Indemnified Party does not consent to the settlement or compromise within a reasonable time under the
circumstances, the Indemnifying Party shall not thereafter be obligated to indemnify the Indemnified Party for any amount in
excess of such proposed settlement or compromise.

 

    12

     

    

 

(i)                
No Indemnified Party shall, without the prior written consent of the Indemnifying Party, which consent shall not be unreasonably
withheld or delayed, settle or compromise any claim giving rise to a claim for indemnity hereunder, or 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.

 

(j)                
In the event that any Indemnified Party waives 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.

 

(k)              
Indemnity by Collateral Manager. The Collateral Manager shall indemnify, defend and hold harmless the Issuer and
its Related Persons from and against any and all Losses and shall reimburse each such Person for all Expenses in investigating,
preparing, pursuing or defending any claim, action, proceeding or investigation with respect to any pending or threatened litigation
against the Issuer or any such Related Person (collectively, “Actions”), to the extent that such Action is caused
by, or is a direct consequence of, any Collateral Manager Breach; provided that no such indemnity shall be paid to the extent
that such Action was caused by, or arose out of or in connection with, bad faith, willful misconduct, gross negligence or reckless
disregard of the Issuer or any Related Person.

 

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’s relation to the Issuer
shall be deemed to be solely that of an independent contractor.

 

12.             
Term; Termination.

 

(a)              
This Agreement shall commence as of the date first set forth above and shall continue in force until the first of the following
occurs: (i) the payment in full of the Notes 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 pursuant to the terms of the Indenture;
or (iii) the termination of this Agreement in accordance with clause (b) or (c) of this Section 12
or Section 14 of this Agreement.

 

(b)               This
Agreement may be terminated without cause by the Collateral Manager, and the Collateral Manager may resign upon
90 days’ prior written notice (or such shorter notice as is acceptable to the Issuer) to the Issuer, the Trustee (who
will forward such notice to each Holder), and the Rating Agency; provided, however, that the Collateral Manager
shall have the right to resign immediately upon the effectiveness of any material change in applicable law or regulations
which renders the performance by the Collateral Manager of its duties under the Collateral Management Agreement or under the
Indenture to be a violation of such law or regulation. No such termination or resignation shall be effective until the date
as of which a successor collateral manager shall have been appointed in accordance with this Agreement and delivered an
instrument of acceptance to the Issuer and the resigned Collateral Manager and the successor collateral manager has
effectively assumed all of the Collateral Manager’s duties and obligations pursuant to this Agreement.

 

    13

     

    

 

(c)              
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(g), 8(c), 10, 15 and 22
of this Agreement, which provisions shall survive the termination of this Agreement.

 

(d)              
Promptly after notice of any removal for cause pursuant to Section 14 hereof or resignation of the Collateral
Manager pursuant to this Section 12 while any Securities are Outstanding, the Issuer shall:

 

(i)              transmit copies of such notice to the Trustee (who shall forward a copy of such notice to the Holders), the Fiscal Agent
and the Rating Agency; and

 

(ii)             at the direction of a Majority of the Preferred Shares appoint as a successor collateral manager any institution that (A) has
demonstrated an ability to professionally and competently perform duties similar to those imposed upon the Collateral Manager hereunder,
(B) is legally qualified and has the capacity to assume all of the duties, responsibilities and obligations of the Collateral
Manager hereunder and under the applicable terms of the Indenture, (C) does not cause the Issuer or the Co-Issuer or the pool
of Assets to become required to register under the Investment Company Act and (D) has been approved by a Majority of the Controlling
Class and a Majority of the Preferred Shares (provided, for the avoidance of doubt, that if a Majority of the Controlling
Class or a Majority of the Preferred Shares has nominated such successor, it shall be deemed to have approved of such successor)
and (E) does not by its appointment cause the Issuer or the Co-Issuer to be treated as a publicly traded partnership taxable as
a corporation for U.S. federal income tax purposes or subject to U.S. federal, state or local income tax on a net income basis.

 

(e)               If
(i) a Majority of the Preferred Shares fails to nominate a successor within 30 days of initial notice of the
resignation or removal of the Collateral Manager or (ii) a Majority of the Controlling Class does not approve the
proposed successor nominated by the holders of the Preferred Shares within 10 days of the date of the notice of such
nomination, then a Majority of the Controlling Class shall, within 60 days of the failure described in clause (i) or
(ii) of this sentence, as the case may be, nominate a successor Collateral Manager that meets the criteria set forth in
clause (d)(ii) above. If a Majority of the Preferred Shares approves such proposed successor nominated pursuant to the
preceding sentence, such nominee shall become the Collateral Manager. If no successor Collateral Manager is appointed within
90 days (or, in the event of a change in applicable law or regulation which renders the performance by the resigning
Collateral Manager of its duties under this Agreement or the Indenture to be a violation of such law or regulation, within 30
days) following the termination or resignation of the Collateral Manager, any of the Collateral Manager, a Majority of the
Preferred Shares and the Majority of the Controlling Class shall have the right to petition a court of competent jurisdiction
to appoint a successor Collateral Manager, in either such case whose appointment shall become effective after such successor
has accepted its appointment and without the consent of any Holder of any Securities.

 

    14

     

    

 

(f)               
Any successor Collateral Manager shall be entitled to the Base Management Fee and the Subordinated Management Fee accruing
from the effective date of its appointment. No compensation payable to such successor Collateral Manager shall be greater than
such components of the Collateral Management Fee without the prior written consent of 100% of the Holders of each Class of Securities,
including Collateral Manager Securities.

 

(g)              
The Issuer, the Trustee and the successor collateral manager shall take such action (or cause the outgoing Collateral Manager
to take such action) consistent with this Agreement and the terms of the Indenture applicable to the Collateral Manager, as shall
be necessary to effectuate any such succession. Promptly following the appointment of a successor collateral manager in accordance
with the foregoing, the Issuer shall provide written notice thereof to the Rating Agency.

 

(h)              
In the event of removal of the Collateral Manager pursuant to this Agreement by the Issuer, the Issuer shall have all of
the rights and remedies available with respect thereto at law or equity, and, without limiting the foregoing, the Issuer may by
notice in writing to the Collateral Manager as provided under this Agreement terminate all the rights and obligations of the Collateral
Manager under this Agreement (except those that survive termination pursuant to Section 12(d) above). Upon expiration
of the applicable notice period with respect to termination specified in this Section 12 or Section 14
of this Agreement, as applicable, all authority and power of the Collateral Manager under this Agreement, whether with respect
to the Assets or otherwise, shall automatically and without further action by any person or entity 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.             
Delegation; Assignments; Succession.

 

(a)              
Except as provided in this Agreement, the Collateral Manager may not assign or delegate its rights or responsibilities under
this Agreement without the consent of the Issuer and the consent of a Majority of the Controlling Class and a Majority of the Preferred
Shares (voting separately).

 

(b)               The
Collateral Manager may, without obtaining the consent of any Holder of Securities, but subject to any consent of the Issuer
required for an assignment under the Advisers Act, assign any of its rights or obligations under this Agreement to an
Affiliate of the Collateral Manager, to the surviving entity of a merger, consolidation or restructuring of the Collateral
Manager, or to any other entity to which all or substantially all of the assets, or at the time of such transfer, the
collateral management business, of the Collateral Manager has been transferred; provided that such Affiliate,
successor or transferee (i) has demonstrated an ability to professionally and competently perform duties similar to
those imposed upon the Collateral Manager pursuant to this Agreement, (ii) has the legal right and capacity to act as
Collateral Manager under this Agreement, (iii) shall not cause any of the Issuer, the Co-Issuer or the pool of Assets to
become required to register under the provisions of the 1940 Act and (iv) by its appointment will not cause the Issuer or
Co-Issuer to be treated as a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes or
subject to U.S. federal, state or local income tax on a net income basis. The Collateral Manager shall deliver prior notice
to the Rating Agency of any such assignment or combination.

 

    15

     

    

 

(c)              
In addition, the Collateral Manager may, without the consent of any Person, delegate to third parties (including without
limitation its Affiliates) the duties assigned to the Collateral Manager under this Agreement, and employ third parties (including
without limitation its Affiliates) to render advice (including investment advice), to provide services to arrange for trade execution
and otherwise provide assistance to the Issuer, and to perform any of the Collateral Manager's duties under this Agreement; provided
that the Collateral Manager shall not (i) delegate investment advice responsibilities, including (without limitation) asset selection,
credit review and the negotiation and determination of the acquisition price of a Collateral Obligation to non-affiliates; (ii)
be relieved of any of its duties under this Agreement regardless of the performance of any services by third parties; or (iii)
by its appointment cause the Issuer or the Co-Issuer to be treated as a publicly traded partnership taxable as a corporation for
U.S. federal income tax purposes or subject to U.S. federal, state or local income tax on a net income basis.

 

(d)              
Any assignment by the Collateral Manager consented to by the Issuer and the required Holders shall bind the assignee hereunder
in the same manner as the Collateral Manager is bound. In addition, the assignee shall execute and deliver to the Issuer and the
Trustee an appropriate agreement naming such assignee as a Collateral Manager. Upon the execution and delivery of such a counterpart
by the assignee, the Collateral Manager shall be released from further obligations pursuant to this Agreement, except with respect
to its obligations under Section 10 of this Agreement arising prior to such assignment and except with respect to its
obligations under Sections 15 and 22 hereof.

 

(e)              
This Agreement shall not be assigned by the Issuer without the prior written consent of the Collateral Manager, except that
the Collateral Manager agrees and consents to the assignment by the Issuer of this Agreement pursuant to Section 15.1(f) of the
Indenture.

 

(f)               
In the event of any assignment by the Issuer, the Issuer shall (x) use its best 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 and (y) provide written notice thereof to the Issuer, each Holder, the Trustee and the Rating Agency.

 

14.             
Termination by the Issuer for Cause.

 

This Agreement
may be terminated, and the Collateral Manager may be removed for Cause (as defined below) upon 30 Business Days’ prior
written notice by the Issuer (a “Termination Notice”) at the direction of either (i) a Majority of the
Controlling Class or (ii) a Majority of the Preferred Shares; provided that Collateral Manager Securities shall be
disregarded and have no voting rights with respect to any vote in respect of removal of the Collateral Manager for Cause.
Simultaneous with its direction to the Issuer to so remove the Collateral Manager, either (i) a Majority of the Controlling
Class or (ii) a Majority of the Preferred Shares (as applicable) shall give to the Issuer a written statement setting forth
the reason for such removal (a “Notice of Removal”) and the Issuer shall deliver a copy of the Termination
Notice and the Notice of Removal to the Trustee (who shall deliver a copy of such notice to the Holders) within five Business
Days of receipt of such written notice. No such termination or removal pursuant to this Section 14 shall be
effective (A) until a successor collateral manager shall have been appointed in accordance with Section 12 and
have delivered an instrument of acceptance to the Issuer and the removed Collateral Manager and the successor collateral
manager has effectively assumed all of the Collateral Manager’s duties and obligations under this Agreement and the
Indenture and (B) unless the Notice of Removal shall have been delivered to the Issuer as set forth above.

 

    16

     

    

 

For purposes of determining
“Cause” with respect to termination of this Agreement pursuant to this Section, such term shall mean any one
of the following events:

 

(a)              
the Collateral Manager willfully and intentionally violated or breached any material provision of this Agreement or the
Indenture applicable to it (not including a willful and intentional breach that results from a good faith dispute regarding reasonable
alternative courses of action or reasonable interpretation of instructions);

 

(b)              
the Collateral Manager breached provision of this Agreement or the Indenture applicable to it (other than as covered by
clause (a) and it being understood that failure to meet any Concentration Limitation, Collateral Quality Test or Coverage Test
is not a breach for purposes of this clause (b)), which breach would reasonably be expected to have a material adverse effect on
any Class of Secured Notes and shall not cure such breach (if capable of being cured) within 60 days after the earlier to occur
of a Responsible Officer of the Collateral Manager receiving notice or having actual knowledge of such breach, unless, if such
breach is remediable, the Collateral Manager has taken action commencing the cure thereof within such 60 day period that the Collateral
Manager believes in good faith will remedy such breach within 90 days after the earlier to occur of a Responsible Officer receiving
notice or having actual knowledge thereof;

 

(c)              
the failure of any representation or warranty of the Collateral Manager in Section 16 hereof to be correct in any
material respect when such representation or warranty is made, which failure (i) would reasonably be expected to have a material
adverse effect on any Class of Secured Notes and (ii) if capable of being corrected, is not corrected by the Collateral Manager
within 45 days of a Responsible Officer of the Collateral Manager receiving notice of such failure, unless if such failure is remediable,
the Collateral Manager has taken action commencing the cure thereof within such 45-day period that the Collateral Manager believes
in good faith will remedy such failure within 90 days after the earlier to occur of a Responsible Officer receiving notice thereof
or having actual knowledge thereof;

 

(d)               (A)
the Collateral Manager is wound up or dissolved; (B) there is appointed over the Collateral Manager or a
substantial portion of its assets a receiver, administrator, administrative receiver, trustee or similar officer; or
(C) 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,
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;

 

    17

     

    

 

(e)              
the occurrence and continuation of an Event of Default specified under clause (a), (b) or (c) of the definition
of such term that results primarily from any material breach by the Collateral Manager of its duties under this Agreement or under
the Indenture which breach or default is not cured within any applicable cure period (excluding any such Event of Default relating
to a good faith dispute with respect to reasonable alternative courses of action or the meaning of any relevant provision under
the Transaction Documents or any matter that is in the process of being reconciled in accordance with the applicable Transaction
Documents); or

 

(f)               
(i) the occurrence of an act by the Collateral Manager that constitutes fraud or felony criminal activity in the performance
of its obligations under this Agreement (as determined pursuant to a final adjudication by a court of competent jurisdiction) or
the Collateral Manager being indicted for a felony criminal offense materially related to its business of providing asset management
services or (ii) any Responsible Officer of the Collateral Manager primarily responsible for the performance by the Collateral
Manager of its obligations under this Agreement (in the performance of his or her investment management duties) is indicted for
a felony criminal offense materially related to the business of the Collateral Manager providing asset management services and
continues to have responsibility for the performance by the Collateral Manager under this Agreement for a period of thirty (30)
days after such indictment.

 

Prior to the effective
appointment of any successor collateral manager in accordance with this Agreement, the event or circumstance giving rise to the
removal of the Collateral Manager for Cause described above (other than pursuant to clause (d) of the definition thereof)
may be waived by a written approval of both a Majority of the Controlling Class and a Majority of the Preferred Shares (voting
separately) as a basis for termination of this Agreement and removal of the Collateral Manager hereunder; provided that
Collateral Manager Securities shall be disregarded and have no voting rights for purposes of this waiver, it being understood that
if all of the Securities of either such Class are Collateral Manager Securities, the approval of a Majority of such Class shall
not be required for such waiver.

 

If any of the
events specified in clauses (a) through (f) of this Section 14 shall occur, the Collateral Manager shall give prompt
written notice thereof to the Issuer, the Trustee (who shall forward such notice to the Holders) and the Rating Agency; provided
that if the events specified in clause (d) above shall occur, the Collateral Manager shall give written notice thereof to the
Issuer, the Trustee (who will forward such notice to the holders of the Securities) and the Rating Agency immediately upon
the Collateral Manager’s becoming aware of the occurrence of such event. In no event will the Trustee be required to
determine whether or not Cause exists to remove the Collateral Manager.

 

    18

     

    

 

15.             
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 to which it is entitled, and shall receive all other amounts
for which it is entitled to reimbursement, all as provided in and subject to Section 8 hereof, and shall be entitled
to receive any amounts owing under Sections 7 and 10 hereof. Upon such termination, the Collateral Manager shall
as soon as practicable:

 

(i)             
deliver to and at the direction of 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; 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 Section 12(e) hereof.

 

Notwithstanding such
termination, the Collateral Manager shall remain liable for its acts or omissions hereunder as described 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 16(b) hereof or from any failure of the Collateral Manager to comply in all
material respects with the provisions of this Section 15.

 

(b)              
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 or any Affiliate of the Collateral Manager) upon receipt of appropriate indemnification and expense
reimbursement.

 

16.             
Representations and Warranties.

 

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

 

(i)             
The Issuer has been duly incorporated and is validly existing under the laws of the Cayman Islands, has all requisite corporate
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 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.

 

    19

     

    

 

(ii)            
The Issuer has all requisite corporate power and authority to execute, deliver and perform this Agreement, the Indenture
and the Securities and all obligations required hereunder, under the Indenture and the Securities and has taken all necessary action
to authorize the execution, delivery and performance of this Agreement, the Indenture and the Securities and the performance of
all obligations imposed upon it hereunder and thereunder. No consent of any other Person including, without limitation, shareholders
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 the Indenture and the issuance of the Securities,
is required by the Issuer in connection with this Agreement, the Indenture or the Securities or the execution, delivery, performance,
validity or enforceability of this Agreement, the Indenture or the Securities or the obligations imposed upon it hereunder or thereunder.
This Agreement constitutes, and each instrument or document required hereunder, when executed and delivered hereunder, shall constitute,
the legally valid and binding obligations 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 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 or applicable to the Issuer, or the Governing Instruments 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 in violation of its Governing Instruments or in breach or violation of or in default under the Indenture
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.

 

(v)             True
and complete copies of the Indenture and the Issuer’s Governing Instruments have been or, no later than the Closing
Date, will be delivered to the Collateral Manager. In addition, the Issuer acknowledges that it has received Part 2 of the
Collateral Manager’s Form ADV filed with the Securities and Exchange Commission, as required by Rule 204-3 under
the Advisers Act, prior to or concurrently with the date of execution of this Agreement.

 

    20

     

    

 

The Issuer agrees to
deliver a true and complete copy of each and every amendment to the documents referred to in Section 16(a)(v) above
to the Collateral Manager as promptly as practicable after its adoption or execution.

 

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

 

(i)              The Collateral Manager is a limited liability company duly organized and validly existing and in good standing under the
law 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 limited liability company and is in good standing under the laws of each jurisdiction where
its ownership or lease of property or the conduct of its business requires, or 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 business, operations, assets or financial condition of the Collateral Manager or on the ability
of the Collateral Manager to perform its obligations under, or on the validity or enforceability of, this Agreement and the provisions
of the Indenture which are applicable to the Collateral Manager; 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 full power and authority to execute and deliver this Agreement and perform all obligations required
hereunder and under the provisions of the Indenture which are applicable to the Collateral Manager, and the Collateral Manager
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 which are 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 (other than those already obtained) 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 which are applicable to the Collateral Manager. This Agreement has been, and each instrument and document required
hereunder or under the terms of the Indenture shall 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 shall constitute, the legally valid and 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 and (b) general equitable principles (whether considered in a proceeding at law or in equity).

 

    21

     

    

 

(iii)           
The execution, delivery and performance of this Agreement and the terms of the Indenture applicable to the Collateral Manager
and the documents and instruments required hereunder or under the terms of the Indenture shall not violate any provision of any
existing law or regulation binding on or applicable to the Collateral Manager, or any order, judgment, award or decree of any court,
arbitrator or governmental authority binding on the Collateral Manager, or the Governing Instruments 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 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 Collateral Manager
or its ability to perform its obligations under this Agreement, 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.

 

(iv)          
There is no charge, investigation, action, suit or proceeding before or by any court pending or, to the 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 or the provisions
of the Indenture applicable to the Collateral Manager hereunder.

 

(v)            
The Collateral Manager is authorized to carry on its business in the United States.

 

(vi)           
The Collateral Manager is not in violation of its Governing Instruments 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 under the Indenture.

 

(vii)         
The Collateral Manager Information contained in the Offering Circular, as the same may be thereafter amended or supplemented,
as of the date thereof, as of the date of any such amendment or supplement, and as of the Closing Date, is true and correct in
all material respects and does not omit to state any material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading.

 

The Collateral Manager
makes no representation, express or implied, with respect to the Issuer or the disclosure with respect to the Issuer.

 

    22

     

    

 

17.             
Observation Rights.

 

The Issuer covenants
and agrees, if requested in writing by the Collateral Manager and to the extent practicable under the circumstances, to notify
the Collateral Manager of each meeting of the Board of Directors of the Issuer following the receipt of such request by the Issuer
and to use commercially reasonable efforts to provide any materials distributed to the Board of Directors in connection with any
such meeting and to afford a representative of the Collateral Manager the opportunity to be present at each such meeting, in person
or by telephone at the option of the Collateral Manager.

 

18.             
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 telecopy) and shall be deemed to have been duly given, made and received when delivered against receipt or
upon actual receipt, by registered or certified mail, postage prepaid, return receipt requested, by hand delivery, or by courier
service or, in the case of telecopy or email notice, when received in legible form, addressed as set forth below:

 

	 	(a)	If to the Issuer:
	 	 	 
	 	 	Owl Rock CLO II, Ltd.
	 	 	c/o Walkers Fiduciary Limited
	 	 	
        Cayman Corporate Centre

        27 Hospital Road,

        George Town, Grand Cayman

	 	 	KY1-9008, Cayman Islands
	 	 	Telecopy: (345) 949-8080
	 	 	 
	 	(b)	If to the Collateral Manager:
	 	 	 
	 	 	Owl Rock Capital Advisors LLC
	 	 	399 Park Avenue, Floor 38
	 	 	New York, NY 10022
	 	 	Attention: Alan Kirshenbaum
	 	 	E-mail Address: alan@owlrock.com with a copy to legal@owlrock.com
	 	 	 
	 	(c)	If to the Trustee:
	 	 	 
	 	 	State Street Bank and Trust Company
	 	 	
        1 Iron Street

        Boston, Massachusetts 02210

	 	 	
        Attention: Structured Trust and Analytics

        Ref: Owl Rock CLO II, Ltd.

        Facsimile: (617) 937-4358

        Telephone: (617) 662-9839

 

    23

     

    

 

	 	(d)	If to the Rating Agency:
	 	 	 
	 	 	
        S&P Global Rating

        55 Water Street, 41st Floor

        New York, New York 10041

	 	 	Attention:  Structured Credit–CDO Surveillance
	 	 	 
	 	(e)	If to the Holders:
	 	 	At their respective addresses set forth on the Register.
	 	 	 

Any party may alter
the address, email address or telecopy number 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 18 for the giving of notice.

 

19.             
Binding Nature of Agreement; Successors and Assigns.

 

This Agreement shall
be binding upon and inure to the benefit of the parties hereto and their respective heirs, personal representatives, successors
and assigns as provided herein. The Collateral Manager agrees that its obligations hereunder shall be enforceable, at the instance
of the Issuer, on behalf of the Issuer by the Trustee under the Indenture, as provided in the Indenture (subject to the rights
and defenses of the Collateral Manager and the provisions of Section 15 hereunder). The Collateral Manager agrees and consents
to the provisions contained in Article XV of the Indenture.

 

20.             
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 parties hereto hereby acknowledge that any prior agreement concerning
the subject matter hereof has been terminated as of the date hereof and is of no further force or effect (except for provisions
in such agreement designated to survive termination). (For the avoidance of doubt, the parties acknowledge that this Agreement
does not govern the relationship of ORCA in its capacity as a Holder.) 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
be amended by the parties thereto to (i) correct inconsistencies, typographical or other errors, defects or ambiguities or (ii)
conform the Collateral Management Agreement to the Offering Circular, the Collateral Administration Agreement or the Indenture
(as it may be amended from time to time in accordance with the terms thereof), in each case without the consent of the holders
of any Securities and without satisfaction of the S&P Rating Condition. The Collateral Manager will provide notice to the Rating
Agency of any such amendment.

 

Any other
amendment to this Agreement requires the consent of the parties hereto and the approval of a Majority of the Preferred
Shares, with at least ten (10) days’ prior written notice to the Trustee (who shall forward such notice to the
Controlling Class), the Fiscal Agent and the Rating Agency; provided that any such amendment to this Agreement that
would (i) modify the definition of the term Cause, (ii) modify the Base Management Fee, including any component of the Base
Management Fee, the method for calculating any component of the Base Management Fee or any definition used in any component
of the Base Management Fee or (iii) modify the Class or Classes or the percentage of the Aggregate Outstanding Amount of any
Class that has the right to remove the Collateral Manager, consent to any assignment of this Agreement or nominate or approve
any successor Collateral Manager shall, in each case, also require the approval of a Majority of the Controlling Class and
satisfaction of the S&P Rating Condition.

 

    24

     

    

 

21.             
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.

 

22.             
Subordination; Limited Recourse; Non-Petition.

 

(a)              
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 the Indenture, including Article XI thereof.

 

(b)              
Notwithstanding any other provision of this Agreement, the obligations of the Issuer hereunder are, from time to time and
at any time, limited recourse obligations of the Issuer, payable solely from the Assets and only to the extent of funds available
from time to time and in accordance with the Priority of Payments, and following exhaustion of the Assets, any claims of the Collateral
Manager hereunder shall be extinguished and shall not thereafter revive. The Collateral Manager further agrees (i) not to take
any action in respect of any claims hereunder against any officer, director, employee, shareholder, noteholder or administrator
of the Issuer and (ii) not to cause the filing of a petition in bankruptcy against the Issuer for the nonpayment of the fees or
other amounts payable by the Issuer to the Collateral Manager under this Agreement until the payment in full of all Notes issued
under the Indenture and the expiration of a period equal to one year and a day, or, if longer, the applicable preference period,
following such payment. Nothing in this Section 22 shall preclude, or be deemed to stop, the Collateral Manager (x) from
taking any action prior to the expiration of the aforementioned period in (A) any case or Proceeding voluntarily filed or commenced
by the Issuer, or (B) any involuntary insolvency Proceeding filed or commenced by a Person other than the Collateral Manager, or
(y) from commencing against the Issuer or any of its properties any legal action which is not a bankruptcy, reorganization, arrangement,
insolvency, moratorium or liquidation proceeding. The provisions of this Section 22 shall survive the termination of this
Agreement for any reason whatsoever.

 

23.             
Governing Law.

 

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

 

    25

     

    

 

24.             
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.

 

25.             
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 and, unless paid on the Closing Date or shortly thereafter by ORCC or from the proceeds of the offering of the Securities
(to the extent permitted under the Indenture), shall be subject to the Priority of Payments.

 

26.             
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.

 

27.             
Execution in Counterparts.

 

This Agreement may
be executed in any number of counterparts, which may be effectively delivered by facsimile or other electronic means 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.

 

28.             
Provisions Separable.

 

In case any provision
in this Agreement shall be invalid, illegal or unenforceable as written, such provision shall be construed in the manner most closely
resembling the apparent intent of the parties with respect to such provision so as to be valid, legal and enforceable; provided,
however, that if there is no basis for such a construction, such provision shall be ineffective only to the extent of such
invalidity, illegality or unenforceability and, unless the ineffectiveness of such provision destroys the basis of the bargain
for one of the parties to this Agreement, the validity, legality and enforceability of the remaining provisions hereof or thereof
shall not in any way be affected or impaired thereby.

 

    26

     

    

 

29.             
Number and Gender.

 

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

 

30.             
Jurisdiction and Venue.

 

The parties to this
Agreement irrevocably submit to the non-exclusive jurisdiction of any New York state or federal court sitting in the Borough of
Manhattan in The City of New York in any action or proceeding arising out of or relating to this Agreement, the Securities or the
Indenture, and the parties irrevocably agree that all claims in respect of such action or proceeding may be heard and determined
in such New York state or federal court. The parties to this Agreement irrevocably waive, to the fullest extent they may legally
do so, the defense of an inconvenient forum to the maintenance of such action or proceeding. The parties to this Agreement 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 it in accordance with Section 18. The parties 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.

 

31.             
Rule 17g-5 Compliance.

 

The Collateral Manager
agrees that any notice, report, request for satisfaction of the Global Rating Condition or other information provided by the Collateral
Manager (or any of its respective representatives or advisors) to any Rating Agency hereunder or under the Indenture or the Collateral
Administration Agreement for the purposes of undertaking credit rating surveillance of the Secured Notes shall be provided, substantially
concurrently, by the Collateral Manager to the Information Agent for posting on a password-protected website in accordance with
the procedures set forth in Section 2A of the Collateral Administration Agreement and Section 14.16 of the Indenture.

 

    27

     

    

 

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

 

	 	OWL ROCK CAPITAL ADVISORS LLC  
	 	 
	 	 
	 	By:	 
	 	 	Name
	 	 	Title:
	 	 
	 	 
	 	OWL ROCK CLO II, LTD.
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:Exhibit 10.3

 

LOAN SALE AGREEMENT

 

between

 

OWL ROCK CAPITAL CORPORATION

 

as Seller

 

and

 

OWL ROCK CLO II, LTD.

 

as Purchaser

 

Dated as of December 12, 2019

 

    

     

    

 

Table
of Contents

 

	 	Page
	Article I DEFINITIONS	1
	Section
    1.1 Definitions	1
	Section
    1.2 Other Terms	3
	Section
    1.3 Computation of Time Periods	3
	Section
    1.4 Interpretation	3
	Section
    1.5 References	4
	Article II CONVEYANCES OF Transferred ASSETS	4
	Section
    2.1 Conveyances	4
	Section
    2.2 Optional Substitution of Loan Assets; Optional Seller Purchase of Assets	6
	Section
    2.3 Assignments	6
	Section
    2.4 Actions Pending Completion of Conveyance	6
	Section
    2.5 Indemnification	7
	Section
    2.6 Assignment of Rights and Indemnities	8
	Article III CONSIDERATION AND PAYMENT	8
	Section
    3.1 Purchase Price; Substitution Value	8
	Section
    3.2 Payment of Purchase Price	8
	Article IV REPRESENTATIONS AND WARRANTIES	9
	Section
    4.1 Seller’s Representations and Warranties	9
	Section
    4.2 Reaffirmation of Representations and Warranties by the Seller; Notice of Breach	11
	Article V COVENANTS OF THE SELLER	12
	Section
    5.1 Covenants of the Seller	12
	Article VI MISCELLANEOUS PROVISIONS	13
	Section
    6.1 Amendments, Etc.	13
	Section
    6.2 Governing Law: Submission to Jurisdiction; Waiver of Jury Trial	13
	Section
    6.3 Notices	14
	Section
    6.4 Severability of Provisions	15
	Section
    6.5 Further Assurances	15
	Section
    6.6 No Waiver; Cumulative Remedies	15
	Section
    6.7 Counterparts	15

 

    -i-

     

    

 

Table
of Contents

(continued)

 

	 	Page
	Section
    6.8 Non-Petition	15
	Section
    6.9 Transfer of Seller’s Interest	16
	Section
    6.10 Binding Effect; Third-Party Beneficiaries and Assignability	16
	Section
    6.11 Merger and Integration	16
	Section
    6.12 Headings	16

 

    -ii-

     

    

 

This LOAN SALE AGREEMENT,
dated as of December 12, 2019 (as amended, supplemented or otherwise modified and in effect from time to time, this “Agreement”),
between OWL ROCK CAPITAL CORPORATION, a Maryland corporation, as seller (in such capacity, the “Seller”) and
OWL ROCK CLO II, LTD., an exempted company incorporated with limited liability under the laws of the Cayman Islands, as purchaser
(in such capacity, the “Purchaser”).

 

WITNESSETH:

 

WHEREAS, on and after
the date hereof, the Seller may, from time to time on each Conveyance Date (as defined below), sell or contribute, transfer, and
otherwise convey, to the Purchaser, without recourse, and the Purchaser may, from time to time on each Conveyance Date, purchase
or accept a contribution of all right, title and interest of the Seller (whether now owned or hereafter acquired or arising, and
wherever located) in and to the Loan Assets (as defined below) mutually agreed by the Seller and the Purchaser; and

 

WHEREAS, it is the Seller’s
and the Purchaser’s intention that the conveyance of the Transferred Assets (as defined below) under each assignment agreement
and this Agreement is a “true sale” or a “true contribution” for all purposes, such that, upon payment
of the purchase price therefor or the making of a contribution, the Transferred Assets will constitute property of the Purchaser
from and after the applicable transfer date;

 

NOW, THEREFORE, for good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is hereby agreed by and between the
Purchaser and the Seller as follows:

 

Article
I

 

DEFINITIONS

 

Section
1.1 Definitions. As used in this Agreement, the following terms shall have the following meanings (such meanings
to be equally applicable to both the singular and plural forms of the terms defined). All capitalized terms used herein but not
defined herein shall have the respective meanings specified in, or incorporated by reference into, the Indenture and Security Agreement,
dated as of December 12, 2019 (as amended, supplemented or otherwise modified and in effect from time to time, the “Indenture”),
by and among the Purchaser, as Issuer, Owl Rock CLO II, LLC, as Co-Issuer, and State Street Bank and Trust Company, as trustee
(in such capacity, the “Trustee”).

 

“Agreement”
has the meaning set forth in the preamble hereto.

 

“Convey”
means to sell, transfer, assign, contribute, substitute or otherwise convey assets hereunder (each such conveyance being herein
called a “Conveyance”).

 

“Conveyance
Date” means the date of a Conveyance, as specified in the applicable Purchase Notice or Notice of Substitution.

 

    -1-

     

    

 

“Excluded
Amounts” means, with respect to the Loan Assets, (i) any amount that is attributable to the reimbursement of
payment by or on behalf of the Seller of any taxes, fee or other charge imposed by any governmental authority on any Loan
Asset, (ii) any interest or fees (including origination, agency, structuring, management or other up-front fees) that are
for the account of the Seller, (iii) any escrows relating to Taxes, insurance and other amounts in connection with Loan
Assets which are held in an escrow account for the benefit of the obligor and the secured party pursuant to escrow
arrangements under the related underlying instruments, (iv) to the extent paid using amounts other than proceeds of the Loan
Assets and proceeds of Loans, as applicable, any amount paid in respect of reimbursement for expenses owed in respect of any
Loan Asset pursuant to the related underlying instrument or (v) any amount paid to the Purchaser in error.

 

“Indorsement”
has the meaning specified in Section 8-102(a)(11) of the UCC, and “Indorsed” has a corresponding meaning.

 

“Loan Asset”
means each commercial loan identified on Schedule A hereto, and each commercial loan identified on any Purchase Notice.

 

“Optional Seller
Purchase” has the meaning set forth in Section 2.2(a).

 

“Optional Seller
Purchase Price” has the meaning set forth in Section 3.1 (c).

 

“Proceeds”
has the meaning set forth in Section 4.1(n).

 

“Purchase Notice”
has the meaning set forth in Section 2.1(a).

 

“Purchase Price”
has the meaning set forth in Section 3.1(a).

 

“Purchaser”
has the meaning set forth in the preamble hereto.

 

“Related Property”
means, any property or other assets designated and pledged or mortgaged as collateral to secure repayment of such Loan Asset, including,
without limitation, mortgaged property and/or a pledge of the stock, membership or other ownership interests in the related obligor
or its subsidiaries and all proceeds from any sale or other disposition of such property or other assets.

 

“Retained
Interest” means, with respect to any Loan Asset, (a) all of the obligations, if any, of the agent(s) under the documentation
evidencing such Loan Asset and (b) the applicable portion of the interests, rights and obligations under the documentation evidencing
such Loan Asset that relate to such portion(s) of the indebtedness and interest in other obligations that are owned by another
lender.

 

“Seller”
has the meaning set forth in the preamble hereto.

 

“Substitute
Loan Asset” has the meaning set forth in Section 2.2(a).

 

“Substitution”
has the meaning set forth in Section 2.2(a).

 

“Substitution
Value” has the meaning set forth in Section 3.1(b).

 

    -2-

     

    

 

“Transferred
Asset” means each asset, including any Loan Asset and Substitute Loan Asset, Conveyed by the Seller to the Purchaser
hereunder, including with respect to each such asset, all Related Property; provided that the foregoing will exclude the
Retained Interest and the Excluded Amounts.

 

Section
1.2 Other Terms. All accounting terms not specifically defined herein shall be construed in accordance with generally
accepted accounting principles. All terms used in Article 9 of the UCC, and not specifically defined herein, are used herein as
defined in such Article 9.

 

Section
1.3 Computation of Time Periods. Unless otherwise stated in this Agreement, in the computation of a period of time
from a specified date to a later specified date, the word “from” means “from and including” and the words
“to” and “until” each means “to but excluding.”

 

Section
1.4 Interpretation. In this Agreement, unless a contrary intention appears:

 

(i)            reference to any Person includes such Person’s successors and assigns;

 

(ii)           reference to any gender includes each other gender;

 

(iii)          reference to day or days without further qualification means calendar days;

 

(iv)          unless otherwise stated, reference to any time means New York time;

 

(v)           references to “writing” include printing, typing, lithography, electronic or other means of reproducing words
in a visible form;

 

(vi)          reference to any agreement, document or instrument means such agreement, document or instrument as amended, modified, supplemented,
replaced, restated, waived or extended and in effect from time to time in accordance with the terms thereof and reference to any
promissory note includes any promissory note that is an extension or renewal thereof or a substitute or replacement therefor;

 

(vii)         reference to any requirement of law means such requirement of law as amended, modified, codified, replaced or reenacted,
in whole or in part, and in effect from time to time, including rules and regulations promulgated thereunder and reference to any
section or other provision of any requirement of law means that provision of such requirement of law from time to time in effect
and constituting the substantive amendment, modification, codification, replacement or reenactment of such section or other provision;
and

 

(viii)       
references to “including” mean “including, without limitation”.

 

    -3-

     

    

 

Section
1.5 References.

 

All Section references
(including references to the Preamble), unless otherwise indicated, shall be to Sections (and the Preamble) in this Agreement.

 

Article
II

 

CONVEYANCES OF Transferred ASSETS

 

Section
2.1 Conveyances.

 

(a)              
In the event the Purchaser agrees (in accordance with and subject to the requirements of the Indenture) from time to time
to acquire one or more Loan Assets and Related Property from the Seller and the Seller agrees to Convey such Loan Assets and Related
Property to the Purchaser, the Purchaser shall deliver written notice thereof to the Trustee substantially in the form set forth
in Schedule B hereto (each, a “Purchase Notice”), designating the Conveyance Date and attaching a supplement
to Schedule A identifying the Loan Assets proposed to be Conveyed and the Purchase Price with respect to such Conveyance.
On the terms and subject to the conditions set forth in this Agreement and the Indenture, the Seller shall Convey to the Purchaser
without recourse, and the Purchaser shall accept such Conveyance, on the applicable Conveyance Date, all of the Seller’s
right, title and interest (whether now owned or hereafter acquired or arising, and wherever located) in and to each Loan Asset
then reported by the Seller on the Schedule A attached to the related Purchase Notice and the Related Property, together
with all proceeds of the foregoing. For the avoidance of doubt, Schedule A, when delivered in accordance with the terms
hereof, shall automatically be deemed to update any previously delivered Schedule A without the need for action or consent
on the part of any Person. Without the need for a Purchase Notice, on the date hereof, the Purchaser agrees to acquire the Loan
Assets set forth on Schedule A and the Related Property from the Seller and the Seller agrees to Convey such Loan Assets
and Related Property to the Purchaser for the applicable Purchase Prices set forth on Schedule A.

 

(b)               It
is the express intent of the Seller and the Purchaser that each Conveyance of Transferred Assets by the Seller to
the Purchaser pursuant to this Agreement be construed as an absolute sale and/or contribution of such Transferred Assets by
the Seller to the Purchaser providing Purchaser with the full risks and benefits of ownership of the Transferred Assets.
Further, it is not the intention of the Seller and the Purchaser that any Conveyance be deemed a grant of a security interest
in the Transferred Assets by the Seller to the Purchaser to secure a debt or other obligation of the Seller. However, in the
event that, notwithstanding the intent of the parties expressed herein, the Conveyances hereunder shall be characterized as
loans and not as sales and/or contributions, then (i) this Agreement also shall be deemed to be, and hereby is, a security
agreement within the meaning of the UCC and other applicable law and (ii) the Conveyances by the Seller provided for in this
Agreement shall be deemed to be, and the Seller hereby grants to the Purchaser, a first priority security interest (subject
only to Permitted Liens) in, to and under all of the Seller’s right, title and interest in, to and under, whether now
owned or hereafter acquired, such Transferred Assets and all proceeds of the foregoing to secure an obligation of the Seller
to pay over and transfer to the Purchaser any and all distributions received by the Seller (other than Excluded Amounts) in
relation to the Transferred Assets from time to time, whether in cash or in kind, so that the Purchaser will receive all
distributions under, proceeds of and benefits of ownership of the Transferred Assets and to secure all other obligations of
the Seller hereunder. If the Conveyances hereunder shall be characterized as loans and not as sales and/or contributions, the
Purchaser and its assignees shall have, with respect to such Transferred Assets and other related rights, in addition to all
the other rights and remedies available to the Purchaser and its assignees hereunder and under the underlying instruments,
all the rights and remedies of a secured party under any applicable UCC.

 

    -4-

     

    

 

(c)              
The Seller and the Purchaser 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 Transferred Assets to secure a debt or other
obligation, such security interest would be deemed to be a first priority perfected security interest in favor of the Purchaser
under applicable law and will be maintained as such throughout the term of this Agreement. The Seller represents and warrants that
the Transferred Assets are being transferred with the intention of removing them from the Seller’s estate pursuant to Section
541 of the Bankruptcy Code. The Purchaser assumes all risk relating to nonpayment or failure by the obligors to make any distributions
owed by them under the Transferred Assets. Except with respect to the representations, warranties and covenants expressly stated
in this Agreement, the Seller assigns each Transferred Asset “as is,” and makes no covenants, representations or warranties
regarding the Transferred Assets.

 

(d)              
In connection with this Agreement, the Seller agrees to file (or cause to be filed) on or prior to the Closing Date, at
its own expense, a financing statement or statements with respect to the Transferred Assets Conveyed by the Seller hereunder from
time to time meeting the requirements of applicable state law in the jurisdiction of the Seller’s organization to perfect
and protect the interests of the Purchaser created hereby under the UCC against all creditors of, and purchasers from, the Seller,
and to deliver a file-stamped copy of such financing statements or other evidence of such filings to the Purchaser as soon
as reasonably practicable after its receipt thereof and to keep such financing statements effective at all times during the term
of this Agreement.

 

(e)              
The Seller agrees that from time to time, at its expense, it will promptly execute and deliver all instruments and documents
and take all actions as may be reasonably necessary or as the Purchaser may request, in order to perfect or protect the interest
of the Purchaser in the Transferred Assets Conveyed hereunder or to enable the Purchaser to exercise or enforce any of its rights
hereunder. Without limiting the foregoing, the Seller will, in order to accurately reflect the Conveyances contemplated by this
Agreement, execute and file such financing or continuation statements or amendments thereto or assignments thereof (as permitted
pursuant hereto) or other documents or instruments as may be reasonably necessary or as requested by the Purchaser and mark its
records noting the Conveyance to the Purchaser of the Transferred Assets. The Seller hereby authorizes the Purchaser to file and,
to the fullest extent permitted by applicable law the Purchaser shall be permitted to sign (if necessary) and file, initial financing
statements, continuation statements and amendments thereto and assignments thereof without further acts of the Seller; provided
that the description of collateral contained in such financing statements shall be limited to only Transferred Assets. Carbon,
photographic or other reproduction of this Agreement or any financing statement shall be sufficient as a financing statement.

 

    -5-

     

    

 

(f)               
Each of the Seller and the Purchaser agree that prior to the time of Conveyance of any Loan Assets hereunder, the Purchaser
has no rights to or claim of benefit from any Loan Asset (or any interest therein) owned by the Seller.

 

(g)              
The Transferred Assets acquired, transferred to and assumed by the Purchaser from the Seller shall include the Seller’s
entitlement to any surplus or responsibility for any deficiency that, in either case, arises under, out of, in connection with,
or as a result of, the foreclosure upon or acceleration of any such Transferred Assets (other than Excluded Amounts).

 

Section
2.2 Optional Substitution of Loan Assets; Optional Seller Purchase of Assets.

 

(a)              
The Seller may, from time to time in its sole discretion and with the agreement of the Purchaser, substitute for any Collateral
Obligation (each, a “Substitution” and such new Collateral Obligation, a “Substitute Loan Asset”)
in accordance with and subject to the requirements of the Indenture, including Section 12.3 thereof.

 

(b)              
The Seller may, from time to time in its sole discretion and with the agreement of the Purchaser, purchase from the Purchaser
any Collateral Obligation or Equity Security in accordance with and subject to the requirements of the Indenture, including Section
12.3 thereof, in which case, the purchase price for such Collateral Obligation or Equity Security shall be a dollar amount at least
equal to the Fair Market Value (or such other price required under the Indenture) and, if such asset is a Loan Asset, the Seller
shall update Schedule A to remove such asset effective as of the date such asset is conveyed to the Seller.

 

Section
2.3 Assignments. The Seller and the Purchaser acknowledge and agree that, solely for administrative convenience,
any transfer document or assignment agreement required to be executed and delivered in connection with the transfer of a Transferred
Asset in accordance with the terms of the related underlying instruments may reflect that (a) the Seller (or any Affiliate or third
party from whom the Seller or the applicable Affiliate may purchase Transferred Assets) is assigning such Transferred Asset directly
to the Purchaser or (b) the Purchaser is acquiring such Transferred Asset at the closing of such Transferred Asset.

 

Section
2.4 Actions Pending Completion of Conveyance.

 

(a)              
Pending the receipt of any required consents to, and the effectiveness of, the sale of any Loan Assets from the Seller to
the Purchaser on the date hereof in accordance with the applicable underlying instrument, the Seller hereby sells to the Purchaser
a 100% participation in such Loan Asset and its related right, title and interest (each, a “Participation”).
The Participations will not include any rights that are not permitted to be participated pursuant to the terms of the underlying
instruments. Such sale of the Participations shall be without recourse to the Seller (including with regard to collectability),
and shall constitute an absolute sale of each such Participation. Each of the Participations has the following characteristics:

 

(i)                
the Participation represents an undivided participating interest in 100% of the underlying Loan Asset and its proceeds (including
the Proceeds);

 

    -6-

     

    

 

(ii)             
the Seller does not provide any guaranty of payments to the holder of the Participation or other form of recourse (except
as otherwise expressly provided in the representations and warranties set forth in Article IV) or credit support;

 

(iii)           
the Participation represents a pass through of all of the payments made on the Loan Asset (including the Proceeds) and will
last for the same length of time as such Loan Asset except that each Participation will terminate automatically upon the settlement
of the assignment of the underlying right, title and interest of the related Loan Asset from the Seller to the Purchaser; and

 

(iv)            
the Seller holds title in such participated Loan Assets for the benefit of the Purchaser and shall exercise the same care
in the administration of the participated Loan Assets as it would exercise for loans held for its own account.

 

(b)              
Each party hereto shall use commercially reasonable efforts to, as soon as reasonably practicable after the Conveyance Date
cause the Purchaser to become a lender under the underlying instrument with respect to the Seller’s interest in each Transferred
Asset and take such action as shall be mutually agreeable in connection therewith and in accordance with the terms and conditions
of the underlying instrument and consistent with the terms of this Agreement.

 

(c)              
Pending completion of the assignment of the Seller’s interest in each Transferred Asset in accordance with the applicable
underlying instruments, the Seller shall comply with any written instructions provided to the Seller by or on behalf of the Purchaser
with respect to voting rights to be exercised by holders of such Transferred Assets and shall refrain from taking any action with
respect to the participated Loan Assets other than as instructed by the Purchaser, other than with respect to any voting rights
that are not permitted to be participated pursuant to the terms of the applicable underlying instrument (and such restrictions,
requirements or prohibitions are hereby incorporated by reference as if set forth herein).

 

Section
2.5 Indemnification.

 

(a)              
The Seller hereby agrees to indemnify the Purchaser and its successors, transferees, and assigns (including each Secured
Party) or any of such Person’s respective shareholders, officers, employees, agents or Affiliates (each of the foregoing
Persons being individually called an “Indemnified Party”) against, and hold each Indemnified Party harmless
from, any and all costs, losses, claims, damages, liabilities and related expenses (including the reasonable and documented out-of-pocket
fees, charges and disbursements of any outside counsel for any Indemnitee) (all of the foregoing being collectively called “Indemnified
Amounts”) incurred by any Indemnified Party or awarded against any Indemnified Party in favor of any Person (including
the Seller) other than such Indemnified Party arising out of the fraud, bad faith or willful misconduct on the part of the Seller
with respect to this Agreement; provided that such indemnity shall not, as to any Indemnitee, be available to the extent
that such Indemnified Amounts (i) are determined by a court of competent jurisdiction by final and nonappealable judgment to have
resulted from the fraud, bad faith or willful misconduct of such Indemnified Party or (ii) the uncollectability of any Loan Asset
due to an Obligor’s failure to pay any amounts due under the applicable loan agreement in accordance with its terms.

 

    -7-

     

    

 

(b)              
If the Seller has made any payment pursuant to this Section 2.5 and the recipient thereof later collects any payments
from others (including insurance companies) in respect of such amounts or is found in a final and nonappealable judgment by a court
of competent jurisdiction not to be entitled to such indemnification, then the recipient agrees that it shall promptly repay to
the Seller such amounts collected.

 

Section
2.6 Assignment of Rights and Indemnities. The Seller acknowledges that, pursuant to the Indenture, the Purchaser
shall assign all of its right, title and interest in, to and under this Agreement, including its rights of indemnity granted hereunder,
to the Trustee, for the benefit of the Secured Parties. Upon such assignment, (a) the Trustee, for the benefit of the Secured Parties,
shall have all rights of the Purchaser hereunder and may in turn assign such rights, and (b) the obligations of the Seller under
Section 2.5 and Section 2.6 shall inure to the Trustee, for the benefit of the Secured Parties. The Seller agrees
that, upon such assignment, the Trustee, for the benefit of the Secured Parties, may enforce directly, without joinder of the Purchaser,
the indemnities set forth in Section 2.5 and Section 2.6.

 

Article
III

 

CONSIDERATION AND PAYMENT

 

Section
3.1 Purchase Price; Substitution Value.

 

(a)              
The purchase price (the “Purchase Price”) for each Loan Asset Conveyed by the Seller to the Purchaser
on each Conveyance Date shall be a dollar amount at least equal to the fair market value (as agreed by the Seller and the Purchaser
at the time of such Conveyance) of such Loan Asset Conveyed as of such date.

 

(b)              
The substitution value (the “Substitution Value”) for each Substitute Loan Asset Conveyed from the Seller
to the Purchaser on each Conveyance Date shall be a dollar amount at least equal to the Fair Market Value (or such greater price
as may be required under the Indenture).

 

Section
3.2 Payment of Purchase Price. The Purchase Price, along with any fees from origination of the applicable Loan Asset,
for the Transferred Assets Conveyed from the Seller to the Purchaser shall be paid on the related Conveyance Date (a) by payment
in cash in immediately available funds and/or (b) to the extent not paid in cash, as a capital contribution by the Seller to the
Purchaser in respect of the preferred shares of the Purchaser held by the Seller (a “Contribution”).  The
applicable Purchase Notice shall specify the portions of the Purchase Price to be paid in cash and as a contribution; provided
that, on the Closing Date, the portions of the Purchase Price to be paid in cash and as a contribution will be as set forth on
Schedule A.

 

    -8-

     

    

 

Article
IV

 

REPRESENTATIONS AND WARRANTIES

 

Section
4.1 Seller’s Representations and Warranties. The Seller represents and warrants to the Purchaser as of the
Closing Date and as of each Conveyance Date:

 

(a)              
Existence, Qualification and Power. The Seller (i) is duly organized, validly existing and in good standing under
the laws of its jurisdiction of organization, (ii) has all requisite power and authority to own and operate its properties, to
carry on its business as now conducted and as proposed to be conducted, to enter into this Agreement and to carry out the transactions
contemplated thereby and (iii) is qualified to do business and in good standing in every jurisdiction where its assets are located
and wherever necessary to carry out its business and operations, except in jurisdictions where the failure to be so qualified or
in good standing has not had, and could not be reasonably expected to have, a material adverse effect on the Purchaser.

 

(b)              
Authorization; No Contravention. The execution, delivery and performance of the Seller and the consummation of the
transactions contemplated by this Agreement do not and will not (i) violate (1) any provision of any law or any governmental rule
or regulation applicable to it, (2) any of its organizational documents or (3) any order, judgment or decree of any court or other
agency of government binding on it or its properties (except where the violation could not reasonably be expected to have a material
adverse effect on the Purchaser); (ii) conflict with, result in a breach of or constitute (with due notice or lapse of time or
both) a default under any of its contractual obligations (except where the violation could not reasonably be expected to have a
material adverse effect on the Purchaser); (iii) result in or require the creation or imposition of any Lien upon any of its properties
or assets (other than any Liens created under the Indenture in favor of the Trustee for the benefit of the Secured Parties); or
(iv) require any approval of its stockholders, members or partners or any approval or consent of any other Person.

 

(c)              
Governmental Authorization; Other Consents. The execution, delivery and performance by the Seller and the consummation
of the transactions contemplated by this Agreement do not and will not require any registration with, consent or approval of, or
notice to, or other action to, with or by, any governmental authority, except for filings and recordings with respect to the Collateral
to be made, or otherwise delivered to the Trustee for filing and/or recordation, as of the Closing Date.

 

(d)              
No Adverse Proceeding; Title. There is no litigation, adverse proceeding or investigation pending or threatened against
the Seller, before any 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 Purchaser. The Seller is not (A) in violation of any applicable
laws that, individually or in the aggregate, could reasonably be expected to have a material adverse effect on the Purchaser or
(B) subject to or in default with respect to any final judgments, writs, injunctions, decrees, rules or regulations of any court
or any federal, state, municipal or other governmental department, commission, board, bureau, agency or instrumentality, domestic
or foreign, that, individually or in the aggregate, could reasonably be expected to have a material adverse effect on the Purchaser.

 

    -9-

     

    

 

(e)              
Good and Marketable Title. The Seller owns and has good and marketable title to the Transferred Assets Conveyed to
the Purchaser on the applicable Conveyance Date, which Transferred Assets were originated without any fraud or misrepresentation
by the Seller or, to the best of the Seller’s knowledge, on the part of the applicable Obligor, and free and clear of any
lien (other than the liens in favor of the Trustee for the benefit of the Secured Parties pursuant to the Indenture and inchoate
liens arising by operation of law, Permitted Liens or any lien that will be released prior to or contemporaneously with the applicable
Conveyance) and there are no financing statements naming the Seller as debtor and covering the Transferred Assets other than any
financing statements in favor of the Trustee for the benefit of the Secured Parties pursuant to the Indenture, Permitted Liens
or any lien that will be released prior to or contemporaneously with the applicable Conveyance.

 

(f)               
Backup Security Interest. In the event that, notwithstanding the intent of the parties, the Conveyances hereunder
shall be characterized as loans and not as sales and/or contributions, then:

 

(i)                
this Agreement creates a valid and continuing lien and security interest on the Seller’s right, title and interest
in and to the Transferred Assets in favor of the Purchaser and the Trustee, as assignee, for the benefit of the Secured Parties,
which security interest is validly perfected under Article 9 of the UCC (to the extent such security interest may be perfected
by filing a UCC financing statement under such article), and is enforceable as such against creditors of and purchasers from the
Seller;

 

(ii)             
the Transferred Assets are comprised of interests in instruments, security entitlements, general intangibles, accounts,
certificated securities, uncertificated securities, securities accounts, deposit accounts, supporting obligations, insurance, investment
property and proceeds (each as defined in the UCC) and such other categories of collateral under the UCC as to which the Seller
has complied with its obligations as set forth herein;

 

(iii)           
the Seller has received all consents and approvals required by the terms of any Loan Asset to the sale and granting of a
security interest in the Loan Assets hereunder to the Purchaser and the Trustee, as assignee on behalf of the Secured Parties;
the Seller has taken all necessary steps to file or authorize the filing of all appropriate financing statements in the proper
filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in that portion of
the Transferred Assets in which a security interest may be perfected by filing pursuant to Article 9 of the UCC as in effect in
Maryland;

 

(iv)            
none of the underlying promissory notes that constitute or evidence the Loan Assets has any marks or notations indicating
that they have been pledged, assigned or otherwise conveyed to any Person other than the Purchaser and the Trustee, as assignee
on behalf of the Secured Parties; and

 

(v)               with
respect to a Transferred Asset that constitutes a “certificated security,” such certificated security has been
delivered to the Trustee, or will be delivered to the Trustee, and, if in registered form, has been specially Indorsed to the
Trustee or in blank by an effective Indorsement or has been registered in the name of the Trustee upon original issue
or registration of transfer by the Seller of such certificated security, in each case, promptly upon receipt; provided
that any file-stamped document, promissory note and certificates relating to any Loan Asset shall be delivered as soon as
they are reasonably available; and in the case of an uncertificated security, by (A) causing the Trustee to become the
registered owner of such uncertificated security and (B) causing such registration to remain effective.

 

    -10-

     

    

 

(g)              
Fair Consideration; No Avoidance for Loan Asset Payments. With respect to each Transferred Asset sold or contributed
hereunder, the Seller sold or contributed such Transferred Asset to the Purchaser in exchange for payment, made in accordance with
the provisions of this Agreement, in an amount which constitutes fair consideration and reasonably equivalent value. Each such
Conveyance referred to in the preceding sentence shall not have been made for or on account of an antecedent debt owed by the Seller
to the Purchaser and, accordingly, no such sale is or may be voidable or subject to avoidance under the Bankruptcy Code and the
rules and regulations thereunder.

 

(h)              
Adequate Capitalization; No Insolvency. As of such date it is, and after giving effect to any Conveyance it will
be, solvent and it is not entering into this Agreement or consummating any transaction contemplated hereby with any intent to hinder,
delay or defraud any of its creditors.

 

(i)                
True Sale or True Contribution. Each Transferred Asset sold or contributed hereunder shall have been sold or contributed
by the Seller to the Purchaser in a “true sale” or a “true contribution.”

 

(j)                
Notice to Agents and Obligors. The Seller will direct any agent, administrative agent or obligor for any Loan Asset
included in the Transferred Assets to remit all payments and collections with respect to such Loan Asset directly to the relevant
Collection Account.

 

(k)              
Proceeds. The Seller acknowledges that all Collections received by it or its Affiliates with respect to the Transferred
Assets (other than Excluded Amounts) (the “Proceeds”) Conveyed to the Purchaser are held and shall be held
in trust for the benefit of the Purchaser and its assignees until deposited into the Interest Collection Subaccount or the Principal
Collection Subaccount. The Seller shall promptly remit to the Purchaser or the Purchaser’s designee any payment or any other
sums relating to, or otherwise payable on account of, the Transferred Assets (other than Excluded Amounts) that the Seller receives
after the applicable Conveyance Date.

 

Section
4.2 Reaffirmation of Representations and Warranties by the Seller; Notice of Breach. On the Closing Date and
on each Conveyance Date, the Seller, by accepting the proceeds of the related Conveyance, shall be deemed to have certified
that all representations and warranties described in Section 4.1 are true and correct in all material respects on and
as of such day as though made on and as of such day (or if specifically referring to an earlier date, as of such earlier
date). The representations and warranties set forth in Section 4.1 shall survive (a) the Conveyance of the
Transferred Assets to the Purchaser, (b) the termination of the rights and obligations of the Purchaser and the Seller under
this Agreement and (c) the termination of the rights and obligations of the Purchaser under the Indenture. Upon discovery by
a Responsible Officer of the Purchaser or the Seller of a breach of any of the foregoing representations and warranties in
any material respect, the party discovering such breach shall give prompt written notice to the other and to the Trustee.

 

    -11-

     

    

 

Article
V

 

COVENANTS OF THE SELLER

 

Section
5.1 Covenants of the Seller. The Seller hereby covenants and agrees with the Purchaser that, from the date hereof
until the termination of this Agreement, unless the Purchaser otherwise consents in writing:

 

(a)              
Deposit of Collections. The Seller shall transfer, or cause to be transferred, all Collections (if any) it receives
in respect of the Loan Assets (other than Excluded Amounts) to the Trustee promptly following the date such Collections are received
by the Seller.

 

(b)              
Books and Records. The Seller shall maintain proper books of record and account of the transactions contemplated
hereby, in which full, true and correct entries in conformity with GAAP consistently applied shall be made of all financial transactions
contemplated hereunder.

 

(c)              
Accounting of Purchases. Other than for consolidated accounting purposes, the Seller will not account for or treat
the transactions contemplated hereby in any manner other than as a sale or contribution of the Transferred Assets by the Seller
to the Purchaser; provided that solely for federal income tax reporting purposes, the Purchaser is treated as a “disregarded
entity” of the Seller and, therefore, the Conveyance of Transferred Assets by the Seller to the Purchaser hereunder will
not be recognized.

 

(d)              
Liens. The Seller shall not create, incur, assume or permit to exist any Lien on or with respect to any of its rights
in the Transferred Assets (other than the liens in favor of the Trustee for the benefit of the Secured Parties pursuant to the
Indenture, Permitted Liens and any lien that will be released prior to or contemporaneously with the applicable Conveyance). For
the avoidance of doubt, this Section 5.1(d) shall not apply to any property retained by the Seller and not Conveyed or purported
to be Conveyed hereunder.

 

(e)              
Change of Name, Etc. The Seller shall not change its name, or name under which it does business, in any manner that
would make any financing statement or continuation statement filed by the Seller or Purchaser pursuant hereto (or by the Trustee
on behalf of the Seller or Purchaser) or change its jurisdiction of organization, unless the Seller shall have given the Purchaser
at least 30 days prior written notice thereof, and shall promptly file appropriate amendments to all previously filed financing
statements and continuation statements and, in the case of a change in jurisdiction, new financing statements. The Seller shall
do or cause to be done, all things necessary to preserve and keep in full force and effect its existence, its material rights and
its material privileges, obligations, licenses and franchises for so long as any Participations remain outstanding pursuant to
Section 2.4.

 

    -12-

     

    

 

(f)               
Sale Characterization. The Seller shall not make statements or disclosures, or treat the transactions contemplated
by this Agreement (other than for consolidated accounting purposes) in any manner other than as a true sale, contribution or absolute
assignment of the title to and sole record and beneficial ownership interest of the Transferred Assets Conveyed or purported to
be Conveyed hereunder; provided that the Seller may consolidate the Purchaser and/or its properties and other assets for
accounting purposes in accordance with GAAP if any consolidated financial statements of the Seller contain footnotes that the Transferred
Assets have been sold or contributed to the Purchaser.

 

(g)              
Expenses. The Seller shall pay its operating expenses and liabilities from its own assets.

 

(h)              
Commingling. The Seller shall not, and shall not permit any of its Affiliates to, deposit or permit the deposit of
any funds that do not constitute Collections of any Loan Asset into the Interest Collection Subaccount or the Principal Collection
Subaccount.

 

(i)                 SPE
Covenant. The Seller shall not take any action that would cause a violation of Section 7.4 of the Indenture by the Purchaser.
The Purchaser shall not violate Section 7.4 of the Indenture.

 

Article
VI

 

MISCELLANEOUS PROVISIONS

 

Section
6.1 Amendments, Etc. This Agreement and the rights and obligations of the parties hereunder may not be amended, supplemented,
waived or otherwise modified except in an instrument in writing signed by the Purchaser and the Seller and permitted under the
Indenture. Any reconveyance executed in accordance with the provisions hereof shall not be considered an amendment or modification
to this Agreement.

 

Section
6.2 Governing Law: Submission to Jurisdiction; Waiver of Jury Trial.

 

(a)              
THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER (INCLUDING ANY CLAIMS SOUNDING IN CONTRACT LAW OR
TORT LAW ARISING OUT OF THE SUBJECT MATTER HEREOF AND ANY DETERMINATIONS WITH RESPECT TO POST-JUDGMENT INTEREST) SHALL BE GOVERNED
BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS
PRINCIPLES THEREOF THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK.

 

(b)               ALL
JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY PARTY ARISING OUT OF OR RELATING HERETO, OR ANY OF THE OBLIGATIONS, SHALL BE BROUGHT
IN ANY FEDERAL COURT OF THE UNITED STATES OF AMERICA SITTING IN THE BOROUGH OF MANHATTAN OR, IF THAT COURT DOES NOT HAVE
SUBJECT MATTER JURISDICTION, IN ANY STATE COURT LOCATED IN THE CITY AND COUNTY OF NEW YORK. BY EXECUTING AND DELIVERING
THIS AGREEMENT, EACH PARTY, FOR ITSELF, IN CONNECTION WITH ITS PROPERTIES, IRREVOCABLY AND TO THE FULLEST EXTENT IT IS
LEGALLY PERMITTED TO DO SO (A) ACCEPTS GENERALLY AND UNCONDITIONALLY THE EXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS; (B)
WAIVES ANY DEFENSE OF FORUM NON CONVENIENS; (C) AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH
COURT MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO THE APPLICABLE PARTY AT ITS ADDRESS PROVIDED
IN ACCORDANCE WITH SECTION 6.3 AND (D) AGREES THAT SERVICE AS PROVIDED IN CLAUSE (C) ABOVE IS SUFFICIENT TO CONFER
PERSONAL JURISDICTION OVER THE APPLICABLE CREDIT PARTY IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES
EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT.

 

    -13-

     

    

 

(c)              
EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION
BASED UPON OR ARISING HEREUNDER OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT OR THE PURCHASER/SELLER
RELATIONSHIP THAT IS BEING ESTABLISHED. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT
MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH
OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT
TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH
WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT
HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION
WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY
A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 6.2 AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS
WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO OR TO ANY OTHER DOCUMENTS OR AGREEMENTS
RELATING TO THE LOANS MADE HEREUNDER. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY
THE COURT.

 

Section
6.3 Notices. All notices and other communications provided for hereunder shall, unless otherwise stated herein, be
in writing (including electronic communication) and shall be personally delivered or sent by certified or registered mail (return
receipt requested), by overnight delivery service (with all charges paid), by electronic mail (“e-mail”) or by
hand delivery, to the intended party at the address of such party set forth below:

 

(a)              
in the case of the Purchaser, as provided under the Indenture;

 

    -14-

     

    

 

(b)              
in the case of the Seller:

 

OWL ROCK CAPITAL CORPORATION

399 Park Avenue, Floor 38

New York, NY 10022

Attention: Alan Kirshenbaum

E-mail Address: alan@owlrock.com
with a copy to legal@owlrock.com

 

All such notices and correspondence shall
be deemed given (a) if sent by certified or registered mail, three (3) Business Days after being postmarked, (b) if sent
by overnight delivery service or by hand delivery, when received at the above stated addresses or when delivery is refused and
(c) if sent by e-mail, when received.

 

Section
6.4 Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement
shall for any reason whatsoever be held invalid, then such covenants, agreements, provisions, or terms shall be deemed severable
from the remaining covenants, agreements, provisions, or terms of this Agreement and shall in no way affect the validity or enforceability
of the other provisions of this Agreement.

 

Section
6.5 Further Assurances. The Purchaser and the Seller each agree that at any time and from time to time, at its expense
and upon reasonable request of the Trustee, it shall promptly execute and deliver all further instruments and documents, and take
all reasonable further action, that is necessary or desirable to perfect and protect the Conveyances and security interests granted
or purported to be granted by this Agreement or to enable the Trustee or any of the Secured Parties to exercise and enforce its
rights and remedies under this Agreement with respect to any Transferred Assets.

 

Section
6.6 No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of the Purchaser,
the Seller or the Trustee, any right, remedy, power or privilege hereunder, shall operate as a waiver thereof; nor shall any single
or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise
of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and
not exhaustive of any rights, remedies, powers and privilege provided by law.

 

Section
6.7 Counterparts. This Agreement may be executed in two or more counterparts including telecopy transmission thereof
(and by different parties on separate counterparts), each of which shall be an original, but all of which together shall constitute
one and the same instrument. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or e-mail
in portable document format (.pdf) shall be effective as delivery of a manually executed counterpart of this Agreement.

 

Section
6.8 Non-Petition. The Seller covenants and agrees that, prior to the date that is one year and one day
(or, if longer, any applicable preference period) after the payment in full of all Notes (other than contingent reimbursement
and indemnification obligations which are unknown, unmatured and for which no claim has been made), no party hereto shall
institute against, or join any other Person in instituting against, the Purchaser any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings or other similar proceedings under any federal, state or foreign
bankruptcy or similar law.

 

    -15-

     

    

 

Section
6.9 Transfer of Seller’s Interest. With respect to each transfer of a Transferred Asset on any Conveyance Date,
(a) the Purchaser shall, as to each Transferred Asset, be a party to the relevant underlying instruments and have the rights and
obligations of a lender thereunder, and (b) the Seller shall, to the extent provided in this Agreement, and the applicable underlying
instruments, relinquish its rights and be released from its obligations, as to each Transferred Asset. The obligors or agents on
the Transferred Asset were or will be notified of the transfer of the Transferred Asset to the Purchaser to the extent required
under the applicable underlying instruments. The Trustee will have possession of the related underlying instrument (including the
underlying promissory notes, if any).

 

Section
6.10 Binding Effect; Third-Party Beneficiaries and Assignability. This Agreement will inure to the benefit of
and be binding upon the parties hereto and their respective successors and permitted assigns. The Trustee, for the benefit of the
Secured Parties, and the Trustee are each intended by the parties hereto to be an express third-party beneficiary of this Agreement.
Notwithstanding anything to the contrary contained herein, this Agreement may not be assigned by the Purchaser or the Seller without
the prior written consent of the Trustee.

 

Section
6.11 Merger and Integration. Except as specifically stated otherwise herein, this Agreement sets forth the entire
understanding of the parties relating to the subject matter hereof, and all prior understandings, written or oral, are superseded
by this Agreement.

 

Section
6.12 Headings. The headings herein are for purposes of reference only and shall not otherwise affect the meaning
or interpretation of any provision hereof.

 

[REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK]

 

    -16-

     

    

 

 

IN WITNESS WHEREOF,
the Purchaser and the Seller each have caused this Loan Sale Agreement to be duly executed by their respective officers as of
the day and year first above written.

 

	 	OWL ROCK CAPITAL CORPORATION, 

as Seller
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	OWL ROCK CLO II, LTD., 

as Purchaser
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to the Loan Sale Agreement]

 

     

     

    

 

Schedule A

 

SCHEDULE
OF LOAN ASSETS

 

[see attached]

 

     

     

    

 

 

ORCC Asset Purchase and Contribution December 12, 2019

 

	Company	 	Facility	 	Purchased 
 Par
	 	 	Purchase

 Price (%)	 	 	Purchase

 Price (total $)	 	 	Purchase

 Price (cash)	 	 	Purchase Price

 (contribution)	 
	Access Information	 	2nd Lien	 	$	2,265,006	 	 	 	99.50	%	 	$	2,253,681	 	 	$	2,253,681	 	 	$	0	 
	Apptio, Inc.	 	1st Lien	 	$	6,633,231	 	 	 	98.50	%	 	$	6,533,732	 	 	$	6,533,732	 	 	$	0	 
	Aucerna	 	1st Lien	 	$	7,442,161	 	 	 	98.00	%	 	$	7,293,318	 	 	$	7,293,318	 	 	$	0	 
	CIBT Global, Inc.	 	2nd Lien	 	$	3,235,722	 	 	 	98.75	%	 	$	3,195,276	 	 	$	3,195,276	 	 	$	0	 
	City Brewing	 	1st Lien	 	$	6,633,231	 	 	 	98.00	%	 	$	6,500,566	 	 	$	6,500,566	 	 	$	0	 
	Cold Spring Brewing Company	 	1st Lien	 	$	3,559,295	 	 	 	99.75	%	 	$	3,550,396	 	 	$	3,550,396	 	 	$	0	 
	ConnectWise, LLC	 	1st Lien	 	$	6,795,017	 	 	 	97.75	%	 	$	6,642,129	 	 	$	6,642,129	 	 	$	0	 
	Dealer Tire, LLC	 	1st Lien	 	$	11,130,885	 	 	 	100.00	%	 	$	11,130,885	 	 	$	11,130,885	 	 	$	0	 
	Douglas Products and Packaging Company LLC	 	1st Lien	 	$	11,130,885	 	 	 	98.25	%	 	$	10,936,094	 	 	$	10,936,094	 	 	$	0	 
	Endries Acquistion	 	1st Lien	 	$	5,500,728	 	 	 	98.25	%	 	$	5,404,465	 	 	$	5,404,465	 	 	$	0	 
	Hayward Industries, Inc.	 	2nd Lien	 	$	3,235,722	 	 	 	99.00	%	 	$	3,203,365	 	 	$	3,203,365	 	 	$	0	 
	Hometown Food Company	 	1st Lien	 	$	6,471,445	 	 	 	98.50	%	 	$	6,374,373	 	 	$	4,335,350	 	 	$	2,039,023	 
	Ideal Tridon Holdings, Inc.	 	1st Lien	 	$	3,235,722	 	 	 	99.00	%	 	$	3,203,365	 	 	$	0	 	 	$	3,203,365	 
	Impark	 	1st Lien	 	$	8,898,237	 	 	 	98.25	%	 	$	8,742,517	 	 	$	0	 	 	$	8,742,517	 
	Litera	 	1st Lien	 	$	6,471,445	 	 	 	98.25	%	 	$	6,358,194	 	 	$	0	 	 	$	6,358,194	 
	LucidHealth	 	1st Lien	 	$	6,633,231	 	 	 	98.00	%	 	$	6,500,566	 	 	$	0	 	 	$	6,500,566	 
	Manna Development Group, LLC	 	1st Lien	 	$	10,483,740	 	 	 	98.25	%	 	$	10,300,275	 	 	$	0	 	 	$	10,300,275	 
	Motus-Runzheimer	 	1st Lien	 	$	3,235,722	 	 	 	98.50	%	 	$	3,187,187	 	 	$	0	 	 	$	3,187,187	 
	Nelipak	 	1st Lien	 	$	8,251,092	 	 	 	97.50	%	 	$	8,044,815	 	 	$	0	 	 	$	8,044,815	 
	Offen Petroleum	 	1st Lien	 	$	4,659,440	 	 	 	98.50	%	 	$	4,589,549	 	 	$	0	 	 	$	4,589,549	 
	STS	 	1st Lien	 	$	10,483,740	 	 	 	98.50	%	 	$	10,326,484	 	 	$	0	 	 	$	10,326,484	 
	TC Holdings, LLC	 	1st Lien	 	$	8,412,878	 	 	 	100.00	%	 	$	8,412,878	 	 	$	0	 	 	$	8,412,878	 
	Teaching Strategies	 	1st Lien	 	$	10,483,740	 	 	 	98.50	%	 	$	10,326,484	 	 	$	0	 	 	$	10,326,484	 
	Troon Golf, L.L.C.	 	1st Lien	 	$	15,143,181	 	 	 	100.00	%	 	$	15,143,181	 	 	$	0	 	 	$	15,143,181	 
	Valence	 	1st Lien	 	$	13,331,176	 	 	 	98.25	%	 	$	13,097,881	 	 	$	0	 	 	$	13,097,881	 
	Vector	 	1st Lien	 	$	6,665,588	 	 	 	98.50	%	 	$	6,565,604	 	 	$	0	 	 	$	6,565,604	 
	Weiman	 	1st Lien	 	$	9,771,882	 	 	 	97.75	%	 	$	9,552,014	 	 	$	0	 	 	$	9,552,014	 
	Zenith Energy	 	1st Lien	 	$	10,451,383	 	 	 	97.50	%	 	$	10,190,099	 	 	$	0	 	 	$	10,190,099	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	$	210,645,527	 	 	 	 	 	 	$	207,559,376	 	 	$	70,979,259	 	 	$	136,580,117	 

 

     

     

    

 

Schedule B

 

FORM
OF PURCHASE NOTICE

 

[Date]

 

	To:	State Street Bank and Trust Company
	 	as Trustee
	 	1 Iron Street
	 	Boston, Massachusetts 02210
	 	Attention: Structured Trust and Analytics

 

	Re:	Purchase Notice for Conveyance Date of [ ] (the “Conveyance Date”)

 

Ladies and Gentlemen:

 

This Purchase Notice
is delivered to you pursuant to Section 2.1(a) of the Loan Sale Agreement, dated as of December 12, 2019 (together with
all amendments, if any, from time to time made thereto, the “Sale Agreement”), between Owl Rock CLO II, Ltd.,
as purchaser (the “Purchaser”), and Owl Rock Capital Corporation, as seller (the “Seller”).
Unless otherwise defined herein or the context otherwise requires, capitalized terms used herein have the meanings provided in
the Sale Agreement.

 

In accordance with Section
2.1(a) of the Sale Agreement, effective as of the Conveyance Date, the Seller hereby Conveys to the Purchaser [as a sale for
cash for a Purchase Price of $] [and] [as a Contribution in the amount of $ ] on the above-referenced
Conveyance Date pursuant to the terms and conditions of the Sale Agreement the Loan Assets listed on Schedule A hereto, together
with all proceeds of the foregoing.

 

Please wire the cash
portion of the Purchase Price to the Seller pursuant to the Seller’s standing wiring instructions.

 

The Seller certifies
that all conditions precedent described in Section 6.1 of the Sale Agreement have been satisfied with respect to such Conveyance.

 

The Seller agrees that
if prior to the Conveyance Date any matter certified to herein by it will not be true and correct in all material respects at such
time as if then made, it will promptly so notify the Purchaser and the Trustee. Except to the extent, if any, that prior to the
Conveyance Date the Purchaser shall receive written notice to the contrary from the Seller, each matter certified to herein shall
be deemed once again to be certified by the Seller as true and correct in all material respects at the Conveyance Date as if then
made.

 

     

     

    

 

The Seller has caused
this Purchase Notice to be executed and delivered, and the certification and warranties contained herein to be made, by its duly
authorized officer as of the date first written above.

 

	 	Very truly yours,
	 	 
	 	OWL ROCK CAPITAL CORPORATION
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	Accepted and Agreed	 
	 	 
	OWL ROCK CLO II, LTD.	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:

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