Document:

Limited Liability Company Agreement

 Exhibit 10.13 
 EXECUTION VERSION 
 LIMITED LIABILITY COMPANY
AGREEMENT 
 OF 
 CCT FUNDING LLC 
 Dated and effective as of August 22, 2011 

 LIMITED LIABILITY COMPANY AGREEMENT 

CCT FUNDING LLC 

a Delaware Limited Liability Company 
 This LIMITED LIABILITY COMPANY AGREEMENT (this “Agreement”) of CCT Funding LLC, a Delaware limited liability company (the “Company”), is dated and effective as of
August 22, 2011, by CORPORATE CAPITAL TRUST, INC., a Maryland corporation, in its capacity as sole member of the Company (the “Initial Member”) and as the designated manager (the “Designated Manager”), and
Donald Puglisi, as the independent manager (the “Independent Manager”). 
 WHEREAS, the Initial Member has
caused to be filed a Certificate of Formation with the Secretary of State of the State of Delaware to form the Company under and pursuant to the Delaware Limited Liability Company Act, 6 Del. C. §18-101, et seq., as amended from
time to time (the “LLC Act”) and this Agreement; 
 WHEREAS, in accordance with the LLC Act, the Initial Member
desires to enter into this Agreement to form the Company and set forth the rights, powers and interests of the Members with respect to the Company and the Membership Interests therein and to provide for the management of the business and operations
of the Company. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and
valuable consideration, the receipt, adequacy and sufficiency of which are hereby acknowledged, the Initial Member, the Designated Manager and the Independent Manager, intending to be legally bound, agree as follows: 

ARTICLE 1 

GENERAL PROVISIONS 
 Section 1.1. Definitions; Interpretation. 
 (a) Unless defined in this
Section 1.1(a) or otherwise specified or defined herein, capitalized terms used herein shall have the meanings assigned to them in the Credit Agreement, dated as of August 22, 2011 (the “Credit Agreement”), by and
among the Company, as the borrower, the lenders from time to time party thereto and Deutsche Bank AG, New York Branch as the administrative agent. 
 “Accounting Period” means any period that begins on the date hereof or at the opening of business on the day following the end of a previous Accounting Period and ends at the close of
business on the earlier of the next Adjustment Date, the end of a Fiscal Year and the date on which the Company is dissolved. 

“Adjustment Date” means (i) each day immediately prior to the day on which an additional Member is admitted to the
Company as a Member and (ii) any other date reasonably believed by the Designated Manager to be appropriate so as to properly reflect the economic relationship among the Members. 

 “Advisers Act” means the Investment Advisers Act of 1940, as amended.

 “Affiliate” means, with respect to a Person, (a) any other Person who, directly or indirectly, is in
control of, or controlled by, or is under common control with, such Person or (b) any other Person who is a director, officer, employee or general partner (i) of such Person, (ii) of any subsidiary or parent company of such Person or
(iii) of any Person described in clause (a) of this sentence. For the purposes of this definition, control of a Person means the power, direct or indirect, (x) to vote more than 50% of the securities having ordinary voting power for
the election of directors of such Person or (y) to direct or cause the direction of the management and policies of such Person whether by contract or otherwise. 
 “Agreement” has the meaning set forth in the first paragraph hereof. 
 “Bankruptcy” means, with respect to any Person, (A) if such Person (i) makes an assignment for the benefit of creditors, (ii) files a voluntary petition in bankruptcy,
(iii) is adjudged a bankrupt or insolvent, or has entered against it an order for relief, in any bankruptcy or insolvency proceedings, (iv) files a petition or answer seeking for itself any reorganization, arrangement, composition,
readjustment, liquidation or similar relief under any statute, law or regulation, (v) files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against it in any proceeding of this nature,
(vi) seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator of the Person or of all or any substantial part of its properties, or (B) if 120 days have elapsed after the commencement of any proceeding
against such Person seeking reorganization, arrangement, composition, readjustment, liquidation or similar relief under any statute, law or regulation, and such proceeding has not been dismissed, or if 90 days have elapsed after the appointment
without such Person’s consent or acquiescence of a trustee, receiver or liquidator of such Person or of all or any substantial part of its properties, the appointment is not vacated or stayed, or within 90 days after the expiration of any such
stay, the appointment is not vacated. The foregoing definition of “Bankruptcy” is intended to replace and shall supersede and replace the definition of “Bankruptcy” set forth in Sections 18-101(1) and 18-304 of the LLC Act.

 “Book Value” means, with respect to any Company asset as of any date, such Company asset’s adjusted
basis for Federal income tax purposes as of such date, except as follows: (i) on each Adjustment Date, the Book Value of each Company asset shall be adjusted to equal its Value on such Adjustment Date; and (ii) if the Book Value of a
Company asset has been determined under clause (i) above, such Book Value shall thereafter be adjusted by the depreciation, cost recovery and amortization attributable to such Company asset assuming that the adjusted basis of such Company asset
was equal to its Book Value determined under the methodology described in Treasury Regulations Section 1.704-1(b)(2)(iv)(g)(3). 
 “Capital Account” means with respect to each Member the account established and maintained for such Member on the books of the Company in compliance with Treasury Regulation Sections
1.704-1(b)(2)(iv) and 1.704-2. Subject to the preceding sentence, each Member’s Capital Account balance shall initially equal the amount of cash and/or Value of 

 
property contributed by such Member, which initial Capital Account balance is set forth opposite such Member’s name under the heading “Initial Capital Account Balance” on
Schedule A hereto. Throughout the term of the Company, each Capital Account will be (i) increased by the amount of (A) income and gains allocated to such Capital Account pursuant to Article 3 and (B) any cash and/or
Value of property subsequently contributed to such Capital Account, and (ii) decreased by the amount of (A) losses and deductions allocated to such Capital Account pursuant to Article 3 and (B) cash and the Value of any other
property distributed or transferred from such Capital Account. 
 “Certificate of Formation” means the
Certificate of Formation of the Company filed with the Secretary of State of the State of Delaware on July 15, 2011, as amended and restated from time to time. 
 “Code” has the meaning set forth in Section 3.1 hereof. 
 “Company” has the meaning set forth in the first paragraph hereof. 
 “Designated Manager” means the Manager designated as such by the Majority Members from time to time or as provided in Section 6.1 hereof for any period in which no such
designation has been made. The initial Designated Manager is Corporate Capital Trust, Inc., a Maryland corporation, which has filed an election to be treated as a business development company under the Investment Company Act. 

“Fiscal Year” means the taxable year utilized by the Company for federal income tax reporting purposes, which shall be
the calendar year (or a period of less than the full calendar year in the case of the Company’s formation or termination), unless a different period is required by law. 
 “Independent Manager” means a natural person who, (A) for the five-year period prior to his or her appointment as Independent Manager, has not been, and during the continuation of
his or her service as Independent Manager is not: (i) an employee, manager, member, stockholder, partner or officer of the Company, the Initial Member or any of their respective Affiliates (other than his or her service as an independent
manager of the Company, an independent director of the Initial Member or an independent director or manager of any of its Affiliates), (ii) a significant customer or supplier of the Company, the Initial Member or any of their respective
Affiliates, (iii) a Person controlling or under common control with any partner, shareholder, member, manager, Affiliate or supplier of the Company, the Initial Member or any Affiliate of the Company, the Initial Member or (iv) any member
of the immediate family of a Person described in clause (i), (ii) or (iii); provided that an independent manager may serve in similar capacities for other special purpose entities established from time to time by Affiliates of the Company and
the Initial Member, (B) has at least five (5) years of experience as being an independent manager or director, (C) is provided by CT Corporation, Corporation Service Company, National Registered Agents, Inc., Wilmington Trust Company,
Lord Securities Corporation, Puglisi & Associates or, if none of those companies is then providing professional Independent Managers, another nationally-recognized company reasonably approved by the Administrative Agent, that is not an
Affiliate of the Company and that provides professional Independent Managers and other corporate services in the ordinary course of its business and (D) who initially shall be Donald Puglisi. 

 “Initial Member” has the meaning set forth in the first paragraph hereof.

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

“LLC Act” has the meaning set forth in the second paragraph hereof. 

“Majority Members” means Members having Percentage Interests aggregating more than 50% of the aggregate Percentage
Interests in the Company. 
 “Manager” has the meaning set forth in Section 6.1(a). 

“Material Action” has the meaning set forth in Section 1.8. 

“Member” means the Initial Member, as the initial member of the Company, and includes any Person admitted as an
additional member of the Company or a substitute member of the Company pursuant to the provisions of this Agreement, each in its capacity as a member of the Company; provided that the term “Member” shall not include any Special Member.

 “Membership Interest” has the meaning set forth in Section 5.1(a). 

“Membership Interests Transfer Certificate” means a transfer certificate acceptable to the Designated Manager executed
by the proposed transferee of a Membership Interest and delivered to the Designated Manager in accordance with Section 5.4(b) hereof. 
 “Net Income” and “Net Loss”, respectively, for any period means the income or loss of the Company for such period as determined in accordance with the method of
accounting followed by the Company for Federal income tax purposes, including, for all purposes, any income exempt from tax and any expenditures of the Company which are described in Code Section 705(a)(2)(B); provided that in
determining Net Income and Net Loss and every item entering into the computation thereof, solely for the purpose of adjusting the Capital Accounts of the Members (and not for tax purposes), (i) any income, gain, loss or deduction attributable
to the taxable disposition of any Company asset shall be computed as if the adjusted basis of such Company asset on the date of such disposition equaled its Book Value as of such date, (ii) if any Company asset is distributed in-kind to a
Member, the difference between its Value and its Book Value at the time of such distribution shall be treated as gain or loss, (iii) any depreciation, cost recovery and amortization as to any Company asset shall be computed by assuming that the
adjusted basis of such Company asset equaled its book value determined under the methodology described in Treasury Regulation Section 1.704-1(b)(2)(iv)(g)(3) and (iv) as to any Company asset held by the Company on an Adjustment Date the
difference between such Company asset’s Book Value on such Adjustment Date and its Book Value immediately prior to such Adjustment Date shall be treated as gain or loss, as appropriate; provided, further, that any item (computed with the
adjustments in the preceding proviso) allocated under Section 3.3 shall be excluded from the computation of Net Income and Net Loss. 
 “Non-Qualified Person” means a person who is not a Qualified Person. 

 “Obligations” shall mean the indebtedness, liabilities and obligations of
the Company under or in connection with the Credit Agreement and the other Transaction Documents. 
 “Percentage
Interest” with respect to each Member, as of any time of determination, means a fraction, expressed as a percentage, the numerator of which is the Capital Account balance of such Member, and the denominator of which is the aggregate Capital
Account balances of all Members. 
 “Person” means any individual, corporation, estate, partnership, business
or statutory trust, limited liability company, sole proprietorship, joint venture, association, joint stock company, trust (including any beneficiary thereof), unincorporated organization or government or any agency or political subdivision thereof
or other entity. 
 “Qualified Person” means a Person who is (i) either a qualified institutional buyer as
defined in Rule 144A under the Securities Act or a Person (other than any rating organization rating the Collateral Loans) involved in the organization or operation of the Company or an affiliate, as defined in Rule 405 under the Securities Act, of
such Person and (ii) a Qualified Purchaser. 
 “Qualified Purchaser” means a Person who qualifies as a
“qualified purchaser” within the meaning of Section 2(a)(51) of the Investment Company Act or as a “knowledgeable employee” as defined in Rule 3c-5 under the Investment Company Act. 

“Securities Act” means the United States Securities Act of 1933, as amended. 

“Special Member” has the meaning set forth in Section 4.2(b) hereof. 

“Transaction Documents” mean, collectively, the Credit Agreement, the Note, the Security Agreement, the Custodial
Agreement, the Asset Contribution Agreement, dated as of August 22, 2011, by and between the Company and Corporate Capital Trust, Inc. (the “Asset Contribution Agreement”), and the Management Agreement and all documents and
certificates contemplated thereby or delivered in connection therewith. 
 “Value” of any non-cash capital
contribution made by a Member to the Company or of any asset of the Company, as the case may be, as of any date, means the fair market value of such asset as determined by the Designated Manager in good faith. Any determination of the Value or of
the fair market value of any such non-cash capital contribution or of any such asset of the Company made in good faith by the Designated Manager shall be binding on the Members for all purposes of this Agreement. 

(b) Unless a contrary intention appears in this Agreement: 
 (i) the singular number includes the plural number and vice versa; 
 (ii)
reference to any Person includes such Person’s successors and assigns but, if applicable in the context of a particular Transaction Document, only if such successors and assigns are permitted thereunder; 

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

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

(v) reference to any agreement (including this Agreement or any Transaction Document), document or instrument means such agreement,
document or instrument, together with all schedules, exhibits and annexes thereto, in each case as amended, modified, waived, supplemented, restated or replaced and in effect from time to time in accordance with the terms thereof and, if applicable,
the terms of this Agreement or the other Transaction Documents; 
 (vi) reference to any applicable law means such applicable
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 applicable law means that
provision of such applicable law from time to time in effect including those constituting the substantive amendment, modification, codification, replacement or reenactment of such section or other provision; 

(vii) the words “hereof,” “herein,” “hereunder” and words of similar import, when used in this Agreement,
shall refer to this Agreement as a whole and not to any particular provision of this Agreement; 
 (viii) Section, Schedule,
Exhibit, Annex and Attachment references contained in this Agreement are references to Sections, Schedules, Exhibits, Annexes and Attachments in or to this Agreement unless otherwise specified; and 

(ix) the term “including” shall mean “including without limitation.” 

Section 1.2. Name. The name of the Company is “CCT Funding LLC”. The name of the Company may be changed from time to
time by the Designated Manager and the filing of an appropriate amendment to the certificate of formation of the Company with the Secretary of State of the State of Delaware as required by the LLC Act. 

Section 1.3. Registered Agent and Office; Other Offices; Filings and Qualifications. 

(a) The registered agent and registered office of the Company in the State of Delaware is Corporation Trust Company, Corporation Trust
Center, 1209 Orange Street, Wilmington, Delaware 19801. The Designated Manager may change the registered agent and registered office of the Company from time to time to another registered agent and registered office in the State of Delaware.

 (b) The Company’s principal office is located at 450 S. Orange Avenue, Orlando, Florida 32801. The Company may move its
principal office, and may have other offices, at any place or places within or outside the State of Delaware as determined from time to time by the Designated Manager, subject to compliance by the Company with the applicable requirements of the
Credit Agreement. 

 Section 1.4. Term. The Company was formed and commenced on the date the Certificate
of Formation was filed with the Secretary of State of the State of Delaware. The Company shall have a perpetual term until dissolved as provided herein. The existence of the Company as a separate legal entity shall continue until cancellation of the
Certificate of Formation as provided in the LLC Act. 
 Section 1.5. Purpose; Powers. 

(a) The purpose to be conducted or promoted by the Company is to engage in the following activities: 

(i) to acquire, own, hold, sell, transfer, service, foreclose on, exercise rights or remedies under, syndicate, invest in, convey,
safekeep, dispose of, pledge, assign, secure, borrow money against, finance, refinance or otherwise deal with, from time to time, publicly or privately and whether with unrelated third parties or with affiliated entities, the Contributed Assets (as
defined in the Asset Contribution Agreement); 
 (ii) to purchase (or otherwise acquire by way of capital contribution or
otherwise), hold, manage and dispose of the Fund Investments (as defined in the Credit Agreement); 
 (iii) to acquire
financing secured by the Fund Investments pursuant to a Credit Agreement, dated as of August 22, 2011 (as amended, restated supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Company, the
lenders from time to time party thereto and Deutsche Bank AG, New York branch (the “Administrative Agent”); 

(iv) to pledge its assets to the Administrative Agent for the benefit of the Lenders as provided for in the Transaction Documents;

 (v) to enter into and consummate the transactions contemplated by the Asset Contribution Agreement with the Initial Member,
whereby the Company will from time to time receive certain Contributed Assets and undertake other related actions; 
 (vi) to
enter into, execute, deliver, perform its obligations under, and from time to time amend the Transaction Documents to which the Company is a party and to exercise its rights and remedies thereunder; 

(vii) to engage in any lawful act or activity and to exercise any powers permitted to limited liability companies organized under the
laws of the State of Delaware that are related or incidental to and necessary, convenient or advisable for the accomplishment of the above-mentioned purposes (including the entering into of referral, management, servicing and administration
agreements). 
 (b) The Company, by or through the Designated Manager on behalf of the Company, may enter into, perform and from
time to time amend (except as otherwise expressly required in this Agreement or in the Transaction Documents), the Transaction Documents and all documents, agreements, certificates or financing statements contemplated thereby or related

 
thereto, all without any further act, vote or approval of any other Person notwithstanding any other provision of this Agreement. The foregoing authorization shall not be deemed a restriction on
the powers of the Designated Manager to enter into other agreements on behalf of the Company in accordance with this Agreement. 

Section 1.6. Limited Liability Company Agreement; Certificate of Formation. This Agreement shall constitute a “limited
liability company agreement” within the meaning of the LLC Act. Linda A. Scarcelli, as an “authorized person” within the meaning of the LLC Act, has caused a certificate of formation of the Company to be executed and filed in the
office of the Secretary of State of the State of Delaware on July 15, 2011 (such execution and filing being hereby ratified and approved in all respects). Upon the filing of the Certificate of Formation with the Secretary of State of the State
of Delaware, her powers as an “authorized person” ceased, and the Designated Manager thereupon became a designated “authorized person” and shall continue as a designated “authorized person” within the meaning of the LLC
Act. The Designated Manager on behalf of the Company shall execute, deliver and file any other certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the
Company’s operations so require. 
 Section 1.7. Separate Existence. Except for financial reporting purposes (to the
extent consolidated reports including the Company are required by generally accepted accounting principles) and for federal income tax purposes if required by the Code and regulations thereunder, and, to the extent consistent with applicable state
tax law, state income and franchise tax purposes, the Members and the Managers shall take all steps necessary to continue the identity of the Company as a separate legal entity and to make it apparent to third Persons that the Company is an entity
with assets and liabilities distinct from those of the Members, Affiliates of the Members or any other Person, and that the Company is not a division of any of the Members, Affiliates of the Company or any other Person. In that regard and
notwithstanding any other provision of this Agreement, so long as any Obligations are outstanding, except as otherwise permitted under the Transaction Documents, the Company shall not: 

(a) engage in any business activity other than the activities permitted pursuant to Section 1.5 hereof; 

(b) acquire or own any material assets other than the Contributed Assets (as defined in the Asset Contribution Agreement) and assets
permitted to be owned by the Company pursuant to the Transaction Documents, and incidental property as may be necessary for the operation of the Company; 
 (c) sell Contributed Assets; 
 (d) fail to preserve its existence as an entity
duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization or formation or change its legal structure, merge into or consolidate with any Person or to the fullest extent permitted by law, dissolve,
terminate or liquidate in whole or in part or sell all or substantially all of its assets; 
 (e) except as permitted by the
Transaction Documents, own any subsidiary or make any investment in any Person; 

 (f) commingle its assets with the assets of any of its Affiliates, or of any other Person;

 (g) incur any debt, secured or unsecured, direct or contingent (including guaranteeing any obligation), other than the
Obligations, except for trade payables in the ordinary course of its business which are paid when due; 
 (h) fail to pay its
debts and liabilities from its assets as the same shall become due; provided, however, that the foregoing shall not require the Member to make any additional capital contributions to the Company; 

(i) fail to maintain its records, books of account and bank accounts separate and apart from those of any other Person; 

(j) enter into any contract or agreement with any Affiliate, except upon terms and conditions that are commercially reasonable (including
limited recourse and non-petition provisions) and intrinsically fair and substantially similar to those that would be available on an arm’s-length basis with unrelated third parties; 

(k) to the fullest extent permitted by law, seek its dissolution or winding up in whole or in part; 

(l) fail to correct any known misunderstandings regarding the separate identity of the Company and the Initial Member or any Affiliate
thereof or any other Person; 
 (m) guarantee, become obligated for, or hold itself out to be responsible for the debt of
another Person or have any of its obligations guaranteed by an Affiliate; 
 (n) make any loan or advances to any third party
(other than pursuant to any Revolving Loan or Delayed Drawdown Loan), or hold evidence of indebtedness issued by any other Person (other than the Contributed Assets (as defined in the Asset Contribution Agreement) and the other assets or securities
permitted to be owned or redeemed by the Company under the Transaction Documents); 
 (o) make any loan or advances to any
Affiliate, or hold evidence of indebtedness issued by any Affiliate or acquire securities issued by any of its Affiliates, members, partners or shareholders; 
 (p) fail to file its own separate tax return, if any, or file a consolidated federal income tax return with any other Person, except as may be required by the Code and regulations, or fail to pay all
taxes which it owes; 
 (q) fail either to hold itself out to the public as a legal entity separate and distinct from any other
Person or to conduct its business solely in its own name in order not (i) to mislead others as to the identity with which such other party is transacting business, or (ii) to suggest that it is responsible for the debts of any third party
(including any of its Affiliates); 

 (r) fail to maintain adequate capital for the normal obligations reasonably foreseeable in a
business of its size and character and in light of its contemplated business operations; provided, however, that the foregoing shall not require the Member to make any additional capital contributions to the Company; 

(s) except as may be required by the Code and regulations thereunder, hold itself out as or be considered as a department or division of
any of its Affiliates or of any other Person; 
 (t) fail to maintain separate financial statements, showing its assets and
liabilities separate and apart from those of any other Person, provided that the Company may be consolidated for accounting purposes with another Person (and will be so consolidated with the Initial Member) in accordance with U.S. generally accepted
accounting principles and, when so consolidated, will note on its consolidated financial statements that the Company’s assets are not available to satisfy claims of creditors of such consolidating Person; 

(u) fail to pay its own liabilities and expenses only out of its own funds; provided, however, that the foregoing shall not require the
Member to make any additional capital contributions to the Company; 
 (v) fail to pay the salaries of its own employees, if
any, in light of its contemplated business operations; provided, however, that the foregoing shall not require the Member to make any additional capital contributions to the Company; 

(w) fail to allocate fairly and reasonably any overhead expenses that are shared with an Affiliate, including paying for office space and
services performed by any employee of an Affiliate; 
 (x) fail to use separate stationery, invoices and checks bearing its own
name; 
 (y) pledge or permit the pledge of its assets for the benefit of any other Person, other than as permitted or required
under the Transaction Documents; 
 (z) fail to observe applicable Delaware limited liability company formalities or fail to
comply with this Agreement; 
 (aa) have any obligation to indemnify, and shall not indemnify, its Managers or Members unless
such obligation is fully subordinated to the Obligations outstanding and shall not constitute a claim against the Company in the event that its cash flow is insufficient to pay the Obligations outstanding; 

(bb) fail at any time to have at least one (1) Independent Manager; or 

(cc) breach any of its obligations set forth in Section 1.8 hereof. 

Failure of the Company, or any Member or Manager on behalf of the Company, to comply with any of the foregoing covenants or any other
covenants contained in this Agreement shall not affect the status of the Company as a separate legal entity or the limited liability of a Member or a Manager. 

 Section 1.8. Limitation on Certain Activities. Notwithstanding any other provisions
of this Agreement, so long as any Obligations are outstanding, neither the Member, the Designated Manager nor any other Person shall be authorized or empowered on behalf of the Company to, nor shall they permit the Company to, and the Company shall
not, without the prior unanimous written consent of each Member and the prior unanimous written consent of all of the Managers, including the Independent Manager take any Material Action; provided that the Managers may not vote on or authorize the
taking of any action set forth in clause (a) through (d) hereunder (any such action, a “Material Action”), unless there is at least one (1) Independent Manager then serving in such capacity: 

(a) engage in any business or activity other than those set forth in Section 1.5 of this Agreement or amend, alter, change or
repeal Sections 1.5, 1.7, 1.8, 4.2(b), 6.1(b) or 10.1 of this Agreement; 
 (b) to the
fullest extent permitted by applicable law, dissolve or liquidate, in whole or in part, legally consolidate or merge with or into any other Person or convey or transfer its properties and assets substantially as an entirety to any Person, except in
any such case as permitted or required under the Transaction Documents; 
 (c) institute proceedings to be adjudicated bankrupt
or insolvent; or consent to the institution of bankruptcy or insolvency proceedings against it; or file a voluntary bankruptcy petition or any other petition seeking, or consent to, reorganization or relief with respect to the Company under any
applicable federal or state law relating to bankruptcy; or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Company or a substantial part of its property; or make any assignment
for the benefit of creditors; or admit in writing its inability to pay its debts generally as they become due; or take any Company action in furtherance of any such action; and 

(d) authorize the amendment of this Agreement to: (A) provide for the removal and/or substitution of any Special Member and/or of
any Independent Manager, as the case may be, provided for hereunder unless a new Special Member and/or Independent Manager, as applicable, is appointed and accepts such appointment; (B) enlarge or alter the permitted business purposes of the
Company as provided in Section 1.5 of this Agreement; or (C) permit or cause the Company to take any action set forth in Section 1.8(c). 
 To the fullest extent permitted by applicable law, including Section 18-1101(c) of the LLC Act and notwithstanding any duty otherwise existing at law or equity, the duty of each Manager, including
the Independent Manager, in respect of any decision on any matter referred to in this Section 1.8 shall be owed solely to the Company (including its creditors). 
 Section 1.9. No State Law Partnership. Other than for tax purposes as provided herein and if applicable, no provisions of this Agreement shall be deemed or construed to constitute a partnership
(including a limited partnership) or joint venture, or any Member a partner or joint venturer of or with any other Member, Manager or the Company, for any purposes. 

 Section 1.10. Limitation on Liability. Except as otherwise provided by the LLC Act
and except as otherwise characterized for tax and financial reporting purposes, the debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the
Company, and no Member or Manager of the Company shall be obligated personally for any such debt, obligation or liability of the Company solely by reason of being a Member or a Manager of the Company. 

ARTICLE 2 

CAPITAL; EQUITY ACCOUNT 
 Section 2.1. Initial Capital. The initial capital of the Company shall be the sum of cash and the Value of other property contributed to the Company by the Initial Member (the “Capital
Contribution”) in the amount set out opposite the name of the Initial Member on Schedule A hereto, as amended from time to time and incorporated herein by this reference. 

Section 2.2. Additional Capital Contributions. No Member shall be required to make any additional capital contributions to the
Company. However, any Member may make additional capital contributions to the Company in cash or in other property at any time. To the extent that a Member makes an additional capital contribution to the Company, (i) if the capital contribution
includes property other than cash and if the Company is not then a disregarded entity, the Designated Manager shall determine the Value thereof as of the date of such capital contributions and (ii) the Designated Manager shall revise
Schedule A of this Agreement. The provisions of this Agreement, including this Section 2.2, are intended solely to benefit the Members and no Member shall have any duty or obligation to any creditor of the Company to make any
contribution to the Company or to issue any call for capital pursuant to this Agreement. Each capital contribution will be reflected by the Designated Manager in the appropriate books and records of the Company. 

ARTICLE 3 

ALLOCATIONS; BOOKS 
 Section 3.1. Status of the Company. The Company shall comply with the applicable provisions of the Internal Revenue Code of 1986, as amended from time to time, and any successor statute (the
“Code”) and the applicable Treasury Regulations thereunder in the manner necessary to effect the intention of the parties that the Company be treated, for federal income tax purposes, (i) so long as it has a single Member, as a
disregarded entity that is not separate from such Member and (ii) as long as it has more than a single Member, as a partnership pursuant to Treasury Regulations Sections 301.7701-1 et seq. and that the Company be accorded such
treatment until its dissolution pursuant to Article 8 hereof and shall take all actions, and shall refrain from taking any action, required by the Code or Treasury Regulations thereunder in order to maintain such status of the Company.

 Section 3.2. Allocations of Net Income and Net Loss. 

(a) As long as the Company has a single Member it will be taxed as a disregarded entity for federal income tax purposes under
Section 301.7701-3(b)(1) of the Treasury Regulations and all Net Income and Net Loss of the Company shall be taken into account by its sole Member. 
 (b) If the Company has more than one Member and is taxed as a partnership, the Company’s Net Income and Net Loss for any Accounting Period shall be allocated to the Members in proportion to their
Percentage Interests. 
 Section 3.3. Other Allocation Provisions. 

(a) The Members intend that the allocations pursuant to Section 3.2 be equivalent to allocations that have or are deemed to
have “substantial economic effect” within the meaning of Treasury Regulations Sections 1.704-1(b) and 1.704-2, and the Designated Manager shall make such allocations pursuant to this Section 3.3 as it believes are reasonably
necessary to meet the requirements of such regulations, including without limitation the allocations required by the minimum gain provisions, allocation of partner nonrecourse deductions and partnership nonrecourse deductions and the qualified
income offset provisions of such Regulations. 
 (b) Except to the extent otherwise required by the Code and Treasury
Regulations, if one or more Membership Interests in the Company is transferred in any Accounting Period, the items of income, gain, loss, deduction and credit allocable to such Membership Interests for such Accounting Period shall be apportioned
between the transferor and the transferee in proportion to the number of days in such Accounting Period such Membership Interests are held by each of the them, except, that if they agree between themselves and so notify the Company within 30 days
after the transfer, then at their option and expense, (i) all items or (ii) extraordinary items, may be allocated to the Person that held such Membership Interests on the date such items were realized or incurred by the Company.

 Section 3.4. Allocations of Taxable Income and Loss. The income, gains, losses, deduction and credits of the Company
for any fiscal year shall be allocated to the Members in the same manner Net Income and Net Loss were allocated to the Members for all Accounting Periods ending with or within such fiscal year pursuant to Sections 3.2 and 3.3;
provided that solely for Federal, state and local income and franchise tax purposes and not for book or Capital Account purposes, income, gain, loss and deduction with respect to any Company asset properly carried on the Company’s books
at a value other than the tax basis of such Company asset shall be allocated in a manner determined in the discretion of the Designated Manager, so as to take into account (consistently with Code Section 704(c) principles) the difference
between such Company asset’s book basis and its tax basis. 
 Section 3.5. Withholding. The Company shall comply
with withholding requirements under Federal, state and local law and shall remit amounts withheld to and file required forms with the applicable jurisdictions. To the extent the Company is required to withhold and pay over any amounts to any
authority with respect to distributions or allocations to any Member, the amount withheld shall be deemed to be, at the option of the Tax Matters Partner, either a distribution to or a demand loan by the Company to that Member in the amount of the

 
withholding. In the event of any claimed over-withholding, Members shall be limited to an action against the applicable jurisdiction. If the amount was deemed to be a demand loan, the Company
may, at its option, (a) at any time require the Member to repay such loan in cash or (b) at any time reduce any subsequent distributions by the amount of such loan. Each Member agrees to furnish the Company with any representations and
forms as shall reasonably be requested by the Company to assist it in determining the extent of, and in fulfilling, its withholding obligations. 
 Section 3.6. Books of Account. At all times during the continuance of the Company, the Company shall maintain or cause to be maintained full, true, complete and correct books of account in
accordance with generally accepted accounting principles, using the Fiscal Year. In addition, the Company shall keep all records required to be kept pursuant to the LLC Act. 
 Section 3.7. Access to Accounting Records. All books and records of the Company shall be maintained at any office of the Company or at the Company’s principal place of business, and the
Members, and their duly authorized representative, shall have access to them at such office of the Company and the right to inspect and copy them at reasonable times. 
 Section 3.8. Annual Tax Information. The Designated Manager shall cause the Company to deliver to each Member all information necessary for the preparation of such Member’s federal income tax
return. 
 Section 3.9. Tax Matters Partner. For purposes of Code Section 6231(a)(7), if the Company is taxed as a
partnership, the “Tax Matters Partner” shall be the Member owning the largest Percentage Interest in the Company. The Tax Matters Partner is specifically directed and authorized to take whatever steps may be necessary or desirable to
perfect such designation, including filing any forms or documents with the Internal Revenue Service and taking such other action as may from time to time be required under the Regulations. The Tax Matters Partner shall communicate and negotiate with
the Internal Revenue Service on any federal tax matter on behalf of the Members and the Company. 
 ARTICLE 4 

MEMBERS 

Section 4.1. Powers. The Member was admitted to the Company as a member of the Company upon its execution of a counterparty
signature page to this Agreement. Except as otherwise expressly set forth in this Agreement, the Members (in their capacities as such) shall have no right or power to, and shall not take part in, the management of the Company. The Members (in their
capacities as such) in no event shall have the power to sign for or bind the Company. 
 The Majority Members shall have the
power to select and remove any Manager as provided in Article 6 and any and all officers (if any), agents and employees (if any) of the Company, prescribe such powers and duties for them as may be consistent with the LLC Act, any other applicable
law and this Agreement, and fix their compensation, but shall not require from them security for faithful service. 

 Section 4.2. Initial Member; Special Member. 

(a) The Initial Member of the Company is Corporate Capital Trust, Inc., a Maryland corporation. 

(b) At any time when there is only one Member of the Company and an event occurs that causes such Member to cease to be a Member of the
Company (other than upon continuation of the Company without dissolution upon an assignment by such Member of all of its limited liability company interest in the Company and the admission of a transferee pursuant to Sections 5.4 and
5.5), the Independent Manager shall continue to serve as the Independent Manager and, in addition, without any action of any Person and simultaneously with such Member ceasing to be a member of the Company, shall automatically be admitted to
the Company as a Special Member and shall continue the Company without dissolution. No Special Member may resign from the Company or transfer its rights as Special Member unless (i) a successor Special Member has been admitted to the Company as
Special Member by executing a counterpart to this Agreement, and (ii) such successor has also accepted its appointment as Independent Manager pursuant to this Agreement; provided, that the Special Member shall automatically cease to be a
member of the Company upon the admission to the Company of a substitute Member. Each Special Member shall be a member of the Company that has no interest in the profits, losses and capital of the Company and has no right to receive any distributions
of Company assets (and the parties intend that no Special Member be treated as a member of the Company for federal income tax purposes). Pursuant to Section 18-301 of the LLC Act, a Special Member shall not be required to make any capital
contributions to the Company and shall not receive a limited liability company interest in the Company. A Special Member, in its capacity as Special Member, may not bind the Company. Except as required by any mandatory provision of the LLC Act, each
Special Member, in its capacity as Special Member, shall have no right to vote on, approve or otherwise consent to any action by, or matter relating to, the Company, including the merger, consolidation or conversion of the Company. In order to
implement the admission to the Company of the Special Member, the Person acting as Independent Manager pursuant to this Agreement shall execute a counterpart to this Agreement. Prior to his or her admission to the Company as Special Member, the
Person acting as Independent Manager pursuant to this Agreement shall not be a member of the Company. A “Special Member” means, upon such Person’s admission to the Company as a member of the Company pursuant to this
Section 4.2(b), a Person acting as Independent Manager, in such Person’s capacity as a member of the Company. A Special Member shall only have the rights and duties expressly set forth in this Agreement. For purposes of this
Agreement, a Special Member is not included within the defined term “Member.” 
 Section 4.3. Other Ventures.
Notwithstanding any duty otherwise existing at law or in equity, it is expressly agreed that the Members, the Special Members, the Managers and any Affiliates, officers, directors, managers, stockholders, partners or employees thereof, may engage in
other business ventures of any nature and description, whether or not in competition with the Company, independently or with others, and the Company shall not have any rights in and to any independent venture or activity or the income or profits
derived therefrom. 
 Section 4.4. Actions by the Members. All actions of the Members may be taken by written consent of
the Members (which shall be signed on behalf of each Member which is an entity by an authorized officer, general partner or manager of each such Member) which is filed with the records of the Company. 

 ARTICLE 5 
 MEMBERSHIP INTERESTS 
 Section 5.1. General; Qualifications for Membership.

 (a) “Membership Interest” means the limited liability company interest of a Member in the Company. A
Membership Interest constitutes personal property and, subject to Section 5.4, shall be freely transferable and assignable in whole but not in part upon registration of such transfer and assignment on the books of the Company in
accordance with the procedures established for such purpose by this Agreement. No Membership Interest shall be held by a Non-Qualified Person. Any Member who becomes aware that such Member is a Non-Qualified Person shall promptly notify the
Designated Manager who may, in its sole discretion, cause the resignation of such Member and the sale of its Membership Interest in accordance with Sections 5.4 and 5.5. If it comes to the attention of the Designated Manager that any
member is a Non-Qualified Person, the Designated Manager may require the resignation of such Member and the sale of its Membership Interest in accordance with Sections 5.4 and 5.5. 

(b) The Company may issue additional Membership Interests (or any other interest in the Company that may be considered equity for federal
income tax purposes), in its sole discretion, so long as the issuance does not result in (i) a termination of the Company’s status either as a disregarded entity or as a partnership that is not a publicly traded partnership for tax
purposes, or (ii) such Membership Interest (or interest therein) being acquired or owned by any Person that is classified for U.S. federal income tax purposes as a disregarded entity (unless the beneficial owner for U.S. federal income tax
purposes of the disregarded entity is a corporation, other than a subchapter S corporation, or is otherwise taxable as a corporation), partnership, subchapter S corporation or grantor trust unless such Person obtains an opinion of counsel that such
issuance will not cause the Company to be treated as a publicly traded partnership taxable as a corporation. 
 Section 5.2.
Distributions. The Members shall be entitled to receive, out of the assets of the Company legally available therefor, and in proportion to their Percentage Interests, distributions payable in cash in such amounts, if any, as the Designated
Manager shall declare. Notwithstanding any provision to the contrary contained in this Agreement, the Company shall not be required to make a distribution to the Members on account of their interests in the Company if such distribution would violate
the LLC Act or any other applicable law or any Transaction Document. 
 Section 5.3. Rights on Dissolution or Winding Up.

 (a) In the event of any dissolution and winding up of the Company, the Members shall be entitled to all remaining assets of
the Company available for distribution to the Members after satisfaction (whether by payment or reasonable provision for payment) of all liabilities, debts and obligations of the Company in accordance with Section 8.4. 

 (b) Neither the sale of all or substantially all of the property or business of the Company,
nor the merger or consolidation of the Company into or with another Person or other entity, shall cause a dissolution of the Company, voluntary or involuntary, for the purpose of this Section 5.3. 

Section 5.4. Transfer of Membership Interests. 
 (a) Upon the written consent of the Designated Manager in its sole discretion, a Member may transfer its Membership Interest, in whole or in part, but the transferee shall not be admitted as a Member
except in accordance with Section 5.5. Until the transferee is admitted as a Member, the transferring Member shall continue to be a Member of the Company (subject to Section 4.2) and to be entitled to exercise any rights or
powers of a Member of the Company with respect to the Membership Interest transferred. Notwithstanding anything contained herein to the contrary and to the fullest extent permitted by law, a Member may not transfer any Membership Interest in
violation of any provision of this Agreement or in violation of any applicable federal or state securities laws and no transfer will be permitted if such transfer would (i) result in the Company’s assets being considered “plan
assets” within the meaning of the Employee Retirement Income Security Act of 1974, as amended, (ii) result in a violation of any applicable federal or state securities law, (iii) require the Company to register as an investment
company under the Investment Company Act, (iv) unless waived by the affected Person, require the Company, the Designated Manager or any Affiliate thereof to register as an investment adviser under the Advisers Act, (v) result in a
termination of the Company’s status either as a disregarded entity or as a partnership that is not a publicly traded partnership for tax purposes, (vi) result in such Membership Interest (or interest therein) being acquired or owned by any
Person that is classified for U.S. federal income tax purposes as a disregarded entity (unless the beneficial owner for U.S. federal income tax purposes of the disregarded entity is a corporation, other than a subchapter S corporation, or is
otherwise taxable as a corporation), partnership, subchapter S corporation or grantor trust unless such Person obtains an opinion of counsel that such transfer will not cause the Company to be treated as a publicly traded partnership taxable as a
corporation, (vii) result in a violation of any law, rule or regulation by the Company or result in the breach of any obligations of the Company relating to transfers set forth in the Transaction Documents, (viii) be inconsistent with
Section 3.1, or (ix) result in such Membership Interest (or interest therein) being acquired or owned by any Person other than a qualified institutional buyer as defined in Rule 144A under the Securities Act or a Person (other than
any rating organization rating the Company’s securities) involved in the organization or operation of the Company or an affiliate, as defined in Rule 405 under the Securities Act, of such Person. 

(b) The Designated Manager shall not consent to any transfer of a Membership Interest (or portion thereof) unless (i) it shall have
received an executed Membership Interest Transfer Certificate from the proposed transferee and such other instruments, certificates and opinions as the Designated Manager may reasonably request be provided, or cause to be provided, by the proposed
transferor or the proposed transferee, and (ii) so long as any Obligations are outstanding, such transfer does not cause the Company to violate its obligations under the Transaction Documents. 

 (c) To the fullest extent permitted by law, any purported transfer of any Membership
Interest in violation of the provisions of this Agreement shall be wholly void and shall not effectuate the transfer contemplated thereby. 
 Section 5.5. Admission of Transferee as Member. One or more additional Members of the Company may be admitted to the Company with the written consent of the Initial Member; provided, that so long
as any Obligations are outstanding, no additional Member may be admitted to the Company except with the prior written consent of the Administrative Agent. An additional Member and a transferee of a Membership Interest desiring to be admitted as a
Member must execute a counterpart of, or an agreement adopting, this Agreement. Provided the transfer complies with the provisions of Section 5.4, such admission shall be deemed effective at the time of the transfer designated by the
Designated Manager and, if the transfer is of all of a Member’s Membership Interest, immediately following such admission, the transferor Member (in the case of a transfer of all of such transferor Member’s interest) shall cease to be a
member of the Company. Upon admission of an additional Member or transferee as a Member, such additional transferee shall have the rights, powers and duties and shall be subject to the restrictions and obligations of a Member under this Agreement
and the LLC Act. 
 ARTICLE 6 
 MANAGERS 
 Section 6.1. Managers. 

(a) “Manager” means each Person designated as a Manager from time to time by the Majority Members, in their capacity as
managers of the Company within the meaning of the LLC Act, including the Designated Manager and, solely where expressly provided herein, the Independent Manager. Subject to the terms of this Agreement, the Majority Members may determine at any time
the number of Managers; provided, that, except while a vacancy is being filled as provided in Section 6.5, at all times that any Obligations are outstanding, the Company shall have at least one (1) Independent Manager
appointed by the Majority Members. The initial number of Managers is two, the Designated Manager and the Independent Manager. 

(b) So long as any Obligations are outstanding, the Majority Members shall cause the Company at all times to have at least one
(1) Independent Manager who will be appointed by the Majority Members. The initial Independent Manager is Donald Puglisi. To the fullest extent permitted by applicable law, including Section 18-1101(c) of the LLC Act, and notwithstanding
any duty otherwise existing at law or in equity, the Independent Manager shall consider only the interests of the Company, including its respective creditors, in acting or otherwise voting on the matters referred to in Section 1.8.
Except for duties to the Company as set forth in the immediately preceding sentence (including duties to the Member and the Company’s creditors solely to the extent of their respective economic interests in the Company but excluding
(i) all other interests of the Member, (ii) the interests of other Affiliates of the Company, and (iii) the interests of any group of Affiliates of which the Company is a part), the Independent Manager shall not have any fiduciary
duties to the Member or any other Person bound by this Agreement; provided, however, the foregoing shall not eliminate the implied contractual covenant of good faith and fair dealing. To the fullest extent permitted by law,

 
including Section 18-1101(e) of the LLC Act, an Independent Manager shall not be liable to the Company, the Member or any other Person bound by this Agreement for breach of contract or
breach of duties (including fiduciary duties), unless the Independent Manager acted in bad faith or engaged in willful misconduct. . An Independent Manager may only be removed for Cause. “Cause” means, with respect to the Independent
Manager, (i) acts or omissions by the Independent Manager that constitute willful disregard of, or bad faith or gross negligence with respect to, the Independent Manager’s duties under this Agreement, (ii) that the Independent Manager
has engaged in or has been charged with, or has been convicted of, fraud or other acts constituting a crime under any law applicable to the Independent Manager, (iii) that the Independent Manager is unable to perform his or her duties as
Independent Manager due to death, disability or incapacity, (iv) that there is a material increase in the fees charged by the Independent Manager or any other material change adverse to the Company in the Independent Manager’s terms of
service, or (v) that the Independent Manager no longer meets the definition of Independent Manager. No resignation or removal of an Independent Manager, and no appointment of a successor Independent Manager, shall be effective until such
successor shall have accepted his, her or its appointment as an Independent Manager by a written instrument, and shall have executed a counterpart to this Agreement as required by Section 4.2(b). In the event of a vacancy in the position
of Independent Manager, the Majority Members shall, as soon as practicable, appoint a successor Independent Manager. Notwithstanding anything to the contrary contained in this Agreement, the Independent Manager shall not be removed or replaced
unless the Company provides the Administrative Agent with no less than two (2) business days’ prior written notice of (a) any proposed removal of such Independent Manager, and (b) the identity of the proposed replacement
Independent Manager, together with a certification that such replacement satisfies the requirements for an Independent Manager set forth in this Agreement. All right, power and authority of an Independent Manager shall be limited to the extent
necessary to exercise those rights and perform those duties specifically set forth in this Agreement. No Independent Manager shall at any time serve as trustee in bankruptcy for any Affiliate of the Company. The Company shall pay, directly or
indirectly, the Independent Manager’s annual fee. Such fee shall be determined without regard to the income of the Company and shall not be deemed to constitute distributions to the recipient of any profit, loss or capital of the Company.

 (c) Except as otherwise expressly provided in Section 1.8, the Designated Manager shall have full and exclusive
management and control of the business of the Company and shall make all decisions affecting the business and affairs of the Company and take all such actions as it deems necessary or appropriate to accomplish the purpose of the Company as set forth
herein and shall (i) be responsible for the day-to-day operation and management of the business and affairs of the Company and (ii) make all decisions, and take or cause to be taken all such actions, on behalf of the Company or otherwise
as are necessary in connection with the operation and management of the Company in the ordinary course of business. The Designated Manager is an agent of the Company’s business, and the actions of the Designated Manager taken in such capacity
and in accordance with this Agreement shall bind the Company. The Members, as such, shall not take part in the management of the Company except as otherwise expressly provided in this Agreement. 

(d) Only the Designated Manager shall have the authority to bind the Company and no Member, in its capacity as such, nor any Independent
Manager, shall have the 

 
authority to bind the Company; provided, that the Designated Manager may delegate such authority to any other Person at any time the Designated Manager deems necessary and appropriate.

 (e) The Initial Member hereby appoints Corporate Capital Trust, Inc., a Maryland corporation, to act as Designated Manager
hereunder and Corporate Capital Trust, Inc. hereby accepts such appointment and agrees to act as Designated Manager hereunder. The Initial Member hereby appoints Donald Puglisi as Independent Manager hereunder and Donald Puglisi hereby accepts such
appointment and agrees to act as Independent Manager hereunder. Each Manager, including the Independent Manager, is hereby deemed to be a “manager” of the Company within the meaning 18-101(10) of the LLC Act. The Designated Manager
designated by the Majority Members shall hold office until a successor is elected and qualified and accepts such appointment or until such Manager’s earlier death, resignation, expulsion or removal. Each Manager shall be obliged to devote only
as much of their time to the Company’s business as shall be reasonably required in light of the Company’s business and objectives. A Manager shall perform his, her or its duties as a Manager in good faith, in a manner he or she reasonably
believes to be in the best interests of the Company, and with such care as an ordinarily prudent Person in a like position would use under similar circumstances. 
 Section 6.2. Powers of the Designated Manager. Subject to Section 1.8 the Designated Manager shall have the right, power and authority, in the management of the business and affairs of
the Company, to do or cause to be done any and all acts, at the expense of the Company, deemed by the Designated Manager to be necessary or appropriate to effectuate the business, purposes and objectives of the Company. Without limiting the
generality of the foregoing, the Designated Manager shall have the power and authority to: 
 (i) bring and defend on behalf of
the Company actions and proceedings at law or in equity before any court or governmental, administrative or other regulatory agency, body or commission or otherwise; and 
 (ii) execute all documents or instruments, perform all duties and powers and do all things for and on behalf of the Company in all matters necessary, desirable, convenient or incidental to the purpose of
the Company, including all documents, agreements and instruments related thereto and the consummation of all transactions contemplated thereby. 
 The expression of any power or authority of the Designated Manager in this Agreement shall not in any way limit or exclude any other power or authority which is not specifically or expressly set forth in
this Agreement. 
 Section 6.3. Designated Manager as Attorney-in-Fact. Provided that the approvals required under
Section 1.8 with respect thereto, if any such approvals are then so required, have been obtained, each of the Members hereby irrevocably makes, constitutes and appoints the Designated Manager, with full power of substitution and
resubstitution, its true and lawful attorney-in-fact, for it and in its name, place, and stead and for its use and benefit, to make, sign, execute, certify, acknowledge, swear, file, and record: (a) all limited liability company certificates,
and assumed name or similar certificates which the Designated Manager deems necessary in its reasonable discretion to be filed by the Company under the laws of the State of 

 
Delaware or any other state or jurisdiction in which the Company is doing or intends to do business; (b) any and all amendments, restatements or changes to the instruments described in
clause (a), as now or hereafter amended, which the Designated Member may deem necessary in its reasonable discretion to effect a change or modification of the Company in accordance with the terms of this Agreement, including amendments, restatements
or changes to reflect (i) any amendments adopted by the Members in accordance with the terms of this Agreement and (ii) the disposition by any Member of its interest in the Company; (c) all certificates of cancellation and other
instruments which the Designated Manager deems necessary in its reasonable discretion to effect the dissolution and termination of the Company pursuant to the terms of this Agreement; and (d) any other instrument which is now or may hereafter
be required by law to be filed on behalf of the Company. Each of the Members authorizes such attorney-in-fact to take any further action which such attorney-in-fact shall reasonably consider necessary in connection with any of the foregoing, hereby
giving such attorney-in-fact full power and authority to do and perform each and every act or thing whatsoever requisite or advisable to be done in connection with the foregoing as fully as such Member might or could do personally, and hereby
ratifying and confirming all that any such attorney-in-fact shall lawfully do or cause to be done by virtue thereof or hereof. 

Section 6.4. Compensation. Each Manager shall receive such reasonable compensation for its services as may be agreed from time to
time by such Manager and the Designated Manager on behalf of the Company, with the consent of the Majority Members with respect to any such compensation to be paid to the Designated Manager. To the extent permitted by applicable law, the Company may
pay, or reimburse any Manager for, out-of-pocket expenses incurred by such Manager in connection with its services rendered to the Company. Any such compensation, payment or reimbursement shall be determined by the Designated Manager without regard
to the income of the Company and shall not be deemed to constitute distributions to the recipient of any profit, loss or capital of the Company. No such compensation, payment or reimbursement shall preclude the Designated Manager from serving the
Company in any other capacity and receiving compensation therefor. 
 Section 6.5. Removal of Managers. 

(a) Subject to Sections 1.7(y), 6.1 and 6.6, the Majority Members may remove any Manager with or without cause at
any time. 
 (b) Subject to Sections 1.7(y), 6.1 and 6.6, any removal of a Manager shall become effective
on such date as may be specified by the Majority Members in a notice delivered to the removed Manager, any remaining Managers and the replacement Manager designated to replace the removed Manager provided that the removal of a Manager in any event
shall not be effective on a date earlier than the date such notice is delivered and the replacement Manager accepts such appointment. Should a Manager be removed who is also the Member, the Member shall continue to participate in the Company as a
Member and receive its share of the Company’s income, gains, losses, deductions and credits pursuant to this Agreement. 

Section 6.6. Resignation of Manager. A Manager, other than an Independent Manager, may resign as a Manager at any time by 30
days’ prior written notice to the Members. To the fullest extent permitted by law, no Independent Manager may withdraw or resign as a Manager 

 
of the Company without the consent of the Majority Members and any such withdrawal or resignation shall be subject to Section 6.1(b). Upon any removal or resignation of the Designated
Manager, the Member owning the largest Percentage Interest in the Company shall assume all power and authority given to the Designated Manager under this Agreement until such time as the Majority Members select a replacement Designated Manager.

 Section 6.7. Meetings of the Managers. The Managers may hold meetings, both regular and special, within or outside the
State of Delaware. Regular meetings of the Managers may be held without notice at such time and at such place as shall from time to time be determined by the Designated Manager. Special meetings of the Managers with respect to matters which require
the action, vote or consent of the Independent Manager may be called by the Designated Manager on not less than one day’s notice to each Manager by telephone, facsimile, mail, email or any other means of communication, and special meetings
shall be called by the Designated Manager in like manner and with like notice upon the written request of any one or more of the Managers. The Independent Manager need not participate in any such meeting except if the meeting relates to matters on
which the action, vote or consent of the Independent Manager is required hereunder. Notwithstanding any other provision in this Agreement and for the avoidance of doubt but subject to Section 1.8 hereof, actions permitted to be taken by
the Designated Manager without any action, vote or consent of the Independent Manager may be taken by the Designated Manager without need to call a meeting or any notice to, or any vote of, the Independent Manager with respect thereto. Furthermore,
any action required or permitted to be taken at any meeting of the Managers may be taken without a meeting if all Managers required for such action to be taken under this Agreement consent thereto in writing, and the writing or writings are filed
with the minutes of proceedings of the Company. 
 Section 6.8. Electronic Communications. Managers may participate in
meetings of the Managers by means of telephone conference or similar communications equipment that allows all Persons participating in the meeting to hear each other, and such participation in a meeting shall constitute presence in person at the
meeting. If all the participants are participating by telephone conference or similar communications equipment, the meeting shall be deemed to be held at the principal place of business of the Company. 

Section 6.9. Limitations on the Independent Manager. All right, power and authority of the Independent Manager shall be limited to
the extent necessary to exercise those rights and perform those duties specifically set forth in this Agreement. 
 ARTICLE 7

 EXPENSES 
 Section 7.1. Expenses. Except as otherwise provided in this Agreement or the Transaction Documents, the Company shall be responsible for all expenses and the allocation thereof (and shall reimburse
any such expenses incurred by a Member or by the Designated Manager on behalf of the Company) including without limitation: 

(a) all expenses incurred by the Initial Member in forming the Company; 

 (b) all expenses related to the business of the Company and all routine administrative
expenses of the Company, including the maintenance of books and records of the Company, the preparation and dispatch to the Members of checks, wire transfers, financial reports, tax returns and notices required pursuant to this Agreement;

 (c) all costs, fees and expenses of consultants, custodians, bankers, legal counsel and accountants, and similar outside
advisors, incurred in connection with the administration of the Company or incurred by the Company pursuant to or in connection with the Transaction Documents or the Contributed Assets; 

(d) all expenses incurred in connection with identifying, evaluating, or consummating the acquisition of the Collateral by the Company or
incurred by the Company in connection with holding, pledging, managing, servicing, administering and exercising rights and remedies with respect to the Contributed Assets; 
 (e) all costs and expenses of maintaining qualification of the Company to do business in the State of Delaware and any other states in which it conducts business; 

(f) any taxes, fees or other charges levied against the Company or on its income or assets or in connection with its business or
operations by any governmental authority; 
 (g) all costs, fees and expenses of any litigation, arbitration, investigations, or
filings with respect to the Company or in which the Company becomes involved by reason of any of its investments, or otherwise; 

(h) all expenses for indemnity or contribution payable by the Company to any Person; 

(i) all costs, fees and expenses incurred in connection with the collection of amounts due to the Company from any Person; 

(j) all costs, fees and expenses incurred in connection with the preparation of amendments, modifications, waivers or consents with
respect to this Agreement; 
 (k) all costs, fees and expenses incurred in connection with the liquidation, dissolution and
winding up of the Company; and 
 (l) all costs, fees and expenses otherwise allocated in good faith to the Company by the
Designated Manager. 
 ARTICLE 8 
 DISSOLUTION AND WINDING-UP 
 Section 8.1. Dissolution. 

(a) The Company shall be dissolved and its affairs shall be wound up upon the occurrence of the earliest of the following events:

 (i) subject to Section 1.8, the election to dissolve the Company made in writing by the Members and each
Manager, including the Independent Manager, provided any such dissolution does not then violate the Transaction Documents; 

 (ii) the occurrence of any event that causes the last remaining member of the Company to
cease to be a member of the Company unless the Company is continued without dissolution in a manner permitted by the LLC Act or this Agreement; or 
 (iii) the entry of a decree of judicial dissolution of the Company pursuant to Section 18-802 of the LLC Act. 
 (b) The death, incapacity, retirement, resignation, expulsion, bankruptcy, liquidation, termination or dissolution of any Member of the Company or the occurrence of any other event that terminates the
continued membership of any Member of the Company shall, in and of itself, not cause the Company to be dissolved or its affairs to be wound up, and upon the occurrence of any such event the Company shall be continued without dissolution. Upon the
occurrence of any event that causes the last remaining member of the Company to cease to be a member of the Company or that causes the Member to cease to be a member of the Company (other than upon continuation of the Company without dissolution
upon (i) an assignment by the Member of all of its limited liability company interest in the Company and the admission of the transferee pursuant to this Agreement or (ii) the resignation of the Member and the admission of an additional
member pursuant to this Agreement), to the fullest extent permitted by law, the personal representative of such member is hereby authorized to, and shall, within 90 days after the occurrence of the event that terminated the continued membership of
such member in the Company, agree in writing (i) to continue the Company and (ii) to the admission of the personal representative or its nominee or designee, as the case may be, as a substitute member of the Company, effective as of the
occurrence of the event that terminated the continued membership of such member in the Company. Notwithstanding any other provision of this Agreement, the Bankruptcy of the Member or a Special Member shall not cause the Member or Special Member,
respectively, to cease to be a member of the Company and upon the occurrence of such an event, the Company shall continue without dissolution and it shall not be wound up. To the fullest extent permitted by law, each Member of the Company hereby
waives any right that it may have under applicable law to reject this Agreement (as an executory contract or otherwise) in any proceeding involving or relating to the Bankruptcy of the Members or any Special Member of the Company, or the occurrence
of an event that causes any Member or a Special Member to cease to be a member of the Company. 
 Section 8.2.
Accounting. In the event of the dissolution and winding up of the affairs of the Company, a proper accounting shall be made of the Net Income or Net Loss of the Company from the date of the last previous Accounting Period to the date of
dissolution. 
 Section 8.3. Winding Up, Liquidation and Distribution of Assets. Upon the occurrence of any event
specified in Section 8.1(a), the Company shall continue solely for the purpose of winding up its affairs in an orderly manner, and, so long as any Obligations are outstanding, in accordance with the Transaction Documents, retaining its
assets and servicing its indebtedness or liquidating its assets and satisfying the claims of its creditors, as applicable. The Designated Manager shall be responsible for overseeing the winding up and, if applicable, liquidation of the

 
Company and shall take full account of the liabilities of the Company and its assets. If the Company is being liquidated, the Designated Manager shall either cause its assets to be sold or
distributed, and, if sold, as promptly as is consistent with obtaining the fair market value thereof, shall cause the proceeds therefrom, to the extent sufficient therefor, to be applied and distributed as provided in Section 8.4. The
expenses incurred by the Designated Manager in connection with winding up the Company, all losses or liabilities of the Company incurred in accordance with the terms of this Agreement, and reasonable compensation for the services of the Designated
Manager in connection with such winding up shall be borne by the Company. The Designated Manager shall not be liable to the Members or any other Person for any loss attributable to any act or omission of the Designated Manager taken in good faith in
connection with the liquidation of the Company and distribution of its assets. The Designated Manager may consult with counsel and accountants with respect to the winding up, retention of assets and servicing of indebtedness or liquidation of the
Company and distribution of its assets, as applicable, and shall be justified in acting or omitting to act in accordance with the advice or opinion of such counsel or accountants, provided they shall have been selected with reasonable care.

 Section 8.4. Order of Payment of Liabilities Upon Dissolution. 

(a) The Designated Manager shall distribute the proceeds of the liquidation of the Company’s assets and any other remaining,
unliquidated assets in the following order of priority: 
 (i) to the creditors of the Company, excluding Members who are
creditors in satisfaction of the Company’s liabilities (whether by payment or the making of reasonable provision for payment thereof); 
 (ii) to Members who are creditors of the Company in satisfaction of Company liabilities, indebtedness and other obligations, including, without limitation, the repayment of principal of and interest on
loans made by Members to the Company (whether by payment or the making of reasonable provisions for payment thereof); and 

(iii) to the Members according to their respective Percentage Interest. 

(b) If any assets of the Company are to be distributed in kind, the net fair market value of such assets as of the date of dissolution
shall be determined by the Designated Manager. Such assets shall be deemed to have been sold as of the date of dissolution for their fair market value. 
 (c) Except as provided by law or as expressly provided in this Agreement, upon dissolution of the Company, each Member shall look solely to the assets of the Company for the return of its capital
contribution. If the Company property remaining after the payment or discharge of the debts, liabilities and other obligations of the Company is insufficient to return the cash contribution of one or more Members, such Member or Members shall have
no recourse against any other Member. 
 Section 8.5. Certificate of Cancellation. When all debts, liabilities and
Obligations have been paid and discharged or adequate provisions have been made therefor and all of the remaining property and assets have been distributed to the Members, a certificate of cancellation

 
shall be executed and filed by the Designated Manager in accordance with the LLC Act. Upon the filing with the Secretary of State of the State of Delaware of a certificate of cancellation of the
Certificate of Formation, the Company shall terminate. 
 ARTICLE 9 

INDEMNIFICATION 

Section 9.1. Exculpation. None of any Member, any Special Member, any Manager, any authorized person or any director, officer,
employee, representative, agent or Affiliate of any Member, any Special Member or any Manager (collectively, the “Covered Persons”) shall, to the fullest extent permitted by law, be liable to the Company or any other Person who is
bound by this Agreement for any loss, damage or claim incurred by reason of any act or omission performed or omitted by such Covered Person in good faith on behalf of the Company and in a manner which such Covered Person reasonably believed to be in
or not opposed to the best interests of the Company, except that a Covered Person shall be liable for any such loss, damage or claim incurred as direct result of such Covered Person’s fraud, gross negligence or willful misconduct. 

Section 9.2. Indemnification. Subject to the provisions of Section 9.4 hereof, to the fullest extent permitted by law,
the Company shall indemnify any Covered Person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by reason of any act or omission of such Covered Person or by reason of the fact that
such Covered Person is or was a Covered Person, against any loss, damage, claim or expenses, including amounts paid in settlement and attorneys’ fees actually and reasonably incurred by such Covered Person in connection with the defense or
settlement of the actions or suit if such Covered Person acted in good faith and in a manner which such Covered Person reasonably believed to be in or not opposed to the best interests of the Company, provided that such Covered Person shall not be
entitled to indemnification if such loss, damage, claim or expenses was directly caused by such Covered Person’s fraud, gross negligence or willful misconduct. Indemnification may not be made for any claim, issue or matter as to which such
Covered Person has been adjudged by a court of competent jurisdiction, after exhaustion of all appeals therefrom, to be liable to the Company or for amounts paid in settlement to the Company, unless and only to the extent that the court in which the
action or suit was brought or other court of competent jurisdiction determines upon application that in view of all the circumstances of the case, the Covered Person is fairly and reasonably entitled to indemnity for such expenses as the court deems
proper; provided that any indemnity under this Section 9.2 by the Company shall be provided out of and to the extent of Company assets only, and none of the Members, the Special Members or any Manager shall have personal liability on
account thereof; and provided further, that so long as any Obligations are outstanding, no indemnity payment from funds of the Company (as distinct from funds from other sources, such as insurance) in respect of any indemnity under this Agreement
shall be payable from amounts allocable to any other Person pursuant to the Transaction Documents. Any Covered Person entitled to indemnification pursuant to this Section 9.2 shall be fully protected in relying in good faith upon the
records of the Company and upon such information, opinions, reports or statements presented to the Company by any Person as to matters such indemnified Covered Person reasonably believes are within such other Person’s professional or expert
competence and who has been selected with 

 
reasonable care by or on behalf of the Company, including information, opinions, reports or statements as to the value, amount of assets, liabilities, or any other facts pertinent to the
existence and amount of assets from which distributions to the Members might properly be paid. 
 Section 9.3. Further
Indemnity. To the fullest extent permitted by law, the Company shall indemnify any Person who is or was a Covered Person, against expenses, including attorneys’ fees, actually and reasonably incurred by him or her in connection with the
defense of any action, suit or proceeding referred to in Sections 9.1 and 9.2 or in defense of any claim, issue or matter therein. 
 Section 9.4. Expenses. Any indemnification under Sections 9.2 and 9.3, as well as the advance payment of expenses permitted under Section 9.5 unless ordered by a court or
advanced pursuant to Section 9.5 below, must be made by the Company only as authorized in the specific case upon a determination that indemnification of the Covered Person is proper in the circumstances. The determination must be made:

 (a) by the Designated Manager if the Designated Manager was not a party to the act, suit or proceeding; or 

(b) if the Designated Manager was a party to the act, suit or proceeding, either by all of the Members owning Percentage Interests in the
Company or by independent legal counsel in a written opinion. 
 Section 9.5. Advance Payment of Expenses. To the fullest
extent permitted by law, the expenses of each Person who is or was a Covered Person, incurred in defending a civil or criminal action, suit or proceeding may be paid by the Company as they are incurred and in advance of the final disposition of the
action, suit or proceeding, upon receipt of an undertaking by or on behalf of such Person to repay the amount if it is ultimately determined by a court of competent jurisdiction that such Person is not entitled to be indemnified by the Company. The
provisions of this Section 9.5 shall not affect any rights to advancement of expenses to which personnel other than the Members, the Special Members or a Manager (other than any Independent Manager) may be entitled under any contract or
otherwise by law. 
 Section 9.6. Other Arrangements Not Excluded. The indemnification and advancement of expenses
authorized in or ordered by a court pursuant to this Article 9: 
 (a) does not exclude any other rights to which a
Person seeking indemnification or advancement of expenses may be entitled under any agreement, decision of the Member or otherwise, for either an action of any Covered Person, in the official capacity of such Person or an action in another capacity
while holding such position, except that indemnification and advancement, unless ordered by a court or advanced pursuant to Section 9.5 above, may not be made to or on behalf of such Person if a final adjudication established that its
acts or omissions involved intentional misconduct, fraud or a knowing violation of the law and were material to the cause of action; and 
 (b) continues for a Person who has ceased to be a Covered Person and inures to the benefit of the successors, heirs, executors and administrators of such a Person. 

 ARTICLE 10 
 MISCELLANEOUS PROVISIONS 
 Section 10.1. Amendments. This Agreement may be
amended or modified in writing at any time by the Designated Manager with the consent of the Majority Members; provided, that so long as any Obligations are outstanding, the Members shall not amend or modify any provision of
Sections 1.5, 1.7, 1.8, 4.2(b), 5.5, 6.1(b), Article 8, Section 10.6 and this Section 10.1, without the prior written consent of each of the Administrative Agent and the
Independent Manager. 
 Section 10.2. Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF DELAWARE (WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

Section 10.3. Headings. The headings of the various Articles and Sections herein are for convenience of reference only and shall
not define or limit any of the terms or provisions hereof. 
 Section 10.4. Severability. Any provision of this Agreement
that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remainder of such provision (if any) or the remaining provisions
hereof (unless such construction shall be unreasonable), and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

Section 10.5. Assigns. Each and all of the covenants, terms, provisions and agreements contained in this Agreement shall be
binding upon and inure to the benefit of the Members, and their permitted successors and assigns. 
 Section 10.6.
Enforcement by Managers. Notwithstanding any other provision of this Agreement, each Member and Special Member agree that this Agreement constitutes a legal, valid and binding agreement of such Member and Special Member, and is enforceable
against such Member and Special Member by the Designated Manager or by the Independent Manager, as appropriate, in accordance with its terms. 
 Section 10.7. Waiver of Partition; Nature of Interest. Except as otherwise expressly provided in this Agreement, to the fullest extent permitted by law, each of the Members and the Special Members
hereby irrevocably waives any right or power that such Person might have to cause the Company or any of its assets to be partitioned, to cause the appointment of a receiver for all or any portion of the assets of the Company, to compel any sale of
all or any portion of the assets of the Company pursuant to any applicable law or to file a complaint or to institute any proceeding at law or in equity to cause the dissolution, liquidation, winding up or termination of the Company. No Member shall
have any interest in any specific assets of the Company, and no Member shall have the status of a creditor with respect to any distribution pursuant to this Agreement. 

 Section 10.8. Entire Agreement. This Agreement constitutes the entire understanding
of the parties with respect to the subject matter hereof and supersedes any prior negotiations, understandings, communications and agreements in regard hereto. 
 Section 10.9. Effectiveness. Pursuant to Section 18-201(d) of the LLC Act, this Agreement shall be effective as of the date set forth above. 

Section 10.10. Counterparts. This Agreement may be executed and delivered in counterparts (including by facsimile or other
electronic transmission), each of which will be deemed an original, and all of which together constitute one and the same instrument. Delivery of an executed counterpart signature page of this Agreement by e-mail (PDF) or facsimile shall be
effective as delivery of a manually executed counterpart of this Agreement. 
 [signature pages follow] 

 IN WITNESS WHEREOF, this Agreement is hereby executed by each of the undersigned and is
effective as of the date first set forth above. 
  

					
	 Initial Member:
	 	 CORPORATE CAPITAL TRUST, INC., a
 Maryland corporation

			
		 	By:	 	 /s/ Andrew Hyltin

		 		 	Name: Andrew A. Hyltin
		 		 	Title: President and Chief Executive Officer

  
 CCT Funding LLC 

Limited Liability Company Agreement 

			
	Independent Manager:	 	
		
		 	 /s/ Donald Puglisi

		 	Donald Puglisi, as Independent Manager and Special Member

  
 CCT Funding LLC 

Limited Liability Company Agreement 

					
	 Designated Manager:
	 	 CORPORATE CAPITAL TRUST, INC., a
 Maryland corporation

			
		 	By:	 	 /s/ Andrew Hyltin

		 		 	Name: Andrew A. Hyltin
		 		 	Title: President and Chief Executive Officer

  
 CCT Funding LLC 

Limited Liability Company AgreementCredit Agreement

 EXHIBIT 10.14 
 Execution Version 
  
  

CREDIT AGREEMENT 

dated as of 

August 22, 2011 

among 
 CCT
FUNDING LLC, 
 as Borrower, 
 DEUTSCHE BANK AG, NEW YORK BRANCH, 
 as Administrative Agent and a Lender,

 and 

The Other Lenders Party Hereto 
  

 

 TABLE OF CONTENTS 

 

					
	 	  	PAGE	 
		
	 ARTICLE 1
 DEFINITIONS AND INTERPRETATION
	  			
		
	 Section 1.01. Defined Terms.
	  	 	1	  
	 Section 1.02. Use of Defined Terms.
	  	 	1	  
	 Section 1.03. Interpretation.
	  	 	2	  
	 Section 1.04. Accounting Matters.
	  	 	2	  
	 Section 1.05. Conflict Between Credit Documents.
	  	 	3	  
	 Section 1.06. Legal Representation of the Parties.
	  	 	3	  
		
	 ARTICLE 2
 COMMITMENT
	  			
		
	 Section 2.01. Commitment
	  	 	3	  
	 Section 2.02. Voluntary Reductions or Termination of the Maximum Commitment.
	  	 	3	  
	 Section 2.03. Fees.
	  	 	4	  
	 Section 2.04. Commitment Reduction and Termination
	  	 	4	  
		
	 ARTICLE 3
 LOANS AND LENDER NOTE
	  			
		
	 Section 3.01. Borrowing Procedure for Loans
	  	 	5	  
	 Section 3.02. Notes.
	  	 	6	  
	 Section 3.03. Principal Payments.
	  	 	6	  
	 Section 3.04. Interest.
	  	 	7	  
	 Section 3.05. Method and Place of Payment.
	  	 	12	  
	 Section 3.06. Net Payments; Taxes.
	  	 	12	  
	 Section 3.07. Sharing of Payments by Lenders.
	  	 	14	  
	 Section 3.08. Post Default Order of Application of Funds
	  	 	15	  
		
	 ARTICLE 4
 CONDITIONS TO CREDIT EXTENSIONS
	  			
		
	 Section 4.01. Initial Loan.
	  	 	15	  
	 Section 4.02. All Loans.
	  	 	22	  

  
 i 

					
		
	 ARTICLE 5
 REPRESENTATIONS AND WARRANTIES
	  			
		
	 Section 5.01. Organization, etc.
	  	 	23	  
	 Section 5.02. Due Authorization, Non-Contravention, etc.
	  	 	23	  
	 Section 5.03. Compliance with Laws.
	  	 	24	  
	 Section 5.04. Government Approval, Regulation, etc.
	  	 	24	  
	 Section 5.05. Validity, etc.
	  	 	24	  
	 Section 5.06. Financial Information.
	  	 	24	  
	 Section 5.07. Litigation, etc.
	  	 	25	  
	 Section 5.08. Regulations T, U and X.
	  	 	25	  
	 Section 5.09. Pension and Welfare Plans.
	  	 	25	  
	 Section 5.10. Taxes.
	  	 	25	  
	 Section 5.11. Absence of Default.
	  	 	25	  
	 Section 5.12. Real Property.
	  	 	25	  
	 Section 5.13. Environmental Warranties.
	  	 	26	  
	 Section 5.14. Borrower’s Businesses.
	  	 	26	  
	 Section 5.15. Collateral.
	  	 	26	  
	 Section 5.16. Maintenance of Assets.
	  	 	26	  
	 Section 5.17. Manager.
	  	 	26	  
	 Section 5.18. Use of Proceeds.
	  	 	26	  
	 Section 5.19. Compliance with Anti-Terrorism Laws and Regulations.
	  	 	27	  
	 Section 5.20. Compliance with Anti-Money Laundering Laws and Regulations.
	  	 	27	  
		
	 ARTICLE 6
 COVENANTS
	  			
		
	 Section 6.01. Affirmative Covenants.
	  	 	28	  
	 Section 6.02. Negative Covenants.
	  	 	38	  
		
	 ARTICLE 7
 EVENTS OF DEFAULT
	  			
		
	 Section 7.01. Events of Default.
	  	 	43	  
	 Section 7.02. Action if Bankruptcy.
	  	 	46	  
	 Section 7.03. Action if Other Event of Default.
	  	 	47	  
	 Section 7.04. Additional Rights Upon Event of Default.
	  	 	47	  
	 Section 7.05. Notice of Default.
	  	 	48	  
		
	 ARTICLE 8
 THE ADMINISTRATIVE AGENT
	  			
	 Section 8.01. Appointment
	  	 	48	  
	 Section 8.02. Nature of Duties
	  	 	48	  
	 Section 8.03. Lack of Reliance on the Administrative Agent
	  	 	49	  

  
 ii 

					
	 Section 8.04. Certain Rights of the Administrative Agent
	  	 	49	  
	 Section 8.05. Reliance
	  	 	50	  
	 Section 8.06. Indemnification
	  	 	50	  
	 Section 8.07. The Administrative Agent in its Individual Capacity
	  	 	50	  
	 Section 8.08. Resignation by the Administrative Agent
	  	 	50	  
		
	 ARTICLE 9
 MISCELLANEOUS
	  			
		
	 Section 9.01. Payment of Expenses, etc.
	  	 	51	  
	 Section 9.02. Right of Setoff.
	  	 	52	  
	 Section 9.03. Notices.
	  	 	53	  
	 Section 9.04. Benefit of Agreement.
	  	 	54	  
	 Section 9.05. Participations and Assignments.
	  	 	54	  
	 Section 9.06. Replacement of Lenders
	  	 	56	  
	 Section 9.07. No Waiver; Remedies Cumulative
	  	 	57	  
	 Section 9.08. Calculations; Computations.
	  	 	57	  
	 Section 9.09. Governing Law; Submission to Jurisdiction; Venue; Waiver of Jury Trial.
	  	 	57	  
	 Section 9.10. Counterparts.
	  	 	59	  
	 Section 9.11. Effectiveness.
	  	 	59	  
	 Section 9.12. Headings Descriptive.
	  	 	59	  
	 Section 9.13. Amendment or Waiver.
	  	 	59	  
	 Section 9.14. Survival.
	  	 	60	  
	 Section 9.15. Domicile of Loans.
	  	 	61	  
	 Section 9.16. Confidentiality
	  	 	61	  
	 Section 9.17. Register
	  	 	62	  
	 Section 9.18. Lender Affiliate Securities.
	  	 	63	  
	 Section 9.19. Marshalling; Recapture.
	  	 	63	  
	 Section 9.20. No Petition.
	  	 	63	  
	 Section 9.21. Acknowledgment.
	  	 	63	  
	 Section 9.22. Severability.
	  	 	63	  

 ANNEX I – Definitions 
 ANNEX II – Collateral Valuation Schedule 
 ANNEX III – Collateral Transaction Procedures

  

					
	EXHIBIT A	  	-	    	Form of Borrowing Request
	EXHIBIT B	  	-	    	Form of Note
	EXHIBIT C	  	-	    	Form of Assignment Agreement
	EXHIBIT D	  	-	    	Form of Security Agreement
	EXHIBIT E	  	-	    	Form of Custodial Agreement
	EXHIBIT F	  	-	    	Form of Required Borrower and Manager Opinion
	EXHIBIT G	  	-	    	Form of Manager Letter
	EXHIBIT H	  	-	    	Form of Equity Owner Letter
	EXHIBIT I	  	-	    	Form of CNL Letter

  
 iii

					
	EXHIBIT J	  	-	    	Form of Compliance Certificate (Section 6.01(b)(iii))
	EXHIBIT K	  	-	    	Form of Commitment Termination Notice
	EXHIBIT L	  	-	    	Form of Loan Cessation Notice
			
	SCHEDULE 1	  	-	    	Lending Offices, Administrative Agent Office and Notice Data
	SCHEDULE 2	  	-	    	UCC-1 Filing Jurisdictions
	SCHEDULE 3	  	-	    	Schedule of Fund Investments
	SCHEDULE 4	  	-	    	Approved Banks
	SCHEDULE 5	  	-	    	Approved Selling Institutions
	SCHEDULE 6	  	-	    	Approved Industry & Sector Categories
	SCHEDULE 7	  	-	    	Approved Pricing Services
	SCHEDULE 8	  	-	    	Approved Bond Dealers

  
 iv 

 CREDIT AGREEMENT 
 THIS CREDIT AGREEMENT, dated as of August 22, 2011 (as amended from time to time, this “Agreement”), is entered into by and among CCT FUNDING LLC, a Delaware limited liability
company (the “Borrower”), DEUTSCHE BANK AG, NEW YORK BRANCH (“DBNY”) as Administrative Agent and a Lender and each other Lender party hereto from time to time (together with DBNY in its capacity as Lender, the
“Lenders” and each a “Lender”). 
 W I T N E S S E T H: 

WHEREAS, the Borrower is a newly-formed limited liability company organized under the Laws of Delaware to pursue a strategy of investing
on a leveraged basis in and managing a pool of Fund Investments; 
 WHEREAS, the Borrower will acquire, hold and dispose of Fund
Investments; 
 WHEREAS, the Borrower desires to obtain the Commitment from the Lenders, pursuant to which Loans shall be made,
subject to the terms and conditions set forth herein, in a maximum aggregate principal amount not to exceed at any time the lesser of (a) the Maximum Commitment and (b) the Maximum Advance Amount at such time; and 

WHEREAS, the Lenders are willing, on the terms and conditions hereinafter set forth, to extend the Commitment; 

NOW, THEREFORE, the parties hereto, intending to be legally bound hereby, agree as follows: 

ARTICLE 1 

DEFINITIONS AND INTERPRETATION 

Section 1.01. Defined Terms. As used in this Agreement, and unless the context requires a different meaning, capitalized
terms used but not defined herein shall have the respective meanings set forth in Annex I or Annex II. 
 Section 1.02.
Use of Defined Terms. Unless otherwise defined or the context otherwise requires, terms for which meanings are provided in this Agreement shall have such meanings when used in each Assignment Agreement, notice and other communication delivered
from time to time in connection with this Agreement or any other Credit Document. 

 Section 1.03. Interpretation. In this Agreement, unless a clear contrary
intention appears: 
 (a) the singular number includes the plural number and vice versa; 

(b) reference to any Person includes such Person’s successors and assigns but, if applicable, only if such successors and assigns
are permitted by this Agreement, and reference to a Person in a particular capacity excludes such Person in any other capacity or individually; 
 (c) reference to any gender includes each other gender; 
 (d) reference to any
agreement (including this Agreement and the Annexes, Exhibits and Schedules hereto), document or instrument means such agreement, document or instrument as amended or modified and in effect from time to time in accordance with the terms thereof and,
if applicable, the terms hereof and reference to any promissory note includes any promissory note which is an extension or renewal thereof or a substitute or replacement therefor; 

(e) reference to any Applicable Law means such Applicable Law as amended, modified, codified or reenacted, in whole or in part, and in
effect from time to time, including rules and regulations promulgated thereunder; 
 (f) unless the context indicates otherwise,
reference to any Article, Section, Schedule, Annex or Exhibit means such Article, Section or Schedule hereof or Annex or Exhibit hereto; 
 (g) “hereunder,” “hereof,” “hereto” and words of similar import shall be deemed references to this Agreement as a whole and not to any particular Article, Section or other
provision hereof; 
 (h) “including” (and with correlative meaning “include”) means including without
limiting the generality of any description preceding such term; 
 (i) relative to the determination of any period of time,
“from” means “from and including,” “to” means “to but excluding,” and “through” means “through and including”; and 
 (j) reference to any rating by Moody’s includes any equivalent rating in a successor rating category of Moody’s and reference to any rating by S&P includes any equivalent rating in a
successor rating category of S&P. 
 Section 1.04. Accounting Matters. For purposes of this Agreement, except as
otherwise noted herein, all accounting terms not otherwise defined herein shall have the meanings assigned to them in conformity with GAAP applied on a basis consistent with the most recent audited financial statements of the Borrower delivered to
the Administrative Agent on or before the Closing Date (or if the 

  
 2 

 
Borrower is consolidated on the financial statements of the Equity Owner, the most recent audited financial statements of the Equity Owner) and using the same valuation method as used in such
financial statements, except for any change required or permitted by GAAP if the Borrower’s certified public accountants concur in such change and the change is disclosed to the Administrative Agent. 

Section 1.05. Conflict Between Credit Documents. If there is any conflict between this Agreement and any other Credit
Document, this Agreement and such other Credit Document shall be interpreted and construed, if possible, so as to avoid or minimize such conflict but, to the extent (and only to the extent) of such conflict, this Agreement shall prevail and control.

 Section 1.06. Legal Representation of the Parties. This Agreement was negotiated by the parties with the benefit
of legal representation and any rule of construction or interpretation otherwise requiring this Agreement or any other Credit Document to be construed or interpreted against any party shall not apply to any construction or interpretation hereof or
thereof. 
 ARTICLE 2 
 COMMITMENT 
 Section 2.01. Commitment. Subject to the
terms and conditions of this Agreement, each Lender severally commits, from the Closing Date to the Commitment Termination Date, to make revolving loans (collectively, “Loans”) to the Borrower, in an aggregate amount not to exceed
at any time the outstanding amount of such Lender’s Commitment with respect to the Loans; provided that the Lenders shall not be required to make any Loans hereunder if, after giving effect thereto and to the receipt and application by
the Borrower of the proceeds of such Loans, the then aggregate outstanding principal amount of such Loans would exceed the lesser of (a) the Maximum Commitment and (b) the Maximum Advance Amount at such time. Subject to the preceding
limitation and the terms and conditions of this Agreement, the Borrower may from time to time borrow, prepay, repay and reborrow Loans. 
 Section 2.02. Voluntary Reductions or Termination of the Maximum Commitment. 
 (a) Each Lender’s commitment to make Loans hereunder shall automatically terminate, and the Maximum Commitment shall be reduced to zero, upon the Commitment Termination Date. The Borrower may
voluntarily, from time to time, permanently reduce the amount of the Maximum Commitment upon at least ten (10) Business Days’ prior written notice to the Administrative Agent specifying the amount of such reduction, which notice shall be
irrevocable once given; provided that (i) no reduction may reduce the Maximum Commitment below $25,000,000 unless the Maximum Commitment is reduced to zero; (ii) any 

  
 3 

 
partial reduction of the Maximum Commitment shall be in a minimum amount of $10,000,000 and in an integral multiple of $1,000,000 for amounts in excess thereof; (iii) no such reduction shall
reduce the Maximum Commitment to an amount less than the sum of the then aggregate outstanding Loans and (iv) any such reduction shall be applied to reduce pro rata each Lender’s Commitment. The Administrative Agent shall promptly
notify each Lender of the receipt of any such notice and the pro rata reduction of such Lender’s Commitment. 
 (b)
Concurrently with any reduction in the Maximum Commitment or termination of the Lenders’ Commitment to make Loans hereunder prior to the Scheduled Commitment Termination Date for whatever reason (including following the occurrence of an Event
of Default), the Borrower shall pay to the Administrative Agent, for the account of the Lenders, the applicable Make Whole Fee; provided that, in no event shall any Make Whole Fee be payable in connection with any reduction or
termination of the Maximum Commitment by the Administrative Agent or the Lenders under Section 2.04. 

Section 2.03 Fees.  
 (a) Setup Fee. The Borrower shall pay to DBNY a Setup Fee in the amount and at the times set forth in the Fee Letter. 
 (b) Commitment Fee. The Borrower shall pay the applicable Commitment Fee to the Administrative Agent, for account of the Lenders, on each Payment Date and on the Commitment Termination Date.

 (c) Administrative Agent’s Fee. The Borrower shall pay fees to the Administrative Agent at such time and in such
amount as separately agreed in a fee letter between Borrower and the Administrative Agent. 
 Section 2.04. Commitment
Reduction and Termination. If (i) the NAV Trigger Date has not occurred, the Administrative Agent may reduce the Commitment in whole or in part upon 90 days’ prior written notice to Borrower and to the Lenders; provided, that no
such reduction shall be effective if the NAV Trigger Date shall otherwise occur during such 90 day notice period or (ii) on the thirtieth day after the funding date of the Initial Loan, the Net Asset Value of the Borrower is less than the
Ramp-Up Asset Value Floor, the Administrative Agent may reduce the Commitment in whole or in part upon not less than two (2) Business Days’ prior written notice to Borrower and to the Lenders. Any such reduction of the Commitment shall
result in an equivalent reduction of the Maximum Commitment. Borrower acknowledges and agrees that if on the effective date of such reduction the aggregate principal amount of the then outstanding Loans exceeds the Maximum Commitment, then no later
than on such effective date, Borrower shall repay a principal amount of Loans (together with accrued interest on such repaid principal portion) such that immediately thereafter 

  
 4 

 
the aggregate principal amount of Loans outstanding shall not be greater than the Maximum Commitment. 
 ARTICLE 3 
 LOANS AND LENDER
NOTE 
 Section 3.01. Borrowing Procedure for Loans. (a) Subject to satisfaction of the
applicable conditions precedent and the other terms of this Agreement, the Lenders will fund Loans to, and only to, the Custodial Account upon receipt of timely and irrevocable written Borrowing Requests prior to the Commitment Termination Date,
certified by an Authorized Representative of the Borrower and a Responsible Officer (which could be the same person as the Authorized Representative) as specified in Section 4.02(b) (Borrowing Request) specifying the amount and Business
Day requested for funding; provided that the Borrower shall deliver not more than one (1) Borrowing Request to the Administrative Agent on any Business Day. Such Loans shall be in a minimum principal amount equal to (A) $500,000 or
an integral multiple of $1,000 for amounts in excess thereof or (B) if less than the amount specified in (A), the aggregate Unused Amount at such time. Any such request shall be made by either delivery to the Administrative Agent of a written
Borrowing Request or an Authorized Representative providing to the Administrative Agent a telephonic request for a Borrowing (which request shall be promptly confirmed by means of a written Borrowing Request), in each case no later than 3:00 p.m.
(New York time) not less than one (1) Business Day preceding the date of the requested Loans. The Administrative Agent shall promptly notify the relevant Lenders of the receipt of each Borrowing Request, specifying the amount of each Loan as
well as such Lender’s Applicable Percentage of such Loan. Such notices to Lenders shall be given by telephone and shall be promptly confirmed in writing by facsimile. 
 (b) Funding by the Lenders; Presumption by Administrative Agent. The Administrative Agent shall have no obligation to make any Loans available to the Borrower unless and until such Loans have been
made available to the Administrative Agent by the relevant Lenders. Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will not make available to the Administrative
Agent its share of such Borrowing, the Administrative Agent may assume that such Lender has made its share available on such date in accordance with Section 3.01(a) and may, in reliance upon such assumption, make available to the Borrower a
corresponding amount. In such event, if such Lender has not in fact made its share of the Borrowing available to the Administrative Agent, then such Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such
corresponding amount in immediately available funds with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent (A) in the case
of a payment to be made by such Lender, 

  
 5 

 
5% per annum, plus any administrative, processing or similar fees customarily charged by the Administrative Agent in connection with the foregoing, and (B) in the case of a payment to
be made by the Borrower, the interest rate applicable to such Loan in accordance with Section 3.04. If the Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative
Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender pays its share of the applicable Borrowing to the Administrative Agent, then the amount so paid shall constitute such
Lender’s Loan included or equal to the Borrowing, as the case may be. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative
Agent. 
 (c) Payments by the Borrower; Presumptions by Administrative Agent. Unless the Administrative Agent shall have
received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower
has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due. In such event, if the Borrower has not in fact made such payment, then the Lenders severally agree to
repay to the Administrative Agent forthwith on demand the amount so distributed to any Lenders, in immediately available funds with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date
of payment to the Administrative Agent, at the Overnight Rate. A notice of the Administrative Agent to any Lender or Borrower with respect to any amount owing under this subsection (c) shall be conclusive, absent manifest error. 

Section 3.02. Notes. Upon the request of any Lender to the Borrower made through the Administrative Agent, each Loan made by
a Lender shall be evidenced by a promissory note payable to the order of such Lender in a maximum principal amount equal to the product of (x) the Maximum Commitment and (y) such Lender’s Applicable Percentage, and dated as of the
date such notice is issued, executed by the Borrower and substantially in the form of Exhibit B (the “Notes”). Upon the request of any Lender to the Borrower made through the Administrative Agent, the Borrower shall execute
and deliver to such Lender through the Administrative Agent a Note, which shall evidence such Lender’s Loans to the Borrower. Each Lender may attach schedules to a Note and endorse thereon the date, amount, maturity of its Loans and payments
with respect thereto. 
 Section 3.03. Principal Payments.  

(a) The Borrower shall repay in full all Loans on the Maturity Date unless payment is sooner required hereunder and such repayment shall
be applied pro rata to each outstanding Loan, except in connection with a voluntary 

  
 6 

 
repayment, in which case each repayment shall be made in the order specified in clause (b)(i) below. 
 (b) Prior to the Maturity Date, the Borrower: 
 (i) may, from time
to time on any Business Day, make a voluntary prepayment, in whole or in part, of the aggregate outstanding principal amount of any Loans made as part of any particular Borrowing; provided that: 

(A) no such prepayment may be made which, after giving effect thereto, would result in the aggregate outstanding principal
amount thereof being less than $1,000,000 (unless repaid in full) or other than an integral multiple of $1,000 for amounts in excess thereof; 
 (B) each such voluntary prepayment shall require prior written notice specifying the date and amount of such prepayment (or telephonic notice promptly confirmed in writing) to the Administrative Agent,
not later than 12:00 p.m. (New York time) at least two (2) Business Days’ prior to the date of such prepayment. The Administrative Agent shall promptly notify each Lender of its receipt of such notice, and of the amount of such prepayment
that will be applied to each Lender; and 
 (C) any such prepayment of principal shall be applied pro rata
to each outstanding Loan. 
 (ii) shall immediately repay all Loans upon any acceleration of the maturity of the
Loans in connection with the occurrence of an Event of Default pursuant to Section 7.02 (Action if Bankruptcy) or 7.03 (Action if Other Event of Default) and such repayment shall be applied pro rata to each outstanding
Loan; and 
 (iii) shall, not later than the applicable time set forth in Section 7.01(b), repay Loans to
the extent required to satisfy the Overcollateralization Test at all times and such repayment shall be applied pro rata to each outstanding Loan. 
 (c) Prepayment Compensation. A prepayment of any Loan for any reason (whether voluntary or mandatory) shall in all cases be accompanied by (i) accrued but unpaid interest thereon and
(ii) the payment determined in accordance with Section 3.04(c) (Compensation). 
 Section 3.04.
Interest.  

  
 7 

 (a) Interest Rules and Calculations. (i) The unpaid principal amount of each
Loan shall bear interest from the date of the Borrowing thereof until maturity (whether by acceleration or otherwise) at a rate per annum which shall at all times be the Adjusted LIBO Rate in effect from time to time plus the Applicable Margin.

 (ii) All overdue principal and overdue interest in respect of each Loan and any other overdue amount payable
hereunder shall bear interest at a rate per annum equal to the Adjusted LIBO Rate in effect from time to time plus the Applicable Margin plus 2%; provided, that such rate shall not apply to any overdue principal or interest, as applicable,
unless and until such nonpayment constitutes an Event of Default under Section 7.01 hereof. 
 (iii)
Interest shall accrue with respect to each outstanding Loan at the interest rate applicable to each Interest Reset Period and shall be payable in arrears on each Payment Date. 

(iv) All computations of interest hereunder shall be made in accordance with Section 9.08 (Calculations;
Computations). 
 (v) The Administrative Agent, shall upon determining the applicable interest rate for any
Borrowing of Loans for any Interest Reset Period, promptly notify the Borrower and the Lenders thereof. 
 In no event shall the
rate of interest applicable to any Loan or any other amount due hereunder exceed the maximum rate permitted by Applicable Law, and the interest rate specified above shall, if necessary, be reduced to such maximum rate permitted by Applicable Law.

 (b) Increased Costs, Illegality, etc. (i) In the event that (x) in the case of Section 3.04(b)(A)
below, the Administrative Agent or (y) in the case of Section 3.04(b)(B) and (C) below, a Lender, shall have determined (which determination shall, absent manifest error, be final and conclusive and binding upon the Borrower):

 (A) on any date for determining the Adjusted LIBO Rate for any Interest Reset Period that, by reason of any
changes arising after the date of this Agreement affecting the interbank Eurodollar market, adequate and fair means do not exist for ascertaining the applicable interest rate; 

(B) at any time, that such Lender shall incur increased costs or reductions in the amounts received or receivable
hereunder with respect to agreeing to make or making, funding or maintaining any Loans (other than any reduction in the amount received or receivable resulting from the imposition of or a change in the rate of taxes or similar charges), because of
(x) 

  
 8 

 
Change in Law, but, in all events, excluding reserves required under Regulation D to the extent included in the computation of the Adjusted LIBO Rate or (y) other circumstances occurring
after the Closing Date affecting the interbank Eurodollar market or any other applicable market or the position of such Lender in such market and in each case notified the Administrative Agent thereof; or 

(C) at any time, that the making or continuance of any Loan bearing interest determined by reference to the Adjusted LIBO
Rate has become unlawful by compliance by such Lender in good faith with any accounting standard, Law or guideline (or would conflict with any such accounting standard, Law or guideline not having the force of law but with which such Lender
customarily complies even though the failure to comply therewith would not be unlawful) and such Lender has notified the Administrative Agent thereof; 
 then, and in any such event, affected Loans (which in the case of clause (A) shall be all Loans and in the case of clauses (B) and (C) shall be Loans made, or to be made from any affected
Lender) bearing interest determined by reference to the Adjusted LIBO Rate shall no longer be available until such time as the Administrative Agent notifies the Borrower that such circumstances no longer exist, and any Borrowing Request given by the
Borrower with respect to Loans which have not yet been incurred shall be deemed rescinded by the Borrower, and (x) in the case of clauses Section 3.04(b)(i)(A) and (B) above, the Borrower shall pay to the affected Lenders, within 10
days of receipt of written demand therefor, such additional amounts (in the form of an increased rate of, or a different method of calculating (including by converting all affected Loans to Base Rate Loans), interest or otherwise as the relevant
Lender shall determine) as shall be required to compensate the relevant Lender for such increased costs or reductions in amounts receivable hereunder (a written notice as to the additional amounts owed to such Lender, showing the basis for the
calculation thereof in reasonable detail, submitted to the Borrower by such Lender shall, absent manifest error, be final and conclusive and binding upon all parties thereto) and (y) in the case of clauses (B) and
Section 3.04(b)(i)(C) above, the Borrower shall take the actions specified in Section 3.04(b)(ii) (Increased Costs, Illegality, etc.) as promptly as possible and, in any event, within the time period required by Law. 

(ii) At any time that any Loan is affected by the circumstances described in Section 3.04(b)(i)(B) or
(C) (Increased Costs, Illegality, etc.), the Borrower may (and in the case of a Loan affected pursuant to Section 3.04(b)(i)(C) (Increased Costs, Illegality, etc.), the Borrower shall) if the

  
 9 

 
affected Loan is then being made pursuant to a Borrowing, cancel such Borrowing from the affected Lenders by giving the Administrative Agent telephonic notice (confirmed promptly in writing)
thereof on the same date that the Borrower was notified by the Administrative Agent pursuant to Section 3.04(b)(i)(B) or (C) (Increased Costs, Illegality, etc.), or if the affected Loan is then outstanding, upon at least two
(2) Business Days’ written notice (or telephonic notice promptly confirmed in writing) to the Administrative Agent, require each such Loan to be converted into a Base Rate Loan. 

(iii) If any Lender shall have reasonably determined in good faith that after the Closing Date, the adoption or
effectiveness of any applicable accounting standard, or any Law regarding capital adequacy, or any change in any of the foregoing, or any change in the interpretation or administration of any thereof by any accounting board or Governmental Authority
(including any standards board, central bank or comparable agency charged with the interpretation or administration thereof), or compliance by such Lender with any request or directive regarding capital adequacy (whether or not having the force of
law) of any such authority, board, central bank or comparable agency, has or would have the effect of reducing the rate of return on such Lender’s (or such controlling corporation’s) capital or assets as a consequence of its commitment to
lend to a level below that which such Lender (or such controlling corporation) would have achieved but for such adoption, effectiveness, change or compliance (taking into consideration such Lender’s (or such controlling corporation’s)
policies with respect to capital adequacy), then from time to time, within fifteen (15) days after demand by such Lender, as applicable (with a copy to the Administrative Agent), the Borrower shall pay to such Lender, as applicable, such
additional amount or amounts as shall compensate such Lender, as applicable, (or such controlling corporation) for such reduction. 
 (iv) If any Lender seeks payment of additional amounts from the Borrower pursuant to clauses (i) or (iii) above, the Borrower may together with payment of all such additional amounts,
(A) prepay all Loans for which such Lender seeks payment of additional amounts without payment of any prepayment compensation pursuant to (c) (Compensation) with respect to such Loans and (B) upon such prepayment, reduce the
Maximum Commitment in an amount equal to the amount of such prepayment without payment of a Make Whole Fee. 

(v) For avoidance of doubt, any interpretation of Accounting Research Bulletin No. 51 by the Financial Accounting
Standards Board, or any other change in foreign or domestic generally accepted accounting principles that would require the consolidation of some or all of the assets of the Borrower, including the assets and liabilities which are the subject

  
 10 

 
of this Agreement, with those of any Lender, shall constitute a change in the interpretation of a regulation subject to this Section 3.04(b). 

(c) Compensation. The Borrower shall compensate each Lender, upon its written request (which request shall set forth in reasonable
detail the basis for requesting such compensation), for all reasonable losses, expenses and liabilities (including any loss, expense or liability incurred by reason of the liquidation or reemployment of deposits or other funds required by such
Lender to fund its Loans, but excluding in any event the loss of anticipated profits) which such Lender may sustain: (i) if for any reason (other than a default by such Lender) a Borrowing of Loans does not occur on a date specified therefor in
a Borrowing Request (whether or not withdrawn by the Borrower or deemed withdrawn pursuant to Section 3.04(b)(i) (Increased Costs, Illegality, etc.)), (ii) if any prepayment, repayment or conversion of any of its Loans occurs on a
date which is not the last day of an Interest Period applicable thereto, (iii) if any prepayment of any of its Loans is not made on any date specified in a notice of prepayment given by the Borrower or (iv) as a consequence of (A) any
other default by the Borrower to repay its Loans when required by the terms of this Agreement (including an Event of Default resulting in acceleration of the maturity of the Loans hereunder) or (B) an action taken pursuant to
Section 3.04(b)(ii) (Increased Costs, Illegality, etc.). A Lender’s basis for requesting compensation pursuant to this Section 3.04(c) and a Lender’s calculation of the amount thereof shall, absent manifest error, be final
and conclusive and binding on the Borrower. With respect to clause (ii) of the immediately preceding sentence, the compensation owed to the relevant Lender shall be equal to (x) the product of (1) the amount of the applicable Loans
made by the relevant Lender, (2) the excess (if any) of (A) the Adjusted LIBO Rate applicable to such Loans over (B) LIBID applicable to a period equal to the number of days remaining in the Interest Period applicable to such Loans
and (3) the number of days remaining in the Interest Period applicable to such Loans, divided by (y) 360. 

(d) Change of Lending Office; Limitation on Indemnities. 

(i) The Lenders agree that, upon the occurrence of any event giving rise to the operation of Section 3.04(b)(i)(B) or
Section 3.04(b)(i)(C) (Increased Costs, Illegality, etc.) or Section 3.06 (Net Payments; Taxes) with respect to any Lender, it shall, if requested by the Borrower, use reasonable efforts (subject to overall policy
considerations of such Lender) to designate another lending office for any Loans affected by such event; provided that such designation is made on such terms that such Lender and its lending office suffer no material economic, legal or
regulatory disadvantage, with the object of avoiding the consequence of the event giving rise to the operation of any such Section. Nothing in this Section 3.04(d) shall affect or postpone any of the obligations of the Borrower or the right of
such Lender provided in Section 3.04(b) (Increased Costs, Illegality, etc.) or Section 3.06 (Net Payments; Taxes). 

  
 11 

 (ii) Failure or delay on the part of any Lender to demand compensation
pursuant to this Section 3.04(b) shall not constitute a waiver of its right to demand such compensation, but the Borrower shall not be required to compensate such Lender for any increased costs incurred or reductions suffered more than nine
months prior to the date that such Lender notifies the Borrower of the event giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor (except that, if the event giving rise to such
increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof). 
 Section 3.05. Method and Place of Payment. All payments by the Borrower hereunder shall be made in Dollars. Except as otherwise specifically provided herein, all payments under this Agreement
shall be made to the Administrative Agent, for the benefit of the Lenders, not later than 1:00 p.m. (New York time) on the date when due and shall be made in immediately available funds at the Administrative Agent’s Office, it being understood
that written notice (or telephonic notice promptly confirmed in writing) by the Borrower to the Administrative Agent to make a payment from the funds in the Borrower’s account at the Administrative Agent’s Office shall constitute the
making of such payment to the extent of such funds held in such account. Whenever any payment to be made hereunder shall be stated to be due on a day which is not a Business Day, the due date thereof shall be extended to the succeeding Business Day
and, with respect to payments of principal, interest shall be payable during such extension at the applicable rate in effect immediately prior to such extension. 
 Section 3.06. Net Payments; Taxes. (a) All payments made by the Borrower hereunder or under any Note shall be made without setoff, counterclaim or other defense. All such payments shall
be made free and clear of, and without deduction or withholding for, any present or future taxes, levies, imposts, duties, fees, assessments or other charges of whatever nature now or hereafter imposed by any jurisdiction or by any political
subdivision or taxing authority thereof or therein with respect to such payments (but excluding any tax imposed on or measured by the net income or net profits of, and any franchise tax imposed on or in lieu of taxes on net income of, any Lender,
pursuant to the Laws of the jurisdiction in which it is organized or managed and controlled or the jurisdiction in which the principal office or applicable lending office of such Lender is located or any subdivision thereof or therein) and all
interest, penalties or similar liabilities with respect thereto (all such non-excluded taxes, levies, imposts, duties, fees, assessments or other charges being referred to collectively as “Taxes”), excluding (i) any Tax
attributable to the failure of the relevant Lender to comply with clauses (b) through (d) of this Section 3.06 and (ii) any Tax to the extent imposed as a result of the relevant Lender’s failure to comply with the applicable
requirements of FATCA in such a way as to reduce such tax to zero (all such Taxes described in the preceding clauses (a)(i) and (ii), hereinafter “Excluded 

  
 12 

 
Taxes”). If any Taxes that are not Excluded Taxes (hereinafter “Indemnifiable Taxes”) are so levied or imposed, the Borrower agrees to pay the full amount of such
Taxes, and such additional amounts, if any, as may be necessary so that every payment of all amounts due under this Agreement or under any Note, after withholding or deduction for or on account of such Taxes, shall not be less than the amount
provided for herein or in such Note. The Borrower shall furnish to the Administrative Agent within forty-five (45) days after the date the payment of the Indemnifiable Taxes is due pursuant to Applicable Law certified copies of tax receipts
evidencing such payment by the Borrower. The Borrower agrees to indemnify and hold harmless each Lender, and reimburse such Lender upon its written request, for the amount of Indemnifiable Taxes so levied or imposed and paid by such Lender or the
Administrative Agent. 
 (b) Each Lender shall deliver to the Borrower and to the Administrative Agent, at the time or times
prescribed by applicable Laws or when reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation prescribed by applicable Laws or by the taxing authorities of any jurisdiction and such other
reasonably requested information as will permit the Borrower or the Administrative Agent, as the case may be, to determine (i) whether or not payments made hereunder or under any other Loan are subject to Taxes, (ii) if applicable, the
required rate of withholding or deduction, and (iii) such Lender’s entitlement to any available exemption from, or reduction of, applicable Taxes in respect of all payments to be made to such Lender by the Borrower pursuant to this
Agreement or otherwise to establish such Lender’s status for withholding tax purposes in the applicable jurisdiction. In addition, each Lender shall deliver to the Administrative Agent and the Borrower such other tax forms or other documents as
shall be prescribed by applicable law, if any, or as otherwise reasonably requested by the Administrative Agent or Borrower, sufficient for the Administrative Agent and the Borrower to comply with their obligations under FATCA or to determine, to
the extent applicable, whether any payments to such Lender under this Agreement and the other Loan are subject to withholding Tax under FATCA. 
 (c) Without limiting the generality of the foregoing (i) any Lender that is a “United States person” within the meaning of Section 7701(a)(30) of the Code (a “U.S.
Lender”) shall deliver to the Borrower and the Administrative Agent executed originals of Internal Revenue Service Form W-9 or such other documentation or information prescribed by applicable Laws or reasonably requested by the Borrower or
the Administrative Agent as will enable the Borrower or the Administrative Agent, as the case may be, to determine whether or not such Lender is subject to backup withholding or information reporting requirements; and (ii) any Lender that is
not a U.S. Lender (a “Non-U.S. Lender”) and that is entitled under the Code or any applicable treaty to an exemption from or reduction of withholding tax with respect to payments hereunder or under any other Loan shall deliver to
the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on 

  
 13 

 
which such Non-U.S. Lender becomes a Lender under this Agreement (and from time to time thereafter upon the request of the Borrower or the Administrative Agent, but only if such Non-U.S. Lender
is legally entitled to do so), whichever of the following is applicable: 
 (A) executed originals of Internal
Revenue Service Form W-8BEN claiming eligibility for benefits of an income tax treaty to which the United States is a party; 
 (B) executed originals of Internal Revenue Service Form W-8ECI; 

(C) executed originals of Internal Revenue Service Form W-8IMY and all required supporting documentation; 

(D) in the case of a Non-U.S. Lender claiming the benefits of the exemption for portfolio interest under
Section 881(c) of the Code, (x) a certificate to the effect that such Non-U.S. Lender is not (A) a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of the
Borrower within the meaning of Section 881(c)(3)(B) of the Code, or (C) a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code and (y) executed originals of Internal Revenue Service Form
W-8BEN; or 
 (E) executed originals of any other form prescribed by applicable Laws as a basis for claiming
exemption from or a reduction in United States Federal withholding tax together with such supplementary documentation as may be prescribed by applicable Laws to permit the Borrower or the Administrative Agent to determine the withholding or
deduction required to be made. 
 (d) Each Lender shall promptly notify the Borrower and the Administrative Agent of any change
in circumstances which would modify or render invalid any claimed exemption or reduction with respect to Taxes. 

Section 3.07. Sharing of Payments by Lenders. If any Lender shall, by exercising any right of setoff or counterclaim or
otherwise, obtain payment in respect of any principal of or interest on any Loans made by it resulting in such Lender receiving payment of a proportion of the aggregate amount of such Loans and accrued interest thereon greater than its share thereof
as provided herein, then the Lender receiving such greater proportion shall (x) notify the Administrative Agent of such fact, and (y) purchase (for cash at face value) participations in the Loans of the other Lenders, or make such other
adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders in 

  
 14 

 
accordance with the aggregate amount of principal of and accrued interest on their respective Loans and other amounts owing them, provided that: 

(i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such
participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and 
 (ii) the provisions of this Section shall not be construed to apply to (x) any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement, (y) any
payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant, other than to the Borrower or any Subsidiary thereof (as to which the provisions of this Section shall
apply) or (z) any fees or other payments obtained by a Lender that are not a payment of principal of or interest on any Loans. 
 The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under Applicable Law, that any Lender acquiring a participation pursuant to the foregoing arrangements may
exercise against the Borrower rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation. 

Section 3.08. Post Default Order of Application of Funds. Following the occurrence and continuation of an Event of Default,
all payments from the Borrower to the Lenders in respect of the obligations under this Agreement shall be applied to such obligations in the order set forth in the Security Agreement. 

ARTICLE 4 

CONDITIONS TO CREDIT EXTENSIONS 

Section 4.01. Initial Loan. Notwithstanding any other provision of this Agreement, the obligations of the relevant Lenders to
fund the initial Borrowing (the “Initial Loan”) shall be subject to the prior or concurrent satisfaction, or written waiver by such Lenders, of each of the conditions precedent set forth in this Section 4.01. 

(a) Evidence of Authority. The Administrative Agent shall have received: 

(i) a certificate of an Authorized Representative of the Borrower and a Responsible Officer (which could be the same
person as the Authorized Representative), dated the Closing Date, as to: 

  
 15 

 (A) the authority of the Borrower to execute, deliver and perform this
Agreement, the Notes, each other Credit Document to be executed by it and each other instrument, agreement or other document to be executed in connection with the transactions contemplated in connection herewith and therewith; and 

(B) the authority and signatures of those Persons authorized on behalf of the Borrower to execute and deliver this
Agreement, the Notes and the other Credit Documents and to act with respect to this Agreement and each other Credit Document to be executed by the Borrower, upon which certificate each Lender, including each assignee (whether or not it shall have
then become a party hereto), may conclusively rely until it shall have received a further certificate of the Borrower canceling or amending such prior certificates; 

(ii) a copy of the Organic Documents of the Borrower, each certified in a manner reasonably satisfactory to the
Administrative Agent, and the provisions of which shall be reasonably satisfactory to the Administrative Agent, a certificate of registration and a certificate of good standing for the Borrower issued by the appropriate governmental office in its
jurisdiction of organization; and 
 (iii) such other instruments, agreements or other documents (certified if
requested) as the Administrative Agent may reasonably request. 
 (b) Agreement; Notes. The Administrative Agent shall
have received executed counterparts of this Agreement from all the parties hereto and the Notes, each, in the case of the Borrower, duly executed and delivered by an Authorized Representative of the Borrower. 

(c) Collateral Documents. The Administrative Agent shall have received: 

(i) evidence reasonably satisfactory to the Administrative Agent that all actions that are necessary or, in the reasonable
opinion of the Administrative Agent, are desirable to perfect and protect the Liens in the Collateral created or purported to be created by the Collateral Documents have been taken (including delivery to the Custodian of assignment or transfer
agreements executed in blank by an Authorized Representative of the Borrower with respect to each Bank Loan); 

  
 16 

 (ii) the Security Agreement substantially in the form of Exhibit D,
dated as of the Closing Date, duly executed and delivered by the Borrower and the other parties thereto together with: 
 (A) UCC financing statements (Form UCC-1) naming the Borrower as the debtor and the Administrative Agent, for the benefit of itself and the Lenders as secured parties, or other similar instruments or
documents in a form suitable for filing in all jurisdictions identified in Schedule 3; and 
 (B) copies
of search reports certified by a party reasonably acceptable to the Administrative Agent, dated as of a date reasonably near to the Closing Date, listing all effective UCC financing statements that name the Borrower as the debtor and which are on
file in the jurisdictions identified in Schedule 3, showing that no financing statements (other than those filed pursuant to this Agreement) cover any Collateral, except with respect to Permitted Liens; 

(iii) a copy of the Custodial Agreement substantially in the form of Exhibit E, dated as of the Closing Date, as
executed and delivered by the Borrower and the other parties thereto. 
 (d) Management Agreement. The Administrative
Agent shall have received copies, certified by the Borrower, of the Management Agreement, duly executed and delivered by the Borrower and the Manager. 
 (e) No Litigation, etc. No litigation, arbitration, governmental investigation, proceeding or inquiry shall, on the date of the Initial Loan, be pending or, to the knowledge of the Borrower,
threatened in writing with respect to any of the transactions contemplated hereby which could, in the reasonable opinion of the Administrative Agent, be adverse in any material respect to the Borrower. 

(f) Certificate as to Conditions, Warranties, No Default, Agreements etc. The Administrative Agent shall have received a
certificate of an Authorized Representative of the Borrower and a Responsible Officer (which could be the same person as the Authorized Representative), in each case on behalf of the Borrower dated as of the Closing Date, in form and substance
reasonably satisfactory to the Administrative Agent, to the effect that, as of such date: 
 (i) all conditions
set forth in this Article 4 (CONDITIONS TO CREDIT EXTENSIONS) have been fulfilled; 
 (ii) all
representations and warranties of the Borrower set forth in Article 5 (REPRESENTATIONS AND WARRANTIES) are true and correct in all material respects; 

  
 17 

 (iii) all representations and warranties set forth in each of the Collateral
Documents are true and correct in all material respects; and 
 (iv) no Default or Event of Default shall be
continuing. 
 (g) Custodial Account and Fund Investments. 

(i) The Administrative Agent shall have received evidence of the establishment of the Custodial Account and reasonably
satisfactory evidence that (1) all Fund Investments listed on the Schedule of Fund Investments that constitute Certificated Securities, Uncertificated Securities or negotiable Instruments (or security entitlements in respect thereof) or Cash
have been credited to the Custodial Account in accordance with the Collateral Documents, (2) the settlement date for all Fund Investments listed on the Schedule of Fund Investments that constitute Bank Loans and Corporate Bond Securities has
occurred, all transfer or assignment documents relating thereto have been fully executed and delivered by authorized signatories for the Borrower and the transferor or assignor thereof and any other required parties (including the administrative
agent thereunder and, if applicable, the Obligor under such Bank Loan) and delivered, together with any accompanying promissory note, if applicable, to the Custodian and instruments or agreements of transfer in respect thereof, duly executed in
blank by an Authorized Representative of the Borrower, have been duly delivered to the Custodian in accordance with the Collateral Documents and (3) all Obligors relating to all Fund Investments listed on the Schedule of Fund Investments have
been instructed to make all payments in connection with such Fund Investments to the Custodial Account. 
 (ii)
The Administrative Agent shall have received evidence of the establishment of a sub-account of the Custodial Account designated as the “Administrative Expense Sub-account,” which shall be in the name of the Borrower subject to the
terms of the Custodial Agreement, and as to which the Administrative Agent, for the benefit of itself and the Lenders as secured parties, shall have a first priority perfected security interest. Prior to the funding of the Initial Loan, Cash in an
amount not to exceed $200,000 shall be withdrawn from the Cash Collateral Account (as defined in the Custodial Agreement) and deposited into the Administrative Expense Sub-account, and on each anniversary of the funding of the Initial Loan, the
Custodian shall deposit into the Administrative Expense Sub-account the amount needed to bring the amount on deposit therein to $200,000. Except during the occurrence and continuation of a Default or an Event of Default, the Custodian may, from time
to time, upon notice to, but without the consent of, the Administrative Agent, withdraw amounts from the Administrative Expense Sub-account to pay the accrued and unpaid Administrative Expenses of the Borrower. During the occurrence

  
 18 

 
and continuation of a Default or an Event of Default, the Custodian may withdraw amounts from the Administrative Expense Sub-account for its reasonable expenses as permitted under the Custodial
Agreement, but shall not pay any other Administrative Expenses except with the written consent of the Administrative Agent. All amounts remaining on deposit in the Administrative Expense Sub-account (if any) on the Commitment Termination Date shall
be deposited by the Custodian into the Custodial Account. 
 (h) Opinions of Counsel. The Administrative Agent shall have
received the following customary opinion letters, each dated as of the Closing Date, and addressed to the Lenders and the Administrative Agent which shall be reasonably satisfactory in form and substance to the Administrative Agent and the Required
Lenders: 
 (i) Dechert LLP, counsel to the Borrower, the Manager and CNL, addressing the matters set forth in
Exhibit F; 
 (ii) Lowndes, Drosdick, Doster, Kantor & Reed, P.A., special Florida counsel to
CNL, in such form and addressing such matters as the Administrative Agent may reasonably require; 
 (iii)
Venable LLP, special Maryland counsel to the Manager, in such form and addressing such matters as the Administrative Agent may reasonably require; and 
 (iv) Richards, Layton & Finger, P.A., special Delaware counsel to the Lenders and the Administrative Agent, in such form and addressing such matters as the Administrative Agent may reasonably
require. 
 (i) Manager Letter. The Administrative Agent shall have received from the Manager a letter in the form of
Exhibit G addressed to the Administrative Agent and the Lenders. All representations and warranties of the Manager set forth therein shall be true and correct in all material respects both immediately before and after giving effect to the
Initial Loan with the same effect as if then made. 
 (j) Equity Owner Letter. The Administrative Agent shall have
received from the Equity Owner a letter in the form of Exhibit H addressed to the Administrative Agent and the Lenders. All representations and warranties of the Equity Owner set forth therein shall be true and correct in all material
respects both immediately before and after giving effect to the Initial Loan with the same effect as if then made. 
 (k) CNL
Letter. The Administrative Agent shall have received from CNL a letter in the form of Exhibit I addressed to the Administrative Agent and the Lenders. All representations and warranties of CNL set forth therein shall be

  
 19 

 
true and correct in all material respects both immediately before and after giving effect to the Initial Loan with the same effect as if then made. 

(l) Closing Fees, Expenses, etc. The Administrative Agent shall have received for its own account, or for account of the Lenders,
as the case may be, all fees, costs and expenses then due and payable to it under this Agreement (including Section 9.01 (Payment of Expenses, etc.)). 
 (m) Federal Reserve Form U-1. Each Lender shall have received a Federal Reserve Form U-1 duly completed and executed by the Borrower and the relevant Lender. 

(n) Certificate of the Borrower Regarding Collateral; Certificate of the Manager Regarding Collateral. 

(i) A certificate by an Authorized Representative of the Borrower and a Responsible Officer (which could be the same
person as the Authorized Representative), in each case on behalf of the Borrower, dated as of the Closing Date, to the effect that, in the case of each Fund Investment pledged to the Administrative Agent, for the benefit of itself and the Lenders as
secured parties, and included in the Collateral, on the Closing Date and immediately prior to the delivery thereof on the Closing Date: 
 (A) the Borrower has full right to Grant a security interest in and assign and pledge such Fund Investment to the Administrative Agent, for the benefit of itself and the Lenders as secured parties;

 (B) to the best of his knowledge, the information set forth with respect to such Fund Investment listed on the
Schedule of Fund Investments is correct in all material respects; 
 (C) to the best of his knowledge, each item
purported to be a Fund Investment included in the Collateral satisfies the requirements of the definition of Fund Investment; 
 (D) after giving effect to any requested Borrowing on the Closing Date (1) the aggregate principal amount of all Loans outstanding will not exceed the Maximum Commitment and (2) the
Overcollateralization Test is satisfied; and 
 (E) the Administrative Agent has a first priority perfected
security interest in all of the Collateral, for the benefit of itself and the Lenders as secured parties (except as may otherwise be expressly permitted by this Agreement or the Collateral Documents). 

  
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 (ii) A certificate of a Responsible Officer, dated as of the Closing Date,
to the effect that, in the case of each Fund Investment pledged to the Administrative Agent for inclusion in the Collateral, on the Closing Date and immediately prior to the delivery thereof on the Closing Date: 

(A) to the best of his knowledge, the Borrower is the owner of such Fund Investment free and clear of any liens, claims or
encumbrances of any nature whatsoever except for (1) those which are being released on or prior to the Closing Date, (2) those Granted pursuant to the Security Agreement and (3) Permitted Liens; 

(B) to the best of his knowledge, the Borrower has acquired its ownership in such Fund Investment in good faith without
notice of any adverse claim, except as described in paragraph (A) above; 
 (C) to the best of his
knowledge, the Borrower has not assigned, pledged or otherwise encumbered any interest in such Fund Investment (or, if any such interest has been assigned, pledged or otherwise encumbered, it has been released) other than interests Granted pursuant
to the Security Agreement or as otherwise expressly permitted by this Agreement; 
 (D) to the best of his
knowledge, the information set forth with respect to such Fund Investment listed on the Schedule of Fund Investments is correct in all material respects; and 
 (E) to the best of his knowledge, each Fund Investment included in the Collateral satisfies the requirements of the definition of Fund Investment. 

(o) Satisfactory Legal Form. All limited liability company and other actions or proceedings taken or required to be taken in
connection with the transactions contemplated hereby and all agreements, instruments, documents and opinions of counsel executed, submitted, or delivered pursuant to this Section 4.01 by or on behalf of the Borrower shall be reasonably
satisfactory in form and substance to the Administrative Agent and its counsel; all certificates and opinions delivered pursuant to this Article 4 (CONDITIONS TO CREDIT EXTENSIONS) shall be addressed to the Administrative Agent and the
Lenders, or the Administrative Agent or the Lenders shall be expressly entitled to rely thereon; the Lenders and their counsel shall have received all information, and such number of counterpart originals or such certified or other copies of such
information, as the Administrative Agent or its counsel may reasonably request; 

  
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and all legal matters incident to the transactions contemplated by this Agreement shall be reasonably satisfactory to counsel to the Administrative Agent. 

(p) Net Asset Value. The Net Asset Value of the Borrower, as reasonably determined by the Administrative Agent, shall be equal to
or greater than $15,000,000. 
 Section 4.02. All Loans. Notwithstanding any other provision of this Agreement, and
in addition to any conditions precedent required to be satisfied for the initial Loan hereunder pursuant to Section 4.01 (Initial Loan) (even if waived with respect to the initial Loan), the obligations of the Lenders to make any Loans
shall be subject to the satisfaction of each of the conditions precedent set forth in this Section 4.02. 
 (a)
Compliance with Warranties, Maximum Commitment, No Default, etc. Both immediately before and after giving effect to each Loan: 
 (i) the representations and warranties set forth in Article 5 (REPRESENTATIONS AND WARRANTIES) shall be true and correct in all material respects with the same effect as if then made (unless stated
to relate solely to an earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date); 

(ii) all representations and warranties set forth in each of the Collateral Documents shall be true and correct in all
material respects with the same effect as if then made (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date); 

(iii) no Default or Event of Default shall be continuing; 

(iv) the Overcollateralization Test shall be satisfied; and 

(v) the aggregate principal amount of all Loans outstanding after giving effect to the proposed Borrowing will not exceed
the lesser of (A) the Maximum Commitment and (B) the Maximum Advance Amount at such time (determined after giving effect to the receipt by the Borrower of the proceeds of the requested Loan(s) and the use by the Borrower on such date of
such proceeds). 
 (b) Borrowing Request. The Administrative Agent shall have received a Borrowing Request for a Loan
certified by an Authorized Representative of the Borrower and a Responsible Officer (which could be the same person as the Authorized Representative), in each case on behalf of the Borrower. The delivery of any such Borrowing Request and the
acceptance by the Borrower of the proceeds or other benefits of any Loan shall constitute a representation and 

  
 22 

 
warranty by the Manager on behalf of the Borrower that on the date of such request for a Loan, and immediately before and after giving effect to the application of any proceeds of any Loans
thereby, all statements set forth in Section 4.02(a) (Compliance with Warranties, Maximum Commitment, Borrowing Base, No Default, etc.) are true and correct in all material respects and (i) each Borrowing Request shall include a
schedule setting forth calculations evidencing the satisfaction of the conditions set forth in clauses (iv) and (v) of Section 4.02(a) (Compliance with Warranties, Maximum Commitment, No Default, etc.) and (ii) all other
conditions precedent have been satisfied. 
 ARTICLE 5 

REPRESENTATIONS AND WARRANTIES 

In order to induce the Lenders and the Administrative Agent to enter into this Agreement, to engage in the transactions contemplated
herein and in the other Credit Documents and to make the Loans hereunder, the Borrower represents and warrants unto the Lenders and Administrative Agent as set forth in this Article 5. 

Section 5.01. Organization, etc.  
 (a) Organization, Power, Authority, etc. The Borrower is a limited liability company duly organized, validly existing and in good standing under the Laws of Delaware, is duly qualified to do
business and is in good standing in each jurisdiction where the nature of its business requires such qualification to the extent required pursuant to Section 6.01(c) (Maintenance of Existence, etc.) and Section 6.01(d) (Foreign
Qualification), and has full power and authority and holds all requisite governmental licenses, permits and other approvals to enter into and perform its Obligations under this Agreement, the Note and each other Credit Document to which it is a
party and to own and hold under lease its property and to conduct its business substantially as currently conducted by it. 

(b) Exemption from Registration. The Borrower is not required to register as an “investment company” under the
Investment Company Act and the extensions of credit provided for in this Agreement and the issuance by the Borrower of its equity capital to the Equity Owner are exempt from registration under the Securities Act and the “Blue Sky” Laws of
each applicable state. 
 Section 5.02. Due Authorization, Non-Contravention, etc. The execution and delivery by the
Borrower of this Agreement, the Note and each other Credit Document to which it is a party, the performance by the Borrower of its Obligations hereunder and thereunder, all Loans obtained hereunder by the Borrower, the granting of the Liens provided
for in the Collateral Documents and the consummation of all other actions incidental to any thereof have been duly authorized by all necessary action, do not and shall not conflict with, result in any violation of, or constitute a default under, any
provision of any Organic Document 

  
 23 

 
or Contractual Obligation of the Borrower or any Law and shall not result in or require the creation or imposition of any Lien on any of the Borrower’s properties pursuant to the provisions
of any Contractual Obligation (other than the Liens provided for in the Collateral Documents and the Liens permitted by Section 6.02(c) (Liens)). The execution and delivery of the Borrower of the Credit Documents and performance of the
Borrower’s obligations hereunder and thereunder comply with all leverage requirements and restrictions applicable to Business Development Companies (as such term is used in the Investment Company Act and the rules and regulations promulgated
thereunder) and all requirements applicable to the Borrower under the Investment Company Act and the rules and regulations promulgated thereunder. 
 Section 5.03. Compliance with Laws. The Borrower is in compliance in all material respects with all Laws, in respect of the conduct of its business and the ownership of its properties.

 Section 5.04. Government Approval, Regulation, etc. No authorization, approval, consent, action, filing, notice
or registration by or with any Federal, state or other Governmental Authority is required for the due execution, delivery or performance by the Borrower of this Agreement, the Notes or any other Credit Document or the consummation of any
transactions contemplated hereby or thereby, except for authorizations, approvals, consents, actions, filings, notices or registrations which have been duly obtained or made and are in full force and effect. 

Section 5.05. Validity, etc. This Agreement has been duly executed and delivered by the Borrower and constitutes the legal,
valid and binding obligation of the Borrower enforceable in accordance with its terms; and the Notes and each of the other Credit Documents to which the Borrower is a party shall, on the due execution and delivery thereof, constitute the legal,
valid and binding obligation of the Borrower, enforceable in accordance with their respective terms, in each case, except as enforceability may be limited by applicable bankruptcy, insolvency or similar Laws affecting creditors’ rights
generally or by general equitable principles relating to enforceability. 
 Section 5.06. Financial Information.
With respect to any representation and warranty which is deemed to be made after the date hereof by the Borrower, the balance sheet and statements of operations, of net assets (total assets less total liabilities), earnings and of cash flow,
which as of such date shall most recently have been furnished by or on behalf of the Borrower to the Administrative Agent for the purposes of or in connection with this Agreement or any transaction contemplated hereby, shall have been prepared in
accordance with GAAP or otherwise on a cash basis, as the case may be, consistently applied (except as disclosed therein), and shall present fairly in all material respects the consolidated financial condition of the Borrower as at the dates thereof
for the periods then ended. 

  
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 Section 5.07. Litigation, etc. There is no pending or, to the best knowledge of
the Borrower, threatened litigation, arbitration, action, proceeding, order, investigation or claim, at law or in equity or before or by any Governmental Authority affecting the Borrower, or any of its properties, assets or revenues which could
reasonably be expected to have a Material Adverse Effect. 
 Section 5.08. Regulations T, U and X. The proceeds of
any Loans made hereunder have not been, and will not be, used for a purpose which violates, or would be inconsistent with, the provisions of Regulations T, U, or X of the FRS Board. 

Section 5.09. Pension and Welfare Plans.  
 (a) None of the Borrower or any ERISA Affiliate maintains, contributes to (or is obligated to contribute to) or has any liability to any Pension Plan or Welfare Plan of the Borrower or any ERISA Affiliate
of the Borrower. None of the Borrower or any ERISA Affiliate of the Borrower has maintained or contributed to (or has been obligated to contribute to) any Pension Plan or Welfare Plan. 

(b) None of the assets of the Borrower constitute Plan Assets. 
 (c) The formation of the Borrower, and the acquisition of Fund Investments contemplated by the Borrower, will not constitute a nonexempt prohibited transaction (as such term is defined in
Section 4975 of the Code or Section 406 of ERISA) that could subject DBTCA, the Administrative Agent or any Lender to any tax or penalty on prohibited transactions imposed under Section 4975 of the Code or Section 502(i) of
ERISA. 
 Section 5.10. Taxes. The Borrower has filed all tax returns required by Law to have been filed by it; all
such tax returns are true and correct in all material respects; and the Borrower has paid or withheld (as applicable) all taxes and governmental charges thereby shown to be owing or required to be withheld, except any such taxes or charges which are
being contested in good faith by appropriate proceedings and for which adequate reserves in accordance with GAAP shall have been set aside on its books. 
 Section 5.11. Absence of Default. No Default shall be continuing or Event of Default shall have occurred or would result from the incurrence of any Obligations by the Borrower or from the
grant or perfection of the Liens on the Collateral pursuant to the Security Agreement. As of the Closing Date, the Borrower is not in default under or with respect to (a) any Contractual Obligation or (b) under any Law. 

Section 5.12. Real Property. The Borrower does not own fee title to, or leasehold interest in, any real property. 

  
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 Section 5.13. Environmental Warranties. The Borrower does not own or lease, nor
has it ever owned or leased, any facilities or property the ownership of or leasehold interest in which, with the passage of time, or the giving of notice or both, would give rise to liability under any Environmental Law. 

Section 5.14. Borrower’s Businesses. The Borrower has not engaged in any business or activity other than such activities
as permitted pursuant to its Organic Documents and has at all times complied with the provisions in the LLC Agreement set forth in Sections 1.7 and 1.8 thereof. 
 Section 5.15. Collateral. The Borrower owns and has good title to all of its property and assets, of any nature whatsoever, including all Fund Investments, in each case free and clear of all
Liens except as permitted pursuant to Section 6.02(c) (Liens). The Borrower has paid and discharged all lawful claims that, if unpaid, could result in a Lien on its properties, other than Permitted Liens. All of the Administrative
Agent’s Liens in the Collateral are duly perfected, first priority Liens, subject only to Permitted Liens that are expressly allowed to have priority over the Administrative Agent’s Liens. 

Section 5.16. Maintenance of Assets. All of the Borrower’s assets capable of being held in or credited to a securities
account or deposit account are and will be held in or credited to the Custodial Account. The Borrower does not maintain any funds or assets in respect of any Affiliate or third party in the Custodial Account. 

Section 5.17. Manager. (a) The Management Agreement is in full force and effect and no material default exists
thereunder and (b) the Manager is in compliance with all material listing requirements of any exchange on which it is listed and no disciplinary action has been taken against the Manager by any such exchange. The Manager is authorized to act on
behalf of the Borrower in connection with the delivery of Borrowing Requests and payment instructions and as otherwise authorized under the terms of the Management Agreement; provided that the Borrower shall provide a certificate of the
Persons so authorized as provided in Section 4.01(a)(i)(B) (Evidence of Authority). 
 Section 5.18. Use of
Proceeds. The proceeds of the Borrowings hereunder shall be used by the Borrower solely for the purposes of making investments in Fund Investments (including purchasing or otherwise acquiring Fund Investments from the Equity Owner), the payment
of interest and other amounts on Loans, any other purpose required hereunder and for the payment of fees and expenses incurred in connection with the formation of the Borrower and the other transactions contemplated under the terms of this
Agreement, and the execution, delivery and performance of this Agreement and the other Transaction Documents including, but not limited to, the payment of fees payable to, or reimbursement of expenses of, the Custodian pursuant to the Custodial
Agreement and the Manager pursuant to the Management Agreement and the payment of other ongoing 

  
 26 

 
professional and administrative fees and expenses associated with the business and operation of the Borrower, incurred in the ordinary course of business, or as otherwise determined to be
incurred by the Borrower (including Administrative Expenses), to make distributions to the Equity Owner subject to establishment of the cash reserve as set forth in Section 6.02(k) (Payment of Management Fees) and any other requirements
hereunder, or for other valid operating purposes of the Borrower. None of such proceeds shall be used in violation of Applicable Law or, directly or indirectly, (a) to extend “purpose credit” within the meaning given to such term in
Regulation U of the FRS Board, or (b) to purchase, otherwise acquire or carry Margin Stock in any manner that would result in a violation of Regulations T, U or X of the FRS Board. 

Section 5.19. Compliance with Anti-Terrorism Laws and Regulations. Neither the Borrower nor the Equity Owner is known by the
Borrower after reasonable inquiry to be: 
 (a) identified and included on the Specially Designated Nationals and Blocked
Persons List (the “SDB List”) maintained by the United States Office of Foreign Assets Control (“OFAC”) and the United States Treasury Department or any other similar list (collectively with the SDB List, the
“Lists”) maintained by OFAC or any other United States Federal government agency or authority pursuant to any authorizing United States statute, rule, regulation or Executive Order of the President of the United States
(collectively, the “Anti-Terrorism Laws”); or 
 (b) a designated Person (a “Designated
Person”) with whom a citizen or entity of the United States is prohibited to engage in transactions according to any economic sanction, trade embargo or other prohibition pursuant to any Anti-Terrorism Law. 

Section 5.20. Compliance with Anti-Money Laundering Laws and Regulations. 

(a) Neither the Borrower nor the Equity Owner, to the knowledge of the Borrower after reasonable inquiry: 

(i) is under investigation by any United States governmental authority or agency or has been charged with or convicted of
money laundering, drug trafficking, terrorist-related activities, any other money laundering predicate crimes or any violation of the Bank Secrecy Act, as amended by the USA PATRIOT Act (the “BSA”), or any other applicable Federal
Law governing BSA compliance and the prevention of money laundering violations (collectively with the BSA, the “Anti-Money Laundering Laws”); 

  
 27 

 (ii) has been assessed civil penalties under any Anti-Money Laundering Laws;
or 
 (iii) has had any of its funds seized or forfeited in an action under any Anti-Money Laundering Laws.

 (b) The Borrower has taken reasonable measures appropriate to the circumstances (and in any event required by Law), with
respect to the Equity Owner, to assure that funds invested by the Equity Owner in the Borrower are derived from lawful and legal sources. 
 ARTICLE 6 
 COVENANTS 

Section 6.01. Affirmative Covenants. The Borrower agrees with the Administrative Agent and the Lenders that, until the
Commitment has been terminated and all principal and interest on the Loans and all other Obligations then due and payable have been paid and performed in full, the Borrower shall perform the Obligations set forth in this Section 6.01.

 (a) Overcollateralization Test Calculation; Collateral Reports. 

(i) On the 20th day of each calendar month (or, if such date is not a Business Day, then the next following Business Day),
the Borrower shall furnish to the Administrative Agent a written statement (a “Collateral Report”) certified by the Manager on behalf of the Borrower, in each case as of the Reporting Date which shall include among other things (to
the extent applicable): 
 (A) the Aggregate Principal Balance of all Fund Investments held in the Custodial
Account and all other Fund Investments (including Bank Loans) owned by the Borrower; 
 (B) a list of all Fund
Investments, including, with respect to each such Investment, the following detailed information: 
 (1) the
Obligor thereon (including the issuer ticker, if any); 
 (2) the CUSIP or security identifier thereof, if any;

 (3) the Principal Balance thereof; 

  
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 (4) the percentage of the Aggregate Principal Balance represented by such
Investment; 
 (5) the related interest rate (including, where applicable, the benchmark rate and the
spread/margin); 
 (6) the Stated Maturity thereof; 

(7) the related industry classification; 

(8) the country of Domicile of the Obligor thereon; 

(9) an indication as to whether each Fund Investment is experiencing any default or event of default, a Senior Secured
Loan, a Fixed Rate Fund Investment or a Floating Rate Fund Investment, a Participation Interest (indicating the related Selling Institution and its rating by Moody’s, if any), a Revolving Loan or Delayed Drawdown Loan, and, in each case, the
funded amount and Maximum Unfunded Amount thereof, a DIP Fund Investment, a PIK Security, an Accreting Security, an Excluded Investment, a Zero Coupon Security and a Corporate Bond Security; 

(C) for each of the requirements or tests specified in the definition of Portfolio Limitations, (1) the calculation,
(2) the result, (3) the related minimum or maximum test level and (4) a determination as to whether such result satisfies the related requirement or test; 

(D) a schedule showing the balance in the Custodial Account and each sub-account thereof and on the prior Reporting Date,
each credit or debit since such date specifying the nature, source and amount, and the ending balance in the Custodial Account including all contributions by the Equity Owner to the Borrower and all distributions from the Borrower to the Equity
Owner; 
 (E) the identity of each Excluded Investment and the principal balance thereof; 

(F) a schedule setting forth, in reasonable detail, the calculation and determination of the Borrower’s compliance
with the Overcollateralization Test; provided that, for the avoidance of doubt, the Borrower’s calculation and determination pursuant to this clause (F) shall in no way affect the Administrative Agent’s

  
 29 

 
right to determine compliance or non-compliance with the Overcollateralization Test, as the case may be, or the occurrence of an Overcollateralization Default Event at any time and from time to
time; and 
 (G) such other information relating to the Borrower or its assets as the Administrative Agent may
reasonably request. 
 (ii) Not later than three (3) Business Days following the date of the failure to
comply with the Overcollateralization Test, the Borrower shall deliver to the Administrative Agent a supplement to the most recent Collateral Report setting forth each of the items included in the Collateral Report as of such date. 

(iii) The Borrower shall promptly furnish in writing to the Administrative Agent from time to time such additional
information regarding (A) the calculation of, and determination of the Borrower’s compliance with, the Overcollateralization Test, within one (1) Business Day following the Administrative Agent’s request therefor and
(B) Fund Investments; provided that with respect to this clause (B), (x) the Borrower shall have a reasonable period of time to prepare any such additional information and (y) the Borrower shall not be required to provide any
such additional information to the extent that it would create an undue expense for or be unduly burdensome on the Borrower (unless the Lenders or the Administrative Agent agrees to compensate the Borrower for the reasonable out-of-pocket costs and
expenses thereof). 
 (b) Information, etc. The Borrower shall: 

(i) furnish to the Administrative Agent as soon as available and in any event within ninety (90) days after the end
of each fiscal year of the Borrower (beginning with the year ended December 31, 2011), from Deloitte & Touche LLP or another firm of Independent certified public accountants of nationally recognized standing, (A) audited
consolidated financial statements, including balance sheet, income statement and statement of cash flows of the Equity Owner and the accompanying footnotes for such fiscal year and (B) financial statements of the Borrower, in each case
prepared, subject to Section 1.04 (Accounting Matters), in accordance with GAAP, setting forth in the case of each fiscal year ending after December 31, 2010 in comparative form the figures for the previous fiscal year; 

(ii) furnish to the Administrative Agent as soon as available and in any event within sixty (60) days after the end
of each of the first three (3) fiscal quarters of each fiscal year of the Borrower (beginning with the quarter ended September 30, 2011) (A) consolidated financial 

  
 30 

 
statements, including balance sheet, income statement and statement of cash flows of the Equity Owner and (B) financial statements of the Borrower, in each case for such fiscal quarter and
for the portion of the fiscal year ended at the end of such fiscal quarter setting forth in the case of each fiscal quarter ending on or after September 30, 2011 in comparative form the figures for the corresponding fiscal quarter and the
corresponding portion of the previous fiscal year, all certified as to fairness of presentation, GAAP (subject to Section 1.04 (Accounting Matters)) and consistency by the Manager; 

(iii) furnish to the Administrative Agent simultaneously with the delivery of each set of financial statements referred to
in clauses (i) and (ii) above, a certificate of the Manager in the form of Exhibit J, (A) setting forth the aggregate amount of Restricted Payments made during such fiscal quarter and (B) stating whether any Default is
continuing or Event of Default has occurred on or prior to the date of such certificate and, if any Default or Event of Default then exists, setting forth the details thereof and the action which the Borrower is taking or proposes to take with
respect thereto; 
 (iv) furnish to the Administrative Agent as soon as available and in any event within fifteen
(15) days after the end of each month, a written statement of the Manager’s Net Asset Value as at the close of business on the last Business Day of the previous calendar month; 

(v) as soon as possible after the acquisition of any Fund Investment and until the Borrower’s disposition of such
Fund Investment (or, if earlier, the maturity or termination date thereof), use commercially reasonable efforts to cause the administrative agent with respect to such Fund Investment to furnish (A) the Administrative Agent and the Lenders
access to IntraLinks, SyndTrak, Debtdomain, Dealinks, DealVault or other informational website (if any) available to the lenders under or other parties in respect of such Fund Investment or the Obligor thereof and (B) DBTCA with any notices
from such administrative agent in connection with such Fund Investment; provided that (x) if the Administrative Agent and the Lenders are not furnished with access to such informational website (by or on behalf of the administrative
agent with respect to such Fund Investment or the Borrower), then the Borrower shall furnish to the Administrative Agent all information on such informational website in accordance with clause (vi) below or (y) if DBTCA is not furnished
with such notices from the administrative agent in connection with such Fund Investment, then the Borrower shall furnish to DBTCA all such notices in accordance with clause (vi) below; and 

(vi) if there is no informational website with respect to any Fund Investment or (A) the Administrative Agent has not
been furnished 

  
 31 

 
with access to such website, then furnish to the Administrative Agent, as soon as practicable but in any event within three (3) Business Days following receipt thereof, any and all
information and documents, including reports and notices received by the Borrower or the Manager from the Obligor of such Fund Investment or the administrative agent or any group or committee of lenders under or other parties in respect of such Fund
Investment (including with respect to any potential restructuring of such Fund Investment or such Obligor), that is reasonably likely to affect calculation of the Advance Amount, compliance with the Overcollateralization Test, the Collateral
(including the existence of any Liens other than Permitted Liens thereon) or the Administrative Agent’s or the Lenders’ rights under this Agreement or any other Credit Document or (B) DBTCA has not been furnished with access to
notices from the administrative agent with respect to such Fund Investment, then furnish to DBTCA, as soon as practicable but in any event within three (3) Business Days following receipt thereof, any such notices; provided that
notwithstanding Section 9.03(a) (Notices) and Schedule 1, the Borrower shall furnish all “private side”, confidential or restricted information and notices to the Administrative Agent solely by delivery to Ian Jackson at
60 Wall Street, 13th Floor, New York, NY 10005; Telephone: (212) 250-4627; Facsimile: +44 (113) 223-6123; Electronic Mail: ian-r.jackson@db.com. 
 (c) Maintenance of Existence, etc. The Borrower shall cause to be done at all times all things necessary to maintain and preserve its existence and the rights (statutory and other) and franchises
(including licenses, authorizations and permits necessary to continue its activities) used in the conduct of its activities, including preservation of its status as a limited liability company in good standing under the Laws of its jurisdiction of
organization. 
 (d) Foreign Qualification. The Borrower shall cause to be done at all times all things necessary to be
duly qualified to do business and be in good standing in each jurisdiction where the failure so to qualify would have a Material Adverse Effect. 
 (e) Payment of Taxes and Other Claims. The Borrower shall file all tax returns required by Law to be filed by it and shall pay or discharge or cause to be paid or discharged, before the same shall
become delinquent, all taxes, assessments and other governmental charges levied or imposed upon the Borrower or upon the income, profits or property of the Borrower; provided that the Borrower shall not be required to pay or discharge or
cause to be paid or discharged any such tax, assessment or charge, the amount, applicability or validity of which is being contested in good faith by appropriate proceedings and for which disputed amounts adequate reserves in accordance with GAAP
have been made. 

  
 32 

 (f) Notice of Default, Litigation, etc. The Borrower shall give prompt notice (with a
description in reasonable detail sufficient to enable the Administrative Agent and its counsel to evaluate the nature of and period of existence thereof and of the actions which the Borrower has taken and proposes to take with respect thereto) to
the Administrative Agent of: 
 (i) the occurrence of any Default, Event of Default or Overcollateralization
Default Event; 
 (ii) the receipt of any notice of any default which, with notice, the passage of time or both,
would constitute an event of default (or any similar event howsoever described) under any other Collateral Document; 
 (iii) any material litigation, arbitration or governmental investigation or proceeding not previously disclosed by the Borrower to the Administrative Agent which has been instituted or, to the knowledge
of the Borrower, is threatened against the Borrower or to which any of its properties, assets or revenues is subject; 
 (iv) to the extent the Borrower has knowledge thereof, any material adverse development which shall occur in any litigation, arbitration or governmental investigation or proceeding previously disclosed by
the Borrower to the Administrative Agent; and 
 (v) any material adverse development with respect to the
Borrower, the Manager, the Equity Owner, CNL or KKR (or any replacement sub-advisor to CNL) that has impaired or is reasonably expected to impair the Borrower’s ability to perform its obligations under this Agreement or under any of the other
Credit Documents. 
 (g) Performance of Obligations. The Borrower shall (i) perform promptly and faithfully all of
its Obligations under this Agreement and each other Credit Document executed by it, and (ii) comply in all material respects with the provisions of all other contracts or agreements to which it is a party or by which it is bound and pay all
material obligations which it has incurred or may incur pursuant to any such contract or agreement as such obligations become due (including this Agreement). 
 (h) Audits; Books and Records. Except during the occurrence and continuation of an Event of Default, the Administrative Agent may, and at the request of the Required Lenders shall, conduct one
physical audit during each calendar year, on reasonable notice and at reasonable times using the Administrative Agent’s own personnel, of the assets of the Borrower. The Borrower shall keep proper books and records reflecting all of its
business and financial affairs and transactions, in accordance with GAAP and permit the Administrative Agent and any Lender, on reasonable notice and at reasonable 

  
 33 

 
times and intervals during ordinary business hours, to visit all of its offices and to discuss its financial matters with officers of the Borrower and its Independent public accountants. The
Borrower shall permit the Administrative Agent and any Lender, on reasonable notice and at reasonable times and intervals during ordinary business hours, to examine and make copies of any of the books or other records of the Borrower. The Borrower
shall pay any reasonable fees of such Independent public accountants incurred in connection with the exercise by the Administrative Agent of its rights pursuant to this Section 6.01(h). During the occurrence and continuation of an Event of
Default, the Administrative Agent may conduct physical audits at any time and from time to time, as often as the Administrative Agent may deem reasonably necessary or desirable. 

(i) Compliance with Laws, etc. The Borrower shall comply in all material respects with all Applicable Laws, in respect of the
conduct of its business and the ownership of its properties. 
 (j) Environmental Matters. The Borrower shall use and
operate all of its real properties, if any, in compliance with all Environmental Laws, in each case, except as would not have a Material Adverse Effect. 
 (k) Maintenance of Property. The Borrower shall, at its expense: 
 (i) acquire and maintain the Collateral in a manner that shall enable the Borrower to cause such property to be subject to the Liens of the Collateral Documents; and 

(ii) maintain and keep (or cause to be maintained and kept) its properties that are used or useful to its business in good
repair, working order and condition (except for normal wear and tear) and from time to time make all necessary or desirable repairs, renewals and replacements, so that its businesses may be properly and advantageously conducted at all times, in each
case, except as would not have a Material Adverse Effect. 
 (l) Delivery; Payments on Collateral; Further Assurances.
The Borrower shall, at its expense: 
 (i) execute and deliver any and all instruments necessary or as the
Administrative Agent may reasonably request to grant and perfect a first priority Lien in favor of the Administrative Agent, for the benefit of itself and the Lenders on all of the Collateral, free and clear of all other Liens except for Permitted
Liens, and, without any request by the Administrative Agent or any Person, deliver or cause to be delivered promptly to the Custodian, or any designee thereof, for crediting to the Custodial Account (to the extent capable of being so credited) or
(if not capable of being so credited) as otherwise provided under the Collateral Documents, in due form for transfer (duly endorsed in blank or, if 

  
 34 

 
appropriate, accompanied by duly executed blank stock or bond powers or any instrument or certificate accompanying or previously delivered to the Custodian permitting the Custodian to exercise
the Borrower’s rights of transfer when permitted hereunder or under the Security Agreement) or issued in the name of the Custodian or its nominee or agent (or any designee of the Custodian), all Fund Investments and all other certificated
securities, chattel paper, instruments and documents of title, if any, at any time representing all or any of the Collateral, it being acknowledged by the parties hereto that such Fund Investments and certificated securities, chattel paper,
instruments and documents of title may be subject to restrictions on transfer either imposed by Law or contained in their governing documents or any related documents; 

(ii) cause (A) any and all payments of principal, interest and other amounts, and any and all proceeds of sale or
other disposition or otherwise, in respect of any asset constituting part of the Collateral to be made directly to the Custodial Account and (B) any other option, warrant, Excluded Security, other security, right to receive payment and any
other asset issued or granted or otherwise provided as consideration in connection with the issuance, purchase or restructuring of any Fund Investment otherwise permitted hereunder to be credited to the Custodial Account, to the extent such option,
warrant, Excluded Security, other security or other asset is capable of being so credited; and 
 (iii) upon
request of the Administrative Agent, execute and deliver, in due form for filing or recording (and pay the cost of filing or recording the same in all public offices deemed necessary or desirable by the Administrative Agent), such assignments,
security agreements, pledge agreements, consents, waivers, financing statements, stock or bond powers, and other documents, and do such other acts and things, all as the Administrative Agent may from time to time reasonably request, to establish and
maintain to the reasonable satisfaction of the Administrative Agent valid first priority perfected Liens in all the Collateral free of all other Liens, claims, and rights of third parties whatsoever, except as permitted by Section 6.02(c)
(Liens). 
 (m) Equity Owner, Manager, etc. 

(i) Unless otherwise agreed to in writing by the Administrative Agent, all of the limited liability company interests of
the Borrower shall be owned solely by the Equity Owner. The Administrative Agent shall at all times be entitled to accept and act upon Borrowing Requests and payment instructions received from any of those officers or agents of the Manager
designated in a certificate of the Borrower to that effect provided from time to time to the Administrative Agent (in the form provided in Section 4.01(a)(i)(B) (Evidence of Authority)). 

  
 35 

 (ii) The Borrower shall at all times maintain the Manager as the investment
manager under the Management Agreement, except as permitted pursuant to Section 6.02(g) (Modification of Certain Instruments, Organic Documents, Agreements, etc.) or required pursuant to Section 7.03 (Action if Other Event of
Default). 
 (iii) The Custodian shall at all times be the custodian of all of the Fund Investments and other
Collateral, except as otherwise provided under the Custodial Agreement. 
 (iv) The auditor of the Equity Owner
and the Borrower shall be Deloitte & Touche LLP or a nationally recognized firm of Independent public auditors that is reasonably acceptable to the Administrative Agent. 

(v) The Borrower shall cause the Equity Owner (if not CCT) to execute and deliver to the Administrative Agent a letter in
the form of Exhibit H on or prior to becoming the Equity Owner. 
 (n) Regulations T, U, and X. The Borrower shall
provide a duly completed and executed Federal Reserve Form U-1 to each Lender after the Closing Date pursuant to the terms of this Agreement. If at any time the Borrower acquires any Margin Stock, the Borrower shall take any and all actions as may
be reasonably necessary, or as may be reasonably requested by such Lender, to establish compliance with Regulations T, U, and X of the FRS Board. 
 (o) Plan Collateral. The Borrower shall do, and shall cause its ERISA Affiliates to do, or cause to be done, all things reasonably necessary to ensure that the Borrower will not be deemed to hold
Plan Assets at any time. Notwithstanding Section 6.02(d) (Limitations on Dispositions of Collateral)), the Borrower shall refrain from making any Restricted Payment to the Equity Owner at any time that the Borrower gains knowledge that
the Equity Owner has failed to do all things reasonably necessary to ensure that it will not be deemed to hold Plan Assets at any time. 
 (p) Anti-Terrorism and Anti-Money Laundering Policies. The Borrower shall comply with all existing Anti-Terrorism Laws, Anti-Money Laundering Laws, directives from the appropriate governmental
agencies or authorities and any other applicable Federal or state Laws, if and when the Borrower is required to comply with such Laws. The Borrower also agrees to implement and maintain policies, procedures and controls reasonably necessary to
assure compliance with all existing Anti-Terrorism Laws, Anti-Money Laundering Laws and any other applicable Federal or state Laws, if and when the Borrower is required to comply with such Laws. Notwithstanding Section 6.02(d) (Limitations
on Dispositions of Collateral), the Borrower shall refrain from making any Restricted Payment to the Equity Owner at any time that the Borrower gains knowledge that the Equity Owner has failed to implement and maintain policies, procedures and
controls 

  
 36 

 
reasonably necessary to assure compliance with all existing Anti-Terrorism Laws, Anti-Money Laundering Laws and any other applicable Federal or state Laws, if and when the Equity Owner is
required to comply with such Laws. The Borrower further agrees, upon the Administrative Agent’s reasonable request from time to time during the term of this Agreement, to provide written certification that its covenants under this
Section 6.01(p) have not been breached. The Borrower shall immediately upon its actual knowledge provide written notification to the Administrative Agent if its representations and warranties under Section 5.19 (Compliance with
Anti-Terrorism Laws and Regulations) and Section 5.20 (Compliance with Anti-Money Laundering Laws and Regulations), and its covenants under this Section 6.01(p) are no longer correct and have been breached or if the Borrower has
a reasonable basis to believe a representation, warranty or covenant may no longer be true or may have been breached and provide the Administrative Agent with copies of all notices, reports and other documents and communications relating to such an
event together with such notifications. 
 The Borrower consents on behalf of itself to the disclosure, by the Administrative
Agent and any Lender or any of its affiliates or agents, to U.S. regulators of such information about the Borrower and the Equity Owner that the Administrative Agent or such Lender reasonably deems necessary or appropriate to comply with applicable
Anti-Terrorism Laws and Anti-Money Laundering Laws and the Borrower shall be notified in advance, if practicable (but in any case promptly thereafter), of any non-routine disclosure. 

(q) Notification; Quarantine Steps. The Borrower shall immediately notify the Administrative Agent if an Authorized Representative
of the Borrower or a Responsible Officer obtains actual knowledge that the Equity Owner or any director, principal, officer or employee of the Equity Owner: 
 (i) has been listed on any of the Lists; 
 (ii) has become a
Designated Person; 
 (iii) is under investigation by any governmental authority or agency for, has been charged
with or convicted of money laundering, drug trafficking, terrorist-related activities, any other money laundering or terrorist crimes or violating any Anti-Terrorism Laws or Anti-Money Laundering Laws; 

(iv) has been assessed civil penalties under any Anti-Terrorism Laws or Anti-Money Laundering Laws; or 

(v) has had funds seized or forfeited in an action under any Anti-Terrorism Laws or Anti-Money Laundering Laws. In
addition, if, during the term of this Agreement, any Lender is required under the Anti-

  
 37 

 
Terrorism Laws or the Anti-Money Laundering Laws to (A) know the identity of the Equity Owner, or (B) to determine if the Equity Owner is included in subparagraphs (i) through
(iv) above, then, upon written request by the Administrative Agent to the Borrower, the Borrower shall provide such information to the Administrative Agent. The Borrower on behalf of itself consents to the disclosure, by the Administrative
Agent or such Lender or any of their respective affiliates or agents, to U.S. regulators of such information about the Borrower and the Equity Owner that the Administrative Agent or such Lender reasonably deem necessary or appropriate to comply with
applicable Anti-Terrorism Laws and Anti-Money Laundering Laws. 
 (r) Borrower’s Business. The Borrower shall not
engage in any business or activity other than such activities as permitted pursuant to its Organic Documents and shall at all times comply with the provisions in the LLC Agreement set forth in Sections 1.7 and 1.8 thereof. 

(s) Conditions Applicable to All Sale and Purchase Transactions. Any transaction effected under this Agreement or in connection
with the acquisition of additional Fund Investments shall be conducted on an arm’s-length basis, shall comply with the applicable requirements of the Collateral Transaction Procedures and, if effected with a Person Affiliated with the Manager,
shall be effected in accordance with the requirements of Section 6.02(p) (Limitations on Transactions with Affiliates and Other Funds.). 
 (t) Required Reserves on Certain Fund Investments. If the Borrower purchases or holds any Fund Investment (including a Revolving Loan or Delayed Drawdown Loan) that obligates the Borrower, whether
currently or upon the happening of any contingency at a future date, to advance any additional funds to an Obligor (which, for the avoidance of doubt, shall not include Fully Pre-funded Revolving Loans), then the Borrower shall, unless otherwise
consented to in writing by the Administrative Agent (which may be in the form of an email), maintain at all times during which it has any such obligation, Cash or Cash Equivalents on deposit in the Revolving Loan Collateral Sub-account (as defined
in the Custodial Agreement) in an aggregate amount equal to the unfunded portion of such obligation. 
 (u) The Administrative
Agent shall deliver to each Lender within five (5) Business Days of receipt from or on behalf of the Borrower copies of any written information furnished or delivered to it pursuant to this Section 6.01(a), (b), (f), (p) or (q), from
or on behalf of the Borrower. 
 Section 6.02. Negative Covenants. The Borrower agrees with the Administrative Agent
and the Lenders that, until the Commitment has been terminated and all principal and interest on the Loans and all other Obligations 

  
 38 

 
then due and payable have been paid and performed in full, the Borrower shall perform the Obligations set forth in this Section 6.02. 

(a) No Other Business; Subsidiaries. The Borrower shall not engage in any business or activity other than (i) incurring Loans
or other obligations permitted pursuant to this Agreement, purchasing and selling Fund Investments in accordance with the restrictions herein and in its Organic Documents, and (ii) engaging in any other activities which are necessary, suitable
or appropriate to accomplish the foregoing or are incidental thereto or connected therewith or ancillary thereto or otherwise contemplated hereby. Notwithstanding anything to the contrary contained in this Section 6.02(a) or elsewhere in this
Agreement, the Borrower shall have no Subsidiaries. 
 (b) Limitations on Debt. The Borrower shall not create, incur,
assume or suffer to exist or otherwise directly or indirectly become or be liable (collectively, “Incur” and, with correlative meanings, “Incurred” and “Incurrence”) in respect of any Debt, other
than (i) indebtedness in respect of the Loans, (ii) indebtedness in connection with the Transaction Documents (including without limitation, indebtedness, fees and expenses in favor of the Custodian and other agents hereunder), and
(iii) Debt that is approved in writing by the Administrative Agent and the Required Lenders. 
 (c) Liens. The
Borrower shall not Incur any Lien upon any property or assets included in the Collateral, whether now owned or hereafter acquired, except the following (collectively, the “Permitted Liens”): 

(i) Liens in favor, or for the benefit, of the Administrative Agent and the Lenders granted pursuant to this Agreement or
any Collateral Document, including the Lien in favor of the Administrative Agent, for the benefit of itself and the Lenders, created by the Security Agreement; 
 (ii) any other Lien granted in favor of (A) the Administrative Agent for its benefit and the benefit of the Lenders or (B) the Custodian pursuant to the Custodial Agreement; 

(iii) Liens with respect to taxes, assessments and other governmental charges or levies for amounts not yet due or which
are being contested in good faith by appropriate proceedings diligently conducted and with respect to which adequate reserves have been set aside in accordance with GAAP; and 

(iv) any other Lien approved in writing by the Administrative Agent or the Required Lenders. 

(d) Limitations on Dispositions of Collateral. The Borrower shall not remove or cause to be removed from the Custodial Account
(other than from the 

  
 39 

 
Administrative Expense Sub-account as set forth in Section 4.01(g) (Custodial Account and Fund Investments) or in connection with a withdrawal by the Custodian of its fees, expenses
and other amounts pursuant to the Custodial Agreement) or otherwise dispose of or cause to be disposed any Collateral, including any Fund Investment, except that, prior to, and if such removal or disposition will not result in, the occurrence of a
Default (including failure to satisfy the Overcollateralization Test) or an Event of Default, the Borrower may (i) purchase or sell Fund Investments in accordance with Section 6.02(q) (Purchases and Sales of Fund Investments),
(ii) remove Cash from the Custodial Account to make payments due to the Administrative Agent or the Lenders or their respective Affiliates under this Agreement or any other Credit Document, (iii) subject to establishment of the cash
reserve as set forth in Section 6.02(k) (Payment of Management Fees), remove Cash from the Custodial Account to pay Administrative Expenses and other fees and expenses of the Borrower other than Management Fees, (iv) subject to
establishment of the cash reserve, payment of Administrative Expenses and satisfaction of the applicable Overcollateralization Test, each as set forth in Section 6.02(k) (Payment of Management Fees), and payment of all amounts due and
payable by the Borrower (excluding the Management Fees), pay the Management Fees and (v) subject to establishment of the cash reserve, payment of Administrative Expenses and satisfaction of the applicable Overcollateralization Test (provided
that following the occurrence of a Super-Collateralization Event, the Overcollateralization Test for purposes of this clause (v) shall be calculated with a Super-Collateralization Percentage equal to 125% (whether or not such
Super-Collateralization Percentage is otherwise required pursuant to the definition of Margin Requirement at such time)), each as set forth in Section 6.02(k) (Payment of Management Fees), and payment of all amounts due and payable by
the Borrower (including the Management Fees), make equity distributions to the Equity Owner. During the existence of, or if such removal or disposition will result in, a Default or an Event of Default, the Borrower shall not remove from the
Custodial Account or otherwise dispose of any Collateral, including any Fund Investment, without the prior written consent of the Administrative Agent. 
 (e) Change of Name, etc. The Borrower shall not change (i) the location of its principal place of business, chief executive office, chief place of business or its records concerning its
business and financial affairs, (ii) its name or the name under or by which it conducts its business or (iii) its jurisdiction of organization other than in accordance with the Security Agreement. 

(f) Merger, Consolidation; Successor Entity Substituted. The Borrower shall not consolidate or merge with or into any other Person
or sell, lease or otherwise transfer its respective properties and assets substantially as an entirety to any Person. 
 (g)
Modification of Certain Instruments, Organic Documents, Agreements, etc. The Borrower shall not without the prior written consent (or, in 

  
 40 

 
the case of clause (ii) below, the direction) of the Administrative Agent and the Required Lenders (i) consent to any amendment or other modification of any of the terms or provisions
of the Collateral Documents, (ii) terminate the Manager, appoint a replacement Manager or consent to an assignment of the Management Agreement (except in connection with an assignment that results from a change in control (within the meaning of
the Investment Advisers Act of 1940, as amended); or (iii) consent to any material amendment, supplement or other modification of any of the terms or provisions of (A) its Organic Documents if such change would adversely affect the
Administrative Agent or the Lenders or (B) the Management Agreement (except in connection with a change of Manager that otherwise complies with clause (ii) above). 
 (h) Agreements Restricting Liens. Other than the Collateral Documents, the Borrower shall not enter into any agreement which prohibits the creation or assumption of any Lien upon its properties,
revenues or assets, whether now owned or hereafter acquired. 
 (i) Inconsistent Agreements. The Borrower shall not enter
into any agreement containing any provision which would be violated or breached by the performance by the Borrower of its obligations under this Agreement or under any other Credit Document. 

(j) Pension and Welfare Plans. The Borrower shall not incur any liability or obligation with respect to any Pension Plan or any
Welfare Plan other than by operation of Law. The Borrower shall not maintain or contribute to (or become obligated to contribute to) any Pension Plan or Welfare Plan other than by operation of Law. 

(k) Payment of Management Fees. The Borrower shall not be obligated to pay, nor permit the Manager to be paid, any Management Fees
until (i) all interest, principal and other amounts then due under this Agreement to the Lenders have been paid, (ii) a cash reserve covering all accrued but unpaid interest through the next following Determination Date has been set aside
and (iii) all the Administrative Expenses for the relevant Interest Period have been paid. The Manager shall expressly agree to subordinate its right to payment of the Management Fee, during the occurrence and continuation of a Default, an
Event of Default or a Manager Removal Event, to the payment in full of all Administrative Expenses and all payments due to the Administrative Agent and the Lenders under this Agreement. Furthermore, the Borrower may not pay any Management Fees or
make any equity distributions to the Equity Owner to the extent that immediately following such payment or distribution, as applicable, the Overcollateralization Test (as determined for purposes of this (k)) would not be satisfied. 

  
 41 

 (l) Commodities; Real Estate. The Borrower shall not purchase or otherwise acquire or
receive as a distribution any commodities or any fee interest in real property. 
 (m) Margin Stock. The Borrower shall
not use any of the proceeds of the Borrowings (i) to extend “purpose credit” within the meaning given to such term in Regulation U of the FRS Board or (ii) to purchase, otherwise acquire or carry any Margin Stock in any manner
that would result in a violation of Regulations T, U or X of the FRS Board. 
 (n) Limitations on Swap Transactions. The
Borrower shall not enter into or otherwise effect or permit to remain outstanding any Swap Transaction. 
 (o) Investment
Company Act. The Borrower shall not register as, or conduct its business or take any action which shall cause it or the Collateral to be required to be registered as, an investment company under the Investment Company Act; provided that
the parties acknowledge that the Fund Investments and the Borrowings by the Borrower shall be subject to any restrictions imposed on the Equity Owner as a business development company under the Investment Company Act. 

(p) Limitations on Transactions with Affiliates and Other Funds. The Borrower shall not, directly or indirectly, without the prior
written consent of the Administrative Agent and the Required Lenders: (i) make an investment in any of its Affiliates, the Manager, the Equity Owner, any Related Fund or any account managed by the Manager, (ii) sell, lease or otherwise
transfer any assets to any of its Affiliates, the Manager, the Equity Owner, any Related Fund or any account managed by the Manager, (iii) purchase or acquire assets from any of its Affiliates, the Manager, the Equity Owner, any Related Fund or
any account managed by the Manager or (iv) enter into any other transaction directly or indirectly with or for the benefit of any of its Affiliates, the Manager, the Equity Owner, any Related Fund or any account managed by the Manager
(including Guarantees and assumptions of obligations of any of its Affiliates, the Manager, the Equity Owner, any Related Fund or any account managed by the Manager); provided that the Borrower may, without the consent of the Required
Lenders, conduct with Affiliates, the Manager, the Equity Owner or any Related Fund any of the transactions referred to in clauses (i), (ii), (iii) and (iv) above, so long as such transactions are conducted on terms no less favorable,
taken as a whole, to the Borrower than would be obtained in an arm’s length transaction with a non-Affiliate. 
 (q)
Purchases and Sales of Fund Investments. The Borrower shall not (i) purchase any investment other than Fund Investments or (ii) purchase or sell any Fund Investment other than in compliance with Applicable Law and the Collateral
Transaction Procedures and only if (A) immediately following such transaction, no Default or Event of Default would occur or be continuing and 

  
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(B) the Overcollateralization Test is satisfied; provided that this (q) shall not prohibit the Borrower from acquiring and holding an Excluded Investment that the Borrower
receives in connection with the workout or restructuring of any Fund Investment; provided further that in no event may the Borrower acquire or hold in connection with such a workout or restructuring, without the prior written consent of the
Administrative Agent and the Required Lenders, (x) any real property or (y) any Margin Stock, unless the Borrower delivers a completed and executed Federal Reserve Form U-1 to the Lenders simultaneously therewith. 

(r) Distributions. The Borrower shall not make any payments or distributions other than in accordance with
(d) (Limitations on Dispositions of Collateral). 
 (s) No Commingling of Borrower’s Assets with
Affiliates. The Borrower shall not maintain funds or hold assets comprising Collateral in any account other than the Custodial Account, and the Custodial Account shall not contain any funds or assets owned by any Affiliate of the Borrower or any
other third party so as to commingle the funds or assets of the Borrower with those of any such Affiliate or third party. 
 (t)
Not a Corporation for Tax Purposes. The Borrower shall take no action that would cause it to be treated as a corporation within the meaning of Treasury Regulations Section 301.7701-2(b). 

ARTICLE 7 

EVENTS OF DEFAULT 
 Section 7.01. Events of Default. The term “Event of Default” shall mean any of the events set forth in this Section 7.01. 

(a) Non-Payment of Obligations. The Borrower fails to make a payment of (i) principal when due (whether at stated maturity or
by acceleration, mandatory prepayment or otherwise), (ii) interest, Setup Fee or Commitment Fee within three (3) Business Days of when due or (iii) any other Obligation when due and such failure is not cured within three
(3) Business Days of the Administrative Agent notifying the Borrower of such default. 
 (b) Overcollateralization
Default Event. An Overcollateralization Default Event occurs and such event is not cured (i) if notice of such event is received (or deemed to be received) by the Borrower before 10:00 a.m. (New York time) on any day that the Fedwire Funds
Service (the “Fedwire”) is open, then by 12:00 noon (New York time) on the next succeeding day that the Fedwire is open or (ii) if notice of such event is received (or deemed to be received) by the Borrower at or after 10:00
a.m. (New York time) on any day that the Fedwire is 

  
 43 

 
open, then at or before 6:00 p.m. (New York time) on the next succeeding day that the Fedwire is open. 
 (c) Certain Covenant Defaults. The Borrower shall fail to comply with its obligations under (i) Section 6.01(a) (Overcollateralization Test Calculation; Collateral Reports) and
such failure is not cured (x) within three (3) Business Days, solely in the case of obligations under Section 6.01(a)(i), (y) within one (1) Business Day, solely in the case of obligations under Section 6.01(a)(ii)
and (z) within two (2) Business Days, solely in the case of obligations under Section 6.01(a)(iii), (ii) Section 6.01(b)(v)(A) (Information, etc.) and such failure is not cured within one (1) Business Day
following receipt (or deemed receipt) by the Borrower of notice of such failure, (iii) Section 6.01(b)(v)(B) or Section 6.01(b)(vi) (Information, etc.) and such failure is not cured within one (1) Business Day following
receipt (or deemed receipt) by the Borrower of notice of such failure, (iv) Section 6.01(f) (Notice of Default, Litigation, etc.) or Section 6.01(o) (Plan Collateral) and such failure is not cured within one
(1) Business Day or (v) Section 6.02 (Negative Covenants) or Section 6.01(t) (Required Reserves on Certain Fund Investments) (which failures shall, for the avoidance of doubt, not contain any cure period). 

(d) Breach of Representation or Warranty. Any representation or warranty of the Borrower hereunder or of the Borrower in any other
Credit Document or in any certificate delivered pursuant hereto or thereto is or shall be incorrect in any material respect when made or deemed made. 
 (e) Non Performance of Other Obligations. The Borrower shall default in the due performance and observance of any covenant (including any covenant of payment), obligation, warranty or other
agreement contained herein or in any other Credit Document executed by it, and, if such default does not otherwise constitute an Event of Default under this Article 7, such default is not cured within thirty (30) days of the earlier of
(i) notice thereof having been given to the Borrower by the Administrative Agent and (ii) the first date on which an Authorized Representative of the Borrower or a Responsible Officer knew (or with reasonable inquiry should have known) of
such default. 
 (f) Non Performance of the Manager’s Obligations. The Manager shall fail, on or after the time the
Borrower’s Net Asset Value is $15,000,000 but before the NAV Trigger Date has occurred, to contribute to the Borrower 80% of the proceeds of any additional equity capital raised by the Manager (net of all sales load and any other non-Affiliate
related out of pocket costs and expenses incurred by the Manager in raising such equity capital, which costs and expenses shall, for the avoidance of doubt, exclude all dividends); provided that for so long as no Loans have been made, an
Event of Default under this clause (f) shall not apply. 
 (g) Excluded Investments. The Borrower (i) purchases
an Excluded Investment enumerated in clause (ix) of the definition of Excluded Investments 

  
 44 

 
and fails to dispose of such Excluded Investment within five (5) Business Days (A) after obtaining knowledge thereof or (B) earlier, if using reasonable inquiry, would have
obtained such knowledge or (ii) purchases an Excluded Investment enumerated in clauses (i), (xvii) or (xviii) of the definition of Excluded Investments; provided that subject to the limitations set forth in Section 6.02(q)
(Purchases and Sales of Fund Investments), this (g) shall not prohibit, and it shall not be an Event of Default as a result of, the Borrower acquiring and holding any Excluded Investment that the Borrower receives in connection with the
workout or restructuring of any Fund Investment. 
 (h) Illegality. It is or will become unlawful for the Borrower to
perform or comply with any one or more of its obligations under the Credit Documents, except for obligations that the Administrative Agent has determined not to be material. 
 (i) Judgments. Any final judgments or orders (not subject to appeal or otherwise non-appealable) by one or more courts of competent jurisdiction for the payment of money in an aggregate amount in
excess of $1,000,000 (after giving effect to insurance, if any, available with respect thereto) shall be rendered against the Borrower, and the same shall remain unsatisfied, unvacated, unbonded or unstayed for a period of fifteen (15) days
after the date on which the right to appeal has expired. 
 (j) Bankruptcy, Insolvency, etc. The Borrower shall:

 (i) become insolvent or generally fail to pay, or admit in writing its inability to pay, Debts as they become
due; 
 (ii) apply for, consent to, or acquiesce in, the appointment of a trustee, receiver, sequestrator or
other custodian for the Borrower or any property of any thereof, or make a general assignment for the benefit of creditors; 
 (iii) in the absence of such application, consent or acquiescence, permit or suffer to exist the appointment of a trustee, receiver, sequestrator or other custodian for the Borrower or for a substantial
part of the property of any thereof, and such trustee, receiver, sequestrator or other custodian shall not be discharged within thirty (30) days; 
 (iv) permit or suffer to exist the commencement of any bankruptcy, reorganization, Debt arrangement or other case or proceeding under any bankruptcy or insolvency Law, or any dissolution, winding up or
liquidation proceeding, in respect of the Borrower and, if such case or proceeding is not commenced by the Borrower, such case or proceeding shall be consented to or acquiesced in by the Borrower or shall result in

  
 45 

 
the entry of an order for relief or shall remain for thirty (30) days undismissed; or 
 (v) take any action authorizing, or in furtherance of, any of the foregoing. 
 (k)
Failure of Valid, Perfected, First-Priority Lien. Any Lien granted on any Collateral shall, at any time after delivery of the respective Collateral Documents, cease to be fully valid and perfected as a first-priority Lien except for Permitted
Liens. 
 (l) Investment Company Act. The Borrower or its assets shall at any time become required to be registered as an
“investment company” under the Investment Company Act. 
 (m) Dissolution or Termination of the Borrower. The
Borrower shall be dissolved or terminated and not reconstituted substantially simultaneously therewith (and in no event later than the same day) in accordance with the LLC Agreement. 

(n) Manager and Equity Owner Events. 
 (i) An event specified in Section 7.01(j) (Bankruptcy, Insolvency, etc.) occurs with respect to the Manager or the Equity Owner; or 

(ii) The Manager or the Equity Owner defaults in any material respect in its obligations under any agreements, contracts
or financial instruments where the aggregate principal amount relating to such defaulted obligations (individually or collectively) is not less than the lesser of (x) 3% of the Net Asset Value of the Manager or the Equity Owner (as the case may
be) and (y)(i) $5,000,000, if and only if such obligations are owed to DBNY or its Affiliates or (ii) otherwise, $25,000,000. 
 (o) Net Asset Value. From and after the date on which the Net Asset Value of the Borrower first reaches $15,000,000, the Net Asset Value of the Manager declines below the Net Asset Value Floor.

 (p) Anti-Terrorism and Anti-Money Laundering Events. The occurrence of any event specified in Section 6.01(q)
(Notification; Quarantine Steps) with respect to the Equity Owner. 
 (q) Regulatory Events. A Regulatory Event
has occurred. 
 Section 7.02. Action if Bankruptcy. If any Event of Default described in Section 7.01(j)
(Bankruptcy, Insolvency, etc.) shall occur with respect to the 

  
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Borrower, then the principal amount of all outstanding Loans and all other Obligations shall automatically be and become immediately due and payable, and the Commitment shall be automatically
terminated, without further notice, demand or presentment, all of which are expressly waived by the Borrower. 

Section 7.03. Action if Other Event of Default. If any Event of Default (other than any Event of Default described in
Section 7.01(j) (Bankruptcy, Insolvency, etc.)) shall occur and be continuing for any reason, whether voluntary or involuntary, the Administrative Agent may, with the consent of the Required Lenders, and shall, at the request of the
Required Lenders, by notice or demand to the Borrower, in addition to any other remedies available to the Administrative Agent and the Lenders, including the remedies set forth in the Security Agreement, take any of the following actions:
(a) declare a Commitment Termination Event, (b) declare the outstanding principal amount of all outstanding Loans and all other Obligations to be due and payable and terminate the Commitment, whereupon the full unpaid amount of all Loans
and any and all other Obligations shall be and become immediately due and payable, without further notice, demand, or presentment, all of which are expressly waived by the Borrower, in either case by delivery of a Commitment Termination Notice
substantially in the form of Exhibit K or (c) elect to cease making additional Loans to the Borrower hereunder (without otherwise terminating the Commitment), by delivery of a Loan Cessation Notice substantially in the form of
Exhibit L. 
 Section 7.04. Additional Rights Upon Event of Default. Upon the occurrence and during the
continuance of an Event of Default hereunder (for the avoidance of doubt, upon commencement by the Administrative Agent on behalf of itself and the Lenders of any of the remedies set forth in this Agreement or in any of the other Credit Documents or
upon notice by the Administrative Agent to the Borrower or the Manager that it intends to promptly commence the exercise of any such remedies, such Event of Default shall be deemed to be continuing, and may not be cured or curable by any subsequent
actions or events), the Administrative Agent and the Lenders (a) shall have, in addition to the rights set forth herein, the rights and remedies afforded in the Collateral Documents, under any agreement, by law, at equity or otherwise,
including the rights and remedies of a secured party under the UCC and (b) may, pursuant to the Collateral Documents and the Management Agreement, terminate (or cause to be terminated) the Management Agreement and replace (or cause to be
replaced) the Manager with an institution selected by the Administrative Agent in its sole and absolute discretion (which may be Deutsche Bank) legally qualified, permitted under Applicable Law and with the capacity to assume the responsibilities,
duties and obligations of the Manager under the Credit Documents and the Management Agreement. The Borrower shall remain liable to the Administrative Agent and the Lenders for any deficiency following any such sale of Collateral. 

  
 47 

 Section 7.05. Notice of Default. If a Default or an Event of Default occurs, the
Borrower shall provide to the Administrative Agent and the Lenders written notice (or telephonic notice promptly confirmed in writing) of such Default or Event of Default promptly (and, in any event, within two (2) Business Days) after the
Borrower becomes aware of such Default or Event of Default. 
 ARTICLE 8 

THE ADMINISTRATIVE AGENT 

Section 8.01. Appointment. Each of the Lenders hereby irrevocably appoint DBNY to act on its behalf as the Administrative
Agent as specified herein and in the other Credit Documents. The Lenders hereby irrevocably authorize the Administrative Agent to take such action on their behalf under the provisions of this Agreement, the other Credit Documents and any other
instruments and agreements referred to herein or therein and to exercise such powers and to perform such duties hereunder and thereunder as are specifically delegated to or required of the Administrative Agent by the terms hereof and thereof and
such other powers as are reasonably incidental thereto. The Administrative Agent may perform any of its duties hereunder or under the other Credit Documents by or through its officers, directors, agents, employees or affiliates. Except with respect
to Section 8.08, the provisions on this Article are solely for the benefit of the Administrative Agent and the Lenders and the Borrower shall not have rights as a third party beneficiary of any of such provisions. 

Section 8.02. Nature of Duties. The Administrative Agent shall not have any duties or obligations except those expressly set
forth herein and in the other Credit Documents and nothing in this Agreement or any other Credit Document, expressed or implied, is intended to or shall be so construed as to impose upon the Administrative Agent any obligations in respect of this
Agreement or any other Credit Document except as expressly set forth herein or therein. Without limiting the generality of the foregoing, the Administrative Agent: 
 (a) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, and the duties of the Administrative Agent shall be mechanical and
administrative in nature; 
 (b) shall not have any duty to take any discretionary action or exercise any discretionary powers,
except discretionary rights and powers expressly contemplated hereby or by the other Credit Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the
Lenders as shall be expressly provided for herein or in the other Credit Documents), provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative
Agent to liability or that is contrary to any Credit Document or Applicable Law; and 

  
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 (c) shall not, except as expressly set forth herein and in the other Credit Documents, have
any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its respective Affiliates that is communicated to or obtained by the Person serving as the Administrative Agent or any of
its Affiliates in any capacity. 
 The Administrative Agent shall not be liable for any action taken or not taken by it
(i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as
provided in Section 9.13 (Amendment or Waiver) and Section 7.03 (Action if Other Event of Default)) or (ii) in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall be deemed not
to have knowledge of any Default unless and until notice describing such Default is given to the Administrative Agent by the Borrower or a Lender. 
 Section 8.03. Lack of Reliance on the Administrative Agent. Independently and without reliance on the Administrative Agent, each Lender, to the extent it has deemed appropriate, has made and
shall continue to make (i) its own independent investigations of the financial condition and affairs of the Borrower in connection with the making and the continuance of any Loans and the taking or not taking of any action in connection
herewith and (ii) its own appraisal of the creditworthiness of the Borrower and, except as expressly provided in this Agreement, the Administrative Agent shall not have any duty or responsibility, either initially or on a continuing basis, to
provide the Lenders with any credit or other information with respect thereto, whether coming into its possession before the making of any Loans or at any time or times thereafter. The Administrative Agent shall not be responsible to any Lender for
any recitals, statements, information, representations or warranties herein or in any document, certificate or other writing delivered in connection herewith or for the execution, effectiveness, genuineness, validity, enforceability, perfection,
collectability, priority or sufficiency of this Agreement or any other Credit Document or the financial condition of the Borrower or be required to make any inquiry concerning either the performance or observance of any of the terms, provisions or
conditions of this Agreement or any other Credit Document, or the satisfaction of any of the conditions precedent set forth in Article 4 (CONDITIONS TO CREDIT EXTENSIONS) or the financial condition of the Borrower or the existence or possible
existence of any Default. 
 Section 8.04. Certain Rights of the Administrative Agent. If the Administrative Agent
shall request instructions from the Required Lenders with respect to any act or action (including failure to act) in connection with this Agreement or any other Credit Document, the Administrative Agent shall be entitled to refrain from such act or
taking such action unless and until the Administrative Agent shall have received instructions from the Required Lenders, and the Administrative Agent shall not incur any liability to any Person by reason

  
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of so refraining. Without limiting the foregoing, the Lenders shall not have any right of action whatsoever against the Administrative Agent as a result of the Administrative Agent acting or
refraining from acting hereunder or under any other Credit Document in accordance with the instructions of the Required Lenders as is required pursuant to this Agreement. 
 Section 8.05. Reliance. The Administrative Agent shall be entitled to rely, and shall be fully protected in relying, upon any note, writing, resolution, notice, statement, certificate, telex,
teletype or telecopier message, cablegram, radiogram, order or other document or telephone message signed, sent or made by any Person that the Administrative Agent believed to be the proper Person. The Administrative Agent may consult with legal
counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

 Section 8.06. Indemnification. To the extent the Administrative Agent is not reimbursed and indemnified by the
Borrower, the Lenders shall reimburse and indemnify the Administrative Agent for and against any and all liabilities, obligations, losses, damages, penalties, claims, actions, judgments, costs, expenses or disbursements of whatsoever kind or nature
which may be imposed on, asserted against or incurred by the Administrative Agent in performing its duties hereunder or under any other Credit Document, in any way relating to or arising out of this Agreement or any other Credit Document;
provided that the Lenders shall not be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the Administrative Agent’s bad faith,
fraud, willful misconduct or gross negligence. 
 Section 8.07. The Administrative Agent in its Individual Capacity.
With respect to its obligation to make Loans under this Agreement, the Administrative Agent in its individual capacity shall have the rights and powers specified herein for a “Lender” and may exercise the same rights and powers as
though it were not the Administrative Agent hereunder; and the terms “Lenders” and “Required Lenders,” or any similar terms shall, unless the context clearly otherwise indicates, include the Administrative Agent in its individual
capacity. The Administrative Agent in its individual capacity and its Affiliates may accept deposits from, lend money to, and generally engage in any kind of banking, trust or other business with the Borrower or any Affiliate or Subsidiary thereof
as if such Person were not the Administrative Agent hereunder, and may accept fees and other consideration from the Borrower for services in connection with this Agreement and otherwise without having to account for the same to the Lenders.

 Section 8.08. Resignation by the Administrative Agent. (a) The Administrative Agent may resign from the
performance of all its functions and duties hereunder and/or under the other Credit Documents at any time by giving 

  
 50 

 
sixty (60) days’ prior written notice to the Borrower and the Lenders. Such resignation shall take effect upon the appointment of a successor Administrative Agent pursuant to Sections
8.08(b) and (c) (Resignation by the Administrative Agent) below or as otherwise provided below. 
 (b) Upon any such
notice of resignation, the Required Lenders shall appoint a successor Administrative Agent hereunder or thereunder who shall be a commercial bank or trust company and, unless an Event of Default is then in existence, shall be reasonably acceptable
to the Borrower. 
 (c) If a successor Administrative Agent shall not have been so appointed within such sixty (60) day
period, the Administrative Agent, with (unless an Event of Default is then in existence) the consent of the Borrower (which consent shall not be unreasonably withheld), shall then appoint a successor Administrative Agent who shall serve as
Administrative Agent hereunder or thereunder until such time, if any, as the Required Lenders appoint a successor Administrative Agent as provided above. 
 (d) If no successor Administrative Agent has been appointed pursuant to Section 8.08(b) or (c) (Resignation by the Administrative Agent) above by the seventy-fifth (75th) day after
the date such notice of resignation was given by the Administrative Agent, the Administrative Agent’s resignation shall become effective and the Required Lenders shall thereafter perform all the duties of the Administrative Agent hereunder
and/or under any other Credit Document until such time, if any, as the Required Lenders appoint a successor Administrative Agent as provided above. 
 ARTICLE 9 
 MISCELLANEOUS 

Section 9.01. Payment of Expenses, etc. The Borrower agrees to: (a) pay all actual and reasonable out-of-pocket costs
and expenses (i) of the Administrative Agent and its Affiliates in connection with the syndication of the Commitments or Loans, negotiation, preparation, execution and delivery of the Credit Documents and the documents and instruments referred
to therein and any amendment, waiver or consent relating thereto; provided that such legal fees and expenses, including the fees, disbursements and charges of Davis Polk & Wardwell LLP and Richards, Layton & Finger, P.A.,
but excluding any allocated costs of the Administrative Agent’s or its Affiliates’ internal legal counsel, incurred in connection with establishing this Agreement, shall not exceed the sum of $250,000, plus half of any legal fees incurred
beyond $250,000 in the aggregate, as the same may be modified by mutual agreement of the Administrative Agent and the Borrower and (ii) of the Administrative Agent and any Lender in connection with any Event of Default or with the enforcement
of the Credit Documents and the documents and instruments referred to therein 

  
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(including the reasonable fees and disbursements of (x) one (1) counsel for the Administrative Agent (which counsel shall be selected by the Administrative Agent) and (y) one
(1) counsel for the Lenders), (b) pay and hold any Lender and the Administrative Agent harmless from and against any and all actual present and future stamp and other similar taxes with respect to the foregoing matters and hold such Lender
and the Administrative Agent harmless from and against any and all liabilities with respect to or resulting from any delay or omission (other than to the extent attributable to such Lender) to pay such taxes and (c) indemnify the Administrative
Agent and each Lender and their respective officers, directors, employees, representatives and agents (each such Person an “Indemnitee”) from and hold each Indemnitee harmless against any and all losses, liabilities, claims, damages
or expenses incurred by any Indemnitee as a result of, or arising out of, or in any way related to, or by reason of, (i) any breach of a representation, warranty or covenant contained herein or in any Credit Document, (ii) any
investigation, litigation or other proceeding (whether or not any Lender is a party thereto) related to the entering into or performance of any Credit Document, the use of the proceeds of any Loans hereunder or the consummation of any transactions
contemplated in any Credit Document, including the reasonable fees and disbursements of counsel incurred in connection with any such investigation, litigation or other proceeding, but excluding any such losses, liabilities, claims, damages or
expenses to the extent incurred primarily by reason of the gross negligence, fraud, bad faith or willful misconduct of any Indemnitee or (iii) the actual or alleged presence of Hazardous Materials in the air, surface water, groundwater, surface
or subsurface of any real property owned or at any time operated by the Borrower, the generation, storage, transportation or disposal of Hazardous Materials at any location whether or not owned or operated by the Borrower, the noncompliance of any
real property owned or at any time operated by the Borrower with Federal, state and local Laws (including applicable permits hereunder) applicable to any such real property, or any Environmental Claim asserted against the Borrower, or any such real
property, including, in each case, the reasonable disbursements of counsel and other consultants incurred in connection with any such investigation, litigation or other proceeding but excluding in all cases any losses, liabilities, claims, damages
or expenses to the extent incurred by reason of the gross negligence, fraud, bad faith or willful misconduct of the Indemnitee. To the extent that the undertaking to indemnify, pay or hold harmless the Indemnitee set forth in the preceding sentence
may be unenforceable because it is violative of any Law or public policy, the Borrower shall make the maximum contribution to the payment and satisfaction of each of the indemnified liabilities which is permissible under Applicable Law. 

Section 9.02. Right of Setoff. In addition to any rights now or hereafter granted under Applicable Law or otherwise, and not
by way of limitation of any such rights, if an Event of Default has occurred and is continuing, each Lender is hereby authorized at any time and from time to time, without presentment, demand, protest or other notice of any kind to the Borrower or
to any other Person, any such notice being hereby expressly waived, to set off and to appropriate and 

  
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apply any and all deposits (general or special) and any other Debt at any time held or owing by such Lender (including by branches and agencies of the Lenders wherever located) to or for the
credit or the account of the Borrower against and on account of the Obligations and liabilities of the Borrower to such Lender under this Agreement or under any of the other Credit Documents and all other claims of any nature or description arising
out of or connected with this Agreement or any other Credit Document, irrespective of whether or not such Lender shall have made any demand hereunder and although such Obligations, liabilities or claims, or any of them, shall be contingent or
unmatured. Each Lender agrees to notify the Borrower and the Administrative Agent promptly after any such set-off and application; provided that the failure to give such notice shall not effect the validity of such set-off and application.

 Section 9.03. Notices.  
 (a) Except as otherwise expressly provided herein, all notices and other communications provided for hereunder shall be in writing (including e-mail or telecopier communication) and e-mailed, mailed,
telecopied or delivered, if to the Borrower, the Administrative Agent or any Lender, at its address specified on Schedule 2 or, at such other address as shall be designated by any party in a written notice to the other parties hereto. Any
notice or communication provided for hereunder shall be deemed to have been given or made (i) as of the date so delivered, if delivered personally or by overnight courier; (ii) on the date a transmission report confirming transmission is
generated by the sender’s telecopy machine, if telecopied; (iii) on the date sent, if e-mailed, so long as the sender does not receive a bounce-back message within a reasonable time after delivery; and (iv) five (5) calendar days
after mailing if sent by registered or certified mail (except that a notice of change of address shall not be deemed to have been given until actually received by the addressee). 

(b) In addition to the provisions of clause (a) above, the Administrative Agent shall be deemed to have notified the Borrower of the
occurrence of a default, Default or Event of Default (or any similar or related event or condition), when required to do so by the terms of this Agreement or any other Credit Document, when the Administrative Agent: 

(i) calls by telephone any one of the designated persons listed below at the number set forth opposite such person’s
name; provided that if after placing a telephone call to each of the designated persons listed below, the Administrative Agent is unable to reach any of such persons (through no fault of the Administrative Agent, i.e., whether because the
Administrative Agent’s calls are unanswered, it receives a “busy” signal for the call and/or each of the persons called is not available to answer the call at the time the Administrative Agent calls), the Administrative Agent shall be
deemed to have provided the Borrower with telephone notice; and 

  
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 (ii) in addition to such telephone notice, sends an email notice with a
subject line specifying “Default Notice from Deutsche Bank” to each of the email addresses listed below (whether or not such emails are actually received by any of such persons): 

 

					
	Name	  	 Telephone

Number
	  	Email Address
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  

 For the avoidance of doubt, the inclusion of employees of CNL and KKR in this (b) shall not be construed as CNL or KKR becoming a party to this Agreement or assuming any rights or obligations of the
Borrower under this Agreement or any other Credit Document. 
 (c) Without in any way limiting the obligation of the Borrower to
confirm in writing any telephonic notice permitted to be given hereunder, the Administrative Agent may, prior to receipt of written confirmation, act without liability upon the basis of such telephonic notice believed by the Administrative Agent in
good faith to be from the Borrower or the Manager (including an Authorized Representative or Responsible Officer thereof). In each such case, the Borrower hereby waives the right to dispute the Administrative Agent’s record of the terms of such
telephonic notice absent manifest error. 
 Section 9.04. Benefit of Agreement. This Agreement shall be binding upon
and inure to the benefit of and be enforceable by the parties hereto and the respective successors and assigns of the parties hereto to the extent permitted under this Section 9.04; provided that except as provided in
Section 6.02(f) (Merger, Consolidation; Successor Entity Substituted), the Borrower may not assign or transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender.

 Section 9.05. Participations and Assignments.  

(a) Participations. Any Lender may at any time grant participations in any of its rights hereunder or under the Notes without the
consent of the Borrower or any other Person to one or more commercial banks, insurance companies, funds or other financial institutions; provided that in the case of any such 

  
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participation, the participant shall not have any rights under this Agreement or any of the other Credit Documents (the participant’s rights against such Lender in respect of such
participation to be those set forth in the agreement executed by such Lender in favor of the participant relating thereto) and all amounts payable by the Borrower hereunder shall be determined as if such Lender had not sold such participation,
except that the participant shall be entitled to the benefits of Section 3.04(a) (Interest Rules and Calculations) to the extent that such Lender would be entitled to such benefits if the participation had not been entered into or sold;
and provided, further, that such Lender shall not transfer, grant or assign any participation under which the participant shall have rights to approve any amendment to or waiver of this Agreement or any other Credit Documents except to the
extent such amendment or waiver would (i) extend the final scheduled maturity of any Loan or any Note in which such participant is participating or waive any mandatory prepayment thereof, or reduce the rate or extend the time of payment of
interest or fees thereon (except in connection with a waiver of the applicability of any post-default increase in interest rates), or reduce the principal amount thereof, or increase such participant’s participating interest in any Commitment
over the amount thereof then in effect (it being understood that a waiver of any Default, Event of Default or mandatory prepayment shall not constitute a change in the terms of the Commitment), (ii) release all or substantially all of the
Collateral (in each case except as expressly provided in the Credit Documents) or (iii) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement (except as provided in Section 6.02(f)
(Merger, Consolidation, Successor Entity Substituted); and provided, further, that each participation shall be subject to the related participant providing a representation and warranty to such Lender from which it is acquiring its
participation that it is a Qualified Purchaser. The Administrative Agent on behalf of the applicable Lender shall promptly notify the Borrower of any participation granted pursuant to this (a) and the identity of the participant(s). 

(b) Assignments. Any Lender may, with the consent of the Borrower (which consent shall not be unreasonably withheld or delayed)
and the Administrative Agent, assign all or a portion of its rights and obligations under this Agreement (including, such Lender’s Commitment (or any portion or element thereof), the Loans, the Notes and other Obligations) to one or more
commercial banks, insurance companies, funds or other financial institutions with the Required Ratings; provided that the consent of the Borrower and the Administrative Agent for any assignment shall not be required if (i) (A) a
Default or an Event of Default is continuing or (B) an Event of Default has occurred within the 60-day period preceding such assignment (even if such Event of Default is no longer continuing), (ii) such assignment is (A) to an
Affiliate of such Lender or (B) to another Person who at the time of such assignment already is a party to this Agreement as a Lender or (iii) such assignment is made to an Approved Selling Institution (it being agreed that the Borrower
shall have review and approval rights over the documents relating to such assignment); provided, that such Approved Selling Institution is not a Manager Competitor. No 

  
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assignment pursuant to the immediately preceding sentence to an institution other than another Lender shall be in an aggregate amount less than (unless the entire Commitment and outstanding Loans
of the assigning Lender is so assigned) $5,000,000. If any Lender so sells or assigns all or a part of its rights hereunder or under the Notes, any reference in this Agreement or the Notes to such Lender shall thereafter refer to said Lender and to
its respective assignee to the extent of their respective interests and such assignee shall have, to the extent of such assignment (unless otherwise provided therein), the same rights and benefits as it would if it were such assigning Lender. Each
assignment pursuant to this (b) shall be effected by the assigning Lender and the assignee Lender executing an Assignment Agreement (an “Assignment Agreement”), which Assignment Agreement shall be substantially in the form of
Exhibit C (appropriately completed). At the time of any assignment pursuant to this (b), this Agreement shall be deemed to be amended to reflect the Commitment of the respective assignee (which shall result in a direct reduction to the
Commitment of the assigning Lender) and the Borrower shall if requested in writing by the assignee or assigning Lender issue new Notes to the respective assignee and to the assigning Lender in conformity with the requirements of Section 3.02
(Note). To the extent of any assignment pursuant to this (b), the assigning Lender shall be relieved of its obligations hereunder with respect to its assigned Commitment. In connection with any such assignment, the applicable Lender, the
Administrative Agent and the Borrower agree to execute such documents (including amendments to this Agreement and the other Credit Documents) as shall be reasonably necessary to effect the foregoing. Nothing in this Agreement shall prevent or
prohibit any Lender from pledging the Notes or Loans to a Federal Reserve Bank in support of borrowings made by such Lender from such Federal Reserve Bank. 
 Section 9.06. Replacement of Lenders. If any Lender, other than an Original Lender, seeks payment of additional amounts from the Borrower under Section 3.04(b) (Increased Costs,
Illegality, etc.) or if the Borrower is required to pay any additional amount to any Lender other than an Original Lender or any Governmental Authority for the account of any Lender other than an Original Lender pursuant to Section 3.06
(Net Payments; Taxes), or if any Lender other than an Original Lender is a Defaulting Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and with the written consent of the Administrative Agent, require
such Lender to assign and delegate without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 9.05 (Participations and Assignments)), all of its interests, rights and obligations
under this Agreement and the related Credit Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment) provided that: 

(a) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon,
accrued fees and all other amounts payable to it hereunder and under the other Credit Documents 

  
 56 

 
(including Section 3.04(c) (Compensation)) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower; 

(b) in the case of any such assignment resulting from a claim for compensation under Section 3.04(b) (Increased Costs,
Illegality, etc.) or payments required to be made pursuant to Section 3.06 (Net Payments; Taxes), such assignment will result in a reduction in such compensation or payments thereafter; and 

(c) such assignment does not conflict with Applicable Laws. 
 A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such
assignment and delegation cease to apply. 
 Section 9.07. No Waiver; Remedies Cumulative. No failure or delay on
the part of any Lender in exercising any right, power or privilege hereunder or under any other Credit Document and no course of dealing between the Borrower and any Lender shall operate as a waiver thereof; nor shall any single or partial exercise
of any right, power or privilege hereunder or under any other Credit Document preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder or thereunder. The rights and remedies herein expressly
provided are cumulative and not exclusive of any rights or remedies which the Administrative Agent or any Lender would otherwise have. No notice to or demand on the Borrower in any case shall entitle the Borrower or any other Person to any other or
further notice or demand in similar or other circumstances or constitute a waiver of the rights of the Administrative Agent or the Lenders to any other or further action in any circumstances without notice or demand. 

Section 9.08. Calculations; Computations.  
 (a) The financial statements to be furnished to the Administrative Agent to in turn furnish said statements to the Lenders pursuant hereto shall be made and prepared in accordance with GAAP consistently
applied throughout the periods involved. 
 (b) All computations of interest hereunder shall be made on the actual number of
days elapsed over a year of 360 days. 
 Section 9.09. Governing Law; Submission to Jurisdiction; Venue; Waiver of Jury
Trial.  
 (a) THIS AGREEMENT AND THE OTHER CREDIT DOCUMENTS AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND
THEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH 

  
 57 

 
AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK, INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES.
ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS
AGREEMENT, EACH OF THE PARTIES HERETO IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE NON-EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS. EACH OF THE PARTIES HERETO HEREBY FURTHER IRREVOCABLY WAIVES
ANY CLAIM THAT ANY SUCH COURT LACKS JURISDICTION OVER IT, AND AGREES NOT TO PLEAD OR CLAIM, IN ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT BROUGHT IN ANY OF THE AFORESAID COURTS, THAT ANY SUCH COURT
LACKS JURISDICTION OVER IT. EACH OF THE PARTIES HERETO FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL,
POSTAGE PREPAID, OR BY HAND DELIVERY, AT ITS ADDRESS FOR NOTICES PURSUANT TO Section 9.03 (NOTICES). EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY OBJECTION TO SUCH SERVICE OF PROCESS AND FURTHER IRREVOCABLY WAIVES AND AGREES
NOT TO PLEAD OR CLAIM IN ANY ACTION OR PROCEEDING COMMENCED HEREUNDER OR UNDER ANY OTHER CREDIT DOCUMENT THAT SERVICE OF PROCESS WAS IN ANY WAY INVALID OR INEFFECTIVE. NOTHING HEREIN SHALL AFFECT THE RIGHT OF THE ADMINISTRATIVE AGENT OR THE LENDERS
TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST THE BORROWER IN ANY OTHER JURISDICTION. 
 (b) EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY OF THE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN
CONNECTION WITH THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT BROUGHT IN THE COURTS REFERRED TO IN Section 9.09(a) (GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY TRIAL) ABOVE AND HEREBY FURTHER IRREVOCABLY WAIVES AND
AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 

  
 58 

 (c) EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY
JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER CREDIT DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 
 Section 9.10. Counterparts. This Agreement may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which when so executed and
delivered shall be an original, but all of which shall together constitute one and the same instrument. A set of counterparts executed by all the parties hereto shall be lodged with the Borrower and the Administrative Agent. 

Section 9.11. Effectiveness. This Agreement shall become effective on the date hereof when it shall have been executed by the
Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. 

Section 9.12. Headings Descriptive. The headings of the several sections and subsections of this Agreement are inserted for
convenience only and shall not in any way affect the meaning or construction of any provision of this Agreement. 

Section 9.13. Amendment or Waiver. This Agreement and any other Credit Document and any terms hereof or thereof may be
changed, waived, discharged or terminated if such change, waiver, discharge or termination is in writing signed by the Borrower, the Administrative Agent and the Required Lenders (or other applicable party thereto as the case may be), and each such
waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided that no such change, waiver, discharge or termination shall: 

(a) waive any condition set forth in Section 4.01 (other than Section 4.01(l)) without the written consent of each Lender;

 (b) extend or increase the Commitment of any Lender (or reinstate any Commitment terminated in accordance with this
Agreement) without the written consent of the Required Lenders and such Lender; 
 (c) postpone any date fixed by this Agreement
or any other Credit Document for any payment of principal, interest, fees or other amounts due to the Lenders (or any of them) hereunder or under any other Credit Document without the written consent of each Lender directly affected thereby;

 (d) reduce the principal of, or the rate of interest specified herein on, any Loan or any fees or other amounts payable
hereunder or under any other Credit Document without the written consent of each Lender directly affected thereby; provided, however, that only the consent of the Required Lenders shall

  
 59 

 
be necessary to amend the amount of additional interest to be added for any overdue payment pursuant to Section 3.04(a)(ii) above what it would have been on amounts not so overdue pursuant
to Section 3.04(a)(i) or to waive any obligation of any Borrower to pay interest at such default rate to the extent it exceeds the interest payable at the non-default rate; 

(e) change Section 3.03 in a manner that would alter the order of application of principal payments required thereby without the
written consent of each Lender directly affected thereby; 
 (f) change any provision of this Section or the definition of
“Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to change, waive, discharge or terminate or otherwise modify any rights hereunder or make and determination or grant any consent
hereunder, without the written consent of each Lender; 
 (g) release all or substantially all of the Collateral in any
transaction or series of related transactions (other than in connection with substitutions contemplated by the Agreement or any other Credit Document) without the written consent of each Lender; 

(h) amend any provision or defined term in the Collateral Valuation Schedule without the consent of the Lenders having more than 50% of
the Commitment (or, if the Commitments have been terminated pursuant to Section 7.02, Section 7.03 or otherwise, Lenders having more than 50% of the then outstanding Loans); and 
 provided further, that no amendment, waiver, consent, discharge or termination or other modification hereunder shall, unless agreed to in writing and signed by the Administrative Agent in addition
to the Lenders required above, affect the rights or duties of the Administrative Agent under this Agreement or any other Credit Document. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or
disapprove any change, waiver, discharge or termination hereunder, except that the Commitment of such Lender may not be increased or extended without the consent of such Lender (and such disqualification shall not apply to any Lender acting in a
capacity other than as Lender); 
 provided further, that, in the event of any amendment to increase the Aggregate Commitment the
Administrative Agent shall first give DBNY the opportunity to determine whether to increase its Commitment and if so, the amount of such increase (up to the full amount of the increase in the Aggregate Commitment). 

Section 9.14. Survival. All indemnities set forth herein including in Section 3.04(a) (Interest Rules and
Calculations), Section 3.04(c) (Compensation), Section 3.06 (Net Payments; Taxes), Section 8.06 (Indemnification Payments) and 

  
 60 

 
Section 9.01 (Payment of Expenses, etc.) shall survive the execution, delivery and termination of this Agreement and the making and repayment of the Loans. 

Section 9.15. Domicile of Loans. Subject to the limitations of Section 9.04 (Benefit of Agreement), any Lender
may transfer and carry its Loans at, to or for the account of any branch office, Subsidiary or Affiliate of such Lender; provided that the Borrower shall not be responsible for costs arising under Section 3.04(a) (Interest Rules and
Calculations) and Section 3.06 (Net Payments; Taxes) resulting from any such transfer (other than a transfer pursuant to Section 3.04(d) (Change of Lending Office; Limitation on Indemnities)) to the extent not otherwise
applicable to such Lender prior to such transfer. 
 Section 9.16. Confidentiality 

(a) Subject to Section 9.04 (Benefit of Agreement) and this Section 9.16 (Confidentiality), the Lenders and the
Administrative Agent shall hold all non-public information obtained pursuant to the requirements of, or otherwise in connection with, this Agreement, in accordance with their customary policies and procedures for handling confidential information of
this nature and in any event may make disclosures (i) to employees, officers, directors and agents of Deutsche Bank (including attorneys, accountants and third-party due diligence firms) who need to review and monitor its relationship with the
Borrower, the Manager or the Equity Owner and who are subject to a confidentiality obligation to Deutsche Bank, and (ii) reasonably required by any bona fide actual or potential transferee or participant in connection with the contemplated
transfer of any Loans or participation therein or an Affiliate of any Lender or the Administrative Agent (including its or their attorneys, legal advisors, accountants and consultants) (so long as such transferee, participant or Affiliate, agrees in
writing to be bound by the provisions of this Section 9.16) or as required or requested by any governmental agency, legislative authority, central bank, regulatory authority with jurisdiction over the Administrative Agent or any Lender,
pursuant to legal process, as otherwise required by Applicable Law or as part of a routine request by any such government agency or regulatory body for information regarding multiple investment advisors, customers, funds and/or any other person;
provided that unless specifically prohibited by Applicable Law, such Lender shall, if practicable, notify the Borrower and the Administrative Agent promptly upon receipt thereof of any request by any governmental agency, central bank,
regulatory authority with jurisdiction over such Lender, or representative thereof (other than any such request in connection with an examination of the financial condition of such Lender by such governmental agency, central bank or regulatory or
supervisory authority with jurisdiction over such Lender, other routine examination or audit of such Lender’s books and records by such governmental agency, central bank or regulatory authority with jurisdiction over such Lender or as part of a
routine request by any government agency or regulatory body for information regarding multiple investment advisors, customers, funds and/or any other person) for disclosure of any such non-public

  
 61 

 
information prior to disclosure of such information; and provided, further, that in no event shall any Lender or any of its Affiliates be obligated or required to return any materials
furnished by the Borrower. A Person that ceases to be a Lender shall continue to abide by the provisions of this Section 9.16 for the duration of this Agreement. 
 (b) It is expressly understood by the Administrative Agent and the Lenders that the information provided hereunder identifying the Fund Investments, the Market Value Prices and Market Values, is intended
solely for use in connection with this Agreement. Each Lender agrees that it shall not use any such information for trading purposes or furnish such information to trading personnel (other than members of Deutsche Bank’s senior management for
the purpose of reviewing and monitoring the Commitment) or any other Person unless such information is necessary for such Person to perform a function that is not inconsistent with the purpose of this Agreement, and in each case for any purpose
which is inconsistent with the foregoing restrictions or this Agreement. 
 Section 9.17. Register. The Borrower
hereby designates the Administrative Agent to serve as the Borrower’s agent, solely for purposes of this Section 9.17 (Register), to maintain a register (the “Register”) on which it shall record the Commitments from
time to time of the Lenders, the Loans made by each Lender and each repayment in respect of the principal amount of the Loans of the Lenders. Failure to make any such recordation, or any error in such recordation shall not affect the Borrower’s
obligations in respect of such Loans. With respect to each Lender, the transfer of the Commitments of such Lender and the rights to the principal of, and interest on, any Loan made pursuant to such Commitments shall not be effective until such
transfer is recorded on the Register maintained by the Administrative Agent with respect to ownership of such Commitments and Loans and prior to such recordation all amounts owing to the transferor with respect to such Commitments and Loans shall
remain owing to the transferor. The registration of assignment or transfer of all or part of any Commitments and Loans shall be recorded by the Administrative Agent on the Register only upon the acceptance by the Administrative Agent of a properly
executed and delivered Assignment Agreement pursuant to Section 9.04 (Benefit of Agreement). Coincident with the delivery of such an Assignment Agreement to the Administrative Agent for acceptance and registration of assignment or
transfer of all or part of a Loan, or as soon thereafter as practicable, the assigning or transferor Lender shall surrender its Notes and thereupon one or more new Notes in the same aggregate principal amount shall be issued to the assigning or
transferor Lender and/or the new Lender. The Borrower, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement,
notwithstanding notice to the contrary. Upon the written request of the Borrower, the Administrative Agent shall at the expense of the Borrower make the Register or a photocopy thereof available to the Borrower. 

  
 62 

 Section 9.18. Lender Affiliate Securities. The Administrative Agent may from
time to time give notice to the Borrower listing by name each person who is an affiliate of a Lender for purposes of Section 23A. 
 Section 9.19. Marshalling; Recapture. The Administrative Agent and the Lenders shall not be under any obligation to marshal any assets in favor of the Borrower or any other party or against or
in payment of any or all of the Obligations. To the extent the Administrative Agent on behalf of any Lender or any Lender receives any payment by or on behalf of the Borrower, which payment or any part thereof is subsequently invalidated, declared
to be fraudulent or preferential, set aside or required to be repaid to the Borrower or its estate, trustee, receiver, custodian or any other party under any bankruptcy Law, state or Federal Law, common law or equitable cause, then to the extent of
such payment or repayment, the obligation or part thereof which has been paid, reduced or satisfied by the amount so repaid shall be reinstated by the amount so repaid and shall be included within the liabilities of the Borrower to the Lenders as of
the date such initial payment, reduction or satisfaction occurred. 
 Section 9.20. No Petition. Each of the parties
hereto (other than the Borrower) covenants and agrees that, prior to the date that is one year and one day after the payment in full of all Obligations, no party hereto shall institute against the Borrower any involuntary bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings or other similar proceedings. This provision shall survive the termination of this Agreement. 
 Section 9.21. Acknowledgment. The parties hereto hereby acknowledge that none of the parties hereto has any fiduciary relationship with or fiduciary duty to any the other party pursuant to the
terms of this Agreement, and the relationship between the Lenders and the Administrative Agent on the one hand, and the Borrower, on the other hand, in connection herewith is solely that of debtor and creditor. 

Section 9.22. Severability. If any provision of any Credit Document is invalid or unenforceable in any jurisdiction, then, to
the fullest extent permitted by law, (i) the other provisions of the Credit Documents shall remain in full force and effect in such jurisdiction and shall be liberally construed in favor of the Lenders in order to carry out the intentions of
the parties thereto as nearly as may be possible and (ii) the invalidity or unenforceability of such provision in such jurisdiction shall not affect the validity or enforceability thereof in any other jurisdiction. 

[Signatures begin on the next page.] 

  
 63 

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

			
	 CCT FUNDING LLC, as Borrower

		
	 By:
	 	CORPORATE CAPITAL TRUST, INC., as its Designated Manager
		
	 By:
	 	  

		 	Name:
		 	Title:
	
	DEUTSCHE BANK AG, NEW YORK BRANCH, as Administrative Agent
		
	 By:
	 	  

		 	Name:
		 	Title:
		
	 By:
	 	  

		 	Name:
		 	Title:

 [signature page to Credit Agreement] 

  
 64 

 
			
	DEUTSCHE BANK AG, NEW YORK BRANCH, as Lender
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

 The Commitment of Deutsche Bank AG, New York Branch, as Lender is as follows: 

 

			
	Amount of Commitment	  	Percentage
	 $75,000,000 or such greater amount, not to exceed the Maximum Commitment,
as agreed by Lender in writing.
	  	100%

 [signature page to Credit Agreement] 

  
 65 

 ANNEX I 
 DEFINITIONS 
 Any defined terms used in this Agreement shall have the respective
meanings set forth herein. 
 “Accreting Security” means, as of any date of determination, any Fund Investment
that by its terms accretes in value at a stated rate of accretion, which stated rate shall be greater than the amount of cash interest paid on such Fund Investment. 
 “Adjusted LIBO Rate” means, with respect to any Eurodollar Borrowing, for a period of one (1) month commencing on the later of (x) the date on which such Eurodollar Borrowing is
made and (y) the next Interest Reset Date, an interest rate per annum equal to the product of (a) the LIBO Rate in effect for such period and (b) Statutory Reserves. 

“Administrative Agent” means, DBNY in its capacity as administrative agent under this Agreement or any successor
administrative agent. 
 “Administrative Agent Fee” has the meaning set forth in Section 2.03(c)
(Administrative Agent Fee). 
 “Administrative Agent’s Office” means, the office of the
Administrative Agent located at 60 Wall Street, New York, New York, or, in each such case, such other office as the Administrative Agent may designate to the Borrower and the Lenders from time to time. 

“Administrative Expenses” means, for any Interest Period, expenses and other amounts due or accrued during such Interest
Period and payable including the expenses and other amounts payable to (a) the Independent accountants, any administrators, agents (other than the Manager) and counsel of the Borrower for fees and expenses, including the expenses (including
indemnities) payable to the Custodian under the Custodial Agreement; (b) the Manager, including reasonable expenses of the Manager, but excluding the Management Fees; and (iii) any other Person in respect of any other fees or expenses not
prohibited under this Agreement and the documents delivered pursuant to or in connection with this Agreement; provided that (x) unless otherwise consented to in writing by the Administrative Agent, the aggregate Administrative Expenses
in any calendar year shall not exceed $200,000 and (y) fees payable to the Custodian shall not be considered Administrative Expenses. 

  
 Annex I-1

 “Administrative Expense Sub-account” has the meaning set forth in
Section 4.01(g)(ii) (Custodial Account and Fund Investments). 
 “Advance Amount” has the meaning
set forth in the Collateral Valuation Schedule. 
 “Affiliate” means, with respect to any Person, any Person
directly or indirectly controlling, controlled by, or under common control with, such former Person. As used in this definition, the term “control” means the possession, directly or indirectly, of the power (a) to vote more than 50%
of the securities having ordinary voting power for the election of directors of any such Person or (b) to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or
otherwise. 
 “Affiliate List” means a list of persons who are affiliates of the Lenders for purposes of
Section 23A, as the same may from time to time be delivered by the Administrative Agent to the Borrower in accordance with Section 9.18 (Lender Affiliate Securities) of this Agreement. 

“Aggregate Commitments” means, the aggregate of the Commitments of each one of the Lenders. 

“Aggregate Principal Balance” means, when used with respect to all or a portion of the Fund Investments, the sum of the
Principal Balances of all or of such portion of the Fund Investments. 
 “Agreement” has the meaning set forth
in the preamble. 
 “Anti-Money Laundering Laws” has the meaning set forth in Section 5.20(a)(i)
(Compliance with Anti-Money Laundering Laws and Regulations). 
 “Anti-Terrorism Laws” has the meaning
set forth in Section 5.19(a) (Compliance with Anti-Terrorism Laws and Regulations). 
 “Applicable
Law” means with respect to any Person or matter any Law relating to such Person or matter and, where applicable, any interpretation thereof by any Person having jurisdiction with respect thereto or charged with the administration or
interpretation thereof. 
 “Applicable Margin” means 1.70% per annum plus, if a Manager Removal
Event has occurred, up to an additional 1.00% as specified by the Administrative Agent in its sole discretion. 

“Applicable Percentage” means, with respect to any Lender at any time, the percentage (carried out to the ninth decimal
place) of the Aggregate 

  
 Annex I-2

 
Commitments represented by such Lender’s Commitment at such time. If the commitment of each Lender to make Loans has been terminated pursuant to Section 7.02 (Action if
Bankruptcy) or Section 7.03 (Action if Other Event of Default) or if the Aggregate Commitments have expired, then the Applicable Percentage of each Lender shall be determined based on the Applicable Percentage of such Lender most
recently in effect, giving effect to any subsequent assignments. The initial Applicable Percentage of each Lender is set forth on the signature page for such Lender or in the Assignment Agreement pursuant to which such Lender becomes a party hereto.

 “Approved Industry” has the meaning set forth in the Collateral Valuation Schedule. 

“Approved Selling Institution” has the meaning set forth in the Collateral Valuation Schedule. 

“Assignment Agreement” has the meaning set forth in Section 9.05(b) (Assignments). 

“Authorized Representative” means, relative to the Borrower, the Manager and those of its and of the Manager’s
partners, managers, members, officers, representatives and agents whose signatures and incumbency shall have been certified to the Lenders pursuant to Section 4.01(a)(i)(B) (Evidence of Authority), or such other representatives or agents
as are thereafter certified in a similar manner from time to time. 
 “Bank Loans” has the meaning set forth in
the Collateral Valuation Schedule. 
 “Base Rate” means, for any period, a per annum rate equal to the greater
of: (a) the average daily Prime Lending Rate for each day during such period and (b) the average daily Federal Funds Effective Rate for each day during such period, plus 0.50%. 

“Base Rate Loan” means a Loan bearing interest at a fluctuating rate determined by reference to the Base Rate.

 “Borrower” has the meaning set forth in the preamble. 

“Borrowing” means the Loans made by the Lenders on any Business Day in accordance with Section 3.01 (Borrowing
Procedure for Loans). 
 “Borrowing Request” means a Loan request and certificate duly executed by the
Borrower or the Manager substantially in the form of Exhibit A. 

  
 Annex I-3

 “BSA” has the meaning set forth in Section 5.20(a)(i) (Compliance
with Anti-Money Laundering Laws and Regulations). 
 “Business Day” means any day except a Saturday, Sunday
or other day on which commercial banks are authorized or obligated by Law to close in New York City. 
 “Cash”
has the meaning set forth in the Collateral Valuation Schedule. 
 “Cash Equivalents” has the meaning set forth
in the Collateral Valuation Schedule. 
 “CCT” means Corporate Capital Trust, Inc., a Maryland corporation.

 “CDO” means the issuer or issuance, as applicable, of CDO Securities. 

“CDO Securities” has the meaning set forth in the Collateral Valuation Schedule. 

“CERCLA” means the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, 42 U.S.C. § 9601
et seq. 
 “Certificated Security” has the meaning set forth in Section 8-102(a)(4) of the UCC.

 “Change in Law” means the occurrence, after the date of this Agreement, of any of the following:
(a) the adoption or taking effect of any law, rule, regulation or treaty (or any provision thereof) (including the Basel Accords issued by the Basel Committee on Banking Supervision), (b) any change in any law, rule, regulation or treaty
or in the administration, interpretation or application thereof (including the introduction of new accounting standards, laws or guidelines) by any Governmental Authority (including, without limitation, the Basel Committee on Banking Supervision and
any applicable authority with respect to accounting standards) or (c) the making or issuance of any request, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that, notwithstanding anything
herein to the contrary, the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith shall be deemed to be a “Change in “Law”, regardless
of the date enacted, adopted or issued. 
 “Clearing Corporation” means (a) Clearstream, (b) DTC,
(c) Euroclear and (d) any entity included within the meaning of “clearing corporation” under Section 8-102(a)(5) of the UCC. 

  
 Annex I-4

 “Clearing Corporation Security” means a Fund Investment that is a Financial
Asset that is (a) in bearer form or (b) registered in the name of a Clearing Corporation or the nominee of such Clearing Corporation and, if a Certificated Security, is held in the custody of such Clearing Corporation. 

“Clearstream” means Clearstream Banking Luxembourg, S.A., a corporation organized under the Laws of the Grand Duchy of
Luxembourg. 
 “Closing Date” means August 22, 2011. 

“CNL” means CNL Fund Advisors Company, a Florida corporation. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated and
rulings issued thereunder. Section references to the Code are to the Code, as in effect at the date of this Agreement and any subsequent provisions of the Code, amendatory thereof, supplements thereto or substituted therefor. 

“Collateral” has the meaning set forth in the Security Agreement. 

“Collateral Documents” means the Security Agreement, the Custodial Agreement and any other agreement, instrument or
document executed and delivered by or on behalf of the Borrower in connection with the foregoing or pursuant to which a Lien is granted in accordance with the terms of the Security Agreement as security for any of the Senior Lender Indebtedness.

 “Collateral Report” has the meaning set forth in Section 6.01(a)(i) (Overcollateralization Test
Calculation; Collateral Reports). 
 “Collateral Transaction Procedures” means Annex III, as amended or
restated from time to time. 
 “Collateral Valuation Schedule” means Annex II, as amended or restated from time
to time. 
 “Commitment” means, as to each Lender, its obligation to make Loans to the Borrower pursuant to
Section 2.01 (Commitment), in an aggregate principal amount at any one time outstanding not to exceed the Dollar amount set forth on the signature page for such Lender or in the Assignment Agreement pursuant to which such Lender becomes
a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. 

“Commitment Fee” means, for each day, the Unused Amount as of such day multiplied by a fraction, the numerator of which
is 0.75% and the denominator of which is 360; provided that such Commitment Fee shall be 

  
 Annex I-5

 
waived for (i) so long as the NAV Trigger Date has not occurred and (ii) the five calendar months immediately following the NAV Trigger Date. 

“Commitment Reduction Amount” means the amount by which the Maximum Commitment is being reduced pursuant to
Section 2.02 (Voluntary Reductions or Termination of the Maximum Commitment). 
 “Commitment Termination
Date” means the earliest of (a) the Scheduled Commitment Termination Date, (b) the effective date of the Borrower’s written notice to the Administrative Agent to reduce the Maximum Commitment to zero, as specified in
Section 2.02 (Voluntary Reductions or Termination of the Maximum Commitment) and (c) the date of occurrence of any Commitment Termination Event. 
 “Commitment Termination Event” means the earlier of (a) automatically and without notice or further action, the occurrence of any Event of Default described in Section 7.01(j)
(Bankruptcy, Insolvency, etc.) with respect to the Borrower and (b) the occurrence and continuation of any other Event of Default under this Agreement pursuant to which either a Commitment Termination Event has been expressly declared or
a declaration of the Loan to be due and payable has been given, in each case pursuant to Section 7.03 (Action if other Event of Default). 
 “Contractual Obligation” means, relative to any Person, any provision of any security issued by such Person or of any material instrument, agreement or undertaking to which such Person is
a party or by which it or any of its property is bound. 
 “Credit Document” means this Agreement, the Notes,
the Collateral Documents, each Borrowing Request and any other agreement, instrument or document (including amendments from time to time to any of the foregoing) executed and delivered by or on behalf of the Borrower in connection with the
foregoing. 
 “Custodial Account” means the “Accounts” as defined in the Custodial Agreement
(including any sub-accounts thereof). 
 “Custodial Agreement” means the Custodial Agreement dated as of
August 22, 2011 among the Borrower, the Manager, DBNY and the Custodian, as such agreement may be amended, modified or supplemented from time to time pursuant to the terms hereof and thereof. 

“Custodian” means DBTCA, acting in its capacity as “Custodian” under the Custodial Agreement and any successor
thereto in such capacity. 

  
 Annex I-6

 “DBNY” has the meaning set forth in the preamble. 

“DBTCA” means, Deutsche Bank Trust Company Americas. 

“Debt” means, with respect to a Person at any date, without duplication, (a) all obligations of such Person for
borrowed money; (b) all obligations of such Person evidenced by bonds, debentures, notes, PIK Securities or other similar instruments; (c) all obligations of such Person to pay the deferred purchase price of property or services, except
trade accounts payable arising in the ordinary course of business; (d) all obligations of such Person as lessee under capital leases; (e) all non-contingent obligations of such Person to reimburse or prepay any bank or other Person in
respect of amounts paid under a letter of credit, banker’s acceptance or similar instrument; (f) all obligations of such Person under any Swap Transaction; (g) all Debt of others secured by a Lien on any asset of such Person, whether
or not such Debt is assumed by such Person; and (h) all Debt of others Guaranteed by such Person. 

“Default” means, any condition or event which with the giving of notice or lapse of time or both would, unless cured or
waived in accordance with the provisions of this Agreement, become an Event of Default. 
 “Defaulting Lender”
means, any Lender that (a) has failed to fund any portion of Loans required to be funded by it hereunder within one Business Day of the date required to be funded by it hereunder unless such failure has been cured, (b) has otherwise failed
to pay over to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within one Business Day of the date when due, unless the subject of a good faith dispute or unless such failure has been cured,
(c) has been deemed insolvent or become, or the direct or indirect parent of such Lender becomes, the subject of a bankruptcy or insolvency proceeding or its direct or indirect (d) provides notice or makes a public statement that it does
not intend to comply with its funding obligations. 
 “Delayed Drawdown Loan” has the meaning set forth in the
Collateral Valuation Schedule. 
 “deliver”, “delivered” or “delivery” means
the taking of the following steps: 
 (a) in the case of each Certificated Security or Instrument (other than a Clearing
Corporation Security or an instrument referred to in clause (g) below), (i) causing the delivery of such Certificated Security or Instrument to the Securities Intermediary registered in the name of the Securities Intermediary or its
affiliated nominee or endorsed, by an effective endorsement, to the Securities Intermediary or in blank, (ii) causing the Securities Intermediary to continuously 

  
 Annex I-7

 
identify on its books and records that such Certificated Security or Instrument is credited to the Custodial Account and (iii) causing the Securities Intermediary to maintain continuous
possession of such Certificated Security or Instrument; 
 (b) in the case of each Uncertificated Security (other than a
Clearing Corporation Security), (i) causing such Uncertificated Security to be continuously registered on the books of the issuer thereof to the Securities Intermediary and (ii) causing the Securities Intermediary to continuously identify
on its books and records that such Uncertificated Security is credited to the Custodial Account; 
 (c) in the case of each
Clearing Corporation Security, causing (i) the relevant Clearing Corporation to continuously credit such Clearing Corporation Security to the securities account of the Securities Intermediary at such Clearing Corporation and (ii) the
Securities Intermediary to continuously identify on its books and records that such Clearing Corporation Security is credited to the Custodial Account; 
 (d) in the case of each Government Security, causing (i) the continuous crediting of such Government Security to a securities account of the Securities Intermediary at any Federal Reserve Bank and
(ii) the Securities Intermediary to continuously identify on its books and records that such Government Security is credited to the Custodial Account; 
 (e) in the case of each Financial Asset not covered by the foregoing clauses (a) through (e), causing the transfer of such Financial Asset to the Securities Intermediary in accordance with Applicable
Law and causing the Securities Intermediary to continuously credit such Financial Asset to the Custodial Account; 
 (f) in the
case of each general intangible (including any Participation Interest that is not, or the debt underlying which is not, evidenced by an Instrument or Certificated Security) (i) notifying the Obligor thereunder of the Grant to the Administrative
Agent (unless no Applicable Law requires such notice), (ii) causing a UCC financing statement naming the Borrower as debtor and the Administrative Agent, for its benefit and the benefit of the Lenders, as secured party and covering such asset
to be filed (or remain effective, as the case may be) in the appropriate filing office and (iii) in the case of each Bank Loan, delivering to the Custodian a pre-signed assignment agreement or other instrument of transfer executed in blank,
together with all supporting documentation with respect thereto; 
 (g) in the case of a Participation Interest as to which the
underlying debt is represented by an Instrument, obtaining the acknowledgment of the Person in possession of such Instrument (which may not be the Borrower) that it holds 

  
 Annex I-8

 
the Borrower’s interest in such Instrument on behalf of and for the benefit of the Administrative Agent; and 
 (h) any such other manner of delivery acceptable to the Administrative Agent in its sole and absolute discretion and, if so requested by the Administrative Agent, accompanied by an opinion of counsel
reasonably satisfactory to the Administrative Agent specifying that any such other manner of delivery will result in a valid, perfected security interest in favor of the Administrative Agent in such asset). 

“Designated Person” has the meaning set forth in Section 5.19(b) (Compliance with Anti-Terrorism Laws and
Regulations). 
 “Determination Date” means the seventh (7th) Business Day immediately preceding each
Payment Date. 
 “Deutsche Bank” means Deutsche Bank, AG (including any branch thereof), together with all of
its current and future Affiliates and Subsidiaries. 
 “DIP Fund Investment” means a loan acquired directly by
way of assignment made to a debtor-in-possession as described in Section 1107 of the U.S. Bankruptcy Code or a trustee (if appointment of such trustee has been ordered pursuant to Section 1104 of the U.S. Bankruptcy Code) (a
“Debtor”) organized under the Laws of the United States or any state therein, the terms of which have been approved by an order of a court of competent jurisdiction, which order provides that (a) such DIP Fund Investment is
secured by liens on the Debtor’s otherwise unencumbered assets pursuant to 364(c)(2) of the U.S. Bankruptcy Code, (b) such DIP Fund Investment is secured by liens of equal or senior priority on property of the Debtor’s estate that is
otherwise subject to a lien pursuant to Section 364(d) of the U.S. Bankruptcy Code, (c) such DIP Fund Investment is secured by junior liens on the Debtor’s encumbered assets (so long as such DIP Fund Investment is fully secured based
upon a current valuation or appraisal report), or (d) if the DIP Fund Investment or any portion thereof is unsecured, the repayment of such DIP Fund Investment retains priority over all other administrative expenses pursuant to
Section 364(c)(1) of the U.S. Bankruptcy Code; provided that in the case of the acquisition of any DIP Fund Investment, the Borrower and the Manager do not have actual knowledge that the order set forth above is subject to any pending
contested matter or proceeding (as such terms are defined in the Federal Rules of Bankruptcy Procedure). 

“Dollar” or “$” means dollars in lawful currency of the United States of America. 

  
 Annex I-9

 “Domicile” means, with respect to the Obligor of any Fund Investment,
either (a) its country of organization or (b) if it is organized in Bermuda, the Cayman Islands, the British Virgin Islands or Luxembourg, the country in which the most substantial portion of its operations are located or from which the
most substantial portion of its revenue is derived, in each case directly or through subsidiaries. 
 “DTC”
means The Depository Trust Company, its nominees, and their respective successors. 
 “Eligible Investments”
has the meaning set forth in the Collateral Valuation Schedule. 
 “Environmental Claim” means any and all
administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, notices of noncompliance or violation, administrative investigations or proceedings relating in any way to any Environmental Law or any permit issued, or
any approval given, under any such Environmental Law (hereafter, “Claims”), including (a) any and all Claims by governmental or regulatory authorities for enforcement, cleanup, removal, response, remedial or other actions or
damages pursuant to any applicable Environmental Law and (b) any and all Claims by any third party seeking damages, contribution, indemnification, cost recovery, compensation or injunctive relief resulting from Hazardous Materials arising from
alleged injury or threat of injury to health, safety or the environment. 
 “Environmental Law” means any
applicable Federal, state, foreign or local statute, Law, rule of common law or written and binding policy or guide, now or hereafter in effect and in each case as amended, and any judicial or administrative interpretation thereof, including any
judicial or administrative order, consent decree or judgment, relating to the environment, health, safety or Hazardous Materials, including CERCLA; RCRA; the Federal Water Pollution Control Act, as amended, 33 U.S.C. § 1251 et seq.; the Toxic
Substances Control Act, 15 U.S.C. § 7401 et seq.; the Clean Air Act, 42 U.S.C. § 7401 et seq.; the Safe Drinking Water Act, 42 U.S.C. § 3808 et seq.; the Oil Pollution Act of 1990, 33 U.S.C. § 2701 et seq.; and any applicable
state and local or foreign counterparts or equivalents. 
 “Equity Owner” means CCT, in its capacity as sole
equity member of the Borrower, and its successors and permitted assigns. 
 “ERISA” means the Employee
Retirement Income Security Act of 1974, as amended, and any successor statute from time to time, and the regulations promulgated and rulings issued thereunder. Section references to ERISA are to

  
 Annex I-10

 
ERISA, as in effect at the date of this Agreement and any subsequent provisions of ERISA, amendatory thereof, supplemental thereto or substituted therefor. 

“ERISA Affiliate” means each person (as defined in Section 3(9) of ERISA) which, together with the Borrower, would
be deemed to be a “single employer” within the meaning of Section 414(b) or (c) of the Code or deemed to be under “common control” for purposes of Section 4001 of ERISA or, solely for purposes of Section 302
of ERISA and Section 412 of the Code, treated as a single employer under Section 414 of the Code. 

“Euroclear” means Euroclear Bank S.A./N.V., as operator of the Euroclear system and any successor or successors thereto.

 “Eurodollar” means, when used in reference to any Loan or Borrowing, such Loan, or the Loans comprising such
Borrowing, bearing interest at a rate determined by reference to the Adjusted LIBO Rate. 
 “Event of Default”
has the meaning set forth in Section 7.01 (Events of Default). 
 “Excluded Investments” has the
meaning set forth in the Collateral Valuation Schedule. 
 “Excluded Security” means any security or debt
obligation which at the time of acquisition, receipt, conversion or exchange does not satisfy the requirements of a Fund Investment and is not an Eligible Investment. 
 “Excluded Taxes” has the meaning set forth in Section 3.06 (Net Payments; Taxes). 
 “FATCA” means Sections 1471 through 1474 of the Code, as in effect on the date hereof, and any applicable Treasury regulation promulgated thereunder or published administrative guidance
implementing such Sections. 
 “Federal Funds Effective Rate” means, for any period, a fluctuating interest
rate equal for each day during such period to the weighted average of the rates on overnight Federal Funds transactions with members of the Federal Reserve System arranged by Federal Funds brokers, as published for such day (or, if such day is not a
Business Day, for the preceding Business Day) by the FRB, or, if such rate is not so published for any day which is a Business Day, the average of the quotations for such day on such transactions (rounded up, if necessary, to the nearest 1/8 of 1%)
received by the Administrative Agent from three Federal Funds brokers of recognized standing selected by the Administrative Agent. 

  
 Annex I-11

 “Fedwire” has the meaning set forth in Section 7.01(b)
(Overcollateralization Default Event). 
 “Fee Letter” means the Fee Letter entered into as of the date
hereof between the parties hereto. 
 “Financial Asset” has the meaning set forth in Section 8-102(a)(9) of
the UCC. 
 “Fixed Rate Fund Investment” means each Fund Investment held by the Borrower that accrues interest
at a fixed rate of interest. 
 “Floating Rate Fund Investment” means each Fund Investment held by the Borrower
that is not a Fixed Rate Fund Investment. 
 “FRB” means the Federal Reserve Bank of New York. 

“FRS Board” means the Board of Governors of the Federal Reserve System and, as applicable, the staff thereof.

 “Fully Pre-funded Revolving Loan” has the meaning set forth in the Collateral Valuation Schedule.

 “Fund Investments” has the meaning set forth in the Collateral Valuation Schedule. 

“GAAP” means generally accepted accounting principles in effect from time to time in the United States of America, as
applied from time to time by the Borrower. 
 “Governmental Authority” means any nation or government, any
state or other political subdivision thereof, any central bank (or similar monetary or regulatory authority) thereof, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and
any corporation or other entity owned or controlled, through stock or capital ownership or otherwise, by any of the foregoing. 

“Grant” means to grant, bargain, sell, convey, assign, transfer, mortgage, pledge, create and grant a security interest
in and right of setoff against, deposit, set over and confirm. A Grant of the Fund Investments or any other Collateral shall include all rights, powers and options (but none of the obligations) of the granting party thereunder, including, the
immediate continuing right to claim for, collect, receive and receipt for principal and interest payments in respect of the Collateral, and all other monies payable thereunder, to give and receive notices and other communications, to make waivers or
other agreements, to exercise all 

  
 Annex I-12

 
rights and options, to bring proceedings in the name of the granting party or otherwise, and generally to do and receive anything that the granting party is or may be entitled to do or receive
thereunder or with respect thereto. 
 “Guarantee” by any Person means any obligation, contingent or otherwise,
of such Person directly or indirectly guaranteeing any Debt or other obligation of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person (a) to
purchase or pay (or advance or supply funds for the purchase or payment of) such Debt or other obligation (whether arising by virtue of partnership arrangements, by agreement to keep-well, to purchase assets, goods, securities or services, to
take-or-pay, or to maintain financial statement conditions or otherwise) or (b) entered into for the purpose of assuring in any other manner the obligee of such Debt or other obligation of the payment thereof or to protect such obligee against
loss in respect thereof (in whole or in part); provided that the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary course of business. The term “Guarantee” used as a
verb has a corresponding meaning. 
 “Hazardous Materials” means (a) any petroleum or petroleum products,
radioactive materials, radon gas, asbestos in any form that is or could become friable, urea formaldehyde foam insulation and transformers or other equipment that contained electric fluid containing levels of polychlorinated biphenyls; (b) any
chemicals, materials or substances defined as or included in the definition of “hazardous substances,” “hazardous waste,” “hazardous materials,” “extremely hazardous waste,” “restricted hazardous
waste,” “toxic substances,” “toxic pollutants,” “contaminants” or “pollutants,” or words of similar import, under any applicable Environmental Law; and (c) any other chemical, material or substance,
exposure to which is prohibited, limited or regulated by any Governmental Authority. 
 “Incur,”
“Incurred” and “Incurrence” have the meaning set forth in Section 6.02(b) (Limitations on Debt) of this Agreement. 
 “Indemnifiable Taxes” has the meaning set forth in Section 3.06 (Net Payments; Taxes). 
 “Indemnitee” has the meaning set forth in Section 9.01(b) (Payment of Expenses, etc.) 
 “Independent” means, as to any Person, any other Person (including, in the case of an accountant or lawyer, a firm of accountants or lawyers, and any member thereof, or an investment bank
and any member thereof) who (a) does not have and is not committed to acquire any material direct or any material indirect 

  
 Annex I-13

 
financial interest in such Person or in any Affiliate of such Person, and (b) is not connected with such Person as an officer, employee, promoter, underwriter, voting trustee, partner,
director or Person performing similar functions. “Independent” when used with respect to any accountant may include an accountant who audits the books of such Person if in addition to satisfying the criteria set forth above the accountant
is independent with respect to such Person within the meaning of Rule 101 of the Code of Professional Conduct of the American Institute of Certified Public Accountants. 
 “Initial Loan” has the meaning set forth in Section 4.01 (Initial Loan). 
 “Instrument” has the meaning set forth in Section 9-102(a)(47) of the UCC. 
 “Interest Period” means, with respect to each Loan, the period from and including the date of the Borrowing of such Loan to but excluding the Determination Date immediately following the
date of such Borrowing and each succeeding period from and including a Determination Date to but excluding the immediately following Determination Date. 
 “Interest Reset Date” means the seventh (7th) Business Day prior to the 20th day of each calendar month, commencing on September 9, 2011. 

“Interest Reset Period” means, with respect to each Loan, the period from and including the date of the Borrowing of
such Loan to but excluding the Interest Reset Date immediately following the date of such Borrowing and each succeeding period from and including an Interest Reset Date to but excluding the immediately following Interest Reset Date. 

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

“Key Person” means each of Henry R. Kravis, George R. Roberts, Frederick M. Goltz, William C. Sonneborn, Erik A. Falk,
Christopher A. Sheldon and Scott C. Nuttall. 
 “Key Person Event” means any event or circumstance as a result
of which at any time there are fewer than four Key Persons. 
 “KKR” means KKR Asset Management LLC, a Delaware
limited liability company. 
 “Laws” means, collectively, all international, foreign, Federal, state and local
statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or 

  
 Annex I-14

 
administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative rules, regulations, orders, directed
duties, requests, licenses, authorizations, restrictions and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law. 
 “Lender” has the meaning set forth in the preamble. 

“Lender Affiliate Security” means any security issued by a Person who is (a) an affiliate of a Lender for purposes
of Section 23A, and (b) listed in the most recent Affiliate List provided by the Administrative Agent to the Borrower. 
 “LIBO Rate” means, as of any date of determination and with respect to any Eurodollar Borrowing for any Interest Period, the interpolated offered quotation to first-class banks in the New
York interbank Eurodollar market for Dollar deposits as of such date, as set forth on Bloomberg screen “LR”. 

“LIBID” means as of any date of determination, the interpolated bid quotation by first-class banks in the New York
interbank Eurodollar market for Dollar deposits as of such date, as set forth on Bloomberg screen “LR”. 

“Lien” means, with respect to any asset, any mortgage, pledge, hypothecation, assignment, deposit arrangement,
encumbrance, lien (statutory or other), or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including any conditional sale, sale subject to a repurchase obligation or other title
retention agreement relating to such asset). 
 “Lists” has the meaning set forth in Section 5.19(a)
(Compliance with Anti-Terrorism Laws and Regulations). 
 “LLC Agreement” means the Limited Liability
Company Agreement of the Borrower dated as of August 22, 2011, among CCT, as sole equity member, and Donald Puglisi, as the independent manager, as may be amended, supplemented or otherwise modified from time to time pursuant to the terms
thereof and Section 6.02(g) (Modification of Certain Instruments; Organic Documents, Agreements, etc.). 

“Loans” has the meaning set forth in Section 2.01 (Commitment). 

“Make Whole Fee” means with respect to any reduction in the Maximum Commitment, the product of (a) 0.45%
multiplied by (b) the Commitment Reduction Amount multiplied by (c) the number of days remaining until the Scheduled Commitment Termination Date, divided by (c) 360; provided that the

  
 Annex I-15

 
Make Whole Fee shall be zero for the portion of the Commitment Reduction Amount which is reduced or terminated to the extent the Borrower exercises its right to reduce or terminate the Commitment
(in whole or in part) in order to enter into (i) a transaction relating to CDOs for which DBNY or its Affiliates is the lead warehouse provider, lead structuring agent or lead placement agent for all securities issued in connection with such
transaction or series of related transactions or (ii) a replacement financing facility with DBNY or its Affiliates. 

“Management Agreement” means the Investment Management Agreement dated as of August 22, 2011, between the Borrower
and the Manager relating to the management of the investment portfolio of the Borrower, as may be amended, supplemented or otherwise modified from time to time pursuant to the terms thereof and Section 6.02(g) (Modification of Certain
Instruments; Organic Documents, Agreements, etc.). 
 “Management Fees” means all amounts payable by the
Borrower to the Manager as management fees pursuant to the Management Agreement. 
 “Manager” means CCT, in its
capacity as Manager under the Management Agreement, unless and until a replacement manager shall have become manager pursuant to the Management Agreement, Section 6.02(g) (Modification of Certain Instruments; Organic Documents, Agreements,
etc.) or Section 7.04 (Additional Rights Upon Event of Default), and thereafter “Manager” shall mean such replacement manager. 
 “Manager Competitor” means any asset manager which derives a material portion of its revenue from managing portfolios of bank loans of non-investment grade companies. 

“Manager Removal Event” means that (i) CNL ceases to act as advisor to the Borrower or (ii) KKR ceases to act
as sub-advisor to the Borrower. 
 “Margin Stock” means “margin stock” as defined in Regulations T
and U of the FRS Board, as amended from time to time. 
 “Market Value” has the meaning set forth in the
Collateral Valuation Schedule. 
 “Market Value Price” has the meaning set forth in the Collateral Valuation
Schedule. 
 “Material Adverse Effect” means, relative to any occurrence of whatever nature (including any
adverse determination in any litigation, arbitration, or governmental investigation or proceeding), a materially adverse effect on: 

  
 Annex I-16

 (a) the financial condition or operations of the Borrower taken as a whole; 

(b) the ability of the Borrower to timely and fully perform any of its payment or other material obligations under this Agreement or any
other Credit Document to which it is a party; or 
 (c) the perfected security interest of the Administrative Agent in the
Collateral. 
 “Maturity Date” shall mean the date that is the Scheduled Commitment Termination Date or, if
such date is not a Business Day, the next preceding Business Day. 
 “Maximum Advance Amount” means, at any
date of determination, the maximum Advance Amount for which the Overcollateralization Test is satisfied as of such date. 

“Maximum Borrowed Amount” means, as of any date of determination, the maximum principal amount of Loans outstanding at
any time on or prior to such date. 
 “Maximum Commitment” means, (a) at any date of determination prior
to the Commitment Termination Date, the lesser of (x) $75,000,000 or (y) such lesser amount remaining following any reduction of the Maximum Commitment in accordance with Section 2.02 (Voluntary Reductions or Termination of the
Maximum Commitment) or Section 2.04 (Commitment Reduction and Termination); provided that upon the mutual, written agreement of the Borrower and Administrative Agent, the Maximum Commitment may be increased from time to time
in increments of $25,000,000 up to $250,000,000 and (b) on and after the Commitment Termination Date, zero. 

“Maximum Unfunded Amount” has the meaning set forth in the Collateral Valuation Schedule. 

“Moody’s” means Moody’s Investors Service, Inc. or any successor thereto. 

“NAV Trigger Date” means the first day after the date of this Agreement when the Net Asset Value of the Manager
is at least $25,000,000. 
 “Net Asset Value” means, with respect to a party as of any date of
determination, all assets of such party less all liabilities of such party as of such date, in each case as would generally be classified as such in accordance with GAAP for balance sheet purposes. 

  
 Annex I-17

 “Net Asset Value Floor” means the sum of (i) $15,000,000 and
(ii) once the Net Asset Value of the Manger has reached $15,000,000, 50% of any additional equity capital raised by the Manager net of all sales load and any other non-Affiliate related out of pocket costs and expenses incurred by the Manager
in raising such equity capital, which costs and expenses shall, for the avoidance of doubt, exclude all dividends. 

“Non-U.S. Lender” has the meaning set forth in Section 3.06 (Net Payments; Taxes). 

“Notes” has the meaning set forth in Section 3.02 (Notes). 

“Number of Pricing Sources” has the meaning set forth in the Collateral Valuation Schedule. 

“Obligations” means all obligations and liabilities of the Borrower to the Administrative Agent or any Lender, howsoever
created, arising or evidenced, whether direct or indirect, absolute or contingent, now or hereafter existing, or due or to become due, under or in connection with this Agreement or any other Credit Document. 

“Obligor” means, for any Fund Investment, the borrower thereunder or the issuer thereof. 

“OFAC” has the meaning set forth in Section 5.19(a) (Compliance with Anti-Terrorism Laws and Regulations).

 “Organic Documents” of any Person means its trust agreement or declaration of trust, certificate of
formation, limited liability company agreement, memorandum and articles of association, charter and by-laws, partnership agreement or similar constitutive documents and includes all agreements, voting trusts and similar arrangements with or among
the holders of such Person’s capital stock or other equity. 
 “Original Lender” means Deutsche Bank AG,
New York Branch and any of its Affiliates. 
 “Outstanding Facility Size” has the meaning set forth in the
Collateral Valuation Schedule. 
 “Overcollateralization Default Event” means, at any time, the failure to
satisfy the Overcollateralization Test, as determined by the Administrative Agent. 
 “Overcollateralization
Test” has the meaning set forth in the Collateral Valuation Schedule. 

  
 Annex I-18

 “Overnight Rate” means, for any day, the greater of (i) the Federal
Funds Rate and (ii) an overnight rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 
 “Participation Interest” means a participation interest in a loan that at the time of acquisition is represented by a contractual obligation of Deutsche Bank. 

“Payment Date” means the 20th day of each calendar month (or, if such date is not a Business Day, then the next
following Business Day), commencing on September 20, 2011. 
 “Pension Plan” means a “pension
plan,” as such term is defined in Section 3(2) of ERISA, which is subject to Title IV of ERISA (other than a multiemployer plan as defined in section 4001(a)(3) of ERISA), and to which the Borrower or any ERISA Affiliate of the Borrower
may have any liability, including any liability by reason of having been a substantial employer within the meaning of section 4063 of ERISA at any time during the preceding five years, or by reason of being deemed to be a contributing sponsor under
section 4069 of ERISA. 
 “Permitted Liens” has the meaning set forth in Section 6.02(c) (Liens).

 “Person” means an individual, a corporation, a partnership, a limited liability company, an association, a
trust or any other entity or organization, including a government or political subdivision or any agency or instrumentality thereof. 
 “PIK Security” means a Fund Investment which provides for the accretion or accrual of interest payable in additional principal at a rate greater than the stated current cash interest
rate. 
 “Plan Assets” means such term within the meaning of the Department of Labor Regulation 29 C.F.R.
§ 2510.3-101, as amended, and the advisory opinions and rulings issued thereunder. 
 “Portfolio
Limitations” has the meaning set forth in the Collateral Valuation Schedule. 
 “Prime Lending Rate”
means the rate which Deutsche Bank announces from time to time as its prime lending rate; the Prime Lending Rate to change when and as such prime lending rate changes. The Prime Lending Rate is a reference rate and does not necessarily represent the
lowest or best rate actually charged to any customer. Deutsche Bank may make commercial loans or other loans at rates of interest at, above or below the Prime Lending Rate. 

  
 Annex I-19

 “Principal Balance” has the meaning set forth in the Collateral Valuation
Schedule. 
 “Proceeding” means the making of a trust, mortgage or assignment for the benefit of creditors; the
voluntary or involuntary dissolution, winding up, total or partial liquidation, reorganization, bankruptcy, insolvency, receivership or marshalling of assets or liabilities of the Borrower; or any other statutory, common law or contractual
proceeding or arrangement for the postponement or adjustment of all or a substantial part of the liabilities of the Borrower. 

“Qualified Purchaser” means “qualified purchaser” within the meaning of Section 2(a)(51) of the
Investment Company Act and the rules promulgated thereunder. 
 “Ramp-Up Asset Value Floor” means the lesser of
(i) $25,000,000 and (ii) 80% of any equity capital raised by the Manager (net of all sales load and any other non-Affiliate related out of pocket costs and expenses incurred by the Manager in raising such equity capital, which costs and
expenses shall, for the avoidance of doubt, exclude all dividends) during the first 30 days after the Closing Date. 

“RCRA” means the Resource Conservation and Recovery Act, as amended, 42 U.S.C. § 6901 et seq. 

“Register” has the meaning set forth in Section 9.16 (Register). 

“Regulation D” means, unless otherwise indicated, Regulation D of the FRS Board as from time to time in effect and any
successor to all or a portion thereof establishing reserve requirements. 
 “Regulatory Event” means
(i) the Manager, the Equity Owner or the Borrower or any of their directors, principals or officers or (ii) CNL or KKR (or any replacement sub-advisor) or any of their directors or officers, as the case may be, when acting in their
official capacities in providing investment advice, is officially charged, indicted or convicted by a court, prosecutor or regulatory or self-regulatory governmental authority or agency for fraud, misconduct, embezzlement, money laundering,
racketeering, insider trading, market manipulation or other similar illegality or breach of similar regulation; provided that such Regulatory Event shall be deemed to be cured if any such director or officer is terminated by the Manager, the
Equity Owner, CNL, the Borrower or KKR (or any replacement sub-advisor), as applicable; provided further that under no circumstance shall a Regulatory Event be deemed to be cured if a Key Person or a principal is terminated. 

  
 Annex I-20

 “Related Fund” means any hedge fund, investment fund, CDO or any other
investment vehicle for which the Manager or an Affiliate of the Manager serves as an investment manager, general partner, managing member or similar material role or of which the Manager or any Affiliate of the Manager controls or owns 15% or more
of any class of equity securities (or options or warrants to purchase any class of equity securities). 
 “Reporting
Date” means the seventh Business Day prior to the 20th day of each calendar month, commencing on September 9, 2011. 
 “Required Lenders” means, as of any date of determination, the Lenders having more than 50% of the Aggregate Commitments or, if the commitments of each Lender to make Loans has been
terminated pursuant to Section 7.02 or Section 7.03, Lenders holding in the aggregate more than 50% of the then outstanding Loans; provided that the Commitment, and outstanding Loans, of any Defaulting Lender shall be excluded for
purposes of making a determination of the Required Lenders. 
 “Required Ratings” means, with respect to any
Person, long-term senior unsecured credit ratings of A- by S&P and A3 by Moody’s (or, if lower, the then current ratings of the Administrative Agent). 
 “Responsible Officer” means any authorized representative of the Manager with knowledge of and responsibility for the investment decisions and, as applicable, other investment and
financing activities of the Borrower. 
 “Restricted Payment” means 

(i) any payment or other distribution (whether or not in kind) to the Equity Owner in respect of its equity ownership interests in the
Borrower; or 
 (ii) any payment or other distribution (whether or not in kind) on account of the purchase, redemption,
retirement or acquisition of any equity ownership interest in the Borrower. 
 “Revolving Loan” has the meaning
set forth in the Collateral Valuation Schedule. 
 “S&P” means Standard & Poor’s, a division
of The McGraw Hill Companies, Inc., a New York corporation, or any successor thereto. 
 “Schedule of Fund
Investments” means the schedule of Fund Investments attached as Schedule 3, which schedule shall include the Obligor, Principal Balance, coupon/spread, Stated Maturity, Approved Industry, Outstanding Facility Size, Spread to Maturity
and Number of Pricing Sources. 

  
 Annex I-21

 “Scheduled Commitment Termination Date” means the second anniversary of the
Closing Date. 
 “SDB List” has the meaning set forth in Section 5.19(a) (Compliance with
Anti-Terrorism Laws and Regulations). 
 “Section 23A” means Section 23A of the Federal Reserve Act,
12 USC 371c, and any related regulations, interpretations, rulings and opinions of the FRS Board. 
 “Securities
Act” means the United States Securities Act of 1933, as amended. 
 “Securities Intermediary” means
DBTCA, acting in its capacity as “Securities Intermediary” under the Custodial Agreement and any successor thereto in such capacity. 
 “Security Agreement” means the Security Agreement dated as of August 22, 2011, between the Borrower and DBNY, as the same may be amended, modified or supplemented from time to time
pursuant to the terms hereof and thereof. 
 “Senior Lender Indebtedness” means all Debt and other payment
obligations (including interest that would accrue but for the filing of a petition initiating a Proceeding, whether or not a claim for such interest is allowed in the Proceeding) of the Borrower arising under or in respect of this Agreement or other
related agreements, whether currently outstanding or thereafter created or incurred and any obligations of the Borrower arising under the Collateral Documents. 
 “Senior Secured Loan” has the meaning set forth in the Collateral Valuation Schedule. 
 “Setup Fee” means the fee set forth in the Fee Letter. 

“Spread To Maturity” has the meaning set forth in the Collateral Valuation Schedule. 

“Stated Maturity” means, with respect to any security, the maturity date specified in such security or applicable
underlying instrument, and, with respect to the Notes, the Maturity Date. 
 “Statutory Reserves” mean a
fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including

  
 Annex I-22

 
any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the FRS Board and any other banking authority, domestic or foreign, to which the Administrative
Agent or any Lender (including any branch, Affiliate or other fronting office making or holding a Loan) is subject for Eurocurrency Liabilities (as defined in Regulation D of the FRS Board). Eurodollar Loans shall be deemed to constitute
Eurocurrency Liabilities (as defined in Regulation D of the FRS Board) and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under such
Regulation D. Statutory Reserves shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 
 “Sub-Advisory Agreement” means the Investment Sub-Advisory Agreement dated as of March 18, 2011 between CNL and KKR. 

“Subsidiary” means at any time, with respect to any Person (the “parent”), any corporation,
association, partnership or other business entity (a) of which securities or other ownership interests representing more than 50% of the ordinary voting power to elect the board of directors, general partner or comparable body of such
corporation, association, partnership or other business entity or, in the case of a partnership, ownership interests representing more than 50% of the interests of such partnership (irrespective of whether at the time securities or other ownership
interests of any other class or classes of such corporation, association, partnership or other business entity shall or might have voting power solely upon the occurrence of any contingency) are, at such time owned directly or indirectly by the
parent, by one or more Subsidiaries of the parent or by the parent and one or more Subsidiaries of the parent and (b) which is also required at such time under GAAP to be consolidated with the parent. 

“Super-Collateralization Event” has the meaning set forth in the Collateral Valuation Schedule. 

“Super-Collateralization Percentage” has the meaning set forth in the Collateral Valuation Schedule. 

“Swap Transaction” has the meaning set forth in the Collateral Valuation Schedule. 

“Taxes” has the meaning set forth in Section 3.06 (Net Payments; Taxes). 

“Transaction Documents” means this Agreement, the other Credit Documents, the Management Agreement, the LLC Agreement
and any other agreement, instrument or document executed and delivered by the Borrower in connection with the foregoing. 

  
 Annex I-23

 “UCC” means, with respect to any jurisdiction, the Uniform Commercial Code
as from time to time in effect in such jurisdiction. 
 “Uncertificated Security” has the meaning set forth in
Section 8-102(a)(18) of the UCC. 
 “United States” or “U.S.” means the United States of
America, its 50 States, the District of Columbia, Guam, Saipan, the U.S. Virgin Islands and the Commonwealth of Puerto Rico. 
 “U.S. Lender” has the meaning set forth in Section 3.06 (Net Payments; Taxes). 
 “Unpaid Amount” means, as of any date and without duplication, an amount equal to the Administrative Agent’s or any Lender’s, as the case may be, good faith estimate of the
aggregate amount of accrued and unpaid (a) fees and expenses (including indemnities that are due) of the Borrower, including any Administrative Expenses and (b) interest and other Obligations of the Borrower hereunder (which, for purposes
of this definition, excludes the aggregate outstanding principal amount of the Loans that is not then due and payable). Any such amounts not payable in Dollars shall be converted into Dollars by the Administrative Agent at the then current spot
rate. 
 “Unused Amount” means, as of any day, the excess of (x) the Maximum Commitment over (y) the
aggregate principal amount of Loans outstanding on such day (including Loans made on such day). 
 “Welfare
Plan” means a “welfare plan,” as such term is defined in Section 3(l) of ERISA. 
 “Zero Coupon
Security” means any Fund Investment that at the time of purchase does not by its terms provide for the payment of cash interest; provided that if, after such purchase, such Fund Investment provides for the payment of cash interest it
shall cease to be a Zero Coupon Security. 

  
 Annex I-24

 ANNEX II 
 COLLATERAL VALUATION SCHEDULE 
 Capitalized terms used but not otherwise defined
in this Schedule shall have the respective meanings set forth in the Credit Agreement to which this Schedule is attached. In accordance with Section 6.02(q) of the Credit Agreement, the Borrower shall not purchase any investment other than Fund
Investments. 
 SECTION 1. Calculation of Advance Amount; Description of Overcollateralization Test 

(a) “Advance Amount” means, as of any date of determination under the Overcollateralization Test (as described in this
Section 1), (a) the sum for all Eligible Investments of the product of (i) the Market Value (determined as described in Section 4 below) of such Eligible Investment (determined as described in Section 2 below) and
(ii) one minus the Margin Requirement for such Eligible Investment minus (b) the Unpaid Amount as of such date. 
 “Base Margin Requirement” means, as of any date of determination and prior to the occurrence and continuation of a Net Asset Value Floor Event, (a) with respect to any Cash or Cash
Equivalent, the percentage specified in Annex II-A-1, (b) with respect to any Bank Loan, the percentage specified in Annex II-B-1, determined based upon the Spread To Maturity, Outstanding Facility Size and Number of Pricing
Sources for such Bank Loan, and (c) with respect to any Corporate Bond Security, the percentage specified in Annex II-C-1, determined based upon the Spread to Maturity and Maturity for each Corporate Bond Security. 

“Additional Margin Requirement” means, as of any date of determination and prior to the occurrence and continuation of a
Net Asset Value Floor Event, with respect to each Fund Investment, the sum of each of the following (where applicable): 
 (i)
in the case of a Bank Loan that has a Principal Balance greater than $5 million, the percentage specified in Annex II-B-2, determined based upon the Principal Balance, Outstanding Facility Size and Number of Pricing Sources for such Bank
Loan; 
 (ii) the greater of (A) or (B), where (A) and (B) are as follows: 

(A) in the case of Bank Loans and Corporate Bond Securities of a single Obligor that have an aggregate Market Value which exceeds 5%, but
is no greater than 50%, of the aggregate Market Value of 

  
 Annex II-1

 
all Eligible Investments, the percentage specified in Annex II-B-3, determined based upon such Bank Loan’s Market Value; and 

(B) in the case of a Bank Loan that has an Obligor Industry (when summing up the industry concentration across the entire portfolio)
whereby the aggregate Market Value of all Eligible Investments that have been categorized with such Approved Industry exceeds 15% of the aggregate Market Value of all Eligible Investments, the percentage specified in Annex II-B-4, determined
based upon the aggregate Market Value of all Eligible Investments categorized with such Approved Industry; 
 provided
that for the avoidance of doubt, all Additional Margin Requirements, except for the Additional Margin Requirement described in this paragraph (ii), shall be independently measured and, in the event that more than one of paragraphs
(i) through (xii) herein apply to any Fund Investment, the Additional Margin Requirement for such Fund Investment shall be the sum of each applicable Additional Margin Requirement. 

(iii) in the case of a Bank Loan that has a Principal Balance greater than 5%, but no greater than 50%, of the Outstanding Facility Size
for such Bank Loan, the percentage specified in Annex II-B-5, determined based upon the Principal Balance of such Bank Loan; 
 (iv) in the case of a Covenant-Lite Loan or a PIK Loan, if the aggregate Market Value of all such Covenant-Lite Loans and PIK Loans exceeds 10%, but is no greater than 50%, of the aggregate Market Value
of all Eligible Investments, the percentage specified in Annex II-B-6, determined based upon the aggregate Market Value of all such Covenant-Lite Loans; 
 (v) in the case of a Bank Loan which includes Second Lien Loans, if the aggregate Market Value of all such Second Lien Loans exceeds 10%, but is no greater than 33%, of the aggregate Market Value of all
Eligible Investments, the percentage specified in Annex II-B-7, determined based upon the aggregate Market Value of all such Second Lien Loans; 
 (vi) in the case of Bank Loans that are Acceptable Two Source Loans or for which the Outstanding Facility Size is greater than or equal to $75,000,000 and less than $150,000,000, the percentage specified
in Annex II-B-8 determined based upon the Market Value of all such Bank Loans; 

  
 Annex II-2

 (vii) in the case of a Bank Loan having a Duration of five years or more, the percentage
specified in Annex II-B-9, determined based upon such Bank Loan’s Duration and Spread to Maturity; 
 (viii) in the
case of each Corporate Bond Security which has a Credit Spread greater than 20.00% and a maturity less than one year, the percentage specified in Annex II-C-2, determined based upon such Corporate Bond Security’s Market Value; 

(ix) in the case of each Corporate Bond Security which has an issue size less than $200,000,000, the percentage specified in Annex
II-C-3, determined based upon such Corporate Bond Security’s Market Value; 
 (x) in the case of a Corporate Bond Security
that has a Principal Balance greater than 5%, but no greater than 50%, of the Outstanding Facility Size for such Corporate Bond Security, the percentage specified in Annex II-C-4, determined based upon the Principal Balance of such Corporate Bond
Security; 
 (xi) in the case of Corporate Bond Securities and Bank Loans of a single Obligor that have an aggregate Market
Value which exceeds 5%, but is no greater than 50%, of the aggregate Market Value of all Eligible Investments, the percentage specified in Annex II-C-5, determined based upon such Corporate Bond Security’s Market Value; and 

(xii) in the case of a Corporate Bond Security that has been categorized with an Obligor Sector (when summing up the sector concentration
across the entire portfolio) whereby the aggregate Market Value of all Eligible Investments that have been categorized with such Approved Sector exceeds 25% of the aggregate Market Value of all Eligible Investments, the percentage specified in
Annex II-C-6, determined based upon the aggregate Market Value of all Eligible Investments categorized with such Approved Sector; provided that the percentage applicable, under this paragraph (xi), to any Corporate Bond Security to
which a non-zero percentage under paragraph (x) above has also been applied, shall be 0%; 
 provided that for the
first thirty (30) days following the Closing Date, in the case of any Fund Investment, the Additional Margin Requirement shall be 10% for such thirty (30) day period. 

“Margin Requirement” means, for the purposes of determining the Overcollateralization Test, with respect to each
Eligible Investment, as of any date of determination, the lesser of (1) 100% and (2) the product of (x) the sum of (a) the Base Margin Requirement and (b) the Additional Margin Requirement for such Fund Investment and
(y) the Super-Collateralization Percentage as of such date; provided that with respect to Revolving Loans (excluding Fully Pre-funded 

  
 Annex II-3

 
Revolving Loans) and Delayed Drawdown Loans (excluding the funded portions of Funded Delayed Drawdown Loans) that the Administrative Agent has agreed in writing are not Excluded Investments, the
percentage specified in writing by the Administrative Agent (which may be in the form of an email). 

“Overcollateralization Test” means a test that is satisfied as of any Business Day if (a) the sum, as of such
Business Day, of (i) the outstanding principal amount of Senior Indebtedness and (ii) solely with respect to a determination of the Overcollateralization Test under Section 6.02(k) (Payment of Management Fees), the Minimum
Overcollateralization Amount, is less than or equal to (b) the Advance Amount calculated as of such Business Day. 
 (b)
Upon the occurrence and continuation of a Net Asset Value Floor Event, the Administrative Agent may at any time and from time to time modify the Base Margin Requirements and the Additional Margin Requirements specified in the Annexes to the
Collateral Valuation Schedule in its sole and absolute discretion. 
 SECTION 2. Determination of Fund Investments
Constituting Eligible Investments. 
 “Eligible Investments” means, at any date, all Fund Investments in
the Collateral on such date other than Excluded Investments. 
 “Excluded Investments” means (without
duplication): 
 (i) Fund Investments to the extent that they (a) are not subject to a perfected security interest in favor
of the Administrative Agent or (b) are subject to any Liens (other than Permitted Liens) or (c) have been acquired other than in compliance with the Collateral Transaction Procedures (or, in each case, applicable written waiver thereof by
the Administrative Agent); 
 (ii) Excess Fund Investments; 

(iii) Fund Investments denominated in any currency other than Dollars; 

(iv) Bank Loans and Corporate Bond Securities which have a Market Value in excess of 50% of the aggregate Market Value of all Eligible
Investments; 
 (v) Bank Loans and Corporate Bond Securities which have a Principal Balance greater than 50% of the Outstanding
Facility Size for such Bank Loan or Corporate Bond Securities; 
 (vi) in the case where the aggregate Market Value of all
Covenant-Lite Loans is in excess of 50% of the aggregate Market Value of all Eligible 

  
 Annex II-4

 
Investments, then the portion of such Covenant-Lite Loans that exceeds 50% of the aggregate Market Value of all Eligible Investments; 

(vii) Bank Loans for which, on any date of determination, the Number of Pricing Sources is equal to one or zero, unless the
Administrative Agent or an Affiliate of the Administrative Agent makes an active market in such Bank Loans; 
 (viii) any Bank
Loan where (a) the Number of Pricing Sources equals two and (b) such Bank Loan is not an Acceptable Two Source Loan; 

(ix) Fund Investments which have an Obligor Country that does not fall within the definition of Designated Country; 

(x) Fund Investments which have an Obligor that is not an operating company; 

(xi) Fund Investments which have an Obligor that derives a majority of its revenue from emerging market countries; 

(xii) Bank Loans that are purchased at a price below 45% of par; 

(xiii) all Subordinated Loans; 
 (xiv) all Bridge Loans; 
 (xv) Corporate Bond Securities that are purchased at a
price below 30% of par; 
 (xvi) subordinated Corporate Bond Securities which have a Market Value in excess of 20% of the
aggregate Market Value of all Eligible Investments; 
 (xvii) all Lender Affiliate Securities; 

(xviii) Fund Investments in amounts less than the minimum transfer increments or minimum holding increments thereof; 

(xix) unless otherwise agreed to in writing by the Administrative Agent (which may be in the form of an email), Revolving Loans and
Delayed Drawdown Loans; provided that (a) the funded portion (which may be 100%) of any Funded Delayed Drawdown Loan and (b) Fully Pre-funded Revolving Loans (including Revolving Loans where the commitments to make additional loans
have been reduced to zero), shall not be Excluded Investments; 
 (xx) Synthetic Letters of Credit for which the applicable
administrative agent is not an Approved Bank; 

  
 Annex II-5

 (xxi) Cash and Cash Equivalents on deposit in the Revolving Loan Collateral Sub-account;

 (xxii) Cash and Cash Equivalents included in the cash reserve specified in Section 6.02(k)(ii) (Payment of Management
Fees); 
 (xxiii) Any Excluded Security; 
 (xxiv) Any Convertible Security; and 
 (xxv) any investment not included in the
definition of “Fund Investments” unless the Administrative Agent has expressly consented in writing to treating such investment as a Fund Investment and communicated a Margin Requirement for such financial asset, in writing to the Borrower
and the Manager. 
 SECTION 3. Application of Portfolio Limitations. 

“Portfolio Limitations” means, as of any date of determination (determined without duplication): 

(i) the aggregate Market Value of Second Lien Loans may not exceed 33% of the aggregate Market Value of all Eligible Investments;

 (ii) the aggregate Market Value of all Corporate Bond Securities with (a) a Spread To Maturity in excess of 20% and
(b) a Margin Requirement less than 100%, may not exceed 20% of the aggregate Market Value of all Eligible Investments; 

(iii) the aggregate Market Value of all Bank Loans that are Revolving Loans or Delayed Drawdown Loans may not exceed 15% of the aggregate
Market Value of all Eligible Investments; and 
 (iv) at least 65% of all Fund Investments must have an Obligor that is
domiciled in the United States of America. 
 The Administrative Agent shall have sole and absolute discretion at all times to
determine which Fund Investments (or portion of any Fund Investment) will be considered Eligible Investments and which will be considered Excess Fund Investments, when determining compliance with the Overcollateralization Test. 

Notwithstanding the foregoing, under no circumstances shall any Cash, Cash Equivalent or U.S. Government Securities be excluded from
Eligible Investments based upon the Portfolio Limitations set forth above. 

  
 Annex II-6

 SECTION 4. Determination of the Market Value of Fund Investments. (i) The
Borrower shall on each Interest Reset Date and (ii) the Administrative Agent may at any time and from time to time calculate the Market Value of each Fund Investment as set forth in the definition of “Market Value” below. 

“Market Value” means 
 (a) with respect to Cash, the current balance thereof; 
 (b) with respect to any
Cash Equivalents, the current balance or aggregate net asset value thereof, as applicable; and 
 (c) with respect to any Fund
Investment (other than Cash and Cash Equivalents) at any date, an amount determined by the Borrower or the Administrative Agent, as applicable, that is not in excess of the product of (x) the Market Value Price for each unit of such Fund
Investment on such date (and, with respect to any Corporate Bond Securities which have an amortizing principal amount, the then current factor related thereto, if applicable) and (y) the number of units of such Fund Investment held by the
Borrower; provided that for any (A) Fully Pre-funded Revolving Loan, the number of units shall be the maximum commitment of the Borrower in respect of such Fully Pre-funded Revolving Loan (whether drawn or undrawn at such time),
(B) Funded Delayed Drawdown Loan, the number of units shall be considered to exclude the Maximum Unfunded Amount (if any) of such Funded Delayed Drawdown Loan and (C) Synthetic Letter of Credit, the number of units shall be the pre-funded
amount thereof. 
 For purposes of the definition of Market Value, accrued interest on any interest-bearing Fund Investment
shall be excluded in the determination of Market Value by the party making such determination. 
 “Market Value
Price” means, at any date: 
 (A) with respect to any Bank Loan: 

(1) the lower of: 
 (a) the bid indication sourced from the Deutsche Bank trading desk; and 
 (b) for each Approved Pricing Service, the average bid indication reported by such Approved Pricing Service; or 
 (2) if no such price is available pursuant to clause (A)(1) above, or if the Administrative Agent reasonably believes that such price is not indicative of the secondary market value of such Bank Loan, the
price 

  
 Annex II-7

 
determined by the Administrative Agent in its commercially reasonable discretion; the Administrative Agent may, but is not obliged to, take into consideration other traded debt of the Obligor, or
if the Obligor has no other traded debt, traded debt of similarly rated Obligors in the same industry, in both cases, using generally accepted cash flow valuation methods; and 
 (B) with respect to any other Fund Investment: 
 (1) the bid price
for such Fund Investment, as reported in the official price dissemination mechanism for the relevant exchange on which such Fund Investment is listed; or 
 (2) if such Fund Investment is not listed on an exchange or if the Administrative Agent, in its commercially reasonable discretion, determines that such price is unavailable (whether due to illiquidity,
disruption or otherwise), the price determined by the Administrative Agent in its commercially reasonable discretion, in good faith and in accordance with standard industry practice; the Administrative Agent may, but is not obliged to, take into
consideration other traded debt of the Obligor, or if the Obligor has no other traded debt, traded debt of similarly rated Obligors in the same industry, in both cases, using generally accepted cash flow valuation methods. 

The Borrower will have until 5:00 p.m. (New York time) on the date on which it receives the Administrative Agent’s calculation of
the Market Value of any Fund Investment to notify the Administrative Agent of any disagreement regarding such calculation and it must provide an actionable bid from an Approved Bank for the relevant Fund Investment no later than 12:00 noon on the
next Business Day. Any such bid shall be averaged with any bids obtained by the Administrative Agent from an Approved Bank on such next Business Day and prior to such time and the Administrative Agent shall determine the Market Value based on such
average; provided that if the Borrower and the Administrative Agent provide bids from the same pricing source, the Administrative Agent shall disregard the higher of the two price quotes; provided further that the pricing source for
each actionable bid obtained by the Borrower and/or the Administrative Agent must (i) regularly and continuously provide actionable quotes on the Fund Investment then in dispute in a bid size equal to or greater than the aggregate amount of
such Fund Investments held by the Borrower on the date on which the such actionable bid is submitted and (ii) not be subject to a material risk of insolvency or bankruptcy filing as determined by the Administrative Agent in its commercially
reasonable discretion; provided that for purposes hereof if the end-of-day trading price of a five year credit default swap protection on the Approved Bank is greater than 350 basis points but less than or

  
 Annex II-8

 
equal to 400 basis points for each of the 10 consecutive days immediately prior to the trade date, such Approved Bank shall be deemed to be subject to a material risk of insolvency or bankruptcy
filing; provided further that for purposes hereof if the prevailing ask price for a five year credit default swap protection on the Approved Bank is greater than 400 basis points at any time, including, for the avoidance of doubt, the
prevailing intraday ask price, such Approved Bank shall be deemed to be subject to a material risk of insolvency or bankruptcy filing. Any such dispute, notice or bid shall have no effect on the Administrative Agent’s original calculation of
the Market Value of such Fund Investment (which calculation shall be binding on the Borrower absent the written agreement of the Administrative Agent) until the Administrative Agent has calculated the Market Value based on the average bids.

 SECTION 5. Definitions. For purposes of this Schedule, the following terms have the following meanings: 

“Acceptable Two Source Loan” means any Bank Loan (i) for which the Number of Pricing Sources equals two
(2) and (ii) where the lead arranger or the administrative agent for such Bank Loan is an Approved Bank. 

“Approved Bank” means each entity listed in Schedule 4; provided that for each such entity the
Administrative Agent determines in its reasonable business discretion that such entity is not subject to a material risk of insolvency. 
 “Approved Bond Dealers” means each of dealers as set forth in Schedule 8 as revised by the Required Lenders from time to time. 

“Approved Industry” means a single industry category that is listed in Schedule 6 or any other industry category
designated by the Borrower in writing and approved by the Required Lenders in their reasonable discretion. 
 “Approved
Pricing Service” means a pricing or quotation service set forth in Schedule 7 (or any successor to any such listed pricing service) or any other pricing or quotation service designated by the Borrower in writing and approved by the
Required Lenders in their reasonable discretion. 
 “Approved Sector” means a single sector category that is
listed in Schedule 6 or any other industry category designated by the Borrower in writing and approved by the Required Lenders in their reasonable discretion. 
 “Approved Selling Institution” means each entity listed in Schedule 5; provided that for each such entity the Administrative Agent determines in its reasonable business
discretion that such entity is not subject to a material risk of insolvency. 

  
 Annex II-9

 “Asset-Backed Security” means any fixed income security that is
(a) backed by and paid primarily from the proceeds (or payments or proceeds of a disposition) of Eligible Assets, and (b) issued in a transaction structured to (i) isolate the security and the Eligible Assets backing the security from
the credit risk of the sponsor of the transaction and (ii) result in the creditworthiness of such security being primarily dependent upon (A) the creditworthiness of the Eligible Assets backing such security and (B) any credit support
provided with respect to the creditworthiness of such Eligible Assets; provided, however, that in no event shall an “Asset-Backed Security” include any of the following: (a) a security issued to provide
debtor-in-possession financing, (b) a CDO Security or (c) a Structured Product Transaction. 
 “Bank
Loans” means direct purchases of, assignments of and other interests in (a) any bank loan or (b) any loan made by an investment bank, investment fund or other financial institution; provided that such loan under this clause
(b) is similar to those typically made, syndicated, purchased or participated by a commercial bank or institutional loan investor in the ordinary course of business. For the avoidance of doubt, “Bank Loans” shall include any
Participation Interest in a Bank Loan. 
 “Bridge Loan” means any short-term Bank Loan, other than a PIK Loan,
that provides the borrower with an interim source of financing until the borrower secures permanent financing, removes an existing obligation or is otherwise able to repay the bridge loan. 

“Cash” means any immediately available funds in Dollars (including amounts held in the Custodial Account or on deposit
with the Custodian pursuant to “sweep” arrangements linked to the Custodial Account). 
 “Cash
Equivalents” means investments (other than Cash) that are one or more of the following obligations or Corporate Bond Securities: 
 (i) U.S. Government Securities; or 
 (ii) Money Market Funds; 

provided that in each case, as at the date such investment is purchased by the Borrower, the Maturity of such investment is less than 2 years.

 “CDO Securities” means any Corporate Bond Securities issued by a special purpose vehicle that entitle the
holders thereof to receive payments that depend primarily on cash flow from, or proceeds upon the sale of, a pool of bank loans or high yield securities. 

  
 Annex II-10

 “Convertible Security” means a security that is convertible into or
exchangeable for Equity Securities. 
 “Corporate Bond Securities” means corporate bonds and other corporate
debt securities, but not including Bank Loans, Non-Credit Risk Securities, Convertible Securities, Structured Finance Obligations or any security, note or other structure to the extent that the same provides synthetic exposure to the relevant
corporate credit. 
 “Covenant-Lite Loans” means any Bank Loan that either (i) does not contain any
financial covenants or (ii) requires the borrower to comply with an Incurrence Covenant but no Maintenance Covenant. 

“Credit Spread” means, with respect to any Corporate Bond Security, the difference between the yield to maturity (based
on the price and coupon for such Corporate Bond Security) for such Corporate Bond Security and the interpolated yield curve for US. Treasury Securities, as reasonably determined by the Administrative Agent. 

“Delayed Drawdown Loan” means a Fund Investment (including letter of credit facilities, unfunded commitments under
specific facilities and other similar loans and investments) that pursuant to its terms may require one or more future advances to be made to the Obligor by the Borrower, which may not permit the re-borrowing of any amount previously repaid;
provided that any such Fund Investment shall be considered a “Delayed Drawdown Loan” only until all commitments to make advances to the Obligor expire or are terminated or reduced to zero. 

“Designated Country” means (i) each of Australia, Canada, the United Kingdom, France, Germany, Belgium, the
Netherlands, Sweden, Switzerland and the United States of America and (ii) each other country identified by the Borrower from time to time and confirmed in writing as acceptable by the Administrative Agent. 

“Duration” means the expected duration of any Bank Loan, as determined by DBNY in its commercially reasonable
discretion. 
 “Eligible Assets” means financial assets, either fixed or revolving, that by their terms convert
into cash within a finite time period plus any rights or other assets designed to assure the servicing or timely distribution of proceeds to security holders. 
 “Excess Fund Investments” means any Fund Investments or portion thereof having a Market Value in excess of the percentages set forth in the

  
 Annex II-11

 
definition of Portfolio Limitations (in each case determined using the most recent Market Value for the applicable Fund Investments). 

“FT Interactive Data” means the price/quotation reporting service provided by the Interactive Data Corporation or any
successor service thereto as determined by Administrative Agent. 
 “Fully Pre-funded Revolving Loan” means a
fully pre-funded Revolving Loan for which (1) the pre-funded amount has been deposited with the applicable administrative agent and (2) the applicable administrative agent is an Approved Bank. 

“Funded Delayed Drawdown Loan” means a Delayed Drawdown Loan for which a portion (which may be 100%) has been funded.

 “Fund Investments” means all Cash, Cash Equivalents, Bank Loans and Corporate Bond Securities owned by the
Borrower, together with any other financial asset that the Administrative Agent has expressly agreed to in writing may be included as a “Fund Investment”. After the Closing Date, Fund Investments which the Borrower has contracted to
purchase shall be deemed for purposes of the Credit Agreement to be owned by the Borrower (i) in the event that (a) the selling institution is an Approved Selling Institution or (b) if the selling institution is not an Approved
Selling Institution, (1) the aggregate Market Value of all transactions for which the Borrower has entered into a binding commitment to purchase the relevant investment but for which closing has not occurred is 10% or less of the current Market
Value of all the Fund Investments and (2) not more than 50% of the aggregate Market Value of such transactions is with a single selling institution, from the date (the “Trade Date”) the Borrower enters into a binding commitment
for such purchase (each a “Trade Date Fund Investment”) and (ii) otherwise, only from the date of settlement of such purchase, and Fund Investments which the Borrower has contracted to sell shall cease to be Fund Investments
for purposes of the Credit Agreement from the date the Borrower enters into a binding commitment for such sale. Notwithstanding the foregoing and for the avoidance of doubt, (i) to the extent the source of funding for the unpaid purchase price
of a Trade Date Fund Investment is a Fund Investment, such Fund Investment’s Margin Requirement shall on the Trade Date be immediately increased to 100% and (ii) to the extent the source of funding for the unpaid purchase price of a Trade
Date Fund Investment is a loan to be made pursuant to this Agreement, such loan shall be deemed to have been made as of the Trade Date for purposes of the Overcollateralization Test. For the avoidance of doubt, “Fund Investments” shall not
include Trade Claims. 
 “Incurrence Covenant” means a covenant by the Obligor under a Bank Loan to comply with
one or more financial covenants only upon the occurrence of 

  
 Annex II-12

 
certain actions of the borrower including, but not limited to, a debt issuance, dividend payment, share purchase, merger, acquisition or divestiture. 

“Maintenance Covenant” means a covenant by the Obligor under a Bank Loan to comply with one or more financial covenants
that test for either a cash component (interest coverage ratio, fixed charge ratio, etc) or a leverage covenant (net debt ratio, total debt ratio, etc) during each reporting period regardless of whether or not the borrower has taken any specific
action. 
 “Maturity” means, for each Fund Investment, the number of years (which may be expressed as a
fraction) from the date of such determination to the scheduled maturity date of such Fund Investment. 
 “Maximum Number
of Price Indications” means, on each Business Day, the greater of the Number of Price Indications for each Approved Pricing Service on such date. 
 “Maximum Unfunded Amount” means, as of any date of determination with respect to any Revolving Loan or Delayed Drawdown Loan, the maximum amount of Cash that the Borrower is committed to
advance in respect thereof that is undrawn as of such date of determination. 
 “Minimum Overcollateralization
Amount” means, as of any date of determination, an amount equal to the greater of (a) 5% of the aggregate Market Value of all Eligible Investments on such date and (b) $5,000,000. 

“Money Market Funds” means investments in money market funds, which satisfy the conditions set forth in Rule 2a-7 of the
Investment Company Act of 1940. 
 “Net Asset Value Floor Event” means, as of any date of determination, the
Net Asset Value of the Manager on such day declines below the Net Asset Value Floor. 
 “Non-Credit Risk
Security” means a security with respect to which an institutional money manager would evaluate its value primarily by reference to factors other than (a) the coupon (or the coupon as adjusted for any purchase discount or premium) in
relation to prevailing market yields, (b) the credit worthiness of the issuing entity or (c) the adequacy of the underlying financial assets supporting such security to ensure the repayment of the security according to its terms (which
adequacy may be measured by a credit analysis of the likelihood of the obligors of such underlying assets to pay according to the terms of such underlying assets or an analysis of the sufficiency of the income streams thereon to meet the payment
terms of the security). 

  
 Annex II-13

 “Number of Price Indications” means, on each Business Day, with respect to
each Approved Pricing Service, the number of bid indications reported as being used to calculate the average bid indication reported by such Approved Pricing Service on such Business Day. 

“Number of Pricing Sources” means, as of any date of determination, (i) for each Bank Loan, the arithmetic average,
over the five Business Days immediately preceding such date of determination, of the Maximum Number of Price Indications on such Business Day, and (ii) for Corporate Bond Securities, the number of unique daily bid-side quotations that the
Administrative Agent receives directly from the list of Approved Bond Dealers, except that (x) if the Administrative Agent believes in its sole discretion that quotations reported on FT Interactive Data or TRACE is duplicative of another
quoting dealer, then that quote will be excluded from the calculation, and (y) if any of the quoting dealers’ 5 Year Ask CDS Spread is greater than 350 basis points, then their quotes will also be excluded from the analysis. On each date
of determination, the Number of Pricing Sources shall be rounded up to the nearest whole number. 
 If DBNY is the source of one
of the price indications for Bank Loans or is the source of one of the bid-side daily quotations for Corporate Bond Securities and (i) there is only one other price indication or quotation, as applicable, then the Number of Pricing Sources will
count as 3 instead of 2, or (ii) there is no other price indication or quotation, as applicable, then the Number of Pricing Sources will count as two instead of one, provided that the Administrative Agent can change the margin requirement for
these positions in its sole discretion upon 8 business days notice to the Borrower. 
 “Obligor Country” means,
for any Fund Investment, the country from which the Obligor derives the majority of its revenue and assets, as determined by the Administrative Agent in its reasonable business judgment. 

“Obligor Industry” means, for any Fund Investment, the industry from which the Obligor derives the majority of its
revenue and assets, as determined by the Administrative Agent in its reasonable business judgment. 
 “Obligor
Sector” means, for any Fund Investment, the sector from which the Obligor derives the majority of its revenue and assets, as determined by the Administrative Agent in its reasonable business judgment. 

“Outstanding Facility Size” means, on any date of determination, (i) with respect to any Bank Loan, the then
aggregate outstanding principal amount of such Bank Loan and (ii) with respect to any Corporate Bond Security, the then outstanding notional amount in issuance of such Corporate Bond Security, each as determined in the reasonable business
judgment of the Administrative Agent. For 

  
 Annex II-14

 
purposes of the definition of “Outstanding Facility Size,” if a facility for Bank Loans or for the issuance of Corporate Bond Securities offers different tranches or issuances, then
each such tranche or issuance shall be deemed to be a separate Bank Loan or Corporate Bond Security; provided that an add-on of any existing tranche shall be deemed to be the same Bank Loan as the existing tranche with similar terms.

 “PIK Loan” means any bonds, securities or credit facilities that, by their contractual terms, permit the
Obligor to pay all or a portion of its regularly scheduled interest payments or dividends in kind. 
 “Principal
Balance” means, at any time, with respect to any Fund Investment, the outstanding principal amount of such Fund Investment, including with respect to any Revolving Loans or Delayed Drawdown Loans, the Maximum Unfunded Amount thereunder.

 “Revolving Loan” means any Fund Investment (other than a Delayed Drawdown Loan), including revolving loans,
funded and unfunded portions of revolving credit lines and letter of credit facilities, unfunded commitments under specific facilities and other similar loans and investments, that by its terms may require one or more future advances to be made to
the Obligor by the Borrower; provided that any such Fund Investment will be considered a “Revolving Loan” only until all commitments to make advances to the Obligor expire or are terminated or irrevocably reduced to zero.

 “Second Lien Loan” means a secured Bank Loan that, at the time of its purchase by the Borrower, (a) is
secured solely by intangible assets or (b) has collateral (i) that is also pledged to secure an obligation senior to such Bank Loan or (ii) with a value (determined by the Administrative Agent in its reasonable judgment) that is less
than the sum of the outstanding principal amount of such Bank Loan and the outstanding principal amount of all other indebtedness secured by such collateral that is prior to or pari passu with such Bank Loan’s claim with respect to such
collateral. 
 “Senior Indebtedness” means all Senior Lender Indebtedness together with any other obligations
of the Borrower that have a Lien in any Collateral ranked senior to, or pari passu with, the Administrative Agent’s Lien or that ranks senior in right of payment to the Senior Lender Indebtedness (whether by operation of Law or agreement of the
Administrative Agent). 
 “Senior Secured Loan” means a Bank Loan that (a) is not (and by its terms is not
permitted to become) subordinate in right of payment to any other obligation of the Obligor thereof and (b)(i) is secured by a valid first priority perfected security interest or lien on specified collateral securing such Obligor’s

  
 Annex II-15

 
obligations thereunder, (ii) in the Administrative Agent’s reasonable judgment (at the time of the relevant trade), the value of such collateral at the time of its acquisition is not
less than the outstanding principal balance of such Bank Loan plus the aggregate outstanding principal balances of all other loans of equal seniority secured by a pari passu lien or security interest in such collateral and (iii) such Bank Loan
is not secured solely or primarily by the common stock of, or other equity interests in, such Obligor or any of its Affiliates; or solely by intangible assets. 
 “Spread To Maturity” means, for any Fund Investment, the zero discount margin, expressed as a percentage, as calculated by the Administrative Agent, in its reasonable business discretion,
by using the Z-DM field of the YA screen of Bloomberg (incorporating the effects of all terms of such Fund Investment, including any “LIBOR floors”); provided that in the event that the Administrative Agent, in its reasonable
business determination, does not believe that such calculation methodology provides an accurate reflection of the “Spread To Maturity” for such Fund Investment, then the “Spread To Maturity” for such Fund Investment will be as
calculated by the Administrative Agent in a commercially reasonable manner, at its sole and absolute discretion. 

“Structured Finance Obligations” means (a) Asset-Backed Securities, (b) CDO Securities and (c) Structured
Product Transactions. 
 “Structured Product Transaction” means (a) any Swap Transaction between the
Borrower and a counterparty pursuant to which (i) the counterparty is entitled to receive from the Borrower an amount equal to (A) periodic payments based on the notional amount of such transaction for the term thereof at a specified rate
(which may be fixed or floating) or (B) the decrease over the term of such transaction in the market value of a designated pool of more than one Bank Loan, Corporate Bond Security or other asset or any combination of the foregoing; and
(ii) the counterparty is obligated to make payment to the Borrower in an amount equal to (A) the interest, fees and other cash flows paid on such designated pool of Bank Loans, Corporate Bond Securities or other assets for the term of such
transaction or (B) the increase over the term of such transaction in the market value of such designated pool of Bank Loans, Corporate Bond Securities or other assets or (iii) the counterparty and the issuer agree to pay a net amount
calculated by reference to (i) and (ii) above; (b) any transaction commonly referred to as a “total return swap” involving more than one asset; and (c) any transaction that is substantially similar to the transactions
described in clauses (a) and (b) above. 
 “Subordinated Loan” means any Bank Loan, other than a PIK
Loan, that is not a Senior Secured Loan or a Second Lien Loan. 

  
 Annex II-16

 “Super-Collateralization Event” means the occurrence of any of the
following events or conditions: 
 (i) a Key Person Event; 

(ii) a Manager Removal Event; 
 (iii) an event specified in Section 7.01(j) (Bankruptcy, Insolvency, etc.) with respect to KKR or CNL; 
 (iv)(A) KKR is removed, replaced, terminated or resigns as sub-advisor pursuant to the Sub-Advisory Agreement (including as a result of termination of the Sub-Advisory Agreement) or otherwise ceases for
any reason to act as sub-advisor in respect of or to be the exclusive provider of investment advisory services, directly or indirectly, in connection with this Agreement or (B) CNL is removed, replaced, terminated or resigns as adviser pursuant
to the Investment Advisory Agreement between CCT and CNL, dated March 18, 2011 (as amended); or 
 (v) an event specified
in Section 7.01(m) (Manager and Equity Owner Events), Section 7.01(n)(ii) (Net Asset Value), Section 7.01(p) (Anti-Terrorism and Anti-Money Laundering Events) or Section 7.01(q) (Regulatory Events).

 “Super-Collateralization Percentage” means: 

(i) prior to the occurrence of a Super-Collateralization Event, 100%; 

(ii) from and including the date a Super-Collateralization Event occurs to but excluding the eighth (8th) Business Day thereafter,
105%; 
 (iii) from and including the eighth (8th) Business Day following such Super-Collateralization Event to but
excluding the 17th Business Day thereafter, 110%; 
 (iv) from and including the 17th Business Day following such
Super-Collateralization Event to but excluding the 26th Business Day thereafter, 115%; 
 (v) from and including the 26th
Business Day following such Super-Collateralization Event to but excluding the 35th Business Day thereafter, 120%; and 
 (vi)
from and including the 35th Business Day following such Super-Collateralization Event to and including the Commitment Termination Date, 125%. 

  
 Annex II-17

 “Swap Transaction” means: (i) any rate, basis, commodity, currency,
debt, credit or equity swap; (ii) any put, cap, collar or floor agreement; (iii) any rate, basis, commodity, currency, debt, credit or equity futures or forward agreement; (iv) any rate, basis, commodity, currency, debt, credit or
equity option representing an obligation to buy or sell a security, commodity, currency, debt, credit or equity; and (v) any other similar agreement; provided that “Swap Transaction” shall not include any transaction in which
the Borrower has satisfied in full all of its payment and delivery obligations thereunder and has no future payment or delivery obligations, whether absolute or contingent, thereunder. 

“Synthetic Letter of Credit” means any letter of credit facility that requires a lender party thereto to pre-fund in
full its obligations thereunder; provided that any such lender shall (a) have no further funding obligation thereunder and (b) have a right to be reimbursed or repaid by the borrower its pro rata share of any draws on a letter of
credit issued thereunder. 
 “TRACE” means the Trade Reporting and Compliance Engine developed by the Financial
Industry Regulatory Authority (“FINRA”) or any successor service thereto as determined by Lender. 
 “Trade
Claims” means all trade payables (all “accounts” and “chattel paper” as such terms are used in §§ 9-102(a)(2) and 9-102(a)(11), respectively, of the UCC) and trade claims (i.e., secured and unsecured
obligations incurred in connection with the acquisition of goods or services, including participations therein). 

“U.S. Government Securities” means securities that are direct obligations of, or fully guaranteed by, the United States
of America or any agency or instrumentality of the United States of America the obligations of which are backed by the full faith and credit of the United States of America and in the form of conventional bills, bonds and notes. For the avoidance of
doubt, all “U.S. Government Securities” will be required to fall within the meaning of Section 2(a)(16) of the Investment Company Act of 1940. In no event shall U.S. Government Securities include: (i) any security providing for
the payment of interest only, (ii) any Swap Transaction or (iii) any obligation on which all or any portion of the payments thereunder is based, directly or indirectly, on any Swap Transaction. 

  
 Annex II-18

 Annex II-A-1 
 Base Margin Requirement – Cash and Cash Equivalents 
  

					
	 Fund Investment
	  	Base Margin Requirement	 
	 Cash
	  	 	[    	]*% 
	 Cash Equivalents
	  	 	[    	]*% 

  

	*	CONFIDENTIAL TREATMENT REQUEST - Confidential portion has been omitted and filed separately with the Commission. 

  
 19 

 Annex II-B-1 
 Base Margin Requirement – Bank Loans 
  

																					
	 	  	Greater than or equal to
$400 million	 	 	Greater than or equal to
$150 million and less than
$400 million	 	 	Greater than or equal to
$75 million and less than
$150
million	 
	 Spread To Maturity
	  	Greater than 5	 	 	2, 3, 4 or 5	 	 	Greater than 5	 	 	2, 3, 4 or 5	 	 	Greater than 2	 
	 Less than or equal to 2.50%
	  	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 
	 Greater than 2.50% and less than or equal to 6.00%
	  	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 
	 Greater than 6.00% and less than or equal to 9.00%
	  	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 
	 Greater than 9.00% and less than or equal to 12.00%
	  	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 
	 Greater than 12.00% and less than or equal to 15.00%
	  	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 
	 Greater than 15.00% and less than or equal to 18.00%
	  	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 
	 Greater than 18.00% and less than or equal to 20.00%
	  	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 	 	 	TBA	  
	 Greater than 20.00%
	  	 	TBA	  	 	 	TBA	  	 	 	TBA	  	 	 	TBA	  	 	 	TBA	  

 “TBA” means as advised to the Manager/Borrower, in writing, by the Lender on a case by
case basis and, until so advised, [            ]*%. 
  

	*	CONFIDENTIAL TREATMENT REQUEST - Confidential portion has been omitted and filed separately with the Commission. 

  
 20 

 Annex II-B-2 
 Additional Margin Requirement – Bank Loans 
  

																									
	 	  	Outstanding Facility Size	 
	 	  	Greater than or equal to
$400 million	 	 	Less than $400 million	 
	 	  	Number of Approved Sources	 
	 Principal Balance
	  	Greater than 7	 	 	5, 6 or 7	 	 	2, 3 or 4	 	 	Greater than 7	 	 	5, 6 or 7	 	 	2, 3 or 4	 
	 Greater than $5 million and less than or equal to $10 million
	  	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 
	 Greater than $10 million and less than or equal to $15 million
	  	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 
	 Greater than $15 million and less than or equal to $20 million
	  	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 
	 Greater than $20 million and less than or equal to $30 million
	  	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 
	 Greater than $30 million and less than or equal to $40 million
	  	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 	 	 	TBA	  
	 Greater than $40 million and less than or
	  				 				 				 				 				 			

  

	*	CONFIDENTIAL TREATMENT REQUEST - Confidential portion has been omitted and filed separately with the Commission. 

  
 21 

																							
	 equal to $50 million
	  	 	[    ]*%	  	  	 	[    ]*%	  	  	 	[    ]*%	  	  	 	[    ]*%	  	  	 	[    ]*%	  	  	TBA
	 Greater than $50 million and less than or equal to $150 million
	  	 	[    ]*%	  	  	 	[    ]*%	  	  	 	TBA	  	  	 	[    ]*%	  	  	 	TBA	  	  	TBA
	 Greater than $150 million
	  	 	TBA	  	  	 	TBA	  	  	 	TBA	  	  	 	TBA	  	  	 	TBA	  	  	TBA

 “TBA” means as advised, in writing, by the Lender on a case by case basis, and until so
advised, [    ]*%. 
  

	*	CONFIDENTIAL TREATMENT REQUEST - Confidential portion has been omitted and filed separately with the Commission. 

  
 22 

 Annex II-B-3 
 Additional Margin Requirement – Bank Loans 
  

					
	 Aggregate Market Value for such Bank Loans and
Corporate
 Bond Securities of a single Obligor as a percentage of the

aggregate Market Value for all Eligible Investments
	  	Additional Margin
Requirement	 
	 Greater than 5% and less than or equal to 15%
	  	 	[    	]*% 
	 Greater than 15% and less than or equal to 50%
	  	 	[    	]*% 
	 Greater than 50%
	  	 	[    	]*% 

  

	*	CONFIDENTIAL TREATMENT REQUEST - Confidential portion has been omitted and filed separately with the Commission. 

  
 23 

 Annex II-B-4 
 Additional Margin Requirement – Bank Loans 
  

					
	 Aggregate Market Value for all Bank Loans with such
Obligor
 Industry (when summing up the industry concentration across

the entire portfolio) as a percentage of the aggregate Market
 Value for all Eligible Investments
	  	Additional Margin
Requirement	 
	 Greater than 15% and less than or equal to 25%
	  	 	[    	]*% 
	 Greater than 25% and less than or equal to 50%
	  	 	[    	]*% 
	 Greater than 50%
	  	 	[    	]*% 

  

	*	CONFIDENTIAL TREATMENT REQUEST - Confidential portion has been omitted and filed separately with the Commission. 

  
 24 

 Annex II-B-5 
 Additional Margin Requirement – Bank Loans 
  

					
	 Par Value for such Bank Loan as a percentage of
the
 Outstanding Facility Size
	  	Additional Margin
Requirement	 
	 Greater than 5% and less than or equal to 10%
	  	 	[    	]*% 
	 Greater than 10% and less than or equal to 25%
	  	 	[    	]*% 
	 Greater than 25% and less than or equal to 50%
	  	 	[    	]*% 
	 Greater than 50%
	  	 	[    	]*% 

  

	*	CONFIDENTIAL TREATMENT REQUEST - Confidential portion has been omitted and filed separately with the Commission. 

  
 25 

 Annex II-B-6 
 Additional Margin Requirement – Bank Loans 
  

					
	 Aggregate Market Value for all Covenant-Lite Loans
and
 PIK Loans as a percentage of the aggregate Market Value of

all Eligible Investments
	  	Additional Margin
Requirement	 
	 Greater than 10% and less than or equal to 15%
	  	 	[    	]*% 
	 Greater than 15% and less than or equal to 20%
	  	 	[    	]*% 
	 Greater than 20% and less than or equal to 25%
	  	 	[    	]*% 
	 Greater than 25% and less than or equal to 50%
	  	 	[    	]*% 
	 Greater than 50%
	  	 	[    	]*% 

  

	*	CONFIDENTIAL TREATMENT REQUEST - Confidential portion has been omitted and filed separately with the Commission. 

  
 26 

 Annex II-B-7 
 Additional Margin Requirement – Bank Loans 
  

					
	 Aggregate Market Value of all Second Lien Loans as
a
 Percentage of the Aggregate Market Value of all Eligible

Investments
	  	Additional Margin
Requirement	 
	 Greater than 10% and less than or equal to 15%
	  	 	[    	]*% 
	 Greater than 15% and less than or equal to 33%
	  	 	[    	]*% 
	 Greater than 33%
	  	 	[    	]*% 

  

	*	CONFIDENTIAL TREATMENT REQUEST - Confidential portion has been omitted and filed separately with the Commission. 

  
 27 

 Annex II-B-8 
 Additional Margin Requirement – Bank Loans 
  

					
	 Bank Loans that are Acceptable Two Source Loans or
for
 which the Outstanding Facility Size is greater than or equal to

$75 million and less than $150 million
	  	Additional Margin
Requirement	 
	If the aggregate Market Value of Bank Loans that are Acceptable Two Source Loans or for which the Outstanding Facility Size is greater than or equal to $75 million and less than
$150 million is less than or equal to 25% of the aggregate Market Value of all Eligible Investments	  	 	[    ]*%	  
	If the aggregate Market Value of Bank Loans that are Acceptable Two Source Loans or for which the Outstanding Facility Size is greater than or equal to $75 million and less than
$150 million is greater than 25% of the aggregate Market Value of all Eligible Investments	  	 	[    ]*%	  

 Approved Banks: Bank of America/Merrill Lynch, Barclays, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank,
Goldman Sachs, JP Morgan, Morgan Stanley, Royal Bank of Scotland, and UBS. 
  

	*	CONFIDENTIAL TREATMENT REQUEST - Confidential portion has been omitted and filed separately with the Commission. 

  
 28 

 Annex II-B-9 
 Additional Margin Requirement – Bank Loans 
  

							
	 Duration
	  	Spread to Maturity	 	Additional
Margin
Requirement	 
	 Less than 5 years
	  	All spreads	 	 	[    	]*% 
	 Equal to or greater than 5 years and less than or equal to 6 years
	  	Less than or equal
to 10.00%	 	 	[    	]*% 
	 Equal to or greater than 5 years and less than or equal to 6 years
	  	Greater than
10.00%	 	 	[    	]*% 
	 Greater than 6 years
	  	All spreads	 	 	[    	]*% 

  

	*CONFIDENTIAL	TREATMENT REQUEST - Confidential portion has been omitted and filed separately with the Commission. 

  
 29 

 Annex II-C-1 
 Base Margin Requirement – Corporate Bond Securities 
  

																					
	  	  	Maturity	 
	 Spread To Maturity
	  	Equal to 3 years	 	 	Equal to 5 years	 	 	Equal to 12 years	 	 	Equal to 17 years	 	 	Equal to 30 years	 
	 Equal to 0.50%
	  	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 
	 Equal to 1.25%
	  	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 
	 Equal to 4.00%
	  	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 
	 Equal to 6.00%
	  	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 
	 Equal to 9.00%
	  	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 
	 Equal to 12.00%
	  	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 
	 Less or Equal to 20.00%
	  	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 	 	 	[    	]*% 

 * Base margin rates in the following tables depend on both the Credit Spread of the corporate bond
(vertical axis) and the maturity of the corporate bond (horizontal axis). The base rates are bi-linearly interpolated within the table boundaries. For bonds with maturity less than 3 years, maturity greater than 30 years, or Credit Spread less than
50, the base rate is given by extending the boundary values of the table. 
  

	*	CONFIDENTIAL TREATMENT REQUEST - Confidential portion has been omitted and filed separately with the Commission. 

  
 30 

 Annex II-C-2 
 Base Margin Requirement – Corporate Bond Securities 
  

					
	 Bond Price (Credit Spread Larger than 20.00%,
Maturity
 Less than 1 year)
	  	Margin Rate	 
	 Larger than 75
	  	 	[    	]*% 
	 Equal to or larger than 60 and less or equal to 75
	  	 	[    	]*% 
	 Less than 60
	  	 	[    	]*% 

 * Corporate Bond Securities with Credit Spreads greater than 20% will only be financed up to 20% of the
aggregate Market Value of all Eligible Investments. 
  

	*	CONFIDENTIAL TREATMENT REQUEST - Confidential portion has been omitted and filed separately with the Commission. 

  
 31 

 Annex II-C-3 
 Additional Margin Requirement – Corporate Bond Securities 
  

					
	 Issue Size
	  	Additional Margin
Requirement	 
	 Less than $200 Million
	  	 	[    	]*% 

  

	*	CONFIDENTIAL TREATMENT REQUEST - Confidential portion has been omitted and filed separately with the Commission. 

  
 32 

 Annex II-C-4 
 Additional Margin Requirement – Corporate Bond Securities 
  

					
	 Par Value for such Corporate Bond Securities as a
percentage
 of the Outstanding Facility Size
	  	Additional Margin
Requirement	 
	 Greater than 5% and less than or equal to 10%
	  	 	[    	]*% 
	 Greater than 10% and less than or equal to 25%
	  	 	[    	]*% 
	 Greater than 25% and less than or equal to 50%
	  	 	[    	]*% 
	 Greater than 50%
	  	 	[    	]*% 

  

	*	CONFIDENTIAL TREATMENT REQUEST - Confidential portion has been omitted and filed separately with the Commission. 

  
 33 

 Annex II-C-5 
 Additional Margin Requirement – Corporate Bond Securities 
  

					
	 Aggregate Market Value for such Corporate Bond
Securities
 and Bank Loans of a single Obligor as a percentage of the

aggregate Market Value for all Eligible Investments
	  	Additional Margin
Requirement	 
	 Greater than 5% and less than or equal to 25%
	  	 	[    	]*% 
	 Greater than 25% and less than or equal to 50%
	  	 	[    	]*% 
	 Greater than 50%
	  	 	[    	]*% 

  

	*	CONFIDENTIAL TREATMENT REQUEST - Confidential portion has been omitted and filed separately with the Commission. 

  
 34 

 Annex II-C-6 
 Additional Margin Requirement – Corporate Bond Securities 
  

					
	 Aggregate Market Value for all Corporate Bond
Securities
 with such Obligor Sector (when summing up the sector

concentration across the entire portfolio) as a percentage of the

aggregate Market Value for all Eligible Investments
	  	Additional Margin
Requirement	 
	 Greater than 25% and less than or equal to 50%
	  	 	[    	]*% 
	 Greater than 50%
	  	 	[    	]*% 

  

	*	CONFIDENTIAL TREATMENT REQUEST - Confidential portion has been omitted and filed separately with the Commission. 

  
 35 

 Annex III 
 COLLATERAL TRANSACTION PROCEDURES 
 The following procedures are required to be followed
(a) in connection with the purchase or sale of a Bank Loan or Corporate Bond Security to qualify as a “Fund Investment” and (b) to satisfy the negative covenant set forth in Section 6.02(a) of the Credit Agreement that the
Borrower not to enter into any purchase or sale with respect to any Fund Investment other than in compliance with the then applicable Collateral Transaction Procedures. Capitalized terms used but not otherwise defined herein shall have the
respective meanings set forth in the Credit Agreement or the Collateral Valuation Schedule. 
  

	I.	Trade Approval Process 

(a) The Borrower may request a trade (a “Trade”) of a Fund Investment by sending the proposed trade details, including
the credit description, price, quantity, trade date, par/distressed, counterparty, counterparty contact details, delayed compensation and any other non-standard terms (a “Trade Request”), as applicable, by email to the
Administrative Agent (with a copy to the Custodian). 
 (b) If a Trade Request is received by the Administrative Agent by 4:30
p.m. (New York time) on any Business Day, the Administrative Agent shall be required to consent to such Trade by 5:30 p.m. (New York time) on such Business Day (such consent not to be withheld or delayed if prior to and immediately following such
Trade no Default or Event of Default shall have occurred). Any Trade Request received by the Administrative Agent after 4:30 p.m. (New York time) shall be deemed to have been received by the Administrative Agent on the following Business Day.

 (c) If the Administrative Agent approves a Trade: 

(i) the Borrower shall send the related trade ticket (the “Trade Ticket”) by email to the Custodian (with
a copy to the Administrative Agent); and 
 (ii) the Borrower shall negotiate and prepare all applicable
documentation relating to the Trade with the counterparty, including the related purchase and sale, assignment and transfer agreements (as applicable) and a funding memo (the “Assignment Documentation”) and obtain any necessary
approvals from the Obligor or administrative or other agent relating to such Trade (the “Agent”). 

  
 Annex III-1

 (d) The Borrower shall send drafts of such Assignment Documentation to the Custodian (with a
copy to the Administrative Agent), which the Custodian shall approve or reject based on (i) a comparison with the related Trade Ticket and (ii) the availability of funds (whether on deposit in the Custodial Account or availability under
the Commitment). 
 (e) Prior to the settlement date of any Trade, the Borrower shall provide the Administrative Agent (with a
copy to the Custodian) with: 
 (i) acknowledgments of all filings or recordations necessary to perfect its Liens
in the relevant Fund Investment, as well as UCC and Lien searches, as applicable, and other evidence reasonably satisfactory to the Administrative Agent that the only Liens on the Borrower’s interest in the Fund Investment are Permitted Liens;

 (ii) evidence that all applicable consents and approvals (including of the Agent or Obligor for such Bank
Loan) have been obtained by the Borrower); 
 (iii) evidence that (a) where the Borrower is the buyer or
purchaser of a distressed Bank Loan, the Borrower has received any relevant upstream documentation and (b) where the Borrower is the buyer or purchaser of any Bank Loan, the seller of such Bank Loan is the lender of record with respect to such
Bank Loan; 
 (iv) reasonably satisfactory evidence that the Borrower has instructed an Obligor under the
relevant Fund Investment to make all payments relating thereto to the Custodial Account and the Borrower shall otherwise cause all proceeds relating to any sale of such Fund Investment to be deposited into the Custodial Account; and 

(v) the contact details of the Agent for any proposed Bank Loan, so as to permit the Administrative Agent (or the
Custodian) to verify the Borrower’s position. 
  

	II.	Trade Closing and Settlement Process 

 (a) Unless otherwise agreed to in writing by the Administrative Agent, all Trades relating to Bank Loans shall be settled on: 

(i) if a shift date has not occurred with respect to a Bank Loan (as evidenced by a poll published by LSTA or otherwise),
LSTA par documentation; and 

  
 Annex III-2

 (ii) if a shift date has occurred with respect to a Bank Loan (as evidenced
by a poll published by LSTA or otherwise), LSTA distressed documentation. 
 (b) Unless otherwise agreed to in writing by the
Administrative Agent, the Borrower shall not make any step-up representations in connection with the settlement of the sale of any Bank Loan. 
 (c) Cash in the amount specified in the Assignment Documentation may not be paid by the Borrower in connection with its purchase of a Fund Investment (other than a Bank Loan) unless at such time the
Administrative Agent shall have received evidence reasonably satisfactory to it that all such Assignment Documentation has been executed and delivered to the Borrower and the Custodian. 

(d) If a Bank Loan is traded as a distressed loan, then, prior to closing any such Trade, the Administrative Agent shall have completed
an independent verification of the Assignment Documentation with the Agent for the relevant Bank Loan. 
 (e) If the Agent of a
proposed Bank Loan is not an Approved Bank, then, prior to closing the related Trade, the Administrative Agent shall have completed its “know your customer” and similar counterparty due diligence with respect to such Agent. 

(f) Unless the seller of a Bank Loan is an Approved Selling Institution, the Borrower shall not deliver Cash to such seller until the
Assignment Documentation is fully executed and delivered to the Borrower and the Custodian. 
 (g) The Borrower shall not,
absent notice to and prior written consent of the Administrative Agent, execute any “big boy” letters in connection with any purchase or sale of any Fund Investments. 

  
 Annex III-3

 EXHIBIT A 
 BORROWING REQUEST 
 This Borrowing Request is delivered pursuant to the
Credit Agreement dated as of August 22, 2011 (as amended, the “Credit Agreement”) between CCT Funding LLC, as borrower, and Deutsche Bank AG, New York Branch, as lender. Terms used herein and not defined have the meanings
assigned to them in the Credit Agreement. 
 Pursuant to Section 4.02(b) of the Credit Agreement, the Borrower hereby
irrevocably commits to a Borrowing from the Lender on the following terms: 
 1. Amount of
Borrowing:                 $                    .

 The proceeds of the Borrowing are to be credited to the Custodial Account (Account No: KK11B1.1), maintained at the office of
Deutsche Bank Trust Company Americas. 
 2. Date of
Borrowing:                                 ,
201    . 
 The Borrower certifies that on and as of the date of the proposed Borrowing specified
above and before and after giving effect to the proposed Borrowing: 
 (a) the representations and warranties set forth in
Article 5 of the Credit Agreement are and will be true and correct in all material respects with the same effect as if then made (unless stated to relate solely to an earlier date, in which case such representations and warranties are and will be
true and correct in all material respects as of such earlier date); 
 (b) all representations and warranties set forth in each
of the Credit Documents are and will be true and correct in all material respects with the same effect as if then made (unless stated to relate solely to an earlier date, in which case such representations and warranties are and will be true and
correct in all material respects as of such earlier date); 
 (c) no Default or Event of Default is continuing; 

(d) the Overcollateralization Test is and will be satisfied; 
 (e) the aggregate principal amount of all Loans outstanding does not and will not exceed the lesser of (i) the Maximum Commitment and (ii) the Maximum Advance Amount at such time; and

 (f) all other conditions precedent to such Borrowing set forth in the Credit Agreement are and will be satisfied. 

 [Signatures begin on the next page] 

 
			
	CCT FUNDING LLC
		
	By:	 	CORPORATE CAPITAL TRUST, INC., its Designated Manager
		
	 By:  
	 	  

		 	Name:
		 	Title:

 [Signature Page to Borrowing Request] 

 EXHIBIT B 
 NOTE 

[            ], 201[    ] 

FOR VALUE RECEIVED, the undersigned (the “Borrower”), hereby promises to pay to Deutsche Bank AG, New York Branch and its
successors and assigns (the “Lender”), in accordance with the provisions of the Credit Agreement (as defined below), the principal amount of each Loan from time to time made by the Lender to the Borrower under that certain Credit Agreement
dated as of August 22, 2011 (as hereafter amended from time to time, the “Credit Agreement;” the terms defined therein being used herein as therein defined) between the Borrower and the Lender. 

The Borrower promises to pay interest on the unpaid principal amount of each Loan from the date of such Loan until such principal amount
is paid in full, at such interest rates and at such times as provided in the Credit Agreement. The aggregate unpaid amount of all Loans recorded by the Lender on its books or set forth on the schedule attached hereto shall be rebuttable presumptive
evidence of the unpaid principal amount of this Note. All payments of principal and interest shall be made to the Lender in Dollars in immediately available funds at the Payment Office of the Lender. If any amount is not paid in full when due
hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the due date thereof until the date of actual payment (and before as well as after judgment) computed at the per annum rate set forth in the Credit Agreement.

 This Note is the Note referred to in the Credit Agreement, is entitled to the benefits thereof and may be prepaid in whole or
in part subject to the terms and conditions provided therein. Upon the occurrence of an Event of Default specified in the Credit Agreement, all amounts then remaining unpaid on this Note shall become, or may be declared to be, immediately due and
payable all as provided in the Credit Agreement. Loans made by the Lender shall be evidenced by one or more loan accounts or records maintained by the Lender in the ordinary course of business. The Lender may also attach schedules to this Note and
endorse thereon the date, amount and maturity of its Loans and payments with respect thereto. 
 The Borrower, for itself, its successors and
assigns, hereby waives diligence, presentment, protest and demand and notice of protest, demand, dishonor and non-payment of this Note. 
 [Signatures begin on the next page] 

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

			
	CCT FUNDING LLC
		
	By:	 	CORPORATE CAPITAL TRUST, INC., its Designated Manager
		
	 By:  
	 	  

		 	Name:
		 	Title:

 [Signature page to Note] 

 SCHEDULE 1 TO NOTE 
 LOANS AND PAYMENTS WITH RESPECT THERETO 
  

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

 EXHIBIT C 
 ASSIGNMENT AND ASSUMPTION 
 This Assignment and Assumption (this
“Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered into by and between the Assignor identified in item 1 below (the “Assignor”) and the Assignee identified in item 2 below
(the “Assignee”). Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (the “Credit Agreement”), receipt of a copy of which is hereby
acknowledged by the Assignee. The Standard Terms and Conditions set forth in Schedule 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full.

 For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby
irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date (i) all of the Assignor’s rights and obligations in its capacity as
a Lender under the Credit Agreement, the other Credit Documents and any other documents or instruments delivered pursuant thereto to the extent related to the amount of Loans identified below of all of such outstanding rights and obligations of the
Assignor under the Credit Agreement and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor in its capacity as a Lender against any Person, whether known or
unknown, arising under or in connection with the Credit Agreement, the other Credit Documents and any other documents or instruments delivered pursuant thereto or the Loans governed thereby or in any way based on or related to any of the foregoing,
including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and
obligations sold and assigned by the Assignor to the Assignee pursuant to clauses (i) and (ii) above being referred to herein collectively as the “Assigned Interest”). Each such sale and assignment is without recourse to
the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor. 
  

	1.	Assignor:                         
                        

  

	2.	Assignee:                         
                        

	3.	Credit Agreement:         Credit Agreement dated as of August 22, 2011 between CCT Funding LLC, as borrower, and
Deutsche Bank AG, New York Branch, as initial lender and administrative agent. 

  

	4.	Assigned Amount:                     $[     ]

 [Signatures begin on the next page] 

 Effective Date:             ,
201    1 

The terms set forth in this Assignment and Assumption are hereby agreed to: 

 

			
	ASSIGNOR
	
	 [NAME OF ASSIGNOR]
		
	  By:
	 	 
		 	Name:
		 	Title:
	
	ASSIGNEE
	
	 [NAME OF ASSIGNEE]
		
	  By:
	 	 
		 	Name:
		 	Title:

 [Signature page to Assignment and Assumption] 

 
 1 [Note: To be inserted by the Custodian, which shall be the
effective date of recordation of transfer in the register therefore] 

 SCHEDULE 1 TO ASSIGNMENT AND ASSUMPTION 

STANDARD TERMS AND CONDITIONS FOR 
 ASSIGNMENT AND ASSUMPTION 
 1. Representations and Warranties. 

1.1. Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest,
(ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to
consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Credit Document,
(ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Credit Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any
other Person obligated in respect of any Credit Document or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Credit Document.

 1.2. Assignee. The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all
action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets all the requirements to be an assignee under
Section 9.05(b) of the Credit Agreement (subject to such consents, if any, as may be required under Section 9.05(b) of the Credit Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit
Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by the Assigned
Interest and either it, or the Person exercising discretion in making its decision to acquire the Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the Credit Agreement, and has received or has
been accorded the opportunity to receive copies of the most recent financial statements of the Borrower delivered pursuant to Section 6.01(b) thereof, as applicable, and such other documents and information as it deems appropriate to make its
own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest, (vi) it has, independently and without reliance upon the Lender and based on such documents and information as it has deemed
appropriate, made its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest and (vii) if it is a Foreign Lender (as defined below), attached hereto is any documentation required to
be delivered by it 

 
pursuant to the terms of the Credit Agreement or otherwise reasonably requested by the Assignor or Borrower, duly completed and executed by the Assignee and (b) agrees that (i) it will,
independently and without reliance upon the Lender or the Assignor, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit
Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Credit Documents are required to be performed by it as a Lender. For purposes of this Assignment and Assumption,
“Foreign Lender” means a Lender that is organized under the laws of a jurisdiction other than the United States, where the United States, each State thereof and the District of Columbia shall be deemed to constitute a single
jurisdiction. 
 2. Payments. From and after the Effective Date, the Lender shall make all payments in respect of the
Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the Assignee for amounts which have accrued from and after the Effective
Date. 
 3. General Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the
parties hereto and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this
Assignment and Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of
New York. 

 EXHIBIT D 
 SECURITY AGREEMENT 
 [to be attached] 

 EXHIBIT E 
 CUSTODIAL AGREEMENT 
 [to be attached] 

 EXHIBIT F 
 BORROWER AND MANAGER OPINION 
 [to be attached] 

 EXHIBIT G 
 MANAGER LETTER 
 [LETTERHEAD OF CORPORATE CAPITAL TRUST, INC.] 

August 22, 2011 
 Deutsche
Bank AG, New York Branch 
 60 Wall Street 
 New York, NY 10005 
 Reference is made to (i) the Credit Agreement (the
“Credit Agreement”) dated as of August 22, 2011 between CCT Funding LLC, as borrower (the “Borrower”), Deutsche Bank AG, New York Branch, as administrative agent (in such capacity, the “Administrative
Agent”) and a lender, and such other lenders as may from time to time become a party thereto (collectively, the “Lenders”), and (ii) the Investment Management Agreement (the “Management Agreement”)
dated as of August 22, 2011 between the Borrower and Corporate Capital Trust, Inc. (the “Manager”). Terms used but not defined in this letter (this “Letter”) shall have the meanings assigned thereto in the
Credit Agreement. 
 The Manager hereby covenants to and agrees with the Administrative Agent and each of the Lenders that
(i) following the occurrence of a Default, an Event of Default or a Manager Removal Event, its right to payment of the Management Fees and all other amounts payable by the Borrower under the Management Agreement, including all expenses, costs
and indemnities, is subordinate and junior to the payment in full of all Administrative Expenses, all payments due to the Administrative Agent and the Lenders under the Credit Agreement, (ii) the Borrower shall defer payment of any Management
Fees to the extent that immediately following such payment the Overcollateralization Test would not be satisfied or a Default or Event of Default under the Credit Agreement would occur; however, the Borrower shall pay such amounts when sufficient
funds are available to make such payment so long as, and to the extent that, immediately following such payment, the Overcollateralization Test would be satisfied and no Default or Event of Default would occur under the Credit Agreement,
(iii) in the event that, notwithstanding the provisions of the Credit Agreement and this Letter, it or any other Person receives payment of Management Fees or other amounts payable under the Management Agreement, contrary to the provisions of
the Credit Agreement and this Letter, then, unless and until all amounts payable (and all reserves to be set aside) pursuant to Section 6.02(k) of the Credit Agreement have been paid (or set aside) in full, such payment shall be received and
held in trust for the benefit of, and shall forthwith 

 
be paid over and delivered to, the Administrative Agent, for the ratable benefit of the Lenders, and (iv) neither it nor any other Person shall demand, accept or receive any payment of
Management Fees or other amounts payable under the Management Agreement, in violation of the Credit Agreement. 
 The Manager
further covenants and agrees to indemnify the Administrative Agent, each of the Lenders and their respective officers, directors, employees, representatives and agents from and hold each of them harmless against any and all losses, liabilities,
claims, damages or expenses incurred by any of them as a result of, or arising out of, or in any way related to, or by reason of, any breach by the Manager of a representation, warranty or covenant contained in this Letter or in any Credit Document,
but excluding any such losses, liabilities, claims, damages or expenses to the extent incurred primarily by reason of the gross negligence, fraud, bad faith or willful misconduct of any such indemnified person. To the extent that the undertaking to
indemnify, pay or hold harmless the Administrative Agent, each of the Lenders and their respective officers, directors, employees, representatives and agents set forth in the preceding sentence may be unenforceable because it is violative of any law
or public policy, the Manager shall make the maximum contribution to the payment and satisfaction of each of the indemnified liabilities which is permissible under applicable law. 

In addition, the Manager hereby represents and warrants to the Administrative Agent and the Lenders that: 

 

	i.	The Manager (a) is duly organized and validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization,
(b) elects to be treated as a Business Development Company under the Investment Company Act and (c) and has the full power, authority and legal right to enter into this Letter and the Management Agreement. 

 

	ii.	There is no pending or, to the best knowledge of the Manager, threatened litigation, arbitration, action, proceeding, order, investigation or claim, at law or in equity
or before or by any Governmental Authority affecting the Manager, or any of their properties, assets or revenues which could reasonably be expected to have a Material Adverse Effect. 

 

	iii.	Except as notified to the Administrative Agent in writing prior to the Closing Date, as of the Closing Date, the Manager is not in default under or with respect to
(a) any Contractual Obligation or (b) under any Law. 

  

	iv.	The Management Agreement is in full force and effect and no material default exists thereunder, the Manager is in compliance with all material listing requirements of
any exchange on which it is listed and no disciplinary action has been taken against the Manager by any such exchange. 

	v.	The Manager is authorized to act on behalf of the Borrower in connection with the delivery of Borrowing Requests and payment instructions and as otherwise authorized
under the terms of the Management Agreement. 

 This Letter may not be amended or waived or modified except by an
instrument in writing signed by each of the parties hereto. 
 THIS LETTER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK. 
 Delivery of an executed counterpart of a signature page of this Letter by .pdf
attachment to a transmission by electronic mail or by facsimile transmission shall each be effective as delivery of a manually executed counterpart of this Letter. 
 [Signatures begin on the next page] 

 
					
	Sincerely,	 	 
	
	CORPORATE CAPITAL TRUST, INC.,
    as Manager
			
	By:	 	  
	 	
		 	Name:	 	
		 	Title:	 	

 Acknowledged: 
  

					
	DEUTSCHE BANK AG, NEW YORK
BRANCH
			
	By:	 	  
	 	
		 	Name:	 	
		 	Title:	 	
			
	By:	 	  
	 	
		 	Name:	 	
		 	Title:	 	

 [Signature page to Manager Letter] 

 EXHIBIT H 
 EQUITY OWNER LETTER 
 [LETTERHEAD OF CORPORATE CAPITAL TRUST, INC.]

 August 22, 2011 

Deutsche Bank AG, New York Branch 
 60 Wall
Street 
 New York, NY 10005 
 Reference is made to (i) the Credit Agreement (the “Credit Agreement”) dated as of August 22, 2011 between CCT Funding LLC, as borrower (the “Borrower”),
Deutsche Bank AG, New York Branch, as administrative agent (in such capacity, the “Administrative Agent”) and a lender, and such other lenders as may from time to time become a party thereto (collectively, the
“Lenders”) and (ii) the Limited Liability Company Agreement of the Borrower (the “LLC Agreement”) dated as of August 22, 2011 among Corporate Capital Trust, Inc., as the sole equity member (the
“Equity Owner”) and the Independent Managers (as named and defined therein). Terms used but not defined in this letter (this “Letter”) shall have the meanings assigned thereto in the Credit Agreement. 

The Equity Owner hereby covenants and agrees to (a) pay all actual and reasonable out of pocket costs and expenses of the
Administrative Agent and each of the Lenders in connection with the negotiation, preparation, execution and delivery of the Credit Documents and the documents and instruments referred to therein [    ]* and
(b) indemnify the Administrative Agent, each of the Lenders and their respective officers, directors, employees, representatives and agents, from and hold each of them harmless against, any and all losses, liabilities, claims, damages or
expenses incurred by any of them as a result of, or arising out of, or in any way related to, or by reason of, any breach by the Equity Owner of a representation, warranty or covenant contained in this Letter or in any Credit Document to which the
Equity Owner is a party, but excluding any such losses, liabilities, claims, damages or expenses to the extent incurred primarily by reason of the gross negligence, fraud, bad faith or willful misconduct of any such indemnified person. To the extent
that the undertaking to indemnify, pay or hold harmless the Administrative Agent, each of the Lenders and their respective 
  

	*	CONFIDENTIAL TREATMENT REQUEST - Confidential portion has been omitted and filed separately with the Commission. 

 
officers, directors, employees, representatives and agents set forth in the preceding sentence may be unenforceable because it is violative of any law or public policy, the Equity Owner shall
make the maximum contribution to the payment and satisfaction of each of the indemnified liabilities which is permissible under applicable law. 
 In addition, the Equity Owner hereby represents and warrants to the Administrative Agent and the Lenders that: 
  

	i.	There is no pending or, to the best knowledge of the Equity Owner, threatened litigation, arbitration, action, proceeding, order, investigation or claim, at law or in
equity or before or by any Governmental Authority affecting the Borrower, or any of their properties, assets or revenues which could reasonably be expected to have a Material Adverse Effect. 

 

	ii.	None of the Borrower or any ERISA Affiliate maintains, contributes to (or is obligated to contribute to) or has any liability to any Pension Plan or Welfare Plan of the
Borrower or any ERISA Affiliate of the Borrower. None of the Borrower or any ERISA Affiliate of the Borrower has maintained or contributed to (or has been obligated to contribute to) any Pension Plan or Welfare Plan. 

 

	iii.	None of the assets of the Borrower constitute Plan Assets. 

  

	iv.	The formation of the Borrower, and the acquisition of Fund Investments contemplated by the Borrower, will not constitute a nonexempt prohibited transaction (as such
term is defined in Section 4975 of the Code or Section 406 of ERISA) that could subject DBTCA, the Administrative Agent or any Lender to any liability under ERISA. 

 

	v.	The Borrower shall do, and shall cause its ERISA Affiliates to do, or cause to be done, all things reasonably necessary to ensure that the Borrower will not be deemed
to hold Plan Assets at any time. Notwithstanding Section 6.02(d)) of the Credit Agreement, the Borrower shall refrain from making any Restricted Payment to the Equity Owner at any time that the Borrower gains knowledge that the Equity Owner has
failed to do all things reasonably necessary to ensure that it will not be deemed to hold Plan Assets at any time. 

  

	vi.	The Borrower will at no time be treated as a corporation for U.S. federal income tax purposes. 

 The Equity Owner further covenants and agrees that it shall not transfer, or cause the
Borrower to issue, any limited liability company interests of the Borrower to any other Person unless such other Person shall have executed and delivered to the Administrative Agent and the Lenders a letter substantially identical to this Letter.

 This Letter may not be amended or waived or modified except by an instrument in writing signed by each of the parties hereto.

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

Delivery of an executed counterpart of a signature page of this Letter by .pdf attachment to a transmission by electronic mail or by
facsimile transmission shall each be effective as delivery of a manually executed counterpart of this Letter. 
 [Signatures
begin on the next page] 

			
	Sincerely,
	
	CORPORATE CAPITAL TRUST, INC.,
    as Equity Owner
		
	 By:
	 	  

		 	Name:
		 	Title:

 Acknowledged: 
  

			
	 DEUTSCHE BANK AG, NEW YORK BRANCH

		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature page to Equity Owner Letter] 

 EXHIBIT I 
 CNL LETTER 
 [LETTERHEAD OF CNL Fund Advisors Company] 

August 22, 2011 
 Deutsche
Bank AG, New York Branch 
     as Administrative Agent and a Lender 
 60 Wall Street 
 New York, NY 10005 
 Each of the Lenders identified in the Credit 
     Agreement described below

 Reference is made to (i) the Credit Agreement (the “Credit Agreement”) dated as of August 22, 2011
between CCT Funding LLC, as borrower (the “Borrower”), and Deutsche Bank AG, New York Branch, as administrative agent (in such capacity, the “Administrative Agent”) and a lender, and such other lenders as may from
time to time become a party thereto (collectively, the “Lenders”), (ii) the Investment Advisory Agreement (the “Investment Advisory Agreement”), dated as of March 18, 2011 between CNL Fund Advisors
Company, a Florida corporation (“CNL”) and Corporate Capital Trust, Inc. (“CCT”) and (iii) the Administrative Services Agreement (the “Administrative Services Agreement”) dated as of
March 18, 2011 between CNL and CCT (together with the Investment Advisory Agreement, the “Investment Advisory Agreements”). Terms used but not defined in this letter (this “Letter”) shall have the meanings
assigned thereto in the Credit Agreement. 
 CNL covenants and agrees to indemnify the Administrative Agent, each of the Lenders
and their respective officers, directors, employees, representatives and agents from and hold each of them harmless against any and all losses, liabilities, claims, damages or expenses incurred by any of them as a result of, or arising out of, or in
any way related to, or by reason of, any breach by CNL of a representation, warranty or covenant contained in this Letter or in any Credit Document, but excluding any such losses, liabilities, claims, damages or expenses to the extent incurred
primarily by reason of the gross negligence, fraud, bad faith or willful misconduct of any such indemnified person. To the extent that the undertaking to indemnify, pay or hold harmless the Administrative Agent, each of the Lenders and their
respective officers, directors, employees, representatives and agents set forth in the preceding sentence may be unenforceable because it is violative of any law or public policy, CNL shall make the maximum contribution

 
to the payment and satisfaction of each of the indemnified liabilities which is permissible under applicable law. 
 In addition, CNL hereby represents and warrants to the Administrative Agent and the Lenders that: 
  

	i.	CNL (a) is duly organized and validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, (b) is not
required to register as an “investment company” under the Investment Company Act, (c) is an investment adviser under the Investment Advisers Act of 1940 and (d) and has the full power, authority and legal right to enter into this
Letter and the Investment Advisory Agreements. 

  

	ii.	There is no pending or, to the best knowledge of CNL, threatened litigation, arbitration, action, proceeding, order, investigation or claim, at law or in equity or
before or by any Governmental Authority affecting CNL, or any of their properties, assets or revenues which could reasonably be expected to have a Material Adverse Effect. 

 

	iii.	Except as notified to the Administrative Agent in writing prior to the Closing Date, as of the Closing Date, CNL is not in default under or with respect to (a) any
Contractual Obligation or (b) under any Law; 

  

	iv.	The Investment Advisory Agreements are in full force and effect and no material default exists thereunder, CNL is not listed on an exchange. 

 

	v.	The Sub-Advisory Agreement is in full force and effect and no material default on the part of CNL, and, to CNL’s knowledge, no material default on the part of KKR,
exists thereunder. 

 This Letter may not be amended or waived or modified except by an instrument in writing
signed by each of the parties hereto. 
 THIS LETTER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK. 
 Delivery of an executed counterpart of a signature page of this Letter by .pdf attachment to a
transmission by electronic mail or by facsimile transmission shall each be effective as delivery of a manually executed counterpart of this Letter. 
 [Signatures begin on the next page] 

					
	Sincerely,	 	  
		
	CNL FUND ADVISORS COMPANY	 	 
			
	By:	 	  
	 	
		 	Name:	 	
		 	Title:	 	

 Acknowledged: 
  

					
	DEUTSCHE BANK AG, NEW YORK
    BRANCH
			
	 By:
	 	  
	 	
		 	 Name:
	 	
		 	 Title:
	 	
			
	 By:
	 	  
	 	
		 	 Name:
	 	
		 	 Title:
	 	

 [Signature page to CNL Letter] 

 EXHIBIT J 
 COMPLIANCE CERTIFICATE 
 Financial Statement Date:
            , 201[    ] 
 To: Deutsche Bank AG, New York
Branch 
 Ladies and Gentlemen: 
 Reference is made to that certain Credit Agreement dated as of August 22, 2011 (as amended, the “Credit Agreement”; the terms defined therein being used herein as therein defined)
between CCT Funding LLC, as borrower, and Deutsche Bank AG, New York Branch, as initial lender and administrative agent. 
 The
undersigned hereby certifies as of the date hereof that he/she is a Responsible Officer of the Manager, and that, as such, he/she is authorized to execute and deliver this Compliance Certificate to the Lender on the behalf of the Manager, and that:

 1. The aggregate amount of Restricted Payments made during the fiscal quarter ended as of the above date was
$[            ]. 
 2. [No Default is continuing and no Event of
Default occurred on or prior to the date of this Compliance Certificate.] [A Default is continuing or Event of Default has occurred on or prior to the date of this Compliance Certificate and the following is a list of each such Default or Event of
Default, the details thereof and the actions to which the Borrower is taking or proposes to take with respect thereto: 

[            ].] 

[Signatures begin on the next page] 

 IN WITNESS WHEREOF, the undersigned has executed this Certificate as of
[            ], 201[    ]. 
  

					
	 CORPORATE CAPITAL TRUST, INC.,
as Manager
	 	
			
	By:	 	  
	 	
		 	Name:	 	
		 	Title:	 	

 [Signature page to Compliance Certificate] 

 EXHIBIT K 
 COMMITMENT TERMINATION NOTICE 
 [LETTERHEAD OF DEUTSCHE BANK AG, NEW YORK
BRANCH] 
 [            ], 201[    ] 

CCT Funding LLC 
 450 S. Orange Avenue

 Orlando, Florida 32801 
 Reference is made to the Credit Agreement dated as of August 22, 2011 (as amended, the “Credit Agreement”) between CCT Funding LLC, as borrower (“you”), and Deutsche
Bank AG, New York Branch, as initial lender and administrative agent (“us”). Terms used herein and not defined have the meanings assigned to them in the Credit Agreement. 

An Event of Default under Section 7.01([    ]1) of the Credit Agreement occurred on
[            ], 201[    ]. We hereby notify you that pursuant to Section 7.03 of the Credit Agreement, we have declared [a Commitment Termination Event] [the
outstanding principal amount of all outstanding Loans and all other Obligations are due and payable] as of the date hereof. As a result, the outstanding principal amount of all outstanding Loans and all other Obligations are immediately due and
payable by you and the Commitment is hereby terminated. 
 The fact that neither we nor any of our Affiliates have, as of the
date hereof, taken any other action or exercised any other rights or remedies under the Credit Agreement or any other Credit Document (including any right or remedy with respect to any Collateral) does not constitute a waiver of the Event of Default
referred to above or any other Event of Default or of any rights or remedies under the Credit Agreement or any other Credit Document. 
 [Signatures begin on the next page] 
  

	1 	 [Note: Insert relevant subsection of Section 7.01] 

 All rights and remedies available to us or any of our Affiliates under the Credit Agreement
or any other Credit Document are expressly reserved. 
  

			
	Sincerely,
	
	DEUTSCHE BANK AG, NEW YORK BRANCH
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature page to Commitment Termination Notice] 

 EXHIBIT L 
 LOAN CESSATION NOTICE 
 [LETTERHEAD OF DEUTSCHE BANK AG, NEW YORK BRANCH]

 [            ], 201[    ] 

CCT Funding LLC 
 450 S. Orange Avenue

 Orlando, Florida 32801 
 Reference is made to the Credit Agreement dated as of August 22, 2011 (as amended, the “Credit Agreement”) between CCT Funding LLC, as borrower (“you”), and Deutsche
Bank AG, New York Branch, as initial lender and administrative agent (“we” or “us”). Terms used herein and not defined have the meanings assigned to them in the Credit Agreement. 

An Event of Default under Section 7.01([    ]3) of the Credit Agreement occurred on
[        ], 201[    ]. We hereby notify you that pursuant to Section 7.03 of the Credit Agreement, we have elected to cease making additional Loans to you (without otherwise
terminating the Commitment) from and after the date hereof, until such further date as we may agree with you in writing. 
 The
fact that neither we nor any of our Affiliates have, as of the date hereof, taken any other action or exercised any other rights or remedies under the Credit Agreement or any other Credit Document (including any right or remedy with respect to any
Collateral) does not constitute a waiver of the Event of Default referred to above or any other Event of Default or of any rights or remedies under the Credit Agreement or any other Credit Document. 

[Signatures begin on the next page] 
  

 

	3 	 [Note: Insert relevant subsection of Section 7.01] 

 All rights and remedies available to us or any of our Affiliates under the Credit Agreement
or any other Credit Document are expressly reserved. 
  

			
	Sincerely,
	
	DEUTSCHE BANK AG, NEW YORK BRANCH
		
	 By:
	 	  

		 	Name:
		 	Title:
		
	 By:
	 	  

		 	Name:
		 	Title:

 [Signature page to Loan Cessation Notice] 

 SCHEDULE 1 
 LENDING OFFICES AND NOTICE DATA 
 BORROWER 

CCT Funding LLC 
 c/o Corporate Capital Trust

 450 S. Orange Avenue 
 Orlando, FL
32801 
 Attention: General Counsel 

Attention: Chief Financial Officer 
 Telephone:
(866) 745-3797 
 Facsimile: (407) 540-7653 
 Electronic Mail: paul.saint-pierre@cnl.com 
 LENDER 

Deutsche Bank AG, New York Branch 
 60 Wall
Street 
 New York, NY 10005 

Attention: Nick Bozzuto 
 Telephone:
(212) 250-6340 
 Facsimile: (646) 736-5571 
 Electronic Mail: nicholas.bozzuto@db.com 

 SCHEDULE 2 
 UCC-1 FILING JURISDICTIONS 
 Delaware 

 SCHEDULE 3 
 August 22, 2011 
 SCHEDULE OF FUND INVESTMENTS 

 

																									
	 Fund
Investment

type
	  	Obligor
(ticker)	  	Currency	  	Description	  	CUSIP
(or
other
security
identifier)	  	Principal
Balance
(as of
the
date
hereof)	  	Interest Rate
(including
benchmark rate
and coupon /
spread)	  	Stated
Maturity	  	Market
Value
Price	  	Approved
Industry	  	Outstanding
Facility Size	  	Spread To
Maturity	  	Number of
Pricing
Sources

 SCHEDULE 4 
 APPROVED BANKS 
 [    ]* 

 

	*CONFIDENTIAL	TREATMENT REQUEST - Confidential portion has been omitted and filed separately with the Commission. 

 SCHEDULE 5 
 APPROVED SELLING INSTITUTIONS 
 [    ]* 

 

	*CONFIDENTIAL	TREATMENT REQUEST - Confidential portion has been omitted and filed separately with the Commission. 

 SCHEDULE 6 
 APPROVED INDUSTRY AND SECTOR CATEGORIES 
 [    ]*

  

	*CONFIDENTIAL	TREATMENT REQUEST - Confidential portion has been omitted and filed separately with the Commission. 

 SCHEDULE 7 
 APPROVED PRICING SERVICES 
 [    ]* 

 

	*CONFIDENTIAL	TREATMENT REQUEST - Confidential portion has been omitted and filed separately with the Commission. 

 SCHEDULE 8 
 APPROVED BOND DEALERS 
 [    ]* 

 

	*CONFIDENTIAL	TREATMENT REQUEST - Confidential portion has been omitted and filed separately with the Commission.

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