Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
  

 
  

REVOLVING CREDIT AND SECURITY AGREEMENT 

among 
 BGSL BRECKENRIDGE FUNDING
LLC, 
 as Borrower, 
 THE
LENDERS FROM TIME TO TIME PARTIES HERETO, 
 BNP PARIBAS, 

as Administrative Agent, 

BLACKSTONE/GSO SECURED LENDING FUND, 

as Equityholder, 
 BLACKSTONE/GSO
SECURED LENDING FUND, as Servicer, 
 and 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Collateral Agent 
 Dated as of
December 21, 2018 
  
  

 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	ARTICLE I	  	 	 
		
	DEFINITIONS; RULES OF CONSTRUCTION; COMPUTATIONS	  	 	 
			
	 Section 1.01
	 	Definitions	  	 	1	 
	 Section 1.02
	 	Rules of Construction	  	 	48	 
	 Section 1.03
	 	Computation of Time Periods	  	 	49	 
	 Section 1.04
	 	Collateral Value Calculation Procedures	  	 	49	 
		
	ARTICLE II	  	 	 
		
	ADVANCES	  	 	 
			
	 Section 2.01
	 	Revolving Credit Facility	  	 	51	 
	 Section 2.02
	 	Requests for Collateral Loan Approval	  	 	51	 
	 Section 2.03
	 	Making of the Advances	  	 	53	 
	 Section 2.04
	 	Evidence of Indebtedness	  	 	54	 
	 Section 2.05
	 	Payment of Principal and Interest	  	 	54	 
	 Section 2.06
	 	Prepayment of Advances	  	 	55	 
	 Section 2.07
	 	Changes of Commitments	  	 	56	 
	 Section 2.08
	 	Maximum Lawful Rate	  	 	56	 
	 Section 2.09
	 	Several Obligations	  	 	57	 
	 Section 2.10
	 	Increased Costs	  	 	57	 
	 Section 2.11
	 	Compensation; Breakage Payments	  	 	58	 
	 Section 2.12
	 	Illegality; Inability to Determine Rates	  	 	59	 
	 Section 2.13
	 	Rescission or Return of Payment	  	 	59	 
	 Section 2.14
	 	Post-Default Interest	  	 	59	 
	 Section 2.15
	 	Payments Generally	  	 	59	 
	 Section 2.16
	 	Extension of Commitment Termination Date	  	 	60	 
	 Section 2.17
	 	Defaulting Lenders	  	 	60	 
	 Section 2.18
	 	LIBOR Discontinuation	  	 	62	 
		
	ARTICLE III	  	 	 
		
	CONDITIONS PRECEDENT	  	 	 
			
	 Section 3.01
	 	Conditions Precedent to Initial Advance	  	 	63	 
	 Section 3.02
	 	Conditions Precedent to Each Borrowing	  	 	65	 

  
 -i- 

							
	ARTICLE IV	  	 	 
		
	REPRESENTATIONS AND WARRANTIES	  	 	 
			
	 Section 4.01
	 	Representations and Warranties of the Borrower	  	 	66	 
	 Section 4.02
	 	Representations and Warranties of the Servicer	  	 	70	 
	 Section 4.03
	 	Representations and Warranties of the Equityholder	  	 	72	 
		
	ARTICLE V	  	 	 
		
	COVENANTS	  	 	 
			
	 Section 5.01
	 	Affirmative Covenants of the Borrower	  	 	74	 
	 Section 5.02
	 	Covenants of the Servicer	  	 	78	 
	 Section 5.03
	 	Negative Covenants of the Borrower	  	 	81	 
	 Section 5.04
	 	Covenants of the Equityholder	  	 	84	 
	 Section 5.05
	 	Certain Undertakings Relating to Separateness	  	 	85	 
		
	ARTICLE VI	  	 	 
		
	EVENTS OF DEFAULT	  	 	 
			
	 Section 6.01
	 	Events of Default	  	 	87	 
	 Section 6.02
	 	OC Ratio Posting Payments	  	 	90	 
		
	ARTICLE VII	  	 	 
		
	PLEDGE OF COLLATERAL; RIGHTS OF THE COLLATERAL AGENT	  	 	 
			
	 Section 7.01
	 	Grant of Security	  	 	90	 
	 Section 7.02
	 	Release of Security Interest	  	 	91	 
	 Section 7.03
	 	Rights and Remedies	  	 	92	 
	 Section 7.04
	 	Remedies Cumulative	  	 	95	 
	 Section 7.05
	 	Related Documents	  	 	95	 
	 Section 7.06
	 	Borrower Remains Liable	  	 	95	 
	 Section 7.07
	 	Protection of Collateral	  	 	95	 
		
	ARTICLE VIII	  	 	 
		
	ACCOUNTS, ACCOUNTINGS AND RELEASES	  	 	 
			
	 Section 8.01
	 	Collection of Money	  	 	96	 
	 Section 8.02
	 	Collateral Account and Collection Account	  	 	97	 
	 Section 8.03
	 	Payment Account	  	 	98	 
	 Section 8.04
	 	The Revolving Reserve Account; Fundings	  	 	98	 
	 Section 8.05
	 	[Reserved]	  	 	99	 

  
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	 Section 8.06
	 	Reinvestment of Funds in Covered Accounts; Reports by Collateral Agent	  	 	99	 
	 Section 8.07
	 	Accountings	  	 	100	 
	 Section 8.08
	 	Release of Collateral	  	 	101	 
	 Section 8.09
	 	Reports by Independent Accountants	  	 	102	 
		
	ARTICLE IX	  	 	 
		
	APPLICATION OF MONIES	  	 	 
			
	 Section 9.01
	 	Disbursements of Monies from Payment Account	  	 	103	 
		
	ARTICLE X	  	 	 
		
	SALE OF COLLATERAL LOANS;	  	 	 
	PURCHASE OF ADDITIONAL COLLATERAL LOANS	  	 	 
			
	 Section 10.01
	 	Sales of Collateral Loans	  	 	107	 
	 Section 10.02
	 	Purchase of Additional Collateral Loans	  	 	108	 
	 Section 10.03
	 	Conditions Applicable to All Sale and Purchase Transactions	  	 	109	 
	 Section 10.04
	 	Additional Equity Contributions	  	 	109	 
		
	ARTICLE XI	  	 	 
		
	ADMINISTRATION AND SERVICING OF CONTRACTS	  	 	 
			
	 Section 11.01
	 	Appointment and Designation of the Servicer	  	 	110	 
	 Section 11.02
	 	Duties of the Servicer	  	 	111	 
	 Section 11.03
	 	Authorization of the Servicer	  	 	113	 
	 Section 11.04
	 	Collection Efforts, Modification of Collateral	  	 	114	 
	 Section 11.05
	 	Servicer Compensation	  	 	114	 
	 Section 11.06
	 	The Servicer Not to Resign	  	 	114	 
		
	ARTICLE XII	  	 	 
		
	THE AGENTS	  	 	 
			
	 Section 12.01
	 	Authorization and Action	  	 	115	 
	 Section 12.02
	 	Delegation of Duties	  	 	116	 
	 Section 12.03
	 	Agents’ Reliance, Etc.	  	 	116	 
	 Section 12.04
	 	Indemnification	  	 	118	 
	 Section 12.05
	 	Successor Agents	  	 	119	 
	 Section 12.06
	 	The Collateral Agent	  	 	119	 

  
 -iii- 

							
	ARTICLE XIII	  	 	 
		
	MISCELLANEOUS	  	 	 
			
	 Section 13.01
	 	No Waiver; Modifications in Writing	  	 	121	 
	 Section 13.02
	 	Notices, Etc.	  	 	122	 
	 Section 13.03
	 	Taxes	  	 	123	 
	 Section 13.04
	 	Costs and Expenses; Indemnification	  	 	124	 
	 Section 13.05
	 	Execution in Counterparts	  	 	128	 
	 Section 13.06
	 	Assignability	  	 	128	 
	 Section 13.07
	 	Governing Law	  	 	130	 
	 Section 13.08
	 	Severability of Provisions	  	 	131	 
	 Section 13.09
	 	Confidentiality	  	 	131	 
	 Section 13.10
	 	Merger	  	 	131	 
	 Section 13.11
	 	Survival	  	 	132	 
	 Section 13.12
	 	Submission to Jurisdiction; Waivers; Etc.	  	 	132	 
	 Section 13.13
	 	Waiver of Jury Trial	  	 	133	 
	 Section 13.14
	 	Right of Setoff; Payments Pro Rata	  	 	133	 
	 Section 13.15
	 	PATRIOT Act Notice	  	 	134	 
	 Section 13.16
	 	Legal Holidays	  	 	134	 
	 Section 13.17
	 	Non-Petition	  	 	134	 
	 Section 13.18
	 	Waiver of Setoff	  	 	135	 
	 Section 13.19
	 	Collateral Agent Execution and Delivery	  	 	135	 
	 Section 13.20
	 	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	  	 	135	 
	 Section 13.21
	 	WAIVER OF SOVEREIGN IMMUNITY	  	 	136	 
	 Section 13.22
	 	Risk Retention	  	 	136	 
	 Section 13.23
	 	Adequacy of Monetary Damages Against the Lenders	  	 	136	 

 SCHEDULES 
  

			
	Schedule 1	  	Initial Commitments and Percentages
	Schedule 2	  	S&P Industry Classifications
	Schedule 3	  	Initial Collateral Loans
	Schedule 4	  	Moody’s Industry Classifications
	Schedule 5	  	Notice Information
	Schedule 6	  	Authorized Signatories
	Schedule 7	  	Diversity Score
	Schedule 8	  	Moody’s RiskCalc
	Schedule 9	  	Initial Asset List

  
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 EXHIBITS 
  

			
	Exhibit A	  	Form of Note
	Exhibit B	  	Form of Notice of Borrowing (with attached form of Borrowing Base Calculation Statement)
	Exhibit C	  	Form of Notice of Prepayment
	Exhibit D	  	Form of Assignment and Acceptance
	Exhibit E	  	[Reserved]
	Exhibit F	  	Agreed-Upon Procedures
	Exhibit G	  	Form of Extension Request
	Exhibit H	  	Form of Data Report
	Exhibit I	  	Form of Approval Request

  

  
 -v- 

 REVOLVING CREDIT AND SECURITY AGREEMENT 

REVOLVING CREDIT AND SECURITY AGREEMENT, dated as of December 21, 2018, among BGSL BRECKENRIDGE FUNDING LLC, a Delaware limited
liability company, as borrower (the “Borrower”), the LENDERS from time to time party hereto, BNP PARIBAS (“BNP”), as administrative agent for the Secured Parties (as hereinafter defined) (in such
capacity, the “Administrative Agent”), BLACKSTONE/GSO SECURED LENDING FUND, a Delaware statutory trust (in such capacity, the “Equityholder”), BLACKSTONE/GSO SECURED LENDING FUND, a Delaware statutory
trust, as servicer (in such capacity, the “Servicer”), and WELLS FARGO BANK, NATIONAL ASSOCIATION (“Wells Fargo”), as collateral agent for the Secured Parties (as hereinafter defined) (in such capacity, the
“Collateral Agent”). 
 W I T N E S S
E T H: 
 WHEREAS, the Borrower desires that the Lenders make advances on a revolving basis to the Borrower
on the terms and subject to the conditions set forth in this Agreement; and 
 WHEREAS, each Lender is willing to make such advances to the
Borrower on the terms and subject to the conditions set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the premises and of
the mutual covenants herein contained, the parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS; RULES OF CONSTRUCTION; COMPUTATIONS 

Section 1.01 Definitions. As used in this Agreement, the following terms shall have the meanings indicated: 

“Account Control Agreement” means that certain Account Control Agreement, dated as of the Closing Date, among the Borrower,
the Servicer, the Collateral Agent and Wells Fargo Bank, National Association, as Securities Intermediary, which agreement relates to the Covered Accounts. 

“Adjusted Principal Balance” means, for any Eligible Collateral Loan, as of any date of determination, an amount equal to the
Loan Value of such Eligible Collateral Loan as of such date multiplied by the Principal Balance of such Eligible Collateral Loan as of such date; provided that, the parties hereby agree that the Adjusted Principal Balance of any
Collateral Loan that is not an Eligible Collateral Loan as of such date of determination shall be zero. 
 “Administrative
Agent” has the meaning assigned to such term in the introduction to this Agreement. 

 “Administrative Expense Cap” means, for any Payment Date, an amount not to
exceed $200,000 for any twelve (12) month period. 
 “Administrative Expenses” means the fees and expenses (including
indemnities) and other amounts of the Borrower due or accrued with respect to any Payment Date and payable in the following order: 

(a) first, to the Collateral Agent, the Custodian and the Securities Intermediary, any amounts and indemnities payable
to such entities pursuant to the Facility Documents; and 
 (b) second, on a pro rata basis, to: 

(i) the Independent Accountants, agents (other than the Servicer) and outside counsel of the Borrower for fees and expenses
related to the Collateral and the Facility Documents and to the Independent Manager of the Borrower for its fees and expenses incurred in acting in such capacity; and 

(ii) to any rating agency for fees and expenses in connection with the rating of (or provision of credit estimates in respect
of) any Collateral Loan. 
 “Advance” means each loan advanced by the Lenders to the Borrower on a Borrowing Date pursuant
to Article II. 
 “Advance Rate” means, with respect to any Collateral Loan, the corresponding percentage for the loan
type set forth below: 
  

					
	 Loan Type
	  	
Sub-Category
	  	 Advance Rate

	First Lien BSLs	  		  	75%
	Second Lien BSLs	  		  	45%
	First Lien Middle Market Loans	  	whose Obligors have an EBITDA of greater than $25,000,000 (as of the date such Collateral Loan is acquired)	  	70%
	First Lien Middle Market Loans	  	whose Obligors have an EBITDA of less than or equal to $25,000,000 (as of the date such Collateral Loan is acquired)	  	65%
	First Lien Last Out Loans	  	First Lien Last Out Category A Loans	  	60%
	First Lien Last Out Loans	  	First Lien Last Out Category B Loans	  	50%
	First Lien Last Out Loans	  	First Lien Last Out Category C Loans	  	45%

 Notwithstanding anything to the contrary set forth in the table above, the portion of First Lien Middle Market
Loans with a Paid Senior Net Leverage Ratio up to 5.0x will be assigned an Advance Rate of 70% or 65% (as applicable pursuant to the above chart) and portions above 5.0x will be assigned an Advance Rate of 45%. 

“Affected Person” means (a) the Administrative Agent, each Lender and each of their respective Affiliates and
(b) any assignee or participant of any Lender (unless the benefit of any particular provision hereof to any such Affected Person is otherwise expressly excluded herein). 

  
 -2- 

 “Affiliate” means, in respect of a referenced Person at any time, another
Person Controlling, Controlled by or under common Control with such referenced Person but which shall not, with respect to the Borrower, include the obligors under any Collateral Loan; provided that (a) an obligor will not be considered
an “Affiliate” of any other obligor solely due to the fact that each such obligor is under the control of the same financial sponsor and (b) obligors in respect of Collateral Obligations shall be deemed not to be
“Affiliates” if they have distinct corporate family ratings and/or distinct issuer credit ratings. The Borrower will be deemed to have no “Affiliates.” 

“Agents” means, collectively, the Administrative Agent and the Collateral Agent. 

“Aggregate Adjusted Collateral Balance” means, as of any date of determination, an amount equal to the sum of the Adjusted
Principal Balances of all Collateral Loans in the Collateral on such date, after giving effect to all Collateral Loans added to and removed from the Collateral on such date. 

“Aggregate Funded Spread” means, as of any date, the sum of: 

(a) in the case of each Floating Rate Loan (excluding any Floor Loan) that bears interest at a spread over an index (including
any London interbank offered rate based index), (i) the excess of the sum of such spread and such index over LIBOR as then in effect (which spread or excess may be expressed as a negative percentage) multiplied by
(ii) the Principal Balance of such Collateral Loan; and 
 (b) in the case of each Floor Loan, (i) the excess of
the interest rate on such Floor Loan as of such date over LIBOR as then in effect (which spread or excess may be expressed as a negative percentage) multiplied by (ii) the Principal Balance of each such Collateral Loan. 

“Aggregate Net Collateral Balance” means, as of any date of determination, the Aggregate Adjusted Collateral Balance
minus the Excess Concentration Amount, in each case, as of such date of determination. 
 “Aggregate Principal
Balance” means, when used with respect to all or a portion of the Collateral Loans, the sum of the Principal Balances of all or of such portion of such Collateral Loans. 

“Aggregate Tranche A Net Collateral Balance” means, as of any date of determination, an amount equal to the portion of the
Aggregate Net Collateral Balance allocable to Tranche A Collateral Loans as of such date of determination. 
 “Aggregate Tranche B
Net Collateral Balance” means, as of any date of determination, an amount equal to the portion of the Aggregate Net Collateral Balance allocable to Tranche B Collateral Loans as of such date of determination. 

  
 -3- 

 “Aggregate Tranche C Net Collateral Balance” means, as of any date of
determination, an amount equal to the portion of the Aggregate Net Collateral Balance allocable to Tranche C Collateral Loans as of such date of determination. 

“Agreement” means this Revolving Credit and Security Agreement. 

“Applicable Law” means, for any Person, any Law of any Governmental Authority, including all federal and state banking or
securities laws, to which the Person in question is subject or by which it or any of its assets or properties are bound. 

“Applicable Margin” has the meaning assigned to such term in the Lender Fee Letter. 

“Appraisal” means an appraisal of a Collateral Loan that is conducted by an Approved Appraisal Firm, which may be in the form
of an update or reaffirmation by an Approved Appraisal Firm of an appraisal previously performed by such Approved Appraisal Firm or another Approved Appraisal Firm. 

“Approval Request” has the meaning specified in Section 2.02 hereof. 

“Approved Appraisal Firm” means Lincoln International LLC (f/k/a Lincoln Partners LLC), Valuation Research Corporation,
Alvarez & Marsal, Duff & Phelps, Houlihan Lokey, Murray Devine, FTI Consulting and any appraisal or valuation firm providing such service to Blackstone/GSO Secured Lending Fund; provided that any independent appraisal firm
or independent financial advisor recognized as being experienced in conducting valuations of secured loans may be added as an “Approved Appraisal Firm” with the consent of the Administrative Agent (such consent not the be unreasonably
withheld, delayed or conditioned). 
 “Approved List” has the meaning specified in Section 2.02 hereof. 

“Asset Information” means, with respect to any Obligor, in each case to the extent available to the Borrower and subject to
any redactions required by the Servicer’s internal policies and procedures (it being understood that to the extent any of the information described in any of the following is contained in the Servicer’s internal credit memo described in
clause (d) below, such information need not be separately represented by any document or file and shall for all purposes of this Agreement be deemed delivered upon delivery of such internal credit memo): (a) the legal name of such Obligor,
(b) the jurisdiction in which such Obligor is domiciled, (c) the audited financial statements for the two prior fiscal years of such Obligor (or such shorter period of time for which such audited financial statements have been prepared and
are available), (d) the Servicer’s internal credit memo with respect to such Obligor and the related Collateral Loan, (e) the informational memorandum, offering memorandum or similar document, if any, issued by the bookrunner or the
administrative agent for such Obligor and relating to such Collateral Loan, (f) a company forecast of such Obligor including plans related to capital expenditures, (g) the business model, company strategy and names of known peers of such
Obligor, (h) the shareholding pattern and details of the management team of such Obligor, (i) details of any banking facilities and the debt maturity schedule of such Obligor, (j) the Moody’s RiskCalc rating output for the
related Collateral Loan and (k) a copy of the related credit agreement (which may be a draft) specifying the terms and governing the repayment of such Collateral Loan. 

  
 -4- 

 “Assignment and Acceptance” means an Assignment and Acceptance in
substantially the form of Exhibit D, entered into by a Lender, an assignee, the Administrative Agent and, if applicable, the Borrower. 

“AUP Report Date” has the meaning assigned to such term in Section 8.09. 

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the
applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 

“Bail-In Legislation” means, with respect to any EEA Member Country implementing
Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union (as amended or re-enacted) establishing a framework for the recovery and resolution of credit
institutions and investment firms, the relevant implementing law or regulation for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule. For the purposes of this
definition, a reference to “regulation” includes any regulation, rule, official directive, request or guideline (whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department or of
any regulatory, self-regulatory or other authority or organisation. 
 “Bankruptcy Code” means the United States Bankruptcy
Code, Title 11, United States Code §§101 et seq., or foreign bankruptcy, insolvency, receivership or similar law from time to time in effect and affecting the rights of creditors generally. 

“Base Rate” means, on any date, a fluctuating interest rate per annum equal to the highest of (a) the Prime Rate
or (b) the Federal Funds Rate plus 0.50%. The Base Rate is a reference rate and does not necessarily represent the lowest or best rate actually charged to any customer of any Agent or any Lender. Interest calculated pursuant to clause (a)
above will be determined based on a year of 365 or 366 days, as applicable, and actual days elapsed. Interest calculated pursuant to clause (b) above will be determined based on a year of 360 days and actual days elapsed. If the calculation of
the Base Rate results in a Base Rate of less than zero (0), the Base Rate shall be deemed to be zero (0) for all purposes hereunder. 

“BNP” has the meaning assigned to such term in the introduction to this Agreement. 

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

“Borrowing” has the meaning assigned to such term in Section 2.01. 

“Borrowing Base” means, at any time, an amount equal to the sum of (i) the amounts in the Principal Collection
Subaccount, and (ii) the product of (x) the Weighted Average Advance Rate as of such date, (y) the Portfolio Advance Rate Adjustment as of such date and (z) the Aggregate Net Collateral Balance as of such date. 

“Borrowing Base Calculation Statement” means a statement in substantially the form attached to the form of Notice of
Borrowing attached hereto as Exhibit B, as such form of Borrowing Base Calculation Statement may be modified as mutually agreed by the Administrative Agent and the Borrower from time to time. 

  
 -5- 

 “Borrowing Date” means the date of a Borrowing. 

“Broadly Syndicated Loan” means a Collateral Loan that (a) is a syndicated commercial loan, (b) has a tranche size
of $250,000,000 or greater (without consideration of reductions thereon from scheduled amortization payments), and (c) is rated (or will be rated) by S&P or Moody’s (or the related Obligor for such Collateral Loan is rated by S&P
or Moody’s). 
 “Business Day” means any day of the year except: (a) a Saturday, Sunday or other day on which
commercial banks in New York City or the city in which the offices of the Collateral Agent are located are authorized or required by law to close; and (b) if such day relates to any interest rate setting as to an Advance determined by reference
to LIBOR, any day on which banks are not open for dealings in Dollars in the London interbank market. 
 “Cash” means
Dollars immediately available on the day in question. 
 “Cash Interest Coverage Ratio” means, with respect to any
Collateral Loan for any Relevant Test Period, the meaning of “Cash Interest Coverage Ratio,” “Pro Forma Cash Interest Coverage Ratio” or any comparable term in the Related Documents for such Collateral Loan, and in any case that
“Cash Interest Coverage Ratio,” “Pro Forma Cash Interest Coverage Ratio” or such comparable term is not defined in such Related Documents, the ratio, for such Collateral Loan, of (a) EBITDA for the Relevant Test Period, to
(b) interest for the Relevant Test Period, in each case, as calculated by the Servicer in accordance with the Servicing Standard. 

“Certificated Security” has the meaning specified in Section 8-102(a)(4) of the
UCC. 
 “Change in Law” means (a) the adoption of any law, rule or regulation after the Closing Date, (b) any
change in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the Closing Date or (c) compliance by any Lender (or, for purposes of Section 2.10(b), by any lending office of such
Lender or by such Lender’s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the Closing Date; provided that, notwithstanding
anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements or directives thereunder or issued in connection therewith or in implementation thereof and
(y) all requests, rules, guidelines, requirements or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory
authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law” hereunder regardless of the date of effectiveness. 

“Change of Control” means an event or series of events by which (A) the Equityholder or its Affiliates, collectively,
(i) shall cease to possess, directly or indirectly, the right to elect or appoint (through contract, ownership of voting securities, or otherwise) managers that at all times have a majority of the votes of the board of managers (or similar
governing body) of the Borrower or to direct the management policies and decisions of the Borrower or (ii) shall cease, directly or indirectly, to own and control legally and beneficially all of the equity interests of the Borrower or
(B) GSO Asset Management LLC or its Affiliates shall cease to be the investment advisor of the Equityholder. 

  
 -6- 

 “Clearing Agency” means an organization registered as a “clearing
agency” pursuant to Section 17A of the Exchange Act. 
 “Clearing Corporation” means each entity included within
the meaning of “clearing corporation” under Section 8-102(a)(5) of the UCC. 

“Clearing Corporation Security” means securities which are in the custody of or maintained on the books of a Clearing
Corporation or a nominee subject to the control of a Clearing Corporation and, if they are Certificated Securities in registered form, properly endorsed to or registered in the name of the Clearing Corporation or such nominee. 

“Closing Date” means December 21, 2018. 

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

“Collateral” has the meaning assigned to such term in Section 7.01(a). 

“Collateral Account” has the meaning assigned to such term in Section 8.02(a)(i). 

“Collateral Agent” has the meaning assigned to such term in the introduction to this Agreement. 

“Collateral Agent Fee Letter” means the fee letter between the Collateral Agent and the Borrower setting forth the fees and
other amounts payable by the Borrower to the Collateral Agent under the Facility Documents, in connection with the transactions contemplated by this Agreement. 

“Collateral Interest Amount” means, as of any date of determination, without duplication, the sum of (a) the aggregate
amount of Interest Proceeds that has been received or that is expected to be received (other than Interest Proceeds expected to be received from Defaulted Collateral Loans and Ineligible Collateral Loans) and (b) the aggregate amount of
Interest Proceeds that the Servicer has determined, in accordance with the Servicing Standard, are likely to be received from Defaulted Collateral Loans and Ineligible Collateral Loans, in each case, during the Collection Period (and, if such
Collection Period does not end on a Business Day, the next succeeding Business Day) in which such date of determination occurs. 

“Collateral Loan” means a loan, debt obligation, debt security or participation therein acquired by the Borrower. For the
avoidance of doubt, any loan, debt obligation, debt security or participation therein acquired by the Borrower by operation of a Macomb Merger shall be a Collateral Loan. 

“Collateral Loan Buy Confirmation” means with respect to any Collateral Loan, documentation evidencing, in reasonable detail,
the Borrower’s acquisition of such Collateral Loan, and which shall identify at least the obligor, price and the Principal Balance of such Collateral Loan. 

  
 -7- 

 “Collection Account” has the meaning assigned to such term in
Section 8.02(a)(ii) and includes the Principal Collection Subaccount and the Interest Collection Subaccount. 
 “Collection
Date” means the date on which the aggregate outstanding principal amount of the Advances have been repaid in full and all Interest and fees and all other Obligations (other than contingent indemnification and reimbursement obligations which
are unknown, unmatured and/or for which no claim giving rise thereto has been asserted) have been paid in full, and the Borrower shall have no further right to request any additional Advances. 

“Collection Period” means, with respect to any Payment Date, the quarterly period from and including the date on which the
first Advance is made hereunder to but excluding the first Collection Period Start Date following the date of such Advance and each successive quarterly period from and including a Collection Period Start Date to but excluding the immediately
succeeding Collection Period Start Date or, in the case of the Collection Period immediately preceding the Final Maturity Date or the Collection Period immediately preceding an optional prepayment in whole of the Advances, ending on the day
preceding the Final Maturity Date or the date of such prepayment, respectively. 
 “Collection Period Start Date” means the
first calendar day of March, June, September and December of each year (or, if any such date is not a Business Day, the immediately succeeding Business Day), commencing in June 2019. 

“Collections” means all cash collections, distributions, payments or other amounts received, or to be received, by the
Borrower from any Person in respect of any Collateral Loan constituting Collateral, including all principal, interest, fees, distributions and redemption and withdrawal proceeds payable to the Borrower under or in connection with any such Collateral
Loans and all Proceeds from any sale or disposition of any such Collateral Loans. 
 “Commitment” means, as to each Lender,
the obligation of such Lender to make, on and subject to the terms and conditions hereof, Advances to the Borrower pursuant to Section 2.01 in an aggregate principal amount at any one time outstanding for such Lender up to but not exceeding the
amount set forth opposite the name of such Lender on Schedule 1 or in the Assignment and Acceptance pursuant to which such Lender shall have assumed its Commitment, as applicable, as such amount may be reduced from time to time pursuant to
Section 2.07 or increased or reduced from time to time pursuant to assignments effected in accordance with Section 13.06(a). 

“Commitment Fees” has the meaning assigned to such term in the Lender Fee Letter. 

“Commitment Reduction Fee” has the meaning assigned to such term in the Lender Fee Letter. 

“Commitment Termination Date” means the last day of the Reinvestment Period. 

  
 -8- 

 “Concentration Calculation Amount” means the greater of (a) 50% of the
Maximum Portfolio Amount and (b) the Aggregate Net Collateral Balance (after giving effect to any proposed purchase of Collateral Loans). 

“Concentration Limitations” means, as of any date of determination, the following limitations (calculated without
duplication) as applied to the Eligible Collateral Loans owned (or, in relation to a proposed purchase of a Collateral Loan, proposed to be owned, with respect to which, if such purchase results in noncompliance with the limitations, the relevant
requirements must be maintained or improved after giving effect to the purchase) by the Borrower, unless a waiver is provided in writing by the Administrative Agent specifying the agreed treatment of such Collateral Loan or Concentration Limitation:

 (a) not more than 45.00% of the Concentration Calculation Amount may consist of First Lien Last Out Category B Loans,
First Lien Last Out Category C Loans and Second Lien BSLs; 
 (b) not more than 20.00% of the Concentration Calculation
Amount may consist of Second Lien BSLs; 
 (c) not more than 20.00% of the Concentration Calculation Amount may consist of Cov-Lite Loans that are not First Lien BSLs; 
 (d) not less than 90.00% of the
Concentration Calculation Amount may consist of Collateral Loans denominated in Dollars; 
 (e) not less than 90.00% of the
Concentration Calculation Amount may consist of Collateral Loans whose Obligors have a principal place of business in or are organized or incorporated in the United States; 

(f) not more than 35.00% of the Concentration Calculation Amount may consist of Collateral Loans whose Obligors have a Paid
Senor Net Leverage Ratio at origination that is greater than 6.0x; 
 (g) not more than 5.00% of the Maximum Portfolio Amount
may consist of Collateral Loans that are issued to any Obligor and its Affiliates, except that up to 7.00% of the Maximum Portfolio Amount may consist of Collateral Loans that are issued to the three largest Obligors and their respective Affiliates;

 (h) not more than 15.00% of the Maximum Portfolio Amount may consist of Collateral Loans that are issued by Obligors and
their Affiliates that belong to any single S&P Industry Classification, except that (i) up to 30.00% may consist of Collateral Loans with Obligors and their Affiliates in the largest S&P Industry Classification, (ii) up to 20.00%
may consist of Collateral Loans with Obligors and their Affiliates in the second largest S&P Industry Classification and (iii) up to 10.00% may consist of Collateral Loans with Obligors and their Affiliates in the S&P Industry
Classification of “Oil, Gas & Consumable Fuels”; 

  
 -9- 

 (i) not more than 10.00% of the Concentration Calculation Amount may consist
of Fixed Rate Loans; and 
 (j) not more than 10.00% of the Maximum Portfolio Amount may consist of Collateral Loans where
the majority owner of the related Obligor is an Affiliate of the Servicer or the Equityholder. 
 “Connection Income Taxes”
means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes. 

“Constituent Documents” means, in respect of any Person, the certificate or articles of formation or organization, the
limited liability company agreement, operating agreement, partnership agreement, joint venture agreement or other applicable agreement of formation or organization (or equivalent or comparable constituent documents) and other organizational
documents and by-laws and any certificate of incorporation, certificate of formation, certificate of limited partnership and other agreement, similar instrument filed or made in connection with its formation
or organization, in each case, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Control” means the direct or indirect possession of the power to vote 50% or more of the voting securities of such Person or
the power to direct or cause the direction of the management or policies of a Person, whether through ownership, by contract, arrangement or understanding, or otherwise. “Controlled” and “Controlling” have the
meaning correlative thereto. 
 “Cov-Lite Loan” means a Collateral Loan that does
not (I) contain any financial covenants or (II) require the related Obligor of such Collateral Loan to comply with any maintenance covenant; provided that a Collateral Loan described in clause (I) or (II) above which either
(i) contains a cross-default provision to, or (ii) is pari passu with, another loan of the Obligor that requires the Obligor to comply with a maintenance covenant will be deemed not to be a
Cov-Lite Loan. 
 “Coverage Test” means each of (a) the Minimum OC Coverage
Test and (b) the Interest Coverage Ratio Test. 
 “Covered Account” means each of the Collection Accounts (including
the Interest Collection Subaccount and Principal Collection Subaccount therein), the Payment Account, the Collateral Account and the Revolving Reserve Account. 

“Custodian” means Wells Fargo, and any successor thereto under the Custodian Agreement. 

“Custodian Agreement” means that certain Custodian Agreement, dated as of the Closing Date, among the Custodian, the Borrower
and the Collateral Agent. 
 “Data File” has the meaning assigned to such term in Section 8.07(a). 

  
 -10- 

 “Default” means any event which, with the passage of time, the giving of
notice, or both, would (if not cured or otherwise remedied during such time) constitute an Event of Default. 
 “Defaulted
Collateral Loan” means any Collateral Loan as to which at any time: 
 (a) a default as to all or any portion of one
or more payments of principal and/or interest (including a failure of a selling institution to pay amounts due and payable to the Borrower with respect to the related participation) has occurred after the earlier of (i) any grace period
applicable thereto and (ii) five (5) Business Days, in each case, past the applicable due date; 
 (b) a default
(other than a default described in clause (a) of this definition) has occurred under the applicable Related Documents and for which the Borrower (or the agent or required lenders pursuant to the applicable Related Documents, as applicable) has
elected to exercise any of its rights or remedies under the applicable Related Documents (including acceleration, foreclosing on collateral or the imposition of default pricing); 

(c) any portion of principal and/or interest payable thereunder has been waived or forgiven by the holders of such obligation;
or 
 (d) a Revaluation Event under clauses (b) or (f) of the definition thereof has occurred. 

“Defaulting Lender” means, at any time, any Lender that (a) has failed for three (3) or more Business Days after a
Borrowing Date to fund its portion of an Advance required pursuant to the terms of this Agreement (other than failures to fund as a result of a bona fide dispute as to whether the conditions to borrowing were satisfied on the relevant
Borrowing Date), (b) has notified the Borrower or the Administrative Agent in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public
statement relates to such Lender’s obligation to fund an Advance hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable
default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three (3) Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to
the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written
confirmation by the Administrative Agent and the Borrower) or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under the Bankruptcy Code or any other liquidation, conservatorship,
bankruptcy, assignment for the benefit of creditors, moratorium, receivership, insolvency, reorganization or similar debtor relief laws of the United States or other applicable jurisdiction, (ii) had appointed for it a receiver, custodian,
conservator, trustee, administrator, assignee for the benefit of creditors or similar person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal
regulatory authority acting in such a capacity or (iii) become the subject of a Bail-In Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or
acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as 

  
 -11- 

 
such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgment or writs of attachment
on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender
under any one or more of clauses (a) through (d) shall be conclusive and binding absent manifest error. 
 “Delayed
Drawdown Collateral Loan” means a Collateral Loan that (a) requires the Borrower to make one or more future advances to the Obligor under the applicable Related Documents, (b) specifies a maximum amount that can be borrowed on one
or more fixed borrowing dates, and (c) does not permit the re-borrowing of any amount previously repaid by the Obligor thereunder; provided that any such Collateral Loan will be a Delayed Drawdown
Collateral Loan only to the extent of undrawn commitments and solely until all commitments by the Borrower to make advances on such Collateral Loan to the Obligor under the Related Documents expire or are terminated or are reduced to zero. 

“Deliver” or “Delivered” or “Delivery” means the taking of the following steps: 

(a) in the case of each Instrument, causing the Securities Intermediary to maintain continuous possession of such Instrument;

 (b) in the case of each Certificated Security (other than a Clearing Corporation Security): 

(i) causing the delivery of such Certificated Security to the Securities Intermediary by registering the same in the name of
the Securities Intermediary or its affiliated nominee or by endorsing the same to the Securities Intermediary in blank; 

(ii) causing the Securities Intermediary to indicate continuously on its books and records that such Certificated Security is
credited to the applicable Covered Account; and 
 (iii) causing the Securities Intermediary to maintain continuous
possession of such Certificated Security; 
 (c) 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 indicate on its books
and records that such Uncertificated Security is credited to the applicable Covered Account; 

  
 -12- 

 (d) in the case of each Clearing Corporation Security: 

(i) causing the relevant Clearing Corporation to credit such Clearing Corporation Security to the securities account of the
Securities Intermediary; and 
 (ii) causing the Securities Intermediary to continuously indicate on its books and records
that such Clearing Corporation Security is credited to the applicable Covered Account; 
 (e) in the case of each security
issued or guaranteed by the United States of America or an agency or instrumentality thereof and that is maintained in book-entry records of a Federal Reserve Bank (“FRB”) (each such security a “Government
Security”): 
 (i) causing the creation of a Security Entitlement to such Government Security by the credit of such
Government Security to the securities account of the Securities Intermediary at such FRB; and 
 (ii) causing the Securities
Intermediary to continuously indicate on its books and records that such Government Security is credited to the applicable Covered Account; 

(f) in the case of each Security Entitlement not governed by clauses (a) through (e) above: 

(i) causing a Securities Intermediary (x) to indicate on its books and records that the underlying Financial Asset has
been credited to the appropriate Covered Account, (y) to receive a Financial Asset from a Securities Intermediary or to acquire the underlying Financial Asset from a Securities Intermediary, and in either case, accepting it for credit to the
appropriate Covered Account or (z) to become obligated under other law, regulation or rule to credit the underlying Financial Asset to a Securities Intermediary’s securities account; 

(ii) causing such Securities Intermediary to make entries on its books and records continuously identifying such Security
Entitlement as belonging to the Custodian and continuously indicating on its books and records that such Security Entitlement is credited to one of the Covered Accounts, which shall at all times be securities accounts; and 

(iii) causing the Securities Intermediary to continuously indicate on its books and records that such Security Entitlement (or
all rights and property of the Securities Intermediary representing such Security Entitlement) is credited to the applicable Covered Account; 

(g) in the case of Cash or Money: 

(i) causing the delivery of such Cash or Money to the Securities Intermediary; 

  
 -13- 

 (ii) causing the Securities Intermediary to credit such Cash or Money to a
“securities account” (as defined in Section 8-501(a) of the UCC), which may be a subaccount of the applicable Covered Account, in accordance with Article 9 of the UCC, pursuant to agreement
by the Securities Intermediary to treat such Cash or Money as a Financial Asset; and 
 (iii) causing the Securities
Intermediary to continuously indicate on its books and records that such Cash or Money so held is credited to the applicable Covered Account; 

(h) with respect to such of the Collateral as constitutes an account or a general intangible or is not otherwise described in
the foregoing clauses (a) through (g), causing to be filed with the Secretary of State of the State of Delaware a properly completed UCC financing statement that names the Borrower as debtor and the Collateral Agent as secured party and that
describes such Collateral (which financing statement may have been previously filed) or any equivalent filing in any applicable jurisdiction; or 

(i) in the case of each of clauses (a) through (h) above, such additional or alternative procedures as may hereafter
become appropriate to perfect the security interest granted to the Collateral Agent hereunder in such items of the Collateral, consistent with Applicable Law. 

In addition, the Servicer on behalf of the Borrower will obtain any and all consents required by the Related Documents relating to any
Instruments, accounts or general intangibles for the transfer of ownership and/or pledge hereunder (except to the extent that the requirement for such consent is rendered ineffective under Section 9-406
of the UCC). 
 “Determination Date” means the last day of each Collection Period. 

“Diversity Score” means, as of any day, a single number that indicates collateral concentration in terms of both issuer and
industry concentration, calculated as set forth in Schedule 7 hereto, as such Diversity Scores shall be updated at the option of the Administrative Agent in its sole discretion if Moody’s publishes revised criteria. 

“Dollars” and “$” mean lawful money of the United States of America. 

“Due Date” means each date on which any payment is due on a Collateral Loan in accordance with its terms. 

“EBITDA” means, with respect to any Relevant Test Period and any Collateral Loan, the meaning of the term “Adjusted
EBITDA,” the term “EBITDA” or any comparable definition in the Related Documents for such period and Collateral Loan (or, in the case of a Collateral Loan for which the Related Documents have not been executed, as set forth in the
relevant marketing materials or financial model in respect of such Collateral Loan) as determined in the good faith discretion of the Servicer, and, in any case that the term “Adjusted EBITDA,” the term “EBITDA” or such
comparable definition is not defined in such Related Documents, an amount, for the principal Obligor thereunder and any of its parents or subsidiaries that are obligated as guarantor pursuant to the Related Documents for such Collateral Loan
(determined on a 

  
 -14- 

 
consolidated basis without duplication in accordance with GAAP (and also on a pro forma basis as determined in good faith by the Servicer in case of any acquisitions)) equal to earnings
from continuing operations for such period plus interest expense, income taxes, depreciation and amortization for such period, other non-cash charges and organization costs, extraordinary, one-time and/or non-recurring losses or charges, any other customary add-backs for similarly situated obligors the Servicer deems to be
appropriate and any other item the Servicer and the Administrative Agent mutually deem to be appropriate. 
 “EEA Financial
Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which
is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this
definition and is subject to consolidated supervision with its parent. 
 “EEA Member Country” means any of the member
states of the European Union, Iceland, Liechtenstein, and Norway. 
 “EEA Resolution Authority” means any body which has
authority to exercise any Write-down and Conversion Powers. 
 “Eligible Collateral Loan” means, as of any date of
determination, a Collateral Loan that meets each of the following criteria: 
 (a) is (i) a First Lien BSL, (ii) a
First Lien Middle Market Loan, (iii) a Second Lien BSL or (iv) a First Lien Last Out Loan; 
 (b) for which the
related Obligor has a minimum EBITDA of $15,000,000 at origination; 
 (c) for which the related Obligor has a maximum Paid
Senior Net Leverage Ratio at origination of 7.0x; 
 (d) was acquired by the Borrower for a price of not less than 80% of its
Principal Balance; 
 (e) is denominated in a Permitted Currency and does not permit the currency or country in which such
Collateral Loan is payable to be changed except to another Permitted Currency; 
 (f) the relevant Obligor’s main place
of business and/or incorporation and/or headquarters are in an Eligible Country; 
 (g) the Related Documents for such
Collateral Loan are governed by the laws of the United States or Canada; 
 (h) is not a Defaulted Collateral Loan at the
time of acquisition by the Borrower; 

  
 -15- 

 (i) is not a credit linked note or a single purpose real estate loan; 

(j) is scheduled to pay interest semi-annually or more frequently, with a minimum cash interest spread (after any withholding
taxes levied and any PIK Toggle exercised) of at least 3.5%; 
 (k) does not constitute Margin Stock and is not by its terms
convertible into or exchangeable for an equity security at the option of either the Borrower thereof or the holder, and does not have attached warrants to purchase equity securities; 

(l) is not an obligation pursuant to which any future advances or payments to the Obligor may be required to be made by the
Borrower, including Revolving Collateral Loans and Delayed Drawdown Collateral Loans, unless such future funding requirements are covered by either cash reserves or available amounts under the Facility Documents; 

(m) has an original term to maturity of not more than eight (8.0) years; 

(n) has been approved by the Administrative Agent in its sole discretion; 

(o) permits the pledge to the Collateral Agent by the Borrower; 

(p) provides for payments that do not, at the time the obligation is acquired, subject to the Borrower to withholding tax or
other similar taxes, unless the related Obligor is required to make “gross-up” payments that ensure that the net amount actually received by the Borrower (after payment of all taxes, whether imposed
on such Obligor or the Borrower) will equal the full amount that the Borrower would have received had no such taxes been imposed; 

(q) it is capable of being sold, assigned or participated to the Borrower, together with any associated security, without any
breach of applicable selling restrictions, any contractual provisions or any legal or regulatory requirements and the Borrower does not require any authorizations, consents, approvals or filings (other than such as have been obtained or effected) as
a result of or in connection with any such sale, assignment or participation under any Applicable Law; 
 (r) is not subject
to a tender offer from the related Obligor other than (A) a Permitted Offer or (B) an exchange offer in which a security is exchanged for a security that would otherwise qualify for purchase herein; 

(s) is not a Structured Finance Obligation, a Zero Coupon Obligation or a Synthetic Security; 

(t) is not a corporate rescue loan, PIK Loan, unsecured senior loan or Mezzanine Obligation; 

(u) is not a project, shipping/aircraft or infrastructure/construction financings; 

  
 -16- 

 (v) for which the relevant the Obligor of such Collateral Loan is not a
Governmental Authority; 
 (w) for which the Obligor of such Collateral Loan is not a commodity trader and producer, oil
field services company or other entity highly exposed to commodity price/volume risk; 
 (x) for which the relevant Obligor
is not operating, domiciled or having business in a country subject to Sanctions; 
 (y) is not a lease; and 

(z) will not cause the Borrower or the pool of assets to be required to be registered as an investment company under the
Investment Company Act; 
 provided that the Administrative Agent may agree in writing to specifically waive any of the requirements set forth above
with respect to any single Collateral Loan (it being understood that the Administrative Agent shall not be required to provide any such waiver under any circumstances), and upon such waiver, such waived requirements shall be deemed not to be part of
the eligibility requirement with respect to such Collateral Loan. 
 “Eligible Country” means (a) the United States or
(b) OECD countries with a country ceiling for foreign currency bonds of at least “Aa2” by Moody’s and a foreign currency issuer credit rating of at least “AA” by S&P. 

“Eligible Investments” means any Dollar investment that, at the time it is Delivered, is Cash or one or more of the following
obligations or securities: 
 (a) direct interest bearing obligations of, and interest bearing obligations guaranteed as to
timely payment of principal and interest by, the United States or any agency or instrumentality of the United States, the obligations of which are backed by the full faith and credit of the United States; 

(b) demand or time deposits in, certificates of deposit of, bank deposit products, demand notes of, or bankers’
acceptances issued by any depository institution or trust company organized under the laws of the United States or any State thereof (including any federal or state branch or agency of a foreign depository institution or trust company) and subject
to supervision and examination by federal and/or state banking authorities (including, if applicable, the Collateral Agent, the Custodian or the Administrative Agent or any agent thereof acting in its commercial capacity); provided that the
short-term unsecured debt obligations of such depository institution or trust company at the time of such investment, or contractual commitment providing for such investment, are rated at least “A-1”
by S&P and “P-1” by Moody’s; 
 (c) commercial paper that
(i) is payable in Dollars and (ii) is rated at least “A-1” by S&P and “P-1” by Moody’s; and 

  
 -17- 

 (d) units of money market funds having a rating of the Highest Required
Investment Category from each of S&P and Moody’s. 
 No Eligible Investment shall have an “f,” “r,”
“p,” “pi,” “q,” “sf” or “t” subscript affixed to its S&P rating. Any such investment may be made or acquired from or through the Collateral Agent or the Administrative Agent or any of their
respective Affiliates, or any entity for whom the Collateral Agent, the Administrative Agent, the Custodian or any of their respective Affiliates provides services and receives compensation (so long as such investment otherwise meets the applicable
requirements of the foregoing definition of Eligible Investment at the time of acquisition) or acts as offeror of; provided that, notwithstanding the foregoing clauses (a) through (d), unless the Borrower and the Servicer have received
the written advice of counsel of national reputation experienced in such matters to the contrary (together with an officer’s certificate of the Borrower or the Servicer to the Administrative Agent and the Collateral Agent that the advice
specified in this definition has been received by the Borrower and the Servicer), Eligible Investments may only include obligations or securities that constitute cash equivalents for purposes of the rights and assets in paragraph (c)(8)(i)(B)
of the exclusions from the definition of “covered fund” for purposes of the Volcker Rule. The Collateral Agent and Custodian shall have no obligation to determine or oversee compliance with the foregoing. 

“Equity Security” means any stock or similar security, certificate of interest or participation in any profit sharing
agreement, reorganization certificate or subscription, transferable share, voting trust certificate or certificate of deposit for an equity security, limited partnership interest, interest in a joint venture, or certificate of interest in a business
trust; any security future on any such security; or any security convertible, with or without consideration into such a security, or carrying any warrant or right to subscribe to or purchase such a security; or any such warrant or right. 

“Equityholder” has the meaning given to such term in the recitals. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations
promulgated and rulings issued thereunder. 
 “ERISA Event” means (a) any “reportable event,” as defined in
Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the thirty (30) day notice requirement is waived); (b) the failure with respect to any Plan to satisfy the “minimum
funding standard” (as defined in Section 412 of the Code or Section 302 of ERISA); (c) the filing pursuant to Section 412(c) of the Code or Section 302 of ERISA of an application for a waiver of the minimum funding
standard with respect to any Plan; (d) a determination that any Plan is, or is expected to be, in “at risk” status (as defined in Section 430 of the Code or Section 303 of ERISA); (e) the incurrence by the Borrower or
any member of its ERISA Group of any material liability under Title IV of ERISA with respect to the termination of any Plan; (f) (i) the receipt by the Borrower or any member of its ERISA Group from the PBGC of a notice of determination
that the PBGC intends to seek termination of any Plan or to have a trustee appointed for any Plan under Section 4041(c) of ERISA, or (ii) the filing by the Borrower or any member of its ERISA Group of a notice of intent to terminate any
Plan; (g) the incurrence by the Borrower or any member of its ERISA Group of any material liability (i) with respect to a Plan pursuant to Sections 4063 and 4064 of ERISA, (ii) with respect to a facility closing pursuant to
Section 4062(e) of ERISA, or 

  
 -18- 

 
(iii) with respect to the withdrawal or partial withdrawal from any Multiemployer Plan; (h) the receipt by the Borrower or any member of its ERISA Group of any notice concerning the
imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, in endangered status or critical status, within the meaning of Section 432 of the Code or Section 305 of ERISA or is or is expected
to be insolvent, within the meaning of Title IV of ERISA; or (i) the failure of the Borrower or any member of its ERISA Group to make any required contribution to a Multiemployer Plan, in each case that would, individually or in the aggregate,
reasonably be expected to result in a Material Adverse Effect. 
 “ERISA Group” means each controlled group of corporations
or trades or businesses (whether or not incorporated) under common control that is treated as a single employer under Section 414(b) or (c) or, for purposes of ERISA Section 302 or Code Section 412, (m) or (o) of the Code
with the Borrower. 
 “Establishment” means an “establishment” for the purposes of Regulation (EU) 2015/848 of
the European Parliament and of the Council of 20 May 2015 on insolvency proceedings (recast). 
 “EU Bail-In Legislation Schedule” means the document described as the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person),
as in effect from time to time. 
 “Euros” or “€” means the lawful currency of the EEA Member
Countries that have adopted and retain the single currency in accordance with the treaty establishing the European Community, as amended from time to time. 

“Event of Default” means the occurrence of any of the events, acts or circumstances set forth in Section 6.01. 

“Excess Concentration Amount” means, as of any date of determination, in respect of which any one or more of the
Concentration Limitations are exceeded, the portions (calculated by the Servicer and without duplication) of each Eligible Collateral Loan that cause such Concentration Limitations to be exceeded. 

“Excess Interest Proceeds” means, at any time of determination, the excess of (1) amounts then on deposit in the
Collateral Accounts representing Interest Proceeds over (2) the projected amount required to be paid pursuant to Section 9.01(a)(i)(A), (B), (C) and (D), on the next Payment Date, any prepayment date or the Final Maturity Date, as
applicable, in each case, as determined by the Borrower in good faith and in a commercially reasonable manner. 
 “Exchange
Act” means the Securities Exchange Act of 1934 and the rules and regulations promulgated thereunder, all as from time to time in effect, or any successor law, rules or regulations, and any reference to any statutory or regulatory provision
shall be deemed to be a reference to any successor statutory or regulatory provision. 

  
 -19- 

 “Excluded Amounts” means (a) any amount received in the Collection
Account with respect to any Collateral Loan included as part of the Collateral, which amount is attributable to the payment of any Taxes, fees or other charges imposed by any Governmental Authority on such Collateral Loan or on any underlying asset
securing such Collateral Loan and (b) any amount received in the Collection Account (or other applicable account) representing (i) any amount representing a reimbursement of insurance premiums and (ii) any escrows relating to Taxes,
insurance and other amounts in connection with Collateral Loans which are held in an escrow account for the benefit of the Obligor and the applicable secured party pursuant to escrow arrangements under a Related Document, to the extent such amount
is attributable to a time after the effective date of such replacement or sale, in each case of clauses (a) and (b) to the extent paid on behalf of the Borrower from equity contributions. 

“Excluded Principal Distributions” means Permitted Distributions of Principal Proceeds designated as “Excluded Principal
Distributions” by mutual agreement of the Servicer and Administrative Agent. 
 “Excluded Taxes” means any of the
following Taxes imposed on or with respect to a Secured Party or required to be withheld or deducted from a payment to a Secured Party: (a) Taxes imposed on or measured by a Secured Party’s net income (however denominated), franchise Taxes
imposed on a Secured Party, and branch profits Taxes imposed on a Secured Party, in each case, (i) by the jurisdiction (or any political subdivision thereof) under the laws of which such Secured Party is organized or in which its principal
office is located or, in the case of any Lender, in which its applicable lending office is located or (ii) that are Other Connection Taxes, (b) in the case of any Lender, U.S. federal withholding Taxes imposed on amounts payable to or for
the account of such Lender pursuant to a law in effect on the date on which (i) such Lender becomes a party hereto or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 13.03,
amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such
Secured Party’s failure to comply with Section 13.03(g), and (d) U.S. federal withholding Taxes imposed under FATCA. 

“Expedited Notice of Borrowing” has the meaning assigned to such term in Section 2.03(d). 

“Extension Request” means a written request by the Borrower substantially in the form of Exhibit G to extend the Commitment
Termination Date for an additional period of not greater than one year. 
 “Facility Amount” means (a) on or prior to
the Commitment Termination Date, an amount equal to the Maximum Facility Amount (as such amount may be reduced from time to time pursuant to Section 2.07) and (b) following the Commitment Termination Date, the outstanding principal balance
of all of the Advances. 
 “Facility Documents” means this Agreement, the Notes, the Account Control Agreement, the
Collateral Agent Fee Letter, the Custodian Agreement, the Lender Fee Letter, the Loan Sale Agreement and any other security agreements and other instruments entered into or delivered by or on behalf of the Borrower pursuant to Section 5.01(c)
to create, perfect or otherwise evidence the Collateral Agent’s security interest in the Collateral. 

  
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 “FATCA” means Sections 1471 through 1474 of the Code, as of the date
of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof and any agreements entered into
pursuant to Section 1471(b)(1) of the Code. 
 “Federal Funds Rate” means, for any period, a fluctuating interest rate
per annum 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 next preceding Business Day) by the Federal Reserve Bank of New York, 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
received by the Administrative Agent from three federal funds brokers of recognized standing selected by it; provided that, if at any time a Lender is borrowing overnight funds from a Federal Reserve Bank that day, the Federal Funds Rate for
such Lender for such day shall be the average rate per annum at which such overnight borrowings are made on that day as promptly reported by such Lender to the Borrower and the Agents in writing. Each determination of the Federal Funds Rate
by a Lender pursuant to the foregoing proviso shall be conclusive and binding except in the case of manifest error. 
 “Fee Basis
Amount” means, for any Payment Date, an amount equal to the Aggregate Principal Balance. 
 “Final Maturity Date”
means the earlier to occur of (i) the Business Day 24 months after the last day of the Reinvestment Period and (ii) the date on which the Final Maturity Date is declared pursuant to Section 6.01. 

“Final Order” means an order, judgment, decree or ruling the operation or effect of which has not been stayed, reversed or
amended and as to which order, judgment, decree or ruling (or any revision, modification or amendment thereof) the time to appeal or to seek review or rehearing has expired and as to which no appeal or petition for review or rehearing was filed or,
if filed, remains pending. 
 “Financial Asset” has the meaning specified in
Section 8-102(a)(9) of the UCC. 
 “First Lien BSL” means a First Lien Loan
that is a Broadly Syndicated Loan. 
 “First Lien Last Out Category A Loan” means a First Lien Last Out Loan where any
tranches of First Lien Loans issued by the related Obligor which, at any time prior to and/or after an event of default under the Related Documents, will be paid prior to the Collateral Loan in accordance with a specified waterfall or other priority
of payments as specified in the Related Documents, an agreement among lenders or other applicable agreement are less than or equal to 25% of the aggregate principal amount of all first lien debt of such Obligor. 

“First Lien Last Out Category B Loan” means a First Lien Last Out Loan where any tranches of First Lien Loans issued by the
related Obligor which, at any time prior to and/or after an event of default under the Related Documents, will be paid prior to the Collateral Loan in accordance with a specified waterfall or other priority of payments as specified in the Related
Documents, an agreement among lenders or other applicable agreement are more than 25% of the aggregate principal amount of all first lien debt but less than or equal to 50% of the aggregate principal amount of all first lien debt of such Obligor.

  
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 “First Lien Last Out Category C Loan” means a First Lien Last Out Loan
where any tranches of First Lien Loans issued by the related Obligor which, at any time prior to and/or after an event of default under the Related Documents, will be paid prior to the Collateral Loan in accordance with a specified waterfall or
other priority of payments as specified in the Related Documents, an agreement among lenders or other applicable agreement are greater than 50% of the aggregate principal amount of all first lien debt of such Obligor. 

“First Lien Last Out Loan” means a Collateral Loan which would be a First Lien Loan but for the fact that at any time prior
to and/or after an event of default under the Related Documents, such Collateral Loan will be paid after one or more tranches of First Lien Loans issued by the Obligor have been paid in full in accordance with a specified waterfall or other priority
of payments as specified in the Related Documents, an agreement among lenders or other applicable agreement. 
 “First Lien
Loan” means any Collateral Loan (for purposes of this definition, a “loan”) that meets the following criteria: 

(a) is not (and is not expressly permitted by its terms to become) subordinate to any obligation of the obligor in any
bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings (other than pursuant to a Permitted Working Capital Lien and customary waterfall provisions contained in the applicable loan agreement or indenture); 

(b) is secured by a pledge of collateral, which security interest is (i) validly perfected and first priority under
Applicable Law (subject to liens permitted under the applicable credit agreement that are reasonable for similar Collateral Loans, and liens accorded priority by law in favor of any Governmental Authority) or (ii)(1) validly perfected and second
priority in the accounts, documents, instruments, chattel paper, letter-of-credit rights, supporting obligations, deposit accounts, investments accounts (as such terms
are defined in the UCC) and any other assets securing any Working Capital Revolver under Applicable Law and proceeds of any of the foregoing (a first priority lien on such assets, a “Permitted Working Capital Lien”) and
(2) validly perfected and first priority (subject to liens permitted under the related underlying instruments that are reasonable and customary for similar Collateral Loans) in all other collateral under Applicable Law; 

(c) the Servicer determines in good faith that the value of the collateral for such Collateral Loan (including based on
enterprise value) on or about the time of acquisition equals or exceeds the outstanding principal balance of the Collateral Loan plus the aggregate outstanding balances of all other Collateral Loans of equal or higher seniority secured by a first
priority Lien over the same collateral; and 

  
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 (d) for which the Obligor of such loan and its Affiliates has been
designated on the date such Collateral Loan was acquired by the Borrower as a “First Lien Loan” by the Administrative Agent. 

“First Lien Middle Market Loan” means a First Lien Loan that is not a Broadly Syndicated Loan. 

“Fixed Rate Loan” means any Collateral Loan that bears a fixed rate of interest. 

“Floating Rate Loan” means any Collateral Loan that bears a floating rate of interest. 

“Floor Loan” means, as of any date: 

(a) a Floating Rate Loan (i) for which the Related Documents provide for a Libor option and that such Libor is calculated
as the greater of a specified “floor” rate per annum and the London interbank offered rate for the applicable interest period and (ii) that, as of such date, bears interest based on such Libor option, but only if as of such
date the London interbank offered rate for the applicable interest period is less than such floor rate; and 
 (b) a Floating
Rate Loan (i) for which the Related Documents provide for a base or prime rate option and such base or prime rate is calculated as the greater of a specified “floor” rate per annum and the base or prime rate for the applicable
interest period and (ii) that, as of such date, bears interest based on such base or prime rate option, but only if as of such date the base or prime rate for the applicable interest period is less than such floor rate. 

“Foreign Lender” means a Lender that is resident or organized under the laws of a jurisdiction other than that in which the
Borrower is resident for tax purposes. 
 “FRB” has the meaning specified in the definition of Deliver. 

“Fundamental Amendment” means any amendment, modification, waiver or supplement of or to this Agreement that would
(a) increase or extend the term of the Commitments or change the Final Maturity Date (other than an increase of the Commitment of a particular Lender or the addition of a new Lender agreed to by the relevant Lender), (b) extend the date
fixed for the payment of principal of or interest on any Advance or any fee hereunder, (c) reduce the amount of any such payment of principal, (d) reduce the rate at which Interest is payable thereon or any fee is payable hereunder (other
than in connection with the appointment of a LIBOR Successor Rate), (e) release any material portion of the Collateral, except in connection with dispositions permitted hereunder, (f) alter the terms of Section 9.01 or
Section 13.01(b), (g) modify the definition of the terms “Majority Lenders,” “Required Lenders,” “Maximum Available Amount,” “Advance Rate,” “Borrowing Base,” “Minimum OC Coverage
Test,” “Interest Coverage Ratio Test,” “Collateral Loan,” “Eligible Collateral Loan,” “Eligible Country,” “Minimum Equity Amount,” “Collateral Quality Test,” “Tranche A Borrowing
Base,” “Tranche B Borrowing Base,” “Tranche C Borrowing Base,” “Tranche A Minimum OC Coverage Test,” “Tranche B Minimum OC Coverage Test,” “Tranche C Minimum OC Coverage Test,” “Tranche A
Collateral Loan,” “Tranche B Collateral Loan,” “Tranche C Collateral Loan,” or any Collateral Quality Test set forth therein or component thereof defined therein; (h) modify in any other manner the number or percentage
of the Lenders required to make any determinations or waive any rights hereunder or to modify any provision hereof or (i) extend the Reinvestment Period. 

  
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 “GAAP” means generally accepted accounting principles in effect from time
to time in the United States. 
 “Government Security” has the meaning specified in the definition of Deliver. 

“Governmental Authority” means, with respect to any Person, any nation or government, any supranational, state or other
political or subdivision thereof, any central bank (or similar monetary or regulatory authority) thereof, any body or entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and any
court or arbitrator, in each case, having jurisdiction or authority over such Person. 
 “Governmental Authorizations”
means all franchises, permits, licenses, approvals, consents and other authorizations of all Governmental Authorities. 

“Governmental Filings” means all filings, including franchise and similar tax filings, and the payment of all fees,
assessments, interests and penalties associated with such filings with all Governmental Authorities. 
 “Highest Required Investment
Category” means (a) with respect to ratings assigned by Moody’s, “Aa2” or “P-1” for one month instruments, “Aa2” and
“P-1” for three month instruments, “Aa3” and “P-1” for six month instruments and “Aa2” and
“P-1” for instruments with a term in excess of six months and (b) with respect to rating assigned by S&P, “A-1” for short-term instruments
and “A” for long-term instruments. 
 “Indemnified Party” has the meaning assigned to such term in
Section 13.04(b). 
 “Indemnified Taxes” means (a) Taxes other than Excluded Taxes, imposed on or with respect to
any payment made by or on account of any obligation of the Borrower under any Facility Document and (b) to the extent not otherwise described in clause (a), Other Taxes. 

“Independent Accountants” has the meaning assigned to such term in Section 8.09(a). 

“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, director, stockholder, member, manager, partner or officer of the Borrower or any of its Affiliates (other than
his or her service as an Independent Manager of the Borrower or other Affiliates that are structured to be “bankruptcy remote”); (ii) a customer or supplier of the Borrower or any of its Affiliates (other than his or her service as an
Independent Manager of the Borrower or any such Affiliate); (iii) a Person controlling or under common control with any partner, shareholder, member, manager, Affiliate or supplier of the Borrower or any Affiliate of the Borrower or
(iv) any member of the immediate family of a person described in clauses (i), (ii) or (iii); provided that an independent 

  
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manager may serve in similar capacities for other special purpose entities established from time to time by Affiliates of the Borrower and (B) has (i) prior experience as an Independent
Manager for a corporation or limited liability company whose charter documents required the unanimous consent of all Independent Managers thereof before such corporation or limited liability company could consent to the institution of bankruptcy or
insolvency proceedings against it or could file a petition seeking relief under any applicable federal or state law relating to bankruptcy and (ii) at least three years of employment experience with one or more entities that provide, in the
ordinary course of their respective businesses, advisory, management or placement services to issuers of securitization or structured finance instruments, agreements or securities. 

“Ineligible Collateral Loan” means, at any time, a Collateral Loan or any portion thereof, that fails to satisfy any criteria
of the definition of Eligible Collateral Loan as of the date when such criteria are applicable; it being understood that such criteria in the definition of Eligible Collateral Loan that is specified to be applicable only as of the date of
acquisition of such Collateral Loan shall not be applicable after the date of acquisition of such Collateral Loan. 
 “Initial AUP
Report Date” has the meaning assigned to such term in Section 8.09(a). 
 “Insolvency Event” means, with
respect to a specified Person, (a) the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case under the Bankruptcy Code or
any other applicable insolvency law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or ordering the winding-up or liquidation of such Person’s affairs, and such decree or order shall remain unstayed and in effect for a period of sixty (60) consecutive days; or (b) the commencement by such Person of
a voluntary case under the Bankruptcy Code or any other applicable insolvency law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such law, or the consent by such Person
to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or the making by such Person of any general assignment
for the benefit of creditors, or the failure by such Person generally to pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing. 

“Instrument” has the meaning specified in Section 9-102(a)(47) of the UCC. 

“Interest” means, for any day during an Interest Accrual Period with respect to each Tranche of Advances, the sum of the
products (for each day elapsed during such Interest Accrual Period) of: 
  
 

 
 where: 

IR = the Interest Rate for such Tranche for such Interest Accrual Period; 

  
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 P = the principal amount of the Advances for such Tranche outstanding on such day; and 

D = 360 days. 

“Interest Accrual Period” means (a) with respect to the first Payment Date, the period from and including the Closing
Date to and including the last day of the calendar month preceding the first Payment Date and (b) with respect to any subsequent Payment Date, the period commencing on the first day of the calendar month in which the preceding Payment Date
occurred and ending on the last day of the calendar month immediately preceding the month in which such Payment Date occurs; provided that the final Interest Accrual Period hereunder shall end on and include the day prior to the payment in
full of the Advances hereunder. 
 “Interest Collection Subaccount” has the meaning assigned to such term in
Section 8.02(a). 
 “Interest Coverage Ratio” means, on any Determination Date, the percentage equal to: 

(a) (i) an amount equal to the Collateral Interest Amount at such time minus (ii) the amount payable on the Payment
Date immediately following such date of determination pursuant to Sections 9.01(a)(i)(A), (B) and (D); divided by 

(b) the amount payable on the Payment Date immediately following such date of determination pursuant to
Section 9.01(a)(i)(C). 
 “Interest Coverage Ratio Test” means a test that is satisfied at any time if the Interest
Coverage Ratio is greater than or equal to 150%; provided that the Interest Coverage Ratio Test shall be deemed to be satisfied on any date prior to the initial Advance hereunder. 

“Interest Proceeds” means, with respect to any Collection Period or the related Determination Date, without duplication, the
sum of: 
 (a) all payments of interest and other income received in cash by the Borrower during such Collection Period on
the Collateral Loans (including interest purchased with Principal Proceeds, interest and other income received in cash on Ineligible Collateral Loans and the accrued interest received in cash in connection with a sale of any such Collateral Loan
during such Collection Period); 
 (b) all principal and interest payments received by the Borrower during such Collection
Period on Eligible Investments purchased with Interest Proceeds and all interest payments received by the Borrower during such Collection Period on Eligible Investments purchased with amounts credited to the Revolving Reserve Account; 

(c) all amendment and waiver fees, late payment fees (including compensation for delayed settlement or trades), and all
protection fees and other fees and commissions received by the Borrower during such Collection Period unless the Servicer has determined in its sole discretion that such payments are to be treated as Principal Proceeds; and 

  
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 (d) commitment fees, facility fees, anniversary fees, ticking fees and other
similar fees received by the Borrower during such Collection Period unless the Servicer has determined in its sole discretion that such payments are to be treated as Principal Proceeds; 

provided that: 
 (1) as to
any Defaulted Collateral Loan (and only so long as it remains a Defaulted Collateral Loan), any amounts received in respect thereof will constitute Principal Proceeds (and not Interest Proceeds) until the aggregate of all Collections in respect
thereof since it became a Defaulted Collateral Loan equals the Principal Balance of such Defaulted Collateral Loan at the time as of which it became a Defaulted Collateral Loan and all amounts received in excess thereof will constitute Interest
Proceeds; and 
 (2) any amounts received in respect of any Equity Security that was received in exchange for a Defaulted
Collateral Loan will constitute Principal Proceeds (and not Interest Proceeds) until the aggregate of all collections in respect of such Equity Security equals the outstanding Principal Balance of the related Collateral Loan, at the time it became a
Defaulted Collateral Loan, for which such Equity Security was received in exchange. 
 “Interest Rate” means, for any
Tranche for any Interest Accrual Period, an interest rate per annum equal to LIBOR (or, if at any time LIBOR cannot be determined, the Base Rate) plus the Applicable Margin, . 

“Interim Order” means an order, judgment, decree or ruling entered after notice and a hearing conducted in accordance with
Bankruptcy Rule 4001(c) granting interim authorization, the operation or effect of which has not been stayed, reversed or amended. 

“Investment Company Act” means the Investment Company Act of 1940 and the rules and regulations promulgated thereunder. 

“Law” means any action, code, consent decree, constitution, decree, directive, enactment, finding, guideline, law,
injunction, interpretation, judgment, order, ordinance, policy statement, proclamation, promulgation, regulation, requirement, rule, rule of law, treaty, rule of public policy, settlement agreement, statute, or writ, of any Governmental Authority,
or any particular section, part or provision thereof. 
 “Lender” means each Person listed on Schedule 1 and any other
Person that shall have become a party hereto in accordance with the terms hereof pursuant to an Assignment and Acceptance, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Acceptance. 

“Lender Fee Letter” means that certain fee letter, dated as of the Closing Date, by and among the Lenders, the Borrower and
the Servicer. 

  
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 “Liabilities” means all liabilities, obligations, losses, claims, damages,
penalties, actions, judgments, suits, costs, expenses (including reasonable and documented out-of-pocket outside attorneys’ fees and expenses) and disbursements of
any kind or nature whatsoever. 
 “LIBOR” means, for any Interest Accrual Period, the ICE Benchmark Administration Limited
London interbank offered rate per annum for deposits in the relevant currency for a period equal to the Interest Accrual Period as displayed in the Bloomberg Financial Markets System (or such other page on that service or such other service
designated by the ICE Benchmark Limited for the display of such administration’s London interbank offered rate for deposits in the relevant currency) as of 11:00 a.m., London time on the day that is two Business Days prior to the first day of
the Interest Accrual Period (the “Screen Rate”); provided that if the Administrative Agent determines that the relevant foregoing sources are unavailable for the relevant Interest Accrual Period, LIBOR shall mean the rate of
interest determined by the Administrative Agent to be the average (rounded upward, if necessary, to the nearest 1/100th of 1%) of the rates per annum at which deposits in the relevant currency are offered to the Administrative Agent two
(2) Business Days preceding the first day of such Interest Accrual Period by four leading banks (selected by the Administrative Agent after consultation with the Borrower) in the London or other offshore interbank market for the relevant
currency as of 11:00 a.m. for delivery on the first day of such Interest Accrual Period, for the number of days comprised therein and in an amount comparable to the amount of the Administrative Agent’s portion of the relevant Advance;
provided, if such rate is less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 
 “LIBOR
Successor Rate” has the meaning given to such term in Section 2.18(a). 
 “LIBOR Successor Rate Conforming
Changes” means, with respect to any proposed LIBOR Successor Rate, any conforming changes to the definition of Interest Rate, Interest Accrual Period, timing and frequency of determining rates and making payments of interest and other
administrative matters as may be appropriate, in the reasonable discretion of the Administrative Agent, to reflect the adoption of such LIBOR Successor Rate and to permit the administration thereof by the Administrative Agent in a manner
substantially consistent with market practice (or, if the Administrative Agent determines that adoption of any portion of such market practice is not administratively feasible or that no market practice for the administration of such LIBOR Successor
Rate exists, in such other manner of administration as the Administrative Agent reasonably determines). 
 “Lien” means any
mortgage, pledge, hypothecation, assignment, encumbrance, lien or security interest (statutory or other), or preference, priority or other security agreement, charge or preferential arrangement of any kind or nature whatsoever (including any
conditional sale or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, and the filing authorized by the Borrower of any financing statement under the UCC or comparable law of
any jurisdiction). 
 “Listed Collateral Loan” means, at any time, a Collateral Loan for which three or more bids are
quoted and available from Loan Pricing Corporation, Mark-it Partners (formerly known as Loan X), Interactive Data Corporation or another nationally recognized broker-dealer or nationally recognized quotation
service requested by the Servicer and approved from time to time by the Administrative Agent and the Required Lenders. 

  
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 “Listed Value” means, for any Listed Collateral Loan at any time, the bid
price for such Collateral Loan most recently quoted by Loan Pricing Corporation, Mark-it Partners (formerly known as Loan X) or Interactive Data Corporation and obtained by the Servicer, or quoted by another
nationally recognized broker-dealer or nationally recognized quotation service as may be approved from time to time by the Administrative Agent if so requested by the Borrower or the Servicer; provided that, if the Servicer reasonably
believes that the price quoted by any such source is based on less than three bona fide bids, then the Servicer, by notice to the Administrative Agent, may determine the Listed Value in accordance with clause (b) of the definition of
Loan Value. 
 “Loan Sale Agreement” means that certain Loan Sale and Contribution Agreement. 

“Loan Value” means, with respect to each Collateral Loan, as of any date of determination and expressed as a percentage of
the Principal Balance of such Eligible Collateral Loan, a percentage equal to: 
 (a) if a Revaluation Event has not occurred
with respect to such Collateral Loan, the purchase price of such Collateral Loan (excluding any original issue discount of 3% or less); 

(b) if a Revaluation Event has occurred with respect to such Collateral Loan and such Collateral Loan is not a Defaulted
Collateral Loan: 
 (i) if such loan is a Listed Collateral Loan as of such date, the lesser of (x) the Listed Value of
such loan as at such date and (y) the purchase price of such Collateral Loan; and 
 (ii) if such loan is not a Listed
Collateral Loan as of such date, the fair market value of such Collateral Loan as determined by the Administrative Agent in its sole discretion; and 

(c) if a Revaluation Event has occurred with respect to such Collateral Loan and such Collateral Loan is a Defaulted Collateral
Loan, the fair market value of such Collateral Loan as determined by the Administrative Agent in its sole discretion. 
 If the Borrower
disagrees with the Loan Value assigned by the Administrative Agent to a Collateral Loan pursuant to clauses (b)(ii) or (c) above (an “Agent Valuation”), then the Borrower may at its own expense and within sixty
(60) days from the date on which the Administrative Agent assigned the Agent Valuation (the “Dispute Period”) obtain an Appraisal (the “New Valuation”) from an Approved Appraisal Firm or a valuation firm
selected by the Borrower with the consent of the Administrative Agent (such process, a “Valuation Agent Dispute”). If a New Valuation is obtained during the Dispute Period, then the New Valuation shall be treated as the amended Loan
Value, otherwise the Agent Valuation shall be treated as the amended Loan Value. During the Dispute Period, the Loan Value shall be the Agent Valuation. The Administrative Agent may, in its sole discretion, further amend the Loan Value in respect of
such Collateral Loan on any subsequent date, subject to the valuation procedures and dispute mechanics set forth above, and such further determination shall constitute the Loan Value. 

  
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 “Macomb Credit Agreement” means that certain Credit Agreement, dated as of
August 21, 2018, by and among BNP Paribas, as a lender, the other lenders party thereto, Macomb Park CLO, Ltd., as borrower, BNP Paribas, as administrative agent, GSO / Blackstone Debt Funds Management LLC, as collateral manager, and SENTE
Master Fund, L.P., as preferred investor. 
 “Macomb Merger” means a transaction wherein the Borrower acquires the
outstanding equity of Macomb Park CLO, Ltd., repays the loans outstanding under the Macomb Credit Agreement and merges with Macomb Park CLO, Ltd., with the Borrower being the surviving entity. 

“Majority Lenders” means, as of any date of determination, the Administrative Agent and Lenders having aggregate Percentages
greater than 50%; provided, however, that if any Lender shall be a Defaulting Lender at such time, then Advances owing to such Defaulting Lender and such Defaulting Lender’s unfunded Commitments shall be excluded from the
determination of Majority Lenders. 
 “Margin Stock” has the meaning assigned to such term in Regulation U. 

“Material Adverse Effect” means a material adverse effect on (a) the business, assets, financial condition or operations
of the Borrower or the Servicer either individually or taken as a whole, (b) the validity or enforceability of this Agreement or any other Facility Document or the validity, enforceability or collectability of the Collateral Loans or the
Related Documents generally or any material portion of the Collateral Loans or the Related Documents, (c) the rights and remedies of the Administrative Agent, the Lenders and the other Secured Parties with respect to matters arising under this
Agreement or any other Facility Document, (d) the ability of each of the Borrower or the Servicer to perform its obligations under any Facility Document to which it is a party, or (e) the status, existence, perfection, priority or
enforceability of the Collateral Agent’s Lien on the Collateral. 
 “Material Modification” means, with respect to any
Collateral Loan, any amendment, waiver, consent or modification of, or supplement to or inaction with, a Related Document with respect thereto (it being understood that a release document or similar instrument executed or delivered in connection
with a disposition that is otherwise permitted under the applicable Related Documents shall not constitute an amendment or modification to such Related Document) executed or effected after the date on which such Collateral Loan is acquired by the
Borrower, that: 
 (a) reduces, defers or forgives any principal amount of such Collateral Loan; 

(b) reduces or forgives one or more interest payments which reduces the spread or coupon by more than 50 basis points or
permits any interest due with respect to such Collateral Loan in cash to be deferred or capitalized and added to the principal amount of such Collateral Loan (other than any deferral or capitalization already expressly permitted by the terms of its
Related Documents or pursuant to the application of a pricing grid, in each case, as of the date such Collateral Loan was acquired by the Borrower); 

  
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 (c) extends, delays or waives any date fixed for any scheduled payment
(including at maturity) or mandatory prepayment of principal on such Collateral Loan; 
 (d) in the case of a First Lien Last
Out Loan, a First Lien BSL or a First Lien Middle Market Loan, contractually or structurally subordinates such Collateral Loan by operation of a priority of payments, turnover provisions or the transfer of assets in order to limit recourse to the
related Obligor (other than as permitted by the terms of the Related Documents on the date such Collateral Loan was acquired); 

(e) substitutes, alters, releases or terminates any material portion of the underlying assets securing such Collateral Loan
(other than as expressly permitted by the Related Documents as of the date such Collateral Loan was acquired by the Borrower) or releases any material guarantor or co-Obligor from its obligations with respect
thereto, and each such substitution, alteration, release or termination materially and adversely affects the value of such Collateral Loan (as determined in the commercially reasonable discretion of the Administrative Agent); 

(f) modifies any term or provision of the Related Documents of such Collateral Loan that impacts the calculation of any
financial covenant, the definition of “Permitted Liens” (or any analogous definition), or the determination of any default or event of default with respect to the related Collateral Loan; 

(g) results in change of currency of the Collateral Loan; or 

(h) any other modification which is material and adverse to the value of such Collateral Loan. 

“Maximum Available Amount” means, on any date of determination, an amount equal to the lesser of: 

(a) the Maximum Facility Amount at such time; and 

(b) the Borrowing Base (calculated after giving effect to the deposit or investment of such borrowed funds on the borrowing
date). 
 “Maximum Facility Amount” means $400,000,000. 

“Maximum Portfolio Amount” means the sum of (i) (x) initially, $200,000,000, (y) after the first to occur of
(a) the Borrower waives its ability to reduce the Maximum Facility Amount pursuant to Section 2.07(b) and (b) March 31, 2019, the Maximum Facility Amount and (ii) the aggregate amount of all contributions by the Equityholder
to the Borrower (other than contributions made to cure a Default or an Event of Default) less any principal distributions to the Equityholder other than Excluded Principal Distributions. 

“Measurement Date” means (a) the Closing Date, (b) each Borrowing Date, (c) each Monthly Report Determination
Date, (d) each Payment Date Report Determination Date and (e) each other date reasonably requested by the Administrative Agent. 

  
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 “Mezzanine Obligations” means unsecured obligations that are contractually
subordinated in right of payment to other debt of the same issuer. 
 “Minimum Equity Amount” means, at any time, the
product of (a) 10% and (b) the Maximum Facility Amount. 
 “Minimum OC Coverage Test” means a test that shall be
satisfied if the OC Ratio is equal to or greater than 100%. 
 “Money” has the meaning specified in Section 1-201(24) of the UCC. 
 “Monthly Report” has the meaning assigned to such
term in Section 8.07(a). 
 “Monthly Report Determination Date” has the meaning assigned to such term in
Section 8.07(a). 
 “Monthly Reporting Date” has the meaning assigned to such term in Section 8.07(a). 

“Moody’s” means Moody’s Investors Service, Inc., together with its successors. 

“Moody’s Industry Classification” means the industry classifications set forth in Schedule 4 hereto, as such industry
classifications shall be updated at the option of the Servicer if Moody’s publishes revised industry classifications. The determination of which Moody’s Industry Classification to which an Obligor belongs shall be made in good faith by the
Servicer. 
 “Moody’s RiskCalc” has the meaning specified in Schedule 8 hereto. 

“Multiemployer Plan” means an employee pension benefit plan within the meaning of Section 4001 (a)(3) of ERISA that is
sponsored by the Borrower or a member of its ERISA Group or to which the Borrower or a member of its ERISA Group is obligated to make contributions or has any liability. 

“Note” means each promissory note, if any, issued by the Borrower to a Lender in accordance with the provisions of
Section 2.04, substantially in the form of Exhibit A. 
 “Notice of Borrowing” has the meaning assigned to such
term in Section 2.03(a). 
 “Notice of Prepayment” has the meaning assigned to such term in Section 2.06(a). 

“Obligations” means all indebtedness, whether absolute, fixed or contingent, at any time or from time to time owing by the
Borrower to any Secured Party or any Affected Person under or in connection with this Agreement, the Notes or any other Facility Document, including all amounts payable by the Borrower in respect of the Advances, with interest thereon, and all other
amounts payable hereunder or thereunder by the Borrower. 
 “Obligor” means, in respect of any Collateral Loan, each Person
obligated to pay Collections in respect of such Collateral Loan, including any applicable guarantors; provided that for purposes of determining the domicile of an Obligor for purposes of the definitions of Concentration Limitations and
Eligible Collateral Loan, the term “Obligor” shall only include the Person in respect of which the Collateral Loan was principally underwritten. 

  
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 “OC Ratio” means, as of any Business Day, 

(a) the sum of (x) the Borrowing Base, (y) for each potential Collateral Loan which the Borrower has entered into a
binding commitment to purchase that has not yet settled, the product of (i) the Advance Rate for such potential Collateral Loan and (ii) such potential Collateral Loan’s expected contribution to the Aggregate Net Collateral Balance
after settlement, and (z) for each Collateral Loan which the Borrower has entered into a binding commitment to sell that has not yet settled, the sale price for such Collateral Loan; divided by 

(b) the sum of (x) the outstanding principal balance of the Facility, (y) the aggregate purchase price of all
potential Collateral Loans for which the Borrower has entered into a binding commitment to purchase that have not yet settled, and (z) for each Collateral Loan which the Borrower has entered into a binding commitment to sell that has not yet
settled, the product of (i) the Advance Rate for such Collateral Loan and (ii) such Collateral Loan’s current contribution to the Aggregate Net Collateral Balance prior to settlement. 

“OC Ratio Breach” means, on any Business Day, a failure of the Minimum OC Coverage Test. 

“OC Ratio Posting Payment” has the meaning assigned to such term in Section 6.02. 

“OFAC” means the U.S. Office of Foreign Assets Control. 

“Other Connection Taxes” means, in the case of any Secured Party, any Taxes imposed as a result of a present or former
connection between such Secured Party and the jurisdiction imposing such Tax (other than connections arising from such Secured Party having executed, delivered, become a party to, performed obligations under, received payments under, received or
perfected a security interest under, engaged in any other transaction pursuant to or enforced this Agreement, the Notes or any other Facility Document). 

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to any Facility Document, except any such Taxes that
are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 13.03(h)). 

“Paid Senior Net Leverage Ratio” means, with respect to any Collateral Loan, the Senior Net Leverage Ratio multiplied
by the purchase price of such Collateral Loan. 

  
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 “Partial PIK Loan” means a Collateral Loan that requires the Obligor to pay
only a portion of the accrued and unpaid interest in Cash on a current basis, the remainder of which is or can be deferred and paid later; provided that (x) the portion of such interest required to be paid in Cash pursuant to the terms
of the applicable Related Documents carries a current Cash pay interest rate paid at a fixed rate of not less than 3.5% per annum, (y) the terms of the applicable Related Documents do not permit the amount of current Cash pay interest to
be less than 25% of the ordinary specified interest at any time and (z) the terms of the applicable Related Documents do not permit any accrued and unpaid interest to be deferred for more than 12 months or paid later than the date that is 12
months after the initial due date for such interest. 
 “Participant” means any bank or other Person to whom a
participation is sold as permitted by Section 13.06(c). 
 “Participant Register” has the meaning assigned to such
term in Section 13.06(c)(ii). 
 “PATRIOT Act” has the meaning assigned to such term in Section 13.15. 

“Payment Account” has the meaning assigned to such term in Section 8.03. 

“Payment Date” means the 20th day of each March, June, September and December, commencing with
June 20, 2019; provided that, if any such day is not a Business Day, then such Payment Date shall be the next succeeding Business Day. 

“Payment Date Report” has the meaning assigned to such term in Section 8.07(b). 

“Payment Date Report Determination Date” has the meaning assigned to such term in Section 8.07(b). 

“PBGC” means the Pension Benefit Guaranty Corporation, or any successor agency or entity performing substantially the same
functions. 
 “Percentage” of any Lender means, (a) with respect to any Lender party hereto on the date hereof, the
percentage set forth opposite such Lender’s name on Schedule 1, as such amount is reduced by any Assignment and Acceptance entered into by such Lender with an assignee or increased by any Assignment and Acceptance entered into by such Lender
with an assignor, or (b) with respect to a Lender that has become a party hereto pursuant to an Assignment and Acceptance, the percentage set forth therein as such Lender’s Percentage, as such amount is reduced by an Assignment and
Acceptance entered into between such Lender and an assignee or increased by any Assignment and Acceptance entered into by such Lender with an assignor. 

“Permitted Assignee” means (a) a Lender or any of its Affiliates or (b) any Person managed by a Lender or any of
its Affiliates. 
 “Permitted Currencies” means Pounds Sterling, Euro, Dollars and Canadian Dollars. 

  
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 “Permitted Distribution” means, on any Business Day, distributions of
(x) Interest Proceeds so long as immediately after giving effect to such Permitted Distribution, sufficient Interest Proceeds remain to pay all amounts payable on the immediately following Payment Date pursuant to Section 9.01(a)(i) as
determined by the Servicer in good faith and/or (y) prior to the last day of the Reinvestment Period, Principal Proceeds representing proceeds of the initial Advance; provided that amounts may be distributed pursuant to this definition
so long as (i) no Event of Default has occurred and is continuing (or would occur after giving effect to such Permitted Distribution) and (ii) the Minimum OC Coverage Test is satisfied immediately prior to and immediately after giving
effect to such Permitted Distribution. Nothing in this definition shall limit the right or ability of the Borrower to make a Permitted RIC Distribution. 

“Permitted Liens” means any of the following: (a) Liens for Taxes if such Taxes shall not at the time be due and payable
or if a Person shall currently be contesting the validity thereof in good faith by appropriate proceedings and with respect to which reserves in accordance with GAAP have been provided on the books of such Person; (b) Liens imposed by law, such
as materialmen’s, warehousemen’s, mechanics’, carriers’, workmen’s and repairmen’s Liens and other similar Liens, arising by operation of law in the ordinary course of business for sums that are not overdue or are being
contested in good faith; (c) Liens granted pursuant to or by the Facility Documents, (d) judgement Liens not constituting an Event of Default hereunder, (e) bankers’ Liens, rights of setoff and other similar Liens existing solely
with respect to cash and cash equivalents on deposit in one or more accounts maintained by such Person, in each case granted in the ordinary course of business in favor of the bank or banks with which such accounts are maintained, securing amounts
owing to such bank with respect to cash management, operating account arrangements and netting arrangements, (f) with respect to collateral underlying any Collateral Loan, the Lien in favor of the Borrower herein and Liens permitted under the
underlying instruments related to such Collateral Loan, (g) as to any agented Collateral Loan, Liens in favor of the agent on behalf of all the lenders to the related obligor and (h) Liens of clearing agencies, broker-dealers and similar
Liens incurred in the ordinary course of business, provided that such Liens (x) attach only to the securities (or proceeds) being purchased or sold and (y) secure only obligations incurred in connection with such purchase or sale, and not
any obligation in connection with financing. 
 “Permitted Offer” means a tender offer pursuant to the terms of which the
offeror offers to acquire a debt obligation (including a Collateral Loan) in exchange for consideration consisting of (x) Cash in an amount equal to or greater than the full face amount of the debt obligation being exchanged plus any accrued
and unpaid interest or (y) other debt obligations that rank pari passu or senior to the debt obligation being exchanged which have a face amount equal to or greater than the full face amount of the debt obligation being exchanged and are
eligible to be Collateral Loans plus any accrued and unpaid interest in Cash. 
 “Permitted RIC Distribution” means
distributions to the Equityholder (from the Collection Account or otherwise) to the extent required to allow the Equityholdert to make sufficient distributions to qualify as a regulated investment company and to otherwise eliminate federal or state
income or excise taxes payable by the Equityholder in or with respect to any taxable year of the Equityholder (or any calendar year, as relevant); provided that (A) the amount of any such payments made in or with respect to any such taxable
year (or calendar year, as relevant) of the Equityholder shall not exceed 115% of the amounts that the Borrower would have been 

  
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required to distribute to the Equityholder to: (i) allow the Borrower to satisfy the minimum distribution requirements that would be imposed by Section 852(a) of the Code (or any
successor thereto) to maintain its eligibility to be taxed as a regulated investment company for any such taxable year, (ii) reduce to zero for any such taxable year the Borrower’s liability for federal income taxes imposed on (x) its
investment company taxable income pursuant to Section 852(b)(1) of the Code (or any successor thereto) or (y) its net capital gain pursuant to Section 852(b)(3) of the Code (or any successor thereto), and (iii) reduce to zero the
Borrower’s liability for federal excise taxes for any such calendar year imposed pursuant to Section 4982 of the Code (or any successor thereto), in the case of each of (i), (ii) or (iii), calculated assuming that the Borrower had
qualified to be taxed as a regulated investment company under the Code, (B) after the occurrence and during the continuance of an Event of Default, the amount of Permitted RIC Distributions made in any calendar quarter shall not exceed
U.S.$1,500,000 (or such greater amount consented to by the Administrative Agent in its sole discretion) and (C) amounts may be distributed pursuant to this definition only to the extent of available Excess Interest Proceeds and/or Principal
Proceeds and only so long as (x) the Coverage Tests are satisfied immediately prior to and immediately after giving effect to such Permitted RIC Distribution (unless otherwise consented to by the Administrative Agent in its sole discretion),
(y) the Borrower certifies the above in a RIC Distribution Notice to the Administrative Agent at least two (2) Business Days prior to the applicable distribution and (z) the Borrower provides at least two (2) Business Days’ prior
written notice thereof to the Administrative Agent, the Collateral Agent and the Collateral Administrator. 
 “Permitted Working
Capital Lien” has the meaning assigned to such term in the definition of “First Lien Loan”. 
 “Person”
means an individual or a corporation (including a business trust), partnership, trust, incorporated or unincorporated association, joint stock company, limited liability company, government (or an agency or political subdivision thereof) or other
entity of any kind. 
 “PIK Loan” means a Collateral Loan (other than a Partial PIK Loan) that permits the Obligor thereon
to defer or capitalize any portion of the accrued interest thereon. 
 “Plan” means an employee pension benefit plan (other
than a Multiemployer Plan) which is covered by Title IV of ERISA or subject to the minimum funding standards under Section 412 of the Code that is sponsored by the Borrower or a member of its ERISA Group or to which the Borrower or a member of
its ERISA Group is obligated to make contributions or has any liability. 
 “Plan Asset Rule” has the meaning assigned to
such term in Section 4.01(m). 

  
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 “Portfolio Advance Rate Adjustment” means, as of any date of determination,
the highest applicable percentage set forth on the table below: 
  

					
	 Diversity Score
	  	Advance Rate
Adjustment	 
	 Less than 4
	  	 	40	% 
	 Greater than or equal to 4, but less than 7
	  	 	60	% 
	 Greater than or equal to 7, but less than 10
	  	 	80	% 
	 Greater than or equal to 10
	  	 	100	% 

 “Post-Default Rate” means a rate per annum equal to the rate of interest otherwise in
effect pursuant to this Agreement (or, if no such rate is specified, the Base Rate) plus 2.00% per annum. 
 “Potential
Servicer Removal Event” means any event which, with the passage of time, the giving of notice, or both, would (if not cured or otherwise remedied during such time) constitute a Servicer Removal Event. 

“Pounds Sterling” and “£” means the lawful currency of the United Kingdom. 

“Prime Rate” means the rate announced by BNP from time to time as its prime rate in the United States, such rate to change as
and when such designated rate changes. The Prime Rate is not intended to be the lowest rate of interest charged by BNP in connection with extensions of credit to debtors. 

“Principal Balance” means, with respect to any loan, as of any date of determination, the outstanding principal amount of
such loan, excluding any capitalized interest. 
 “Principal Collection Subaccount” has the meaning assigned to such term
in Section 8.02(a). 
 “Principal Proceeds” means, with respect to any Collection Period or the related Determination
Date, all amounts received by the Borrower during such Collection Period that do not constitute Interest Proceeds, including unapplied proceeds of the Advances and any amounts received by the Borrower as equity contributions (howsoever designated).

 “Priority of Payments” has the meaning assigned to such term in Section 9.01(a). 

“Private Authorizations” means all franchises, permits, licenses, approvals, consents and other authorizations of all Persons
(other than Governmental Authorities). 
 “Proceeds” has, with reference to any asset or property, the meaning assigned to
it under Section 9-102(a)(64) of the UCC and, in any event, shall include any and all amounts from time to time paid or payable under or in connection with such asset or property. 

“QIB” has the meaning assigned to such term in Section 13.06(e). 

  
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 “Qualified Institution” means a depository institution or trust company
organized under the laws of the United States of America or any one of the States thereof or the District of Columbia (or any domestic branch of a foreign bank), (a)(i) that has either (A) a long-term unsecured debt rating of “A”
or better by S&P and “A2” or better by Moody’s or (B) a short-term unsecured debt rating or certificate of deposit rating of “A-1” or better by S&P or “P-1” or better by Moody’s, (ii) the parent corporation of which has either (A) a long-term unsecured debt rating of “A” or better by S&P and “A2” or better by
Moody’s or (B) a short-term unsecured debt rating or certificate of deposit rating of “A-1” or better by S&P and “P-1” or better by
Moody’s or (iii) is otherwise acceptable to the Administrative Agent and (b) the deposits of which are insured by the Federal Deposit Insurance Corporation. 

“Qualified Purchaser” has the meaning assigned to such term in Section 13.06(e). 

“Recipient” means the Administrative Agent, each Lender and each Secured Party. 

“Register” has the meaning assigned to such term in Section 13.06(d). 

“Regulation T,” “Regulation U” and “Regulation X” mean Regulation T, U and X, respectively,
of the Board of Governors of the Federal Reserve System, as in effect from time to time. 
 “Reinvestment Period” means the
period from and including the Closing Date to and including the earlier of (a) the date that is the third anniversary of the Closing Date (or such later date as may be agreed by the Borrower, the Administrative Agent and each Lender pursuant to
Section 2.16) and (b) the date of the termination of the Commitments pursuant to Section 6.01. 
 “Related
Documents” means, with respect to any Collateral Loan, (i) the loan or credit agreement evidencing such Collateral Loan, (ii) the principal security agreement, and (iii) if the same can be obtained without undue expense or
effort, all other documents evidencing, securing, guarantying, governing or giving rise to such Collateral Loan. 
 “Relevant Test
Period” means, with respect to any Collateral Loan, the relevant test period for the calculation of EBITDA, Cash Interest Coverage Ratio or Total Net Leverage Ratio, as applicable, for such Collateral Loan in the applicable Related
Documents or, if no such period is provided for therein, for Obligors delivering monthly financial statements, each period of the last twelve consecutive reported calendar months, and for Obligors delivering quarterly financial statements, each
period of the last four consecutive reported fiscal quarters of the principal Obligor on such Collateral Loan; provided that, with respect to any Collateral Loan for which the relevant test period is not provided for in the applicable Related
Documents, if an Obligor is a newly-formed entity as to which twelve consecutive calendar months have not yet elapsed, “Relevant Test Period” shall initially include the period from the date of formation of such Obligor or closing date of
the applicable Collateral Loan to the end of the twelfth calendar month or fourth fiscal quarter (as the case may be) from the date of formation or closing, as applicable, and shall subsequently include each period of the last twelve consecutive
reported calendar months or four consecutive reported fiscal quarters (as the case may be) of such Obligor. 
 “Replacement
Servicer” has the meaning assigned to such term in Section 11.01(c). 
 “Requested Amount” has the meaning
assigned to such term in Section 2.03. 

  
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 “Required Lenders” means, as of any date of determination, the
Administrative Agent and Lenders having aggregate Percentages greater than or equal to 66 2/3%; provided, however, that if any Lender shall be a Defaulting Lender at such time, then Advances owing to such Defaulting Lender and such
Defaulting Lender’s unfunded Commitments shall be excluded from the determination of Required Lenders. 
 “Responsible
Officer” means (a) in the case of (i) a corporation or (ii) a partnership or limited liability company that, in each case, pursuant to its Constituent Documents, has officers, any chief executive officer, chief financial
officer, chief administrative officer, managing director, president, senior vice president, vice president, assistant vice president, treasurer, director or manager, and, in any case where two Responsible Officers are acting on behalf of such
entity, the second such Responsible Officer may be a secretary or assistant secretary (provided that a director or manager of the Borrower shall be a Responsible Officer regardless of whether its Constituent Documents provide for officers),
(b) without limitation of clause (a)(ii), in the case of a limited partnership, the Responsible Officer of the general partner, acting on behalf of such general partner in its capacity as general partner, (c) without limitation of
clause (a)(ii), in the case of a limited liability company, any Responsible Officer of the sole member or managing member, acting on behalf of the sole member or managing member in its capacity as sole member or managing member, (d) in the
case of a trust, the Responsible Officer of the trustee, acting on behalf of such trustee in its capacity as trustee, (e) an “authorized signatory” or “authorized officer” that has been so authorized pursuant to customary
corporate proceedings, limited partnership proceedings, limited liability company proceedings or trust proceedings, as the case may be, and that has responsibilities commensurate with the matter for which it is acting as a Responsible Officer: the
initial “authorized signatories” of the parties hereto are set forth on Schedule 6 (as such Schedule 6 may be modified from time to time by written notice), and (f) in the case of the Custodian, the Securities Intermediary, the
Collateral Agent or Administrative Agent, an officer of the Custodian, the Securities Intermediary, the Collateral Agent or Administrative Agent, as applicable, having direct responsibility for the administration of this Agreement. 

“Revaluation Event” means, with respect to any Collateral Loan as of any date of determination, the occurrence of any one or
more of the following events (any of which, for the avoidance of doubt, may occur more than once): 
 (a) (i) the
trailing 12-month (or such lesser time if the most recent 12-month is not available) EBITDA (based on the most recently reported information of the related Obligor) of
such Collateral Loan decreases by more than 25.0% from either (x) the trailing 12-month (or such lesser time if the most recent 12-month is not available) EBITDA of
the Obligor measured for the period ending 12 months (or such lesser time elapsed from the closing date of such Collateral Loan) prior or (y) the trailing 12-month (or such lesser time if the most recent 12-month is not available) EBITDA calculated on the date the Borrower acquired such Collateral Loan or (ii) the Total Net Leverage Ratio for the current period of the related Obligor with respect to such
Collateral Loan increases by more than 1.25x from the ratio calculated on the date the Borrower acquired such Collateral Loan; 

(b) an Insolvency Event occurs with respect to the Obligor; 

  
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 (c) an Obligor default in the payment of principal or interest on revolving
loan facilities (giving effect to any applicable grace period under the Related Documents, but not to exceed five days) with respect to such Collateral Loan or any other debt obligation of such Obligor secured by the same collateral and which is
senior or pari passu to such Collateral Loan or the occurrence of any other default with respect to such Collateral Loan, in each case, together with the election by any agent or lender (including the Borrower) to accelerate such Collateral
Loan or to enforce any other respective secured creditor rights or remedies; 
 (d) the Servicer grades such Collateral Loan
“5” or lower (or any equivalent rating) on its internal grading scale; 
 (e) the occurrence of a Material
Modification with respect to such Collateral Loan that was not approved by the Administrative Agent (in its sole discretion); or 

(f) the related Obligor fails to deliver to the Borrower or the Servicer any financial reporting information (i) as
required by the Related Documents of such Collateral Loan (giving effect to any applicable grace period thereunder) and (ii) no less frequently than quarterly (subject to the delivery requirements of the Related Documents). 

“Revolving Collateral Loan” means any Collateral Loan (other than a Delayed Drawdown Collateral Loan) that is a 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 related Obligor by the Borrower and which provides that such borrowed money may be repaid and re-borrowed from time to time; provided that any such Collateral Loan will
be a Revolving Collateral Loan only until all commitments to make revolving advances to the Obligor expire or are terminated or irrevocably reduced to zero. 

“Revolving Exposure” means, at any time, the sum of the aggregate Unfunded Amount of each Collateral Loan (including each
Ineligible Collateral Loan and each Defaulted Collateral Loan) at such time. 
 “Revolving Reserve Account” has the meaning
assigned to such term in Section 8.04. 
 “RIC Distribution Notice” means a written notice setting forth the
calculation of the Borrower’s net taxable income (determined as if the Borrower were a domestic corporation for U.S. federal income tax purposes) and of any Permitted RIC Distribution and certifying that the Equityholder remains a
“regulated investment company” under Subchapter M of the Code. 
 “S&P” means S&P Global Ratings, a
Standard & Poor’s Financial Services, LLC business. 
 “S&P Industry Classification” means the industry
classifications set forth in Schedule 2 hereto, as such industry classifications shall be updated at the option of the Servicer if S&P publishes revised industry classifications. The determination of which S&P Industry Classification to
which an Obligor belongs shall be made in good faith by the Servicer. 

  
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 “Sanctioned Country” has the meaning given to such term in
Section 4.01(r). 
 “Sanctioned Person” has the meaning given to such term in Section 4.01(r). 

“Sanctions” means any economic or trade sanctions or restrictive measures enacted, administered, imposed or enforced by the
U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), the U.S. Department of State, the United Nations Security Council, the European Union or any EU member state, the French Republic, Her Majesty’s Treasury and/or any
other relevant sanctions authority. 
 “Scheduled Distribution” means, with respect to any Collateral Loan, for each Due
Date, the scheduled payment of principal and/or interest and/or fees due on such Due Date with respect to such Collateral Loan. 

“Scheduled Unavailability Date” has the meaning given to such term in Section 2.18(a)(ii). 

“Screen Rate” has the meaning assigned to it in the definition of “LIBOR.” 

“Second Lien BSL” means any Collateral Loan (for purposes of this definition, a “loan”) that meets the
following criteria: 
 (a) is secured by a pledge of collateral which security interest is validly perfected and second
priority (subject to liens permitted under the related underlying instruments that are reasonable and customary for similar Collateral Loans) under Applicable Law (other than a Collateral Loan that is second priority to a Permitted Working Capital
Lien); 
 (b) the Servicer determines in good faith that the value of the collateral securing the Collateral Loan (including
based on enterprise value) on or about the time of origination or acquisition by the Borrower equals or exceeds the outstanding principal balance of the Collateral Loan plus the aggregate outstanding balances of all other Collateral Loans of equal
or higher seniority secured by the same collateral; and 
 (c) is a Broadly Syndicated Loan. 

“Secured Parties” means the Administrative Agent, the Collateral Agent, the Custodian, each Lender, the Servicer (to the
extent the Servicer has not been removed), Wells Fargo, in its capacity as Securities Intermediary under the Account Control Agreement, and, if applicable, the Replacement Servicer. 

“Securities Act” means the Securities Act of 1933 and the rules and regulations promulgated thereunder, all as from time to
time in effect. 
 “Securities Intermediary” shall mean Wells Fargo in its capacity as Securities Intermediary under the
Account Control Agreement and any other entity as defined in Section 8-102(a)(14) of the UCC. 

  
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 “Security Entitlement” has the meaning specified in Section 8-102(a)(17) of the UCC. 
 “Senior Net Leverage Ratio” means,
with respect to any Collateral Loan for any Relevant Test Period, the meaning of “Senior Net Leverage Ratio” or any comparable term defined in the Related Documents for such Loan, and in any case that “Senior Net Leverage Ratio”
or such comparable term is not defined in such Related Documents, the ratio of (a) total indebtedness (other than indebtedness of such Obligor that is junior in terms of lien subordination to indebtedness of such Obligor held by the Borrower)
minus Unrestricted Cash and cash equivalents to (b) EBITDA as calculated by the Servicer in accordance with the Servicing Standard. 

“Servicer” means Blackstone/GSO Secured Lending Fund, in its capacity as servicer hereunder and any successor
thereto in accordance herewith. 
 “Servicer Expense Cap” means, for any Payment Date, an amount not to
exceed $75,000 during any twelve (12) month period. 
 “Servicer Expenses” means the out-of-pocket expenses incurred by the Servicer in connection with the Facility Documents. 

“Servicer Fee” means, for any Collection Period, an amount equal to the product of (i) 0.35% per
annum multiplied by (ii) the Fee Basis Amount (calculated on the basis of a 360-day year and the actual number of days elapsed in the related Collection Period); provided that,
the Servicer Fee is waived so long as Blackstone/GSO Secured Lending Fund is the Servicer. 
 “Servicer Removal
Event” means any one of the following events: 
 (a) except as set forth in another clause of this
definition, the Servicer breaches in any material respect any covenant or agreement applicable to it under this Agreement or any other Facility Document to which it is a party (it being understood that failure to meet any Coverage Test or
Concentration Limitation is not a breach under this subclause (a)), and, if capable of being cured, is not cured within 30 days of the earlier of (i) a Responsible Officer of the Servicer acquiring actual knowledge of such breach or
(ii) its receiving written notice from either Agent of such breach; 
 (b) the occurrence and continuation of an Event
of Default; 
 (c) an act by the Servicer, or any of its senior investment personnel actively involved in managing the
portfolio of the Borrower, that constitutes fraud or criminal activity in the performance of its obligations under the Facility Documents or the Servicer or any of its senior investment personnel actively involved in managing the portfolio of the
Borrower being indicted for a criminal offense materially related to its asset management business; provided that the Servicer will be deemed to have cured any event of cause pursuant to this clause (c) if the Servicer terminates or
causes the termination of employment of all individuals who engaged in the conduct constituting cause pursuant to this clause (c) and makes the Borrower whole for any actual financial loss that such conduct caused the Borrower; 

  
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 (d) the failure of any representation, warranty, or certification made or
delivered by the Servicer in or pursuant to this Agreement or any other Facility Document to be correct when made that has a Material Adverse Effect on the Borrower or any Secured Party and is either incapable of being cured or is not cured within
30 days of the earlier of (i) a Responsible Officer of the Servicer acquiring actual knowledge of such breach or (ii) its receiving written notice from either Agent of such breach; 

(e) the rendering of one or more final judgments, decrees or orders by a court or arbitrator of competent jurisdiction for the
payment of money in excess individually or in the aggregate of $5,000,000, with respect to the Servicer (in each case, net of amounts covered by insurance), and the Servicer shall not have either (i) discharged or provided for the discharge of
any such judgment, decree or order in accordance with its terms or (ii) perfected a timely appeal of such judgment, decree or order and caused the execution of same to be stayed during the pendency of the appeal, in each case, within sixty
(60) days from the date of entry thereof; 
 (f) the Servicer shall have made payments to settle any litigation, claim
or dispute totaling more than, in the aggregate, $5,000,000; 
 (g) an Insolvency Event relating to the Servicer occurs; 

(h) Blackstone/GSO Secured Lending Fund, GSO Asset Management LLC or an Affiliate thereof ceases to be the Servicer; 

(i) any failure by the Servicer to deliver any required reporting under the Facility Documents on or before the date occurring
five (5) Business Days after the date such report is required to be made; 
 (j) any failure by the Servicer to deposit
or credit, or to deliver for deposit, in the Covered Accounts any amount required hereunder to be so deposited, credited or delivered by it, or to make any distributions therefrom required by it, in each case on or before the date occurring three
(3) Business Days after the date such deposit or distribution is required to be made by the Servicer; or 
 (k) a Change
of Control occurs. 
 “Servicer Removal Notice” shall have the meaning assigned to such term in Section 11.01(b). 

“Servicing Standard” has the meaning assigned to such term in Section 11.02(d). 

“Solvent” means, as to any Person, such Person is not “insolvent” within the meaning of Section 101(32) of the
Bankruptcy Code or Section 271 of the Debtor and Creditor Law of the State of New York. 

  
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 “Specified Eligible Investment” means an Eligible Investment meeting the
requirements of Section 8.06(a) and that is available to the Collateral Agent, specified by the Servicer to the Collateral Agent (with a copy to the Administrative Agent) on or prior to the initial Borrowing Date; provided that, so long
as no Event of Default shall have occurred and then be continuing, at any time with not less than five Business Days’ notice to the Collateral Agent (with a copy to the Administrative Agent) the Servicer may (and, if the then Specified Eligible
Investment is no longer available to the Collateral Agent, shall) designate another Eligible Investment that meets the requirements of Section 8.06(a) and that is available to the Collateral Agent to be the Specified Eligible Investment for
purposes hereof. After the occurrence and continuation of an Event of Default, a Specified Eligible Investment shall mean an Eligible Investment meeting the requirements of Section 8.06(a) and which has been selected by the Administrative Agent
and specified to the Collateral Agent. 
 “Structured Finance Obligation” means any debt obligation owing by a finance
vehicle that is secured directly and primarily by, primarily referenced to, and/or primarily representing ownership of, a pool of receivables or a pool of other assets, including collateralized debt obligations, residential mortgage-backed
securities, commercial mortgage-backed securities, other asset-backed securities, “future flow” receivable transactions and other similar obligations; provided that loans to financial service companies, factoring businesses, health care
providers and other genuine operating businesses do not constitute Structured Finance Obligations. 
 “Synthetic Security”
means a security or swap transaction (excluding, for purposes of this Agreement, a participation interest) that has payments associated with either payments of interest and/or principal on a reference obligation or the credit performance of a
reference obligation. 
 “Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings
(including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Total Net Leverage Ratio” means, with respect to any Collateral Loan for any Relevant Test Period, the meaning of
“Total Leverage Ratio,” “Total Net Leverage Ratio” or any comparable term relating to total indebtedness defined in the Related Documents for such Loan, and in any case that “Total Leverage Ratio,” “Total Net
Leverage Ratio” or such comparable term is not defined in such Related Documents, the ratio of (a) total indebtedness secured by a lien at such time minus Unrestricted Cash and cash equivalents to (b) EBITDA as calculated by
the Servicer in accordance with the Servicing Standard. 
 “Trade Date” has the meaning assigned to such term in
Section 1.04(l). 
 “Tranche A” means, at any time, all Tranche A Collateral Loans at such time. 

“Tranche A Advance” means each Advance allocated to Tranche A pursuant to, and in accordance with, this Agreement. 

“Tranche A Borrowing Base” means, at any time, an amount equal to the sum of (i) the amounts in the Principal Collection
Subaccount, and (ii) the product of (x) the Weighted Average Tranche A Advance Rate as of such date, (y) the Portfolio Advance Rate Adjustment as of such date and (z) the Aggregate Tranche A Net Collateral Balance as of such
date. 

  
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 “Tranche A Collateral Loans” means, at any time, all First Lien BSLs that
are Eligible Collateral Loans. 
 “Tranche A Minimum OC Coverage Test” means a test that shall be satisfied if the Tranche
A OC Ratio is equal to or greater than 100%. 
 “Tranche A OC Ratio” means, as of any Business Day, 

(a) the sum of (x) the Tranche A Borrowing Base, (y) for each potential Tranche A Collateral Loan which the Borrower
has entered into a binding commitment to purchase that has not yet settled, the product of (i) the Advance Rate for such potential Tranche A Collateral Loan and (ii) such potential Tranche A Collateral Loan’s expected contribution to
the Aggregate Tranche A Net Collateral Balance after settlement, and (z) for each Tranche A Collateral Loan which the Borrower has entered into a binding commitment to sell that has not yet settled, the sale price for such Tranche A Collateral
Loan; divided by 
 (b) the sum of (x) the outstanding principal balance of the Facility under such Tranche,
(y) the aggregate purchase price of all potential Tranche A Collateral Loans for which the Borrower has entered into a binding commitment to purchase that have not yet settled, and (z) for each Tranche A Collateral Loan which the Borrower
has entered into a binding commitment to sell that has not yet settled, the product of (i) the Advance Rate for such Tranche A Collateral Loan and (ii) such Tranche A Collateral Loan’s current contribution to the Aggregate Tranche A
Net Collateral Balance prior to settlement. 
 “Tranche B” means, at any time, all Tranche B Collateral Loans at such time.

 “Tranche B Advance” means each Advance allocated to Tranche B pursuant to, and in accordance with, this Agreement. 

“Tranche B Borrowing Base” means, at any time, an amount equal to the sum of (i) the amounts in the Principal Collection
Subaccount, and (ii) the product of (x) the Weighted Average Tranche B Advance Rate as of such date, (y) the Portfolio Advance Rate Adjustment as of such date and (z) the Aggregate Tranche B Net Collateral Balance as of such
date. 
 “Tranche B Collateral Loans” means, at any time, all First Lien Middle Market Loans whose Obligors have an EBITDA
of greater than $25,000,000 at origination that are Eligible Collateral Loans. 
 “Tranche B Minimum OC Coverage Test”
means a test that shall be satisfied if the Tranche B OC Ratio is equal to or greater than 100%. 
 “Tranche B OC Ratio”
means, as of any Business Day, 
 (a) the sum of (x) the Tranche B Borrowing Base, (y) for each potential Tranche B
Collateral Loan which the Borrower has entered into a binding commitment to purchase that has not yet settled, the product of (i) the Advance Rate for such potential Tranche B Collateral Loan and (ii) such potential Tranche B Collateral
Loan’s expected contribution to the Aggregate Tranche B Net Collateral Balance after settlement, and (z) for each Tranche B Collateral Loan which the Borrower has entered into a binding commitment to sell that has not yet settled, the sale
price for such Tranche B Collateral Loan; divided by 

  
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 (b) the sum of (x) the outstanding principal balance of the Facility
under such Tranche, (y) the aggregate purchase price of all potential Tranche B Collateral Loans for which the Borrower has entered into a binding commitment to purchase that have not yet settled, and (z) for each Tranche B Collateral Loan
which the Borrower has entered into a binding commitment to sell that has not yet settled, the product of (i) the Advance Rate for such Tranche B Collateral Loan and (ii) such Tranche B Collateral Loan’s current contribution to the
Aggregate Tranche B Net Collateral Balance prior to settlement. 
 “Tranche C” means, at any time, all Tranche C Collateral
Loans at such time. 
 “Tranche C Advance” means each Advance allocated to Tranche C pursuant to, and in accordance with,
this Agreement. 
 “Tranche C Borrowing Base” means, at any time, an amount equal to the sum of (i) the amounts in the
Principal Collection Subaccount, and (ii) the product of (x) the Weighted Average Tranche C Advance Rate as of such date, (y) the Portfolio Advance Rate Adjustment as of such date and (z) the Aggregate Tranche C Net Collateral
Balance as of such date. 
 “Tranche C Collateral Loans” means, at any time, all First Lien Middle Market Loans whose
Obligors have an EBITDA of less than or equal to $25,000,000 at origination, First Lien Last Out Loans and Second Lien Loans that are, in each case, Eligible Collateral Loans. 

“Tranche C Minimum OC Coverage Test” means a test that shall be satisfied if the Tranche C OC Ratio is equal to or greater
than 100%. 
 “Tranche C OC Ratio” means, as of any Business Day, 

(a) the sum of (x) the Tranche C Borrowing Base, (y) for each potential Tranche C Collateral Loan which the Borrower
has entered into a binding commitment to purchase that has not yet settled, the product of (i) the Advance Rate for such potential Tranche C Collateral Loan and (ii) such potential Tranche C Collateral Loan’s expected contribution to
the Aggregate Tranche C Net Collateral Balance after settlement, and (z) for each Tranche C Collateral Loan which the Borrower has entered into a binding commitment to sell that has not yet settled, the sale price for such Tranche C Collateral
Loan; divided by 
 (b) the sum of (x) the outstanding principal balance of the Facility under such Tranche,
(y) the aggregate purchase price of all potential Tranche C Collateral Loans for which the Borrower has entered into a binding commitment to purchase that have not yet settled, and (z) for each Tranche C Collateral Loan which the Borrower
has entered into a binding commitment to sell that has not yet settled, the product of (i) the Advance Rate for such Tranche C Collateral Loan and (ii) such Tranche C Collateral Loan’s current contribution to the Aggregate Tranche C
Net Collateral Balance prior to settlement. 

  
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 “Tranche Minimum OC Coverage Test” means the Tranche A Minimum OC Coverage
Test, the Tranche B Minimum OC Coverage Test or the Tranche C Minimum OC Coverage Test, as applicable. 
 “Tranches” means
each of the Tranche A Advances, Tranche B Advances and the Tranche C Advances. 
 “UCC” means the New York Uniform
Commercial Code; provided that if, by reason of any mandatory provisions of law, the perfection, the effect of perfection or non-perfection or priority of the security interests granted to the Collateral Agent
pursuant to this Agreement are governed by the Uniform Commercial Code as in effect in a jurisdiction of the United States of America other than the State of New York, then “UCC” means the Uniform Commercial Code as in effect from
time to time in such other jurisdiction for purposes of such perfection, effect of perfection or non-perfection or priority. 

“Uncertificated Security” has the meaning specified in Section 8-102(a)(18) of
the UCC. 
 “Unfunded Amount” means, with respect to any Collateral Loan, as of any date of determination, the unfunded
commitment of the Borrower with respect to such Collateral Loan as of such date. 
 “Unrestricted Cash” has the meaning
assigned to the term “Unrestricted Cash” or any comparable term defined in the Related Documents for each Collateral Loan, and in any case that “Unrestricted Cash” or such comparable term is not defined in such Related Documents,
all cash available for use for general corporate purposes and not held in any reserve account or legally or contractually restricted for any particular purposes or subject to any lien (other than blanket liens permitted under or granted in
accordance with such Related Documents). 
 “U.S. Person” means any Person that is a “United States person” as
defined in Section 7701(a)(30) of the Code. 
 “U.S. Tax Compliance Certificate” has the meaning assigned to such term
in Section 13.03(g)(iii). 
 “Volcker Rule” means Section 13 of the U.S. Bank Holding Company Act of 1956, as
amended, and the applicable rules and regulations thereunder. 
 “Weighted Average Advance Rate” means, as of any date of
determination with respect to all Eligible Collateral Loans included in the Aggregate Net Collateral Balance, the number obtained by (a) summing the products obtained by multiplying (i) the Advance Rate of each Eligible Collateral
Loan by (ii) such Eligible Collateral Loan’s contribution to the Aggregate Net Collateral Balance and dividing (b) such sum by the Aggregate Net Collateral Balance. 

“Weighted Average Tranche A Advance Rate” means, as of any date of determination with respect to all Tranche A Collateral
Loans included in the Aggregate Tranche A Net Collateral Balance, the number obtained by (a) summing the products obtained by multiplying (i) the Advance Rate of each Tranche A Collateral Loan by (ii) such Tranche A Collateral
Loan’s contribution to the Aggregate Tranche A Net Collateral Balance and dividing (b) such sum by the Aggregate Tranche A Net Collateral Balance. 

  
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 “Weighted Average Tranche B Advance Rate” means, as of any date of
determination with respect to all Tranche B Collateral Loans included in the Aggregate Tranche B Net Collateral Balance, the number obtained by (a) summing the products obtained by multiplying (i) the Advance Rate of each Tranche B
Collateral Loan by (ii) such Tranche B Collateral Loan’s contribution to the Aggregate Tranche B Net Collateral Balance and dividing (b) such sum by the Aggregate Tranche B Net Collateral Balance. 

“Weighted Average Tranche C Advance Rate” means, as of any date of determination with respect to all Tranche C Collateral
Loans included in the Aggregate Tranche C Net Collateral Balance, the number obtained by (a) summing the products obtained by multiplying (i) the Advance Rate of each Tranche C Collateral Loan by (ii) such Tranche C Collateral
Loan’s contribution to the Aggregate Tranche C Net Collateral Balance and dividing (b) such sum by the Aggregate Tranche C Net Collateral Balance. 

“Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such
Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 
 “Working Capital Revolver”
means a revolving lending facility secured on a first lien basis solely by all or a portion of the current assets of the related obligor, which current assets subject to such security interest do not constitute a material portion of the
obligor’s total assets (it being understood that such revolving lending facility may be secured on a junior lien basis by other assets of the related obligor). 

“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers
of such EEA Resolution Authority from time to time in relation to any Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described as such in relation to that
Bail-in Legislation in the EU Bail-In Legislation Schedule. 

“Zero Coupon Obligation” means a Collateral Loan that does not provide for periodic payments of interest in Cash or that pays
interest only at its stated maturity. 
 Section 1.02 Rules of Construction. For all purposes of this Agreement and the other
Facility Documents, except as otherwise expressly provided or unless the context otherwise requires, (a) singular words shall connote the plural as well as the singular and vice versa (except as indicated), as may be appropriate, (b) the
words “herein,” “hereof” and “hereunder” and other words of similar import used in any Facility Document refer to such Facility Document as a whole and not to any particular article, schedule, section, paragraph,
clause, exhibit or other subdivision thereof, (c) the headings, subheadings and table of contents set forth in any Facility Document are solely for convenience of reference and shall not constitute a part of such Facility Document nor shall
they affect the meaning, construction or effect of any provision hereof, (d) references in any Facility Document to “include” or “including” shall mean include or including, as applicable, without limiting the generality of
any description preceding such term, (e) any definition of or 

  
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reference to any Facility Document, agreement, instrument or other document shall be construed as referring to such Facility Document, instrument or other document as from time to time amended,
restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements, supplements or modifications set forth herein or any other Facility Document), (f) any reference in any Facility Document, including the
introduction and recitals to such Facility Document, to any Person shall be construed to include such Person’s successors and assigns (subject to any restrictions set forth herein or in any other applicable agreement), (g) any reference to
any law or regulation herein shall refer to such law or regulation as amended, modified, supplemented or replaced from time to time, (h) any Event of Default shall be continuing until expressly waived in writing by the requisite Lenders,
(i) except as set forth herein, references herein to the knowledge or actual knowledge of a Person shall mean the actual knowledge following due inquiry of such Person, (j) except as otherwise expressly provided for in this Agreement, any
use of “material” or “materially” or words of similar meaning in this Agreement shall mean material, as determined by the Administrative Agent in its reasonable discretion and (k) unless otherwise expressly stated in this
Agreement, if at any time any change in generally accepted accounting principles (including the adoption of IFRS) would affect the computation of any covenant (including the computation of any financial covenant) set forth in this Agreement or any
other Facility Document, the Borrower and the Administrative Agent shall negotiate in good faith to amend such covenant to preserve the original intent in light of such change; provided, that, until so amended, (i) such covenant shall
continue to be computed in accordance with the application of generally accepted accounting principles prior to such change and (ii) the Borrower shall provide to the Administrative Agent a written reconciliation in form and substance
reasonably satisfactory to the Administrative Agent, between calculations of such covenant made before and after giving effect to such change in generally accepted accounting principles. 

Section 1.03 Computation of Time Periods. Unless otherwise stated in the applicable Facility Document, in the computation of a
period of time from a specified date to a later specified date, the word “from” means “from and including,” the word “through” means “to and including” and the words “to” and “until” both
mean “to but excluding.” Periods of days referred to in any Facility Document shall be counted in calendar days unless Business Days are expressly prescribed. Unless otherwise indicated herein, all references to time of day refer to
Eastern standard time or Eastern daylight saving time, as in effect in New York City on such day. 
 Section 1.04 Collateral Value
Calculation Procedures. In connection with all calculations required to be made pursuant to this Agreement with respect to Scheduled Distributions on any Collateral Loan, or any payments on any other assets included in the Collateral, with
respect to the sale of and reinvestment in Collateral Loans, and with respect to the income that can be earned on Scheduled Distributions on such Collateral Loans and on any other amounts that may be received for deposit in the Collection Account,
the provisions set forth in this Section 1.04 shall be applied. The provisions of this Section 1.04 shall be applicable to any determination or calculation that is covered by this Section 1.04, whether or not reference is specifically
made to Section 1.04, unless some other method of calculation or determination is expressly specified in the particular provision. 

(a) All calculations with respect to Scheduled Distributions on any Collateral Loan shall be made on the basis of information as to the terms
of each such Collateral Loan and upon reports of payments, if any, received on such Collateral Loan that are furnished by or on behalf of the Obligor of such Collateral Loan and, to the extent they are not manifestly in error, such information or
reports may be conclusively relied upon in making such calculations. 

  
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 (b) For purposes of calculating the Coverage Tests, except as otherwise specified in the
Coverage Tests, such calculations will not include (i) scheduled interest and principal payments on Defaulted Collateral Loans and Ineligible Collateral Loans unless or until such payments are actually made or such payments are determined
likely to be received by the Servicer pursuant to the definition of Collateral Interest Amount and (ii) ticking fees and other similar fees in respect of Collateral Loans, unless or until such fees are actually paid. 

(c) For each Collection Period and as of any date of determination, the Scheduled Distribution on any Collateral Loan (other than a Defaulted
Collateral Loan or an Ineligible Collateral Loan, which, unless such payments are determined likely to be received by the Servicer pursuant to the definition of Collateral Interest Amount and except as otherwise provided herein, shall be assumed to
have Scheduled Distributions of zero) shall be the total amount of (i) payments and collections to be received during such Collection Period in respect of such Collateral Loan, (ii) proceeds of the sale of such Collateral Loan received
and, in the case of sales which have not yet settled, to be received during such Collection Period that are not reinvested in additional Collateral Loans or retained in a Collection Account for subsequent reinvestment pursuant to Article X,
which proceeds, if received as scheduled, will be available in a Collection Account and available for distribution at the end of such Collection Period and (iii) amounts referred to in clause (i) or (ii) above that were received in
prior Collection Periods but were not disbursed on a previous Payment Date or retained in a Collection Account for subsequent reinvestment pursuant to Article X. 

(d) Each Scheduled Distribution receivable with respect to a Collateral Loan shall be assumed to be received on the applicable Due Date. 

(e) References in the Priority of Payments to calculations made on a “pro forma basis” shall mean such calculations after
giving effect to all payments, in accordance with the Priority of Payments, that precede (in priority of payment) or include the clause in which such calculation is made. 

(f) For purposes of calculating all Concentration Limitations, in both the numerator and the denominator of any component of the Concentration
Limitations, Ineligible Collateral Loans will be treated as having a Principal Balance equal to zero. 
 (g) Determinations of the Collateral
Loans, or portions thereof, that constitute Excess Concentration Amounts will be determined in the way that produces the highest Borrowing Base at the time of determination, it being understood that a Collateral Loan (or portion thereof) that falls
into more than one category of Collateral Loans will be deemed, solely for purposes of such determinations, to fall only into the category that produces the highest such Borrowing Base at such time (without duplication). 

(h) [Reserved.] 
 (i) [Reserved.]

  
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 (j) References in this Agreement to the Borrower’s “purchase” or
“acquisition” of a Collateral Loan include references to the Borrower’s acquisition of such Collateral Loan by way of a sale and/or contribution from the Equityholder and the Borrower’s making or origination of such Collateral
Loan. Portions of the same Collateral Loan acquired by the Borrower on different dates (whether through purchase, receipt by contribution or the making or origination thereof, but excluding subsequent draws under Revolving Collateral Loans or
Delayed Drawdown Collateral Loans) will, for purposes of determining the purchase price of such Collateral Loan, be treated as separate purchases on separate dates (and not a weighted average purchase price for any particular Collateral Loan). 

(k) For the purposes of calculating compliance with each of the Concentration Limitations all calculations will be rounded to the nearest
0.01%. 
 (l) For purposes of calculating compliance with any test under this Agreement in connection with the acquisition or disposition of
a Collateral Loan or Eligible Investment, the trade date (the “Trade Date”) (and not the settlement date) with respect to any such Collateral Loan or Eligible Investment under consideration for acquisition or disposition shall be
used to determine whether such acquisition or disposition is permitted hereunder. 
 ARTICLE II 

ADVANCES 

Section 2.01 Revolving Credit Facility. On the terms and subject to the conditions hereinafter set forth, including
Article III, each Lender severally agrees to make available to the Borrower a committed revolving credit facility providing for Advances under each Tranche from time to time in Dollars on any Business Day during the Reinvestment Period (or
immediately thereafter pursuant to Section 8.04), on a pro rata basis in each case in an aggregate principal amount at any one time outstanding up to but not exceeding such Lender’s Commitment and, as to all Lenders, in an aggregate
principal amount up to but not exceeding the Maximum Available Amount as then in effect; provided that, after making any such Advance, each Tranche’s Tranche Minimum OC Coverage Test shall be satisfied. 

Within such limits and subject to the other terms and conditions of this Agreement, the Borrower may borrow (and re-borrow) Advances under this Section 2.01 and prepay Advances under Section 2.06. Notwithstanding anything in this Agreement to the contrary, the parties hereto acknowledge that this is a committed
facility; provided that the Lenders shall only be obligated to lend to the extent that (x) either the Administrative Agent approves Collateral Loans in the related Approval Requests or the Advance is for the purpose of consummating a
Macomb Merger and (y) the related conditions precedent set forth in Article III are satisfied. 
 Section 2.02 Requests for
Collateral Loan Approval. (a) Prior to the Closing Date, the Servicer, on behalf of the Borrower, shall provide to the Administrative Agent (with a copy to the Borrower) a list of Collateral Loans (the “Asset List”) that
the Borrower is requesting be included in the Approved List (as defined below) and which, subject to such inclusion, may be purchased with, if applicable, funds held in the Principal Collection Subaccount, the proceeds of Advances or Principal
Proceeds pursuant to Section 10.02. The Borrower (or the Servicer on its behalf) and the Administrative Agent shall adhere to the following procedures in requesting and approving Collateral Loans for purchase: 

  
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 (i) For each Collateral Loan on the Asset List sent to the Administrative
Agent or for any single Approval Request pursuant to clause (vii) below, the Borrower (or the Servicer on its behalf) may provide a notice by electronic mail that contains the information listed in Exhibit I with respect to each Collateral Loan
(which information shall include the amount of the Advance to be requested in order to settle the related purchase) (together with any attachments required in connection therewith, an “Approval Request”). 

(ii) The initial Asset List which the Administrative Agent has approved for purchase by the Borrower is attached hereto as
Schedule 9 (such list, the “Approved List”), which Approved List may be updated from time to time after the Closing Date by the Borrower with the consent of the Administrative Agent. 

(iii) From the time the Administrative Agent has provided the Approved List, the Borrower shall have the ability to commit to
purchase and purchase any Collateral Loan on the Approved List without further approval by the Administrative Agent only if the Borrower commits to purchase such Collateral Loan within ten (10) Business Days of approval by the Administrative
Agent. On the date occurring ten (10) Business Days after the date of approval by the Administrative Agent, any approved Collateral Loan, if not purchased or committed to be purchased by the Borrower, will be deemed to be removed from the
Approved List. 
 (iv) The Borrower shall have the ability to request (A) an addition to the Approved List by
undertaking similar procedure to clause (vii) below, or (B) a removal from the Approved List. 
 (v) The
Administrative Agent, in its sole discretion, may rescind its approval for any Collateral Loan on the Approved List at any time by notice to the Servicer in writing; provided, that such rescission of approval shall not invalidate any
commitment to purchase a Collateral Loan entered into by the Borrower (or the Servicer on its behalf), prior to the delivery of such rescission. 

(vi) As early as commercially practicable, but no later than 12:00 p.m. New York City time on the Business Day following the
day that the Borrower (or the Servicer on its behalf) purchases a Collateral Loan on the Approved List, the Borrower (or the Servicer on its behalf) shall provide by electronic mail to the Administrative Agent (with a copy to the Borrower and the
Custodian) a copy of the Collateral Loan Buy Confirmation. 
 (vii) With respect to Collateral Loans that are not on the
Approved List, the Borrower (or the Servicer on behalf of the Borrower) may send an Approval Request at any time to the Administrative Agent. If the Administrative Agent receives an Approval Request by 12:00 p.m. New York City time on any Business
Day, the Administrative Agent shall use commercially reasonable efforts to notify the Servicer and Borrower in writing (including via electronic mail) whether it has approved or rejected such Approval Request by 12:00 p.m. New York City time on or
prior to the second Business Day thereafter (it 

  
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being understood, for the avoidance of doubt, that any Approval Request received by the Administrative Agent after 12:00 p.m. New York City time on any Business Day shall be deemed to have been
received on the following Business Day); provided further that the Borrower shall have the ability to commit to purchase any Collateral Loan approved and added to the Approved List pursuant to this clause (vii) without further
approval by the Administrative Agent only if the Borrower commits to purchase such Collateral Loan within ten (10) Business Days from the date of such approval by the Administrative Agent. On the date occurring ten (10) Business Days after
the date of such approval by the Administrative Agent, any such approved Collateral Loan, if not purchased or committed to be purchased by the Borrower, will be deemed to be removed from the Approved List. 

(viii) [Reserved.] 

(ix) Notwithstanding anything in this Agreement to the contrary, the Administrative Agent shall have the right, acting in its
sole and absolute discretion, to (A) approve or reject any Approval Request or Approved List, (B) determine which Collateral Loans are included in the Approved List, and (C) request additional information reasonably available to the
Borrower regarding any proposed Collateral Loan; provided that any rescission of approval shall not invalidate any commitment to purchase a Collateral Loan entered into by the Borrower (or the Servicer on its behalf) prior to the delivery of
such rescission, in which case, such Collateral Loan shall be deemed to remain approved until settlement of such purchase. 

Section 2.03 Making of the Advances. (a) If the Borrower desires to make a Borrowing under this Agreement with respect to any
Tranche to purchase a Collateral Loan for which the Approval Request has been approved or which has been identified on the Approved List pursuant to Section 2.02 or to fund the Macomb Merger, it shall give the Collateral Agent and the
Administrative Agent (with a copy to each Lender) a written notice (each, a “Notice of Borrowing”) for such Borrowing (which notice shall be irrevocable and effective upon receipt) not later than 2:00 p.m. at least one
(1) Business Day prior to the day of the requested Borrowing. 
 Each Notice of Borrowing shall be substantially in the form of
Exhibit B, dated the date the request for the related Borrowing is being made, signed by a Responsible Officer of the Borrower or the Servicer, as applicable, shall attach a Borrowing Base Calculation Statement (which Borrowing Base Calculation
Statement shall give pro forma effect to any Collateral Loans being acquired with the proceeds of such Borrowing on such date or the following Business Day), and shall otherwise be appropriately completed. In addition, the Servicer must
provide to the Administrative Agent for each Collateral Loan that is not a Broadly Syndicated Loan copies of the Asset Information related to such Collateral Loan and such additional materials related to such Collateral Loan as may be reasonably
requested by the Administrative Agent. Each Notice of Borrowing shall specify the Tranches under which the related Borrowing shall be allocated. The proposed Borrowing Date specified in each Notice of Borrowing shall be a Business Day falling on or
prior to the Commitment Termination Date, the currency of the Borrowing requested shall be Dollars and the amount of the Borrowing requested in such Notice of Borrowing (the “Requested Amount”) shall be equal to at least $500,000 or
an integral multiple of $100,000 in excess thereof (or, if less, the remaining unfunded Commitments hereunder or, in the case of Revolving Collateral Loans and Delayed Drawdown Collateral Loans, such lesser amount required to be funded by the
Borrower in respect thereof). 

  
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 (b) Each Lender shall, not later than 2:00 p.m. on each Borrowing Date in respect of
Advances under any Tranche, make its Percentage of the applicable Requested Amount available to the Borrower by disbursing such funds in Dollars to the applicable Principal Collection Subaccount (or in accordance with the wire instructions delivered
in connection with the Notice of Borrowing). 
 (c) [Reserved.]. 

(d) Notwithstanding anything in this Section 2.03 to the contrary, the Servicer, on behalf of the Borrower, may deliver a Notice of
Borrowing to the Collateral Agent and the Administrative Agent (with a copy to each Lender) after 2 p.m. on the first Business Day prior to the proposed Borrowing and prior to 11 a.m. on the date of the proposed Borrowing. (an “Expedited
Notice of Borrowing”). Upon receipt of an Expedited Notice of Borrowing, the Lenders shall use commercially reasonable efforts to make such Advance on the proposed funding date set forth in the Expedited Notice of Borrowing subject to the
terms and conditions for borrowings otherwise set forth in this Agreement; provided, that if the Lenders are unable to make an Advance pursuant to an Expedited Notice of Borrowing due to the occurrence of a force majeure, or any other
unexpected and unforeseen event, including, without limitation, market disruptions, the Lenders shall make such Advance subject to the terms and conditions for Advances otherwise set forth in this Agreement as soon as they are reasonably able to do
so. 
 Section 2.04 Evidence of Indebtedness. (a) Each Lender shall maintain in accordance with its usual practice an
account or accounts evidencing the indebtedness of the Borrower to it and resulting from the Advances made by such Lender to the Borrower, from time to time, including the amounts and currencies of principal and interest thereon and paid to it, from
time to time hereunder; provided that the failure of any Lender to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Advances in accordance with the terms of this Agreement.

 (b) Any Lender may request that its Advances to the Borrower be evidenced by a Note. In such event, the Borrower shall promptly prepare,
execute and deliver to such Lender a Note payable to such Lender and otherwise appropriately completed. Thereafter, the Advances of such Lender evidenced by such Note and interest thereon shall at all times (including after any assignment pursuant
to Section 13.06(a)) be represented by a Note payable to such Lender (or registered assigns pursuant to Section 13.06(a)), except to the extent that such Lender (or assignee) subsequently returns any such Note for cancellation and requests
that such Advances once again be evidenced as described in clause (a) of this Section 2.04. 
 Section 2.05 Payment of
Principal and Interest. The Borrower shall pay principal and Interest on the Advances as follows: 
 (a) 100% of the outstanding
principal amount of each Advance, together with all accrued and unpaid Interest thereon, shall be payable on the Final Maturity Date. 

  
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 (b) Interest shall accrue on the unpaid principal amount of each Advance from the date of
such Advance until such principal amount is paid in full. The Administrative Agent shall determine the unpaid Interest and Commitment Fees payable thereto prior to each Payment Date using the applicable Interest Rate for the related Interest Accrual
Period to be paid by the Borrower on each Payment Date for the related Interest Accrual Period and shall advise each Lender, the Collateral Agent and the Servicer thereof and shall send a consolidated invoice of all such Interest and Commitment Fees
to the Borrower on the third (3rd) Business Day prior to such Payment Date. 
 (c) Accrued Interest shall be payable in arrears (i) on
each Payment Date, and (ii) in connection with any prepayment of the Advances pursuant to Section 2.06(a); provided that (x) with respect to any prepayment in full of the Advances outstanding, accrued Interest on such amount
through the date of prepayment may be payable on such date or as otherwise agreed to between the Lenders and the Borrower and (y) with respect to any partial prepayment of the Advances outstanding, accrued Interest on such amount through the
date of prepayment shall be payable on the Payment Date following such prepayment (or on such date of prepayment if requested by the Administrative Agent). 

(d) The obligation of the Borrower to pay the Obligations, including the obligation of the Borrower to pay the Lenders the outstanding
principal amount of the Advances and accrued interest thereon, shall be absolute and unconditional, and shall be paid strictly in accordance with the terms hereof (including Section 2.15), under any and all circumstances and irrespective of any
setoff, counterclaim or defense to payment which the Borrower or any other Person may have or have had against any Secured Party or any other Person except as otherwise provided under the Facility Documents. 

Section 2.06 Prepayment of Advances. 

(a) Optional Prepayments. The Borrower may, from time to time on any Business Day, voluntarily prepay Advances under each Tranche in
whole or in part, without penalty or premium; provided that the Borrower shall have delivered to the Collateral Agent, the Lenders and the Administrative Agent written notice of such prepayment (such notice, a “Notice of
Prepayment”) in the form of Exhibit C not later than 2:00 p.m. two (2) Business Days prior to the date of such prepayment. The Administrative Agent shall promptly notify the Lenders of such Notice of Prepayment. Each such Notice
of Prepayment shall specify the portion of the outstanding principal balance under each Tranche that shall be prepaid and be irrevocable and effective upon receipt and shall be dated the date such notice is being given, signed by a Responsible
Officer of the Borrower and otherwise appropriately completed. Each prepayment of any Advance by the Borrower pursuant to this Section 2.06(a) shall in each case be in a principal amount of at least $500,000 or, if less, the entire outstanding
principal amount of the Advances of the Borrower. If a Notice of Prepayment is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein.

 (b) Mandatory Prepayments. The Borrower shall prepay the Advances on each Payment Date in the manner and to the extent provided in
the Priority of Payments. 

  
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 (c) Additional Prepayment Provisions. Each prepayment pursuant to this
Section 2.06 shall be subject to Sections 2.05(c) and 2.11 and applied to the Advances in accordance with the Lenders’ respective Percentages. 

(d) Re-designation of Tranche Advances. The Administrative Agent shall be permitted at any time,
upon written notice to the Borrower, each Lender and the Collateral Agent, to re-allocate the aggregate outstanding principal balance under each Tranche so long as after giving effect to such re-allocation, each Tranche’s Tranche Minimum OC Coverage Test is satisfied or, if not satisfied, improved. 

Section 2.07 Changes of Commitments. 

(a) Automatic Reduction and Termination. Subject to the provisions of Section 8.04, the Commitments of all Lenders shall be
automatically reduced to zero at 5:00 p.m. on the Commitment Termination Date. 
 (b) Optional Reductions. Prior to the first
anniversary of the Closing Date, the Borrower shall have the right to terminate or reduce the unused amount of the Facility Amount at any time or from time to time concurrently with the payment of any applicable Commitment Reduction Fee payable in
connection therewith upon not less than two (2) Business Days’ prior notice to the Collateral Agent, the Lenders and the Administrative Agent of each such termination or reduction, which notice shall specify the effective date of such
termination or reduction and the amount of any such reduction; provided that (i) the amount of any such reduction of the Facility Amount shall be equal to at least $500,000 or an integral multiple of $100,000 in excess thereof or, if
less, the remaining unused portion thereof, and (ii) no such reduction will reduce the Facility Amount below the sum of (x) the aggregate principal amount of Advances outstanding at such time and (y) the Revolving Exposure at such
time. Such notice of termination or reduction shall be irrevocable and effective only upon receipt and shall be applied pro rata to reduce the respective Commitments of each Lender. Except as otherwise set forth herein, upon the occurrence of
the Collection Date, this Agreement shall terminate automatically. 
 (c) Effect of Termination or Reduction. The Commitments of the
Lenders once terminated or reduced may not be reinstated. Each reduction of the Facility Amount pursuant to this Section 2.07 shall be applied ratably among the Lenders in accordance with their respective Commitments. 

Section 2.08 Maximum Lawful Rate. It is the intention of the parties hereto that the interest on the Advances shall not exceed the
maximum rate permissible under Applicable Law. Accordingly, anything herein or in any Note to the contrary notwithstanding, in the event any interest is charged to, collected from or received from or on behalf of the Borrower by the Lenders pursuant
hereto or thereto in excess of such maximum lawful rate, then the excess of such payment over that maximum shall be applied first to the payment of amounts then due and owing by the Borrower to the Secured Parties under this Agreement (other than in
respect of principal of and interest on the Advances) and then to the reduction of the outstanding principal amount of the Advances of the Borrower. 

  
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 Section 2.09 Several Obligations. The failure of any Lender to make any Advance
to be made by it on the date specified therefor shall not relieve any other Lender of its obligation to make its Advance on such date. Neither Agent shall be responsible for the failure of any Lender to make any Advance, and no Lender shall be
responsible for the failure of any other Lender to make an Advance required to be made by such other Lender. 
 Section 2.10
Increased Costs. 
 (a) Increased Costs Generally. If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, compulsory loan, insurance charge, special deposit or similar requirement
against assets of, deposits with or for account of, or credit extended by, any Affected Person; 
 (ii) subject any Affected
Person to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit,
commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or 
 (iii)
impose on any Affected Person or the London interbank market any other condition, cost or expense, affecting this Agreement or Advances made by such Affected Person by reference to LIBOR or any participation therein; 

and the result of any of the foregoing shall be to increase the cost to such Affected Person of making, continuing, converting into or maintaining any Advance
made by reference to LIBOR (or of maintaining its obligation to make any such Advance) or to reduce the amount of any sum received or receivable by such Affected Person hereunder (whether of principal, interest or otherwise), then the Borrower will
pay to such Lender such additional amount or amounts as will compensate such Affected Person for such additional costs incurred or reduction suffered as specified in a certificate delivered to the Borrower pursuant to clause (c) of this
Section 2.10. 
 (b) Capital Requirements. If any Affected Person determines that any Change in Law regarding capital or
liquidity requirements has or would have the effect of reducing the rate of return on such Affected Person’s capital or on the capital of such Affected Person’s holding company, if any, as a consequence of this Agreement or the Advances
made by such Affected Person to a level below that which such Affected Person or such Affected Person’s holding company could have achieved but for such Change in Law (taking into consideration such Affected Person’s policies and the
policies of such Affected Person’s holding company with respect to capital adequacy and liquidity coverage), by an amount deemed to be material by such Affected Person, then from time to time the Borrower will pay to such Affected Person in
Dollars, such additional amount or amounts as will compensate such Affected Person or such Affected Person’s holding company for any such reduction suffered or charge imposed; provided that the amounts payable under this
Section 2.10(b) shall be without duplication of amounts payable under Section 13.03 and shall not include any Excluded Taxes. 

  
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 (c) Certificates from Lenders. A certificate of an Affected Person setting forth in
reasonable detail the basis for such demand and the amount or amounts, in Dollars, necessary to compensate such Affected Person or its holding company as specified in clause (a) or (b) of this Section 2.10 shall be promptly delivered
to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such amount shown as due on any such certificate on the next Payment Date after receipt thereof. 

(d) Delay in Requests. Failure or delay on the part of any Affected Person to demand compensation pursuant to this Section 2.10
shall not constitute a waiver of such Affected Person’s right to demand such compensation; provided that the Borrower shall not be required to compensate an Affected Person pursuant to this Section 2.10 for any costs, reductions, penalties
or interest incurred more than nine months prior to the date that such Affected Person notifies the Borrower of the Change in Law giving rise to any increased costs or reductions and of such Affected Person’s intention to claim compensation
therefor; provided, further, that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect
thereof. 
 (e) Lending Office. Upon the occurrence of any event giving rise to the Borrower’s obligation to pay additional
amounts to a Lender pursuant to clauses (a) or (b) of this Section 2.10, such Lender will, if requested by the Borrower, use reasonable efforts (subject to overall policy considerations of such Lender) to designate a different lending
office if such designation would reduce or obviate the obligations of the Borrower to make future payments of such additional amounts; provided that such designation is made on such terms that such Lender and its lending office suffer no
unreimbursed cost or material legal or regulatory disadvantage (as reasonably determined by such Lender), with the object of avoiding future consequence of the event giving rise to the operation of any such provision. 

Section 2.11 Compensation; Breakage Payments. The Borrower agrees to compensate each Affected Person from time to time, on the
Payment Date (or on the applicable date of prepayment) immediately following such Affected Person’s written request (which request shall set forth the basis for requesting such amounts) in accordance with the Priority of Payments, for all
reasonable and documented actual losses, expenses and liabilities (including any interest paid by such Affected Person to lenders of funds borrowed to make or carry an Advance bearing interest that was computed by reference to LIBOR and any loss
sustained by such Affected Person in connection with the re-employment of such funds but excluding loss of anticipated profits), which such Affected Person may sustain: (i) if for any reason (including
any failure of a condition precedent set forth in Article III but excluding a default by the applicable Lender) a Borrowing of any Advance bearing interest that was computed by reference to LIBOR by the Borrower does not occur on the Borrowing
Date specified therefor in the applicable Notice of Borrowing delivered by the Borrower, and (ii) if any payment or prepayment of any Advance bearing interest that was computed by reference to LIBOR is not made on a Payment Date or pursuant to
a Notice of Prepayment given by the Borrower. A certificate as to any amounts payable pursuant to this Section 2.11 submitted to the Borrower by any Lender (with a copy to the Agents, and accompanied by a reasonably detailed calculation of such
amounts and a description of the basis for requesting such amounts) shall be conclusive in the absence of manifest error. 

  
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 Section 2.12 Illegality; Inability to Determine Rates. If, prior to the first
day of any Interest Accrual Period or prior to the date of any Advance, as applicable, the Administrative Agent determines that for any reason adequate and reasonable means do not exist for determining LIBOR for the applicable Advances, the
Administrative Agent will promptly so notify the Borrower, the Collateral Agent and each Lender; provided that each such Lender has made a similar determination with respect to similarly situated borrowers in similar facilities. Thereafter,
the obligation of the Lenders to make or maintain Advances shall be suspended until the Administrative Agent (upon the instruction of the Required Lenders) revokes such notice. 

Section 2.13 Rescission or Return of Payment. The Borrower agrees that, if at any time (including after the occurrence of the
Final Maturity Date) all or any part of any payment theretofore made by it to any Secured Party or any designee of a Secured Party is or must be rescinded or returned for any reason whatsoever (including the insolvency, bankruptcy or reorganization
of the Borrower or any of its Affiliates), the obligation of the Borrower to make such payment to such Secured Party shall, for the purposes of this Agreement, to the extent that such payment is or must be rescinded or returned, be deemed to have
continued in existence and this Agreement and any other applicable Facility Document shall continue to be effective or be reinstated, as the case may be, as to such obligations, all as though such payment had not been made. 

Section 2.14 Post-Default Interest. The Borrower shall pay interest on all Obligations (other than any Administrative Expenses)
that are not paid when due for the period from the due date thereof until the date the same is paid in full at the Post-Default Rate. Interest payable at the Post-Default Rate shall be payable on each Payment Date in accordance with the Priority of
Payments. 
 Section 2.15 Payments Generally. (a) All amounts owing and payable to any Secured Party, any Affected Person
or any Indemnified Party, in respect of the Advances and other Obligations, including the principal thereof, interest, fees, indemnities, expenses or other amounts payable under this Agreement or any other Facility Document, shall be paid by the
Borrower to the applicable recipient in Dollars, in immediately available funds, in accordance with the Priority of Payments, and all without counterclaim, setoff, deduction, defense, abatement, suspension or deferment. Each Lender shall provide
wire instructions to the Borrower and the Collateral Agent. All payments made by the Collateral Agent pursuant to a Payment Date Report on any Payment Date shall be wired by the Collateral Agent by 2:00 p.m. on such Payment Date. Prepayments to be
made pursuant to Section 2.06 for which the Collateral Agent has received a Notice of Prepayment two (2) Business Days prior to the scheduled date of prepayment shall be wired by the Collateral Agent by 2:00 p.m. on such date. All other
payments by the Borrower must be received by the Collateral Agent on or prior to 3:00 p.m. on a Business Day (the Collateral Agent shall then wire such funds to the Lenders by 5:00 p.m. on such Business Day); provided that, payments received
by the Collateral Agent after 3:00 p.m. or payments received by the Lenders after 5:00 p.m. on a Business Day will be deemed to have been paid on the next following Business Day. For the avoidance of doubt, for purposes of Section 6.01, amounts
paid by the Borrower shall be deemed received upon payment by the Borrower to the Collateral Agent. At no time will the Collateral Agent have any duty (express or implied) to fund (or front or advance) any amount owing by the Borrower hereunder.

  
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 (b) Except as otherwise expressly provided herein, all computations of interest, fees and
other Obligations shall be made on the basis of a year of 360 days for the actual number of days elapsed in computing interest on any Advance, the date of the making of the Advance shall be included and the date of payment shall be excluded;
provided that, if an Advance is repaid on the same day on which it is made, one day’s Interest shall be paid on such Advance. All computations made by the Collateral Agent or the Administrative Agent under this Agreement or any other
Facility Document shall be conclusive absent manifest error. 
 Section 2.16 Extension of Commitment Termination Date. The
Borrower shall have an option to extend the Commitment Termination Date one time, not longer than one year, subject to the satisfaction of the following conditions precedent: 

(a) each of the Lenders and the Administrative Agent consent to the extension in their sole discretion (written notice of such consent to be
delivered to Borrower together with the requested extension fee (if applicable) no later than thirty (30) days following receipt of the Extension Request delivered pursuant to clause (e) below; provided that if the Borrower fails to
receive such consent from the Administrative Agent or any Lender within such thirty-day period, the Administrative Agent and such Lender, as applicable, shall be deemed to have denied such Extension Request);

 (b) as of the effective date of such extension, the representations and warranties of the Borrower, the Equityholder and the Servicer set
forth herein and in the other Facility Documents are true and correct in all material respects with the same force and effect as if made on and as of such date (except to the extent that such representations and warranties expressly relate to an
earlier date); provided that if a representation or warranty is qualified as to materiality, with respect to such representation or warranty, the foregoing materiality qualifier shall be disregarded for the purposes of this condition; 

(c) the Borrower shall have paid an extension fee to the Administrative Agent, for the account of each Lender, in an amount to be mutually
agreed upon by the Borrower and such Lender; 
 (d) no Default or Event of Default shall have occurred and be continuing on the date on which
notice is given in accordance with the following clause (e) or on the Commitment Termination Date then in effect; and 
 (e) the
Borrower shall have delivered an Extension Request with respect to the Commitment Termination Date to Administrative Agent not earlier than one year after the Closing Date and not later than one hundred twenty (120) days prior to the Commitment
Termination Date then in effect (which shall be promptly forwarded by Administrative Agent to each Lender). 
 Section 2.17
Defaulting Lenders. (a) Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by
Applicable Law: 
 (i) That Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with
respect to this Agreement shall be restricted as set forth in Section 13.01(d). 

  
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 (ii) Any payment of principal, interest, fees or other amounts received by
the Administrative Agent for the account of that Defaulting Lender (whether voluntary or mandatory, at maturity, or otherwise), shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the
payment of any amounts owing by that Defaulting Lender to the Administrative Agent hereunder; second, as the Borrower may request (so long as no Event of Default or Default exists), to the funding of any Advance in respect of which that
Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; third, if so determined by the Administrative Agent and the Borrower, to be held as cash collateral for future
funding obligations of that Defaulting Lender to fund Advances under this Agreement; fourth, to the payment of any amounts owing to other Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against
that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement; fifth, so long as no Event of Default or Default exists, to the payment of any amounts owing to the Borrower as a result of
any judgment of a court of competent jurisdiction obtained by such Borrower against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement; and sixth, to that Defaulting Lender or as
otherwise directed by a court of competent jurisdiction; provided that if such payment is a payment of the principal amount of any Advances in respect of which that Defaulting Lender has not fully funded its appropriate share, such payment
shall be applied solely to pay the Advances of all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Advances of that Defaulting Lender. Any payments, prepayments
or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to this Section 2.17 shall be deemed paid to and redirected by that Defaulting
Lender, and each Lender irrevocably consents hereto. 
 (iii) For any period during which that Lender is a Defaulting Lender,
that Defaulting Lender shall not be entitled to receive any Commitment Fee for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have
been paid to such Defaulting Lender). 
 (b) If the Administrative Agent and the Borrower agree that a Defaulting Lender should no longer be
deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to
any cash collateral), that Lender will, to the extent applicable, purchase that portion of outstanding Advances of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Advances to be
held on a pro rata basis by the Lenders in accordance with their relative Commitments, whereupon that Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or
payments made by or on behalf of the Borrowers while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will
constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 

  
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 Section 2.18 LIBOR Discontinuation. (a) Notwithstanding anything to the
contrary in this Agreement or any other Facility Documents, if the Administrative Agent determines (which determination shall be made by notice to the Borrower and shall be conclusive absent manifest error), or the Required Lenders notify the
Administrative Agent (with, in the case of the Required Lenders, a copy to Borrower) that the Required Lenders (as applicable) have determined, that: 

(i) adequate and reasonable means do not exist for ascertaining LIBOR for any requested Interest Accrual Period, including,
without limitation, because the Screen Rate is not available or published on a current basis and such circumstances are unlikely to be temporary; 

(ii) the administrator of the Screen Rate or a Governmental Authority having jurisdiction over the Administrative Agent has
made a public statement identifying a specific date after which LIBOR or the Screen Rate shall no longer be made available, or used for determining the interest rate of loans (such specific date, the “Scheduled Unavailability
Date”); or 
 (iii) syndicated loans being executed in the U.S. at the time, or that include language similar to
that contained in this Section 2.18, are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace LIBOR; 

then, reasonably promptly after such determination by the Administrative Agent or receipt by the Administrative Agent of such notice, as
applicable, the Administrative Agent and the Borrower may amend this Agreement to replace LIBOR with an alternate benchmark rate (including any mathematical or other adjustments to the benchmark (if any) incorporated therein), giving due
consideration to any evolving or then existing convention for similar U.S. dollar denominated syndicated credit facilities for such alternative benchmarks (any such proposed rate, a “LIBOR Successor Rate”), together with any
proposed LIBOR Successor Rate Conforming Changes and any such amendment shall become effective at 5:00 p.m. (New York time) on the fifth Business Day after the Administrative Agent shall have posted such proposed amendment to all Lenders and the
Borrower unless, prior to such time, Lenders comprising the Required Lenders have delivered to the Administrative Agent written notice that such Required Lenders do not accept such amendment. 

(b) If no LIBOR Successor Rate has been determined and the circumstances under clause (a)(i) above exist or the Scheduled Unavailability
Date has occurred, as applicable, the Administrative Agent will promptly so notify the Borrower and each Lender. From and after the date of the occurrence of the circumstances described under clause (a)(i) or the occurrence of the Scheduled
Unavailability Date (until a LIBOR Successor Rate has been determined in accordance with Section 2.18(a)), (x) the obligation of the Lenders to make or maintain Advances shall be suspended (to the extent of the affected Advances or
Interest Accrual Periods), and (y) the LIBOR component shall no longer be utilized in determining the Interest Rate. Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of
an Advance (to the extent of the affected Advances or Interest Accrual Periods) or, failing that, will be deemed to have converted such request into a request for a Borrowing of Advances based on the Base Rate (subject to the foregoing
clause (y)) in the amount specified therein. 

  
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 (c) Notwithstanding anything else herein, any definition of LIBOR Successor Rate shall
provide that in no event shall such LIBOR Successor Rate be less than zero for purposes of this Agreement. 
 ARTICLE III 

CONDITIONS PRECEDENT 

Section 3.01 Conditions Precedent to Initial Advance. The obligation of each Lender to make its initial Advance hereunder shall be
subject to the conditions precedent that the Administrative Agent shall have received on or before the Closing Date the following, each in form and substance reasonably satisfactory to the Administrative Agent: 

(a) each of the Facility Documents (other than the Collateral Agent Fee Letter which shall be delivered directly to the Collateral Agent) duly
executed and delivered by the parties thereto, which shall each be in full force and effect; 
 (b) true and complete copies of the
Constituent Documents of the Borrower, the Equityholder and the Servicer as in effect on the Closing Date; 
 (c) a certificate of a
Responsible Officer of the Borrower certifying (i) as to its Constituent Documents, (ii) as to its resolutions or other action of its designated manager approving this Agreement and the other Facility Documents to which it is a party and
the transactions contemplated hereby and thereby, (iii) that its representations and warranties set forth in the Facility Documents to which it is a party are true and correct in all material respects as of the Closing Date (except to the
extent such representations and warranties expressly relate to any earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date), (iv) that no Default or Event of
Default has occurred and is continuing, and (v) as to the incumbency and specimen signature of each of its Responsible Officers authorized to execute the Facility Documents to which it is a party; 

(d) [Reserved]; 
 (e) [Reserved];

 (f) a certificate of a Responsible Officer of the Servicer certifying, respectively, (i) as to its Constituent Documents,
(ii) as to its resolutions or other action of its board of directors or members approving this Agreement and the other Facility Documents to which it is a party and the transactions contemplated hereby and thereby, (iii) that its
representations and warranties set forth in the Facility Documents to which it is a party are true and correct in all material respects as of the Closing Date (except to the extent such representations and warranties expressly relate to any earlier
date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date), and (iv) as to the incumbency and specimen signature of each of its Responsible Officers authorized to execute
the Facility Documents to which it is a party; 

  
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 (g) financing statements (or the equivalent thereof in any applicable foreign jurisdiction,
as applicable) in proper form for filing on the Closing Date, under the UCC with the Secretary of State of the State of Delaware and any other applicable filing office in any applicable jurisdiction that the Administrative Agent deems necessary or
desirable in order to perfect the interests in the Collateral contemplated by this Agreement; 
 (h) copies of proper financing statement
amendments (or the equivalent thereof in any applicable foreign jurisdiction, as applicable), if any, necessary to release all security interests and other rights of any Person in the Collateral previously granted by the Borrower, the Equityholder
or any transferor; 
 (i) legal opinions (addressed to each of the Secured Parties) of counsel to the Borrower, the Equityholder, the
Servicer, the Collateral Agent and the Custodian, covering such matters as the Administrative Agent and its counsel shall reasonably request; 

(j) evidence reasonably satisfactory to it that all of the Covered Accounts shall have been established, and the Account Control Agreement
shall have been executed and delivered by the Borrower, the Collateral Agent and the Custodian and shall be in full force and effect; 
 (k)
evidence that (i) all fees and expenses due and payable to each Lender on or prior to the Closing Date have been received or will be received contemporaneously with the Closing Date; (ii) the reasonable and documented fees and expenses of
Cadwalader, Wickersham & Taft LLP, counsel to the Administrative Agent, in connection with the transactions contemplated hereby (to the extent invoiced prior the Closing Date); and (iii) all other reasonable and documented up-front expenses and fees (including legal fees of outside counsel and any fees required under the Collateral Agent Fee Letter) that are, in the case of clauses (ii) and (iii), invoiced at least one Business
Day prior to the Closing Date, shall have been paid by the Borrower; 
 (l) delivery of such Collateral (including any promissory note,
executed assignment agreements and Word or pdf copies of the principal credit agreement for each initial Collateral Loan, to the extent received by the Borrower) in accordance with the Custodian Agreement shall have been effected; 

(m) a certificate of a Responsible Officer of the Borrower, dated as of the Closing Date, certifying to the effect that, in the case of each
item of Collateral pledged to the Collateral Agent, on the Closing Date and, in the case of clauses (i) through (iii) below, immediately prior to the delivery thereof on the Closing Date: 

(i) the Borrower is the owner of such Collateral free and clear of any Liens except for those which are being released on the
Closing Date or Permitted Liens; 
 (ii) the Borrower has not assigned, pledged or otherwise encumbered any interest in such
Collateral (or, if any such interest has been assigned, pledged or otherwise encumbered, it has been released) other than Permitted Liens or interests granted pursuant to this Agreement; and 

(iii) upon grant by the Borrower, the Collateral Agent has a first priority perfected security interest in the Collateral,
except Permitted Liens or as permitted by this Agreement; and 

  
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 (n) such other opinions, instruments, certificates and documents from the Borrower as the
Agents or any Lender shall have reasonably requested. 
 Section 3.02 Conditions Precedent to Each Borrowing. The obligation of
each Lender to make each Advance to be made by it (including the initial Advance) on each Borrowing Date shall be subject to the fulfillment of the following conditions; provided that the conditions described in clauses (d) and (e) (other than
a Default or Event of Default described in Section 6.01(i)) below need not be satisfied if the proceeds of the Borrowing are used to fund Revolving Collateral Loans or Delayed Drawdown Collateral Loans then owned by the Borrower to fund the
Revolving Reserve Account to the extent required under Section 8.04;: 
 (a) subject to Section 2.02, the Administrative Agent must
have received and approved an Approval Request for the Collateral Loan the Borrower intends to purchase with the proceeds of the Advance and such approval has not expired or been rescinded or the Collateral Loan the Borrower intends to purchase with
the proceeds of the Advance must be on the current Approved List; 
 (b) the Administrative Agent shall have received a Notice of Borrowing
with respect to such Advance (including the Borrowing Base Calculation Statement attached thereto, all duly completed) delivered in accordance with Section 2.03; 

(c) immediately before and after the making of such Advance on the applicable Borrowing Date, each Coverage Test shall be satisfied and the
Tranche Minimum OC Coverage Test for each Tranche shall be satisfied (as demonstrated on the Borrowing Base Calculation Statement attached to such Notice of Borrowing); 

(d) each of the representations and warranties of the Borrower, the Servicer and the Equityholder contained in the Facility Documents shall be
true and correct in all material respects as of such Borrowing Date (except to the extent such representations and warranties expressly relate to any earlier date, in which case such representations and warranties shall be true and correct in all
material respects as of such earlier date as if made on such date); 
 (e) no Default, Event of Default, Potential Servicer Removal Event or
Servicer Removal Event shall have occurred and be continuing at the time of the making of such Advance or shall result upon the making of such Advance; 

(f) the Reinvestment Period shall not have terminated; and 

(g) after giving effect to such Advance, the aggregate outstanding principal balance of the Advances shall not exceed the sum of: 

(i) the Aggregate Net Collateral Balance, minus 

(ii) the Minimum Equity Amount, plus 

(iii) the aggregate amounts on deposit in the Principal Collection Subaccount constituting Principal Proceeds. 

  
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 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

Section 4.01 Representations and Warranties of the Borrower. The Borrower represents and warrants to each of the Secured Parties
on and as of each Measurement Date, as follows: 
 (a) Due Organization. It is a limited liability company duly incorporated and
validly existing under the laws of the State of Delaware, with full power and authority to own and operate its assets and properties, conduct the business in which it is now engaged and to execute and deliver and perform its obligations under this
Agreement and the other Facility Documents to which it is a party. 
 (b) Due Qualification. It is duly qualified to do business and,
to the extent applicable, is in good standing in each other jurisdiction in which the nature of its business, assets and properties, including the performance of its obligations under this Agreement, the other Facility Documents to which it is a
party and its Constituent Documents, requires such qualification, except where the failure to be so qualified or in good standing could not reasonably be expected to have a Material Adverse Effect. 

(c) Due Authorization; Execution and Delivery; Legal, Valid and Binding; Enforceability. The execution and delivery by it, and the
performance of its obligations under, the Facility Documents to which it is a party and the other instruments, certificates and agreements contemplated thereby are within its powers and have been duly authorized by all requisite action by it and
have been duly executed and delivered by it and constitute its legal, valid and binding obligations enforceable against it in accordance with their respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting creditors’ rights generally or general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

(d) The Equityholder (i) is not required to register as an investment company under the Investment Company Act, and (ii) has elected
to be treated a business development corporation for purposes of the Investment Company Act. 
 (e)
Non-Contravention. None of the execution and delivery by it of this Agreement or the other Facility Documents to which it is a party, the Borrowings or the pledge of the Collateral hereunder, the
consummation of the transactions herein or therein contemplated, or compliance by it with the terms, conditions and provisions hereof or thereof, will (i) conflict with, or result in a breach or violation of, or constitute a default under its
Constituent Documents or (ii) conflict with or contravene in any material respect, and with respect to clause (B), result in the creation of a Lien (other than Permitted Liens) under, (A) any Applicable Law, (B) any indenture,
agreement or other contractual restriction binding on or affecting it or any of its assets, including any Related Document, or (C) any order, writ, judgment, award, injunction or decree binding on or affecting it or any of its assets or
properties. 

  
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 (f) Governmental Authorizations; Private Authorizations; Governmental Filings. It has
obtained, maintained and kept in full force and effect all material Governmental Authorizations and material Private Authorizations which are necessary for it to properly carry out its business, and made all material Governmental Filings necessary
for the execution and delivery by it of the Facility Documents to which it is a party, the Borrowings under this Agreement, the pledge of the Collateral under this Agreement and the performance by it of its obligations under this Agreement and the
other Facility Documents to which it is a party. 
 (g) Compliance with Agreements, Laws, Etc. It has duly observed and complied in
all material respects with all Applicable Laws relating to the conduct of its business and its assets. It has preserved and kept in full force and effect its legal existence. It has preserved and kept in full force and effect its rights, privileges,
qualifications and franchises, except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect. 

(h) Location. Its office in which it maintains its limited liability company books and records is located at the addresses set forth on
Schedule 5. Its registered office and jurisdiction of organization is the jurisdiction referred to in Section 4.01(a). 
 (i)
Investment Company Act. Neither it nor the pool of Collateral is required to register as an “investment company” under the Investment Company Act. 

(j) ERISA. Neither it nor any member of the ERISA Group has, or during the past five years had, any liability or obligation with respect
to any Plan or Multiemployer Plan that would reasonably be expected to result in a Material Adverse Effect. 
 (k) Taxes. It is a
disregarded entity for U.S. federal income tax purposes. It has filed all income tax returns and all other material tax returns which are required to be filed by it, if any, and has paid all income taxes and all other material taxes shown to be due
and payable on such returns, if any, or pursuant to any assessment received by any such Person other than any such taxes, assessments or charges that are being contested in good faith by appropriate proceedings and for which appropriate reserves in
accordance with GAAP have been established. 
 (l) Filings and Stamp Taxes. This Agreement is in proper legal form under the
applicable law of the jurisdiction of incorporation or formation of the Borrower for the enforcement hereof or thereof against the Borrower, and to ensure legality, validity, enforceability, priority or admissibility in evidence of this Agreement it
is not necessary that (i) this Agreement, or any other document be filed, registered or recorded with, or executed or notarized before, any court or other authority in the jurisdiction of incorporation or formation of the Borrower or
(ii) that any registration charge or stamp or similar tax be paid in any jurisdiction on or in respect of this Agreement or any other document. 

(m) Plan Assets. Its assets are not treated and during the term of this Agreement will not be treated as “plan assets” for
purposes of 29 C.F.R. Section 2510.3-101 and Section 3(42) of ERISA (the “Plan Asset Rule”) and the Collateral is not and during the term of this Agreement will not be deemed to be
“plan assets” for purposes of the Plan Asset Rule. 
 (n) Solvency. After giving effect to each Advance hereunder, and the
disbursement of the proceeds of such Advance, it is and will be Solvent. 

  
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 (o) Representations Relating to the Collateral. (i) It owns and has good and
marketable legal and beneficial title to all Collateral Loans and other Collateral free and clear of any Lien or claim of any Person, other than Permitted Liens; 

(ii) Except for Permitted Liens or as contemplated by the Facility Documents, it has not pledged, assigned, sold, granted a
security interest in, or otherwise conveyed any of the Collateral. It has not authorized the filing of and is not aware of any financing statements or any equivalent filing in any applicable jurisdiction against it that include a description of
collateral covering the Collateral other than any financing statement or any equivalent filing in any applicable jurisdiction relating to the security interest granted to the Collateral Agent hereunder or that has been terminated; and it is not
aware of any judgment, PBGC liens or tax lien filings against it or any of its assets; 
 (iii) the Collateral constitutes
Money, Cash, accounts (as defined in Section 9-102(a)(2) of the UCC), Instruments, general intangibles (as defined in Section 9-102(a)(42) of the UCC),
Uncertificated Securities, Certificated Securities or Security Entitlements to Financial Assets resulting from the crediting of Financial Assets to a “securities account” (as defined in
Section 8-501(a) of the UCC); 
 (iv) all Covered Accounts constitute
“securities accounts” under Section 8-501(a) of the UCC; 
 (v) this
Agreement creates a valid, continuing and, upon Delivery of Collateral, filing of the financing statements referred to in clause (viii) below and execution of the Account Control Agreement, perfected security interest (as defined in Section 1-201(37) of the UCC) in the Collateral in favor of the Collateral Agent, for the benefit and security of the Secured Parties, which security interest is prior to all other Liens (other than Permitted
Liens) and claims and is enforceable as such against creditors of and purchasers from it, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights
generally or general principles of equity, regardless of whether considered in a proceeding in equity or at law; 
 (vi) it
has received all consents and approvals required by the terms of the Related Documents in respect of such Collateral to the pledge hereunder to the Collateral Agent of its interest and rights in such Collateral; 

(vii) with respect to the Collateral that constitutes Security Entitlements, all such Collateral has been and will have been
credited to the applicable Covered Account and the Securities Intermediary for each Covered Account has agreed to treat all assets credited to such Covered Account as Financial Assets; 

(viii) with respect to Collateral that constitutes accounts or general intangibles (as defined in Section 9-102(a)(42) of the UCC), it has caused or will have caused, on or prior to the Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate
jurisdictions under Applicable Law in order to perfect the security interest in the Collateral granted to the Collateral Agent, for the benefit and security of the Secured Parties, hereunder (which it hereby agrees may be an “all assets”
filing); 

  
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 (ix) it has taken all steps necessary to enable the Collateral Agent to
obtain “control” (within the meaning of the UCC) with respect to each Covered Account; 
 (x) the Covered Accounts
are in its name and not in the name of any other Person. It has not instructed the Securities Intermediary of any Covered Account to comply with the entitlement order of any Person other than the Collateral Agent; provided that, until the
Collateral Agent delivers a notice of exclusive control, it and the Servicer may cause Cash in the Covered Accounts to be invested in Eligible Investments, and the proceeds thereof to be paid and distributed in accordance with this Agreement; and

 (xi) all Covered Accounts constitute “securities accounts” as defined in
Section 8-501(a) of the UCC. 
 (p) Eligibility. (i) The information contained in
each Notice of Borrowing delivered pursuant to Section 2.03, is an accurate and complete listing of all Collateral Loans included in the Collateral as of the related Borrowing Date and the information contained therein with respect to the
identity of such Collateral Loan and the amounts owing thereunder is true, correct and complete as of the related Borrowing Date and (ii) with respect to each Collateral Loan included in any calculation of the Borrowing Base or OC Ratio, such
Collateral Loan is an Eligible Collateral Loan at such time; provided that, notwithstanding anything to contrary contained herein, to the extent any such Collateral Loan is repurchased or otherwise removed from the Borrowing Base pursuant to the
Loan Sale Agreement, then no such breach of the foregoing clause (ii) shall constitute an Event of Default or other breach of this Agreement. 

(q) Anti-Corruption Laws and Anti-Terrorism Laws. None of the Borrower, its subsidiaries, their respective directors or officers, or, to
the best knowledge of the Borrower, their respective agents or employees or its Affiliates, has engaged in any activity or conduct which would violate any applicable anti-bribery, anti-corruption, anti-terrorism or anti-money laundering laws,
regulations or rules in any applicable jurisdiction and the Borrower and its Affiliates have instituted and maintain policies and procedures designed to prevent violation of such laws, regulations and rules. 

(r) Sanctions. None of the Borrower, its subsidiaries, their respective directors or officers, or, to the best knowledge of the
Borrower, their respective agents or employees or its Affiliates, is a Person that is, or is owned or controlled by Persons that are: (i) the target of any Sanctions (a “Sanctioned Person”) or (ii) located, organized or
resident in a country or territory that is, or whose government is, the subject of Sanctions broadly prohibiting dealings with such government, country, or territory (a “Sanctioned Country”). 

(s) No Default. Neither it nor any of its subsidiaries is in default under or with respect to any contractual obligation or restriction
that could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 (t) No Proceedings. There
is no litigation, proceeding or investigation pending or, to its knowledge, threatened against it before any Governmental Authority (i) asserting the invalidity of any Facility Document to which it is a party, (ii) seeking to prevent the
consummation of any of the transactions contemplated by any Facility Document to which it is a party or (iii) that could reasonably be expected to have a Material Adverse Effect. 

  
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 (u) Information. All information heretofore or hereafter furnished by it or on its
behalf to any Secured Party in connection with the Facility Documents or any transaction contemplated hereby or thereby is and will be (when taken as a whole) true, complete and correct in all material respects as of the date such information is
stated or certified and does not and will not omit to state a material fact necessary to make the statements contained therein not misleading; provided that solely with respect to information furnished by the Borrower which was provided to
the Borrower from an Obligor with respect to a Collateral Loan, such information shall only need to be true, complete and correct to the actual knowledge of the Borrower; provided further that, with respect to projected financial
information, the Borrower represents only that such information represents the Borrower’s good faith estimates as of the date of preparation thereof, based upon methods and data the Borrower believes to be reasonable and accurate, but actual
results during the periods covered by such projections may differ materially from such projections. 
 (v) Procedures. In selecting
and disposing of the Collateral, no selection procedures were employed which are intended to be adverse to the interests of any Secured Party. 

Section 4.02 Representations and Warranties of the Servicer. The Servicer represents and warrants to each of the other Secured
Parties on and as of each Measurement Date, as follows: 
 (a) Due Organization. It is a statutory trust formed and validly existing
under the laws of Delaware, with full power and authority to own and operate its assets and properties, conduct the business in which it is now engaged and to execute and deliver and perform its obligations under this Agreement and the other
Facility Documents to which it is a party. 
 (b) Due Qualification. It is duly qualified to do business and, to the extent
applicable, is in good standing in each other jurisdiction in which the nature of its business, assets and properties, including the performance of its obligations under this Agreement, the other Facility Documents to which it is a party and its
Constituent Documents, requires such qualification, except where the failure to be so qualified or in good standing could not reasonably be expected to have a Material Adverse Effect. 

(c) Due Authorization; Execution and Delivery; Legal, Valid and Binding; Enforceability. The execution and delivery by it, and the
performance of its obligations under the Facility Documents to which it is a party and the other instruments, certificates and agreements contemplated thereby are within its powers and have been duly authorized by all requisite action by it and have
been duly executed and delivered by it and constitute its legal, valid and binding obligations enforceable against it in accordance with their respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting creditors’ rights generally or general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

(d) [Reserved]. 

  
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 (e) Non-Contravention. None of the execution
and delivery by it of this Agreement or the other Facility Documents to which it is a party, the consummation of the transactions herein or therein contemplated, or compliance by it with the terms, conditions and provisions hereof or thereof, will
(i) conflict with, or result in a breach or violation of, or constitute a default under its Constituent Documents or (ii) conflict with or contravene in any material respect, and with respect to clause (B), result in the creation of a
Lien (other than Permitted Liens) under, (A) any Applicable Law, (B) any indenture, agreement or other contractual restriction binding on or affecting it or any of its assets, including any Related Document, or (C) any order, writ,
judgment, award, injunction or decree binding on or affecting it or any of its assets or properties, except, in the case of clauses (A), (B) and (C) above, where such conflict, contravention, breach, violation or default could not
reasonably be expected to have a Material Adverse Effect. 
 (f) Governmental Authorizations; Private Authorizations; Governmental
Filings. It has obtained, maintained and kept in full force and effect all material Governmental Authorizations and material Private Authorizations which are necessary for it to properly carry out its business, and made all material Governmental
Filings necessary for the execution and delivery by it of the Facility Documents to which it is a party and the performance by it of its obligations under this Agreement and the other Facility Documents to which it is a party. 

(g) Compliance with Agreements, Laws, Etc. It has duly observed and complied in all material respects with all Applicable Laws relating
to the conduct of its business and its assets. It has preserved and kept in full force and effect its legal existence. It has preserved and kept in full force and effect its rights, privileges, qualifications and franchises, except where the failure
to do so world not reasonably be expected to result in a Material Adverse Effect. 
 (h) [Reserved]. 

(i) Taxes. It has filed all income tax returns and all other material tax returns which are required to be filed by it, if any, and has
paid all income taxes and all other material taxes shown to be due and payable on such returns, if any, or pursuant to any assessment received by any such Person other than any such taxes, assessments or charges that are being contested in good
faith by appropriate proceedings and for which appropriate reserves in accordance with GAAP have been established. 
 (j) [Reserved].

 (k) Anti-Corruption Laws and Anti-Terrorism Laws. None of the Servicer, its subsidiaries, their respective directors or officers,
or, to the best knowledge of the Servicer, their respective agents or employees or its Affiliates, has engaged in any activity or conduct which would violate any applicable anti-bribery, anti-corruption, anti-terrorism or anti-money laundering laws,
regulations or rules in any applicable jurisdiction and the Servicer and its Affiliates have instituted and maintain policies and procedures designed to prevent violation of such laws, regulations and rules. 

(l) Sanctions. None of the Servicer, its subsidiaries, their respective directors or officers, or, to the best knowledge of the
Servicer, their respective agents or employees or its Affiliates, is a Person that is, or is owned or controlled by Persons that are: (i) a Sanctioned Person or (ii) located, organized or resident in a Sanctioned Country. 

  
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 (m) [Reserved]. 

(n) No Proceedings. There is no litigation, proceeding or investigation pending or, to its knowledge, threatened against it before any
Governmental Authority (i) asserting the invalidity of any Facility Document to which it is a party, (ii) seeking to prevent the consummation of any of the transactions contemplated by any Facility Document to which it is a party or
(iii) that could reasonably be expected to have a Material Adverse Effect. 
 (o) Information. All information heretofore or
hereafter furnished by it or on its behalf to any Secured Party in connection with the Facility Documents or any transaction contemplated hereby or thereby is and will be (when taken as a whole) true, complete and correct in all material respects as
of the date such information is stated or certified and does not and will not omit to state a material fact necessary to make the statements contained therein not misleading; provided that solely with respect to information furnished by the
Servicer which was provided to the Servicer from an Obligor with respect to a Collateral Loan, such information shall only need to be true, complete and correct to the actual knowledge of the Servicer; provided further that, with
respect to projected financial information, the Servicer represents only that such information represents the Servicer’s good faith estimates as of the date of preparation thereof, based upon methods and data the Servicer believes to be
reasonable and accurate, but actual results during the periods covered by such projections may differ materially from such projections. 

(p) Procedures. In selecting and disposing of the Collateral, no selection procedures were employed which are intended to be adverse to
the interests of any Secured Party. 
 Section 4.03 Representations and Warranties of the Equityholder. The Equityholder
represents and warrants to each of the other Secured Parties on and as of each Measurement Date, as follows: 
 (a) Due Organization.
It is a statutory trust duly established and validly existing under the laws of Delaware, with full power and authority to own and operate its assets and properties, conduct the business in which it is now engaged and to execute and deliver and
perform its obligations under this Agreement and the other Facility Documents to which it is a party. 
 (b) Due Qualification. It is
duly qualified to do business and, to the extent applicable, is in good standing in each other jurisdiction in which the nature of its business, assets and properties, including the performance of its obligations under this Agreement, the other
Facility Documents to which it is a party and its Constituent Documents, requires such qualification, except where the failure to be so qualified or in good standing could not reasonably be expected to have a Material Adverse Effect. 

(c) Due Authorization; Execution and Delivery; Legal, Valid and Binding; Enforceability. The execution and delivery by it, and the
performance of its obligations under the Facility Documents to which it is a party and the other instruments, certificates and agreements contemplated thereby are within its powers and have been duly authorized by all requisite action by it and have
been duly executed and delivered by it and constitute its legal, valid and binding 

  
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obligations enforceable against it in accordance with their respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other
similar laws affecting creditors’ rights generally or general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

(d) [Reserved]. 
 (e) Non-Contravention. None of the execution and delivery by it of this Agreement or the other Facility Documents to which it is a party, the consummation of the transactions herein or therein contemplated, or
compliance by it with the terms, conditions and provisions hereof or thereof, will (i) conflict with, or result in a breach or violation of, or constitute a default under its Constituent Documents or (ii) conflict with or contravene in any
material respect, and with respect to clause (B), result in the creation of a Lien (other than Permitted Liens) under, (A) any Applicable Law, (B) any indenture, agreement or other contractual restriction binding on or affecting it or
any of its assets, including any Related Document, or (C) any order, writ, judgment, award, injunction or decree binding on or affecting it or any of its assets or properties, except, in the case of clauses (A), (B) and (C) above,
where such conflict, contravention, breach, violation or default could not reasonably be expected to have a Material Adverse Effect. 
 (f)
Governmental Authorizations; Private Authorizations; Governmental Filings. It has obtained, maintained and kept in full force and effect all material Governmental Authorizations and material Private Authorizations which are necessary for it
to properly carry out its business, and made all material Governmental Filings necessary for the execution and delivery by it of the Facility Documents to which it is a party and the performance by it of its obligations under this Agreement and the
other Facility Documents to which it is a party. 
 (g) Compliance with Agreements, Laws, Etc. It has duly observed and complied in
all material respects with all Applicable Laws relating to the conduct of its business and its assets. It has preserved and kept in full force and effect its legal existence. It has preserved and kept in full force and effect its rights, privileges,
qualifications and franchises, except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect. 

(h) [Reserved]. 
 (i)
Taxes. It has filed all income tax returns and all other material tax returns which are required to be filed by it, if any, and has paid all income taxes and all other material taxes shown to be due and payable on such returns, if any, or
pursuant to any assessment received by any such Person other than any such taxes, assessments or charges that are being contested in good faith by appropriate proceedings and for which appropriate reserves in accordance with GAAP have been
established. 
 (j) Anti-Corruption Laws and Anti-Terrorism Laws. None of the Equityholder, its subsidiaries, their respective
directors or officers, or, to the best knowledge of the Equityholder, their respective agents or employees or its Affiliates, has engaged in any activity or conduct which would violate any applicable anti-bribery, anti-corruption, anti-terrorism or
anti-money laundering laws, regulations or rules in any applicable jurisdiction and the Equityholder and its Affiliates have instituted and maintain policies and procedures designed to prevent violation of such laws, regulations and rules. 

  
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 (k) Sanctions. None of the Equityholder, its subsidiaries, their respective directors
or officers, or, to the best knowledge of the Equityholder, their respective agents or employees or its Affiliates, is a Person that is, or is owned or controlled by Persons that are: (i) a Sanctioned Person or (ii) located, organized or
resident in a Sanctioned Country. 
 (l) [Reserved]. 

(m) No Proceedings. There is no litigation, proceeding or investigation pending or, to its knowledge, threatened against it before any
Governmental Authority (i) asserting the invalidity of any Facility Document to which it is a party, (ii) seeking to prevent the consummation of any of the transactions contemplated by any Facility Document to which it is a party or
(iii) that could reasonably be expected to have a Material Adverse Effect. 
 (n) Information. All information heretofore or
hereafter furnished by it or on its behalf to any Secured Party in connection with the Facility Documents or any transaction contemplated hereby or thereby is and will be (when taken as a whole) true, complete and correct in all material respects as
of the date such information is stated or certified and does not and will not omit to state a material fact necessary to make the statements contained therein not misleading. 

ARTICLE V 
 COVENANTS

 Section 5.01 Affirmative Covenants of the Borrower. The Borrower covenants and agrees that, until the Collection Date:

 (a) Compliance with Agreements, Laws, Etc. It shall (i) duly observe and comply in all material respects with all Applicable
Laws relative to the conduct of its business or to its assets, (ii) preserve and keep in full force and effect its legal existence, (iii) preserve and keep in full force and effect its rights, privileges, qualifications and franchises,
except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect, (iv) comply with the terms and conditions of each Facility Document to which it is a party, its Constituent Documents and each Related
Document to which it is a party and (v) obtain, maintain and keep in full force and effect all Governmental Authorizations, Private Authorizations and Governmental Filings which are necessary to properly carry out its business and the
transactions contemplated to be performed by it under the Facility Documents to which it is a party, its Constituent Documents and the Related Documents to which it is a party, except, in the case of this clause (v), where the failure to do so
would not reasonably be expected to have a Material Adverse Effect. 

  
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 (b) Enforcement. 

(i) It shall not take any action that would release any Obligor from any of such Obligor’s material covenants or
obligations under any instrument or agreement included in the Collateral, except in the case of (A) repayment of Collateral Loans, (B) subject to the terms of this Agreement, (1) amendments to Collateral Loans in accordance with the
Servicing Standard and (2) actions taken in connection with the work out or restructuring of any Collateral Loan in accordance with the provisions hereof, and (C) other actions by the Servicer required hereby or otherwise to the extent not
prohibited by, or in conflict with, this Agreement. 
 (ii) It will perform, and use commercially reasonable efforts to cause
the Servicer to perform, all of their obligations and agreements contained in this Agreement or any other Facility Document to which such Person is a party. 

(c) Further Assurances. It shall promptly upon the reasonable request of either Agent or the Required Lenders (through the
Administrative Agent), at its expense, execute and deliver such further instruments and take such further action in order to maintain and protect the Collateral Agent’s first-priority perfected security interest in the Collateral pledged by the
Borrower for the benefit of the Secured Parties free and clear of any Liens (other than Permitted Liens). At the request of either Agent or the Required Lenders (through the Administrative Agent), it shall promptly take, at the Borrower’s
expense, such further action in order to establish and protect the rights, interests and remedies created or intended to be created under this Agreement in favor of the Secured Parties in the Collateral, including all actions which are necessary to
(x) enable the Secured Parties to enforce their rights and remedies under this Agreement and the other Facility Documents, and (y) effectuate the intent and purpose of, and to carry out the terms of, the Facility Documents. 

(d) Financial Statements; Other Information. It shall provide to the Administrative Agent or cause to be provided to the Administrative
Agent (with enough additional copies for each Lender): 
 (i) within 120 days after the end of each fiscal year of the
Equityholder, a copy of the audited consolidated balance sheet of the Equityholder and its consolidated subsidiaries as at the end of such year, the related consolidated statements of income for such year and the related consolidated statements of
changes in net assets and of cash flows for such year, setting forth in each case in comparative form the figures for the previous year; provided, that the financial statements required to be delivered pursuant to this clause (i) which
are made available via EDGAR, or any successor system of the Securities Exchange Commission, in the Equityholder’s annual report on Form 10-K, shall be deemed delivered to the Administrative Agent on the
date such documents are made so available; 
 (ii) within 45 days after the end of each fiscal quarter of each fiscal year
(other than the last fiscal quarter of each fiscal year), an unaudited consolidated balance sheet of the Equityholder and its consolidated subsidiaries as of the end of such fiscal quarter and including the prior comparable period (if any), and the
unaudited consolidated statements of income of the Equityholder and its consolidated subsidiaries for such fiscal quarter and for the period commencing at the end of the previous fiscal year and ending with the end of such fiscal quarter, and the
unaudited consolidated statements of cash flows of the Equityholder and its consolidated subsidiaries for the period commencing at the end of the previous fiscal year and ending with the end of such fiscal quarter; provided, that the
financial statements required to be delivered pursuant to this clause (ii) which are made available via EDGAR, or any successor system of the Securities Exchange Commission, in Equityholder’s quarterly report on Form 10-Q, shall be deemed delivered to the Administrative Agent on the date such documents are made so available; 

  
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 (iii) within two Business Days after a Responsible Officer of the Borrower
obtains actual knowledge of the occurrence and continuance of any (A) Default, (B) Event of Default, (C) event or occurrence that has resulted or could reasonably be expected to result in a Material Adverse Effect,
(D) Revaluation Event, (E) receipt of notice from the agent on a Collateral Loan that the related Obligor has defaulted (beyond applicable grace periods) in the payment of principal or interest or (F) Collateral Loan that ceases to be
an Eligible Collateral Loan, a certificate of a Responsible Officer setting forth the details thereof and the action which the Borrower is taking or proposes to take with respect thereto; 

(iv) from time to time such additional information regarding the Borrower’s financial position or business and the
Collateral (including reasonably detailed calculations of each Coverage Test) as the Administrative Agent or the Required Lenders (through the Administrative Agent) may reasonably request if reasonably available without undue burden or expense; 

(v) promptly after the occurrence of any ERISA Event, notice of such ERISA Event and copies of any communications with all
Governmental Authorities or any Multiemployer Plan with respect to such ERISA Event; 
 (vi) promptly following any
reasonable request by the Administrative Agent or any Lender, all documentation and other information that the Administrative Agent or such Lender requests in order to comply with its ongoing obligations under applicable “know your
customer,” anti-money laundering and sanctions rules and regulations, including the PATRIOT Act; 
 (vii) within two
Business Days after a Responsible Officer of the Borrower obtains actual knowledge thereof, provide notice to the Administrative Agent of any settlement of, material judgment (including a material judgment with respect to the liability phase of a
bifurcated trial) in or commencement of any material labor controversy, material litigation, material action, material suit or material proceeding before any court or governmental department, commission, board, bureau, agency or instrumentality,
domestic or foreign, directly affecting in any material respect the Collateral (taken as a whole), the Facility Documents, or any Secured Party’s interest in the Collateral; and 

(viii) with respect to each Obligor of a Collateral Loan that is not a Broadly Syndicated Loan: (1) within ten
(10) Business Days of the completion of the Servicer’s portfolio review of such Obligor (which, for each Obligor shall occur no less frequently than four (4) times per calendar year) (I) the most recent financial reporting
packages that correspond to such portfolio review with respect to such Obligor and with respect to each related Collateral Loan (including any attached or included information, statements and calculations) received as of the date of the
Servicer’s most recent portfolio review and (II) the internal monitoring report prepared by the Servicer with respect to each Obligor and (2) upon demand by the Administrative Agent, such other information as the Administrative Agent
may reasonably request with respect to any Collateral Loan or Obligor (to the extent reasonably available to the Servicer). 

  
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 (e) Access to Records and Documents. It shall permit the Administrative Agent (or any
Person designated by the Administrative Agent as its agent or representative, subject to delivery of standard confidentiality agreements) to, upon reasonable advance notice and during normal business hours, visit and inspect and make copies thereof
at reasonable intervals: (i) its books, records and accounts relating to its business, financial condition, operations, assets and its performance under the Facility Documents and the Related Documents and to discuss the foregoing with its and
such Person’s officers, partners, employees and accountants, and (ii) the Related Documents with respect to the Collateral; provided that, so long as no Event of Default has occurred, the Borrower shall be responsible for all costs
and expenses for only one such visit per fiscal year by the Lenders and the Administrative Agent. The Administrative Agent shall be permitted to schedule such visits on behalf of the Lenders and shall (1) coordinate in good faith with the
Lenders to determine dates which are acceptable to a majority of the Lenders and whenever possible occur on one such date as a single group and (2) provide 10 days’ prior notice to the Lenders of any such visit and any Lender shall be
permitted to accompany the Administrative Agent in such visit. 
 (f) Use of Proceeds. It shall use the proceeds of each Advance made
hereunder solely: 
 (i) to fund or pay the purchase price of Collateral Loans or Eligible Investments acquired by the
Borrower in accordance with the terms and conditions set forth herein (it being understood that the Borrower may request a Borrowing to fund the applicable Advance Rate of one or more Collateral Loans either on the date of acquisition or at a later
time during the Reinvestment Period pursuant to Article II) including pursuant to the Macomb Merger; 
 (ii) to fund
additional extensions of credit under Revolving Collateral Loans and Delayed Drawdown Collateral Loans purchased in accordance with the terms of this Agreement; 

(iii) to fund the Revolving Reserve Account on or prior to the Commitment Termination Date to the extent the Revolving Reserve
Account is required to be funded pursuant to Section 8.04 (and the Borrower shall submit a Notice of Borrowing requesting a Borrowing of Advances for a Borrowing Date falling no more than five and no less than one Business Day prior to the
Commitment Termination Date with a Requested Amount sufficient to fully fund the Revolving Reserve Account under Section 8.04); and 

(iv) to make Permitted Distributions or Permitted RIC Distributions. 

Without limiting the foregoing, it shall use the proceeds of each Advance in a manner that does not, directly or indirectly, violate any
provision of its Constituent Documents or any Applicable Law, including Regulation T, Regulation U and Regulation X. 

  
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 (g) Information and Reports. Each Notice of Borrowing, each Monthly Report and all
other written information, reports, certificates and statements furnished by or on behalf of it to any Secured Party for purposes of or in connection with this Agreement, the other Facility Documents or the transactions contemplated hereby or
thereby shall be true, complete and correct in all material respects as of the date such information is stated or certified; provided that solely with respect to information furnished by the Borrower which was provided to the Borrower from an
Obligor with respect to a Collateral Loan, such information shall only need to be true, complete and correct to the actual knowledge of the Borrower; provided further that, with respect to projected financial information, the Borrower
represents only that such information represents the Borrower’s good faith estimates as of the date of preparation thereof, based upon methods and data the Borrower believes to be reasonable and accurate, but actual results during the periods
covered by such projections may differ materially from such projections. 
 (h) Opinions as to Collateral. On or before each five year
anniversary of the Closing Date, at the request of the Administrative Agent, it shall furnish to the Agents an opinion of counsel addressed to the Agents and the Borrower relating to the continued perfection of the security interest granted by the
Borrower to the Collateral Agent hereunder. 
 (i) No Other Business. It shall not engage in any business or activity other than
borrowing Advances pursuant to this Agreement, funding, acquiring, owning, holding, administering, selling, enforcing, lending, exchanging, redeeming, pledging, contracting for the management of and otherwise dealing with Collateral Loans, Eligible
Investments and the Collateral in connection therewith and entering into and performing its obligations under the Facility Documents, any applicable Related Documents and any other agreement contemplated by this Agreement. 

(j) Tax Matters. It shall remain a disregarded entity for U.S. federal income tax purposes. 

(k) Compliance with Legal Opinions. The Borrower shall take all other actions necessary to maintain the accuracy of the factual
assumptions set forth in the legal opinions of Dechert LLP, as special counsel to the Borrower, issued on the Closing Date and relating to the issues of substantive consolidation. 

Section 5.02 Covenants of the Servicer. The Servicer covenants and agrees that, until the Collection Date: 

(a) Compliance with Agreements, Laws, Etc. It shall (i) duly observe and comply in all material respects with all Applicable Laws
relative to the conduct of its business or to its assets, (ii) preserve and keep in full force and effect its legal existence, (iii) preserve and keep in full force and effect its rights, privileges, qualifications and franchises, except
where the failure to do so could not reasonably be expected to result in a Material Adverse Effect, (iv) comply with the terms and conditions of each Facility Document to which it is a party and its Constituent Documents and (v) obtain,
maintain and keep in full force and effect all Governmental Authorizations, Private Authorizations and Governmental Filings which are necessary to properly carry out its business and the transactions contemplated to be performed by it under the
Facility Documents to which it is a party and its Constituent Documents, except, in the case of this clause (v), where the failure to do so would not reasonably be expected to have a Material Adverse Effect. 

  
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 (b) Enforcement. It shall not take any action that would release any Obligor from any
of such Obligor’s covenants or obligations under any instrument or agreement included in the Collateral, except in the case of (A) repayment of Collateral Loans, (B) subject to the terms of this Agreement, (1) amendments to
Collateral Loans in accordance with the Servicing Standard and (2) actions taken in connection with the work out or restructuring of any Collateral Loan in accordance with the provisions hereof, and (C) other actions by the Servicer
required hereby or otherwise to the extent not prohibited by, or in conflict with, this Agreement. 
 (c) Further Assurances. It shall
promptly upon the request of either Agent or the Required Lenders (through the Administrative Agent), at its expense, execute and deliver such further instruments and take such further action in order to maintain and protect the Collateral
Agent’s first-priority perfected security interest in the Collateral pledged by the Borrower for the benefit of the Secured Parties free and clear of any Liens (other than Permitted Liens). At the request of either Agent or the Required Lenders
(through the Administrative Agent), it shall promptly take, at the Borrower’s expense, such further action in order to establish and protect the rights, interests and remedies created or intended to be created under this Agreement in favor of
the Secured Parties in the Collateral, including all actions which are necessary to (x) enable the Secured Parties to enforce their rights and remedies under this Agreement and the other Facility Documents, and (y) effectuate the intent
and purpose of, and to carry out the terms of, the Facility Documents. 
 (d) Other Information. It shall provide to the
Administrative Agent or cause to be provided to the Administrative Agent: 
 (i) within two (2) Business Days after a
Responsible Officer of the Servicer obtains actual knowledge of the occurrence and continuance of any (A) Default, (B) Event of Default, (C) Potential Servicer Removal Event, (D) Servicer Removal Event, (E) event or
occurrence that has resulted or could reasonably be expected to result in a Material Adverse Effect, (F) Revaluation Event, (G) receipt of notice from the agent on a Collateral Loan that the related Obligor has defaulted (beyond applicable
grace periods) in the payment of principal or interest or (H) Collateral Loan that ceases to be an Eligible Collateral Loan, a certificate of a Responsible Officer setting forth the details thereof and the action which the Servicer is taking or
proposes to take with respect thereto; 
 (ii) from time to time such additional information regarding the Collateral
(including reasonably detailed calculations of each Coverage Test) as the Administrative Agent or the Required Lenders (through the Administrative Agent) may reasonably request if reasonably available without undue burden or expense; 

(iii) a Borrowing Base Calculation Statement on (A) each date on which the Servicer sells or substitutes (or commits to
sell or substitute, as the case may be) any Collateral Loan and (B) the date on which the Servicer obtains knowledge of any Material Modification or Revaluation Event to a Collateral Loan or that a Collateral Loan has become a Defaulted
Collateral Loan; 
 (iv) promptly following any reasonable request by the Administrative Agent or any Lender, all
documentation and other information that the Administrative Agent or such Lender requests in order to comply with its ongoing obligations under applicable “know your customer,” anti-money laundering and sanctions rules and regulations,
including the PATRIOT Act; and 

  
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 (v) within two (2) Business Days after a Responsible Officer of the
Servicer obtains actual knowledge thereof, provide notice to the Administrative Agent of any settlement of, material judgment (including a material judgment with respect to the liability phase of a bifurcated trial) in or commencement of any
material labor controversy, material litigation, material action, material suit or material proceeding before any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, directly and adversely
affecting the in any material respect the Collateral (taken as a whole), the Facility Documents, or any Secured Party’s interest in the Collateral. 

(e) Access to Records and Documents. It shall permit the Administrative Agent (or any Person designated by the Administrative Agent as
its agent or representative, subject to delivery of standard confidentiality agreements) to, upon reasonable advance notice and during normal business hours, visit and inspect and make copies thereof at reasonable intervals its books, records and
accounts relating to the Collateral, the Borrower, the Facility Documents and the performance of the Servicer under the Facility Documents and to discuss the foregoing with its and such Person’s officers, partners, employees and accountants;
provided that so long as no Event of Default has occurred the Borrower shall be responsible for all costs and expenses for only one such visit per fiscal year by the Lenders and the Administrative Agent. The Administrative Agent shall be permitted
to schedule such visits on behalf of the Lenders and shall (1) coordinate in good faith with the Lenders to determine dates which are acceptable to a majority of the Lenders and whenever possible occur on one such date as a single group and
(2) provide 10 days’ prior notice to the Lenders of any such visit and any Lender shall be permitted to accompany the Administrative Agent in such visit. 

(f) Information and Reports. Each Notice of Borrowing, each Monthly Report and all other written information, reports, certificates and
statements furnished by or on behalf of it to any other Secured Party for purposes of or in connection with this Agreement, the other Facility Documents or the transactions contemplated hereby or thereby shall be true, complete and correct in all
material respects as of the date such information is stated or certified; provided that solely with respect to information furnished by the Servicer which was provided to the Servicer from an Obligor with respect to a Collateral Loan, such
information shall only need to be true, complete and correct to the actual knowledge of the Servicer; provided further that, with respect to projected financial information, the Servicer represents only that such information represents
the Servicer’s good faith estimates as of the date of preparation thereof, based upon methods and data the Servicer believes to be reasonable and accurate, but actual results during the periods covered by such projections may differ materially
from such projections. 
 (g) Collections. It shall direct any agent or administrative agent for any Collateral Loan to remit all
payments and collections with respect to such Collateral Loan and, if applicable, to direct the Obligor with respect to such Collateral Loan to remit all such payments and collections with respect to such Collateral Loan directly to the Collection
Account. 

  
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 (h) Priority of Payments. It shall instruct the Collateral Agent to apply all
Interest Proceeds and Principal Proceeds solely in accordance with the Priority of Payments and the other provisions of this Agreement. 

(i) Anti-Corruption Laws and Sanctions. The Servicer shall maintain and shall ensure that its Affiliates maintain policies and
procedures designed to prevent violation of any applicable anti-bribery, anti-corruption, anti-terrorism or anti-money laundering laws, regulations or rules in any applicable jurisdiction. The Servicer shall not, directly or indirectly, use the
proceeds of the loan hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, sister company, joint venture partner or any other Person (i) to fund any activities or business of or with any Person, or in any
country or territory, that, at the time of such funding, is, a Sanctioned Person or Sanctioned Country, or (ii) in any other manner that would result in a violation of Sanctions, any applicable anti-bribery, anti-corruption, anti-terrorism or
anti-money laundering laws, regulations or rules in any applicable jurisdiction by any Person (including any Person participating in the loan hereunder, whether as underwriter, advisor, investor, lender, hedge provider, facility or security agent or
otherwise). 
 Section 5.03 Negative Covenants of the Borrower. The Borrower covenants and agrees that, until the Collection
Date: 
 (a) Restrictive Agreements. It shall not enter into or suffer to exist or permit to become effective any agreement that
prohibits, limits or imposes any condition upon its ability to create, incur, assume or suffer to exist any Lien (other than Permitted Liens) upon any of its property or revenues constituting Collateral, whether now owned or hereafter acquired, to
secure its obligations under the Facility Documents other than this Agreement and the other Facility Documents. 
 (b) Liquidation;
Merger; Sale of Collateral. It shall not consummate any plan of liquidation, dissolution, partial liquidation, merger or consolidation (or suffer any liquidation, dissolution or partial liquidation) nor sell, transfer, exchange or otherwise
dispose of any of its assets, or enter into an agreement or commitment to do so or enter into or engage in any business with respect to any part of its assets, except as expressly permitted by this Agreement and the other Facility Documents
(including in connection with the repayment in full of the Obligations). Notwithstanding anything to the contrary herein, after the date hereof the Borrower may merge with Macomb Park CLO, Ltd., so long as the Borrower is the surviving entity. 

(c) Amendments to Constituent Documents, Etc. Without the consent of the Administrative Agent (such consent not to be unreasonably
withheld or delayed), (i) it shall not amend, modify or take any action inconsistent with its Constituent Documents and (ii) it will not amend, modify or waive in any material respect any term or provision in any Facility Document (other
than in accordance with any provision thereof requiring the consent of the Administrative Agent or all or a specified percentage of the Lenders). 

(d) ERISA. It shall not establish or incur any liability or obligation with respect to any Plan or Multiemployer Plan and no member of
the ERISA Group shall establish or incur any liability or obligation with respect to any Plan or Multiemployer Plan that in each case would reasonably be expected to result in a Material Adverse Effect. 

  
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 (e) Liens. It shall not sell, pledge, assign or transfer to any other Person, or
grant, create, incur, assume or suffer to exist any Lien on any of its assets now owned or hereafter acquired by it at any time, except for Permitted Liens or as otherwise expressly permitted by this Agreement and the other Facility Documents. 

(f) Margin Requirements; Covered Transactions. It shall not (i) extend credit to others for the purpose of buying or carrying any
Margin Stock in such a manner as to violate Regulation T or Regulation U or (ii) use all or any part of the proceeds of any Advance, whether directly or indirectly, and whether immediately, incidentally or ultimately, for any purpose that
violates the provisions of the Regulations of the Board of Governors, including, to the extent applicable, Regulation U and Regulation X. 

(g) Changes to Filing Information; Change of Location of Underlying Instruments. It shall not change its name or its jurisdiction of
organization from that referred to in Section 4.01(a), unless it gives thirty (30) days’ prior written notice to the Agents and takes all actions that the Administrative Agent or the Required Lenders (through the Administrative Agent)
reasonably request and determine to be necessary to protect and perfect the Collateral Agent’s perfected security interest in the Collateral. It shall not, without the prior consent of the Administrative Agent, consent to the Collateral Agent
moving any Certificated Securities or Instruments, unless the Borrower has given at least ten (10) days’ written notice to the Administrative Agent and has taken all actions required under the UCC of each relevant jurisdiction in order to
ensure that the Collateral Agent’s first priority perfected security interest (subject to Permitted Liens) continues in full effect. 

(h) Transactions with Affiliates. It shall not sell, lease or otherwise transfer any property or assets to, or purchase, lease or
otherwise acquire any property or assets from, or otherwise engage in any other transactions with, the Servicer, the Equityholder and/or any of their Affiliates (including sales of Defaulted Collateral Loans and other Collateral Loans), unless
(x) such transaction is upon terms no less favorable to the Borrower than it would obtain in a comparable arm’s length transaction with a Person that is not an Affiliate (it being agreed that any purchase or sale at par shall be deemed to
comply with this provision) or (y) the Borrower has received the prior written consent of the Administrative Agent with respect to such transaction. Notwithstanding the foregoing or anything to the contrary contained herein, nothing shall
prohibit Borrower from (i) transferring or distributing the Collateral Loans to the Equityholder or an Affiliate of the Equityholder, as applicable, in accordance with Article X, (ii) making Permitted Distributions(in accordance with
the definition thereof) or (iii) Permitted RIC Distributions (in accordance with the definition thereof) to the Equityholder. 
 (i)
Investment Company Restriction. It shall not and shall not permit the pool of Collateral to become required to register as an “investment company” under the Investment Company Act. 

(j) Anti-Corruption and Sanctions. The Borrower shall maintain and shall ensure that its Affiliates maintain policies and procedures
designed to prevent violation of any applicable anti-bribery, anti-corruption, anti-terrorism or anti-money laundering laws, regulations or rules in any applicable jurisdiction. The Borrower shall not, directly or indirectly, use the proceeds of the
loan hereunder, or lend, contribute or otherwise make available such proceeds to 

  
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any subsidiary, sister company, joint venture partner or any other Person (i) to fund any activities or business of or with any Person, or in any country or territory, that, at the time of
such funding, is, a Sanctioned Person or Sanctioned Country, or (ii) in any other manner that would result in a violation of Sanctions, any applicable anti-bribery, anti-corruption, anti-terrorism or anti-money laundering laws, regulations or
rules in any applicable jurisdiction by any Person (including any Person participating in the loan hereunder, whether as underwriter, advisor, investor, lender, hedge provider, facility or security agent or otherwise). 

(k) [Reserved]. 
 (l)
Indebtedness; Guarantees; Securities; Other Assets. It shall not incur or assume or guarantee any indebtedness, obligations (including contingent obligations) or other liabilities, or issue any additional securities, whether debt or equity,
in each case other than (i) pursuant to or as expressly permitted by this Agreement and the other Facility Documents, including expenses payable in the ordinary course of business, (ii) obligations under its Constituent Documents or
(iii) pursuant to customary indemnification, expense reimbursement and similar provisions under the Related Documents. It shall not acquire any Collateral Loan or other property other than as expressly permitted under the Facility Documents, it
being understood and agreed that the Borrower shall be permitted to acquire Collateral Loans from the Servicer, the Equityholder and/or their Affiliates and from unaffiliated third parties. The Borrower shall not accept equity contributions from the
Equityholder or OC Ratio Posting Payments in excess of $600,000,000 in the aggregate. 
 (m) Validity of this Agreement. It shall not
(i) take any action or omit to take any action, the result of which would permit the validity or effectiveness of any Facility Document or any grant of Collateral under this Agreement to be impaired, or permit the Lien of this Agreement to be
amended, hypothecated, subordinated, terminated or discharged, or take any action or omit to take any action, the result of which would permit any Person to be released from any covenant or obligation with respect to this Agreement and
(ii) except as permitted by any Facility Document, take any action that would permit the Lien of this Agreement not to constitute a valid first priority perfected security interest in the Collateral (subject to Permitted Liens). 

(n) Subsidiaries. It shall not have or permit the formation of any subsidiaries, except in connection with the receipt of equity
securities pursuant to an exercise of remedies with respect to a Collateral Loan or any work-out or restructuring of a Collateral Loan. 

(o) Name. It shall not conduct business under any name other than its own. 

(p) Employees. It shall not have any employees. 

(q) Non-Petition. It shall not be party to any agreements under which it has any material
obligation or liability (direct or contingent) without using commercially reasonable efforts to include customary “non-petition” and “limited recourse” provisions therein (and shall not
amend or eliminate such provisions in any agreement to which it is party), except for loan agreements, related loan documents, any agreements related to the purchase and sale of any Collateral Loan which contain customary (as determined by the
Servicer) purchase or sale terms or which are documented using customary (as determined by the Servicer) loan trading 

  
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documentation in connection with the Collateral Loans and any agreement that does not impose a material obligation on the Borrower and that is of a type that customarily does not include “non-petition” or “limited recourse” provisions (including customary service contracts and engagement letters entered into with third party service providers (including independent accountants
and providers of independent managers)). 
 (r) Certificated Securities. It shall not acquire or hold any Certificated Securities in
bearer form in a manner that does not satisfy the requirements of United States Treasury Regulations section 1.165-12(c) (as determined by the Servicer). 

Section 5.04 Covenants of the Equityholder. The Equityholder covenants and agrees that, until the Collection Date: 

(a) Compliance with Agreements, Laws, Etc. It shall (i) duly observe and comply in all material respects with all Applicable Laws
relative to the conduct of its business or to its assets, (ii) preserve and keep in full force and effect its legal existence, (iii) preserve and keep in full force and effect its rights, privileges, qualifications and franchises, except
where the failure to do so could not reasonably be expected to result in a Material Adverse Effect, (iv) comply with the terms and conditions of each Facility Document to which it is a party and its Constituent Documents and (v) obtain,
maintain and keep in full force and effect all Governmental Authorizations, Private Authorizations and Governmental Filings which are necessary to properly carry out its business and the transactions contemplated to be performed by it under the
Facility Documents to which it is a party and its Constituent Documents, except, in the case of clause (v), where the failure to do so would not reasonably be expected to have a Material Adverse Effect. 

(b) Other Information. It shall provide to the Administrative Agent or cause to be provided to the Administrative Agent (with enough
additional copies for each Lender) promptly following any reasonable request by the Administrative Agent or any Lender, all documentation and other information that the Administrative Agent or such Lender requests in order to comply with its ongoing
obligations under applicable “know your customer,” anti-money laundering and sanctions rules and regulations, including the PATRIOT Act. 

(c) Anti-Corruption Laws and Sanctions. The Equityholder shall maintain and shall ensure that its Affiliates maintain policies and
procedures designed to prevent violation of any applicable anti-bribery, anti-corruption, anti-terrorism or anti-money laundering laws, regulations or rules in any applicable jurisdiction. The Equityholder shall not, directly or indirectly, use the
proceeds of the loan hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, sister company, joint venture partner or any other Person (i) to fund any activities or business of or with any Person, or in any
country or territory, that, at the time of such funding, is, a Sanctioned Person or Sanctioned Country, or (ii) in any other manner that would result in a violation of Sanctions, any applicable anti-bribery, anti-corruption, anti-terrorism or
anti-money laundering laws, regulations or rules in any applicable jurisdiction by any Person (including any Person participating in the loan hereunder, whether as underwriter, advisor, investor, lender, hedge provider, facility or security agent or
otherwise). 

  
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 (d) Separateness. The Equityholder shall not take any action that causes, or omit to
take any action that results in, the Borrower to fail to comply with any of its covenants in Section 5.05 and the Equityholder shall take all other actions necessary to maintain the accuracy of the factual assumptions set forth in the legal
opinions of Dechert LLP, as special counsel to the Borrower, issued on the Closing Date and relating to the issues of substantive consolidation. 

(e) Liens. The Equityholder shall neither pledge (nor permit to be pledged) the equity interests in the Borrower nor otherwise permit
any equity interests of the Borrower to be subject to a Lien other than Permitted Liens. 
 Section 5.05 Certain Undertakings
Relating to Separateness. Without limiting any, and subject to all, other covenants of the Borrower, the Equityholder and the Servicer contained in this Agreement, the Borrower (the Servicer in acting on behalf or for the benefit of the Borrower
and the Equityholder in acting on behalf of the Borrower as the equityholder in the Borrower) shall conduct its business and operations separate and apart from that of any other Person (including the Equityholder and any of their Affiliates) and in
furtherance of the foregoing: 
 (a) The Borrower shall maintain its accounts, financial statements, books, accounting and other records, and
other documents separate from those of any other Person; provided that the Borrower may be consolidated into the Equityholder solely for tax and accounting purposes. 

(b) The Borrower shall not commingle or pool any of its funds or assets with those of the Servicer, the Equityholder or any of their Affiliates
or any other Person, and it shall hold all of its assets in its own name, except as otherwise permitted or required under the Facility Documents. 

(c) The Borrower shall conduct its own business in its own name and, for all purposes, shall not operate, or purport to operate, collectively
as a single or consolidated business entity with respect to any Person (although, in connection with certain financial reporting, regulatory filings, advertising and marketing, it may be identified as a subsidiary of the Equityholder). 

(d) The Borrower shall pay its own debts, liabilities and expenses (including overhead expenses, if any) only out of its own assets as the same
shall become due; provided, however, in its capacity as Servicer, Blackstone/GSO Secured Lending Fund may from time to time advance expenses of the Borrower for which Blackstone/GSO Secured Lending Fund is later reimbursed pursuant to
the Priority of Payments. 
 (e) The Borrower has observed, and shall observe, all (A) corporate formalities and (B) other
organizational formalities, in each case to the extent necessary or advisable to preserve its separate existence (although, in connection with certain financial reporting, regulatory filings, advertising and marketing, it may be identified as a
subsidiary of the Equityholder), and shall preserve its existence, and it shall not, nor shall it permit any Affiliate or any other Person to, amend, modify or otherwise change its operating agreement in a manner that would adversely affect the
existence of the Borrower as a bankruptcy-remote special purpose entity. The Borrower shall have at least one Independent Manager at all times (subject to the time periods for replacement of Independent Managers that have resigned or have been
removed set forth in the Borrower’s Constituent Documents). 

  
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 (f) The Borrower shall not (A) guarantee, become obligated for, or hold itself or its
credit out to be responsible for or available to satisfy, the debts or obligations of any other Person or (B) control the decisions or actions respecting the daily business or affairs of any other Person, except as permitted by or pursuant to
the Facility Documents. 
 (g) The Borrower shall, at all times, hold itself out to the public as a legal entity separate and distinct from
any other Person (although, in connection with certain financial reporting, advertising and marketing, it may be identified as a subsidiary of the Equityholder); provided that the assets of the Borrower may be consolidated for accounting
purposes and included in consolidated financial statements of the Equityholder as required by GAAP or applicable law. 
 (h) The Borrower
shall not identify itself as a division of any other Person. 
 (i) The Borrower shall maintain its assets in such a manner that it will not
be costly or difficult to segregate, ascertain or identify its individual assets from those of any Affiliate or any other Person. 
 (j)
Except as may be provided in the Facility Documents, any transaction between the Borrower and any of the Servicer, the Equityholder and their Affiliates shall be on arm’s length terms. 

(k) Except as permitted by, or pursuant to, the Facility Documents, the Borrower shall not grant a security interest or otherwise pledge its
assets for the benefit of any other Person (other than its pledge of the Collateral hereunder to the Collateral Agent for the benefit of the Secured Parties). 

(l) The Borrower shall not acquire any securities or debt instruments of the Equityholder, the Servicer, any Affiliates of the foregoing or any
other Person (except for equity interests in Obligors in connection with the exercise of any remedies with respect to a Collateral Loan or any exchange offer, work-out or restructuring of a Collateral Loan).

 (m) The Borrower shall not make loans or advances to any Person, except for the Collateral Loans and as permitted by or pursuant to the
Facility Documents. 
 (n) The Borrower shall make no transfer of its Collateral Loans, except as permitted by or pursuant to the Facility
Documents. 
 (o) The Borrower shall file its own tax returns separate from those of any other Person or entity, except to the extent that
the Borrower is not required to file tax returns under Applicable Law or is not permitted to file its own tax returns separate from those of any other Person. 

(p) The Borrower shall, to the extent used in its business, use separate stationery, invoices and checks. 

(q) The Borrower shall correct any known misunderstanding regarding its separate identity. 

  
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 (r) The Borrower shall maintain adequate capital in light of its contemplated business
operations. 
 (s) The Borrower shall at all times be organized as a single-purpose entity with Constituent Documents substantially similar
to those in effect on the Closing Date. 
 (t) The Borrower shall at all times conduct its business so that any assumptions made with respect
to the Borrower in any “substantive non-consolidation” opinion delivered in connection with the Facility Documents will continue to be true and correct in all material respects. 

ARTICLE VI 
 EVENTS OF
DEFAULT 
 Section 6.01 Events of Default. “Event of Default,” wherever used herein, means any one of the
following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body): 
 (a) a default in the payment, when due and payable, of (x) any principal in respect of the
Advances or (y) any other payment required to be made pursuant to this Agreement or any other Facility Document and if such date is not the Final Maturity Date, such default, solely in the case of this clause (y), has not been cured within
three (3) Business Days after written notice thereof by the Administrative Agent; provided, that, solely in the case of clause (y) on a date other than on the Final Maturity Date resulting solely from an administrative error or
omission by the Administrative Agent, the Securities Intermediary or any paying agent, such default continues for a period of five Business Days after the Administrative Agent or the Securities Intermediary receives written notice or a Responsible
Officer of such party has actual knowledge of such administrative error or omission; 
 (b) any failure by the Borrower to deposit or credit,
or to deliver for deposit, in the Covered Accounts any amount required hereunder to be so deposited credited or delivered by it, on or before the date occurring three (3) Business Days after the date such deposit or distribution is required to
be made by the Servicer; 
 (c) the Borrower or the pool of Collateral becomes an investment company required to be registered under the
Investment Company Act; 
 (d) except as otherwise provided in this Section 6.01, a default in the performance, or breach, of any
covenant or agreement of the Borrower or Equityholder under this Agreement or the other Facility Documents to which it is a party (it being understood, without limiting the generality of the foregoing, that any failure to meet any Concentration
Limitation or Coverage Test is not an Event of Default under this clause (d)), or the failure of any representation or warranty of the Borrower or the Equityholder made in this Agreement or in any other Facility Document to be correct, in each
case, in all material respects when the same shall have been made, and the continuation of such default, breach or failure for a period of thirty (30) days after the earlier of (i) written notice to the Borrower and the Servicer (which may
be by e-mail) by either 

  
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Agent, and (ii) a Responsible Officer of the Borrower or the Servicer has acquired actual knowledge thereof; provided that if such default, breach or failure cannot be cured, such
Event of Default shall occur immediately after receipt by the Borrower of such written notice from the Administrative Agent; 
 (e) the
Borrower ceases to have a valid ownership interest in all of the Collateral (subject to Permitted Liens); 
 (f) the Borrower assigns any of
its rights, obligations, or duties under the Facility Documents without the prior written consent of each Lender; 
 (g) [Reserved]; 

(h) (i) any Facility Document or any material provision thereof shall (except in accordance with its terms) terminate, cease to be
effective or cease to be the legally valid, binding and enforceable obligation of the Borrower, the Equityholder or the Servicer, (ii) the Borrower, the Equityholder, the Servicer or any Governmental Authority shall, directly or indirectly,
contest in any manner the effectiveness, validity, binding nature or enforceability of any Facility Document or any Lien purported to be created thereunder, or (iii) any Lien securing any obligation under any Facility Document shall, in whole
or in part, cease to be a first priority perfected security interest of the Collateral Agent, except as otherwise permitted in accordance with the Facility Documents (subject to Permitted Liens); 

(i) an Insolvency Event relating to the Borrower or the Equityholder; 

(j) failure to reduce the Advances to $0 by the Final Maturity Date; 

(k) on any Monthly Report Determination Date, the Interest Coverage Ratio Test is not satisfied and such failure shall continue for three
(3) Business Days; 
 (l) the occurrence of an OC Ratio Breach and such OC Ratio Breach remains unremedied for a period of 10
consecutive Business Days without being cured; 
 (m) the rendering of one or more final judgments, decrees or orders by a court or
arbitrator of competent jurisdiction for the payment of money in excess individually or in the aggregate of $100,000, with respect to the Borrower (net of amounts covered by insurance), or $1,000,000, with respect to the Equityholder (net of amounts
covered by insurance), and the Borrower or Equityholder, as applicable, shall not have either (i) discharged or provided for the discharge of any such judgment, decree or order in accordance with its terms or (ii) perfected a timely appeal
of such judgment, decree or order and caused the execution of same to be stayed during the pendency of the appeal, in each case, within sixty (60) days from the date of entry thereof; 

(n) the Borrower fails to have at least one Independent Manager; provided that the resignation of an Independent Manager or the removal
of an Independent Manager for “cause” shall not affect this clause (n) unless the Borrower fails to appoint a new Independent Manager within ten (10) Business Days of the effective date of such removal or resignation; 

  
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 (o) any Monthly Report or Payment Date Report shall fail to be delivered when due and such
failure shall continue for three (3) Business Days after receipt of written notice thereof; 
 (p) a Servicer Removal Event occurs; 

(q) (i) the Internal Revenue Service shall file notice of a Lien pursuant to Section 6321 of the Code with regard to any asset of the
Borrower and such Lien shall not have been released within five (5) Business Days or (ii) the PBGC shall file notice of a Lien pursuant to Section 4068 of ERISA with regard to any asset of the Borrower and such Lien shall not have
been released within five (5) Business Days; 
 (r) the failure of the Borrower or the Equityholder or any of their subsidiaries to make
any payment when due (after giving effect to any related grace period set forth in the related agreements) under one or more agreements for borrowed money to which it is a party in an amount in excess of $100,000, with respect to the Borrower, or
$1,000,000, with respect to the Equityholder, whether or not such failure is waived pursuant to the related agreement; 
 (s) the Borrower or
Equityholder shall have made payments to settle any litigation, claim or dispute totaling more than, in the aggregate, $100,000, with respect to the Borrower, or $1,000,000, with respect to the Equityholder; or 

(t) the Borrower shall fail to qualify as a bankruptcy-remote entity based on customary criteria such that Borrower’s special counsel or
any other reputable counsel could no longer render a substantive non-consolidation opinion with respect to the Borrower. 

Upon a Responsible Officer of the Borrower or the Servicer obtaining actual knowledge of the occurrence of an Event of Default, each of the
Borrower and the Servicer shall promptly (and in any event within two (2) Business Days) notify each other and the Agents, specifying each specific Event of Default that has then occurred as well as all other Events of Default that are then
known to be continuing. Upon the occurrence of an Event of Default actually known to a Responsible Officer of the Collateral Agent, the Collateral Agent shall promptly notify the Administrative Agent (which will notify the Lenders promptly) of such
Event of Default in writing. 
 Upon the occurrence and during the continuance of any Event of Default, in addition to all rights and
remedies specified in this Agreement and the other Facility Documents, including Article VII, and the rights and remedies of a secured party under Applicable Law, including the UCC, the Administrative Agent shall, at the request of, or may with
the consent of, the Majority Lenders, by notice to the Borrower (with a copy to the Collateral Agent), do any one or more of the following: (1) declare the Commitments to be terminated, whereupon the Commitments shall be terminated, and
(2) declare the principal of and the accrued Interest on the Advances and all other Obligations whatsoever payable by the Borrower hereunder to be forthwith due and payable, whereupon such amounts shall be immediately due and payable without
presentment, demand, protest or other formalities of any kind, all of which are hereby waived by the Borrower; provided that, upon the occurrence of any Event of Default described in clause (i) of this Section 6.01, the Commitments
shall automatically terminate and the Advances and all such other amounts shall automatically become due and payable, without any further action by any party. 

  
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 In addition, upon the occurrence and during the continuation of an Event of Default (and
with respect to the remedy provided in clause (w) below, upon the occurrence and during the continuation of an Event of Default described in clause (p) above), following written notice by the Administrative Agent (provided in its sole
discretion or at the direction of the Required Lenders) to the Servicer of the exercise of control rights with respect to the Collateral, the Administrative Agent may exercise such rights, including: (v) the exercise of the Servicer’s
rights and obligations under the Facility Documents, including its unilateral power to (A) consent to modifications to Collateral Loans, (B) take any discretionary action with respect to Collateral Loans and (C) direct the
acquisition, sales and other dispositions of Collateral Loans to be immediately terminated; (w) subject to delivery of a Servicer Removal Notice, remove the Servicer and transfer of the Servicer’s rights and obligations under the Facility
Documents to a Replacement Servicer; (x) if the Servicer is not terminated or otherwise replaced, to require the Servicer to obtain the consent of the Administrative Agent before agreeing to any modification of any Collateral Loan, taking any
discretionary action with respect to any Collateral Loan or causing the Borrower to sell or otherwise dispose of any Collateral Loan; (y) if the Servicer is not terminated or otherwise replaced, to require the Servicer to cause the Borrower to
sell or otherwise dispose of any Collateral Loan as directed by the Administrative Agent pursuant to Section 7.03, and (z) with respect to any specific Collateral Loan, to require the Servicer to take such discretionary action with respect
to such Collateral Loan as directed by the Administrative Agent. 
 Section 6.02 OC Ratio Posting Payments. Notwithstanding
anything to the contrary in this Agreement, if an OC Ratio Breach has occurred, within 10 Business Days of the occurrence of such OC Ratio Breach, the Equityholder may, but shall not be required to, cure such condition by making a cash payment into
the Principal Collection Subaccount in an amount (which shall be in increments of $500,000) that would cause such OC Ratio Breach to be cured after giving effect to such payment into the Principal Collection Subaccount (any such payment, an
“OC Ratio Posting Payment”); provided that the aggregate amount of OC Ratio Posting Payments made by the Equityholder, measured cumulatively from the Closing Date onward, and equity contributions and deemed capital
contributions made by the Equityholder may not exceed $350,000,000. 
 ARTICLE VII 

PLEDGE OF COLLATERAL; RIGHTS OF THE COLLATERAL AGENT 

Section 7.01 Grant of Security. (a) The Borrower hereby grants, pledges, transfers and collaterally assigns to the Collateral
Agent, for the benefit of the Secured Parties, as collateral security for all Obligations, a continuing security interest in, and a Lien upon, all of the Borrower’s right, title and interest in, to and under, the following property, in each
case whether tangible or intangible, wheresoever located, and whether now owned by the Borrower or hereafter acquired and whether now existing or hereafter coming into existence (in each case excluding the Excluded Amounts) (all of the property
described in this Section 7.01(a) being collectively referred to herein as the “Collateral”): 

  
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 (i) all Collateral Loans and Related Documents (including those listed, as of the Closing
Date, in Schedule 3), both now and hereafter owned, including all Collections and other Proceeds thereon or with respect thereto; 
 (ii)
each Covered Account and all Money and all investment property (including all securities, all security entitlements with respect to such Covered Account and all financial assets carried in such Covered Account) from time to time on deposit in or
credited to each Covered Account; 
 (iii) all interest, dividends, distributions and other Money or property of any kind distributed in
respect of the Collateral Loans of the Borrower, which the Borrower is entitled to receive, including all Collections in respect of its Collateral Loans; 

(iv) each Facility Document and all rights, remedies, powers, privileges and claims under or in respect thereto (whether arising pursuant to
the terms thereof or otherwise available to the Borrower at law or equity), including the right to enforce each such Facility Document and to give or withhold any and all consents, requests, notices, directions, approvals, extensions or waivers
under or with respect thereto, to the same extent as the Borrower could but for the assignment and security interest granted to the Collateral Agent under this Agreement; 

(v) all Cash or Money; 
 (vi) all
securities, loans and investments and, in each case as defined in the UCC, accounts, chattel paper, deposit accounts, instruments, financial assets, investment property, general intangibles, letter-of-credit rights, and supporting obligations of the Borrower, and all other property of any type or nature in which the Borrower has an interest (including the equity interests of each subsidiary of
the Borrower), and all property of the Borrower which is delivered to the Collateral Agent by or on behalf of the Borrower (whether or not constituting Collateral Loans or Eligible Investments); 

(vii) all Liens, property, guaranties, supporting obligations, insurance and other agreements or arrangements of whatever character from time
to time supporting or securing payment of the assets, investments and properties described above; and 
 (viii) all Proceeds of any and all
of the foregoing. 
 (b) All terms used in this Section 7.01 but not defined in Section 1.01 shall have the respective meanings
assigned to such terms in the UCC as applicable. 
 Section 7.02 Release of Security Interest. Upon the Collection Date or
pursuant to Section 8.08, the Collateral Agent, on behalf of the Secured Parties, shall, at the expense of the Borrower, promptly execute, deliver and file or authorize for filing such instruments as the Borrower shall reasonably request in
order to reassign, release or terminate the Secured Parties’ security interest in the Collateral. The Secured Parties acknowledge and agree that upon the sale or disposition of any Collateral by the Borrower in compliance with the terms and
conditions of this Agreement, the security interest of the Secured Parties in such Collateral shall immediately terminate and the Collateral Agent, on behalf of the Secured Parties, shall, at the expense of the

  
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Borrower, execute, deliver and file or authorize for filing such instrument as the Borrower shall reasonably request to reflect or evidence such termination. Any and all actions under this
Article VII in respect of the Collateral shall be without any recourse to, or representation or warranty by any Secured Party and shall be at the sole cost and expense of the Borrower. 

Section 7.03 Rights and Remedies. The Collateral Agent (for itself and on behalf of the other Secured Parties) shall have all of
the rights and remedies of a secured party under the UCC and other Applicable Law. Upon the occurrence and during the continuance of an Event of Default, the Collateral Agent or its designees shall, at the written direction of the Administrative
Agent or the Required Lenders acting through the Administrative Agent, (a) instruct the Borrower to deliver any or all of the Collateral, the Related Documents and any other document relating to the Collateral to the Collateral Agent or its
designees and otherwise give all instructions for the Borrower regarding the Collateral; (b) sell or otherwise dispose of the Collateral in a commercially reasonable manner, all without judicial process or proceedings; (c) take control of
the Proceeds of any such Collateral; (d) subject to the provisions of the applicable Related Documents, exercise any consensual or voting rights in respect of the Collateral; (e) release, make extensions, discharges, exchanges or
substitutions for, or surrender all or any part of the Collateral; (f) enforce the Borrower’s rights and remedies with respect to the Collateral; (g) institute and prosecute legal and equitable proceedings to enforce collection of, or
realize upon, any of the Collateral; (h) require that the Borrower immediately take all actions necessary to cause the liquidation of the Collateral in order to pay all amounts due and payable in respect of the Obligations, in accordance with
the terms of the Related Documents; (i) redeem any asset of the Borrower to pay amounts due and payable in respect of the Obligations; (j) make copies of all books, records and documents relating to the Collateral; and (k) endorse the
name of the Borrower upon any items of payment relating to the Collateral or upon any proof of claim in bankruptcy against an account debtor. To the extent permitted by applicable law, each of the Borrower, the Servicer and the Equityholder waive
all claims, damages and demands it may acquire against the Administrative Agent, the Collateral Agent and the Secured Parties arising out of the exercise by the Administrative Agent or the Collateral Agent of any of their rights hereunder, except
for any claims, damages and demands it may have against the Administrative Agent or the Collateral Agent arising from the willful misconduct or gross negligence of the Administrative Agent or the Collateral Agent or their affiliates, or any agents
or employees of the foregoing. 
 The Borrower hereby agrees that, upon the occurrence and during the continuance of an Event of Default, at
the request of either Agent or the Required Lenders (acting through the Administrative Agent), it shall execute all documents and agreements which are necessary or appropriate to have the Collateral to be assigned to the Collateral Agent or its
designee. For purposes of taking the actions described in clauses (a) through (k) of this Section 7.03 the Borrower hereby irrevocably appoints the Collateral Agent as its attorney-in-fact (which appointment being coupled with an interest and is irrevocable while any of the Obligations remain unpaid), with power of substitution, in the name of the Collateral Agent or in the
name of the Borrower or otherwise, for the use and benefit of the Collateral Agent, but at the cost and expense of the Borrower and, except as expressly required by Applicable Law, without notice to the Borrower. 

  
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 Each of the Borrower, the Servicer and the Equityholder recognizes that the Administrative
Agent may be unable to effect a public sale of any or all of the Collateral, by reason of certain prohibitions contained in the Securities Act, and applicable state securities laws or otherwise, and may be compelled to resort to one or more private
sales thereof to a restricted group of purchasers which will be obliged to agree, among other things, to acquire such item of Collateral for their own account for investment and not with a view to the distribution or resale thereof. Each of the
Borrower, the Servicer and the Equityholder acknowledges and agrees that any such private sale may result in prices and other terms less favorable to the Administrative Agent on behalf of the Secured Parties than if such sale were a public sale and,
notwithstanding such circumstances, agree that any such private sale shall not be deemed to have been made in a commercially unreasonable manner solely by virtue of being a private sale. 

Each of the Borrower, the Servicer and the Equityholder further agrees that a breach of any of their covenants contained in this
Section 7.03 will cause irreparable injury to the Administrative Agent and the Secured Parties, that the Administrative Agent and the Secured Parties have no adequate remedy at law in respect of such breach and, as a consequence, that each and
every covenant contained in this Section 7.03 shall be specifically enforceable against the Borrower, the Servicer and the Equityholder, and each of the Borrower, the Servicer and the Equityholder hereby waives and agrees not to assert any
defenses against an action for specific performance of such covenants except for a defense that no Event of Default has occurred under this Agreement or any defense relating to the Administrative Agent’s willful misconduct or gross negligence.

 Pursuant to the UCC, each of the Borrower, the Servicer and the Equityholder hereby specifically agrees (x) that it shall not raise
any objection to any Secured Party’s purchase of the Collateral (through bidding on the obligations or otherwise) and (y) that a foreclosure sale conducted in conformity with the principles set forth in the No Action Letters promulgated by
the SEC staff (1) shall be considered to be a “public” sale for purposes of the UCC, (2) shall be considered commercially reasonable notwithstanding that the Secured Party has not registered or sought to register the Collateral
under the Securities Act, even if the Borrower agrees to pay all costs of the registration process, and (3) shall be considered to be commercially reasonable notwithstanding that the Secured Party purchases the Collateral at such a sale. 

Each of the Borrower, the Servicer and the Equityholder agrees that neither the Administrative Agent nor the Collateral Agent shall not have
any general duty or obligation to make any effort to obtain or pay any particular price for any Collateral sold by the Administrative Agent or the Collateral Agent pursuant to this Agreement. Each of the Borrower, the Servicer and the Equityholder
hereby agrees that the Administrative Agent or the Collateral Agent shall have the right to conduct, and shall not incur any liability as a result of, the sale of any Collateral, or any part thereof, at any sale conducted in a commercially
reasonable manner, it being agreed by the parties hereto that some or all of the Collateral is or may be of one or more types that threaten to decline speedily in value. The Borrower, the Servicer and the Equityholder hereby waive any claims against
the Administrative Agent and the Collateral Agent arising by reason of the fact that the price at which any of the Collateral may have been sold at a private sale was less than the price that might have been obtained at a public sale or was less
than the aggregate amount of the Borrower’s obligations under this Agreement, even if the Administrative Agent or the Collateral Agent accepts the first bid received and does not offer any Collateral to more than one bidder, provided
that Administrative Agent or the Collateral Agent has acted in a commercially reasonable manner in conducting such private sale. Without in any way limiting the Administrative Agent’s 

  
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or the Collateral Agent’s right to conduct a foreclosure sale in any manner which is considered commercially reasonable, each of the Borrower, the Servicer and the Equityholder hereby agrees
that any foreclosure sale conducted in accordance with the following provisions shall be considered a commercially reasonable sale, and each of the Borrower, the Servicer and the Equityholder hereby irrevocably waives any right to contest any such
sale conducted in accordance with the following provisions: 
 (1) the Administrative Agent or the Collateral Agent conducts
such foreclosure sale in the State of New York; 
 (2) such foreclosure sale is conducted in accordance with the laws of the
State of New York; and 
 (3) not more than thirty days before, and not less than three Business Days in advance of such
foreclosure sale, the Administrative Agent or the Collateral Agent notifies the Borrower, the Servicer and the Equityholder at the address set forth herein of the time and place of such foreclosure sale. 

In connection with the sale of the Collateral following the acceleration of the Obligations, the Equityholder, the Servicer and their
respective Affiliates shall have the right to purchase any or all of the Collateral, in each case by paying to the Collateral Agent in immediately available funds, an amount equal to all outstanding Obligations. If the Equityholder, the Servicer and
their respective Affiliates fail to exercise this purchase right within ten (10) days following such acceleration of the Obligations, then such contractual rights shall be irrevocably forfeited by the Equityholder, the Servicer and all
Affiliates thereof, but nothing herein shall prevent the Equityholder, the Servicer or their respective Affiliates from bidding at any sale of such Collateral. 

Notwithstanding anything in this Section 7.03 to the contrary, the Collateral Agent shall be under no duty or obligation to take any
affirmative action to exercise or enforce any power, right or remedy available to it under this Agreement unless and to the extent expressly so directed by the Administrative Agent, the Required Lenders or the Majority Lenders, as applicable;
provided that the Collateral Agent shall not be required to take any action hereunder at the direction of the Administrative Agent or any Secured Party if such action would, in the reasonable determination of the Collateral Agent (x) be
in violation of or contrary to applicable law or any provisions of this Agreement or other Facility Document or (y) expose the Collateral Agent to liability unless it has received reasonably satisfactory indemnity with respect thereto. 

All sums paid or advanced by the Collateral Agent in connection with the foregoing and all out-of-pocket costs and expenses (including reasonable and documented attorneys’ fees and expenses) incurred in connection therewith, together with interest thereon at the Post-Default Rate from the date
of payment until repaid in full, shall be paid by the Borrower to the Collateral Agent from time to time on demand in accordance with the Priority of Payments and shall constitute and become a part of the Obligations secured hereby. 

  
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 Section 7.04 Remedies Cumulative. Each right, power, and remedy of the Agents
and the other Secured Parties, or any of them, as provided for in this Agreement or in the other Facility Documents or now or hereafter existing at law or in equity or by statute or otherwise shall be cumulative and concurrent and shall be in
addition to every other right, power, or remedy provided for in this Agreement or in the other Facility Documents or now or hereafter existing at law or in equity or by statute or otherwise, and the exercise or beginning of the exercise by either of
the Agents or any other Secured Party of any one or more of such rights, powers, or remedies shall not preclude the simultaneous or later exercise by such Persons of any or all such other rights, powers, or remedies. 

Section 7.05 Related Documents. (a) Each of the Borrower and the Servicer hereby agrees that, to the extent not expressly
prohibited by the terms of the Related Documents, after the occurrence and during the continuance of an Event of Default, it shall (i) upon the written request of either Agent, promptly forward to such Person all material information and
notices which it receives under or in connection with the Related Documents relating to the Collateral, (ii) upon the written request of the Administrative Agent, promptly forward to the Administrative Agent any reasonably requested information
relating to any specified Collateral Loans and (iii) upon the written request of either Agent, act and refrain from acting in respect of any request, act, decision or vote under or in connection with the Related Documents relating to the
Collateral only in accordance with the direction of the Administrative Agent (in its reasonable discretion). 
 (b) The Borrower agrees that,
to the extent the same shall be in the Borrower’s possession, it will hold all Related Documents relating to the Collateral in trust for the Collateral Agent on behalf of the Secured Parties, and upon request of either Agent following the
occurrence and during the continuance of an Event of Default or as otherwise provided herein, promptly deliver the same to the Collateral Agent or its designee. In addition, in accordance with the Custodian Agreement, promptly (and in any event,
within five (5) Business Days) following its acquisition of any Collateral Loan, the Borrower shall deliver to the Custodian, to the extent applicable, copies of the Related Documents. 

Section 7.06 Borrower Remains Liable. (a) Notwithstanding anything herein to the contrary, (i) the Borrower shall remain
liable under the contracts and agreements included in and relating to the Collateral (including the Related Documents) to the extent set forth therein, and shall perform all of its duties and obligations under such contracts and agreements to the
same extent as if this Agreement had not been executed, and (ii) the exercise by any Secured Party of any of its rights hereunder shall not release the Borrower from any of its duties or obligations under any such contracts or agreements
included in the Collateral. 
 (b) No obligation or liability of the Borrower is intended to be assumed by the Administrative Agent or any
other Secured Party under or as a result of this Agreement or the other Facility Documents, or the transactions contemplated hereby or thereby, including under any Related Document or any other agreement or document that relates to Collateral and,
to the maximum extent permitted under provisions of Law, the Administrative Agent and the other Secured Parties expressly disclaim any such assumption. 

Section 7.07 Protection of Collateral. The Borrower shall from time to time execute, deliver, file and/or authorize the filing of
all UCC-1 financing statements and continuation statements and the equivalent thereof in any applicable foreign jurisdiction, if applicable, instruments of further assurance and other instruments, and shall
take such other action as may be necessary or advisable to secure the rights and remedies of the Secured Parties hereunder and to: 

  
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 (a) grant security more effectively on all or any portion of the Collateral; 

(b) maintain, preserve and perfect any grant of security made or to be made by this Agreement including the first priority nature of the Lien
granted hereunder or to carry out more effectively the purposes hereof; 
 (c) perfect, publish notice of or protect the validity of any
grant made or to be made by this Agreement (including any and all actions necessary as a result of changes in Law); 
 (d) enforce any of the
Collateral or other instruments or property included in the Collateral; 
 (e) preserve and defend title to the Collateral and the rights
therein of the Collateral Agent and the Secured Parties in the Collateral against the claims of all third parties; and 
 (f) pay or cause to
be paid any and all taxes levied or assessed upon all or any part of the Collateral. 
 The Borrower hereby designates the Collateral Agent
as its agent and attorney in fact to prepare and file any UCC-1 financing statement and continuation statement and the equivalent thereof in any applicable foreign jurisdiction, if applicable, and all other
instruments, and take all other actions, required pursuant to this Section 7.07 if the Borrower fails to take any such action within ten (10) Business Days after either Agent’s request therefor. Such designation shall not impose upon
the Collateral Agent or the Administrative Agent or any other Secured Party, or release or diminish, the Borrower’s obligations under this Section 7.07. The Borrower further authorizes the Collateral Agent to file UCC-1 financing statements or the equivalent thereof in any foreign jurisdiction, if applicable, that name the Borrower as debtor and the Collateral Agent as secured party and that describes “all assets in
which the debtor now or hereafter has rights” as the Collateral in which the Collateral Agent has a grant of security hereunder. 

ARTICLE VIII 
 ACCOUNTS,
ACCOUNTINGS AND RELEASES 
 Section 8.01 Collection of Money. Except as otherwise expressly provided herein, the Collateral
Agent may demand payment or delivery of, and shall collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all Money and other property payable to or receivable by the Collateral Agent pursuant to this
Agreement, including all payments due on the Collateral, in accordance with the terms and conditions of such Collateral. The Collateral Agent shall segregate and hold all such Money and property received by it in trust for the Secured Parties and
shall apply it as provided in this Agreement. Each Covered Account shall be established and maintained under the Account Control Agreement with a Qualified Institution. Any Covered Account may contain any number of subaccounts for the convenience of
the Collateral Agent or as required by the Servicer for convenience in administering the Covered Account or the Collateral. 

  
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 Section 8.02 Collateral Account and Collection Account. (a) In accordance
with this Agreement and the Account Control Agreement, the Borrower shall, on or prior to the Closing Date, establish at the Securities Intermediary (i) the “Collateral Account,” which shall be maintained with the Securities
Intermediary in accordance with the Account Control Agreement and which shall be subject to the Lien of the Collateral Agent, and (ii) the “Collection Account” which shall be maintained with the Securities Intermediary in
accordance with the Account Control Agreement, which shall be subject to the Lien of the Collateral Agent and which shall consist of two segregated subaccounts, one of which will be designated the “Interest Collection Subaccount”
and one of which will be designated the “Principal Collection Subaccount.” The Collateral Agent shall from time to time deposit into the Interest Collection Subaccount, in addition to the deposits required pursuant to
Section 8.06(a), promptly upon receipt thereof, all Interest Proceeds received by the Collateral Agent. The Collateral Agent shall deposit promptly upon receipt thereof all other amounts remitted to the Collection Account into the Principal
Collection Subaccount including, in addition to the deposits required pursuant to Section 8.06(a), all Principal Proceeds (unless simultaneously reinvested in additional Collateral Loans in accordance with Article X or in Eligible
Investments or required to be deposited in the Revolving Reserve Account pursuant to Section 8.04) received by the Collateral Agent. All Monies deposited from time to time in the Collection Account pursuant to this Agreement shall be held by
the Collateral Agent as part of the Collateral and shall be applied to the purposes herein provided. Subject to Section 8.02(c), amounts in the Collection Account shall be reinvested pursuant to Section 8.06(a). Other than as expressly set
forth herein, the Collateral Agent shall from time to time deposit into the Collateral Account any Collateral that is capable of being delivered to and held by the Securities Intermediary and credited to an account in accordance with the terms of
this Agreement and the Account Control Agreement. 
 (b) At any time when reinvestment is permitted pursuant to Article X, the Servicer
on behalf of the Borrower (subject to compliance with Article X) may, by delivery of a certificate or an email instruction of a Responsible Officer of the Servicer or a trade ticket, direct the Collateral Agent to, and upon receipt of such
certificate, email or trade ticket, as applicable, the Collateral Agent shall, withdraw funds on deposit in the Principal Collection Subaccount representing Principal Proceeds (together with accrued interest received with regard to any Collateral
Loan and Interest Proceeds but only to the extent used to pay for accrued interest on an additional Collateral Loan) and reinvest such funds in additional Collateral Loans or make a Permitted Distribution or Permitted RIC Distribution in accordance
with such certificate, email or trade ticket. At any time as of which sufficient funds are not on deposit in the Revolving Reserve Account, the Servicer on behalf of the Borrower may, by delivery of a certificate of a Responsible Officer of the
Servicer, direct the Collateral Agent to, and upon receipt of such certificate the Collateral Agent shall, withdraw funds on deposit in the Principal Collection Subaccount representing Principal Proceeds and remit such funds as so directed by the
Servicer to meet the Borrower’s funding obligations in respect of Delayed Drawdown Collateral Loans or Revolving Collateral Loans. 

(c) The Collateral Agent shall transfer to the Payment Account, from the Collection Account for application pursuant to Section 9.01(a),
on the Business Day prior to each Payment Date, the amount set forth to be so transferred in the Payment Date Report for such Payment Date. 

  
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 Section 8.03 Payment Account. In accordance with this Agreement and the Account
Control Agreement, the Borrower shall, on or prior to the Closing Date, establish at the Securities Intermediary a single, segregated trust account in the name “BGSL Breckenridge Funding LLC Payment Account, subject to the Lien of the
Collateral Agent,” which shall be designated as the “Payment Account,” which shall be maintained by the Borrower with the Securities Intermediary in accordance with the Account Control Agreement and which shall be subject to
the Lien of the Collateral Agent. Except as provided in Section 9.01, the only permitted withdrawal from or application of funds on deposit in, or otherwise to the credit of, the Payment Account shall be to pay amounts due and payable under the
Priority of Payments on the Payment Dates in accordance with their terms and the provisions of this Agreement. The Borrower shall not have any legal, equitable or beneficial interest in the Payment Account other than in accordance with this
Agreement and the Priority of Payments. Amounts on deposit in the Payment Account will not be invested. 
 Section 8.04 The
Revolving Reserve Account; Fundings. In accordance with this Agreement and the Account Control Agreement, the Borrower shall, on or prior to the Closing Date, establish at the Securities Intermediary a single, segregated trust account in the
name “BGSL Breckenridge Funding LLC Revolving Reserve Account, subject to the Lien of the Collateral Agent,” which shall be designated as the “Revolving Reserve Account,” which shall be maintained by the Borrower with the
Securities Intermediary in accordance with the Account Control Agreement and which shall be subject to the Lien of the Collateral Agent. The only permitted deposits to or withdrawals from the Revolving Reserve Account shall be in accordance with the
provisions of this Agreement. The Borrower shall not have any legal, equitable or beneficial interest in the Revolving Reserve Account other than in accordance with this Agreement and the Priority of Payments. 

During the Reinvestment Period, fundings of Delayed Drawdown Collateral Loans and Revolving Collateral Loans shall be made using, first,
amounts on deposit in the Revolving Reserve Account, then available Principal Proceeds on deposit in the Collection Account and finally, available Borrowings. On the last day of the Reinvestment Period, to the extent the amount of funds on deposit
in the Revolving Reserve Account are less than the Revolving Exposure, (x) the Borrower shall request a final Borrowing in an amount sufficient to fund the Revolving Reserve Account in an amount equal to the Revolving Exposure; provided
that after giving effect to such Borrowing, the aggregate principal amount of the Advances then outstanding shall not exceed the Maximum Available Amount, and/or (y) the Borrower shall deposit other available funds into the Revolving Reserve
Account in an amount sufficient to fund the Revolving Reserve Account in an amount equal to the Revolving Exposure. After the Commitment Termination Date, fundings of Delayed Drawdown Collateral Loans and Revolving Collateral Loans shall be made
using, first, amounts on deposit in the Revolving Reserve Account, then available Principal Proceeds on deposit in the Collection Account. In addition, after the Commitment Termination Date, all Principal Proceeds received with respect to Revolving
Collateral Loans shall be deposited into the Revolving Reserve Account to the extent such proceeds may be re-borrowed by the related Obligors. 

  
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 Amounts on deposit in the Revolving Reserve Account will be invested in overnight funds that
are Eligible Investments selected by the Servicer pursuant to Section 8.06 and earnings from all such investments will be deposited in the Interest Collection Subaccount as Interest Proceeds. Funds in the Revolving Reserve Account (other than
earnings from Eligible Investments therein) will be available solely to cover drawdowns on the Delayed Drawdown Collateral Loans and Revolving Collateral Loans and settle purchases of Collateral Loans committed to be acquired by the Borrower prior
to the end of the Reinvestment Period; provided that, to the extent that the aggregate amount of funds on deposit therein at any time exceeds an amount equal to the Revolving Exposure, the Collateral Agent, at the direction of the Borrower
(or the Servicer on its behalf) shall remit such excess to the Principal Collection Subaccount. In addition, following the occurrence of an Event of Default, funds in the Revolving Reserve Account may be withdrawn by the Collateral Agent and
deposited into the Principal Collection Subaccount pursuant to and at the direction of the Administrative Agent. 
 Section 8.05
[Reserved]. 
 Section 8.06 Reinvestment of Funds in Covered Accounts; Reports by Collateral Agent. (a) By delivery
of a certificate of a Responsible Officer (which may be in the form of standing instructions), the Borrower (or the Servicer on behalf of the Borrower) shall at all times direct the Collateral Agent to, and, upon receipt of such certificate, the
Collateral Agent shall, invest all funds on deposit in the Collection Account and the Revolving Reserve Account in Eligible Investments having stated maturities no later than the Business Day preceding the next Payment Date (or such shorter
maturities expressly provided herein, including Section 8.04 above). If, prior to the occurrence of an Event of Default, the Servicer shall not have given any such investment directions, such funds shall remain uninvested. After the occurrence
and during the continuance of an Event of Default, the Collateral Agent shall invest and reinvest such Monies as fully as practicable in Specified Eligible Investments selected by the Administrative Agent in accordance with the definition of
Specified Eligible Investment (and if no Specified Eligible Investment has been specified, such funds shall be invested in the Specified Eligible Investment selected by the Servicer or held uninvested if none has been selected). Except to the extent
expressly provided otherwise herein, all interest, gain, loss and other income from such investments shall be deposited, credited or charged (as applicable) in and to the Interest Collection Subaccount. Absent its timely receipt of such instruction
from the Servicer in accordance with the foregoing, the Collateral Agent shall not be under an obligation to invest (or pay interest on) funds held hereunder. The Collateral Agent shall in no way be liable for any insufficiency in a Covered Account
resulting from any loss relating to any such investment. 
 (b) The Collateral Agent agrees to give the Borrower prompt notice if any Covered
Account or any funds on deposit in any Covered Account, or otherwise to the credit of a Covered Account, shall become subject to any writ, order, judgment, warrant of attachment, execution or similar process. All Covered Accounts shall remain at all
times with the Securities Intermediary. 
 (c) The Collateral Agent shall supply, in a timely fashion, to the Borrower and the Servicer any
information regularly maintained by the Collateral Agent that the Borrower or the Servicer may from time to time reasonably request with respect to the Collateral, the Covered Accounts and the other Collateral and provide any other requested
information reasonably available to the Collateral Agent and required to be provided by Section 8.07 or to permit the Servicer to perform its obligations hereunder or the Borrower’s obligations hereunder that have been delegated to the
Servicer. The Collateral Agent shall promptly forward to the Servicer copies 

  
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of notices and other writings received by it from the Obligor of any Collateral Loan or from any Clearing Agency with respect to any Collateral Loan which notices or writings advise the holders
of such Collateral Loan of any rights that the holders might have with respect thereto (including requests to vote with respect to amendments or waivers and notices of prepayments and redemptions) as well as all periodic financial reports received
from such Obligor and Clearing Agency with respect to such Obligor. 
 Section 8.07 Accountings. 

(a) Monthly. Not later than two (2) Business Days prior to the 15th calendar day of each calendar month, beginning with February
2019 (other than March, June, September and December in each year) (such date, the “Monthly Reporting Date”), the Servicer shall compile and provide to the Agents and the Lenders, a monthly report for the prior calendar month (each,
a “Monthly Report”) in accordance with this Section 8.07. The Servicer shall compile and provide to the Collateral Agent and the Administrative Agent a loan data file (the “Data File”) in the form of
Exhibit H for the previous monthly period ending on the Monthly Report Determination Date (containing such information agreed upon by the Servicer, the Collateral Agent and the Administrative Agent). The Servicer shall provide (or cause to be
provided) the Data File to the Collateral Agent at least three (3) Business Days prior to the Monthly Reporting Date and, with respect to a Payment Date Report, at least three (3) Business Days prior to the Payment Date. The Collateral
Agent shall use commercially reasonable efforts to review and, based solely on the Data File provided by the Borrower (or Servicer on its behalf), re-calculate the calculations in clauses (i) through
(xvi) below made by the Servicer in any such Monthly Report or Payment Date Report, as applicable, for such calendar month, within two (2) Business Days of the receipt thereof and notify the Servicer and the Administrative Agent in the
event of any discrepancy between the Collateral Agent’s calculations and the Monthly Report and Payment Date Report. The Collateral Agent shall re-calculate pursuant to the preceding sentence:
(i) Aggregate Net Collateral Balance, (ii) Borrowing Base, (iii) Excess Concentration Amount, (iv) Maximum Available Amount, (v) Tranche A Borrowing Base, (vi) Tranche B Borrowing Base, (vii) Tranche C Borrowing
Base, (viii) Tranche A OC Ratio, (ix) Tranche B OC Ratio, (x) Tranche C OC Ratio, (xi) each Tranche Minimum OC Coverage Test, (xii) each Coverage Test, (xiii) for any Payment Date Report, completion of Priority of
Payments pursuant to Section 9.01(a), (xiv) balances for each of the Covered Accounts and (xv) such other calculations as may be mutually agreed upon by the Collateral Agent, the Servicer and the Administrative Agent. Upon receipt of
such notice reporting and showing discrepancies, if any, from the Collateral Agent and in any event by no later than the Monthly Reporting Date, the Servicer shall compile and provide (or cause to be compiled and provided) to the Agents and the
Lenders the Monthly Report. As used herein, the “Monthly Report Determination Date” with respect to any calendar month in which a Payment Date does not occur (or, if such day is not a Business Day, the next Business Day) will be the
last day of such calendar month. The Monthly Report for a calendar month shall contain the information with respect to the Collateral Loans and Eligible Investments included in the Collateral that is agreed to by the Servicer, the Administrative
Agent and the Collateral Agent from time to time, and shall be determined as of the Monthly Report Determination Date for such calendar month. 

In addition, the Borrower shall provide (or cause to be provided) in each Monthly Report a statement setting forth in reasonable detail each
amendment, modification or waiver under any Related Document for each Collateral Loan that constitutes a Material Modification that became effective since the immediately preceding Monthly Report (or, in respect of the first Monthly Report, from the
Closing Date). 

  
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 (b) Payment Date Accounting. The Borrower shall render (or cause to be rendered) an
accounting (each, a “Payment Date Report”), determined as of the close of business on each Determination Date preceding a Payment Date (such Determination Date, a “Payment Date Report Determination Date”), and shall
deliver such Payment Date Report to the Agents, the Servicer and each Lender not later than the second Business Day preceding the related Payment Date. The Payment Date Report shall contain the information that is agreed to by the Servicer, the
Administrative Agent and the Collateral Agent from time to time. 
 (c) Daily Accounting. For each Business Day, the Collateral Agent
shall render to the Borrower (with a copy to the Administrative Agent and the Servicer) a daily report of (i) all deposits to and withdrawals from the Covered Accounts for such Business Day and the outstanding balance of the Covered Accounts as
of the end of such Business Day, (ii) all settled trades of securities for such Business Day, (iii) the Adjusted Principal Balance of each Collateral Loan as of the end of such Business Day, (iv) the OC Ratio as of the end of such
Business Day, (v) the Borrower’s compliance with the Concentration Limitations, (vi) the Loan Value of each Collateral Loan, (vii) the S&P rating and Moody’s rating of each Collateral Loan and/or the Obligor thereunder
(if applicable), (viii) all principal and interest payments made or to be made on each Collateral Loan on such Business Day, (ix) the applicable interest rates, interest rate resets, interest accrual periods and libor floors, if any, of each
Collateral Loan, (x) the portion of the Principal Balance of any Delayed Drawdown Collateral Loan that is unfunded, (xi) the amount of Interest Proceeds received from Collateral Loans and Eligible Investments, (xii) the Collateral
Loans that are Defaulted Collateral Loans and (xiii) such other items as may be agreed upon from time to time by the Collateral Agent and the Borrower. “Loan Value” shall be determined in accordance with the definition herein and
provided to the Collateral Agent. For purposes of calculating the Adjusted Principal Balance of each Collateral Loan, the Collateral Agent shall begin including each Collateral Loan in the report as of its trade date. 

(d) Failure to Provide Accounting. If the Collateral Agent shall not have received any accounting provided for in this Section 8.07
on the first Business Day after the date on which such accounting is due to the Collateral Agent, the Collateral Agent shall notify the Servicer who shall use reasonable efforts to obtain such accounting by the applicable Monthly Reporting Date or
Payment Date, as applicable. The Collateral Agent shall in no event have any liability for the actions or omissions of the Servicer, the Borrower or any other Person, and shall have no liability for any inaccuracy or error in any duty performed by
it that results from or is caused by inaccurate, untimely or incomplete information or data received by it from the Servicer, the Borrower or another Person (other than claims relating to the Collateral Agent’s gross negligence or willful
misconduct). 
 Section 8.08 Release of Collateral. (a) The Borrower may, by delivery of a certificate of a Responsible
Officer of the Servicer (with the written consent of the Administrative Agent if the Administrative Agent has notified the Collateral Agent in writing, following the occurrence of or during the continuation of an Event of Default, to only permit
releases with the written consent of the Administrative Agent) delivered to the Collateral Agent and Custodian, as applicable, at least one (1) Business Day prior to the settlement date for any sale of any item of

  
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Collateral certifying that the sale of such loan is being made in accordance with Section 10.01 and such sale complies with all applicable requirements of Section 10.01, direct the
Collateral Agent to release or cause to be released such item from the Lien of this Agreement and, upon receipt of such certificate, the Collateral Agent (or Custodian, as applicable) shall deliver any such item, if in physical form, duly endorsed
to the broker or purchaser designated in such certificate or, if such item is a Clearing Corporation Security, cause an appropriate transfer thereof to be made, in each case against receipt of the sales price therefor as specified by the Servicer in
such certificate; provided that the Collateral Agent may deliver any such item in physical form for examination in accordance with street delivery custom. 

(b) Subject to the terms of this Agreement, the Collateral Agent (or Custodian, as applicable) shall, upon the receipt of a certificate of a
Responsible Officer of the Servicer, deliver any Collateral in accordance with such certificate, and execute such documents or instruments as are delivered by or on behalf of the Borrower and reasonably necessary to release or cause to be released
such security from the Lien of this Agreement, which is set for any mandatory call or redemption or payment in full to the appropriate paying agent on or before the date set for such call, redemption or payment, in each case against receipt of the
call or redemption price or payment in full thereof. 
 (c) As provided in Section 8.02(a), the Collateral Agent shall deposit any
proceeds received by it from the disposition of any Collateral in the applicable subaccount of the Collection Account, unless simultaneously applied to the purchase of additional Collateral Loans or Eligible Investments as permitted under and in
accordance with the requirements of this Article VIII and Article X. 
 (d) The Collateral Agent shall, upon receipt of a
certificate of a Responsible Officer of the Borrower certifying that there are no Commitments outstanding and all Obligations of the Borrower hereunder and under the other Facility Documents have been satisfied, execute such documents or instruments
as are delivered by or on behalf of the Borrower and reasonably necessary to release any remaining Collateral from the Lien of this Agreement. 

(e) Any Collateral Loan or amounts that are released pursuant to Section 8.08(a) or (b) shall be automatically released from the Lien
of this Agreement. 
 Section 8.09 Reports by Independent Accountants. (a) The Servicer will cause Protiviti Inc. or any
other firm of nationally recognized independent public accountants (who may also render other services to the Servicer) consented to by the Administrative Agent (the “Independent Accountants”) to furnish to the Administrative Agent, each
Lender and the Collateral Agent (i) on or prior to December, 2019 (the “Initial AUP Report Date”), a report relating to one Monthly Report and one Payment Date Report (in each case, as selected by the
Administrative Agent), each delivered prior to the Initial AUP Report Date, and (ii) on or prior to each one-year anniversary of the Initial AUP Report Date (each such anniversary, an “AUP Report
Date”), a report relating to one Monthly Report and one Payment Date Report (in each case, as selected by the Administrative Agent), each delivered during the twelve (12) months immediately preceding such AUP Report Date, in each case,
to the effect that such accountants have applied certain agreed-upon procedures (a copy of which procedures are attached hereto as Exhibit F, it being understood that the Servicer and the Administrative Agent will provide an updated
Exhibit F 

  
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reflecting any further amendments to such Exhibit F prior to the issuance of the first such agreed-upon procedures report, a copy of which shall replace the then existing Exhibit F) to
certain documents and records relating to the Collateral under any Facility Document, compare the information contained in selected Monthly Reports and Payment Date Reports (and all calculations therein) delivered during the period covered by such
report with such documents and records and that no matters came to the attention of such accountants that caused them to believe that such servicing was not conducted in compliance with this Agreement, except for such exceptions as such accountants
shall believe to be immaterial and such other exceptions as shall be set forth in such statement. 
 (b) In the event the Independent
Accountants appointed pursuant to clause (a) above require the Collateral Agent to agree to the procedures performed by such Independent Accountants with respect to any of the reports, statements or certificates of such Independent Accountants,
or sign any agreement in connection therewith, Borrower hereby directs the Collateral Agent to agree to the terms and conditions requested by such Independent Accountants as a condition to receiving documentation required by this Agreement; it being
understood and agreed that the Collateral Agent shall deliver such agreement in conclusive reliance on the foregoing direction and shall make no inquiry or investigation as to, and shall have no obligation or responsibility in respect of, the terms
of the engagement of such Independent Accountants by the Borrower or the sufficiency, validity or correctness of the agreed upon procedures in respect of such engagement. The Borrower hereby authorizes and directs the Collateral Agent, without
liability on its part, to execute and deliver any such agreement with such Independent Accountants in the form presented to it by the Borrower (or the Servicer on behalf of the Borrower), which agreement, to the extent so directed by the Borrower
(or the Servicer on behalf of the Borrower), may include, amongst other things, (i) an acknowledgement that the Borrower (or the Servicer on behalf of the Borrower) has agreed that the procedures by such Independent Accountants are sufficient
for the relevant purposes, (ii) releases by the Collateral Agent of any claims, liabilities and expenses arising out of or relating to such Independent Accountant’s engagement, agreed-upon procedures or any report, statement or certificate
issued by such Independent Accountants under any such engagement and acknowledgement of other limitations of liability in favor of such Independent Accountants and (iii) restrictions or prohibitions on the disclosure of any such reports,
statements, certificates or other information or documents provided to it by such Independent Accountants. 
 ARTICLE IX 

APPLICATION OF MONIES 

Section 9.01 Disbursements of Monies from Payment Account. (a) Notwithstanding any other provision in this Agreement, but
subject to the other subsections of this Section 9.01, on each Payment Date, the Collateral Agent shall disburse amounts transferred from the Collection Account to the Payment Account pursuant to Section 8.02 in accordance with the Payment
Date Report and the following priorities (the “Priority of Payments”): 
 (i) On each Payment Date prior to
the occurrence and continuance of an Event of Default, Interest Proceeds on deposit in the Interest Collection Subaccount, to the extent received on or before the related Determination Date (or, if such Determination Date is not a Business Day, the
next succeeding Business Day) will be transferred into the Payment Account, to be applied in the following order of priority: 

  
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 (A) to pay registration, registered office and filing fees, if any, of the
Borrower, subject to a cap of $15,000 per annum; 
 (B) to pay Administrative Expenses; provided that the amounts in
this clause (B) shall not exceed the Administrative Expense Cap; 
 (C) to each Lender, pro rata, based on
amounts owed, to pay accrued and unpaid Interest on the Advances and Commitment Fees due to each such Lender and amounts payable to each such Lender under Section 2.11; 

(D) to the Administrative Agent to pay all fees and expenses of the Administrative Agent under the Facility Documents; 

(E) (1) first, to the Servicer to pay the Servicer Fee, plus any Servicer Fee that remains due and unpaid in
respect of any prior Payment Dates as a result of insufficient funds and (2) second, to pay Servicer Expenses; provided that the amounts in this clause (2) shall not exceed the Servicer Expense Cap for such Payment Date; 

(F) (1) on the Payment Date occurring after the 12-month anniversary of the
Commitment Termination Date, pro rata to the Lenders to reduce the outstanding principal amount to not more than 75% of the outstanding principal amount as of the Commitment Termination Date (calculated after giving effect to any paydown on
such Payment Date pursuant to Section 9.01(a)(ii)) and (2) on the Payment Date occurring after the 18-month anniversary of the Commitment Termination Date, pro rata to the Lenders to reduce
the outstanding principal amount to not more than 50% of the outstanding principal amount as of the Commitment Termination Date (calculated after giving effect to any paydown on such Payment Date pursuant to Section 9.01(a)(ii)); 

(G) if the Coverage Tests are not satisfied as of the relevant Determination Date, to pay principal of the Advances of each
Lender (pro rata, based on each Lender’s Percentage) until the Coverage Tests are satisfied (on a pro forma basis as at such Determination Date); provided that the Borrower shall be permitted to allocate such principal
payments among the Tranches on each Payment Date so long as, after giving effect to such allocation of payments on such Payment Date, each Tranche’s Tranche Minimum OC Coverage Test is satisfied; provided, further, that, if the
Borrower would be unable to cause each Tranche’s Tranche Minimum OC Coverage Test to be satisfied on any Payment Date after allocating such payments, the Administrative Agent shall allocate such payments in its sole discretion; 

(H) (i) during the Reinvestment Period, at the discretion of the Servicer, for deposit into the Revolving Reserve Account
until the amount on deposit therein equals the Revolving Exposure and (ii) after the Reinvestment Period, for deposit into the Revolving Reserve Account until the amount on deposit therein equals the Revolving Exposure; 

  
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 (I) to pay, on a pro rata basis, accrued and unpaid amounts owing to
Affected Persons (if any) under Sections 2.10 and 13.04, all unpaid Commitment Reduction Fees and all other fees, expenses or indemnities owed to the Secured Parties or Indemnified Parties; 

(J) (1) first, to the payment or application of amounts referred to in clause (B) above (in the same order of
priority specified therein), to the extent not paid in full pursuant to applications under such clause, (2) second, to the payment or application of amounts referred to in clause (D) above to the extent not paid in full pursuant to
such clause, and (3) third, to the payment or application of amounts referred to in clause (E) above to the extent not paid in full pursuant to such clause; and 

(K) (1) if a Default has occurred and is continuing, to remain in the Interest Collection Subaccount (other than any Permitted
RIC Distribution) or (2) otherwise, any remaining amount shall be released to the Equityholder or its designee (or, at the direction of the Servicer, deposited into the Principal Collection Subaccount for investment in Collateral Loans). 

(ii) On each Payment Date prior to the occurrence and continuance of an Event of Default, except for any Principal Proceeds
that will be used to settle binding commitments entered into prior to the related Determination Date for the purchase of Collateral Loans, Principal Proceeds on deposit in the Principal Collection Subaccount to the extent received on or before the
related Determination Date (or, if such Determination Date is not a Business Day, the next succeeding Business Day) will be transferred to the Payment Account to be applied in the following order of priority: 

(A) to the payment of unpaid amounts under clauses (A) through (E) in clause (i) above (in the same order of
priority specified therein), to the extent not paid in full thereunder, but subject to any caps specified therein; 
 (B)
during the Reinvestment Period, (i) if the Coverage Tests are not satisfied as of the relevant Determination Date, to pay principal of the Advances of each Lender (pro rata, based on each Lender’s Percentage) until such Coverage
Tests are satisfied (on a pro forma basis as at such Determination Date) and (ii) to the Principal Collection Subaccount for the purchase of additional Collateral Loans (including funding Revolving Collateral Loans and Delayed Drawdown
Collateral Loans) and/or for the making of any Permitted Distribution or Permitted RIC Distribution; 
 (C) after the
Reinvestment Period, to pay the Advances of each Lender (pro rata, based on each Lender’s Percentage) until the Advances are paid in full; provided that the Borrower shall be permitted to allocate such principal payments among the
Tranches on each Payment Date so long as, after giving effect to such 

  
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allocation of payments on such Payment Date, each Tranche’s Tranche Minimum OC Coverage Test is satisfied; provided, further, that, if the Borrower would be unable to cause
each Tranche’s Tranche Minimum OC Coverage Test to be satisfied on any Payment Date after allocating such payments, the Administrative Agent shall allocate such payments in its sole discretion; 

(D) to the payment of amounts referred to in clauses (I) and (J) of clause (i) above (in the same order of
priority specified therein), to the extent not paid in full thereunder; and 
 (E) (1) if a Default has occurred and is
continuing, to remain in the Principal Collection Subaccount (other than any Permitted RIC Distribution) or (2) otherwise, any remaining amount shall be released to the Equityholder or its designee (or, at the direction of the Servicer,
deposited into the Principal Collection Subaccount for investment in Collateral Loans). 
 (iii) On each Payment Date
following the occurrence and continuance of an Event of Default, all Interest Proceeds in the Interest Collection Subaccount and all Principal Proceeds in the Principal Collection Subaccount, except for any Principal Proceeds that will be used to
settle binding commitments entered into prior to the related Determination Date for the purchase of Collateral Loans, in each case, to the extent received on or before the related Determination Date (or, if such Determination Date is not a Business
Day, the next succeeding Business Day) will be transferred to the Payment Account to be applied in the following order of priority: 

(A) to pay registration, registered office and filing fees, if any, of the Borrower, subject to a cap of $15,000 per annum;

 (B) (1) first, to pay Administrative Expenses as provided in Section 9.01(a)(i)(B) subject to the
Administrative Expense Cap and (2) second, to the Administrative Agent to pay all fees and expenses of the Administrative Agent under the Facility Documents; 

(C) to each Lender, pro rata, based on amounts owed, to pay accrued and unpaid Interest on the Advances and Commitment
Fees due to each such Lender and amounts payable to each such Lender under Section 2.11; 
 (D) (1) first,
to the Servicer to pay the Servicer Fee, plus any Servicer Fee that remains due and unpaid in respect of any prior Payment Dates as a result of insufficient funds and (2) second, to pay Servicer Expenses in accordance with the priorities
specified in the definition thereof, provided that the amounts in this clause (D)(2) shall not exceed the Servicer Expense Cap; 

(E) to pay the principal of the Advances of each Lender (pro rata, based on each Lender’s Percentage) until paid in
full; provided that the Administrative Agent shall allocate such principal payments among the Tranches in its sole discretion; 

  
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 (F) to pay, on a pro rata basis, accrued and unpaid amounts owing to
Affected Persons (if any) under Sections 2.10 and 13.04, all unpaid Commitment Reduction Fees and all other fees, expenses or indemnities owed to the Secured Parties or Indemnified Parties; 

(G) (1) first, to the payment of amounts referred to in clause (B) and (2) second, to the payment
of amounts referred to in clause (D)(2) above, in each case to the extent not paid in full pursuant to such clause; and 

(H) any remaining amount shall be released to the Equityholder or its designee. 

(b) If on any Payment Date the amount available in the Payment Account is insufficient to make the full amount of the disbursements required by
the Payment Date Report, the Collateral Agent shall make the disbursements called for in the order and according to the priority set forth under Section 9.01(a) to the extent funds are available therefor. 

ARTICLE X 
 SALE OF
COLLATERAL LOANS; 
 PURCHASE OF ADDITIONAL COLLATERAL LOANS 

Section 10.01 Sales of Collateral Loans. 

(a) Discretionary Sales of Collateral Loans. Subject to the satisfaction of the conditions specified in Section 10.03, the Borrower
(or the Servicer on behalf of the Borrower) may, but will not be required to, direct the Collateral Agent to sell, and the Collateral Agent shall sell in the manner directed by the Servicer, any Collateral Loan if such sale meets the requirements
set forth below (as shown in the Borrowing Base Calculation Statement delivered with respect thereto in accordance with Section 5.02(d)(iii)): 

(i) no Default or Event of Default exists or would result upon giving effect thereto; provided that the Borrower (or the
Servicer on behalf of the Borrower) may sell one or more Collateral Loans if after giving effect thereto and the application of the proceeds thereof any existing Default or Event of Default would be cured; 

(ii) upon giving effect thereto and the application of the proceeds thereof, the Minimum OC Coverage Test is satisfied; 

(iii) such sale is not to the Equityholder, the Servicer or a Person that is an Affiliate of the Borrower, the Equityholder or
the Servicer unless it complies with Section 5.03(h) and Section 10.03; and 
 (iv) if the sale is after the
Reinvestment Period, after giving effect to such sale or disposition, the OC Ratio would not (A) be decreased and (b) be less than 125% without the prior written consent of the Administrative Agent; 

  
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 provided that the restriction in clause (iii) above in this Section 10.01(a) shall not
apply to sales of Defaulted Collateral Loans or Ineligible Collateral Loans. 
 Notwithstanding anything above that would otherwise prohibit
the sale of a Collateral Loan after the occurrence or during the continuance of a Default or an Event of Default, if the Borrower entered into an agreement to sell any such Collateral prior to the occurrence of such Default or an Event of Default,
but such sale did not settle prior to the occurrence of such Default or an Event of Default, then the Borrower shall be permitted to consummate such sale notwithstanding the occurrence of such Default or an Event of Default; provided that the
settlement for such sale occurs within the customary settlement period for similar trades. 
 (b) Ineligible Collateral Loans.
Notwithstanding Section 10.01(a), if on any day a Collateral Loan is no longer an Eligible Collateral Loan, the Borrower shall either make a deposit of the funds and/or deliver one or more replacement Collateral Loans for such ineligible
Collateral Loan, in each case pursuant to the Loan Sale Agreement and in accordance with Section 10.03. Upon confirmation of the deposit of the amount described above into the Collection Account or the delivery to the Borrower of the
replacement Collateral Loans, such ineligible Collateral Loan shall be removed from the Collateral and the Collateral Agent, for the benefit of the Secured Parties, shall automatically and without further action be deemed to release to the Borrower,
without recourse, representation or warranty, all the right, title and interest and any Lien of the Collateral Agent, for the benefit of the Secured Parties in, to and under such ineligible Collateral Loan. 

(c) Sales of Equity Securities. The Borrower (or the Servicer on behalf of the Borrower) may sell any Equity Security at any time
without restriction, and shall use its commercially reasonable efforts to effect the sale of any Equity Security, regardless of price, within forty-five (45) days of receipt if such Equity Security constitutes Margin Stock, unless such sale is
prohibited by Applicable Law or contract, in which case such Equity Security should be sold as soon as such sale is permitted by Applicable Law or contract. 

Section 10.02 Purchase of Additional Collateral Loans. (a) On any date during the Reinvestment Period, if no Event of Default
has occurred and is continuing, the Borrower (or the Servicer on behalf of the Borrower) may, if each of the conditions specified in this Section 10.02 and Section 10.04 are met, invest Principal Proceeds (and accrued interest received
with respect to any Collateral Loan to the extent used to pay for accrued interest on additional Collateral Loans and other amounts on deposit in the Principal Collection Subaccount) in additional Collateral Loans on the current Approved List or
subject to an Approval Request; provided that no Collateral Loan may be purchased unless each of the following conditions are satisfied as of the date the Servicer commits on behalf of the Borrower to make such purchase and after giving
effect to such purchase and all other sales or purchases previously or simultaneously committed to: 
 (i) the Borrower shall
have delivered and the Administrative Agent shall have approved an Approval Request with respect to the Collateral Loan pursuant to the terms of Section 2.02; 

(ii) such obligation is an Eligible Collateral Loan; and 

  
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 (iii) each Coverage Test is satisfied (or, if not satisfied immediately
prior to such investment, compliance with such Coverage Test is maintained or improved). 
 Section 10.03 Conditions Applicable to
All Sale and Purchase Transactions. (a) Any transaction effected under this Article X (other than sales required by Section 10.01(c)) or in connection with the acquisition of additional Collateral Loans shall be for fair market
value and, if effected with a Person that is the Equityholder or an Affiliate thereof, shall be (i) in compliance with Section 5.03(h), (ii) effected in accordance with all Applicable Laws, (iii) during the 12-month period most recently ended prior to the relevant date of determination (or such lesser number of months as shall have elapsed since the Closing Date), and after giving pro forma effect to such
transaction, the value of Collateral Loans substituted or sold by the Borrower to Affiliates of the Servicer may not exceed 20% of the highest Aggregate Principal Balance of Collateral Loans of the Borrower during such
12-month period (or such higher percentage as agreed to by the Administrative Agent), and (iv) during the 12-month period most recently ended prior to the relevant
date of determination (or such lesser number of months as shall have elapsed since the Closing Date), and after giving pro forma effect to such transaction, the value of Defaulted Collateral Loans substituted or sold by the Borrower to
Affiliates of the Servicer may not exceed 10% of the highest Aggregate Principal Balance of Collateral Loans of the Borrower during such 12-month period. 

(b) Upon each acquisition by the Borrower of a Collateral Loan (i) all of the Borrower’s right, title and interest to such Collateral
Loan shall be subject to the Lien granted to the Collateral Agent pursuant to this Agreement and (ii) such Collateral Loan shall be Delivered to the Collateral Agent. 

Section 10.04 Additional Equity Contributions. (a) The Equityholder may, but shall have no obligation to, at any time or from
time to time make a capital contribution to the Borrower for any purpose, including for the purpose of curing any Default, satisfying any Coverage Test, enabling the acquisition or sale of any Collateral Loan or satisfying any conditions under
Section 3.02. Each contribution shall either be made (a) in Cash (in which event such contributions shall be made by deposit into the Collection Account), (b) by assignment and contribution of an Eligible Investment and/or (c) by
assignment of a Collateral Loan that is an Eligible Collateral Loan. In connection with any contribution described in this Section 10.04, the Servicer shall provide written instruction to the Collateral Agent identifying (a) the subclause
under which such contribution is being made (the “Contribution Notice”) and (b)(i) in the case of contributions made in Cash, (A) the timing of such contribution and (B) the amount of such contribution and
(ii) in the case of contributions made by assignment and contribution of an Eligible Investment and/or by assignment of a Collateral Loan that is an Eligible Collateral Loan, (A) the name of such Eligible Investment and/or Collateral Loan
and (B) attaching the accompanying assignment forms. All Cash contributed to the Borrower shall be treated as Principal Proceeds, except to the extent that the Servicer specifies in the Contribution Notice that such Cash shall constitute
Interest Proceeds and shall be deposited into a Collection Account in accordance with Section 8.02 as designated by the Servicer. 

  
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 ARTICLE XI 

ADMINISTRATION AND SERVICING OF CONTRACTS 

Section 11.01 Appointment and Designation of the Servicer. 

(a) Initial Servicer. The Borrower hereby appoints Blackstone/GSO Secured Lending Fund, pursuant to the terms and conditions of this
Agreement, as Servicer, with the authority to service, administer and exercise rights and remedies, on behalf of the Borrower, in respect of the Collateral. Blackstone/GSO Secured Lending Fund hereby accepts such appointment and agrees to perform
the duties and responsibilities of the Servicer pursuant to the terms hereof. The Servicer and the Borrower hereby acknowledge that the Administrative Agent and the Secured Parties are third party beneficiaries of the obligations undertaken by the
Servicer hereunder. 
 (b) Servicer Removal Notice. The Borrower, the Servicer, each Lender and the Administrative Agent hereby agree
that, upon the occurrence of a Servicer Removal Event, the Administrative Agent may provide a removal notice to the Servicer (with a copy to the Collateral Agent) (a “Servicer Removal Notice”) and terminate all of the rights,
obligations, power and authority of the Servicer under this Agreement. On and after the receipt by the Servicer of a Servicer Removal Notice pursuant to this Section 11.01(b), the Servicer shall continue to perform all servicing functions under
this Agreement until the date specified in the Servicer Removal Notice or otherwise specified by the Administrative Agent in writing or, if no such date is specified in such Servicer Removal Notice or otherwise specified by the Administrative Agent,
until a date mutually agreed upon by the Servicer and the Administrative Agent and shall be entitled to receive the Servicer Fee therefor accrued until such date. After such date, the Servicer agrees that it will terminate its activities as Servicer
hereunder in a manner that the Administrative Agent believes will facilitate the transition of the performance of such activities to the Replacement Servicer, and except as provided herein the Replacement Servicer shall assume each and all of the
Servicer’s obligations to service and administer the Collateral, on the terms and subject to the conditions herein set forth, and the Servicer shall use its commercially reasonable efforts to assist the Replacement Servicer in assuming such
obligations. 
 (c) Appointment of Replacement Servicer. At any time following the delivery of a Servicer Removal Notice, the
Administrative Agent may appoint a successor servicer (the “Replacement Servicer”), which appointment shall take effect upon the Replacement Servicer accepting such appointment by a written assumption in a form satisfactory to the
Administrative Agent in its sole discretion. Upon the appointment of a Replacement Servicer, the initial Servicer shall have no liability with respect to any action performed by the Replacement Servicer on or after the date that the Replacement
Servicer assumes the servicing duties of the Servicer. 
 (d) Liabilities and Obligations of Replacement Servicer. Upon its
appointment, the Replacement Servicer shall be the successor in all respects to the Servicer with respect to servicing functions under this Agreement and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on
the Servicer by the terms and provisions hereof, and all references in this Agreement to the Servicer shall be deemed to refer to the Replacement Servicer; provided that the Replacement Servicer shall have (i) no liability with respect
to any action 

  
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performed by the terminated Servicer prior to the date that the Replacement Servicer becomes the successor to the Servicer or any claim of a third party based on any alleged action or inaction of
the terminated Servicer, (ii) no obligation to perform any advancing or any repurchase obligations, if any, of the Servicer unless it elects to in its sole discretion, (iii) no obligation to pay any Taxes required to be paid by the
Servicer (provided that the Replacement Servicer shall pay any income Taxes for which it is liable), (iv) no obligation to pay any of the fees and expenses of any other party to the transactions contemplated hereby, and (v) no
liability or obligation with respect to any Servicer indemnification obligations of any prior Servicer, including the original Servicer. The indemnification obligations of the Replacement Servicer, upon becoming a Replacement Servicer, are expressly
limited to those arising on account of its failure to act in good faith and with reasonable care under the circumstances. In addition, the Replacement Servicer shall have no liability relating to the representations and warranties of the Servicer
contained in Section 4.02. Any other provision in this Agreement notwithstanding, if a Replacement Servicer is appointed, it shall perform its obligations hereunder in good faith and with reasonable care, exercising a degree of skill and
attention no less than what it exercises to service similar assets for itself and for others, such standard of care to be the “Servicing Standard” applicable to it. 

(e) Subcontracts. The Servicer may, without the consent of any party but with prior written notice to the Administrative Agent,
subcontract with any other Person for servicing, administering or collecting the Collateral; provided that (i) the Servicer shall select any such Person with reasonable care and shall be solely responsible for the fees and expenses payable to
any such Person, (ii) the Servicer shall not be relieved of, and shall remain liable for, the performance of the duties and obligations of the Servicer pursuant to the terms hereof without regard to any subcontracting arrangement and
(iii) any such subcontract shall be terminable upon the occurrence of a Servicer Removal Event. 
 Section 11.02 Duties of the
Servicer. 
 (a) Duties. The Servicer shall take or cause to be taken all such actions as may be necessary or advisable to
service, administer and collect on the Collateral from time to time, all in accordance with Applicable Law and the Servicing Standard. Prior to the delivery of a Servicer Removal Notice, but subject to the terms of this Agreement (including
Section 11.04 and Article VI), the Servicer has the sole and exclusive authority to make any and all decisions with respect to the Collateral and take or refrain from taking any and all actions with respect to the Collateral. Without
limiting the foregoing, the duties of the Servicer shall include the following: 
 (i) supervising the Collateral, including
communicating with Obligors, executing amendments, providing consents and waivers, exercising voting rights, enforcing and collecting on the Collateral and otherwise managing the Collateral on behalf of the Borrower; 

(ii) maintaining all necessary servicing records with respect to the Collateral and providing such reports to the
Administrative Agent and each Lender (with a copy to the Collateral Agent and the Custodian) in respect of the servicing of the Collateral (including information relating to its performance under this Agreement) as may be required hereunder or as
the Administrative Agent or any Lender may reasonably request and which can be obtained without any undue burden or expense; 

  
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 (iii) maintaining and implementing administrative and operating procedures
(including an ability to recreate servicing records evidencing the Collateral in the event of the destruction of the originals thereof) and keeping and maintaining all documents, books, records and other information reasonably necessary or advisable
for the collection of the Collateral; 
 (iv) promptly delivering to the Administrative Agent, each Lender, the Collateral
Agent or the Custodian, from time to time, such information and servicing records (including information relating to its performance under this Agreement) as the Administrative Agent, each Lender, Custodian or the Collateral Agent may from time to
time reasonably request and which can be obtained without any undue burden or expense; 
 (v) identifying each Collateral
Loan in its internal servicing records to reflect the ownership of such Collateral Loan by the Borrower; 
 (vi) notifying
the Administrative Agent and each Lender of any material action, suit, proceeding, dispute, offset, deduction, defense or counterclaim (A) that is or is threatened to be asserted by an Obligor with respect to any Loan (or portion thereof) of
which it has actual knowledge or has received notice; or (B) that could reasonably be expected to have a Material Adverse Effect; 

(vii) maintaining the perfected security interest of the Collateral Agent, for the benefit of the Secured Parties, in the
Collateral; 
 (viii) directing the Collateral Agent to make payments pursuant to the terms of the Payment Date Report; 

(ix) assisting the Borrower with respect to the purchase and sale of and payment for the Collateral Loans and Eligible
Investments; 
 (x) instructing the Obligors and the administrative agents on the Collateral Loans to make payments directly
into the Collection Account established and maintained with the Collateral Agent; 
 (xi) delivering assignments and
promissory notes to the Custodian; 
 (xii) complying with such other duties and responsibilities as may be required of the
Servicer by this Agreement; and 
 (xiii) assisting in the acquisition and sale of Collateral Loans and other Collateral in
accordance with Article X and the Servicing Standard. 
 It is acknowledged and agreed that in circumstances in which a Person other
than the Borrower or the Servicer acts as lead agent with respect to any Collateral Loan, the Servicer shall perform its servicing duties hereunder only to the extent a lender under the applicable Related Documents has the right to do so. 

  
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 (b) Notwithstanding anything to the contrary contained herein, the exercise by the
Administrative Agent, the Collateral Agent and the Secured Parties of their rights hereunder shall not release the Servicer (unless replaced by a Replacement Servicer) or the Borrower from any of their duties or responsibilities with respect to the
Collateral. The Secured Parties, the Administrative Agent, each Lender and the Collateral Agent shall not have any obligation or liability with respect to any Collateral, nor shall any of them be obligated to perform any of the obligations of the
Servicer hereunder, unless one of them becomes a Replacement Servicer hereunder. 
 (c) Any payment by an Obligor in respect of any
indebtedness owed by it to the Borrower shall, except as otherwise specified by such Obligor or otherwise required by contract or law and unless otherwise instructed by the Administrative Agent, be applied as a collection of a payment by such
Obligor (starting with the oldest such outstanding payment due, provided such obligation is not on non-accrual) to the extent of any amounts then due and payable thereunder before being applied to any other
receivable or other obligation of such Obligor. 
 (d) The Servicer agrees to supervise and assist in the investment and reinvestment of the
Collateral, and shall perform on behalf of the Borrower the duties that have been expressly delegated to the Servicer in this Agreement and any other Facility Document (and the Servicer shall have no obligation to perform any other duties hereunder
or otherwise) and, to the extent necessary or appropriate to perform such duties, the Servicer shall have the power to execute and deliver all necessary and appropriate documents and instruments on behalf of the Borrower with respect thereto. The
Servicer shall comply with the terms and conditions hereof and any other Facility Document expressly applicable to it, in its capacity as the Servicer, or otherwise affecting the duties and functions that have been delegated to it thereunder and
hereunder as the Servicer and shall perform its obligations hereunder and thereunder in good faith and with reasonable care, using a degree of skill and attention no less than the Servicer and its Affiliates exercises with respect to comparable
assets that it services for itself and for others having similar investment objectives and restrictions substantially in accordance with its existing practices and procedures relating to assets of the nature and character of the Collateral Loans
(such standard of care, the “Servicing Standard”). 
 Section 11.03 Authorization of the Servicer.
(a) Each of the Borrower, the Administrative Agent and each Lender hereby authorizes the Servicer (including any successor thereto) to take any and all reasonable steps in its name and on its behalf necessary or desirable in the determination
of the Servicer and not inconsistent with the grant by the Borrower to the Collateral Agent on behalf of the Secured Parties hereunder, to collect all amounts due under any and all Collateral, including, endorsing any of their names on checks and
other instruments representing Collections, executing and delivering any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect to the Collateral and, after
the delinquency of any Collateral and to the extent permitted under and in compliance with Applicable Law, to commence proceedings with respect to enforcing payment thereof. The Borrower and the Collateral Agent on behalf of the Secured Parties
shall furnish the Servicer (and any successors thereto) with any powers of attorney and other documents reasonably necessary or appropriate to enable the Servicer to carry out its servicing and administrative duties hereunder. In case any reasonable
question arises as to its duties hereunder, the Collateral Agent may request instructions from the Administrative Agent and shall be entitled 

  
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at all times to refrain from taking any actions unless it has received instruction from the Administrative Agent. In no event shall the Servicer be entitled to make any Secured Party a party to
any litigation without such party’s express prior written consent, or to make the Borrower a party to any litigation (other than any routine foreclosure or similar collection procedure) without the Administrative Agent’s consent. 

(b) The Administrative Agent may, at any time that an Event of Default has occurred and is continuing, notify any Obligor with respect to any
Collateral of the assignment of such Collateral to the Collateral Agent on behalf of the Secured Parties and direct that payments of all amounts due or to become due be made directly to the Administrative Agent or any servicer, collection agent or
account designated by the Administrative Agent and, upon such notification and at the expense of the Borrower, the Administrative Agent may enforce collection of any such Collateral, and adjust, settle or compromise the amount or payment thereof.

 Section 11.04 Collection Efforts, Modification of Collateral. (a) The Servicer will use commercially reasonable efforts
to collect, or cause to be collected, all payments called for under the terms and provisions of the Collateral Loans included in the Collateral as and when the same become due, all in accordance with the Servicing Standard. 

(b) In the performance of its obligations hereunder, the Borrower (or the Servicer on its behalf) may enter into any amendment or waiver of or
supplement to any Related Document; provided that the prior written consent of the Required Lenders shall be required if an Event of Default has occurred and is continuing or an Event of Default or Default would result from such amendment,
waiver or supplement. For the avoidance of doubt, any Collateral Loan that, as a result of any amendment or supplement thereto, ceases to qualify as an Eligible Collateral Loan shall not be included in the Borrowing Base. 

Section 11.05 Servicer Compensation. As compensation for its activities hereunder and reimbursement for its expenses, the Servicer
shall be entitled to be paid the Servicer Fee and reimbursed its expenses as provided in the Priority of Payments. 
 Section 11.06
The Servicer Not to Resign. The Servicer shall not resign from the obligations and duties hereby imposed on it except upon the Servicer’s determination that (a) the performance of its duties hereunder is or becomes impermissible
under Applicable Law and (b) there is no reasonable action that the Servicer could take to make the performance of its duties hereunder permissible under Applicable Law. Any such determination permitting the resignation of the Servicer shall be
evidenced as to clause (a) above by an opinion of counsel to such effect delivered to the Administrative Agent and each Lender. No such resignation shall become effective until a Replacement Servicer shall have assumed the responsibilities and
obligations of the Servicer in accordance with Section 11.01(c). 

  
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 ARTICLE XII 

THE AGENTS 

Section 12.01 Authorization and Action. (a) Each Lender hereby irrevocably appoints and authorizes the Administrative Agent
and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to such Agent by the terms hereof and thereof, together
with such powers as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any
fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent
is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated
hereby or thereby. As to any matters not expressly provided for by this Agreement or the other Facility Documents, no Agent shall be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and
shall be fully protected in so acting or refraining from acting) upon the written instructions of the Majority Lenders (or, with respect to the Collateral Agent, the Administrative Agent); provided that such Agent shall not be required to take any
action which exposes such Agent, in its judgment, to personal liability, cost or expense or which is contrary to this Agreement, the other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under
any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that an Agent’s consent may not be unreasonably withheld, provide for the exercise of such Agent’s
reasonable discretion, or provide to a similar effect, it shall not in its instructions (or by refusing to provide instruction) to such Agent withhold its consent or exercise its discretion in an unreasonable manner. 

(b) If the Collateral Agent has been requested or directed by the Majority Lenders or the Required Lenders, as applicable, (or by the
Administrative Agent acting at the direction of the Majority Lenders or the Required Lenders) to take any action pursuant to any provision of this Agreement or any other Facility Document, the Collateral Agent shall not be under any obligation to
exercise any of the rights or powers vested in it by this Agreement or such Facility Document in the manner so requested unless it shall have been provided indemnity reasonably satisfactory to it against the costs, expenses and liabilities which may
be incurred by it in compliance with or in performing such request or direction. No provision of this Agreement or any other Facility Document shall otherwise be construed to require the Collateral Agent to expend or risk its own funds or to take
any action that could in its judgment cause it to incur any cost, expenses or liability, unless it is provided indemnity acceptable to it against any such expenditure, risk, costs, expense or liability. For the avoidance of doubt, the Collateral
Agent shall not have any duty or obligation to take any action to exercise or enforce any power, right or remedy available to it under this Agreement or any other Facility Document or any Related Document unless and until directed by the Majority
Lenders or the Required Lenders, as applicable (or the Administrative Agent on their behalf). 
 (c) Neither the Collateral Agent nor any
officer, agent or representative thereof shall be personally liable for any action taken by any such Person in accordance with any notice given by the Majority Lenders or the Required Lenders, as applicable, (or by the Administrative Agent acting at
the direction of the Majority Lenders or the Required Lenders) pursuant to the terms of this Agreement or any other Facility Document even if, at the time such action is taken by any such Person, the Majority Lenders or the Required Lenders, as
applicable, or Persons purporting to be the Majority Lenders or the Required Lenders, as applicable, are not entitled to 

  
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give such notice, except where the Responsible Officer of the Collateral Agent has actual knowledge (without any duty of inquiry or investigation on its part) that the Majority Lenders or the
Required Lenders, as applicable, or Persons purporting to be the Majority Lenders or the Required Lenders, as applicable, are not entitled to give such notice. If any dispute or disagreement shall arise as to the allocation of any sum of money
received by the Collateral Agent hereunder or under any Facility Document, the Collateral Agent shall have the right to deliver such sum to a court of competent jurisdiction and therein commence an action for interpleader. 

(d) If in performing its duties under this Agreement, the Collateral Agent is required to decide between alternative courses of action, it may
request written instructions from the Administrative Agent as to the course of action desired by it. If the Collateral Agent does not receive such instructions within five (5) Business Days after it has requested them, the Collateral Agent may,
but shall be under no duty to, take or refrain from taking any such courses of action. The Collateral Agent shall act in accordance with instructions received after such five (5) Business Day period except to the extent it has already, in good
faith, taken or committed itself to take, action inconsistent with such instructions. 
 Section 12.02 Delegation of Duties.
Each Agent may execute any of its duties under this Agreement and each other Facility Document by or through agents or attorneys-in-fact and shall be entitled to advice
of counsel concerning all matters pertaining to such duties. No Agent shall be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected
by it with reasonable care other than any Affiliates of such Agent. 
 Section 12.03 Agents’ Reliance, Etc.
(a) Neither Agent nor any of their respective directors, officers, agents or employees shall be liable for any action taken or omitted to be taken by it or them under or in connection with this Agreement or any of the other Facility Documents,
except for its or their own gross negligence or willful misconduct. Without limiting the generality of the foregoing, each Agent: (i) may consult with legal counsel (including counsel for the Borrower or the Servicer or any of their Affiliates)
and independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts; (ii) makes no
warranty or representation to any Secured Party or any other Person and shall not be responsible to any Secured Party or any Person for any statements, warranties or representations (whether written or oral) made in or in connection with this
Agreement or the other Facility Documents; (iii) shall not have any duty to monitor, ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement, the other Facility Documents or any
Related Document on the part of the Borrower, the Servicer or any other Person or to inspect the property (including the books and records) of the Borrower or the Servicer; (iv) shall not be responsible to any Secured Party or any other Person
for the due execution, legality, validity, enforceability, perfection, genuineness, sufficiency or value of any Collateral (or the validity, perfection, priority or enforceability of the Liens on the Collateral), this Agreement, the other Facility
Documents, any Related Document or any other instrument or document furnished pursuant hereto or thereto; and (v) shall incur no liability under or in respect of this Agreement or any other Facility Document by relying on, acting upon (or by
refraining from action in reliance on) any notice, consent, certificate (including, for the avoidance of doubt, the Borrowing Base Calculation Statement), instruction or waiver, report, statement, opinion, direction or other instrument or writing
(which may be delivered by telecopier, email, cable or telex, if acceptable to 

  
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it) reasonably believed by it to be genuine and believed by it to be signed or sent by the proper party or parties. No Agent shall have any liability to the Borrower or any Lender or any other
Person for the Borrower’s, the Servicer’s, any Lender’s or any other Person’s, as the case may be, performance of, or failure to perform, any of their respective obligations and duties under this Agreement or any other Facility
Document. 
 (b) No Agent shall be liable for the actions or omissions of any other Agent (including concerning the application of funds), or
under any duty to monitor or investigate compliance on the part of any other Agent with the terms or requirements of this Agreement, any Facility Document or any Related Document, or their duties hereunder or thereunder. Each Agent shall be entitled
to assume the due authority of any signatory and genuineness of any signature appearing on any instrument or document it may receive (including each Notice of Borrowing received hereunder) in the absence of its own gross negligence or willful
misconduct. No Agent shall be liable for any action taken in good faith and reasonably believed by it to be within the powers conferred upon it, or taken by it pursuant to any direction or instruction by which it is governed, or omitted to be taken
by it by reason of the lack of direction or instruction required hereby for such action (including for refusing to exercise discretion or for withholding its consent in the absence of its receipt of, or resulting from a failure, delay or refusal on
the part of the Required Lenders to provide, written instruction to exercise such discretion or grant such consent from the Required Lenders, as applicable). No Agent shall be liable for any error of judgment made in good faith unless it shall be
proven by a court of competent jurisdiction that such Agent was grossly negligent in ascertaining the relevant facts. Nothing herein or in any Facility Document or Related Document shall obligate any Agent to advance, expend or risk its own funds,
or to take any action which in its reasonable judgment may cause it to incur any expense or financial or other liability for which it is not adequately indemnified. No Agent shall be liable for any indirect, special, punitive or consequential
damages (including lost profits) whatsoever, even if it has been informed of the likelihood thereof and regardless of the form of action. No Agent shall be charged with knowledge or notice of any matter unless actually known to a Responsible Officer
of such Agent, or unless and to the extent written notice of such matter is received by such Agent at its address in accordance with Section 13.02. Any permissive grant of power to an Agent hereunder shall not be construed to be a duty to act.
Each Agent shall have only the duties and responsibilities as are specifically set forth in this Agreement and no covenants or obligations shall be implied in this Agreement against any Agent. Before acting hereunder, an Agent shall be entitled to
request, receive and rely upon such certificates and opinions as it may reasonably determine appropriate with respect to the satisfaction of any specified circumstances or conditions precedent to such action. Neither Agent shall be bound to make any
investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, entitlement order, approval or other paper or document. Neither Agent shall be liable for any error of
judgment, or for any act done or step taken or omitted by it, in good faith, or for any mistakes of fact or law, or for anything that it may do or refrain from doing in connection herewith, except in the case of its willful misconduct or grossly
negligent performance or omission of its duties. 
 (c) No Agent shall be responsible or liable for delays or failures in performance
resulting from acts beyond its control. Such acts shall include acts of God, strikes, lockouts, riots, acts of war, epidemics, governmental regulations imposed after the fact, fire, communication line failures, computer viruses, power failures, loss
or malfunction of utilities, communications or computers (software and hardware) services, earthquakes or other disasters. 

  
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 (d) The delivery of reports and other documents and information to the Collateral Agent
hereunder or under any other Facility Document is for informational purposes only and the Collateral Agent’s receipt of such documents and information shall not constitute constructive notice of any information contained therein or determinable
from information contained therein. The Collateral Agent is hereby authorized and directed to execute and deliver the other Facility Documents to which it is a party. Whether or not expressly stated in such Facility Documents, in performing (or
refraining from acting) thereunder, the Collateral Agent shall have all of the rights, benefits, protections and indemnities which are afforded to it in this Agreement. 

(e) Each Lender acknowledges that, except as expressly set forth in this Agreement, neither Agent has made any representation or warranty to
it, and that no act by either Agent hereafter taken, including any consent and acceptance of any assignment or review of the affairs of the Borrower, shall be deemed to constitute any representation or warranty by such Agent to any Secured Party as
to any matter. Each Lender represents to each Agent that it has, independently and without reliance upon such Agent and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the
business, prospects, operations, property, financial and other condition and creditworthiness of the Borrower and the Servicer, and made its own decision to enter into this Agreement and the other Facility Documents to which it is a party. Each
Lender also represents that it will, independently and without reliance upon either Agent or any other Secured Party 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 this Agreement and the Facility Documents, and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and
creditworthiness of the Borrower and the Servicer. Neither Agent shall have any duty or responsibility to provide any Secured Party with any credit or other information concerning the business, prospects, operations, property, financial or other
condition or creditworthiness of the Borrower or Servicer which may come into the possession of such Agent. 
 Section 12.04
Indemnification. Each of the Lenders agrees to indemnify and hold the Agents harmless (to the extent not reimbursed by or on behalf of the Borrower pursuant to Section 13.04 or otherwise) from and against any and all Liabilities which
may be imposed on, incurred by, or asserted against the Agents in any way relating to or arising out of this Agreement or any other Facility Document or any Related Document or any action taken or omitted by the Agents under this Agreement or any
other Facility Document or any Related Document; provided that no Lender shall be liable to any Agent for any portion of such Liabilities resulting from such Agent’s gross negligence or willful misconduct; and provided,
further, that no Lender shall be liable to the Collateral Agent for any portion of such Liabilities unless such Liabilities are imposed on, incurred by, or asserted against the Collateral Agent as a result of any action taken, or not taken,
by the Collateral Agent by the express terms of this Agreement or at the direction of the Administrative Agent or such Lender or Lenders, as the case may be, in accordance with the terms and conditions set forth in this Agreement (it being
understood and agreed that the Collateral Agent shall be under no obligation to exercise or to honor any of the rights or powers vested in it by this Agreement at the request or direction of the Administrative Agent or any of the Lenders (or other

  
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Persons authorized or permitted under the terms hereof to make such request or give such direction) pursuant to this Agreement or any of the other Facility Document, unless the Administrative
Agent or such Lenders shall have provided to the Collateral Agent security or indemnity reasonably satisfactory to it against the costs, expenses (including reasonable and documented attorney’s fees and expenses) and Liabilities which might
reasonably be incurred by it in compliance with such request or direction, whether such indemnity is provided under this Section 12.04 or otherwise). The rights of the Agents and obligations of the Lenders under or pursuant to this
Section 12.04 shall survive the termination of this Agreement, and the earlier removal or resignation of any Agent hereunder. 

Section 12.05 Successor Agents. (a) Subject to the terms of this Section 12.05, each Agent may, upon thirty
(30) days’ notice to the Lenders and the Borrower, resign as Administrative Agent or Collateral Agent, as applicable. If an Agent shall resign, then the Required Lenders shall appoint a successor agent. If for any reason a successor agent
is not so appointed and does not accept such appointment within thirty (30) days of notice of resignation, such Agent may appoint a successor agent. The appointment of any successor Agent shall be subject to the prior written consent of the
Borrower (which consent shall not be unreasonably withheld or delayed); provided that the consent of the Borrower to any such appointment shall not be required if (i) a Default or Event of Default shall have occurred and is continuing or
(ii) if such successor agent is a Lender or an Affiliate of such Agent or any Lender. Any resignation of an Agent shall be effective upon the appointment of a successor agent pursuant to this Section 12.05. After the effectiveness of any
retiring Agent’s resignation hereunder as Agent, the retiring Agent shall be discharged from its duties and obligations hereunder and under the other Facility Documents and the provisions of this Article XII shall continue in effect for
its benefit with respect to any actions taken or omitted to be taken by it while it was Agent under this Agreement and under the other Facility Documents. If no successor Collateral Agent shall have been appointed and an instrument of acceptance by
a successor Collateral Agent shall not have been delivered to the Collateral Agent within sixty days after giving of notice of resignation by the Collateral Agent, the resigning Collateral Agent may petition any court of competent jurisdiction for
the appointment of a successor Collateral Agent. 
 (b) Any Person (i) into which the Collateral Agent may be merged or consolidated,
(ii) that may result from any merger or consolidation to which the Collateral Agent shall be a party, or (iii) that may succeed to the corporate trust properties and assets of the Collateral Agent substantially as a whole, shall be the
successor to the Collateral Agent under this Agreement without further act of any of the parties to this Agreement. 
 Section 12.06
The Collateral Agent. (a) The Collateral Agent shall have no liability for losses arising from (i) any cause beyond its control, (ii) any delay, error, omission or default of any mail, telegraph, cable or wireless agency or
operator, or (iii) the acts or edicts of any government or governmental agency or other group or entity exercising governmental powers. 

(b) It is expressly acknowledged and agreed that the Collateral Agent is not guaranteeing the performance of or assuming any liability for the
obligations of the other parties hereto or any portion of the Collateral. 

  
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 (c) The Collateral Agent shall not be responsible for the preparation or filing of any UCC
financing statements or continuation statements or the correctness of any financing statements filed in connection with this Agreement or the validity or perfection of any lien or security interest created pursuant to this Agreement. 

(d) The Collateral Agent shall not be liable for interest on any money received by it except as the Collateral Agent may agree in writing with
the Borrower. In no event shall the Collateral Agent be liable for the selection of any investments or any losses in connection therewith (except in its capacity as obligor thereunder, if applicable), or for any failure of the relevant party to
provide investment instruction to the Collateral Agent in connection with the investment of funds in or from any account set forth herein. 

(e) The Collateral Agent shall have no liability for any failure, inability or unwillingness on the part of the Servicer, the Borrower or the
Administrative Agent to provide accurate and complete information on a timely basis to the Collateral Agent, or otherwise on the part of any such party to comply with the terms of this Agreement, and shall have no liability for any inaccuracy or
error in the performance or observance on the Collateral Agent’s part of any of its duties hereunder that is caused by or results from any such inaccurate, incomplete or untimely information received by it, or other failure on the part of any
such other party to comply with the terms hereof. 
 (f) The Collateral Agent shall not be bound to make any investigation into the facts or
matters stated in any certificate, report or other document; provided, however, that, if the form thereof is prescribed by this Agreement, the Collateral Agent shall examine the same to determine whether it conforms on its face to the
requirements hereof. The Collateral Agent shall not be deemed to have knowledge or notice of any matter unless actually known to a Responsible Officer. It is expressly acknowledged by the Borrower, the Servicer, the Lenders and the Administrative
Agent that performance by the Collateral Agent of its various duties hereunder (including recalculations to be performed in respect of the matters contemplated hereby) shall be based upon, and in reliance upon, data, information and notices provided
to it by the Servicer (and/or the Borrower) and/or any related bank agent, obligor or similar party with respect to the Collateral, and the Collateral Agent shall have no responsibility for the accuracy of any such information or data provided to it
by such persons and shall be entitled to update its records (as it may deem necessary or appropriate). Nothing herein shall impose or imply any duty or obligation on the part of the Collateral Agent to verify, investigate or audit any such
information or data, or to determine or monitor on an independent basis whether any issuer of the Collateral is in default or in compliance with the underlying documents governing or securing such item of Collateral, from time to time. 

(g) The Collateral Agent shall have no duty to determine or inquire into the happening or occurrence of any event or contingency, and it is
agreed that its duties hereunder are purely ministerial in nature. 
 (h) Should any controversy arise between the undersigned with respect
to the Collateral held by the Collateral Agent, the Collateral Agent shall follow the instructions of the Administrative Agent on behalf of the Secured Parties. 

  
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 (i) The powers conferred on the Collateral Agent hereunder are solely to protect its
interest (on behalf of the Secured Parties) in the Collateral and shall not impose any duty on it to exercise any such powers. Except for performing the obligations expressly imposed on the Collateral Agent hereunder, the Collateral Agent shall have
no duty as to any Collateral or responsibility for ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any Collateral, whether or not the Collateral Agent has or is deemed to
have knowledge of such matters or taking any steps to preserve rights against prior parties or other rights pertaining to any Collateral. 

(j) In order to comply with the laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions,
including those relating to the funding of terrorist activities and money laundering, the Collateral Agent may be required to obtain, verify and record certain information relating to individuals and entities which maintain a business relationship
with the Collateral Agent. Accordingly, each of the parties hereto agrees to provide to the Collateral Agent upon its request from time to time such identifying information and documentation as may be available to such party in order to enable the
Collateral Agent to comply with such requirements. 
 (k) If Wells Fargo or the Collateral Agent is also acting in another capacity,
including as Custodian or Securities Intermediary, the rights, protections, immunities and indemnities afforded to Wells Fargo or the Collateral Agent pursuant to this Article XII shall also be afforded to Wells Fargo or the Collateral Agent
acting in such capacities; provided that such rights, protections, benefits, immunities and indemnities shall be in addition to, and not in limitation of, any rights, protections, benefits, immunities and indemnities provided in the Custodian
Agreement, Account Control Agreement or any other Facility Documents to which Wells Fargo or the Collateral Agent in such capacity is a party. 

(l) The Collateral Agent shall not have any obligation to determine if a Collateral Loan meets the criteria specified in the definition of
Eligible Collateral Loan. 
 ARTICLE XIII 

MISCELLANEOUS 

Section 13.01 No Waiver; Modifications in Writing. (a) No failure or delay on the part of any Secured Party exercising any
right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy. Any
waiver of any provision of this Agreement or any other Facility Document, and any consent to any departure by any party to this Agreement or any other Facility Document from the terms of any provision of this Agreement or such other Facility
Document, shall be effective only in the specific instance and for the specific purpose for which given. No notice to or demand on the Borrower or the Servicer in any case shall entitle the Borrower or the Servicer to any other or further notice or
demand in similar or other circumstances. 

  
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 (b) No amendment, modification, supplement or waiver of this Agreement shall be effective
unless signed by the Borrower, the Servicer, the Administrative Agent and the Required Lenders; provided that: 
 (i) any Fundamental
Amendment shall require the written consent of all Lenders affected thereby; and 
 (ii) no such amendment, modification, supplement or
waiver shall amend, modify or otherwise affect the rights or duties of any Agent hereunder without the prior written consent of such Agent. 

(c) Notwithstanding anything to the contrary herein, in connection with the increase of the Commitments hereunder, only the consent of the
Lender increasing its Commitment (or providing a new Commitment) shall be required for any amendment that effects such increase in Commitments. 

(d) Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver
or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that
(x) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms
affects any Defaulting Lender more adversely than other affected Lenders shall require the consent of such Defaulting Lender. 

Section 13.02 Notices, Etc. Except where telephonic instructions are authorized herein to be given, all notices, demands,
instructions and other communications required or permitted to be given to or made upon any party hereto shall be in writing and shall be personally delivered or sent by registered, certified or express mail, postage prepaid, or by facsimile
transmission, or by prepaid courier service, or by electronic mail (if the recipient has provided an email address in Schedule 5), and shall be deemed to be given for purposes of this Agreement on the day that such writing is received by the
intended recipient thereof in accordance with the provisions of this Section 13.02. Unless otherwise specified in a notice sent or delivered in accordance with the foregoing provisions of this Section 13.02, notices, demands, instructions
and other communications in writing shall be given to or made upon the respective parties hereto at their respective addresses (or to their respective facsimile numbers or email addresses) indicated in Schedule 5, and, in the case of telephonic
instructions or notices, by calling the telephone number or numbers indicated for such party in Schedule 5. 
 Wells Fargo agrees to accept
and act upon instructions or directions pursuant to this Agreement, any other Facility Document, or any Related Document or any document executed in connection herewith or therewith sent by unsecured email, facsimile transmission or other similar
unsecured electronic methods; provided, however, that any person providing such instructions or directions shall provide to Wells Fargo an incumbency certificate listing persons designated to provide such instructions or directions as
such incumbency certificate may be supplemented from time to time. If any person elects to give Wells Fargo email or facsimile instructions (or 

  
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instructions by a similar electronic method) and Wells Fargo in its discretion elects to act upon such instructions, Wells Fargo’s reasonable understanding of such instructions shall be
deemed controlling. Wells Fargo shall not be liable for any losses, costs or expenses arising directly or indirectly from Wells Fargo’s reliance upon and compliance with such instructions notwithstanding such instructions conflicting with or
being inconsistent with a subsequent written instruction. Any person providing such instructions or directions acknowledges and agrees that there may be more secure methods of transmitting such instructions than the method(s) selected by it and
agrees that the security procedures (if any) to be followed in connection with its transmission of such instructions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances. 

Section 13.03 Taxes. (a) Any and all payments by or on account of any obligation of the Borrower under any Facility Document
shall be made without deduction or withholding for any and all Taxes with respect thereto, unless required by Applicable Law. If any Applicable Law (as determined in the good faith discretion of the Borrower or the Administrative Agent) requires the
deduction or withholding of any Tax from any such payment by the Borrower or the Administrative Agent, then the Borrower or the Administrative Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount
deducted or withheld to the relevant Governmental Authority in accordance with Applicable Law and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower shall be increased as may be necessary so that after such deduction or
withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section 13.03) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or
withholding been made. 
 (b) The Borrower agrees to timely pay to the relevant Governmental Authority in accordance with applicable law, or
at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes. 
 (c) The Borrower agrees to indemnify
each Recipient, within 10 days after demand therefor, for (i) the full amount of any Indemnified Taxes (including any Indemnified Taxes imposed or asserted by any jurisdiction on or attributable to amounts payable under this Section 13.03)
payable or paid by any Recipient or required to be withheld or deducted from a payment to such Recipient and (ii) any reasonable expenses arising therefrom or with respect thereto, in each case whether or not such Indemnified Taxes were
correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Recipient (with a copy to the Administrative Agent), or by the Administrative
Agent on its own behalf or on behalf of another Recipient, shall be conclusive absent manifest error. 
 (d) Each Lender shall severally
indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative Agent for such
Indemnified Taxes and without limiting the obligation of the Borrower to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 13.06(c)(ii) relating to the maintenance of a Participant
Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any 

  
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Facility Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and
all amounts at any time owing to such Lender under any Facility Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this Section 13.03(d). 

(e) As soon as practicable after the date of any payment of Taxes by the Borrower to Governmental Authority pursuant to this
Section 13.03, the Borrower will furnish to the Administrative Agent the original or a certified copy of a receipt issued by the relevant Governmental Authority evidencing payment thereof, a copy of the return reporting such payment, or other
evidence of payment as may be reasonably satisfactory to the Administrative Agent. 
 (f) If any Recipient in its sole discretion, but acting
in good faith, determines that it has received a refund of any Taxes with respect to which it has been indemnified pursuant to this Section 13.03 (including by the payment of additional amounts pursuant to Section 13.03(a)), such Recipient
shall reimburse the Borrower (or the Servicer, as applicable) such amount of any refund received (net of reasonable out-of-pocket expenses incurred), but only to the
extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), as such Secured Party
shall determine in its sole discretion, but acting in good faith, to be attributable to the relevant Indemnified Taxes; provided that in the event that such Secured Party is required to repay such refund to the relevant taxing authority, the
Borrower agrees to return the refund to such Secured Party. Notwithstanding anything to the contrary in this Section 13.03(f), in no event will any Secured Party be required to pay any amount to an indemnifying party pursuant to this
Section 13.03(f) the payment of which would place such Secured Party in a less favorable net after-Tax position than such Secured Party would have been in if the Tax subject to indemnification and giving
rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. Unless required by Applicable Law, at no time shall any Agent have any
obligation to file for or otherwise pursue on behalf of a Lender, or have any obligation to pay to any Lender, any refund of Taxes withheld or deducted from funds paid for the account of such Lender, as the case may be. This paragraph shall not be
construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. 

(g) (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Facility
Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or
the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other
documentation prescribed by Applicable Law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such

  
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Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of
such documentation (other than such documentation set forth in Sections 13.03(g)(ii), (iii) and (v) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender
to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 

(ii) Without limiting the generality of Section 13.03(g)(i), each Lender that is a U.S. Person shall, on or prior to the
date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or any Agent), deliver to the Borrower and each Agent, two accurate, complete and signed copies of U.S.
Internal Revenue Service Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax. 

(iii) Any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and each Agent, on or
prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or any Agent), two accurate, complete and signed copies of whichever of the following
is applicable: 
 (A) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United
States is a party (x) with respect to payments of interest under any Facility Document, executed copies of U.S. Internal Revenue Service Form W-8BEN-E (or W-8BEN, as applicable) establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable
payments under any Facility Document, U.S. Internal Revenue Service Form W-8BEN-E (or W-8BEN, as applicable) establishing an
exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty; 

(B) executed copies of U.S. Internal Revenue Service Form W-8ECI; 

(C) in the case of a Foreign 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 Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning of
Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed copies of U.S. Internal Revenue
Service Form W-8BEN-E (or W-8BEN, as applicable); or 

(D) to the extent a Foreign Lender is not the beneficial owner, executed copies of U.S. Internal Revenue Service Form W-8IMY, accompanied by IRS Form W-ECI, IRS Form W-8BEN-E (or
W-8BEN, as applicable), a U.S. Tax Compliance Certificate, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided
that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate on behalf of each such
direct and indirect partner. 

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

(v) If a payment made to a Recipient under any Facility Document would be subject to U.S. federal withholding tax imposed by
FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Recipient shall deliver to the Borrower and the
Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by Applicable Law (including as prescribed by
Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under
FATCA and to determine that such Recipient has complied with such Recipient’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this Section 13.03(v), “FATCA”
shall include any amendments made to FATCA after the date of this Agreement. 
 Each Lender agrees that if any form or certification it
previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. 

(h) If any Lender requires the Borrower to pay any Indemnified Taxes or additional amount to such Lender or any Governmental Authority for the
account of such Lender pursuant to this Section 13.03, then such Lender shall (at the request of the Borrower) use reasonable efforts to designate a different lending office for funding or booking its Advances hereunder or to assign its rights
and obligations hereunder to another of its offices, branches or affiliates, if such Lender determines, in its sole discretion that such designation or assignment (i) would eliminate or reduce amounts payable pursuant to this Section 13.03
in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in
connection with any such designation or assignment. 
 (i) Each party’s obligations under this Section 13.03 shall survive the
resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Facility Document.

  
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 Section 13.04 Costs and Expenses; Indemnification. (a) The Borrower agrees
to promptly pay on demand all reasonable and documented out-of-pocket costs and expenses of the Agents and the Lenders in connection with the preparation, review,
negotiation, reproduction, execution and delivery of this Agreement and the other Facility Documents, including the reasonable and documented fees and disbursements of one outside counsel for the Administrative Agent and one outside counsel for the
Collateral Agent, costs and expenses of creating, perfecting, releasing or enforcing the Collateral Agent’s security interests in the Collateral, including filing and recording fees, expenses, search fees, UCC filing fees and the equivalent
thereof in any foreign jurisdiction, if applicable, and all other related fees and expenses in connection therewith; and in connection with the administration and any waiver, consent, modification or amendment or similar agreement in respect of this
Agreement, the Notes or any other Facility Document and advising the Agents and Lenders as to their respective rights, remedies and responsibilities. The Borrower agrees to promptly pay on demand all reasonable and documented costs and expenses of
each of the Secured Parties in connection with the enforcement of this Agreement, the Notes or any other Facility Document, including all reasonable and documented
out-of-pocket costs and expenses incurred by the Collateral Agent in connection with the preservation, collection, foreclosure or enforcement of the Collateral subject
to the Facility Documents or any interest, right, power or remedy of the Collateral Agent and the Replacement Servicer (including in its capacity as Replacement Servicer) or in connection with the collection or enforcement of any of the Obligations
or the proof, protection, administration or resolution of any claim based upon the Obligations in any insolvency proceeding, including all reasonable fees and disbursements of outside attorneys, accountants, auditors, consultants, appraisers and
other professionals engaged by the Collateral Agent; provided that, in each case, there shall be one primary outside attorney and one local counsel representing such Secured Parties (other than the Collateral Agent, who shall have one primary
outside attorney and one local counsel) unless any conflict of interest arises. Without prejudice to its rights hereunder, the expenses and the compensation for the services of the Secured Parties are intended to constitute expenses of
administration under any applicable bankruptcy law. For the avoidance of doubt, this Section 13.04(a) shall not apply to Taxes, other than any Taxes that represent losses, claims, damages, etc. arising from any
non-Tax claim, which shall be covered by Section 13.03. 
 (b) The Borrower agrees to indemnify
and hold harmless each Secured Party and each of their Affiliates and the respective officers, directors, employees, agents, managers of, and any Person controlling any of, the foregoing (each, an “Indemnified Party”) from and
against any and all Liabilities that may be incurred by or asserted or awarded against any Indemnified Party, in each case arising out of or in connection with or by reason of the execution, delivery, enforcement, performance, administration of or
otherwise arising out of or incurred in connection with this Agreement, any other Facility Document, any Related Document or any transaction contemplated hereby or thereby (and regardless of whether or not any such transactions are consummated);
except that the Borrower shall not be liable to the extent any such Liability is found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from such Indemnified
Party’s gross negligence or willful misconduct; provided that any payment hereunder which relates to taxes, levies, imposes, deductions, charges and withholdings, and all liabilities (including penalties, interest and expenses) with
respect thereto, or additional sums described in Sections 2.10, 2.11 or 13.03, shall not be covered by this Section 13.04(b). 

  
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 (c) Subject to the Lender Fee Letter, the Servicer agrees to indemnify and hold harmless
each Indemnified Party from and against any and all Liabilities that may be incurred by or asserted or awarded against any Indemnified Party, in each case arising out of or in connection with or by reason of any one or more of the following:
(i) any breach by the Servicer of any covenant or any of its obligations under any Facility Document, (ii) the failure of any of the representations or warranties of the Servicer set forth in any Facility Document or in any certificate,
statement or report delivered in connection therewith to be true when made or when deemed made or repeated and (iii) by reason of any gross negligence, bad faith or willful misconduct (as determined by the final
non-appealable judgment of a court of competent jurisdiction) on the part of the Servicer in its capacity as Servicer; except the Servicer shall not be liable to the extent any such Liability
(x) results from the performance or non-performance of the Collateral Loans or (y) is found in a final, non-appealable judgment by a court of competent
jurisdiction to have resulted from such Indemnified Party’s gross negligence or willful misconduct; provided that any payment hereunder which relates to taxes, levies, imposes, deductions, charges and withholdings, and all liabilities
(including penalties, interest and expenses) with respect thereto, or additional sums described in Sections 2.10, 2.11 or 13.03, shall not be covered by this Section 13.04(c). The Servicer shall not have any liability hereunder to any
Indemnified Party to the extent an Indemnified Party affects any settlement of a matter that is (or could be) subject to indemnification hereunder without the prior written consent of the Servicer (which consent shall not be unreasonably withheld or
delayed). In no event shall the Servicer be liable for any special, indirect, consequential or punitive damages. 
 Section 13.05
Execution in Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto on separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original
and all of which counterparts, taken together, shall constitute but one and the same Agreement. Delivery of an executed signature page of this Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually
executed counterpart hereof. 
 Section 13.06 Assignability. (a) Each Lender may, with the consent of the Administrative
Agent and the Borrower, assign to an assignee all or a portion of its rights and obligations under this Agreement (including all or a portion of its outstanding Advances or interests therein owned by it, together with ratable portions of its
Commitment); provided that: 
 (i) each of the Borrower’s and the Administrative Agent’s consent to any such
assignment (A) shall not be unreasonably withheld or delayed and (B) shall not be required if the assignee is a Permitted Assignee with respect to such assignor; and 

(ii) the Borrower’s consent to any such assignment pursuant to this Section 13.06(a) shall not be required if
(x) a Default or an Event of Default shall have occurred (and not been waived by the Lenders in accordance with Section 13.01) or (y) such assignment is required by any Change in Law. 

  
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 The parties to each such assignment shall execute and deliver to the Administrative Agent
(with a copy to the Collateral Agent) an Assignment and Acceptance and the applicable tax forms required by Section 13.03(g). Notwithstanding any other provision of this Section 13.06, no assignment by any Lender to the Borrower or any of
its Affiliates shall be permitted. 
 (b) The Borrower may not assign its rights or obligations hereunder or any interest herein without the
prior written consent of the Agents and the Lenders. 
 (c) (i) Any Lender may, without the consent of, but with notice to, the Borrower,
sell participations to Participants in all or a portion of such Lender’s rights and obligations under this Agreement; provided that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender
shall remain solely responsible to the other parties hereto for the performance of such obligations, (C) such Borrower, the Agents and the other Lenders shall continue to deal solely and directly with such Lender in connection with such
Lender’s rights and obligations under this Agreement, and (D) each Participant shall have agreed to be bound by this Section 13.06(c), Section 13.06(d), Section 13.06(e) and Section 13.17. Any agreement pursuant to
which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such
agreement may provide that such Lender will not, without the consent of the Participant, agree to any Fundamental Amendment. Sections 2.10, 2.11, and 13.03 shall apply to each Participant as if it were a Lender and had acquired its interest by
assignment pursuant to clause (a) of this Section 13.06 (subject to the requirements and limitations set forth in Section 13.03, including the requirements under Section 13.03(g)); provided that (A) such Participant agrees
to be subject to the provisions of Section 13.03(g) as if it were an assignee under clause (a) of this Section 13.06 and (B) no Participant shall be entitled to any amount under Section 2.10, 2.11, or 13.03 which is greater
than the amount the related Lender would have been entitled to under any such Sections or provisions if the applicable participation had not occurred, except to the extent such entitlement to receive a greater amount results from a Change in Law
that occurs after the Participant acquired the applicable participation. 
 (ii) In the event that any Lender sells
participations in any portion of its rights and obligations hereunder, such Lender as nonfiduciary agent for the Borrower shall maintain a register on which it enters the name and address of all participants in the Advances held by it and the
principal amount (and stated interest thereon) of the portion of the Advance which is the subject of the participation (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any
portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans or its other obligations under any Facility Document) to any Person except to the
extent that such disclosure is necessary to establish that such commitment, loan or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries
in a Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in such Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding
any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. 

  
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 (d) The Administrative Agent, on behalf of and acting solely for this purpose as the
nonfiduciary agent of the Borrower, shall maintain at its address specified in Section 13.02 or such other address as the Administrative Agent shall designate in writing to the Lenders, a copy of this Agreement and each signature page hereto
and each Assignment and Acceptance delivered to and accepted by it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the aggregate outstanding principal amount of the outstanding
Advances maintained by each Lender under this Agreement (and any stated interest thereon). The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrower, the Agents and the Lenders shall treat
each Person whose name is recorded in the Register as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower or any Lender at any reasonable time and from time to time upon reasonable
prior notice. An Advance (and a Note, if any, evidencing the same) may be assigned or sold in whole or in part only by registration of such assignment or sale on the Register (and each Note, if any, shall expressly so provide) and compliance with
this Section 13.06. The Administrative Agent shall update and furnish to the Collateral Agent and the Borrower from time to time at the request of the Collateral Agent or the Borrower an updated version of Schedule 1 reflecting the then-current
allocation of the Commitments. 
 (e) Notwithstanding anything to the contrary set forth herein or in any other Facility Document, each
Lender hereunder, and each Participant, must at all times be a “qualified purchaser” as defined in the Investment Company Act (a “Qualified Purchaser”) and a “qualified institutional buyer” as defined in Rule
144A under the Securities Act (a “QIB”). Each Lender represents to the Borrower, (i) on the date that it becomes a party to this Agreement (whether by being a signatory hereto or by entering into an Assignment and Acceptance)
and (ii) on each date on which it makes an Advance hereunder, that it is a Qualified Purchaser and a QIB. Each Lender further agrees that it shall not assign, or grant any participations in, any of its Advances or its Commitment to any Person
unless such Person is a Qualified Purchaser and a QIB. 
 (f) Notwithstanding any other provision of this Section 13.06, any Lender may
at any time pledge or grant a security interest in all or any portion of its rights (including rights to payment of principal and interest) under this Agreement to secure obligations of such Lender, including any pledge or security interest granted
to a Federal Reserve Bank, without notice to or consent of the Borrower or the Administrative Agent; provided that no such pledge or grant of a security interest shall release such Lender from any of its obligations hereunder or substitute
any such pledgee or grantee for such Lender as a party hereto. 
 Section 13.07 Governing Law. THIS AGREEMENT AND THE RIGHTS
AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT AND ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER FACILITY DOCUMENT (EXCEPT, AS
TO ANY OTHER FACILITY DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK. 

  
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 Section 13.08 Severability of Provisions. Any provision of this Agreement or any
other Facility Document which 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 remaining provisions hereof or affecting
the validity or enforceability of such provision in any other jurisdiction. 
 Section 13.09 Confidentiality. The parties hereto
agree to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed by any party (a) to its Affiliates, directors, officers, members, principals and employees, and to its agents, counsel and
other advisors that have a need for such information relative to this facility (collectively, the “Related Parties”) (it being understood that, in each case, the Persons to whom such disclosure is made will be informed of the
confidential nature of such Information and instructed to keep such Information confidential and the disclosing party shall be responsible for any breach by its Related Parties under this Section 13.09); (b) to the extent required or
requested by any regulatory authority purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory authority, such as the National Association of Insurance Commissioners), it being understood that the
Persons to whom such disclosure is made shall be informed of the confidential nature of such Information; (c) to the extent required by Applicable Law or by any subpoena or similar legal process; provided that with respect to disclosures
of Information pursuant to a subpoena or similar legal process, (A) prior to any disclosure under this clause (c) the disclosing party agrees to provide the Borrower with prior written notice thereof, to the extent that it is practicable
to do so and to the extent that the disclosing party is permitted to provide such prior written notice to the Borrower pursuant to the terms of the subpoena or other legal process and (B) any disclosure under this clause (c) shall be
limited to the portion of the Information as may be required by such Governmental Authority pursuant to such subpoena or other legal process; (d) to any other party hereto; (e) in connection with the exercise of any remedies hereunder or
under any other Facility Document or any action or proceeding relating to this Agreement or any other Facility Document or the enforcement of rights hereunder or thereunder; (f) solely with respect to the Administrative Agent or any Lender, to
(i) any assignee of or participant in, or any prospective assignee of or participant in, any of its rights and obligations under this Agreement; provided that such assignee or participant (or prospective assignee or participant) has
agreed to maintain confidentiality pursuant to this Section 13.09 or another non-disclosure agreement substantially similar hereto, or (ii) any actual or prospective party (or its Related Parties) to
any swap, derivative or other transaction under which payments are to be made by reference to the Borrower and its obligations, this Agreement or payments hereunder that has agreed to maintain confidentiality pursuant to this Section 13.09; or
(iii) any rating agency or (g) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section by such party, or (y) becomes available to such party or any of their respective
Affiliates on a nonconfidential basis from a source other than a party to this Agreement. For purposes of this Section 13.09, “Information” means all information received from a party to this Agreement, the terms and substance
of this Agreement and each other Facility Document and any term sheet. 
 Section 13.10 Merger. This Agreement and the other
Facility Documents executed by the Administrative Agent or the Lenders taken as a whole incorporate the entire agreement between the parties hereto and thereto concerning the subject matter hereof and thereof and this Agreement and such other
Facility Documents supersede any prior agreements among the parties relating to the subject matter thereof. 

  
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 Section 13.11 Survival. All representations and warranties made hereunder, in
the other Facility Documents and in any certificate delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery of this Agreement and the making of the Advances hereunder. The agreements in
Sections 2.10, 2.11, 2.13, 12.04, 13.03, 13.04, 13.09, 13.15 and 13.17 and this Section 13.11 shall survive the termination of this Agreement in whole or in part, the payment in full of the principal of and interest on the Advances, any
foreclosure under, or modification, release or discharge of, any or all of the Related Documents and the resignation or replacement of any Agent. 

Section 13.12 Submission to Jurisdiction; Waivers; Etc. Each party hereto hereby irrevocably and unconditionally: 

(a) submits for itself and its property in any legal action or proceeding relating to this Agreement or the other Facility Documents to which
it is a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the courts of the State of New York in the Borough of Manhattan, the courts of
the United States of America for the Southern District of New York, and the appellate courts of any of them; 
 (b) consents that any such
action or proceeding may be brought in any court described in Section 13.12(a) and waives to the fullest extent permitted by Applicable Law any objection that it may now or hereafter have to the venue of any such action or proceeding in any
such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 
 (c) solely in
the case of each party hereto (other than the Borrower, Servicer and Equityholder) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially
similar form of mail), postage prepaid, to such party at its address set forth in Section 13.02 or at such other address as may be permitted thereunder; 

(d) EACH OF THE BORROWER, SERVICER AND EQUITYHOLDER IRREVOCABLY APPOINTS INTERTRUST CORPORATE SERVICES DELAWARE LTD. (THE “PROCESS
AGENT”) WITH AN OFFICE ON THE DATE HEREOF AT 200 BELLEVUE PARKWAY, SUITE 210, WILMINGTON, NEW CASTLE COUNTY, DELAWARE 29809, AS ITS AGENT TO RECEIVE ON ITS BEHALF AND PROPERTY SERVICE OF COPIES OF ANY SUMMONS AND COMPLAINT AND ANY OTHER
PROCESS WHICH MAY BE SERVED IN ANY SUCH ACTION OR PROCEEDING. SUCH SERVICE MAY BE MADE BY MAILING OR DELIVERING A COPY OF SUCH PROCESS TO THE ACCOUNT PARTY IN CARE OF THE PROCESS AGENT AT THE PROCESS AGENT’S ABOVE ADDRESS, AND THE ACCOUNT PARTY
HEREBY IRREVOCABLY AUTHORIZES AND DIRECTS THE PROCESS AGENT TO ACCEPT SUCH SERVICE ON ITS BEHALF. AS AN ALTERNATIVE METHOD OF SERVICE, EACH OF THE BORROWER, SERVICER AND EQUITYHOLDER ALSO IRREVOCABLY CONSENTS TO THE SERVICE OF ANY AND ALL PROCESS IN
ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES OF SUCH PROCESS TO IT AT ITS ADDRESS SET FORTH IN SECTION 13.02 IN THE MANNER DESCRIBED ABOVE. EACH OF THE BORROWER, SERVICER AND EQUITYHOLDER AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR
PROCEEDING SHALL 

  
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BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PERMITTED BY LAW. NOTHING IN THIS SECTION SHALL AFFECT THE RIGHTS OF ANY OTHER PARTY HERETO
RIGHTS TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR AFFECT SUCH PARTY’S RIGHT TO BRING ANY ACTION OR PROCEEDING AGAINST THE ACCOUNT PARTY OR ITS PROPERTY IN THE COURTS OF ANY OTHER JURISDICTION; and 

(e) waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding against
any Secured Party arising out of or relating to this Agreement or any other Facility Document any special, exemplary, punitive or consequential damages. 

Section 13.13 Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN
ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER FACILITY DOCUMENT OR FOR ANY COUNTERCLAIM HEREIN OR THEREIN OR RELATING HERETO OR THERETO. 

Section 13.14 Right of Setoff; Payments Pro Rata. (a) Subject to Section 9.01(a), if an Event of Default
shall have occurred and be continuing, each Lender and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by Applicable Law, to set off and apply any and all deposits (general
or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender or any such Affiliate to or for the credit or the account of the Borrower against
any and all of the obligations of the Borrower now or hereafter existing under this Agreement or any other Facility Document to such Lender or their respective Affiliates, irrespective of whether or not such Lender or Affiliate shall have made any
demand under this Agreement or any other Facility Document and although such obligations of the Borrower may be contingent or unmatured or are owed to a branch, office or Affiliate of such Lender different from the branch, office or Affiliate
holding such deposit or obligated on such indebtedness; provided, that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for
further application in accordance with the provisions of Section 2.17 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent and the
Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of
each Lender and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender or their respective Affiliates may have. Each Lender agrees to notify the Borrower and
the Administrative Agent promptly after any such setoff and application, provided, that the failure to give such notice shall not affect the validity of such setoff and application. 

  
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 (b) Each of the Lenders agrees that, if it should receive any amount under this Agreement
(whether by voluntary payments, by realization upon security, by the exercise of the right of setoff or banker’s lien, by counterclaim or cross action, by the enforcement of any right under the Facility Documents, or otherwise) which is
applicable to the payment of the principal of, or interest on, the Advances or fees, of a sum which with respect to the related sum or sums received by other Lenders is in a greater proportion than the total of such Obligation then owed and due to
such Lender bears to the total of such Obligation then owed and due to all of the Lenders immediately prior to such receipt, then such Lender receiving such excess payment shall purchase for cash without recourse or warranty from the other Lenders
an interest in the Obligations to such other Lenders in such amount as shall result in a proportional participation by all of the Lenders in such disproportionate sum received; provided that if all or any portion of such excess amount is thereafter
recovered from such Lender, such purchase shall be rescinded and the purchase price restored to the extent of such recovery, but without interest. 

Section 13.15 PATRIOT Act Notice. Each Agent and Lender hereby notifies the Borrower that, pursuant to the requirements of the USA
PATRIOT Act (Title III of Pub. L. 107-56 (signed into law on October 26, 2001)) (the “PATRIOT Act”), it is required to obtain, verify and record information that identifies the Borrower,
which information includes the name and address of the Borrower and other information that will allow such Agent or Lender to identify the Borrower in accordance with the PATRIOT Act. The Borrower shall provide, to the extent commercially
reasonable, such information and take such actions as are reasonably requested by any Lender or Agent in order to assist such Lender or Agent, as applicable, in maintaining compliance with the PATRIOT Act. 

Section 13.16 Legal Holidays. In the event that the date of prepayment of Advances or the Final Maturity Date shall not be a
Business Day, then notwithstanding any other provision of this Agreement or any other Facility Document, payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the
nominal date of any such date of prepayment or Final Maturity Date, as the case may be, and interest shall accrue on such payment for the period from and after any such nominal date to but excluding such next succeeding Business Day. 

Section 13.17 Non-Petition. Each of the Servicer and each Secured Party hereby agrees not
to institute against, or join, cooperate with or encourage any other Person in instituting against, the Borrower any bankruptcy, reorganization, receivership, arrangement, insolvency, moratorium or liquidation proceeding or other proceeding under
federal or state bankruptcy or similar laws until at least one year and one day, or, if longer, the applicable preference period then in effect plus one day, after the payment in full of all outstanding Obligations and the termination of all
Commitments; provided that nothing in this Section 13.17 shall preclude, or be deemed to prevent, any Secured Party (a) from taking any action prior to the expiration of the aforementioned one year and one day period, or, if longer,
the applicable preference period then in effect, in (i) any case or proceeding voluntarily filed or commenced by the Borrower or (ii) any involuntary insolvency proceeding filed or commenced against the Borrower by a Person other than any
such Secured Party, or (b) from commencing against the Borrower or any properties of the Borrower any legal action which is not a bankruptcy, reorganization, receivership, arrangement, insolvency, moratorium or liquidation proceeding or other
proceeding under federal or state bankruptcy or similar laws. The provisions of this paragraph shall survive the termination of this Agreement. The provisions of this Section 13.17 are a material inducement for the Secured Parties to enter into
this Agreement and the transactions contemplated hereby and are an essential term hereof. The parties hereby agree that monetary damages are not adequate for a breach of the provisions of this 

  
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Section 13.17 and the Administrative Agent may seek and obtain specific performance of such provisions (including injunctive relief), including, without limitation, in any bankruptcy,
reorganization, arrangement, winding up, insolvency, moratorium, winding up or liquidation proceedings, or other proceedings under United States federal or state bankruptcy laws, or any similar laws. 

Section 13.18 Waiver of Setoff. Each of the Borrower and the Servicer hereby waives any right of setoff it may have or to which it
may be entitled under this Agreement or under any Applicable Law from time to time against the Administrative Agent, any Lender or its respective assets. 

Section 13.19 Collateral Agent Execution and Delivery. By executing this Agreement, each Lender hereby consents to the terms of
this Agreement, directs the Collateral Agent to execute and deliver this Agreement, and acknowledges and agrees that the Collateral Agent shall be fully protected in relying upon the foregoing consent and direction and hereby releases the Collateral
Agent and its respective officers, directors, agents, employees and shareholders, as applicable, from any liability for complying with such direction, except as a result of gross negligence or willful misconduct of the Collateral Agent. 

Section 13.20 Acknowledgement and Consent to Bail-In of EEA Financial Institutions.
Notwithstanding anything to the contrary in any Facility Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges and accepts that any liability of any EEA Financial Institution arising
under or in connection with any Facility Document, to the extent such liability is unsecured, may be subject to Bail-in Action by the relevant EEA Resolution Authority and agrees and consents to, and
acknowledges and agrees to be bound by: 
 (a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any
such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 
 (b) the
effects of any Bail-in Action on any such liability, including, if applicable: 
 (i)
a reduction in full or in part, in the principal amount, or outstanding amount due (including any accrued but unpaid interest), or cancellation of any such liability; 

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial
Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such
liability under this Agreement or any other Facility Document; or 
 (iii) the variation of the terms of any Finance Document
to the extent necessary to give effect to any Bail-in Action in relation to such liability. 

  
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 Section 13.21 WAIVER OF SOVEREIGN IMMUNITY. To the extent that any of the
Borrower, Servicer or Equityholder may be entitled, in any jurisdiction in which judicial proceedings may at any time be commenced with respect to this Agreement or any other Facility Document, to claim for itself or its revenues, assets or
properties any immunity from suit, the jurisdiction of any court, attachment prior to judgment, attachment in aid of execution of a judgment, set-off, execution of a judgment or any other legal process, and to
the extent that in any such jurisdiction there may be attributed such immunity (whether or not claimed), each of the Borrower, the Servicer and the Equityholder irrevocably agrees not to claim and hereby irrevocably waives such immunity to the
fullest extent permitted by the laws of such jurisdiction and hereby agrees that the foregoing waiver shall be enforced to the fullest extent permitted under the Foreign Sovereign Immunities Act of 1976 of the United States of America, as amended,
and is intended to be irrevocable for the purpose of such act. 
 Section 13.22 Risk Retention. [Reserved.] 

Section 13.23 Adequacy of Monetary Damages Against the Lenders. Each of the Borrower, the Servicer and the Equityholder hereby
acknowledges and agrees that (i) any and all claims, damages and demands against the Administrative Agent or the Lenders arising out of, or in connection with, the exercise by the Administrative Agent or the Lenders of any Administrative Agent
or any of the Lenders’ rights or remedies pursuant to this Agreement can be sufficiently and adequately remedied by monetary damages, (ii) no irreparable injury will be caused to the Borrower, the Servicer or the Equityholder as a result
of, or in connection with, any such claims, damages or demands, and (iii) no equitable or injunctive relief shall be sought by the Borrower, the Servicer or the Equityholder as a result of, or in connection with, any such claims, damages or
demands; provided that this Section 13.23 shall not constitute a waiver of any rights of the Borrower, the Servicer or the Equityholder to seek injunctive relief to enforce its rights under Section 13.09. 

 

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

			
	 BGSL BRECKENRIDGE FUNDING LLC, as Borrower

		
	By:	 	 /s/ Marisa Beeney

		 	Name: Marisa Beeney
		 	Title: Authorized Signatory
	
	 BLACKSTONE/GSO SECURED LENDING FUND, as Equityholder

		
	By:	 	 /s/ Marisa Beeney

		 	Name: Marisa Beeney
		 	Title: Chief Legal Officer, Chief Compliance Officer and Secretary
	
	 BLACKSTONE/GSO SECURED LENDING FUND, as Servicer

		
	By:	 	 /s/ Marisa Beeney

		 	Name: Marisa Beeney
		 	Title: Chief Legal Officer, Chief Compliance Officer and Secretary
	
	 BNP PARIBAS, as Administrative Agent and a Lender

		
	By:	 	 /s/ Adnan A. Zuberi

		 	Name: Adnan A. Zuberi
		 	Title: Managing Director

 
			
	By:	 	 /s/ Mary Dierdorff

		 	Name: Mary Dierdorff
		 	Title: Managing Director
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Collateral Agent

		
	By:	 	 /s/ Michael J. Baker

		 	Name: Michael J. Baker
		 	Title: Vice President

 SCHEDULE 1 

INITIAL COMMITMENTS AND PERCENTAGES 
  

									
	 Lender
	  	Commitment	 	  	Percentage of
Commitments	 
	 BNP Paribas
	  	 	An amount equal to the Facility Amount	 	  	 	100	% 

  

  
 Sch. 1-1 

 SCHEDULE 2 

S&P INDUSTRY CLASSIFICATIONS 
  

							
	 Industry
Code
	  	 Description
	  	Industry
Code	  	 Description

	1020000	  	Energy Equipment & Services	  	5110000	  	Beverages
	1030000	  	Oil, Gas & Consumable Fuels	  	5120000	  	Food Products
	2020000	  	Chemicals	  	5130000	  	Tobacco
	2030000	  	Construction Materials	  	5210000	  	Household Products
	2040000	  	Containers & Packaging	  	5220000	  	Personal Products
	2050000	  	Metals & Mining	  	6020000	  	Health Care Equipment & Supplies
	2060000	  	Paper & Forest Products	  	6030000	  	Health Care Providers & Services
	3020000	  	Aerospace & Defense	  	9551729	  	Health Care Technology
	3030000	  	Building Products	  	6110000	  	Biotechnology
	3040000	  	Construction & Engineering	  	6120000	  	Pharmaceuticals
	3050000	  	Electrical Equipment	  	9551727	  	Life Sciences Tools & Services
	3060000	  	Industrial Conglomerates	  	7011000	  	Banks
	3070000	  	Machinery	  	7020000	  	Thrifts & Mortgage Finance
	3080000	  	Trading Companies & Distributors	  	7110000	  	Diversified Financial Services
	3110000	  	Commercial Services & Supplies	  	7120000	  	Consumer Finance
	9612010	  	Professional Services	  	7130000	  	Capital Markets
	3210000	  	Air Freight & Logistics	  	7210000	  	Insurance
	3220000	  	Airlines	  	7311000	  	Real Estate Investment Trusts (REITs)
	3230000	  	Marine	  	7310000	  	Real Estate Management & Development
	3240000	  	Road & Rail	  	8020000	  	Internet Software & Services
	3250000	  	Transportation Infrastructure	  	8030000	  	IT Services
	4011000	  	Auto Components	  	8040000	  	Software
	4020000	  	Automobiles	  	8110000	  	Communications Equipment
	4110000	  	Household Durables	  	8120000	  	Technology Hardware, Storage & Peripherals
	4120000	  	Leisure Products	  	8130000	  	Electronic Equipment, Instruments & Components
	4130000	  	Textiles, Apparel & Luxury Goods	  	8210000	  	Semiconductors & Semiconductor Equipment
	4210000	  	Hotels, Restaurants & Leisure	  	9020000	  	Diversified Telecommunication Services
	9551701	  	Diversified Consumer Services	  	9030000	  	Wireless Telecommunication Services
	4310000	  	Media	  	9520000	  	Electric Utilities

  
 Sch. 2-1 

							
	 Industry
Code
	  	 Description
	  	Industry
Code	  	 Description

	4410000	  	Distributors	  	9530000	  	Gas Utilities
	4420000	  	Internet and Catalog Retail	  	9540000	  	Multi-Utilities
	4430000	  	Multiline Retail	  	9550000	  	Water Utilities
	4440000	  	Specialty Retail	  	9551702	  	Independent Power and Renewable Electricity Producers
	5020000	  	Food & Staples Retailing	  		  	

  
 Sch. 2-2 

 SCHEDULE 3 

INITIAL COLLATERAL LOANS 
  

																													
	 Asset
Primary ID
Asset ID
Name
	  	Currency Type
Identifier	  	Portfolio
Name	  	Issuer Name	  	Asset Name	  	Asset
Security
ID	  	Position
ID	  	Par
Amount	  	Units	  	Market
Value	  	Cost
Price	  	Cost
Amount	  	Mark
Price
Mark
Price	  	Unrealized
Gain	  	Quantity

  
 Sch. 3-1 

 SCHEDULE 4 

MOODY’S INDUSTRY CLASSIFICATIONS 
  

	1.	 Aerospace & Defense 

 

	2.	 Automotive 

  

	3.	 Banking, Finance, Insurance & Real Estate 

 

	4.	 Beverage, Food & Tobacco 

 

	5.	 Capital Equipment 

  

	6.	 Chemicals, Plastics & Rubber 

 

	7.	 Construction & Building 

 

	8.	 Consumer goods: Durable 

 

	9.	 Consumer goods: Non-durable 

 

	10.	 Containers, Packaging & Glass 

 

	11.	 Energy: Electricity 

  

	12.	 Energy: Oil & Gas 

 

	13.	 Environmental Industries 

 

	14.	 Forest Products & Paper 

 

	15.	 Healthcare & Pharmaceuticals 

 

	16.	 High Tech Industries 

 

	17.	 Hotel, Gaming & Leisure 

 

	18.	 Media: Advertising, Printing & Publishing 

 

	19.	 Media: Broadcasting & Subscription 

 

	20.	 Media: Diversified & Production 

 

	21.	 Metals & Mining 

 

	22.	 Retail 

  

	23.	 Services: Business 

  
 Sch. 4-1 

	24.	 Services: Consumer 

  

	25.	 Sovereign & Public Finance 

 

	26.	 Telecommunications 

  

	27.	 Transportation: Cargo 

 

	28.	 Transportation: Consumer 

 

	29.	 Utilities: Electric 

  

	30.	 Utilities: Oil & Gas 

 

	31.	 Utilities: Water 

  

	32.	 Wholesale 

  
 Sch. 4-2 

 SCHEDULE 5 

NOTICE INFORMATION 

Borrower 
 BGSL
Breckenridge Funding LLC 
 c/o Blackstone/GSO Secured Lending Fund 

345 Park Avenue 
 New York, NY
10154 
 With a copy to: 

Dechert LLP 
 100 North Tryon
Street, Suite 4000 
 Charlotte NC, 28202 

Equityholder and Servicer 

Blackstone/GSO Secured Lending Fund 

345 Park Avenue 
 New York, New
York 10154 
 With a copy to: 

Dechert LLP 
 100 North Tryon
Street, Suite 4000 
 Charlotte NC, 28202 

Administrative Agent 

BNP Paribas 
 Solutions Portfolio
Management 
 787 7th Avenue 

New York, New York 10019 

Telephone No.: 917-472-4841 

Facsimile No.: 212-841-2140 

E-mail: dl.bnpp.gso.acquisition@us.bnpparibas.com 

Attention: Mary D. Dierdorff 

Lender 
 BNP
Paribas 
 Loan Servicing 
 525
Washington Blvd, 8th Floor 
 Jersey City, New Jersey 07310 

Attention: NYLS FIG Support 

Facsimile no.: 201-850-4014 

E-mail: nyls.fig.support@us.bnpparibas.com 

  
 Sch. 5-1 

 Collateral Agent 

Wells Fargo Bank, National Association 

Corporate Trust Services Division 

9062 Old Annapolis Road 

Columbia, Maryland 21045 

Attention: CDO Trust Services CDO Dept. – BGSL Breckenridge Funding LLC 

  
 Sch. 5-2 

 SCHEDULE 6 

AUTHORIZED SIGNATORIES 
  

			
	 Borrower

	[Name]	  	[Title]
	[Name]	  	[Title]
	[Name]	  	[Title]

  

			
	 Equityholder and Servicer

	[Name]	  	[Title]
	[Name]	  	[Title]
	[Name]	  	[Title]

  
 Sch. 6-1 

 SCHEDULE 7 

DIVERSITY SCORE 
 “Diversity
Score” is calculated by summing each of the Industry Diversity Scores which are calculated as follows and rounding the result up to the nearest whole number (provided that no Defaulted Collateral Loans shall be included in the calculation
of the Industry Diversity Score or any component thereof): 
  

	 	(a)	 “Average Principal Balance” is calculated by summing the Obligor Principal Balances and
dividing by the sum of the aggregate number of Obligors; 

  

	 	(b)	 “Obligor Principal Balance” is calculated for each Obligor represented in the Collateral Loans
by summing the Principal Balances of all Collateral Loans (excluding Defaulted Collateral Loans) issued by such Obligor; 

  

	 	(c)	 “Equivalent Unit Score” is calculated for each Obligor by taking the lesser of (i) one
and (ii) the Obligor Principal Balance for such Obligor divided by the Average Principal Balance; 

  

	 	(d)	 “Aggregate Industry Equivalent Unit Score” is then calculated for each of the 32 Moody’s
industrial classification groups set out in Schedule 4 by summing the equivalent unit scores for each Obligor in the industry (or such other industrial classification groups and equivalent unit scores as are published by Moody’s from time to
time); and 

  

	 	(e)	 “Industry Diversity Score” is then established by reference to the diversity score table shown
below (or such other diversity score table as is published by Moody’s from time to time) (the “Diversity Score Table”) for the related Aggregate Industry Equivalent Unit Score. If the Aggregate Industry Equivalent Unit Score
falls between any two such scores shown in the Diversity Score Table, then the Industry Diversity Score is the lower of the two Industry Diversity Scores in the Diversity Score Table. 

For purposes of calculating the Diversity Scores, any Obligors that are Affiliates will be considered to be one Obligor. 

Diversity Score Table 
  

																													
	 Aggregate Industry Equivalent Unit Score
	  	Industry
Diversity
Score	 	  	Aggregate
Industry
Equivalent
Unit Score	 	  	Industry
Diversity
Score	 	  	Aggregate
Industry
Equivalent
Unit Score	 	  	Industry
Diversity
Score	 	  	Aggregate
Industry
Equivalent
Unit Score	 	  	Industry
Diversity
Score	 
	 0.0000
	  	 	0.0000	 	  	 	5.0500	 	  	 	2.7000	 	  	 	10.1500	 	  	 	4.0200	 	  	 	15.2500	 	  	 	4.5300	 
	 0.0500
	  	 	0.1000	 	  	 	5.1500	 	  	 	2.7333	 	  	 	10.2500	 	  	 	4.0300	 	  	 	15.3500	 	  	 	4.5400	 
	 0.1500
	  	 	0.2000	 	  	 	5.2500	 	  	 	2.7667	 	  	 	10.3500	 	  	 	4.0400	 	  	 	15.4500	 	  	 	4.5500	 
	 0.2500
	  	 	0.3000	 	  	 	5.3500	 	  	 	2.8000	 	  	 	10.4500	 	  	 	4.0500	 	  	 	15.5500	 	  	 	4.5600	 
	 0.3500
	  	 	0.4000	 	  	 	5.4500	 	  	 	2.8333	 	  	 	10.5500	 	  	 	4.0600	 	  	 	15.6500	 	  	 	4.5700	 
	 0.4500
	  	 	0.5000	 	  	 	5.5500	 	  	 	2.8667	 	  	 	10.6500	 	  	 	4.0700	 	  	 	15.7500	 	  	 	4.5800	 
	 0.5500
	  	 	0.6000	 	  	 	5.6500	 	  	 	2.9000	 	  	 	10.7500	 	  	 	4.0800	 	  	 	15.8500	 	  	 	4.5900	 

  
 Sch. 7-1 

																													
	 Aggregate Industry Equivalent Unit Score
	  	Industry
Diversity
Score	 	  	Aggregate
Industry
Equivalent
Unit Score	 	  	Industry
Diversity
Score	 	  	Aggregate
Industry
Equivalent
Unit Score	 	  	Industry
Diversity
Score	 	  	Aggregate
Industry
Equivalent
Unit Score	 	  	Industry
Diversity
Score	 
	 0.6500
	  	 	0.7000	 	  	 	5.7500	 	  	 	2.9333	 	  	 	10.8500	 	  	 	4.0900	 	  	 	15.9500	 	  	 	4.6000	 
	 0.7500
	  	 	0.8000	 	  	 	5.8500	 	  	 	2.9667	 	  	 	10.9500	 	  	 	4.1000	 	  	 	16.0500	 	  	 	4.6100	 
	 0.8500
	  	 	0.9000	 	  	 	5.9500	 	  	 	3.0000	 	  	 	11.0500	 	  	 	4.1100	 	  	 	16.1500	 	  	 	4.6200	 
	 0.9500
	  	 	1.0000	 	  	 	6.0500	 	  	 	3.0250	 	  	 	11.1500	 	  	 	4.1200	 	  	 	16.2500	 	  	 	4.6300	 
	 1.0500
	  	 	1.0500	 	  	 	6.1500	 	  	 	3.0500	 	  	 	11.2500	 	  	 	4.1300	 	  	 	16.3500	 	  	 	4.6400	 
	 1.1500
	  	 	1.1000	 	  	 	6.2500	 	  	 	3.0750	 	  	 	11.3500	 	  	 	4.1400	 	  	 	16.4500	 	  	 	4.6500	 
	 1.2500
	  	 	1.1500	 	  	 	6.3500	 	  	 	3.1000	 	  	 	11.4500	 	  	 	4.1500	 	  	 	16.5500	 	  	 	4.6600	 
	 1.3500
	  	 	1.2000	 	  	 	6.4500	 	  	 	3.1250	 	  	 	11.5500	 	  	 	4.1600	 	  	 	16.6500	 	  	 	4.6700	 
	 1.4500
	  	 	1.2500	 	  	 	6.5500	 	  	 	3.1500	 	  	 	11.6500	 	  	 	4.1700	 	  	 	16.7500	 	  	 	4.6800	 
	 1.5500
	  	 	1.3000	 	  	 	6.6500	 	  	 	3.1750	 	  	 	11.7500	 	  	 	4.1800	 	  	 	16.8500	 	  	 	4.6900	 
	 1.6500
	  	 	1.3500	 	  	 	6.7500	 	  	 	3.2000	 	  	 	11.8500	 	  	 	4.1900	 	  	 	16.9500	 	  	 	4.7000	 
	 1.7500
	  	 	1.4000	 	  	 	6.8500	 	  	 	3.2250	 	  	 	11.9500	 	  	 	4.2000	 	  	 	17.0500	 	  	 	4.7100	 
	 1.8500
	  	 	1.4500	 	  	 	6.9500	 	  	 	3.2500	 	  	 	12.0500	 	  	 	4.2100	 	  	 	17.1500	 	  	 	4.7200	 
	 1.9500
	  	 	1.5000	 	  	 	7.0500	 	  	 	3.2750	 	  	 	12.1500	 	  	 	4.2200	 	  	 	17.2500	 	  	 	4.7300	 
	 2.0500
	  	 	1.5500	 	  	 	7.1500	 	  	 	3.3000	 	  	 	12.2500	 	  	 	4.2300	 	  	 	17.3500	 	  	 	4.7400	 
	 2.1500
	  	 	1.6000	 	  	 	7.2500	 	  	 	3.3250	 	  	 	12.3500	 	  	 	4.2400	 	  	 	17.4500	 	  	 	4.7500	 
	 2.2500
	  	 	1.6500	 	  	 	7.3500	 	  	 	3.3500	 	  	 	12.4500	 	  	 	4.2500	 	  	 	17.5500	 	  	 	4.7600	 
	 2.3500
	  	 	1.7000	 	  	 	7.4500	 	  	 	3.3750	 	  	 	12.5500	 	  	 	4.2600	 	  	 	17.6500	 	  	 	4.7700	 
	 2.4500
	  	 	1.7500	 	  	 	7.5500	 	  	 	3.4000	 	  	 	12.6500	 	  	 	4.2700	 	  	 	17.7500	 	  	 	4.7800	 
	 2.5500
	  	 	1.8000	 	  	 	7.6500	 	  	 	3.4250	 	  	 	12.7500	 	  	 	4.2800	 	  	 	17.8500	 	  	 	4.7900	 
	 2.6500
	  	 	1.8500	 	  	 	7.7500	 	  	 	3.4500	 	  	 	12.8500	 	  	 	4.2900	 	  	 	17.9500	 	  	 	4.8000	 
	 2.7500
	  	 	1.9000	 	  	 	7.8500	 	  	 	3.4750	 	  	 	12.9500	 	  	 	4.3000	 	  	 	18.0500	 	  	 	4.8100	 
	 2.8500
	  	 	1.9500	 	  	 	7.9500	 	  	 	3.5000	 	  	 	13.0500	 	  	 	4.3100	 	  	 	18.1500	 	  	 	4.8200	 
	 2.9500
	  	 	2.0000	 	  	 	8.0500	 	  	 	3.5250	 	  	 	13.1500	 	  	 	4.3200	 	  	 	18.2500	 	  	 	4.8300	 
	 3.0500
	  	 	2.0333	 	  	 	8.1500	 	  	 	3.5500	 	  	 	13.2500	 	  	 	4.3300	 	  	 	18.3500	 	  	 	4.8400	 
	 3.1500
	  	 	2.0667	 	  	 	8.2500	 	  	 	3.5750	 	  	 	13.3500	 	  	 	4.3400	 	  	 	18.4500	 	  	 	4.8500	 
	 3.2500
	  	 	2.1000	 	  	 	8.3500	 	  	 	3.6000	 	  	 	13.4500	 	  	 	4.3500	 	  	 	18.5500	 	  	 	4.8600	 
	 3.3500
	  	 	2.1333	 	  	 	8.4500	 	  	 	3.6250	 	  	 	13.5500	 	  	 	4.3600	 	  	 	18.6500	 	  	 	4.8700	 
	 3.4500
	  	 	2.1667	 	  	 	8.5500	 	  	 	3.6500	 	  	 	13.6500	 	  	 	4.3700	 	  	 	18.7500	 	  	 	4.8800	 
	 3.5500
	  	 	2.2000	 	  	 	8.6500	 	  	 	3.6750	 	  	 	13.7500	 	  	 	4.3800	 	  	 	18.8500	 	  	 	4.8900	 
	 3.6500
	  	 	2.2333	 	  	 	8.7500	 	  	 	3.7000	 	  	 	13.8500	 	  	 	4.3900	 	  	 	18.9500	 	  	 	4.9000	 
	 3.7500
	  	 	2.2667	 	  	 	8.8500	 	  	 	3.7250	 	  	 	13.9500	 	  	 	4.4000	 	  	 	19.0500	 	  	 	4.9100	 
	 3.8500
	  	 	2.3000	 	  	 	8.9500	 	  	 	3.7500	 	  	 	14.0500	 	  	 	4.4100	 	  	 	19.1500	 	  	 	4.9200	 
	 3.9500
	  	 	2.3333	 	  	 	9.0500	 	  	 	3.7750	 	  	 	14.1500	 	  	 	4.4200	 	  	 	19.2500	 	  	 	4.9300	 
	 4.0500
	  	 	2.3667	 	  	 	9.1500	 	  	 	3.8000	 	  	 	14.2500	 	  	 	4.4300	 	  	 	19.3500	 	  	 	4.9400	 
	 4.1500
	  	 	2.4000	 	  	 	9.2500	 	  	 	3.8250	 	  	 	14.3500	 	  	 	4.4400	 	  	 	19.4500	 	  	 	4.9500	 
	 4.2500
	  	 	2.4333	 	  	 	9.3500	 	  	 	3.8500	 	  	 	14.4500	 	  	 	4.4500	 	  	 	19.5500	 	  	 	4.9600	 
	 4.3500
	  	 	2.4667	 	  	 	9.4500	 	  	 	3.8750	 	  	 	14.5500	 	  	 	4.4600	 	  	 	19.6500	 	  	 	4.9700	 
	 4.4500
	  	 	2.5000	 	  	 	9.5500	 	  	 	3.9000	 	  	 	14.6500	 	  	 	4.4700	 	  	 	19.7500	 	  	 	4.9800	 
	 4.5500
	  	 	2.5333	 	  	 	9.6500	 	  	 	3.9250	 	  	 	14.7500	 	  	 	4.4800	 	  	 	19.8500	 	  	 	4.9900	 
	 4.6500
	  	 	2.5667	 	  	 	9.7500	 	  	 	3.9500	 	  	 	14.8500	 	  	 	4.4900	 	  	 	19.9500	 	  	 	5.0000	 
	 4.7500
	  	 	2.6000	 	  	 	9.8500	 	  	 	3.9750	 	  	 	14.9500	 	  	 	4.5000	 	  				  			
	 4.8500
	  	 	2.6333	 	  	 	9.9500	 	  	 	4.0000	 	  	 	15.0500	 	  	 	4.5100	 	  				  			
	 4.9500
	  	 	2.6667	 	  	 	10.0500	 	  	 	4.0100	 	  	 	15.1500	 	  	 	4.5200	 	  				  			

  
 Sch. 7-2 

 SCHEDULE 8 

MOODY’S RISKCALC 

“.EDF” means, with respect to any Collateral Loan, the weakest of (A) the lowest of the current year and each of the
four previous years’ default frequencies for such Collateral Loan as determined by running Version 3.1 or later of Moody’s RiskCalc in the Credit Cycle Adjusted (“CCA”) mode and (B) the current year default frequency
for such Collateral Loan as determined by running Version 3.1 or later version of Moody’s RiskCalc in the Financial Statement Only (“FSO”) mode. 

“Pre-Qualifying Conditions” means, with respect to any Collateral Loan, conditions that will be
satisfied if the Obligor with respect to the applicable Collateral Loan satisfies the following criteria (or as otherwise approved by the Administrative Agent, in its sole discretion): 

1. the independent accountants of such Obligor shall have issued a signed, unqualified audit opinion with respect to the most recent fiscal year financial
statements, including no explanatory paragraph addressing “going concern” or other issues or such Collateral Loan is subject to a quality of earnings report satisfactory to the Servicer; 

2. the Obligor’s EBITDA is equal to or greater than $[4,000,000]; 

3. the Obligor’s annual sales are equal to or greater than $[10,000,000]; 

4. the Obligor’s book assets are equal to or greater than $[10,000,000]; and 

5. the Obligor is a private company with no public rating from Moody’s. 

The Servicer shall calculate the .EDF for each of the Collateral Loans to be rated pursuant to this Schedule 8. The Servicer shall also provide
Moody’s with the .EDF and the information necessary to calculate such .EDF upon request from Moody’s. Moody’s shall have the right (in its commercially reasonable judgment) to (i) amend or modify any of the information utilized
to calculate the .EDF and recalculate the .EDF based upon such revised information, in which case such .EDF shall be determined using the table in the paragraph below in order to determine the applicable Moody’s rating, or (ii) have a
Moody’s credit analyst provide a rating estimate for any Collateral Loan rated pursuant to this Schedule 8, in which case such rating estimate provided by such credit analyst shall be the applicable Moody’s rating. 

  
 Sch. 8-1 

 The Moody’s rating for each Collateral Loan that satisfies the
Pre-Qualifying Conditions shall be the rating based on the .EDF for such Collateral Loan, as determined in accordance with the table below: 

 

							
	 	 	 Lowest .EDF
	  	 Moody’s rating
	  	 
		 	less than or equal to .baa	  	Ba3	  	
				
		 	.ba1	  	B2	  	
				
		 	.ba2, .ba3 or .b1	  	B2	  	
				
		 	.b2 or .b3	  	B3	  	
				
		 	.caa	  	Caa1	  	

 The Borrower shall refresh Moody’s RiskCalc (a) at least annually and (b) promptly upon the
occurrence of a Revaluation Event with respect to such Collateral Loan. 

  
 Sch. 8-2 

 SCHEDULE 9 

INITIAL ASSET LIST 

  
 Sch. 9-1 

 EXHIBIT A 

[FORM OF NOTE] 
 [DATE] 

FOR VALUE RECEIVED, the undersigned (the “Borrower”) hereby promises to pay to [LENDER] (the
“Lender”) and its registered assigns on the Final Maturity Date (as defined in the Revolving Credit Agreement hereinafter referred to) the principal sum of the aggregate unpaid principal amount of the Advances made by the Lender to
the Borrower under the Revolving Credit Agreement, in immediately available funds and in Dollars, and to pay interest on the unpaid principal amount of each such Advance, in like funds and money, from the Borrowing Date thereof until the principal
amount thereof shall have been paid in full, at the rates per annum and on the dates provided in the Revolving Credit Agreement. Capitalized terms used but not otherwise defined herein shall have the respective meanings assigned to such terms in the
Revolving Credit Agreement. 
 This promissory note is a Note referred to in the Revolving Credit and Security Agreement, dated as of
December 21, 2018 (as amended, supplemented, waived or otherwise modified from time to time, the “Revolving Credit Agreement”), among the Borrower, as borrower, the Lender, as lender, the other lenders from time to time parties
thereto, BNP Paribas, as administrative agent, Blackstone/GSO Secured Lending Fund, as equityholder and as servicer, and Wells Fargo Bank, National Association, as collateral agent. The date and principal amount of each Advance (and stated Interest
thereon) made to the Borrower and of each repayment of principal thereon shall be recorded by the Lender or its designee on Schedule I attached to this Note, and the aggregate unpaid principal amount shown on such schedule shall be
prima facie evidence of the principal amount owing and unpaid on the Advances made by the Lender. The failure to record or any error in recording any such amount on such schedule shall not, however, limit or otherwise affect the
obligations of the Borrower hereunder or under the Revolving Credit Agreement to repay the principal amount of the Advances together with all Interest accrued thereon. 

Notwithstanding any other provision contained in this Note, if at any time the rate of interest payable by the Borrower under this Note, when
combined with any and all other charges provided for in this Note, in the Revolving Credit Agreement or in any other document (to the extent such other charges would constitute interest for the purpose of any applicable law limiting interest that
may be charged on this Note), exceeds the highest rate of interest permissible under applicable law (the “Maximum Lawful Rate”), then so long as the Maximum Lawful Rate would be exceeded, the rate of interest under this Note shall
be equal to the Maximum Lawful Rate. If at any time thereafter the rate of interest payable under this Note is less than the Maximum Lawful Rate, the Borrower shall continue to pay interest under this Note at the Maximum Lawful Rate until such time
as the total interest paid by the Borrower is equal to the total interest that would have been paid had applicable law not limited the interest rate payable under this Note. In no event shall the total interest received by the Lender under this Note
exceed the amount which the Lender could lawfully have received had the interest due under this Note been calculated since the date of this Note at the Maximum Lawful Rate. 

  
 A-1 

 Payments of the principal of, and interest on, Advances represented by this Note shall be
made by or on behalf of the Borrower to the holder hereof by wire transfer of immediately available funds in the manner and at the address specified for such purpose as provided in the Revolving Credit Agreement, or in such manner or at such other
address as the holder of this Note shall have specified in writing to the Borrower for such purpose, without the presentation or surrender of this Note or the making of any notation on this Note. 

Portions or all of the principal amount of the Note shall become due and payable at the time or times set forth in the Revolving Credit
Agreement. Any portion or all of the principal amount of this Note may be prepaid, together with interest thereon (and, as set forth in the Revolving Credit Agreement, certain costs and expenses of the Lender) at the time and in the manner set forth
in, but subject to the provisions of, the Revolving Credit Agreement. 
 Except as provided in the Revolving Credit Agreement, the Borrower
expressly waives presentment, demand, diligence, protest and all notices of any kind whatsoever with respect to this Note. 
 All amounts
evidenced by this Note, the Lender’s Advances and all payments and prepayments of the principal hereof and the respective dates and maturity dates thereof shall be endorsed by the Lender, on the schedule attached hereto and made a part hereof
or on a continuation thereof, which shall be attached hereto and made a part hereof; provided, however, that the failure of the Lender to make such a notation shall not in any way limit or otherwise affect the obligations of the
Borrower under this Note as provided in the Revolving Credit Agreement. 
 The holder hereof may sell, assign, transfer, negotiate, grant
participations in or otherwise dispose of all or any portion of any Advances made by the Lender and represented by this Note and the indebtedness evidenced by this Note, subject to the applicable provisions of the Revolving Credit Agreement. 

This Note is secured by the security interests granted pursuant to the Revolving Credit Agreement and the other Facility Documents. The holder
of this Note is entitled to the benefits of the Revolving Credit Agreement and each other Facility Document and may enforce the agreements of the Borrower contained in the Revolving Credit Agreement and each other Facility Document and exercise the
remedies provided for by, or otherwise available in respect of, the Revolving Credit Agreement or such other Facility Document, all in accordance with, and subject to the restrictions contained in, the terms of the Revolving Credit Agreement or the
applicable Facility Document. If an Event of Default shall occur, the unpaid balance of the principal of all Advances, together with accrued interest thereon, may be declared, and may become, due and payable in the manner and with the effect
provided in the Revolving Credit Agreement. 
 The Borrower and the Lender each intend, for federal, state and local income and franchise
tax purposes only, that this Note be evidence of indebtedness of the Borrower secured by the Collateral and the Lender, by the acceptance hereof, agrees to treat the Note for federal, state and local income and franchise tax purposes as indebtedness
of the Borrower. 

  
 A-2 

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

			
	BGSL BRECKENRIDGE FUNDING LLC, as Borrower
		
	By:	 	
                     
    

		 	Name:
		 	Title:

  
 A-3 

 SCHEDULE I 

This Note evidences Advances made by [LENDER], (the “Lender”) to BGSL BRECKENRIDGE FUNDING LLC (the
“Borrower”) under the Revolving Credit and Security Agreement dated as of December 21, 2018 among the Borrower, as borrower, the Lender, as lender, the other lenders from time to time parties thereto, BNP Paribas, as
administrative agent, Blackstone/GSO Secured Lending Fund, as equityholder and as servicer, and Wells Fargo Bank, National Association, as collateral agent, in the principal amounts and on the dates set forth below, subject to the payments and
prepayments of principal set forth below: 
  

									
	 DATE
	  	 PRINCIPAL
AMOUNT
ADVANCED
	  	 PRINCIPAL
AMOUNT PAID
OR PREPAID
	  	 PRINCIPAL
BALANCE
OUTSTANDING
	  	 NOTATION
BY

  
 A-4 

 EXHIBIT B 

[FORM OF NOTICE OF BORROWING] 

[Date] 
 BNP Paribas 

as Administrative Agent 
 Attn: Jasen Yang 

787 7th Avenue 
 7th Floor 

New York, NY 10019 
 Wells Fargo Bank, National Association 

as Collateral Agent 
 Corporate Trust Services Division 

9062 Old Annapolis Road 
 Columbia, Maryland 21045 

Attention: CDO Trust Services CDO Dept. – BGSL Breckenridge Funding LLC 

NOTICE OF BORROWING 
 This
Notice of Borrowing is delivered pursuant to Section 2.03 of that certain Revolving Credit and Security Agreement dated as of December 21, 2018 (as the same may from time to time be amended, supplemented, waived or modified, the
“Revolving Credit Agreement”) among BGSL Breckenridge Funding LLC, as borrower (the “Borrower”), the lenders from time to time parties thereto (collectively, the “Lenders”), BNP Paribas, as
administrative agent (the “Administrative Agent”), Blackstone/GSO Secured Lending Fund, as equityholder and as servicer, and Wells Fargo Bank, National Association, as collateral agent. Capitalized terms used but not otherwise
defined herein shall have the respective meanings assigned to such terms in the Revolving Credit Agreement. 
  

	1.	 The Borrower hereby requests that on
                    ,          (the “Borrowing Date”)1 it receive Borrowings under the Revolving Credit Agreement in an aggregate principal amount of
                     Dollars
($            )2 under Tranche [A][B][C] (the “Requested Amount”). The amounts set forth below represent each
Lender’s pro rata share of the Requested Amount: 

 BNP Paribas
$                         
  

	2.	 The Borrower hereby gives notice of its request for Advances in an aggregate principal amount equal to the
Requested Amount to the Collateral Agent and the Administrative Agent (who shall forward such request to the Lenders) pursuant to Section 2.03 of the Revolving Credit Agreement and requests that the Lenders remit, or cause to be remitted, the
proceeds thereof to [insert account information]. 

  

 

	1 	 Notice of Borrowing must be delivered not later than 2:00 p.m. at least one (1) Business Days prior to the
day of the requested Borrowing. 

	2 	 Amount of Borrowing must be at least $500,000 or an integral multiple of $100,000 in excess thereof.

  
 B-2-1 

	3.	 The Borrower certifies that immediately after giving effect to the proposed Borrowing on the Borrowing Date:

  

	 	(a)	 the Administrative Agent has received and approved an Approval Request for the Collateral Loan the Borrower
intends to purchase with the proceeds of the Advance and such approval has not expired or been rescinded or the Collateral Loan the Borrower intends to purchase with the proceeds of the Advance is on the current Approved List; 

 

	 	(b)	 the Administrative Agent has received a Notice of Borrowing with respect to such Advance (including a duly
completed Borrowing Base Calculation Statement attached as Exhibit A hereto) delivered in accordance with Section 2.03; 

  

	 	(c)	 immediately before and after the making of such Advance on the Borrowing Date, each Coverage Test will be
satisfied and the Tranche Minimum OC Coverage Test for each Tranche will be satisfied (as demonstrated on the Borrowing Base Calculation Statement attached as Exhibit A hereto); 

 

	 	(d)	 each of the representations and warranties of the Borrower, the Servicer and the Equityholder contained in the
Facility Documents are true and correct in all material respects as of such Borrowing Date (except to the extent such representations and warranties expressly relate to any earlier date, in which case such representations and warranties are true and
correct in all material respects as of such earlier date as if made on such date); 

  

	 	(e)	 no Default, Event of Default, Potential Servicer Removal Event or Servicer Removal Event has occurred and is
continuing at the time of the making of such Advance or will result upon the making of such Advance; 

  

	 	(f)	 the Reinvestment Period has not terminated; and 

 

	 	(g)	 after giving effect to such Advance, the aggregate outstanding principal balance of the Advances shall not
exceed the sum of: 

 (i)    the Aggregate Net Collateral Balance, minus 

(ii)    the Minimum Equity Amount, plus 

(iii) the aggregate amounts on deposit in the Principal Collection Subaccount constituting Principal Proceeds. 

  
 B-2-2 

 WITNESS my hand on
this             day of                     ,
        . 
  

			
	 BGSL BRECKENRIDGE FUNDING LLC, as

Borrower

 
			
		
	[By:	 	  

		 	Name:
		 	Title: ]

 
			
	
	 [BLACKSTONE/GSO SECURED LENDING

FUND, as Servicer on behalf of the Borrower

 
			
		
	By:	 	  

		 	Name:
		 	Title: ]

  
 B-2-3 

 EXHIBIT A TO NOTICE OF BORROWING 

Form of Borrowing Base Calculation Statement 

[To be inserted per Excel template] 

  
 B-2-4 

 EXHIBIT C 

[FORM OF NOTICE OF PREPAYMENT] 

[Date] 
 BNP Paribas 

as Administrative Agent 
 Attn: Jasen Yang 

787 7th Avenue 
 7th Floor 

New York, NY 10019 
 Wells Fargo Bank, National Association 

as Collateral Agent 
 Corporate Trust Services Division 

9062 Old Annapolis Road 
 Columbia, Maryland 21045 

Attention: CDO Trust Services CDO Dept. – BGSL Breckenridge Funding LLC [Address] 

NOTICE OF PREPAYMENT 

This Notice of Prepayment is made pursuant to Section 2.06(a) of that certain Revolving Credit and Security Agreement dated as of
December 21, 2018 among BGSL Breckenridge Funding LLC, as borrower (the “Borrower”), the lenders from time to time parties thereto (collectively, the “Lenders”), BNP Paribas, as administrative agent (the
“Administrative Agent”), Blackstone/GSO Secured Lending Fund, as equityholder and as servicer, and Wells Fargo Bank, National Association, as collateral agent (as the same may from time to time be amended, supplemented, waived or
otherwise modified, the “Revolving Credit Agreement”). Capitalized terms used but not otherwise defined herein shall have the respective meanings assigned to such terms in the Revolving Credit Agreement. 

 

	1.	 The Borrower hereby gives notice that on
                    ,             ,3
it will make a prepayment under the Revolving Credit Agreement in the principal amount of                          Dollars
($                ) under Tranche [A][B][C] (the “Prepayment Amount”). 

 

	2.	 The Borrower hereby gives notice to the Administrative Agent, the Lenders and the Collateral Agent pursuant to
Section 2.06(a) of the Revolving Credit Agreement of intent to prepay in an aggregate principal amount equal to the Prepayment Amount and will remit, or cause to be remitted, the proceeds thereof to the account of each Lender as set forth in
Schedule I hereto. 

  
  

	3 	 The Borrower shall provide each Notice of Prepayment by 2:00 p.m. at least two (2) Business Days prior to
the date of the proposed prepayment. 

  
 C-1 

 WITNESS my hand on this
             day of                             ,
            . 
  

			
	 BGSL BRECKENRIDGE FUNDING LLC, as

Borrower

		
	By:	 	  

		 	Name:
		 	Title:

  
 C-2 

 Schedule I to Notice of Prepayment 

Wire Instructions for [INSERT LENDER] 
 Bank Name:
[•] 
 Routing No: [•] 
 Account # [•] 

Account Name: [•] 
 Ref: [•] 

  
 C-3 

 EXHIBIT D 

FORM OF ASSIGNMENT AND ACCEPTANCE 

Reference is made to the Revolving Credit and Security Agreement dated as of December 21, 2018 (as amended, supplemented or otherwise
modified from time to time, the “Revolving Credit Agreement”) among [INSERT NAME OF ASSIGNING LENDER] (the “Assignor”), the other lenders from time to time parties thereto (together with the Assignor, the
“Lenders”), BNP Paribas, as administrative agent for the Lenders (in such capacity, together with its successors and assigns, the “Administrative Agent”), BGSL Breckenridge Funding LLC, as borrower (the
“Borrower”), Blackstone/GSO Secured Lending Fund, as equityholder (the “Equityholder”) and as servicer (the “Servicer”), and Wells Fargo Bank, National Association, as collateral agent. Capitalized
terms used but not otherwise defined herein shall have the respective meanings assigned to such terms in the Revolving Credit Agreement. 

The Assignor and the “Assignee” referred to on Schedule I hereto agree as follows: 

1. As of the Effective Date (as defined below), the Assignor hereby absolutely and unconditionally sells and assigns, without recourse, to the
Assignee, and the Assignee hereby purchases and assumes, without recourse to or representation of any kind (except as set forth below) from Assignor, an interest in and to the Assignor’s rights and obligations under the Revolving Credit
Agreement and under the other Facility Documents equal to the percentage interest specified on Schedule I hereto, including the Assignor’s percentage interest specified on Schedule I hereto of the outstanding principal amount of
the Advances to the Borrower (such rights and obligations assigned hereby being the “Assigned Interest”). After giving effect to such sale, assignment and assumption, the Assignee’s “Percentage” will be as set forth
on Schedule I hereto. 
 2. The Assignor (i) represents and warrants that immediately prior to the Effective Date it is the
legal and beneficial owner of the Assigned Interest free and clear of any Lien created by the Assignor; (ii) makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in
or in connection with the Facility Documents or the execution, legality, validity, enforceability, genuineness, sufficiency or value of, or the perfection or priority of any Lien or security or ownership interest created or purported to be created
under or in connection with, the Facility Documents or any other instrument or document furnished pursuant thereto or the condition or value of the Assigned Interest, Collateral relating to the Borrower, or any interest therein; and (iii) makes
no representation or warranty and assumes no responsibility with respect to the condition (financial or otherwise) of the Borrower, the Administrative Agent, the Servicer or any other Person, or the performance or observance by any Person of any of
its obligations under any Facility Document or any instrument or document furnished pursuant thereto. 
 3. The Assignee (i) confirms
that it has received a copy of the Revolving Credit Agreement and the other Facility Documents, together with copies of any financial statements delivered pursuant to Section 5.01 of the Revolving Credit Agreement and such other documents and
information as it has deemed appropriate to make its own credit analysis and decision to 

  
 D-1 

 
enter into this Assignment and Acceptance; (ii) agrees that it will, independently and without reliance upon the Administrative Agent, the Assignor, or any other Lender and based on such
documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under or in connection with any of the Facility Documents; (iii) appoints and authorizes the
Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion under the Facility Documents as are delegated to the Administrative Agent by the terms thereof, together with such powers and discretion as
are reasonably incidental thereto; and (iv) agrees that it will perform in accordance with their terms all of the obligations that by the terms of the Facility Documents are required to be performed by it as a Lender. 

4. The Assignee, by checking the box below, (i) acknowledges that it is required to be a Qualified Purchaser for purposes of the
Investment Company Act and a QIB for purposes of the Securities Act at the time it becomes a Lender and on each date on which an Advance is made under the Revolving Credit Agreement and (ii) represents and warrants to the Assignor, the Borrower
and the Agents that the Assignee is a Qualified Purchaser and a QIB: 
  

	 	☐	 By checking this box, the Assignee represents and warrants that it is a Qualified Purchaser and a QIB.

 5. Following the execution of this Assignment and Acceptance, it will be delivered to the Administrative Agent for
acceptance and recording by the Administrative Agent. The effective date for this Assignment and Acceptance (the “Effective Date”) shall be the date of acceptance hereof by the Administrative Agent, unless a later effective date is
specified on Schedule I hereto. 
 6. Upon such acceptance and recording by the Administrative Agent, as of the Effective Date,
(i) the Assignee shall be a party to and bound by the provisions of the Revolving Credit Agreement and, to the extent provided in this Assignment and Acceptance, have the rights and obligations of a Lender thereunder and under any other
Facility Document, (ii) without limiting the generality of the foregoing, the Assignee expressly acknowledges and agrees to its obligations of indemnification to the Administrative Agent pursuant to and as provided in Section 12.04 of the
Revolving Credit Agreement, and (iii) the Assignor shall, to the extent provided in this Assignment and Acceptance, relinquish its rights and be released from its obligations under the Revolving Credit Agreement and under any other Facility
Document. 
 7. Upon such acceptance and recording by the Administrative Agent, from and after the Effective Date, the Borrower shall make
all payments under the Revolving Credit Agreement in respect of the Assigned Interest to the Assignee. The Assignor and Assignee shall make all appropriate adjustments in payments under the Revolving Credit Agreement and the Assigned Interest for
periods prior to the Effective Date directly between themselves. 
 8. This Assignment and Acceptance shall be governed by, and construed in
accordance with, the laws of the State of New York. 

  
 D-2 

 9. This Assignment and Acceptance may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of Schedule I
hereto by telecopier or electronic mail shall be effective as a delivery of a manually executed counterpart of this Assignment and Acceptance. 

IN WITNESS WHEREOF, the Assignor and the Assignee have caused Schedule I hereto to be executed by their officers thereunto duly
authorized as of the date specified thereon. 

  
 D-3 

 Schedule I 

Percentage interest transferred by Assignor:     %________ 
  

							
	Assignor:	 		  	 [INSERT NAME OF ASSIGNOR],
 as
Assignor

				
		 		  	By:	  	
                     
            

		 		  		  	Name:
		 		  		  	Title:
			
	Assignee:	 		  	[INSERT NAME OF ASSIGNEE] as Assignee
				
		 		  	By:	  	
                     
                

		 		  		  	Name:
		 		  		  	Title:

 Accepted this          day of 

                          
   , 
 BNP PARIBAS, 
 as Administrative Agent 

 

			
	By:	 	  

		 	Name:
		 	Title:

  
 D-4 

 [Consented to this         day
of                    ,             

BGSL BRECKENRIDGE FUNDING LLC, 
 as Borrower 

 

			
	By:	 	  

		 	Name:
		 	Title:]4

  
  

	4 	 Insert in an Assignment and Acceptance if Borrower consent is required. 

  
 D-5 

 EXHIBIT E 

[RESERVED] 

  
 E-1 

 EXHIBIT F 

AGREED-UPON PROCEDURES FOR INDEPENDENT PUBLIC ACCOUNTANTS 

In accordance with Section 8.09 of the Revolving Credit and Security Agreement dated as of December 21, 2018 among BGSL Breckenridge Funding
LLC, as borrower (the “Borrower”), the lenders from time to time parties thereto, BNP Paribas, as administrative agent (the “Administrative Agent”), Blackstone/GSO Secured Lending Fund, as equityholder and as
servicer (the “Servicer”), and Wells Fargo Bank, National Association, as collateral agent (as the same may from time to time be amended, supplemented, waived or otherwise modified, the “Revolving Credit
Agreement”), the Servicer will cause a firm of nationally recognized independent public accountants to furnish in accordance with attestation standards established by the American Institute of Certified Public Accountants a report to the
effect that such accountants have either verified, compared to the systems, underwriting files, compliance certificates, underlying loan documents, or other relevant materials, or recalculated each of the following accounts in the Monthly Report to
the applicable system or records of the Servicer: 
  

	 	·        Collateral	 Loan List: 

  

	 	o	 Collateral Loan Type (First Lien BSL, First Lien Loan, Second Lien BSL) 

 

	 	o	 Principal Balance/Adjusted Principal Balance 

 

	 	o	 Collateral Loan Origination Date 

 

	 	o	 Collateral Loan Purchase Date (date Collateral Loan was added to facility) 

 

	 	o	 Purchase Price 

  

	 	o	 Collateral Loan Maturity Date 

 

	 	o	 Interest Rate (Floating/Fixed), Index, spread, PIK 

 

	 	o	 Moody’s Industry Classification 

 

	 	o	 Moody’s and S&P ratings (if applicable) 

 

	 	o	 Days Delinquent 

  

	 	o	 Unfunded Amount 

  

	 	o	 Fixed Charge Coverage Ratio and Debt to Capitalization Ratio 

 

	 	o	 EBITDA/debt to EBITDA ratio 

 

	 	o	 Interest Coverage Ratio 

 

	 	o	 Borrowing Base 

  

	 	o	 Advances Outstanding 

 

	 	o	 Discretionary Sales Calculations, Defaulted Collateral Loan Sales Calculations, Substitution Calculations

  

	 	o	 Other relevant eligibility criteria 

 

	 	•	 	 Recalculation of Excess Concentration Amounts 

 

	 	•	 	 Verification of covenant calculations 

 

	 	•	 	 Verification of waterfall payments 

 

	 	•	 	 Reconciliation of cash flow and account balances 

At the discretion of the Administrative Agent and a firm of nationally recognized independent public accountants, one Monthly Report and one
Payment Date Report for each fiscal year (selected by the Administrative Agent) beginning with the 201[9] fiscal year will be chosen and reviewed in accordance with Section 8.09 of the Revolving Credit Agreement. 

  
 F-1 

 The report provided by such firm may be in a format typically utilized for a report of this
nature; provided that it will consist of at a minimum (i) a list of material deviations from the Monthly Report and Payment Date Report and (ii) discuss with the Servicer the reason for such material deviations, and set forth the
findings in such report. Subject to Section 8.09 of the Revolving Credit Agreement, the format and content of the agreed upon procedures described above may be revised by the Administrative Agent and the Servicer without the necessity of
an amendment to the Revolving Credit Agreement. 

  
 F-2 

 EXHIBIT G 

[FORM OF EXTENSION REQUEST 

[Date]5 

BNP Paribas 
 as Administrative Agent 

Attn: Jasen Yang 
 787 7th Avenue 

7th Floor 
 New York, NY 10019 

Wells Fargo Bank, National Association 
 as Collateral Agent 

Corporate Trust Services Division 
 9062 Old Annapolis Road 

Columbia, Maryland 21045 
 Attention: CDO Trust Services CDO Dept.
– BGSL Breckenridge Funding LLC [Address] 
 Extension Request 

This Extension Request (this “Request”) is executed and delivered by the Borrower to the Administrative Agent pursuant to
Section 2.16 of the that certain Revolving Credit and Security Agreement dated as of December 21, 2018 (as the same may from time to time be amended, supplemented, waived or modified, the “Revolving Credit Agreement”)
among BGSL Breckenridge Funding LLC, as borrower (the “Borrower”), the lenders from time to time parties thereto (collectively, the “Lenders”), BNP Paribas, as administrative agent (the
“Administrative Agent”), Blackstone/GSO Secured Lending Fund, as equityholder and as servicer, and Wells Fargo Bank, National Association, as collateral agent. Capitalized terms used but not otherwise defined herein shall have the
respective meanings assigned to such terms in the Revolving Credit Agreement. 
 1. The Borrower hereby requests an extension of the
Commitment Termination Date to [DATE]6 (the “Facility Extension”). 

2. In connection with this Request, the Borrower hereby represents, warrants and certifies to the Administrative Agent for the benefit of the
Lenders that: 
 (a) as of the effective date of such extension, the representations and warranties of the Borrower, the Equityholder and the
Servicer set forth in the Revolving Credit Agreement and in the other Facility Documents are true and correct in all material respects with the same force and effect as if made on and as of such date (except to the extent that such representations
and warranties expressly relate to an earlier date); provided that if a representation or warranty is qualified as to materiality, with respect to such representation or warranty, the foregoing materiality qualifier shall be disregarded for
the purposes of this condition; and 
  

	5 	 An Extension Request cannot be made earlier than the one year anniversary of the Closing Date and not later
than one hundred twenty (120) days prior to the Commitment Termination Date then in effect. 

	6 	 The Commitment Termination Date may only be extended one time for a period not to exceed one year.

  
 G-1 

 (b) no Default or Event of Default shall have occurred and be continuing on the date of this
Request or on the Commitment Termination Date then in effect. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 G-2 

 
			
	 BGSL BRECKENRIDGE FUNDING LLC,
 as
Borrower

		
	By:	 	  
 Name:

		 	Title: ]

  
 G-3 

 EXHIBIT H 

FORM OF DATA REPORT 
 (See
attached) 

  
 H-1 

 EXHIBIT I 

FORM OF APPROVAL REQUEST FOR ASSET PURCHASE 
  

			
	Obligor Name	 	
	Global Amount of Credit Agreement	 	
		
	Moody’s Industry Classification	 	
	Moody’s Family/Facility Rating	 	
	S&P Family/Facility Rating	 	
	S&P Industry Classification	 	
		
	Intended Hold Amount (par value)	 	
	Facility Type (Moody’s Classification)	 	
	Facility Tranche (A, B, etc.)	 	
	Price Context	 	
	LIBOR Spread / Floor / Fixed Rate (as applicable)	 	
	Facility Tenor	 	
	Total Tranche Amount (Currently)	 	
	Primary or Secondary Purchase?	 	
	LoanXID	 	
	Other information as may be requested by Administrative Agent (e.g., borrower financials, lender presentation, credit agreement)

  
 I-1EX-10.3

 Exhibit 10.3 

TCR2 THERAPEUTICS INC. 

SENIOR EXECUTIVE CASH INCENTIVE BONUS PLAN 
  

	1.	 Purpose 

This Senior Executive Cash Incentive Bonus Plan (the “Incentive Plan”) is intended to provide an
incentive for superior work and to motivate eligible executives of TCR2 Therapeutics Inc. (the “Company”) and its subsidiaries toward even higher achievement and business
results, to tie their goals and interests to those of the Company and its stockholders and to enable the Company to attract and retain highly qualified executives. The Incentive Plan is for the benefit of Covered Executives (as defined below). 

 

	2.	 Covered Executives 

From time to time, the Compensation Committee of the Board of Directors of the Company (the “Compensation
Committee”) may select certain key executives (the “Covered Executives”) to be eligible to receive bonuses hereunder. Participation in this Plan does not change the “at will” nature
of a Covered Executive’s employment with the Company. 
  

	3.	 Administration 

The Compensation Committee shall have the sole discretion and authority to administer and interpret the Incentive Plan. 

 

	4.	 Bonus Determinations 

(a) Corporate Performance Goals. A Covered Executive may receive a bonus payment under the Incentive Plan based upon the attainment of
one or more performance objectives that are established by the Compensation Committee and relate to financial and operational metrics with respect to the Company or any of its subsidiaries (the “Corporate Performance Goals”),
including, but not limited to, the following: cash flow (including, but not limited to, operating cash flow and free cash flow); research and development, publication, clinical and/or regulatory milestones; earnings before interest, taxes,
depreciation and amortization; net income (loss) (either before or after interest, taxes, depreciation and/or amortization); changes in the market price of the Company’s common stock; economic value-added; acquisitions or strategic
transactions, including licenses, collaborations, joint ventures or promotion arrangements; operating income (loss); return on capital, assets, equity, or investment; total stockholder returns; coverage decisions; productivity; expense efficiency;
margins; operating efficiency; working capital; earnings (loss) per share of the Company’s common stock; sales or market shares; number of prescriptions or prescribing physicians; revenue; corporate revenue; operating income and/or net annual
recurring revenue, any of which may be (A) measured in absolute terms or compared to any incremental increase, (B) measured in terms of growth, (C) compared to another company or companies or to results of a peer group,
(D) measured against the market as a whole and/or as compared to applicable market indices and/or (E) measured on a pre-tax or post-tax basis (if applicable).
Further, any Corporate Performance Goals may be used to measure the performance of the Company as a whole or a business unit or other segment of the Company, or one or more product lines or specific markets. The Corporate Performance Goals may
differ from Covered Executive to Covered Executive.  

 (b) Calculation of Corporate Performance Goals. At the beginning of each applicable
performance period, the Compensation Committee will determine whether any significant element(s) will be included in or excluded from the calculation of any Corporate Performance Goal with respect to any Covered Executive. In all other
respects, Corporate Performance Goals will be calculated in accordance with the Company’s financial statements, generally accepted accounting principles, or under a methodology established by the Compensation Committee at the beginning of the
performance period and which is consistently applied with respect to a Corporate Performance Goal in the relevant performance period. 
 (c)
Target; Minimum; Maximum. Each Corporate Performance Goal shall have a “target” (100 percent attainment of the Corporate Performance Goal) and may also have a “minimum” hurdle and/or a “maximum” amount. 

(d) Bonus Requirements; Individual Goals. Except as otherwise set forth in this Section 4(d): (i) any bonuses paid to Covered
Executives under the Incentive Plan shall be based upon objectively determinable bonus formulas that tie such bonuses to one or more performance targets relating to the Corporate Performance Goals, (ii) bonus formulas for Covered Executives
shall be adopted in each performance period by the Compensation Committee and communicated to each Covered Executive at the beginning of each performance period and (iii) no bonuses shall be paid to Covered Executives unless and until the
Compensation Committee makes a determination with respect to the attainment of the performance targets relating to the Corporate Performance Goals. Notwithstanding the foregoing, the Compensation Committee may adjust bonuses payable under the
Incentive Plan based on achievement of one or more individual performance objectives or pay bonuses (including, without limitation, discretionary bonuses) to Covered Executives under the Incentive Plan based on individual performance goals and/or
upon such other terms and conditions as the Compensation Committee may in its discretion determine. 
 (e) Individual Target Bonuses.
The Compensation Committee shall establish a target bonus opportunity for each Covered Executive for each performance period. For each Covered Executive, the Compensation Committee shall have the authority to apportion the target award so that a
portion of the target award shall be tied to attainment of Corporate Performance Goals and a portion of the target award shall be tied to attainment of individual performance objectives. 

(f) Employment Requirement. Subject to any additional terms contained in a written agreement between the Covered Executive and the
Company, the payment of a bonus to a Covered Executive with respect to a performance period shall be conditioned upon the Covered Executive’s employment by the Company on the bonus payment date. If a Covered Executive was not employed for an
entire performance period, the Compensation Committee may pro rate the bonus based on the number of days employed during such period. 
  

	5.	 Timing of Payment 

(a) With respect to Corporate Performance Goals established and measured on a basis more frequently than annually (e.g., quarterly or
semi-annually), the Corporate Performance 

  
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Goals will be measured at the end of each performance period after the Company’s financial reports with respect to such period(s) have been published. If the Corporate Performance Goals
and/or individual goals for such period are met, payments will be made as soon as practicable following the end of such period, but not later than 74 days after the end of the fiscal year in which such performance period ends. 

(b) With respect to Corporate Performance Goals established and measured on an annual or multi-year basis, Corporate Performance Goals will be
measured as of the end of each such performance period (e.g., the end of each fiscal year) after the Company’s financial reports with respect to such period(s) have been published. If the Corporate Performance Goals and/or individual goals for
any such period are met, bonus payments will be made as soon as practicable, but not later than 74 days after the end of the relevant fiscal year. 

(c) For the avoidance of doubt, bonuses earned at any time in a fiscal year must be paid no later than 74 days after the last day of such
fiscal year. 
  

	6.	 Amendment and Termination 

The Company reserves the right to amend or terminate the Incentive Plan at any time in its sole discretion. 

  
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