Document:

EX-4.5

 Exhibit 4.5 

Execution Version 

REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT dated August 13, 2021 (this “Agreement”) is entered into by and among T-Mobile USA, Inc., a Delaware corporation (the “Issuer”), T-Mobile US, Inc., a Delaware corporation (“Parent”), the subsidiaries of the
Issuer party hereto (the “Subsidiary Guarantors” and, together with Parent, the “Initial Guarantors”) and Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC for themselves
and as representatives (the “Representatives”) of the several initial purchasers listed on Schedule 1 of the Purchase Agreement (as defined below) (the “Initial Purchasers”). 

The Issuer, the Initial Guarantors and the Representatives are parties to that certain Purchase Agreement, dated August 10, 2021 (the
“Purchase Agreement”), which provides for the sale by the Issuer to the Initial Purchasers of $700,000,000 aggregate principal amount of 3.600% Senior Secured Notes due 2060 (the “New 2060 Notes”) and $1,300,000,000
aggregate principal amount of 3.400% Senior Secured Notes due 2052 (the “2052 Notes” and, together with the New 2060 Notes, the “Notes”). The Issuer previously issued $1,000,000,000 aggregate principal amount of its
3.600% Senior Secured Notes due 2060 (the “Existing 2060 Notes” and collectively with the New 2060 Notes, the “2060 Notes”) and the New 2060 Notes constitute an offering of “Additional Notes” (as such term
is defined in the Base Indenture (as defined below) and the Seventeenth Supplemental Indenture (as defined below)). 
 The Notes will be
issued under that certain Indenture dated as of April 9, 2020 (the “Base Indenture”), among the Issuer, Parent and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”), as supplemented with respect
to the Issuer’s (a) 2060 Notes by the Seventeenth Supplemental Indenture, dated as of October 28, 2020 (the “Seventeenth Supplemental Indenture”), and the Twentieth Supplemental Indenture, dated as of the date hereof (the
“Twentieth Supplemental Indenture”) and (b) 2052 Notes by the Nineteenth Supplemental Indenture, dated as of the date hereof (the “Nineteenth Supplemental Indenture” and, together with the Seventeenth Supplemental
Indenture and the Twentieth Supplemental Indenture, the “Supplemental Indentures”) in each case among the Issuer, the Initial Guarantors and the Trustee (the Base Indenture, together with the Supplemental Indentures, the
“Indenture”). The Initial Guarantors will, jointly and severally, fully and unconditionally guarantee on a senior secured basis (other than Sprint Corporation, a Delaware corporation, Sprint Communications, Inc. and Sprint Capital
Corporation, which will guarantee on a senior unsecured basis) the obligations of the Issuer, including the due and punctual payment of interest on the Notes (the “Notes Guarantees”). The term “Securities” shall
mean the Notes and the Notes Guarantees. 
 As an inducement to the Initial Purchasers to enter into the Purchase Agreement, the Issuer and
the Initial Guarantors have agreed to provide to the Initial Purchasers and their direct and indirect transferees the registration rights set forth in this Agreement. The execution and delivery of this Agreement is a condition to the closing under
the Purchase Agreement. 

 In consideration of the foregoing, the parties hereto, intending to be legally bound, agree
as follows: 
 1.    Definitions. As used in this Agreement, the following terms shall have the following
meanings: 
 “2052 Notes” shall have the meaning set forth in the preamble. 

“2060 Notes” shall have the meaning set forth in the preamble. 

“Additional Interest” shall have the meaning set forth in Section 2(d). 

“Additional Guarantors” shall mean any subsidiary or affiliate of Parent that executes a Guarantee under the Indenture after the
Closing Date and prior to the consummation of the Exchange Offer Registration or, if applicable, the effectiveness of any Shelf Registration Statement. 

“Base Indenture” shall have the meaning set forth in the preamble. 

“Business Day” shall mean any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are
authorized or required by law to remain closed. 
 “Closing Date” shall mean August 13, 2021, the date of original issuance
of the Notes and the Notes Guarantees. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to
time. 
 “Exchange Date” shall have the meaning set forth in Section 2(a)(ii) hereof. 

“Exchange Offer” shall mean the exchange offer by the Issuer and the Guarantors of Exchange Securities for Registrable Securities
pursuant to Section 2(a) hereof. 
 “Exchange Offer Registration” shall mean a registration under the Securities Act effected
pursuant to Section 2(a) hereof. 
 “Exchange Offer Registration Statement” shall mean an exchange offer registration
statement on Form S-4 (or, if applicable, on another appropriate form) and all amendments and supplements to such registration statement, in each case including the Prospectus contained therein or deemed a
part thereof, all exhibits thereto and any document incorporated by reference therein. 
 “Exchange Securities” shall mean the
Securities issued pursuant to the Indenture in connection with a Registered Exchange Offer (as defined in the Indenture) pursuant to this Agreement. 

“Existing 2060 Notes” shall have the meaning set forth in the preamble. 

  
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 “Existing Registration Rights Agreement” means that certain Registration Rights
Agreement, dated as of October 28, 2020 among the Issuer, the guarantors party thereto, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Goldman Sachs & Co. LLC. 

“Free Writing Prospectus” means each free writing prospectus (as defined in Rule 405 under the Securities Act) prepared by or on
behalf of the Issuer with its consent or used or referred to by the Issuer in connection with the sale of the Securities or the Exchange Securities. 

“Guarantees” shall mean the Notes Guarantees and guarantees of the Exchange Securities by the Guarantors under the Indenture. 

“Guarantors” shall mean the Initial Guarantors, any Additional Guarantors and any successor of a Guarantor that provides a Guarantee
for the Securities. 
 “Holders” shall mean the Initial Purchasers, for so long as they directly own any Registrable Securities,
and each of their respective successors, assigns and direct and indirect transferees who become owners of Registrable Securities under the Indenture; provided that for purposes of Section 4 and Section 5 of this Agreement, the term
“Holders” shall include Participating Broker-Dealers. 
 “Indemnified Person” shall have the meaning set forth in
Section 5(c) hereof. 
 “Indemnifying Person” shall have the meaning set forth in Section 5(c) hereof. 

“Indenture” shall have the meaning set forth in the preamble. 

“Initial Guarantors” shall have the meaning set forth in the preamble. 

“Initial Purchasers” shall have the meaning set forth in the preamble. 

“Inspector” shall have the meaning set forth in Section 3(a)(xiii) hereof. 

“Issuer Information” shall have the meaning set forth in Section 5(a) hereof. 

“Majority Holders” shall mean the Holders of a majority of the aggregate principal amount of the outstanding Registrable Securities;
provided that whenever the consent or approval of Holders of a specified percentage of Registrable Securities is required hereunder, any Registrable Securities owned directly or indirectly by the Issuer or any of its affiliates shall not be
counted in determining whether such consent or approval was given by the Holders of such required percentage or amount; and provided, further, that if the Issuer shall issue any additional Securities under the Indenture that are
entitled to the benefit of registration rights prior to consummation of the Exchange Offer or, if applicable, the effectiveness of any Shelf Registration Statement, such additional Securities and the Registrable Securities to which this Agreement
relates shall be treated together as one class for purposes of determining whether the consent or approval of Holders of a specified percentage of Registrable Securities has been obtained. 

  
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 “New 2060 Notes” shall have the meaning set forth in the preamble. 

“Nineteenth Supplemental Indenture” shall have the meaning set forth in the preamble. 

“Notes” shall have the meaning set forth in the preamble. 

“Notice and Questionnaire” shall mean a notice of registration statement and selling security holder questionnaire distributed to a
Holder by the Issuer upon receipt of a Shelf Request from such Holder. 
 “Participating Broker-Dealers” shall have the meaning
set forth in Section 4(a) hereof. 
 “Participating Holder” shall mean any Holder of Registrable Securities that has returned
a completed and signed Notice and Questionnaire to the Issuer in accordance with Section 2(b) hereof. 
 “Person” shall mean
an individual, partnership, limited liability company, corporation, trust or unincorporated organization, or a government or agency or political subdivision thereof. 

“Prospectus” shall mean the prospectus included in, or, pursuant to the rules and regulations of the Securities Act, deemed a part
of, a Registration Statement, including any preliminary prospectus, and any such prospectus as amended or supplemented by any prospectus supplement, including a prospectus supplement with respect to the terms of the offering of any portion of the
Registrable Securities covered by a Shelf Registration Statement, and by all other amendments and supplements to such prospectus, and in each case including any document incorporated by reference therein. 

“Purchase Agreement” shall have the meaning set forth in the preamble. 

“Registrable Securities” shall mean the Securities; provided that the Securities shall cease to be Registrable Securities
(i) when a Registration Statement with respect to such Securities has become effective under the Securities Act and such Securities have been exchanged or disposed of pursuant to such Registration Statement, (ii) when such Securities cease
to be outstanding, (iii) if the Exchange Offer is made, on or after the Exchange Date therefor with respect to Holders that are eligible to participate in the Exchange Offer but fail to tender such Securities in the Exchange Offer or
(iv) when such Securities have been distributed to the public pursuant to Rule 144. 
 “Registration Default” shall mean the
occurrence of any of the following, unless the Securities are earlier redeemed: (i) the Exchange Offer Registration Statement is not on file with the SEC on or prior to the Target Filing Date, (ii) the Shelf Registration Statement, if
required by this Agreement, is not on file with the SEC on or prior to the Target Filing Date or (iii) the Shelf Registration Statement, if required by this Agreement, has become effective and thereafter either ceases to be effective or the
Prospectus contained therein ceases to be usable (other than as a result of actions by or circumstances relating to the Holders requesting registration) without being succeeded promptly by a post-effective amendment to such Registration Statement
that cures such failure and that is itself declared effective within 20 days of filing such post-effective amendment to such Registration Statement, in each case whether or not permitted by this 

  
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Agreement, at any time during the Shelf Effectiveness Period, and such failure to remain effective or usable exists for more than 120 days (whether or not consecutive) in any 12-month period; provided that the failure to file a post-effective amendment to a Shelf Registration Statement, or the suspension of the effectiveness of a Registration Statement pursuant to notices provided
by the Issuer in accordance with Section 3(c) hereof (except in connection with a notice given pursuant to Section 3(a)(v)(7)) shall not constitute or trigger a Registration Default. 

“Registration Expenses” shall mean any and all expenses incident to performance of or compliance by the Issuer and the Guarantors
with this Agreement, including without limitation: (i) all SEC or Financial Industry Regulatory Authority, Inc. registration and filing fees, (ii) all fees and expenses incurred in connection with compliance with state securities or blue
sky laws (including reasonable fees and disbursements of not more than one counsel for any Underwriters or Holders in connection with blue sky qualification of any Exchange Securities or Registrable Securities), (iii) all expenses of the Issuer and
the Guarantors in preparing (and of any Person in assisting the Issuer and the Guarantors in preparing), word processing, printing and distributing any Registration Statement, any Prospectus and any amendments or supplements thereto, any
underwriting agreements or other similar agreements and any other documents relating to the Issuer’s and the Guarantors’ performance of and compliance with this Agreement, (iv) all rating agency fees, (v) all fees and
disbursements of the Issuer and the Guarantors relating to the qualification of the Indenture under applicable securities laws, (vi) the fees and disbursements of the Trustee and its counsel, (vii) the fees and disbursements of counsel for
the Issuer and the Guarantors and, in the case of a Shelf Registration Statement, the reasonable and actual out-of-pocket fees and disbursements of not more than one
counsel for the Holders and (viii) the fees and disbursements of the independent registered public accountants of the Issuer and the Guarantors, including the expenses of any special audits or “comfort” letters required by or incident
to the performance of and compliance with this Agreement; but excluding fees and expenses of counsel to the Initial Purchasers or any Underwriters or the Holders (other than fees and expenses set forth in clauses (ii) or (vii) above) and
underwriting discounts and commissions, brokerage commissions and transfer taxes, if any, relating to the sale or disposition of Registrable Securities by a Holder. 

“Registration Statement” shall mean any registration statement of the Issuer and the Guarantors that covers any of the Exchange
Securities or Registrable Securities pursuant to the provisions of this Agreement and all amendments and supplements to any such registration statement, including post-effective amendments, in each case including the Prospectus contained therein or
deemed a part thereof, all exhibits thereto and any document incorporated by reference therein. 
 “Rule 144” shall mean Rule 144
promulgated under the Securities Act. 
 “SEC” shall mean the United States Securities and Exchange Commission, or any successor
federal agency performing similar functions. 
 “Securities” shall have the meaning set forth in the preamble. 

“Securities Act” shall mean the Securities Act of 1933, as amended from time to time. 

  
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 “Seventeenth Supplemental Indenture” shall have the meaning set forth in the
preamble. 
 “Shelf Effectiveness Period” shall have the meaning set forth in Section 2(b) hereof. 

“Shelf Registration” shall mean a registration effected pursuant to Section 2(b) hereof. 

“Shelf Registration Statement” shall mean a “shelf” registration statement of the Issuer and the Guarantors that covers
all or a portion of the Registrable Securities (but, unless such Shelf Registration Statement is an automatic Shelf Registration Statement, no other securities unless approved by a majority of the Holders whose Registrable Securities are to be
covered by such Shelf Registration Statement) on an appropriate form under Rule 415 under the Securities Act, or any similar rule that may be adopted by the SEC, and all amendments and supplements to such registration statement, including
post-effective amendments, in each case including the Prospectus contained therein or deemed a part thereof, all exhibits thereto and any document incorporated by reference therein. For the avoidance of doubt, “Shelf Registration
Statement” shall include any previously filed registration statement of the Issuer that is amended or supplemented to satisfy the foregoing. 

“Shelf Request” shall have the meaning set forth in Section 2(b) hereof. 

“Staff” shall mean the staff of the SEC. 

“Target Filing Date” shall have the meaning set forth in Section 2(a)(i) hereof. 

“Trust Indenture Act” shall mean the Trust Indenture Act of 1939, as amended from time to time. 

“Trustee” shall mean the trustee with respect to the Securities under the Indenture. 

“Twentieth Supplemental Indenture” shall have the meaning set forth in the preamble. 

“Underwriter” shall have the meaning set forth in Section 3(e) hereof. 

“Underwritten Offering” shall mean an offering in which Registrable Securities are sold to an Underwriter for reoffering to the
public. 
 2.    Registration Under the Securities Act. (a) To the extent not prohibited by any applicable
law or applicable interpretations of the Staff, the Issuer and the Guarantors shall use commercially reasonable efforts to (i) cause to be filed an Exchange Offer Registration Statement covering an offer to the Holders to exchange all the
Registrable Securities for Exchange Securities within 365 days after the Closing Date (or, if such 365th day is not a Business Day, the next succeeding Business Day (the “Target Filing Date”) and (ii) have such Registration
Statement declared effective promptly thereafter and, at the request of one or more Participating Broker-Dealers, remain effective until 90 days after the date that it becomes effective, for use by one or more Participating Broker-Dealers (or such
shorter period as will terminate when all Registrable Securities covered by such Registration Statement have been sold pursuant thereto). The Issuer and the Guarantors shall commence the Exchange Offer promptly after the Exchange Offer Registration
Statement is declared effective by the SEC and use commercially reasonable efforts to complete the Exchange Offer not later than 60 days after such effective date. 

  
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 The Issuer and the Guarantors shall commence the Exchange Offer by mailing or delivering the
related Prospectus and other accompanying documents, if any, in compliance with the applicable procedures of the depositary holding the Securities stating, in addition to such other disclosures as are required by applicable law, substantially the
following: 
  

	(i)	 that the Exchange Offer is being made pursuant to this Agreement and that all Registrable Securities validly
tendered and not properly withdrawn will be accepted for exchange; 

  

	(ii)	 the Exchange Offer shall remain available for tenders by the Holders of Registrable Securities for a period of
at least 20 Business Days from the date the Exchange Offer is commenced (or longer if required by applicable law including in accordance with the requirements of Regulation 14E of the Exchange Act) (the “Exchange Date”);

  

	(iii)	 that any Registrable Security not tendered by the Exchange Date will remain outstanding and continue to accrue
interest but will not retain any rights under this Agreement, except as otherwise expressly specified herein; 

  

	(iv)	 that any Holder electing to have a Registrable Security exchanged pursuant to the Exchange Offer will be
required to (A) surrender such Registrable Security to the institution and at the address and in the manner specified in the notice, or (B) effect such exchange otherwise in compliance with the applicable procedures of the depositary for
such Registrable Security, in each case prior to the close of business on the Exchange Date; and 

  

	(v)	 that any Holder will be entitled to withdraw its election, not later than the close of business on the Exchange
Date, by (A) delivering to the institution and at the address specified in the notice, email, facsimile transmission or letter setting forth the name of such Holder, the principal amount of Registrable Securities delivered for exchange and a
statement that such Holder is withdrawing its election to have such Securities exchanged or (B) effecting such withdrawal in compliance with the applicable procedures of the depositary for the Registrable Securities. 

As a condition to participating in the Exchange Offer, a Holder will be required to represent to the Issuer and the Guarantors that
(i) any Exchange Securities to be received by it will be acquired in the ordinary course of its business, (ii) at the time of the commencement of the Exchange Offer it has no arrangement or understanding with any Person to participate in
the distribution (within the meaning of the Securities Act) of the Exchange Securities in violation of the provisions of the Securities Act, (iii) it is not an “affiliate” (within the meaning of Rule 405 under the Securities Act) of
the Issuer or any Guarantor, or if it is such an affiliate, it will comply with the registration and prospectus delivery requirements of the Securities Act to the extent applicable, (iv) if such Holder is a broker-dealer that will receive
Exchange Securities for its own account in exchange for Registrable Securities that were acquired as a result of market-making or other trading activities, then such Holder will deliver a Prospectus (or, to the extent permitted by law, make
available a Prospectus to purchasers) in connection with any resale of such Exchange 

  
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Securities, (v) such Holder holds all right, title and interest in and to the Registrable Securities to be exchanged, (vi) such Holder transfers all right, title and interest in the
Registrable Securities to the Issuer in exchange for the Exchange Securities free and clear of all liens, encumbrances, or rights or interests of third parties, and (vii) if such Holder is not a broker-dealer, that it is not engaged in, and
does not intend to engage in, a public distribution of Exchange Securities. 
 As soon as practicable after the Exchange Date, the Issuer
and the Guarantors shall: 
  

	(i)	 accept for exchange Registrable Securities or portions thereof validly tendered and not properly withdrawn
pursuant to the Exchange Offer; and 

  

	(ii)	 deliver, or cause to be delivered, to the Trustee for cancellation all Registrable Securities or portions
thereof so accepted for exchange by the Issuer and issue, and cause the Trustee to promptly authenticate and deliver to each Holder, Exchange Securities equal in principal amount to the principal amount of the Registrable Securities tendered by such
Holder. 

 The Issuer and the Guarantors shall use commercially reasonable efforts to complete the Exchange Offer as
provided above and shall comply in all material respects with the applicable requirements of the Securities Act, the Exchange Act and other applicable laws and regulations in connection with the Exchange Offer. The Exchange Offer shall not be
subject to any conditions, other than (a) that the Exchange Offer does not violate in any material respect any applicable law or applicable interpretations of the Staff and (b) as expressly set forth herein, including the making of the
representations and warranties referred to in the second preceding paragraph and compliance with the terms and conditions set forth in the third preceding paragraph. 

(b)    In the event that (i) the Issuer and the Guarantors determine that the Exchange Offer Registration provided
for in Section 2(a) hereof is not available or may not be completed as soon as practicable after the Exchange Date because it would violate any applicable law or applicable interpretations of the Staff or (ii) after the filing of the
Exchange Offer Registration Statement with the SEC, upon receipt of a written request (a “Shelf Request”) within 20 Business Days after the consummation of the Exchange Offer (x) from any Initial Purchaser or Holder
representing that it holds Registrable Securities but is prohibited by applicable law or SEC policy from participating in the Exchange Offer, (y) from any Initial Purchaser or Holder that participates in the Exchange Offer, which represents
that it received Exchange Securities that may be sold with only Securities Act restrictions (for the avoidance of doubt, other than restrictions resulting solely by reason of the status of such Initial Purchaser or Holder as an affiliate of the
Issuer or any Guarantor) on transfer or (z) from any Initial Purchaser with respect to Registrable Securities that have, or that are reasonably likely to be determined to have, the status of unsold allotments in the original distribution of the
Registrable Securities, the Issuer and the Guarantors shall, subject to Section 2(f), use commercially reasonable efforts to cause to be filed as soon as practicable, but in any event within 60 days, after such determination date or Shelf
Request, as the case may be, a Shelf Registration Statement (which, if permitted, may be an amendment to the Exchange Offer Registration Statement) providing for the sale of all the Registrable Securities by the Holders thereof and to have such
Shelf Registration Statement declared effective promptly; provided that no Holder will be entitled to have any Registrable 

  
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Securities included in any Shelf Registration Statement, or entitled to use the prospectus forming a part of such Shelf Registration Statement until such Holder shall have delivered a completed
and signed Notice and Questionnaire and provided such other information regarding such Holder to the Issuer as is contemplated by Section 3(b) hereof. 

In the event that the Issuer and the Guarantors are required to file a Shelf Registration Statement pursuant to clause (i) of the
directly preceding paragraph, the filing of an Exchange Offer Registration Statement in compliance with Section 2(a) above shall be deemed to satisfy the requirement to file a Shelf Registration Statement pursuant to the preceding paragraph,
provided that in such event the Issuer and the Guarantors shall remain obligated to use commercially reasonable efforts to cause such Registration Statement to become effective. In the event that the Issuer and the Guarantors are required to file a
Shelf Registration Statement pursuant to clause (ii) of the directly preceding paragraph, the Issuer and the Guarantors shall use commercially reasonable efforts to file and have become effective both an Exchange Offer Registration Statement
pursuant to Section 2(a) hereof with respect to all Registrable Securities and a Shelf Registration Statement (which may be a combined Registration Statement with the Exchange Offer Registration Statement) with respect to offers and sales of
Registrable Securities held by Participating Holders after completion of the Exchange Offer. 
 The Issuer and the Guarantors agree to use
commercially reasonable efforts to keep the Shelf Registration Statement continuously effective, subject to Sections 2(f) and 3(d), until the earlier of the date that is (x) the date that the Securities cease to be Registrable Securities or (y)
210 calendar days following the date that is the earlier of (A) 365 after the Closing Date (or, if such 365th day is not a Business Day, the next succeeding Business Day) or (B) the date on which the Securities covered by the Shelf Request have
been transferred by all Holders (in the case of any Shelf Registration Statement required to be filed pursuant to Section 2(b)(i)) or all of the Participating Holder(s) making such Shelf Request (in the case of any Shelf Registration Statement
required to be filed pursuant to Section 2(b)(ii)) (the period from the effective date thereof to such date, the “Shelf Effectiveness Period”). The Issuer and the Guarantors further agree, subject to Section 2(f), to use
commercially reasonable efforts to supplement or amend the Shelf Registration Statement and the related Prospectus if required by the rules, regulations or instructions applicable to the registration form used by the Issuer and the Guarantors for
such Shelf Registration Statement or by the Securities Act or by any other rules and regulations thereunder or if reasonably requested in writing pursuant to the notice provision hereof by a Participating Holder of Registrable Securities with
respect to information relating to such Holder prior to the end of the Shelf Effectiveness Period, and to use commercially reasonable efforts to cause any such amendment to become effective, if required, and such Shelf Registration Statement and
Prospectus to become usable as soon as thereafter practicable. The Issuer and the Guarantors agree to furnish to the Participating Holders copies of any such supplement or amendment promptly after its being used or filed with the SEC. 

(c)    The Issuer and the Guarantors shall pay all Registration Expenses in connection with any registration pursuant to
Section 2(a) or Section 2(b) hereof. Each Holder shall pay all underwriting discounts and commissions, brokerage commissions, its own attorney fees (except as such fees may be covered by clause (vii) of the definition of Registration
Expenses) and transfer taxes, if any, relating to the sale or disposition of such Holder’s Registrable Securities pursuant to the Shelf Registration Statement. 

  
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 (d)    An Exchange Offer Registration Statement pursuant to
Section 2(a) hereof will not be deemed to have become effective unless it has been declared effective by the SEC or otherwise becomes effective pursuant to SEC rules. A Shelf Registration Statement pursuant to Section 2(b) hereof will not
be deemed to have become effective unless it has been declared effective by the SEC or is automatically effective upon filing with the SEC as provided by Rule 462 under the Securities Act or otherwise becomes effective pursuant to SEC rules. 

If a Registration Default occurs, the interest rate on the applicable Registrable Securities will be increased by (i) 0.25% per annum for the
first 90-day period beginning on and including the day such Registration Default occurred and (ii) an additional 0.25% per annum with respect to the subsequent
90-day period in which such Registration Default continues, in each case until and excluding the date such Registration Default ends, up to a maximum increase for all Registration Defaults in the aggregate of
0.50% per annum (collectively, the “Additional Interest”). A Registration Default ends, and Additional Interest on account thereof shall cease to accrue, when the Securities cease to be Registrable Securities or, if earlier,
(1) in the case of a Registration Default under clause (i) of the definition thereof, when the Exchange Offer is completed, (2) in the case of a Registration Default under clause (ii) or clause (iii) of the definition
thereof, when the Shelf Registration Statement becomes effective or (3) in the case of a Registration Default under clause (iv) of the definition thereof, when the Shelf Registration Statement again becomes effective or the Prospectus
again becomes usable. Notwithstanding the foregoing, (i) neither the Issuer nor any Guarantor shall be required to pay Additional Interest in excess of the amount described above because more than one Registration Default has occurred and is
pending, (ii) a Holder of Registrable Securities who is not entitled to the benefits of a Shelf Registration Statement shall not be entitled to Additional Interest with respect to a Registration Default that pertains to such Shelf Registration
Statement, (iii) a Holder of Registrable Securities who does not make a Shelf Request shall not be entitled to Additional Interest in respect of a Registration Default pertaining to a Shelf Registration Statement related to such Shelf Request,
and (iv) a Holder who cannot take advantage of the Exchange Offer shall not be entitled to Additional Interest in respect of a Registration Default relating to the Exchange Offer. 

(e)    Any amounts paid pursuant to Section 2(d) above shall be computed ratably on the basis of twelve 30-day months and shall be paid in cash semi-annually in arrears, with the first semi-annual payment due on the first date an interest payment is made pursuant to the Indenture following the date of such
Registration Default. 
 (f)    Notwithstanding anything contained in this Agreement to the contrary, upon the
occurrence or existence of a possible acquisition or business combination or other transaction, business development or event involving the Issuer or the Guarantors that may require disclosure in a Registration Statement, if the Issuer determines in
the exercise of its reasonable judgment (and not for the purpose of avoidance of its obligations hereunder) that such disclosure is not in the best interests of the Issuer and its stockholders, the Issuer and the Guarantors may delay the filing or
the effectiveness, or may suspend the effectiveness, of the Exchange Offer Registration Statement or the Shelf Registration Statement and shall not be required to maintain the effectiveness thereof or amend or supplement the Exchange Offer
Registration Statement or the Shelf Registration Statement for one or more periods not to exceed an aggregate of 120 days during any 12-month period. Any such delay period will not defer the obligations of the
Issuer to pay Additional Interest with respect to a Registration Default. 

  
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 (g)    The Issuer and the Guarantors covenant that they (including their
agents and representatives) will not prepare, make, use, authorize, approve or refer to any Free Writing Prospectus. 

3.    Registration Procedures. (a) In connection with their obligations pursuant to Section 2(a) and
Section 2(b) hereof, the Issuer and the Guarantors shall in accordance with the terms of this Agreement: 

(i)    use commercially reasonable efforts to prepare and file with the SEC a Registration Statement on the appropriate
form under the Securities Act, which form (x) shall be selected by the Issuer and the Guarantors, (y) shall, in the case of a Shelf Registration, be available for the sale of the Registrable Securities by the Holders thereof and
(z) shall comply as to form in all material respects with the requirements of the applicable form and include all financial statements required by the SEC to be filed therewith; and use commercially reasonable efforts to cause such Registration
Statement to become effective and remain effective for the applicable period in accordance with Section 2 hereof; 

(ii)    use commercially reasonable efforts to prepare and file with the SEC such amendments and post-effective amendments
to each Registration Statement as may be necessary to keep such Registration Statement effective (subject to the provisions of Sections 2(f) and 3(d) hereof) for the applicable period in accordance with Section 2 hereof and cause each
Prospectus to be supplemented by any required prospectus supplement and, as so supplemented, to be filed pursuant to Rule 424 under the Securities Act; and keep each Prospectus current during the period described in Section 4(3) of and Rule 174
under the Securities Act that is applicable to transactions by brokers or dealers with respect to the Registrable Securities or Exchange Securities; 

(iii)    in the case of a Shelf Registration, use commercially reasonable efforts to furnish to each Participating Holder,
to counsel for such Participating Holders (to the extent that the Issuer and the Guarantors have been requested to do so and provided with contact information for such counsel) and to each Underwriter of an Underwritten Offering of Registrable
Securities, if any, without charge, as many copies of each Prospectus or preliminary prospectus, and any amendment or supplement thereto, as such Participating Holder, counsel or Underwriter may reasonably request in order to facilitate the sale or
other disposition of the Registrable Securities thereunder; and, subject to Section 3(c) hereof, the Issuer and the Guarantors consent to the use of such Prospectus or preliminary prospectus and any amendment or supplement thereto in accordance
with applicable law by each of the Holders of Registrable Securities and any such Underwriters in connection with the offering and sale of the Registrable Securities covered by and in the manner described in such Prospectus or preliminary prospectus
or any amendment or supplement thereto in accordance with applicable law; 
 (iv)    prior to any public offering of
Registrable Securities, use commercially reasonable efforts to cooperate with the applicable selling Holders and their counsel to register or qualify the Registrable Securities under all applicable state securities or blue sky laws of such

  
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jurisdictions as any Holder of Registrable Securities covered by a Registration Statement shall reasonably request in writing by the time the applicable Registration Statement becomes effective;
use commercially reasonable efforts to cooperate with such Holders in connection with any filings required to be made with the Financial Industry Regulatory Authority, Inc.; and use commercially reasonable efforts to do any and all other acts and
things that may be reasonably necessary or advisable to enable each Holder to complete the disposition in each such jurisdiction of the Registrable Securities owned by such Holder; provided that neither the Issuer nor any Guarantor shall be
required to (1) qualify as a foreign corporation or other entity or as a dealer in securities in any such jurisdiction where it would not otherwise be required to so qualify, (2) execute or file any general consent to service of process in
any such jurisdiction or (3) subject itself to taxation or service of process in any such jurisdiction if it is not so subject; 

(v)    notify counsel for the Initial Purchasers (such counsel being the counsel on the date of this Agreement unless the
Initial Purchasers notify the Issuer and the Guarantors in writing otherwise) and, in the case of a Shelf Registration, notify each Participating Holder and counsel for such Participating Holders promptly and, if requested by any such Participating
Holder or counsel, confirm such advice in writing promptly (1) when a Registration Statement has become effective, when any post-effective amendment thereto has been filed and becomes effective and when any amendment or supplement to the
related Prospectus has been filed, (2) of any request by the SEC or any state securities authority for amendments and supplements to a Registration Statement or the related Prospectus or for additional information, in each case after the
Registration Statement has become effective, (3) of the issuance by the SEC or any state securities authority of any stop order suspending the effectiveness of a Registration Statement or the initiation of any proceedings for that purpose,
including the receipt by the Issuer of any notice of objection of the SEC to the use of a Shelf Registration Statement or any post-effective amendment thereto pursuant to Rule 401(g)(2) under the Securities Act, (4) if, between the applicable
effective date of a Shelf Registration Statement and the closing of any sale of Registrable Securities covered thereby, the representations and warranties of the Issuer or any Guarantor contained in any underwriting agreement, securities sales
agreement or other similar agreement, if any, relating to an offering of such Registrable Securities cease to be true and correct in all material respects or if the Issuer or any Guarantor receives any notification with respect to the suspension of
the qualification of the Registrable Securities for sale in any jurisdiction or the initiation of any proceeding for such purpose, (5) of the happening of any event during the period a Registration Statement is effective that in the
determination of the Issuer or any Guarantor makes any statement of material fact made in such Registration Statement or the related Prospectus untrue or that requires the making of any changes in such Registration Statement or Prospectus in order
to make the statements therein not misleading, (6) of any determination by the Issuer or any Guarantor that a post-effective amendment to a Registration Statement or any amendment or supplement to the Prospectus would be appropriate and
(7) of any suspension in the effectiveness of a Registration Statement pursuant to Section 2(f) (provided that such notice required under this Section 3(a)(v) in connection with such suspension pursuant to Section 2(f) shall not
require the Issuer to disclose the applicable possible acquisition or business combination or other transaction, business development or event if the Issuer determines in good faith that such acquisition or business combination or other transaction,
business development or event should remain confidential); 

  
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 (vi)    use commercially reasonable efforts to obtain the withdrawal of
any order suspending the effectiveness of a Registration Statement or, in the case of a Shelf Registration, the resolution of any objection of the SEC pursuant to Rule 401(g)(2), including by filing an amendment to such Shelf Registration Statement
on the proper form, as promptly as practicable, and provide prompt notice to each Participating Holder of the withdrawal of any such order or such resolution; 

(vii)    in the case of a Shelf Registration, use commercially reasonable efforts to furnish to each Participating Holder,
without charge, at least one conformed copy of each Registration Statement and any post-effective amendment thereto (without any documents incorporated therein by reference or exhibits thereto, unless reasonably requested), in each case, if not
available on EDGAR; 
 (viii)    in the case of a Shelf Registration, unless the Registrable Securities are in
book-entry or global certificate only form, use commercially reasonable efforts to reasonably cooperate (if applicable) with the Participating Holders to facilitate the timely preparation and delivery of certificates representing Registrable
Securities to be sold and not bearing any restrictive legends and enable such Registrable Securities to be issued in such denominations and registered in such names (consistent with the provisions of the Indenture) as such Participating Holders may
reasonably request at least two Business Days prior to the closing of any sale of Registrable Securities; 
 (ix)    in
the case of a Shelf Registration, upon the occurrence of any event contemplated by Section 3(a)(v)(5) hereof, use commercially reasonable efforts to prepare and file with the SEC a supplement or post-effective amendment to such Shelf
Registration Statement or the related Prospectus or any document incorporated therein by reference or file any other required document so that, as thereafter delivered (or, to the extent permitted by law, made available) to purchasers of the
Registrable Securities, such Prospectus will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;
and the Issuer and the Guarantors shall notify (it being understood and agreed that no such notice or any notice under Section 3(a)(v)(5) shall include any material non-public information with respect to
the relevant event) the Participating Holders to suspend use of the Prospectus as promptly as practicable after the occurrence of such an event, and such Participating Holders hereby agree to suspend use of the Prospectus until the Issuer and the
Guarantors have amended or supplemented the Prospectus to correct such misstatement or omission; provided that neither the Issuer nor the Guarantors shall be required to take any action pursuant this Section 3(a)(ix) during any
suspension period pursuant to Sections 2(f) or 3(d) hereof; 
 (x)    in case of a Shelf Registration, a reasonable time
prior to the filing of such Registration Statement, any related Prospectus, any amendment to such Registration Statement or amendment or supplement to such Prospectus or of any document that is to be incorporated by reference into such Registration
Statement or such Prospectus after initial filing of such Shelf Registration Statement (except for current reports filed on Form 8-K filed in the ordinary course of business), provide copies of such document
to the Representatives and their counsel and to the Holders of Registrable Securities and their counsel to the extent that the Issuer and the Guarantors have been requested to do so and provided with contact information for such counsel)

  
 13 

 
and make such of the representatives of the Issuer and the Guarantors as shall be reasonably requested by the Representatives or their counsel and the Participating Holders or their counsel
available for discussion of such document at reasonable times and upon reasonable notice; and the Issuer and the Guarantors shall not, at any time after initial filing of a Shelf Registration Statement, file any Prospectus, any amendment of or any
supplement to a Registration Statement or Prospectus or (except for current reports filed on Form 8-K filed in the ordinary course of business) any document that is to be incorporated by reference into a Shelf
Registration Statement, or a related Prospectus, of which the Participating Holders of Registrable Securities (and to the extent that the Issuer and the Guarantors have been requested to do so and provided with contact information for such counsel,
their counsel) shall not have previously been advised and, to the extent requested, furnished a copy or to which the Representatives or their counsel and the Participating Holders of Registrable Securities or their counsel shall reasonably object in
writing within five Business Days after the receipt thereof; 
 (xi)    use commercially reasonable efforts to obtain a
CUSIP number for all Exchange Securities or Registrable Securities in the case of a Shelf Registration, as the case may be, not later than the initial effective date of a Registration Statement; provided, that (with respect to the Exchange
Securities for the New 2060 Notes, such CUSIP numbers shall be the same as the respective CUSIP numbers for the Exchange Securities (as defined in the Existing Registration Rights Agreement) for the Existing 2060 Notes.. 

(xii)    use commercially reasonable efforts to cause the Indenture to continue to be qualified under the Trust Indenture
Act in connection with the registration of the Exchange Securities or Registrable Securities, as the case may be; provide cooperation with the Trustee and the Holders to effect such changes to the Indenture as may be required for the Indenture to
remain so qualified in accordance with the terms of the Trust Indenture Act; and execute, and use commercially reasonable efforts to cause the Trustee to execute, all documents as may be required to effect such changes and all other forms and
documents required to be filed with the SEC to enable the Indenture to remain so qualified in a timely manner; 

(xiii)    in the case of a Shelf Registration, make available for inspection by a representative of the Participating
Holders (an “Inspector”), any Underwriter participating in any disposition pursuant to such Shelf Registration Statement, any attorneys and accountants designated by a majority of the Participating Holders and any attorneys and
accountants designated by such Underwriter, at reasonable times and in a reasonable manner, all pertinent financial and other records, documents and properties of the Issuer and its subsidiaries, and cause the respective officers, directors and
employees of the Issuer and the Guarantors to supply all information reasonably requested by any such Inspector, Underwriter, attorney or accountant in connection with a Shelf Registration Statement in each case, as is customary for similar
“due diligence” examinations of underwritten offerings; provided that if any such information is identified by the Issuer or any Guarantor as being confidential or proprietary, each Person receiving such information shall take such
actions as are reasonably necessary to protect, the confidentiality of such information to the extent such action is otherwise not inconsistent with, an impairment or in derogation of the obligations of such Person in connection with any action,
claim, suit or proceeding, directly or indirectly, involving or potentially involving such Person and arising out of, based upon, relating to, or involving this Agreement or the Shelf Registration, or any transactions contemplated hereby or thereby
or arising hereunder or thereunder, and 

  
 14 

 
provided further that the respective officers, director and employees of the Issuer and the Guarantors and other subsidiaries of the Issuer shall not be required to provide any
information, and the Issuer and its subsidiaries shall not be required to make available any records, documents or properties, the disclosure or inspection of which is prohibited by the organizational documents of the Issuer or such Guarantor or
other subsidiary of Parent or by law, rule or regulation; 
 (xiv)    [Reserved]; 

(xv)    if reasonably requested by any Participating Holder covered by a Shelf Registration Statement pursuant to
Section 2(b) hereof, promptly include in a Prospectus supplement or post-effective amendment such information with respect to such Participating Holder as such Participating Holder reasonably requests to be included therein; and make all
required filings of such Prospectus supplement or such post-effective amendment as soon as the Issuer has received notification of the matters to be so included in such filing; 

(xvi)    in the case of a Shelf Registration, enter into such customary agreements and take all such other actions in
connection therewith (to the extent requested by the Participating Holders of a majority in principal amount of the Registrable Securities covered by the Shelf Registration Statement) in order to expedite or facilitate the disposition of such
Registrable Securities including, but not limited to, an Underwritten Offering and in such connection, (1) to the extent possible, make such representations and warranties to the Participating Holders and any Underwriters of such Registrable
Securities with respect to the business of the Issuer and its subsidiaries and the Registration Statement, Prospectus and documents incorporated by reference or deemed incorporated by reference, if any, in each case, in form, substance and scope as
are customarily made by issuers similar to the Issuer to underwriters in underwritten offerings and confirm the same if and when requested, (2) obtain customary opinions of counsel to the Issuer and the Guarantors (which opinions, in form,
scope and substance, shall be reasonably satisfactory to the Participating Holders and such Underwriters and their respective counsel) addressed to each requesting Participating Holder and Underwriter of Registrable Securities, covering the matters
customarily covered in opinions requested in underwritten offerings, (3) use commercially reasonable efforts to obtain “comfort” letters from the independent registered public accountants of the Issuer and the Guarantors (and, if
necessary, any other independent registered public accountant of any subsidiary of the Issuer or any Guarantor, or of any business acquired by the Issuer or any Guarantor for which financial statements and financial data are or are required to be
included in the Registration Statement) addressed to each Participating Holder (to the extent permitted by applicable professional standards) and Underwriter of Registrable Securities, such letters to be in customary form and covering matters of the
type customarily covered in “comfort” letters in connection with underwritten offerings, including but not limited to financial information contained in any preliminary prospectus or Prospectus and (4) deliver such documents and
certificates as may be reasonably requested by the Participating Holders of a majority in principal amount of the Registrable Securities being sold or the Underwriters, and which are customarily delivered in underwritten offerings, to evidence the
continued validity of the representations and warranties of the Issuer and the Guarantors made pursuant to clause (1) above and to evidence compliance with any customary conditions contained in an underwriting agreement; it being agreed that
the representations and warranties, opinions of counsel and comfort letters delivered in connection with the initial offering of the Securities are customary; and 

  
 15 

 (xvii)    so long as any Registrable Securities remain outstanding,
cause each Additional Guarantor upon the creation or acquisition by the Issuer of such Additional Guarantor, to execute a counterpart to this Agreement in the form attached hereto as Annex A and to deliver such counterpart to the Initial
Purchasers no later than five Business Days following such Additional Guarantor executing its guarantee under the Indenture. 

(b)    In the case of a Shelf Registration Statement, the Issuer may require each Holder of Registrable Securities to
furnish to the Issuer such information regarding such Holder and the proposed disposition by such Holder of such Registrable Securities as the Issuer and the Guarantors may from time to time reasonably request in writing; provided that if a
Holder fails to provide the requested information within 10 Business Days after receiving such request, the Issuer or any Guarantor may exclude such Holder’s Registrable Securities from such Shelf Registration Statement; provided further that
any failure to provide such information shall not require the Issuer or the Guarantors to pay Additional Interest. 

(c)    Each Participating Holder agrees that, upon receipt of any notice from the Issuer of the happening of any event of
the kind described in Section 3(a)(v)(2), Section 3(a)(v)(3), Section 3(a)(v)(4), Section 3(a)(v)(5), Section 3(a)(v)(6) or Section 3(a)(v)(7) hereof, such Person will forthwith discontinue disposition of Registrable
Securities pursuant to the Shelf Registration Statement until such Person’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 3(a)(ix) hereof and, if so directed by the Issuer and the Guarantors, such
Person will deliver to the Issuer and the Guarantors all copies in its possession, other than permanent file copies then in such Person’s possession, of the Prospectus covering such Registrable Securities that is current at the time of receipt
of such notice. 
 (d)    If the Issuer and the Guarantors shall give any notice to suspend the disposition of
Registrable Securities pursuant to a Registration Statement pursuant to Section 2(f), Section 3(a)(v)(2), Section 3(a)(v)(3), Section 3(a)(v)(4), Section 3(a)(v)(5), Section 3(a)(v)(6) or Section 3(a)(v)(7) that
results in suspension of disposition of Registrable Securities pursuant to Section 3(c), the Issuer and the Guarantors shall not be required to maintain the effectiveness thereof during the period of such suspension, and shall extend the period
during which such Registration Statement shall be maintained effective pursuant to this Agreement on a day-by-day basis by the number of days during the period from and
including the date of the giving of such notice to and including the date when the Holders of such Registrable Securities shall have received copies of the supplemented or amended Prospectus necessary to resume such dispositions. 

(e)    The Participating Holders who desire to do so may sell such Registrable Securities in an Underwritten Offering. In
any such Underwritten Offering, the investment bank or investment banks and manager or managers (each an “Underwriter”) that will administer the offering will be selected by the Holders of a majority in principal amount of the
Registrable Securities included in such offering, subject to the approval of the Issuer and the Guarantors, which approval shall not be unreasonably withheld. All fees, costs and expenses of the Underwriters, except for Registration Expenses, shall
be borne solely by the Holders of Registrable Securities. 

  
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 4.    Participation of Broker-Dealers in Exchange Offer.
(a) The Staff has taken the position that any broker-dealer that receives Exchange Securities for its own account in the Exchange Offer in exchange for Securities that were acquired by such broker-dealer as a result of market-making or other
trading activities (a “Participating Broker-Dealer”) may be deemed to be an “underwriter” within the meaning of the Securities Act and must deliver a prospectus meeting the requirements of the Securities Act in connection
with any resale of such Exchange Securities. 
 The parties hereto understand that it is the Staff’s position that if the Prospectus
contained in the Exchange Offer Registration Statement includes a plan of distribution containing a statement to the above effect and the means by which Participating Broker-Dealers may resell the Exchange Securities, without naming the
Participating Broker-Dealers or specifying the amount of Exchange Securities owned by them, such Prospectus may be delivered by Participating Broker-Dealers (or, to the extent permitted by law, made available to purchasers) to satisfy their
prospectus delivery obligation under the Securities Act in connection with resales of Exchange Securities for their own accounts, so long as the Prospectus otherwise meets the requirements of the Securities Act. 

(b)    In light of the above, and notwithstanding the other provisions of this Agreement, the Issuer and the Guarantors
agree to use commercially reasonable efforts to amend or supplement the Prospectus contained in the Exchange Offer Registration Statement for a period of up to 90 days after the Exchange Date (as such period may be extended pursuant to
Section 3(d) hereof), in order to expedite or facilitate the disposition of any Exchange Securities by Participating Broker-Dealers consistent with the positions of the Staff recited in Section 4(a) above. The Issuer and the Guarantors
further agree that, subject to Section 3(c), Participating Broker-Dealers shall be authorized to deliver such Prospectus (or, to the extent permitted by law, make available) during such period in connection with the resales contemplated by this
Section 4. 
 5.    Indemnification and Contribution. (a) The Issuer and each Guarantor, jointly and
severally, agree to indemnify and hold harmless each Initial Purchaser and each Holder, their respective affiliates, directors and officers and each Person, if any, who controls any Initial Purchaser or any Holder within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses, claims, damages and liabilities (including, without limitation, reasonable and actual out-of-pocket legal fees and other actual out-of-pocket expenses reasonably incurred in connection with any suit, action or
proceeding or any claim asserted, as such fees and expenses are incurred), joint or several, that arise out of, or are based upon, (1) any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement
or any omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein not misleading, or (2) any untrue statement or alleged untrue statement of a material fact
contained in any Prospectus, any Free Writing Prospectus used in violation of this Agreement or any “issuer information” (“Issuer Information”) filed or required to be filed pursuant to Rule 433(d) under the Securities
Act, or any omission or alleged omission to state therein a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, in each case except insofar as such losses,
claims, damages or liabilities arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to any Initial

  
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Purchaser or information relating to any Holder furnished to the Issuer in writing by the Representatives, any Initial Purchaser or any Holder, respectively, expressly for use therein. In
connection with any Underwritten Offering permitted by Section 3, the Issuer and the Guarantors, jointly and severally, will also indemnify the Underwriters, if any, their respective affiliates and each Person who controls such Persons (within
the meaning of the Securities Act and the Exchange Act) to the same extent as provided above with respect to the indemnification of the Holders, if requested in connection with any Registration Statement, any Prospectus, any Free Writing Prospectus
used in violation of this Agreement or any Issuer Information. 
 (b)    Each Holder agrees, severally and not jointly,
to indemnify and hold harmless the Issuer, the Guarantors, the Initial Purchasers and the other selling Holders, the directors and officers of the Issuer and the Guarantors and each Person, if any, who controls the Issuer, the Guarantors, any
Initial Purchaser and any other selling Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the indemnity set forth in paragraph (a) above, but only with respect to any
losses, claims, damages or liabilities that arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to such Holder furnished to
the Issuer in writing by such Holder expressly for use in any Registration Statement and any Prospectus. Any underwriting agreement entered into in connection with any Underwritten Offering permitted by Section 3, shall include provisions
whereby each Underwriter agrees, severally and not jointly, to indemnify and hold harmless the Issuer, the Guarantors, the Initial Purchasers and the selling Holders, the directors and officers of the Issuer and the Guarantors and each Person, if
any, who controls the Issuer, the Guarantors, any Initial Purchaser and any selling Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the indemnity set forth in paragraph
(a) above, but only with respect to any losses, claims, damages or liabilities that arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any
information relating to such Underwriter furnished to the Issuer in writing by such Underwriter expressly for use in any Registration Statement and any Prospectus. 

(c)    If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be
brought or asserted against any Person in respect of which indemnification may be sought pursuant to either paragraph (a) or (b) above, such Person (the “Indemnified Person”) shall promptly notify the Person against whom such
indemnification may be sought (the “Indemnifying Person”) in writing; provided that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have under paragraph (a) or (b) above
except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided, further, that the failure to notify the Indemnifying Person shall not relieve it from any
liability that it may have to an Indemnified Person otherwise than under paragraph (a) or (b) above. If any such proceeding shall be brought or asserted against an Indemnified Person and it shall have notified the Indemnifying Person thereof,
the Indemnifying Person shall assume and control the defense of such action and shall retain counsel reasonably satisfactory to the Indemnified Person to represent the Indemnified Person and any others entitled to indemnification pursuant to this
Section 5 that the Indemnifying Person may designate in such proceeding and shall pay the fees and expenses of such proceeding and shall pay the reasonable fees and expenses of such counsel related to such proceeding, as

  
 18 

 
incurred (except that in the case of any action in respect of which indemnity may be sought pursuant to both Sections 5(a) and 5(b), a Holder shall not be required to assume the defense of such
action pursuant to this Section 5(c), but may employ separate counsel and participate in the defense thereof, but the fees and expenses of such counsel, except as provided below, shall be at the expense of the Holder). In any such proceeding,
any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless (i) the Indemnifying Person and the Indemnified Person shall have
mutually agreed to the contrary; (ii) the Indemnifying Person has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Person; (iii) the Indemnified Person shall have reasonably concluded upon advice
of counsel that there may be legal defenses available to it that are different from or in addition to those available to the Indemnifying Person; or (iv) the named parties in any such proceeding (including any impleaded parties) include both
the Indemnifying Person and the Indemnified Person and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them, in which case for clauses (i)-(iv), the Indemnifying
Person’s obligations shall be only for reasonable and actual outside counsel fees and expenses. It is understood and agreed that the Indemnifying Person shall not, in connection with any proceeding or separate but substantially similar or
related proceedings in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all Indemnified Persons, and that all such fees and expenses shall be reimbursed as they are
incurred. Any such separate firm (x) for any Initial Purchaser, its affiliates, directors and officers and any control Persons of such Initial Purchaser shall be designated in writing by the Representatives, (y) for any other Holder, its
directors and officers and any control Persons of such Holder shall be designated in writing by the Majority Holders (other than any Initial Purchaser) and (z) in all other cases shall be designated in writing by the Issuer. The Indemnifying
Person shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment, the Indemnifying Person agrees to indemnify each Indemnified Person from and
against any loss or liability by reason of such settlement or judgment. No Indemnifying Person shall, without the written consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding in respect of which any
Indemnified Person is or could have been a party and indemnification could have been sought hereunder by such Indemnified Person, unless such settlement (A) includes an unconditional release of such Indemnified Person, in form and substance
reasonably satisfactory to such Indemnified Person, from all liability on claims that are the subject matter of such proceeding and (B) does not include any statement as to or any admission of fault, culpability or a failure to act by or on
behalf of any Indemnified Person. 
 (d)    If the indemnification provided for in paragraphs (a) and (b) above is
unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under such paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall
contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Issuer and the Guarantors
from the offering of the Securities and the Exchange Securities, on the one hand, and by the Holders from receiving Securities or Exchange Securities registered under the Securities Act, on the other hand, or (ii) if the allocation provided by
clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) but 

  
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also the relative fault of the Issuer and the Guarantors on the one hand and the Holders on the other in connection with the statements or omissions that resulted in such losses, claims, damages
or liabilities, as well as any other relevant equitable considerations. The relative fault of the Issuer and the Guarantors on the one hand and the Holders on the other shall be determined by reference to, among other things, whether the untrue or
alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Issuer and the Guarantors or by the Holders and the parties’ relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission. 
 (e)    The Issuer, the Guarantors and
the Holders agree that it would not be just and equitable if contribution pursuant to this Section 5 were determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any other method
of allocation that does not take account of the equitable considerations referred to in paragraph (d) above. The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in paragraph
(d) above shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such Indemnified Person in connection with any such action or claim. Notwithstanding the provisions of this
Section 5, in no event shall a Holder be required to contribute any amount in excess of the amount by which the total price at which the Securities or Exchange Securities sold by such Holder exceeds the amount of any damages that such Holder
has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be
entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The Holders’ obligations to contribute pursuant to this Section 5 are several and not joint. 

(f)    The remedies provided for in this Section 5 are not exclusive and shall not limit any rights or remedies that
may otherwise be available to any Indemnified Person at law or in equity. 
 (g)    The indemnity and contribution
provisions contained in this Section 5 shall remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of the Initial Purchasers or any Holder or any
Person controlling any Initial Purchaser or any Holder, or by or on behalf of the Issuer or the Guarantors or the officers or directors of or any Person controlling the Issuer or the Guarantors, (iii) acceptance of any of the Exchange
Securities and (iv) any sale of Registrable Securities pursuant to a Shelf Registration Statement. 

6.    General. 

(a)    No Inconsistent Agreements. The Issuer and the Guarantors represent, warrant and agree that (i) the
rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted to the holders of any other outstanding securities issued or guaranteed by the Issuer or any Guarantor under any other agreement
in effect as of the date hereof and (ii) neither the Issuer nor any Guarantor has entered into, or on or after the date of this Agreement will enter into, any agreement that is inconsistent with the rights granted to the Holders of Registrable
Securities in this Agreement or otherwise conflicts with the provisions hereof. 

  
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 (b)    Amendments and Waivers. The provisions of this Agreement,
including the provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given unless the Issuer and the Guarantors have obtained the written consent of
Holders of at least a majority in aggregate principal amount of the outstanding Registrable Securities affected by such amendment, modification, supplement, waiver or consent (excluding Registrable Securities held by the Issuer, the Guarantors and
their affiliates); provided that no amendment, modification, supplement, waiver or consent to any departure from the provisions of Section 5 hereof shall be effective as against any Holder of Registrable Securities unless consented to in
writing by such Holder. Any amendments, modifications, supplements, waivers or consents pursuant to this Section 6(b) shall be by a writing executed by each of the parties hereto. Notwithstanding the foregoing, a waiver or consent to depart
from the provisions hereof that relates exclusively to the rights of Holders whose Registrable Securities are being tendered pursuant to the Exchange Offer, and that does not affect directly or indirectly the rights of other Holders whose
Registrable Securities are not being tendered pursuant to such Exchange Offer, may be given by the Holders of a majority of the outstanding principal amount of Registrable Securities being tendered pursuant to such Exchange Offer. 

(c)    Notices. All notices and other communications provided for or permitted hereunder shall be made in writing
by hand-delivery, first-class mail, email, telecopier/facsimile, or any courier guaranteeing overnight delivery (i) if to a Holder, at the most current address given by such Holder to the Issuer by means of a notice given in accordance with the
provisions of this Section 6(c), which address initially is, with respect to the Initial Purchasers, the address set forth in the Purchase Agreement; (ii) if to the Issuer and the Guarantors, initially at the Issuer’s address set
forth in the Purchase Agreement and thereafter at such other address, notice of which is given in accordance with the provisions of this Section 6(c); and (iii) to such other persons at their respective addresses as provided in the
Purchase Agreement and thereafter at such other address, notice of which is given in accordance with the provisions of this Section 6(c). All such notices and communications shall be deemed to have been duly given: at the time delivered by
hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged, if telecopied/faxed; and on the next Business Day if timely delivered to an air courier guaranteeing
overnight delivery. Copies of all such notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee, at the address specified in the Indenture. 

(d)    Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors,
assigns and transferees of each of the parties, including, without limitation and without the need for an express assignment, subsequent Holders; provided that nothing herein shall be deemed to permit any assignment, transfer or other
disposition of Registrable Securities in violation of the terms of the Purchase Agreement or the Indenture. If any transferee of any Holder shall acquire Registrable Securities in any manner, whether by operation of law or otherwise, such
Registrable Securities shall be held subject to all the terms of this Agreement, and by taking and holding such Registrable Securities such Person shall be conclusively deemed to have agreed to be bound by and to perform all of the terms and

  
 21 

 
provisions of this Agreement and such Person shall be entitled to receive the benefits hereof. The Initial Purchasers (solely in their capacity as Initial Purchasers) shall have no liability or
obligation to the Issuer or the Guarantors with respect to any failure by a Holder to comply with, or any breach by any Holder of, any of the obligations of such Holder under this Agreement. 

(e)    Third Party Beneficiaries. Each Holder shall be a third party beneficiary to the agreements made hereunder
between the Issuer and the Guarantors, on the one hand, and the Initial Purchasers, on the other hand, and shall have the right to enforce such agreements directly to the extent it deems such enforcement necessary or advisable to protect its rights
or the rights of other Holders hereunder, in each case subject to Section 6(j) hereof. 

(f)    Counterparts. This Agreement may be executed in any number of counterparts and by the 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. 

(g)    Headings. The headings in this Agreement are for convenience of reference only, are not a part of this
Agreement and shall not limit or otherwise affect the meaning hereof. 
 (h)    Governing Law. This Agreement,
and any claims, controversy or dispute arising under or related to this Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to the conflict of laws rules thereof that would require the
application of any other law. 
 (i)    Entire Agreement; Severability. This Agreement contains the entire
agreement between the parties relating to the subject matter hereof and supersedes all oral statements and prior writings with respect thereto. If any term, provision, covenant or restriction contained in this Agreement is held by a court of
competent jurisdiction to be invalid, void or unenforceable or against public policy, the remainder of the terms, provisions, covenants and restrictions contained herein shall remain in full force and effect and shall in no way be affected, impaired
or invalidated. 
 (j)    Exclusive Remedy. Notwithstanding anything contained in this Agreement (including
without limitation Sections 2, 3 and 4 hereof) or in the Indenture to the contrary, the payment of Additional Interest shall be the only remedy available to the Initial Purchasers and the Holders of Securities for any Registration Default or other
failure to comply with this Agreement (other than failure to comply with Section 5 of this Agreement). Each party hereto acknowledges and agrees that the harm caused by a Registration Default would be impossible or very difficult to accurately
estimate as of the date hereof, and that the Additional Interest is a reasonable estimate of the anticipated or actual harm that might arise from a Registration Default. 

[Remainder of Page Intentionally Left Blank] 

  
 22 

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

			
	T-MOBILE USA, INC.
		
	By:	 	 /s/ Johannes Thorsteinsson

		 	Name: Johannes Thorsteinsson
		 	Title:   Senior Vice President, Treasury and Treasurer
	
	T-MOBILE US, INC.
		
	By:	 	 /s/ Johannes Thorsteinsson

		 	Name: Johannes Thorsteinsson
		 	Title:   Senior Vice President, Treasury and Treasurer

  
 [Signature Page to
Registration Rights Agreement] 

 
	
	ALDA WIRELESS HOLDINGS, LLC
	AMERICAN TELECASTING DEVELOPMENT, LLC
	AMERICAN TELECASTING OF ANCHORAGE, LLC
	AMERICAN TELECASTING OF COLUMBUS, LLC
	AMERICAN TELECASTING OF DENVER, LLC
	AMERICAN TELECASTING OF FORT MYERS, LLC
	AMERICAN TELECASTING OF FT. COLLINS, LLC
	AMERICAN TELECASTING OF GREEN BAY, LLC
	AMERICAN TELECASTING OF LANSING, LLC
	AMERICAN TELECASTING OF LINCOLN, LLC
	AMERICAN TELECASTING OF LITTLE ROCK, LLC
	AMERICAN TELECASTING OF LOUISVILLE, LLC
	AMERICAN TELECASTING OF MEDFORD, LLC
	AMERICAN TELECASTING OF MICHIANA, LLC
	AMERICAN TELECASTING OF MONTEREY, LLC
	AMERICAN TELECASTING OF REDDING, LLC
	AMERICAN TELECASTING OF SANTA BARBARA, LLC
	AMERICAN TELECASTING OF SEATTLE, LLC
	AMERICAN TELECASTING OF SHERIDAN, LLC
	AMERICAN TELECASTING OF YUBA CITY, LLC
	APC REALTY AND EQUIPMENT COMPANY, LLC
	ASSURANCE WIRELESS OF SOUTH CAROLINA, LLC
	ASSURANCE WIRELESS USA, L.P.
	ATI SUB, LLC
	BROADCAST CABLE, LLC
	CLEAR WIRELESS LLC
	CLEARWIRE COMMUNICATIONS LLC
	CLEARWIRE HAWAII PARTNERS SPECTRUM, LLC
	CLEARWIRE IP HOLDINGS LLC
	CLEARWIRE LEGACY LLC
	CLEARWIRE SPECTRUM HOLDINGS II LLC
	CLEARWIRE SPECTRUM HOLDINGS III LLC
	CLEARWIRE SPECTRUM HOLDINGS LLC
	CLEARWIRE XOHM LLC
	FIXED WIRELESS HOLDINGS, LLC
	FRESNO MMDS ASSOCIATES, LLC
	IBSV LLC
	KENNEWICK LICENSING, LLC
	LAYER3 TV, LLC
	METROPCS CALIFORNIA, LLC
	METROPCS FLORIDA, LLC
	METROPCS GEORGIA, LLC, each as a Guarantor

  

			
	By:	 	 /s/ Johannes Thorsteinsson

	Name:	 	Johannes Thorsteinsson
	Title:	 	Senior Vice President, Treasury & Treasurer

  
 [Signature Page to
Registration Rights Agreement] 

 
	
	METROPCS MASSACHUSETTS, LLC
	METROPCS MICHIGAN, LLC
	METROPCS NEVADA, LLC
	METROPCS NEW YORK, LLC
	METROPCS PENNSYLVANIA, LLC
	METROPCS TEXAS, LLC
	NEXTEL COMMUNICATIONS OF THE MID-ATLANTIC, INC.
	NEXTEL OF NEW YORK, INC.
	NEXTEL RETAIL STORES, LLC
	NEXTEL SOUTH CORP.
	NEXTEL SYSTEMS, LLC
	NEXTEL WEST CORP.
	NSAC, LLC
	PCTV GOLD II, LLC
	PCTV SUB, LLC
	PEOPLE’S CHOICE TV OF HOUSTON, LLC
	PEOPLE’S CHOICE TV OF ST. LOUIS, LLC
	PRWIRELESS PR, LLC
	PUSHSPRING, LLC
	SIHI NEW ZEALAND HOLDCO, INC.
	SPEEDCHOICE OF DETROIT, LLC
	SPEEDCHOICE OF PHOENIX, LLC
	SPRINT (BAY AREA), LLC
	SPRINT CAPITAL CORPORATION
	SPRINT COMMUNICATIONS COMPANY L.P.
	 SPRINT COMMUNICATIONS COMPANY OF NEW HAMPSHIRE, INC.

	SPRINT COMMUNICATIONS COMPANY OF VIRGINIA, INC.
	SPRINT COMMUNICATIONS, INC.
	SPRINT CORPORATION
	SPRINT EBUSINESS, INC.
	SPRINT EWIRELESS, INC.
	SPRINT INTERNATIONAL COMMUNICATIONS CORPORATION
	SPRINT INTERNATIONAL HOLDING, INC.
	SPRINT INTERNATIONAL INCORPORATED
	SPRINT INTERNATIONAL NETWORK COMPANY LLC
	SPRINT PCS ASSETS, L.L.C.
	SPRINT SOLUTIONS, INC.
	SPRINT SPECTRUM REALTY COMPANY, LLC
	SPRINT/UNITED MANAGEMENT COMPANY
	TDI ACQUISITION SUB, LLC, each as a Guarantor

  

			
	By:	 	 /s/ Johannes Thorsteinsson

	Name:	 	Johannes Thorsteinsson
	Title:	 	Senior Vice President, Treasury & Treasurer

  
 [Signature Page to
Registration Rights Agreement] 

 
	
	T-MOBILE INNOVATIONS LLC
	T-MOBILE LICENSE LLC
	T-MOBILE NORTHEAST LLC
	T-MOBILE PCS HOLDINGS LLC
	T-MOBILE PUERTO RICO HOLDINGS LLC
	T-MOBILE PUERTO RICO LLC
	T-MOBILE RESOURCES LLC
	T-MOBILE SOUTH LLC
	T-MOBILE WEST LLC
	TMUS INTERNATIONAL LLC
	TRANSWORLD TELECOM II, LLC
	TVN VENTURES LLC
	USST OF TEXAS, INC.
	UTELCOM LLC
	VMU GP, LLC
	WBS OF AMERICA, LLC
	WBS OF SACRAMENTO, LLC
	WBSY LICENSING, LLC
	WCOF, LLC
	WIRELESS BROADBAND SERVICES OF AMERICA, L.L.C.
	WIRELINE LEASING CO., INC., each as a Guarantor

 
			
		
	By:	 	 /s/ Johannes Thorsteinsson

	Name:	 	Johannes Thorsteinsson
	Title:	 	Senior Vice President, Treasury & Treasurer

 
	
	
	SPRINTCOM, INC.
	SPRINT SPECTRUM LLC
	T-MOBILE FINANCIAL LLC
	T-MOBILE LEASING LLC, each as a Guarantor

 
			
		
	By:	 	 Johannes Thorsteinsson

	Name:	 	Johannes Thorsteinsson
	Title:	 	Assistant Treasurer
	
	T-MOBILE CENTRAL LLC, as a Guarantor
		
	By:	 	 Johannes Thorsteinsson

	Name:	 	Johannes Thorsteinsson
	Title:	 	Vice President

  
 [Signature Page to
Registration Rights Agreement] 

 Confirmed and accepted as of the date first above written: 

 

					
	CITIGROUP GLOBAL MARKETS INC., on behalf of itself and as a Representative of the Initial Purchasers
			
	By:	 	 /s/ Brian D. Bednarski
	  	
		 	Name: Brian D. Bednarski	  	
		 	Title:   Managing Director	  	

  
 [Signature Page to
Registration Rights Agreement] 

					
	DEUTSCHE BANK SECURITIES INC., on behalf of itself and as a Representative of the Initial Purchasers
			
	By:	 	 /s/ Ritu Ketkar
	  	
		 	Name: Ritu Ketkar	  	
		 	Title:   Managing Director	  	
			
	By:	 	 /s/ John C. McCabe
	  	
		 	Name: John C. McCabe	  	
		 	Title:   Managing Director	  	

  
 [Signature Page to
Registration Rights Agreement] 

					
	J.P. MORGAN SECURITIES LLC, on behalf of itself and as a Representative of the Initial Purchasers
			
	By:	 	 /s/ Som Bhattacharyya
	  	
		 	Name: Som Bhattacharyya	  	
		 	Title:   Executive Director	  	

  
 [Signature Page to
Registration Rights Agreement] 

 Annex A 

Counterpart to Registration Rights Agreement 

The undersigned hereby absolutely, unconditionally and irrevocably agrees as a Guarantor (as defined in the Registration Rights Agreement,
dated as of August 13, 2021 by and among T-Mobile USA, Inc., a Delaware corporation (the “Issuer”), T-Mobile US, Inc., a Delaware corporation
(“Parent”), each subsidiary of the Issuer party thereto (the “Subsidiary Guarantors”) and Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC, for themselves and as
representatives (the “Representatives”) of the initial purchasers listed on Schedule 1 of the Purchase Agreement (as defined below) (the “Initial Purchasers”), to be bound by the terms and provisions of such
Registration Rights Agreement. 
 IN WITNESS WHEREOF, the undersigned has executed this counterpart as of
             20[    ]. 
  

			
	[NAME]
		
	By:	 	
                     
                    

		 	Name:
		 	Title:EX-10.1

 Exhibit 10.1 

Certain portions of this document have been omitted pursuant to Items 601(b)(10)(vi) of Regulation S-K and, where applicable, have been marked with
“[***]” to indicate where omissions have been made. A copy of any omitted portion will be furnished supplementally to the Securities and Exchange Commission upon request; provided, however, that the registrant may request confidential
treatment pursuant to Rule 24b-2 of the Exchange Act for any document so furnished. 

EXECUTION VERSION 
  

 
  
  

 
 CREDIT AGREEMENT 

 
  

 
 COMVEST GROUP HOLDINGS II LP,

 as Fund Sponsor 
 and 

GOLDMAN SACHS BANK USA, 
 as
the Lender 
  
  

 
 June 14, 2021 

 
  

 

 CONTENTS 
  

							
	SECTION	 	 	  	PAGE	 
	 ARTICLE I BUSINESS TERMS
	  	 	1	 
			
	 1.
	 	FACILITY-SPECIFIC TERMS	  	 	1	 
			
	 1.1
	 	Facility A Terms	  	 	1	 
	 1.2
	 	Facility B Terms	  	 	4	 
		
	 ARTICLE II GENERAL CREDIT AGREEMENT TERMS
	  	 	9	 
			
	 2.
	 	GENERAL DEFINITIONS	  	 	9	 
			
	 2.1
	 	Capital Call Facility Definitions	  	 	9	 
	 2.2
	 	ERISA, Tax and Other Definitions	  	 	13	 
	 2.3
	 	Interpretation	  	 	17	 
	 2.4
	 	Separate Facilities	  	 	17	 
			
	 3.
	 	LOANS	  	 	18	 
			
	 3.1
	 	Facilities	  	 	18	 
	 3.2
	 	Revolving Loans and Use of Proceeds	  	 	18	 
	 3.3
	 	Loan Procedures	  	 	19	 
	 3.4
	 	Interest Rate	  	 	19	 
	 3.5
	 	Fees	  	 	20	 
	 3.6
	 	Capitalization of Interest and Fees	  	 	20	 
	 3.7
	 	Facility Increase or Decrease	  	 	20	 
			
	 4.
	 	PAYMENTS	  	 	20	 
			
	 4.1
	 	Voluntary Prepayments	  	 	20	 
	 4.2
	 	Payment of Obligations	  	 	20	 
	 4.3
	 	Required Period	  	 	20	 
	 4.4
	 	Mandatory Prepayment Events	  	 	21	 
	 4.5
	 	Interest Payments	  	 	23	 
			
	 5.
	 	REPORTING AND NOTICES	  	 	23	 
			
	 5.1
	 	Notice Procedures	  	 	23	 
	 5.2
	 	Event Based Reporting	  	 	23	 
	 5.3
	 	Quarterly and Annual Reporting	  	 	24	 
	 5.4
	 	Disclosure of Credit Agreement	  	 	25	 
	 5.5
	 	Other Reporting	  	 	25	 
			
	 6.
	 	COVENANTS	  	 	25	 
			
	 6.1
	 	Partnership Interests and Capital Commitments	  	 	25	 
	 6.2
	 	Borrower Parties	  	 	26	 
			
	 7.
	 	REPRESENTATIONS	  	 	28	 
			
	 7.1
	 	Partnership Interests and Capital Commitments	  	 	28	 
	 7.2
	 	Borrower Parties	  	 	29	 
			
	 8.
	 	EVENTS OF DEFAULT AND REMEDIES	  	 	31	 
			
	 8.1
	 	Events of Default	  	 	31	 
	 8.2
	 	Remedies	  	 	32	 
	 8.3
	 	Additional Rights of the Lender	  	 	32	 
	 8.4
	 	Application of Payments	  	 	33	 

  
 i 

							
	 9.
	 	MISCELLANEOUS PROVISIONS	  	 	33	 
			
	 9.1
	 	Amendments; Waivers	  	 	33	 
	 9.2
	 	Borrower Provisions	  	 	33	 
	 9.3
	 	Confidentiality	  	 	36	 
	 9.4
	 	Assignments	  	 	36	 
	 9.5
	 	Other Miscellaneous Provisions	  	 	37	 
			
	 10.
	 	INCREASED COSTS, LIBOR UNAVAILABILITY AND TAXES	  	 	38	 
			
	 10.1
	 	Compensation Certificate	  	 	38	 
	 10.2
	 	LIBOR Unavailability, Inadequacy or Illegality	  	 	38	 
	 10.3
	 	Change in Law	  	 	39	 
	 10.4
	 	Taxes	  	 	39	 
		
	 SCHEDULE I Annexes 
	  	 	41	 
		
	 Annex I [Reserved] 
	  	 	42	 
		
	 Annex II [Reserved] 
	  	 	43	 
		
	 Annex III [Reserved] 
	  	 	44	 
		
	 Annex IV [Reserved] 
	  	 	45	 
		
	 Annex V Collateral Security Agreement 
	  	 	46	 
		
	 Annex VI Conditions Precedent to Closing 
	  	 	49	 

  

			
	FACILITY A EXHIBITS
	
	FORMS:
	EXHIBIT A:	  	Borrowing Base Certificate
	EXHIBIT B:	  	Loan Request
	EXHIBIT C:	  	Compliance Certificate
	EXHIBIT D:	  	[Reserved]
	EXHIBIT E:	  	Closing Certificate
	EXHIBIT F:	  	[Reserved]
	EXHIBIT G:	  	[Reserved]
	EXHIBIT H:	  	Umbrella Limit Allocation
	
	FORMS OF DOCUMENTS TO BE EXECUTED:
	EXHIBIT I:	  	Promissory Note
	EXHIBIT J:	  	[Reserved]
	EXHIBIT K:	  	[Reserved]
	EXHIBIT L:	  	[Reserved]
	
	FACILITY B EXHIBITS
	
	FORMS:
	EXHIBIT A:	  	Borrowing Base Certificate
	EXHIBIT B:	  	Loan Request
	EXHIBIT C:	  	Compliance Certificate
	EXHIBIT D:	  	[Reserved]
	EXHIBIT E:	  	Closing Certificate
	EXHIBIT F:	  	[Reserved]
	EXHIBIT G:	  	[Reserved]
	EXHIBIT H:	  	Umbrella Limit Allocation
	
	FORMS OF DOCUMENTS TO BE EXECUTED:
	EXHIBIT I:	  	Promissory Note
	EXHIBIT J:	  	Limited Partner Consent
	EXHIBIT K:	  	[Reserved]
	EXHIBIT L:	  	[Reserved]

  

  
 ii 

 ARTICLE I BUSINESS TERMS 
  

	1.	 FACILITY-SPECIFIC TERMS 

 

	1.1	 Facility A Terms 

 

	 	(a)	 Facility A Economic Terms 

[***] 
  

	 	(b)	 Facility A Borrower Party Information 

[***] 
  

	 	(c)	 Facility A Collateral Accounts 

[***] 

  
 1 

	 	(d)	 Facility A Lender Information 

[***] 

	 	(e)	 Facility A Definitions 

[***] 
  

	 	(f)	 Facility A Provisions 

[***] 
  

	 	(g)	 Facility A Modifications 

[***] 
 [REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK] 

  
 2 

	 	(h)	 Facility A Signature Pages 

[***] 

  
 3 

	1.2	 Facility B Terms 

 

	 	(a)	 Facility B Economic Terms 

 

			
	Economic Terms
		
	Facility B Closing Date	  	August 11, 2021
		
	Facility B Limit	  	$75,000,000, as may be increased or decreased from time to time.
		
	Facility B Committed Tranche	  	$0
		
	Facility B Uncommitted Tranche	  	$75,000,000, as may be increased or decreased from time to time.
		
	Facility B Administrative Fee	  	.025% of the Facility B Limit, payable quarterly in arrears, to be adjusted by mutual agreement if the Facility B Limit is reduced below $75,000,000.
		
	Facility B Unused Fee	  	None.
		
	Facility B Interest Rate	  	 For LIBOR Loans, LIBOR plus 2.70% per annum.
  

For LIBOR Alternative Rate Loans, the LIBOR Alternative Rate plus a
to-be-determined spread.
  

For Prime Rate Loans, Prime Rate plus 1.70% per annum.

		
	Facility B Availability	  	 The lesser of:
  

(a)   the Facility B Limit; and

 
 (b)   Borrowing Base
Availability,
 minus:
  

(i) the Primary Obligations; and
  

(ii)  the aggregate amount of any requested Utilizations.

		
	Demand Notice Period	  	15 Business Days
		
	Facility Termination Date	  	 The earlier of:
  

•  the date that is 30 days prior to the last date on which the Facility B Borrower may issue Capital
Calls under the Fund Documents to repay the Obligations; and
  

•  the date on which this Credit Agreement is terminated by written notice from the Lender or the
Borrower to the other party.

  

	 	(b)	 Facility B Borrower Party Information  

 

			
	Borrower Party Information
		
	Facility B Borrower	  	Commonwealth Credit Partners BDC I, Inc., a Delaware corporation
		
	Facility B Primary Obligors	  	Facility B Borrower
		
	Facility B Reporting Parties	  	Facility B Borrower
		
	Facility B Fund Sponsor	  	Comvest Group Holdings II LP
		
	Facility B LPA	  	Charter and Bylaws of Commonwealth Credit Partners BDC I, Inc., as such terms are defined in the LPA Subscription Document

  
 4 

			
	Facility B Management Agreement	  	Investment Advisory and Management Agreement, dated as of June 29, 2021, between Commonwealth Credit Partners BDC I, Inc. and Commonwealth Credit Advisors LLC
		
	Notice Address of Borrower Parties	  	 525 Okeechobee Boulevard, Suite 1050
 West Palm
Beach, FL 33401
 Attention: Cecilio Rodriguez, CFO / Michael Altschuler, General Counsel

Telephone: [***]
 Email: [***]

 
 With a copy to:

Richard Horowitz
 Dechert LLP

Telephone: [***]
 Email: [***]

  

	 	(c)	 Facility B Collateral Accounts 

 

			
	Facility B Pledgor	  	Facility B Collateral Account
		
	Commonwealth Credit Partners BDC I, Inc.	  	 Name of Depository: U.S. Bank National Association

[***]

  

	 	(d)	 Facility B Lender Information 

 

			
	Lender Information
		
	Lender Notice Address	  	 For Utilizations, Capital Calls and Recallable Capital:

[***]
  

All other notices:
 [***]

 
 With a copy to:

[***]
  

With a copy to:
 [***]

		
	Lender Account	  	 JP Morgan Chase Bank, N.A.
 [***]

 
 or any other account designated by the Lender in writing.

  

	 	(e)	 Facility B Definitions 

“Facility B” means the credit facility made available to the Facility B Borrower under this Credit Agreement. 

“Facility B Obligations” means the portion of the Obligations attributable to the Facility B Borrower. 

“Judgment Threshold” means $10,000,000 in aggregate for Facility B Borrower. 

  
 5 

	 	(f)	 Facility B Provisions 

 

	 	(i)	 Minimum Capital Contributions 

If the Limited Partners have funded less than 5% of their Capital Commitments, the Borrower shall repay each Loan within 120 days after such
Loan was funded. 
  

	 	(g)	 Facility B Modifications 

 

	 	(i)	 The following provisions of Article II shall be modified as follows: 

 

	 	(A)	 Any references to “General Partner” shall mean Commonwealth Credit Partners BDC I, Inc.

  

	 	(B)	 Subclause (v) of Section 4.4(c) shall read as follows:

  

	 	  	 Events 

  

	 	  	 Commonwealth Credit Advisors LLC is no longer an Affiliate of Comvest Capital Advisors, LLC and Comvest Credit
Advisors, LLC, or is no longer acting as the investment manager under the Facility B Management Agreement. 

  

	 	(C)	 Clause (f) of Section 5.2 shall read as follows:

  

	 	Fund	 Sponsor Events 

 

	 	  	 within 3 Business Days of any Limited Partner notifying a Borrower Party of its intent to replace two
(2) or more members of the Board of Directors (as such term is defined in the Bylaws described in the LPA Subscription Document); 

  

	 	(D)	 Clause (i) of Section 6.1(d) shall read as follows:

  

	 	  	 “while an Account Control Event exists or would arise therefrom, however, the Facility B Borrower may
(i) make distributions required to maintain the status of Facility B Borrower as a “regulated investment company” under the Internal Revenue Code and to avoid federal income taxes under Section 852(b) of the Internal Revenue Code
and federal excise taxes imposed by Section 4982 of the Internal Revenue Code and (ii) make payments for management fees from investment proceeds.” 

 

	 	(E)	 Clause (k) of Section 7.2 shall read as follows:

  

	 	(k)	 Investment Company Act 

 

	 	  	 The Facility B Borrower has elected to be regulated as a “business development company” within the
meaning of the Investment Company Act of 1940. 

  

	 	(F)	 Any references to “Primary Obligor” in Section 7.2(o)
shall exclude the Facility B Borrower. 

  

	 	(G)	 A new subclause (iv) shall be added to Section 7.2(o) and
read as follows: 

  
 6 

	 	(iv)	 With respect to the Facility B Borrower, all of the conditions of Section 408(b)(17) and
Section 4975(d)(20) of the Internal Revenue Code are satisfied with respect to the transactions contemplated by the Loan Documents. 

  

	 	(H)	 Clause (f) of Section 9.2 shall read as follows:

  

	 	Recourse	 Liability 

  

	 	(i)	 The Limited Partners shall not have any liability for the payment or performance of the Obligations.

  

	 	(ii)	 The payment of the Obligations shall be non-recourse to the Limited
Partners. 

  

	 	(I)	 Any references to “Primary Obligor” in Section 9.2(g)
shall exclude the Facility B Borrower. 

  

	 	(J)	 A new subclause (iv) shall be added to Section 9.2(g) and
read as follows: 

  

	 	(iv)	 The Facility B Borrower shall not allow any of the conditions of Section 408(b)(17) and
Section 4975(d)(20) of the Internal Revenue Code to fail to be satisfied with respect to any of the transactions contemplated by the Loan Documents. 

  

	 	(K)	 Any references to “Primary Obligor” in Section 9.2(h)
shall exclude the Facility B Borrower. 

  

	 	(L)	 In Annex V (Collateral Security Agreement), references to “General Partner” shall mean
Commonwealth Credit Partners BDC I, Inc. 

  

	 	(M)	 In Annex V (Collateral Security Agreement), subclause
(d) of clause 1 (Grant of Security Interest) shall not apply. 

  

	 	(N)	 In clause (g) of Annex VI (Conditions Precedent to Closing), references to “Primary
Obligor” shall exclude the Facility B Borrower. 

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 7 

	 	(h)	 Facility B Signature Pages 

IN WITNESS WHEREOF, the parties have executed this Credit Agreement, including the Annexes, General Credit Agreement Terms and other attachments hereto, as of
August 11, 2021. 
  

	
	FACILITY B BORROWER:
	
	COMMONWEALTH CREDIT PARTNERS BDC I, INC.
	
	By:                                     
                                         
                  
	Name:
	Title:
	
	LENDER:
	
	GOLDMAN SACHS BANK USA
	
	By:                                     
                                         
                  
	Name:
	Title: Authorized Signatory

  
 8 

 ARTICLE II GENERAL CREDIT AGREEMENT TERMS 

2. GENERAL DEFINITIONS 
  

	2.1	 Capital Call Facility Definitions 

 

	  	 “Account Control Event” means the Lender shall have the right to take control of a Collateral
Account, as a result of: 

  

	 	(a)	 the following Mandatory Prepayment Events: 

 

	 	(i)	 Section 4.4(b)(ii) (Borrowing Base Deficiency);

  

	 	(ii)	 Section 4.4(b)(iii) (LPA Debt Limitations);

  

	 	(iii)	 Section 4.4(c) (Mandatory Prepayment Events—Full
Repayments); or 

  

	 	(b)	 an Event of Default, 

irrespective of whether any payment is due or any grace period has expired. 

“Acknowledgment and Confirmation” means each acknowledgment and confirmation in the form of Exhibit L. 

“Administrative Fee” means each administrative fee listed in Section 1. 

“Borrower” means each Borrower listed in Section 1, and each Qualified
Borrower, as defined in an Annex attached hereto. 
 “Borrower Guaranty” means a guaranty executed by a Primary Obligor, in
the form of Exhibit G, in support of a Qualified Borrower. 
 “Borrower Party” means each Borrower, General Partner,
Guarantor and Feeder listed in Section 1. 
 “Borrowing Base Availability”
means the Uncalled Capital Commitments of Limited Partners (other than Excluded Limited Partners) multiplied by the advance rate set forth on the Borrowing Base Certificate last provided by the Lender. 

“Borrowing Base Certificate” means a certificate in the form of Exhibit A. 

“Capital Call” means a call upon the Limited Partners for payment of any portion of the Capital Commitments pursuant to the
Fund Documents. 
 “Capital Commitment” means the capital commitments of the Limited Partners, as set forth in the Fund
Documents. 
 “Capital Contribution” means any cash actually contributed by a Limited Partner to a Borrower, Guarantor or
Feeder in fulfillment of its Capital Commitment. 
 “Cascading Collateral Security Agreement” means each
security agreement in the form of Exhibit K. 
 “Closing Date” means the date on which the conditions precedent are
satisfied (or waived). 
 “Collateral” means all of the collateral security for the Obligations pledged pursuant to the
Collateral Documents. 

  
 9 

 “Collateral Account” means each account listed in
Section 1, including any collateral investment proceeds account and any other account listed in the Collateral Documents. 

“Collateral Account Control Agreement” means each account control agreement among a Borrower, Guarantor or Feeder, the Lender
and a depository (“Depository”) or collateral agent (“Collateral Agent”). 
 “Collateral
Documents” means each Collateral Account Control Agreement, Collateral Security Agreement, Cascading Collateral Security Agreement, Acknowledgment and Confirmation, collateral assignment, financing statement, and other documents delivered
to grant, perfect or maintain a security interest in the Collateral. 
 “Collateral Security Agreement” means each security
agreement set forth in Annex V or delivered in connection with the grant of a security interest in the Collateral. 

“Credit Agreement” means this Credit Agreement. 

“Demand Notice Period” is set forth in Section 1. 

“Excluded Limited Partner” means each Limited Partner (or General Partner): 

 

	 	(a)	 that is designated as an Excluded Limited Partner, by the Lender, in the Borrowing Base Certificate, on the
Closing Date; 

  

	 	(b)	 that fails to fund any Capital Contribution for 10 Business Days after the due date thereof, without regard to
any cure period or notice (a “Delinquent Limited Partner”); 

  

	 	(c)	 that is added after the Closing Date, until the Lender provides notice that such Limited Partner is not an
Excluded Limited Partner; 

  

	 	(d)	 for which the General Partner approves an increase in its Capital Commitment, but only to the extent thereof,
until the Lender provides written notice that the amount of such increase is not excluded; 

  

	 	(e)	 for which the General Partner approves a transfer of any portion of its Capital Commitment, but only to the
extent of the to-be-transferred Capital Commitment; 

  

	 	(f)	 that encumbers its Limited Partner interest; 

 

	 	(g)	 that exercises any excuse right or, to the knowledge of any Borrower Party, will be excused from participating
in any investment, but only to the extent that such Limited Partner’s Capital Commitment may not be called to repay the Obligations, as calculated by the Lender in its reasonable discretion; 

 

	 	(h)	 that withdraws, reduces, cancels, or terminates any portion of its Capital Commitment, but only to the extent
thereof; 

  

	 	(i)	 that declares any Fund Document unenforceable; 

 

	 	(j)	 that modifies any Fund Document (including by way of a “most favored nations” provision) in a manner
that is materially adverse to the Lender, as determined by the Lender acting reasonably; 

  

	 	(k)	 that avails itself of any Debtor Relief Law or becomes the subject of any Debtor Relief Law which continues
undismissed or unstayed for 60 days; 

  
 10 

	 	(l)	 (x) whose Limited Partner Consent Letter ceases to be accurate and enforceable in any material respect, or
(y) that breaches, repudiates, challenges or declares unenforceable its obligations thereunder; or 

  

	 	(m)	 that is a Sanctioned Person. 

“Facility Availability” is set forth in Section 1. 

“Facility Limit” means each facility limit set forth in Section 1. 

“Facility Termination Date” is defined in Section 1. 

“Facility Umbrella Limit” means the aggregate amount of the Facility Limits set forth in
Section 1, as may be re-allocated upon execution of an amendment in the form of Exhibit H. 

“Feeder” means each Feeder listed in Section 1. 

“Fund Documents” means each LPA and LPA Subscription Document. 

“Fund Investment Proceeds” means proceeds, of any kind, derived from the investments, operations and related activities of the
Primary Obligors to the extent actually received by the Borrowers. For the avoidance of doubt, proceeds received by a subsidiary of a Borrower shall not be deemed received by such Borrower for purposes of this definition. 

“Fund Responsible Officer” means the officer or authorized signatory of each Borrower Party. 

“Fund Sponsor” means each Fund Sponsor listed in Section 1. 

“General Partner” means each General Partner listed in Section 1. 

“Guarantor” means each Guarantor listed in Section 1. 

“Interest Rate” means each interest rate listed in Section 1. 

“Judgment Threshold” means each Judgment Threshold set forth in Section 1. 

“Lender” means Goldman Sachs Bank USA. 

“LIBOR” means the London interbank 30-day rate at which deposits in U.S. dollars or
another Approved Currency are offered to major banks. 
  

	 	(a)	 LIBOR shall be obtained from an interest rate reporting service of recognized standing selected by the Lender,
and will be set: 

  

	 	(i)	 for the first Loan in an Approved Currency, two LIBOR Business Days prior to the day the first Loan is made,
which interest rate shall also apply to any other Loan in such currency made during the same month as the first Loan; and 

  

	 	(ii)	 for Loans made or continued after the first month, two LIBOR Business Days prior to the first day of the month
in which each Loan in that currency is made or continued. 

  

	 	(b)	 If LIBOR is less than zero, LIBOR shall be deemed to be zero. 

“LIBOR Alternative Rate” means a reference rate determined by the Lender and consented to by the Borrower, when LIBOR becomes
unavailable or unreliable as a reference rate. 

  
 11 

 “LIBOR Alternative Rate Loan” means a Loan that bears interest at a rate
determined by reference to the LIBOR Alternative Rate. 
 “LIBOR Business Day” means a Business Day on which commercial
banks in the London interbank market are open. 
 “LIBOR Loan” means a Loan that bears interest at a rate determined by
reference to LIBOR. 
 “LIBOR Reset Period” means: 
  

	 	(a)	 for the first Loan, the period commencing on the day the first Loan is made, and ending on the last day of the
month in which the first Loan is made; and 

  

	 	(b)	 for Loans made or continued after the first month, the period commencing on the first day of such month and
ending on the last day of such month. 

 “Limited Partner” means any Person admitted to a Borrower, Feeder
or Guarantor as a limited partner or an equity holder. 
 “Loan” means each loan made by the Lender to a Borrower, in U.S.
dollars or any other currency approved by the Lender (an “Approved Currency”). 
 “Loan Documents” means:

  

	 	(a)	 this Credit Agreement, 

 

	 	(b)	 each Promissory Note, 

 

	 	(c)	 each Loan Request and each LC Application, 

 

	 	(d)	 each Collateral Document, 

 

	 	(e)	 each Limited Partner Consent Letter, 

 

	 	(f)	 each Borrower Guaranty, and 

 

	 	(g)	 every other document executed or delivered in connection with any Loan Document. 

“LPA” means: 
  

	 	(a)	 each LPA listed in Section 1, and 

 

	 	(b)	 each limited partnership, operating or trust agreement, memorandum and articles of association, bylaws, or
other constituent document that governs a Borrower, Guarantor or Feeder, 

 as amended, modified or supplemented in
accordance herewith. 
 “LPA Alternative Investment Vehicle” means any parallel entity, blocker, feeder, collective
investment vehicle, REIT, group trust or other investment vehicle created in accordance with an LPA. 
 “LPA Investment
Period” means the period when Capital Commitments may be called to pay the Obligations, without meeting any special conditions (including the use or timing of any Utilization). 

  
 12 

 “LPA Investment Period Termination Date” means the last day of an LPA
Investment Period. 
 “LPA Side Letter” means each executed side letter that amends a Limited Partner’s LPA
Subscription Document or LPA. 
 “LPA Subscription Document” means each executed subscription agreement (including all
attachments) documenting a Limited Partner’s interest in a Borrower, Guarantor, or Feeder, each LPA Side Letter, and documentation of each Limited Partner transfer. 

“Obligations” means all obligations due, owing or incurred by a Borrower or Guarantor to the Lender under the Loan Documents.

 “Permitted Liens” means: 
  

	 	(a)	 banker’s Liens and rights of setoff arising in the ordinary course of business, including those of the
Depository under the Collateral Account Control Agreement; 

  

	 	(b)	 Liens relating to Taxes, 

 

	 	(i)	 if failure to pay such Taxes would not have a Material Adverse Effect, 

 

	 	(ii)	 or that are being contested in good faith by appropriate proceedings and for which appropriate reserves have
been established; 

  

	 	(c)	 judgment liens that would not have a Material Adverse Effect and do not result in a Mandatory Prepayment Event;

  

	 	(d)	 Liens arising from pledges or deposits of proceeds of the Collateral to secure bids for potential investments,
contracts or leases; and 

  

	 	(e)	 Liens pursuant to the Collateral Documents. 

“Primary Obligations” means the aggregate outstanding principal amount of the Loans and the stated amount of any outstanding
LCs. 
 “Primary Obligors” means each Primary Obligor listed in Section 1.

 “Recallable Capital” means any amount distributed to a Limited Partner that may be recalled under an LPA, which has been
set forth as “Recallable Capital” on an updated Borrowing Base Certificate provided to the Lender. 
 “Uncalled Capital
Commitment” means the Capital Commitments (including Recallable Capital) that may be called to repay the Obligations (excluding any amounts subject to a pending Capital Call). 

“Unused Fee” means each unused fee listed in Section 1. 

“Utilization” means a Loan or a LC. 

“Utilization Date” means the date on which a Loan is funded or a LC is issued. 

 

	2.2	 ERISA, Tax and Other Definitions 

“Affiliate” of any Person means any other Person that controls, is controlled by, or is under common control with, such
Person. 

  
 13 

 “Business Day” means any day except Saturday, Sunday or a day on which
commercial banks in the State of New York are authorized or required, by Law, to close. 
 “Change in Law” means the
occurrence, after the date of this Credit Agreement, of: 
  

	 	(a)	 the adoption, taking effect, or change of any Law, rule, regulation or treaty, or the administration,
interpretation, implementation or application thereof, or 

  

	 	(b)	 the making or issuance of any request, rule, guideline or directive (whether or not having the force of law),

 by any Governmental Authority. 

“Connection Income Tax” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or
gross receipts or that are franchise Taxes or branch profits Taxes. 
 “Debtor Relief Laws” means the United States
Bankruptcy Code and any other liquidation, conservatorship, bankruptcy, insolvency, fraudulent conveyance, reorganization, or similar Laws affecting the rights or remedies of creditors. 

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

“ERISA Annual Valuation Period” means an “annual valuation period” as defined in the ERISA Plan Asset Regulations.

 “ERISA Controlled Group” means a corporation, trade or business (whether or not incorporated) that is, along with any
Primary Obligor, a member of a controlled group of trades or businesses as described in Section 414 of the Internal Revenue Code. 

“ERISA Limited Partner” means a Limited Partner that is: 

 

	 	(a)	 an “employee benefit plan” as defined in Section 3(3) of ERISA, subject to Title I of ERISA;

  

	 	(b)	 any “plan” defined in and subject to Section 4975 of the Internal Revenue Code; or

  

	 	(c)	 any other entity or account whose assets include or are deemed to include “plan assets” within the
meaning of the ERISA Plan Asset Regulations. 

 “ERISA Operating Company” means an “operating
company” as defined in the ERISA Plan Asset Regulations. 
 “ERISA Operating Company Opinion” means an opinion of
counsel to a Primary Obligor as to its status as an ERISA Operating Company. 
 “ERISA Plan” means any employee benefit plan
that is subject to Title IV of ERISA, or any retiree medical plan, each as established or maintained for employees of a Primary Obligor or any member of an ERISA Controlled Group or to which a Primary Obligor, or any member of an ERISA Controlled
Group, has any liability. 
 “ERISA Plan Asset Regulations” means 29 C.F.R.
§2510.3-101, as modified by Section 3(42) of ERISA. 
 “ERISA Plan Assets”
means “plan assets” under the ERISA Plan Asset Regulations. 

  
 14 

 “ERISA Reliance Letter” means an executed letter from the issuer of an
opinion to the Lender providing that the Lender may rely on such opinion. 
 “Excluded Taxes” means any of the following
Taxes imposed on or with respect to the Lender or required to be withheld or deducted from a payment to the Lender: 
  

	 	(a)	 Taxes imposed on or measured by its net income (however denominated), franchise Taxes, and branch profits Taxes
or Taxes similar to branch profits Taxes: 

  

	 	(i)	 imposed by the U.S. or imposed as a result of the Lender being organized under the Laws of, or having its
principal office or its Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof); or 

  

	 	(ii)	 that are Other Connection Taxes; 

 

	 	(b)	 U.S. federal withholding Taxes imposed on amounts payable to or for the account of the Lender pursuant to a Law
in effect on: 

  

	 	(i)	 the Closing Date; or 

 

	 	(ii)	 the date on which the Lender changes its Lending Office, except to the extent that amounts with respect to such
Taxes were payable to the Lender immediately before it changed its Lending Office; 

  

	 	(c)	 Taxes attributable to the Lender’s failure to comply with
Section 10.4(c) (Lender’s Tax Exemption Form); and 

  

	 	(d)	 any U.S. federal withholding Taxes imposed pursuant to FATCA. 

“FATCA” means: 
  

	 	(a)	 Sections 1471 through 1474 of the Internal Revenue Code, as of the date of this Credit Agreement (or any
amended or successor version that is substantively comparable and not materially more onerous to comply with); 

  

	 	(b)	 any current or future regulations or official interpretations thereof; 

 

	 	(c)	 any agreements entered into pursuant to Section 1471(b)(1) of the Internal Revenue Code;

  

	 	(d)	 any intergovernmental agreement entered into between the United States and any other Governmental Authority in
connection with the implementation of the foregoing, and any fiscal or regulatory legislation, rules or practices adopted pursuant to such intergovernmental agreement; or 

 

	 	(e)	 any treaty or convention among Governmental Authorities entered into in connection with the implementation of
the foregoing. 

 “Governmental Authority” means any foreign governmental authority, the United States,
any State of the United States, and any subdivision, agency, department, commission, board, authority, instrumentality, bureau or court thereof exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of
government; and any supra-national body such as the European Union, the European Central Bank, the Bank for International Settlements, or the Basel Committee on Banking Supervision, and any United States or foreign regulatory authority acting
pursuant to Basel III. 

  
 15 

 “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 any Borrower, Guarantor or Feeder under any Loan Document; and 

  

	 	(b)	 to the extent not described in (a), Other Taxes. 

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

“Laws” means all international, foreign, Federal, state and local statutes, treaties, rules, guidelines, regulations,
ordinances, codes, and administrative or judicial precedents, including the interpretation or administration thereof by any Governmental Authority, and all judgments, orders, directives, requests, licenses, permits, administrative orders,
agreements, and authorizations of any Governmental Authority, whether or not having the force of law. 
 “Lien” means any
lien, mortgage, security interest, security assignment, charge, tax lien, pledge, encumbrance, conditional sale, title retention arrangement, or other property interest intended to secure the repayment of indebtedness, now or hereafter arising, by
contract, common law or statute. 
 “Other Connection Taxes” means Taxes imposed on the Lender as a result of any present or
former connection between the Lender and the jurisdiction imposing such Tax (other than connections arising from the Lender having executed, delivered, become a party to, performed its obligations under, received payments under, received or
perfected a security interest under, or engaged in any other transaction pursuant to or enforced under any Loan Document), or its sale or assignment of an interest in any Loan or Loan Document. 

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from: (i) any payment made under, (ii) the execution, delivery, performance, enforcement or registration of, (iii) the receipt or perfection of a security interest under, or (iv) otherwise with respect to, any Loan
Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment. 
 “Person” means any
individual, sole proprietorship, partnership, limited partnership, exempted limited partnership, exempted company, limited liability company, corporation, non-profit corporation, trust, joint venture,
association, estate, sovereign government (or agency, instrumentality, or political subdivision thereof), or other entity or organization. 

“Prime Rate” means the interest rate quoted in the print edition of The Wall Street Journal in the Money Rates Section as the
U.S. prime rate. 
 “Prime Rate Loan” means a Loan that bears interest at a rate determined by reference to the Prime Rate.

 “Proceeding” means any action, suit or investigation, or legal, equitable, arbitration, or administrative proceeding,
before any court, arbitrator or Governmental Authority. 
 “Promissory Note” means each promissory note executed and
delivered by a Borrower to the Lender in the form of Exhibit I. 
 “Sanctioned Country” means any country or territory
subject to Sanctions, including, as of the date hereof, Cuba, Iran, North Korea, Syria and the Crimea region. 
 “Sanctioned
Person” means a Person on a Sanctions List, a target of Sanctions or a Sanctioned Country, including its agencies and instrumentalities, anyone controlled thereby, and any citizen or national of, located in, operating from, or incorporated
under the laws thereof. 

  
 16 

 “Sanctions” means economic or financial sanctions or trade embargoes
imposed, administered or enforced by any Sanctions Authority. 
 “Sanctions Authority” means the United States, United
Kingdom, United Nations Security Council, European Union, and related agencies, including the Office of Foreign Assets Control, U.S. Department of Commerce, U.S. Department of State, and Her Majesty’s Treasury. 

“Sanctions List” means any list of designated nationals or sanctioned Persons issued by a Sanctions Authority. 

“Solvent” means: 
  

	 	(a)	 the fair value of the aggregate assets of a Person exceeds its debts and liabilities, subordinated, contingent
or otherwise; 

  

	 	(b)	 the fair saleable value of the property of a Person exceeds the amount of its probable debts and liabilities,
subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured; 

  

	 	(c)	 such Person will be able to pay its debts and liabilities, subordinated, contingent or otherwise, as such debts
and liabilities become absolute and matured; and 

  

	 	(d)	 such Person will not have unreasonably small capital with which to conduct the business in which it is engaged
as such business was conducted on the Closing Date; and 

 “Insolvent” means the failure to be Solvent.

 “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. 

“Treasury Regulations” means the proposed, temporary and final U.S. Department of the Treasury regulations promulgated under
the Internal Revenue Code. 
  

	2.3	 Interpretation 

 

	 	(a)	 “Control,” “controlled by,” and “under common control
with” mean the direct or indirect power to cause the direction of the management and policies of a Person, whether through an ownership interest, by contract or otherwise. 

 

	 	(b)	 “Including” shall mean “including without limitation.” 

 

	 	(c)	 “Knowledge” and “aware” mean that an officer of a Borrower Party has
knowledge of the topic in question. 

  

	2.4	 Separate Facilities 

Each credit facility established pursuant to Section 1 of this Credit Agreement shall be
separate and distinct from each other credit facility established pursuant to Section 1 of this Credit Agreement (each, a “Credit Facility”). Accordingly, each reference herein
or in any other Loan Document to: 
  

	 	(a)	 any Borrower, Guarantor, Pledgor, Feeder, General Partner or other defined term shall be a reference to such
Borrower, Guarantor, Pledgor, Feeder, General Partner or other defined term under the applicable Credit Facility, 

  
 17 

	 	(b)	 any Limited Partner shall be a reference to such Limited Partner of a Borrower, Guarantor or Feeder under the
applicable Credit Facility, 

  

	 	(c)	 any Loan, Principal Obligation or Obligation shall be a reference to such Loan, Principal Obligation or
Obligation under the applicable Credit Facility, and 

  

	 	(d)	 any Mandatory Prepayment Event, Account Control Event or Event of Default shall be a reference to such
Mandatory Prepayment Event, Account Control Event or Event of Default under the applicable Credit Facility. 

  

	 	(e)	 Further, each representation, covenant, agreement, obligation and indemnity of each Borrower, Guarantor,
Pledgor, Feeder or General Partner under this Credit Agreement or any other Loan Document shall be a representation, covenant, agreement, obligation, or indemnity of such Borrower, Guarantor, Pledgor, Feeder, General Partner under the applicable
Credit Facility, 

  

	 	(f)	 and during any Mandatory Prepayment Event, Account Control Event or Event of Default with respect to any Credit
Facility, the rights and remedies of the Lender with respect to such Mandatory Prepayment Event, Account Control Event or Event of Default shall be exercisable and enforceable solely with respect to such Credit Facility. 

For the avoidance of doubt, no Borrower, Guarantor, Pledgor, Feeder or General Partner will be liable for any Loan, Principal Obligation or
Obligation in respect of any Credit Facility other than a Credit Facility applicable to it. 
  

	3.	 LOANS 

  

	3.1	 Facilities 

  

	 	(a)	 Uncommitted Tranche 

 

	 	(i)	 This Credit Agreement creates an uncommitted line of credit (the “Uncommitted Tranche”), and
nothing herein shall create any commitment or obligation by the Lender to make any Loan or issue any LC under the Uncommitted Tranche. 

  

	 	(ii)	 The Lender shall have the absolute and unconditional right, in its sole discretion, to refuse to fund any Loan
or issue any LC under the Uncommitted Tranche. 

  

	 	(iii)	 The Lender shall have the absolute and unconditional right, in its sole discretion, to demand payment of the
Obligations and cash collateralization of any outstanding LCs under the Uncommitted Tranche at any time. 

  

	 	(iv)	 Nothing herein shall affect the demand nature of the Uncommitted Tranche. 

 

	 	(b)	 Committed Tranche 

 

	 	(i)	 This Credit Agreement creates a committed line of credit (the “Committed Tranche”).

  

	 	(ii)	 The Lender shall fund Loans and issue any LC under the Committed Tranche, subject to compliance with the terms
and conditions of this Credit Agreement. 

  

	3.2	 Revolving Loans and Use of Proceeds 

 

	 	(a)	 Any Borrower may borrow, repay without penalty, and re-borrow Loans.

  
 18 

	 	(b)	 The Lender shall have no obligation to confirm that any Borrower’s use of Utilization proceeds is
permitted by its Fund Documents. 

  

	 	(c)	 All Loans shall be LIBOR Loans unless otherwise provided herein, and each LIBOR Loan shall automatically be
continued, at the end of each LIBOR Reset Period, for an additional LIBOR Reset Period. 

  

	3.3	 Loan Procedures 

 

	 	(a)	 Loan Requests 

 

	 	(i)	 Any Borrower may request a Loan by delivering: 

 

	 	(A)	 a Loan Request (see Exhibit B), 

 

	 	(B)	 and any information necessary for the Lender to update the Borrowing Base Certificate to reflect Excluded
Limited Partners (see Definitions). 

  

	 	(ii)	 Each Loan Request shall be received by the Lender by 3:00 p.m. EST on the Business Day prior to the requested
Utilization Date. 

  

	 	(iii)	 The Lender will not consider any Loan Request unless Facility Availability is greater than zero.

  

	 	(b)	 Funding Procedures 

 

	 	(i)	 No Loans shall be funded under the Uncommitted Tranche unless the Committed Tranche is fully drawn.

  

	 	(ii)	 The Lender shall promptly notify the Borrowers if it elects not to fund a Loan under the Uncommitted Tranche.

  

	 	(iii)	 Each Loan made hereunder shall be funded via wire transfer by 3:00 p.m. EST on the date requested in the Loan
Request. 

  

	3.4	 Interest Rate 

 

	 	(a)	 Interest Rate 

The unpaid principal of each Loan shall bear interest at a rate per annum equal to the Interest Rate. 

 

	 	(b)	 Determination of Interest Rate 

 

	 	(i)	 The Lender shall determine the Interest Rate applicable to each Loan (such determination to be conclusive
absent manifest error). 

  

	 	(ii)	 Interest shall be calculated on the basis of a 360-day year and actual
days elapsed. 

  

	 	(c)	 Default Rate  

If any Obligations are not paid when due, then all Obligations shall bear interest at the Interest Rate plus 2% (the “Default
Rate”), and, if any defaulted amount remains unpaid for 90 days, thereafter the Default Rate shall be the Interest Rate plus 4%. 

  
 19 

	3.5	 Fees 

  

	 	(a)	 All fees set forth in Section 1 shall be paid quarterly in
arrears. 

  

	 	(b)	 Such fees shall be due on the Interest Payment Date immediately following each quarterly anniversary of the
Closing Date. 

  

	 	(c)	 The Administrative Fee for the first year shall be fully earned (but not payable) on the Closing Date.
Accordingly, if this Credit Agreement is terminated by the Borrowers prior to the payment of the first year of installments of the Administrative Fee, the remaining installments shall be immediately due. 

 

	3.6	 Capitalization of Interest and Fees 

If a Borrower requests the capitalization of accrued interest, the Administrative Fee or the Unused Fee at least 5 Business Days prior to an
Interest Payment Date, the Lender may agree to capitalize such interest or fee by making a Loan to the Borrowers in the amount thereof. 
  

	3.7	 Facility Increase or Decrease 

The Facility Limit may be increased or decreased, by executing an amendment that documents such increase or decrease, and any facility increase
fee or change in the Administrative Fee. 
  

	4.	 PAYMENTS 

  

	4.1	 Voluntary Prepayments 

Any Borrower may prepay the outstanding Obligations without premium or penalty. 

 

	4.2	 Payment of Obligations 

 

	 	(a)	 All payments under this Credit Agreement shall be indefeasibly paid to the Lender: 

 

	 	(i)	 without condition or deduction for any setoff, defense, recoupment or counterclaim; 

 

	 	(ii)	 in the currency in which they were funded. 

 

	 	(b)	 All payments under this Credit Agreement shall be applied first to the Uncommitted Tranche and then to the
Committed Tranche. 

  

	 	(c)	 If any payment becomes due and payable on a day other than a Business Day, such payment date shall be extended
to the next Business Day. 

  

	 	(d)	 Funds received after 3:00 p.m. EST shall be treated as received by the Lender on the next Business Day.

  

	4.3	 Required Period 

 

	 	(a)	 “Required Period” means promptly, and 

 

	 	(i)	 if it is necessary to issue a Capital Call to fund the required payment, within 15 Business Days of the earlier
of any Borrower Party’s (x) knowledge of the required payment, or (y) receipt of notice thereof from the Lender, 

  

	 	(A)	 a Capital Call sufficient to make the required payment shall be issued within 5 Business Days,

  
 20 

	 	(B)	 and such Capital Call shall require Limited Partners to fund Capital Contributions within the Required Period.

  

	4.4	 Mandatory Prepayment Events 

 

	  	 Unless the Lender agrees otherwise, in writing and in its sole discretion, each of the following
“Mandatory Prepayment Events” shall be paid within the Required Period, unless otherwise specified: 

  

	 	(a)	 Lender Demand  

 

	 	  	 If the Lender demands repayment of the Obligations, the Borrowers shall repay the Obligations and Cash
Collateralize any outstanding LCs prior to the expiration of the Demand Notice Period. 

  

	 	(b)	 Partial Repayments 

 

	 	(i)	 Transactions with an Affiliate of the Lender  

 

	 	  	 If any Borrower permits the proceeds of any Utilization to be used for the benefit of, or transferred to, an
Affiliate of the Lender, 

  

	 	(A)	 the applicable Borrower shall pay the Lender’s cost of compliance with Section 23A of the Federal
Reserve Act, on the later of the Required Period or the next Interest Payment Date; and 

  

	 	(B)	 the Lender may require the applicable Borrower to repay such proceeds within the Required Period.

  

	 	(ii)	 Borrowing Base Deficiency  

 

	 	  	 If Facility Availability is less than zero, the Borrowers shall repay an amount sufficient to cause Facility
Availability to be greater than or equal to zero or, if such condition is the result of outstanding LCs, Cash Collateralize the LCs, within the Required Period, including as a result of: 

 

	 	(A)	 Limited Partner Transfers  

 

	 	  	 If any portion of a Limited Partner’s Capital Commitment is to be transferred to a Limited Partner that
has not yet been approved by the Lender, the Lender shall recalculate Facility Availability by removing the to-be-transferred Capital Commitment from the calculation of
Borrowing Base Availability. 

  

	 	(B)	 Excused Limited Partners 

 

	 	  	 If a Limited Partner exercises any excuse right or, to the knowledge of any Borrower Party, will be excused
from participating in an investment, the Lender shall recalculate Facility Availability by removing from the calculation of Borrowing Base Availability the portion of such Limited Partner’s Capital Commitment that may not be called to repay the
Obligations, as calculated by the Lender in its reasonable discretion. 

  
 21 

	 	(C)	 Excluded Limited Partners  

 

	 	  	 If a Limited Partner becomes an Excluded Limited Partner, the Lender shall recalculate Facility Availability by
removing the now-Excluded Limited Partner from the calculation of Borrowing Base Availability. 

  

	 	(iii)	 LPA Debt Limitations 

 

	 	  	 If the Primary Obligations plus other liabilities of the Borrowers exceed the maximum amount or the maximum
duration of indebtedness permitted by the Fund Documents (the “LPA Debt Limitations”), then the Borrowers shall repay the amount of Primary Obligations or other indebtedness sufficient to comply with the LPA or, if such excess is
the result of outstanding LCs, Cash Collateralize the LCs, within the Required Period. 

  

	 	(c)	 Full Repayments 

 

	 	  	 If any of the following occurs, the Borrowers shall repay the Obligations and Cash Collateralize any
outstanding LCs within the Required Period: 

  

	 	(i)	 LPA Investment Period Suspended or Terminated 

 

	 	  	 If the LPA Investment Period is suspended or terminated, or additional conditions or requirements are imposed
on any Limited Partner’s obligation to fund Capital Contributions for purposes of repaying the Obligations. 

  

	 	(ii)	 Delinquent Limited Partners (10%) 

 

	 	  	 Limited Partners with Capital Commitments exceeding 10% of the aggregate Capital Commitments become Delinquent
Limited Partners. 

  

	 	(iii)	 Failure to Pay Interest or Fees  

 

	 	  	 Any Borrower fails to pay accrued interest or fees when due, and such failure continues for 3 Business Days.

  

	 	(iv)	 Breach of Loan Documents 

 

	 	  	 Any Borrower Party materially breaches any Loan Document, as reasonably determined by the Lender, and such
failure continues for 3 Business Days. 

  

	 	(v)	 General Partner Events 

 

	 	  	 Any General Partner withdraws, is removed, or ceases to be the General Partner of a Borrower, Guarantor or
Feeder, or becomes an Excluded Limited Partner. 

  

	 	(vi)	 Judgments and Cross Defaults 

 

	 	  	 There is a final unpaid judgment (unless the final judgment is stayed, covered by insurance, or bonded, and any
related Lien is removed) or default on indebtedness in excess of the Judgment Threshold. 

  
 22 

	4.5	 Interest Payments 

 

	 	(a)	 Interest Accrual 

 

	 	(i)	 When Loan proceeds are wire transferred pursuant to instructions from a Borrower, then such Loan shall be
considered funded at the time of the wire transmission. 

  

	 	(ii)	 Interest on outstanding Loans shall begin to accrue on the date funded, notwithstanding whether or not any
Borrower receives the benefit of such Loan on such date. 

  

	 	(iii)	 Interest shall continue to accrue on outstanding Loans until repayment has been received by the Lender, in the
Lender Account. 

  

	 	(b)	 Interest Payment Date  

Accrued interest on the Primary Obligations shall be due and payable, in arrears, on the tenth day of each month and the Facility Termination
Date (the “Interest Payment Date”). 
  

	5.	 REPORTING AND NOTICES 

 

	5.1	 Notice Procedures 

 

	 	(a)	 All notices shall be in writing, to the respective addresses listed in
Section 1, effective as follows: 

  

	 	(i)	 by email, upon the sender’s receipt of a return email from the other party, except that return emails sent
outside of normal business hours shall be deemed received on the next Business Day; 

  

	 	(ii)	 by FedEx or other nationally recognized courier service, or U.S. registered or certified mail, return receipt
requested, when received at such address; 

  

	 	(iii)	 by hand delivery, when delivered to such address; and 

 

	 	(iv)	 by posting to an electronic portal when accessed by the other party. 

 

	 	(b)	 The parties may change their contact details by written notice to the other parties. 

 

	5.2	 Event Based Reporting 

Upon becoming aware of any of the following, the Borrower Parties shall deliver notice, in a form and substance reasonably satisfactory to the
Lender, as follows: 
  

	 	(a)	 Transfer or Withdrawal of Capital Commitments  

prior to transferring or withdrawing any portion of a Limited Partner’s Capital Commitment; 

 

	 	(b)	 Mandatory Prepayment Events and Events of Default  

within 1 Business Day, of any Mandatory Prepayment Event or Event of Default; 

 

	 	(c)	 New or Increased Capital Commitments  

within 3 Business Days of any new Limited Partner joining a Borrower, Guarantor or Feeder, or any existing Limited Partner increasing its
Capital Commitment, together with: 

  
 23 

	 	(i)	 relevant LPA Subscription Documents; and/or 

 

	 	(ii)	 documentation of each increase; 

 

	 	(d)	 Capital Calls and Returns of Capital 

 

	 	 	 within 3 Business Days of any Capital Call (or return of Recallable Capital), the corresponding Capital Call
notice or Recallable Capital notice, together with an updated Borrowing Base Certificate reflecting the same; 

  

	 	(e)	 Limited Partner Exclusion Events  

 

	 	 	 within 3 Business Days of any Limited Partner becoming an Excluded Limited Partner (see Definitions);

  

	 	(f)	 General Partner and Fund Sponsor Events  

 

	 	 	 within 3 Business Days of: 

 

	 	(i)	 the General Partner’s or Fund Sponsor’s Limited Partner interest being pledged;

  

	 	(ii)	 any Limited Partner notifying a Borrower Party of its intent to remove the General Partner;

  

	 	(iii)	 Comvest Credit Advisors, LLC no longer acting as the investment manager under the LPA; 

 

	 	(g)	 Material Adverse Effect  

 

	 	 	 within 3 Business Days of any circumstance that could reasonably be expected to have a material adverse effect
(“Material Adverse Effect”) on: 

  

	 	(i)	 the validity or enforceability of any Loan Document, or the Lender’s rights and remedies thereunder;

  

	 	(ii)	 the Lender’s perfected, first priority security interest in the Collateral (subject to Permitted Liens);

  

	 	(iii)	 the ability of any Borrower Party or the Fund Sponsor (or its investment manager) to fulfill its obligations
under the Loan Documents or the Fund Documents; 

  

	 	(iv)	 the operations, business, assets, liabilities, or financial condition of the Borrower Parties, taken as a
whole; 

  

	5.3	 Quarterly and Annual Reporting 

 

	 	 	 The Borrower Parties shall deliver the following, in a form and substance reasonably satisfactory to the
Lender: 

  

	 	(a)	 Annual Financial Statements  

 

	 	 	 As soon as available, but no later than 120 days after the end of each Reporting Party’s fiscal year,

  

	 	(i)	 an audited report setting forth, as of the end of such fiscal year, each Reporting Party’s consolidated
balance sheet, income statement, and related notes, 

  
 24 

	 	(ii)	 an unqualified opinion of a nationally-recognized firm of independent certified public accountants, stating
that such financial statements present fairly the financial condition and results of operations of each Reporting Party (without qualification, exception or any other statement which has the effect of modifying the opinion given therein), and

  

	 	(iii)	 any reports delivered to the Limited Partners, as a group, regarding investments or the performance of the
Borrower Parties. 

  

	 	(b)	 Limited Partner Contact Details  

 

	 	  	 Concurrently with annual financial statements, and within 3 Business Days of written request by the Lender, the
current contact details of each Limited Partner. 

  

	 	(c)	 Quarterly Unaudited Financial Statements  

 

	 	  	 As soon as available, but no later than 90 days after the end of each of the first 3 fiscal quarters of each
Reporting Party, 

  

	 	(i)	 an unaudited report setting forth, as of the end of such fiscal quarter, each Reporting Party’s balance
sheet and income statement, and 

  

	 	(ii)	 any reports delivered to the Limited Partners, as a group, regarding investments or the performance of the
Borrower Parties. 

  

	 	(d)	 Compliance Certificate and Organization Chart  

 

	 	  	 Concurrently with financial statements, a compliance certificate in the form of Exhibit C and a current
structure chart of the Borrower Parties, if the chart has changed since its last delivery. 

  

	5.4	 Disclosure of Credit Agreement 

After the Closing Date, annual financial statements provided to Limited Partners shall describe this Credit Agreement and the related pledge of
Collateral. 
  

	5.5	 Other Reporting 

 

	  	 Other information reasonably requested by the Lender, which shall not include information that is:

  

	 	(a)	 prohibited by Law or contract from being disclosed, 

 

	 	(b)	 attorney work product or privileged attorney-client information, or 

 

	 	(c)	 non-financial trade secrets or
non-financial proprietary information. 

  

	6.	 COVENANTS 

  

	  	 Each Borrower Party covenants that: 

 

	6.1	 Partnership Interests and Capital Commitments 

 

	 	(a)	 Negative Pledge 

 

	 	  	 No Lien on the Collateral, other than Permitted Liens, shall be created, permitted or suffered to exist.

  
 25 

	 	(b)	 Capital Calls 

 

	 	(i)	 All instructions to the Limited Partners to deliver capital shall be in the form of Capital Calls, directed
exclusively to, and deposited only in, the Collateral Account. 

  

	 	(ii)	 Other than as expressly permitted by the LPA or by a LPA Side Letter reviewed by the Lender,

  

	 	(A)	 no Capital Commitment shall be cancelled, suspended, excused, reduced, relieved, delayed, postponed,
compromised, abated or otherwise modified (including in connection with any investment), 

  

	 	(B)	 and no agreement shall be made that would restrict or limit the ability to make Capital Calls.

  

	 	(c)	 Use of Collateral Account  

 

	 	(i)	 The Collateral Account shall be used solely for receipt of Capital Contributions. 

 

	 	(ii)	 If any Collateral Account is a collateral investment proceeds account, Borrowers shall cause all Fund
Investment Proceeds to be deposited into such account. 

  

	 	(d)	 Limitation on Distributions  

No dividend or distribution shall be made without the Lender’s prior written consent, 

 

	 	(i)	 while an Account Control Event exists or would arise therefrom, however, the Borrowers may make payments for
management fees from investment proceeds, 

  

	 	(ii)	 or from the proceeds of any Utilization. 

 

	 	(e)	 Sanctions  

No Borrower Party, Affiliate thereof or Limited Partner shall be a Sanctioned Person. 

 

	6.2	 Borrower Parties 

 

	  	 The Borrower Parties: 

 

	 	(a)	 Amendment of Fund Documents 

 

	 	(i)	 Procedure  

  

	 	  	 Shall, prior to executing any amendment, modification, or termination of any Fund Document (“Proposed
Amendment”), deliver a copy to the Lender. 

  

	 	(A)	 The Lender shall determine, in good faith, whether a Proposed Amendment is a Material Amendment and, if so,
whether it is acceptable to the Lender, within 5 Business Days of receipt. Any Proposed Amendment that the Lender determines is not a Material Amendment may be executed without further consent. 

 

	 	(B)	 Each executed amendment of any Fund Document shall be delivered to the Lender within 3 Business Days of
effectiveness. 

  
 26 

	 	(ii)	 Material Amendments  

 

	 	  	 Shall not amend, modify or terminate any Fund Document in any way that is materially adverse to the Lender, in
the reasonable discretion of the Lender (a “Material Amendment”), including any amendment or modification that relates to: 

  

	 	(A)	 each Borrower’s power to borrow, 

 

	 	(B)	 each Guarantor’s power to guaranty indebtedness, 

 

	 	(C)	 each Limited Partner’s obligation to fund Uncalled Capital Commitments, 

 

	 	(D)	 the validity or enforceability of the Capital Commitments, 

 

	 	(E)	 or the Lender’s right, title or interest in the Collateral. 

 

	 	(b)	 Formation of LPA Alternative Investment Vehicles  

 

	 	(i)	 Shall not, without the Lender’s prior written consent, form any LPA Alternative Investment Vehicle that is
permitted to make or receive Capital Calls, or transfer or direct any Capital Commitment or Capital Contribution to a LPA Alternative Investment Vehicle. 

  

	 	(ii)	 Any such LPA Alternative Investment Vehicle shall be required to join this Credit Agreement.

  

	 	(c)	 LPA Debt Limitations  

 

	 	  	 Shall comply with the LPA Debt Limitations. 

 

	 	(d)	 Transactions with an Affiliate of the Lender 

 

	 	  	 Shall not knowingly allow the proceeds of any Utilization to be used for the benefit of, or transferred to, an
Affiliate of the Lender, without the Lender’s prior written consent. 

  

	 	(e)	 Mergers and Business Formalities 

 

	 	(i)	 Shall not: 

  

	 	(A)	 commingle its funds with the funds of any other Person, 

 

	 	(B)	 merge or consolidate unless such Borrower Party is the surviving entity, or 

 

	 	(C)	 change its name, jurisdiction of organization or principal place of business without providing at least 10
Business Days’ prior written notice to the Lender. 

  

	 	(ii)	 Shall: 

  

	 	(A)	 maintain its existence, registration, and all material government licenses, permits and approvals,

  

	 	(B)	 conduct and present itself as a separate entity, and maintain separate books and records,

  
 27 

	 	(C)	 maintain all business organization formalities, 

 

	 	(D)	 and conduct all transactions with Affiliates on an arm’s length basis (or otherwise in compliance with the
Fund Documents). 

  

	 	(f)	 Fiscal Year and Accounting Method  

Shall not change its fiscal year or accounting method without prior notice to the Lender, unless required by the Internal Revenue Code (in
which case, the Lender shall be notified immediately). 
  

	 	(g)	 Access to Books and Records  

Shall give the Lender (and its agents) access, upon 3 Business Days’ prior notice, to examine and copy the Borrower Parties’ books
and records and inspect their properties during normal business hours, provided that the Lender may only exercise this access right twice during any 12 month period unless an Event of Default exists, subject to the limitations set forth in
Section 5.5 (Other Reporting). 
  

	 	(h)	 Compliance with Fund Documents and Use of Proceeds 

Shall: 
  

	 	(i)	 comply in all material respects with the Fund Documents; and 

 

	 	(ii)	 use the proceeds of Loans and Capital Calls only for purposes permitted by the Fund Documents.

  

	 	(i)	 Payment of Taxes  

Shall pay or satisfy all liabilities for Taxes imposed upon it or its income, profits, or properties before delinquent, if such failure would
have a Material Adverse Effect, other than Taxes being contested in good faith by appropriate proceedings and for which appropriate reserves have been established. 
  

	 	(j)	 Operations and Properties  

Shall act prudently, in accordance with industry standards, in managing or operating its business, investments, assets and properties, and
shall maintain them in good working order and condition, ordinary wear and tear excepted. 
  

	 	(k)	 Compliance with Law  

Shall comply with all Laws of any Governmental Authority, including environmental Laws and ERISA, if
non-compliance would have a Material Adverse Effect. 
  

	7.	 REPRESENTATIONS 

Each Borrower Party represents, as of the Closing Date, each Utilization Date, and the date of each Facility Limit increase, that: 

 

	7.1	 Partnership Interests and Capital Commitments 

 

	 	(a)	 LPA Subscription Documents 

 

	 	(i)	 The Fund Documents set forth the entire agreement regarding each Limited Partner’s Capital Commitment.

  
 28 

	 	(ii)	 Each Limited Partner’s LPA Subscription Document has been delivered to the Lender. 

 

	 	(b)	 Capital Commitments and Contributions 

 

	 	(i)	 Under the Fund Documents, Capital Commitments may be called at any time to repay the Obligations.

  

	 	(ii)	 All Capital Calls and other information necessary to update the Borrowing Base Certificate has been delivered
to the Lender. 

  

	 	(iii)	 The most recently updated Borrowing Base Certificate correctly sets forth the names and Capital Commitments of
each Limited Partner. 

  

	 	(c)	 No Defenses  

No Borrower Party knows of: 
  

	 	(i)	 any claim of offset, recoupment or other claim which could adversely affect the Limited Partners’
obligation to fund Capital Calls (other than excuse rights as set forth in the LPA or an LPA Side Letter that has been provided to the Lender), 

  

	 	(ii)	 or any default or circumstance which, with the passage of time or giving of notice, would constitute a defense
to the Limited Partners’ obligation to fund Capital Calls (other than excuse rights as set forth in the LPA or an LPA Side Letter that has been provided to the Lender). 

 

	7.2	 Borrower Parties 

 

	 	(a)	 Organization and Good Standing 

 

	 	(i)	 It is duly formed, validly existing and in good standing under the Laws of the jurisdiction where it was
organized, 

  

	 	(ii)	 it has the requisite power and authority to own its assets and conduct its business, and 

 

	 	(iii)	 it is qualified to do business in every jurisdiction in which qualification is required, if such failure would
have a Material Adverse Effect. 

  

	 	(b)	 Authorization and Power  

Each Borrower Party has the power and authority to execute, deliver and perform its obligations under the Loan Documents and its Fund
Documents. 
  

	 	(c)	 Enforceable Obligations  

The obligations of each Borrower Party under the Loan Documents are binding and enforceable, subject to Debtor Relief Laws and equitable
principles. 
  

	 	(d)	 Priority of Liens  

Other than any Permitted Lien, no Borrower Party, nor, to the knowledge of any Borrower Party, any Limited Partner, has pledged any portion of
its interest in a Borrower, Guarantor or Feeder, except as disclosed to the Lender. 

  
 29 

	 	(e)	 Full Disclosure  

The information (other than financial projections and information of a general economic nature or industry-specific nature, as to which no
representation or warranty is made) provided by the Borrower Parties to the Lender in writing is accurate in all material respects. 
  

	 	(f)	 Material Adverse Effect  

No circumstance exists that would have a Material Adverse Effect. 
  

	 	(g)	 Margin Stock 

No Loan proceeds shall be used, directly or indirectly, in violation of Regulations U or X of the Federal Reserve System. 

 

	 	(h)	 Solvency 

Each Borrower Party is Solvent; and each Borrower and any related Feeders, taken as a whole, are Solvent. 

 

	 	(i)	 Sanctions 

No Borrower Party, Affiliate thereof, or, to the Borrower’s knowledge, Limited Partner is a Sanctioned Person. 

 

	 	(j)	 No Conflicts or Consents 

 

	 	(i)	 The execution, delivery and compliance with the Loan Documents will not conflict with any material agreement or
Law by which such Borrower Party is bound, including the Fund Documents. 

  

	 	(ii)	 No consent, approval, authorization or order of any Governmental Authority, Limited Partner or third party is
required to execute, deliver and comply with the Loan Documents, other than those already obtained as of the date hereof. 

  

	 	(k)	 Investment Company Act  

No Borrower Party is required to be registered as an “investment company” within the meaning of the Investment Company Act of 1940.

  

	 	(l)	 Taxes  

Each Borrower Party has filed all tax returns required to be filed in any jurisdiction, and paid all Taxes, if such failure would have a
Material Adverse Effect, other than Taxes being contested in good faith by appropriate proceedings and for which appropriate reserves have been established. 
  

	 	(m)	 Litigation and Environmental Liability  

No Borrower Party has received written notice of any Proceeding or environmental liability, or is aware of any pending or threatened
Proceeding or environmental liability, that would have a Material Adverse Effect. 
  

	 	(n)	 Compliance with Law  

The Borrower Parties are in compliance with all Laws, including environmental Laws, that would have a Material Adverse Effect. 

  
 30 

	 	(o)	 ERISA 

  

	 	(i)	 Each Primary Obligor meets an exception to holding ERISA Plan Assets under the ERISA Plan Asset Regulations.

  

	 	(ii)	 No Primary Obligor nor, except as would not reasonably be expected to have a Material Adverse Effect, any
member of an ERISA Controlled Group has established or maintains any ERISA Plan or has any liability with respect to any ERISA Plan. 

  

	 	(iii)	 Assuming no portion of the Loan is funded with ERISA Plan Assets, unless the Lender is relying upon an
available prohibited transaction exemption, the conditions of which are satisfied, the execution, delivery and performance of the Loan Documents and the enforcement of Capital Calls against the Limited Partners pursuant to the terms of this Credit
Agreement, and the borrowing and repayment of Loans under this Credit Agreement, do not and will not constitute a non-exempt prohibited transaction under Section 406(a) of ERISA or
Section 4975(c)(1)(A)—(D) of the Internal Revenue Code. 

  

	8.	 EVENTS OF DEFAULT AND REMEDIES 

 

	8.1	 Events of Default 

Any of the following shall be an event of default (“Event of Default”). 

 

	 	(a)	 Breach of Mandatory Prepayment Events  

Any failure to comply with Mandatory Prepayment Events, including any failure to issue a Capital Call as required by
Section 4.3 (Required Period). 
  

	 	(b)	 Voluntary Bankruptcy  

Any Borrower Party avails itself of any Debtor Relief Law. 
  

	 	(c)	 Involuntary Bankruptcy  

Any Borrower Party, or a material part of its assets, becomes the subject of any Debtor Relief Law, 

 

	 	(i)	 which continues undismissed or unstayed for 60 days, 

 

	 	(ii)	 or under which a court or other Governmental Authority, 

 

	 	(A)	 enters an order for relief or a judgment approving a petition for reorganization or liquidation,

  

	 	(B)	 or appoints a trustee, receiver, custodian, intervenor, liquidator, administrator or similar entity.

  

	 	(d)	 Insolvency, Liquidation or Dissolution  

Any Borrower Party: 
  

	 	(i)	 becomes Insolvent, 

  

	 	(ii)	 makes a general assignment for the benefit of creditors, 

 

	 	(iii)	 or is liquidated or dissolved. 

  
 31 

	8.2	 Remedies 

Upon an Event of Default, 
  

	 	(a)	 the Facility Termination Date shall automatically occur; 

 

	 	(b)	 the Obligations shall be automatically due and payable; and 

 

	 	(c)	 the Lender may immediately: 

 

	 	(i)	 exercise exclusive control of the Collateral Account; and 

 

	 	(ii)	 issue Capital Calls directly to the Limited Partners. 

 

	8.3	 Additional Rights of the Lender 

During any Event of Default, the Lender is authorized, in the name of the Lender or in the name of any Borrower Party, to: 

 

	 	(a)	 control the issuance of Capital Calls and notify the Limited Partners of the Event of Default;

  

	 	(b)	 notify the Limited Partners to fund Capital Contributions directly to the Lender or to any other account, to
the extent not prohibited by any applicable Fund Documents; 

  

	 	(c)	 complete existing agreements and make allowances and adjustments related to the payment of Capital Commitments,
and compromise any claims related thereto; 

  

	 	(d)	 issue a receipt to any Limited Partner that funds a Capital Contribution, which receipt shall be a complete
release of such Limited Partner with respect thereto; 

  

	 	(e)	 endorse the name of any Borrower Party on any check, draft, instrument, instruction, or document evidencing
payment of a Capital Contribution; 

  

	 	(f)	 perform any covenant, duty, or agreement on behalf of any Borrower Party, and such Borrower Party shall
promptly reimburse the Lender for any expense related thereto, together with interest thereon at the Default Rate from the date of such expenditure until paid; 

 

	 	(g)	 enforce any right or remedy in the Loan Documents, or available at Law or in equity; 

 

	 	(h)	 commence any Proceeding to collect payment of the Capital Commitments; 

 

	 	(i)	 exercise remedies against any Borrower Party and its assets separately, whether or not the Lender exercises
remedies against any other Borrower Party or its assets, and enforce any Borrower Party’s obligations without enforcing any other Borrower Party’s obligations. 

Further, the Lender is granted an irrevocable power of attorney, coupled with an interest, exercisable during an Event of Default, to carry out
all acts and execute all checks, drafts, instruments, instructions, or other documents, on behalf of the Borrower Parties, that are necessary or advisable in the Lender’s sole discretion, to effect repayment of the Obligations and protect the
Collateral. 

  
 32 

 If the Lender forecloses, or exercises any similar remedy under the Collateral Documents,
such remedy shall reduce the Obligations only to the extent of the cash proceeds actually realized by the Lender (or the Lender’s credit bid). 

All of the foregoing remedies and rights of the Lender may be undertaken without presentment, demand, protest, or other notice of any kind, all
of which are expressly waived by the Borrower Parties. 
  

	8.4	 Application of Payments 

Any amounts received during an Event of Default on account of the Obligations shall be applied in the following order: 

 

	 	(a)	 against all costs and expenses (including documented out-of-pocket attorneys’ fees) arising hereunder; 

  

	 	(b)	 against accrued interest on the Obligations; 

 

	 	(c)	 against the Primary Obligations; 

 

	 	(d)	 against any remaining portion of the Obligations; and 

 

	 	(e)	 the balance, after all Obligations have been indefeasibly paid in full, to each Borrower or as required by Law.

  

	9.	 MISCELLANEOUS PROVISIONS 

 

	9.1	 Amendments; Waivers 

 

	 	(a)	 All amendments to this Credit Agreement must be in writing and signed by the parties. 

 

	 	(b)	 All waivers and consents under this Credit Agreement must be in writing and delivered by the Lender to the
Borrower. 

  

	 	(c)	 No failure or delay in exercising any right hereunder shall operate as a waiver thereof, nor shall any partial
exercise of any right preclude any additional exercise thereof. 

  

	 	(d)	 Each waiver or consent shall be effective only in the specific instance and for the specific purpose for which
it is given, and shall not be construed as a waiver or consent for any other purpose. 

  

	 	(e)	 No course of dealing or conduct shall affect the Lender’s rights hereunder or be construed as a waiver of
such rights. 

  

	9.2	 Borrower Provisions 

 

	 	(a)	 Payment of Expenses 

Each Borrower shall pay the Lender’s reasonable and documented
out-of-pocket costs and expenses (including reasonable attorneys’ fees) for drafting and negotiating the Loan Documents, the administration and enforcement of this
credit facility (including the addition of Limited Partners), and any amendments hereto. 

  
 33 

	 	(b)	 Further Assurances 

Each Borrower Party shall, promptly upon the reasonable request of Lender, execute and deliver any replacement Promissory Note, and take any
action necessary or appropriate to correct any error discovered in any Loan Document or filing related thereto, maintain the Collateral (including the perfection and priority of intended liens), and carry into effect the intent of the Loan
Documents. 
  

	 	(c)	 Subordination of Claims and Rights 

 

	 	(i)	 All payments and advances made, directly or indirectly, by any Borrower Party to another Borrower Party or a
Limited Partner, on any debts or liabilities now existing or hereafter arising, and all Liens securing such payments, shall be subordinate to the Obligations, and all Liens securing payment thereof; 

 

	 	(ii)	 provided, such payments may be made so long as: 

 

	 	(A)	 other than as set forth in Section 6.1(d)(i) (Limitation on
Distributions), no Account Control Event exists or would result therefrom; and 

  

	 	(B)	 no Borrower Party would become Insolvent as a result thereof; and 

 

	 	(iii)	 management fees for regular, ordinary course asset management activities, excluding performance fees, incentive
fees, and fees representing a carried interest, may be paid from investment proceeds at any time. 

  

	 	(iv)	 During an Event of Default, the Borrower Parties shall not take any action against any Limited Partner,
including the exercise or enforcement of any right under the Fund Documents. 

  

	 	(d)	 Indemnification  

The Borrower Parties agree to indemnify the Lender and its officers, directors, employees and agents (“Indemnitees”) against
all losses, claims, actions, judgments, penalties, damages, liabilities, and expenses (including reasonable and documented attorneys’ fees and expenses) (“Claims”) incurred by or asserted against any Indemnitee, arising out of
or related to: 
  

	 	(i)	 the use or misuse of Loan proceeds; 

 

	 	(ii)	 the execution or enforcement of any Loan Document, or any transaction contemplated thereby, whether or not any
Indemnitee is a party thereto; 

  

	 	(iii)	 any gross negligence, fraud, willful misconduct, or breach by any Borrower Party or its Affiliates of any Loan
Document or environmental Laws (notwithstanding the acts or omissions of any Indemnitee); 

 provided,
however, that this indemnity shall not apply to any (A) Claims arising from the gross negligence, fraud or willful misconduct of an Indemnitee as determined by a court of competent jurisdiction in a final,
non-appealable decision or (B) Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim. 

 

	 	(e)	 Waiver of Consequential Damages Etc. 

 

	 	(i)	 Each Borrower Party waives, to the fullest extent permitted by Law, any Claim against any Indemnitee for
special, indirect, consequential or punitive damages arising out of or related to any Loan Document. 

  
 34 

	 	(ii)	 The Indemnitees shall not be liable for any Claim arising out of or related to the use by unintended recipients
of any information distributed by electronic telecommunications, the internet or other information transmission systems in connection with the Loan Documents. 

 

	 	(f)	 Recourse Liability 

 

	 	(i)	 Neither the Limited Partners nor General Partner shall have any liability for the payment or performance of the
Obligations, except that losses arising from a Borrower Party’s intentional misconduct, fraud, or willful misapplication of Loan proceeds shall be fully recourse to the General Partner. 

 

	 	(ii)	 The payment of the Obligations shall be non-recourse to the Limited
Partners. 

  

	 	(g)	 ERISA Compliance 

 

	 	(i)	 No Primary Obligor nor, except as would not reasonably be expected to have a Material Adverse Effect, any
member of an ERISA Controlled Group shall establish, maintain or contribute to or become obligated to make any contribution to, or incur any liability with respect to, any ERISA Plan, and no Primary Obligor shall have any employees.

  

	 	(ii)	 No Primary Obligor shall allow its assets to constitute ERISA Plan Assets. 

 

	 	(iii)	 Assuming no portion of the Loan is funded with ERISA Plan Assets, unless the Lender is relying upon an
available prohibited transaction exemption, the conditions of which are satisfied, no Borrower Party shall take any action, or omit to take any action, which would give rise to a non-exempt prohibited
transaction under Section 4975(c)(1)(A)-(D) of the Internal Revenue Code or Section 406(a) of ERISA that would subject the Lender to any tax, penalty, damages or other claim under the Internal Revenue Code or ERISA. 

 

	 	(h)	 ERISA Plan Assets 

 

	 	(i)	 If any Primary Obligor: 

 

	 	(A)	 provided a certificate of a Fund Responsible Officer pursuant to clause (g)(ii) on Annex
VI, 

  

	 	(B)	 or if it intends to admit one or more ERISA Limited Partners which would result in 25% or more of the total
value of any class of equity interests in such Primary Obligor being held by “benefit plan investors” under Section 3(42) of ERISA, 

such Primary Obligor shall deliver an ERISA Operating Company Opinion, addressed to the Lender (or a copy of such Primary Obligor’s ERISA
Operating Company Opinion, together with an ERISA Reliance Letter with respect thereto). 
  

	 	(ii)	 If any Primary Obligor provided an ERISA Operating Company Opinion pursuant to clause (g)(i) on
Annex VI or Section 9.2(h)(i), such Primary Obligor shall provide to the Lender, by the 60th day after the end of each ERISA Annual Valuation Period of such Primary Obligor, a certificate,
addressed to the Lender, signed by a Fund Responsible Officer, certifying that such Primary Obligor has met the requirements to be an ERISA Operating Company for the twelve-month period following the end of such ERISA Annual Valuation Period.

  
 35 

	 	(iii)	 If such Primary Obligor does not have “significant” participation by ERISA Limited Partners
(calculated in accordance with the ERISA Plan Asset Regulations), such Primary Obligor shall deliver to the Lender, concurrently with annual financial statements, a certificate confirming that the underlying assets of such Primary Obligor do not
constitute ERISA Plan Assets because less than 25% of the total value of each class of equity interests in such Primary Obligor is held by “benefit plan investors” under Section 3(42) of ERISA. 

 

	9.3	 Confidentiality 

 

	 	(a)	 The Lender shall maintain the confidentiality of all information (including financial statements, Capital
Commitments, Fund Documents, investments under the LPA, identities of the Limited Partners, and any other data, records, reports and forecasts) disclosed by or on behalf of a Borrower Party or Limited Partner to the Lender or its attorneys,
accountants, agents or service providers in connection with this Credit Agreement, in accordance with the Lender’s customary procedures, but not any information that was publicly available prior to such disclosure (“Confidential
Information”). 

  

	 	(b)	 The Lender may disclose Confidential Information: 

 

	 	(i)	 to any Person with the Borrower’s prior written consent; 

 

	 	(ii)	 to its internal and external auditors, accountants, compliance personnel, attorneys, agents, and Affiliates;

  

	 	(iii)	 in the ordinary course of business for administrative, audit, reporting, compliance and regulatory purposes;

  

	 	(iv)	 to any Governmental Authority that asserts jurisdiction over the Lender or its Affiliates, or as required by
Law; 

  

	 	(v)	 to an assignee or proposed assignee, provided that such party agrees in writing to keep such information
confidential; 

  

	 	(vi)	 to the Federal Reserve Bank of New York and any other Federal Reserve Bank; and 

 

	 	(vii)	 in connection with the exercise of any remedy or Proceeding related to the Loan Documents.

  

	 	(c)	 In connection with any transaction in which a Borrower Party is a buyer of an asset for which the Lender or its
Affiliate is advising the seller, the Lender or its Affiliate may inform its advisory client of the existence of this Credit Agreement if such Person determines it would be appropriate to do so. 

 

	9.4	 Assignments 

  

	 	(a)	 Lender Assignments 

 

	 	(i)	 The Lender may pledge, transfer or assign its interest under this Credit Agreement to any Person, including a
Federal Reserve Bank. 

  

	 	(ii)	 The Lender, acting solely for this purpose as a non-fiduciary agent of
the Borrowers, shall maintain a copy of each assignment and assumption delivered to it and a register for the recordation of the name and address of each Person to whom the Lender pledges, transfers or assigns an interest under this Credit

  
 36 

	 	
Agreement pursuant to Section 9.4(a)(i), and the Loans of, and the principal amounts (and stated interest) of the Loans owing to, each Person to
whom the Lender pledges, transfers or assigns an interest under this Credit Agreement pursuant to Section 9.4(a)(i) pursuant to the terms hereof from time to time (the “Register”).
Entries in the Register shall be conclusive absent manifest error, and the parties hereto shall treat each person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Credit Agreement.
The Register shall be available for inspection upon the reasonable request of the parties hereto. All Loans shall be maintained in “registered form” within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Internal Revenue
Code and related Treasury Regulations. 

  

	 	(b)	 Borrower Party Assignments  

The Borrower Parties may not transfer or assign their interest under this Credit Agreement without the Lender’s prior written consent.

  

	9.5	 Other Miscellaneous Provisions 

 

	 	(a)	 No Fiduciary Duty  

The Lender shall have no fiduciary duty to any Borrower Party, and the relationship between the Lender and the Borrower Parties shall be
solely that of lender and borrower. 
  

	 	(b)	 Lending Office 

 

	 	(i)	 The Lender may designate its principal office or the office of an Affiliate as the office where it makes and
maintains Loans, and where payments are credited (the “Lending Office”), 

  

	 	(ii)	 and may change the Lending Office by written notice to the Borrower. 

 

	 	(iii)	 If requested by the Borrower, the Lender may designate a different Lending Office, if such designation would
reduce the amount of compensation owed by the Borrowers under Section 10, and would not, in the Lender’s good faith judgment, subject the Lender to any unreimbursed cost or expense or be otherwise
disadvantageous to it. The Borrowers shall pay all reasonable costs and expenses incurred by the Lender in connection with such change. 

  

	 	(c)	 Survival  

Section 9.2(a) (Payment of Expenses),
Section 9.2(d) (Indemnification) and Section 10 (Increased Costs, LIBOR Unavailability and Taxes) shall survive termination of this Credit Agreement,
regardless of the repayment of the Loans, the termination of any LCs, or the unenforceability of any Loan Document. 
  

	 	(d)	 Maximum Interest  

The interest charged hereunder shall not exceed the highest rate permitted by Law. 

 

	 	(e)	 Governing Law  

The Loan Documents shall be governed by the Laws of the State of New York. 

  
 37 

	 	(f)	 Consent to Jurisdiction  

Any Proceeding against any Borrower Party, arising out of or related to any Loan Document, may be brought in the courts of the State of New
York, or in the United States Courts in the Borough of Manhattan in New York City, pursuant to Section 5-1402 of the New York General Obligations Law, as the Lender may elect, and each Borrower Party
submits to the non-exclusive jurisdiction of such courts. 
  

	 	(g)	 Consent to Service of Process and Forum 

 

	 	(i)	 Each Borrower Party irrevocably consents to the service of process in any Proceeding in said court by the
mailing thereof by the Lender by registered or certified mail, postage prepaid, to such Borrower Party’s notice address provided herein. 

  

	 	(ii)	 Each Borrower Party irrevocably waives any objection to the laying of venue of any Proceeding arising out of or
related to this Credit Agreement or any Promissory Note brought in the courts located in the State of New York, Borough of Manhattan in New York City, and further irrevocably waives any claim that any Proceeding brought in any such court has been
brought in an inconvenient forum. 

  

	 	(h)	 Waiver of Trial by Jury  

EACH BORROWER PARTY WAIVES TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING BROUGHT IN CONNECTION WITH THE LOAN DOCUMENTS, WHICH WAIVER IS
INFORMED AND VOLUNTARY. 
  

	 	(i)	 Severability of Invalid Provisions 

If any provision of this Credit Agreement is held to be invalid or unenforceable, the remainder of this Credit Agreement shall not be affected
or impaired thereby, and the parties shall, to the extent practicable, endeavor in good faith to replace such provision with a valid provision. 
  

	 	(j)	 Entire Agreement  

The Loan Documents constitute the entire agreement of the parties, and supersede all prior agreements relating to the subject matter thereof.

  

	 	(k)	 Multiple Counterparts; Electronic Delivery  

This document may be executed in multiple counterparts, which may be delivered electronically. 

 

	10.	 INCREASED COSTS, LIBOR UNAVAILABILITY AND TAXES 

 

	10.1	 Compensation Certificate 

Upon request, the Lender shall deliver to the Borrowers a certificate, which shall be conclusive absent manifest error and shall not include
any duplicative amount, setting forth the details, amount to be paid, and calculation of each demand for payment under this Section 10, and the Borrowers shall pay the Lender such amount within the
Required Period. 
  

	10.2	 LIBOR Unavailability, Inadequacy or Illegality 

 

	 	(a)	 If the Lender determines that no interest rate reporting service of recognized standing has reported LIBOR,
then the Lender may obtain LIBOR from any bank reasonably selected by the Lender. 

  
 38 

	 	(b)	 If the Lender determines that, 

 

	 	(i)	 deposits in U.S. dollars or another Approved Currency are not being offered to banks in the London interbank
market, 

  

	 	(ii)	 reasonable means do not exist for determining LIBOR, 

 

	 	(iii)	 LIBOR does not adequately reflect the Lender’s cost of funding, 

 

	 	(iv)	 or a Change in Law has made it unlawful for the Lender to make or maintain LIBOR Loans, 

then all outstanding LIBOR Loans shall automatically convert to LIBOR Alternative Rate Loans (or Prime Rate Loans if the LIBOR Alternative
Rate has not yet been established) on the last day of the then-current LIBOR Reset Period (or earlier if required by Law), and all new Loans will be made as LIBOR Alternative Rate Loans (or Prime Rate Loans). The parties hereto shall use
commercially reasonable efforts to satisfy any applicable Internal Revenue Service guidance, including proposed Treasury Regulations Section 1.1001-6 and any future guidance, to the effect that a LIBOR
Alternative Rate will not result in a deemed exchange for U.S. federal income tax purposes of any Loan under this Credit Agreement. 
  

	10.3	 Change in Law 

 

	 	(a)	 If the Lender reasonably determines that as a result of any Change in Law, there is any 

 

	 	(i)	 increase in the cost to the Lender of Utilizations, 

 

	 	(ii)	 decrease in the amount received or receivable by the Lender in connection therewith (excluding Taxes and
reserve requirements related to the determination of LIBOR), 

  

	 	(iii)	 increase in or imposition of Taxes (other than Indemnified Taxes, Excluded Taxes or Connection Income Taxes) on
the Utilizations, or its deposits, reserves, other liabilities or capital attributable thereto, 

  

	 	(iv)	 or decrease in its (or an Affiliate’s) return on capital, as a consequence of the Lender’s
obligations hereunder (taking into consideration its policies on capital adequacy and expected return on capital), 

 the
Borrowers shall compensate the Lender for such increase or reduction. 
  

	 	(b)	 The Lender shall notify the Borrowers promptly upon becoming aware of any event occurring after the Closing
Date, and in any event within 270 days thereafter, which may entitle the Lender to compensation hereunder; provided that if the event giving rise to such compensation is retroactive, then such 270-day period
shall be extended to include the period of retroactive effect. 

  

	10.4	 Taxes 

  

	 	(a)	 Payments Free of Taxes 

 

	 	(i)	 All payments by any Borrower to the Lender hereunder shall be made free and clear, and without deduction for
any Taxes, except as required by Law. 

  

	 	(ii)	 If any Borrower is required by Law to deduct or withhold any Taxes related to any sum payable to the Lender, it
may in good faith do so, and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with Law; and if such Taxes are Indemnified Taxes, the sum payable shall be increased so that after making such
deduction or withholding, the Lender receives an amount equal to the sum the Lender would have received had no deductions or withholdings been made. 

  
 39 

	 	(b)	 Indemnified Taxes  

 

	 	  	 Each Borrower Party agrees to indemnify the Lender for (without duplication), 

 

	 	(i)	 the full amount of Indemnified Taxes payable or paid by the Lender or required to be withheld or deducted from
a payment to the Lender, 

  

	 	(ii)	 and any reasonable expenses arising therefrom or related thereto, including penalties, interest, and legal
expenses incurred in the enforcement hereof, whether or not such Indemnified Taxes were correctly or legally imposed by the relevant Governmental Authority. 

  

	 	(c)	 Lender’s Tax Exemption Form  

 

	 	  	 The Lender (and any assignee of the Lender) shall, to the extent it is legally entitled to do so, deliver to
the Borrowers, on or before the Closing Date and the date of each assignment, and thereafter upon reasonable request of a Borrower, executed copies of IRS Form W-9 or IRS Form W-8, as applicable, as will permit the applicable Borrower to determine whether or not payments under the Loan Document are subject to U.S. withholding tax or U.S. information reporting requirements.

  

	 	(d)	 Tax Refunds 

  

	 	(i)	 If the Lender receives a refund, which it determines in good faith is directly attributable to Indemnified
Taxes, it shall promptly pay such amount, net of all related out-of-pocket expenses (including Taxes) to the Borrowers (without interest thereon), 

 

	 	(ii)	 but if the Lender is subsequently required to repay such amount to the relevant taxing authority, the Borrowers
agree to refund such amount to the Lender. 

  

	 	(iii)	 The Lender shall not pay to the Borrowers any amount that would place the Lender in a less favorable net after-Tax position than the Lender would have been in if Indemnified Taxes had not been imposed and indemnification payments had never been paid. 

  
 40 

 SCHEDULE I 

Annexes 
 The following Annexes shall apply
to Facility A: Annex V, Annex VI. 
 The following Annexes shall apply to Facility B: Annex V, Annex
VI. 

  
 41 

 Annex I 

[Reserved] 

  
 42 

 Annex II 

[Reserved] 

  
 43 

 Annex III 

[Reserved] 

  
 44 

 Annex IV 

[Reserved] 

  
 45 

 Annex V 

Collateral Security Agreement 
 Each
Borrower, each Guarantor, and the General Partner (each, a “Pledgor”) confirms that it is receiving benefit from the Utilizations, and the security interest granted hereby is a condition to such Utilizations. 

 

	1.	 Grant of Security Interest 

In order to secure the Obligations, each Pledgor grants a Lien in, pledges and assigns the following collateral, whether now existing or
hereafter acquired or arising (the “Collateral”), to the Lender: 
  

	 	(a)	 such Borrower’s or Guarantor’s rights, under the Fund Documents, to the Capital Commitments and
Capital Contributions of each Limited Partner; 

  

	 	(b)	 the General Partner’s rights, under the Fund Documents, to make Capital Calls and enforce each Limited
Partner’s obligation to make Capital Contributions; 

  

	 	(c)	 all of such Borrower’s or Guarantor’s rights, titles, and interests in each Collateral Account, any
successor or substitute accounts, all funds therein or credited thereto, and all documents evidencing each account; 

  

	 	(d)	 all of such Borrower’s or Guarantor’s rights, titles, interests, remedies and privileges granted to
such Borrower or Guarantor under each Cascading Collateral Security Agreement; and 

  

	 	(e)	 all proceeds of the foregoing, other than funds properly withdrawn from a Collateral Account in accordance with
the Loan Documents, and the proceeds of such funds. 

  

	2.	 Covenants 

  

	 	(a)	 Each Pledgor shall take all actions and execute all documents, requested by the Lender, to:

  

	 	(i)	 obtain, maintain and confirm the full benefits and rights herein granted; 

 

	 	(ii)	 preserve and maintain the Lender’s perfected, first priority security interest in the Collateral (subject
to Permitted Liens); 

  

	 	(iii)	 appear in or defend any Proceeding that affects any Collateral Account or the Liens granted hereby; and

  

	 	(iv)	 ensure that the Limited Partners fund all Capital Contributions directly into the applicable Collateral
Account, 

 all at the Pledgors’ expense. 
  

	 	(b)	 Any Capital Call by the Lender in compliance with the provisions of the applicable Pledgor’s Fund
Documents shall be deemed to satisfy any requirement or condition that such Pledgor make a discretionary call on its Limited Partners (which Capital Calls may be in excess of the amount owing under the Credit Agreement in order to result in payment
in full of the Obligations). 

  

	 	(c)	 Any Capital Contributions received by any Borrower or Guarantor outside of its Collateral Account shall be:

  
 46 

	 	(i)	 part of the Collateral and subject to the Lender’s Liens thereon; 

 

	 	(ii)	 segregated from all other funds of such Borrower or Guarantor; 

 

	 	(iii)	 held in trust for the Lender; and 

 

	 	(iv)	 deposited into the applicable Collateral Account within 2 Business Days. 

 

	3.	 Representations 

As of the Closing Date, each Utilization Date, and the date of each Facility Limit increase: 

 

	 	(a)	 each Borrower and Guarantor is the sole owner of its Collateral Account and Capital Contributions;

  

	 	(b)	 the General Partner has the exclusive right to make Capital Calls; and 

 

	 	(c)	 no Pledgor has transferred, assigned or granted any Lien (other than Permitted Liens) on the Collateral.

  

	4.	 Reporting 

Each Pledgor shall notify the Lender within 1 Business Day if: 
  

	 	(a)	 any of the covenants or representations above ceases to be true; or 

 

	 	(b)	 any Proceeding is brought that affects any Collateral Account or the Liens granted hereby.

  

	5.	 Account Control Events 

During an Account Control Event, 
  

	 	(a)	 the Lender may exercise all of its rights under each Collateral Account Control Agreement, including:

  

	 	(i)	 taking exclusive control of each Collateral Account; and 

 

	 	(ii)	 withdrawing, transferring and receiving all funds in or credited to any Collateral Account, and

  

	 	(b)	 each Pledgor waives any right to, and shall not, give instructions to the Depository concerning any Collateral
Account. 

  

	6.	 No Waiver 

The Lender’s rights and remedies shall not be waived or adversely affected by: 

 

	 	(a)	 any compromise, forbearance, adjustment or release granted by the Lender in connection with the Collateral or
the Obligations; 

  

	 	(b)	 the exercise of, or failure to exercise, any right or remedy; or 

 

	 	(c)	 any action or omission by the Lender in connection with the Obligations or the Collateral, irrespective of
whether such action or omission prejudices any Pledgor or increases the likelihood that the Collateral will be applied to the Obligations. 

  
 47 

	7.	 No Liability 

The Lender shall not be liable for: 
  

	 	(a)	 any act or omission related to the Lender’s exercise of any right or remedy concerning the Collateral; or

  

	 	(b)	 any loss of interest, or penalties or charges assessed to any Collateral Account, as a result of the
Lender’s exercise of any right or remedy, 

 except as a result of its own gross negligence, fraud or willful
misconduct. 
  

	8.	 Subrogation 

No Pledgor shall exercise any right of subrogation, reimbursement, contribution, offset, indemnification or similar rights against any Pledgor
or the Collateral until the Obligations have been fully satisfied. 
  

	9.	 UCC Financing Statements 

 

	 	(a)	 Each Pledgor has reviewed drafts of the UCC financing statements that will be filed to perfect the security
interests hereby granted, and they are accurate with respect to any information pertaining to such Pledgor. 

  

	 	(b)	 No financing statement covering the Collateral has been or will be filed, other than by the Lender.

  

	 	(c)	 The principal executive office and principal place of business of each Pledgor that is not a U.S. entity is at
the location specified in Section 1 and has been at such location since its formation. 

  

	10.	 Release 

Upon the complete satisfaction of the Obligations (other than contingent indemnification obligations) and the termination of the facility, the
Lender shall release: 
  

	 	(a)	 the Pledgors from their obligations hereunder; and 

 

	 	(b)	 the security granted hereunder, 

and the Pledgors may terminate the UCC financing statements, at their own expense. 

  
 48 

 Annex VI 

Conditions Precedent to Closing 
 The
Credit Agreement shall not become effective until the Lender receives each of the following, in form and substance reasonably satisfactory to the Lender: 
  

	(a)	 this Credit Agreement; 

 

	(b)	 a Promissory Note from each Borrower; 

 

	(c)	 each Collateral Document; 

 

	(d)	 UCC lien searches (or their equivalent); 

 

	(e)	 UCC financing statements (or their equivalent); 

 

	(f)	 legal opinions from Borrower Parties’ counsel; 

 

	(g)	 with respect to each Primary Obligor, either: 

 

	 	(i)	 an ERISA Operating Company Opinion (or an ERISA Operating Company Opinion with an ERISA Reliance Letter); or

  

	 	(ii)	 a certificate confirming that the assets of such Primary Obligor do not constitute ERISA Plan Assets because
less than 25% of the total value of each class of equity interests in such Primary Obligor is held by “benefit plan investors” under Section 3(42) of ERISA; 

 

	(h)	 a Closing Certificate in the form of Exhibit E; 

 

	(i)	 all information necessary to update the Borrowing Base Certificate; 

 

	(j)	 an officer’s certificate with the following attached: 

 

	 	(i)	 certificates of existence, incorporation or registration (or their equivalents); 

 

	 	(ii)	 each LPA; 

  

	 	(iii)	 certificates of existence and good standing (or their equivalents); 

 

	 	(iv)	 resolutions authorizing the Borrower Parties to enter into the Loan Documents; 

 

	 	(v)	 an incumbency certificate; 

 

	(k)	 for each Limited Partner, its duly executed and delivered LPA Subscription Document (including, as applicable,
its Limited Partner Consent Letter); 

  

	(l)	 current contact details of each Limited Partner; 

 

	(m)	 copies of any Capital Calls issued prior to the Closing Date and a list of any Limited Partner that did not
fund any Capital Call when due; 

  

	(n)	 “Know Your Customer” Information: 

 

	 	(i)	 the name, address and percentage of ownership of each Person that owns an interest in each Borrower, and as
applicable, each Feeder and each Guarantor; 

  
 49 

	 	(ii)	 the name of each director of each Borrower, and as applicable, each Feeder and each Guarantor;

  

	 	(iii)	 a current organization chart of the Borrower Parties; and 

 

	 	(iv)	 the most recent quarterly and annual financial statements of each Borrower, and as applicable, each Feeder and
each Guarantor, if they exist; 

  

	(o)	 appointment of an agent for the service of process in the U.S. for each Borrower Party formed outside of the
U.S.; 

  

	(p)	 electronic monitoring access of the Collateral Accounts; 

 

	(q)	 agreement with respect to payment of reasonable attorneys’ fees within 30 days after the Closing Date; and

  

	(r)	 other documents reasonably requested by the Lender. 

  
 50

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