Document:

Asset Contribution Agreement

 Exhibit 10.2 
  
  
  
 ASSET CONTRIBUTION AGREEMENT 

 dated as of 
 March 10, 2010 
 between 
 FS INVESTMENT CORPORATION, 
 as Contributor, 
 and 
 BROAD STREET FUNDING LLC, 
 as Contributee 
  
  
  

 TABLE OF CONTENTS 
  

					
	  	  	 	  	Page
		  	ARTICLE I	  	
			
		  	USAGE AND DEFINITIONS	  	
			
	 Section 1.1
	  	Definitions	  	1
	
	 ARTICLE II
  
 CONTRIBUTION

			
	 Section 2.1
	  	Contribution on the Closing Date	  	3
	 Section 2.2
	  	Further Assurances	  	3
	 Section 2.3
	  	Intent; Savings Clause	  	4
	 Section 2.4
	  	Subsequent Transfer; Acknowledgment and Agreement of Contributee	  	5
	 Section 2.5
	  	Authorization to File Financing Statements	  	5
	
	 ARTICLE III
  
 CONDITIONS PRECEDENT

			
	 Section 3.1
	  	Conditions to Obligations of Contributee	  	5
	
	 ARTICLE IV
  
 REPRESENTATIONS AND WARRANTIES

			
	 Section 4.1
	  	Representations and Warranties of Contributee as to Itself	  	7
	 Section 4.2
	  	Representations and Warranties of Contributor as to Itself	  	8
	 Section 4.3
	  	Representations and Warranties of Contributor with Respect to Contributed Assets	  	10
	 Section 4.4
	  	Indemnification by Contributor	  	11
	
	 ARTICLE V
  
 COVENANTS OF THE PARTIES

			
	 Section 5.1
	  	Existence	  	12
	 Section 5.2
	  	Compliance with Law	  	12
	 Section 5.3
	  	UCC Filings	  	12
	 Section 5.4
	  	Maintenance of Separateness	  	12
	 Section 5.5
	  	Further Action Evidencing Contribution	  	13

  

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 ARTICLE VI 
 MISCELLANEOUS PROVISIONS 
  

					
	 Section 6.1
	  	Obligations of Contributor	  	13
	 Section 6.2
	  	Waivers; Amendment	  	14
	 Section 6.3
	  	Costs and Expenses	  	14
	 Section 6.4
	  	Survival	  	14
	 Section 6.5
	  	Notices	  	14
	 Section 6.6
	  	Severability	  	15
	 Section 6.7
	  	Counterparts	  	15
	 Section 6.8
	  	Successors and Assigns	  	15
	 Section 6.9
	  	Entire Agreement	  	15
	 Section 6.10
	  	Limitations on Liability	  	16
	 Section 6.11
	  	Governing Law; Waiver of Jury Trial	  	16
	 Section 6.12
	  	No Petition	  	17
			
	 Schedule 1
	  	Schedule of Contributed Assets	  	

  

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 ASSET CONTRIBUTION AGREEMENT 
 This ASSET CONTRIBUTION AGREEMENT (this “Agreement”), dated as of March 10, 2010, between FS INVESTMENT CORPORATION, a
Maryland corporation, as contributor (“Contributor”), and BROAD STREET FUNDING LLC, as contributee (“Contributee”). 
 RECITALS: 
 WHEREAS, Contributor is the sole member of Contributee;

 WHEREAS, Contributor desires to contribute, transfer, grant, assign or otherwise convey to Contributee all of
Contributor’s right, title and interest in and to the Contributed Assets (as defined below) on the terms and subject to the conditions as set forth herein; 
 WHEREAS, Contributee desires to accept as a capital contribution all of Contributor’s right, title and interest in and to the Contributed Assets (as defined below) on the terms and subject to the
conditions as set forth herein; and 
 NOW, THEREFORE, Contributor and Contributee, intending to be legally bound hereby, agree
as follows: 
 ARTICLE I 
 USAGE AND DEFINITIONS 
 Section 1.1 Definitions. For purposes
of this Agreement, capitalized terms shall have the meanings assigned to them herein or, if not defined herein, as defined in the Credit Agreement or the LLC Agreement, as the case may be. In addition, the following terms shall have the following
meanings: 
 “Action” means any claim, action, suit, arbitration, inquiry, proceeding or investigation by or
before any Governmental Authority. 
 “Affiliate” means, with respect to any Person, any Person directly or
indirectly controlling, controlled by, or under common control with, such former Person. As used in this definition, the term “control” means the possession, directly or indirectly, of the power (a) to vote more than 50% of the
securities having ordinary voting power for the election of directors of any such Person or (b) to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or
otherwise. 
 “Agreement” has the meaning set forth in the preamble. 
 “Authorized Officers” means the officers of the Contributor set forth on the relevant Officer’s Certificate delivered
pursuant to Section 3.1. 
 “Board of Directors” means the Board of Directors of Contributor. 

“Closing Date” means March 10, 2010. 

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

“Contributed” has the meaning set forth in Section 2.1(a). 
 “Contributed Assets” means the assets set forth on Schedule 1 and any other such assets as may be Contributed from time to
time hereunder. 
 “Contributee” has the meaning set forth in the preamble. 
 “Contribution” has the meaning set forth in Section 2.1(a). 
 “Contribution Date” means the Closing Date and each such other date as assets are Contributed hereunder. 
 “Contributor” has the meaning set forth in the preamble. 
 “Credit Agreement” means the Credit Agreement dated as of March 10, 2010, between the Lender and Contributee.

 “Indemnifying Party” has the meaning set forth in Section 4.4(a). 
 “Indemnitee” has the meaning set forth in Section 4.4(a). 
 “Insolvent” means, with respect to any Person, where (i) such Person has made a general assignment for the benefit of
creditors, (ii) any proceeding has been instituted against such Person seeking to adjudicate such Person as bankrupt or insolvent, or seeking such Person’s liquidation, winding up or reorganization, or seeking any arrangement, adjustment,
protection, relief or composition of any of such Person’s debts under any requirements of law relating to bankruptcy, insolvency or reorganization; or (iii) such Person is unable to pay such Person’s debts as they come due.

 “Lender” means Deutsche Bank AG, New York Branch, including any successor thereto. 
 “LLC Act” means the Delaware Limited Liability Company Act, as amended from time to time (6 Del. C. § 18-101, et
seq.). 
 “LLC Agreement” means the Limited Liability Company Agreement of Contributee, dated as of
March 10, 2010 , among FS Investment Corporation, as the sole equity member, and the Independent Managers (as named and defined therein). 
 “Liability” or “Liabilities” each has the meaning set forth in Section 4.4 (a). 
 “Pre-Closing Date Liability” means any Liability arising from any event, occurrence or circumstance existing prior to the Closing Date. 
 “Recharacterization Event” has the meaning set forth in Section 2.3(b). 
 “Release Conditions” has the meaning given to such term in the Security Agreement, dated as of March 10, 2010, between
the Contributee and the Lender. 
  

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 “Securitization Act” has the meaning set forth in Section 2.3(e).

 ARTICLE II 
 CONTRIBUTION 
 Section 2.1 Contribution on the Closing Date.

 (a) Subject to the terms and conditions of this Agreement, and notwithstanding any provision in this Agreement
to the contrary, Contributor hereby irrevocably contributes, transfers, assigns and otherwise conveys to Contributee, without recourse (except as set forth in Section 4.4), and, subject to the satisfaction of the conditions set forth in
Section 3.1 and the other terms and conditions of this Agreement, Contributee acquires, accepts and receives as a capital contribution from Contributor, all right, title and interest of Contributor in the Contributed Assets (each of the
transactions described in this Section 2.1, a “Contribution” with “Contribute” and “Contributed” having meanings correlative thereto). Contributor hereby relinquishes all legal and equitable interests in the
Contributed Assets upon the Closing Date. 
 (b) Contributor may, from time to time, elect to Contribute
additional Contributed Assets. Subject to the satisfaction of the conditions set forth in Section 3.1 and the other terms and conditions of this Agreement, Contributee shall acquire, accept and receive as a capital contribution from
Contributor, all right, title and interest of Contributor in any additional Contributed Assets. Contributor hereby relinquishes all legal and equitable interests in the additional Contributed Assets upon each Contribution Date. On each Contribution
Date, Schedule 1 hereto shall be amended by adding any additional Contributed Assets as of such Contribution Date. 
 (c) Effective from and after the Contributions, Contributee hereby assumes from Contributor and agrees to perform all continuing obligations (then existing or thereafter arising) of Contributor under the Contributed Assets. The Contributed
Assets transferred hereby will be held by Contributee free and clear of any lien or encumbrance of any Person claiming through or under Contributor. Contributor hereby agrees to protect and defend Contributee’s ownership interest and other
rights in the Contributed Assets against any claim arising from the prior ownership of Contributor or any of its predecessors-in-interest. 
 Section 2.2 Further Assurances. 
 (a) Contributor shall from
time to time, execute and deliver such documents, instruments, agreements, financing statements, and shall take all such other actions as are requested by Contributee or its assignees or the Lender from time to time hereafter that may be necessary,
appropriate or desirable to ensure that Contributee and its assignees have an enforceable ownership interest or, solely if Section 2.3(b) hereof is applicable, an enforceable and perfected security interest, in each case in the Contributed
Assets (as applicable). 
  

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 Section 2.3 Intent; Savings Clause. 
 (a) This Agreement is intended to effect an absolute, irrevocable transfer, conveyance, assignment and contribution, without
recourse (except as set forth in Section 4.4) of the Contributed Assets by Contributor to Contributee, and immediately after giving effect to the transfer contemplated by Section 2.1(a) on the Closing Date or Section 2.1(b) on any
Contribution Date, Contributor will have no further interest (legal or equitable) in the Contributed Assets and the Contributed Assets will not be property of Contributor’s estate in the event of a bankruptcy of Contributor and Contributee
shall have the absolute right to take whatever action it may deem appropriate with respect to any Contributed Asset. The parties agree to treat each transfer pursuant to Section 2.1 for all purposes (including financial accounting purposes) as
an absolute transfer on all relevant books, records, financial statements and other documents. 
 (b) If,
notwithstanding Section 2.3(a), the transfer of the Contributed Assets on any Contribution Date pursuant to this Agreement is recharacterized by a court of competent jurisdiction or otherwise as a collateral transfer for security or as a
financing transaction (a “Recharacterization Event”), Contributor intends that Contributee have a first priority perfected security interest in, and a lien on, the Contributed Assets to secure an obligation of Contributor to
Contributee in an amount equal to the aggregate face value of the Contributed Assets plus accrued interest. 
 (c) Accordingly, if a Recharacterization Event occurs, Contributor shall be deemed to have granted, and Contributor does hereby grant, to Contributee a security interest in all of Contributor’s right title and interest in, to, and
under the Contributed Assets, all books and records related thereto and the income and any proceeds resulting therefrom, and this Agreement shall be deemed to be a security agreement for such purpose. 
 (d) If a Recharacterization Event occurs, Contributee will have all of the rights and remedies of a secured party under the
UCC (including the rights of a secured party obtaining a lien under Section 9-608 of the UCC) and Contributor will have all the rights of a debtor granting a lien under the UCC (including the rights of a debtor granting a lien under
Section 9-623). 
 (e) For purposes of complying with the requirements of the Asset-Backed Securities
Facilitation Act of the State of Delaware, 6 Del. C. § 2701A, et seq. (the “Securitization Act”), each of the parties hereto hereby agrees that, notwithstanding any other provision of law, including but not limited to,
Section 9-623 of the UCC: 
 (i) Any property, assets or rights purported to be transferred, in whole or in
part, by Contributor pursuant to this Agreement shall be deemed to no longer be the property, assets or rights of Contributor; 
 (ii) None of Contributor, its respective creditors or, in any insolvency proceeding with respect to Contributor or Contributor’s property, a bankruptcy trustee, receiver, debtor, debtor in possession
or similar person, to the extent the issue is governed by Delaware law, shall have any rights, legal or equitable, whatsoever to reacquire, reclaim, recover, repudiate, disaffirm, redeem or recharacterize as property of Contributor any property,
assets or rights purported to be transferred, in whole or in part, by Contributor pursuant to this Agreement; 
  

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 (iii) In the event of a bankruptcy, receivership or other insolvency
proceeding with respect to any Contributor or any Contributor’s property, to the extent the issue is governed by Delaware law, such property, assets and rights shall not be deemed to be part of such Contributor’s property, assets, rights
or estate; and 
 (iv) The transactions contemplated by this Agreement, the LLC Agreement and the Credit
Agreement constitute a “securitization transaction” as such term is used in the Securitization Act. 
 Section 2.4
Subsequent Transfer; Acknowledgment and Agreement of Contributee. 
 (a) Contributor acknowledges and
agrees that, as of each Contribution Date, (i) Contributee will pledge the Contributed Assets and its rights under this Agreement in the manner contemplated under the Credit Documents and (ii) the representations, warranties, covenants and
indemnifications contained in this Agreement and the rights of Contributee under this Agreement are intended to benefit the Lender. 
 (b) Contributor hereby consents to the pledges to occur on any Contribution Date which are described in the foregoing clause (a). Without limiting the generality of the foregoing, the parties hereto
agree, to the fullest extent permitted by applicable law, that Lender is and will be a third-party beneficiary of this Agreement with full right, power and authority to exercise Contributee’s rights and remedies and enforce Contributor’s
obligations under this Agreement, in each case subject to and in accordance with the terms of the Credit Agreement. 
 Section
2.5 Authorization to File Financing Statements. 
 Contributor hereby authorizes the filing of any financing statements
or continuation statements, and amendments to financing statements, in any jurisdictions and with any filing offices as Contributee (with notice to the Lender and, in the case of amendments, with the consent of the Lender) or the Lender may
determine, in its sole discretion, are necessary or advisable to perfect the security interest granted to Contributee pursuant to Section 2.3, and to perfect the conveyance of the Contributed Assets pursuant to the Contribution. Such financing
statements may describe the collateral in the same manner as described in this Agreement or in any other security agreement, assignment, transfer document or pledge agreement entered into by the parties in connection herewith. 
 ARTICLE III 
 CONDITIONS PRECEDENT 
 Section 3.1 Conditions to Obligations of Contributee. 
 The obligation of Contributee to accept and acquire the Contributed Assets on a Contribution Date is subject to the satisfaction of the
following conditions: 
 (a) Representations and Warranties True. The representations and warranties of
Contributor under Section 4.2 with respect to itself, and the representations and warranties of

  

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Contributor under Section 4.3 with respect to such Contributed Assets, in each case shall be true and correct in all material respects as of the Contribution Date (or such other date as of
which such representations and warranties are made and/or deemed to be made), and Contributor shall have performed, in all material respects, the obligations to be performed by it hereunder on or prior to each Contribution Date. 
 (b) Fraudulent Transfer, etc. As of each Contribution Date: (i) Contributor is not Insolvent and will not become
Insolvent as a result of the contribution of Contributed Assets on the Contribution Date, (ii) Contributor did not intend to incur or believe that it would incur debts that would be beyond Contributor’s ability to pay as such debts
matured, (iii) such transfer was not made by Contributor with actual intent to hinder, delay or defraud any Person and (iv) the assets of Contributor did not constitute unreasonably small capital to carry out its business as conducted.

 (c) Documents to Be Delivered by Contributor. 
 (i) On or prior to each Contribution Date, Contributor shall have delivered copies of the proper financing statements (or
other similar documents) that name Contributor as the grantor and Contributee as the secured party with respect to the Contributed Assets or other similar instruments or documents, as may be necessary or, in Contributee’s opinion, desirable
under the UCC or other applicable law to perfect Contributee’s ownership interest in all Contributed Assets, and to perfect the security interest granted to Contributee pursuant to Section 2.3. 
 (ii) On or prior to the Closing Date, Contributor shall have delivered an Officer’s Certificate of Contributor
(A) with respect to the due authorization, execution and delivery of this Agreement and (B) certifying that (1) the attached copy of the resolutions of the Board of Directors authorizing such Contributor’s entering into this
Agreement is a true and complete copy thereof, (2) such resolutions have not been rescinded and are in full force and effect on and as of the Contribution Date, (3) the attached copies of Contributor’s charter and by-laws are true and
complete copies thereof, (4) such charter and by-laws have not been rescinded and are in full force and effect on and as of such Contribution Date and (5) the Authorized Officers authorized to execute and deliver such documents hold the
offices and have the signatures indicated thereon. 
 (iii) Contributee and the Lender shall have received on the
Closing Date, at the expense of Contributor, opinions of counsel in form and substance reasonably satisfactory to Contributee and the Lender, it being agreed that the legal opinions being delivered pursuant to Section 4.01(i)(i) of the Credit
Agreement as of the Closing Date satisfy this clause (ii) as of the Closing Date. 
  

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 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES 
 Section 4.1
Representations and Warranties of Contributee as to Itself. 
 Contributee hereby makes the following representations and
warranties to Contributor as of each Contribution Date, which representations and warranties shall survive the contribution, transfer and assignment of the Contributed Assets by Contributor to Contributee. 
 (a) Organization and Good Standing. Contributee (i) is a limited liability company duly formed and organized,
validly existing and in good standing under the laws of the State of Delaware (ii) is duly qualified to do business as a foreign limited liability company and in good standing under the laws of each jurisdiction where the character of its
property, the nature of its business or the performance of its obligations under this Agreement make such qualification necessary and (iii) has the power and authority to own its assets, rights and properties and to conduct its business as such
assets, rights and properties are currently owned and such business is currently conducted and to execute, deliver and perform its obligations under this Agreement. 
 (b) Power and Authority; No Conflicts. The execution and delivery by Contributee of this Agreement and its performance
of, and compliance with, the terms hereof are within the power of Contributee and have been duly authorized by all necessary limited liability company action on the part of Contributee. Neither the execution and delivery of this Agreement, nor the
consummation of the transactions herein contemplated to be consummated by Contributee, nor compliance with the provisions thereof, will conflict with or result in a material breach of, or constitute a material default under, any of the provisions of
any law, governmental rule, regulation, judgment, decree or order binding on Contributee or its properties, or the certificate of formation, limited liability company agreement or other organizational documents and agreements of Contributee, or any
of the provisions of any indenture, mortgage, lease, license, contract or other instrument to which Contributee is a party or by which it or its property is bound or result in the creation or imposition of any lien, charge or encumbrance upon any of
its material property pursuant to the terms of any such indenture, mortgage, leases, contract or other instrument. 
 (c) Consents. Contributee is not required to obtain the consent of any other party or the consent, license, approval or authorization of, or registration or declaration with, any Governmental Authority in connection with the
execution, delivery or performance by Contributee of this Agreement, or the validity or enforceability of this Agreement against Contributee. 
 (d) Due Execution and Delivery. This Agreement has been duly executed and delivered by Contributee and constitutes a legal, valid and binding instrument enforceable against Contributee in
accordance with its terms (subject to applicable insolvency laws and to general principles of equity). 
  

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 (e) No Litigation. There are no Actions pending or, to the knowledge
of Contributee, threatened against or affecting Contributee, before or by any Governmental Authority having jurisdiction over Contributee or any of its properties or with respect to any of the transactions contemplated by this Agreement or the
Credit Agreement (i) asserting the illegality, invalidity or unenforceability, or seeking any determination or ruling that would affect the legality, binding effect, validity or enforceability of this Agreement, or (ii) which could
reasonably be expected to have a material adverse effect on the aggregate value of the Contributed Assets hereunder. Contributee is in compliance with all requirements of law except to the extent that the failure to comply therewith would not, in
the aggregate, reasonably be expected to have a material adverse effect on the aggregate value of the Contributed Assets hereunder. 
 (f) Due Qualification. Contributee has obtained or made all material licenses, registrations, consents, approvals, waivers and notifications of creditors, lessors and other Persons, in each case,
in connection with the execution and delivery of this Agreement by Contributee, and the consummation by Contributee of all the transactions herein contemplated to be consummated by Contributee and the performance of its obligations hereunder.

 (g) No Default. Except as notified to the Lender in writing prior to the Contribution Date, Contributee
is not in default under any material agreement, contract, instrument or indenture to which Contributee is a party or by which it or its properties are bound, or with respect to any order of any Governmental Authority; and no event has occurred which
with notice or lapse of time or both would constitute a default with respect to any such material agreement, contract, instrument or indenture, or with respect to any such order of any Governmental Authority. 
 Section 4.2 Representations and Warranties of Contributor as to Itself. 
 Contributor hereby makes the following representations and warranties to Contributee as of the Closing Date, which representations and
warranties shall survive the contribution, transfer and assignment of the Contributed Assets by Contributor to Contributee: 
 (a) Organization and Good Standing. Contributor (i) is a corporation duly formed and organized, validly existing and in good standing under the laws of the State of Maryland (ii) is duly
qualified to do business as a foreign corporation, and in good standing under the laws of each jurisdiction where the character of its property, the nature of its business or the performance of its obligations under this Agreement make such
qualification necessary and (iii) has the power and authority to own its assets, rights and properties and to conduct its business as such assets, rights and properties are currently owned and such business is currently conducted and to
execute, deliver and perform its obligations under this Agreement. 
 (b) Power and Authority; No
Conflicts. The execution and delivery by Contributor of this Agreement and its performance of, and compliance with, the terms hereof are within the power of Contributor and have been duly authorized by all necessary corporate action on the part
of Contributor. Neither the execution and delivery of this Agreement, nor the consummation of the transactions herein contemplated to be consummated by Contributor nor compliance with the provisions thereof, will conflict with or result in a
material breach of, or

  

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constitute a material default under, any of the provisions of any law, governmental rule, regulation, judgment, decree or order binding on Contributor or its properties, or the by-laws,
certificate of incorporation, articles of association, or other organizational documents and agreements of Contributor or any of the provisions of any indenture, mortgage, lease, license, contract or other instrument to which Contributor is a party
or by which it or its property is bound or result in the creation or imposition of any lien, charge or encumbrance upon any of its material property pursuant to the terms of any such indenture, mortgage, leases, contract or other instrument, in each
case where such breach or default or creation or imposition would reasonably be expected to have a material adverse effect on the aggregate value of the Contributed Assets hereunder. 
 (c) Consents. Contributor is not required to obtain the consent of any other party or the consent, license, approval
or authorization of, or registration or declaration with, any Governmental Authority in connection with the execution, delivery or performance by Contributor of this Agreement, the consummation of the transactions contemplated by this Agreement, or
the validity or enforceability of this Agreement against Contributor. 
 (d) Due Execution and Delivery.
This Agreement has been duly executed and delivered by Contributor and constitutes a legal, valid and binding instrument enforceable against Contributor in accordance with its terms (subject to applicable insolvency laws and to general principles of
equity). 
 (e) No Litigation. There are no Actions pending or, to the knowledge of Contributor,
threatened against or affecting Contributor, before or by any Governmental Authority having jurisdiction over Contributor or any of its properties or with respect to any of the transactions contemplated by this Agreement or the Credit Agreement
(i) asserting the illegality, invalidity or unenforceability, or seeking any determination or ruling that would affect the legality, binding effect, validity or enforceability of this Agreement or the Credit Agreement, or (ii) which could
reasonably be expected to have a material adverse effect on the aggregate value of the Contributed Assets hereunder. Contributor is in compliance with all requirements of law except to the extent that the failure to comply therewith would not,
individually or in the aggregate, reasonably be expected to have a material adverse effect on the aggregate value of the Contributed Assets hereunder. 
 (f) Due Qualification. Contributor has obtained or made all material licenses, registrations, consents, approvals, waivers and notifications of creditors, lessors and other Persons, in each case,
in connection with the execution and delivery of this Agreement by Contributor, and the consummation by Contributor of all the transactions herein contemplated to be consummated by Contributor and the performance of its obligations hereunder.

 (g) No Default. Contributor is not in default under any material agreement, contract, instrument or
indenture to which Contributor is a party or by which it or its properties is or are bound, or with respect to any order of any Governmental Authority; and no event has occurred which with notice or lapse of time or both would constitute a default
with respect to any such material agreement, contract, instrument or indenture, or with respect to any such order of any Governmental Authority. 
  

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 (h) Solvency. Contributor is not, and after giving effect to the
contribution of the Contributed Assets hereunder will not be, Insolvent. 
 (i) No Fraudulent Transfer.
Contributor is not entering into this Agreement with the intent (whether actual or constructive) to hinder, delay or defraud its present or future creditors and is receiving reasonably equivalent value and fair consideration for the Contributed
Assets reflected in the increase in value of its equity interest in Contributee. 
 Section 4.3 Representations and
Warranties of Contributor with Respect to Contributed Assets. 
 Contributor hereby makes the following representations and
warranties with respect to the Contributed Assets as of each Contribution Date: 
 (a) Requirements of
Law. Such Contributed Asset complies in all material respects with all applicable requirements of law. 
 (b)
No Default. To Contributor’s knowledge, after due inquiry, no notice of default has been issued on any Contributed Asset and no Contributed Asset has failed to pay when due any dividends or interest required to be paid pursuant to the
terms of such Contributed Asset. 
 (c) Assignability; Restrictions on Grant of Security Interest. Such
Contributed Asset may be assigned in the manner that such asset is contemplated to be assigned pursuant to this Agreement, and such Contributed Asset may be pledged in the manner that such asset is contemplated to be pledged pursuant to the Credit
Agreement. 
 (d) Ownerships; No Other Pledge. Contributor is the sole owner of good and marketable title
to such Contributed Asset free and clear of any lien or encumbrance of any Person claiming through or under Contributor. Contributor has not pledged any of its interest in such Contributed Asset nor pledged or assigned any portion of the payments
due and payable thereunder, or to become due and payable thereunder, to any Person. 
 (e) Eligible Asset.
Each Contributed Asset is an Eligible Investment. 
 (f) Securities Laws. In connection with the execution
and delivery of this Agreement and each Contribution, the Contributor has complied with and each Contribution complies with the Securities Act and the Investment Company Act and the “blue sky” laws of any applicable state. 
 (g) ERISA. None of the Contributor or any ERISA Affiliate maintains, contributes to (or is obligated to contribute to)
or has any liability to any Pension Plan or Welfare Plan of the Contributor or any ERISA Affiliate of the Contributor. None of the Contributor or any ERISA Affiliate of the Contributor has maintained or contributed to (or has been obligated to
contribute to) any Pension Plan or Welfare Plan. None of the Contributed Assets constitute Plan Assets. Each Contribution will not constitute a nonexempt prohibited transaction (as such term is defined in Section 4975 of the Code or
Section 406 of ERISA) that could subject the Contributee, the Custodian or the Lender to any tax or penalty on prohibited transactions imposed under Section 4975 of the Code or Section 502(i) of ERISA. 
  

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 Section 4.4 Indemnification by Contributor. 
 (a) Contributor (the “Indemnifying Party”) agrees to the fullest extent permitted by applicable law, to indemnify
and hold Contributee (and its officers, directors, employees and agents) (each, an “Indemnitee”) harmless against all losses, liabilities, obligations, damages, penalties, fines, forfeitures, legal fees, and related costs and judgments and
other costs, disbursements, fees and reasonable expenses imposed upon or incurred by or asserted against any Indemnitee (collectively, “Liabilities,” and each a “Liability”) or any Action arising out of or relating to, or
resulting from (i) the breach by the Indemnifying Party of any representation, warranty or covenant under this Agreement, (ii) the Indemnifying Party’s negligence, bad faith or willful misconduct or (iii) with respect to any
Contributed Asset, any Pre-Closing Date Liability payable by Contributee; provided, however, that there shall be no indemnification under this Section 4.4(a) for a breach of any representation, warranty or covenant relating to any Contributed
Asset set forth in Section 4.3 hereof so long as Contributor has complied with Section 4.4(b). 
 (b)
Notwithstanding Section 4.4(a), in the event of a breach of any representation, warranty or covenant set forth in Section 4.3 hereof relating to any Contributed Asset as of the date upon which such representation or warranty is made, the
Indemnifying Party shall promptly notify the Contributee, who shall promptly notify the Lender, and pay, to the fullest extent permitted by applicable law, to Contributee an amount equal to the fair market value of such Contributed Asset as of the
date of its contribution. Upon payment by the Indemnifying Party of such amount to Contributee with respect to any asset in accordance with the preceding sentence and amounts owing at such time, if any, under Section 4.4(a), Contributee shall,
to the extent permitted by applicable law, assign or cause to be assigned such asset to Contributor and Contributor shall accept the assignment of such asset. Contributee shall, in such event, make or cause to be made all assignments of such asset
necessary to effect such assignment. Any such assignment made or caused to be made by Contributee shall be without recourse to, or representation or warranty by, Contributee, except that the ownership of such asset shall be conveyed free and clear
of any Liens created by the Credit Agreement. All costs and expenses associated with the foregoing shall be paid by the Indemnifying Party on demand or at the direction of Contributee. Any funds received by Contributee pursuant to this
Section 4.4(b) shall be applied in accordance with the Credit Agreement. 
 (c) Any Indemnitee that proposes
to assert the right to be indemnified under this Section 4.4 will promptly, after receipt of notice of the commencement of any Action against such party in respect of which a claim is to be made against the Indemnifying Party under such
sections, notify the Indemnifying Party of the commencement of such action, suit or proceeding, enclosing a copy of all papers served. In the event that any action, suit or proceeding shall be brought against any Indemnitee, such Indemnitee shall
notify the Indemnifying Party of the commencement thereof and the Indemnifying Party shall be entitled to participate in, and to the extent that it shall wish, to assume the defense thereof, with its counsel reasonably satisfactory to such
Indemnitee; provided that the Indemnifying Party shall not enter into any settlement with respect to any Action unless such settlement includes an unconditional release of such

  

 11 

 
Indemnitee from all liability on claims that are the subject matter of such settlement and fully discharges with prejudice against the plaintiff the claim or action against such Indemnitee and
does not include a statement as to, or an admission of, fault, culpability or failure to act by or on behalf of such Indemnitee; and provided, further, that the Indemnitee shall have the right to employ its own counsel in any such action the defense
of which is assumed by the Indemnifying Party in accordance with this Section 4.4. No Indemnitee shall settle or compromise any claim covered pursuant to this Section 4.4 without the prior written consent of the Indemnifying Party, which
shall not be unreasonably withheld or delayed. The provisions of this Section 4.4 shall survive the termination of this Agreement or the earlier resignation or removal of any party hereto. 
 ARTICLE V 
 COVENANTS OF THE PARTIES 
 Contributor hereby agrees with Contributee as follows: 
 Section 5.1 Existence. 
 Except to the extent that the failure to do so would not reasonably be expected to have a material adverse effect on the aggregate value of the Contributed Assets hereunder, Contributor shall keep in full
effect its existence under the laws of the state of its incorporation or formation, as applicable, and maintain its rights and privileges necessary or desirable in the normal conduct of its business and the performance of its obligations hereunder,
and will obtain and preserve its qualification to do business in each jurisdiction in which it was qualified as of the Closing Date. 
 Section 5.2 Compliance with Law. 
 Contributor will comply with all material requirements of law applicable to
it. 
 Section 5.3 UCC Filings. 
 Contributor shall file and maintain in effect all UCC filings (or similar), and shall take such other actions (except fixture filings) as may be necessary to perfect or otherwise protect the validity of
Contributee’s interest in the Contributed Assets and shall provide evidence of such filing to the Contributee. 
 Section
5.4 Maintenance of Separateness. 
 Contributor covenants that: 
 (a) the books and records of Contributee will be maintained separately from those of each of Contributor and its
subsidiaries; 
 (b) all financial statements of Contributor that are consolidated to include Contributee that
are distributed to any party will contain detailed notes clearly stating that (A) all of Contributee’s assets are owned by Contributee (B) indicating Contributee’s separateness from Contributor and Contributor’s Affiliates
and indicate that the assets of Contributee are not

  

 12 

 
available to pay the debts of Contributor, Contributor’s Affiliates or any other Person and (C) Contributee is a separate entity and, as may be applicable, has creditors who have
received interests in Contributee’s assets; 
 (c) Contributor will cause all Contributed Assets to also be
listed on Contributee’s own separate balance sheet; 
 (d) Contributor will observe corporate formalities,
in its dealing with Contributee; 
 (e) Contributor shall not commingle its funds with any funds of Contributee;

 (f) Contributor will maintain arm’s-length relationships with Contributee and Contributor and each of its
other Affiliates will be compensated at market rates for any services they render or otherwise furnish to Contributee; 
 (g) except as provided for or contemplated by the LLC Agreement, Contributor will not be, and will not hold itself out to be, responsible for the debts of Contributee or the decisions or actions in respect of the daily business and affairs
of Contributee and Contributor will not knowingly permit Contributee to hold Contributor out to be responsible for the debts of Contributee or the decisions or actions in respect of the daily business and affairs of Contributee or such subsidiary;
and 
 (h) upon Contributor’s knowledge that any of the foregoing provisions in this Section 5.4 has
been breached or violated in any material respect, Contributor will take such actions as may be reasonable and appropriate under the circumstances to correct and remedy such breach or violation as promptly as is practicable under such circumstances.

 Section 5.5 Further Action Evidencing Contribution. 
 Contributor agrees that at any time and from time to time, at its expense, it will promptly execute and deliver all further instruments and
documents, and take all further actions, that may be necessary or reasonably requested by Contributee to perfect, protect or more fully evidence Contributee’s and its assignees’ interests in the Contributed Assets or to enable Contributee
and/or its assignees (or any agent or designee of any of the foregoing) to exercise or enforce any of their respective rights hereunder. 
 ARTICLE VI 
 MISCELLANEOUS PROVISIONS 
 Section 6.1 Obligations of Contributor. 
 To the fullest extent permitted by applicable law, the obligations of Contributor under this Agreement shall not be affected by reason of any invalidity, illegality or irregularity of any Contributed
Asset. 
  

 13 

 Section 6.2 Waivers; Amendment. 
 No failure or delay on the part of any party or any assignee thereof, in exercising any power, right or remedy under this Agreement shall
operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or remedy preclude any other further exercise thereof or the exercise of any other power, right or remedy. The rights and remedies herein provided shall
be cumulative and nonexclusive of any rights or remedies provided by law. Any provision of this Agreement may be amended only if such amendment is executed by the parties hereto in writing. 
 Section 6.3 Costs and Expenses. 
 Contributor will pay all expenses incident to the performance of its obligations incurred in connection with this Agreement, including fees and expenses of counsel, in connection with the perfection,
recording and perfection as against third parties of Contributee’s right, title and interest in and to the Contributed Assets and the enforcement of any obligation of Contributor hereunder. 
 Section 6.4 Survival. 
 This Agreement will remain in full force and effect and not terminate so long as the Credit Agreement and Security Agreement are in effect or any Obligation is outstanding. The respective representations
and warranties made by the parties in this Agreement shall remain in full force and effect and will survive execution and delivery of this Agreement. In addition, the provisions of Section 4.4, Section 5.4, Section 6.2,
Section 6.3, Section 6.4, Section 6.10, Section 6.11 and Section 6.12 and, until satisfaction of the Release Conditions, Section 2.5 shall remain in full force and effect and will survive termination of this Agreement.

 Section 6.5 Notices. 
 All demands, notices and communications upon or to the parties shall be in writing, and shall be personally delivered, sent by electronic facsimile or overnight delivery service or mailed by certified
mail, return receipt requested, and shall be deemed to have been duly given to the intended recipient upon receipt at the respective addresses set forth below, or at such other address as shall be designated by such Person in a written notice to the
other parties to this Agreement. 
  

	 	(i)	in the case of Contributor or Contributee: 

 c/o FS Investment Corporation 
 Cira Centre 
 2929 Arch Street, Suite 675 
 Philadelphia, PA, 19104 
 Attention: Gerald F. Stahlecker 
 Facsimile No.: (215) 222-4649 
  

 14 

	 	(ii)	in the case of the Lender: 

 Deutsche Bank AG, New York Branch 
 60 Wall Street 
 New York, New York 10005 
 Attention: Nick Bozzuto 
 Facsimile No.: (646) 736-5571 
 With copies to: 
 Davis, Polk & Wardwell 
 450 Lexington Avenue 
 New York, New York 10017 
 Attention: Bjorn Bjerke 
 Facsimile No.: (212) 701-5006 
 Section 6.6 Severability. 
 If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed
severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement. 
 Section 6.7 Counterparts. 
 This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one
and the same instrument. 
 Section 6.8 Successors and Assigns. 
 All covenants and agreements contained herein shall be binding upon, and inure to the benefit of the parties hereto and their respective
successors and permitted assigns, all as herein provided. Any request, notice, direction, consent, waiver or other instrument or action by a party hereto shall bind the successors and assigns of such party. 
 Section 6.9 Entire Agreement. 
 This Agreement, together with the exhibits and schedules hereto, contains a final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and
shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof, superseding all previous oral statements and other writings with respect thereto. 
  

 15 

 Section 6.10 Limitations on Liability. 
 None of the officers, employees, agents, shareholders, members, directors or managers, as applicable, of or in Contributee or Contributor,
past, present or future, shall be under any liability to Contributee or Contributor, as applicable, any of their successors or assignees, or any other Person for any action taken or for refraining from the taking of any action in such capacities or
otherwise pursuant to this Agreement or for any obligation or covenant under this Agreement, it being understood that this Agreement and the obligations created hereunder shall be, to the fullest extent permitted under applicable law, with respect
to Contributor, solely the corporate obligations of Contributor and with respect to Contributee, solely the limited liability company obligations of Contributee. 
 Section 6.11 Governing Law; Waiver of Jury Trial. 
 (a) THIS
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS. THE PARTIES HERETO HEREBY DECLARE THAT IT IS THEIR INTENTION THAT THIS AGREEMENT SHALL BE REGARDED
AS MADE UNDER THE LAWS OF THE STATE OF DELAWARE AND THAT THE LAWS OF SAID STATE SHALL BE APPLIED IN INTERPRETING ITS PROVISIONS IN ALL CASES WHERE LEGAL INTERPRETATION SHALL BE REQUIRED. EACH OF THE PARTIES HERETO AGREES (A) THAT THIS AGREEMENT
INVOLVES AT LEAST $100,000.00, AND (B) THAT THIS AGREEMENT HAS BEEN ENTERED INTO BY THE PARTIES HERETO IN EXPRESS RELIANCE UPON 6 DEL. C. § 2708. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES (A) TO BE
SUBJECT TO THE JURISDICTION OF THE COURTS OF THE STATE OF DELAWARE AND OF THE FEDERAL COURTS SITTING IN THE STATE OF DELAWARE, AND (B) (1) TO THE EXTENT SUCH PARTY IS NOT OTHERWISE SUBJECT TO SERVICE OF PROCESS IN THE STATE OF DELAWARE, TO
APPOINT AND MAINTAIN AN AGENT IN THE STATE OF DELAWARE AS SUCH PARTY’S AGENT FOR ACCEPTANCE OF LEGAL PROCESS, AND (2) THAT, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, SERVICE OF PROCESS MAY ALSO BE MADE ON SUCH PARTY BY PREPAID
CERTIFIED MAIL WITH A PROOF OF MAILING RECEIPT VALIDATED BY THE UNITED STATES POSTAL SERVICE CONSTITUTING EVIDENCE OF VALID SERVICE, AND THAT SERVICE MADE PURSUANT TO (B) (1) OR (2) ABOVE SHALL, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, HAVE THE SAME LEGAL FORCE AND EFFECT AS IF SERVED UPON SUCH PARTY PERSONALLY WITHIN THE STATE OF DELAWARE. 
 (b) THE PARTIES HERETO EACH HEREBY WAIVE TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER IN CONTRACT, TORT OR OTHERWISE, ARISING OUT OF, CONNECTED WITH,
RELATING OR INCIDENTAL TO THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. 
  

 16 

 Section 6.12 No Petition. 
 The Contributor covenants that for a period of one year and one day after payment in full of all indebtedness under the Credit Agreement it
will not institute against, or join any Person in instituting against Contributee any involuntary bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other involuntary proceedings under any United States federal or
state bankruptcy or similar law. 
 [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 
  

 17 

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

			
	 FS INVESTMENT CORPORATION,
 as Contributor

		
	By:	 	/S/ MICHAEL C. FORMAN
		 	Name: Michael C. Forman
		 	Title:   President and Chief Executive Officer

			
	 BROAD STREET FUNDING LLC,
 as Contributee

		
	By:	 	/s/ Gerald F. Stahlecker
		 	Name: Gerald F. Stahlecker
		 	Title:   Executive Vice President

 Schedule 1 
 Contributed AssetsInvestment Management Agreement

 Exhibit 10.3 
  
  
  
 BROAD STREET FUNDING LLC 

as Company 
 and

 FS INVESTMENT CORPORATION 
 as Investment Manager 
 INVESTMENT MANAGEMENT AGREEMENT 
 Dated as of March 10, 2010 
  
  
  

 INVESTMENT MANAGEMENT AGREEMENT, dated as of March 10, 2010 (this
“Agreement”), between BROAD STREET FUNDING LLC, a Delaware limited liability company (the “Company”), and FS INVESTMENT CORPORATION, a Maryland corporation (in such capacity, the “Investment
Manager”). 
 WHEREAS, the Company desires to engage the Investment Manager to provide the services described herein,
and the Investment Manager desires to provide such services; and 
 WHEREAS, capitalized terms used herein that are not
otherwise defined herein shall have the respective meanings ascribed thereto in the Credit Agreement dated as of the date hereof (together with any agreements referred to therein, including, without limitation, the Manager Letter, the
“Credit Agreement”), between the Company and Deutsche Bank AG, New York Branch (the “Lender”). 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein, the parties hereto hereby agree as follows: 
  

	 	1.	Management Services. 

 The Investment Manager will provide the Company with the following services (in accordance with and subject to the applicable requirements of, and the restrictions and limitations set forth in, the Credit
Documents and the LLC Agreement): 
 (a) determining the specific Fund Investments or other assets to be
purchased or sold by the Company, taking into consideration the payment obligations of the Company on each Payment Date under the Credit Agreement in so doing, such that expected distributions on the Fund Investments and other assets of the Company
permit a timely performance of the payment obligations by the Company under the Credit Agreement; provided that the Investment Manager does not hereby guarantee the timely performance of such payment obligations; 
 (b) effecting the purchase and sale of Fund Investments and all other assets of the Company; 
 (c) subject to the limitations set forth in the Credit Agreement and the Custodial Agreement, negotiating with underlying
obligors of the Fund Investments (the “Underlying Obligors”) as to proposed amendments and modifications (including but not limited to extensions or releases of collateral) of the documentation evidencing and governing the Fund
Investments; 
 (d) making determinations with respect to the Company’s exercise (including but not limited
to any waiver) of any rights (including but not limited to voting rights and rights arising in connection with the bankruptcy or insolvency of an Underlying Obligor or the consensual or non-judicial restructuring of the debt or equity of an
Underlying Obligor) or remedies in connection with the Fund Investments and participating in the committees (official or otherwise) or other groups formed by creditors of an Underlying Obligor; 

 (e) monitoring the ratings of the Fund Investments; 
 (f) determining whether each Fund Investment is an Eligible Investment; 
 (g) monitoring the Fund Investments on an ongoing basis and providing to the Lender and the Company or to any other Person
designated by the Company all information and data which is generated by, or reasonably accessible to, the Investment Manager and which is required under the Credit Agreement or requested by the Company in connection with the preparation of all
reports, certificates, schedules and other data which the Company is required to prepare and deliver under the Credit Agreement, in the form and containing all information required by the Credit Agreement, in sufficient time for the Company, or the
Person designated by the Company (including but not limited to the Custodian), to review such data and prepare and deliver to the parties entitled thereto all such reports, certificates, schedules and other data required by the Credit Agreement;

 (h) determining whether any investment is an Eligible Investment or Excluded Investment; 
 (i) managing the Company’s investments within the parameters set forth in the Credit Agreement, including, without
limitation, the limitations relating to the definitions of Fund Investments, Excluded Investments, Market Value Price, Market Value and Eligible Investments; 
 (j) complying with such other duties and responsibilities as may be expressly required of the Investment Manager by the
Credit Agreement; 
 (k) notifying the Lender and the Company in writing within one (1) Business Day of a
Default or an Event of Default under the Credit Agreement to the extent the Investment Manager has actual knowledge of the occurrence thereof; and 
 (l) delivering Borrowing Requests and payment instructions to the Lender and making the prepayment specifications referred to in Section 3.03(d) of the Credit Agreement. 
 The Company agrees for the benefit of the Investment Manager and the Lender to follow the lawful instructions and directions
of the Investment Manager in connection with the Investment Manager’s services hereunder. 
 The Investment
Manager shall use reasonable care in rendering its services hereunder, using a degree of skill and attention no less than that which the Investment Manager exercises with respect to comparable assets that it manages for itself and for others in
accordance with its existing practices and procedures which the Investment Manager reasonably believes to be consistent with those followed by institutional managers of national standing relating to assets of the nature and character of Fund
Investments, except as expressly provided otherwise in this Agreement or the Credit Agreement. The Investment Manager shall comply with and perform all the duties and functions that have been specifically delegated to it under this Agreement and

  

 2 

 
the Credit Agreement. The Investment Manager shall not be bound to follow any amendment to the Credit Agreement, however, until it has received a copy of the amendment from the Company or the
Lender and, in addition, the Investment Manager shall not be bound by any amendment to the Credit Agreement which adversely affects in any material respects the obligations of the Investment Manager unless the Investment Manager shall have consented
thereto in writing. The Company agrees that it will not permit any amendment to the Credit Agreement that adversely affects in any material respects the duties or liabilities of the Investment Manager to become effective unless the Investment
Manager has been given prior written notice of such amendment and consented thereto in writing. The Investment Manager shall cause any purchase or sale of any Fund Investments or other asset of the Company to be conducted on an arm’s length
basis or on terms that would be obtained in an arm’s length transaction in compliance with Section 2 and Section 8 hereof. 
 To the extent necessary or appropriate to perform all of the duties to be performed by it hereunder, the Investment Manager shall have the power to negotiate, execute and deliver all necessary documents
and instruments on behalf of the Company with respect to any Fund Investment or other asset of the Company. 
 The Investment Manager shall have no obligation to perform any duties other than those specified herein or in the Credit Agreement or the Custodial Agreement. 
  

	 	2.	Brokerage. 

 The Investment Manager shall use reasonable efforts to obtain the best prices and execution for all orders placed with respect to the Fund Investments, and other assets of the Company, considering all circumstances. Subject to the objective
of obtaining best prices and execution, the Investment Manager may take into consideration research and other brokerage services furnished to the Investment Manager or its Affiliates by brokers and dealers which are not Affiliates of the Investment
Manager. Such services may be used by the Investment Manager or its Affiliates in connection with its other advisory activities or investment operations. The Investment Manager may aggregate sales and purchase orders of securities placed with
respect to the Fund Investments, and other assets of the Company with similar orders being made simultaneously for other accounts managed by the Investment Manager or with accounts of the Affiliates of the Investment Manager, if in the Investment
Manager’s sole judgment such aggregation shall result in an overall economic benefit to the Company taking into consideration the selling or purchase price, brokerage commission and other expenses. In accounting for such aggregated order price,
commission and other expenses shall be averaged on a per position basis. 
 The Company acknowledges that the
determination of any such economic benefit by the Investment Manager is subjective and represents the Investment Manager’s evaluation at the time that the Company will be benefited by better purchase or sales prices, lower commission expenses
and beneficial timing of transactions or a combination of these and other factors. When any aggregate sales or purchase orders occur, the objective of the Investment Manager (and any of its Affiliates involved in such transactions) shall be to
allocate the executions among the accounts in an equitable manner. 
  

 3 

 Subject to the Investment Manager’s execution obligations described
herein, the Investment Manager is hereby authorized to effect client cross-transactions where the Investment Manager causes a transaction to be effected between the Company and another account advised by it or any of its Affiliates; provided that,
if and to the extent required by the Advisers Act, such authorization is terminable at the Company’s option without penalty, effective upon receipt by the Investment Manager of written notice from the Company. In addition, the Company hereby
consents to, and authorizes the Investment Manager to enter into, agency cross-transactions where it or any of its Affiliates acts as broker for the Company and for the other party to the transaction, to the extent permitted under applicable law, in
which case the Investment Manager or any such Affiliate will receive commissions from, and have a potentially conflicting division of loyalties and responsibilities regarding, both parties to the transaction; provided that the Company shall the
right to revoke such consent at any time by written notice to the Investment Manager. Also with the prior authorization of the Company and in accordance with Section 11(a) of the Securities Exchange Act of 1934, as amended, and regulation
11a2-2T thereunder (or any similar rule that may be adopted in the future), the Investment Manager is authorized to effect transactions for the Company on a national securities exchange of which any of its Affiliates is a member and retain
commissions in connection therewith, and the Investment Manager will use commercially reasonable efforts to provide the Company with information annually disclosing commissions, if any, retained by the Investment Manager’s Affiliates in
connection with such transactions for the Company’s account. 
 All purchases and sales of Fund Investments,
and other assets of the Company by the Investment Manager on behalf of the Company shall be in accordance with reasonable and customary business practices and in compliance with applicable laws. 
  

	 	3.	The Representations and Warranties of the Company. 

 The Company represents and warrants to the Investment Manager that: 
 (a) the Company has been duly organized and is validly existing under the laws of Delaware, has the full power and authority to own its assets and the obligations proposed to be owned by it and to transact the business in which it is
presently engaged and is duly qualified under the laws of each jurisdiction where its ownership or lease of property or the conduct of its business requires, or the performance of its obligations under this Agreement and the Credit Documents would
require, such qualification, except for failures to be so qualified, authorized or licensed that would not in the aggregate have a material adverse effect on the business, operations, assets or financial condition of the Company; 
 (b) the Company has full corporate power and authority to execute, deliver and perform this Agreement, the Credit Documents
and all obligations required hereunder and under the Credit Documents, and the performance of all obligations imposed upon it hereunder and thereunder; 
 (c) this Agreement has been duly authorized, executed and delivered by it and constitutes its valid and binding obligation, enforceable in accordance with its terms except that the enforceability thereof
may be subject to (i) bankruptcy, insolvency,

  

 4 

 
reorganization, moratorium, receivership, conservatorship or other similar laws now or hereafter in effect relating to creditors’ rights and (ii) general principles of equity
(regardless of whether such enforcement is considered in a proceeding in equity or at law); 
 (d) no consent,
approval, authorization or order of or declaration or filing with any government, governmental instrumentality or court or other person is required for the performance by the Company of its duties hereunder, except such as have been duly made or
obtained; 
 (e) neither the execution and delivery of this Agreement nor the fulfillment of the terms hereof
conflicts with or results in a material breach or violation of any of the material terms or provisions of or constitutes a material default under (i) the Company’s certificate of formation, operating agreement or other constituent
documents, (ii) the terms of any material indenture, contract, lease, mortgage, deed of trust, note, agreement or other evidence of indebtedness or other material agreement, obligation, condition, covenant or instrument to which the Company is
a party or is bound, (iii) any statute applicable to the Company, or (iv) any law, decree, order, rule or regulation applicable to the Company of any court or regulatory, administrative or governmental agency, body or authority or
arbitrator having or asserting jurisdiction over the Company or its properties, and which would have a material adverse effect upon the performance by the Company of its duties under this Agreement; 
 (f) neither the Company nor any of its Affiliates are in violation of any U.S. federal or state securities law or regulation
promulgated thereunder and there is no charge, investigation, action, suit or proceeding before or by any court or regulatory agency pending or, to the best knowledge of the Company, threatened that would have a material adverse effect upon the
performance by the Company of its duties under this Agreement; 
 (g) the Company has not engaged in any
transaction that would result in the violation of, or require registration as an investment company under, the Investment Company Act; 
 (h) the Company is not required to register as an “investment company” under the Investment Company Act; and 
 (i) there is no charge, investigation, action, suit or proceeding before or by any court pending or, to the best knowledge of
the Company, threatened that, if determined adversely to the Company, would have a material adverse effect upon the performance by the Company of its duties under, or on the validity or enforceability of, this Agreement or the provisions of the
Credit Agreement applicable to the Company thereunder. 
  

 5 

	 	4.	Representations and Warranties of the Investment Manager. 

 The Investment Manager represents and warrants to the Company that: 
 (a) the Investment Manager is duly organized and validly existing under the laws of Maryland and has the full power and
authority to transact the business in which it is presently engaged and is duly qualified under the laws of each jurisdiction where the conduct of its business requires, or the performance of its obligations under this Agreement and the provisions
of the Credit Documents applicable to the Investment Manager would require, such qualification, except for failures to be so qualified, authorized or licensed which would not in the aggregate have a material adverse effect on the business,
operations, assets or financial condition of the Investment Manager, or on the ability of the Investment Manager to perform its obligations under, or on the validity or enforceability of, this Agreement and the applicable provisions of the Credit
Documents; 
 (b) the Investment Manager has full power and authority to execute and deliver this Agreement and
to perform all of its obligations hereunder and under the Credit Documents; 
 (c) this Agreement has been duly
authorized, executed and delivered by the Investment Manager and constitutes a valid and binding agreement of the Investment Manager, enforceable against it in accordance with its terms, except that the enforceability thereof may be subject to
(i) bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect relating to creditors’ rights and (ii) general principles of equity (regardless of whether such enforcement is considered in a
proceeding in equity or at law); 
 (d) neither the Investment Manager nor any of its Affiliates is in violation
of any federal or state securities law or regulation promulgated thereunder or any material listing requirements of any exchange on which it is listed and there is no charge, investigation, action, suit or proceeding before or by any court, exchange
or regulatory agency pending or, to the best knowledge of the Investment Manager, threatened, that in either case would have a material adverse effect upon the performance by the Investment Manager of its duties under this Agreement; 
 (e) neither the execution and delivery of this Agreement, nor the performance of the terms hereof or the provisions of the
Credit Documents applicable to the Investment Manager, conflicts with or results in a material breach or violation of any of the material terms or provisions of, or constitutes a material default under, (i) its articles of organization,
operating agreement or other constituent document, (ii) the terms of any material indenture, contract, lease, mortgage, deed of trust, note agreement or other evidence of indebtedness or other material agreement, obligation, condition, covenant
or instrument to which the Investment Manager is a party or is bound, (iii) any statute applicable to the Investment Manager, or (iv) any law, decree, order, rule or regulation applicable to the Investment Manager of any court or
regulatory, administrative or governmental agency, body or authority or arbitrator having or asserting

  

 6 

 
jurisdiction over the Investment Manager or its properties, and which would have, in the case of any of clauses (ii) through (iv) of this paragraph (e), a material adverse effect upon
the performance by the Investment Manager of its duties under this Agreement or the provisions of the Credit Documents applicable to the Investment Manager; and 
 (f) no consent, approval, authorization or order of or declaration or filing with any government, governmental
instrumentality or court or other person is required for the performance by it of its duties hereunder, except such as have been duly made or obtained. 
  

	 	5.	Expenses. 

 The Investment Manager shall pay all expenses and costs (including salaries, rent and other overhead) incurred by it in connection with its services under this Agreement; provided that the Investment Manager shall not be liable for
and the Company shall be responsible for the payment of (i) actual and reasonable expenses and costs of legal advisers (including actual and reasonable expenses and costs associated with the use of internal legal counsel of the Investment
Manager), consultants and other professionals retained by the Company or by the Investment Manager, on behalf of the Company, in connection with the services provided by the Investment Manager pursuant to this Agreement and the Credit Agreement and
(ii) the reasonable cost of asset pricing and asset rating services, and accounting, programming and data entry services that are retained in connection with services of the Investment Manager under this Agreement. To the extent that such
expenses are incurred in connection with obligations that are also held by the Investment Manager, the Investment Manager shall allocate the expenses among the accounts in a fair and equitable manner. Any amounts payable pursuant to this
Section 5 shall be reimbursed by the Company to the extent funds are available therefor in accordance with and subject to the limitations contained in the Credit Agreement. Expenses and costs payable to the Investment Manager under this
Section 5 shall constitute “Administrative Expenses” (as such term is defined in the Credit Agreement), and shall be paid to the extent of available funds and subject to the conditions set forth in Section 6.02(d) of the Credit
Agreement. 
  

	 	6.	Fees. 

 (a) The Company shall pay to the Investment Manager, for services rendered and performance of its obligations under this Agreement fees which are payable in arrears on each Payment Date (subject to availability of funds and the conditions
set forth in Section 6.02(d) of the Credit Agreement) in an amount equal to 0.35% per annum of the Aggregate Principal Balance of all Fund Investments measured as of the Determination Date immediately preceding such Payment Date (the
“Management Fees”). The Management Fees will be calculated on the basis of a calendar year consisting of 360 days and the actual number of days elapsed. 
 (b) The Investment Manager may, in its sole discretion, defer all or any portion of the Management Fees. Such deferred
amounts will become payable on the next Payment Date in the same manner and priority as their original characterization would have required unless deferred again. 
  

 7 

 (c) If this Agreement is terminated pursuant to Section 11 hereof or
otherwise, the Management Fees calculated as provided in Section 6(a) hereof shall be prorated for any partial periods between Payment Dates during which this Agreement was in effect and shall be due and payable, along with any deferred
Management Fees, on the first Payment Date following the effective date of such termination. 
 (d) The
Management Fees will be payable from amounts on deposit in the Custodial Account in accordance with the terms of the Credit Agreement. If on any Payment Date there are insufficient funds to pay the Management Fees then due in full, the amount not so
paid shall be deferred without interest and shall be payable on the next Payment Date if any on which any funds are available therefor, as provided in the Credit Agreement. 
 (e) The Investment Manager hereby agrees not to cause the filing of a petition in bankruptcy against the Company for any
reason whatsoever, including, without limitation, the non payment of the Management Fees, except in accordance with the provisions of Section 20 hereof and the provisions of the Credit Agreement. 
  

	 	7.	Non-Exclusivity. 

 The services of the Investment Manager to the Company are not to be deemed exclusive, and the Investment Manager shall be free to render asset management or management services to other Persons (including Affiliates, other investment
companies, and clients having objectives similar to those of the Company). It is understood and agreed that the officers and directors of the Investment Manager may engage in any other business activity or render services to any other Person or
serve as partners, officers or directors of any other firm or corporation. Notwithstanding the foregoing, it is understood and agreed that the Investment Manager will at no time render any services to, or in any way participate in the organization
or operation of, any investment company or other entity if such actions would require the Company to register as an “investment company” under the Investment Company Act. Subject to Sections 2 and 9 hereof, it is understood and agreed that
information or advice received by the Investment Manager and officers or directors of the Investment Manager hereunder shall be used by such organization or such persons to the extent permitted by applicable law. 
  

	 	8.	Conflicts of Interest. 

 The Investment Manager may, subject to applicable legal requirements and any restrictions or limitations contained in the Credit Documents, direct the Company (i) to acquire any Fund Investments for
the Company from the Investment Manager or any of its Affiliates as principal or (ii) to sell any Fund Investments for the Company to the Investment Manager or any of its Affiliates as principal; provided that each such acquisition or
sale is conducted on terms no less favorable to the Company than would be obtained in an arms’ length transaction with a non-affiliate. 
 Notwithstanding the provisions of the preceding paragraph, various potential and actual conflicts of interest may arise from the overall investment activity of the Investment Manager and its Affiliates.
The Investment Manager, its Affiliates and their respective clients

  

 8 

 
may invest in obligations that would be appropriate for inclusion in the Company’s assets. Such investments may be different from those made on behalf of the Company. The Investment Manager
and its Affiliates may have ongoing relationships with companies whose obligations are pledged under the Credit Agreement and may own equity or debt obligations issued by issuers of and other obligors of Fund Investments. The Investment Manager and
its Affiliates and the clients of the Investment Manager or its Affiliates may invest in obligations that are senior to, or have interests different from or adverse to, the assets of the Company. The Investment Manager may serve as Investment
Manager for, invest in, or be affiliated with, other entities organized to issue collateralized debt obligations secured by loans, high-yield debt securities, or other debt obligations. The Investment Manager may at certain times be simultaneously
seeking to purchase or sell investments for the Company and any similar entity for which it serves as Investment Manager in the future, or for its clients and Affiliates. Furthermore, the Investment Manager and/or its Affiliates may make an
investment on their behalf or on behalf of any account that they manage or advise without offering the investment opportunity or making an investment on behalf of the Company. 
 The Company hereby acknowledges the various potential and actual conflicts of interest that may exist with respect to the
Investment Manager; provided that nothing in this Section 8 shall be construed as altering the duties of the Investment Manager as set forth in this Agreement, the Credit Agreement or the requirements of any law, rule, or regulation
applicable to the Investment Manager. 
  

	 	9.	Records; Confidentiality. 

 The Investment Manager shall maintain appropriate books of account and records relating to services performed hereunder, and such books of account and records shall be accessible for inspection by a
representative of the Company, the Lender, and independent accountants appointed by the Company at a mutually agreed time during normal business hours and upon not less than three (3) Business Days’ prior notice. 
 At no time will the Investment Manager make a public announcement concerning the Credit Documents, the Investment
Manager’s role hereunder or any other aspect of the transactions contemplated by this Agreement and the Credit Documents absent the written consent of the Company and the Lender. 
 The Investment Manager shall, and shall cause its Affiliates to, keep confidential any and all information obtained in
connection with the services rendered hereunder and shall not disclose any such information to non affiliated third parties except (i) with the prior written consent of the Company, (ii) as required by law, regulation, court order or the
rules or regulations of any self regulating organization, body or official having jurisdiction over the Investment Manager, (iii) to its professional advisers, (iv) such information as shall have been publicly disclosed other than in
violation of this Agreement, (v) the identification of the Company as a client of the Investment Manager, (vi) information related to the performance of the Investment Manager, (vii) information furnished in connection with any
successor investment manager or assignee, or any agent that has been assigned duties in accordance with this Agreement, or (viii) such information that was or is obtained by the Investment Manager on a non confidential basis; provided
that the Investment Manager does not know or have reason to

  

 9 

 
know, after due inquiry, of any breach by such source of any confidentiality obligations with respect thereto. For purposes of this Section 9, the Lender shall in no event be considered a
“non affiliated third party,” and the Investment Manager may disclose any of the aforementioned information to the Lender insofar as such information relates to Fund Investments under the Credit Agreement. 
  

	 	10.	Term. 

 This Agreement shall become effective on the date hereof and shall continue unless terminated as hereinafter provided. 
  

	 	11.	Termination. 

 (a) This Agreement may be terminated, and the Investment Manager may be removed, without payment to the Investment Manager of any penalty, for cause upon prior written notice by the Company, acting with the consent of the Lender;
provided that such notice may be waived by the Investment Manager. For this purpose, “cause” will mean the occurrence of any of the following events or circumstances: 
 (i) the Investment Manager’s breach, in any respect, of any provision of this Agreement or the Credit Documents
applicable to it (except for any breach that has not had, and could not reasonably be expected to have, a material adverse effect on the Company or the Lender) and the Investment Manager’s failure to cure such breach within 30 days of its
becoming aware of, or receiving notice of, the occurrence of such breach; 
 (ii) the Investment Manager’s
intentional breach of (a) any provision of this Agreement or the Credit Documents applicable to it relating to the Investment Manager’s or the Company’s obligation to cause the Fund Investments to comply with (1) the
Overcollateralization Test or (2) the conditions for sale of a Fund Investment by the Company or (b) any other material provision of this Agreement or the Credit Documents applicable to it, and the Investment Manager’s failure to cure
such breach within 15 days of the occurrence of such breach; 
 (iii) the failure of any representation,
warranty, certification or statement made or delivered by the Investment Manager in or pursuant to this Agreement or the Credit Documents to be correct in any material respect when made which failure (a) could reasonably be expected to have a
material adverse effect on the Lender and (b) is not corrected by the Investment Manager within 15 days of its receipt of notice from the Company or the Lender of such failure; 
 (iv) the Investment Manager (1) is dissolved (other than pursuant to a consolidation, amalgamation or merger),
(2) files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency,
reorganization, moratorium or other similar law of any jurisdiction, (3) becomes insolvent or is unable to pay its debts

  

 10 

 
or fails or admits in writing its inability generally to pay its debts as they become due, (4) makes a general assignment, arrangement or composition with or for the benefit of its
creditors, (5) consents to the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property or (6) is adjudicated as insolvent or bankrupt, or
a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Investment Manager, or appointing a receiver, liquidator, assignee, or sequestrator (or other similar official) of the Investment Manager or of any
substantial part of its property, and the continuance of any such decree or order unstayed and in effect for a period of 15 consecutive days; 
 (v) the occurrence of an Event of Default under the Credit Documents that results from any breach by the Investment Manager of its duties under the Credit Documents or this Agreement; or 
 (vi) the occurrence of an act by the Investment Manager that constitutes fraud or criminal activity in the performance of
its obligations under this Agreement, or the Investment Manager being indicted for a criminal offense materially related to its business of providing asset management services. 
 If any such event occurs, the Investment Manager shall give prompt written notice thereof to the Company and the Lender
promptly upon the Investment Manager becoming aware of the occurrence of such event. 
 (b) The Investment
Manager shall have the right to terminate this Agreement only upon 90 days prior written notice to the Company and the Lender, and this Agreement shall terminate automatically in the event of its assignment by the Investment Manager. 
 (c) This Agreement shall be automatically terminated in the event that the Company determines in good faith that the Company
or the Company’s asset portfolio has become required to be registered under the provisions of the Investment Company Act. 
 (d) Within 30 days of the resignation or removal of the Investment Manager, the Company may appoint a successor investment manager that is reasonably acceptable to the Lender. No such resignation or
removal will be effective until the date as of which a successor investment manager has assumed in writing the Investment Manager’s duties and obligations as specified herein. 
  

	 	12.	Action Upon Termination. 

 (a) Upon the effective termination of this Agreement, the Investment Manager shall as soon as practicable: 
 (i) deliver to the Company all property and documents of the Company or otherwise relating to the Company’s assets then in the custody of the Investment Manager; and 
  

 11 

 (ii) deliver to the Lender an account with respect to the books and records
delivered to the Lender or the successor investment manager appointed pursuant to Section 11(d). 
 Notwithstanding such termination, the Investment Manager shall remain liable to the extent set forth herein (but subject to Section 13 hereof) for its acts or omissions hereunder arising prior to termination and for any expenses,
losses, damages, liabilities, demands, charges and claims (including reasonable attorney’s fees) in respect of or arising out of a breach of the representations and warranties made by the Investment Manager in Section 4 hereof or from any
failure of the Investment Manager to comply with the provisions of this Section 12. 
 (b) The Investment
Manager agrees that, notwithstanding any termination, it shall reasonably cooperate in any suit, action or proceeding relating to this Agreement (each, a “Proceeding”) arising in connection with this Agreement, the Credit Agreement
or any of the Company’s assets (excluding any such Proceeding in which claims are asserted against the Investment Manager or any Affiliate of the Investment Manager) so long as the Investment Manager shall have been offered reasonable security,
indemnity or other provisions against the cost, expenses and liabilities that might be incurred in connection therewith and a reasonable per diem fee. 
  

	 	13.	Liability of Investment Manager; Delegation. 

 (a) The Investment Manager assumes no responsibility under this Agreement other than to render the services called for hereunder and under the terms of the Credit Documents made applicable to it pursuant
to the terms of this Agreement. The Investment Manager shall not be responsible for any action of the Company in declining to follow any advice, recommendation, or direction of the Investment Manager. Unless otherwise agreed in writing, the
Investment Manager shall have no liability to the Lender or other Company’s creditors, for any error of judgment, mistake of law, or for any loss arising out of any investment, or for any other act or omission in the performance of its
obligations to the Company except for liability to which it would be subject by reason of willful misfeasance, bad faith, gross negligence in performance, or reckless disregard, of its obligations hereunder. The Investment Manager may delegate to an
agent selected with reasonable care, which shall include any Person that is party to a sub-advisory agreement with the Investment Manager as of the date hereof, any or all duties (other than its asset selection or trade execution duties) assigned to
the Investment Manager hereunder; provided that no such delegation by the Investment Manager of any of its duties hereunder shall relieve the Investment Manager of any of its duties hereunder nor relieve the Investment Manager of any
liability with respect to the performance of such duties. For the avoidance of doubt, asset selection and trade execution duties shall include the services described in Section 1(a) hereof. 
 Notwithstanding the above and Section 17, the Investment Manager shall be permitted to assign any or all of its rights
and delegate any or all of its obligations to an Affiliate reasonably acceptable to the Lender that (i) will professionally and competently perform duties similar to those imposed upon the Investment Manager under this

  

 12 

 
Agreement and (ii) is legally qualified and has the capacity to act as the Investment Manager under this Agreement. The Investment Manager shall not be liable for any consequential damages
hereunder. 
 (b) The Company shall reimburse, indemnify and hold harmless the directors, officers and employees
of the Investment Manager and any of its Affiliates from any and all actual and reasonable out-of-pocket expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever (including reasonable attorneys’ fees and
expenses), as are incurred in investigating, preparing, pursuing or defending any claim, action, proceeding or investigation with respect to any pending or threatened litigation caused by, or arising out of or in connection with, any acts or
omissions of the Investment Manager, its directors, officers, stockholders, agents and employees made in good faith and in the performance of the Investment Manager’s duties under this Agreement or the Credit Documents except to the extent
resulting from such person’s bad faith, willful misfeasance, gross negligence or reckless disregard of its duties hereunder or thereunder. The Investment Manager, its directors, officers, stockholders, agents and employees may consult with
counsel and accountants with respect to the affairs of the Company and shall be fully protected and justified, to the extent allowed by law, in acting, or failing to act, if such action or failure to act is taken or made in good faith and is in
accordance with the advice or opinion of such counsel or accountants. Notwithstanding anything contained herein to the contrary, the obligations of the Company under this Section 13(b) shall be payable from the Company’s assets as part of
the Management Fees and are subject to the availability of funds and to the conditions set forth in the Credit Agreement. 
 (c) The Investment Manager shall reimburse, indemnify and hold harmless the Company, its members, manager, officers, agents and employees from any and all expenses, losses, damages, liabilities, demands,
charges and claims of any nature whatsoever (including reasonable attorneys’ fees and expenses), as are incurred in investigating, preparing, pursuing or defending any claim, action, proceeding or investigation with respect o any pending or
threatened litigation caused by, or arising out of or in connection with, (i) any acts or omissions of the Investment Manager constituting bad faith, willful misconduct, gross negligence or reckless disregard of its duties under this Agreement
or under the Credit Documents and (ii) any breach of the representations and warranties made by the Investment Manger in Section 4 hereof. 
  

	 	14.	Obligations of Investment Manager. 

 Unless otherwise required by any provision of the Credit Documents or this Agreement or by applicable law, the Investment Manager shall not intentionally take any action, which it knows or should know
would (a) materially adversely affect the Company for purposes of United States federal or state law or any other law known to the Investment Manager to be applicable to the Company, (b) require registration of the Company or the
Company’s assets as an “investment company” under the Investment Company Act, (c) not be permitted under the Company’s operating agreement or certificate of formation (including, but not limited to, Section 9 thereof),
(d) cause the Company to violate the terms of the Credit Documents, (e) subject the Company to federal, state or other income taxation, or (f) adversely affect the

  

 13 

 
interests of the Lender in any material respect (other than as permitted or required hereunder or under the Credit Documents, including, without limitation, as may result from the performance of
any Fund Investment), it being understood that in connection with the foregoing the Investment Manager will not be required to make any independent investigation of any facts or laws not otherwise known to it in connection with its obligations under
this Agreement and the Credit Documents or the conduct of its business generally. The Investment Manager covenants that it shall comply in all material respects with all laws and regulations applicable to it in connection with the performance of its
duties under this Agreement and the Credit Documents. Notwithstanding anything in this Agreement, the Investment Manager shall not take any discretionary action that would reasonably be expected to cause an Event of Default under the Credit
Agreement. The Investment Manager covenants that it shall (i) not hold out the Fund Investments as its assets, (ii) take all action to ensure that the Fund Investments are held in the name of the Company or, if held by an agent of the
Company, clearly designate such agent as being the Company’s agent, (iii) cause the Company to comply with the terms of Section 6.01(l) of the Credit Agreement and (iv) not fail to correct any known misunderstandings regarding
the separate identity of the Company and shall not identify itself as a division or department of the Company. 
  

	 	15.	No Partnership or Joint Venture. 

 The Company and the Investment Manager are not partners or joint venturers with each other and nothing herein shall be construed to make them such partners or joint venturers or impose any liability as
such on either of them. The Investment Manager’s relation to the Company shall be deemed to be that of an independent contractor. 
  

	 	16.	Notices. 

 Any notice under this Agreement shall be in writing and sent by facsimile, confirmed by telephonic communication, or addressed and delivered or mailed postage paid to the other party at such address as such other party may designate for the
receipt of such notice. Until further notice to the other party it is agreed that the address of the Company and the Lender for this purpose shall be as set forth on Schedule 1 to the Credit Agreement, and the address of the Investment Manager for
this purpose shall be: 
 FS Investment Corporation 
 Cira Centre 
 2929 Arch Street, Suite 675 
 Philadelphia, Pennsylvania 19104 
 Attention: Gerald F. Stahlecker 
 Telephone: (215) 495-1169 
 Facsimile: (215) 222-4649 
 Electronic Mail: jerry.stahlecker@franklinsquare.com 
 All notices are to be effective in
accordance with Section 8.03 of the Credit Agreement. 
  

 14 

	 	17.	Succession/Assignment. 

 This Agreement shall inure to the benefit of and be binding upon the successors to the parties hereto. No assignment of this Agreement by the Investment Manager (including, without limitation, a change in
control or management of the Investment Manager which would be deemed an “assignment” under the United States Advisers Act of 1940, as amended) shall be made without the consent of the Company and the Lender. 
  

	 	18.	Conflicts with the Credit Agreement. 

 Subject to the provisions of Section 1 hereof pertaining to the binding effect of certain amendments to the Credit Agreement on the Investment Manager, in the event that this Agreement requires any
action to be taken with respect to any matter and the Credit Agreement requires that a different action be taken with respect of such matter, and such actions are mutually exclusive, the provisions of the Credit Agreement in respect thereof shall
control. 
  

	 	19.	Miscellaneous. 

 (a) This Agreement shall be governed by and construed in accordance with the laws of the State of New York without regard to conflicts of laws principles. With respect to any Proceeding, each party irrevocably (i) submits to the
non-exclusive jurisdiction of the courts of the State of New York and the United States District Court located in the Borough of Manhattan in New York City and (ii) waives any objection which it may have at any time to the laying of venue of
any Proceedings brought in any such court, waives any claim that such Proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such Proceedings, that such court does not have any jurisdiction
over such party. Nothing in this Agreement precludes either party from bringing Proceedings in any other jurisdiction, nor will the bringing of Proceedings in any one or more jurisdictions preclude the bringing of Proceedings in any other
jurisdiction. 
 (b) THE PARTIES HERETO IRREVOCABLY CONSENT TO THE SERVICE OF ANY AND ALL PROCESS IN
ANY ACTION OR PROCEEDING BY THE MAILING OR DELIVERY OF COPIES OF SUCH PROCESS TO EACH SUCH PARTY AT THE ADDRESS SPECIFIED IN SECTION 16 HEREOF. THE PARTIES HERETO AGREE THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND
MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. 
 (c)
EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
  

 15 

 (d) No failure on the part of either party hereto to exercise and no delay
in exercising, and no course of dealing with respect to, any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof nor shall any single or partial exercise of any right, remedy, power or privilege under this
Agreement preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such
right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver. 
 (e) The captions in this Agreement are included for convenience only and in no way define or limit any of the provisions
hereof or otherwise affect their construction or effect. 
 (f) In the event any provision of this Agreement
shall be held invalid or unenforceable, by any court of competent jurisdiction, such holding shall not invalidate or render unenforceable any other provisions hereof. 
 (g) This Agreement may not be amended or modified or any provision thereof waived except by an instrument in writing signed
by the parties hereto. 
 (h) This Agreement and the Credit Documents contain the entire understanding and
agreement between the parties and supersedes all other prior understandings and agreements, whether written or oral, between the parties concerning this subject matter. The express terms of this Agreement control and supersede any course of
performance and/or usage of the trade inconsistent with any of the terms hereof. 
 (i) The Investment Manager
(i) consents to, and agrees to perform, the provisions of the Credit Documents applicable to the Investment Manager, (ii) acknowledges that the Company is assigning all of its right, title and interest in, to and under this Agreement to
the Lender under the Security Agreement, and (iii) agrees that all of the representations, covenants and agreements made by the Investment Manager in this Agreement are also for the benefit of the Lender. 
 (j) This Agreement may be executed in any number of counterparts, each of which so executed shall be deemed an original, but
all such counterparts shall together constitute but one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected
hereon as the signatories. 
 (k) Each representation and warranty made or deemed to be made herein or pursuant
hereto, and each indemnity provided for hereby, shall survive the execution and delivery and any termination or assignment of this Agreement or resignation or removal of the Investment Manager. 
 (l) The Company hereby acknowledges and accepts all actions that were taken by the Investment Manager and/or recommended to
the Company by the Investment Manager prior to the Closing Date, including all actions and

  

 16 

 
recommendations that were related to the anticipated purchase of assets by the Company or that were otherwise consistent with the services to be provided by the Investment Manager to the Company
pursuant to Section 1 of this Agreement prior to the Closing Date, in each case, as if this Agreement had been in effect at the time that such actions were taken or such recommendations were made. 
  

	 	20.	Non-Petition. 

 The Investment Manager shall continue to serve as Investment Manager under this Agreement notwithstanding that the Investment Manager shall not have received amounts due to it under this Agreement because sufficient funds were not then
available hereunder to pay such amounts in accordance with Section 6.02(k) of the Credit Agreement, and agrees not to cause the filing of an involuntary petition in bankruptcy against the Company for any reason whatsoever, including, without
limitation, the non-payment to the Investment Manager, until the payment in full of all amounts payable to the Lender or otherwise under the Credit Agreement and the expiration of a period equal to one year and one day (or, if longer, the applicable
preference period then in effect) following all such payments; provided that nothing in this clause shall preclude, or be deemed to estop, the Investment Manager (A) from taking any action prior to the expiration of the aforementioned
one year and one day (or, if longer, the applicable preference period then in effect) period in (x) any case or proceeding voluntarily filed or commenced by the Company or (y) any involuntary insolvency proceeding filed or commenced
against the Company, by a Person other than the Investment Manager or its Affiliates, or (B) from commencing against the Company or any properties of the Company any legal action which is not a bankruptcy, reorganization, arrangement,
insolvency, moratorium or liquidation proceeding. The provisions of this Section 20 shall survive the termination of this Agreement for any reason whatsoever. 
  

	 	21.	No Recourse. 

 The Investment Manager hereby acknowledges and agrees that the Company’s obligations hereunder will be solely the corporate obligations of the Company, and the Investment Manager will not have any recourse to any of the directors,
officers, employees, holders of the membership interest of Company with respect to any claims, losses, damages, liabilities, indemnities or other obligations in connection with any transactions contemplated hereby. Recourse in respect of any
obligations of the Company hereunder will be limited to the Company’s assets and on the exhaustion thereof all claims against the Company arising from this Agreement or any transactions contemplated hereby shall be extinguished. The provisions
of this Section 21 shall survive the termination of this Agreement for any reason whatsoever. 
 [signature page follows]

  

 17 

 IN WITNESS WHEREOF, the parties hereto have caused this INVESTMENT MANAGEMENT AGREEMENT to
be executed by their respective authorized representatives on the day and year first above written. 
  

			
	BROAD STREET FUNDING LLC
		
	By:	 	/S/ GERALD F. STAHLECKER
	Name:	 	 Gerald F. Stahlecker

	Title:	 	 Executive Vice President

	
	FS INVESTMENT CORPORATION
		
	By:	 	/S/ MICHAEL C. FORMAN
	Name:	 	 Michael C. Forman

	Title:	 	 President and Chief Executive Officer

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