Document:

Exhibit 10.3

 

SECURITIES PURCHASE AGREEMENT

 

THIS AGREEMENT is dated the 19th
day of November, 2018

 

BETWEEN:

 

ALTERNATIVE MEDICAL SOLUTIONS INC.,
a company existing under the laws of the Province of Ontario (the “Corporation”)

 

- and -

 

ALL OF THE SHAREHOLDERS OF THE CORPORATION,
AS SET FORTH IN SCHEDULE A TO THIS AGREEMENT (collectively, the “Vendors”)

 

- and -

 

CANNAPHARMARX, INC., a company
existing under the laws of the State of Delaware (the “Purchaser Parent”)

 

- and -

 

HANOVER CPMD ACQUISITION CORP.,
a company existing under the laws of the Province of Ontario (the “Purchaser”)

RECITALS:

 

		A.	The Vendors are the beneficial and registered owners of all of the issued and outstanding shares
of the Corporation.

 

		B.	The Principal Vendors (as defined herein) are the holders of all right, title and interest in and
to the Shareholder Loans (as defined herein) provided to the Corporation with the aggregate amount owing by the Corporation to
the Principal Vendors of $1,506,735.75.

 

		C.	The Vendors have agreed to sell, and the Purchaser has agreed to purchase, all of the issued and
outstanding shares of the Corporation pursuant to the terms and conditions of this Agreement.

 

		D.	The Principal Vendors have agreed to sell, and the Purchaser has agreed to purchase, all of the
Principal Vendors’ right, title and interest in and to the Shareholder Loans pursuant to the terms and conditions of this
Agreement.

 

IN CONSIDERATION of the premises
and mutual covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged by each party hereto, the parties agree as follows:

 

Article
1

INTERPRETATION

 

		1.1	Definitions.

 

In this Agreement and
in any amendments hereto and in all Schedules hereto, the following terms shall have the following meanings:

 

“ACMPR” means
the Access to Cannabis for Medical Purposes Regulations.

 

 

 

    	 	1	 

     

    

 

“Affiliate”
means, with respect to any Person, any other Person who directly or, indirectly controls, is controlled by, or is under direct
or indirect common control with, such Person, and includes any Person in like relation to an Affiliate. A Person shall be deemed
to “control” another Person if such Person possesses, directly or indirectly, the power to direct or cause the direction
of the management and policies of such other Person, whether through the ownership of voting securities, by contract or otherwise;
and the term “controlled” shall have a similar meaning.

 

“Agreement”
means this Securities Purchase Agreement and all Schedules hereto and instruments supplemental hereto or in amendment or confirmation
hereof; “hereof”, “hereto” and “hereunder” and similar expressions mean and refer to this Agreement
and not to any particular Article or Section; “Article” or “Section” means and refers to the specified
article or section of this Agreement.

 

“Ancillary Agreements”
means all agreements, certificates and other instruments delivered or given pursuant to this Agreement.

 

“Application”
means the Corporation’s application no. 10-MM0543 under the ACMPR to obtain a producer’s licence pursuant thereto.

 

“arm’s length”
has the same meaning as defined in the Tax Act.

 

“Assets” means
all property, assets and undertakings of the Corporation of every nature and kind and wheresoever situate.

 

“Ataraxia Litigation”
means all claims related to the litigation brought by Ataraxia Canada, Inc., as plaintiff, against the Corporation, as defendant,
under the Ontario Superior Court of Justice (court file no. CV-17-580157).

 

“Audit” means
an independent audit of the Corporation’s financial records pursuant to US Generally Accepted Accounting Principles conducted
by an approved Public Company Accounting Oversight Board auditing firm in accordance with the rules and regulations promulgated
by the US Securities and Exchange Commission.

 

“Books and Records”
means all information of the Corporation, as the context requires, including books of account, financial and accounting information
and records, personnel records, tax records, sales and purchase records, customer and supplier lists, lists of potential customers,
referral sources, research and development reports and records, production reports and records, equipment logs, operating guides
and manuals, business reports, plans and projections, marketing and advertising materials and all other documents, files, correspondence
and other information (whether in written, printed, electronic or computer printout form and howsoever stored).

 

“Buildings and Fixtures”
means all plant, buildings, structures, erections, improvements, appurtenances and fixtures situate on the Real Property, including
the 48,750 sq. ft. partially constructed cannabis production facility situated thereon.

 

“Business”
means the business carried on by the Corporation as of the date hereof, consisting of the construction of the Buildings and Fixtures
and the submission of the Application to carry on the business of a licensed producer under the ACMPR, including the cultivation,
manufacturing, labelling and all other business related and ancillary thereto.

 

“Business Day”
means a day, other than a Saturday or Sunday, on which the principal commercial banks located in Toronto, Ontario are open for
business.

 

“Claims” includes
claims, demands, complaints, actions, suits, causes of action, assessments or reassessments, charges, judgments, debts, liabilities,
expenses, costs, damages or losses, contingent or otherwise, including loss of value, reasonable professional fees (including fees
of legal counsel on a solicitor and his or her own client basis) and all costs incurred in investigating or pursuing any of the
foregoing or any proceeding relating to any of the foregoing.

 

“Closing”
means the completion of the transaction of purchase and sale contemplated in this Agreement.

 

 

 

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“Closing Date”
means 5 Business Days from the date the Audit is completed, or such other date as the Corporation and the Purchaser may agree upon
in writing.

 

“Closing Time”
means 9:00 a.m. (Toronto time) on the Closing Date or such other time on such date as the parties may agree as the time at which
the Closing shall take place.

 

“Consents”
means all consents of contracting parties to a change of control of the Corporation or to any of the transactions contemplated
hereby, as required by the terms of any contract or agreement to which the Corporation is a party or by which the Corporation,
any of its Assets or the Business is bound or affected.

 

“Contract”
means any agreement, contract, licence, lease, undertaking, engagement or commitment of any nature, written or oral.

 

“Employee Plans”
means all bonus, deferred compensation, incentive compensation, share purchase, share option, share appreciation, phantom share,
savings, profit sharing, severance or termination pay, health, dental or other medical, life, disability or other insurance (whether
insured or self-insured), mortgage insurance, employee loan, employee assistance, supplementary unemployment benefit, pension,
retirement, supplementary retirement, plan or program and every other benefit plan, program, agreement, arrangement or practice
(whether written or unwritten) maintained or contributed to for the benefit of any of the Corporation’s employees, former
employees or their respective dependents or beneficiaries, but excluding the Canada Pension Plan, any health or drug plan established
and administered by a Province and workers’ compensation insurance provided by federal or provincial Laws.

 

“Encumbrances”
means any mortgage, charge, pledge, hypothec, security interest, assignment, lien (statutory or otherwise), easement, title retention
agreement or arrangement, conditional sale, deemed or statutory trust, restrictive covenant, adverse claim, exception, reservation,
right of occupation, any matter capable of registration against title, option, right of pre-emption, privilege or other encumbrance
of any nature or any other arrangement or condition which, in substance, secures payment or performance of an obligation.

 

“Environmental Laws”
means all Laws and agreements with Governmental Entities and all other statutory requirements relating to public health or the
protection of the environment and all Licenses issued pursuant to such Laws, agreements or statutory requirements.

 

“Event of Default”
refers to any of the following events:

 

		(i)	If the Purchaser fails to make any of the payments set out in this Agreement or as required under
the Purchaser Notes;

 

		(ii)	If the Purchaser acts in such a manner as to diminish the security for payment granted;

 

		(iii)	If the Purchaser makes an assignment of its property for the benefit of its creditors;

 

		(iv)	If the Purchaser becomes insolvent or if petition in bankruptcy is instituted against it and a
final judgment is handed down confirming its bankruptcy; or

 

		(v)	If the Purchaser breaches the obligations and undertakings set out in Section 4 of this Agreement.

 

“Financial Statements”
means (i) the Corporation’s audited financial statements for the years ended December 31, 2017 and 2016; and (ii) the unaudited
financial statements of the Corporation for the nine-month period ended September 30, 2017, consisting of a balance sheet, income
statement and statement of cash flows for such period and all notes thereto.

 

“GAAP” means,
at any time, the generally accepted accounting principles in Canada at such time, the primary source of which is the Handbook of
the Canadian Institute of Chartered Accountants, applied on a consistent basis.

 

 

 

    	 	3	 

     

    

 

“Governmental Entity”
means (i) any international, multinational, national, federal, provincial, state, municipal, local or other governmental or public
department, central bank, court, commission, board, bureau, agency or instrumentality, domestic or foreign; (ii) any subdivision
or authority of any of the foregoing; or (iii) any quasi-governmental or private body exercising any regulatory, expropriation
or Taxing authority under or for the account of any of the above.

 

“Hazardous Substance”
means any material or waste or other substance that is regulated, listed, defined, designated or classified as, or otherwise determined
to be, dangerous, hazardous, radioactive, explosive or toxic or a pollutant or a contaminant under or pursuant to any Environmental
Laws, including any mixture or solution thereof, and specifically including petroleum and all derivatives thereof or synthetic
substitutes therefor and asbestos or asbestos-containing materials.

 

“HST Refunds”
has the meaning ascribed thereto in Section 4.8(1).

 

“Intellectual Property”
means all right, title and interest in and to all intellectual property rights of any kind, foreign and domestic, and whether registered
or not together with any renewal, extension, reissue, division, continuation or modification thereof, as applicable.

 

“Interim Period”
means the period between the close of business on the date of this Agreement and the Closing.

 

“Key Employees”
means John Ciotti, Raymond Robertson and Joseph Groleau.

 

“Laws” means
any and all applicable (i) laws, regulations, statutes, codes, ordinances, principles of common and civil law and equity, orders,
decrees, rules, regulations and municipal bylaws whether domestic, foreign or international; (ii) judicial, arbitral, administrative,
ministerial, departmental and regulatory judgments, orders, writs, injunctions and decisions of any Governmental Entity; and (iii)
policies and guidelines of, or contracts with, any Governmental Entity which, although not actually having the force of law, are
considered by such Governmental Entity as requiring compliance as if having the force of law, in each case binding on or affecting
the Person referred to in the context in which the word is used.

 

“Licenses”
means all of the permits, licenses, registrations, certificates, approvals, waivers, authorizations and qualifications to do business
held by the Corporation.

 

“LOI”
means the letter of intent between the Principal Vendors and the Purchaser (as assignee thereto) dated June 1, 2018, including
all amendments thereto.

 

“Material Adverse Change”
means a material adverse change in the financial condition, liabilities, Business, operations, earnings power or prospects of the
Corporation.

 

“Material Contracts”
means any material contract, agreement, indenture or other instrument to which the Corporation is a party, including those listed
in Schedule 3.2(bb).

 

“Mortgages”
means collectively the first mortgage registered on title to the Real Property as GY110724 in favour of Just In Time Self Storage
Inc. (together with the Application to Change Name registered as GY113234) on title to the Real Property and the second mortgage
registered as Instrument Number GY123481 in favour of Ebel Holdings Inc. on title to the Real Property.

 

“Ordinary Course”
means, with respect to an action taken by a Person, that such action is consistent with the past practices of the Person and is
taken in the ordinary course of the normal day-to-day operations of the Person.

 

“P2P Green Power Payment”
has the meaning ascribed thereto in Section 2.3(a)(ii).

 

 

 

    	 	4	 

     

    

 

“Permitted Encumbrances”
means Encumbrances described in Part II of Schedule 3.2(q).

 

“Person” means
a natural person, partnership, limited partnership, limited liability partnership, corporation, limited liability company, unlimited
liability company, joint stock company, trust, unincorporated association, joint venture or other entity or Governmental Entity,
and pronouns have a similarly extended meaning.

 

“Personal Information”
means information about an identifiable individual as defined in Privacy Law.

 

“Principal Vendors”
means, collectively, Stephen Barber, John Ciotti, Joseph Groleau and Raymond Robertson.

 

“Privacy Law”
means the Personal Information Protection and Electronic Documents Act (Canada); the Freedom of Information and Protection
of Privacy Act (Ontario), the Personal Information Protection Act (Alberta), and any comparable Law of any other jurisdiction.

 

“Purchase Price”
has the meaning ascribed thereto in Section 2.2(a).

 

“Purchased Shares”
has the meaning ascribed thereto in Section 2.1(a).

 

“Purchaser Parent Shares”
has the meaning ascribed thereto in Section 2.5.

 

“Purchaser Notes”
has the meaning ascribed thereto in Section 2.3(b).

 

“Real Property”
means the lands having the residential address of 595 1st Street, Hanover, Ontario and legal description PT LT 7 CON
2 SDR BENTINCK PTS 2 AND 3 16R10457 TOWN OF HANOVER.

 

“Registration Rights
Agreement” means, in the event that one or more Principal Vendors elect to exercise the loan conversion option pursuant
to Section 2.5, the registration rights agreement to be entered into by such Principal Vendors in connection with the issuance
of Purchaser Parent Shares and the filing of a registration statement by the Purchaser Parent with the US Securities and Exchange
Commission.

 

“Related Party”
has the same meaning as defined in the Tax Act.

 

“Release”
includes an actual or potential discharge, deposit, spill, leak, pumping, pouring, emission, emptying, injection, escape, leaching,
migration, seepage or disposal of a Hazardous Substance which is or may be in breach of any Environmental Law.

 

“Share Pledge Agreements”
has the meaning ascribed thereto in Section 2.3(c).

 

“Shareholder Loans”
means the advances by the Principal Vendors to the Corporation with the aggregate amount owing by the Corporation to the Principal
Vendors of $1,506,735.75, and as more fully described in Schedule B.

 

“shell company”
has the meaning ascribed thereto in Rule 12b-2 of the US Securities Exchange Act of 1934, as amended.

 

“Statement Date”
means September 30, 2018.

 

“Tax Act”
means the Income Tax Act (Canada).

 

 

 

    	 	5	 

     

    

 

“Tax Returns”
means any and all returns, reports, declarations, elections, notices, forms, designations, filings, and statements (including estimated
tax returns and reports, withholding tax returns and reports, and information returns and reports) filed or required to be filed
in respect of Taxes including any amendments thereto.

 

“Taxes” means
(i) any and all taxes, duties, fees, excises, premiums, assessments, imposts, levies, franchise taxes and other charges or assessments
of any kind whatsoever imposed by any Governmental Entity, whether computed on a separate, consolidated, unitary, combined or other
basis, including those levied on, or measured by, or described with respect to, income, gross receipts, profits, gains, capital
gains, windfalls, capital, capital stock, production, recapture, transfer, land transfer, license, gift, occupation, wealth, environment,
net worth, surplus, sales, retail sales, goods and services, harmonized sales, use, value-added, excise, special assessment, stamp,
withholding, business, franchising, real or personal property, health, employee health, payroll, workers’ compensation, employment
or unemployment, severance, social services, social security, education, utility, surtaxes, customs, import or export, and including
all license and registration fees and all employment insurance, health insurance and government pension plan premiums or contributions,
(ii) all charges, interest, penalties, fines, additions to tax or other additional amounts imposed by any Governmental Entity on
or in respect of amounts of the type described in clause (i) above or this clause (ii), (iii) any liability for the payment of
any amounts of the type described in clause (i) or clause (ii) as a result of being a member of an affiliated, consolidated, combined
or unitary group for any period, and (iv) any liability for the payment of any amounts of the type described in clause (i) or clause
(ii) as a result of any express or implied obligation to indemnify any other Person or as a result of being a transferee or successor
in interest to any party.

 

“Transaction Personal
Information” means any Personal Information in the possession, custody or control of the Vendors or the Corporation at
the Closing Time, including Personal Information about the employees of the Corporation, or their customers, suppliers, directors,
officers or shareholders that is:

 

		(i)	disclosed to the Purchaser or any of its representatives prior to the Closing Time by the Vendors
or the Corporation, or any of their respective representatives or otherwise; or

 

		(ii)	collected by the Purchaser or any of its representatives prior to the Closing Time from the Vendors,
the Corporation, or any of their respective representatives or otherwise, in either case in connection with the transactions contemplated
by the Agreement.

 

		1.2	Schedules.

 

The following are the Schedules
attached to and forming part of this Agreement:

 

	 	Schedule A	Shareholdings
	 	Schedule B	Shareholder Loans
	 	Schedule 3.2(b)	Required
Authorization
	 	Schedule 3.2(f)	Required Consents
	 	Schedule 3.2(n)	Business in the Ordinary Course
	 	Schedule 3.2(q)	Owned Assets/Permitted Encumbrances
	 	Schedule 3.2(u)	Real Property
	 	Schedule 3.2(x)	Taxes
	 	Schedule 3.2(x)	Non-arm’s
Length Transactions
	 	Schedule 3.2(y)	Leased Assets
	 	Schedule 3.2(z)	Compliance with Laws
	 	Schedule 3.2(aa)	No Loans to Directors
	 	Schedule 3.2(bb)	Material Contracts
	 	Schedule 3.2(ee)	Intellectual Property
	 	Schedule 3.2(ff)	Employees
	 	Schedule 3.2(gg)	Employee Plans
	 	Schedule 3.2(ii)	Insurance
	 	Schedule 3.2(jj)	Environmental Matters
	 	Schedule 3.2(ll)	Bank Accounts

 

 

 

    	 	6	 

     

    

		1.3	Knowledge.

 

Where any representation
or warranty contained in this Agreement is expressly qualified by reference to the knowledge of the Principal Vendors, it shall
be deemed to refer to the knowledge of each of such Principal Vendors, as the case may be, without having made any inquiry, and
as of the Statement Date.

 

		1.4	Headings.

 

The headings used in
this agreement and its division into articles, sections, schedules, exhibits, appendices, and other subdivisions do not affect
its interpretation.

 

		1.5	Gender and Number.

 

Unless the context
otherwise requires, words importing the singular include the plural and vice versa and words importing gender include all genders.

 

		1.6	Proper Law of Agreement.

 

This Agreement shall
be governed and construed in accordance with the Laws of the Province of Ontario and the Laws of Canada applicable therein and
shall be treated, in all respects, as an Ontario contract.

 

		1.7	Invalidity of Provisions.

 

The invalidity or unenforceability
of any provision of this Agreement shall not affect the validity or enforceability of any other provision hereof and any such invalid
or unenforceable provision shall be deemed to be severable.

 

		1.8	Entire Agreement.

 

This Agreement, including
the Schedules hereto, together with the agreements and other documents to be delivered pursuant hereto, constitute the entire agreement
between the parties hereto pertaining to the subject matter hereof and supersede all prior agreements, understandings, negotiations
and discussions, whether written or oral, of the parties hereto, including the LOI, and there are no warranties, representations
or other agreements between the parties in connection with the subject matter hereof except as specifically set forth or referred
to herein. No amendment, waiver or termination of this Agreement shall be binding unless executed in writing by the party or parties
to be bound thereby. No waiver of any provision of this Agreement shall be deemed or shall constitute a waiver of any other provision
nor shall any such waiver constitute a continuing waiver unless otherwise expressly provided.

 

		1.9	Successors and Assigns.

 

This Agreement shall
be binding upon and shall enure to the benefit of the parties hereto and their respective heirs, trustees, executors, administrators,
legally appointed representatives, successors and permitted assigns, as applicable.

 

		1.10	Currency.

 

Unless otherwise indicated,
all dollar amounts referred to in this Agreement are in Canadian funds.

 

		1.11	Accounting Terms.

 

All accounting terms
not specifically defined herein shall be construed in accordance with GAAP.

 

 

 

    	 	7	 

     

    

 

		1.12	Statutes.

 

Except as otherwise
provided in this Agreement, any reference in this Agreement to a statute refers to such statute and all rules and regulations made
under it, as it or they may have been or may from time to time be amended or re-enacted.

 

		1.13	Non-Business Days.

 

Whenever payments are
to be made or an action is to be taken on or not later than a day which is not a Business Day, such payment shall be made or such
action shall be taken on or not later than the next succeeding Business Day.

 

		1.14	Certain Phrases, etc.

 

In this Agreement (i)
the words “including”, “includes” and “include” mean “including (or includes or include)
without limitation”, and (ii) the phrase “the aggregate of”, “the total of”, “the sum of”,
or a phrase of similar meaning means “the aggregate (or total or sum), without duplication, of”. In the computation
of periods of time from a specified date to a later specified date, unless otherwise expressly stated, the word “from”
means “from and including” and the words “to” and “until” each mean “to but excluding”.

 

Article
2

PURCHASED SECURITIES AND PURCHASE PRICE

 

		2.1	Purchase and Sale of Purchased Shares and Shareholder Loans.

 

Subject to the terms
and conditions herein stated:

 

		(a)	each of the Vendors hereby agrees to sell, assign, transfer and deliver to the Purchaser on the
Closing Date, and the Purchaser hereby agrees to purchase from each of the Vendors on the Closing Date, the number and class of
shares of the Corporation set forth opposite each such Vendor’s name in Schedule A, being collectively all (but not less
than all) of the issued and outstanding shares and other securities in the capital of the Corporation as of Closing on the Closing
Date (the “Purchased Shares”); and

 

		(b)	each of the Principal Vendors hereby agrees to sell, assign, transfer and deliver to the Purchaser
on the Closing Date, and the Purchaser hereby agrees to purchase and assume from each of the Principal Vendors on the Closing Date,
all of the Principal Vendors’ respective right, title and interest in and to the Shareholder Loans as more fully described
in Schedule B.

 

		2.2	Purchase Price.

 

		(a)	Subject to Section 2.4, the aggregate consideration payable by the Purchaser to the Vendors for
the Purchased Shares and the Shareholder Loans on the Closing Date will be $12,710,000 (the “Purchase Price”).

 

		2.3	Satisfaction of the Purchase Price.

 

The Purchase Price shall be paid and satisfied
as follows:

 

		(a)	At the Closing Time, the Purchaser shall pay to the Vendors the sum of $2,710,000, subject to the
following adjustments, by wire transfer or certified cheque drawn from the Purchaser’s lawyers’ trust account, of immediately
available funds to the Vendor’s lawyer’s trust account in accordance with the wiring instructions to be provided by
the Vendors (the “First Advance”):

 

		(i)	The Purchaser shall receive a credit of $19,982.50, representing a non-refundable deposit and for
transaction-related expenses against the First Advance;

 

 

 

    	 	8	 

     

    

 

		(ii)	The Purchaser shall receive a credit of $261,802.71 in regards to the payable owing by the Corporation
to P2P Green Power Energy Solutions Inc., the obligation and liability for repayment of which the Purchaser has assumed from the
Corporation (the “P2P Green Power Payment”);

 

		(iii)	The Purchaser shall receive a credit of $44,750.65 for real property taxes owing in respect of
the Real Property up to and including October 15, 2018;

 

		(iv)	The Purchaser shall receive a credit of $24,226.64 for taxes owing to Canada Revenue Agency up
to and including the date hereof; and

 

		(v)	The Vendors shall receive a credit equivalent to the interest payable on the Mortgages between
October 16, 2018 and the Closing Date.

 

		(b)	The balance of the Purchase Price, namely $10,000,000, shall be satisfied through the issuance,
at the Closing Time, by the Purchaser to the Vendors of subordinated non-interest bearing promissory notes in an aggregate principal
amount equal to $10,000,000, in a form which is to be settled on Closing, it being understood that the principal amount of the
Purchaser Note received by each Vendor shall be proportionate to his or her respective shareholder’s interest in the Purchased
Shares.

 

		(c)	In order to secure the performance for the benefit of the Vendors of the duties and obligations
incumbent upon it pursuant to this Agreement and the Purchaser Notes, the Purchaser agrees to pledge and grant to the Vendors a
security interest in all of the right, title and interest in and to the Purchased Shares that the Purchaser will acquire on Closing
and enter into a share pledge agreement in a form which is to be settled on Closing (the “Share Pledge Agreements”).

 

		(d)	Acceleration of Payment. The balance of the Purchase Price
or any residual balance shall become automatically due and payable by the Purchaser and the Vendors shall be entitled to exercise
their rights under the Share Pledge Agreements, should any of the following events occur: 

 

		(i)	any new issue of shares of the share capital of the Corporation;

 

		(ii)	any transfer, issue, sale, transmission or other form of assignment of all or part of the currently
issued and outstanding Purchased Shares to any other Person;

 

		(iii)	the sale, transfer or assignment of all or part of the Assets, including the Real Property and
any Licences (whether issued before or after the Closing Date);

 

		(iv)	the declaration of any dividends or the redemption of any shares of the Corporation; and

 

		(v)	any Event of Default.

 

		2.4	Adjustments to Share Purchase Price

 

Notwithstanding any other provision hereof,
and subject to the terms and conditions of the Purchaser Notes, the Share Purchase Price (and the amount owing under the Purchaser
Notes) shall be reduced by an amount equal to:

 

		(a)	any judgment or order awarded against (and payable by) the Corporation and all costs and expenses
incurred by the Corporation in defending the Ataraxia Litigation (including, without limitation, all legal and other professional
fees and any and all costs and expenses of any appeal of any judgment or order); and

 

 

 

    	 	9	 

     

    

 

		(b)	any other debts and liabilities (including Taxes) whatsoever of the Corporation existing on or
incurred prior to the Closing Date or relating to any period prior to the Closing Date save and except for the Shareholder Loans
and the Mortgages.

 

The Vendors hereby acknowledge, covenant
and agree that, in the event the aggregate amount of the adjustments to the Share Purchase Price exceed the Share Purchase Price,
the Vendors shall be jointly and severally liable to pay to the Purchaser the amount by which such adjustments exceed the Share
Purchase Price and such amount shall be due within 15 Business Days of notice of same given by the Purchaser to the Vendors. The
foregoing covenant and agreement of the Vendors shall survive the Closing indefinitely for the benefit of the Purchaser.

 

		2.5	Option to Invest/Convert Loan Purchase Price

 

At the option of the Principal Vendors,
upon written notice given to the Purchaser given not less than 5 Business Days prior to the Closing Date, the Principal Vendors
may elect to subscribe for an aggregate of up to 2,000,000 shares of common stock of the Purchaser, par value $0.001 per share,
at a purchase price of US$0.75 per share for an aggregate purchase price of up to $1,500,000 (collectively, the “Purchaser
Parent Shares”) and to direct the Purchaser to retain up to $1,500,000 of the Loan Purchase Price as satisfaction in
full of the subscription price in respect of same.

 

		2.6	Ataraxia Litigation

 

After Closing, the Purchaser shall diligently
defend against the claims brought forth in, and assume full and complete control of, the Ataraxia Litigation, provided that the
Purchaser shall not enter into any compromise or settlement in respect of the Ataraxia Litigation without the prior written consent
of the Principal Vendors, such consent not to be unreasonably withheld, conditioned or delayed. The Principal Vendors shall cooperate
fully and make available to the Purchaser all pertinent information and witnesses under the Principal Vendors’ control, make
such assignments and take such other steps as in the opinion of counsel for the Purchaser are reasonably necessary to enable the
Purchaser to defend against the claims brought forth in the Ataraxia Litigation.

 

Article
3

REPRESENTATIONS AND WARRANTIES

 

		3.1	Vendors’ Representations.

 

Each Vendor severally
represents and warrants to the Purchaser as follows with respect to himself or itself, as the case may be, and acknowledges that
the Purchaser is relying upon such representations and warranties in entering into this Agreement and in connection with the completion
of the transactions contemplated herein, notwithstanding any investigation by or on behalf of Purchaser:

 

		(a)	Formation, Power and Authorization. If the Vendor is not an individual, it is duly formed,
validly existing and in good standing under the laws of its jurisdiction of formation, or if the Vendor is an individual, he or
she is of full age of majority. The execution and delivery of and performance by the Vendor of this Agreement and each of the Ancillary
Agreements to which it is a party and the consummation of the transactions contemplated by them have been duly authorized by all
necessary action on the part of the Vendor.

 

		(b)	Enforceability. This Agreement has been, and each other document executed and delivered
by the Vendor pursuant hereto will on Closing be, duly executed and delivered by the Vendor, and this Agreement constitutes, and
each other document executed and delivered by the Vendor pursuant hereto on Closing will constitute, a valid and binding obligation
of the Vendor enforceable against the Vendor in accordance with its terms, subject, as to enforcement, to applicable bankruptcy,
reorganization, insolvency, moratorium or similar Laws affecting creditors’ rights generally and to equitable principles
of general application (regardless of whether enforcement is sought in a proceeding in equity or at Law).

 

		(c)	No Conflict. The execution and delivery of and performance by the Vendor of this Agreement
and each of the Ancillary Agreements to which it is a party:

 

 

 

    	 	10	 

     

    

 

		(i)	if the Vendor is not an individual, does not and will not (or would not with the giving of notice,
the lapse of time or the happening of any other event or condition) constitute or result in a violation or breach of, or conflict
with, or allow any other Person to exercise any rights under, any of the terms or provisions of its constating documents or by-laws;

 

		(ii)	does not and will not (or would not with the giving of notice, the lapse of time or the happening
or any other event or condition) constitute or result in a breach or violation of, or conflict with or allow any other Person to
exercise any rights under, any of the terms or provisions of any Contracts to which it is a party; and

 

		(iii)	does not and will not result in the violation of any Law.

 

		(d)	Ownership of Purchased Shares.

 

		(i)	The Vendor is the registered and beneficial owner of the issued and outstanding shares in the capital
of the Corporation set forth opposite its name in Schedule A, free and clear of all Encumbrances of every kind and with good and
marketable title thereto. Such shares are validly issued and outstanding as fully paid and non-assessable securities in the capital
of the Corporation and the Vendor holds no other shares in the capital of the Corporation and holds no right, privilege, option,
warrant or agreement to purchase or otherwise acquire, directly or indirectly, any other shares in the capital of the Corporation;

 

		(ii)	No person has any right, privilege, option, warrant or agreement, contingent or otherwise, or any
of the foregoing capable of becoming any right, privilege, option, warrant or agreement, to purchase or otherwise acquire, directly
or indirectly, any of the Purchased Shares owned by the Vendor or any interest or entitlement therein (other than as provided by
this Agreement); and

 

		(iii)	other than as a result of the transactions contemplated herein, it is not a party to any unanimous
shareholders agreement, escrow agreement, pooling agreement, voting trust or similar arrangements or obligations in respect of
the Purchased Shares held by the Vendor or any other securities of the Corporation; and

 

		(e)	Vendors Resident of Canada. The Vendor is not a “non-resident” of Canada within
the meaning of the Tax Act.

 

		(f)	Not Misleading. None of the foregoing representations and warranties and no documents furnished
by or on behalf of the Vendor to the Purchaser in connection herewith or hereunder, contains any untrue statement of material fact
or omits to state any material fact that the Vendor knew or ought to have known is necessary to make any such representation or
warranty not misleading to a prospective purchaser of the Purchased Shares seeking full information as to the Purchased Shares,
the Corporation and its business and affairs.

 

		(g)	Acquisition of Purchaser Parent Shares. To the extent one or more Principal Vendors elect
to exercise their option to convert a portion of the Loan Purchase Price into Purchaser Parent Shares pursuant to Section 2.5:

 

		(i)	The Vendors are acquiring the Purchaser Parent Shares to be issued to them for investment for Vendors
own account and not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and neither Shareholder
has any present intention of selling, granting any participation in, or otherwise distributing the same. Each Shareholder further
represents that he/she does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant
participation to such person or to any third person, with respect to any of the Purchaser Parent Shares.

 

		(ii)	The Vendors understand that the Purchaser Parent Shares are not and, except as provided herein
below, will not be registered under the US Securities Act of 21933, as amended (the “Act”), that the sale and the issuance
of the Purchaser Parent Shares is intended to be exempt from registration under the Act pursuant to Section 4(2) thereof, and that
Purchaser Parent’s reliance on such exemption is predicated on each Vendors’ representations set forth herein. The
Vendors represent and warrant that: (i) he or she can bear the economic risk of their investment, and (ii) he or she possesses
such knowledge and experience in financial and business matters that they are capable of evaluating the merits and risks of the
investment in the Purchaser Parent Shares.

 

 

 

    	 	11	 

     

    

 

		(iii)	The Vendors acknowledge that neither the US Securities and Exchange Commission, nor the securities
regulatory body of any US state or other nation has received, considered or passed upon the accuracy or adequacy of the information
and representations made in this Agreement.

 

		(iv)	The Vendors acknowledge that they have carefully reviewed such information as they deemed necessary
to evaluate an investment in the Purchaser Parent Shares. To their full satisfaction the Vendors have been furnished all materials
requested relating to Purchaser Parent and the issuance of the Purchaser Parent Shares hereunder, and the Vendors has been afforded
the opportunity to ask questions of Purchaser Parent’s representatives to obtain any information necessary to verify the
accuracy of any representations or information made or given to the Vendors. Notwithstanding the foregoing, nothing herein shall
derogate from or otherwise modify the representations and warranties of Purchaser Parent set forth in this Agreement, on which
the Vendors have relied in making an exchange of their Shares for the Purchaser Parent Shares; and

 

		(v)	The Vendors understand that the Purchaser Parent Shares may not be sold, transferred, or otherwise
disposed of without registration under the Act or an exemption therefrom, and that in the absence of an effective registration
statement covering the Purchaser Parent Shares or any available exemption from registration under the Act, the Purchaser Parent
Shares must be held indefinitely. Vendors further acknowledge that the Purchaser Parent Shares may not be sold pursuant to Regulation
S and/or Rule 144, each as promulgated under the Act unless all of the conditions of Regulation S and/or Rule 144 are satisfied,
or the Purchaser Parent Shares have been registered with the US Securities and Exchange Commission. In this regard, Vendors hereby
acknowledge that they have been advised that Purchaser Parent is currently classified as a “shell company”, as that
term is defined in Rule 12b-2 of the Securities Exchange Act of 1934, as amended. In this regard, Purchaser Parent has granted
the Vendors, but not the Principal Vendors, the right to include their Purchaser Parent Shares in shares to be registered with
the US Securities and Exchange Commission by Purchaser Parent pursuant to the Securities Act of 1933, as amended, if and when Purchaser
Parent elects to file such a registration statement.

 

The representations
and warranties of the Vendors in Section 3.1 shall survive Closing and not be merged in any conveyance of other documents provided
pursuant to this Agreement.

 

		3.2	Corporation and Principal Vendors’ Representations.

 

The Corporation and
each of the Principal Vendors jointly and severally represents and warrants to the Purchaser as follows with respect to the Corporation
and acknowledges that the Purchaser is relying upon such representations and warranties in entering into this Agreement and in
connection with the completion of the transactions contemplated herein:

 

		(a)	Incorporation and Status. The Corporation is a corporation incorporated and existing under
the Laws of the Province of Ontario and has the corporate power to own and operate its property, carry on its business and enter
into and perform its obligations under this Agreement and each of the Ancillary Agreements to which it is a party. The Corporation
is qualified, licensed or registered to carry on business in the Province of Ontario, being the only jurisdiction in which the
nature of the Assets or the Business makes such qualification necessary or where the Corporation owns or leases any material Assets
or conducts any material business.

 

		(b)	Required Authorizations. There is no requirement to make any filing with, give any notice
to, or obtain any authorization of, any Governmental Entity, including in connection with the Application, as a condition to the
lawful completion of the transactions contemplated by this Agreement, except for the filings, notifications and authorizations
described in Schedule 3.2(b).

 

		(c)	Corporate Authorization. The execution and delivery of and performance by the Corporation
of this Agreement each of the Ancillary Agreements to which it is a party and the consummation of the transactions contemplated
by them have been duly authorized by all necessary corporate action on the part of the Corporation.

 

 

 

    	 	12	 

     

    

 

		(d)	No Conflict. The execution and delivery of and performance by the Corporation of this Agreement
and each of the Ancillary Agreements to which it is a party:

 

		(i)	does not and will not (or would not with the giving of notice, the lapse of time or the happening
of any other event or condition) constitute or result in a violation or breach of, or conflict with, or allow any other Person
to exercise any rights under, any of the terms or provisions of its constating documents or by-laws;

 

		(ii)	does not and will not (or would not with the giving of notice, the lapse of time or the happening
or any other event or condition) constitute or result in a breach or violation of, or conflict with or allow any other Person to
exercise any rights under, any of the terms or provisions of any Contracts to which it is a party; and

 

		(iii)	does not and will not result in the violation of any Law.

 

		(e)	Enforceability. This Agreement has been, and each other document executed and delivered
by the Corporation pursuant hereto will on Closing be, duly executed and delivered by the Corporation, and this Agreement constitutes,
and each other document executed and delivered by the Corporation pursuant hereto on Closing will constitute, a valid and binding
obligation of the Corporation enforceable against the Corporation in accordance with its terms, subject, as to enforcement, to
applicable bankruptcy, reorganization, insolvency, moratorium or similar Laws affecting creditors’ rights generally and to
equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at Law).

 

		(f)	Required Consents. There is no requirement to obtain any consent, approval or waiver of
a party under any Contract to which the Corporation is a party to any of the transactions contemplated by this Agreement, except
for the Consents, approvals and waivers described in Schedule 3.2(f).

 

		(g)	Authorized and Issued Capital.

 

		(i)	The authorized and issued and outstanding capital of the Corporation consists of an unlimited number
of common shares, of which there are 10,000 common shares (which comprise all of the Purchased Shares) issued and outstanding as
fully paid and non-assessable, and Schedule A sets forth all of the shareholders of record of the Corporation.

 

		(ii)	No shares or other securities of the Corporation have been issued in violation of any Laws, the
articles of incorporation, by-laws or other constating documents of the Corporation or the terms of any shareholders’ agreement
or any agreement to which the Corporation is a party or by which it is bound.

 

		(iii)	There are no shareholders’ agreements, pooling agreements, escrow agreements, voting trusts
or other similar agreements with respect to the ownership or voting of any of the shares of the Corporation which are effective
as of the date hereof.

 

		(iv)	there are no outstanding options, warrants, rights, calls, commitments, conversion rights, rights
of exchange, plans or other agreements of any character providing for the purchase, issuance or sale of any shares in the capital
of the Corporation or any securities of the Corporation, or any right capable of becoming any of the foregoing.

 

		(h)	Subsidiaries and Investments. The Corporation (i) has no subsidiaries and does not own directly
or indirectly any shares in the capital of any corporations, (ii) has no interest in any general partnership, joint venture or
similar entity, (iii) is not a partner in any general partnership or limited partnership, and (iv) has no right to acquire any
securities in the capital of any other Person or any ownership interest in any Person or to acquire or lease any other business
operations.

 

 

 

    	 	13	 

     

    

 

		(i)	Financial Statements. The Financial Statements:

 

		(i)	were prepared in accordance with GAAP applied on a basis consistent with the preceding period except
as otherwise stated therein (with the exception of the Interim Financial Statements which do not provide for year-end adjustments);
and

 

		(ii)	are true, correct and complete and present fairly the financial condition of the Corporation including
the assets and liabilities of the Corporation as at the date thereof and the revenues, expenses and results of the operations of
the Corporation for the fiscal period ended on the date thereof.

 

		(j)	Material Adverse Changes. Since the Statement Date, there has not been any Material Adverse
Change in the affairs, prospects, operations or condition of the Corporation, any of the Assets or the Business and no event has
occurred or circumstance exists which may result in such a Material Adverse Change.

 

		(k)	Financial Records. All financial transactions of the Corporation have been recorded in the
Books and Records of the Corporation in accordance with good business practice, and the Books and Records:

 

		(i)	fully and accurately reflect in all material respects the basis for the financial condition and
the revenues, expenses and results of operations of the Corporation shown in the Financial Statements;

 

		(ii)	together with all disclosures made in this Agreement or in the Schedules hereto, present fairly
in all material respects the financial condition and the revenues, expenses and results of the operations of the Corporation as
of and to the date hereof; and

 

		(iii)	no information, records or systems pertaining to the operation or administration of the Business
are in the possession of, recorded, stored, maintained by or otherwise dependent upon any other person other than the Corporation’s
auditors.

 

		(l)	Liabilities of the Corporation. There are no liabilities (contingent or otherwise) of the
Corporation of any kind whatsoever, and to the knowledge of the Principal Vendors, there is no basis for assertion against the
Corporation of any liabilities of any kind, other than:

 

		(i)	liabilities and contractual obligations which were incurred in the Ordinary Course and which are
not inconsistent with past practice or which are not materially adverse to the Business; and

 

		(ii)	other liabilities disclosed in this Agreement or in the Schedules attached hereto.

 

		(m)	Indebtedness. Except as fully and accurately disclosed in the Financial Statements, this
Agreement or the Schedules attached hereto, the Corporation does not have any bonds, debentures, mortgages, promissory notes or
other indebtedness, and is not under any obligation to create or issue any bonds, debentures, mortgages, promissory notes or other
indebtedness.

 

		(n)	Business in the Ordinary Course. Except as disclosed in Schedule 3.2(n) and since the Statement
Date, the Corporation has conducted its affairs in the Ordinary Course and has not entered into any Contract, commitment or transaction
other than in the Ordinary Course and since that date and as at the Closing Time, except as disclosed in Schedule 3.2(n), there
has not been and shall not be any:

 

		(i)	Material Adverse Change in the financial condition, assets, liabilities, or Business other than
adverse changes in the Ordinary Course which individually and in the aggregate are not materially adverse; or condition, event
or circumstance relating to the Corporation that could reasonably be expected to give rise to an adverse change in the financial
condition, Assets, liabilities or Business other than adverse changes in the Ordinary Course which individually and in the aggregate
are not materially adverse;

 

 

 

    	 	14	 

     

    

 

		(ii)	non-arm’s length transaction or payments, including transactions with or payments to any
shareholder, director, officer, employee or relative of any of the foregoing, of the Corporation not dealing at arm’s length
with the Corporation;

 

		(iii)	except as expressly contemplated herein, declaration or payment of dividends or other distributions
or purchases or redemptions of any shares of the Corporation or payment of any management or other fee to any of the Vendors, or
Affiliate or Related Party to any Vendor, and since the Statement Date, no such dividend, distribution, purchase, redemption or
payment of any management or other fee has occurred, in each case, other than in respect of management or other fees paid prior
to the Statement Date;

 

		(iv)	payment or satisfaction of any obligation or liability (fixed or contingent), except:

 

		A.	current liabilities included in the Financial Statements;

 

		B.	current liabilities incurred since the Statement Date in the Ordinary Course; and

 

		C.	scheduled payments pursuant to obligations under loan agreements or other Contracts or commitments
described in this Agreement or in the Schedules hereto;

 

		(v)	creation of any Encumbrance upon any of the Assets of the Corporation;

 

		(vi)	sale, assignment, transfer, lease or other disposition of any of the Assets of the Corporation,
except in the Ordinary Course;

 

		(vii)	purchase, lease or other acquisition of assets, except in the Ordinary Course;

 

		(viii)	capital expenditure or commitments therefor made by the Corporation in excess of $5,000;

 

		(ix)	indebtedness for borrowed money incurred or any loan to any Person or any shares issued to any
Person;

 

		(x)	write-off as uncollectible of any notes or accounts receivable, except write-offs in the Ordinary
Course, none of which individually or in the aggregate is material to the Corporation;

 

		(xi)	discounts provided by the Corporation on pricing or accounts receivables other than in the Ordinary
Course;

 

		(xii)	acceleration by the Corporation of the collection of accounts receivables;

 

		(xiii)	settlement, cancellation or waiver of any claim or right of substantial value to the Corporation;

 

		(xiv)	change made in any method of accounting or auditing or actuarial or investment or underwriting
policies, practices or procedures of the Corporation;

 

		(xv)	change in the capital structure, constating documents or by-laws of the Corporation;

 

		(xvi)	cancellation or waiver of any material claims or rights of the Corporation;

 

		(xvii)	delay by the Corporation of the payment of accrued expenses, trade payables or other liabilities;

 

 

 

    	 	15	 

     

    

 

		(xviii)	change by the Corporation in any material respect of the practices of the Corporation in connection
with the marketing, performance or pricing of its products or services, the payment of payables and/or the collection of accounts
receivables;

 

		(xix)	any material change in the business or the condition of the Corporation or its relationships with
its customers, suppliers or employees;

 

		(xx)	extraordinary loss, whether or not covered by insurance;

 

		(xxi)	removal of any auditor, actuary or director or termination of employment of any officer or other
senior employee; or

 

		(xxii)	agreement, whether or not in writing, to do any of the foregoing.

 

		(o)	Commitments for Capital Expenditures. The Corporation is not committed to make any capital
expenditures and no capital expenditures have been authorized by the Corporation since the Statement Date, except for capital expenditures
made in the Ordinary Course which in the aggregate do not exceed $5,000.

 

		(p)	Corporate Records. The corporate records and minute books of the Corporation provided to
the Purchaser for review contain complete and accurate minutes of all meetings of directors and shareholders of the Corporation,
held since the date of incorporation of the Corporation and executed copies of all resolutions and by-laws duly passed or confirmed
by the directors or shareholders of the Corporation, and all such meetings were duly called and held and the share certificate
books, register of shareholders, register of transfers and register of directors of the Corporation are complete and accurate.

 

		(q)	Title to Properties and Assets. Except for Permitted Encumbrances, the Corporation, owns,
possesses and has good and marketable title, free and clear of all Encumbrances of any nature or kind whatsoever, to all its properties
and assets reflected on the Financial Statements and all other assets acquired by the Corporation since the Statement Date (other
than property and assets disposed of in the Ordinary Course since the Statement Date). The Assets include all properties and assets
necessary to conduct the Business after Closing substantially in the same manner as it was conducted prior to Closing. Part I of
Schedule 3.2(q) sets out a list of all material personal property, fixed assets and other items owned by the Corporation.

 

		(r)	Assets in Good Condition. The structures, buildings, plants, vehicles, equipment, technology
and other tangible personal property owned by, licensed to or used by the Corporation (including the Buildings and Fixtures to
their current state of construction) are structurally sound, in good operating condition and repair having regard to their use
and age and are adequate and suitable for the uses to which they are being put. None of such buildings, plants, structures, vehicles,
equipment or other property are in need of maintenance or repairs except for routine maintenance and repairs in the Ordinary Course.

 

		(s)	Restrictions on Business. The Corporation is not a party to any agreement, lease, mortgage,
security document, obligation or instrument, or subject to any restriction in its by-laws or directors’ or shareholders’
resolutions or subject to any restriction imposed by any Governmental Entity or subject to any Law, which could restrict or interfere
in any material respect with the conduct of the Business or use of its assets, or otherwise materially and adversely affect the
aggregate value of the Purchased Shares or Shareholder Loans, its assets or its financial condition, other than Laws of general
application to Persons carrying on similar businesses.

 

		(t)	Leased Property. The Corporation is not the owner or lessee of, or subject to any agreement
or option to own or lease, any real property or any interest in any real property.

 

 

 

    	 	16	 

     

    

 

		(u)	Real Property.

 

		(i)	The Real Property is the only real property owned by the Corporation or in which it has an interest.
The Corporation is the legal and beneficial owner of the Real Property in fee simple, with good and marketable title thereto, free
and clear of all Encumbrances other than those permitted encumbrances set forth in Schedule 3.2(u).

 

		(ii)	Except as disclosed in Schedule 3.2(u), there are no Contracts which affect or relate to the title
to, or ownership, construction, operation or management of, the Real Property and the Buildings and Fixtures thereon.

 

		(iii)	True and complete copies of: (A) deeds, title insurance policies, certificates of title, title
opinions, summaries or memoranda relating to title to the Real Property, (B) appraisals, valuations or other information evidencing
the cost, assessed value and/or market value of the Real Property, (C) any surveys, real property reports, reference plans, aerial
photographs, site plans, (D) any reports or findings relating to building inspections, roof conditions, structural elements, services
or other physical conditions of the improvements and Real Property, (E) reports or summaries relating to capital expenditure budgets
or programs, (F) materials evidencing encumbrances, and (G) materials relating to work orders, notices or violation or deficiency
notices affecting the Real Property or the construction thereof, in each case within the possession or control of the Principal
Vendors or the Corporation, have been delivered to the Purchaser.

 

		(iv)	The Buildings and Fixtures as at their current state of construction are in good condition, repair
and proper working order.

 

		(v)	The Real Property has direct legal access to a municipal right-of-way and the Corporation otherwise
has such rights of entry and exit to and from the Real Property as are reasonably necessary to carry on its business upon the Real
Property.

 

		(vi)	No Person has any right to purchase, option to purchase, right of first refusal or other rights
with respect to any of the Real Property other than the Purchaser pursuant to this Agreement, and no Person other than the Corporation
is using or has any right to use, or is in possession or occupancy of, any part of such Real Property.

 

		(vii)	Except as disclosed in Schedule 3.2(u), the Corporation has not entered into any agreement to sell,
transfer, encumber, or otherwise dispose of or impair the right, title and interest of the Corporation in and to the Real Property
or the air, density and easement rights relating to the Real Property.

 

		(viii)	The Corporation has not received any notification of and the Principal Vendors have no knowledge
of, any outstanding or incomplete work orders, deficiency notices or other current non-compliance with Laws relating to any of
the Real Property or the construction of the Buildings and Fixtures thereon.

 

		(ix)	The current uses of the Real Property are permitted under current zoning and land use regulations
and Laws. The Corporation has not made application for any minor variance or amendments to zoning by-laws or official plans in
respect of the Real Property and the Principal Vendors have no knowledge of any proposed or pending changes to any zoning regulation
or official plan affecting the Real Property.

 

		(x)	To the Principal Vendors’ knowledge, no part of the Real Property is subject to any building
or use restriction that restricts or would restrict or prevent the use and operation of the Real Property and the Buildings and
Fixtures thereon as a cannabis production facility under the ACMPR or is located in a flood plain or is subject to flooding.

 

		(xi)	To the Principal Vendors’ knowledge and to the extent applicable and as at their current
state of construction, the Real Property and the Buildings and Fixtures comply with the requirements of the ACMPR, including the
installment and proper functioning of all surveillance, restricted access, monitoring and air filtration systems required thereunder.

 

 

 

    	 	17	 

     

    

 

		(xii)	To the Principal Vendors’ knowledge, no improvements encroach on real property not forming
part of the Real Property and no buildings, structures or other improvements on adjoining lands encroach upon the Real Property.

 

		(xiii)	The Principal Vendors have no knowledge of any expropriation or condemnation or similar proceeding
pending or threatened against the Real Property or any part of the Real Property.

 

		(xiv)	All accounts for work and services performed or materials placed or furnished upon or in respect
of the construction of the Buildings and Fixtures to date have been fully paid and no one is entitled to claim a lien under the
Construction Lien Act (Ontario) or other similar legislation for such work performed by or on behalf of the Corporation.

 

		(xv)	The Real Property is fully serviced (including water, storm and sanitary sewer and electrical service)
to a level sufficient to permit the operation of the Business of the Corporation to be carried on after the Closing Time. All municipal
levies, local improvements, imposts and permit fees due and payable prior to the Closing Date have been or shall be paid by the
Corporation as at the Closing Date.

 

		(xvi)	There are no outstanding material defaults (or events which would constitute a material default
with the passage of time or giving of notice or both) under the permitted encumbrances set forth in Schedule 3.2(u) on the part
of the Corporation or, to the knowledge of the Principal Vendors, on the part of any other party to such permitted encumbrances.

 

		(xvii)	There are no matters affecting the right, title and interest of the Corporation in and to the Real
Property which, in the aggregate, would materially and adversely affect the ability of the Corporation after the Closing Date to
carry on the Business upon the Real Property.

 

		(v)	Litigation. Other than the Ataraxia Litigation, there are not currently nor have there been
since incorporation of the Corporation any pending or threatened:

 

		(i)	actions, suits or proceedings, at law or in equity, by any Person (including the Corporation);

 

		(ii)	grievances, arbitrations or alternative dispute resolution processes; or

 

		(iii)	administrative or other proceedings by or before (or to the knowledge of the Principal Vendors
any investigation by) any Governmental Entity,

 

against or affecting the Corporation,
the Business or any of the Assets, and, to the knowledge of the Principal Vendors, there is no valid basis for any such action,
complaint, grievance, suit, proceeding, arbitration or investigation by or against the Corporation. The Corporation is not subject,
and has not been subject since its date of incorporation, to any judgment, order or decree entered in any lawsuit or proceeding
nor has the Corporation settled any claim prior to being prosecuted in respect of it. The Corporation is not the plaintiff or complainant
in any action, suit or proceeding, grievance, arbitration or alternative dispute resolution process.

 

		(w)	Taxes. Except as disclosed in Schedule 3.2(w):

 

		(i)	The Corporation has filed or caused to be filed with the appropriate Governmental Entity, within
the times and in the manner prescribed by applicable Law, all federal, provincial, local and foreign Tax Returns which are required
to be filed by or with respect to it. The information contained in such Tax Returns is correct and complete and such Tax Returns
reflect accurately all liability for Taxes of the Corporation for the periods covered thereby.

 

 

 

    	 	18	 

     

    

 

		(ii)	The Corporation has paid all Taxes which are due and payable within the time required by applicable
Law, and has paid all assessments and reassessments it has received in respect of Taxes. The Corporation has made full and adequate
provision in the Books and Records for all Taxes which are not yet due and payable but which relate to periods ending on or before
the Closing Date. The Corporation has not received any refund of Taxes to which it is not entitled.

 

		(iii)	There are no outstanding agreements, arrangements, waivers or objections extending the statutory
period or providing for an extension of time with respect to the assessment or reassessment of Taxes or the filing of any Tax Return
by, or any payment of Taxes by, the Corporation. The Corporation has not received a ruling from any Governmental Entity in respect
of Taxes or signed an agreement in respect of Taxes with any Governmental Entity and, without limiting the generality of the foregoing,
the Corporation is not a party to or bound by any obligation under any Tax sharing or allocation agreement or similar contract
or arrangement (whether or not written) nor does the Corporation owe any amount under any such agreement.

 

		(iv)	There are no claims, actions, suits, audits, proceedings, investigations or other action pending
or threatened against the Corporation in respect of Taxes and, to the knowledge of the Principal Vendors, there is no reason to
expect that any such claim, action, suit, audit, proceeding, investigation or other action may be asserted against the Corporation
by a Governmental Entity at any time in the future. The Corporation is not negotiating any final or draft assessment or reassessment
in respect of Taxes with any Governmental Entity and the Corporation has not received any indication from any Governmental Entity
that an assessment or reassessment is proposed or may be proposed in respect of any Taxes for any period ending on or prior to
the Closing Date. There are no facts of which the Corporation or a Principal Vendor is aware which would constitute grounds for
the assessment or reassessment of Taxes payable by the Corporation for any period ending on or prior to the Closing Date, except
in respect of Taxes that are provided for in the Books and Records and the Financial Statements. The Principal Vendors have no
knowledge of any contingent liabilities of the Corporation for Taxes or any grounds for an assessment or reassessment of Taxes
including, without limitation, the treatment of income, expenses, credits or other claims for deduction under any Tax Return.

 

		(v)	The Corporation has withheld and collected all Taxes that are required by applicable Law to be
withheld or collected on or before the Closing Date and has timely paid or remitted, and will continue until the Closing Date to
pay and remit, on a timely basis, the full amount of any Taxes that have been or will be withheld or collected, to the applicable
Governmental Entity. The Corporation has obtained, reviewed and properly retained any material documentation required in order
to justify a reduction in or exemption from withholding tax.

 

		(vi)	All Tax records of the Corporation are in the possession of the Corporation including for greater
certainty Tax Returns, assessments, reassessments and material documentation related to such Tax Returns filed with respect to
period ending at Closing.

 

		(vii)	The Corporation has duly accounted for all amounts on account of any sales or transfer taxes (including
goods and services tax, retail sales tax, value-added tax and harmonized sales tax) required by Law to be collected by it and has
duly accounted for and remitted all such amounts within the time required by Law.

 

		(viii)	There are no circumstances existing which could result in the application to the Corporation of
sections 78, 80, 80.01, 80.02, 80.03, 80.04 of the Tax Act or any analogous provision of any comparable Law of any province or
territory of Canada.

 

		(x)	Non-arm’s Length Transactions. Except as disclosed in Schedule 3.2(x), there are no
outstanding amounts owing by the Corporation to any Person or to the Corporation by any Person, with whom the Corporation was not
dealing at arm’s length at the time of the transaction as determined under the Tax Act at the time such amounts became owing.

 

 

 

    	 	19	 

     

    

 

		(y)	Leased Assets. Schedule 3.2(y) sets out a list of all material personal property, fixed
assets and all other items leased by the Corporation.

 

		(z)	Compliance with Applicable Laws; Licenses. The Corporation owns, holds, possesses or lawfully
uses in the operation of the Business, all Licenses, if any, which are necessary for it to conduct the Business as presently or
previously conducted or for the ownership and use of the Assets in material compliance with all Laws. All Licenses material to
the Corporation or the Business are listed in Schedule 3.2(z). Each License is valid, subsisting and in good standing, the Corporation
is not in default or breach of any License, except where such default or breach would not have a material adverse effect. The Corporation
has not received notice of any violation of any License and, to the knowledge of the Principal Vendors, no proceeding is pending
or threatened to revoke or limit any License. Except as disclosed in Schedule 3.2(z):

 

		(i)	the Corporation has conducted and is conducting the Business in compliance with all applicable
Laws of each jurisdiction in which the Business is carried on, and is not in breach of any such Laws, except for acts of non-compliance
and breaches which in the aggregate are not material; and

 

		(ii)	the Corporation is duly licensed, registered or qualified, where required, in order to carry on
the Business.

 

The Corporation
has not received any communication from Health Canada in respect of any deficiency in the Application that has not been cured or
any communication in respect of the delay or cancellation, or threatened delay or cancellation, of the Application and to the knowledge
of the Corporation and the Principal Vendors, the Application is in good standing.

 

		(aa)	No Loans to Directors. Etc. Except as set out in Schedule 3.2(aa), the Corporation has no
outstanding loans or indebtedness (other than the normal salaries, bonuses, fringe benefits and obligations to reimburse for expenses
incurred on behalf of the Corporation in the normal course of employment) which has been made or incurred to any director, officer,
shareholder, employee or relative of any of the foregoing, or to any former director, officer, shareholder, employee or relative
of any of the foregoing, of the Corporation, or to any Person not dealing at arm’s length with the Corporation.

 

		(bb)	Material Contracts. Except as disclosed in Schedule 3.2(bb), the Corporation is not a party
to any:

 

		(i)	material written Contract or commitment for the employment of any director, officer, employee,
broker or agent;

 

		(ii)	Contracts with or commitments to any labour union or employee association, and none of the Vendors
or the Corporation has conducted negotiations with respect to any such future Contracts or commitments and there are no attempts
to organize or establish any labour union or employee association with respect to the Corporation;

 

		(iii)	Material Contract or a Contract in the Ordinary Course that cannot be terminated on 30 days’
notice or less;

 

		(iv)	continuing Contract or commitment for the purchase of materials, supplies, equipment or services,
except in the Ordinary Course;

 

		(v)	Employee Plans;

 

		(vi)	Material Contract or commitment not completed on or before twelve (12) months from the Closing
Date for the purchase or sale of any fixed or capital assets;

 

		(vii)	Contract or commitment to make any gift of any of its property;

 

 

 

    	 	20	 

     

    

 

		(viii)	trust indenture, mortgage, promissory note, loan agreement or other Contract or agreement for the
borrowing of money, any currency exchange, commodities or other hedging arrangement or any leasing transaction of the type required
to be capitalized in accordance with GAAP;

 

		(ix)	non-competition, confidentiality, secrecy, restricted use or non-disclosure Contract or agreement
or any Contract or agreement limiting the ability of the Corporation to carry on the Business;

 

		(x)	undertaking given to any Governmental Entity;

 

		(xi)	agreement with any Person with whom the Corporation was not dealing at arm’s length at the
time of the entering into of such agreement as determined under the Tax Act;

 

		(xii)	software licence agreements in respect of any software used in the Business and intellectual property
license agreements in respect of Intellectual Property; or

 

		(xiii)	Contract, agreement or other instrument which materially adversely affects the Business or the
condition of any of its material assets or properties; and

 

true and complete copies of all
of the Contracts and commitments disclosed in Schedule 3.2(bb) have been made available to the Purchaser.

 

		(cc)	No Default. The Corporation is not in default or breach of any of its obligations under
any one or more Material Contract to which it is a party or by which it may be bound. There exists no state of facts which, after
notice or lapse of time or both, would constitute such a default or breach under such Material Contract. All such Material Contracts
are in good standing, have been complied with in all material respects and the Corporation, is, and will continue to be, entitled
to all material benefits thereunder.

 

		(dd)	Guarantees. The Corporation is not a party to or bound by any agreement of guarantee, indemnification
or any other like commitment of, or in respect of, the obligations, liabilities (contingent or otherwise) or indebtedness of any
Person.

 

		(ee)	Intellectual Property/Software.

 

		(i)	The Intellectual Property disclosed in Schedule 3.2(ee) represents all of the Intellectual Property
owned or licensed by the Corporation. The Corporation has the sole and exclusive right to use such Intellectual Property, and has
the right to use the Intellectual Property licensed by it in the manner now being used in the Business. The Corporation owns all
rights in software comprising the Intellectual Property owned or licensed by the Corporation free from any Claim of employees or
individual contractors who authored such software. Copies of all registrations made by the Corporation with respect to Intellectual
Property owned by the Corporation are listed in Schedule 3.2(ee). The Intellectual Property owned by the Corporation does not infringe
upon the Intellectual Property of any other Person, and, as of the date of this Agreement, to the knowledge of the Principal Vendors,
no Person is infringing the Intellectual Property owned or licensed by the Corporation.

 

		(ii)	No Person has challenged or objected to the exclusive right of the Corporation to use the Intellectual
Property or software owned by the Corporation.

 

		(iii)	The Intellectual Property used in the Business constitutes all Intellectual Property necessary
and material to the operation of the Business. Such Intellectual Property is operational in all material respects for its intended
purposes and is sufficient to conduct the Business as it is now conducted.

 

 

 

 

    	 	21	 

     

    

 

		(iv)	Schedule 3.2(ee) lists all of the agreements, commitments and Contracts in respect of the software,
information technology, information-technology related outsourcing, networking, communications and technology services licensed
to or made available to, or otherwise used in the Business. The software licensed by the Corporation is validly licensed to the
Corporation pursuant to a Contract or a licence agreement specifically identified in Schedule 3.2(ee).

 

		(v)	The Corporation is not a party to any Contract or commitment to pay any royalty, licence or other
fee with respect to the use of the Intellectual Property used in the Business. The Corporation has obtained a sufficient number
of copies of any software to comply with the terms of its associated licences, given the number of users thereof.

 

		(ff)	Employment Matters.

 

		(i)	Schedule 3.2(ff) discloses, as of the date of this Agreement:

 

		A.	the names of all employees of the Corporation;

 

		B.	their position/title;

 

		C.	their status (i.e. full time, part time, temporary, casual, seasonal, co-op student);

 

		D.	their total annual remuneration, including a breakdown of (1) base salary, (2) bonus or other incentive
compensation, if any; and (3) severance or change of control payments;

 

		E.	their hire date; and

 

		F.	whether any employees are on any approved or statutory leave of absence, and if so, the reason
for such absence and the expected date of return.

 

		(ii)	The Corporation is in compliance with all Laws respecting employment and employment practices,
terms and conditions of employment and wages and hours, and to the knowledge of the Principal Vendors, has not and is not engaged
in any unfair labour practice. As of the date of this Agreement, no written notice has been received by the Corporation or the
Vendors notifying the Corporation that the Corporation has engaged in, or is engaging in, any unfair labour practice.

 

		(iii)	As of the date of this Agreement, no unfair labour practice complaint against the Corporation is
pending before any labour relations board or similar Governmental Entity.

 

		(iv)	Except as disclosed in Schedule 3.2(ff), there are no written employment Contracts with any directors,
officers or employees of the Corporation.

 

		(v)	Except as disclosed in Schedule 3.2(ff), no employee, officer, director, agent, consultant or advisor
of the Corporation has any agreement binding upon the Corporation to the effect that the length of notice of termination or severance
or termination payment required to terminate his or her employment or retainer or any combination thereof or any entitlement upon
the completion of the transactions contemplated by this Agreement or as a result of any other change of control of the Corporation,
is other than such as results under applicable Law. All of the employees of the Corporation can be terminated on adequate notice
at common law.

 

		(vi)	No officer or Key Employee, or any group of Key Employees, has given notice, oral or written, of
an intention to cease being employed with the Corporation, and the Corporation does not intend to terminate the employment of any
officer, Key Employee or group of Key Employees.

 

 

 

 

    	 	22	 

     

    

 

		(vii)	The Corporation has paid in full all amounts owing to employees under the Employment Standards
Act (Ontario), and there are no claims or, to the knowledge of the Principal Vendors, potential claims against the Corporation
by former employees for wrongful dismissal.

 

		(viii)	All vacation pay for employees of the Corporation is properly reflected and accrued in the books
and accounts of the Corporation.

 

		(ix)	The Corporation is in compliance with applicable workers’ compensation Laws made pursuant
thereto and there are no outstanding assessments, levies or penalties thereunder.

 

		(gg)	Employee Plans.

 

		(i)	All Employee Plans are listed in Schedule 3.2(gg) and the Corporation has made available to the
Purchaser true, complete and up-to-date copies of all current plan documents and all amendments thereto together with, as applicable,
all current funding agreements, the most current summary descriptions of the Employee Plans provided to past or present participants
therein, the financial statements, if any, and all Material Contracts relating to Employee Plans with respect to which the Corporation
may have any liability, including insurance Contracts, investment management Contracts, subscription and participation agreements,
record keeping agreements and other services agreements.

 

		(ii)	The Corporation has not ever sponsored or participated in any pension plan, including any defined
benefit pension plan.

 

		(iii)	All of the Employee Plans are, and have been since their establishment, duly registered where required
by applicable Laws and are in good standing thereunder (including registration with the relevant Tax authorities where such registration
is required to qualify for Tax exemption or other beneficial Tax status), and all employer obligations in respect of the Employee
Plans (including the administration thereof), required under applicable Laws and their terms have been satisfied and there are
no outstanding defaults or violations in respect thereof.

 

		(iv)	Other than routine claims for benefits, no Employee Plan is subject to any pending action, investigation,
examination, claim (including claims for Taxes) or any other proceeding initiated by any Person, and there exists no state of facts
which could reasonably be expected to give rise to any such action, investigation, examination, claim or other proceeding.

 

		(v)	No insurance policy or any other agreement affecting any Employee Plan requires or permits a retroactive
increase in contributions, premiums or other payments due under such insurance policy or agreement. The level of insurance reserves
under each insured Employee Plan is reasonable and sufficient to provide for all incurred but unreported claims.

 

		(hh)	Commissions etc. Pursuant to this Transaction. The Corporation does not have any obligation
to pay, and has not paid, any commission or fee in respect of the transaction contemplated by this Agreement.

 

		(ii)	Insurance. Schedule 3.2(ii) lists all insurance policies maintained by the Corporation or
under which the Corporation is covered in respect of its properties, assets, business or personnel as of the date hereof. Such
insurance policies are in full force and effect and the Corporation is not in default with respect to the payment of any premium
or compliance with any of the provisions contained in any such insurance policies. There has not been any Material Adverse Change
in the relationship of the Corporation with its insurers, the availability of coverage, or in the premiums payable pursuant to
the policies. Schedule 3.2(ii) includes a list setting forth any and all claims, with reasonable particulars, made under any policies
of insurance maintained by or for the benefit of the Corporation since incorporation. Copies of all insurance policies of the Corporation
and the most recent inspection reports received from insurance underwriters have been delivered to the Purchaser.

 

 

 

 

    	 	23	 

     

    

 

		(jj)	Environmental Matters.

 

		(i)	To the knowledge of the Principal Vendors, the Real Property has never been used for the disposal
of waste.

 

		(ii)	To the knowledge of the Principal Vendors, there are no underground storage tanks on the Real Property.

 

		(iii)	To the knowledge of the Principal Vendors, no Hazardous Substances have been Released, disposed
of, or are otherwise present, in soil or groundwater at the Real Property at concentrations that (A) do not comply with any applicable
Environmental Law; (B) give rise to liability under any applicable Environmental Law; or (C) interfere with the continued operation
of the Business.

 

		(iv)	To the knowledge of the Principal Vendors, no properties adjacent to the Real Property are contaminated
where such contamination could, if it migrated to a Real Property have a material adverse effect on such property.

 

		(v)	The Corporation is not currently subject to any order issued by a Governmental Entity and has not
been required by any Governmental Entity to (A) alter the Real Property in a material way in order to be in compliance with Environmental
Laws, or (B) perform any environmental closure, decommissioning, rehabilitation, restoration or post-remedial investigations, on,
about, or in connection with any real property.

 

		(vi)	Schedule 3.2(jj) lists all reports and documents relating to the environmental matters affecting
the Corporation or the Real Property which are in the possession or under the control of the Corporation. Copies of all such reports
and documents have been provided to the Purchaser. To the knowledge of the Principal Vendors, there are no other reports or documents
relating to environmental matters affecting the Corporation or the Real Property which have not been made available to the Purchaser
whether by reason of confidentiality restrictions or otherwise.

 

		(kk)	Absence of Certain Business Practices. None of the Vendors, the Corporation, nor any other
Affiliate or agent thereof, nor any other Person acting on behalf of or associated therewith, acting alone or together, have: (i)
received, directly or indirectly, any rebates, payments, commissions, promotional allowances or any other economic benefits, regardless
of their nature or type, from any customer, supplier, employee or agent of any customer or supplier; or (ii) directly or indirectly
given or agreed to give any money, gift or similar benefit to any customer, supplier, employee or agent of any customer or supplier,
any official or employee of any government (domestic or foreign), or any political party or candidate for office (domestic or foreign),
or other Person who was, is or may be in a position to help or hinder the Business (or assist the Corporation in connection with
any actual or proposed transaction), in each case which (A) may subject the Vendors or the Corporation to any damage or penalty
in any civil, criminal or governmental litigation or proceeding, (B) if not given in the past, may have had an adverse effect on
the Assets, business, operations or prospects of the Corporation, or (C) if not continued in the future, may have a Material Adverse
Change.

 

		(ll)	Bank Accounts. Schedule 3.2(ll) sets forth (i) the name of each bank, trust company or other
financial institution and stock or other broker with which the Corporation has an account, credit line or safe deposit box or vault,
(ii) the names of all Persons authorized to draw thereon or to have access to any safe deposit box or vault, (iii) the purpose
of each such account, safe deposit box or vault, and (iv) the names of all Persons authorized by proxies, powers of attorney or
other like instrument to act on behalf of the Corporation in matters concerning any of its business or affairs. Except as otherwise
set forth in Schedule 3.2(ll), no such proxies, powers of attorney or other like instruments are irrevocable. No Vendor has any
account, safety deposit box or vault which is or has in the past been used in connection with any activity related directly or
indirectly, to the Business.

 

		(mm)	No Bankruptcy or Insolvency. The Corporation is not insolvent under any applicable laws
and there is no bankruptcy, liquidation, dissolution, winding-up or other similar proposal or proceeding or other legal proceeding
in progress, pending, contingent or, to the knowledge of the Principal Vendors, threatened by or against the Corporation, before
any judicial, governmental or administrative body or authority in respect of the foregoing, or in respect of any general assignment,
arrangement or compromise with creditors or appointment of a receiver or manager with respect to any of its assets or execution
or distress levied upon any of its assets;

 

 

 

 

    	 	24	 

     

    

 

		(nn)	Disclosure. No representation or warranty contained in Section 3.2 of this Agreement, and
no statement contained in any Schedule hereto or in Ancillary Agreement, contains or will contain any untrue statement of a material
fact, or omits or will omit to state any material fact which is necessary in order to make the statements contained therein not
misleading.

 

The representations
and warranties of the Principal Vendors in Section 3.2 shall survive Closing for the applicable time set forth in Sections 6.4(c)
and (d) and not be merged in any conveyance of other documents provided pursuant to this Agreement.

 

		3.3	By the Purchaser and Purchaser Parent.

 

The Purchaser and the
Purchaser Parent represent and warrant to the Corporation and the Vendors as follows and acknowledge that the Corporation and the
Vendors are relying upon such representations and warranties in entering into this Agreement and in connection with the completion
of the transactions contemplated herein:

 

		(a)	Incorporation and Power. The Purchaser and the Purchaser parent are duly incorporated and
organized under the Laws of their jurisdiction of incorporation and have all necessary corporate power and authority to execute
and deliver, and to observe and perform, their covenants and obligations under this Agreement and each of the Ancillary Agreements
to which they may be a party.

 

		(b)	Required Authorizations. There is no requirement to make any filing with, give any notice
to, or obtain any authorization of, any Governmental Entity as a condition to the lawful completion of the transactions contemplated
by this Agreement.

 

		(c)	Corporate Authorization. The execution and delivery of and performance by the Purchaser
and the Purchaser Parent of each of the Ancillary Agreements to which it may be a party and the consummation of the transactions
contemplated by them have been duly authorized by all necessary corporate action on the part of the Purchaser and the Purchaser
Parent.

 

		(d)	No Conflict. The execution and delivery of and performance by the Purchaser and the Purchaser
Parent of this Agreement and each of the Ancillary Agreements to which it is a party:

 

		(i)	does not and will not (or would not with the giving of notice, the lapse of time or the happening
of any other event or condition) constitute or result in a violation or breach of, or conflict with, or allow any other Person
to exercise any rights under, any of the terms or provisions of its constating documents or by-laws;

 

		(ii)	does not and will not (or would not with the giving of notice, the lapse of time or the happening
or any other event or condition) constitute or result in a breach or violation of, or conflict with or allow any other Person to
exercise any rights under, any of the terms or provisions of any Contracts to which it is a party; and

 

		(iii)	does not and will not result in the violation of any Law.

 

		(e)	Enforceability. This Agreement has been, and each other document executed and delivered
by the Purchaser and the Purchaser Parent pursuant hereto will on Closing be, duly executed and delivered by the Purchaser and
the Purchaser Parent, and this Agreement constitutes, and each other document executed and delivered by the Purchaser and the Purchaser
Parent pursuant hereto on Closing will constitute, a valid and binding obligation of the Purchaser and the Purchaser Parent enforceable
against the Purchaser and the Purchaser Parent in accordance with its terms, subject, as to enforcement, to applicable bankruptcy,
reorganization, insolvency, moratorium or similar Laws affecting creditors’ rights generally and to equitable principles
of general application (regardless of whether enforcement is sought in a proceeding in equity or at Law).

 

 

 

    	 	25	 

     

    

 

		(f)	Required Consents. There is no requirement to obtain any consent, approval or waiver of
a party under any Contract to which the Purchaser is a party to any of the transactions contemplated by this Agreement.

 

		(g)	Authorized and Issued Capital of Purchaser Parent.

 

		(i)	The authorized capital of the Purchaser Parent consists of 100,000,000 shares of Common Stock,
par value $0.001 per share, of which 17,960,741 shares are issued and outstanding and 10,000,000 shares of Preferred Shares, of
which 60,000 Class “A Convertible Preferred Shares are issued and outstanding All issued and outstanding shares have been
fully paid and are non-assessable. Each share of Series A Convertible Preferred Stock is convertible into 1,250 shares of common
stock and vote on an as converted basis. The rights and designations of these Preferred Shares include the following:

 

		A.	entitles the holder thereof to 1,250 votes on all matters submitted to a vote of the shareholders;

 

		B.	the holders of outstanding Series A Convertible Preferred Stock shall only be entitled to receive
dividends upon declaration by the Board of Directors of a dividend payable on our Common Stock whereupon the holders of the Series
A Convertible Preferred Stock shall receive a dividend on the number of shares of Common Stock in to which each share of Series
A Convertible Preferred Stock is convertible;

 

		C.	each Series A Preferred Share is convertible into 1,250 shares of Common Stock; and

 

		D.	not redeemable.

 

		(ii)	No shares or other securities of the Purchaser Parent have been issued in violation of any Laws,
the articles of incorporation, by-laws or other constating documents of the Purchaser Parent or the terms of any shareholders’
agreement or any agreement to which the Purchaser Parent is a party or by which it is bound.

 

		(iii)	There are no shareholders’ agreements, pooling agreements, escrow agreements, voting trusts
or other similar agreements with respect to the ownership or voting of any of the shares of the Purchaser Parent which are effective
as of the date hereof.

 

		(h)	Disclosure. No representation or warranty contained in Section 3.3 of this Agreement, and
no statement contained in any Schedule hereto or in Ancillary Agreement, contains or will contain any untrue statement of a material
fact, or omits or will omit to state any material fact which is necessary in order to make the statements contained therein not
misleading.

 

		(i)	Shell Company. Purchaser Parent is currently classified as a “shell company”
under applicable US securities laws.

 

The representations
and warranties of the Purchaser in Section 3.3 shall survive Closing for the applicable time set forth in Section 6.4(e) and not
be merged in any conveyance of other documents provided pursuant to this Agreement.

 

Article
4

COVENANTS OF THE PARTIES

 

		4.1	Conduct of Business of the Corporation.

 

		(1)	During the Interim Period, the Corporation shall, and the Vendors shall cause the Corporation to,
conduct its operations in the ordinary and usual course of business.

 

 

 

    	 	26	 

     

    

 

		(2)	Without limiting the generality of Section 4.1(1), the Corporation shall, and the Vendors will
cause the Corporation to:

 

		(a)	use commercially reasonable efforts to preserve intact the current business organization of the
Corporation, keep available the services of the present employees and agents of the Corporation and maintain good relations with,
and the goodwill of, suppliers, customers, landlords, creditors, distributors and all other Persons having business relationships
with the Corporation;

 

		(b)	pay and discharge the liabilities of the Corporation in the Ordinary Course, except those being
contested in good faith;

 

		(c)	use commercially reasonable efforts to retain possession and control of the Assets and preserve
the confidentiality of any confidential or proprietary information of the Business or the Corporation;

 

		(d)	use commercially reasonable efforts to not cause or permit to exist a breach of any representations
and warranties of the Vendors contained in this Agreement and to conduct the Business in such a manner that on the Closing Date
such representations and warranties shall be true, correct and complete as if they were made on and as of such date; and

 

		(e)	if requested by the Purchaser, report to the Purchaser regarding the status of the Ataraxia Litigation.

 

		(3)	At least three (3) days prior to the Closing Date, the Corporation shall permit the Purchaser or
its representatives to have access to the Books and Records of the Corporation to verify: (a) cash on hand; (b) payables; and (c)
the indebtedness of the Corporation.

 

		4.2	Actions to Satisfy Closing Conditions.

 

		(1)	The Corporation and each of the Vendors shall take and cause the Corporation to take all such actions
as are within their power to control and to use commercially reasonable efforts to cause other actions to be taken which are not
within its power to control, so as to ensure compliance with all of the conditions set forth in Section 5.1, including ensuring
that during the Interim Period and at Closing, there is no breach of any of their representations and warranties.

 

		(2)	The Purchaser shall take all such actions as are within its power to control and to use commercially
reasonable efforts to cause other actions to be taken which are not within its power to control, so as to ensure compliance with
all of the conditions set forth in Section 5.2, including ensuring that during the Interim Period and at Closing, there is no breach
of any of its representations and warranties.

 

		4.3	Transfer of the Purchased Securities

 

		(1)	The Vendors shall take all necessary steps and corporate proceedings to permit good title to the
Purchased Shares to be duly and validly transferred and assigned to the Purchaser at the Closing Time, free of all Encumbrances
other than the restrictions on transfer, if any, contained in the articles of the Corporation, subject to the Share Pledge Agreements
and the satisfaction of the Purchaser Notes.

 

		(2)	The Principal Vendors shall take all necessary steps and proceedings to permit good title to the
Shareholder Loans to be duly and validly transferred and assigned to the Purchaser at the Closing Time, free of all Encumbrances.

 

		4.4	Request for Consents

 

The Corporation will
use commercially reasonable efforts to obtain or cause to be obtained, prior to the Closing Time, all Consents, approvals and waivers
that are required by the terms of the Contracts to which the Corporation is a party in order to complete the transactions contemplated
by this Agreement, including the Consents, approvals and waivers described in Schedule 3.2(f). Such Consents, approvals and waivers
will be upon such terms as are acceptable to the Purchaser, acting reasonably. The Purchaser will co-operate in obtaining such
Consents, approvals and waivers.

 

 

 

    	 	27	 

     

    

 

		4.5	Filings and Authorizations

 

Each of the Vendors
and the Purchaser, as promptly as practicable after the execution of this Agreement, will (a) make, or cause to be made, all filings
and submissions under all Laws applicable to it, that are required for it to consummate the purchase and sale of the Purchased
Shares and Shareholder Loans in accordance with the terms of this Agreement, (b) use commercially reasonable efforts to obtain,
or cause to be obtained any consent, approval or waiver described in Section 4.4, (c) use commercially reasonable efforts to obtain,
or cause to be obtained, all authorizations necessary or advisable to be obtained by it in order to consummate such transfer, and
(d) use commercially reasonable efforts to take, or cause to be taken, all other actions necessary, proper or advisable in order
for it to fulfil its obligations under this Agreement.

 

		4.6	Notice of Untrue Representation or Warranty

 

The Vendors
shall promptly notify, in writing, the Purchaser, and the Purchaser shall promptly notify, in writing, the Vendors, upon any representation
or warranty made by it or them, as the case may be, contained in this Agreement or any Ancillary Agreement becoming untrue or
incorrect during the Interim Period and for the purposes of this Section 4.6 each representation and warranty shall be deemed
to be given at and as of all times during the Interim Period. Any such notification shall set out particulars of the untrue or
incorrect representation or warranty and details of any actions being taken by the Vendors or the Purchaser, as the case may be,
to rectify that state of affairs.

 

		4.7	Personal Information

 

Each Party shall comply
with Privacy Law in the course of collecting, using and disclosing Transaction Personal Information. The Purchaser shall collect
Transaction Personal Information prior to the Closing Time only for purposes related to the transactions contemplated by this Agreement
and as is necessary to determine whether to proceed with such transactions in connection with its investigations of the Corporation
and the Business, and the Assets and, if the Purchaser does not elect to terminate this Agreement as provided herein, for the completion
of such transactions. During the Interim Period, the Purchaser shall not disclose Transaction Personal Information to any Person
other than to its respective representatives who are evaluating and advising on the transactions contemplated by this Agreement.
If the Vendors or the Purchaser terminates this Agreement as provided herein, the Purchaser shall promptly deliver to the Vendors,
or, at the option of the Purchaser, destroy, all Transaction Personal Information in its possession or in the possession of any
of its Representatives, including all copies, reproductions, summaries or extracts thereof.

 

		4.8	Input Tax Credit Refunds

 

		(1)	The Purchaser and the Corporation covenant agree to absolutely
and irrevocably assign and set over to the Principal Vendors the full amount of any refunds received by the Corporation for input
tax credits relating to all reporting periods prior to the Closing Date in addition to the full amount of the refund received for
the Input Tax Credit claimed for the P2P Green Power Payment (collectively the “HST Refunds”).

 

		(2)	The Purchaser covenants to promptly and duly claim all input
tax credits which the Corporation is or will be entitled to, including in respect of the P2P Green Power Payment.

 

		(3)	If possible, the Purchaser and the Corporation agree to irrevocably
authorize and direct the Canada Revenue Agency to pay the HST Refunds to the Principal Vendors, as they may direct, in writing.
In the event that the HST Refunds or any part thereof are paid to the Corporation, the Purchaser covenants and undertakes to deliver
the HST Rebates (or such part thereof paid to the Corporation) to the Principal Vendors without deduction and agrees that the Purchaser
and Corporation are trustees of such funds for the absolute benefit of the Principal Vendors until so delivered to the Principal
Vendors.

 

		(4)	The Purchaser and the Corporation agree, without delay or charge,
to execute all such applications and to provide all such other assurances and to perform any such acts as may be reasonably required
by the Canada Revenue Agency to give full force and effect to the provisions hereof.

 

 

 

 

    	 	28	 

     

    

 

Article
5

CONDITIONS

 

		5.1	Purchaser’s Conditions.

 

		(1)	The obligation of the Purchaser to complete the transaction contemplated herein is subject to the
satisfaction of, or compliance with, at or before the Closing Time, each of the following conditions (each of which is acknowledged
to be for the exclusive benefit of the Purchaser and, except as otherwise required by Law, may be waived by it in whole or in part):

 

		(a)	Accuracy of Representations. The representations and warranties of the Vendors and the Corporation,
made in or pursuant to this Agreement shall be true and correct (i) in all material respects, to the extent not already qualified
by “material” or “materially”; and (ii) in all respects, to the extent already qualified by “material”
or “materially”, in each case as at the Closing Time with the same force and effect as if made at and as of the Closing
Time (except as such representations and warranties may be affected by the occurrence of events or transactions contemplated and
permitted hereby) and the Vendors and the Corporation (by a senior officer) shall have executed and delivered to the Purchaser
a certificate signed on their respective behalves to that effect.

 

		(b)	Performance of Agreements. Each of the Vendors and the Corporation shall have performed
(i) in all material respects, to the extent not already qualified by “material” or “materially”; and (ii)
in all respects, to the extent already qualified by “material” or “materially”, all of its or their obligations
under this Agreement to be performed by it or them at or prior to the Closing Time and the Vendors and the Corporation (by a senior
officer) shall have executed and delivered to the Purchaser a certificate signed on their respective behalves to that effect.

 

		(c)	Closing Documents and Proceedings. All documents of the Vendors and the Corporation required
for the due authorization and completion of the purchase and sale of the Purchased Shares and Shareholder Loans contemplated hereby,
and all material actions and proceedings taken on or prior to the Closing Date by the Vendors in connection with the performance
by the Vendors of their obligations under this Agreement, shall be satisfactory to the Purchaser and its counsel, acting reasonably,
and the Purchaser shall have received copies of all such documents or other evidence as it may reasonably request.

 

		(d)	No Material Adverse Change. No Material Adverse Change shall have occurred.

 

		(e)	No Action to Restrain. No action or proceeding shall be pending by any Person to restrain
or prohibit the completion of the transactions contemplated herein.

 

		(f)	No Indebtedness. At the Closing Time the Corporation shall have no indebtedness other than
the Shareholder Loans and Mortgages.

 

		(g)	Discharge of Mortgages. At the Closing Time, the Principal Vendors shall ensure that the
Mortgages are discharged from the Real Property, including the registration of a Discharge with respect to the Mortgages on title
to the Real Property, with the Land Registry Office. However, the Purchaser may request to have the Mortgages assigned to the Purchaser,
by the respective mortgagees of the Mortgages, instead of the registration of a Discharge, on terms satisfactory to the Purchaser.

 

		(h)	Transfer of Purchased Securities. At or before the Closing Time, the Vendors will cause
all necessary steps and corporate proceedings to be taken in order to permit the Purchased Shares and Shareholder Loans, as applicable,
to be duly transferred to the Purchaser free and clear of all Encumbrances.

 

		(i)	Stock Transfers. At the Closing Time, certificate(s) representing the Purchased Shares duly
endorsed in favour of the Purchaser, or accompanied by stock transfer powers of attorney duly executed in favour of the Purchaser
by each of the Vendors, shall be delivered to the custodian appointed pursuant to the Share Pledge Agreements.

 

 

 

 

    	 	29	 

     

    

 

		(j)	Assignment Agreement. At the Closing Time, the Principal Vendors shall execute and deliver
to the Purchaser an assignment agreement (acknowledged and agreed to by the Corporation), in a form acceptable to the Purchaser
and the Principal Vendors giving effect to the assignment by the Principal Vendors of all of their right, title and interest in
and to the Shareholder Loans.

 

		(k)	Resignation of Officers and Directors. At or before the Closing Time, the Corporation will
cause each person who is a director or officer of the Corporation, as applicable, other than such person(s) as may be designated
in writing by the Purchaser, to submit his or her written resignation as a director or officer to the Corporation which will be
effective at the Closing Time.

 

		(l)	Employment Agreements. At the Closing Time, each of the Key Employees shall have entered
into short-term employment agreements with the Corporation, in a form acceptable to the Corporation in its sole discretion, acting
reasonably, providing that such individuals shall continue to assist the Corporation with the Application and related issuance
to the Corporation of a producer’s license under the ACMPR and shall act as a “senior person in charge”, “responsible
person in charge” or “alternate responsible person in charge” as applicable.

 

		(m)	Consents. At or before the Closing Time, the Vendors will have obtained all Consents referenced
in Schedule 3.2(f) hereof.

 

		(n)	Releases by the Vendors. At the Closing Time, the Vendors and the directors and officers
of the Corporation referenced in Section 5.1(1)(k) will execute and deliver to the Purchaser a release of the Corporation, its
directors, officers, employees and agents in a form satisfactory to the Purchaser and its counsel, acting reasonably.

 

		(o)	Release by the Principal Vendors. At the Closing Time, the Principal Vendors will deliver
releases in favour of the Purchaser and the Corporation or an undertaking on their part, in form satisfactory to Purchaser, that
they will release their liens promptly after Closing.

 

		(p)	No Options, Warrants etc. At the Closing Time, any and all agreements and other commitments
to issue options, warrants, shares or other securities in the capital of the Corporation shall have been terminated and full releases
shall have been obtained for the benefit of the Corporation from the holders thereof, in form acceptable to the Purchaser acting
reasonably.

 

		(q)	Restrictive Covenant Agreement. At the Closing Time, each of the Principal Vendors will
execute and deliver to the Corporation and the Purchaser a non-solicitation and confidentiality agreement in a form satisfactory
to the Purchaser and its counsel, acting reasonably.

 

		(r)	Registration Rights Agreement. At the Closing Time, each of the Principal Vendors will execute
and deliver to the Purchaser Parent, and the Purchaser Parent shall execute and deliver to the Principal Vendors, that certain
Registration Rights Agreement attached hereto as Schedule 5.1(s).

 

		(2)	If any of the conditions contained in this Section 5.1 shall not be fulfilled or performed at or
before the Closing Time, the Purchaser may, by written notice to the Vendors, terminate this Agreement, whereupon the Deposit shall
forthwith be returned to the Purchaser by the Principal Vendors (which obligation shall be joint and several) and the Purchaser
shall thereupon, except as otherwise provided herein, be released from its obligations under this Agreement, provided that any
of the said conditions may, except as otherwise required by Law, be waived in whole or in part by the Purchaser at any time without
prejudice to its right of termination in the event of a non-fulfillment and/or non-performance of any other condition or conditions.

 

		5.2	Vendors’ Conditions.

 

		(1)	The obligation of the Vendors to complete the transaction contemplated hereunder is subject to
the satisfaction of, or compliance with, at or before the Closing Time, each of the following conditions (each of which is acknowledged
to be for the exclusive benefit of the Vendors and, except as otherwise required by Law, may be waived by them in whole or in part):

 

 

 

 

    	 	30	 

     

    

 

		(a)	Accuracy of Representations. The representations and warranties of the Purchaser made in
or pursuant to this Agreement shall be true and correct (i) in all material respects, to the extent not already qualified by “material”
or “materially”; and (ii) in all respects, to the extent already qualified by “material” or “materially”,
in each case as at the Closing Time with the same force and effect as if made at and as of the Closing Time (except as such representations
and warranties may be affected by the occurrence of events or transactions contemplated and permitted hereby) and the Purchaser
shall have executed and delivered to the Vendors and the Corporation a certificate signed on its behalf by a senior officer to
that effect.

 

		(b)	Performance of Agreements by Purchaser. The Purchaser shall have performed (i) in all material
respects, to the extent not already qualified by “material” or “materially”; and (ii) in all respects,
to the extent already qualified by “material” or “materially”, all its obligations under this Agreement
to be performed by it at or prior to the Closing Time and the Purchaser shall have executed and delivered to the Vendors and the
Purchaser a certificate signed on its behalf by a senior officer to that effect.

 

		(c)	Balance of Loan Purchase Price. The Purchaser shall have delivered to the Principal Vendors’
lawyers, Burns Associates In Trust, by wire transfer or certified cheque drawn from the Purchaser’s lawyers’ trust
account, of immediately available funds, the First Advance as contemplated in Section 2.3(a).

 

		(d)	Assignment Agreement. At the Closing Time, the Purchaser shall execute and deliver to the
Principal Vendors the assignment agreement referenced in Section 5.1(1)(k).

 

		(e)	Releases by the Corporation. At the Closing Time, the Corporation will execute and deliver
to the directors and officers of the Corporation referenced in Section 5.1(1)(k) a release in a form satisfactory to such individuals
and their respective counsel, acting reasonably.

 

		(f)	Closing Documents and Proceedings. All documents of the Purchaser required for the due authorization
and completion of the purchase and sale of the Purchased Shares contemplated hereby, and all material actions and proceedings taken
on or prior to the Closing Date by the Purchaser in connection with the performance by the Purchaser of its obligations under this
Agreement shall be satisfactory to the Vendors and their counsel, acting reasonably, and the Vendors shall have received copies
of all such documents or other evidence as they may reasonably request.

 

		(g)	No Action to Restrain. No action or proceeding shall be pending by any Person to restrain
or prohibit the completion of the transactions contemplated herein.

 

		(h)	Purchaser Notes and Share Pledge Agreements. The Purchaser shall have delivered to the Vendors
duly executed and original copies of the Purchaser Notes and the Share Pledge Agreements.

 

		(2)	If any of the conditions contained in this Section 5.2 shall not be fulfilled or performed at or
before the Closing Time, the Vendors may, by written notice to the Purchaser, terminate this Agreement and the Vendors shall thereupon,
except as otherwise provided herein, be released from their obligations under this Agreement, provided that any of the said conditions
may, except as otherwise required by Law, be waived in whole or in part by the Vendors at any time without prejudice to their right
of termination in the event of a non-fulfillment and/or non-performance of any other condition or conditions.

 

 

 

 

    	 	31	 

     

    

 

Article
6

INDEMNIFICATION

 

		6.1	Vendors’ Indemnity of the Purchaser.

 

		(1)	Subject to the provisions of this Article 6, each Vendor shall indemnify and save each of the Purchaser
and the Corporation, and each of their respective shareholders, Affiliates, principals, directors, officers, employees, agents
and representatives, harmless of and from, and will pay for, any Claims suffered by, imposed upon or asserted against it or any
of them as a result of, in respect of, connected with, or arising out of, under, or pursuant to:

 

		(a)	any breach or inaccuracy of any representation or warranty given by such Vendor contained in Section
3.1 or the corresponding representations and warranties contained in the certificates to be delivered pursuant to Sections 5.1(1)(a)
and (c); and

 

		(b)	any failure of such Vendor to perform or fulfil any of its covenants or obligations under this
Agreement.

 

		(2)	Subject to the provisions of this Article 6, each Principal Vendor shall jointly and severally
indemnify and save the Purchaser and its shareholders, Affiliates, principals, directors, officers, employees, agents and representatives,
harmless of and from, and will pay for, any Claims suffered by, imposed upon or asserted against it or any of them as a result
of, in respect of, connected with, or arising out of, under, or pursuant to:

 

		(a)	any breach or inaccuracy of any representation or warranty given by the Corporation and the Principal
Vendors contained in Section 3.2 or the corresponding representations and warranties contained in the certificates to be delivered
by them pursuant to Section 5.1(1)(a) and (c);

 

		(b)	any and all Taxes payable, collectible, collected or remittable (i) in respect of any taxation
year or period ending on or prior to the Closing Date; (ii) in the case of any taxation year or period beginning before and ending
after the Closing Date, in respect of the portion of such period ending on and including the Closing Date, in each case at such
time as the Purchaser or the Corporation receives an assessment, reassessment or other form of recognized document assessing liability
for such Taxes;

 

		(c)	the Ataraxia Litigation and any other litigation and litigation matters or litigation related Claims
that pertain to a matter that occurred prior to the Closing Date, whether or not listed or disclosed in Schedule 3.2(u); and

 

		(d)	any Claims made by shareholders of the Corporation for acts or omissions occurring prior to the
Closing Time.

 

		6.2	Purchaser’s Indemnity of the Vendors.

 

Subject to the provisions
of this Article 6, the Purchaser will indemnify and save the Vendors and each of their respective shareholders, directors, officers,
trustees, employees, agents, principals and representatives harmless of and from, and will pay for, any Claims suffered by, imposed
upon or asserted against it or any of them as a result of, in respect of, connected with, or arising out of, under or pursuant
to:

 

		(a)	any breach or inaccuracy of any representation or warranty given by the Purchaser contained in
this Agreement or the certificates to be delivered pursuant to Sections 5.2(1)(a) and (b), for which a notice of claim under Section
6.3 has been provided to the Purchaser within the applicable period specified in Section 6.3; and

 

		(b)	any failure of the Purchaser to perform or fulfil any of its covenants or obligations under this
Agreement.

 

 

 

 

    	 	32	 

     

    

 

		6.3	Indemnification of Third Party Claims

 

The following provisions
shall be applicable to any and all Claims (a “Third Party Claim”) made against a Party (the “Indemnified
Party”) by a Person other than the particular Indemnified Party or any of its Affiliates or Related Parties for which
it is entitled to indemnification pursuant to this Agreement from the other Party (the “Indemnifying Party”):

 

		(a)	Upon the Third Party Claim being made or commenced against the Indemnified Party, the Indemnified
Party shall promptly provide written notice thereof to the Indemnifying Party. The notice shall describe the Third Party Claim
in reasonable detail and indicate the estimated amount, if practicable, of the indemnified Losses and Liabilities that have been
or may be sustained by the Indemnified Party in respect thereof. If the Indemnified Party does not give prompt notice to the Indemnifying
Party as aforesaid, any such failure shall only lessen or limit the Indemnified Party’s rights to indemnity hereunder to
the extent that the defence of the Third Party Claim was prejudiced by the lack of prompt notice.

 

		(b)	The Indemnifying Party shall have the right to do either or both of the following:

 

		(i)	assume carriage of the defence of the Third Party Claim using legal counsel of its choice and at
its sole cost; and

 

		(ii)	settle the Third Party Claim provided the Indemnifying Party pays the full monetary amount of the
settlement and the settlement does not impose any unreasonable restrictions or obligations on the Indemnified Party.

 

		(c)	Each Party shall cooperate with the other in the defence of the Third Party Claim, including making
available to the other Party, its directors, officers, employees and consultants whose assistance, testimony or presence is of
material assistance in evaluating and defending the Third Party Claim.

 

		(d)	The Indemnified Party shall not enter into any settlement, consent order or other compromise with
respect to the Third Party Claim without the prior written consent of the Indemnifying Party (which consent shall not be unreasonably
withheld, delayed or conditioned) unless the Indemnified Party waives its rights to indemnification in respect of the Third Party
Claim.

 

		(e)	Upon payment of the Third Party Claim, the Indemnifying Party shall be subrogated to all claims
the Indemnified Party may have relating thereto. The Indemnified Party shall give such further assurances and cooperate with the
Indemnifying Party to permit the Indemnifying Party to pursue any and all such subrogated claims as reasonably requested by it.

 

		(f)	If the Indemnifying Party has paid an amount pursuant to its indemnification obligations herein
and the Indemnified Party is subsequently reimbursed from any other source in respect of the Third Party Claim, the Indemnified
Party shall promptly pay the amount of the reimbursement (including interest actually received) to the Indemnifying Party, net
of Taxes required to be paid by the Indemnified Party as a result of any such payment and plus any Taxes saved or recovered by
the Indemnified Party as a result of any such payment.

 

		6.4	General Limitations on Liability

 

		(a)	The indemnities provided in this Agreement shall not apply to the extent that the Claims are reimbursed
or reimbursable by insurance or are caused by the gross negligence, wilful default, wilful misconduct, or fraud of the party claiming
indemnity or any of that party’s Related Parties or representatives.

 

		(b)	The representations and warranties set forth in Section 3.1 and the Vendors’ liability in
respect thereof under the Vendors’ indemnity provided in Section 6.1(1) shall survive the Closing indefinitely for the benefit
of the Purchaser.

 

 

 

 

    	 	33	 

     

    

 

		(c)	Subject to Section 6.4(d), the representations and warranties set forth in Section 3.2 and the
Principal Vendors’ liability in respect thereof under the Vendors’ indemnity provided in Section 6.1(2) shall survive
the Closing for the benefit of the Purchaser for a period of two (2) years after the Closing Date, after which time the Purchaser
shall not be entitled to advance, make or bring any further Claims whatsoever against the Vendors with respect to those representations
and warranties, or their indemnity relating thereto.

 

		(d)	The representations and warranties set forth in Section 3.2 in respect of Tax matters of the Corporation,
and the Principal Vendors’ liability in respect thereof under the Principal Vendors’ indemnity provided in Section
6.1 shall survive the Closing for the benefit of the Purchaser until the date that is 30 days after the later of the expiration
of the applicable limitation periods contained in the Tax Act and any other applicable legislation imposing Tax, after which time
the Purchaser shall not be entitled to advance, make or bring any further Claims whatsoever against the Vendors with respect to
those representations and warranties, or their indemnity relating thereto.

 

		(e)	The representations and warranties set forth in Sections 3.3 and the Purchaser’s liability
in respect thereof under the Purchaser’s indemnity provided in Section 6.2 shall survive the Closing for the benefit of the
Vendors for a period of two (2) years after the Closing Date, after which time the Vendors shall not be entitled to advance, make
or bring any further Claims whatsoever against Purchaser with respect to those representations and warranties, or its indemnity
relating thereto.

 

		6.5	Right to Set-Off

 

		(a)	Upon notice by the Purchaser to the Vendors specifying in reasonable detail the basis for such
set-off, Purchaser may set-off any amount to which it is entitled under this Article 6 against any amounts payable by Purchaser
to Vendors pursuant to this Agreement, including, for greater certainty, cancellation of all or a part of the Purchaser Shares
which corresponds to the dollar value of the set-off amount.

 

		(b)	Notwithstanding the foregoing, any right of set-off shall only apply to amounts that are payable
as finally determined in accordance with the terms of this Agreement or by a court of competent jurisdiction without further appeal.
Where a bona fide indemnity claim is asserted in good faith but not finally determined in accordance with the terms of this Agreement
or by a court of competent jurisdiction without further appeal, then any amounts that are otherwise subject to set off at the time
of such indemnity claim shall be held in escrow and subject to release upon the resolution of such indemnity claim.

 

Article
7

CLOSING

 

		7.1	The Closing.

 

The Closing shall take
place on the Closing Date at the offices of Burns Associates, Suite 305, 21 King Street West, Hamilton, Ontario, L8P 4W7.

 

Article
8

POST-CLOSING COVENANT

 

		8.1	Vendors’ Confidentiality.

 

After the Closing,
each Vendor will keep confidential all information in their respective possession or under their respective control relating to
the Corporation and the Business, including this Agreement, and the terms and conditions contained herein, unless required by Law,
or unless such information is or becomes generally available to the public other than as a result of a disclosure by a Vendor in
violation of this Agreement, or if required in order for a Vendor to file a Tax Return or respond to an inquiry by a Governmental
Authority in respect to such file Tax Return, or to consult with the Vendor’s professional advisors as necessary in the circumstances.

 

 

 

    	 	34	 

     

    

 

Article
9

EXCLUSIVITY

 

		9.1	Exclusivity

 

Commencing the date
hereof and ending upon the earlier of the Closing Date and the date this Agreement is terminated in accordance with its terms,
each of the Corporation and the Vendors covenants and agrees that it will not, and will not permit any of its respective directors,
officers, employees or agents, as applicable, to directly or indirectly:

 

		(a)	solicit, initiate, discuss, encourage or entertain inquiries or proposals from, or provide non-public
information to, any person with respect to, or

 

		(b)	participate in any negotiations regarding, or otherwise cooperate in any way with or assist or
participate in or take any steps to bring about

 

the direct or indirect
acquisition of the Corporation or any of its assets by any person other than the Purchaser, including, without limitation, by way
of the acquisition of the Purchased Shares and/or other securities in the capital of the Corporation, or the acquisition, lease,
license or other disposition of all or any substantial part of the assets of the Corporation.

 

Article
10

GENERAL MATTERS

 

		10.1	Expenses.

 

Each of the parties
hereto will pay all expenses incurred by him, her or it in connection with the transactions contemplated by this Agreement, including
his, her or its own legal, accounting and other expenses, except as otherwise expressly provided herein.

 

		10.2	Notices.

 

Any notice, consent,
waiver, direction or other communication required or permitted to be given under this Agreement shall be in writing and shall be
delivered by hand to the party or parties to which the notice is to be given at the following address or sent by electronic means
to the following numbers or to such other address or email address as shall be specified by such other party or parties by like
notice. Any notice, consent, waiver, direction or other communication aforesaid shall, if delivered, be deemed to have been given
and received on the date on which it was delivered to the address provided herein (if a Business Day or, if not, then the next
succeeding Business Day) and if sent by electronic means be deemed to have been given and received at the time of receipt (if a
Business Day or, if not, then the next succeeding Business Day) unless actually received after 5:00 p.m. (local time) at the point
of delivery in which case it shall be deemed to have been given and received on the next Business Day.

 

The address for service of each of the
Parties shall be as follows:

 

		(a)	if to the Vendors or the Corporation:
	 	 	 
	 	 	c/o Alternative Medical Solutions
Inc.
	 	 	18 Linden Street
	 	 	Hamilton, Ontario L8L 3H6
	 	 	 
	 	 	Attention:       Joseph
Groleau
	 	 	E-mail:            joseph.groleau@gmail.com

 

 

 

    	 	35	 

     

    

 

	 	 	 
	 	with a copy (which shall not constitute notice) to:
	 	 	 
	 	 	Burns Associates
	 	 	Commerce Place, Suite 305
	 	 	21 King Street West, Hamilton,
Ontario L8P 4W7
	 	 	 
	 	 	Attention:       Sharoon Gill
	 	 	E-mail:            gill@adburnslaw.com
	 	 	 
	 	(b)	if to the Purchaser:
	 	 	 
	 	 	2 Park Plaza
	 	 	Suite 1200B
	 	 	Irvine, CA
92614
	 	 	 
	 	 	Attention:       Gary Herick, Chief Financial Officer
	 	 	E-mail:            gherick@cannapharmarx.com
	 	 	 
	 	with a copy (which shall not constitute notice) to:
	 	 	 
	 	 	Stikeman Elliott LLP
	 	 	5300 Commerce Court West
	 	 	199 Bay Street
	 	 	Toronto, Ontario
	 	 	M5L 1B9, Canada
	 	 	 
	 	 	Attention:       Omar Soliman
	 	 	E-mail:            osoliman@stikeman.com

 

		10.3	Time of Essence.

 

Time shall be of the
essence of this Agreement.

 

		10.4	Counterparts.

 

This Agreement may
be executed and delivered in two or more counterparts (including counterparts delivered by facsimile or other electronic transmission),
all of which taken together shall constitute one instrument and shall be binding on the parties hereto.

 

		10.5	Further Assurances.

 

The parties hereto
agree to promptly do, make, execute, deliver or cause to be done, made, executed or delivered all such further acts, documents
and things as any other party hereto may reasonably require for the purpose of giving effect to this Agreement whether before or
after the Closing.

 

		10.6	Assignment.

 

This Agreement and
any rights or obligations of the Purchaser hereunder shall be assignable by the Purchaser without the prior written consent of
the other parties, subject to the Purchaser providing ten (10) Business Days’ prior written notice of same to the Vendors.

 

[Signature page follows.]

 

 

 

    	 	36	 

     

    

 

IN
WITNESS WHEREOF, the parties have signed this Agreement on the day and year first indicated above.

 

	CANNAPHARMARX,
    INC.	 
	 	 
	 	 
	By: 	/s/
    Gary Herick	 
	Name:
    Gary Herick	 
	Title:
    CFO	 

 

	HANOVER CPMD ACQUISITION CORP.

                                                                 
	 
	 	 
	 	 
	By: 	/s/
    Gary Herick	 
	Name:
    Gary Herick	 
	Title:
    CFO	 

 

	ALTERNATIVE MEDICAL SOLUTIONS INC.

                                                                 
	 
	 	 
	 	 
	By: 	/s/
    Joe Groleau	 
	Name:*
    Joe Groleau	 
	Title
    VP Business Development	 

 

PRINCIPAL
VENDORS:

 

	/s/
    Steve Barber	 
	STEPHEN
    BARBER*	 
	 	 
	 	 
	 	 
	/s/John
    Ciotti	 
	JOHN CIOTTI*	 
	 	 
	 	 
	 	 
	/s/ Joseph Groleau	 
	JOSEPH GROLEAU*	 
	 	 
	 	 
	 	 
	/s/ Raymond Robertson	 
	RAYMOND ROBERTSON*	 

 

 

 

    	 	37	 

     

    

 

OTHER VENDORS:

 

	/s/ Justin Barber	 
	JUSTIN BARBER*	 
	 	 
	 	 
	 	 
	/s/ Atilla Khalili	 
	ATILLA KHALILI*	 
	 	 
	 	 
	 	 
	/s/ Nanci Manthis	 
	NANCI MANTHIS*	 
	 	 
	 	 
	 	 
	/s/ Laura Robertson	 
	LAURA ROBERTSON*	 
	 	 
	 	 
	 	 
	/s/ Linda Marshall	 
	LINDA MARSHALL*	 
	 	 
	 	 
	 	 
	/s/ Krinstina Groleau	 
	KRISTINA GROLEAU*	 

 

 

 

 

 

* executed pursuant to the Electronic
Commerce Act

 

 

 

 

    	 	38	 

     

    

 

SCHEDULE A

SHAREHOLDINGS

 

	DATE	NAME	NO OF SHARES	CLASS OF SHARES
	March 19, 2014	Stephen Barber	834	Common
	March 19, 2014	Justin Barber	833	Common
	March 19, 2014	Atilla Khalili	833	Common
	March 19, 2014	Nanci Manthis	833	Common
	March 19, 2014	Ray Robertson	960	Common
	March 19, 2014	Laura Robertson	959	Common
	March 19, 2014	John Ciotti	1417	Common
	March 19, 2014	Linda Marshall	1416	Common
	March 19, 2014	Joe Groleau	958	Common
	March 19, 2014	Kristina Groleau	957	Common

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	39	 

     

    

 

SCHEDULE B

SHAREHOLDER LOANS

 

	SHAREHOLDER	AMOUNT OWING
	Stephen Barber	$1,250,297.28
	Joseph Groleau	$138,738.64
	Raymond Robertson	$82,736.22
	John Ciotti	$34,963.61

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	40	 

     

    

 

SCHEDULE 3.2(b)

REQUIRED AUTHORIZATIONS

 

NONE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	41	 

     

    

 

SCHEDULE 3.2(f)

REQUIRED CONSENTS

 

NONE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	42	 

     

    

 

SCHEDULE 3.2(n)

BUSINESS IN THE ORDINARY COURSE

 

NONE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	43	 

     

    

 

SCHEDULE 3.2(q)

OWNED ASSETS/PERMITTED ENCUMBRANCES

 

Owned Assets

		1.	The lands legally described as PT LT 7
CON 2 SDR BENTINCK PTS 2 AND 3 16R10457; TOWN OF HANOVER, bearing PIN No.: 37211-0962 (LT) and municipally known as 595 1st
Hanover Street, Hanover, Ontario

 

 

 

 

Permitted Encumbrances

		1.	NONE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	44	 

     

    

 

SCHEDULE 3.2(u)

REAL PROPERTY

 

		1.	The lands legally described as PT LT 7 CON 2 SDR BENTINCK PTS 2 AND 3 16R10457; TOWN OF HANOVER,
bearing PIN No.: 37211-0962 (LT) and municipally known as 595 1st Hanover Street, Hanover, Ontario.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	45	 

     

    

 

SCHEDULE 3.2(w)

TAXES

 

		1.	The Corporation is currently required to remit HST to the Canada Revenue Agency in the amount of
$24,226.64 (as of date of the Agreement) with respect to a refund received in error by the Corporation for the calculation period
ending June 30, 2015.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	46	 

     

    

 

SCHEDULE 3.2(x)

NON-ARM’S LENGTH TRANSACTIONS

 

NONE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	47	 

     

    

 

SCHEDULE 3.2(y)

LEASED ASSETS

 

NONE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	48	 

     

    

 

SCHEDULE 3.2(z)

COMPLIANCE WITH LAWS

 

NONE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	49	 

     

    

 

SCHEDULE 3.2(aa)

LOANS TO DIRECTORS

 

NONE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	50	 

     

    

 

SCHEDULE 3.2(bb)

MATERIAL CONTRACTS

 

NONE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	51	 

     

    

 

SCHEDULE 3.2(ee)

INTELLECTUAL PROPERTY

 

NONE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	52	 

     

    

 

SCHEDULE 3.2(ff)

EMPLOYEES

 

NONE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	53	 

     

    

 

SCHEDULE 3.2(gg)

EMPLOYEE PLANS

 

NONE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	54	 

     

    

 

SCHEDULE 3.2(ii)

INSURANCE

 

NONE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	55	 

     

    

 

SCHEDULE 3.2(jj)

ENVIRONMENTAL MATTERS

 

NONE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	56	 

     

    

 

SCHEDULE 3.2(ll)

BANK ACCOUNTS

 

Momentum Credit Union

Account No.: 65519765884

 

Joseph Groleau is the only authorized signing
officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	57EX-10.1

 Exhibit 10.1 

Execution Version 
  

 
  

LOAN AND SECURITY AGREEMENT 

dated as of 
 November 16,
2018 
 among 
 BGSL JACKSON
HOLE FUNDING LLC 
 The Lenders Party Hereto 

The Collateral Administrator, Collateral Agent and Securities Intermediary Party Hereto 

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, 

as Administrative Agent 
 and 

BLACKSTONE/GSO SECURED LENDING FUND, 

as Portfolio Manager 
  

 
  

 

 Table of Contents 

 
  

							
	 	  	Page	 
	ARTICLE I	  	 	 
	THE PORTFOLIO INVESTMENTS	  	 	 
			
	SECTION 1.01.	  	Purchases of Portfolio Investments	  	 	23	 
	 SECTION 1.02.
	  	Procedures for Purchases and Related Advances	  	 	23	 
	 SECTION 1.03.
	  	Conditions to Purchases and Substitutions	  	 	24	 
	 SECTION 1.04.
	  	Sales of Portfolio Investments	  	 	25	 
	 SECTION 1.05.
	  	Additional Equity Contributions	  	 	27	 
	 SECTION 1.06.
	  	Substitutions; Limitations on Sales and Substitutions	  	 	27	 
	 SECTION 1.07.
	  	Certain Assumptions relating to Portfolio Investments	  	 	27	 
	 SECTION 1.08.
	  	Valuation of Permitted Non-USD Currency Portfolio Investments	  	 	27	 
		
	ARTICLE II	  			
	THE ADVANCES	  			
			
	SECTION 2.01.	  	Financing Commitments	  	 	27	 
	 SECTION 2.02.
	  	[Reserved]	  	 	28	 
	 SECTION 2.03.
	  	Advances; Use of Proceeds	  	 	28	 
	 SECTION 2.04.
	  	Conditions to Effective Date	  	 	29	 
	 SECTION 2.05.
	  	Conditions to Advances	  	 	30	 
	 SECTION 2.06.
	  	Commitment Increase Request	  	 	31	 
		
	ARTICLE III	  			
	ADDITIONAL TERMS APPLICABLE TO THE ADVANCES	  			
			
	SECTION 3.01.	  	The Advances	  	 	32	 
	 SECTION 3.02.
	  	[Reserved]	  	 	35	 
	 SECTION 3.03.
	  	Taxes	  	 	35	 
	 SECTION 3.04.
	  	Mitigation Obligations	  	 	38	 
		
	ARTICLE IV	  			
	COLLECTIONS AND PAYMENTS	  			
			
	 SECTION 4.01.
	  	Interest Proceeds	  	 	39	 
	 SECTION 4.02.
	  	Principal Proceeds	  	 	40	 
	 SECTION 4.03.
	  	Principal and Interest Payments; Prepayments; Commitment Fee	  	 	40	 
	 SECTION 4.04.
	  	MV Cure Account	  	 	41	 
	 SECTION 4.05.
	  	Priority of Payments	  	 	42	 
	 SECTION 4.06.
	  	Payments Generally	  	 	43	 
	 SECTION 4.07.
	  	Termination or Reduction of Financing Commitments	  	 	43	 
		
	ARTICLE V	  			
	THE PORTFOLIO MANAGER	  			
			
	 SECTION 5.01.
	  	Appointment and Duties of the Portfolio Manager	  	 	44	 
	 SECTION 5.02.
	  	Portfolio Manager Representations as to Eligibility Criteria; Etc.	  	 	45	 
	 SECTION 5.03.
	  	Indemnification	  	 	45	 

							
	ARTICLE VI	  			
	REPRESENTATIONS, WARRANTIES AND COVENANTS	  			
			
	 SECTION 6.01.
	  	Representations and Warranties	  	 	45	 
	 SECTION 6.02.
	  	Covenants of the Company and the Portfolio Manager	  	 	49	 
	 SECTION 6.03.
	  	Amendments of Portfolio Investments, Etc.	  	 	55	 
		
	ARTICLE VII	  			
	EVENTS OF DEFAULT	  			
		
	ARTICLE VIII	  			
	COLLATERAL ACCOUNTS; COLLATERAL SECURITY	  			
			
	 SECTION 8.01.
	  	The Collateral Accounts; Agreement as to Control	  	 	57	 
	 SECTION 8.02.
	  	Collateral Security; Pledge; Delivery	  	 	58	 
		
	ARTICLE IX	  			
	THE AGENTS	  			
			
	 SECTION 9.01.
	  	Appointment of Administrative Agent and Collateral Agent	  	 	61	 
	 SECTION 9.02.
	  	Additional Provisions Relating to the Collateral Agent and the Collateral Administrator	  	 	64	 
		
	ARTICLE X	  			
	MISCELLANEOUS	  			
			
	 SECTION 10.01.
	  	Non-Petition; Limited Recourse	  	 	67	 
	 SECTION 10.02.
	  	Notices	  	 	67	 
	 SECTION 10.03.
	  	No Waiver	  	 	68	 
	 SECTION 10.04.
	  	Expenses; Indemnity; Damage Waiver; Right of Setoff	  	 	68	 
	 SECTION 10.05.
	  	Amendments	  	 	69	 
	 SECTION 10.06.
	  	Successors; Assignments	  	 	69	 
	 SECTION 10.07.
	  	Confidentiality	  	 	71	 
	 SECTION 10.08.
	  	Governing Law; Submission to Jurisdiction; Etc.	  	 	72	 
	 SECTION 10.09.
	  	Interest Rate Limitation	  	 	72	 
	 SECTION 10.10.
	  	PATRIOT Act	  	 	72	 
	 SECTION 10.11.
	  	Counterparts	  	 	72	 
	 SECTION 10.12.
	  	Headings	  	 	73	 
	 SECTION 10.13.
	  	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	  	 	73	 
			
	 Schedules
	  		  			
			
	 Schedule 1
	  	Transaction Schedule	  			
	 Schedule 2
	  	Contents of Notice of Acquisition	  			
	 Schedule 3
	  	Eligibility Criteria	  			
	 Schedule 4
	  	Concentration Limitations	  			
	 Schedule 5
	  	Initial Portfolio Investments	  			
	 Schedule 6
	  	Moody’s Industry Classifications	  			
			
	 Exhibits
	  		  			
			
	 Exhibit A
	  	Form of Request for Advance	  			

  
 - 2 - 

 LOAN AND SECURITY AGREEMENT dated as of November 16, 2018 (this
“Agreement”) among BGSL JACKSON HOLE FUNDING LLC, as borrower (the “Company”); BLACKSTONE/GSO SECURED LENDING FUND, as portfolio manager (in such capacity, the “Portfolio Manager”); the Lenders
party hereto; CITIBANK, N.A., in its capacities as collateral agent (in such capacity, the “Collateral Agent”) and securities intermediary (in such capacity, the “Securities Intermediary”); VIRTUS GROUP, LP, in its
capacity as collateral administrator (in such capacity, the “Collateral Administrator”); and JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as administrative agent for the Lenders hereunder (in such capacity, the “Administrative
Agent”). 
 The Portfolio Manager and the Company wish for the Company to acquire and finance certain corporate loans and other
corporate debt securities (the “Portfolio Investments”), all on and subject to the terms and conditions set forth herein. 

Furthermore, the Company intends to enter into a Loan Sale and Contribution Agreement (the “Sale Agreement”), dated on or
about the date hereof, between the Company and the Parent (in such capacity, the “Seller”), pursuant to which the Company shall from time to time acquire Portfolio Investments from the Seller. 

On and subject to the terms and conditions set forth herein, JPMorgan Chase Bank, National Association (“JPMCB”) and its
respective successors and permitted assigns (together with JPMCB, the “Lenders”) have agreed to make advances to the Company (“Advances”) hereunder to the extent specified on the transaction schedule attached as
Schedule 1 hereto (the “Transaction Schedule”). 
 Accordingly, the parties hereto agree as follows: 

Certain Defined Terms 

“Account Control Agreement” means the Securities Account Control Agreement, dated as of November 16, 2018, among the
Company, the Administrative Agent, the Collateral Agent and the Securities Intermediary. 
 “Additional Distribution Date”
has the meaning set forth in Section 4.05. 
 “Adjusted Applicable Margin” means the stated Applicable Margin for
Advances set forth on the Transaction Schedule plus 2% per annum. 
 “Administrative Agent” has the meaning set forth in
the introductory section of this Agreement. 
 “Advances” has the meaning set forth in the introductory section of this
Agreement. 
 “Adverse Proceeding” means any action, suit, proceeding (whether administrative, judicial or otherwise),
governmental investigation or arbitration (whether or not purportedly on behalf of the Company) at law or in equity, or before or by any Governmental Authority, whether pending, active or, to the Company’s or the Portfolio Manager’s
knowledge, threatened against or affecting the Company or the Portfolio Manager or their respective property that would reasonably be expected to result in a Material Adverse Effect. 

“Affiliate” means, with respect to any Person, any Person directly or indirectly controlling, controlled by, or under common
control with, such former Person but, which shall not, with respect to the Company, include the obligors under any Portfolio Investment. For the purposes of this definition, control of a Person shall mean the power, direct or indirect, (i) to
vote more than 50% of the securities having ordinary voting power for the election of directors of any such Person or (ii) to direct or cause the direction of the management and policies of such Person whether by contract or otherwise. 

 “Agent” has the meaning set forth in Section 9.01. 

“Agent Business Day” means any day on which commercial banks settle payments in each of New York City and the city in which
the corporate trust office of the Collateral Agent is located (which shall initially be New York City). 
 “Agreement” has
the meaning set forth in the introductory paragraph hereto. 
 “Amendment” has the meaning set forth in Section 6.03.

 “Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Company from time to
time concerning or relating to bribery or corruption. 
 “Applicable Law” means, for any Person, all existing and future
laws, rules, regulations (including temporary and final income tax regulations), statutes, treaties, codes, ordinances, permits, certificates, orders, licenses of and interpretations by any Governmental Authority applicable to such Person and
applicable judgments, decrees, injunctions, writs, awards or orders of any court, arbitrator or other administrative, judicial, or quasi-judicial tribunal or agency of competent jurisdiction. 

“Base Rate” means, for any day, a rate per annum equal to the greater of (a) the Prime Rate in effect on such day
and (b) the Federal Funds Effective Rate in effect on such day plus 0.50%. Any change in the Base Rate due to a change in the Prime Rate or the Federal Funds Effective Rate shall be effective from and including the effective date of such
change in the Prime Rate or the Federal Funds Effective Rate, respectively. In the event that the Base Rate is below zero at any time during the term of this Agreement, it shall be deemed to be zero until it exceeds zero again. 

“Beneficial Ownership Certification” means a certification regarding beneficial ownership as required by the Beneficial
Ownership Regulation. 
 “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230. 

“Bond” means a debt security that is not a Loan. 

“Borrowing Base Test” means a test that will be satisfied on any date of determination if the following is true: 

 

					
	            Net Advance            	 	< AR	  	
	            Net Asset Value	  	
			
	    Where:
	 		  	
			
	    AR = 62%.
	 		  	

  

  
 - 2 - 

 “Broadly Syndicated Portfolio Investment” means, as of any date of
determination, (a) a Senior Secured Loan or a Second Lien Loan for which at least two bids can be obtained through LoanX/Markit Group Limited or (b) a debt security of which at least $2,000,000 in aggregate principal amount has been traded
on TRACE in the thirty (30) calendar days immediately preceding such date of determination. 
 “Business Day” means
any day on which commercial banks are open in each of New York City and the city in which the corporate trust office of the Collateral Agent is located; provided that, with respect to any LIBOR related provisions herein, “Business
Day” shall be deemed to exclude any day on which banks are required or authorized to be closed in London, England. 

“CAD” and “C$” mean Canadian dollars. 

“Calculation Period” means the quarterly period from and including the date on which the first Advance is made hereunder to
but excluding the first Calculation Period Start Date following the date of such Advance and each successive quarterly period from and including a Calculation Period Start Date to but excluding the immediately succeeding Calculation Period Start
Date (or, in the case of the last Calculation Period, if the last Calculation Period does not end on the last calendar day of March, June, September or December, the period from and including the related Calculation Period Start Date to but
excluding the Maturity Date). 
 “Calculation Period Start Date” means the first calendar day of March, June, September and
December of each year (or, if any such date is not a Business Day, the immediately succeeding Business Day), commencing in June 2019. 

“Cap” has the meaning set forth in Section 4.05(a). 

“Cash Equivalents” means, any of the following, denominated in USD or, following a Currency Amendment, a Permitted Non-USD Currency: (i) marketable securities (a) issued or directly and unconditionally guaranteed as to interest and principal by the United States Government or (b) issued by any agency of the United
States the obligations of which are backed by the full faith and credit of the United States, in each case maturing within one year after such date; (ii) marketable direct obligations issued by any state of the United States or any political
subdivision of any such state or any public instrumentality thereof, in each case maturing within one year after such date and having, at the time of the acquisition thereof, a rating of at least
“A-1” from S&P Global Ratings (“S&P”) or at least “P-1” from Moody’s Investors Service
(“Moody’s”); (iii) commercial paper maturing no more than three months from the date of creation thereof and having, at the time of the acquisition thereof, a rating of at least
“A-1” from S&P or at least “P-1” from Moody’s; (iv) certificates of deposit or bankers’ acceptances maturing within three months
after such date and issued or accepted by any Lender or by any commercial bank organized under the laws of the United States of America or any state thereof or the District of Columbia that (a) is at least “adequately capitalized” (as
defined in the regulations of its primary Federal banking regulator) and (b) has Tier 1 capital (as defined in such regulations) of not less than $1,000,000,000; and (v) shares of any money market mutual fund that (a) has
substantially all of its assets invested continuously in the types of investments referred to in clauses (i) and (ii) above, (b) has net assets of not less than $5,000,000,000, and (c) has the highest rating obtainable from either
S&P or Moody’s. 
 “Change in Law” means the occurrence, after the date of this Agreement, of any of the
following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental
Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that all requests, rules, guidelines or directives concerning liquidity
and capital adequacy issued by any United States regulatory authority (i) under or in connection with the implementation of the Dodd-Frank Wall 

  
 - 3 - 

 
Street Reform and Consumer Protection Act and (ii) in connection with the implementation of the recommendations of the Bank for International Settlements or the Basel Committee on Banking
Regulations and Supervisory Practices (or any successor or similar authority) shall be deemed to have occurred after the date of this Agreement for purposes of this definition, regardless of the date adopted, issued, promulgated or implemented. 

“Change of Control” means an event or series of events by which (A) the Parent or its Affiliates, collectively,
(i) shall cease to possess, directly or indirectly, the right to elect or appoint (through contract, ownership of voting securities, or otherwise) managers that at all times have a majority of the votes of the board of managers (or similar
governing body) of the Company or to direct the management policies and decisions of the Company or (ii) shall cease, directly or indirectly, to own and control legally and beneficially all of the equity interests of the Company or (B) GSO
Asset Management LLC or its Affiliates shall cease to be the investment advisor of the Parent. 
 “Charges” has the meaning
set forth in Section 10.09. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Collateral” has the meaning set forth in Section 8.02(a). 

“Collateral Accounts” has the meaning set forth in Section 8.01(a). 

“Collateral Administrator” has the meaning set forth in the introductory section of this Agreement. 

“Collateral Agent” has the meaning set forth in the introductory section of this Agreement. 

“Collateral Principal Amount” means on any date of determination (A) the aggregate principal balance of the Portfolio,
including the funded and unfunded balance on any Delayed Funding Term Loan, as of such date plus (B) the amounts on deposit in the Collateral Accounts (including cash and Eligible Investments) representing Principal Proceeds as of such
date minus (C) the aggregate principal balance of all Ineligible Investments as of such date. 
 “Collection
Account” means the account(s) established by the Securities Intermediary and set forth on the Transaction Schedule and any successor accounts established in connection with the resignation or removal of the Securities Intermediary. 

“Commitment Fee” has the meaning set forth in Section 4.03(d). 

“Commitment Increase Date” means the effective date (which shall be a Business Day) of an increase of the Financing
Commitments in accordance with Section 2.06 pursuant to a Commitment Increase Request which the Administrative Agent (in its sole discretion) approves in writing (which may be by email). 

“Commitment Increase Request” means, on any date during the Reinvestment Period, the request of the Company in writing (which
may be by email) to the Administrative Agent and the Lenders for an increase of the Financing Commitments pursuant to Section 2.06. 

“Company” has the meaning set forth in the introductory section of this Agreement. 

  
 - 4 - 

 “Concentration Limitation Excess” means, on any date of determination,
without duplication, all or the portion of the principal amount of any Portfolio Investment (other than any Ineligible Investment) that exceeds any Concentration Limitation as of such date; provided that the Portfolio Manager (on behalf of
the Company) shall select in its sole discretion which Portfolio Investment(s) constitute part of the Concentration Limitation Excess; provided further that with respect to any Delayed Funding Term Loan, the Portfolio Manager shall
select any term Portfolio Investment from the same obligor and/or any funded portion of the aggregate commitment amount of such Delayed Funding Term Loan before selecting any unfunded portion of such aggregate commitment amount; provided
further that if the Portfolio Manager does not so select any Portfolio Investment(s), the applicable portion of the Portfolio Investment(s) resulting with the greatest degree of compliance with the Borrowing Base Test (in the reasonable
determination of the Administrative Agent) shall make up the Concentration Limitation Excess. 
 “Concentration
Limitations” has the meaning set forth in Schedule 4. 
 “Connection Income Taxes” means Other Connection Taxes
that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes. 
 “Credit
Risk Party” has the meaning set forth in Article VII. 
 “Currency” means USD and any Permitted Non-USD Currency. 
 “Currency Amendment” has the meaning set forth in
Section 10.05. 
 “Custodial Account” means the account(s) established by the Securities Intermediary and set forth on
the Transaction Schedule and any successor accounts established in connection with the resignation or removal of the Securities Intermediary. 

“Default” has the meaning set forth in Section 1.03. 

“Delayed Funding Term Loan” means any Loan that (a) requires the holder thereof to make one or more future advances to
the obligor under the underlying instruments relating thereto, (b) specifies a maximum amount that can be borrowed on or prior to one or more fixed dates, and (c) does not permit the re-borrowing of
any amount previously repaid by the obligor thereunder; but, for the avoidance of doubt, any such Loan will be a Delayed Funding Term Loan only until all commitments by the holders thereof to make such future advances to the obligor thereon expire
or are terminated or reduced to zero. 
 “Deliver” (and its correlative forms) means the taking of the following steps by
the Company or the Portfolio Manager: 
 (1) except as provided in clauses (3) or (4) below, in the case of Portfolio
Investments and Eligible Investments and amounts on deposit in the Collateral Accounts, by (x) causing the Securities Intermediary to indicate by book entry that a financial asset comprised thereof has been credited to the applicable Collateral
Account and (y) causing the Securities Intermediary to agree, pursuant to the Account Control Agreement, that it will comply with entitlement orders originated by the Collateral Agent with respect to each such security entitlement without
further consent by the Company; 

  
 - 5 - 

 (2) in the case of each general intangible, by notifying the obligor
thereunder of the security interest of the Collateral Agent (except to the extent that the requirement for consent by any person to the pledge hereunder or transfer thereof to the Collateral Agent or the Administrative Agent is rendered ineffective
under Section 9-406 of the UCC, no such requirement for consent exists in the underlying documents or such consent has otherwise been obtained); 

(3) in the case of Portfolio Investments consisting of money or instruments (the “New York Collateral”) that
do not constitute a financial asset forming the basis of a security entitlement delivered to the Collateral Agent pursuant to clause (1) above, by causing (x) the Collateral Agent to obtain possession of such New York Collateral in the
State of New York, or (y) a Person other than the Company and a securities intermediary (A)(I) to obtain possession of such New York Collateral in the State of New York, and (II) to then authenticate a record acknowledging that it holds
possession of such New York Collateral for the benefit of the Collateral Agent or (B)(I) to authenticate a record acknowledging that it will take possession of such New York Collateral for the benefit of the Collateral Agent and (II) to then
acquire possession of such New York Collateral in the State of New York; 
 (4) in the case of any account which constitutes
a “deposit account” under Article 9 of the UCC, by causing the Securities Intermediary to continuously identify in its books and records the security interest of the Collateral Agent in such account and, except as may be expressly provided
herein to the contrary, establishing dominion and control over such account in favor of the Collateral Agent; and 
 (5) in all cases, by
filing or causing the filing of a financing statement with respect to such Collateral with the Delaware Secretary of State. 

“Designated Email Notification Address” means Shaker.choudhury@gsocap.com, provided that, so long as no Event of
Default shall have occurred and be continuing and no Market Value Event shall have occurred, the Company may, upon at least five (5) Business Day’s written notice to the Administrative Agent, the Collateral Administrator and the Collateral
Agent, designate any other email address as the Designated Email Notification Address. 
 “Designated Independent Dealer”
means J.P. Morgan Securities LLC; provided that, so long as no Market Value Event shall have occurred and no Event of Default shall have occurred and be continuing, the Portfolio Manager may, upon at least five (5) Business Day’s
written notice to the Administrative Agent, the Collateral Administrator and the Collateral Agent, designate another Independent Dealer as the Designated Independent Dealer. 

“Effective Date” has the meaning set forth in Section 2.04. 

“Effective Date Letter” means that certain letter agreement, dated as of the Effective Date, between the Company and the
Administrative Agent. 
 “Eligibility Criteria” has the meaning set forth in Section 1.03. 

“Eligible Assignee” means at the time of any relevant assignment pursuant to Section 10.06, (i) an Affiliate of the
related assignor, (ii) a bank, (iii) an insurance company or (iv) any Person, other than, in the case of this clause (iv), (a) any Person (other than a natural person (or a holding company, investment vehicle or trust for, or owned
and operated for the primary benefit of, a natural person)) primarily engaged in the business of private investment management as a business development company, mezzanine fund, private debt fund, hedge fund or private equity fund, which is in
direct or indirect competition with the Company or the Portfolio Manager, or any Affiliate thereof that is an investment advisor, (b) any Person controlled by, or controlling, or under common control with, or which is a sponsor of, a Person
referred to in clause (a) above, or (c) any Person for which a Person referred to in clause (a) above serves as an investment advisor with discretionary investment authority. 

  
 - 6 - 

 “Eligible Investments” has the meaning set forth in Section 4.01. 

“EMU Legislation” means the legislative measures of the European Council for the introduction of, changeover to or operation
of a single or unified European currency. 
 “ERISA” means the United States Employee Retirement Income Security Act of
1974, as amended. 
 “ERISA Affiliate” means any trade or business (whether or not incorporated) under common control with
the Company or the Parent, as applicable, within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412, 430 or 431 of the Code). 

“ERISA Event” means that (1) any of the Company or the Parent has underlying assets which constitute “plan
assets” within the meaning of the Plan Asset Rules or (2) any of the Company, the Parent or any ERISA Affiliate sponsors, maintains, contributes to, is required to contribute to or has any material liability with respect to any Plan. 

“EUR”, “Euros” and “€” mean the lawful currency of each state so described in any EMU
Legislation introduced in accordance with the EMU Legislation. 
 “Event of Default” has the meaning set forth in Article
VII. 
 “Excess Funded Amount” has the meaning set forth in Section 4.03(c)(i). 

“Excess Interest Proceeds” means, at any time of determination, the excess of (1) amounts then on deposit in the
Collateral Accounts representing Interest Proceeds over (2) the projected amount required to be paid pursuant to Section 4.05(a) and (b) on the next Interest Payment Date, the next Additional Distribution Date or the Maturity Date, as
applicable, in each case, as determined by the Company in good faith and in a commercially reasonable manner. 
 “Excluded
Taxes” means any of the following Taxes imposed on or with respect to a Secured Party or required to be withheld or deducted from a payment to a Secured Party, (a) Taxes imposed on or measured by net income (however denominated),
franchise Taxes and branch profits Taxes, in each case, (i) imposed as a result of such Secured Party being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the
jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with
respect to an applicable interest in a Financing Commitment or Advance pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Financing Commitment or Advance or (ii) such Lender changes its lending
office, except in each case to the extent that, pursuant to Section 3.03, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately
before it changed its lending office, (c) Taxes attributable to such Secured Party’s failure to comply with Section 3.03(f) and (d) any U.S. federal withholding Taxes imposed under FATCA. 

  
 - 7 - 

 “FATCA” means Sections 1471 through 1474 of the Code as of the date of this
Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, and intergovernmental agreements thereunder,
similar or related non-U.S. law that correspond to Sections 1471 to 1474 of the Code, any agreements entered into pursuant to Section 1471(b)(1) of the Code, any intergovernmental agreement entered into
in connection with the implementation of such sections of the Code and any U.S. or non-U.S. fiscal or regulatory law, legislation, rules, guidance, notes or practices adopted pursuant to such intergovernmental
agreement. 
 “Federal Funds Effective Rate” means, for any day, the rate calculated by the Federal Reserve Bank of New
York based on such day’s federal funds transactions by depositary institutions, as determined in such manner as the Federal Reserve Bank of New York shall set forth on its public website from time to time, and published on the next succeeding
Business Day by the Federal Reserve Bank of New York as the effective federal funds rate, provided that if the Federal Funds Effective Rate as so determined would be less than zero, such rate shall be deemed to zero for the purposes of this
Agreement. 
 “Financing Commitment” means, with respect to each Lender, the commitment of such Lender to provide Advances
to the Company hereunder in an amount up to but not exceeding the amount set forth opposite such Lender’s name on the Transaction Schedule. 

“Foreign Lender” means a Lender that is not a U.S. Person. 

“GAAP” means generally accepted accounting principles in effect from time to time in the United States, as applied from time
to time by the Company. 
 “GBP” and “£” mean British Pounds. 

“Governmental Authority” means the government of the United States of America or any other nation, or of any political
subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 

“Indebtedness” as applied to any Person, means, without duplication, as determined in accordance with GAAP, (i) all
indebtedness of such Person for borrowed money; (ii) all obligations of such Person evidenced by bonds, debentures, notes, deferrable securities or other similar instruments; (iii) all obligations of such Person to pay the deferred
purchase price of property or services, except trade accounts payable and accrued expenses arising in the ordinary course of business; (iv) that portion of obligations with respect to capital leases that is properly classified as a liability of
such Person on a balance sheet; (v) all non-contingent obligations of such Person to reimburse or prepay any bank or other Person in respect of amounts paid under a letter of credit, banker’s
acceptance or similar instrument; (vi) all debt of others secured by a Lien on any asset of such Person, whether or not such debt is assumed by such Person; and (vii) all debt, lease obligations or similar obligations to repay money of
others guaranteed by such Person or for which such Person acts as contractual surety and other contingent obligations to purchase, to provide funds for payment, to supply funds to invest in any Person or otherwise to assure a creditor against loss.
Notwithstanding the foregoing, “Indebtedness” shall not include a commitment arising in the ordinary course of business to purchase a future Portfolio Investment in accordance with the terms of this Agreement. 

“Indemnified Person” has the meaning specified in Section 5.03. 

  
 - 8 - 

 “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes,
imposed on or with respect to any payment made by or on account of any obligation of the Company under this Agreement and (b) to the extent not otherwise described in (a), Other Taxes. 

“Indemnitee” has the meaning set forth in Section 10.04(b). 

“Independent Dealer” means any of the following (as such list may be revised from time to time by mutual agreement of the
Company and the Administrative Agent): (a) JPMorgan Securities, Deutsche Bank Securities Inc., Citigroup Global Markets Inc., Goldman Sachs & Co., Société Générale Securities Services, Morgan Stanley Smith Barney
LLC, Bank of America Merrill Lynch, BNP Paribas Securities Corp, Barclays Capital Inc., Credit Suisse Securities (UA) LLC, UBS Financial Services Inc., Wells Fargo Clearing Services, LLC, Jefferies LLC or RBC Capital Markets LLC or (b) any
banking or securities Affiliate of any Person specified in clause (a), but in no event including the Company or any Affiliate of the Company. 

“Ineligible Investment” means any Portfolio Investment that fails, at any time, to satisfy the Eligibility Criteria;
provided that with respect to any Portfolio Investment for which the Administrative Agent has waived one or more of the criteria set forth on Schedule 3, the Eligibility Criteria in respect of such Portfolio Investment shall be deemed not to
include such waived criteria at any time after such waiver and such Portfolio Investment shall not be considered an “Ineligible Investment” by reason of its failure to meet such waived criteria; provided further that any
Portfolio Investment (other than an Initial Portfolio Investment) which has not been approved by the Administrative Agent pursuant to Section 1.02 on or prior to its Trade Date will be deemed to be an Ineligible Investment until such later date
(if any) on which such Portfolio Investment is so approved; provided further that (x) any Participation Interest granted under the Sale Agreement on the Effective Date that has not been elevated to an absolute assignment on or
prior to the 45th calendar day following the Effective Date (or, if the Company (or the Portfolio Manager on its behalf) has used commercially reasonable efforts to effect such elevation within such 45 calendar day period and has been unable to do
so, the 90th calendar day following the Effective Date) and (y) any other Participation Interest that has not been elevated to an absolute assignment on or prior to the 45th calendar day following the Trade Date for such Participation Interest,
in each case, shall constitute an Ineligible Investment until the date on which such elevation has occurred. 

“Information” means (i) the Loan Documents and the details of the provisions thereof and (ii) all information
received from the Company or any Affiliate thereof relating to the Company or its business or any obligor in respect of any Portfolio Investment in connection with the transactions contemplated by this Agreement. 

“Initial Portfolio Investments” means the Portfolio Investments listed in Schedule 5. 

“Interest Payment Date” has the meaning set forth in Section 4.03(b). 

“Interest Proceeds” means all payments of interest received in respect of the Portfolio Investments and Eligible Investments
acquired with the proceeds of Portfolio Investments (in each case other than accrued interest purchased using Principal Proceeds, but including proceeds received from the sale of interest accrued after the date on which the Company acquired the
related Portfolio Investment), all other payments on the Eligible Investments acquired with the proceeds of Portfolio Investments (for the avoidance of doubt, such other payments shall not include principal payments (including, without limitation,
prepayments, repayments or sale proceeds) with respect to Eligible Investments acquired with Principal Proceeds) and all payments of fees, dividends and other similar amounts received in respect of the Portfolio Investments or deposited into any of
the Collateral Accounts (including closing fees, 

  
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commitment fees, facility fees, late payment fees, amendment fees, waiver fees, prepayment fees and premiums, ticking fees, delayed compensation, customary syndication or other up-front fees and customary administrative agency or similar fees); provided, however, that for the avoidance of doubt, Interest Proceeds shall not include amounts or Eligible Investments in the MV
Cure Account or Unfunded Exposure Account or any proceeds therefrom. 
 “Investment” means (a) the purchase of any
debt or equity security of any other Person, (b) the making of any Loan or advance to any other Person, or (c) becoming obligated with respect to a contingent obligation in respect of obligations of any other Person. 

“IRS” means the United States Internal Revenue Service. 

“JPMCB” has the meaning set forth in the introductory section of this Agreement. 

“Lender Participant” has the meaning set forth in Section 10.06(c). 

“Lenders” has the meaning set forth in the introductory section of this Agreement. 

“Liabilities” has the meaning set forth in Section 5.03. 

“LIBO Rate” means, for each Calculation Period relating to an Advance, the LIBO Screen Rate at approximately 11:00 a.m.,
London time, two (2) Business Days prior to the commencement of such Calculation Period; provided that if the LIBO Screen Rate shall not be available at such time then the LIBO Rate for such Calculation Period shall be the rate per
annum (rounded to the same number of decimal places as the LIBO Screen Rate) determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from
interpolating on a linear basis between (a) the LIBO Screen Rate for the longest period available that is shorter than three months and (b) the LIBO Screen Rate for the shortest period available that is longer than three months, in each
case, at such time. 
 “LIBO Screen Rate” means, for each Calculation Period relating to an Advance, the London interbank
offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate) for U.S. Dollars for a period equal to three months as displayed on such day and time on pages LIBOR01 or LIBOR02 of
the Reuters screen that displays such rate (or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information
service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion); provided that if the LIBO Screen Rate as so determined would be less than zero, such rate shall be deemed to zero for
the purposes of this Agreement; provided, further that, with respect to the first Calculation Period, the LIBO Screen Rate shall be the rate that results from interpolating on a linear basis between (a) the LIBO Screen Rate for
the longest period available that is shorter than such Calculation Period and (b) the LIBO Screen Rate for the shortest period available that is longer than such Calculation Period, as determined by the Administrative Agent (which determination
shall be conclusive and binding absent manifest error). 
 “Lien” means any security interest, lien, charge, pledge,
preference or encumbrance of any kind, in each case securing the payment of obligations, including tax liens, mechanics’ liens and any liens that attach by operation of law. 

“Loan” means any obligation for the payment or repayment of borrowed money that is documented by a term and/or revolving loan
agreement or other similar credit agreement. 

  
 - 10 - 

 “Loan Documents” means this Agreement, the Sale Agreement, the Account
Control Agreement, any Non-USD Obligation Security Document and such other agreements and documents, and any amendments or supplements thereto or modifications thereof, in each case executed or delivered by
the Company or any Affiliate thereof with or in favor of the Administrative Agent and/or the Lenders pursuant to the terms of this Agreement or any of the other Loan Documents and any additional documents delivered by the Company or any Affiliate
thereof to or in favor of the Administrative Agent and/or the Lenders in connection with any such amendment, supplement or modification. 

“Margin Stock” has the meaning provided such term in Regulation U of the Board of Governors of the Federal Reserve Board.

 “Market Value” means, on any date of determination, (i) with respect to any Portfolio Investment (other than a
Mezzanine Obligation), the average indicative bid-side price (expressed as a percentage) determined by LoanX/Markit Group Limited or TRACE (or, if the Administrative Agent determines in good faith that such
bid price is not available or is not indicative of the actual current market value, the market value of such Senior Secured Loan or Second Lien Loan as determined by the Administrative Agent in good faith and in a commercially reasonable manner) and
(ii) with respect to any Mezzanine Obligation, the market value of such Portfolio Investment as determined by the Administrative Agent in good faith and in a commercially reasonable manner, in each case, expressed as a percentage of par. 

So long as no Market Value Event has occurred or Event of Default has occurred and is continuing, the Portfolio Manager shall have the right
to initiate a dispute of the Market Value of certain Portfolio Investments as set forth below; provided that the Portfolio Manager (x) in the case of a dispute using written executable bid(s), provides the Administrative Agent the
executable bid(s) set forth below no later than 12:00 p.m. New York City time on the second Business Day following the related date of determination and (y) in the case of a dispute using a valuation from a Nationally Recognized Valuation
Provider, provides the Administrative Agent with written notice (including via email) of its intention to initiate such dispute no later than 12:00 p.m. New York City time on the fifth Business Day following the related date of determination and
provides the valuation set forth below no later than 12:00 p.m. New York City time on the fifteenth Business Day following the related date of determination (and, in the case of both clause (x) and clause (y), if such dispute occurs after a
Market Value Trigger Event, provides the executable bid(s) or valuation, as applicable, to the Administrative Agent not later than the last day of the related Market Value Cure Period). 

If the Portfolio Manager disputes the determination of Market Value with respect to any Broadly Syndicated Portfolio Investment, the Portfolio
Manager may, at the expense of the Company, obtain written executable bids from two Independent Dealers (or, if two such bids are not available, one such written executable bid) for a principal amount of such Portfolio Investment at least equal to
the greater of (x) 10% of the aggregate principal amount of such Portfolio Investment and (y) $10,000,000 (or such lower amount consented to by the Administrative Agent in its sole discretion) and submit evidence of such bid(s) to the Administrative
Agent. If two such executable bids are obtained and provided to the Administrative Agent, the average of such bids will be the Market Value of such Portfolio Investment in accordance with the second succeeding paragraph. If only one such executable
bid is obtained and provided to the Administrative Agent, the average of such bid and the Market Value provided by the Administrative Agent in accordance with the first paragraph of this definition shall be the Market Value of such Portfolio
Investment in accordance with the second succeeding paragraph. 

  
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 If the Portfolio Manager disputes the determination of Market Value with respect to any
Portfolio Investment other than a Broadly Syndicated Portfolio Investment, the Portfolio Manager may, with respect to up to three such Portfolio Investments in each calendar quarter, engage a Nationally Recognized Valuation Provider, at the expense
of the Company, to provide a valuation of the applicable Portfolio Investments and submit evidence of such valuation to the Administrative Agent. Such valuation shall be the Market Value of such Portfolio Investment in accordance with the
immediately succeeding paragraph. 
 The market value of any Portfolio Investment determined in accordance with the immediately preceding
paragraph and the second preceding paragraph will be the Market Value for the applicable Portfolio Investment from and after the Business Day following receipt of notice of the executable bid(s) or valuation, as applicable, by the Administrative
Agent until the Administrative Agent has made a good faith and commercially reasonable determination that the Market Value of such Portfolio Investment has changed, in which case the Administrative Agent may determine another Market Value (in
accordance with the definition of Market Value). 
 Notwithstanding anything to the contrary herein, (A) the Market Value for any
Portfolio Investment shall not be greater than the par amount thereof, (B) the Market Value of any Ineligible Investment shall be deemed to be zero and (C) the Administrative Agent shall be entitled to disregard as invalid any bid
submitted by the Portfolio Manager from any Independent Dealer if, in the Administrative Agent’s good faith judgment: (i) such Independent Dealer is ineligible to accept assignment or transfer of the relevant Portfolio Investment or
portion thereof, as applicable, substantially in accordance with the then-current market practice in the principal market for such Portfolio Investment, as reasonably determined by the Administrative Agent; or (ii) such firm bid or such firm
offer is not bona fide. 
 The Administrative Agent shall notify the Company, the Portfolio Manager and the Collateral Administrator in
writing of the then-current Market Value of each Portfolio Investment in the Portfolio on a monthly basis by the tenth (10th) calendar day of each month or upon the reasonable request of the Portfolio Manager (but no more frequently than 4 requests
per calendar month). Any notification from the Administrative Agent to the Company that the events set forth in clause (A)(i) of the definition of the term Market Value Event have occurred and are continuing shall be accompanied by a written
statement showing the then-current Market Value of each Portfolio Investment. 
 “Market Value Cure” means, on any date of
determination, (i) with the consent of the Administrative Agent (not to be unreasonably delayed), the contribution by the Parent of additional Portfolio Investments and the Delivery thereof by the Company to the Collateral Agent pursuant to the
terms hereof, (ii) the contribution by the Parent of cash to the Company and the Delivery thereof by the Company to the Collateral Agent pursuant to the terms hereof (which amounts shall be deposited in the MV Cure Account), (iii) the sale by
the Company of one or more Portfolio Investments in accordance with the requirements of this Agreement, (iv) the prepayment by the Company of an aggregate principal amount of Advances (together with accrued and unpaid interest thereon) or
(v) any combination of the foregoing clauses (i), (ii), (iii) and (iv), in each case during the Market Value Cure Period, at the option of the Portfolio Manager, and in an amount such that immediately after giving effect to all such actions the
Net Advances are less than the product of (a) Net Asset Value and (b) the Market Value Cure Trigger; provided that, any Portfolio Investment contributed to the Company in connection with the foregoing must meet all of the applicable
Eligibility Criteria (unless otherwise consented to by the Administrative Agent) and the Concentration Limitations shall be satisfied immediately after such contribution. 

In connection with any Market Value Cure under clause (i) above, (x) a Portfolio Investment shall be deemed to have been contributed to
the Company if there has been a valid, binding and enforceable contract for the assignment of such Portfolio Investment to the Company and, in the reasonable judgment of the Portfolio Manager, such assignment will settle, in the case of a Loan,
within ten (10) Business Days after the related Trade Date and, in the case of any other Portfolio Investment, within three (3) Business Days after the related Trade Date and the Company (or the Portfolio Manager

  
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on its behalf) shall use its commercially reasonable efforts to effect any such assignment within such time period and (y) the Administrative Agent shall use commercially reasonable efforts
to reply to a request to approve the applicable Portfolio Investment for contribution within one (1) Business Day of the request by the Company (or the Portfolio Manager on its behalf) for such approval. 

“Market Value Cure Failure” means the failure by the Company to effect a Market Value Cure as set forth in the definition of
such term. 
 “Market Value Cure Period” means the period commencing on the Business Day on which the Portfolio Manager
receives notice from the Administrative Agent (which if received after 2:00 p.m., New York City time, on any Business Day, shall be deemed to have been received on the next succeeding Business Day) of the occurrence of a Market Value Trigger Event
and ending at the close of business in New York two (2) Business Days thereafter; provided that the Market Value Cure Period may be extended if (i) the Company has delivered to the Administrative Agent with a copy to the Collateral
Agent and the Collateral Administrator an MV Cure Extension Request satisfactory to the Administrative Agent in its sole discretion to extend the Market Value Cure Period by a specified MV Cure Extension Period and (ii) upon request of the
Administrative Agent (which request may be a standing request) on each Business Day in such MV Cure Extension Period, the Company has delivered an MV Cure Plan Status Confirmation to the Administrative Agent; provided, further, that,
if on any date during the MV Cure Extension Period, the Administrative Agent notifies the Company or the Portfolio Manager that an MV Cure Plan Status Confirmation is not satisfactory to the Administrative Agent, a Market Value Cure Failure will be
deemed to have occurred on such date. 
 “Market Value Cure Trigger” has the meaning set forth in the Transaction Schedule.

 “Market Value Event” means (A) the occurrence of both of the following events (i) a Market Value Trigger Event
and (ii) a Market Value Cure Failure or (B) if in connection with any Market Value Cure, a Portfolio Investment sold, contributed or deemed to have been contributed to the Company shall fail to settle within (i) in the case of a Loan,
ten (10) Business Days (or such longer period of time agreed to by the Administrative Agent in its sole discretion) after the related Trade Date thereof and (ii) in the case of any other Portfolio Investment, three (3) Business Days
(or such longer period of time agreed to by the Administrative Agent in its sole discretion) after the related Trade Date thereof. 

“Market Value Trigger” has the meaning set forth in the Transaction Schedule. 

“Market Value Trigger Event” means an event that shall have occurred if the Administrative Agent has determined (which
determination shall be binding absent manifest error) and notified the Portfolio Manager in writing as of any date that the Net Advances exceed the product of (a) the Net Asset Value and (b) the Market Value Trigger. 

“Material Adverse Effect” means a material adverse effect on (a) the business, assets, operations or financial condition
of the Company, the Seller or the Portfolio Manager, (b) the ability of the Company, the Seller or the Portfolio Manager to perform its obligations under this Agreement or any of the other Loan Documents or (c) the rights of or benefits
available to the Agents or the Lenders under this Agreement or any of the other Loan Documents. 
 “Material Amendment”
means any amendment, modification or supplement to this Agreement that (i) increases the Financing Commitment of any Lender, (ii) reduces the principal amount of any Advance or reduces the rate of interest thereon (other than a waiver of
the application of the Adjusted Applicable Margin), or reduces any fees payable to a Lender hereunder, (iii) postpones the scheduled date of payment of the principal amount of any Advance, or any interest thereon, or any other

  
 - 13 - 

 
amounts payable hereunder, or reduces the amount of, waives or excuses any such payment (other than a waiver of the application of the Adjusted Applicable Margin), or postpones the scheduled date
of expiration of any Financing Commitment, (iv) changes any provision in a manner that would alter the pro rata sharing of payments required hereby or (v) changes any of the provisions of this definition or the definition of “Required
Lenders” or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder. 

“Maturity Date” means the date that is the earliest of (1) the Scheduled Termination Date set forth on the Transaction
Schedule, (2) the date on which the Secured Obligations become due and payable upon the occurrence of an Event of Default under Article VII and the acceleration of the Secured Obligations, (3) the date on which the principal amount of the
Advances is irrevocably reduced to zero as a result of one or more prepayments and the Financing Commitments are irrevocably terminated and (4) the date after a Market Value Event on which all Portfolio Investments have been sold and the
proceeds therefrom have been received by the Company. 
 “Maximum Rate” has the meaning set forth in Section 10.09.

 “Mezzanine Obligation” means a Portfolio Investment which is not a Senior Secured Loan or a Second Lien Loan. 

“Minimum Funding Amount” means, on any date of determination, the amount set forth in the table below; provided that,
on and after any Commitment Increase Date, the Minimum Funding Amount shall be the amount set forth in the last row below plus 80% of the increase in the Financing Commitment resulting from the Commitment Increase Request: 

 

							
	 Period Start Date
	  	Period End Date	  	Minimum Funding
Amount (U.S.$)	 
	Effective Date	  	May 16, 2019	  	 	120,000,000	 
	May 17, 2019	  	Last day of the Ramp-Up Period	  	 	150,000,000	 
	First Day following the last day of the Ramp-Up Period	  	Last day of the Reinvestment
Period	  	 	240,000,000	 

 “MV Cure Account” means the account(s) established by the Securities Intermediary and set
forth on the Transaction Schedule and any successor accounts established in connection with the resignation or removal of the Securities Intermediary. 

“MV Cure Extension Period” means a period of up to 10 Business Days requested by the Company in an MV Cure Extension Request.

 “MV Cure Extension Request” means a written request from the Company to the Administrative Agent (with a copy to the
Collateral Agent and the Collateral Administrator) satisfactory to the Administrative Agent in its sole discretion requesting to extend the Market Value Cure Period by an MV Cure Extension Period and proposing a MV Cure Plan, together with any
supporting documentation as may be requested by the Administrative Agent in its reasonable discretion. 

  
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 “MV Cure Plan” means a proposal by a senior officer of the Portfolio
Manager on behalf of the Company of steps which the Company, the Portfolio Manager and/or the Parent propose to take to effect a Market Value Cure, which plan may include a contribution of capital and/or one or more additional Portfolio Investments
from the Parent. 
 “MV Cure Plan Status Confirmation” means a status update provided by a senior officer of the Portfolio
Manager on behalf of the Company on each Business Day during the MV Cure Extension Period regarding the progress of the stated MV Cure Plan, together with any further information or supporting documentation reasonably requested by the Administrative
Agent in connection with achieving a Market Value Cure. 
 “Nationally Recognized Valuation Provider” means Lincoln
International LLC (f/k/a Lincoln Partners LLC), Valuation Research Corporation, Alvarez & Marsal, Duff & Phelps, Houlihan Lokey, Murray Devine and FTI Consulting; provided that any independent entity providing professional
asset valuation services may be added to this definition by the Company (with the consent of the Administrative Agent) or added to this definition by the Administrative Agent from time to time by notice thereof to the Company and the Portfolio
Manager; provided, further, that the Administrative Agent may remove any provider from this definition by written notice to the Company and the Portfolio Manager so long as, after giving effect to such removal, there are at least three
(or such greater number consented to by the Administrative Agent in its sole discretion) providers designated pursuant to this definition. 

“Net Advances” means the principal amount of the outstanding Advances (inclusive of Advances that have been requested for any
outstanding Purchase Commitments which have traded but not settled) minus the amounts then on deposit in the Collateral Accounts (including cash and Eligible Investments) representing Excess Interest Proceeds and Principal Proceeds (other than
Principal Proceeds that have been identified for use to settle outstanding Purchase Commitments which have traded but not settled). 

“Net Asset Value” means, on any date of determination, the sum of (A) the sum of the product for each Portfolio
Investment, other than, for any Loan, the unfunded commitment amount of a Delayed Funding Term Loan of (x) the Market Value of such Portfolio Investment (both owned and in respect of which there is an outstanding Purchase Commitment that has
traded but has not settled) multiplied by (y) the funded principal amount of such Portfolio Investment plus (B) the amounts then on deposit in the Unfunded Exposure Account (including cash and Eligible Investments); provided
that, for the avoidance of doubt, (1) the Concentration Limitation Excess, (2) any Portfolio Investment which has traded but not settled (x) in the case of a Loan, within ten (10) Business Days (or such longer period of time
agreed to by the Administrative Agent in its sole discretion) after the related Trade Date thereof and (y) in the case of any other Portfolio Investment, within three (3) Business Days (or such longer period of time agreed to by the
Administrative Agent in its sole discretion) after the related Trade Date thereof and (3) any Ineligible Investments will be excluded from the calculation of the Net Asset Value and assigned a value of zero for such purposes. If the trade date
for the sale of a Portfolio Investment (or any portion thereof) by the Company has occurred, the related settlement date has not occurred and the Administrative Agent has received satisfactory evidence that such trade has been entered into (which
evidence shall include the sale price), the Market Value of the portion of such Portfolio Investment which has been traded (subject to the proviso in the immediately preceding sentence) shall be deemed to be such sale price for a period of time not
exceeding (x) in the case of a Loan, ten (10) Business Days (or such longer period of time agreed to by the Administrative Agent in its sole discretion) after the related trade date for such sale and (y) in the case of any other
Portfolio Investment, three (3) Business Days (or such longer period of time agreed to by the Administrative Agent in its sole discretion) after the related Trade Date for such sale. 

  
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 “Net Purchased Loan Balance” means, as of any date of determination, an
amount equal to (a) the aggregate principal balance of all Portfolio Investments acquired by the Company prior to such date minus (b) the aggregate principal balance of all Portfolio Investments repurchased by the Parent or an Affiliate
thereof prior to such date. 
 “New York Collateral” has the meaning set forth in the definition of Deliver. 

“Non-Call Period” means the period beginning on, and including, the Effective Date
and ending on, but excluding, the earlier of (i) November 16, 2020 and (ii) any Non-Call Termination Date. 

“Non-Call Termination Date” means (i) any date during the Reinvestment Period on
which (x) the Company (or the Portfolio Manager on its behalf) has submitted at least ten (10) Notices of Acquisition (including all related information required to be delivered in connection therewith pursuant to Section 1.02) to the
Administrative Agent in the immediately preceding twelve month period relating to obligations each of which (A) satisfy all of the Eligibility Criteria and (B) would not cause any of the Concentration Limitations to be exceeded on a pro
forma basis immediately after giving effect to their proposed acquisition and (y) the Administrative Agent has failed to approve the Portfolio Investments proposed to be acquired in at least five (5) of such Notices of Acquisition within
the time period specified in Section 1.02(c); provided that if the Administrative Agent initially does not approve but then subsequently approves any such Portfolio Investment, it shall be deemed an approval of such Portfolio Investment
to the extent that the applicable Portfolio Investment is subsequently purchased by the Company or (ii) any Lender requests compensation under Section 3.01(e) or (f), or the Company is required to pay any Indemnified Taxes or additional
amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.03. 
 “Non-USD Obligation Accounts” has the meaning set forth in Section 10.05. 
 “Non-USD Obligation Security Documents” has the meaning set forth in Section 10.05. 

“Notice of Acquisition” has the meaning set forth in Section 1.02(a). 

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

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that
are Other Connection Taxes imposed with respect to an assignment. 
 “Parent” means Blackstone/GSO Secured Lending Fund.

 “Participant Register” has the meaning specified in Section 10.06(d). 

“Participation Interest” means a participation interest in a Loan. 

“PATRIOT Act” has the meaning set forth in Section 2.04(f). 

  
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 “Permitted Distribution” means, on any Business Day, distributions of
(x) Interest Proceeds, (y) prior to the last day of the Reinvestment Period, Principal Proceeds representing proceeds of the initial Advance and/or (z) following the last day of the Ramp-Up
Period and prior to the last day of the Reinvestment Period, other Principal Proceeds (in each case, at the discretion of the Company) to the Parent (or other permitted equity holders of the Company); provided that amounts may be distributed
pursuant to this definition only to the extent of available Excess Interest Proceeds and/or Principal Proceeds and only so long as (i) no Event of Default has occurred and is continuing (or would occur after giving effect to such Permitted
Distribution), (ii) no Market Value Event shall have occurred (or would occur after giving effect to such Permitted Distribution), (iii) the Borrowing Base Test is satisfied immediately prior to and immediately after giving effect to such Permitted
Distribution), (iv) the Company gives at least two (2) Business Days’ prior written notice thereof to the Administrative Agent, (v) not more than five Permitted Distributions are made in any single Calculation Period and (vi) the
Company confirms in writing (which may be by email) to the Administrative Agent, and the Administrative Agent confirms in writing (which may be by email and which the Administrative Agent shall provide promptly upon its verification that the
conditions to a Permitted Distribution are satisfied) to the Collateral Agent and the Collateral Administrator, that the conditions to a Permitted Distribution set forth herein are satisfied. Nothing in this definition shall limit the right or
ability of the Company to make a Permitted RIC Distribution at any time. 
 “Permitted Lien” means any of the following:
(a) Liens for Taxes if such Taxes shall not at the time be due and payable or if a Person shall currently be contesting the validity thereof in good faith by appropriate proceedings and with respect to which reserves in accordance with GAAP
have been provided on the books of such Person, (b) Liens imposed by law, such as materialmen’s, warehousemen’s, mechanics’, carriers’, workmen’s and repairmen’s Liens and other similar Liens, arising by operation
of law in the ordinary course of business for sums that are not overdue or are being contested in good faith, (c) Liens granted pursuant to or by the Loan Documents, (d) judgement Liens not constituting an Event of Default hereunder,
(e) bankers’ Liens, rights of setoff and other similar Liens existing solely with respect to cash and Cash Equivalents on deposit in one or more accounts maintained by such Person, in each case granted in the ordinary course of business in
favor of the bank or banks with which such accounts are maintained, securing amounts owing to such bank with respect to cash management, operating account arrangements and netting arrangements, (f) with respect to collateral underlying any
Portfolio Investment, the Lien in favor of the Company herein and Liens permitted under the underlying instruments related to such Portfolio Investment, (g) as to any agented Portfolio Investment, Liens in favor of the agent on behalf of all
the lenders to the related obligor and (h) Liens of clearing agencies, broker-dealers and similar Liens incurred in the ordinary course of business, provided that such Liens (x) attach only to the securities (or proceeds) being purchased
or sold and (y) secure only obligations incurred in connection with such purchase or sale, and not any obligation in connection with financing. 

“Permitted Non-USD Currency” means, following the execution and delivery of a
Currency Amendment, Canadian Dollars, Euro and British Pounds. 
 “Permitted RIC Distribution” means distributions to the
Parent (from the Collection Account or otherwise) to the extent required to allow the Parent to make sufficient distributions to qualify as a regulated investment company and to otherwise eliminate federal or state income or excise taxes payable by
the Parent in or with respect to any taxable year of the Parent (or any calendar year, as relevant); provided that (A) the amount of any such payments made in or with respect to any such taxable year (or calendar year, as relevant) of
the Parent shall not exceed 115% of the amounts that the Company would have been required to distribute to the Parent to: (i) allow the Company to satisfy the minimum distribution requirements that would be imposed by Section 852(a) of the
Code (or any successor thereto) to maintain its eligibility to be taxed as a regulated investment company for any such taxable year, (ii) reduce to zero for any such taxable year the Company’s liability for federal income taxes imposed on
(x) 

  
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its investment company taxable income pursuant to Section 852(b)(1) of the Code (or any successor thereto) or (y) its net capital gain pursuant to Section 852(b)(3) of the Code (or
any successor thereto), and (iii) reduce to zero the Company’s liability for federal excise taxes for any such calendar year imposed pursuant to Section 4982 of the Code (or any successor thereto), in the case of each of (i), (ii) or
(iii), calculated assuming that the Company had qualified to be taxed as a RIC under the Code, (B) after the occurrence and during the continuance of an Event of Default, the amount of Permitted Tax Distributions made in any calendar quarter
shall not exceed U.S.$1,500,000 (or such greater amount consented to by the Administrative Agent in its sole discretion) and (C) amounts may be distributed pursuant to this definition only to the extent of available Excess Interest Proceeds
and/or Principal Proceeds and only so long as (x) the Borrowing Base Test is satisfied immediately prior to and immediately after giving effect to such Permitted RIC Distribution (unless otherwise consented to by the Administrative Agent in its
sole discretion) and (y) the Company gives at least two (2) Business Days’ prior written notice thereof to the Administrative Agent, the Collateral Agent and the Collateral Administrator. 

“Permitted Working Capital Lien” has meaning set forth in the definition of “Senior Secured Loan”. 

“Person” means any natural person, corporation, partnership, trust, limited liability company, association, Governmental
Authority or unit, or any other entity, whether acting in an individual, fiduciary or other capacity. 
 “Plan” means any
“employee benefit plan” (as such term is defined in Section 3(3) of ERISA) subject to Section 412 of the Code or Title IV of ERISA established by the Company, the Parent or any ERISA Affiliate. 

“Plan Asset Rules” means the regulations issued by the United States Department of Labor at
Section 2510.3-101 of Part 2510 of Chapter XXV, Title 29 of the United States Code of Federal Regulations, as modified by Section 3(42) of ERISA. 

“Portfolio” means all Portfolio Investments Purchased hereunder and not otherwise sold or liquidated. 

“Portfolio Investments” has the meaning set forth in the introductory section of this Agreement. 

“Portfolio Manager” has the meaning set forth in the introductory section of this Agreement. 

“Primary Management Fee” means, with respect to any Interest Payment Date, the fee payable to the Portfolio Manager for
services rendered during the related Calculation Period hereunder, which shall be equal to one-fourth of the product of (i) the Primary Management Fee Percentage multiplied by (ii) the average of the
values of the aggregate principal amount of the Portfolio Investments (other than Ineligible Investments) on the first day and the last day of the related Calculation Period. For the avoidance of doubt, the Portfolio Manager may waive or defer the
payment of any Primary Management Fee in its sole discretion. 
 “Primary Management Fee Percentage” means 0.30% per annum.

  
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 “Prime Rate” means the rate of interest per annum publicly announced
from time to time by JPMCB as its prime rate in effect at its principal office in New York City; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective. 

“Principal Proceeds” means all amounts received with respect to the Portfolio Investments or any other Collateral, and all
amounts otherwise on deposit in the Collateral Accounts (including cash contributed by the Company), in each case other than Interest Proceeds or amounts on deposit in the Unfunded Exposure Account. 

“Priority of Payments” has the meaning set forth in Section 4.05. 

“Proceeding” has the meaning set forth in Section 10.08(b). 

“Purchase” means each acquisition of a Portfolio Investment hereunder (other than by Substitution), including, for the
avoidance of doubt, by way of a contribution by the Parent to the Company pursuant to the Sale Agreement. 
 “Purchase
Commitment” has the meaning set forth in Section 1.02(a). 
 “Ramp-Up
Period” means the period from and including the Effective Date to, but excluding, August 16, 2019. 

“Register” has the meaning set forth in Section 3.01(c). 

“Reinvestment Period” means the period beginning on, and including, the Effective Date and ending on, but excluding, the
earliest of (i) November 16, 2021, (ii) the date on which a Market Value Event occurs (unless waived by the Administrative Agent in its sole discretion) and (iii) the date on which an Event of Default occurs; provided that, in
the case of this clause (iii), with the written consent of the Required Lenders and the Administrative Agent (which consent may be granted or withheld in their respective sole discretion), at the request of the Portfolio Manager, the Reinvestment
Period may be reinstated if such Event of Default is waived or is cured prior to any declaration of the Secured Obligations as due and payable pursuant to Article VII as a result of such Event of Default. 

“Related Parties” has the meaning set forth in Section 9.01. 

“Request for Advance” has the meaning set forth in Section 2.03(d). 

“Required Lenders” means Lenders holding 50.1% or more of the sum of (i) the aggregate principal amount of the
outstanding Advances plus (ii) the aggregate undrawn amount of the outstanding Financing Commitments. 
 “Responsible
Officer” means (i) with respect to the Collateral Agent, any officer of the Collateral Agent customarily performing functions with respect to corporate trust matters and, with respect to a particular corporate trust matter under this
Agreement, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject in each case, having direct responsibility for the administration of this Agreement, (ii) with
respect to the Collateral Administrator, any officer of the Collateral Administrator customarily performing functions with respect to collateral administration matters and, with respect to a particular matter under this Agreement, any other officer
to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject in each case, having direct responsibility for the administration of this Agreement and (iii) with respect to the Company or
the Portfolio Manager, any officer thereof (or, in the case of the Company, any officer of the Parent) having direct responsibility for the administration of this Agreement. 

  
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 “Restricted Payment” means (i) any dividend or other distribution
(including, without limitation, a distribution of non-cash assets), direct or indirect, on account of any shares or other equity interests in the Company now or hereafter outstanding; (ii) any redemption,
retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, by the Company of any shares or other equity interests in the Company now or hereafter outstanding; and (iii) any payment made to retire,
or to obtain the surrender of, any outstanding warrants, options or other rights to acquire shares or other equity interests in the Company now or hereafter outstanding. 

“Revolving Loan” means any Loan (other than a Delayed Funding Term Loan, but including funded and unfunded portions of
revolving credit lines) that under the underlying instruments relating thereto may require one or more future advances to be made to the obligor by a creditor, but any such Loan will be a Revolving Loan only until all commitments by the holders
thereof to make advances to the obligor thereon expire or are terminated or are irrevocably reduced to zero. 
 “Sale
Agreement” has the meaning set forth in the introductory section of this Agreement. 
 “Sanctioned Country” means,
at any time, a country, region or territory which is itself the subject or target of any Sanctions (at the time of this Agreement, Cuba, Iran, North Korea, Syria and Crimea). 

“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons
maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or by the United Nations Security Council, the European Union, any EU member state, Her Majesty’s Treasury of the United
Kingdom or any other relevant sanctions authority, (b) any Person operating, organized or resident in a Sanctioned Country, (c) any Person owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b)
or (d) any Person otherwise the subject of Sanctions. 
 “Sanctions” means economic or financial sanctions or trade
embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or
(b) the United Nations Security Council, the European Union, any EU member state, Her Majesty’s Treasury of the United Kingdom or any other relevant sanctions authority. 

“Second Lien Loan” means a Loan (i) that is secured by a pledge of collateral, which security interest is validly
perfected and second priority (subject to liens permitted under the related underlying instruments that are reasonable and customary for similar Loans) under Applicable Law (other than a Loan that is second priority to a Permitted Working Capital
Lien) and (ii) the Portfolio Manager determines in good faith that the value of the collateral securing the Loan (including based on enterprise value) on or about the time of origination or acquisition by the Company equals or exceeds the
outstanding principal balance of the Loan plus the aggregate outstanding balances of all other Loans of equal or higher seniority secured by the same collateral. 

“Secondary Management Fee” means, with respect to any Interest Payment Date, the fee payable to the Portfolio Manager for
services rendered during the related Calculation Period hereunder, which shall be equal to one-fourth of the product of (i) the Secondary Management Fee Percentage multiplied by (ii) the average of
the values of the aggregate principal amount of the Portfolio Investments (other than Ineligible Investments) on the first day and the last day of the related Calculation Period. For the avoidance of doubt, the Portfolio Manager may waive or defer
the payment of any Secondary Management Fee in its sole discretion. 

  
 - 20 - 

 “Secondary Management Fee Percentage” means 0.45% per annum. 

“Secured Obligation” has the meaning set forth in Section 8.02(a). 

“Secured Party” has the meaning set forth in Section 8.02(a). 

“Securities Intermediary” has the meaning set forth in the introductory section of this Agreement. 

“Seller” has the meaning set forth in the introductory section of this Agreement. 

“Senior Secured Loan” means any Loan or Bond, that (i) is not (and is not expressly permitted by its terms to become)
contractually subordinate in right of payment to any obligation of the obligor in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings (other than pursuant to a Permitted Working Capital Lien and customary
waterfall provisions contained in the applicable loan agreement or indenture), (ii) is secured by a pledge of collateral, which security interest is (a) validly perfected and first priority under Applicable Law (subject to liens permitted under
the applicable credit agreement that are reasonable for similar Loans or Bonds, and liens accorded priority by law in favor of any Governmental Authority) or (b)(1) validly perfected and second priority in the accounts, documents, instruments,
chattel paper, letter-of-credit rights, supporting obligations, deposit accounts, investments accounts (as such terms are defined in the UCC) and any other assets
securing any Working Capital Revolver under Applicable Law and proceeds of any of the foregoing (a first priority lien on such assets a “Permitted Working Capital Lien”) and (2) validly perfected and first priority (subject to
liens permitted under the related underlying instruments that are reasonable and customary for similar Loans or Bonds) in all other collateral under Applicable Law, and (iii) the Portfolio Manager determines in good faith that the value of the
collateral for such Loan or Bond (including based on enterprise value) on or about the time of acquisition equals or exceeds the outstanding principal balance of the Loan or Bond plus the aggregate outstanding balances of all other Loans or Bonds of
equal or higher seniority secured by a first priority Lien over the same collateral. 
 “Settlement Date” has the meaning
set forth in Section 1.03. 
 “Solvent” means, with respect to any Person, that as of the date of determination,
(a) the sum of such Person’s debt (including contingent liabilities) does not exceed the present fair value of such Person’s present assets; (b) such Person’s capital is not unreasonably small in relation to its business as
contemplated on the date of this Agreement; and (c) such Person has not incurred debts beyond its ability to pay such debts as they become due (whether at maturity or otherwise). For purposes of this definition, the amount of any contingent
liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability. 

“Specified Matter” means any Amendment of a Portfolio Investment that (a) reduces the principal amount of such Portfolio
Investment, (b) reduces the rate of interest payable on such Portfolio Investment, (c) postpones the due date of any scheduled payment or distribution in respect of such Portfolio Investment, (d) alters the pro rata allocation or
sharing of payments or distributions required by any related underlying instrument in a manner adverse to the Company, (e) releases any material guarantor of such Portfolio Investment from its obligations, (f) terminates or releases any
lien on a material portion on the collateral securing such Portfolio Investment, (g) changes any of the provisions of any such underlying instrument specifying the number or percentage of lenders required to effect any of the foregoing or
(h) materially changes any financial covenant. 

  
 - 21 - 

 “Spot Rate” means, as of any date of determination after the execution of a
Currency Amendment, (x) with respect to actual currency exchange between USD and CAD, Euros or GBP, the applicable currency-USD rate available through Citibank, N.A.‘s banking facilities (or, if
Citibank, N.A. has notified the Administrative Agent and the Company that it will no longer provide such services or if Citibank, N.A. or one of its Affiliates is no longer the Collateral Agent, through such other source agreed to by the
Administrative Agent in writing) and (y) with respect to all other purposes between USD and CAD, Euros or GBP, the applicable currency-USD spot rate that appeared on the Bloomberg screen for such currency
at 5:00 p.m. New York City time on the immediately preceding Business Day. The determination of the Spot Rate shall be conclusive absent manifest error. 

“Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company or other business entity
of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of the happening of a
contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person; provided that notwithstanding any provision herein to
the contrary, the term “Subsidiary” shall not include any Person that constitutes an investment held by the Company in the ordinary course of business and that is not, under GAAP, consolidated on the financial statements of the Company.

 “Substitute Portfolio Investment” has the meaning set forth in Section 1.06. 

“Substitution” has the meaning set forth in Section 1.06. 

“Substitution Date” has the meaning set forth in Section 1.03. 

“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding),
assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Trade Date” has the meaning set forth in Section 1.03. 

“Transaction Schedule” has the meaning set forth in the introductory section of this Agreement. 

“UCC” means the Uniform Commercial Code in effect in the State of New York. 

“Uncertificated Security” has the meaning set forth in the UCC. 

“Unfunded Exposure Account” means the account established by the Securities Intermediary and set forth on the Transaction
Schedule for the deposit of funds used to cash collateralize the Unfunded Exposure Amount and any successor accounts established in connection with the resignation or removal of the Securities Intermediary. 

“Unfunded Exposure Amount” means, on any date of determination, with respect to any Delayed Funding Term Loan, an amount
equal to the aggregate amount of all unfunded commitments (after the execution of a Currency Amendment, in the case of unfunded commitments denominated in CAD, Euro and GBP, converted to USD at the Spot Rate on such date of determination) associated
with such Delayed Funding Term Loan. 

  
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 “Unfunded Exposure Shortfall” means, on any date of determination, an
amount equal to the greater of (x) 0 and (y) the aggregate Unfunded Exposure Amount for all Portfolio Investments minus the amounts on deposit in the Unfunded Exposure Account. 

“Unfunded Exposure Shortfall Amount” means, on any date of determination, (i) during the Reinvestment Period, the excess
of the Unfunded Exposure Shortfall over 2.5% of the Collateral Principal Amount and (ii) after the Reinvestment Period, the Unfunded Exposure Shortfall. 

“USD” and “$” mean U.S. dollars. 

“U.S. Person” means any Person that is a “United States person” as defined in Section 7701(a)(30) of the Code.

 “U.S. Tax Compliance Certificate” has the meaning set forth in Section 3.03(f). 

“Working Capital Revolver” means a revolving lending facility secured on a first lien basis solely by all or a portion of the
current assets of the related obligor, which current assets subject to such security interest do not constitute a material portion of the obligor’s total assets (it being understood that such revolving lending facility may be secured on a
junior lien basis by other assets of the related obligor). 
 ARTICLE I 

THE PORTFOLIO INVESTMENTS 

SECTION 1.01. Purchases of Portfolio Investments. On the Effective Date, the Company may acquire the Initial Portfolio Investments,
subject to the conditions specified in this Agreement. From time to time during the Reinvestment Period, the Company may Purchase additional Portfolio Investments, or request that Portfolio Investments be Purchased for the Company’s account,
all on and subject to the terms and conditions set forth herein. 
 SECTION 1.02. Procedures for Purchases and Related
Advances. 
 (a) Timing of Notices of Acquisition. No later than five (5) Agent Business Days (or such shorter period
as the Administrative Agent may agree in its sole discretion) before the date on which the Company proposes that a binding commitment to acquire any Portfolio Investment (other than an Initial Portfolio Investment) be made by it or for its account
(a “Purchase Commitment”), the Portfolio Manager, on behalf of the Company, shall deliver to the Administrative Agent a notice of acquisition (a “Notice of Acquisition”). 

(b) Contents of Notices of Acquisition. Each Notice of Acquisition shall consist of one or more electronic submissions to the
Administrative Agent (in such format and transmitted in such a manner as the Administrative Agent, the Portfolio Manager and the Company may reasonably agree (which shall initially be the format and include the information regarding such Portfolio
Investment identified on Schedule 2)), and shall be accompanied by such other information as the Administrative Agent may reasonably request to the extent such information is available to the Portfolio Manager. 

  
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 (c) Eligibility of Portfolio Investments. The Administrative Agent shall have the
right, on behalf of all Lenders, to request additional information regarding any proposed Portfolio Investment. The Administrative Agent shall notify the Portfolio Manager and the Company of its approval or failure to approve each Portfolio
Investment proposed to be acquired pursuant to a Notice of Acquisition (and, if approved, an initial determination of the Market Value for such Portfolio Investment) no later than the fifth (5th)
Agent Business Day succeeding the date on which it receives such Notice of Acquisition and any information reasonably requested in connection therewith); provided that (i) any Initial Portfolio Investment shall be deemed to be approved
by the Administrative Agent and (ii) the failure of the Administrative Agent to notify the Portfolio Manager and the Company of its approval in accordance with this Section 1.02(c) shall be deemed to be a disapproval of such proposed
acquisition. 
 (d) The failure of the Administrative Agent to approve the acquisition of a Portfolio Investment will not prohibit the
Company from acquiring such Portfolio Investment (subject to the conditions set forth in Section 1.03); provided that any Portfolio Investment not so approved prior to its Trade Date shall be deemed to be an Ineligible Investment until
such later date (if any) on which such Portfolio Investment is so approved. 
 (e) To the extent that the Administrative Agent has approved a
Notice of Acquisition with respect to a Portfolio Investment, the Settlement Date for such Portfolio Investment has not yet occurred and there has been a change of the financial sponsor for such Portfolio Investor (and no other change to the terms
thereof), the Administrative Agent shall use commercially reasonable efforts to provide a response to any revised Notice of Acquisition with respect thereto within two (2) Agent Business Days of its receipt of such revised Notice of
Acquisition. 
 SECTION 1.03. Conditions to Purchases and Substitutions. No Purchase Commitment, Purchase or Substitution
shall be entered into or made unless each of the following conditions is satisfied (or waived by the Administrative Agent in its sole discretion) as of the date on which such Purchase Commitment is entered into or such Purchase would otherwise be
made (such Portfolio Investment’s “Trade Date”) (it being understood that the Trade Date for a Delayed Funding Term Loan Purchased by the Company is the date on which the Company enters into a trade ticket to acquire such
Delayed Funding Term Loan) or, in the case of a Substitution, the date on which the Company consummates a Substitution (the “Substitution Date”): 

(1) the information contained in the Notice of Acquisition accurately describes, in all material respects, such Portfolio
Investment and such Portfolio Investment satisfies the eligibility criteria set forth in Schedule 3 (the “Eligibility Criteria”); 

(2) with respect to a Purchase, the proposed Settlement Date for such Portfolio Investment is not later than (i) in the
case of a Loan, the date that is ten (10) Business Days (or such longer period of time agreed to by the Administrative Agent in its sole discretion) after such Trade Date or (ii) in the case of any other Portfolio Investment, the date that
is three (3) Business Days (or such longer period of time agreed to by the Administrative Agent in its sole discretion) after such Trade Date; 

(3) no Market Value Event has occurred and no Event of Default or event that, with notice or lapse of time or both, would
constitute an Event of Default (a “Default”), has occurred and is continuing, and the Reinvestment Period has not otherwise ended; and 

(4) immediately after giving pro forma effect to the Purchase or Substitution of such Portfolio Investment and the related
Advance, the Borrowing Base Test is satisfied. 

  
 - 24 - 

 If the above conditions to a Purchase Commitment, a Purchase or a Substitution are satisfied
or waived by the Administrative Agent, the Portfolio Manager shall determine, in consultation with the Administrative Agent, the date on which such Purchase (if any) or Substitution shall settle (the “Settlement Date” for such
Portfolio Investment). With respect to a Purchase, promptly following the Settlement Date for a Portfolio Investment (or, in the case of a Portfolio Investment that is a Participation Interest, the date on which such Participation Interest is
elevated to a full assignment) and its receipt thereof, the Collateral Agent shall provide to the Administrative Agent a copy of the executed assignment agreement (or, in the case of a Portfolio Investment that is not a Loan, the executed purchase
agreement or similar instrument) pursuant to which such Portfolio Investment was assigned, sold or otherwise transferred to the Company. 

SECTION 1.04. Sales of Portfolio Investments. The Company will not sell, transfer or otherwise dispose of any Portfolio Investment or
any other asset without the prior consent of the Administrative Agent (acting at the direction of the Required Lenders), except that (a) (i) following the last day of the Ramp-Up Period and subject to
Section 6.02(w), the Company may sell any Portfolio Investment (including any Ineligible Investment) or other asset without such consent so long as, (x) immediately after giving effect thereto, no Market Value Event has occurred, no Event
of Default has occurred and is continuing and no Default or Event of Default would occur as a result of such sale and (y) the sale of such asset by the Company shall be on an arm’s-length basis and
in accordance with the Portfolio Manager’s standard market practices and (ii) if the Company wishes to sell any Portfolio Investment prior to the last day of the Ramp-Up Period, in conjunction with
its request for the consent of the Administrative Agent, the Company (or the Portfolio Manager on its behalf) shall certify to the Administrative Agent that such sale is being undertaken due to a significant decline in the credit quality of the
applicable Portfolio Investment (in the reasonable determination of the Portfolio Manager) and clauses (x) and (y) of the immediately preceding sentence are satisfied with respect to such sale, (b) the Company may sell, transfer or dispose
of Portfolio Investments in accordance with the Sale Agreement in the event a breach of one or more representations, warranties, undertakings or covenants made by the Seller with respect thereto, (c) the Company may effect Substitutions in
accordance with Section 1.06 and (d) the Company may sell, transfer or dispose of Portfolio Investments at a price at least equal to par to the extent required by the terms of the applicable underlying documents. In addition, within two
(2) Business Days of any Delayed Funding Term Loan with an unfunded commitment becoming an Ineligible Investment, the Company, subject to clauses (x) and (y) in the immediately preceding sentence, shall sell such Delayed Funding Term Loan
and shall pay any amount required to be paid to the transferee as consideration in connection with such sale. 
 Notwithstanding anything in
this Agreement to the contrary (but subject to this Section 1.04): (i) following the occurrence and during the continuance of an Event of Default, neither the Company nor the Portfolio Manager on its behalf shall have any right to cause the
sale, transfer or other disposition of a Portfolio Investment or any other asset (including, without limitation, the transfer of amounts on deposit in the Collateral Accounts) without the prior written consent of the Administrative Agent (which
consent may be granted or withheld in the sole discretion of the Administrative Agent), (ii) following the occurrence of a Market Value Event, the Company shall use commercially reasonable efforts to sell Portfolio Investments (individually or in
lots, including a lot comprised of all of the Portfolio Investments) at the sole direction of, and in the manner (including, without limitation, the time of sale, sale price, principal amount to be sold and purchaser) required by the Administrative
Agent (provided that the Administrative Agent shall only require sales at the direction of the Required Lenders and at least equal to the then-current fair market value and in accordance with the Administrative Agent’s standard market
practices) and the proceeds from such sales shall be used to prepay the Advances outstanding hereunder and (iii) following the occurrence of a Market Value Event, the Portfolio Manager shall have no right to act on behalf of, or otherwise
direct, the Company, the Administrative Agent, the Collateral Agent or any other Person in connection with a sale of Portfolio Investments pursuant to any provision of this Agreement except with the prior written consent of the Administrative Agent.
With respect to any sale of a Portfolio Investment the trade date of which was prior to the occurrence of an 

  
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Event of Default or Market Value Event, as applicable, and the settlement date is scheduled to occur on a date following such Event of Default or Market Value Event, the Administrative Agent
shall consent to such sale so long as all applicable criteria set forth in the immediately preceding paragraph were satisfied as of the trade date for such sale. 

Any prepayments made pursuant to this paragraph shall automatically reduce the Financing Commitments as provided in Section 4.07(c). 

In connection with any sale of Portfolio Investments required by the Administrative Agent following the occurrence of a Market Value Event,
the Administrative Agent or a designee of the Administrative Agent shall: 
 (i) notify the Company at the Designated Email Notification
Address promptly upon distribution of bid solicitations regarding the sale of such Portfolio Investments; and 
 (ii) direct the Company to
sell such Portfolio Investments to the Designated Independent Dealer if the Designated Independent Dealer provides the highest bid in the case where bids are received in respect of the sale of such Portfolio Investments, it being understood that if
the Designated Independent Dealer provides a bid to the Administrative Agent that is the highest bona fide bid to purchase a Portfolio Investment on a line-item basis where such Portfolio Investment is part of a pool of Portfolio Investments for
which there is a bona fide bid on a pool basis proposed to be accepted by the Administrative Agent (in its sole discretion), then the Administrative Agent shall accept any such line-item bid only if such line-item bid (together with any other
line-item bids by the Designated Independent Dealer or any other bidder for other Portfolio Investments in such pool) is greater than the bid on a pool basis. 

For purposes of this paragraph, the Administrative Agent shall be entitled to disregard as invalid any bid submitted by the Designated
Independent Dealer if, in the Administrative Agent’s judgment (acting reasonably): 
 (A) either: 

(x) the Designated Independent Dealer is ineligible to accept assignment or transfer of the relevant Portfolio Investments or any portion
thereof, as applicable, substantially in accordance with the then-current market practice in the principal market for the relevant Portfolio Investments; or 

(y) the Designated Independent Dealer would not, through the exercise of its commercially reasonable efforts, be able to obtain any consent
required under any agreement or instrument governing or otherwise relating to the relevant Portfolio Investments to the assignment or transfer of the relevant Portfolio Investments or any portion thereof, as applicable, to it; or 

(B) such bid is not bona fide, including, without limitation, due to (x) the insolvency of the Designated Independent Dealer or
(y) the inability, failure or refusal of the Designated Independent Dealer to settle the purchase of the relevant Portfolio Investments or any portion thereof, as applicable, or otherwise settle transactions in the relevant market or perform
its obligations generally. 
 In connection with any sale of a Portfolio Investment directed by the Administrative Agent pursuant to this
Section 1.04 and the application of the net proceeds thereof, the Company hereby appoints the Administrative Agent as the Company’s attorney-in-fact (it being
understood that the Administrative Agent shall not be deemed to have assumed any of the obligations of the Company by this appointment), with full authority in the place and stead of the Company and in the name of the Company

  
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to effectuate the provisions of this Section 1.04 (including, without limitation, the power to execute any instrument which the Administrative Agent or the Required Lenders may deem
necessary or advisable to accomplish the purposes of this Section 1.04 or any direction or notice to the Collateral Agent in respect of the application of net proceeds of any such sales). None of the Administrative Agent, the Lenders, the
Collateral Administrator, the Securities Intermediary, the Collateral Agent or any Affiliate of any thereof shall incur any liability to the Company, the Portfolio Manager, any Lender or any other Person in connection with any sale effected at the
direction of the Administrative Agent in accordance with this Section 1.04, including, without limitation, as a result of the price obtained for any Portfolio Investment, the timing of any sale or sales of Portfolio Investments or the notice or
lack of notice provided to any Person in connection with any such sale, so long as, in the case of the Administrative Agent only, any such sale does not violate Applicable Law. 

SECTION 1.05. Additional Equity Contributions. The Parent may, but shall have no obligation to, at any time or from time to time make a
capital contribution to the Company for any purpose, including for the purpose of curing any Default or Event of Default, in connection with a Market Value Cure, satisfying any Borrowing Base Test, enabling the acquisition or sale of any Portfolio
Investment or satisfying any conditions under Section 2.04. Each contribution shall either be made (a) in cash, (b) by assignment and contribution of Cash Equivalents and/or (c) by assignment and contribution of a Portfolio
Investment that satisfies all of the Eligibility Criteria and the Concentration Limitations and could otherwise be sold to the Company in compliance with this Agreement. 

SECTION 1.06. Substitutions; Limitations on Sales and Substitutions. The Company may replace a Portfolio Investment with another
Portfolio Investment (each such replacement, a “Substitution” and such new Portfolio Investment, a “Substitute Portfolio Investment”) so long as the Company has submitted a Notice of Acquisition and all other
applicable conditions precedent set forth in Section 1.03 have been satisfied with respect to each Substitute Portfolio Investment to be acquired by the Company in connection with such Substitution. In no event shall the aggregate outstanding
balance of Portfolio Investments in the Portfolio subject to a Substitution, together with the aggregate outstanding balance of Portfolio Investments sold to the Seller by the Company pursuant to Section 1.04 of this Agreement, exceed 20% of
the Net Purchased Loan Balance measured as of the date of such sale. 
 SECTION 1.07. Certain Assumptions relating to Portfolio
Investments. For purposes of all calculations hereunder, any Portfolio Investment for which the trade date in respect of a sale thereof by the Company has occurred, but the settlement date for such sale has not occurred, shall be considered to
be owned by the Company until such settlement date. 
 SECTION 1.08. Valuation of Permitted
Non-USD Currency Portfolio Investments. For purposes of all valuations and calculations hereunder, after the execution of a Currency Amendment, the principal amount and Market Value of all Portfolio
Investments and Cash Equivalents denominated in a Permitted Non-USD Currency and proceeds denominated in a Permitted Non-USD Currency shall be converted to USD at the
Spot Rate in accordance with the definition of such term in consultation with the Administrative Agent on the applicable date of valuation or calculation, as applicable. 

ARTICLE II 
 THE ADVANCES 

SECTION 2.01. Financing Commitments. Subject to the terms and conditions set forth herein, only during the Reinvestment Period, each
Lender hereby severally agrees to make available to the Company Advances, in U.S. dollars, in an aggregate amount outstanding not exceeding the amount of such Lender’s Financing Commitment. The Financing Commitments shall terminate on the
earliest of (a) the last day of the Reinvestment Period, (b) the Maturity Date and (c) the occurrence of a Market Value Event. 

  
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 SECTION 2.02. [Reserved]. 

SECTION 2.03. Advances; Use of Proceeds. 

(a) Subject to the satisfaction or waiver of the conditions to the Purchase of a Portfolio Investment set forth in Section 1.03 and/or an
Advance set forth in Section 2.05 as of (i) both the related Trade Date and Settlement Date and/or (ii) the Advance date, as applicable, the Lenders will (ratably in accordance with their respective Financing Commitments) make the
applicable Advance available to the Company on the related Settlement Date (or otherwise on the related Advance date if no Portfolio Investment is being acquired on such date) as provided herein. 

(b) Except as expressly provided herein, the failure of any Lender to make any Advance required hereunder shall not relieve any other Lender of
its obligations hereunder. If any Lender shall fail to provide any Advance to the Company required hereunder, then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received
by the Administrative Agent for the account of such Lender to satisfy such Lender’s obligations hereunder until all such unsatisfied obligations are fully paid. 

(c) Subject to Section 2.03(e), the Company shall use the proceeds of the Advances received by it hereunder to purchase the Portfolio
Investments identified in the related Notice of Acquisition or to make advances to the obligor of Delayed Funding Term Loans in accordance with the underlying instruments relating thereto; provided that, if the proceeds of an Advance are
deposited in the Collection Account as provided in Section 3.01 prior to or on the expected Settlement Date for any Portfolio Investment but the Company is unable to Purchase such Portfolio Investment on the related expected Settlement Date, or
if there are proceeds of such Advance remaining after such Purchase, then, subject to Section 3.01(a), upon written notice from the Portfolio Manager, the Collateral Agent shall apply such proceeds on such date as provided in Section 4.05.
The proceeds of the Advances shall not be used for any other purpose. Notwithstanding the foregoing, if the purchase price of a Portfolio Investment with respect to which a Notice of Acquisition has been approved by the Administrative Agent and
which could otherwise have been acquired with the proceeds of a related Advance in compliance with Section 2.05 and the other applicable requirements of this Agreement is instead paid by the Parent or its Affiliate on the designated Settlement
Date, the Company may use the proceeds of such Advance to repay the Parent or such Affiliate for the amount of the purchase price for such Portfolio Investment advanced by such Person. 

(d) With respect to any Advance, the Portfolio Manager on behalf of the Company shall submit a request substantially in the form of Exhibit A
(a “Request for Advance”) to the Lenders and the Administrative Agent, with a copy to the Collateral Agent and the Collateral Administrator, not later than 2:00 p.m. New York City time, one (1) Business Day prior to the
Business Day specified as the date on which such Advance shall be made and, upon receipt of such request, the Lenders shall make such Advances in accordance with the terms set forth in Section 3.01. Any requested Advance shall be in an amount
such that, immediately after giving effect thereto and the related purchase (if any) of the applicable Portfolio Investment(s), the Borrowing Base Test is satisfied. 

(e) If two Business Days prior to the end of the Reinvestment Period there exists any Unfunded Exposure Shortfall, then the Portfolio Manager,
on behalf of the Company, shall be deemed to have requested an Advance on such date, and the Lenders shall make a corresponding Advance on the last day of the Reinvestment Period (with written notice to the Collateral Administrator by the
Administrative 

  
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Agent) in accordance with Article III in amount, to be deposited in the Unfunded Exposure Account, equal to the least of (i) the aggregate Unfunded Exposure Shortfall, (ii) the
Financing Commitments in excess of the aggregate principal amount of the outstanding Advances and (iii) an amount such that the Borrowing Base Test is satisfied after giving effect to such Advance; provided that, if the Company provides
evidence to the Administrative Agent that it has cash from other sources that is available in accordance with the terms of this Agreement to make any such future advances in respect of any Delayed Funding Term Loan, then the amount of any such
Advance shall be reduced by the amount of such funds. After giving effect to such Advance, the Company shall cause the proceeds of such Advance and cash from other sources that are available in accordance with the terms of this Agreement in an
amount equal to the aggregate Unfunded Exposure Shortfall to be deposited in the Unfunded Exposure Account. 
 SECTION 2.04. Conditions
to Effective Date. Notwithstanding anything to the contrary herein, this Agreement shall not become effective until the date (the “Effective Date”) on which each of the following conditions is satisfied (or waived by the
Administrative Agent in its sole discretion):(a) Executed Counterparts. The Administrative Agent (or its counsel) shall have received from each party hereto either (i) a counterpart of this Agreement signed on behalf of such party or
(ii) written evidence reasonably satisfactory to the Administrative Agent (which may include electronic transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement. 

(b) Loan Documents. The Administrative Agent (or its counsel) shall have received reasonably satisfactory evidence that
the Loan Documents have been executed and are in full force and effect, and that the initial sales and contributions (or grant of Participation Interests, as applicable) contemplated by the Sale Agreement shall have been consummated in accordance
with the terms thereof. 
 (c) Opinions. The Administrative Agent (or its counsel) shall have received one or more
reasonably satisfactory written opinions of counsel for the Company, the Portfolio Manager, the Parent and the Seller, covering such matters relating to the transactions contemplated hereby and by the other Loan Documents as the Administrative Agent
shall reasonably request (including, without limitation, certain bankruptcy and UCC matters) in writing. 
 (d) Corporate
Documents. The Administrative Agent (or its counsel) shall have received such certificates of resolutions or other action, incumbency certificates and/or other certificates of officers of the Company, the Parent, the Seller and the Portfolio
Manager as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each officer thereof or other Person authorized to act in connection with this Agreement and the other Loan Documents, and such other
documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of the Company, the Parent, the Seller and the Portfolio Manager and any other legal matters
relating to the Company, the Parent, the Portfolio Manager, this Agreement or the transactions contemplated hereby, all in form and substance reasonably satisfactory to the Administrative Agent and its counsel. 

(e) Payment of Fees, Etc. The Administrative Agent, the Lenders, the Collateral Agent and the Collateral Administrator
shall have received all fees and other amounts due and payable by the Company in connection herewith on or prior to the Effective Date, including the fee payable pursuant to Section 4.03(e) and, to the extent invoiced, reimbursement or payment
of all reasonable and documented out-of-pocket expenses (including reasonable and documented legal fees and expenses) required to be reimbursed or paid by the Company
hereunder. 

  
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 (f) PATRIOT Act, Etc. (i) To the extent requested by the
Administrative Agent or any Lender, the Administrative Agent or such Lender, as the case may be, shall have received all documentation and other information required by regulatory authorities under the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “PATRIOT Act”) and other applicable “know your customer” and anti-money laundering rules and regulations and (ii) to the extent
the Company qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, at least five days prior to the Effective Date, any Lender that has requested, in a written notice to the Company at least 10 days prior to the
Effective Date, a Beneficial Ownership Certification in relation to the Company shall have received such Beneficial Ownership Certification. 

(g) Filings. Copies of proper financing statements, as may be necessary or, in the opinion of the Administrative Agent,
desirable under the UCC of all appropriate jurisdictions or any comparable law to perfect the security interest of the Collateral Agent on behalf of the Secured Parties in all Collateral in which an interest may be pledged hereunder. 

(h) Certain Acknowledgements. The Administrative Agent shall have received (i) UCC, tax and judgment lien searches,
bankruptcy and pending lawsuit searches or equivalent reports or searches indicating that there are no effective lien notices or comparable documents that name the Company as debtor and that are filed in the jurisdiction in which the Company is
organized, (ii) a UCC lien search indicating that there are no effective lien notices or comparable documents that name the Seller as debtor which cover any of the Portfolio Investments and (iii) such other searches that the Administrative
Agent reasonably deems necessary or appropriate. 
 (i) Officer’s Certificate. The Administrative Agent (or its
counsel) shall have received a certificate of an officer of the Company, certifying that the conditions set forth in Sections 2.05(4) and 2.05(6) have been satisfied on and as of the Effective Date. 

(j) Other Documents. Such other documents as the Administrative Agent may reasonably require. 

SECTION 2.05. Conditions to Advances. No Advance shall be made unless each of the following conditions is satisfied (or waived by the
Administrative Agent in its sole discretion) as of the proposed date of such Advance: 
 (1) the Effective Date shall have
occurred; 
 (2) the Company shall have delivered a Request for Advance in accordance with Section 2.03(d); 

(3) no Market Value Event has occurred 

(4) no Event of Default or Default has occurred and is continuing; 

(5) the Reinvestment Period has not ended; 

(6) all of the representations and warranties contained in Article VI and in any other Loan Document shall be true and correct
in all material respects (or with respect to such representations and warranties which by their terms contain materiality qualifiers, shall be true and correct), in each case on and as of the date of such Advance, except to the extent that such
representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (or with respect to such representations and warranties which by their terms contain materiality qualifiers,
shall be true and correct) as of such earlier date; and 

  
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 (7) immediately after giving pro forma effect to such Advance (and any
related Purchase) hereunder: 
 (x) the Borrowing Base Test is satisfied; 

(y) the aggregate principal balance of Advances then outstanding will not exceed the aggregate limit for Advances set forth in
the Transaction Schedule; and 
 (z) in the case of an Advance made in connection with a Purchase, the amount of such Advance
shall be not less than U.S.$1,000,000; provided that the amount of the initial Advance on the Effective Date shall be not less than U.S.$120,000,000. 

If the above conditions to an Advance are satisfied or waived by the Administrative Agent, the Portfolio Manager (on behalf of the Company)
shall determine, in consultation with the Administrative Agent and with notice to the Lenders and the Collateral Administrator, the date on which any Advance shall be provided. 

SECTION 2.06. Commitment Increase Request. The Company may, at any time during the Reinvestment Period, submit a Commitment Increase
Request for an increase in the Financing Commitment to up to $600,000,000 (in the aggregate), subject to satisfaction (or waiver by the Administrative Agent in its sole discretion) of the following conditions precedent: 

(a) the Administrative Agent (in its sole discretion) approves in writing (which may be by an email) such Commitment Increase Request; 

(b) no Market Value Event shall have occurred and no Event of Default shall have occurred and be continuing, in each case on and as of the
Commitment Increase Date; 
 (c) the Borrowing Base Test is satisfied on and as of the Commitment Increase Date; 

(d) all of the representations and warranties contained in Article VI and in any other Loan Document shall be true and correct in all material
respects (or with respect to such representations and warranties which by their terms contain materiality qualifiers, shall be true and correct), in each case on and as of the Commitment Increase Date, except to the extent that such representations
and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (or with respect to such representations and warranties which by their terms contain materiality qualifiers, shall be true
and correct) as of such earlier date; 
 (e) no commitment reduction shall have occurred pursuant to Section 4.07(a) in connection with
a Non-Call Termination Event prior to the Commitment Increase Date; 
 (f) any Commitment Increase
Request shall be in an amount not less than $50,000,000; and 
 (g) receipt by the Administrative Agent of such other documentation as the
Administrative Agent may reasonably request, including without limitation, documentation similar to that provided pursuant to Sections 2.04(d) and (f)(ii) on the Effective Date. 

  
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 ARTICLE III 

ADDITIONAL TERMS APPLICABLE TO THE ADVANCES 

SECTION 3.01. The Advances. 

(a) Making the Advances. If the Lenders are required to make an Advance to the Company as provided in Section 2.03, then each
Lender shall make such Advance on the proposed date thereof by wire transfer of immediately available funds by 12:00 p.m. New York City time to the Collateral Agent for deposit to the Collection Account. Each Lender at its option may make any
Advance by causing any domestic or foreign branch or Affiliate of such Lender to make such Advance; provided that any exercise of such option shall not affect the obligation of the Company to repay such Advance in accordance with the terms of
this Agreement. Subject to the terms and conditions set forth herein, the Company may borrow and prepay Advances. 
 (b) Interest on the
Advances. Subject to Section 3.01(h), all outstanding Advances shall bear interest (from and including the date on which such Advance is made) at a per annum rate equal to the LIBO Rate for each Calculation Period in effect plus the
Applicable Margin for Advances set forth on the Transaction Schedule; provided that, following the occurrence and during the continuance of an Event of Default pursuant to clause (a) of Article VII (and upon election by the Required
Lenders following the occurrence and during the continuance of any other Event of Default), all outstanding Advances and any accrued and unpaid interest thereon shall bear interest (from and including the date of such Event of Default) at a per
annum rate equal to the LIBO Rate for each Calculation Period in effect plus the Adjusted Applicable Margin ; provided further that, solely for purposes of this Section 3.01(b), if the aggregate amount of outstanding Advances at
any time is less than the Minimum Funding Amount, the amount of outstanding Advances at such time shall be deemed to equal the Minimum Funding Amount. 

(c) Evidence of the Advances. Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the
indebtedness of the Company to such Lender resulting from each Advance made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. The Administrative Agent, acting solely for this
purpose as an agent of the Company, shall maintain at one of its offices a register (the “Register”) in which it shall record (1) the amount of each Advance made hereunder, (2) the amount of any principal or interest due
and payable or to become due and payable from the Company to each Lender hereunder and (3) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof. The entries
made in the Register maintained pursuant to this paragraph (c) shall be conclusive absent manifest error; provided that the failure of any Lender or the Administrative Agent to maintain such Register or any error therein shall not in any
manner affect the obligation of the Company to repay the Advances in accordance with the terms of this Agreement. 
 Any Lender may request
that Advances made by it be evidenced by a promissory note. In such event, the Company shall prepare, execute and deliver to such Lender a promissory note payable to the order of such Lender (or, if a registered note is requested by such Lender, to
such Lender and its registered assigns) and in a form approved by the Administrative Agent (such approval not to be unreasonably withheld, conditioned or delayed). Thereafter, the Advances evidenced by such promissory note and interest thereon shall
at all times be represented by one or more promissory notes in such form payable to the payee named therein (or, if such promissory note is a registered note, to such payee and its registered assigns). 

  
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 (d) Pro Rata Treatment. Except as otherwise provided herein, all borrowings of, and
payments in respect of, the Advances shall be made on a pro rata basis by or to the Lenders in accordance with their respective portions of the Financing Commitments in respect of Advances held by them. 

(e) Illegality. Notwithstanding any other provision of this Agreement, if any Lender or the Administrative Agent shall notify the
Company that the adoption of any law, rule or regulation, or any change therein or any change in the interpretation or administration thereof by any Governmental Authority charged with the interpretation or administration thereof, makes it unlawful,
or any Governmental Authority asserts that it is unlawful, for a Lender or the Administrative Agent to perform its obligations hereunder to fund or maintain Advances hereunder, then (1) the obligation of such Lender or the Administrative Agent
hereunder shall immediately be suspended until such time as such Lender or the Administrative Agent determines (in its sole discretion) that such performance is again lawful, (2) any such Lender shall comply with the requirements of
Section 3.04, and (3) if such Lender is unable to effect a transfer under clause (2), then any outstanding Advances of such Lender shall be promptly paid in full by the Company (together with all accrued interest and other amounts owing
hereunder) but not later than the earlier of (x) if the Company requests such Lender or the Administrative Agent to take the actions set forth in clause (2) above, 20 calendar days after the date on which such Lender or the Administrative
Agent notifies the Company in writing that it is unable to transfer its rights and obligations under this Agreement as specified in such clause (2) and (y) such date as shall be mandated by law; provided that, to the extent that any such
adoption or change makes it unlawful for the Advances to bear interest by reference to the LIBO Rate, then the foregoing clauses (1) through (3) shall not apply and the Advances shall bear interest (from and after the last day of the
Calculation Period ending immediately after such adoption or change) at a per annum rate equal to the Base Rate plus the Applicable Margin for Advances set forth on the Transaction Schedule. 

(f) Increased Costs. 

(i) If any Change in Law shall: 

(A) impose, modify or deem applicable any reserve, special deposit, liquidity or similar requirement (including any compulsory
loan requirement, insurance charge or other assessment) against assets of, deposits with or for the account of, or credit extended by, any Lender; 

(B) impose on any Lender or the London interbank market any other condition, cost or expense (other than Taxes) affecting this
Agreement or Advances made by such Lender; or 
 (C) subject any Lender or the Administrative Agent to any Taxes (other than
(x) Indemnified Taxes, (y) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (z) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its
deposits, reserves, other liabilities or capital attributable thereto; 
 and the result of any of the foregoing shall be to
increase the cost to such Lender or the Administrative Agent of making, continuing, converting or maintaining any Advance or to reduce the amount of any sum received or receivable by such Lender or the Administrative Agent hereunder (whether of
principal, interest or otherwise), then, upon written request by such Lender or the Administrative Agent, the Company will pay to such Lender or the Administrative Agent, as the case may be, such additional amount or amounts as will compensate such
Lender or the Administrative Agent, as the case may be, for such additional costs incurred or reduction suffered. 

  
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 (ii) If any Lender determines that any Change in Law regarding capital or
liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement or the Advances made by such Lender
to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect
to capital adequacy and liquidity) by an amount reasonably deemed by such Lender to be material, then from time to time the Company will pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender’s
holding company for any such reduction suffered. 
 (iii) A certificate of a Lender setting forth the amount or amounts
necessary to compensate, and the basis for such compensation of, such Lender or its holding company, as the case may be, as specified in paragraph (i) or (ii) of this Section shall be delivered to the Company and shall be conclusive absent
manifest error. The Company shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof. 

(iv) Failure or delay on the part of any Lender or the Administrative Agent to demand compensation pursuant to this Section
shall not constitute a waiver of such Lender’s or the Administrative Agent’s right to demand such compensation; provided that the Company shall not be required to compensate a Lender or the Administrative Agent pursuant to this
Section for any increased costs or reductions incurred more than 180 days prior to the date that such Lender or the Administrative Agent notifies the Company of the Change in Law giving rise to such increased costs or reductions and of such
Lender’s or the Administrative Agent’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof. 

(v) Each of the Lenders and the Administrative Agent agrees that it will take such commercially reasonable actions as the
Company may reasonably request that will avoid the need to pay, or reduce the amount of, any increased amounts referred to in this Section 3.01(f); provided that no Lender or the Administrative Agent shall be obligated to take any actions that
would, in the reasonable opinion of such Lender or the Administrative Agent, be disadvantageous to such Lender or the Administrative Agent (including, without limitation, due to a loss of money). In no event will the Company be responsible for
increased amounts referred to in this Section 3.01(f) which relates to any other entities to which any Lender provides financing. 
 (g)
No Set-off or counterclaim. Subject to Section 3.03, all payments to be made hereunder by the Company in respect of the Advances shall be made without
set-off or counterclaim and in such amounts as may be necessary in order that every such payment (after deduction or withholding for or on account of any present or future Taxes imposed by the jurisdiction in
which the Company is organized or any political subdivision or taxing authority therein or thereof) shall not be less than the amounts otherwise specified to be paid under this Agreement. 

(h) Alternate Rate of Interest. (i) If prior to the commencement of any Calculation Period: (x) the Administrative Agent
determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the LIBO Rate (including, without limitation, because the LIBO Rate is not available or published on a
current basis), for U.S. dollar deposits and such Calculation Period; or (y) the Administrative Agent is advised by the Required Lenders 

  
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 that the LIBO Rate, as applicable, for such Calculation Period will not adequately and fairly reflect the
cost to such Lenders (or Lender) of making or maintaining their Advances (or its Advance) included in such Advance for such Calculation Period; then the Administrative Agent shall give notice thereof to the Company and the Lenders by telephone or
telecopy as promptly as practicable thereafter and, until the Administrative Agent notifies the Company and the Lenders that the circumstances giving rise to such notice no longer exist, if any Advance is requested, such Advance shall accrue
interest at the Base Rate plus the Applicable Margin for Advances set forth on the Transaction Schedule. 
 (ii) If at any time the
Administrative Agent determines (which determination shall be conclusive absent manifest error) that (x) the circumstances set forth in Section 3.01(h)(i)(x) have arisen and such circumstances are unlikely to be temporary or (y) the
circumstances set forth in Section 3.01(h)(i)(x) have not arisen but the supervisor for the administrator of the LIBO Rate or a governmental authority having jurisdiction over the Administrative Agent has made a public statement identifying a
specific date after which the LIBO Rate shall no longer be used for determining interest rates for loans, then the Administrative Agent and the Company shall endeavor to establish an alternate rate of interest to the LIBO Rate that gives due
consideration to the then prevailing market convention for determining a rate of interest for syndicated loans in the United States at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such
other related changes to this Agreement as may be applicable (but for the avoidance of doubt, such changes shall not include a reduction in the Applicable Margin). Notwithstanding anything to the contrary in Section 10.05, such amendment shall
become effective without any further action or consent of any other party to this Agreement so long as the Administrative Agent shall not have received, within five Business Days of the date notice of such alternate rate of interest is provided to
the Lenders, a written notice from the Required Lenders stating that such Required Lenders object to such amendment. Until an alternate rate of interest shall be determined in accordance with this clause (ii) (but, in the case of the circumstances
described in clause (y) of the first sentence of this Section 3.01(h)(ii), only to the extent the LIBO Rate for U.S. dollar deposits and such Calculation Period is not available or published at such time on a current basis), if any Advance
is requested, such advance shall accrue interest at the Base Rate plus the Applicable Margin for Advances set forth on the Transaction Schedule. 

SECTION 3.02. [Reserved]. 

SECTION 3.03. Taxes. 
 (a)
Payments Free of Taxes. All payments to be made hereunder by the Company in respect of the Advances shall be made without deduction or withholding for any Taxes, except as required by Applicable Law (including FATCA). If any Applicable Law
requires the deduction or withholding of any Tax from any such payment by the Company, then the Company shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental
Authority in accordance with Applicable Law and, if such Tax is an Indemnified Tax, then the sum payable by the Company shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and
withholdings applicable to additional sums payable under this Section) the applicable Lender receives an amount equal to the sum it would have received had no such deduction or withholding been made. 

(b) Payment of Other Taxes by the Company. The Company shall timely pay to the relevant Governmental Authority in accordance with
Applicable Law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes. 

  
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 (c) Indemnification by the Company. The Company shall indemnify each Lender, within
10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Lender or required to be withheld or
deducted from a payment to such Lender and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate
as to the amount of such payment or liability delivered to the Company by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 

(d) Indemnification by the Lenders. Each Lender shall indemnify the Administrative Agent, within 10 days after demand therefor, for
(i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Company has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Company to do so), (ii)
any Taxes attributable to such Lender’s failure to comply with the provisions of 10.06 relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid
by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.
A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all
amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this paragraph (d). 

(e) Evidence of Payments. As soon as practicable after any payment of Taxes by the Company to a Governmental Authority pursuant to this
Section 3.03, the Company shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of
such payment reasonably satisfactory to the Administrative Agent. 
 (f) Status of Secured Parties. (i) Any Secured Party that is
entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Company and the Administrative Agent, at the time or times reasonably requested by the Company or the
Administrative Agent, such properly completed and executed documentation reasonably requested by the Company or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition,
any Lender, if reasonably requested by the Company or the Administrative Agent, shall deliver such other documentation prescribed by Applicable Law or reasonably requested by the Company or the Administrative Agent as will enable the Company or the
Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of
such documentation (other than such documentation set forth in Section 3.03(f) (ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such
Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 

(ii) Without limiting the generality of the foregoing, 

(A) any Lender that is a U.S. Person shall deliver to the Company and the Administrative Agent on or prior to the date on which such Lender
becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Company or the Administrative Agent), an executed IRS Form W-9 certifying that such Lender is exempt
from U.S. federal backup withholding tax; 

  
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 (B) any Foreign Lender shall deliver to the Company and the Administrative Agent (in such
number of copies as shall be reasonably requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Company or the
Administrative Agent), whichever of the following is applicable: 
 (i) in the case of a Foreign Lender claiming the benefits
of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, an executed IRS Form W-8BEN, IRS Form W-8BEN-E or applicable successor form establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to
any other applicable payments under any Loan Document, an IRS Form W-8BEN or IRS Form W-8BEN-E or any applicable successor form
establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty; 

(ii) an executed IRS Form W-8ECI; 

(iii) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c)
of the Code, (x) a certificate in form reasonably acceptable to the Company to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, is not a “10 percent
shareholder” of the Company or the Parent within the meaning of Section 881(c)(3)(B) of the Code, and is not a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance
Certificate”) and (y) an executed IRS Form W-8BEN, IRS Form W-8BEN-E or applicable successor form; or 

(iv) to the extent a Foreign Lender is not the beneficial owner, an executed IRS Form
W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form
W-8BEN-E or applicable successor form, a U.S. Tax Compliance Certificate, IRS Form W-9, and/or other certification documents from
each beneficial owner, as applicable; 
 (C) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Company
and the Administrative Agent (in such number of copies as shall be reasonably requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the
reasonable request of the Company or the Administrative Agent), executed originals of any other form prescribed by Applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with
such supplementary documentation as may be prescribed by Applicable Law to permit the Company or the Administrative Agent to determine the withholding or deduction required to be made; and 

(D) if a payment made to a Lender under any Loan Document would be subject to withholding Tax imposed by FATCA if such Lender were to fail to
comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Company and the Administrative Agent at the time or times
prescribed by law and at such time or times reasonably requested by the Company or the Administrative Agent such documentation prescribed by Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional
documentation reasonably requested by the Company 

  
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 or the Administrative Agent as may be necessary for the Company and the Administrative Agent to comply with
their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D),
“FATCA” shall include any amendments made to FATCA after the date of this Agreement. 
 Each Lender agrees that if any form or
certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Company and the Administrative Agent in writing of its legal inability to do so. 

(E) The Administrative Agent shall deliver to the Company an electronic copy of an IRS Form W-9 upon
becoming a party under this Agreement. The Administrative Agent represents to the Company that it is a “U.S. person” and a “financial institution” within the meaning of Treasury Regulations
Section 1.1441-1 and a “U.S. financial institution” within the meaning of Treasury Regulations Section 1.1471-3T and that it will comply with its
obligations to withhold under Section 1441 and FATCA. 
 (g) Treatment of Certain Refunds. If any party determines, in its sole
discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 3.03 (including by the payment of additional amounts pursuant to this Section 3.03), it shall pay
to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying
party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (g) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event
that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (g), in no event will the indemnified party be required to pay any amount to an indemnifying
party pursuant to this paragraph (g) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the indemnification
payments or additional amounts giving rise to such refund had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems
confidential) to the indemnifying party or any other Person. 
 (h) Survival. Each party’s obligations under this
Section 3.03 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Financing Commitments, and the repayment, satisfaction or discharge of
all obligations under any Loan Document. 
 SECTION 3.04. Mitigation Obligations. 

(a) Designation of a Different Lending Office. If any Lender requests compensation under Section 3.01(e) or (f), or if the Company
is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.03, then such Lender shall (at the request of the Company) use reasonable efforts to
designate a different lending office for funding or booking its Advances hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or
assignment (i) would eliminate or reduce amounts payable pursuant to Section 3.01(e) or (f) or Section 3.03, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and
would not otherwise be materially disadvantageous to such Lender. The Company hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 

  
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 (b) Replacement of Lenders. If any Lender (i) requests compensation under
Section 3.01(e) or (f), or if the Company is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.03, and, in each case, such Lender has
declined or is unable to designate a different lending office in accordance with Section 3.04(a), (ii) defaults in its obligation to make Advances hereunder or (iii) becomes subject to a Bail-In
Action, then the Company may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in and
the consents required by Section 10.08), all of its interests, rights (other than its existing rights to payments pursuant to Section 3.01(e) or (f) or Section 3.03) and obligations under this Agreement and the related Loan
Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Company shall have received the prior written consent of the Administrative
Agent, which consent shall not unreasonably be withheld, conditioned or delayed, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Advances, accrued interest thereon, accrued fees and all other
amounts payable to it hereunder and under the other Loan Documents, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Company (in the case of all other amounts), (iii) such assignment will result in
a ratable reduction in the claim for compensation or payments under Section 3.01(e) or (f) or Section 3.03, as applicable and (iv) such assignment does not conflict with applicable law. A Lender shall not be required to make any
such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Company to require such assignment and delegation cease to apply. No prepayment fee that may otherwise be due
hereunder shall be payable to such Lender in connection with any such assignment. 
 ARTICLE IV 

COLLECTIONS AND PAYMENTS 
 SECTION
4.01. Interest Proceeds. The Company shall notify the obligor (or the relevant agent under the applicable underlying documents) with respect to each Portfolio Investment to remit all amounts that constitute Interest Proceeds to the Collection
Account. To the extent Interest Proceeds are received other than by deposit into the Collection Account, the Company shall cause all Interest Proceeds on the Portfolio Investments to be deposited in the Collection Account or remitted to the
Collateral Agent, and the Collateral Agent shall credit (or cause to be credited) to the Collection Account all Interest Proceeds received by it promptly upon receipt thereof in accordance with the written direction of the Portfolio Manager. 

Interest Proceeds shall be retained in the Collection Account and held in cash and/or invested (and reinvested) at the written direction of
the Company (or the Portfolio Manager on its behalf) delivered to the Collateral Agent in dollar-denominated Cash Equivalents selected by the Portfolio Manager (unless an Event of Default has occurred and is continuing or a Market Value Event has
occurred, in which case, selected by the Administrative Agent) (“Eligible Investments”). Eligible Investments shall mature no later than the end of the then-current Calculation Period. 

Interest Proceeds on deposit in the Collection Account shall be withdrawn by the Collateral Agent (at the written direction of the Company
(or, following the occurrence and during the continuance of an Event of Default or following the occurrence of a Market Value Event, the Administrative Agent)) and applied (i) to make payments in accordance with this Agreement or (ii) to
make Permitted Distributions or Permitted RIC Distributions in accordance with this Agreement. 

  
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 SECTION 4.02. Principal Proceeds. The Company shall notify the obligor (or the
relevant agent under the applicable underlying documents) with respect to each Portfolio Investment to remit all amounts that constitute Principal Proceeds to the Collection Account. To the extent Principal Proceeds are received other than by
deposit into the Collection Account, the Company shall cause all Principal Proceeds received on the Portfolio Investments to be deposited in the Collection Account or remitted to the Collateral Agent, and the Collateral Agent shall credit (or cause
to be credited) to the Collection Account all Principal Proceeds received by it immediately upon receipt thereof in accordance with the written direction of the Portfolio Manager. 

All Principal Proceeds shall be retained in the Collection Account and held in cash and/or invested (and reinvested) at the written direction
of the Administrative Agent in Eligible Investments selected by the Portfolio Manager (unless an Event of Default has occurred and is continuing or a Market Value Event has occurred, in which case, selected by the Administrative Agent). All
investment income on such Eligible Investments shall constitute Interest Proceeds. 
 Principal Proceeds on deposit in the Collection
Account shall be withdrawn by the Collateral Agent (at the written direction of the Company (or, following the occurrence and during the continuance of an Event of Default or following the occurrence of a Market Value Event, the Administrative
Agent)) and applied (i) to make payments in accordance with this Agreement, (ii) towards the purchase price of Portfolio Investments purchased in accordance with this Agreement or (iii) to make Permitted Distributions or Permitted RIC
Distributions in accordance with this Agreement, in each case, to the extent not otherwise required under this Agreement, with prior notice to the Administrative Agent. For the avoidance of doubt, Principal Proceeds received in connection with the
sale of any Portfolio Investment pursuant to Section 1.04 following a Market Value Event shall be used to prepay Advances as set forth therein at the written direction of the Administrative Agent. 

SECTION 4.03. Principal and Interest Payments; Prepayments; Commitment Fee. 

(a) The Company shall pay the unpaid principal amount of the Advances (together with accrued interest thereon) to the Administrative Agent for
the account of each Lender on the Maturity Date in accordance with the Priority of Payments and any and all cash in the Collateral Accounts shall be applied to the satisfaction of the Secured Obligations on the Maturity Date and on each Additional
Distribution Date in accordance with the Priority of Payments. 
 (b) Accrued and unpaid interest on the Advances shall be payable in arrears
on each Interest Payment Date, each Additional Distribution Date and on the Maturity Date in accordance with the Priority of Payments; provided that (i) interest accrued pursuant to the first proviso to Section 3.01(b) shall be
payable on demand and (ii) in the event of any repayment or prepayment of any Advances, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment. “Interest Payment
Date” means the fifteenth day after the last day of each Calculation Period. 
 (c) (i) Subject to the requirements
of this Section 4.03(c), the Company shall have the right from time to time to prepay outstanding Advances in whole or in part (A) on any Business Day that JPMorgan Chase Bank, National Association ceases to act as Administrative Agent,
(B) in connection with a Market Value Cure, (C) subject to the payment of the premium (if applicable) described in clause (ii) below, up to but not more than three times during any Calculation Period; provided that the Company
may not prepay any outstanding Advances pursuant to this Section 4.03(c)(i)(C) during the Non-Call Period in an amount that would cause the aggregate outstanding principal amount of the Advances to be
below the Minimum Funded Amount in effect as of such date (such aggregate principal amount in excess of the Minimum 

  
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 Funded Amount, the “Excess Funded Amount”), or (D) at any time after
the Non-Call Termination Date. The Company shall notify the Administrative Agent, the Collateral Agent and the Collateral Administrator by electronic mail of an executed document (attached as a .pdf or other
similar file) of any prepayment pursuant to Section 4.03(c)(i)(A) or Section 4.03(c)(i)(C) not later than 2:00 p.m., New York City time, two (2) Business Days before the date of prepayment. Each such notice shall be irrevocable
(unless such notice conditions such prepayment upon consummation of a transaction which is contemplated to result in a prepayment of outstanding Advances, in which event such notice may be revocable or conditioned upon such consummation) and shall
specify the prepayment date and the principal amount of the Advances to be prepaid. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Except in connection with a Market Value
Cure, each partial prepayment of outstanding Advances shall be in an amount not less than U.S.$1,000,000 (or, if less, the aggregate outstanding amount thereof). Prepayments shall be accompanied by accrued and unpaid interest. 

(ii) Each prepayment or commitment reduction pursuant to Section 4.03(c)(i)(C) and Section 4.07(a) that is made after
the Non-Call Period (unless the Non-Call Period ended as a result of a Non-Call Termination Date) and during the Reinvestment
Period, whether in full or in part, shall be accompanied by a premium equal to 1% of the aggregate principal amount of such prepayment or (without duplication) commitment reduction and, at the request of any Lender in respect of any prepayment on a
date other than an Interest Payment Date, any costs incurred by it in respect of the breakage of its funding at the LIBO Rate for the related Calculation Period; provided that no such premium shall be payable with respect to any prepayment (or
portion thereof) that does not exceed the Excess Funded Amount. 
 (d) The Company agrees to pay to the Administrative Agent, for the account
of each Lender, a commitment fee (the “Commitment Fee”) in accordance with the Priority of Payments which shall accrue at (i) for the period from the Effective Date to but excluding the last day of the Ramp-Up Period, 0.375% per annum and (ii) for the period from and including the last day of the Ramp-Up Period to but excluding the last day of the Reinvestment Period,
0.60% per annum, in each case, on the average daily unused amount of the Financing Commitment of such Lender during the applicable period (calculated by reference to the Minimum Funding Amount to the extent applicable). Accrued Commitment Fees shall
be payable in arrears on each Interest Payment Date, and on the date on which the Financing Commitments terminate. All Commitment Fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed
(including the first day but excluding the last day). 
 (e) Without limiting Section 4.03(c), the Company shall have the obligation
from time to time to prepay outstanding Advances in whole or in part on any date with proceeds from sales of Portfolio Investments directed by the Administrative Agent pursuant to Section 1.04 and as set forth in Section 8.01(c). All such
prepayments shall be accompanied by accrued and unpaid interest (but no premium). 
 SECTION 4.04. MV Cure Account. 

(a) The Company shall cause all cash received by it in connection with a Market Value Cure to be deposited in the MV Cure Account or remitted
to the Collateral Agent, and the Collateral Agent shall credit to the MV Cure Account such amounts received by it (and identified in writing as such) immediately upon receipt thereof. Prior to the Maturity Date, all cash amounts in the MV Cure
Account shall be invested in overnight Eligible Investments at the written direction of the Administrative Agent (as directed by the Required Lenders). All amounts contributed to the Company by Parent in connection with a Market Value Cure shall be
paid free and clear of any right of chargeback or other equitable claim. 

  
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 (b) Amounts on deposit in the MV Cure Account may be withdrawn by the Collateral Agent (at
the written direction of the Company (or, following the occurrence and during the continuance of an Event of Default or following the occurrence of a Market Value Event, the Administrative Agent)) and remitted to the Company with prior notice to the
Administrative Agent (or, following the occurrence and during the continuance of an Event of Default or following the occurrence of a Market Value Event, to the Lenders for prepayment of Advances and reduction of Financing Commitment); provided
that the Company may not direct any withdrawal from the MV Cure Account if the Borrowing Base Test is not satisfied (or would not be satisfied after such withdrawal). 

SECTION 4.05. Priority of Payments. On (w) each Interest Payment Date, (x) the Maturity Date, (y) upon request of the
Administrative Agent (which request may be a standing request), each Agent Business Day after the occurrence of a Market Value Event and (z) upon request of the Administrative Agent (which request may be a standing request), each Agent Business
Day after the occurrence of an Event of Default and the declaration of the Secured Obligations as due and payable hereunder (each date set forth in clauses (y) and (z) above, an “Additional Distribution Date”), the Collateral
Agent shall distribute all amounts in the Collection Account in the following order of priority (the “Priority of Payments”): 

(a) to pay (i) first, amounts due or payable to the Collateral Agent, the Collateral Administrator and the Securities Intermediary
hereunder and under the Account Control Agreement (including reasonable and documented fees, out-of-pocket expenses and indemnities required to be paid hereunder and
thereunder) and (ii) second, any other accrued and unpaid fees and out-of pocket expenses (other than the Commitment Fee payable to the Lenders, but including Lender indemnities) due hereunder and
under the Account Control Agreement, up to a maximum amount under this clause (a) of U.S.$50,000 (the “Cap”) on each Interest Payment Date, the Maturity Date and each Additional Distribution Date (in the case of any Additional
Distribution Date or the Maturity Date, after giving effect to all payments of such amounts on any other Additional Distribution Date or Interest Payment Date occurring in the same calendar quarter); provided that, if an Event of Default has
occurred and the Administrative Agent has terminated the Financing Commitments and declared the Secured Obligations due and payable, the Cap shall be increased to $200,000 for payment to the Collateral Agent, the Collateral Administrator and the
Securities Intermediary in connection with any actions it has taken with respect to enforcement of rights on the Collateral; 
 (b) to pay
accrued and unpaid interest due and payable hereunder in respect of the Advances, any accrued and unpaid Commitment Fees payable to the Lenders and any amounts payable to any Lender or the Administrative Agent pursuant to Section 3.01(e) or
(f) or Section 3.03 (pro rata based on amounts due); 
 (c) to pay (i) on each Interest Payment Date, all prepayments of the
Advances permitted or required under this Agreement (including any applicable premium) and (ii) on the Maturity Date (and, if applicable, any Additional Distribution Date), outstanding principal of the Advances until the Advances are paid in
full; 
 (d) to pay to the Portfolio Manager (unless waived or deferred in whole or in part by Portfolio Manager) any accrued and unpaid
Primary Management Fee for the related Calculation Period; 
 (e) prior to the end of the Reinvestment Period, at the direction of the
Portfolio Manager, to fund the Unfunded Exposure Account up to the Unfunded Exposure Amounts; 

  
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 (f) to pay all amounts set forth in clause (a) above not paid due to the limitation set
forth therein; 
 (g) to pay to the Portfolio Manager (unless waived or deferred in whole or in part by Portfolio Manager) any accrued and
unpaid Secondary Management Fee for the related Calculation Period; 
 (h) to make any Permitted Distributions or Permitted RIC Distributions
(subject to the limitations on the use of Interest Proceeds and Principal Proceeds set forth in the definition of such term) directed pursuant to this Agreement; 

(i) at the election of the Portfolio Manager, to pay to the Portfolio Manager any deferred and unpaid Primary Management Fee and/or deferred
and unpaid Secondary Management Fee; and 
 (j) (i) on any Interest Payment Date, to deposit any remaining amounts in the Collection Account
as Principal Proceeds (which, during the Reinvestment Period, may be applied to the acquisition of additional Portfolio Investments) and (ii) on the Maturity Date and any Additional Distribution Date, any remaining amounts to the Company. 

SECTION 4.06. Payments Generally. All payments to the Lenders or the Administrative Agent shall be made to the Administrative Agent at
the account designated in writing to the Company and the Collateral Agent for further distribution by the Administrative Agent (if applicable). The Administrative Agent shall give written notice to the Collateral Agent, the Collateral Administrator
(on which the Collateral Agent and the Collateral Administrator may conclusively rely) and the Portfolio Manager of the calculation of amounts payable to the Lenders in respect of the Advances and the amounts payable to the Portfolio Manager. At
least two (2) Business Days prior to each Interest Payment Date, the Administrative Agent shall deliver an invoice to the Portfolio Manager, the Collateral Agent and the Collateral Administrator in respect of the interest due on such Interest
Payment Date. All payments not made to the Administrative Agent for distribution to the Lenders shall be made as directed in writing by the Administrative Agent. Subject to Section 3.03 hereof, all payments by the Company hereunder shall be made
without setoff or counterclaim. All payments hereunder shall be made in U.S. dollars. All interest calculated using the LIBO Rate hereunder shall be computed on the basis of a year of 360 days and all interest calculated using the Base Rate
hereunder shall be computed on the basis of a year of 365 days in each case, payable for the actual number of days elapsed (including the first day but excluding the last day). 

SECTION 4.07. Termination or Reduction of Financing Commitments. 

(a) After the Non-Call Period (or any other date if JPMorgan Chase Bank, National Association ceases to
act as Administrative Agent), the Company shall be entitled at its option, subject to the payment of any premium described in Section 4.03(c)(ii) to the extent the Non-Call Termination Date has not
occurred on or prior to such date, and upon three (3) Business Days’ prior written notice to the Administrative Agent (with a copy to the Collateral Agent and the Collateral Administrator) to either (i) terminate the Financing
Commitments in whole upon payment in full of all Advances, all accrued and unpaid interest, all applicable premium (if any) and all other Secured Obligations (other than unmatured contingent indemnification and reimbursement obligations) or
(ii) reduce in part any portion of the Financing Commitments that exceeds the sum of the outstanding Advances (after giving effect to any concurrent repayment of the Advances on such date). In addition, the Financing Commitments shall be
automatically and irrevocably reduced by any amount of any prepayment of Advances pursuant to Section 4.03(c)(i)(C) during the Reinvestment Period that exceeds the Excess Funded Amount. 

  
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 (b) The Financing Commitments shall be automatically and irrevocably reduced on the date of
any prepayment made in accordance with the definition of “Market Value Cure” in an amount equal to the amount of such prepayment. 

(c) The Financing Commitments shall be automatically and irrevocably reduced by all amounts that are used to prepay or repay Advances following
the occurrence of a Market Value Event or an Event of Default. 
 (d) All unused Financing Commitments as of the last day of the Reinvestment
Period shall automatically be terminated. 
 (e) The Financing Commitments shall be irrevocably reduced by the amount of any repayment or
prepayment of Advances following the last day of the Reinvestment Period. 
 ARTICLE V 

THE PORTFOLIO MANAGER 
 SECTION
5.01. Appointment and Duties of the Portfolio Manager. The Company hereby appoints the Portfolio Manager as its portfolio manager under this Agreement and to perform the investment management functions of the Company set forth herein, and the
Portfolio Manager hereby accepts such appointment. For so long as no Market Value Event has occurred and no Event of Default has occurred and is continuing and subject to Section 1.04, the services to be provided by the Portfolio Manager shall
consist of (x) selecting, purchasing, managing and directing the investment, reinvestment and disposition of Portfolio Investments, delivering Notices of Acquisition on behalf of and in the name of the Company and (y) acting on behalf of
the Company for all other purposes hereof and the transactions contemplated hereby. The Company hereby irrevocably appoints the Portfolio Manager its true and lawful agent and
attorney-in-fact (with full power of substitution) in its name, place and stead and at its expense, in connection with the performance of its duties provided for herein.
Without limiting the foregoing: 
 (a) The Portfolio Manager shall perform its obligations hereunder with reasonable care,
using a degree of skill not less than that which the Portfolio Manager exercises with respect to assets of the nature of the Portfolio Investments that it manages for itself and others having similar investment objectives and restrictions and
consistent with practices and procedures followed by institutional managers of national standing relating to assets of the nature and character of the Portfolio; and 

(b) The Portfolio Manager shall not (and shall not cause the Company to) take any action that it knows or reasonably should
know would (1) violate the constituent documents of the Company, (2) violate any law, rule or regulation applicable to the Company, (3) require registration of the Company as an “investment company” under the Investment
Company Act of 1940, or (4) cause the Company to violate the terms of this Agreement, any other Loan Document or any instruments relating to the Portfolio Investments. 

The Portfolio Manager may employ third parties (including its Affiliates) to render advice (including investment advice) and assistance to the
Company and to perform any of the Portfolio Manager’s duties hereunder, provided that the Portfolio Manager shall not be relieved of any of its duties or liabilities hereunder regardless of the performance of any services by third
parties. For the avoidance of doubt, neither the Administrative Agent nor any Lender shall have the right to remove or replace the Portfolio Manager as investment adviser or portfolio manager hereunder. 

  
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 SECTION 5.02. Portfolio Manager Representations as to Eligibility Criteria; Etc. The
Portfolio Manager agrees to comply with all covenants and restrictions imposed on the Company hereunder and not to act in contravention of this Agreement. The Portfolio Manager represents to the other parties hereto that (a) as of the Trade
Date and Settlement Date for each Portfolio Investment purchased, such Portfolio Investment meets all of the applicable Eligibility Criteria (unless otherwise consented to by the Administrative Agent) and, except as otherwise permitted hereunder,
the Concentration Limitations shall be satisfied (unless otherwise consented to by the Administrative Agent) and (b) all of the information contained in the related Notice of Acquisition is true, correct and complete in all material respects;
provided that, to the extent any such information was furnished to the Company by any third party, such information is as of its delivery date true, complete and correct in all material respects to the knowledge of the Portfolio Manager. 

SECTION 5.03. Indemnification. The Portfolio Manager shall indemnify and hold harmless the Company, the Agents, the Collateral
Administrator and the Lenders and their respective affiliates, directors, officers, stockholders, partners, agents, employees and controlling persons (each, an “Indemnified Person”) from and against any and all losses, claims,
demands, damages or liabilities of any kind, including legal fees and disbursements (collectively, “Liabilities”), and shall reimburse each such Indemnified Person on a current basis for all reasonable and documented expenses
(including fees and disbursements of counsel), incurred by such Indemnified Person in connection with investigating, preparing, responding to or defending any investigative, administrative, judicial or regulatory action, suit, claim or proceeding,
relating to or arising out of (a) any breach by the Portfolio Manager of any of its obligations hereunder and (b) the failure of any of the representations or warranties of the Portfolio Manager set forth herein to be true when made or when
deemed made or repeated, except to the extent that such Liabilities or expenses (x) result from the performance or non-performance of the Portfolio Investments or (y) are found in a final, non-appealable
judgment by a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of the applicable Indemnified Person. 

This Section 5.03 shall survive the termination of this Agreement and the repayment of all amounts owing to the Secured Parties
hereunder. 
 ARTICLE VI 

REPRESENTATIONS, WARRANTIES AND COVENANTS 

SECTION 6.01. Representations and Warranties. The Company (and, with respect to clauses (a) through (e), (l), (n), (o), (t)
through (w) and (aa), the Portfolio Manager) represents to the other parties hereto solely with respect to itself that as of the date hereof and each Trade Date (or as of such other date on which such representations and warranties are required
to be made hereunder): 
 (a) it is duly organized or incorporated, as the case may be, and validly existing under the laws of the
jurisdiction of its organization or incorporation and has all requisite power and authority to execute, deliver and perform this Agreement and each other Loan Document to which it is a party and to consummate the transactions herein and therein
contemplated; 
 (b) the execution, delivery and performance of this Agreement and each such other Loan Document, and the consummation of the
transactions contemplated herein and therein have been duly authorized by it and this Agreement and each other Loan Document to which it is a party constitutes its legal, valid and binding obligation enforceable against it in accordance with its
terms (subject to (A) bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of creditors’ rights generally and (B) equitable limitations on the availability of specific remedies, regardless of whether
such enforceability is considered in a proceeding in equity or at law); 

  
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 (c) the execution, delivery and performance of this Agreement and each other Loan Document
to which it is a party and the consummation of the transactions contemplated herein and therein do not conflict with the provisions of its governing instruments and will not violate in any material way any provisions of Applicable Law or regulation
or any applicable order of any court or regulatory body and will not result in the material breach of, or constitute a default, or require any consent, under any material agreement, instrument or document to which it is a party or by which it or any
of its property may be bound or affected; 
 (d) it is not subject to any Adverse Proceeding; 

(e) it has obtained all consents and authorizations (including all required consents and authorizations of any Governmental Authority) that are
necessary or advisable to be obtained by it in connection with the execution, delivery and performance of this Agreement and each other Loan Document to which it is or may become a party and each such consent and authorization is in full force and
effect except where the failure to do so would not reasonably be expected to have a Material Adverse Effect; 
 (f) it is not required to
register as an “investment company” as defined in the Investment Company Act of 1940, as amended; 
 (g) it has not issued any
securities that are or are required to be registered under the Securities Act of 1933, as amended, and it is not a reporting company under the Securities Exchange Act of 1934, as amended; 

(h) it has no Indebtedness other than (i) Indebtedness incurred or permitted to be incurred under the terms of the Loan Documents and
(ii) if applicable, the obligation to make future payments under any Delayed Funding Term Loan; 
 (i) (x) it does not have underlying
assets which constitute “plan assets” within the meaning of the Plan Asset Rules; and (y) except as would not be reasonably expected to have a Material Adverse Effect, neither it nor any ERISA Affiliate has within the last six years
sponsored, maintained, contributed to, or been required to contribute to and does not have any liability with respect to any Plan; 
 (j) as
of the date of this Agreement it is, and immediately after giving effect to any Advance it will be, Solvent and it is not entering into this Agreement or any other Loan Document or consummating any transaction contemplated hereby or thereby with any
intent to hinder, delay or defraud any of its creditors; 
 (k) it is not in default under any other contract to which it is a party except
where such default would not reasonably be expected to have a Material Adverse Effect; 
 (l) it has complied with all Applicable Laws,
judgments, agreements with governmental authorities, decrees and orders with respect to its business and properties and the Portfolio, except where the failure to do so would not reasonably be expected to have a Material Adverse Effect; 

(m) it does not have any Subsidiaries or own any Investments in any Person other than the Portfolio Investments or Investments
(i) constituting Eligible Investments (as measured at their time of acquisition), (ii) acquired by the Company with the approval of the Administrative Agent, or (iii) those the Company shall have acquired or received as a distribution in
connection with a workout, bankruptcy, foreclosure, restructuring or similar process or proceeding involving a Portfolio Investment or any issuer thereof; 

  
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 (n) (x) it has disclosed to the Administrative Agent all agreements, instruments and
corporate or other restrictions to which it is subject, and all other matters actually known to it, in each case, that, individually or in the aggregate, would reasonably be expected to result in a Material Adverse Effect, (y) no information
(other than projections, forward-looking information, general economic data, industry information) heretofore furnished by or on behalf of the Company in writing to the Administrative Agent or any Lender in connection with this Agreement or any
transaction contemplated hereby (after taking into account all updates, modifications and supplements to such information) contains (to the extent any such information was furnished by, or relates to, a third party, to the Company’s knowledge),
when taken as a whole, as of its delivery date (and as updated or supplemented after such date), any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in light of the circumstances under
which they were made, not materially misleading and (z) as of the Effective Date, to the best knowledge of the Company, the information included in the Beneficial Ownership Certification provided on or prior to the Effective Date to any Lender
in connection with this Agreement is true and correct in all respects; 
 (o) [Reserved]; 

(p) the Company has timely filed all Tax returns required by Applicable Law to have been filed by it; all such Tax returns are true and correct
in all material respects; and the Company has paid or withheld (as applicable) all Taxes owing or required to be withheld by it (if any) shown on such Tax returns, except (i) any such Taxes which are being contested in good faith by appropriate
proceedings and for which adequate reserves shall have been set aside in accordance with GAAP on its books and records or (ii) the failure to file such tax returns or pay, withhold or discharge such taxes or governmental charges would not
reasonably be expected to have a Material Adverse Effect; 
 (q) the Company is and will be treated as a disregarded entity for U.S. federal
income tax purposes; 
 (r) the Company is and will be wholly owned by the Parent, which is a U.S. Person; 

(s) prior to the date hereof, the Company has not engaged in any business operations or activities other than as an ownership entity for
Portfolio Investments and similar Loan or debt obligations and activities incidental thereto; 
 (t) neither it nor any of its Affiliates is
(i) the subject or target of Sanctions; (ii) a Person that resides or has a place of business in a country or territory named on such lists or which is designated as a “Non-Cooperative
Jurisdiction” by the Financial Action Task Force on Money Laundering, or whose subscription funds are transferred from or through such a jurisdiction; (iii) a “Foreign Shell Bank” within the meaning of the PATRIOT Act, i.e., a
foreign bank that does not have a physical presence in any country and that is not affiliated with a bank that has a physical presence and an acceptable level of regulation and supervision; or (iv) a person or entity that resides in or is
organized under the laws of a jurisdiction designated by the United States Secretary of the Treasury under Sections 311 or 312 of the PATRIOT Act as warranting special measures due to money laundering concerns. It is in compliance with all
applicable Sanctions and also in compliance with all applicable provisions of the PATRIOT Act; 
 (u) the Company has implemented and
maintains in effect policies and procedures designed to ensure compliance by the Company, its agents and their respective directors, managers, officers and employees (as applicable) with Anti-Corruption Laws and applicable Sanctions, and the Company
and its officers and directors and, to its knowledge, its employees, members and agents are in compliance with Anti-Corruption Laws and applicable Sanctions and are not knowingly engaged in any 

  
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activity that would reasonably be expected to result in the Company being designated as a Sanctioned Person. None of (i) the Company or its directors, officers, managers or employees or
(ii) to the knowledge of the Company, any director, manager or agent of the Company that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person; 

(v) the Loan Documents and the organizational documents of the Company represent all of the material agreements between the Portfolio Manager,
the Parent and the Seller, on the one hand, and the Company, on the other. The Company has good and marketable title to all Portfolio Investments and other Collateral free of any Liens (other than Permitted Liens) and no valid and effective
financing statement (other than with respect to Permitted Liens) or other instrument similar in effect naming or purportedly naming the Company or the Seller as debtor and covering all or any part of the Collateral is on file in any recording
office, except such as may have been filed in favor of the Collateral Agent as “Secured Party” pursuant hereto, as necessary or advisable in connection with the Sale Agreement or which has been terminated; 

(w) the Company is not relying on any advice (whether written or oral) of any Lender, Agent or any of their respective Affiliates in connection
with its entering into and performing its obligations under this Agreement; 
 (x) there are no judgments for Taxes with respect to the
Company and no claim is being asserted with respect to the Taxes of the Company, except, in the case of claims only, any such claims (x) which are being contested in good faith by appropriate proceedings and for which adequate reserves shall
have been set aside in accordance with GAAP or (y) that would not reasonably be expected to result in a Material Adverse Effect; 
 (y)
upon the making of each Advance, the Collateral Agent, for the benefit of the Secured Parties, will have acquired a perfected, first priority and valid security interest (except, as to priority, for any Permitted Liens) in the Collateral acquired
with the proceeds of such Advance, free and clear of any Liens (other than Permitted Liens); 
 (z) the Parent (i) is not required to
register as an investment company under the Investment Company Act of 1940, as amended, and (ii) has elected to be treated a business development corporation for purposes of the Investment Company Act of 1940, as amended; 

(aa) the Portfolio Manager is not required to register as an investment adviser under the Investment Advisers Act of 1940, as amended; 

(bb) except with respect to clause (2) of the definition of ERISA Event where such ERISA Event would not reasonably be expected to have a
Material Adverse Effect, no ERISA Event has occurred; and 
 (cc) all proceeds of the Advances will be used by the Company only in accordance
with the provisions of this Agreement. No part of the proceeds of any Advance will be used by the Company to purchase or carry any Margin Stock or to extend credit to others for the purpose of purchasing or carrying Margin Stock. Neither the making
of any Advance nor the use of the proceeds thereof will violate or be inconsistent with the provisions of Regulation T, U or X of the Board of Governors of the Federal Reserve Board. No Advance is secured, directly or indirectly, by Margin Stock,
and the Collateral does not include Margin Stock. 

  
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 SECTION 6.02. Covenants of the Company and the Portfolio Manager. The Company (and,
with respect to clauses (e), (g), (j), (k), (o), (r) and (gg), the Portfolio Manager) on each day during the term of this Agreement: 
 (a)
shall at all times: (i) maintain at least one independent manager or director (who is in the business of serving as an independent manager or director) except while a vacancy is being filled as required by the Company’s organizational
documents; (ii) maintain its own separate books and records (other than tax returns and documents related thereto) and bank accounts; (iii) hold itself out to the public and all other Persons as a legal entity separate from any other
Person (without limiting the foregoing, it is acknowledged that for accounting purposes, the Company may be consolidated as required by GAAP and included in such Person’s consolidated financial statements); (iv) have a board of managers
separate from that of any other Person; (v) file its own Tax returns, except to the extent that the Company is treated as a “disregarded entity” for Tax purposes and is not required to file any Tax returns under Applicable Law, and
pay any Taxes so required to be paid under Applicable Law, (vi) not commingle its assets with assets of any other Person; (vii) conduct its business in its own name (except as may be required for U.S. federal income and applicable state
and local tax purposes) and comply with all organizational formalities necessary to maintain its separate existence; (viii) pay its own liabilities only out of its own funds; (ix) except as permitted hereunder and under the other Loan
Documents, maintain an arm’s length relationship with the Parent and each of its other Affiliates; (x) not hold out its credit or assets as being available to satisfy the obligations of others; (xi) allocate fairly and reasonably any
overhead expenses that are shared with an Affiliate, including for shared office space; (xii) use separate stationery, invoices and checks; (xiii) except as expressly permitted by this Agreement, not pledge its assets as security for the
obligations of any other Person; (xiv) correct any known misunderstanding regarding its separate identity; (xv) maintain adequate capital in light of its contemplated business purpose, transactions and liabilities and pay its operating
expenses and liabilities from its own assets; (xvi) not acquire the obligations or any securities of its Affiliates except as permitted under the Loan Documents; (xvii) cause the managers, officers, agents and other representatives of the
Company to act at all times with respect to the Company consistently and in furtherance of the foregoing and in the best interests of the Company; and (xviii) maintain at least one special member, who, upon the dissolution of the sole member or
the withdrawal or the disassociation of the sole member from the Company, shall immediately become the member of the Company in accordance with its organizational documents. 

(b) shall not (i) not engage in any business or activity other than the activities permitted pursuant to its constituent documents;
(ii) fail to be Solvent, (iii) release, sell, transfer, convey or assign any Portfolio Investment to the extent otherwise prohibited by the Loan Documents; (iv) except for capital contributions or capital distributions permitted under
the terms and conditions of this Agreement and properly reflected on the books and records of the Company, enter into any transaction with an Affiliate of the Company except on commercially reasonable terms not materially less favorable to the
Company (taken as a whole) than those available to unaffiliated parties in an arm’s-length transaction; (v) identify itself as a department or division of any other Person; or (vi) own any
material asset or property other than the Collateral and other assets as permitted hereunder, the Sale Agreement and the Loan Documents, and the related assets and incidental personal property necessary for the ownership or operation of these assets
and the operation of the Company. 
 (c) shall take all actions consistent with and shall not take any action contrary to the “Facts and
Assumptions” sections in the opinions of Dechert LLP, dated the date hereof, relating to certain true sale and non-consolidation matters; 

(d) shall not create, incur, assume or suffer to exist any Indebtedness other than (i) Indebtedness incurred or permitted to be incurred
under the terms of the Loan Documents and (ii) if applicable, the obligation to make future payments under any Delayed Funding Term Loan; 

  
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 (e) shall comply with all Anti-Corruption Laws and applicable Sanctions and shall maintain
in effect and enforce policies and procedures designed to ensure compliance by the Company and its directors, managers, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions; 

(f) shall not amend (1) any of its constituent documents or (2) any document to which it is a party in any manner that would
reasonably be expected to adversely affect the Lenders in any material respect, without, in each case, the prior written consent of the Administrative Agent; 

(g) shall not (A) permit the validity or effectiveness of this Agreement or any grant hereunder to be impaired, or permit the Lien of this
Agreement to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to this Agreement, any other Loan Document or the Advances, except as may be expressly
permitted hereby, (B) permit any Lien to be created on or extend to or otherwise arise upon or burden the Collateral or any part thereof, any interest therein or the proceeds thereof, in each case, other than Permitted Liens or (C) take
any action that would cause the Lien of this Agreement not to constitute a valid perfected security interest in the Collateral that is of first priority, free of any adverse claim or the legal equivalent thereof, as applicable, except for Permitted
Liens; 
 (h) shall not, without the prior consent of the Administrative Agent (acting at the direction of the Required Lenders), which
consent may be withheld in the sole and absolute discretion of the Required Lenders, enter into any hedge agreement; 
 (i) shall not change
its name, identity or corporate structure in any manner that would make any financing statement or continuation statement filed by the Company (or by the Collateral Agent on behalf of the Company) in accordance with subsection (a) above
materially misleading or change its jurisdiction of organization, unless the Company shall have given the Administrative Agent and the Collateral Agent at least 10 Business Days (or such shorter period as agreed to by the Administrative Agent in its
reasonable discretion) prior written notice thereof, and shall promptly file, or authorize the filing of, appropriate amendments to all previously filed financing statements and continuation statements (and shall provide a copy of such amendments to
the Collateral Agent and Administrative Agent together with written confirmation to the effect that all appropriate amendments or other documents in respect of previously filed statements have been filed); 

(j) shall do or cause to be done all things reasonably necessary to (i) preserve and keep in full force and effect its existence as a
limited liability company (or, in the case of the Portfolio Manager, a statutory trust) and take all reasonable action to maintain its rights, franchises, licenses and permits material to its business in the jurisdiction of its formation and
(ii) qualify and remain qualified as a limited liability company or statutory trust, as applicable, in good standing in each jurisdiction in which such qualification is necessary to protect the validity and enforceability of the Loan Documents
or any of the Collateral; 
 (k) shall comply with all Applicable Law (whether statutory, regulatory or otherwise), except where the failure
to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect; 
 (l) shall not merge
into or consolidate with any Person or dissolve, terminate or liquidate in whole or in part, in each case, without the prior written consent of the Administrative Agent; 

  
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 (m) except for Investments permitted by Section 6.02(u)(C) and without the prior
written consent of the Administrative Agent, shall not form, or cause to be formed, any Subsidiaries; or make or suffer to exist any Loans or advances to, or extend any credit to, or make any investments (by way of transfer of property,
contributions to capital, purchase of stock or securities or evidences of indebtedness, acquisition of the business or assets, or otherwise) in, any Affiliate or any other Person except investments as otherwise permitted herein and pursuant to the
other Loan Documents (including, without limitation, Portfolio Investments); 
 (n) shall ensure that (i) its affairs are conducted so
that its underlying assets do not constitute “plan assets” within the meaning of the Plan Asset Rules, and (ii) except as would not reasonably be expected to have a Material Adverse Effect, neither it nor any ERISA Affiliate sponsors,
maintains, contributes to or is required to contribute to or has any liability with respect to any Plan; 
 (o) except for the security
interest granted hereunder and as otherwise permitted hereunder, shall not sell, pledge, assign or transfer to any other Person, or grant, create, incur, assume or suffer to exist any Lien on the Collateral or any interest therein (other than
Permitted Liens), and the Company shall defend the right, title, and interest of the Collateral Agent (for the benefit of the Secured Parties) and the Lenders in and to the Collateral against all claims of third parties claiming through or under the
Company (other than Permitted Liens); 
 (p) 

(i) shall promptly furnish to the Administrative Agent, and the Administrative Agent shall furnish to the Lenders, copies of
the following financial statements, reports and information: (i) within 120 days after the end of each fiscal year of the Parent, a copy of the audited consolidated balance sheet of the Parent and its consolidated Subsidiaries as at the end of
such year, the related consolidated statements of income for such year and the related consolidated statements of changes in net assets and of cash flows for such year, setting forth in each case in comparative form the figures for the previous
year; provided, that the financial statements required to be delivered pursuant to this clause (i) which are made available via EDGAR, or any successor system of the Securities Exchange Commission, in the Parent’s annual report on
Form 10-K, shall be deemed delivered to the Administrative Agent on the date such documents are made so available; (ii) within 45 days after the end of each fiscal quarter of each fiscal year (other than
the last fiscal quarter of each fiscal year), an unaudited consolidated balance sheet of the Parent and its consolidated Subsidiaries as of the end of such fiscal quarter and including the prior comparable period (if any), and the unaudited
consolidated statements of income of the Parent and its consolidated Subsidiaries for such fiscal quarter and for the period commencing at the end of the previous fiscal year and ending with the end of such fiscal quarter, and the unaudited
consolidated statements of cash flows of the Parent and its consolidated Subsidiaries for the period commencing at the end of the previous fiscal year and ending with the end of such fiscal quarter; provided, that the financial statements
required to be delivered pursuant to this clause (ii) which are made available via EDGAR, or any successor system of the Securities Exchange Commission, in Parent’s quarterly report on Form 10-Q,
shall be deemed delivered to the Administrative Agent on the date such documents are made so available; and (iii) from time to time, such other information or documents (financial or otherwise) as the Administrative Agent or the Required
Lenders may reasonably request; 
 (ii) shall furnish to the Administrative Agent no later than the date any financial
statements are due pursuant to Section 6.02(p)(i) or (ii), a compliance certificate, certified by a Responsible Officer of the Company in such capacity (and not in any individual capacity), to the knowledge of such Responsible Officer, to be
true and correct in all material respects, (i) stating whether any Default or Event of Default exists; (ii) stating that Company is in compliance with the covenants set forth in this Agreement, including a certification that the Collateral
has been 

  
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Delivered to the Collateral Agent; (iii) stating that the representations and warranties of the Company contained in Article IV, or in any other Loan Document, or which are contained in any
document furnished at any time or in connection herewith or therewith, are true and correct in all material respects on and as of the date thereof, except to the extent that such representations and warranties specifically refer to an earlier date,
in which case they shall be true and correct as of such earlier date; and (iv) certifying that such financial statements fairly present in all material respects, the consolidated financial condition and the results of operations of Parent on
the dates and for the periods indicated, on the basis of GAAP, subject, in the case of interim financial statements, to year-end audit adjustments permitted under GAAP and the absence of footnotes; 

(q) shall pay or discharge or cause to be paid or discharged, before the same shall become delinquent, all Taxes levied or imposed upon the
Company or upon the income, profits or property of the Company; provided that the Company shall not be required to pay or discharge or cause to be paid or discharged any such Tax (i) the amount, applicability or validity of which is
being contested in good faith by appropriate proceedings and for which disputed amounts adequate reserves in accordance with GAAP have been made or (ii) the failure of which to pay or discharge would not reasonably be expected to have a
Material Adverse Effect; 
 (r) shall, subject to the requirements of Section 10.7, permit representatives of the Administrative Agent
at any time and from time to time as the Administrative Agent shall reasonably request, and at the Company’s expense, (A) to inspect and make copies of and abstracts from its records relating to the Portfolio Investments and (B) to
visit its properties in connection with the collection, processing or managing of the Portfolio Investments for the purpose of examining such records, and to discuss matters relating to the Portfolio Investments or such Person’s performance
under this Agreement and the other Loan Documents with any officer or employee or auditor (if any) of such Person having knowledge of such matters (including, if requested by the Administrative Agent, quarterly telephone conferences with
representatives of the Company with respect to review of the Portfolio Investments). The Company agrees to render to the Administrative Agent such clerical and other assistance as may be reasonably requested with regard to the foregoing;
provided that such assistance shall not interfere in any material respect with the Company’s or the Portfolio Manager’s business and operations. So long as no Event of Default has occurred and is continuing and no Market Value Event
has occurred, such visits and inspections shall occur only (i) upon five (5) Business Days’ prior written notice, (ii) during normal business hours and (iii) no more than once in any calendar year. Following the occurrence
of a Market Value Event or following the occurrence and during the continuance of an Event of Default, there shall be no limit on the timing or number of such inspections and only one (1) Business Day’ prior notice will be required before
any inspection. Notwithstanding anything to the contrary in this clause (r), neither the Company nor any Affiliate thereof will be required to disclose, permit the inspection, examination or making copies or abstracts of, or discussion of, any
document, information or other matter that (x) constitutes non-financial trade secrets or non-financial proprietary information, (y) in respect of which access
or inspection by, or disclosure to, the Administrative Agent or any Lender (or their respective representatives or contractors) is prohibited by Applicable Law or (z) is subject to attorney-client or similar privilege or constitutes attorney
work product; 
 (s) shall not use any part of the proceeds of any Advance, whether directly or indirectly, for any purpose that entails a
violation of any of the regulations of the Board of Governors of the Federal Reserve System of the United States of America, including Regulations T, U and X; 

(t) shall not make any Restricted Payments without the prior written consent of the Administrative Agent; provided that the Company may
make Permitted Distributions or Permitted RIC Distributions subject to the other requirements of this Agreement; 

  
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 (u) shall not make or hold any Investments, except (A) the Portfolio Investments or
Investments constituting Eligible Investments (measured at the time of acquisition), (B) those that have been consented to by the Administrative Agent or (C) those the Company shall have acquired or received as a distribution in connection with
a workout, bankruptcy, foreclosure, restructuring or similar process or proceeding involving a Portfolio Investment or any issuer thereof; 

(v) shall not request any Advance, and the Company shall not directly or indirectly, use, and shall procure that its directors, officers,
employees and agents shall not directly or indirectly use, the proceeds of any Advance (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in
violation of any Anti-Corruption Laws, (B) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, except to the extent permitted for a Person
required to comply with Sanctions, or (C) in any manner that would result in the violation of any Sanctions applicable to any party hereto; 

(w) other than (i) with the consent of the Administrative Agent, (ii) pursuant to the Sale Agreement, (iii) as a permitted
Substitution under Section 1.06 or (iv) in a required sale directed by the Administrative Agent under Section 1.04 following the occurrence of a Market Value Event, shall not transfer to any of its Affiliates any Portfolio Investment
purchased from any of its Affiliates unless such sale is conducted on terms and conditions consistent with those of an arm’s-length transaction and in accordance with the Portfolio Manager’s standard
market practices; 
 (x) shall post on a password protected website maintained by the Portfolio Manager to which the Administrative Agent
will have access or deliver via email to the Administrative Agent, with respect to each obligor in respect of a Portfolio Investment, without duplication of any other reporting requirements set forth in this Agreement or any other Loan Document, any
management discussion and analysis provided by such obligor and any financial reporting packages and notifications of default with respect to such obligor under such Portfolio Investment’s underlying documents and with respect to each Portfolio
Investment for such obligor (including any attached or included information, statements and calculations), in each case within five (5) Business Days of the receipt thereof by the Company or the Portfolio Manager; provided that the
Company shall post on a password protected website maintained by the Portfolio Manager to which the Administrative Agent will have access and deliver via email to the Administrative Agent notice of any credit event relating to an obligor immediately
upon obtaining knowledge thereof. The Company shall cause the Portfolio Manager to provide such other information as the Administrative Agent may reasonably request with respect to any Portfolio Investment or obligor (to the extent reasonably
available to the Portfolio Manager); 
 (y) shall not elect to be classified as other than a disregarded entity or partnership for U.S.
federal income tax purposes, nor shall the Company take any other action or actions that would cause it to be classified, taxed or treated as a corporation or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes
(including transferring interests in the Company on or through an established securities market or secondary market (or the substantial equivalent thereof), within the meaning of Section 7704(b) of the Code (and Treasury regulations
thereunder); 
 (z) shall only have partners or owners that are treated as U.S. Persons or that are disregarded entities owned by a U.S.
Person and shall not recognize the transfer of any interest in the Company that constitutes equity for U.S. federal income tax purposes to a Person that is not a U.S. Person; 

  
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 (aa) shall from time to time execute and deliver all such supplements and amendments hereto
and all such financing statements, continuation statements, instruments of further assurance and other instruments, and shall take such other action as may be reasonably necessary to secure the rights and remedies of the Secured Parties hereunder
and to grant more effectively all or any portion of the Collateral, maintain or preserve the security interest (and the priority thereof) of this Agreement or to carry out more effectively the purposes hereof, perfect, publish notice of or protect
the validity of any grant made or to be made by this Agreement, preserve and defend title to the Collateral and the rights therein of the Collateral Agent and the Secured Parties in the Collateral and the Collateral Agent against the claims of all
Persons and parties, pay any and all Taxes levied or assessed upon all or any part of the Collateral and use its commercially reasonable efforts to minimize Taxes and any other costs arising in connection with its activities or give, execute,
deliver, file and/or record any financing statement, notice, instrument, document, agreement or other papers that may be necessary or desirable to create, preserve, perfect or validate the security interest granted pursuant to this Agreement or to
enable the Collateral Agent to exercise and enforce its rights hereunder with respect to such pledge and security interest, and hereby authorizes the Collateral Agent to file a UCC financing statement listing ‘all assets of the debtor’ (or
substantially similar language) in the collateral description of such financing statement; 
 (bb) [Reserved]; 

(cc) shall not hire any employees; 

(dd) shall not maintain any bank accounts or securities accounts other than the Collateral Accounts; 

(ee) except as otherwise expressly permitted herein, shall not cancel or terminate any of the underlying instruments in respect of a Portfolio
Investment to which it is party or beneficiary (in any capacity) without payment in full of the portion so cancelled or terminated of such Portfolio Investment, or consent to or accept any cancellation or termination of any of such agreements unless
(in each case) the Administrative Agent shall have consented thereto in writing in its sole discretion; 
 (ff) shall not make or incur any
capital expenditures except as reasonably required to perform its functions in accordance with this Agreement; 
 (gg) shall not act on
behalf of, a country, territory, entity or individual that, at the time of such act, is the subject or target of Sanctions, and none of the Company, the Portfolio Manager or any of their respective Affiliates, owners, directors or officers is a
natural person or entity with whom dealings are prohibited under Sanctions for a natural person or entity required to comply with such Sanctions. The Company does not own and will not acquire, and the Portfolio Manager will not cause the Company to
own or acquire, any security issued by, or interest in, any country, territory, or entity whose direct ownership would be or is prohibited under Sanctions for a natural person or entity required to comply with Sanctions; and 

(hh) shall give notice to the Administrative Agent promptly in writing upon (and in no event later than three (3) Business Days (or, in
the case of clause (2)(y) below, one (1) Business Day) after) a Responsible Officer of the Company or the Portfolio Manager has actual knowledge of the occurrence of any of the following: 

(1) any Adverse Proceeding; 

(2) any (x) Default or (y) Event of Default; 

(3) any material adverse claim asserted against any of the Portfolio Investments, the Collateral Accounts or any other
Collateral; and 

  
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 (4) any change in the information provided in the Beneficial Ownership
Certification delivered to any Lender that would result in a change to the list of beneficial owners identified in such certification. 

SECTION 6.03. Amendments of Portfolio Investments, Etc. If the Company or the Portfolio Manager receives any notice or other
communication concerning any amendment, supplement, consent, waiver or other modification of any Portfolio Investment or any related underlying instrument or rights thereunder (each, an “Amendment”) with respect to any Portfolio
Investment or any related underlying instrument, or makes any affirmative determination to exercise or refrain from exercising any rights or remedies thereunder, it will give prompt (and in any event, not later than five (5) Business Days’)
notice thereof to the Administrative Agent. In any such event, the Company shall exercise all voting and other powers of ownership relating to such Amendment or the exercise of such rights or remedies as the Portfolio Manager shall deem appropriate
under the circumstances; provided that if an Event of Default has occurred and is continuing or a Market Value Event has occurred, the Company will exercise all voting and other powers of ownership as the Administrative Agent (acting at the
direction of the Required Lenders) shall instruct (it being understood that (x) if the terms of the related underlying instrument expressly prohibit or restrict any such rights given to the Administrative Agent, then such right shall be limited to
the extent necessary so that such prohibition or restriction is not violated), and (y) the Administrative Agent shall not take direction with any action with regard to any Portfolio Investment from any Lender that the Administrative Agent knows is a
“disqualified lender” (or similar term) pursuant to the documentation for such Portfolio Investment); provided that the foregoing shall not apply to JPMCB or any of its Affiliates as a Lender hereunder). In any such case, following
the Company’s receipt thereof, the Company shall promptly provide to the Administrative Agent copies of all executed amendments to underlying instruments, executed waiver or consent forms or other documents executed or delivered in connection
with any Amendment. 
 ARTICLE VII 

EVENTS OF DEFAULT 
 If any of the
following events (“Events of Default”) shall occur: 
 (a) the Company shall fail to pay any amount owing by
it in respect of the Secured Obligations (whether for principal, interest, fees or other amounts) when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise and, solely
in the case of amounts other than principal, such failure continues for a period of two (2) Business Days following such failure; 

(b) any representation or warranty made or deemed made by or on behalf of the Company, the Portfolio Manager or the Seller
(collectively, the “Credit Risk Parties”) herein or in any Loan Document or any amendment or modification thereof or waiver thereunder, or in any report, certificate, or other document (other than projections, forward-looking
information, general economic data, industry information or information relating to third parties) furnished pursuant hereto or in connection herewith or any amendment or modification thereof or waiver thereunder, shall prove to have been incorrect
in any material respect when made or deemed made (it being understood that the failure of a Portfolio Investment to satisfy the Eligibility Criteria after the date of its purchase shall not constitute a failure); 

(c) (A) the Company shall fail to observe or perform any covenant, condition or agreement contained in Section 6.02(a)(i)
through (vii), (xi), (xiv) or (xix), (b)(i) through (iv), (d), (f), (h), (i), (l), (m), (o), (t), (v), (w), (cc) or (hh), Section 8.02(b) or the last sentence of the first paragraph of Section 1.04 or (B) any Credit Risk Party shall
fail to observe or perform any other 

  
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covenant, condition or agreement contained herein (it being understood that the failure of a Portfolio Investment to satisfy the Eligibility Criteria after the date of its purchase shall not
constitute such a failure) or in any other Loan Document and, in the case of this clause (B), if such failure is capable of being remedied, such failure shall continue for a period of 30 days following the earlier of (i) receipt by such Credit
Risk Party of written notice of such failure from the Administrative Agent and (ii) an officer of such Credit Risk Party becoming aware of such failure; 

(d) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation,
reorganization or other relief in respect of any Credit Risk Party or its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or
(ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for any Credit Risk Party or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue
undismissed for sixty (60) days or an order or decree approving or ordering any of the foregoing shall be entered; 

(e) any Credit Risk Party shall (i) voluntarily commence any proceeding or file any petition seeking liquidation,
reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any
proceeding or petition described in clause (d) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for such Credit Risk Party or for a substantial
part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose of
effecting any of the foregoing; 
 (f) any Credit Risk Party shall become unable, admit in writing its inability or fail
generally to pay its debts as they become due; 
 (g) the passing of a resolution by the equity holders of the Company in
respect of the winding up on a voluntary basis of the Company; 
 (h) any final judgments or orders (not subject to appeal or
otherwise non-appealable) by one or more courts of competent jurisdiction for the payment of money in an aggregate amount in excess of U.S.$3,000,000 (after giving effect to insurance, if any, available with
respect thereto) shall be rendered against the Company, and the same shall remain unsatisfied, unvacated, unbonded or unstayed for a period of thirty (30) days after the date on which the right to appeal has expired; 

(i) an ERISA Event occurs except, with respect to clause (2) of the definition of ERISA Event, where such ERISA Event
would not reasonably be expected to have a Material Adverse Effect; 
 (j) a Change of Control occurs; 

(k) the Company or the pool of Collateral shall become required to register as an “investment company” within the
meaning of the Investment Company Act of 1940, as amended; 

  
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 (l) the Portfolio Manager (i) resigns as Portfolio Manager hereunder,
(ii) assigns any of its obligations or duties as Portfolio Manager in contravention of the terms hereof or (iii) otherwise ceases to act as Portfolio Manager in accordance with the terms hereof; 

(m) the Net Advances are greater than the product of (1) the Net Asset Value multiplied by (2) 75% and such deficit is not
remedied within two (2) Business Days; or 
 (n) (i) failure of the Company to fund the Unfunded Exposure Account when
required in accordance with Section 2.03(e) other than in the case that any Lender fails to make the Advance required in accordance with Section 2.03(e) or (ii) failure of the Company to
satisfy its obligations in respect of unfunded obligations with respect to any Delayed Funding Term Loan (including the payment of any amount in connection with the sale thereof to the extent required under this Agreement); provided that the
failure of the Company to undertake any action set forth in this clause (n) is not remedied (or such Delayed Funding Term Loan is not transferred in accordance with this Agreement) within three (3) Business Days; 

then, and in every such event (other than an event with respect to the Company described in clause (d) or (e) of this Article), and at any time
thereafter in each case during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Company, take either or both of the following actions, at the same or different times:
(i) terminate the Financing Commitments, and thereupon the Financing Commitments shall terminate immediately, and (ii) declare all of the Secured Obligations then outstanding to be due and payable in whole (or in part, in which case any
Secured Obligations not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the Secured Obligations so declared to be due and payable, together with accrued interest thereon and all fees and other
obligations of the Company accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Company; and in case of any event with respect to the
Company described in clause (d) or (e) of this Article, the Financing Commitments shall automatically terminate and all Secured Obligations then outstanding, together with accrued interest thereon and all fees and other obligations of the
Company accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Company. 

ARTICLE VIII 
 COLLATERAL ACCOUNTS;
COLLATERAL SECURITY 
 SECTION 8.01. The Collateral Accounts; Agreement as to Control. 

(a) Establishment and Maintenance of Collateral Accounts. Pursuant to the Account Control Agreement, each of the Custodial Account, the
Collection Account, the MV Cure Account and the Unfunded Exposure Account (collectively, the “Collateral Accounts”) has been established on the date hereof. The Securities Intermediary agrees to maintain the Collateral Accounts in
accordance with the Account Control Agreement as a “securities intermediary” (within the meaning of Section 8-102(a)(14) of the UCC), in the name of the Company subject to the lien of the
Collateral Agent. The parties hereto acknowledge and agree that the Securities Intermediary shall not have any additional duties under this Agreement other than those expressly set forth herein, and the Securities Intermediary shall satisfy those
duties expressly set forth herein so long as it acts without gross negligence, fraud, reckless disregard or willful misconduct. Without limiting the generality of the foregoing, the Securities Intermediary shall not be subject to any fiduciary or
other implied duties, and the Securities Intermediary shall not have any duty to take any discretionary action or exercise any discretionary powers under this Agreement. The Securities Intermediary shall be subject to all of the rights, protections
and immunities given to the Collateral Agent hereunder, including indemnities. 

  
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 (b) Investment of Funds on Deposit in the Unfunded Exposure Account. All amounts on
deposit in the Unfunded Exposure Account shall be invested (and reinvested) at the written direction of the Company (or the Portfolio Manager on its behalf) delivered to the Collateral Agent in Eligible Investments; provided that, following
the occurrence and during the continuance of an Event of Default or following a Market Value Event, all amounts on deposit in the Unfunded Exposure Account shall be invested, reinvested and otherwise disposed of at the written direction of the
Administrative Agent delivered to the Collateral Agent. 
 (c) Unfunded Exposure Account. 

(i) Amounts may be deposited into the Unfunded Exposure Account from time to time in accordance with
Section 4.05 and from funds otherwise available to the Company. Amounts shall also be deposited into the Unfunded Exposure Account as set forth in Section 2.03(e). 

(ii) While no Event of Default has occurred and is continuing and no Market Value Event has occurred and subject to
satisfaction of the Borrowing Base Test (after giving effect to such release), the Portfolio Manager may direct, by means of an instruction in writing to the Securities Intermediary (with a copy to the Collateral Administrator), the release of funds
on deposit in the Unfunded Exposure Account (i) for the purpose of funding the Company’s unfunded commitments with respect to Delayed Funding Term Loans, for deposit into the Collection Account and (ii) so long as no Unfunded Exposure
Shortfall Amount exists or would exist after giving effect to the withdrawal. Following the occurrence and during the continuance of an Event of Default or following the occurrence of a Market Value Event, at the written direction of the
Administrative Agent (at the direction of the Required Lenders) (with a copy to the Collateral Administrator), the Securities Intermediary shall transfer all amounts in the Unfunded Exposure Account to the Collection Account to be applied pursuant
to Section 4.05. Upon the direction of the Company by means of an instruction in writing to the Securities Intermediary (with a copy to the Collateral Administrator, the Collateral Agent and the Administrative Agent), any
amounts on deposit in the Unfunded Exposure Account in excess of outstanding funding obligations of the Company shall be released to the Collection Account to prepay the outstanding Advances. 

SECTION 8.02. Collateral Security; Pledge; Delivery. 

(a) Grant of Security Interest. As collateral security for the prompt payment in full when due of all the Company’s obligations to
the Agents and the Lenders (collectively, the “Secured Parties”) under this Agreement (collectively, the “Secured Obligations”), the Company hereby pledges to the Collateral Agent and grants a continuing security
interest in favor of the Collateral Agent in all of the Company’s right, title and interest in, to and under (in each case, whether now owned or existing, or hereafter acquired or arising) all accounts, payment intangibles, general intangibles,
chattel paper, electronic chattel paper, instruments, deposit accounts, letter-of-credit rights, investment property, and any and all other property of any type or
nature owned by it (all of the property described in this clause (a) being collectively referred to herein as “Collateral”), including, without limitation: (1) each Portfolio Investment, (2) all of the Company’s
interests in the Collateral Accounts and any Non-USD Obligation Accounts and all investments, obligations and other property from time to time credited thereto, (3) the Sale Agreement, and any other Loan
Document and all rights of the Company related to each such agreement, (4) all other property of the Company and (5) all proceeds thereof, all accessions to and substitutions and replacements for, any of the foregoing, and all rents,
profits and products of any thereof. 

  
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 (b) Delivery and Other Perfection. In furtherance of the collateral arrangements
contemplated herein, the Company shall (1) Deliver to the Collateral Agent the Collateral hereunder as and when acquired by the Company and (2) if any of the securities, monies or other property pledged by the Company hereunder are
received by the Company, forthwith take such action as is necessary to ensure the Collateral Agent’s continuing perfected security interest in such Collateral (including Delivering such securities, monies or other property to the Collateral
Agent). 
 (c) Remedies, Etc. During the period in which an Event of Default shall have occurred and be continuing, the Collateral
Agent shall (but only if and to the extent directed in writing by the Required Lenders) do any of the following: 
 (i)
Exercise in respect of the Collateral, in addition to other rights and remedies provided for herein or otherwise available to it, all the rights and remedies of a secured party under the UCC (whether or not the UCC applies to the affected
Collateral) and also may, without notice except as specified below, sell the Collateral or any part thereof in one or more parcels at public or private sale, at any of the Collateral Agent’s or its designee’s offices or elsewhere, for
cash, on credit or for future delivery, and upon such other terms as the Collateral Agent or a designee of the Collateral Agent (acting at the direction of the Required Lenders) may deem commercially reasonable. The Company agrees that, to the
extent notice of sale shall be required by law, at least ten (10) calendar days’ prior notice to the Company of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable
notification. The Collateral Agent shall not be obligated to make any sale of the Collateral regardless of notice of sale having been given. The Collateral Agent or its designee may adjourn any public or private sale from time to time by
announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned; 

(ii) Transfer all or any part of the Collateral into the name of the Collateral Agent or a nominee thereof; 

(iii) Enforce collection of any of the Collateral by suit or otherwise, and surrender, release or exchange all or any part
thereof, or compromise or extend or renew for any period (whether or not longer than the original period) any obligations of any nature of any party with respect thereto; 

(iv) Endorse any checks, drafts, or other writings in the Company’s name to allow collection of the Collateral; 

(v) Take control of any proceeds of the Collateral; 

(vi) Execute (in the name, place and stead of any of the Company) endorsements, assignments, stock powers and other instruments
of conveyance or transfer with respect to all or any of the Collateral; and/or 
 (vii) Perform such other acts as may be
reasonably required to do to protect the Collateral Agent’s rights and interest hereunder. 
 (d) Compliance with Restrictions.
The Company and the Portfolio Manager agree that in any sale of any of the Collateral whenever an Event of Default shall have occurred and be continuing, the Collateral Agent or its designee are hereby authorized to comply with any limitation or
restriction in connection with such sale as it may be advised by counsel in writing is necessary in order to 

  
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avoid any violation of Applicable Law (including compliance with such procedures as may restrict the number of prospective bidders and purchasers, require that such prospective bidders and
purchasers have certain qualifications, and restrict such prospective bidders and purchasers to Persons who will represent and agree that they are purchasing for their own account for investment and not with a view to the distribution or resale of
such Collateral), or in order to obtain any required approval of the sale or of the purchaser by any governmental regulatory authority or official, and the Company and the Portfolio Manager further agree that such compliance shall not, in and of
itself, result in such sale being considered or deemed not to have been made in a commercially reasonable manner, nor shall the Collateral Agent be liable or accountable to the Company or the Portfolio Manager for any discount allowed by the reason
of the fact that such Collateral is sold in good faith compliance with any such limitation or restriction. 
 (e) Private Sale. The
Collateral Agent shall incur no liability as a result of a sale of the Collateral, or any part thereof, at any private sale pursuant to clause (c) above conducted in a commercially reasonable manner. The Company and the Portfolio Manager hereby
waive any claims against each Agent and Lender arising by reason of the fact that the price at which the Collateral may have been sold at such a private sale was less than the price which might have been obtained at a public sale. 

(f) Collateral Agent Appointed Attorney-in-Fact. The
Company hereby appoints the Collateral Agent as the Company’s attorney-in-fact (it being understood that the Collateral Agent shall not be deemed to have assumed
any of the obligations of the Company by this appointment), with full authority in the place and stead of the Company and in the name of the Company, from time to time in the Collateral Agent’s discretion (exercised at the written direction of
the Administrative Agent or the Required Lenders, as the case may be), after the occurrence and during the continuation of an Event of Default, to take any action and to execute any instrument which the Administrative Agent or the Required Lenders
may deem necessary or advisable to accomplish the purposes of this Agreement. The Company hereby acknowledges, consents and agrees that the power of attorney granted pursuant to this clause is irrevocable during the term of this Agreement and is
coupled with an interest. 
 (g) Further Assurances. The Company covenants and agrees that, from time to time upon the request of the
Collateral Agent (as directed by the Administrative Agent), the Company will execute and deliver such further documents, and do such other acts and things as the Collateral Agent (as directed by the Administrative Agent) may reasonably request in
order fully to effect the purposes of this Agreement and to protect and preserve the priority and validity of the security interest granted hereunder or to enable the Collateral Agent to exercise and enforce its rights and remedies hereunder with
respect to any Collateral; provided that no such document may alter the rights and protections afforded to the Company or the Portfolio Manager herein. 

(h) Termination. Upon the payment in full of all Secured Obligations (other than any unmatured contingent indemnification and
reimbursement obligations) and termination of the Financing Commitments, the security interest granted herein shall automatically (and without further action by any party) terminate and all rights to the Collateral shall revert to the Company. Upon
any such termination, the Collateral Agent will, at the Company’s sole expense, deliver to the Company, or cause the Securities Intermediary to deliver, without any representations, warranties or recourse of any kind whatsoever, all
certificates and instruments representing or evidencing all of the Collateral held by the Securities Intermediary hereunder, and execute and deliver to the Company or its nominee such documents as the Company shall reasonably request to evidence
such termination. 

  
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 (i) Release of Security Interest upon Disposition of Collateral. Upon any sale,
transfer or other disposition of any Collateral (or portion thereof) that is permitted hereunder, the security interest granted hereunder in such Loan or other Collateral (or the portion thereof which has been sold or otherwise disposed of) shall,
immediately upon the sale or other disposition of such Loan or other Collateral (or such portion) and without any further action on the part of the Collateral Agent or any other Secured Party, be released. Upon any such release, the Collateral Agent
will, at the Company’s sole expense, deliver to the Company, or cause the Securities Intermediary to deliver, without any representations, warranties or recourse of any kind whatsoever, all certificates and instruments representing or
evidencing all of the Collateral held by the Securities Intermediary hereunder, and execute and deliver to the Company or its nominee such documents as the Company shall reasonably request to evidence such release. 

ARTICLE IX 
 THE AGENTS 

SECTION 9.01. Appointment of Administrative Agent and Collateral Agent. Each of the Lenders hereby irrevocably appoints each of the
Administrative Agent and the Collateral Agent (each, an “Agent” and collectively, the “Agents”) as its agent and authorizes such Agents to take such actions on its behalf and to exercise such powers as are delegated to
such Agent by the terms hereof, together with such actions and powers as are reasonably incidental thereto. Anything contained herein to the contrary notwithstanding, each Agent and each Lender hereby agree that no Lender shall have any right
individually to realize upon any of the Collateral hereunder, it being understood and agreed that all powers, rights and remedies hereunder with respect to the Collateral shall be exercised solely by the Collateral Agent for the benefit of the
Secured Parties at the direction of the Administrative Agent. 
 Each financial institution serving as an Agent hereunder shall have the
same rights and powers in its capacity as a Lender (if applicable) as any other Lender and may exercise the same as though it were not an Agent, and such financial institution and its Affiliates may accept deposits from, lend money to and generally
engage in any kind of business with the Company as if it were not an Agent hereunder. 
 No Agent or the Collateral Administrator shall have
any duties or obligations except those expressly set forth herein. Without limiting the generality of the foregoing, (a) no Agent shall be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is
continuing, (b) no Agent shall have any duty to take any discretionary action or exercise any discretionary powers, except that the foregoing shall not limit any duty expressly set forth in this Agreement to include such rights and powers
expressly contemplated hereby or that such Agent is required to exercise as directed in writing by (i) in the case of the Collateral Agent (A) in respect of the exercise of remedies under Section 8.02(c), the Required Lenders, or
(B) in all other cases, the Administrative Agent or (ii) in the case of any Agent, the Required Lenders (or such other number or percentage of Lenders as shall be necessary under the circumstances as provided herein), and (c) except
as expressly set forth herein, no Agent shall have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Company that is communicated to or obtained by the financial institution serving in the
capacity of such Agent (except insofar as provided to it as Agent hereunder) or any of its Affiliates in any capacity. No Agent shall be liable for any action taken or not taken by it in the absence of its own gross negligence or willful misconduct
or with the consent or at the request or direction of the Administrative Agent (in the case of the Collateral Administrator and the Collateral Agent only) or the Required Lenders (or such other number or percentage of Lenders that shall be permitted
herein to direct such action or forbearance). None of the Collateral Agent, the Collateral Administrator or the Securities Intermediary shall be deemed to have knowledge of any Default, Event of Default, Market Value Event or failure of the
Borrowing Base Test unless and until a Responsible Officer has received written notice thereof from the Company, a Lender or the Administrative Agent. None of the Collateral Agent, the Collateral Administrator, the Securities Intermediary or the
Administrative Agent shall be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection 

  
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with this Agreement, (ii) the contents of any certificate, report or other document delivered hereunder or in connection herewith, (iii) the performance or observance of any of the
covenants, agreements or other terms or conditions set forth herein, (iv) the validity, enforceability, effectiveness, genuineness, value or sufficiency of this Agreement, any other agreement, instrument or document or the Collateral, or
(v) the satisfaction of any condition set forth herein, other than to confirm receipt of items expressly required to be delivered to such Agent. None of the Collateral Agent, the Collateral Administrator, the Securities Intermediary or the
Administrative Agent shall be required to risk or expend its own funds in connection with the performance of its obligations hereunder if it reasonably believes it will not receive reimbursement therefor hereunder. 

Each Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent,
statement, instrument, direction, opinion, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. Each Agent also may rely upon any statement made to it orally or by telephone and believed by it
to be made by the proper Person, and shall not incur any liability for relying thereon. Each Agent may consult with legal counsel (who may be counsel for the Company), independent accountants and other experts selected by it, and shall not be liable
for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 
 In the event the
Collateral Agent or the Collateral Administrator shall receive conflicting instruction from the Administrative Agent and the Required Lenders, the instruction of the Required Lenders shall govern. Neither the Collateral Administrator nor the
Collateral Agent shall have any duties or obligations under or in respect of any other agreement (including any agreement that may be referenced herein) to which it is not a party. The grant of any permissive right or power to the Collateral Agent
hereunder shall not be construed to impose a duty to act. 
 It is expressly acknowledged and agreed that neither the Collateral
Administrator nor the Collateral Agent shall be responsible for, and shall not be under any duty to monitor or determine, compliance with the Eligibility Criteria or the Concentration Limitations in any instance, to determine if the conditions of
“Deliver” have been satisfied or otherwise to monitor or determine compliance by any other Person with the requirements of this Agreement. 

Each Agent may perform any and all its duties and exercise its rights and powers by or through any one or more
sub-agents appointed by it. No Agent shall be responsible for any misconduct or negligence on the part of any sub-agent or attorney appointed by such Agent with due
care. Each Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through their respective Affiliates and the respective directors, officers, employees, agents and
advisors of such Person and its Affiliates (the “Related Parties”) for such Agent. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related
Parties of each Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as
Administrative Agent or Collateral Agent, as the case may be. 
 Subject to the appointment and acceptance of a successor as provided in
this paragraph, each of the Collateral Administrator, the Collateral Agent, the Securities Intermediary and the Administrative Agent may resign (which resignation of the Collateral Agent or the Securities Intermediary will also be effective as
resignation under the Account Control Agreement) at any time upon 30 days’ notice to each other agent, the Lenders, the Portfolio Manager and the Company. Upon any such resignation, the Required Lenders shall have the right to appoint a
successor. If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Collateral Administrator, Collateral Agent, Securities Intermediary or

  
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Administrative Agent, as applicable, gives notice of its resignation, then the Administrative Agent may, on behalf of the Lenders, appoint a successor which shall be a financial institution with
an office in New York, New York, or an Affiliate of any such financial institution. If no successor shall have been so appointed by the Administrative Agent and shall have accepted such appointment within sixty (60) days after the retiring
agent gives notice of its resignation, such agent may petition a court of competent jurisdiction for the appointment of a successor. Upon the acceptance of its appointment as Collateral Administrator, Securities Intermediary, Administrative Agent or
Collateral Agent, as the case may be, hereunder (and, if applicable, under the Account Control Agreement) by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring agent
hereunder and under the Account Control Agreement, and the retiring agent shall be discharged from its duties and obligations hereunder and under the Account Control Agreement. After the retiring agent’s resignation hereunder, the provisions of
this Article and Sections 5.03 and 10.04 shall continue in effect for the benefit of such retiring agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be
taken by any of them while it was acting as Collateral Administrator, Securities Intermediary, Administrative Agent or Collateral Agent, as the case may be. 

Subject to the appointment and acceptance of a successor as provided in this paragraph, each of the Collateral Administrator, the Collateral
Agent and the Securities Intermediary may be removed at any time with 30 days’ notice by the Company (with the written consent of the Administrative Agent), with notice to the Collateral Administrator, the Collateral Agent, the Securities
Intermediary, the Lenders and the Portfolio Manager (which removal of the Collateral Agent or the Securities Intermediary will also be effective as removal under the Account Control Agreement). Upon any such removal, the Company shall have the right
(with the written consent of the Administrative Agent) to appoint a successor to the Collateral Agent, the Collateral Administrator and/or the Securities Intermediary, as applicable. If no successor to any such Person shall have been so appointed by
the Company and shall have accepted such appointment within thirty (30) days after such notice of removal, then the Administrative Agent may appoint a successor which shall be a financial institution with an office in New York, New York, or an
Affiliate of any such financial institution. Upon the acceptance of its appointment as Collateral Administrator, Securities Intermediary or Collateral Agent, as the case may be, hereunder (and, if applicable, under the Account Control Agreement) by
a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the removed agent hereunder and under the Account Control Agreement, and the removed agent shall be discharged from its duties and
obligations hereunder and under the Account Control Agreement. After the removed agent’s removal hereunder, the provisions of this Article and Sections 5.03 and 10.04 shall continue in effect for the benefit of such removed agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while it was acting as Collateral Administrator, Securities Intermediary or Collateral Agent, as
the case may be. 
 Upon the request of the Company or the Administrative Agent or the successor agent, such retiring or removed agent
shall, upon payment of its charges then unpaid, execute and deliver an instrument transferring to such successor agent all the rights, powers and trusts of the retiring or removed agent, and shall duly assign, transfer and deliver to such successor
agent all property and money held by such retiring or removed agent hereunder (and the Account Control Agreement, if applicable). Upon reasonable request of any such successor agent, the Company and the Administrative Agent shall execute any and all
instruments for more fully and certainly vesting in and confirming to such successor agent all such rights, powers and trusts. 
 Each
Lender acknowledges that it has, independently and without reliance upon any Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement.
Each Lender also acknowledges that it will, independently and without reliance upon any Agent or any other Lender and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in
taking or not taking action under or based upon this Agreement, any related agreement or any document furnished hereunder or thereunder. 

  
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 Anything in this Agreement notwithstanding, in no event shall any Agent, the Collateral
Administrator or the Securities Intermediary be liable for special, punitive, indirect or consequential loss or damage of any kind whatsoever (including lost profits), even if such Agent, the Collateral Administrator or the Securities Intermediary,
as the case may be, has been advised of such loss or damage and regardless of the form of action. 
 Each Agent and the Collateral
Administrator shall not be liable for any error of judgment made in good faith by an officer or officers of such Agent or the Collateral Administrator, unless it shall be conclusively determined by a court of competent jurisdiction that such Agent
or the Collateral Administrator was grossly negligent in ascertaining the pertinent facts. 
 Each Agent and the Collateral Administrator
shall not be responsible for the accuracy or content of any certificate, statement, direction or opinion furnished to it in connection with this Agreement. 

Each Agent and the Collateral Administrator shall not be bound to make any investigation into the facts stated in any resolution, certificate,
statement, instrument, opinion, report, consent, order, approval, bond or other document or have any responsibility for filing or recording any financing or continuation statement in any public office at any time or to otherwise perfect or maintain
the perfection of any security interest or lien granted to it hereunder. 
 No Agent shall be responsible for delays or failures in
performance resulting from acts beyond its control. Such acts include but are not limited to acts of God, strikes, lockouts, riots and acts of war. In connection with any payment, the Collateral Agent and the Collateral Administrator are entitled to
rely conclusively on any instructions provided to them by the Administrative Agent. 
 The rights, protections and immunities given to the
Agents in this Section 9.01 shall likewise be available and applicable to the Securities Intermediary and the Collateral Administrator. 

SECTION 9.02. Additional Provisions Relating to the Collateral Agent and the Collateral Administrator. 

(a) Collateral Agent May Perform. The Collateral Agent shall from time to time take such action (at the written direction of the
Administrative Agent or the Required Lenders) for the maintenance, preservation or protection of any of the Collateral or of its security interest therein and the Administrative Agent may direct the Collateral Agent in writing to take any action
incidental thereto; provided that in each case the Collateral Agent shall have no obligation to take any such action in the absence of such direction and shall have no obligation to comply with any such direction if it reasonably believes
that the same (1) is contrary to Applicable Law or (2) may subject the Collateral Agent to any loss, liability, cost or expense, unless the Administrative Agent or the Required Lenders, as the case may be, issuing such instruction make
provision reasonably satisfactory to the Collateral Agent for payment of same (which provision may be payment of such cost or expense by the Company (subject to the limitations set forth herein) in accordance with the Priority of Payments if such
arrangement is reasonably satisfactory to the Collateral Agent). 

  
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 With respect to actions which are incidental to the actions specifically delegated to the
Collateral Agent hereunder, the Collateral Agent shall not be required to take any such incidental action hereunder, but shall be required to act or to refrain from acting (and shall be fully protected in acting or refraining from acting) upon the
written direction of the Administrative Agent; provided that the Collateral Agent shall not be required to take any action hereunder at the request of the Administrative Agent, the Required Lenders or otherwise if the taking of such action,
in the determination of the Collateral Agent, (1) is contrary to Applicable Law or (2) is reasonably likely to subject the Collateral Agent to any loss, liability, cost or expense, unless the Administrative Agent or the Required Lenders,
as the case may be, issuing such instruction make provision reasonably satisfactory to the Collateral Agent for payment of same (which provision may be payment of such cost or expense by the Company (subject to the limitations set forth herein) in
accordance with the Priority of Payments if such arrangement is reasonably satisfactory to the Collateral Agent). In the event the Collateral Agent requests the consent of the Administrative Agent and the Collateral Agent does not receive a consent
(either positive or negative) from the Administrative Agent within ten (10) Business Days of its receipt of such request, the Administrative Agent shall be deemed to have declined to consent to the relevant action. 

If, in performing its duties under this Agreement, the Collateral Agent is required to decide between alternative courses of action, the
Collateral Agent may request written instructions from the Administrative Agent as to the course of action desired by it. If the Collateral Agent does not receive such instructions within five (5) Business Days after it has requested them, the
Collateral Agent may, but shall be under no duty to, take or refrain from taking any such courses of action and shall have no liability in connection therewith except as otherwise provided in this Agreement. The Collateral Agent shall act in
accordance with instructions received after such five (5) Business Day period except to the extent it has already, in good faith, taken or committed itself to take, action inconsistent with such instructions. 

(b) Reasonable Care. The Collateral Agent is required to exercise reasonable care in the custody and preservation of any of the
Collateral in its possession, provided that the Collateral Agent shall be deemed to have exercised reasonable care in the custody and preservation of any of the Collateral if it takes such action for that purpose as the Company reasonably
requests at times other than upon the occurrence and during the continuance of any Event of Default, but failure of the Collateral Agent to comply with any such request at any time shall not in itself be deemed a failure to exercise reasonable care.
The Collateral Agent will not be responsible for filing any financing or continuation statements or recording any documents or instruments in any public office at any time or times or otherwise perfecting or maintaining the perfection of any liens
thereon. The Collateral Agent shall be entitled to rely on the advice of legal counsel and independent accountants selected by it with due care in performing its duties hereunder. 

(c) Collateral Agent Not Liable. Except to the extent arising from the gross negligence, willful misconduct, criminal conduct, fraud or
reckless disregard of the Collateral Agent, the Collateral Agent shall not be liable by reason of its compliance with the terms of this Agreement with respect to (1) the investment of funds held thereunder in Eligible Investments (other than
for losses attributable to the Collateral Agent’s failure to make payments on investments issued by the Collateral Agent, in its commercial capacity as principal obligor and not as collateral agent, in accordance with their terms) or
(2) losses incurred as a result of the liquidation of any Eligible Investment prior to its stated maturity. 
 (d) Certain Rights and
Obligations of the Collateral Agent. Without further consent or authorization from any Lenders, the Collateral Agent shall be deemed to have released, and shall execute any documents or instruments necessary to release, any lien encumbering any
item of Collateral that is the subject of a sale or other disposition of assets permitted by this Agreement or as otherwise permitted or required hereunder or to which the Required Lenders have otherwise consented. Anything contained herein to the
contrary notwithstanding, in the event of a foreclosure by the Collateral Agent on any of the Collateral pursuant to a public or private sale, any Agent or Lender may be the purchaser of 

  
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any or all of such Collateral at any such sale and the Collateral Agent, as agent for and representative of the Lenders (but not any Lender in its individual capacity unless the Required Lenders
shall otherwise agree), shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such public sale, to use and apply any of the Secured Obligations as a
credit on account of the purchase price for any Collateral payable by the purchaser at such sale. 
 (e) Collateral Agent, Securities
Intermediary and Collateral Administrator Fees and Expenses. Subject to the Priority of Payments, the Company agrees to pay to the Collateral Agent, the Securities Intermediary and the Collateral Administrator such fees as the Administrative
Agent, the Collateral Agent, the Securities Intermediary, the Collateral Administrator and the Portfolio Manager, may agree in writing. Subject to the Priority of Payments, the Company further agrees to pay to the Collateral Agent, the Securities
Intermediary and the Collateral Administrator, or reimburse the Collateral Agent, the Securities Intermediary and the Collateral Administrator for paying, reasonable and documented
out-of-pocket expenses (but limited, in the case of attorney’s fees, to reasonable and documented fees and out-of-pocket expenses of one firm of outside counsel for each such Person (and one local counsel in any jurisdiction where local counsel is required)) in connection with this Agreement, the Account Control
Agreement and the transactions contemplated hereby, in connection with this Agreement, the Account Control Agreement and the transactions contemplated hereby, subject to the Priority of Payments. 

(f) Execution by the Collateral Agent, the Securities Intermediary and the Collateral Administrator. The Collateral Agent, the
Securities Intermediary and the Collateral Administrator are executing this Agreement solely in their capacity as Collateral Agent, Securities Intermediary and Collateral Administrator hereunder and in no event shall have any obligation to make any
Advance, provide any Advance or perform any obligation of the Administrative Agent hereunder. 
 (g) Reports by the Collateral
Administrator. The Company hereby appoints Virtus Group, LP as Collateral Administrator and directs the Collateral Administrator to prepare the reports substantially in the form reasonably agreed by the Company, the Collateral Administrator and
the Administrative Agent. Without limitation to the foregoing, upon the written request (including via email) of the Administrative Agent, which may be in the form of a standing request, the Collateral Administrator shall provide to the
Administrative Agent a copy of the most recent notice memo, distribution report or similar notice or report received by it in respect of any Portfolio Investment(s) identified by the Administrative Agent as soon as reasonably practicable after such
request is made by the Administrative Agent (or, if such request is a standing request, as soon as reasonably practicable after such notice or report is received). 

(h) Information Provided to Collateral Agent and Collateral Administrator. Without limiting the generality of any terms of this Section,
neither the Collateral Agent nor the Collateral Administrator shall have liability for any failure, inability or unwillingness on the part of the Portfolio Manager, the Administrative Agent, the Company or the Required Lenders to provide accurate
and complete information on a timely basis to the Collateral Agent or the Collateral Administrator, as applicable, or otherwise on the part of any such party to comply with the terms of this Agreement, and, absent gross negligence, willful
misconduct, criminal conduct, fraud or reckless disregard of the Collateral Agent or the Collateral Administrator, as applicable, shall have no liability for any inaccuracy or error in the performance or observance on the Collateral Agent’s or
Collateral Administrator’s, as applicable, part of any of its duties hereunder that is caused by or results from any such inaccurate, incomplete or untimely information received by it, or other failure on the part of any such other party to
comply with the terms hereof. 

  
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 ARTICLE X 

MISCELLANEOUS 
 SECTION 10.01. Non-Petition; Limited Recourse. Each of the Collateral Agent, the Securities Intermediary, the Collateral Administrator, the Portfolio Manager and the other parties hereto (other than the Administrative Agent
acting at the direction of the Required Lenders) hereby agrees not to commence, or join in the commencement of, any proceedings in any jurisdiction for the bankruptcy, winding-up or liquidation of the Company or any similar proceedings, in each case
prior to the date that is one year and one day (or if later, any applicable preference period plus one day) after the payment in full of all amounts owing to the parties hereto. The foregoing restrictions are a material inducement for the parties
hereto to enter into this Agreement and are an essential term of this Agreement. The Administrative Agent or the Company may seek and obtain specific performance of such restrictions (including injunctive relief), including, without limitation, in
any bankruptcy, winding-up, liquidation or similar proceedings. The Company shall promptly object to the institution of any bankruptcy, winding-up, liquidation or similar proceedings against it and take all
necessary or advisable steps to cause the dismissal of any such proceeding; provided that such obligation shall be subject to the availability of funds therefor. Nothing in this Section 10.01 shall limit the right of any party hereto to file any
claim or otherwise take any action with respect to any proceeding of the type described in this Section that was instituted by the Company or against the Company by any Person other than a party hereto. 

Notwithstanding any other provision of this Agreement or of any other Loan Document, the Secured Obligations are limited recourse obligations
of the Company, payable solely from the Collateral as applied in accordance with this Agreement and, on the exhaustion of the Collateral, all Secured Obligations of and all claims against the Company arising under this Agreement or any other Loan
Document or any transactions contemplated hereby or thereby shall be extinguished and shall not thereafter revive. No recourse shall be had for the payment of any amount owing in respect of the Advances against any Affiliate, shareholder, manager,
officer, director, employee or member of the Company (solely in their capacities as such) or successors or assigns for any amounts payable in respect of the Secured Obligations or this Agreement. It is understood that the foregoing provisions of
this Section 10.01 shall not (1) prevent recourse to the Collateral for the sums due or to become due under any security, instrument or agreement which is part of the Collateral or (2) constitute a waiver, release or discharge of any
Secured Obligation until such Collateral has been realized, whereupon any outstanding indebtedness or obligation shall be extinguished. It is further understood that the foregoing provisions of this section shall not limit the right of any person to
name the Company as a party defendant in any Proceeding or in the exercise of any other remedy under this Agreement or any other Loan Document, so long as no judgment in the nature of a deficiency judgment or seeking personal liability shall be
asked for or (if obtained) enforced against any such person or entity. The Administrative Agent and the Financing Providers, in extending credit to the Company, have relied on the existence of the Company as an entity separate and distinct from any
other entity (including any shareholder, manager, officer, director, employee or member of the Company) and are not treating the Company and any other Person, including, without limitation, Parent, as one and the same entity, or as a single economic
unit. 
 SECTION 10.02. Notices. All notices and other communications in respect hereof (including, without limitation, any
modifications hereof, or requests, waivers or consents hereunder) to be given or made by a party hereto shall be in writing (including by electronic mail or other electronic messaging system of .pdf or other similar files) to the other parties
hereto at the addresses for notices specified on the Transaction Schedule (or, as to any such party, at such other address as shall be designated by such party in a notice to each other party hereto). All such notices and other communications shall
be deemed to have been duly given when (a) transmitted by facsimile, (b) personally delivered, (c) in the case of a mailed notice, upon receipt, or (d) in the case of notices and communications transmitted by electronic mail or any other electronic
messaging system, upon delivery, in each case given or addressed as aforesaid. 

  
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 SECTION 10.03. No Waiver. No failure on the part of any party hereto to exercise and
no delay in exercising, and no course of dealing with respect to, any right, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege under this Agreement
preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The remedies provided herein are cumulative and not exclusive of any remedies provided by law. 

SECTION 10.04. Expenses; Indemnity; Damage Waiver; Right of Setoff. 

(a) Subject to the Priority of Payments, the Company shall pay (1) all reasonable and documented fees and
out-of-pocket expenses incurred by the Agents, the Collateral Administrator, the Securities Intermediary and their Related Parties, including the fees, charges and
disbursements of outside counsel for each Agent and the Collateral Administrator, and such other local counsel as required for the Agents and the Collateral Administrator, collectively, in connection with the preparation and administration of this
Agreement, the Account Control Agreement or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated) and (2) all reasonable and documented
out-of-pocket expenses incurred by the Agents, the Collateral Administrator and the Lenders, including the reasonable and documented fees, charges and disbursements of
outside counsel for each Agent, the Collateral Administrator and such other local counsel as required for all of them, in connection herewith, including the enforcement or protection of their rights in connection with this Agreement and the Account
Control Agreement, including their rights under this Section, or in connection with the Advances provided by them hereunder, including all such reasonable and documented
out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Advances. 

(b) Subject to the Priority of Payments, the Company shall indemnify the Agents, the Collateral Administrator, the Securities Intermediary, the
Lenders and their Related Parties (each such Person being called an “Indemnitee”), against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including the reasonable and
documented fees, charges and disbursements of outside counsel for each Indemnitee and such other local counsel as required for any Indemnitees (such counsel being limited to one outside counsel and one local counsel for the Collateral Administrator,
the Securities Intermediary and the Collateral Agent and their Related Parties and one outside counsel and one local counsel for the Lenders, the Administrative Agent and their Related Parties), incurred by or asserted against any Indemnitee arising
out of, in connection with, or as a result of (1) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties thereto of their respective
obligations or the exercise of the parties thereto of their respective rights or the consummation of the transactions contemplated hereby, (2) any Advance or the use of the proceeds therefrom, or (3) any actual or prospective claim,
litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto or is pursuing or defending any such action; provided
that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (A) are determined by a court of competent jurisdiction by final and nonappealable judgment to
have resulted from the gross negligence or willful misconduct of such Indemnitee, (B) with respect to indemnification obligations owed to the Administrative Agent or any Financing Provider, resulted from the material non-compliance by the Administrative Agent or (with respect to such Financing Provider or its Related Parties as an Indemnitee) any Financing Provider of their respective obligations under the Loan Documents or
(C) relate to any claim, matter or dispute solely between or among Indemnitees. This Section 10.04(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim. 

  
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 (c) To the extent permitted by Applicable Law, no party hereto nor any Indemnitee shall
assert, and each hereby waives, any claim against any party hereto or any Indemnitee, as applicable, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in
connection with, or as a result of, this Agreement, the Account Control Agreement, any other Loan Document or any agreement, instrument or transaction contemplated hereby, any Advance or the use of the proceeds thereof. 

(d) If an Event of Default shall have occurred and be continuing, with prior written notice to the Administrative Agent and the Company, each
Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held
and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of the Company against any of and all the obligations of the Company now or hereafter existing under this Agreement held by such Lender,
irrespective of whether or not such Lender shall have made any demand under this Agreement and although such obligations may be unmatured. The rights of each Lender under this clause (d) are in addition to other rights and remedies (including
other rights of setoff) which such Lender may have. 
 SECTION 10.05. Amendments. Subject to Section 3.01(h)(ii), no
amendment, modification or waiver in respect of this Agreement will be effective unless in writing (including, without limitation, a writing evidenced by a facsimile transmission or electronic mail) and executed by each of the Agents, the Collateral
Administrator, the Securities Intermediary, the Required Lenders, the Company and the Portfolio Manager; provided, however, that the Administrative Agent may waive any of the Eligibility Criteria and the requirements set forth in
Schedule 3 or Schedule 4 in its sole discretion; provided further that none of the Collateral Agent, the Collateral Administrator or the Securities Intermediary shall be obligated to execute any amendment that affects its rights, duties,
protections or immunities; provided further that any Material Amendment shall require the prior written consent of each Lender affected thereby. If so requested by the Portfolio Manager to the Administrative Agent in writing (including via e-mail), the parties shall work together in good faith to execute and deliver an amendment to this Agreement in form and substance satisfactory to all parties hereto to provide for terms relating to the
establishment of accounts in respect of Permitted Non-USD Currency Portfolio Investments (such accounts, collectively, “Non-USD Obligation Accounts”), establishment of security over such
Non-USD Obligation Accounts and the related Permitted Non-USD Currency Portfolio Investments and the proceeds thereof (which may include the execution and delivery of one or more security agreements or security deeds or similar agreements in form
and substance satisfactory to each of the parties hereto) and such other supplemental terms relating to Permitted Non-USD Currency Portfolio Investments as the parties hereto shall agree (each, a
“Non-USD Obligation Security Document”) (any such amendment, a “Currency Amendment”). 

SECTION 10.06. Successors; Assignments. 

(a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns permitted hereby, except that the Company may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and the Required Lenders (and any attempted assignment or
transfer by the Company without such consent shall be null and void) and the Portfolio Manager may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent. Except as
expressly set forth herein, nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person any legal or equitable right, remedy or claim under or by reason of this Agreement. 

  
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 (b) Subject to the conditions set forth below, any Lender may assign to one or more Persons
all or a portion of its rights and obligations under this Agreement (including all or a portion of its Financing Commitment and the Advances at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld) of
the Administrative Agent and, unless an Event of Default has occurred and is continuing or a Market Value Event shall have occurred, if such assignee is not an Eligible Assignee, the Company; provided that no consent of the Administrative
Agent or the Company shall be required for an assignment of any Financing Commitment to an assignee that is a Lender with a Financing Commitment immediately prior to giving effect to such assignment. 

Assignments shall be subject to the following additional conditions: (A) each partial assignment shall be made as an assignment of a
proportionate part of all the assigning Lender’s rights and obligations under this Agreement; and (B) the parties to each assignment shall execute and deliver to the Administrative Agent an assignment and assumption agreement in form and
substance acceptable to the Administrative Agent. 
 Subject to acceptance and recording thereof below, from and after the effective date
specified in each assignment and assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such assignment and assumption, have the rights and obligations of a Lender under this Agreement, and the
assigning Lender thereunder shall, to the extent of the interest assigned by such assignment and assumption, be released from its obligations under this Agreement (and, in the case of an assignment and assumption covering all of the assigning
Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto as a Lender but shall continue to be entitled to the benefits of Sections 5.03 and 10.04). 

The Administrative Agent, acting solely for this purpose as an agent of the Company, shall maintain at one of its offices a copy of each
assignment and assumption delivered to it and the Register. The entries in the Register shall be conclusive absent manifest error, and the parties hereto shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as
a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Company, any Lender and the Portfolio Manager, at any reasonable time and from time to time upon
reasonable prior notice. Upon its receipt of a duly completed assignment and assumption executed by an assigning Lender and an assignee, the Administrative Agent shall accept such assignment and assumption and record the information contained
therein in the Register. 
 (c) Any Lender may sell participations to one or more banks or other entities (a “Lender
Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Financing Commitment and the Advances owing to it) and with the consent of, if such participant is not an
Eligible Assignee, the Company; provided that (1) such Lender’s obligations under this Agreement shall remain unchanged, (2) such Lender shall remain solely responsible to the other parties hereto for the performance of such
obligations and (3) the Company, the Agents and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument
pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that
such agreement or instrument may provide that such Lender will not, without the consent of the Lender Participant, agree to any Material Amendment that materially and adversely affects such Lender Participant. 

  
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 (d) Each Lender that sells a participation shall, acting solely for this purpose as an agent
of the Company, maintain a register on which it enters the name and address of each Lender Participant and the principal amounts (and stated interest) of each Lender Participant’s interest in the Advances or other obligations under this
Agreement (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Lender Participant or any information
relating to a Lender Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment,
loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent
manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt,
the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. The Company agrees that each Lender Participant shall be entitled to the benefits of Sections 3.01(e) and 3.03
(subject to the requirements and limitations therein, including the requirements under Section 3.03(f) (it being understood that the documentation required under Section 3.03(f) shall be delivered to the Lender that sells the
participation)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Lender Participant (A) agrees to be subject to the provisions of
Section 3.01(f) relating to replacement of Lenders as if it were an assignee under paragraph (b) of this Section 10.06 and (B) shall not be entitled to receive any greater payment under Sections 3.01(e) and 3.03, with respect to
any participation, than the Lender that sells the participation would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Lender Participant acquired
the applicable participation. Each Lender that sells a participation agrees, at the Company’s request and expense, to use reasonable efforts to cooperate with the Company to effectuate the replacement of Lenders provisions set forth in
Section 3.01(f) with respect to any Lender Participant. 
 SECTION 10.07. Confidentiality. Each Agent, the Collateral
Administrator, the Securities Intermediary and each Lender agrees to maintain the confidentiality of the Information until the date that is two (2) years after receipt of such Information (or, with respect to Information relating to the
financial and other material terms of this Agreement, until the date that is one (1) year after the Maturity Date), except that Information may be disclosed (i) to its and its Affiliates’ directors, officers, employees and agents,
including accountants, legal counsel and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (ii)
to the extent requested by any regulatory authority (including any self-regulatory authority), (iii) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (iv) to any other party to this
Agreement, (v) in connection with the exercise of any remedies hereunder, the sale of any Portfolio Investment following the occurrence of a Market Value Event or any suit, action or proceeding relating to this Agreement or any other Loan
Document or the enforcement of rights hereunder or thereunder, (vi) subject to an agreement containing provisions substantially the same as those of this Section 10.07, to (x) any assignee of or Participant in or any prospective
assignee of or Participant in, any of its rights or obligations under this Agreement (in each case to the extent such Person is an Eligible Assignee), or (y) any actual or prospective counterparty (or its advisors) to any swap or derivative
transaction relating to the Company and its obligations, (vii) with the consent of the Company (or the Administrative Agent, in the case of a disclosure by the Company), (viii) to the extent such Information (x) becomes publicly available
other than as a result of a breach of this Section 10.07 by the delivering party or its Affiliates or (y) becomes available to any Agent, the Collateral Administrator, the Securities Intermediary or any Lender on a nonconfidential basis
from a source other than the Company or (ix) to the extent permitted or required under this Agreement or the Account Control Agreement. For the purposes of this Section 10.07, any Person required to maintain the confidentiality of
Information as provided in this Section 10.07 shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord
to its own confidential information. 

  
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 SECTION 10.08. Governing Law; Submission to Jurisdiction; Etc. 

(a) Governing Law. This Agreement will be governed by and construed in accordance with the law of the State of New York. 

(b) Submission to Jurisdiction. Any suit, action or proceedings relating to this Agreement (collectively,
“Proceedings”) shall be tried and litigated in the courts of the State of New York and the United States District Court located in the Borough of Manhattan in New York City. With respect to any Proceedings, each party hereto
irrevocably (i) submits to the 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 any party hereto from bringing Proceedings to enforce any judgment against any such party arising out of or relating to this Agreement in the courts of any place
where such party or any of its assets may be found or located, nor will the bringing of such Proceedings in any one or more jurisdictions preclude the bringing of such Proceedings in any other jurisdiction. 

(c) Waiver of Jury Trial. EACH OF THE PARTIES HERETO AND THE ADMINISTRATIVE AGENT ON BEHALF OF THE LENDERS HEREBY IRREVOCABLY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE 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. 

SECTION 10.09. Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable
to any Advance, together with all fees, charges and other amounts which are treated as interest on such Advance under Applicable Law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”)
which may be contracted for, charged, taken, received or reserved by the Lender holding such Advance in accordance with Applicable Law, the rate of interest payable in respect of such Advance hereunder, together with all Charges payable in respect
thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Advance but were not payable as a result of the operation of this Section 10.09 shall be
cumulated and the interest and Charges payable to such Lender in respect of other Advances or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds
Effective Rate to the date of repayment, shall have been received by such Lender. 
 SECTION 10.10. PATRIOT Act. Each Lender
and Agent that is subject to the requirements of the PATRIOT Act hereby notifies the Company that pursuant to the requirements of the PATRIOT Act, it is required to obtain, verify and record information that identifies the Company, which information
includes the name and address of the Company and other information that will allow such Lender or Agent to identify the Company in accordance with the PATRIOT Act. 

SECTION 10.11. Counterparts. This Agreement may be executed in any number of counterparts by facsimile or other written form of
communication, each of which shall be deemed to be an original as against the party whose signature appears thereon, and all of which shall together constitute one and the same instrument. 

  
 - 72 - 

 SECTION 10.12. Headings. Article and Section headings and the Table of
Contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

SECTION 10.13. Acknowledgement and Consent to Bail-In of EEA Financial Institutions..
Notwithstanding anything to the contrary in this Agreement or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender that is an EEA Financial Institution arising
under this Agreement may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

(a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may
be payable to it by any Lender that is an EEA Financial Institution; and 
 (b) the effects of any
Bail-In Action on any such liability, including, if applicable: 
 (1) a reduction in full or in part
or cancellation of any such liability; 
 (2) a conversion of all, or a portion of, such liability into shares or other instruments of
ownership in such EEA Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with
respect to any such liability under this Agreement; or 
 (3) the variation of the terms of such liability in connection with the exercise of
the Write-Down and Conversion Powers of any EEA Resolution Authority. 
 As used herein: 

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

“Bail-In Legislation” means, with respect to any EEA Member Country implementing
Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In
Legislation Schedule. 
 “EEA Financial Institution” means (a) any institution established in any EEA Member Country
which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any institution established
in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 

  
 - 73 - 

 “EEA Resolution Authority” means any public administrative authority or any
Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“EU Bail-In Legislation Schedule” means the EU
Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time. 

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

  
 - 74 - 

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

			
	BGSL JACKSON HOLE FUNDING LLC, as Company
		
	By	 	 /s/ Marisa J. Beeney

	Name:	 	Marisa J. Beeney
	Title: Chief Compliance Officer, Chief Legal Officer and Secretary
	
	BLACKSTONE/GSO SECURED LENDING FUND, as Portfolio Manager
		
	By	 	 /s/ Marisa J. Beeney

	Name:	 	Marisa J. Beeney
	Title: Chief Compliance Officer, Chief Legal Officer and Secretary

 
			
	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as Administrative Agent
		
	By	 	 /s/ James Greenfield

	Name:	 	James Greenfield
	Title: Executive Director

 
			
	CITIBANK, N.A., as Collateral Agent
		
	By	 	 /s/ Thomas Varcados

	Name:	 	Thomas Varcados
	Title: Senior Trust Officer
	
	CITIBANK, N.A., as Securities Intermediary
		
	By	 	 /s/ Thomas Varcados

	Name:	 	Thomas Varcados
	Title: Senior Trust Officer
	
	VIRTUS GROUP, LP, as Collateral Administrator
		
	By	 	 /s/ Joseph U. Elston

	Name:	 	Joseph U. Elston
	Title: Partner

 
			
	The Lenders
	
	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as Lender
		
	By	 	 /s/ James Greenfield

	Name:	 	James Greenfield
	Title: Executive Director

 SCHEDULE 1 

Transaction Schedule 
  

							
	1.	  	Types of Financing	  	Available	  	Financing Limit
				
		  	Advances	  	yes	  	 Prior to a Commitment Increase Date:
  

U.S.$300,000,000; After a Commitment Increase Date, if any, U.S.$ 300,000,000 plus the principal amount of each increase in the Financing Commitment set
forth in the applicable Commitment Increase Requests up to U.S. $600,000,000 in the aggregate.

				
	2.	  	Lenders	  	Financing Commitment	  	
			
		  	JPMorgan Chase Bank, National Association	  	Prior to a Commitment Increase Date: U.S.$ 300,000,000; After a Commitment Increase Date, if any, U.S.$ 300,000,000 plus the principal amount of each increase in the Financing Commitment set forth in the
applicable Commitment Increase Requests up to U.S. $600,000,000 in the aggregate, in each case, as reduced from time to time pursuant to Section 4.07.
			
	3.	  	Scheduled Termination Date:	  	May 16, 2023
				
	4.	  	Interest Rates	  		  	
			
		  	Applicable Margin for Advances:	  	 With respect to interest based on the LIBO Rate, 2.50% per annum (subject to increase in accordance with
Section 3.01(b)).
  
 With respect to interest based on the Base Rate, 2.50% per
annum (subject to increase in accordance with Section 3.01(b)).

				
	5.	  	Account Numbers	  		  	
				
		  	Custodial Account:	  		  	
		  	Collection Account:	  		  	
		  	MV Cure Account:	  		  	
		  	Unfunded Exposure Account:	  		  	

					
	6.	  	Market Value Trigger:	 	70%
			
	7.	  	Market Value Cure Trigger:	 	62%
			
	8.	  	Purchases of Restricted Securities	 	

  

	
	 Notwithstanding anything herein to the contrary, no Portfolio Investment may constitute, at the time of initial
purchase, a Restricted Security. As used herein, “Restricted Security” means any security that forms part of a new issue of publicly issued securities (a) with respect to which an Affiliate of any Lender that is a
“broker” or a “dealer”, within the meaning of the Securities Exchange Act of 1934, participated in the distribution as a member of a selling syndicate or group within 30 days of the proposed purchase by the Company and
(b) which the Company proposes to purchase from any such Affiliate of any Lender.

  
 - 2 - 

	
	

					
		  	Addresses for Notices
			
	The Company:	  	 BGSL Jackson Hole Funding LLC
 c/o
Blackstone/GSO Secured Lending Fund
345 Park Avenue
New York, NY 10154

	  	 Attn: Shaker Choudhury
 Email:
Shaker.choudhury@gsocap.com

			
		  	With a copy to:	  	
			
		  	Dechert LLP
1095 Avenue of the Americas
New York, NY 10036-6797	  	Attention: Jay R. Alicandri, Esq.
Email: jalicandri@dechert.com
			
	The Portfolio Manager:	  	Blackstone/GSO Secured Lending Fund
345 Park Avenue
New York, NY 10154
	  	 Attn: Shaker Choudhury
 Email:
Shaker.choudhury@gsocap.com

			
		  	With a copy to:	  	
			
		  	Dechert LLP
1095 Avenue of the Americas
New York, NY 10036-6797	  	Attention: Jay R. Alicandri, Esq.
Email: jalicandri@dechert.com
			
	The Administrative Agent:	  	 JPMorgan Chase Bank,
 National Association

c/o JPMorgan Services Inc.
 500 Stanton Christiana Rd.,
3rd
Floor
 Newark, Delaware 19713
	  	 Attention: Ryan Hanks
 Telephone: (302) 634-2030

			
		  	with a copy to	  	
			
		  	 JPMorgan Chase Bank,
 National Association

383 Madison Ave.
 New York, New York 10179
	  	 Attention: Louis Cerrotta
 Telephone: 212-622-7092
 Email: louis.cerrotta@jpmorgan.com

With a copy to:
 de_custom_business@jpmorgan.com

			
	The Collateral Agent:	  	Citibank, N.A.
388 Greenwich Street
New York, NY 10013	  	Attention: Agency & Trust -
BGSL Jackson Hole Funding LLC
Telephone: (713) 693-6673
Email: Thomas.varcados@citi.com

  
 - 3 - 

					
	The Securities Intermediary:	  	Citibank, N.A.
388 Greenwich Street
New York, NY 10013	  	 Attention: Agency & Trust -
BGSL Jackson Hole Funding LLC
Telephone: (713)
693-6673

  
 Email:
Thomas.varcados@citi.com

			
		  	 Address for delivery of any
 physical securities
under the
 Account Control Agreement:
 Citibank, N.A.

399 Park Avenue
 Level “B”—Securities Vault

 
 New York, NY 10022
	  	Attention: Mr. Keith Whyte,
BGSL Jackson Hole Funding, LLC
Telephone: (212) 559-1207

All physical securities must be sent by trackable courier service (e.g. UPS or Federal
Express)
			
	The Collateral Administrator:	  	Virtus Group, LP
1301 Fannin St., Suite 1700
Houston, TX	  	 Attention: BGSL Jackson Hole Funding LLC
  

Email: BGSLJacksonHoleFundingDL
@virtusllc.com

			
	JPMCB:	  	 JPMorgan Chase Bank,
 National Association

c/o JPMorgan Services Inc.
 500 Stanton Christiana Rd.,
3rd
Floor
 Newark, Delaware 19713
  
	  	 Attention: Robert Nichols
 Facsimile: (302) 634-1092

		  	 with a copy to:
  

JPMorgan Chase Bank, National Association
 383 Madison Ave.

New York, New York 10179
	  	 Attention: Louis Cerrotta
 Telephone: 212-622-7092

			
	Each other Lender:	  	 The address (or facsimile
 number or electronic
mail
 address) provided by it to the
 Administrative
Agent.
	  	

  
 - 4 - 

 SCHEDULE 2 

Contents of Notices of Acquisition 
 Each
Notice of Acquisition shall include the following information for the related Portfolio Investment(s): 
 JPMorgan Chase Bank, National Association, 

as Administrative Agent 
 c/o JPMorgan Services Inc. 

500 Stanton Christiana Rd., 3rd Floor 
 Attention: Ryan Hanks 

Email: de_custom_business@jpmorgan.com 
 JPMorgan Chase
Bank, National Association, 
 as Administrative Agent 
 383
Madison Avenue 
 New York, New York 10179 
 Attention: Michael
Grogan 
 Email: NA_Private_Financing_Diligence@jpmorgan.com 

JPMorgan Chase Bank, National Association, 
 as Lender 

c/o JPMorgan Services Inc. 
 500 Stanton Christiana Rd., 3rd Floor

 Newark, Delaware 19713 
 Attention: Ryan Hanks 

cc: 
 Citibank, N.A., as Collateral Agent 

Virtus Group, LP, as Collateral Administrator 

 Ladies and Gentlemen: 

Reference is hereby made to the Loan and Security Agreement, dated as of November 16, 2018 (as amended, the “Agreement”),
among BGSL Jackson Hole Funding LLC, as borrower (the “Company”), JPMorgan Chase Bank, National Association, as administrative agent (the “Administrative Agent”), Blackstone/GSO Secured Lending Fund, as portfolio
manager (the “Portfolio Manager”), the lenders party thereto and the collateral agent, collateral administrator and securities intermediary party thereto. Capitalized terms used herein and not otherwise defined herein shall have the
respective meanings given such terms in the Agreement. 
 Pursuant to the Agreement, the Portfolio Manager hereby [requests approval for the
Company to acquire][notifies the Administrative Agent of the Company’s intention to acquire] via [a Purchase][a Substitution] the following Portfolio Investment(s):1 

 

	
	Fund
	Issuer / Obligor
	Jurisdiction
	Identifier (LoanX; CUSIP)
	Requested Notional Amount
	Asset Class
	Current Pay (Y/N)
	Syndication Type
	Lien
	Tranche Size
	Price
	Spread / Coupon
	Base Rate
	LIBOR Floor
	Maturity
	GICS3 Industry
	LTM EBITDA (In Millions)
	LTM Capital Expenditures (in Millions)
	Leverage Through Tranche (Net)
	Interest Coverage
	Financial Covenants
	Currency Type
	Security Identifier
	Security Description
	Quantity

  

	1 	 Company to complete as applicable. 

  
 - 2 - 

 To the extent available, we have included herewith (1) the material
underlying instruments (including , in the case of a Loan, the final credit agreement and collateral and security documents) relating to each such Portfolio Investment, (2) an audited financial statement for the previous most recently ended
three years of the obligor of each such Portfolio Investment or a quality of earnings report for the last 3 years (or, alternatively, since the last audit) prepared by an accredited accounting or financial advisory firm, to the extent available,
(3) quarterly statements for the previous most recently ended fiscal quarters of the obligor of each such Portfolio Investment ending after the date of the most recent audited financial statements of such obligor, (4) any appraisal or
valuation reports conducted by third parties in connection with the proposed investment by the Company, (5) applicable “proof of existence” details (if requested by the Administrative Agent), and (6) investment committee memo.
The Portfolio Manager acknowledges that it will provide such other information from time to time reasonably requested by the Administrative Agent, in each case to the extent that such information is available to the Company. 

We hereby certify that all conditions to the [Purchase][Substitution] of such Portfolio Investment(s) set forth in Section 1.03 of the
Agreement are satisfied[; provided that we request that the Administrative Agent waive the condition set forth in Section 1.03[    ]]. 

 

	
	Very truly yours,
	
	Blackstone/GSO Secured Lending Fund, as Portfolio Manager
	
	By                                      
                          
	Name:
	Title:

  
 - 3 - 

 SCHEDULE 3 

Eligibility Criteria 
  

	1.	 Such obligation is a Loan or a debt security and is not a Synthetic Security, a Zero-Coupon Security, a
Structured Finance Obligation, a Revolving Loan or a letter of credit or an interest therein. 

  

	2.	 Such obligation does not require the making of any future advance or payment by the Company to the issuer
thereof or any related counterparty except in connection with a Delayed Funding Term Loan. 

  

	3.	 Such obligation is eligible to be entered into by, sold or assigned to the Company and pledged to the
Collateral Agent. 

  

	4.	 Such obligation is denominated and payable in an Eligible Currency and purchased at a price that is at least
80% of the par amount of such obligation. 

  

	5.	 The primary obligor with respect to such obligation is a company organized in an Eligible Jurisdiction.

  

	6.	 It is an obligation upon which no payments are subject to deduction or withholding for or on account of any
withholding Taxes imposed by any jurisdiction unless the related obligor is required to make “gross-up” payments that cover the full amount of any such withholding Taxes (subject to customary
conditions to such payments which the Company (or the Portfolio Manager on behalf of the Company) in its good faith reasonable judgment expects to be satisfied). 

 

	7.	 Such obligation is not subject to an event of default (as defined in the underlying instruments for such
obligation) in accordance with its terms (including the terms of its underlying instruments after giving effect to any grace and/or cure period set forth in the related loan agreement, but not to exceed the lesser of (x) the grace period and/or
cure period set forth in the related loan agreement and (y) thirty (30) days) and, to the knowledge of the Company, no Indebtedness of the obligor thereon ranking pari passu with or senior to such obligation is in default with respect to
the payment of principal or interest or is subject to any other event of default that would trigger a default under the related loan agreement (after giving effect to any grace and/or cure period set forth in the related loan agreement, but not to
exceed lesser of (x) the grace period and/or cure period set forth in the related loan agreement and (y) thirty (30) days) (a “Defaulted Obligation”). 

 

	8.	 It is not at the time of purchase or commitment to purchase the subject of an offer other than an offer
pursuant to the terms of which the offeror offers to acquire a debt obligation in exchange for consideration consisting solely of cash in an amount equal to or greater than the full face amount of such debt obligation plus any accrued and unpaid
interest. 

  

	9.	 Such obligation is not an equity security and does not provide, on the date of acquisition, for conversion or
exchange at any time over its life into an equity security. 

  

	10.	 Such obligation provides for periodic payments of interest thereon in cash at least semi-annually.

  

	11.	 Such obligation will not cause the Company or the pool of Collateral to be required to register as an
investment company under the Investment Company Act of 1940, as amended. 

	12.	 Such obligation has been Delivered to the Collateral Agent. 

 

	13.	 If such obligation is a Participation Interest, the seller of such Participation Interest is the Seller (or an
Affiliate of the Parent consented to by the Administrative Agent in writing (including via e-mail)). 

  

	14.	 In the case of a Portfolio Investment that is a Loan, (i) the Administrative Agent is an “Eligible
Assignee” (as such term, or comparable term, is defined in the documents evidencing such Portfolio Investment) and such Portfolio Investment is otherwise permitted to be entered into by, sold or assigned to the Administrative Agent and
(ii) the Company shall have delivered to the Administrative Agent an assignment agreement duly executed by the administrative agent and/or obligor in respect of such Portfolio Investment, naming the Administrative Agent as assignee.

 The following capitalized terms used in this Schedule 3 shall have the meanings set forth below: 

“Eligible Currency” means U.S. dollars and, following the execution and delivery of a Currency Amendment, any
Permitted Non-USD Currency. 
 “Eligible Jurisdictions” means the
United States and any State therein, Bermuda, Canada, the Cayman Islands, England and any country within the European Economic Area. 

“Letter of Credit” means a facility whereby (i) a fronting bank (“LOC Agent Bank”) issues or
will issue a letter of credit (“LC”) for or on behalf of a borrower pursuant to an underlying instrument, (ii) if the LC is drawn upon, and the borrower does not reimburse the LOC Agent Bank, the lender/participant is obligated to
fund its portion of the facility and (iii) the LOC Agent Bank passes on (in whole or in part) the fees and any other amounts it receives for providing the LC to the lender/participant. 

“Structured Finance Obligation” means any obligation issued by a special purpose vehicle and secured directly
by, referenced to, or representing ownership of, a pool of receivables or other financial assets of any obligor, including collateralized debt obligations and mortgage-backed securities. 

“Synthetic Security” means a security or swap transaction, other than a participation interest or a letter of
credit, that has payments associated with either payments of interest on and/or principal of a reference obligation or the credit performance of a reference obligation. 

“Zero-Coupon Security” means any debt security that by its terms (a) does not bear interest for all or
part of the remaining period that it is outstanding or (b) pays interest only at its stated maturity. 

  
 - 2 - 

 SCHEDULE 4 

Concentration Limitations 
 The
“Concentration Limitations” shall be satisfied on any date of determination if, in the aggregate, the Portfolio Investments (other than any Ineligible Investments) owned (or in relation to a proposed purchase of a Portfolio
Investment, proposed to be owned) by the Company comply with all the requirements set forth below (each such limit calculated as a percentage of the Collateral Principal Amount on the applicable date of determination); provided that the
requirements of clauses 5 and 8 below shall not be applicable and shall be deemed satisfied during the Ramp-Up Period: 
  

	 	1.	 The aggregate principal amount of Portfolio Investments issued by a single obligor and its affiliates may not
exceed 6% of the Collateral Principal Amount (or, prior to the end of the Ramp-Up Period, the greater of (i) 6% of the Collateral Principal Amount and (ii) (x) $40,000,000 in the case of all Portfolio
Investments other than Jacuzzi Brands and (y) $30,000,000 in the case of Jacuzzi Brands); provided that the aggregate principal amount of Portfolio Investments issued by three (3) obligors and their respective affiliates may each
constitute up to 7.5% of the Collateral Principal Amount. Notwithstanding the foregoing, no obligor shall be deemed an affiliate of any person solely because they are under the control of the same private equity sponsor or similar sponsor or because
such obligor is owned by a common holding company with an obligor of another obligation so long as the collateral securing such loans is not common. 

  

	 	2.	 Not less than 85%of the Collateral Principal Amount may consist of Senior Secured Loans and cash and Eligible
Investments on deposit in the Collection Account as Principal Proceeds. 

  

	 	3.	 Not more than 15% of the Collateral Principal Amount may consist of Second Lien Loans and Mezzanine
Obligations, collectively; 

  

	 	4.	 Not more than 10% of the Collateral Principal Amount may consist of Mezzanine Obligations;

  

	 	5.	 Not more than 20% of the Collateral Principal Amount may consist of Portfolio Investments that are issued by
obligors that belong to the same Moody’s Industry Classification; provided that Portfolio Investments that are issued by obligors that belong to one Moody’s Industry Classification (excluding the Moody’s Industry
Classifications with industry codes 3, 12, 22 or 30 or the successor classification codes thereto) may constitute up to 30% of the Collateral Principal Amount. As used herein, “Moody’s Industry Classifications” means the
industry classifications set forth in Schedule 6 hereto, as such industry classifications shall be updated at the option of the Portfolio Manager (with the consent of the Administrative Agent) if Moody’s publishes revised industry
classifications. 

  

	 	6.	 The Unfunded Exposure Amount shall not exceed 5% of the Collateral Principal Amount. 

 

	 	7.	 Not more than 5% of the Collateral Principal Amount may consist of Participation Interests (other than
Participation Interests acquired by the Company from the Seller pursuant to the Sale Agreement on the Effective Date). 

	 	8.	 Not more than 20% of the Collateral Principal Amount may consist of Portfolio Investments issued by companies
organized in Eligible Jurisdictions other than the United States or any State thereof. 

  

	 	9.	 (i) prior to the execution and delivery of a Currency Amendment, not more than 0% of the Collateral Principal
Amount may consist of Portfolio Investments denominated in a Permitted Non-USD Currency and (ii) following the execution and delivery of a Currency Amendment, not more than 20% of the Collateral Principal
Amount may consist of Portfolio Investments denominated in a Permitted Non-USD Currency. 

  
 - 2 - 

 SCHEDULE 5 

Initial Portfolio Investments 

 SCHEDULE 6 
  

			
	 Moody’s Industry
Classifications

	 Industry Code
	  	 Description

	1	  	Aerospace & Defense
	2	  	Automotive
	3	  	Banking, Finance, Insurance & Real Estate
	4	  	Beverage, Food & Tobacco
	5	  	Capital Equipment
	6	  	Chemicals, Plastics & Rubber
	7	  	Construction & Building
	8	  	Consumer goods: Durable
	9	  	Consumer goods: Non-durable
	10	  	Containers, Packaging & Glass
	11	  	Energy: Electricity
	12	  	Energy: Oil & Gas
	13	  	Environmental Industries
	14	  	Forest Products & Paper
	15	  	Healthcare & Pharmaceuticals
	16	  	High Tech Industries
	17	  	Hotel, Gaming & Leisure
	18	  	Media: Advertising, Printing & Publishing
	19	  	Media: Broadcasting & Subscription
	20	  	Media: Diversified & Production
	21	  	Metals & Mining
	22	  	Retail
	23	  	Services: Business
	24	  	Services: Consumer
	25	  	Sovereign & Public Finance
	26	  	Telecommunications
	27	  	Transportation: Cargo
	28	  	Transportation: Consumer
	29	  	Utilities: Electric
	30	  	Utilities: Oil & Gas
	31	  	Utilities: Water
	32	  	Wholesale

 EXHIBIT A 

Form of Request for Advance 
 JPMorgan
Chase Bank, National Association, 
 as Administrative Agent 

c/o JPMorgan Services Inc. 
 500 Stanton Christiana Rd., 3rd Floor

 Attention: Ryan Hanks 
 JPMorgan Chase Bank, National
Association, 
 as Administrative Agent 
 383 Madison Avenue

 New York, New York 10179 
 Attention: Louis Cerrotta 

Email: louis.cerrotta@jpmorgan.com 

    de_custom_business@jpmorgan.com 

JPMorgan Chase Bank, National Association, 
 as Lender 

c/o JPMorgan Services Inc. 
 500 Stanton Christiana Rd., 3rd Floor

 Newark, Delaware 19713 
 Attention: Robert Nichols 

cc: 
 Citibank, N.A., as Collateral Agent 

Virtus Group, LP, as Collateral Administrator 
 Ladies and
Gentlemen: 
 Reference is hereby made to the Loan and Security Agreement, dated as of November 16, 2018 (as amended, the
“Agreement”), among BGSL Jackson Hole Funding LLC, as borrower (the “Company”), JPMorgan Chase Bank, National Association, as administrative agent (the “Administrative Agent”), Blackstone/GSO
Secured Lending Fund, as portfolio manager (the “Portfolio Manager”), the lenders party thereto, and the collateral agent, collateral administrator and securities intermediary party thereto. Capitalized terms used herein and not
otherwise defined herein shall have the respective meanings given such terms in the Agreement. 
 Pursuant to the Agreement, you are hereby
notified of the following: 
 (1) The Company hereby requests an Advance under Section 2.03 of the Agreement to be
funded on [            ]. 
 (2) The aggregate amount of the
Advance requested hereby is U.S.$[            ].2 

(3) The proposed purchases (if any) relating to this request are as follows: 

 

	2 	 Note: The requested Advance shall be in an amount such that, immediately after giving effect thereto and the
related purchase of the applicable Portfolio Investment(s) (if any), the Borrowing Base Test is satisfied. 

							
	 Security
	  	 Par
	  	 Price
	  	 Purchased Interest (if any)

We hereby certify that all conditions [to the Purchase of such Portfolio Investment(s) set forth in Section 1.03 of the Agreement and] to
an Advance set forth in Section 2.05 of the Agreement have been satisfied or waived as of the [related Trade Date (and shall be satisfied or waived as of the related Settlement Date) and] Advance date[, as applicable]. 

 

			
	Very truly yours,
	
	BGSL Jackson Hole Funding LLC
		
	By	 	  

	Name:
	Title:

  
 - 2 -

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