Document:

Amended and Restated Administrative Services Agreement

 Exhibit 10.14 
  

 
  

 
 AMENDED AND RESTATED ADMINISTRATIVE
SERVICES AGREEMENT 
 by and between 

LINCOLN BENEFIT LIFE COMPANY 
 and

 ALLSTATE LIFE INSURANCE COMPANY 

Effective as of April 1, 2014 
  

 
  

 TABLE OF CONTENTS 

 

							
	 ARTICLE
	 	 	  	Page	 
			
	 ARTICLE I
	 	 DEFINITIONS
	  	 	2	  
	 Section 1.1
	 	 Definitions
	  	 	2	  
			
	 ARTICLE II
	 	 AUTHORITY; RETAINED SERVICES
	  	 	6	  
	 Section 2.1
	 	 Authority
	  	 	6	  
	 Section 2.2
	 	 Violations of Applicable Law and Applicable Contracts
	  	 	6	  
	 Section 2.3
	 	 Retained Services
	  	 	7	  
	 Section 2.4
	 	 Power of Attorney
	  	 	7	  
			
	 ARTICLE III
	 	 STANDARD FOR SERVICES; FACILITIES; SUBCONTRACTING, ETC.
	  	 	8	  
	 Section 3.1
	 	 Services; Standard for Services
	  	 	8	  
	 Section 3.2
	 	 Facilities and Personnel
	  	 	8	  
	 Section 3.3
	 	 Subcontracting
	  	 	8	  
	 Section 3.4
	 	 Independent Contractor
	  	 	9	  
	 Section 3.5
	 	 Limitation on Services
	  	 	9	  
	 Section 3.6
	 	 Disaster Recovery
	  	 	9	  
			
	 ARTICLE IV
	 	 UNDERWRITING; CONVERSION AND REPLACEMENT; PRODUCERS
	  	 	9	  
	 Section 4.1
	 	 Post-Closing Contracts
	  	 	9	  
	 Section 4.2
	 	 Parties’ Responsibilities
	  	 	10	  
	 Section 4.3
	 	 Conversion and Replacement
	  	 	11	  
	 Section 4.4
	 	 Producers
	  	 	14	  
			
	 ARTICLE V
	 	 COLLECTIONS
	  	 	14	  
	 Section 5.1
	 	 Collection Services
	  	 	14	  
			
	 ARTICLE VI
	 	 CLAIMS HANDLING
	  	 	15	  
	 Section 6.1
	 	 Claim Administration Services
	  	 	15	  
	 Section 6.2
	 	 Description of Claim Administration Services
	  	 	15	  
			
	 ARTICLE VII
	 	 REGULATORY AND LEGAL PROCEEDINGS
	  	 	15	  
	 Section 7.1
	 	 Notice of Action
	  	 	15	  
	 Section 7.2
	 	 Defense of Regulatory Complaints and Actions
	  	 	16	  
	 Section 7.3
	 	 Other Actions
	  	 	17	  
	 Section 7.4
	 	 Cooperation
	  	 	18	  
			
	 ARTICLE VIII
	 	 SEPARATE ACCOUNT ADMINISTRATIVE SERVICES
	  	 	18	  
	 Section 8.1
	 	 Separate Account Administrative Services
	  	 	18	  
	 Section 8.2
	 	 Changes to Fund Options
	  	 	18	  
	 Section 8.3
	 	 Changes to Separate Account Fees
	  	 	19	  

  
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	 ARTICLE IX
	 	 MISCELLANEOUS SERVICES
	  	 	20	  
	 Section 9.1
	 	 Ceded Reinsurance Contracts
	  	 	20	  
	 Section 9.2
	 	 Amendments and Replacements
	  	 	21	  
	 Section 9.3
	 	 Vermont Captive Reinsurance Agreement
	  	 	22	  
	 Section 9.4
	 	 Non-Guaranteed Elements
	  	 	22	  
	 Section 9.5
	 	 Contractholder Services
	  	 	23	  
	 Section 9.6
	 	 Principal Underwriting Agreement
	  	 	23	  
	 Section 9.7
	 	 Other Services
	  	 	23	  
			
	 ARTICLE X
	 	 NOTIFICATION TO CONTRACTHOLDERS
	  	 	23	  
	 Section 10.1
	 	 Notification to Contractholders
	  	 	23	  
			
	 ARTICLE XI
	 	 QUARTERLY PREMIUM TAX AND INSOLVENCY FUND ACCOUNTINGS
	  	 	24	  
	 Section 11.1
	 	 Quarterly Accountings
	  	 	24	  
	 Section 11.2
	 	 Adjustments Regarding Quarterly Accountings
	  	 	24	  
			
	 ARTICLE XII
	 	 CERTAIN ACTIONS BY COMPANY
	  	 	24	  
	 Section 12.1
	 	 Filings
	  	 	24	  
	 Section 12.2
	 	 Annual Adjustment
	  	 	24	  
			
	 ARTICLE XIII
	 	 REGULATORY MATTERS AND REPORTING
	  	 	25	  
	 Section 13.1
	 	 Regulatory Compliance and Reporting
	  	 	25	  
	 Section 13.2
	 	 Additional Reports and Updates
	  	 	26	  
	 Section 13.3
	 	 Additional Reports
	  	 	27	  
			
	 ARTICLE XIV
	 	 BOOKS AND RECORDS
	  	 	27	  
	 Section 14.1
	 	 Maintenance of Books and Records
	  	 	27	  
			
	 ARTICLE XV
	 	 COOPERATION
	  	 	28	  
	 Section 15.1
	 	 Cooperation
	  	 	28	  
			
	 ARTICLE XVI
	 	 PRIVACY REQUIREMENTS
	  	 	28	  
	 Section 16.1
	 	 Confidentiality Obligations
	  	 	28	  
	 Section 16.2
	 	 Security Incidents
	  	 	29	  
			
	 ARTICLE XVII
	 	 CONSIDERATION FOR ADMINISTRATIVE SERVICES
	  	 	30	  
	 Section 17.1
	 	 Consideration for Administrative Services
	  	 	30	  
			
	 ARTICLE XVIII
	 	 BANK ACCOUNTS; TRADEMARKS
	  	 	30	  
	 Section 18.1
	 	 Establishment of Bank Accounts
	  	 	30	  
	 Section 18.2
	 	 Trademarks
	  	 	31	  
			
	 ARTICLE XIX
	 	 INDEMNIFICATION
	  	 	33	  
	 Section 19.1
	 	 Administrator’s Obligation to Indemnify
	  	 	33	  
	 Section 19.2
	 	 Company’s Obligation to Indemnify
	  	 	34	  
	 Section 19.3
	 	 Definitions
	  	 	34	  
	 Section 19.4
	 	 Applicability of Stock Purchase Agreement
	  	 	35	  

  
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	 Section 19.5
	 	 No Duplication
	  	 	35	  
			
	 ARTICLE XX
	 	 DURATION; TERMINATION
	  	 	35	  
	 Section 20.1
	 	 Duration
	  	 	35	  
	 Section 20.2
	 	 Termination
	  	 	35	  
			
	 ARTICLE XXI
	 	 GENERAL PROVISIONS
	  	 	37	  
	 Section 21.1
	 	 Schedules and Exhibits
	  	 	37	  
	 Section 21.2
	 	 Notices
	  	 	37	  
	 Section 21.3
	 	 Interpretation
	  	 	38	  
	 Section 21.4
	 	 Entire Agreement; Third Party Beneficiaries
	  	 	39	  
	 Section 21.5
	 	 Governing Law
	  	 	39	  
	 Section 21.6
	 	 Assignment
	  	 	39	  
	 Section 21.7
	 	 Jurisdiction; Enforcement
	  	 	39	  
	 Section 21.8
	 	 Severability; Amendment; Modification; Waiver
	  	 	40	  
	 Section 21.9
	 	 Specific Performance
	  	 	40	  
	 Section 21.10
	 	 Counterparts
	  	 	40	  
	 Section 21.11
	 	 Survival
	  	 	41	  

  
 iii 

 AMENDED AND RESTATED ADMINISTRATIVE SERVICES AGREEMENT 

This AMENDED AND RESTATED ADMINISTRATIVE SERVICES AGREEMENT (this “Agreement”), effective as of April 1,
2014 (the “Inception Date”), is entered into by and between LINCOLN BENEFIT LIFE COMPANY, a Nebraska domiciled stock life insurance company (the “Company”), and ALLSTATE LIFE INSURANCE COMPANY, an Illinois domiciled
stock life insurance company (the “Administrator”, and together with the Company, the “Parties”, and each a “Party”) on this 31st day of
December, 2015. 
 RECITALS: 

WHEREAS, the Administrator, Resolution Life Holdings, Inc., a corporation organized under the laws of the State of Delaware
(the “Buyer”) and, solely for the purposes of Section 5.25 and Article X thereof, Resolution Life L.P., a Bermuda limited partnership, have entered into a Stock Purchase Agreement dated as of July 17, 2013, as amended (the
“Stock Purchase Agreement”), pursuant to which the Administrator sold, and Resolution Life, Inc., a subsidiary of the Buyer, purchased, 100% of the issued and outstanding capital stock of the Company; 

WHEREAS, in connection with the Stock Purchase Agreement, the Parties entered into that certain Administrative Services
Agreement effective April 1, 2014 (the “Original ASA”) and the Parties now desire to amend and restate, in its entirety, the Original ASA; 

WHEREAS, pursuant to the Amended and Restated Reinsurance Agreement entered into between the Company and the Administrator,
effective as of 12:01 a.m. Central Time on April 1, 2014 (the “Reinsurance Agreement”), the Administrator (in its capacity as Reinsurer) has agreed to indemnify the Company for (i) on a coinsurance basis, one hundred
percent (100%) of the General Account Liabilities of the Company, (ii) on a modified coinsurance basis, one hundred percent (100%) of the Separate Account Liabilities of the Company and (iii) one hundred percent (100%) of
the Reinsurer Extra Contractual Obligations (each as defined in the Reinsurance Agreement); 
 WHEREAS, the Company wishes
to appoint the Administrator to provide the administrative services with respect to the LBL Contracts, the Ceded Reinsurance Contracts and the Shared Separate Account (each as defined below) set forth in this Agreement, and the Administrator desires
to provide such administrative services; 
 WHEREAS, the Company and the Administrator are parties to the General Account
Reinsurance Agreement and the Variable Annuity Reinsurance Agreement, pursuant to which the Administrator reinsures liabilities in respect of the variable annuity contracts written by the Company (the “VA Business”), and the VA ASA,
pursuant to which the Administrator is obligated to provide administrative services to the Company in respect of the VA Business, and such agreements will continue in full force and effect in accordance with its terms following the Inception Date;

 WHEREAS, the Company is also a party to a reinsurance agreement, effective September 30, 2012 (the “Vermont
Captive Reinsurance Agreement”), pursuant to which the Company cedes to its former Affiliate, Lincoln Benefit Reinsurance Company, a Vermont domiciled captive insurance company (the “Vermont Captive”), one hundred percent
(100%) of the policy 

  
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benefits under specified universal life insurance policies written by the Company with issue dates within the range set forth in the Vermont Captive Reinsurance Agreement (the “Vermont
Captive Contracts”); 
 WHEREAS, the Company also wishes to appoint the Administrator to provide the administrative
services with respect to the Vermont Captive Contracts and the Vermont Captive Reinsurance Agreement set forth in this Agreement, and the Administrator desires to provide such administrative services. 

NOW, THEREFORE, in consideration of the covenants and agreements set forth herein, the Parties hereto agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.1 Definitions. Any capitalized term used but not defined herein, unless otherwise indicated,
shall have the meaning set forth in the Reinsurance Agreement. As used in this Agreement, the following terms shall have the following meanings: 

“Action” shall have the meaning specified in the Stock Purchase Agreement. 

“Administered Business” shall mean the LBL Contracts, the Shared Separate Account, the
Vermont Captive Contracts, the Vermont Captive Reinsurance Agreement and the portion of the Ceded Reinsurance Contracts that relates to LBL Contracts. 

“Administrative Services” shall have the meaning specified in Section 2.1. 

“Administrator” shall have the meaning specified in the Preamble. 

“Administrator Breach” shall have the meaning specified in Section 19.1. 

“Administrator Indemnified Parties” shall have the meaning set forth in
Section 19.2. 
 “Affiliate” shall have the meaning specified in the Stock
Purchase Agreement. 
 “Agreement” shall have the meaning specified in the Preamble. 

“Annual Adjustment” shall have the meaning specified in Section 12.2. 

“Applicable Law” shall have the meaning specified in the Stock Purchase Agreement. 

“Approved Conversion Forms” shall have the meaning specified in Section 4.3(b). 

“Business Day” shall have the meaning specified in the Stock Purchase Agreement. 

  
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 “Buyer” shall have the meaning specified in the
Preamble. 
 “Cap” shall have the meaning specified in Section 19.3. 

“Capped Losses” shall have the meaning specified in Section 19.1. 

“Claims” shall have the meaning specified in the Section 6.1. 

“Claimants” shall have the meaning specified in the Section 6.2. 

“Company” shall have the meaning specified in the Preamble. 

“Company Breach” shall have the meaning specified in Section 19.2. 

“Company Business” shall have the meaning specified in the Stock Purchase Agreement. 

“Company Indemnified Parties” shall have the meaning specified in Section 19.1.

 “Covered Insurance Policies” means the LBL Contracts and the Vermont Captive Contracts.

 “Customer Information” shall have the meaning specified in the Section 16.1.

 “Customers” shall have the meaning specified in the Section 16.1. 

“Designated Company Conversion Policies” means (i) Underwriting Period Conversion
Policies and (ii) Post-Underwriting Period Conversion Policies. 
 “Disaster Recovery
Policies” shall have the meaning specified in the Section 3.6. 
 “Excluded
Conversion Policies” means policies issued from and after the Inception Date as a result of the exercise of a policyholder of any conversion right in a Pre-Closing Policy or a Post-Closing Policy, other than Designated Company Conversion
Policies. 
 “Final True-Up Period” shall have the meaning specified in
Section 8.4. 
 “Governmental Entity” shall have the meaning specified in the
Stock Purchase Agreement. 
 “Inception Date” has the meaning specified in the Preamble.

 “Information Security Program” shall have the meaning specified in the
Section 16.1. 
 “Insolvency Fund Quarterly Accounting” shall have the meaning
specified in Section 11.1. 

  
 3 

 “LBL Contracts” shall have the meaning specified
in the Reinsurance Agreement; provided, however, that for purposes of this Agreement, LBL Contracts shall not include any Non-Administered Post-Underwriting Period Conversion Policies. 

“LBL Convertible Policy” shall have the meaning specified in Section 4.3(f). 

“LBL Reinsured Replacement Policy” shall have the meaning specified in Section 4.3(f).

 “LBL Replacement Policy” shall have the meaning specified in Section 4.3(f). 

“Liability” shall have the meaning specified in the Stock Purchase Agreement. 

“Licensed Names and Marks” shall have the meaning specified in Section 18.2. 

“Licensor Standards” shall have the meaning specified in Section 18.2. 

“Materials” shall have the meaning specified in Section 18.2. 

“Monthly Separate Account Administrative Fee” shall have the meaning specified in Schedule
A. 
 “New Conversion Policy Form” shall have the meaning specified in
Section 4.3(b). 
 “New York Court” shall have the meaning specified in
Section 21.7. 
 “Non-Administered Post-Underwriting Period Conversion
Policies” shall have the meaning specified in Section 4.3(b). 

“Person” shall have the meaning specified in the Stock Purchase Agreement. 

“Post-Inception Date Assessments” shall have the meaning specified in
Section 11.1. 
 “Post-Underwriting Period Conversion Policies” shall have the
meaning specified in Section 4.3(b). 
 “Pre-Closing Date Period” shall have
the meaning specified in Section 8.4. 
 “Premium Tax Credits” shall have the
meaning specified in Section 12.2. 
 “Principal Underwriting Agreement” shall
have the meaning specified in the Stock Purchase Agreement. 
 “Quarterly Accountings”
shall have the meaning specified in Section 11.1. 
 “Quarterly Premium Tax
Accounting” shall have the meaning specified in Section 11.1. 

  
 4 

 “Reinsurance Agreement” shall have the meaning
specified in the Preamble. 
 “Reinsurance Election” shall have the meaning specified in
Section 4.3(f). 
 “Reinsured Convertible Policy” shall have the meaning
specified in Section 4.3(a). 
 “Reinsurer” means the Administrator in its
capacity as reinsurer under the Reinsurance Agreement. 
 “Replacement Policy” shall have
the meaning specified in Section 4.3(a). 
 “Retained Services” shall have the
meaning specified in Section 2.3. 
 “Security Incident” shall have the meaning
specified in Section 16.2. 
 “Shared Separate Account” means the Lincoln
Benefit Life Variable Life Account 40 Act File No. 811-9154. 
 “Stock Purchase
Agreement” shall have the meaning specified in the Preamble. 
 “Subcontractor”
shall have the meaning specified in Section 3.3. 
 “Tax Return” shall have the
meaning specified in the Stock Purchase Agreement. 
 “Taxes” shall have the meaning
specified in the Stock Purchase Agreement. 
 “Transaction Agreements” shall have the
meaning specified in the Stock Purchase Agreement. 
 “True-Up Period” shall have the
meaning specified in Section 8.4. 
 “True-Up Sum” shall have the meaning
specified in Section 8.4. 
 “Underwriting Period Conversion Policy” shall have
the meaning specified in Section 4.1(a). 
 “Underwriting Termination Date”
means (i) with respect to annuity contracts, December 31, 2013, (ii) with respect to life insurance policies other than variable universal life insurance policies, December 31, 2015 and (iii) with respect to variable
universal life insurance policies, June 30, 2017. 
 “VA ASA” means the Administrative
Services Agreement by and between the Administrator and the Company, effective as of June 1, 2006. 

“VA Business” shall have the meaning specified in the Preamble. 

“Variances” shall have the meaning specified in Section 8.4. 

  
 5 

 “Variance Limit” shall have the meaning
specified in Section 8.4. 
 “Vermont Captive” shall have the meaning specified
in the Preamble. 
 “Vermont Captive Bank Accounts” shall have the meaning specified in
Section 18.2. 
 “Vermont Captive Contracts” shall have the meaning specified
in the Preamble. 
 “Vermont Captive Reinsurance Agreement” shall have the meaning
specified in the Preamble. 
 ARTICLE II 

AUTHORITY; RETAINED SERVICES 

Section 2.1 Authority. Subject to Section 2.3, the Company hereby appoints the Administrator, and the
Administrator hereby accepts appointment, to provide as an independent contractor of the Company, from and after the Inception Date, on the terms and subject to the limitations as set forth in this Agreement, all administrative services necessary or
appropriate with respect to the Administered Business, including those provided by or on behalf of the Administrator specifically with respect to the Administered Business prior to the Inception Date (unless the Administrator and the Company
mutually decide any such services are no longer necessary or appropriate, which decision of each of the Parties shall not be unreasonably withheld, conditioned or delayed), and those set forth in this Agreement and on Schedule A, other than
the Retained Services (the “Administrative Services”). At all times during the term of this Agreement, the Administrator shall hold, possess and maintain, either directly or through the appointment of Subcontractors permitted
pursuant to Section 3.3, any and all licenses, franchises, permits, privileges, immunities, approvals and authorizations from any Governmental Entity that are necessary to perform the Administrative Services. 

Section 2.2 Violations of Applicable Law and Applicable Contracts. Notwithstanding any other provision of this
Agreement to the contrary, the Company shall have the right to direct the Administrator to perform any action necessary for the Administered Business or the administration thereof to comply with Applicable Law or the terms of the LBL Contracts,
Ceded Reinsurance Contracts or Vermont Captive Contracts, or to cease performing any action that constitutes a violation of Applicable Law or the terms of the LBL Contracts, Ceded Reinsurance Contracts or Vermont Captive Contracts, to the extent
such action, inaction or administration is within the control of the Administrator, taking into account the recommendations of the Administrator provided to the Company hereunder, which the Company shall only reject in good faith and in light of the
intent of the parties to and the stated purposes of the Stock Purchase Agreement, this Agreement and the other Transaction Agreements. The Administrator shall have the right to direct the Company to perform any action necessary for the Administered
Business or the administration thereof to comply with Applicable Law or the terms of the LBL Contracts, Ceded Reinsurance Contracts or Vermont Captive Contracts, or to cease performing any action that constitutes a violation of Applicable Law or the
terms of the LBL Contracts, Ceded Reinsurance Contracts or Vermont Captive Contracts, in either case to the extent such action, inaction or administration constitutes a Retained Service. 

  
 6 

 Section 2.3 Retained Services. The Parties hereby agree that,
notwithstanding anything herein to the contrary, the Company shall, for the term of this Agreement, continue to provide on its own behalf (i) those administrative services described in Schedule B, (ii) those administrative services
that the Company is required by Applicable Law to perform without the Administrator or a third party acting on its behalf and (iii) the preparation of accounting reports, tax returns, guaranty fund reports, and other reports and certifications
contemplated in Articles XI and XII, in each instance, where applicable, based on information with respect to the LBL Contracts and Vermont Captive Contracts provided by the Administrator as contemplated therein (collectively, the
“Retained Services”), in each case, (i) in accordance with the applicable terms of this Agreement, (ii) in compliance with Applicable Law, (iii) in a professional, competent and workmanlike manner, with the skill,
diligence and expertise that would reasonably be expected from experienced and qualified personnel performing such duties in like circumstances, and (iv) at a level no lower than the service standards applied by the Company to other comparable
insurance business administered by the Company for its own account. The Administrator shall have no obligation to provide such Retained Services but shall provide assistance with respect to the Administered Business reasonably requested by the
Company in connection therewith in a timely manner to enable the Company to perform such Retained Services. The Company shall not be deemed to be in breach of this Agreement as a result of any failure to perform, or inadequacy in the performance of,
Retained Services hereunder to the extent the performance of such Retained Services is reasonably dependent upon Administrative Services or the performance by the Administrator or its Affiliates of their obligations under the Transaction Agreements
that have not been performed. The Administrator shall promptly reimburse the Company for any documented and reasonable out-of-pocket costs or expenses incurred by it in the performance of the Retained Services to the extent (a) such Retained
Services (1) relate solely to the Administered Business but not the Company Business, (2) do not constitute entity-level services required to be performed by or on behalf of the Company and (3) are not in the ordinary course of
business of the Company, and (b) such out-of-pocket costs and expenses in aggregate exceed $15,000 in the calendar month for which such costs and expenses are being sought for reimbursement or $120,000 in the calendar year for which such costs
and expenses are being sought for reimbursement. For the avoidance of doubt, but subject to the other terms and conditions of this Agreement, the Administrator shall have no obligation under this Agreement to perform any services other than with
respect to the Administered Business (which includes the services with respect to the Shared Separate Account set forth in Schedule A). 

Section 2.4 Power of Attorney. Subject to the terms and conditions herein, the Company hereby appoints and names
the Administrator, acting through its authorized Subcontractors, and each of their respective officers and employees, as the Company’s lawful attorney-in-fact, from and after the Inception Date for so long as the Administrator is authorized to
perform the Administrative Services and solely to the extent necessary to provide the Administrative Services, (a) to do any and all lawful acts that the Company might have done with respect to the Administered Business, and (b) to proceed
by all lawful means (i) to perform any and all of the Company’s obligations with respect to the Administered Business, (ii) to enforce any right and defend (in the name of the Company, when necessary) against any liability arising
with respect to the Administered Business, (iii) to sue or defend (in the name of the 

  
 7 

 
Company, when necessary) any Action arising from or relating to the Administered Business, (iv) to collect any and all Recoveries due or payable under or relating to the LBL Contracts, the
Shared Separate Account with respect to the LBL Contracts, and the Ceded Reinsurance Contracts; (v) to collect any and all amounts due or payable to the Company under or relating to the Vermont Captive Contracts; (vi) to sign (in the
Company’s name, when necessary) vouchers, receipts, releases and other papers in connection with any of the foregoing matters, (vii) to enforce the rights and perform the obligations of the Company under any agency, distribution or service
arrangements to the extent related to the LBL Contracts or the Vermont Captive Contracts; (viii) to take actions necessary, as may be reasonably determined by the Administrator, to maintain the Administered Business in compliance with
Applicable Law; (ix) to request rate and form changes for the LBL Contracts in accordance with Article IV herein; and (x) to do everything lawful in connection with the satisfaction of the Administrator’s obligations and the
exercise of its rights under this Agreement. 
 ARTICLE III 

STANDARD FOR SERVICES; FACILITIES; SUBCONTRACTING, ETC. 

Section 3.1 Services; Standard for Services. Subject to Article II, from and after the Inception Date and
thereafter during the term of this Agreement (unless otherwise specified), the Administrator shall perform the Administrative Services, and the Administrator’s performance of the Administrative Services shall comply with and be subject in all
events to the standards set forth in this Section 3.1. The Administrator shall provide the Administrative Services in all material respects in accordance with the terms of the LBL Contracts, the Ceded Reinsurance Contracts, the Vermont
Captive Contracts and the Vermont Captive Reinsurance Agreement and, if applicable, their respective registration statements. In addition, the Administrator shall provide the Administrative Services (i) in accordance with the applicable terms
of this Agreement, (ii) in compliance with Applicable Law, (iii) in a professional, competent and workmanlike manner, with the skill, diligence and expertise that would reasonably be expected from experienced and qualified personnel
performing such duties in like circumstances, and (iv) at a level no lower than the service standards applied by Administrator to other comparable insurance business administered by the Administrator for its own account. 

Section 3.2 Facilities and Personnel. The Administrator shall at all times maintain either directly or through the
appointment of Subcontractors, sufficient facilities and trained personnel of the kind necessary to perform its obligations under this Agreement in accordance with the performance standards set forth herein. 

Section 3.3 Subcontracting. The Administrator may subcontract for the performance of any Administrative Service
to: (a) any Person if the service to be subcontracted is primarily a routine task or function; (b) an Affiliate of the Administrator; (c) any reinsurer under a Ceded Reinsurance Contract or an ALIC Outward Reinsurance Contract or its
Affiliates; (d) an existing subcontractor that was providing such service to the Company immediately before the Closing Date; (e) any subcontractor to which Administrator or an Affiliate subcontracts the same or similar services for
business administered for its own account; and (f) any other Person with the prior written consent of the Company, such consent not to be unreasonably withheld, conditioned or delayed (each such subcontracting party, a
“Subcontractor”), provided that no such 

  
 8 

 
subcontracting shall relieve the Administrator from any of its obligations or liabilities hereunder, and the Administrator shall remain responsible for all obligations or liabilities of such
Subcontractor with respect to the providing of such service or services as if provided by the Administrator. 

Section 3.4 Independent Contractor. For all purposes hereof, except as explicitly set forth herein, the
Administrator shall at all times act as an independent contractor and the Administrator and its Affiliates, on the one hand, and the Company and its Affiliates, on the other hand, shall not be deemed an agent, lawyer, employee, representative, joint
venturer or fiduciary of one another, nor shall this Agreement or the Administrative Services or any activity or any transaction contemplated hereby be deemed to create any partnership or joint venture between the Parties or among their Affiliates.

 Section 3.5 Limitation on Services. The Administrator shall not be deemed to be in breach of this Agreement
as a result of any failure to perform, or inadequacy in the performance of, Administrative Services hereunder to the extent the performance of such Administrative Services is reasonably dependent upon Retained Services or the performance by Buyer or
its Affiliates of their obligations under the Transaction Agreements (other than the Company’s obligations under the Principal Underwriting Agreement with respect to the LBL Contracts, solely to the extent that the Administrator is responsible
hereunder for the Company’s performance of such obligations) that have not been performed. This Section 3.5 shall not be construed to limit the rights and remedies otherwise available to the Administrator or its Affiliates in the
event of any breach by the Company, Buyer or any of their Affiliates of any of the Transaction Agreements. 

Section 3.6 Disaster Recovery. The Administrator has made available to the Company its backup, business
continuation and disaster recovery plans applicable to the business of the Administrator (the “Disaster Recovery Policies”) in effect as of the Inception Date. From time to time upon the Company’s written request, the
Administrator shall deliver a copy of its then-current Disaster Recovery Policies to the Company. For as long as Administrative Services are provided hereunder, the Administrator shall, and shall cause its Affiliates to, abide by the Disaster
Recovery Policies with respect to the Administered Business. At all times during the term of this Agreement, the Disaster Recovery Policies applicable to the Administered Business shall be no less protective of the Administered Business than the
backup, business continuation and disaster recovery plans applicable to insurance business administered by the Administrator for its own account. 

ARTICLE IV 

UNDERWRITING; CONVERSION AND REPLACEMENT; PRODUCERS 

Section 4.1 Post-Closing Contracts. Subject to the terms of this Article IV: 

(a) from the Inception Date until the first to occur of (i) the Underwriting Termination Date or (ii) the
termination of this Agreement, the Administrator shall be authorized to receive, in the name of the Company, applications for life insurance policies and annuity contracts of the types included in the Pre-Closing Policies. The Administrator shall be

  
 9 

 
authorized to issue, in the name of the Company, such life insurance policies and annuity contracts utilizing the same forms, rates and prospectuses as are in use for the Pre-Closing Policies,
with amendments to such forms, rates and prospectuses from time to time as are necessary for the issuance of such policies or contracts to comply with Applicable Law or for any other business purpose, and shall be authorized to file and seek
necessary approvals from applicable Governmental Entities, in the name of the Company, with respect to any such amendments; provided that the Administrator’s authority to file amendments to any such rates shall be subject to the prior
written consent of the Company (not to be unreasonably withheld, conditioned or delayed). From the Inception Date until the first to occur of (i) the Underwriting Termination Date or (ii) the termination of this Agreement, the
Administrator shall be authorized to withdraw such products, forms, rates and prospectuses. Life insurance policies issued by the Administrator pursuant to this Section 4.1(a) upon conversion of a Pre-Closing Policy or a Post-Closing
Policy produced by an Exclusive Producer are referred to herein as “Underwriting Period Conversion Policies”. 

(b) the Administrator shall be authorized to issue, in the name of the Company from and after the Inception Date, solely to
the extent required to comply with Applicable Law, life insurance policies and annuity contracts as required to replace or remediate LBL Contracts or Vermont Captive Contracts. 

Section 4.2 Parties’ Responsibilities. 

(a) The Administrator, at its sole cost and expense (but without duplication of amounts payable under the Reinsurance
Agreement), shall assume all responsibility for (i) the provision of all applications and other contractholder materials to agents and persons seeking to apply for Post-Closing Policies (other than the Non-Administered Post-Underwriting Period
Conversion Policies), (ii) all underwriting necessary or appropriate with respect to such applicants pursuant to the underwriting guidelines utilized by the Company as of the Inception Date, or as may be otherwise agreed by the Parties (the
agreement of the Company not to be unreasonably withheld, conditioned or delayed), (iii) the processing of underwriting-related transactions in respect of the Post-Closing Policies (other than the Non-Administered Post-Underwriting Period
Conversion Policies) and (iv) the issuance of Post-Closing Policies (other than the Non-Administered Post-Underwriting Period Conversion Policies). 

(b) The Company shall assume all responsibility for (i) the provision of all applications and other contractholder
materials to agents and persons seeking to apply for Non-Administered Post-Underwriting Period Conversion Policies and Excluded Conversion Policies, (ii) with respect to Non-Administered Post-Underwriting Period Conversion Policies, all
underwriting necessary or appropriate with respect to such applicants pursuant to the underwriting guidelines as may be agreed by the Parties (the agreement of the Parties not to be unreasonably withheld, conditioned or delayed), (iii) if
needed, with respect to Excluded Conversion Policies, all underwriting necessary or appropriate with respect to such applicants, (iv) the processing of underwriting-related transactions in respect of the Non-Administered Post-Underwriting
Period Conversion Policies and Excluded Conversion Policies and (v) the issuance of Non-Administered Post-Underwriting Period Conversion Policies and Excluded Conversion Policies. Without limiting the generality of Article XV or any
other provision of this Agreement, the Administrator shall reasonably cooperate and provide all assistance, information and records reasonably available to it as may reasonably be requested by the Company in connection with the Company’s
performance of the foregoing obligations. 

  
 10 

 (c) The Administrator shall promptly notify the Company of all revisions to the
LBL Contracts and Vermont Captive Contracts made pursuant to Section 4.1 and shall, on behalf of the Company, prepare and provide to Contractholders all such revisions to the LBL Contracts and Vermont Captive Contracts to be made by the
Company. 
 Section 4.3 Conversion and Replacement. 

(a) From and after the Inception Date, the Administrator shall be entitled, to the extent permitted by Applicable Law, to
offer to any holder of a Pre-Closing Policy or a Post-Closing Policy, in each case that entitles the holder thereof to convert such policy to another policy written by the Company (a “Reinsured Convertible Policy”), the opportunity
to convert such Reinsured Convertible Policy into a policy written by the Administrator or one of its Affiliates (a “Replacement Policy”). If such offer is not accepted, or if no such offer is timely made, then subject to the terms
of this Article IV, (i) the Administrator shall issue, in the name of the Company, an Underwriting Period Conversion Policy upon exercise by the policyholder of a Reinsured Convertible Policy, on or prior to December 31, 2015, of
such policyholder’s right to receive a conversion policy issued by the Company, and (ii) the Company shall issue a Post-Underwriting Period Conversion Policy upon exercise by the policyholder of a Reinsured Convertible Policy, on or after
January 1, 2016, of such policyholder’s right to receive a conversion policy issued by the Company, as applicable. 

(b) From and after January 1, 2016 with respect to life insurance policies other than variable universal life insurance
policies, and from and after July 1, 2017 with respect to variable universal life insurance policies, the Company may (i) amend any of its policy forms, rates and prospectuses from time to time, (ii) cease offering any such policy
forms, rates and prospectuses and (iii) withdraw any such product, form, rate or prospectus, provided, however, that until such time as no Reinsured Convertible Policies are outstanding, the Company shall maintain in effect at
least one (1) new life policy form and associated rate filing developed jointly by the Parties, that meets the requirements of each Reinsured Convertible Policy for a conversion policy issued by the Company. In connection with the
Company’s requirement to maintain such policy form and associated rate filings, the Parties hereby agree that the Company’s policies listed on Exhibit 1 (the “Approved Conversion Forms”) meet the requirements of
each Reinsured Convertible Policy for a conversion policy issued by the Company. At either Party’s reasonable request, the Parties will work together in good faith to develop and submit to appropriate Governmental Entities additional life
insurance policy forms and associated rate filings that (i) meet the requirements of each Reinsured Convertible Policy for a conversion policy and (ii) are mutually acceptable to the Parties (the “New Conversion Policy
Form”). Any policy issued on an Approved Conversion Form or a New Conversion Policy Form pursuant to the exercise of a conversion right made after the Underwriting Termination Date to meet the conversion requirements of a Reinsured
Convertible Policy originally produced by an Exclusive Producer shall constitute a “Post-Underwriting Period Conversion Policy.” The Administrator shall administer any Post-Underwriting Period Conversion Policy issued on an Approved
Conversion Form existing as of the date of this Agreement. The Administrator and the Company shall discuss in good faith and mutually agree 

  
 11 

 
whether the Administrator will administer policies issued on an amended Approved Conversion Form or a New Conversion Policy Form (such policy that will not be so administered by the
Administrator, a “Non-Administered Post-Underwriting Period Conversion Policy”). Any amendments to an Approved Conversion Form or the New Conversion Policy Form (including the associated rate filings) shall require the prior written
consent of each Party in order for any such amended policy to continue to be eligible for issuance as a Post-Underwriting Period Conversion Policy. For the avoidance of doubt: (x) other than the Approved Conversion Form or the New Conversion
Policy Form, no policy issued to satisfy the conversion requirements of a Reinsured Convertible Policy produced by an Exclusive Producer shall constitute a Post-Underwriting Period Conversion Policy, and (y) subject to the Administrator’s
rights pursuant to Section 4.1(a), nothing contained herein shall be construed to limit the Company’s right to develop and maintain policy forms, rates and prospectuses other than the New Conversion Policy Form, or require the
Company to discontinue offering any policy form, associated rate or prospectus; provided, however, that if, after the Inception Date, the Company chooses to issue new variable products, it shall form a new registered separate account
of the Company for the issuance of such products and shall not issue such products through the Shared Separate Account. 

(c) Subject to the foregoing, (i) if the Administrator is the party requesting the development of the New Conversion
Policy Form as set forth in Section 4.3(b), the Administrator will bear the costs associated with the Company and Administrator’s joint development, filing, approval and maintenance of a New Conversion Policy Form and (ii) if
the Company is the party requesting the development of the New Conversion Policy Form as set forth in Section 4.3(b), the Company will bear the costs associated with the Company and Administrator’s joint development, filing,
approval and maintenance of a New Conversion Policy Form. 
 (d) The Company shall not, and shall cause each of its
Affiliates not to, target any LBL Contract for replacement with another policy written by the Company or any other Person other than in accordance with the terms of this Article IV, provided, however, that the restrictions in
this Section 4.3(d) shall not restrict general marketing and solicitation activities (i) not specifically targeted or directed to holders of LBL Contracts or (ii) subject to clause (i), targeted or directed to holders of
insurance policies and contracts included in the Company Business regardless of whether such holders are also holders of LBL Contracts. From and after the Inception Date, Company shall not, directly or indirectly, sell, convey or transfer all or
substantially all of its properties or assets to, any Person, in one transaction or a series of transactions that are part of a common plan, or any transaction that constitutes the functional equivalent of any of the foregoing, unless the acquiring
Person in such transaction or transactions expressly agrees to assume all of the obligations of the Company under this Section 4.3(d). 

(e) Upon a specific written request by the Administrator, and at the Administrator’s sole cost and expense, the Company
shall provide such information to Administrator for the use of the Exclusive Producers as is reasonably necessary to permit Exclusive Producers to offer Designated Company Conversion Policies on behalf of the Company to the holders of Reinsured
Convertible Policies. 

  
 12 

 (f) If, after the Inception Date, any holder of a term life policy that was
included in the Company Business as of the Inception Date and that entitles the holder thereof to convert such policy into another policy written by the Company (an “LBL Convertible Policy”) desires to convert such policy into a
conversion policy issued by the Company, the Administrator shall offer, or shall cause one or more of its Affiliates, as applicable, to offer, to the holder thereof the opportunity to convert such LBL Convertible Policy into any of the Replacement
Policies that are then being offered to the holders of the Reinsured Convertible Policies. The Administrator’s obligation to offer a holder of an LBL Convertible Policy the opportunity to convert such policy into a Replacement Policy shall be
subject to receipt by the Administrator of any required policyholder information from the Company as contemplated in this Section 4.3(f). Any Replacement Policy issued by the Administrator or one of its Affiliates to a holder of an LBL
Convertible Policy pursuant to this Section 4.3(f) (an “LBL Replacement Policy”) shall be issued through an Exclusive Producer. If and when the Administrator or its Affiliates contemplate offering new Replacement
Policies to holders of the Reinsured Convertible Policies, the Administrator shall, or shall cause its Affiliates to, provide the Company with copies of the policy forms of such new Replacement Policies. If the cumulative face value of the LBL
Convertible Policies converted into LBL Replacement Policies exceeds thirty million dollars ($30,000,000) or the total number of LBL Replacement Policies exceeds fifty (50), the Company may request in writing (the “Reinsurance
Election”), on or prior to December 31, 2016, that all LBL Replacement Policies (including all LBL Replacement Policies that may be issued by the Administrator or its Affiliates on or after the date of the Reinsurance Election) be
ceded to the Company by the Administrator or its Affiliates pursuant to one or more 100% quota share reinsurance agreements on such terms and conditions as are mutually agreed by the Parties consistent with the provisions of this Section 4.3(f)
(the “LBL Replacement Policy Reinsurance Agreements” and any policy reinsured thereunder, an “LBL Reinsured Replacement Policy”). The Parties agree to, and the Administrator agrees to cause its applicable Affiliates
to, negotiate in good faith the terms of the LBL Replacement Policy Reinsurance Agreements following the Reinsurance Election, such terms to include LBL’s payment of a ceding commission of up to five hundred thousand dollars ($500,000) and a
reimbursement of any Exchange Fees paid to the Company since the Inception Date to compensate the Administrator or its Affiliates, as applicable, for costs incurred by the Administrator or its applicable Affiliates in connection with the issuance of
the LBL Reinsured Replacement Policies and the establishment of the LBL Replacement Policy Reinsurance Agreements. The Parties agree to negotiate in good faith with third party reinsurers to attempt to novate any inuring third party reinsurance to
the Company in connection with the cessions under the LBL Replacement Policy Reinsurance Agreements. The Parties agree that the Administrator or its Affiliates issuing the LBL Reinsured Replacement Policies will retain administration of the LBL
Reinsured Replacement Policies in exchange for an expense allowance from the Company to be negotiated between the Parties in good faith following the Reinsurance Election. Subject to any limitations under Applicable Law or contractual obligations
and subject to obtaining any required consents from policyholders, the Company shall provide such information to the Administrator for the use of the Exclusive Producers as is reasonably necessary to permit Exclusive Producers to offer Replacement
Policies to the holders of LBL Convertible Policies as contemplated in this Section 4.3(f). The timing and format of such reporting shall be negotiated by the Parties in good faith following the Inception Date. In exchange for such
reporting, the Parties agree that the Administrator or its Affiliates issuing the LBL Replacement Policies will pay to the Company a fee to be negotiated in good faith for each LBL Replacement Policy (the “Exchange Fee”). 

  
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 Section 4.4 Producers. From and after the Inception Date, the
Administrator shall have the sole and exclusive right and obligation, on behalf of the Company, to (i) appoint and enter into agreements with Exclusive Producers for the LBL Contracts, (ii) monitor the performance and licensing of the
Exclusive Producers for the LBL Contracts to the extent required by Applicable Law, (iii) calculate and pay all commissions to Exclusive Producers in respect of the LBL Contracts and (iv) terminate Exclusive Producers’ authority and
agreements with Exclusive Producers with respect to the LBL Contracts, provided, that the Administrator shall indemnify and hold harmless the Company Indemnified Parties from and against any and all Indemnifiable Losses incurred by any of
them in connection with such actions. 
 ARTICLE V 

COLLECTIONS 

Section 5.1 Collection Services. From and after the Inception Date and subject to Section 2.3, the
Administrator shall assume all responsibility for the receipt and processing of all premiums, deposits, policy loan interest or repayments and other Recoveries with respect to the LBL Contracts and the Vermont Captive Contracts and the allocation of
such amounts between the General Account of the Company and, if applicable, the Shared Separate Account in accordance with the terms of the LBL Contracts, the Vermont Captive Contracts, the Reinsurance Agreement and this Agreement. The
Administrator, on behalf of the Company, shall process payment of any amounts to be paid out of the Shared Separate Account in accordance with the terms of the applicable LBL Contract or Vermont Captive Contract, to the extent of sufficient funds
therein. The Parties shall cooperate to establish procedures to prevent the commingling of assets attributable to the Administered Business, on the one hand, and the business of the Company that is not Administered Business, on the other hand,
including by establishment of separate lockboxes with respect to the LBL Contracts and Vermont Captive Contracts, on the one hand, and the business of the Company that is not Administered Business, on the other hand, and otherwise to ensure that
funds are traceable to the appropriate Company insurance policy. 
 (a) The Company shall promptly remit to the
Administrator all premiums, deposits, policy loan interest and repayments, claims expenses, expense allowance and all other Recoveries received by it with respect to the LBL Contracts, the Shared Separate Account with respect to the LBL Contracts,
the Vermont Captive Contracts or the Vermont Captive Reinsurance Agreement and the Administrator shall promptly remit to the Company all premiums, deposits, policy loans, interest and repayments received by it with respect to the Company Business.

  
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 ARTICLE VI 

CLAIMS HANDLING 

Section 6.1 Claim Administration Services. From and after the Inception Date, subject to Section 2.3,
the Administrator shall acknowledge, consider, review, investigate, deny, settle, pay or otherwise dispose of each claim for benefits and disbursements reported under each LBL Contract and Vermont Captive Contract (each, a “Claim”
and collectively the “Claims”). 
 Section 6.2 Description of Claim Administration Services.
Without limiting the foregoing, the Administrator shall: 
 (i) provide claimants under the LBL Contracts
and Vermont Captive Contracts and their authorized representatives (collectively, “Claimants”) with Claim forms and provide reasonable explanatory guidance to Claimants in connection therewith; 

(ii) establish, maintain and organize Claim files and maintain and organize other Claims-related records; 

(iii) review all Claims and determine whether the Claimant is eligible for benefits and if so, the nature and
extent of such benefits; 
 (iv) prepare and distribute to the appropriate recipients and Governmental
Entities any Claims reports as required by Applicable Law; 
 (v) respond to all written or oral
Claims-related communications that the Administrator reasonably believes to require a response; 
 (vi)
maintain a complaint log with respect to the LBL Contracts and Vermont Captive Contracts in accordance with applicable requirements of Governmental Entities, and at the Company’s request, provide a copy of such log; and 

(vii) respond to and manage any Claims-related matters pursuant to Article VII. 

ARTICLE VII 
 REGULATORY
AND LEGAL PROCEEDINGS 
 Section 7.1 Notice of Action. If the Company or the Administrator receives notice
of or otherwise becomes aware of any examination or Action instituted or threatened in writing against the Company that relates exclusively or in part to the Administered Business, such Party shall promptly notify the other Party thereof, and in no
event more than five (5) Business Days after receipt of notice thereof, and shall promptly furnish to such other Party copies of all pleadings in connection therewith. 

  
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 Section 7.2 Defense of Regulatory Complaints and Actions. 

(a) From and after the Inception Date, with respect to any examination or Action initiated by a Governmental Entity with
respect to the Administered Business, the Administrator shall supervise and control the investigation, contest, defense and/or settlement of all such Actions at its own cost and expense, in the name of the Company when necessary, subject to
Sections 2.3 and clauses (b), (c) and (d) below. The Administrator’s supervision and control of such examinations and Actions shall not constitute a waiver of any right to indemnification or payment that it may have under the
terms of the Stock Purchase Agreement, the Reinsurance Agreement, this Agreement or any other Transaction Agreement. 
 (b)
The Company authorizes the Administrator to prepare, with a copy to the Company, a response to any such examination or Action initiated by a Governmental Entity with respect to the Administered Business within the Governmental Entity’s
requested time frame for response or, if no such time frame is provided, within the time frame as allowed by Applicable Law; provided, that, subject to meeting such time frames, the Administrator shall provide its proposed response to the
Company for its prior review and comment; provided, further, that with respect to such examinations or Actions that relate in part to the Company Business, the Administrator shall not respond to any such examinations or Actions without
taking into account in good faith any recommendations of the Company provided to the Administrator with respect to such matters and shall not unreasonably reject such recommendations. 

(c) Notwithstanding anything in this Agreement to the contrary, the Company, upon written notice to the Administrator and at
its own cost and expense, shall have the right at any time to supervise and exclusively control the defense and/or settlement of any examination or Action initiated by a Governmental Entity that, if successful, would reasonably be expected to
materially interfere with the business, financial condition or reputation of the Company or any of its Affiliates; provided, however, the Company shall not respond to any such examinations or Actions that relate to the Administered
Business without taking into account in good faith any recommendation of the Administrator provided to the Company with respect to such matters and shall not unreasonably reject such recommendation, and shall not settle or compromise any such
examinations or Actions without the Administrator’s prior written consent (which consent shall not be unreasonably withheld, delayed or conditioned). The Company’s supervision and control of such examinations and Actions shall not
constitute a waiver of any right to indemnification or payment that it may have under the terms of the Stock Purchase Agreement, the Reinsurance Agreement, this Agreement or any other Transaction Agreement. 

(d) The Administrator shall not settle or compromise any examination or Action described in Section 7.2(a)
without the Company’s prior written consent (which consent shall not be unreasonably withheld, delayed or conditioned) unless (i) there is no finding or admission of any violation of Applicable Law or any violation of the rights of any
Person by the Company or any of its Affiliates, (ii) the sole relief provided is monetary damages that are paid in full by the Administrator or its Affiliates and a full and complete release is provided to the Company and its Affiliates and
(iii) the settlement does not encumber any of the assets of the Company or its Affiliates or contain any restriction or condition that would materially adversely affect the Company or its Affiliates. 

  
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 Section 7.3 Other Actions. 

(a) From and after the Inception Date, with respect to any Action with respect to the Administered Business by any Person
other than a Governmental Entity, the Administrator shall: 
 (i) subject to Sections 2.3 and clauses
(b), (c) and (d) below, supervise and control the investigation, contest, defense and/or settlement of all such Actions at its own cost and expense, in the name of the Company when necessary; and 

(ii) keep the Company fully informed of the progress of all Actions supervised or controlled by the
Administrator in which the Company is a named party and, at the Company’s request, provide to the Company a report summarizing the nature of such Action, the alleged actions or omissions giving rise to such Actions and copies of any files or
other documents that the Company may reasonably request in connection with its review of such matters, in each case other than such files, documents and other information as would, in the judgment of counsel to the Administrator, lead to the loss or
waiver of legal privilege. 
 The Administrator’s supervision and control of such Actions shall not constitute a
waiver of any right to indemnification or payment that it may have under the terms of the Stock Purchase Agreement, the Reinsurance Agreement, this Agreement or any other Transaction Agreement. 

(b) The Company shall have the right to engage its own separate legal representation, at its own expense, and to participate
fully in the defense of any Action (other than Actions brought by a Governmental Entity, which are the subject of Section 7.2) relating to the Administered Business with respect to which the Company is a named party if such Action, if
successful, reasonably could be expected to materially interfere with the business, financial condition or reputation of the Company or any of its Affiliates, without waiving any right to indemnification or payment that it may have under the terms
of the Stock Purchase Agreement, the Reinsurance Agreement, this Agreement or any other Transaction Agreement. 
 (c) The
Administrator shall not settle or compromise any Action described in Section 7.3(b) without the Company’s prior written consent (which consent shall not be unreasonably withheld, delayed or conditioned) unless (i) there is no
finding or admission of any violation of Applicable Law or any violation of the rights of any Person by the Company or any of its Affiliates, (ii) the sole relief provided is monetary damages that are paid in full by the Administrator or its
Affiliates and a full and complete release is provided to the Company and its Affiliates, (iii) the settlement does not encumber any of the assets of the Company or its Affiliates or contain any restriction or condition that would materially
adversely affect the Company or its Affiliates and (iv) the Action neither is certified, nor seeks certification, as a class action. 

(d) The Company, upon written notice to the Administrator and at its own cost and expense, shall have the right at any time
to assume sole and exclusive control over the response, defense, settlement or other resolution of any Action (other than Actions brought by a 

  
 17 

 
Governmental Entity, which are the subject of Section 7.2) that, if successful, reasonably could be expected to materially interfere with the business, financial condition or
reputation of the Company or any of its Affiliates; provided, however, the Company shall not respond to any such Actions without taking into account in good faith any recommendation of the Administrator provided to the Company with
respect to such Actions and shall not unreasonably reject such recommendation, and shall not settle or compromise any such Actions without the Administrator’s prior written consent (which consent shall not be unreasonably withheld, delayed or
conditioned). The Company’s supervision and control of such examinations and Actions shall not constitute a waiver of any right to indemnification or payment that it may have under the terms of the Stock Purchase Agreement, the Reinsurance
Agreement, this Agreement or any other Transaction Agreement. 
 Section 7.4 Cooperation. Each Party hereto
shall cooperate with and assist the controlling Party in responding to, defending, prosecuting and settling any examination or Action under this Article VII; provided, that neither Party shall be required to waive any applicable
attorney-client, attorney work product or other evidentiary privileges, and provided, further that neither Party shall be required to provide the other Party access to any federal, state, or local consolidated income Tax Return that
includes the responding Party or its Affiliates. Without limiting the generality of the foregoing, each of the Parties shall assist each other and cooperate with the other Party in doing all things necessary, proper or advisable in a commercially
reasonable manner in connection with any and all market conduct or other Governmental Entity examinations to the extent related to the Administered Business. Notwithstanding anything to the contrary contained in this Agreement, neither the Company
nor the Administrator shall have the authority to institute, prosecute or maintain any regulatory proceeding on behalf of the other Party without the prior written consent of such other Party, except as expressly contemplated in this Agreement. 

ARTICLE VIII 
 SEPARATE
ACCOUNT ADMINISTRATIVE SERVICES 
 Section 8.1 Separate Account Administrative Services. From and after the
Inception Date, subject to Section 2.3, in addition to the services described in any Article of this Agreement, the Administrative Services with respect to, or as a result of, the Shared Separate Account shall include those services set
forth on Schedule A attached hereto. 
 Section 8.2 Changes to Fund Options. 

(a) From and after the Inception Date, the Administrator may make recommendations to the Company as to changes in Fund
options for the Shared Separate Account from and after the Inception Date and the Company shall not unreasonably reject such recommendations, but the Administrator will not change Fund options for the Shared Separate Account unless such changes are
made: (a) with the prior written consent of the Company, such consent not to be unreasonably withheld, conditioned or delayed, (b) in fulfillment of the fiduciary obligations of the Company or (c) by the Board of Trustees of a Fund to
liquidate, merge or remove a Fund pursuant to the terms of the then-existing fund participation agreements or through a regulatory process. If the Administrator makes a change in the LBL Contracts or

  
 18 

 
the Shared Separate Account in connection with the change of a Fund option as permitted above, the Administrator shall, at its own expense, prepare for signature by the Company and transmit on
behalf of the Company to the appropriate Governmental Entity any SEC exemptive application, no-action letter or other regulatory filing necessary to reflect or implement such change; provided however, that the Administrator shall give the Company a
reasonable opportunity to review and comment thereon. 
 (b) From and after the Inception Date, the Company will not change
Fund options for the Shared Separate Account unless such changes are made: (a) with the prior written consent of the Administrator, such consent not to be unreasonably withheld, conditioned or delayed, (b) in fulfillment of the fiduciary
obligations of the Company or (c) by the Board of Trustees of a Fund to liquidate, merge or remove a Fund pursuant to the terms of the then-existing fund participation agreements or through a regulatory process. If the Company makes a change in
the Company Business or the Shared Separate Account in connection with the change of a Fund option as permitted above, the Company shall, at its own expense, prepare and transmit to the appropriate Governmental Entity any SEC exemptive application,
no-action letter or other regulatory filing necessary to reflect or implement such change; provided however, that the Company shall give the Administrator a reasonable opportunity to review and comment thereon. In the event that the Company adds any
Fund options to the Shared Separate Account, the Monthly Separate Account Administrative Fee shall be adjusted to reflect any changes in the Administrator’s costs of administration of the Shared Separate Account resulting from the new Fund
option, in accordance with Schedule A. 
 (c) In the event that the Parties mutually agree (such agreement not
to be unreasonably withheld, conditioned or delayed) that it is impracticable for the Shared Separate Account to continue to include assets in respect of LBL Contracts and Company Business, the Company and the Administrator shall cooperate in the
formation of a new registered separate account of the Company and the transfer from the Shared Separate Account to such new separate account of all assets and amounts held in the Shared Separate Account in respect of the LBL Contracts (the
“Separate Account Separation”). In such event, the Company and the Administrator shall mutually discuss in good faith and agree on (i) how the Parties will share the fees, costs and expenses associated with the Separate Account
Separation and (ii) revisions to this Agreement (including the Schedules hereto) to define their respective rights and obligations with respect to the Shared Separate Account and the newly formed separate account from and after the Separate
Account Separation. 
 Section 8.3 Changes to Separate Account Fees. From and after the Inception Date, either
Party may propose changes to any fees or other amounts receivable from or in respect of Fund options for the Shared Separate Account for approval by the other Party, which approval shall not be unreasonably withheld, conditioned or delayed. In the
event of any such changes in fees or other amounts, the Monthly Separate Account Administrative Fee shall be adjusted to reflect any changes in the Administrator’s costs of administration of the Shared Separate Account resulting therefrom, in
accordance with Schedule A . Nothing in this Section 8.3 shall apply to any changes to any Non-Guaranteed Elements, which changes shall be made solely in accordance with Section 3.2 of the Reinsurance Agreement. 

  
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 Section 8.4 Variances. Until termination or expiration of the
Transition Services Agreement, Section 2.4 of the Transition Services Agreement will govern the rights of the Parties with respect to Variances (as defined below) occurring while such agreement is in effect. Upon termination or expiration of
the Transition Services Agreement, Administrator shall provide to the Company (a) such daily reports as the Administrator and/or its Affiliates produced during the nine (9) months prior to the Inception Date (the “Pre-Closing Date
Period”) summarizing (i) the discrepancies arising in the execution and recording of investment transactions with respect to Company Business that are caused by Administrator’s errors, and (ii) gains or losses to the Company
resulting from late or incorrect prices being sent to the Company, if such late or incorrect prices were caused by an Administrator error (collectively, the items summarized in (a)(i) and (a)(ii) are the “Variances”), and
(b) such weekly and monthly reconciliation reports as the Administrator and/or its Affiliates produce during the Pre-Closing Date Period. The Administrator shall notify the Company within twenty-four (24) hours of identifying any Variance.
At the end of every twelve (12) month period following the termination or expiration of the Transition Services Agreement (each, a “True-Up Period”) and once at the termination of this Agreement (the “Final True-Up
Period”), Administrator shall aggregate the Variances over the months occurring during the applicable True-Up Period or Final True-Up Period (such aggregate being the “True-Up Sum”). If the True-Up Sum for a True-Up Period
or the Final True-Up Period, as applicable, is negative and the absolute value of such negative amount exceeds an amount equal to the product of ten thousand dollars ($10,000) per month times the number of months of such True-Up Period or Final
True-Up Period (the “Variance Limit”), the Administrator shall remit such amount in excess of the Variance Limit to the Company but not in excess of the Cap (determined as of the last day of the applicable True-Up Period or the
Final True-Up Period, as applicable). 
 ARTICLE IX 

MISCELLANEOUS SERVICES 

Section 9.1 Ceded Reinsurance Contracts. 

(a) From and after the Inception Date, subject to Section 2.3, the Administrator shall have the authority and
responsibility to, and shall, manage and administer the portion of the Ceded Reinsurance Contracts that relates to the LBL Contracts, including providing all reports and notices that relate to the LBL Contracts required with respect to the Ceded
Reinsurance Contracts to the reinsurers within the time required by the applicable Ceded Reinsurance Contract and doing all other things necessary to comply with the terms and conditions of the Ceded Reinsurance Contracts. Without limiting the
foregoing, the Administrator shall timely pay all reinsurance premiums due to reinsurers under the Ceded Reinsurance Contracts with respect to the LBL Contracts, and collect from such reinsurers all reinsurance recoverables due thereunder with
respect to the LBL Contracts. The Administrator shall also have the authority to exercise any of the Company’s rights with respect to trust accounts, letters of credit or other security posted for the benefit of the Company in respect of the
LBL Contracts under any Ceded Reinsurance Contract that is not a Shared Reinsurance Agreement. Notwithstanding the foregoing, in the event that the Administrator materially fails to perform its obligations under this Section 9.1(a) with
respect to any Shared Reinsurance Agreement, then upon written notice to the Administrator, the Company may assume the 

  
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authority and responsibility to manage and administer the portion of such Shared Reinsurance Agreement that relates to the LBL Contracts, and the Administrator shall use reasonable best efforts
timely to provide any data, information, premiums and other amounts necessary in connection with such management and administration and shall otherwise cooperate in good faith with the Company in connection therewith. Notwithstanding the foregoing,
the Company shall reasonably cooperate with Administrator, at Administrator’s expense, in the administration of the Ceded Reinsurance Contracts to the extent that the Company’s participation is required thereunder or is reasonably
requested by the counterparty to any Ceded Reinsurance Contract. 
 (b) The Company shall have the authority and
responsibility to, and shall, manage and administer the portion of the Shared Reinsurance Agreements that does not relate to the LBL Contracts, including providing all reports and notices that relate to policies other than the LBL Contracts required
with regard to such Shared Reinsurance Agreements to the reinsurer within the time required by such Shared Reinsurance Agreements and doing all other things necessary to comply with the terms and conditions of such Shared Reinsurance Agreements.
Without limiting the foregoing, the Company shall timely pay all reinsurance premiums due to the reinsurer under such Ceded Reinsurance Contracts with respect to the policies other than LBL Contracts, and collect from such reinsurer all reinsurance
recoverables due thereunder with respect to the policies other than the LBL Contracts. Notwithstanding the foregoing, in the event that the Company materially fails to perform its obligations under this Section 9.1(b) with respect to
such Shared Reinsurance Agreement, then upon written notice to the Company, the Administrator may assume the authority and responsibility to manage and administer the portion of such Shared Reinsurance Agreement that does not relate to the LBL
Contracts, and the Company shall use reasonable best efforts timely to provide any data, information, premiums and other amounts necessary in connection with such management and administration and shall otherwise cooperate in good faith with the
Administrator in connection therewith. In the event that (i) the Company has not materially failed to perform its obligation under this Section 9.1(b) with respect to a Shared Reinsurance Agreement but (ii) the Company is
determined to be obligated to provide consolidated reporting with respect to such Shared Reinsurance Agreement, the Parties shall cooperate in good faith to develop a mutually agreeable method to manage and administer such Shared Reinsurance
Agreement. The Company shall have the right to exercise all of its rights with respect to trust accounts, letters of credit or other security posted for the benefit of the Company under any Shared Reinsurance Agreement; provided that it shall
hold in trust for the benefit of the Administrator, and transfer to the Administrator, any amounts withdrawn by the Company from any such trust accounts, letters of credit or other security that relate to the LBL Contracts (which amounts constitute
Recoveries under the Reinsurance Agreement); provided, however, that the Company shall honor Administrator’s requests for collateral draws with respect to the LBL Contracts to the extent permitted under such Shared Reinsurance
Agreement. 
 Section 9.2 Amendments and Replacements. From and after the Inception Date, the Administrator
shall have the right to terminate, amend or replace with a new reinsurance agreement between the Administrator and the applicable reinsurer, in whole or in part, any of the Ceded Reinsurance Contracts to the extent such termination, amendment or
replacement relates to the LBL Contracts or Vermont Captive Contracts, respectively; provided such termination, amendment or replacement does not affect the reinsurance coverage or other reinsurance terms provided thereunder with respect to the
Company Business. The Company shall, upon the 

  
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Reinsurer’s request, cooperate with the Administrator and take all actions reasonably requested by the Administrator to cause such terminations, amendments or replacements of Ceded
Reinsurance Contracts or to cause such new Ceded Reinsurance Contracts to be entered into. The Administrator shall reimburse the Company for all reasonable and documented out-of-pocket costs and expenses incurred by the Company or its Affiliates in
connection with such terminations, amendments or replacements of Ceded Reinsurance Contracts or the entering into of such new Ceded Reinsurance Contracts. 

Section 9.3 Vermont Captive Reinsurance Agreement. The Administrator shall have the authority and responsibility
on behalf of the Company to manage and administer the Vermont Captive Reinsurance Agreement, including providing all reports and notices required thereunder to be provided by the Company within the time required thereby. 

Section 9.4 Non-Guaranteed Elements. 

(a) With respect to the LBL Contracts, in accordance with the terms of the Reinsurance Agreement, the Administrator may
provide recommendations to the Company as to the setting of all Non-Guaranteed Elements. 
 (b) With respect to the Vermont
Captive Contracts, the Administrator, in consultation with the Vermont Captive, may, from time to time, make recommendations to the Company with respect to Non-Guaranteed Elements so long as the recommendations comply with the written terms of the
Vermont Captive Contracts, Applicable Law and Actuarial Standards of Practice promulgated by the Actuarial Standard Board governing redetermination of non-guaranteed charges. The Company shall establish Non-Guaranteed Elements, taking into account
the recommendations of the Administrator (in consultation with the Vermont Captive) with respect thereto. The Company shall fully consider any such recommendations and act reasonably and in good faith in determining whether any such recommendations
should be accepted and shall not unreasonably delay implementation of any accepted recommendations after such recommendations are provided in writing, except to the extent that an applicable Governmental Entity finally determines that Applicable Law
would require the implementation of such recommendations to apply to any policy or contract that constitutes Company Business. 

(c) Notwithstanding anything to the contrary contained herein, in the event that an applicable Governmental Entity finally
determines that Applicable Law would require the implementation of Administrator’s recommendations with respect to one or more LBL Contracts or Vermont Captive Contracts to apply to any policy or contract that constitutes Company Business
(a) the Parties shall cooperate in good faith to develop a mutually agreeable plan to set Non-Guaranteed Elements with respect to such LBL Contracts or Vermont Captive Contracts and such Company Business, and the Parties shall implement any
such plan so agreed and (b) the Company shall not be liable for any Indemnified Losses incurred by the Administrator as a result of the Company’s failure to implement Administrator’s recommendations. In the event that the Company is
notified by an applicable Governmental Entity that it proposes making a determination that Applicable Law would require the implementation of such recommendations to apply to any policy or contract that constitute Company Business, the Company shall
promptly notify the Administrator of such notification. The Parties will thereafter cooperate in good faith and use their reasonable best efforts to reach agreements with such Governmental 

  
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Entity that will avoid a final determination to such effect. The Administrator acknowledges that the Company has certain indemnification rights under the Reinsurance Agreement for Indemnifiable
Losses resulting from the Company’s acceptance and implementation of the Administrator’s recommendations in accordance with this Section 9.4. 

Section 9.5 Contractholder Services. From and after the Inception Date subject to Section 2.3, the
Administrator shall provide all contractholder services in connection with the LBL Contracts and Vermont Captive Contracts. 

Section 9.6 Principal Underwriting Agreement. The Administrator shall have the authority and responsibility on
behalf of the Company to perform the services and other obligations required of the Company, and to enforce the Company’s rights, under (a) the Principal Underwriting Agreement and (b) that certain Selling Agreement dated
August 2, 1999 by and between the Company, Allstate Life Financial Services, Inc. and Allstate Financial Services, LLC (f/k/a LSA Securities, Inc.), as amended, in each case to the extent relating to the LBL Contracts and the Shared Separate
Account covered thereunder; provided, however, that the Administrator shall have no responsibility to perform any indemnification obligations of the Company under the Principal Underwriting Agreement or such Selling Agreement to the
extent such obligations arise out of any act or omission of the Company (other than an act or omission for which Administrator is responsible hereunder). 

Section 9.7 Other Services. Subject to Section 2.3, the Administrator shall provide such other
administrative services as are necessary or appropriate to fully effectuate the purpose of the Reinsurance Agreement, the Vermont Captive Reinsurance Agreement and this Agreement, including such services as are not performed by or on behalf of
Company on the date hereof but the need for which may arise due to changes or developments in Applicable Law and are consistent with the allocation of the services set forth herein between the Administrator and the Company. 

ARTICLE X 
 NOTIFICATION
TO CONTRACTHOLDERS 
 Section 10.1 Notification to Contractholders. If required by Applicable Law, the
Administrator shall send to applicable contractholders under the LBL Contracts and the Vermont Captive Contracts a written notice prepared by the Administrator and reasonably acceptable to the Company to the effect that the Administrator has been
appointed by the Company to provide the Administrative Services with respect to the LBL Contracts and the Vermont Captive Contracts, as applicable. The Administrator shall send such notice by first class U.S. mail at a time reasonably acceptable to
the Company and the Administrator and in all events in accordance with Applicable Law. Unless otherwise required by Applicable Law, the Administrator may include such notice in a regularly scheduled mailing to such contractholders in lieu of a
separate mailing. 

  
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 ARTICLE XI 

QUARTERLY PREMIUM TAX AND INSOLVENCY FUND ACCOUNTINGS 

Section 11.1 Quarterly Accountings. Subject to Section 2.3, from and after the Inception Date, within
ten (10) Business Days after the end of each calendar quarter that this Agreement is in effect (or more frequently as mutually agreed by the Parties), the Company shall submit to the Administrator a written statement of accounting in a form and
containing such information to be agreed upon by the Parties hereto (each, an “Insolvency Fund Quarterly Accounting”) setting forth the insolvency fund amounts assessed against or payable by the Company, to the extent that such
assessments constitute the Company’s General Account Liabilities in respect of the LBL Contracts and the Vermont Captive Contracts (collectively, the “Post-Inception Date Assessments”). In addition, within twenty
(20) Business Days after the last day of each calendar quarter that this Agreement is in effect (or more frequently as mutually agreed by the Parties), the Administrator shall submit to the Company a written statement of accounting in a form
and containing such information to be agreed upon by the Parties hereto (each, a “Quarterly Premium Tax Accounting”, and together with the Insolvency Fund Quarterly Accountings, the “Quarterly Accountings”) setting
forth the estimated premium taxes due with respect to the LBL Contracts and the Vermont Captive Contracts as a result of premiums collected or annuitizations occurring during such quarter. Concurrent with the delivery of each Quarterly Premium Tax
Accounting, the Administrator shall remit to the Company the amount set forth on such Quarterly Premium Tax Accounting with respect to such estimated premium taxes due and the amount set forth in such Insolvency Fund Quarterly Accounting with
respect to the Post-Inception Date Assessments, and any other amounts owed to the Company pursuant to this Agreement. 

Section 11.2 Adjustments Regarding Quarterly Accountings. In the event that subsequent data or calculations
require revision of any of the Quarterly Accountings, the required revision and appropriate payments thereunder shall be made within twenty (20) Business Days after the Parties hereto mutually agree as to the appropriate revision. 

ARTICLE XII 
 CERTAIN
ACTIONS BY COMPANY 
 Section 12.1 Filings. Subject to Section 2.3, the Company shall prepare
and timely file any filings required to be made with any Governmental Entity that relate to the Company generally and not just to the LBL Contracts or the Vermont Captive Contracts, including filings with guaranty associations and filings and
premium tax returns with taxing authorities. The Administrator shall timely provide to the Company upon request all information in the possession of the Administrator with respect to the LBL Contracts and the Vermont Captive Contracts that may be
reasonably required for the Company to prepare such filings and tax returns. 
 Section 12.2 Annual Adjustment.
The Company shall pay or provide to the Administrator the benefit of any Post-Inception Date Assessments which have been applied to reduce the Company’s premium tax liability (“Premium Tax Credits”). The Company shall

  
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provide to the Administrator by April 15 of each year a statement of the amount (the “Annual Adjustment”) of (i) premium taxes (including retaliatory taxes) paid with
respect to premiums collected or annuitizations occurring during the prior calendar year (to the extent that such taxes constitute the Company’s General Account Liabilities), less (ii) estimated premium taxes paid by the Administrator to
the Company with respect to such premiums under the provisions of Article XI, less (iii) Premium Tax Credits for the prior calendar year. By May 31 of each year the Administrator shall pay to the Company the Annual Adjustment, if a
positive amount, and the Company shall pay or credit to the Administrator the absolute value of the Annual Adjustment, if a negative amount. 

ARTICLE XIII 

REGULATORY MATTERS AND REPORTING 

Section 13.1 Regulatory Compliance and Reporting. Subject to Section 2.3, upon the timely and
reasonable request of the Company, the Administrator shall provide to the Company such information with respect to the LBL Contracts and the Vermont Captive Contracts as is reasonably required to enable the Company timely to comply with regulatory
and financial reporting requirements applicable to the Company from time to time, other than such regulatory and financial reporting requirements that are required because the Company or its Affiliates are subject to non-U.S. legal or regulatory
requirements and industry standards. Without limiting the foregoing, the Administrator shall provide the reports and information set forth on Schedule A within the timeframes indicated therein. In addition, and without limiting the
Administrator’s obligation to provide the Administrative Services hereunder, upon the timely and reasonable request of the Company, the Administrator shall promptly provide to the Company copies of all existing records relating to the
Administered Business (including, with respect to records maintained in machine readable form, hard copies) that are reasonably necessary to satisfy any requirements imposed by Applicable Law or any Governmental Entity upon the Company with respect
to the Administered Business. All (i) such information and (ii) such records furnished in the ordinary course of business relating to the Administered Business shall be furnished at the Administrator’s sole cost and expense. Without
limiting the generality of the foregoing, upon the timely and reasonable request of the Company, the Administrator shall promptly prepare and furnish to Governmental Entities, to the extent permitted by Applicable Law, all reports and related
summaries (including statistical summaries), certificates of compliance and other reports required or requested by any such Governmental Entity with respect to the Administered Business, other than such reports, summaries and certificates that are
required or requested because the Company or its Affiliates are subject to non-U.S. legal or regulatory requirements and industry standards. Without limiting the foregoing: 

(i) As soon as practicable but not more than ten (10) Business Days after the end of each month that this
Agreement is in effect (or, with respect to any January, within fifteen (15) Business Days after the end of such month), the Administrator shall provide to the Company reports and summaries of transactions (and upon the reasonable request of
the Company, detailed supporting records) related to the LBL Contracts and the Vermont Captive Contracts as may be reasonably required for use in connection with the preparation of the Company’s GAAP financial statements (or any consolidated
GAAP financial statements of the Company or its Affiliates, as applicable), including all premiums received and all benefits paid. The Parties shall cooperate in good faith to establish the manner for the providing of such reports. 

  
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 (ii) As soon as practicable but not more than twelve
(12) Business Days after the end of each calendar quarter that this Agreement is in effect, (or more frequently as mutually agreed by the Parties), the Administrator shall timely provide to the Company reports and summaries of transactions (and
upon the reasonable request of the Company, detailed supporting records) related to the LBL Contracts and the Vermont Captive Contracts as may be reasonably required for use in connection with the preparation of the Company’s statutory
financial statements, U.S. tax returns and other required U.S. financial reports and to comply with the requirements of the U.S. regulatory authorities having jurisdiction over the Company (or any consolidated statutory financial statements, U.S.
tax returns or other U.S. financial reports of the Company or its Affiliates, as applicable), including all premiums received and all benefits paid. The Parties shall cooperate in good faith to establish the manner for the providing of such reports.

 (iii) The Administrator shall promptly provide notice to the Company of any changes in the reserve
methodology used by the Administrator in calculating statutory reserves for the LBL Contracts and the Vermont Captive Contracts. 

(iv) Within thirty (30) Business Days after each calendar year end (or such longer time as may be agreed
by the Parties) that this Agreement is in effect, the Administrator shall provide to the Company an actuarial analysis of statutory reserves for the LBL Contracts and the Vermont Captive Contracts, reasonably adequate to support opinions prepared
according to accepted actuarial standards of practice to be issued by the Company, and as otherwise required for regulatory reporting purposes. The Administrator shall also provide supporting documentation as reasonably requested by the Company or
as required by Governmental Entities or actuarial standards of practice. In the event that Applicable Law imposes (a) a legal requirement on the Administrator, in its capacity as reinsurer under the Reinsurance Agreement or administrator under
this Agreement, to provide an actuarial opinion as to the adequacy of statutory reserves for the LBL Contracts or the Vermont Captive Contracts, or (b) a legal requirement on the Company to obtain such an actuarial opinion from the
Administrator in any such capacity, the Administrator shall timely provide such opinion directly to the applicable Governmental Entity in substantially the form required by Applicable Law. 

Section 13.2 Additional Reports and Updates. For so long as this Agreement remains in effect, upon reasonable
notice, each Party shall from time to time furnish to the other such other reports and information related to Administered Business as may be reasonably required by such other Party for regulatory, tax or similar purposes and reasonably available to
it, and such reports or information shall be prepared and delivered on a timely basis in order for the receiving Party to comply with any filing deadlines required by Applicable Law or by contract. In addition, until December 31, 2016, the
Administrator shall provide monthly reports to the Company with respect to the number of LBL Replacement Policies issued by the Administrator and its Affiliates. 

  
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 Section 13.3 Additional Reports. The Administrator shall provide such
subcertifications with respect to the LBL Contracts and the Vermont Captive Contracts to enable the Company to meet its requirements under Section 302 of the Sarbanes-Oxley Act of 2002 or any Applicable Law requiring the making of
certifications by an unaffiliated third party, in a form to be mutually agreed upon by the Parties hereto. In addition, the Administrator shall notify the Company of any significant control deficiencies or material weaknesses in the
Administrator’s internal controls over financial reporting or pricing process relating to the Administered Business as soon as reasonably practicable after becoming aware of such deficiency or weakness. The Administrator shall remediate and/or
mitigate any such deficiency or weakness, and shall provide the Company evidence of such remediation or weakness, as applicable. 

ARTICLE XIV 
 BOOKS AND
RECORDS 
 Section 14.1 Maintenance of Books and Records. 

(a) As of and following the Inception Date, the Administrator shall maintain books and records of all transactions pertaining
to the Administered Business (i) in accordance with any and all Applicable Laws, (ii) in accordance with the Administrator’s internal record retention procedures and policies, and (iii) in a format accessible by the Company and
its representatives. All original books and records with respect to the LBL Contracts and Vermont Captive Contracts shall be or remain the property of the Company and shall not be destroyed without the consent of the Company; provided, that
the Administrator shall continue to have custody of such books and records for so long as is reasonably required for the Administrator to carry out its duties under this Agreement. 

(b) During the term of this Agreement, upon any reasonable request from the Company or its representatives, the Administrator
shall (i) provide to the Company and its representatives reasonable access during normal business hours to the books and records under the control of the Administrator pertaining to the Administered Business; provided that such access
shall not unreasonably interfere with the conduct of the business of the Administrator, (ii) permit the Company and its representatives to make copies of such records and provide reasonable access to employees concerning the information in such
records and (iii) permit the Company and its representatives to review or copy any Tax Returns for which the Administrator is responsible that relate to the Administrative Services. Nothing herein shall require the Administrator to disclose any
information to the Company or its representatives to the extent such information does not pertain to the Administered Business or if such disclosure would jeopardize any attorney-client privilege, the work product immunity or any other legal
privilege or similar doctrine or contravene any Applicable Law or any contract (including any confidentiality agreement to which the Administrator or any of its Affiliates is a party) (it being understood that the Administrator shall use its
reasonable best efforts to enable such information to be furnished or made available to the Company or its representatives without so jeopardizing privilege or contravening such Applicable Law or contract) or require the Administrator to disclose
any personnel or related records. 

  
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 (c) During the term of this Agreement, upon any reasonable request from the
Administrator or its representatives, the Company shall (i) provide to the Administrator and its representatives reasonable access during normal business hours to the books and records under the control of the Company pertaining to the
Administered Business or the Retained Services; provided that such access shall not unreasonably interfere with the conduct of the business of the Company, and (ii) permit the Administrator and its representatives to make copies of such
records. Nothing herein shall require the Company to disclose any information to the Administrator or its representatives if such disclosure would jeopardize any attorney-client privilege, the work product immunity or any other legal privilege or
similar doctrine or contravene any Applicable Law or contract (including any confidentiality agreement to which the Company or any of its Affiliates is a party) (it being understood that the Company shall use its reasonable best efforts to enable
such information to be furnished or made available to the Administrator or its representatives without so jeopardizing privilege or contravening such Applicable Law or contract) or require the Company to disclose its tax records (other than premium
tax filings) or any personnel or related records. 
 (d) The Administrator shall maintain facilities and procedures that
are in accordance with Applicable Law and commercially reasonable standards of insurance recordkeeping for safekeeping the books and records maintained by the Administrator or its Affiliates that pertain to the Administered Business. The
Administrator shall back up all of its computer files relating to the Administered Business or otherwise used in the performance of the Administrative Services under this Agreement on a daily basis and shall maintain back-up files in an off-site
location. 
 ARTICLE XV 

COOPERATION 

Section 15.1 Cooperation. Each Party hereto shall cooperate fully with the other in all reasonable respects in
order to accomplish the objectives of this Agreement including making available to each their respective officers and employees for interviews and meetings with Governmental Entities and furnishing any additional assistance, information and
documents as may be reasonably requested by a Party from time to time. 
 ARTICLE XVI 

PRIVACY REQUIREMENTS 

Section 16.1 Confidentiality Obligations. In providing the Administrative Services provided for under this
Agreement, and in connection with maintaining, administering, handling and transferring the data of the Contractholders and other recipients of benefits under the LBL Contracts and Vermont Captive Contracts, the Administrator shall, and shall cause
its Affiliates to, comply with any Applicable Law and/or regulations with respect to privacy or data security relative to Customer Information (as defined below), and shall implement and maintain an effective information security program (the
“Information Security Program”) designed to protect Customer Information in compliance with all applicable privacy laws and other Applicable Law: 

  
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 (i) to ensure the security, integrity and confidentiality of
Customer Information; 
 (ii) to protect against any anticipated threats or hazards to the security or
integrity of such Customer Information; and 
 (iii) to protect against unauthorized access to or use of
Customer Information which could result in substantial harm or inconvenience to the owner thereof or its Affiliates, or to Customers or potential Customers thereof. 

The Administrator has made a copy of such Information Security Program in effect as of the Inception Date available to the Company. From time
to time upon the Company’s written request, the Administrator shall deliver a copy of its then-current Information Security Program to the Company. For as long as Administrative Services are provided hereunder, the Administrator shall, and
shall cause its Affiliates to, abide by the Information Security Program with respect to the Administered Business. At all times during the term of this Agreement, the Information Security Program shall be no less protective of the Administered
Business than the information security program of the Administrator applicable to the insurance business administered by the Administrator for its own account. 

“Customer Information” is defined as all tangible and intangible information provided or disclosed hereunder about present or
former contract holders, annuitants, or other beneficiaries (collectively, hereinafter “Customers”) or potential Customers of any Party or its Affiliates, including, but not limited to, name, address, telephone number, email
address, account or policy information, and any list, description, or other grouping of Customers or potential Customers, and any medical records or other medical information of such Customers or potential Customers and any other type of information
deemed “nonpublic” and protected by privacy laws and any other Applicable Law. 
 Section 16.2 Security
Incidents. 
 (a) In the event that any Party discovers a security breach that has resulted or may reasonably result in
unauthorized access to or disclosure of, or have any material adverse effect on, the security of any Customer Information related to the LBL Contracts or the Vermont Captive Contracts (a “Security Incident”) such Party shall
(i) within 24 hours, notify the other Party of said Security Incident; and (ii) work with the other Party to take all measures reasonably necessary to restore the security of such Customer Information. The Company shall have the exclusive
right to provide notice of any Security Incident to any Customers of the LBL Contracts or the Vermont Captive Contracts, any law enforcement Person or any other Governmental Authorities and to determine the content and timing of any such notice;
provided, any such notice shall be subject to review and approval by the Administrator. 
 (b) Each Party acknowledges that
the breach of its obligations under this Section 16.2 may cause irreparable injury and damages, which may be difficult to ascertain. Therefore a Party shall be entitled to seek injunctive relief with respect to any breach or threatened
breach of this Section 16.2 by the other Party and its Affiliates. This provision shall not in any way limit such other remedies as may be available to any Party at law or in equity. 

  
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 ARTICLE XVII 

CONSIDERATION FOR ADMINISTRATIVE SERVICES 

Section 17.1 Consideration for Administrative Services. Except as set forth herein, with respect to the LBL
Contracts, apart from the performance by the Company of its obligations under the Reinsurance Agreement, there shall be no fee or other consideration due to the Administrator for the performance of the Administrative Services and the
Administrator’s other obligations under this Agreement. With respect to the Vermont Captive Contracts, the Administrator shall be entitled to collect and retain all claims expense, expense allowance or similar amounts due to the Company under
the terms of the Vermont Captive Reinsurance Agreement, and the Company hereby sells, assigns, transfers and delivers to the Administrator all of its rights, title and interest in one hundred percent of such amounts actually received or receivable
at or after the Inception Date by the Company or the Administrator. With respect to the performance by the Administrator of the services in respect of the Shared Separate Account, the Company shall pay to the Administrator the Monthly Separate
Account Administrative Fee set forth in Schedule A. 
 ARTICLE XVIII 

BANK ACCOUNTS; TRADEMARKS 

Section 18.1 Establishment of Bank Accounts. 

(a) The Administrator shall have the right to open and maintain the Bank Accounts in respect of the LBL Contracts in
accordance with the terms of the Reinsurance Agreement, provided that the Administrator shall notify the Company in writing upon opening any such Bank Account in the name of the Company. 

(b) During the term of this Agreement, the Administrator may use such Bank Accounts or open and maintain one or more
additional bank accounts with banking institutions with respect to the Vermont Captive Contracts (the “Vermont Captive Bank Accounts”). The Administrator shall have the exclusive authority over the Vermont Captive Bank Accounts
including, without limitation, the exclusive authority to (a) open the Vermont Captive Bank Accounts in the name of the Company, (b) designate the authorized signatories on the Vermont Captive Bank Accounts, (c) issue drafts on and
make deposits in the Vermont Captive Bank Accounts in the name of the Company, (d) make withdrawals from the Vermont Captive Bank Accounts and (e) enter into agreements with respect to the Vermont Captive Bank Accounts on behalf of the
Company; provided, that in no event shall the Company be responsible for any fees, overdraft charges or other payments, liabilities or obligations with respect to any such Bank Accounts or be obligated to provide funding for the Bank
Accounts. The Company shall do all things necessary at the Reinsurer’s expense to (x) enable and authorize the Administrator to use the Company’s existing lockboxes with respect to the Vermont Captive Contracts, if any, and
(y) enable the Administrator to open and maintain the Vermont Captive Bank Accounts including, without limitation, executing and delivering such depository resolutions and other documents as may be requested from time to time by the banking
institutions. The Company agrees that without the Reinsurer’s prior written consent it shall not make any changes to the authorized signatories on the Vermont Captive Bank Accounts nor attempt to withdraw any funds therefrom. 

  
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 Section 18.2 Trademarks. Administrator hereby acknowledges that the
Company has adopted and is using the names and marks listed on Schedule C hereto in connection with the LBL Contracts and Vermont Captive Contracts (collectively, the “Licensed Names and Marks”). The Company and Administrator
agree as follows: 
 (a) The Company hereby grants to the Administrator and Administrator hereby accepts a non-exclusive,
non-transferable, royalty-free license to use the Licensed Names and Marks in connection with the Administrative Services, including Post-Closing Policies, during the term of, and subject to the terms and conditions set forth in this Agreement. Any
of the rights in the foregoing license may be sublicensed by the Administrator in connection with any contract permitted by Section 3.3; provided, that such sublicense is limited to the use of the Licensed Names and Marks in
connection with the Administrative Services, including Post-Closing Policies and does not extend the right to further sublicense any such Licensed Names and Marks. If the Administrator sublicenses any of the rights in the foregoing license, the
Administrator shall remain liable for any actions or omissions by the sublicensee. The Administrator is granted no rights to use the Licensed Names and Marks, other than those rights specifically described and expressly licensed in this Agreement
and no right is granted hereunder for the use of the Licensed Names and Marks in connection with any services other than the Administrative Services, including Post-Closing Policies. Other than in connection with the Administrative Services,
including Post-Closing Policies, none of the rights licensed to the Administrator under this Section 18.2 may be assigned, sublicensed or otherwise transferred by the Administrator, nor shall such rights inure to the benefit of any
trustee in bankruptcy, receiver or successor of the Administrator, whether by operation of law or otherwise, without the prior written consent of the Company, and any assignment, sublicense or other transfer without such consent shall be null and
void. The merger of Administrator with or into another entity shall not constitute an assignment or other transfer of the rights licensed to the Administrator under this Section 18.2. 

(b) The Administrator agrees that it will use the Licensed Names and Marks as the Company used them prior to the Closing and
that the nature of such use on the Materials (as defined below) shall be at least equal to the standard of quality maintained by the Company in connection with such Licensed Names and Marks immediately prior to the Closing and consistent with
established industry practice (collectively, the “Licensor Standards”). The Administrator agrees to make available for review, upon the Company’s request, all materials that incorporate the Licensed Names and Marks including,
but not limited to, advertising copy, labels, stickers, policies, brochures or other materials, including any applicable materials in connection with the Administrator’s performance under this Agreement (collectively, the
“Materials”). If the Company objects to the manner in which a Licensed Name or Mark is used in connection with any Materials, the Company may request that the Administrator take, and the Administrator shall promptly take, all steps
necessary to remedy any such deficiencies within 15 days after such notification, including to promptly discontinue the use of any such Materials. The Administrator shall promptly notify the Company of any material complaints received in writing
from third parties regarding the products or services offered or provided under the Licensed Names and Marks and, at the request of the Company, shall reasonably cooperate with 

  
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the Company in addressing and mitigating the circumstances giving rise to such complaints. The Administrator shall (a) permit the Company or its representatives reasonable access to such of
the Administrator’s facilities and personnel as are actively involved in use of the Licensed Names and Marks on reasonable prior written notice, and (b) make available to the Company or its representatives for inspection specimens
demonstrating the Administrator’s use of the Licensed Names and Marks on the Materials or otherwise in connection with the Licensed Names and Marks, as requested by the Company from time to time for the purpose of verifying that the
Administrator’s use complies with Licensor Standards and to the extent reasonably necessary to maintain the validity of the Licensed Names and Marks and the valuable goodwill and reputation established by the Licensed Names and Marks. 

(c) The Administrator agrees not to adopt or use any service mark, logo or design confusingly similar to the Licensed Names
and Marks. It is understood that the Company retains the right, in its sole discretion, to modify the Licensed Names and Marks, upon reasonable prior notice to the Administrator. Any material costs incurred by the Administrator associated with any
mailings to Contractholders required under Applicable Law as a result of such modification shall be reimbursed by the Company. 

(d) The Administrator recognizes the value of the goodwill associated with the Licensed Names and Marks and acknowledges
that, as between the Administrator and the Company, all proprietary rights therein and the goodwill attached thereto belong exclusively to the Company. All uses of the Licensed Names and Marks by the Administrator shall, with respect to service mark
ownership only, inure solely to the benefit of the Company and any registration of the Licensed Names and Marks shall be registered by the Company in its name, it being understood that the present license shall not in any way affect the ownership by
the Company of the Licensed Names and Marks, each of which shall continue to be the exclusive property of the Company. The Company shall, in its own name and at its own expense, maintain appropriate service mark protection for the Licensed Names and
Marks. The Administrator shall not at any time during the term of this Agreement or at any time thereafter do or cause to be done any act contesting the validity of the Licensed Names and Marks, contesting or in any way impairing or tending to
impair the Company’s entire right, title and interest in the Licensed Names and Marks and the registrations thereof or adversely affecting the value of the Licensed Names and Marks or the reputation and goodwill of the Company. The
Administrator shall not represent that it has any right, title or interest in the reputation and good will of the Company. The Administrator shall not represent that it has any right, title or interest in the Licensed Names and Marks other than the
rights expressly granted by this Agreement. 
 (e) Subject to the provisions of Article XIX hereof, except with
respect to any uses of the Licensed Names and Marks not authorized under this Agreement, the Company will indemnify, defend and hold the Administrator harmless from any Losses from claims that the Licensed Names and Marks infringe on the rights of
third parties. Subject to the provisions of Article XIX, the Administrator will indemnify, defend and hold the Company harmless from any Losses that arise in connection with the Administrator’s use of the Licensed Names and Marks other
than as authorized under this Agreement. This Section 18.2 shall survive the termination or expiration of this Agreement. 

  
 32 

 (f) The right to institute and prosecute actions for infringement of the
Licensed Names and Marks is reserved exclusively to the Company, and the Company shall have the right to join the Administrator in any such actions as a formal party. The Company may also request, and the Administrator shall provide, assistance with
respect to any such infringement action. Any such action shall be conducted at the Company’s expense. The Administrator shall provide prompt written notice to the Company of any infringement or unauthorized use of the Licensed Names and Marks
of which it is aware, and agrees to assist the Company at the Company’s expense in any such action brought by the Company. It is understood, however, that the Company is not obligated to institute and prosecute any such actions in any case in
which it, in its sole judgment, may consider it inadvisable to do so. Any recovery obtained by the Company as a result of any such action shall belong solely to Company. 

(g) The agreements and covenants contained in this Section 18.2 shall continue in effect until such time as this
Agreement is terminated. Upon termination of this Agreement, the Administrator shall discontinue all use of the Licensed Names and Marks (but in no event will such use extend beyond sixty (60) calendar days after termination). Upon any such
termination, the Administrator shall take all commercially reasonable actions necessary to effect such discontinuance. Upon termination, all of the Administrator’s rights to the Licensed Names and Marks shall revert to and continue to reside
with and be owned exclusively by the Company. 
 ARTICLE XIX 

INDEMNIFICATION 

Section 19.1 Administrator’s Obligation to Indemnify. The Administrator shall indemnify, defend and hold
harmless the Company and its Affiliates and their respective officers, directors, stockholders, employees, representatives, successors and assigns (collectively, the “Company Indemnified Persons”) from and against any and all
Indemnifiable Losses incurred by the Company Indemnified Persons to the extent arising from (i) any breach by the Administrator of the covenants and agreements of the Administrator contained in this Agreement (an “Administrator
Breach”), (ii) any violations of Applicable Law by the Administrator or its Affiliates or Subcontractors (including without limitation under the Securities Act of 1933) or otherwise arising from any untrue statement or alleged untrue
statement of a material fact or omission or alleged omission to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading,
contained in any registration statement or prospectus or other product materials relating to an LBL Contract or Vermont Captive Contract or any interest offered under an LBL Contract or Vermont Captive Contract or any amendment thereof, but only to
the extent prepared or updated by Administrator and excluding any such statement or omission made in reliance upon and in conformity with information furnished in writing to Administrator by LBL or its Affiliates after the date hereof expressly for
use therein, (iii) any indemnification payment by the Company pursuant to the Principal Underwriting Agreement in respect of LBL Contracts covered thereunder (except to the extent arising out of any act or omission of the Company for which
Administrator is not responsible pursuant to this Agreement) and (iv) any successful enforcement of this indemnity; provided that, the Administrator shall have no obligation to indemnify any Company Indemnified Party to the extent such
Indemnifiable Loss results from (i) any act or omission resulting from the negligence or willful misconduct of the Company after the 

  
 33 

 
Inception Date, or (ii) any Company Breach; and provided, further, that with respect to any Indemnifiable Losses under this Agreement (other than any Indemnifiable Losses to
the extent arising from the Administrator’s gross negligence or willful misconduct) arising from the Administrator’s provision of Administrative Services for the Shared Separate Account in respect of the Company Business (such
Indemnifiable Losses, the “Capped Losses”), the liability of the Administrator to the Company Indemnified Persons for any such Capped Losses shall be the Cap, determined as of the date the applicable Indemnifiable Losses were
incurred. 
 Section 19.2 Company’s Obligation to Indemnify. The Company hereby agrees to indemnify, defend
and hold harmless the Administrator and its Affiliates and their respective officers, directors, stockholders, employees, representatives, successors and assigns (collectively, the “Administrator Indemnified Persons”) from and
against any and all Indemnifiable Losses incurred by the Administrator Indemnified Persons to the extent arising from (i) any breach by the Company of the covenants and agreements of the Company contained in this Agreement (a “Company
Breach”), (ii) any untrue statement or alleged untrue statement of a material fact or omission or alleged omission to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of
the circumstances under which they were made, not misleading, contained in any registration statement or prospectus or other product materials relating to an LBL Contract, Vermont Captive Contract, or the Company Business that is associated with the
Shared Separate Account, or any interest offered under an LBL Contract, Vermont Captive Contract or the Company Business that is associated with the Shared Separate Account or any amendment thereof, in each case, that is made in reliance upon and in
conformity with information provided in writing by the Company or an Affiliate after the Inception Date expressly for use by the Administrator in the preparation of such registration statement or prospectus, including audited financial statements
for the Company or the Shared Separate Account, but excluding any such information to the extent contained in or derived from any data or report furnished to the Company by or on behalf of the Administrator or its Affiliates after the date hereof in
accordance with this Agreement; and (iii) any successful enforcement of this indemnity; provided that, the Company shall have no obligation to indemnify any Administrator Indemnified Party to the extent such Indemnifiable Loss results
from (i) any act or omission resulting from the negligence or willful misconduct of the Administrator or a Subcontractor, or (ii) any Administrator Breach. 

Section 19.3 Definitions. As used in this Agreement: 

“Cap” means, as of any date of determination, an amount equal to the Monthly Separate Account Administrative
Fee actually paid by the Company to the Administrator under this Agreement in respect of the twelve (12) calendar months prior to such date of determination (or, if twelve (12) months have not yet elapsed since the Inception Date, then
twelve (12) times the average Monthly Separate Account Administrative Fee during such shorter period), reduced by the sum of the Capped Losses actually paid by the Administrator to the Company Indemnified Persons and the amount actually
paid by the Administrator to the Company in respect of any Variances pursuant to Section 8.4, in each case, that were incurred during the twelve (12) calendar months prior to such date of determination (or, if less than twelve
(12) months have elapsed since the Inception Date, then since the Inception Date). 
 “Indemnitee”
means any Person entitled to indemnification under this Agreement; 

  
 34 

 “Indemnitor” means any Person required to provide
indemnification under this Agreement; 
 “Indemnifiable Losses” means any and all damages, losses,
Liabilities, obligations, costs and expenses (including reasonable attorneys’ fees and expenses); provided, that any Indemnity Payment (x) shall in no event include any amounts constituting punitive damages relating to the breach or
alleged breach of this Agreement (except to the extent actually paid to a third party in connection with a Third Party Claim) and (y) and shall be net of any amounts recovered by or recoverable by the Indemnitee for the Indemnifiable Losses for
which such Indemnity Payment is made under any insurance policy, reinsurance agreement, warranty or indemnity or otherwise from any Person other than a Party hereto, and the Indemnitee shall promptly reimburse the Indemnitor for any such amount that
is received by it from any such other Person with respect to an Indemnifiable Losses after any indemnification with respect thereto has actually been paid pursuant to this Agreement; 

“Indemnity Payment” means any amount of Indemnifiable Losses required to be paid pursuant to this Agreement;
and 
 “Third Party Claim” means any claim, action, suit, or proceeding made or brought by any Person that
is not an Indemnitee. 
 Section 19.4 Applicability of Stock Purchase Agreement. The procedures set forth in
Section 7.5 of the Stock Purchase Agreement shall apply to Losses indemnified under this Article XIX. 

Section 19.5 No Duplication. To the extent that an Indemnitee has received payment in respect of an Indemnifiable
Loss pursuant to the provisions of any other Transaction Agreement, such Indemnitee shall not be entitled to indemnification for such Indemnifiable Loss under this Agreement to the extent of such payment. 

ARTICLE XX 
 DURATION;
TERMINATION 
 Section 20.1 Duration. This Agreement shall commence on the Inception Date and continue with
respect to each LBL Contract and each Vermont Captive Contract until no further Administrative Services in respect of such LBL Contract or Vermont Captive Contract are required, unless this Agreement is earlier terminated under
Section 20.2. 
 Section 20.2 Termination. 

(a) This Agreement is subject to immediate termination at the option of the Company, upon written notice to the
Administrator, upon the occurrence of any of the following events: 
 (i) A voluntary or involuntary
proceeding is commenced in any jurisdiction by or against the Administrator for the purpose of conserving, rehabilitating or liquidating the Administrator, and such proceeding shall continue undismissed for 60 days; or 

  
 35 

 (ii) There is a material and continuing breach by the
Administrator of this Agreement and such breach is not cured within twenty (20) Business Days following receipt by Administrator of written notice of such breach from the Company; provided, however, if such material breach is not
curable within such twenty (20) Business Day period, the Company may not terminate the Administrator’s performance of the Administrative Services if the Administrator has, within such twenty (20) Business Day period, provided the
Company with a detailed, written description of the Administrator’s good faith plan to cure such material and continuing breach; provided, further, if such material and continuing breach is not cured within forty-five
(45) days following the Administrator’s delivery to the Company of such plan, the Company may terminate the Administrator’s performance of the Administrative Services. 

(b) This Agreement may be terminated at any time upon the mutual written consent of the Parties hereto, which writing shall
state the effective date of termination. 
 (c) In the event that this Agreement is terminated under any of the provisions
of Section 20.2(a): 
 (i) the Administrator and the Company shall each cooperate in the prompt
transfer of the applicable Administrative Services and any books and records and other materials maintained by the Administrator related to such Administrative Services (or, where required by Applicable Law, copies thereof) to the Company or the
Company’s designee reasonably acceptable to the Administrator; 
 (ii) in the event there has occurred
a Change in Control at or prior to such termination, the Administrator shall use its reasonable best efforts to provide the Company or a replacement servicer designated by the Company with a license to, or seek to obtain consents of third parties
for the use of, software and systems used by the Administrator in performing the Administrative Services as reasonably necessary to permit the Company or such replacement servicer to perform the Administrative Services for a reasonable period
following such termination, such that the Company or such replacement servicer shall be able to perform the applicable Services without interruption following termination of this Agreement; and 

(iii) the Administrator shall reimburse the Company for (A) reasonable out-of-pocket costs for
transitioning the Administrative Services to a substitute provider reasonably acceptable to the Company (provided that in the event the Reinsurance Agreement is in effect at the time of such termination, the Company shall obtain the
Administrator’s consent to such substitute provider, such consent not to be unreasonably withheld, conditioned or delayed, and the Administrator shall notify the Company of its decision with respect to such consent as soon as reasonably
practicable and in any event within thirty (30) days following delivery of the Company’s request for such consent), (B) any reasonable fees paid to any such substitute provider in connection with the performance of any Administrative
Services and (C) any reasonable out-of-pocket costs 

  
 36 

 
incurred by the Company with respect to the Administrative Services after termination of this Agreement; provided, however, that the Administrator shall not be liable for the fees
and expenses set forth in clauses (B) and (C) of this Section 20.2(c)(iii) that are incurred following the termination of the Reinsurance Agreement. 

ARTICLE XXI 
 GENERAL
PROVISIONS 
 Section 21.1 Schedules and Exhibits. The Schedules and Exhibits to this Agreement that are
specifically referred to herein are a part of this Agreement as if fully set forth herein. Promptly following the occurrence of a Change of Control, the Administrator and the Company shall negotiate in good faith and use commercially reasonable
efforts to agree upon an amended and restated Schedule A, which schedule shall contain a more detailed list of services theretofore provided by the Administrator hereunder and any services otherwise necessary or appropriate with respect to
the Administered Business, including, without limitation, services relating to policy administration, claims handling, policyholders settlements and communications, administration of ceded reinsurance, regulatory and financial reporting, Shared
Separate Account matters, regulatory and legal matters, actuarial matters, information technology, treasury functions and Tax matters. Promptly upon such agreement (as reflected in a writing signed by each of the Administrator and the Company), such
amended and restated schedule shall become Schedule A for all purposes hereof. 
 Section 21.2 Notices.
All notices, requests, claims, demands and other communications under this Agreement shall be in writing and shall be delivered personally or by overnight courier (providing proof of delivery) to the Parties at the following addresses (or at such
other address for a Party as shall be specified by like notice): 
  

	 	(a)	 if to the Company: 

Lincoln Benefit Life Company 

Suite 300 

Columbia Centre I 

5600 North River Road 

Rosemont, Illinois 60018 

Attention: Simon Packer 

Email: simon.packer@resolutionlife.com 

with copies (which shall not constitute notice) to: 

Debevoise & Plimpton LLP 

919 Third Avenue 

New York, New York 10022 

Attention:    Nicholas F. Potter 

David Grosgold 

  
 37 

	 	(b)	 if to the Administrator: 

Allstate Life Insurance Company 

3100 Sanders Road 

Northbrook, Illinois 60062 

Attention: Jess Merten 

Email: Jess.Merten@allstate.com 

with copies to: 

Allstate Life Insurance Company 

3075 Sanders Road 

Northbrook, Illinois 60062 

Attention: Joy Thomas 

Email: Joy.Thomas@allstate.com 
  

and 

Allstate Life Insurance Company 

2775 Sanders Road 

Northbrook, Illinois 60062 

Attention: Beth Lapham 

Email: blapham@allstate.com 

with copies (which shall not constitute notice) to: 

Willkie Farr & Gallagher LLP 

787 Seventh Avenue 

New York, New York 10019 

Attention:     John M. Schwolsky 

 Alexander M. Dye 

Notice given by personal delivery or overnight courier shall be effective upon actual receipt. 

Section 21.3 Interpretation. When a reference is made in this Agreement to a Section, Exhibit or Schedule, such
reference shall be to a Section of, or an Exhibit or Schedule to, this Agreement unless otherwise indicated. All references herein to any agreement, instrument, statute, rule or regulation are to the agreement, instrument, statute, rule or
regulation as amended, modified, supplemented or replaced from time to time (and, in the case of statutes, includes any rules and regulations promulgated under said statutes) and to any section of any statute, rule or regulation including any
successor to said section. The table of contents and headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Whenever the words “include,”
“includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” Whenever the singular is used herein, the same shall include the plural, and whenever the
plural is used herein, the same shall include the singular, where appropriate. Whenever the word “Dollars” or the “$” sign appear in this Agreement, they shall be construed to mean United States Dollars, and all transactions
under this Agreement shall be in United States Dollars. This 

  
 38 

 
Agreement has been fully negotiated by the Parties hereto and shall not be construed by any Governmental Entity against either Party by virtue of the fact that such Party was the drafting Party.

 Section 21.4 Entire Agreement; Third Party Beneficiaries. This Agreement (including all exhibits and
schedules hereto) and the other Transaction Agreements constitute the entire agreement, and supersede all prior agreements, understandings, representations and warranties, both written and oral, among the Parties with respect to the subject matter
of this Agreement. Except as set forth in Article XIX with respect to the Administrator Indemnified Parties and the Company Indemnified Parties, this Agreement is not intended to confer upon any Person other than the Parties hereto and their
successors and permitted assigns any rights or remedies. 
 Section 21.5 Governing Law. This Agreement and any
dispute arising hereunder shall be governed by, and construed in accordance with, the laws of the State of New York, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws thereof. 

Section 21.6 Assignment. Neither this Agreement nor any of the rights, interests or obligations under this
Agreement shall be assigned, in whole or in part, by operation of law or otherwise (other than by operation of law in a merger), by either Party without the prior written consent of the other Party, and any such assignment that is not consented to
shall be null and void. Subject to the preceding sentence, this Agreement will be binding upon, inure to the benefit of, and be enforceable by, the Parties and their respective successors and assigns. 

Section 21.7 Jurisdiction; Enforcement. 

(a) Each of the Parties hereto hereby irrevocably and unconditionally submits to the exclusive jurisdiction of any court of
the United States or any state court, which in either case is located in the City and County of New York (each, a “New York Court”) for purposes of enforcing this Agreement or determining any claim arising from or related to the
transactions contemplated by this Agreement. In any such action, suit or other proceeding, each of the Parties hereto irrevocably and unconditionally waives and agrees not to assert by way of motion, as a defense or otherwise any claim that it is
not subject to the jurisdiction of any such New York Court, that such action, suit or other proceeding is not subject to the jurisdiction of any such New York Court, that such action, suit or other proceeding is brought in an inconvenient forum or
that the venue of such action, suit or other proceeding is improper; provided, that nothing set forth in this sentence shall prohibit any of the Parties hereto from removing any matter from one New York Court to another New York Court. Each
of the Parties hereto also agrees that any final and unappealable judgment against a Party hereto in connection with any action, suit or other proceeding will be conclusive and binding on such Party and that such award or judgment may be enforced in
any court of competent jurisdiction, either within or outside of the United States. A certified or exemplified copy of such award or judgment will be conclusive evidence of the fact and amount of such award or judgment. Any process or other paper to
be served in connection with any action or proceeding under this Agreement shall, if delivered or sent in accordance with Section 21.2, constitute good, proper and sufficient service thereof. 

(b) EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY PROCEEDING ARISING

  
 39 

 
OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OR ANY OTHER PARTY HAS
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVER, (III) IT MAKES SUCH WAIVER VOLUNTARILY
AND (IV) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 21.7. 

Section 21.8 Severability; Amendment; Modification; Waiver. 

(a) Whenever possible, each provision or portion of any provision of this Agreement will be interpreted in such manner as to
be effective and valid under Applicable Law, but if any provision or portion of any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any Applicable Law in any jurisdiction, such invalidity, illegality
or unenforceability will not affect any other provision or portion of any provision in such jurisdiction, and this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision or
portion of any provision had never been contained herein. 
 (b) This Agreement may be amended or a provision hereof waived
only by a written instrument signed by each of the Administrator and the Company. 
 (c) No delay on the part of any Party
in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any Party of any right, power or privilege, nor any single or partial exercise of any such right, power or privilege,
preclude any further exercise thereof or the exercise of any other such right, power or privilege. 
 Section 21.9
Specific Performance. The Parties agree that irreparable damage would occur if any provision of this Agreement were not performed in accordance with the terms hereof and that the Parties shall be entitled to an injunction or injunctions to
prevent breaches of this Agreement or to enforce specifically the performance of the terms and provisions hereof in any court of competent jurisdiction, in addition to any other remedy to which they are entitled at law or in equity. The Parties
hereby waive, in any action for specific performance, the defense of adequacy of a remedy at law and the posting of any bond or other security in connection therewith. 

Section 21.10 Counterparts. This Agreement may be executed in counterparts, all of which shall be considered one
and the same agreement and shall become effective when counterparts have been signed by each of the Parties and delivered to the other Party. Each Party may deliver its signed counterpart of this Agreement to the other Party by means of electronic
mail or any other electronic medium utilizing image scan technology, and such delivery will have the same legal effect as hand delivery of an originally executed counterpart. 

  
 40 

 Section 21.11 Survival. Articles XVI, XIX, XX
and XXI shall survive the termination of this Agreement. 
 [Remainder of page intentionally left blank] 

  
 41 

 IN WITNESS WHEREOF, the Company and the Administrator have caused this Agreement to be signed by
their respective duly authorized officers, all as of the date first written above. 
  

			
	LINCOLN BENEFIT LIFE COMPANY
		
	 By:
	 	     /s/ W. Weldon Wilson

		 	 Name: W. Weldon Wilson

		 	 Title: CEO

	
	ALLSTATE LIFE INSURANCE COMPANY
		
	 By:
	 	     /s/ Harry R. Miller

		 	 Name: Harry R. Miller

		 	 Title: SVP

  
 [Administrative
Services Agreement] 

 EXHIBIT 1 

APPROVED CONVERSION FORMS 
  

	•	 	 Total Accumulator VUL (to be de-commissioned on the applicable Underwriting Termination Date) 

 

	•	 	 Whole Life II 

  
 Exhibit 1 

 SCHEDULE A 

CERTAIN ADMINISTRATIVE SERVICES; SEPARATE ACCOUNT 

ADMINISTRATIVE FEE 
 Separate Account

 The Administrator will perform the following services in respect of the Shared Separate Account, including the
pricing and trading activities described below for the Shared Separate Account assets. The Parties agree and acknowledge that both the LBL Contracts and the Company Business are issued out of the Shared Separate Account, however, the policy
administration of the LBL Contracts will be provided by the Administrator in accordance with this Agreement, and the policy administration of the Company Business will be retained by the Company on a separate administration system from that used by
the Administrator. Accordingly, the Parties agree to cooperate fully with each other in all reasonable respects in order to ensure the proper administration of the Shared Separate Account. 

 

	1.	 Nightly Pricing 

Upon receipt of nightly prices from underlying mutual fund (the “Funds”) companies, Administrator shall
calculate AUV prices for both the LBL Contracts and the Company Business. Administrator will then forward AUV prices to the Company or its designated agent by 8:00 p.m. (Central Time) on each day that the New York Stock Exchange is open for
business. This process will remain in place to ensure the prices on the administration systems in use by each of the Administrator and the Company remain in alignment at all times. In the event that on any such day Administrator does not receive a
price or prices from one or more Fund companies, or Administrator receives its pricing transmissions after 8:00 p.m. (Central Time), Administrator will take commercially reasonable steps to generate AUV prices for the LBL Contracts and the Company
Business and forward them to the Company or its designated agent by 9:00 p.m. (Central Time) with the understanding that a re-pricing will likely be necessary the following Business Day. This situation may incur gain/loss for Administrator and/or
the Company. In this case, Administrator and the Company will work together to attempt to be made whole by the Fund company in question. If collection efforts are unsuccessful, the Administrator and the Company will each absorb the gain/loss and any
associated costs of correcting the problem in the same proportion to the US dollar amount of the transactions related to their respective blocks of business. 

In the event Administrator calculates and/or provides an erroneous AUV price to the Company or its designated agent as a
result of an incorrect or missing NAV price, dividend, and/or short or long-term capital gain factor from a Fund company, Administrator shall have no financial responsibility for the error. In this case, Administrator and the Company will work
together to attempt to be made whole by the Fund company in question. If collection efforts are unsuccessful, Administrator and the Company will each absorb the gain/loss and any associated costs of correcting the problem in the same proportion to
the dollar amount of the transactions related to their respective blocks of business. 

  
 Sch. A-1 

 In the event of a Fund re-pricing, Administrator will notify the Company or its
designated agent as soon as practicable, and will recalculate the affected AUV price(s) and forward it/them to the Company or its designated agent as soon as practicable. Administrator and the Company will take the steps outlined above in an attempt
to make themselves whole for any gain/loss incurred due to the re-pricing. 
 Administrator shall review AUV prices,
through system checks, manual recalculations or comparison to NAV prices. Such review process shall be mutually agreed by the Company and the Administrator. 
  

	2.	 Trading and Investing 

  

	 	(a)	 Allocating to the Shared Separate Account (i) premiums and loan repayments received under the LBL Contracts and allocated to the Shared
Separate Account, and (ii) amounts transferred to the Shared Separate Account from other options under LBL Contracts (including fixed options), and forwarding such funds and other necessary and appropriate information to the appropriate Funds
for investment on behalf of the Shared Separate Account or sub-accounts thereof, in each case in accordance with the terms of the LBL Contracts, the current prospectus and/or statement of additional information (as each may be amended from time to
time) for the relevant LBL Contracts, Applicable Law, and any applicable agreement, including but not limited to any applicable fund participation agreement, provided by the Company to Administrator. 

 

	 	(b)	 Administrator will be the primary “Trader” for the Shared Separate Account. To accomplish this, the Administrator will consolidate daily
trades from its administration system with respect to the LBL Contracts with trades received from the Company’s or its designated agent’s administration system with respect to the Company Business as set forth below, for consolidation and
submission to the Fund companies every day on which the New York Stock Exchange is open for business. The Company must provide to the Administrator aggregate trades for the Company Business by 5:00 a.m. (Central Time) on each trading day. In the
event Administrator does not receive the trades for the Company Business by such time, Administrator shall have the right to submit trades with respect to the LBL Contracts to the Fund companies without penalty. If for any reason Administrator is
unable to submit trades with respect to the LBL Contracts to the Fund companies due to a delay by the Company or its designated agent with respect to trades for the Company Business, Administrator shall be entitled to collect compensation from the
Company (and the Company shall so indemnify and hold the Administrator harmless) to cover any gain/loss and costs to correct the problem due to the delayed trades. 

  
 Sch. A-2 

 Subject to the foregoing and receipt by Administrator from the Company of timely
balances in respect of the Company Business, Administrator shall place trades with the Fund companies to keep the assets in the Shared Separate Account in continual balance with the LBL Contracts and the Company Business. Administrator shall be
allowed to place trades with respect to the LBL Contracts and the Company Business in any manner it chooses, subject to acceptance by the Fund companies. 

Administrator shall coordinate the daily wires between the Fund companies and each of the Company’s and the
Administrator’s bank accounts to cover the trades with respect to the Company Business and the LBL Contracts, respectively. 

There may be cases where Administrator places a trade with the Fund company in accordance with the terms of this Agreement
but the Fund company does not process the trade or processes it incorrectly. This situation may incur gain/loss for Administrator and/or the Company. In this case, Administrator and the Company will work together to attempt to be made whole by the
Fund company in question. If collection efforts are unsuccessful, Administrator and the Company will each absorb the gain/loss and any associated costs of correcting the problem in the same proportion to the dollar amount of the transactions related
to their respective blocks of business. 
  

	 	(c)	 Processing of purchases and redemptions of Fund shares on behalf of the Shared Separate Account in respect of the LBL Contracts and the Company
Business, and withdrawal of the proceeds from the Shared Separate Account. The Administrator shall pay to (i) the Reinsurer policy charges in accordance with the LBL Contracts, and (ii) the Company policy charges in accordance with the
Company Business. 

  

	 	(d)	 Coordinating with the Company in performing monthly reconciliation of investment by Shared Separate Account in Funds and liability to holders of
LBL Contracts and Company Business to confirm that Shared Separate Account net assets are sufficient to cover liabilities to policy holders; if the assets of the Shared Separate Account are found to be insufficient and shortfall relates to the LBL
Contracts, the Administrator will cause funding to be added to the Separate Account to the extent so related in accordance with the Reinsurance Agreement; otherwise, the Company will cause funding to be provided. 

 

	 	(e)	 Administrator shall prepare additional periodic fund reconciliations (frequency and method to be determined by the Parties) for both the LBL
Contracts and the Company Business. 

  

	 	(f)	 Administrator will maintain the Company’s cash settlement account and coordinate a settlement process to support trading within the Shared
Separate Account. 

  
 Sch. A-3 

	 	(g)	 Administrator will coordinate with the Company’s auditor to provide the necessary information to audit the Shared Separate Account and prepare
information for financial statements. 

  

	3.	 Market Timing 

  

	 	(a)	 Provide information required by Rule 22c-2 upon request as required by any existing agreements with Funds or as otherwise required by Applicable
Law (“Rule 22c-2 Requirements”) with respect to the LBL Contracts and the Company Business. Administrator shall act as the primary facilitator for the Shared Separate Account as it relates to market timing. From time to time Fund
companies may make inquiries or may request periodic reports available to them as outlined by SEC Rule 22c-2. Since the trades in respect of the Company Business will be processed on a separate
administration system from the trades in respect of the LBL Contracts, the Parties shall cooperate fully with each other in all reasonable respects in order to assist the Administrator in satisfying all Rule
22c-2 Requirements. 
	 

 After receipt of notice of a Rule 22c-2 Requirement, Administrator will timely notify
the Company of the need for certain information in respect of the Company Business. This will include information relating to the Fund and trading days in question. The Company shall timely provide the requested information to Administrator in a
pre-agreed upon format for consolidation with Administrator’s own trades in respect of the LBL Contracts and submission to the Fund company. 

The Company shall strive to provide to Administrator the requested trade information with respect to the Company Business
within 3 days of receipt of a request from Administrator, and Administrator shall strive to provide to the Fund companies the consolidated trade information with respect to the LBL Contracts and the Company Business within 10 days of receipt of the
initial request from the Fund Companies. 
 Administrator shall be allowed to respond to the Fund companies in any format
it desires as long as said format is accepted by the Fund companies. 
  

	4.	 Fund Changes 

  

	 	(a)	 Keeping the LBL Contracts in alignment with the Fund companies as it relates to Fund changes, mergers and closures. 

 

	5.	 Recordkeeping 

  

	 	(a)	 Maintaining and preserving records with respect to the Administrative Services that it performs for the Shared Separate Account as required by
Rules 31a-1 and 31a-2 under the 1940 Act, the Exchange Act and rules promulgated by FINRA. The Administrator acknowledges and agrees that such records as are required to be maintained by Rules 3la-1 and 31a-2 under the 1940 Act are the property of
the Company and shall be surrendered promptly upon the request of the Company; provided that Administrator shall be entitled to keep a copy of such records. 

  
 Sch. A-4 

	6.	 5% Holders 

  

	 	(a)	 Furnishing information regarding holders of the Company Business (to the extent provided by the Company) and/or LBL Contracts (e.g., 5%
holders) to the Funds and other service providers to comply with Applicable Law. For the avoidance of doubt, such 5% threshold applies to the LBL Contracts and the Company Business, collectively. 

 

	7.	 Fund Company Proxy Voting 

  

	 	(a)	 As reasonably necessary or as otherwise required by Applicable Law, cooperate with Fund companies and their agents in connection with soliciting
voting instructions from contractowners of the LBL Contracts and the Company Business and vote Fund shares held in the Shared Separate Account in accordance with the instructions received by contractowners or as otherwise required by Applicable Law.
Administrator will coordinate with the Company to receive from the Company voting instructions with respect to the Company Business for consolidation with voting instructions of the LBL Contracts and submission to the Fund companies. The Parties
shall cooperate fully with each other in all reasonable respects, and the Company shall timely provide to Administrator such instructions with respect to the Company Business. 

 

	8.	 Revenue Sharing 

  

	 	(a)	 Administrator shall be responsible for calculating the revenue sharing and 12b-1 payments owed to the Company from the Fund companies, split the
estimates into those related to the LBL Contracts and the Company Business, prepare and communicate accruals to the Company, invoice Fund companies (when necessary) and collect revenue sharing and 12b-1 payments, and forward the appropriate amount
to the Company. Administrator shall be allowed to continue to estimate revenue sharing payments in a manner similar to how it is estimated on the date hereof. 

In the event Administrator has used commercially reasonable efforts to collect payments owed by the Fund companies but has
been unsuccessful or the revenue sharing / 12b-1 payment estimates overstate the actual amount received, Administrator and the Company will jointly share in such payment shortfall proportionally to the amount expected. For the avoidance of doubt,
the Company bears all collection risk on revenue sharing and 12b-1 payments in respect of the Company Business. 
 Once
payments are received by Administrator, Administrator will timely communicate to the Company any difference between the actual payments and the accruals so that the Company can “true-up” its accounting records. 

  
 Sch. A-5 

	9.	 Participation Agreements and Fund Certifications 

 

	 	(a)	 Managing the Company’s relationships with the Funds to the extent applicable to the LBL Contracts, including the agreements with the Funds and
their affiliates and maintaining, entering into and/or facilitating, on behalf of the Company, any necessary amendments to existing agreements with the Funds and their affiliates, including amendments necessary to effect changes in the Fund options
for LBL Contracts and the Shared Separate Account, as permitted by this Agreement. 

  

	 	(b)	 Act as the primary point of contact for the Fund companies as it pertains to certifications and other miscellaneous forms. The Parties shall
cooperate fully with each other in all reasonable respects in connection with the preparation of such certifications and other miscellaneous forms. The Company shall timely provide to Administrator such certifications and other miscellaneous forms
with respect to the Company Business in order that Administrator can prepare a consolidated response with respect to the LBL Contracts and the Company Business. 

 

	10.	 Policy Administration (for the LBL Contracts) 

  

	 	(a)	 Maintaining the administrative systems utilized in connection with the Administrative Services so as to reflect any change to the LBL Contracts.

  

	 	(b)	 Processing and recording transfer requests from one subaccount to another, or to or from a fixed account option to a subaccount, in all cases in
accordance with the relevant LBL Contracts and within such time periods as are specified by Applicable Law. 

  

	 	(c)	 Calculating, when and as needed, the policy charges under the LBL Contracts in accordance with the terms thereof and their respective prospectuses
and statements of additional information (“SAIs”). 

  

	 	(d)	 Obtaining and distributing to holders of LBL Contracts copies of the Funds’ current summary prospectuses, or prospectuses, SAIs as requested
by the contract holder and any post effective amendments or supplements thereto, annual and semi-annual reports to shareholders and other disclosure documents and communications to Fund shareholders that are required to be provided by the Company to
owners of LBL Contracts. 

  

	 	(e)	 To the extent not otherwise covered in the Agreement or this Schedule A, performing the Company’s obligations and exercising the
Company’s rights, in the name of and on behalf of the Company, under agreements with underwriters, distributors and the Funds relating to the LBL Contracts, in each case to the extent that the Company has provided complete copies of such
agreements (including any amendments thereto) to the Administrator, in each case, to the extent consistent with Applicable Law. 

  
 Sch. A-6 

	11.	 Regulatory Filings 

  

	 	(a)	 With respect to the Shared Separate Account, prepare (and provide financial data required for) for filing with state insurance departments and the
SEC any reports or registrations, or amendments thereto required to be filed, including, as appropriate, registration statements, annual updates of registration statement, prospectuses and SAIs, interim supplement/sticker filings, Form N-SAR and
Form 24F-2, audited financial statements (working with the Company and its auditor), provided that the Company shall provide for inclusion in such registrations and reports all information as the Administrator shall reasonably request relating to
the Company Business or the Company as a whole, including without limitation audited financial statements for the Company or information derived therefrom. 

  

	 	(b)	 Upon reasonable prior notice by the Administrator to the Company, the Administrator may cease preparing updates to, and the Company will cease
updating, registration statements, prospectuses and SAIs for the LBL Contracts and the Shared Separate Account in reasonable reliance on the SEC no-action letter dated October 23, 1990 issued to Great-West Life & Annuity Insurance
Company and any subsequent related no-action letters, or the Administrator may begin preparing updates to, and the Company will update, registration statements, prospectuses and SAIs for the LBL Contracts or the Shared Separate Account that the
Company has previously stopped updating. 

  

	 	(c)	 Providing the Company and its independent auditors with any information and documentation necessary or reasonably appropriate in connection with
the preparation and audit of the financial statements of the Shared Separate Account, including a letter representing that the financial statements of the Shared Separate Account present fairly, in all material respects, the financial position,
results of operations, changes in net assets, and financial highlights in conformity with GAAP, or the Company for inclusion in SEC filings, including registration statements for the LBL Contracts, or in reports filed with state insurance regulatory
authorities, with costs in relation thereto allocated between the Company and the Administrator as mutually determined by the Parties. 

  

	 	(d)	 Providing the Company with any information and documentation necessary or reasonably appropriate in connection with the preparation of the Annual
Statement of the Shared Separate Account, including a letter representing that the Annual Statement of the Shared Separate Account presents fairly, in all material respects, the financial position and results of operations in conformity with
statutory accounting principles. 

  

	 	(e)	 Providing the Company with each registration statement prior to filing so that the Company can review the filing and arrange for in-house or
outside counsel to provide the Legal Opinion Letter required as an exhibit to such registration statement, and Company can cause the appropriate filing to be made with the SEC. 

  
 Sch. A-7 

	12.	 Compliance Procedures 

  

	 	(a)	 During the term of this Agreement, for as long as the Company is required to maintain a compliance program pursuant to Rule 38a-1 under the 1940
Act with respect to the Shared Separate Account and the Administrator continues to act as an “administrator” (as defined in the Investment Company Act of 1940, as amended) with respect to the Shared Separate Account, the Administrator will
implement and, throughout the term of this Agreement, maintain in effect, policies and procedures reasonably designed to prevent, detect, and correct violations of “federal securities laws” (as defined in Rule 38a-1) in the provision of the Administrative Services by the Administrator and its employees, officers, agents and Affiliates under this Agreement, and will designate a compliance officer who will be responsible
for Administrator’s compliance program under this provision, but who will not be the “chief compliance officer”, as that term is defined in Rule 38a-1, for the Company’s compliance program for the Shared Separate Account under
Rule 38a-l. The Administrator will promptly provide true and complete copies of such policies and procedures (or summaries thereof) and related information required by Applicable Law upon reasonable request including but not limited to, control
reports, incident reports, exception reports, compliance check-lists and internal audit reports. The Administrator will cooperate with periodic reviews by the Company’s personnel of such policies and procedures, their operation and
implementation, including visual inspection of the Administrator’s facilities and processes, and provide such additional information, quarterly reports, and annual certifications to the Company in respect of such policies and procedures,
compliance with federal securities laws and related compliance matters as the Company may reasonably request. The Administrator will promptly notify the Company in the event that it becomes aware of any “material compliance matter” (as
defined in Rule 38a-l) arising with respect to the Administrative Services provided hereunder and will provide documentation with respect to pricing errors quarterly. For the avoidance of doubt and notwithstanding anything contained in this
Agreement to the contrary, (i) the Administrator’s compliance program required herein will apply only to the LBL Contracts and the Shared Separate Account (to the extent provided herein) and not to the policy administration of the Company
Business, which shall remain the sole responsibility of the Company and (ii) the Company shall retain responsibility for the Shared Separate Account’s compliance program under Rule 38a-1. 

Additional Services 
  

	1.	 Information and Reports 

  

	 	a)	 Provide a general ledger data feed, within fifteen (15) Business Days of the end of each calendar month, of all accounting transactions for
the Administered Business, including cash receipts, from the disbursement systems, reinsurance systems, or any other system or data feed that generates accounting transactions for the Administered Business, to the Company’s general ledger.

  
 Sch. A-8 

	 	b)	 Assist with the preparation by the Company of the annual management discussion and analysis, footnote disclosures, supplements, annual statement
market conduct survey, and other relevant filings with respect to the Company’s statutory financial statements, to the extent related to the Administered Business. 

 

	 	c)	 Provide necessary information related to the Administered Business for the Company to complete all required state filings, including the direct
business state pages. Information to be provided will include number of policies, amounts for each of these categories, unpaid death benefits, incurred amount, and settlements (payment in full, payment on compromised claims, reduction by compromise,
amounts rejected). Administrator will also provide policy exhibit roll forward information, including amounts issued during the year, and other changes to in force and in force end of current year. 

 

	 	d)	 Assistance as reasonably required for annual Risk Based Capital calculation by the Company to the extent related to the Administered Business.

  

	 	e)	 Provide supplemental accounting and actuarial information related to the Administered Business as reasonably required for the Company to prepare
the Company’s annual Form S-1, on a basis consistent with the Administrator’s GAAP assumptions and reserves. Information to be provided in an appropriate format and time frame to enable the Company to meet required US GAAP filing
guidelines. 

  

	 	f)	 If the Company makes variable product changes that result in a requirement to file an amendment to the Form S-1 related to the Covered Insurance
Policies requiring interim financial statements and information, provide supplemental accounting and actuarial information related to the Administered Business as reasonably required for the Company to (i) prepare the Company’s interim
US GAAP Financial Statements and Footnotes, and (ii) prepare the Company’s amendment to its annual Form S-1, in each case on a basis consistent with the Administrator’s GAAP assumptions and reserves, and in an appropriate format
and time frame to enable the Company to meet required US GAAP filing guidelines. 

  

	 	g)	 Cooperate, as reasonably requested by the Company and its independent auditors in their conduct of annual audits of the Company’s Statutory
Financial Statements, and the Company’s financial statements prepared pursuant to GAAP to the extent related to the Administered Business, including reasonable access to the books and records relating to the performance of the Services by
Administrator and other information reasonably deemed relevant to the audit. 

  

	 	h)	 Support reasonable requirements for information relating to the Administered Business in connection with rating agency surveys, including: AM Best,
S&P, Moody’s and Fitch. 

  

	 	i)	 Support reasonable requests in connection with the Company’s preparation of federal and state income, franchise, and excise tax accruals and
returns, to the 

  
 Sch. A-9 

	 	 
extent related to the Administered Business. Support reasonable requests by the Company in connection with its preparation of the Company’s annual 1099 and related tax reporting,
reconciliation of tax withholding accounts, filing of Form 945 and state withholding returns, and withholding tax deposit requirements. 

  

	 	j)	 Providing the Company with information related to (i) the portion of the Ceded Reinsurance Contracts that relate to the LBL Contracts unless
and until such Ceded Reinsurance Contracts (or such portions of such Ceded Reinsurance Contract) are novated to the Administrator and (ii) the Vermont Captive Ceded Reinsurance Agreement, to complete internal and external reporting related to
reinsurance, including (to the extent available using commercially reasonable efforts) (a) quarterly in-force files from any applicable reinsurance administration system used by Administrator in respect of the Covered Insurance Policies and
(b) current data files used as inputs in any applicable reinsurance administration system used by Administrator with respect to the Covered Insurance Policies and output from system cycle runs (Billing and Inforce) related to Covered Insurance
Policies. 

  

	 	k)	 In conjunction with the delivery of a general ledger feed as described above, provide a balance control report (“Control Report”)
that validates the general ledger feed as provided to the Company to the Administrator’s general ledger in sufficient detail that allows for validation by the Company to properly compare amounts to the Administrator’s general ledger. The
Administrator agrees that amounts noted in the Control Report are reconciled to the support maintained by the Administrator. In the event that amounts do not match the Company’s general ledger as a result of an error or omission by the
Administrator, the Administrator will be asked to provide an written explanation for the variance. 

  

	2.	 Regulatory/Legal 

  

	 	a)	 Drafting of endorsements, amendments, contracts and other legal documents, including rate and form filings with respect to the Covered Insurance
Policies. 

  

	 	b)	 Providing on a monthly basis a list of all reported and discovered deaths of insureds under Covered Insurance Policies to enable the Company to
comply with state death claim sharing requirements. 

  

	 	c)	 Providing information to the Company related to the Covered Insurance Policies upon request in order to allow the Company to timely comply with
state unclaimed property laws and submit escheat filings. 

  

	 	d)	 Preparing, signing and filing on the Company’s behalf with insurance regulatory authorities all applications and regulatory filings for
endorsements, amendments, contracts and other legal documents, including rate and form filings, with respect to the Covered Insurance Policies. 

  

	 	e)	 Providing all reasonable and appropriate cooperation and assistance to the Company in connection with its anti-money laundering (AML) and Office of

  
 Sch. A-10 

	 	 
Foreign Assets Control (OFAC) Procedures to the extent related to the Administered Business, as the same may be amended from time to time by the Company to comply with applicable laws and
regulations. 

  

	3.	 Actuarial 

  

	 	a)	 Providing guidance to the Company with respect to any material changes in the reserve basis or reserve methodology for the Covered Insurance
Policies. 

 Separate Account Administrative Fee 

As compensation for Administrator’s performance hereunder of services in respect of the Shared Separate Account for the first year after
the Inception Date, the Company shall pay to Administrator a monthly fee equal to $25,500.00 (the “Monthly Separate Account Administrative Fee”). 

As of January 1 of each subsequent year, the Administrator shall calculate the aggregate annual expense of the Administrator and its
Affiliates in connection with administration of Variable Universal Life separate accounts in existence at the Inception Date (the “Aggregate VUL Separate Accounts”). The Administrator shall also calculate a percentage equal to the
ratio of the assets held in the Shared Separate Account in respect of the Company Business to all assets held in the Aggregate VUL Separate Accounts, as of January 1 of the applicable year. Subject to the succeeding paragraph, the Monthly
Separate Account Administrative Fee for such year shall be one twelfth (1/12) of such percentage of such aggregate annual expense. 

In the event that the services provided by the Administrator hereunder with respect to the Shared Separate Account are modified, increased or
reduced due to changes in applicable Law or otherwise in accordance with the terms hereof, including changes or additions to Fund options, the Monthly Separate Account Administrative Fee shall be equitably increased or decreased, as applicable, to
reflect any additional or reduced costs borne by the Administrator in providing such modified, reduced or additional services. Any costs associated with the implementation of such modified, reduced or additional services, will be borne by
the requesting party. To the extent that such requested changes reduce the overall administrative costs, the parties will negotiate in good faith on how to share the reduction in such costs. Notwithstanding anything contained in this Agreement to
the contrary, the Administrator has the right to refuse changes to its services provided hereunder that increase the Administrator’s operational risk, other than risk that is immaterial to the administration of the Shared Separate Account. 

Within fifteen (15) days following the end of each month during the term of this Agreement, Administrator shall provide the Company with
an invoice, which shall set forth a calculation of the Monthly Separate Account Administrative Fee for the prior month. Payment in full of the amounts so invoiced shall be made by the Company by electronic transfer of immediately available funds or
other method satisfactory to Administrator within thirty (30) days after the date of receipt of the monthly invoice. 

  
 Sch. A-11 

 SCHEDULE B 

COMPANY RETAINED SERVICES 
  

	1.	 Nightly Pricing 

  

	 	(a)	 Reviewing and maintaining information received from Administrator and accounting and reporting servicers on a timely basis with respect to the
Shared Separate Account and the Policies issued through the Shared Separate Account (including LBL Contracts), including review and maintenance of daily pricing reconciliations to ensure that AUV’s are accurate and that significant fluctuations
are investigated and documented. 

  

	2.	 Trading and Investing 

  

	 	(a)	 Allocating to the Shared Separate Account (i) premiums and loan repayments received under the Company Business and allocated to the Shared
Separate Account, and (ii) amounts transferred to the Shared Separate Account from other options under Company Business (including fixed options), and (b) forwarding such funds and other necessary and appropriate information to the
Administrator for investment on behalf of the Shared Separate Account or sub-accounts thereof, in each case in accordance with the terms of this Agreement, the Company Business, the current prospectus and/or statement of additional information (as
each may be amended from time to time) for the relevant Company Business, Applicable Law, and any applicable agreement, including but not limited to any applicable fund participation agreement. 

 

	 	(b)	 The Company shall provide Administrator all daily trades from its administration system with respect to the Company Business in accordance with
Schedule A and provide to the Administrator aggregate trades for the Company Business by 5:00 a.m. (Central Time) on each trading day. The only exception to this would be if Administrator was unable to provide the Company with the nightly AUV
prices in accordance with the standards set forth in Schedule A. 

  

	 	(c)	 Coordinating with the Administrator in performing monthly reconciliation of investment by Shared Separate Account in Funds and liability to holders
of LBL Contracts and Company Business to confirm that Shared Separate Account net assets are sufficient to cover liabilities to policy holders; if the assets of a Shared Separate Account are found to be insufficient and shortfall relates to the LBL
Contracts, Administrator will cause funding to be added to the Shared Separate Account to the extent so related in accordance with the Reinsurance Agreement; otherwise, the Company will cause funding to be provided. 

  
 Sch. B-1 

	3.	 Market Timing 

  

	 	(a)	 The Company will establish, or have its agent establish, procedures and processes to identify and limit potential market timing activity within the
Company Business. These procedures will be subject to review by Administrator and must meet a minimum standard of effectiveness as reasonably determined by Administrator to limit potential market timing activity. 

 

	 	(b)	 Upon receiving a market timing request from Administrator, the Company will provide trade data relating the Fund(s) and trading days in question in
accordance with Schedule A. The Company will provide the information to Administrator in a pre-agreed upon format for consolidation with Administrator’s own trades in respect of the LBL Contracts and submission to the Fund company.

  

	 	(c)	 The Company shall strive to provide to Administrator the requested trade information with respect to the Company Business within 3 days of receipt
of a request from Administrator, and Administrator shall strive to provide to the Fund companies the consolidated trade information with respect to the LBL Contracts and the Company Business within 10 days of receipt of the initial request from the
Fund Companies. 

  

	4.	 Fund Changes 

  

	 	(a)	 Keeping the Company Business in alignment with the Fund companies as it relates to Fund changes, mergers and closures. 

 

	 	(b)	 Responding to the Administrator’s recommendations as to changes to Fund options, as permitted pursuant to the terms of this Agreement.

  

	5.	 Record Keeping 

  

	 	(a)	 Maintaining copies of any board resolution, plan of operations or other document establishing the Shared Separate Account or sub-accounts thereof
and any by-laws or amendments thereto; preparing amendments thereto or other necessary documentation, for consideration and approval by the Administrator, with respect to changes to such documents relating to the Administered Business, including
without limitation changes relating to changes in the Fund investment options in accordance with this Agreement (other than changes to Fund options recommended by Administrator pursuant to the terms of this Agreement). 

 

	6.	 5% Holders 

  

	 	(a)	 Furnishing information regarding holders of Company Business (e.g., 5% holders) to Administrator that is necessary for Administrator to
report to the Funds and other service providers to comply with Applicable Law. The Parties shall cooperate fully with each other in all reasonable respects in order to assist the Administrator in satisfying these requirements. For the avoidance of
doubt, such 5% threshold applies to the LBL Contracts and the Company Business, collectively. 

  
 Sch. B-2 

	7.	 Fund Company Proxy Voting 

  

	 	(a)	 Once Administrator notifies the Company of a Fund proxy, cooperate with Administrator and Fund companies and their agents in connection with
soliciting voting instructions from contractowners of the Company Business in accordance with the instructions received by contractowners or as otherwise required by Applicable Law. The Company shall organize a data extraction from its or its
agent’s administration system to pull the contractholder information in respect of the Company Business necessary for Administrator to organize with its own contractholder information in respect of the LBL Contracts to submit a consolidated
file to the Fund company. The Company shall provide the information above to Administrator in a predetermined format no later than 2 days after the record date. 

 

	8.	 Policy Administration 

Except for the services explicitly provided in this Agreement to be performed by Administrator with respect to the Shared
Separate Account, the Company or its agent will perform all policy administration with respect to the Company Business, including, 
  

	 	(a)	 Maintaining the administrative systems utilized in connection with the Company Business so as to reflect any change to the Company Business.

  

	 	(b)	 Processing and recording transfer requests from one subaccount to another, or to or from a fixed account option to a subaccount, in all cases in
accordance with the relevant Company Business and within such time periods as are specified by Applicable Law. 

  

	 	(c)	 Calculating, when and as needed, the policy charges under the Company Business in accordance with the terms thereof and their respective
prospectuses and SAIs. 

  

	 	(d)	 Obtaining and distributing to holders of Company Business copies of the Funds’ current summary prospectuses, or prospectuses, SAIs as
requested by the contract holder and any post effective amendments or supplements thereto, annual and semi-annual reports to shareholders and other disclosure documents and communications to Fund shareholders that are required to be provided by the
Company to owners of Company Business. 

  

	9.	 Regulatory Filings 

  

	 	(a)	 With respect to the Shared Separate Account, providing for inclusion in registrations and reports prepared by Administrator pursuant to Schedule
A all information as the Administrator shall reasonably request relating to the Company Business or the Company as a whole, including without limitation audited financial statements for the Company or information derived therefrom; signing and
filing, or authorizing the Administrator to file, such registrations and reports. 

  
 Sch. B-3 

	 	(b)	 Arranging for in-house or outside counsel to provide the Legal Opinion Letter required as an exhibit to each registration statement or amendment
thereto with respect to an LBL Contract, Company Business or Shared Separate Account. 

  

	 	(c)	 Provide access to, and maintain, all EDGAR access codes, including CIK, CCC and passwords. 

 

	 	(d)	 Maintain all licenses, permits and registrations of the Company, its Affiliates and the Shared Separate Account necessary for the operation of the
Administered Business. 

  

	10.	 Compliance Procedures 

  

	 	(a)	 During the term of this Agreement, for as long as the Company is required to maintain a compliance program pursuant to Rule 38a-1 under the 1940
Act with respect to the Shared Separate Account, the Company will implement and, throughout the term of this Agreement, maintain in effect, policies and procedures reasonably designed to prevent, detect, and correct violations of “federal
securities laws” (as defined in Rule 38a-1) by the Shared Separate Account and by the Company and its employees, officers, agents and Affiliates in connection with the Shared Separate Account, and to provide for oversight of compliance by the
Shared Separate Account’s service providers, including the Administrator, and the Company will designate a chief compliance officer who will be responsible for Company’s compliance program under this provision. 

 

	 	(b)	 Appoint and maintain a “chief compliance officer” (as defined in Rule 38a-1) and adopt compliance guidelines from time to time as
required by Rule 38a-1, and provide such compliance guidelines to the Administrator. 

  

	 	(c)	 Providing the Administrator with copies of all of its Rule 38a-1 policies and procedures with which it expects Administrator to comply in
connection with the provision of Administrative Services under this Agreement. 

  

	 	(d)	 Advising the Administrator of any material compliance matter, as defined in Rule 38a-1 under the 1940 Act, relating to the Company, the Shared
Separate Account or the Company Business issued through the Share Separate Account. 

  
 Sch. B-4 

 SCHEDULE C 

TRADEMARKS 
  

																	
	 Country
  
	 	 Mark

 
	 	 Owner

 
	 	 Classes 

 
	 	 Class Description 

 
	 	 Filing Date 

 
	 	 App. No.

 
	 	 Reg. Date 

 
	 	 Reg. No.

 

	United States	 	ACHIEVER	 	 LINCOLN BENEFIT LIFE
COMPANY
  
	 	36	 	 Life Insurance Underwriting
Services
  
	 	4/5/1984	 	73/473,921	 	1/8/1985	 	1,313,879
	United States	 	BUILD, ENJOY & SHARE	 	LINCOLN BENEFIT LIFE COMPANY	 	36	 	 Issuance and administration of
variable annuities
  
	 	9/4/2007	 	77/271,212	 	5/13/2008	 	3,426,490
	United States	 	CONSULTANT ACCUMULATOR 	 	LINCOLN BENEFIT LIFE COMPANY	 	36	 	 Investment management, issuance and
administration of annuities
  
	 	8/9/2002	 	78/152,826	 	4/19/2005	 	2,942,884
	United States	 	CONSULTANT PROTECTOR	 	LINCOLN BENEFIT LIFE COMPANY	 	36	 	 Investment management, issuance and
administration of annuities
  
	 	8/9/2002	 	78/152,860	 	4/19/2005	 	2,942,885
	United States	 	DESIGNED FOR GROWTH. DESTINED TO PROVIDE.	 	LINCOLN BENEFIT LIFE COMPANY	 	36	 	 Insurance services, namely,
underwriting, issuing and administration of life insurance
  
	 	9/12/2007	 	77/277,408 	 	5/20/2008	 	3,430,654 

  
 Sch. C-1 

																	
	 Country

 
	 	Mark	 	Owner	 	Classes  	 	Class Description	 	Filing Date	 	App. No.	 	Reg. Date	 	Reg. No.
	 United States  
	 	  
 DESIGNED TO PROTECT. DESTINED TO
PROVIDE.
	 	LINCOLN BENEFIT LIFE COMPANY	 	36	 	 Insurance services, namely, underwriting, issuing and administration of life insurance

 
	 	9/12/2007	 	77/277,415	 	5/20/2008	 	3,430,656
	 United States  
	 	DIVERSIMAX	 	LINCOLN BENEFIT LIFE COMPANY	 	36	 	 Financial services related to retirement, namely, investing and administering the funds of others,
investment advisory services, and issuance and administration of annuities
  
	 	1/12/2009	 	77/647,493	 	11/24/2009	 	3,716,763
	 United States  
	 	ECHELON	 	LINCOLN BENEFIT LIFE COMPANY	 	36	 	 Insurance services, namely, underwriting, issuing and administration of life insurance

 
	 	6/6/2007	 	77/199,311	 	7/22/2008	 	3,470,506
	
United States  
	 	ESTATE EXECUTOR	 	LINCOLN BENEFIT LIFE COMPANY	 	36	 	 Life insurance underwriting and administration services

 
	 	2/18/1997	 	75/243,019	 	3/10/1998	 	2,142,503

  
 Sch. C-2 

																	
	Country	 	Mark	 	Owner	 	Classes  	 	 Class Description

 
	 	Filing Date  	 	App. No    	 	Reg. Date  	 	Reg. No.
	United States	 	 GUARD AGAINST   THE
EFFECTS OF INFLATION. ADAPT TO YOUR LIFE SITUATIONS.
  
	 	LINCOLN BENEFIT LIFE COMPANY	 	36	 	 Issuance and administration of
annuities
  
	 	9/24/2007	 	77/287,305	 	8/18/2009  	 	3,670,018
	United States	 	LEGACY SECURE SL	 	LINCOLN BENEFIT LIFE COMPANY	 	36	 	 Life insurance underwriting and
administration services
  
	 	4/14/2005	 	78/608,980  	 	8/1/2006	 	3,124,925
	United States	 	LEGACY SECURE   UL	 	 LINCOLN

BENEFIT LIFE COMPANY
	 	36	 	 Life insurance underwriting and
administration services
  
	 	4/19/2005	 	78/611,497	 	4/11/2006	 	3,079,531  
	United States	 	 LINCOLN BENEFIT  

LIFE
	 	 LINCOLN

BENEFIT LIFE COMPANY
	 	36	 	 Life insurance underwriting and
administration services; Annuity   underwriting, namely, group and individual annuity underwriting; and long-term care insurance
  
	 	10/9/2001	 	76/322,876	 	7/15/2008	 	3,464,853
	United States	 	 REACH FURTHER. PROTECT MORE. CHART
YOUR WAY.
  
	 	 LINCOLN

BENEFIT LIFE COMPANY
	 	36	 	 Issuance and administration of
annuities
  
	 	9/4/2007	 	77/271,210	 	5/13/2008	 	3,426,489

  
 Sch. C-3 

																	
	 Country

 
	 	 Mark
  
	 	 Owner
  
	 	 Classes

 
	  	 Class Description

 
	 	 Filing Date

 
	 	 App. No.

 
	 	 Reg. Date

 
	 	 Reg. No.

 

	 United States  
	 	SAVER’S INDEX	 	LINCOLN BENEFIT LIFE COMPANY  	 	36	  	 Annuity underwriting, namely group and   individual annuity contractor

 
	 	6/15/1995	 	74/690,007	 	1/14/1997	 	2,029,668
	 United States
	 	SELECTBALANCE	 	LINCOLN BENEFIT LIFE COMPANY	 	36	  	 Investment advisory services, namely, asset allocation in the field of life insurance

 
	 	1/2/2008	 	77/362,369	 	5/26/2009	 	3,629,021
	 United States
	 	SELECTSTRATEGY	 	LINCOLN BENEFIT LIFE COMPANY	 	42	  	 Providing a life assessment planning tool, namely, providing on-line non-downloadable software for
use in assessing life insurance plans and for use in planning for life insurance investment
  
	 	1/24/2008	 	77/379,570	 	7/21/2009	 	3,658,911
	 United States
	 	SUREHORIZON	 	 LINCOLN BENEFIT LIFE COMPANY

 
	 	36	  	Issuance and administration of fixed annuities	 	12/12/2003	 	78/340,065	 	9/4/2007	 	3,287,786
	
United States
	 	TACTICIAN	 	LINCOLN BENEFIT LIFE COMPANY	 	36	  	 Underwriting, issuing and administering annuities

 
	 	2/26/1990	 	74/032,694	 	1/8/1991	 	1,631,087

  
 Sch. C-4 

																	
	 Country

 
	 	Mark	 	Owner	 	Classes  	  	Class Description    	  	Filing Date	  	App. No.	  	Reg. Date	  	Reg. No.
	United States    	 	 TAKE THE INCOME. ENJOY THE OUTCOME.

 
	 	 LINCOLN BENEFIT LIFE COMPANY  

 
	 	36	  	 Issuance and administration of annuities

 
	  	9/4/2007	  	77/271,204  	  	5/13/2008  	  	3,426,488  
	United States	 	THE INITIATOR	 	LINCOLN BENEFIT LIFE COMPANY  	 	36	  	 Group and individual annuity contract underwriting services

 
	  	2/27/1997	  	75/248,900	  	3/10/1998	  	2,142,548
	United States	 	 TOTAL

ACCUMULATOR    
	 	LINCOLN BENEFIT LIFE COMPANY  	 	36	  	 Insurance services, namely, underwriting, issuing and administration
of life insurance
  
	  	12/14/2007  	  	77/352,218	  	4/14/2009	  	3,607,018
	United States	 	ULTRA INDEX	 	LINCOLN BENEFIT LIFE COMPANY  	 	36	  	 Life insurance underwriting services and providing ancillary services
thereto, namely, administration and claims adjustment
  
	  	2/7/2007	  	77/101,801	  	1/15/2008	  	3,370,085

  
 Sch. C-5EX-10.1

 Exhibit 10.1 

EXECUTION COPY 
 NOTE PURCHASE
AGREEMENT 
 This NOTE PURCHASE AGREEMENT (as it may be amended from time to time, the “Agreement”) dated as of
March 28, 2016 is entered into by and among NewStar Capital LLC (“NewStar”), in its capacity as portfolio manager under this agreement (the “Portfolio Manager”), each Junior Noteholder (as defined herein)
identified in the Note Register, Credit Suisse AG, Cayman Islands Branch (“CS”), in its capacities as Senior Commitment Party and Senior Noteholder (each, as defined herein), Credit Suisse Securities (USA) LLC (the
“Arranger”), Arch Street CLO, Ltd. (the “Issuer”) and U.S. Bank National Association (the “Bank”) in its capacities as Warehouse Collateral Administrator and Trustee (each, as defined herein). 

WHEREAS, it is intended that the Senior Commitment Party and the Junior Noteholders will provide financing to the Issuer to purchase
Collateral Debt Obligations (as defined below); 
 WHEREAS, it is intended that the Issuer will refinance its obligations under the Senior
Note(s) and Junior Notes (each, as defined below) by issuing securities (the “CLO Securities”) in a collateralized loan obligation transaction (the “CLO Transaction”) to be managed by the Portfolio Manager; and 

WHEREAS, it is intended that the Issuer pledge the Warehouse Collateral (as defined below) to the Trustee for the benefit of the Secured
Parties (as defined below) in accordance with the priorities set forth herein; 
 NOW, THEREFORE, the parties hereto agree as follows: 

ARTICLE I 

INTERPRETATION 

Section 1.1 The following terms have the respective meanings set forth below: 

“Administration Agreement”: The administration agreement entered into on or about the date hereof between the Issuer and
MaplesFS Limited. 
 “Advisers Act”: The Investment Advisers Act of 1940, as amended. 

“Aggregate Draw Down Amount”: With respect to any Notice of Borrowing, the aggregate amount requested by the Issuer for
funding by the Senior Commitment Party and, if applicable, the Junior Noteholders. 

  
 -1- 

 “Aggregate Junior Note Return Amount”: On any day the excess, if any, of 50% of
the Junior Note Trigger Amount over the Gross Loss on such day. 
 “Aggregate Original Price”: The sum of the Original
Purchase Price of all Collateral Debt Obligations. 
 “Agreement”: The meaning specified in the recitals. 

“Agreement Breach”: The occurrence of any of the following: (i) a breach of any agreement, covenant or other obligation
under this Agreement by the Issuer or, if any Junior Noteholder has not fully funded its Junior Note Commitment (such Junior Noteholder, an “Unfunded Junior Noteholder”), an Unfunded Junior Noteholder or (ii) any representation
or warranty by the Issuer or any Junior Noteholder in this Agreement shall fail to be true and correct, and in the case of (i) and (ii) such failure or breach is not cured within five Business Days after notice to the Issuer or the
relevant Junior Noteholder, as applicable, (with a copy to the Portfolio Manager) and would, in the reasonable judgment of the Arranger, have a material adverse effect on the Arranger’s ability to close the CLO Transaction. 

“Applicable Interest Period”: With respect to the Senior Note and each loan or portion thereof represented thereby, the period
beginning on and including the date such loan was funded and ending on but excluding the date on which such loan (or portion thereof) has been paid in full. 

“Approved Valuation Firm”: Each of Duff & Phelps Corp., FTI Consulting, Inc., Houlihan Lokey Howard & Zukin,
Inc., Valuation Research Corporation, Ernst & Young, LLP or any other valuation firm mutually agreeable to the Issuer, the Arranger and the Portfolio Manager. 

“Arranger”: The meaning specified in the recitals. 

“Available Funds”: The aggregate amount of funds in the Interest Account and the Principal Account, and in the case of a Final
Settlement Date that occurs on the Closing Date, proceeds received by the Issuer from the sale of CLO Securities. 
 “Bank”:
The meaning specified in the recitals. 
 “Bankruptcy Event”: (i) The Issuer, the Portfolio Manager or any Unfunded
Junior Noteholder shall generally not pay its debts as such debts become due, shall admit in writing its inability to pay its debts generally or shall make a general assignment for the benefit of creditors, (ii) any proceeding shall be
instituted by or against the Issuer, the Portfolio Manager or any Unfunded Junior Noteholder seeking to adjudicate it as bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or
composition of it or its debts, under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a custodian, receiver, liquidator, provisional liquidator,
trustee or other similar official for it or for any substantial part of its property; provided that, in the case of any such proceedings instituted against the Issuer, the Portfolio Manager or such Unfunded Junior Noteholder (but not
instituted by the Issuer, the Portfolio Manager or such Unfunded Junior Noteholder), such proceedings 

  
 -2- 

 
shall remain undismissed or unstayed for a period of 60 days or more or any action sought in such proceedings shall occur, or (iii) the Issuer, the Portfolio Manager or any Unfunded Junior
Noteholder shall take any corporate or other organizational action to authorize any action set forth in clauses (i) or (ii) above or the Issuer’s shareholders shall pass a resolution for the Issuer to be wound up on a voluntary basis.

 “Benefit Plan Investor”: (1) An “employee benefit plan” as defined in Section 3(3) of ERISA that is
subject to Title I of ERISA, (2) a “plan” described in Section 4975(e)(1) of the Code to which Section 4975 of the Code applies or (3) an entity whose underlying assets could be deemed to include “plan assets”
by reason of an employee benefit plan’s or a plan’s investment in the entity within the meaning of 29 C.F.R. Section 2510.3-101 (as modified by Section 3(42) of ERISA). 

“Business Day”: (a) For purposes of LIBOR, a day on which commercial banks and foreign exchange markets settle payments
in London and (b) for all other purposes, a day on which commercial banks and foreign exchange markets settle payments in New York and London and on which commercial banks are not authorized to close under the laws of, or are in fact not closed
in, the state where the Trustee or the Warehouse Collateral Administrator’s office is located (initially shall be the office in Boston, MA at address listed on Schedule 1). 

“Certificate”: Each physical certificate representing a Note. 

“Clearing Corporation”: The meaning specified in Article 8 of the UCC. 

“Clearing Corporation Security”: A security that is registered in the name of, or endorsed to, a Clearing Corporation or its
nominee or is in the possession of the Clearing Corporation in bearer form or endorsed in blank by an appropriate person. 
 “CLO
Securities”: The meaning specified in the recitals. 
 “CLO Transaction”: The meaning specified in the recitals.

 “Closing Date”: The date (if any) on which the CLO Securities are issued and the CLO Transaction is closed. 

“Code”: The U.S. Internal Revenue Code of 1986, as amended. 

“Collateral Debt Obligation”: A U.S. dollar-denominated senior secured leveraged loan, second lien loan or DIP Collateral
Obligation, or a Participation Interest in any of the foregoing, that in each case is purchased or committed to be purchased by the Issuer during the Warehouse Period. 

“Collateral Report”: Each Daily Report, Pre-Closing Report and Final Settlement Date
Report. 
 “Conditions of Accumulation”: The meaning specified in Section 2.4. 

  
 -3- 

 “Controlling Party”: The Senior Commitment Party until the Senior Note is paid
in full, and thereafter, the holders of at least 50% of the Outstanding Junior Note Amount. 
 “Credit Suisse Party”: The
Arranger, the Senior Commitment Party and the initial Senior Noteholder. 
 “Daily Report”: A Collateral Report conforming
to the requirements set out in part (a) of Exhibit A, as the same may be modified and amended by mutual agreement of the Senior Commitment Party, the Arranger, the Portfolio Manager and the Warehouse Collateral Administrator from
time to time. 
 “Debt Marketing Date”: The date on which the Arranger notifies the Portfolio Manager that is has commenced
formal debt marketing for the CLO Transaction, as determined in the sole discretion of the Arranger; provided that the Debt Marketing Date shall not occur until the aggregate principal amount of Collateral Debt Obligations that consists of
Participation Interests is less than $40,000,000, unless the Arranger in its sole discretion waives such condition. 
 “Defaulted
Collateral Debt Obligation”: Any Collateral Debt Obligation (x) as to which: 
 (a) a default as to the payment
of principal and/or interest has occurred and is continuing for more than three Business Days or the Portfolio Manager has received notice or has actual knowledge that any other default (other than a payment default) that has resulted in the
acceleration of such debt obligation has occurred with respect to such debt obligation (without regard to any grace period applicable thereto, or waiver thereof, after the passage (in the case of a default that in the Portfolio Manager’s
judgment, as certified to the Bank in writing, is not due to credit related causes) of a five Business Day grace period); 

(b) the Portfolio Manager has received notice or has actual knowledge that a default as to the payment of principal and/or
interest has occurred and is continuing on another debt obligation of the same issuer which is senior or pari passu in right of payment to such debt obligation (provided that both debt obligations are full recourse obligations) and the holders
thereof have accelerated the maturity of all or a portion of the principal amount of such obligation; 
 (c) the issuer or
others have instituted proceedings to have the issuer adjudicated as bankrupt or insolvent or placed into receivership and such proceedings have not been stayed or dismissed within 60 days of filing or such issuer has filed for protection under
Chapter 11 of the United States Bankruptcy Code; 
 (d) such Collateral Debt Obligation has (x) an S&P Rating of
“CC” or below, (y) an S&P Rating of “D” or “SD” or (z) an obligor with a Moody’s probability of default rating (as published by Moody’s) of “D” or “LD” or, in each case, had
such ratings before they were withdrawn by S&P or Moody’s, as applicable; 

  
 -4- 

 (e) such Collateral Debt Obligation is pari passu or junior in right of payment
as to the payment of principal and/or interest to another debt obligation of the same issuer, which has (i) (x) an S&P Rating of “CC” or below or “D” or (y) an S&P Rating of “SD” or had such
rating before such rating was withdrawn or (ii) an obligor with a Moody’s probability of default rating (as published by Moody’s) of “D” or “LD,” and in each case such other debt obligation remains outstanding
(provided that both the Collateral Debt Obligation and such other debt obligation are full recourse obligations of the applicable issuer); 

(f) the Portfolio Manager has received written notice or a responsible officer of the Portfolio Manager has knowledge that a
default has occurred under the underlying instruments of the Collateral Debt Obligation and any applicable grace period has expired such that the holders of such Collateral Debt Obligation may accelerate the repayment of such Collateral Debt
Obligation (but only until such default is cured or waived) in the manner provided in such underlying instruments; 
 (g)
such Collateral Debt Obligation is a Participation Interest with respect to which the selling institution has defaulted in the performance of any of its payment obligations under the participation interest (except to the extent such defaults were
cured within any applicable grace period); 
 (h) such Collateral Debt Obligation is a Participation Interest in a loan that
would, if such loan were a Collateral Debt Obligation, constitute a “Defaulted Collateral Debt Obligation” (other than under this clause (h)) or with respect to which the selling institution has an S&P Rating of “CC” or
below, “D” or “SD” or a Moody’s probability of default rating (as published by Moody’s) of “D” or “LD” or had such rating before such rating was withdrawn; or 

(i) the Portfolio Manager has in its reasonable commercial judgment otherwise declared such debt obligation to be a Defaulted
Collateral Debt Obligation; 
 provided, that a Collateral Debt Obligation will not constitute a Defaulted Collateral Debt Obligation
pursuant to clauses (a) through (h) above if: (x) in the case of clauses (a), (b), (c), (d) and (e), such Collateral Debt Obligation is a current pay obligation, or (y) in the case of clauses (b), (c) and (e),
such Collateral Debt Obligation is a DIP Collateral Obligation; or which (y) the Arranger in consultation with the Portfolio Manager reasonably determines would be considered a Defaulted Obligation if included in the collateral for the CLO
Transaction. 
 “Deliver”: For purposes of this definition, all capitalized terms not otherwise defined herein have the
meaning specified under the UCC. The taking of the following steps: 
 (a) in the case of each Certificated Security or
Instrument (other than a Clearing Corporation Security or an Instrument evidencing debt underlying a participation), (A) causing the delivery of such Certificated Security or Instrument to the Trustee registered in the name of the Trustee or
its affiliated nominee or endorsed to the Trustee or in blank, (B) causing the Warehouse Collateral Administrator to continuously 

  
 -5- 

 
identify on its books and records that such Certificated Security or Instrument is credited to the relevant Warehouse Account and (C) causing the Warehouse Collateral Administrator to
maintain continuous possession of such Certificated Security or Instrument; 
 (b) in the case of each Uncertificated
Security (other than a Clearing Corporation Security), (A) causing such Uncertificated Security to be continuously registered on the books of the obligor thereof to the Warehouse Collateral Administrator and (B) causing the Warehouse
Collateral Administrator to continuously identify on its books and records that such Uncertificated Security is credited to the relevant Warehouse Account; 

(c) in the case of each Clearing Corporation Security, causing (A) the relevant Clearing Corporation to continuously
credit such Clearing Corporation Security to the securities account of the Warehouse Collateral Administrator at such Clearing Corporation and (B) the Warehouse Collateral Administrator to continuously identify on its books and records that
such Clearing Corporation Security is credited to the relevant Warehouse Account; 
 (d) in the case of any Financial Asset
that is maintained in book-entry form on the records of an FRB, causing (A) the continuous crediting of such Financial Asset to a securities account of the Warehouse Collateral Administrator at any FRB
and (B) the Warehouse Collateral Administrator to continuously identify on its books and records that such Financial Asset is credited to the relevant Warehouse Account; 

(e) in the case of cash, causing the deposit of such cash with the Warehouse Collateral Administrator and causing the Warehouse
Collateral Administrator to continuously identify on its books and records that such cash is credited to the relevant Warehouse Account; 

(f) in the case of each Financial Asset not covered by the foregoing clauses (a) through (e), causing the transfer of such
Financial Asset to the Warehouse Collateral Administrator in accordance with applicable law and regulation and causing the Warehouse Collateral Administrator to continuously credit such Financial Asset to the relevant Warehouse Account; 

(g) in the case of each General Intangible (including any participation interest in which neither the participation interest
nor the debt instrument is evidenced by an Instrument), (a) notifying the obligor thereunder of the Grant to the Trustee, (b) obtaining all required consents to the Grant to the Trustee and (c) causing the registration of the security
interests granted under this Agreement in the register of mortgages and charges of the Issuer maintained at the Issuer’s registered office in the Cayman Islands; 

(h) in the case of each participation interest as to which the underlying debt is represented by an Instrument, obtaining the
acknowledgment of the Person in possession of such Instrument (which may not be the Issuer) that it holds the portion of such Instrument represented by the participation interest for the benefit of the Trustee; and 

  
 -6- 

 (i) in all cases, the filing of an appropriate financing statement in the
appropriate filing office in accordance with the Uniform Commercial Code as in effect in any relevant jurisdiction. 
 “DIP
Collateral Obligation”: Any interest in a loan or financing facility that has a public or private facility rating from Moody’s and S&P and is purchased directly or by way of assignment (a) which is an obligation of (i) a debtor-in-possession as described in § 1107 of the Bankruptcy Code or (ii) a trustee if appointment of such trustee has been ordered pursuant to
§ 1104 of the Bankruptcy Code (in either such case, a “Debtor”) organized under the laws of the United States or any state therein, or (b) on which the related obligor is required to pay interest on a current basis and, with
respect to either clause (a) or (b) above, the terms of which have been approved by an order of the United States Bankruptcy Court, the United States District Court, or any other court of competent jurisdiction, the enforceability of which
order is not subject to any pending contested matter or proceeding (as such terms are defined in the Federal Rules of Bankruptcy Procedure) and which order provides that: (i) (A) such DIP Collateral Obligation is fully secured by liens on
the Debtor’s otherwise unencumbered assets pursuant to § 364(c)(2) of the Bankruptcy Code or (B) such DIP Collateral Obligation is secured by liens of equal or senior priority on property of the Debtor’s estate that is
otherwise subject to a lien pursuant to § 364(d) of the Bankruptcy Code and (ii) such DIP Collateral Obligation is fully secured based upon a current valuation or appraisal report. Notwithstanding the foregoing, such a loan will not
be deemed to be a DIP Collateral Obligation following the emergence of the related debtor-in-possession from bankruptcy protection under Chapter 11 of the Bankruptcy
Code. 
 “Draw Date”: The date specified in the Notice of Borrowing as the date on which the Senior Note Required Draw Down
Amount and the Junior Note Required Draw Down Amount are to be funded. 
 “Effective Date”: The earlier of (i) April 4,
2016 and (ii) the Trade Date of the first purchase of a Collateral Debt Obligation hereunder. 
 “Eligible Assets”:
Financial assets, either fixed or revolving, that by their terms convert into cash within a finite time period plus any rights or other assets designed to assure the servicing or timely distribution of proceeds to securityholders within the meaning
of Rule 3a- 7(b)(1) of the Investment Company Act. 
 “Eligibility Criteria”: The meaning specified on Annex I.

 “Engagement Letter”: The engagement letter executed by the Arranger and the Portfolio Manager dated February 24,
2016, as the same may be amended by the parties from time to time. 
 “ERISA”: The United States Employee Retirement Income
Security Act of 1974, as amended. 
 “Excepted Property”: $500 (comprised of $250 received in connection with the issuance
of the Ordinary Shares of the Issuer and $250 received as a fee for acquiring the Warehouse Collateral and issuing the CLO Securities), together with the bank account of the Issuer in the Cayman Islands in which such funds are deposited and any
interest earned thereon. 

  
 -7- 

 “FATCA”: Sections 1471 through 1474 of the Code, any final current or
future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, any intergovernmental agreement entered into in connection with such sections of the Code or any U.S. or non-U.S. fiscal
or regulatory legislation, rules, guidance notes or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such sections of the Code or analogous provisions of non-U.S. law. 

“Final Settlement Date”: The Maturity Date or except in the case of the Closing Date, in the event that the reconciliation of
the Warehouse Account has not been completed, a date that is as soon as practicable after the Maturity Date. 
 “Final Settlement
Date Report”: A Collateral Report conforming to the requirements set out in part (c) of Exhibit A, as the same may be modified and amended by mutual agreement of the Senior Commitment Party, the Arranger, the Portfolio
Manager and the Warehouse Collateral Administrator from time to time. 
 “FRB”: Any Federal Reserve Bank. 

“Grant” or “Granted”: To grant, bargain, sell, convey, assign, transfer, mortgage, pledge, create and grant a
security interest in and right of setoff against, deposit, set over and confirm. A Grant of the assets, or of any other instrument, shall include all rights, powers and options (but none of the obligations) of the granting party thereunder,
including, the immediate continuing right to claim for, collect, receive and receipt for principal and interest payments in respect of the assets, and all other monies payable thereunder, to give and receive notices and other communications, to make
waivers or other agreements, to exercise all rights and options, to bring proceedings in the name of the granting party or otherwise, and generally to do and receive anything that the granting party is or may be entitled to do or receive thereunder
or with respect thereto. 
 “Gross Loss”: (a) The sum of all Realized Losses and Unrealized Losses on the Collateral
Debt Obligations minus (b) the sum of (w) all Realized Gains on the Collateral Debt Obligations, (x) all Unrealized Gains on the Collateral Debt Obligations, (y) the Positive Carry and (z) the Junior Noteholder
Aggregate Top-Up Amount. 
 “Gross Loss Event”: An event that will occur if, at any time prior to the Pricing Date, the
Gross Loss is greater than or equal to 50% of the Junior Note Trigger Amount as of such day. 
 “Inability to Close”: The
occurrence of any of the following events: (A) a determination by the Portfolio Manager or the Arranger, after consultation with the other, that, due to market conditions, it has become impractical or inadvisable to proceed with completion of
the closing of the CLO Transaction, or (B) the failure of the CLO Transaction to close as a result of the failure of a Condition Precedent (as defined in the Engagement Letter) specified in Section 2 of the Engagement Letter (other than as
a result of a breach of the Engagement Letter by the Arranger or the failure of the Arranger to receive the necessary approvals set forth in clause (iv) thereof). 

  
 -8- 

 “Indemnitee”: The meaning specified in Section 11.12. 

“Ineligible Collateral Debt Obligation”: A Collateral Debt Obligation that (x) fails to satisfy the Eligibility Criteria
at any time during the Warehouse Period (including, without limitation, on its Trade Date) or (y) the Arranger or the Portfolio Manager (in consultation with the other) reasonably determines will not be eligible for inclusion in the collateral
for the CLO Transaction based on the criteria set forth in the most recent of (i) the most recent draft of the offering memorandum and (ii) the most recent printed offering memorandum, in each case for the CLO Transaction, and so notifies
CS, the Portfolio Manager and the Junior Noteholders in writing. 
 “Interest”: Any interest, premiums, late fees, waiver
fees, prepayment fees and similar fees (including paid and accrued but unpaid interest, premiums, late fees, waiver fees, prepayment fees and similar fees but excluding Purchased Accrued Interest in respect of any Collateral Debt Obligation) and
other items of income or receipts on the Collateral Debt Obligations that do not constitute Principal Proceeds. 
 “Interest
Account”: The meaning specified in the Warehouse Collateral Administration Agreement. 
 “Investment Company Act”:
The U.S. Investment Company Act of 1940, as amended. 
 “Investment Management Agreement”: The meaning specified in
Section 9.1(a). 
 “Issuer”: The meaning specified in the recitals. 

“Junior Note Commitment Amount”: $25,000,000 in the aggregate. References in this Agreement to “Junior Note Commitment
Amount” shall be deemed to be references to the aggregate Junior Note Commitment Amount of all Junior Noteholders unless otherwise specified. The Junior Note Commitment Amount with respect to each Junior Noteholder shall be the amount specified
in Schedule 2 hereto. 
 “Junior Note Commitment Limit”: As of the date of any Notice of Borrowing, the amount
equal to the Junior Note Commitment Amount minus the Outstanding Junior Note Amount (excluding the Junior Noteholder Top-Up Amount). 

“Junior Note Required Draw Down Amount”: The meaning specified in Section 2.3. 

“Junior Note Return Amount”: The meaning specified in Section 2.5(a). 

“Junior Note Trigger Amount”: The sum of (x) the Junior Note Commitment Amount and (y) the Junior Noteholder
Aggregate Top-Up Amount (without giving effect to any Junior Noteholder Top-Up Amounts funded on such day). 

  
 -9- 

 “Junior Noteholder” and “Junior Noteholders”: Each Junior
Noteholder identified as such on Schedule 2 hereto, each of which will be a registered holder of the Junior Notes appearing in the Note Register. 

“Junior Noteholder Aggregate Top-Up Amount”: On any date, the sum of all Junior
Noteholder Top-Up Amounts on or prior to such date minus any Junior Note Return Amounts returned to any Junior Noteholder pursuant to Section 2.5(b) on or prior to such date. 

“Junior Noteholder Excluded Information”: The meaning specified in Section 7.1(d)(ii). 

“Junior Noteholder Top-Up Amount”: The meaning specified in Section 2.5.

 “Junior Notes”: The Junior Notes issued pursuant to Section 2.1(c). 

“Liabilities”: The meaning specified in Section 9.1(b). 

“LIBOR”: With respect to (a) the Senior Note Interest, as of any date of determination, the three-month London interbank offered rate (reset daily) as calculated by ICE Benchmark Administration Limited (or any successor thereto) and reported on Bloomberg Financial Markets Commodities News (or any successor
thereto), as of 11:00 a.m. (London Time) two Business Days prior to such date of determination and (b) interest accruing on a Collateral Debt Obligation, the London interbank offered rate applicable to such Collateral Debt Obligation as
determined in accordance with the related underlying documents. 
 “Liquidation Event”: The occurrence of either (a) a
Termination Event (other than a Termination Event that occurs under clause (g) of the definition of such term) or (b) the Scheduled Maturity Date. 

“Market Value”: In respect of a Collateral Debt Obligation, the market value (expressed as a percentage) of such Collateral
Debt Obligation on any date of determination will be the amount, as determined by the Portfolio Manager (with respect to paragraphs (a) through (c) (inclusive)) and the Arranger (with respect to paragraph (d)), in each case provided
to the Warehouse Collateral Administrator, by reference to the following: 
 (a) the bid side price reported by Markit, LoanX
Inc., Loan Pricing Corporation or Bloomberg on such date or any other nationally recognized loan pricing service selected by the Arranger in consultation with the Portfolio Manager with notice to the Warehouse Collateral Administrator; 

(b) if the determination in accordance with paragraph (a) above is not available, then the mean of the bid side prices
determined by at least three independent broker-dealers active in the trading of such Collateral Debt Obligation and that are independent from each other and from the Portfolio Manager provided that one of the
broker-dealers may be the Arranger; or 
 (c) if the determinations in accordance
with paragraphs (a) and (b) above are not available, then firm third party bids from recognized dealers in the relevant market 

  
 -10- 

 
solicited by the Portfolio Manager, subject to the reasonable approval of such dealers by the Arranger and provided that each of the Portfolio Manager and the Arranger act in a manner consistent
with reasonable and customary market practice; or 
 (d) if no bids are received in accordance with paragraph (c) above
or Arranger does not approve any of the dealers proposed by the Portfolio Manager in accordance with such paragraph, then the fair market value thereof determined by the Arranger on a best efforts basis in a manner consistent with reasonable and
customary market practice; provided that, if the Portfolio Manager disagrees with the Arranger’s determination of the value of a Collateral Debt Obligation, the Portfolio Manager may (at the expense of the Issuer) retain an Approved
Valuation Firm to value such Collateral Debt Obligation and such Approved Valuation Firm’s valuation shall become the value of such Collateral Debt Obligation; provided further that the value of such Collateral Debt Obligation shall be
the value assigned by the Arranger until such Approved Valuation Firm has determined its value. 
 “Material Adverse
Change”: The occurrence of any of the following: 
 (a) a material suspension or material limitation of trading in
securities generally on the Chicago Board of Trade or the New York Stock Exchange; 
 (b) a banking moratorium declared by
the United States federal or New York authorities; 
 (c) a major disruption of settlements of securities; 

(d) an attack on, outbreak or escalation of hostilities or acts of terrorism involving the United States, any declaration of
war by the United States Congress or any other national or international calamity or emergency; or 
 (e) a change in law or
regulation or in national or international financial, political or economic conditions which would be likely to materially prejudice dealings in the CLO Securities and/or the Collateral Debt Obligations in the secondary market, 

which, in the case of each of clauses (a) through (e) above (inclusive) makes it impractical or inadvisable (in respect of clauses
(a) through (d), in the good faith judgment of the Arranger, and in respect of clause (e), in the good faith judgment of the Arranger and the Portfolio Manager) to proceed with the completion of the closing of the CLO Transaction;
provided that the Arranger shall provide the Portfolio Manager and each Junior Noteholder with prompt written notice of the occurrence of any of the foregoing and shall use commercially reasonable efforts to limit the effect thereof. 

“Maturity Date”: The earlier of (i) the Closing Date or (ii) the date on which all Collateral Debt Obligations have
been liquidated or otherwise disposed of following the occurrence of a Liquidation Event. 

  
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 “Maximum Commitment Amount”: The aggregate sum of (a) the Senior Note Draw
Down Limit plus (b) the Junior Note Commitment Amount plus (c) the Junior Noteholder Aggregate Top-Up Amount. 

“Maximum Traded Portfolio Amount”: (a) Prior to the Pricing Date, the aggregate sum of (i) the applicable Senior
Note Draw Down Limit on the relevant date of determination plus (ii) the Junior Note Commitment Amount plus (iii) the Junior Noteholder Aggregate Top-Up Amount and (b) on or after the Pricing
Date, $375,000,000. 
 “Memorandum and Articles”: The Amended and Restated Memorandum and Articles of Association of the
Issuer adopted by special resolution on or about the date hereof, as the same may be amended, modified, waived, supplemented or restated from time to time. 

“Moody’s”: Moody’s Investors Service, Inc. and any successor thereto. 

“Moody’s Rating”: The meaning specified on Annex III. 

“Net Trading Loss”: With respect to any date of determination, an amount equal to the greater of (a) $0 and (b) an
amount equal to Trading Losses minus Trading Gains as of such date. 
 “Note”: The Senior Note(s) and each Junior Note. 

“Note Register”: The register of the Senior Note(s) and Junior Notes maintained on behalf of the Issuer by the Note Registrar.

 “Note Registrar”: The Bank, acting in its capacity as Note Registrar. 

“Notice of Borrowing”: A notice substantially in the form of Exhibit B. 

“NS Share”: An NS Share in the capital of the Issuer of US$1.00 par value as defined in and having the rights set out in the
Memorandum and Articles. 
 “Ordinary Share”: An Ordinary Share in the capital of the Issuer of US$1.00 par value as defined
in and having the rights set out in the Memorandum and Articles. 
 “Original Purchase Price”: With respect to any date of
determination, the price paid by the Issuer for each Collateral Debt Obligation (excluding Purchased Accrued Interest) adjusted for any payments of principal received by the Issuer on such Collateral Debt Obligation prior to such date of
determination. 
 “Other Plan Law”: Any state, local, other federal or non-U.S. laws
or regulations that are substantially similar to the prohibited transaction provisions of Section 406 of ERISA or Section 4975 of the Code. 

“Outstanding Junior Note Amount”: As of any date of determination, the aggregate amount of the Junior Notes that have been
drawn down by the Issuer or contributed as a Junior Noteholder Top-Up Amount (and not repaid) from time to time pursuant to this 

  
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Agreement after giving effect to any fundings or repayments pursuant to Section 2.5 hereof; provided that, at any time that more than one Junior Note is outstanding, the
Outstanding Junior Note Amount with respect to each such Junior Note will be the portion of the drawn amount represented by such Junior Note. 

“Outstanding Senior Note Amount”: With respect to the Senior Note(s), as of any date of determination, the amount of the
Senior Note Commitment Amount that has been drawn down (and not repaid) by the Issuer for purchases of Collateral Debt Obligations from time to time pursuant to this Agreement; provided that, at any time that more than one Senior Note is
outstanding, the Outstanding Senior Note Amount with respect to each such Senior Note will be the portion of the drawn amount represented by such Senior Note. 

“Participation Interest”: A participation interest in a loan that would, at the time of acquisition, or the Issuer’s
commitment to acquire the same, satisfy each of the following criteria: (i) such participation would meet each of the Eligibility Criteria were it acquired directly, (ii) the seller of the participation is the lender on the subject loan,
(iii) the aggregate participation in the loan does not exceed the principal amount or commitment of such loan, (iv) such participation does not grant, in the aggregate, to the participant in such participation a greater interest than the
seller holds in the loan or commitment that is the subject of the participation, (v) the entire purchase price for such participation is paid in full at the time of its acquisition, (vi) the participation provides the participant all of
the economic benefit and risk of the whole or part of the loan or commitment that is the subject of the loan participation and (vii) such participation is represented by a contractual obligation of a selling institution that has at the time of
such acquisition or the Issuer’s commitment to acquire the same at least a short term rating of “A-1” (or if no short term rating exists, a long term rating of “A+”) by S&P. For the avoidance of doubt a Participation
Interest shall not include a sub-participation interest in any loan. 
 “Person”: An individual, corporation (including a
statutory trust), partnership, joint venture, association, joint stock company, trust (including any beneficiary thereof), limited liability company, unincorporated association or government or an agency or political subdivision thereof. 

“Portfolio Acquisition and Disposition Requirements”: With respect to any acquisition (whether by purchase or substitution) or
disposition of any Collateral Debt Obligation by the Issuer, each of the following conditions: (a) such Collateral Debt Obligation, if being acquired by the Issuer, qualifies as an Eligible Asset; (b) such Collateral Debt Obligation is
being acquired or disposed of in accordance with the terms and conditions set forth herein; and (c) such Collateral Debt Obligation is not being acquired or disposed of for the primary purpose of recognizing gains or decreasing losses resulting
from market value changes. 
 “Portfolio Manager”: The meaning specified in the recitals. 

“Portfolio Manager Breach”: The occurrence of any of the following: (a) an act of gross negligence, bad faith or willful
misconduct by the Portfolio Manager in the performance of any of its duties under this Agreement or the Engagement Letter; (b) a breach by the Portfolio Manager of any agreement, covenant or other obligation in this Agreement or the Engagement

  
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Letter; or (c) any representation or warranty by the Portfolio Manager in this Agreement or the Engagement Letter shall fail to be true and correct, and in the case of (b) and
(c) such failure or breach is not cured within seven Business Days after written notice to the Portfolio Manager and would, in the reasonable good faith judgment of the Arranger, have a material adverse effect on the Arranger’s ability to
close the CLO Transaction. 
 “Portfolio Manager Party”: The Portfolio Manager, its affiliates and any fund, account or
portfolio managed by the Portfolio Manager or any of its affiliates. 
 “Positive Carry”: All Warehouse Interest received
and all Warehouse Interest accrued but not received on the Collateral Debt Obligations during the term of this Agreement in excess of (a) the Senior Note Interest due and payable on the Final Settlement Date and (b) if the Closing Date has
not occurred, all other amounts (other than the Outstanding Senior Note Amount) senior in right of payment to the Junior Noteholders under the Priority of Payments. 

“Pre-approved Collateral Debt Obligation”: The meaning specified in Section 3.1(a). 

“Pre-Closing Report”: A Collateral Report conforming to the requirements set out in part (b) of Exhibit A, as
the same may be modified and amended by mutual agreement of the Senior Commitment Party, the Arranger, the Portfolio Manager and the Warehouse Collateral Administrator from time to time. 

“Pricing Date”: The date on which the CLO Transaction prices, as determined in the sole discretion of the Arranger. 

“Principal Account”: The meaning specified in the Warehouse Collateral Administration Agreement. 

“Principal Proceeds”: All principal payments, repayments, prepayments and amounts representing Purchased Accrued Interest
received in respect of any Collateral Debt Obligations (including sale proceeds relating thereto and all recoveries and any fees received in respect of any Defaulted Collateral Debt Obligations (to the extent that such recoveries do not exceed the
principal amount outstanding of such Defaulted Collateral Debt Obligations)). 
 “Priority of Payments”: The meaning
specified in Section 4.1. 
 “Purchased Accrued Interest”: In respect of each Collateral Debt Obligation, any
amounts representing accrued interest thereon (including any accrued interest which, as at the time of purchase, had been capitalized and added to the principal amount of such Collateral Debt Obligation in accordance with its terms), which were
included in the purchase price paid by the Issuer on the date of acquisition thereof. 
 “Realized Gain”: The greater of
(a) zero and (b) in respect of a Collateral Debt Obligation which is repaid, prepaid, redeemed, sold or as to which a binding commitment to sell has been entered into by, or on behalf of the Issuer, an amount equal to 

  
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 (i) the Principal Proceeds received or to be received (which in the case of any
sale which has not settled, shall be the amount set out in the binding commitment to sell) in respect of the repayment, prepayment, redemption or sale of such Collateral Debt Obligation, as calculated by the Warehouse Collateral Administrator; 

minus 

(ii) The sum of : 

(A) the Original Purchase Price; and 

(B) any expenses incurred in connection with any repayment, prepayment, redemption or sale thereof. 

“Realized Loss”: The greater of (a) zero and (b) in respect of a Collateral Debt Obligation which is repaid,
prepaid, redeemed, sold, or as to which a binding commitment to sell has been entered into by, or on behalf of the Issuer, an amount equal to: 

(i) the sum of: 

(A) the Original Purchase Price; and 

(B) any expenses incurred in connection with any repayment, prepayment, redemption or sale thereof, 

minus 

(ii) the Principal Proceeds received or to be received (which in the case of any sale which has not settled, shall be the
amount set out in the binding commitment to sell) in respect of the repayment, prepayment, redemption or sale of such Collateral Debt Obligation, as calculated by the Warehouse Collateral Administrator. 

“Related Entities”: The meaning specified in Section 9.3(g). 

“Re-Priced Collateral Debt Obligation”: A Collateral Debt Obligation that the Issuer
will own on the Re-Pricing Date of a Re-Priced Original Obligation. 

“Re-Priced Collateral Debt Obligation Market Value”: The Market Value of such Re-Priced Collateral Debt Obligation as of the Re-Pricing Date. 

“Re-Pricing Date”: With respect to a Re-Priced
Original Obligation, the date on which a change of LIBOR spread or LIBOR floor takes effect due to an amendment approved by the holders of such Re-Priced Collateral Debt Obligation. 

“Re-Priced Original Obligation”: Any Collateral Debt Obligation owned by the Issuer
which is being re-priced. 

  
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 “S&P”: Standard & Poor’s Ratings Services, a
Standard & Poor’s Financial Services LLC business, and any successor or successors thereto. 
 “S&P
Rating”: The meaning specified in Annex IV. 
 “Scheduled Maturity Date”: The date that is 364 days
from the earlier of (i) April 5, 2016 and (ii) the Trade Date of the first purchase of a Collateral Debt Obligation hereunder. 

“Secured Obligations”: The obligation of the Issuer to make required payments with respect to the Senior Note(s) and to make
required payments to the other Secured Parties, in accordance with the Priority of Payments. 
 “Secured Parties”: Each of
the Senior Noteholder, the Junior Noteholders, the Warehouse Collateral Administrator and the Trustee. 
 “Securities Act”:
The U.S. Securities Act of 1933, as amended. 
 “Senior Commitment Party”: CS. 

“Senior Note”: The Senior Note issued pursuant to Section 2.1(b). 

“Senior Note Applicable Interest Rate”: As of any date of determination, the following rates: 

(a) if the Outstanding Senior Note Amount is less than $100,000,000, LIBOR + 120 bps; 

(b) if the Outstanding Senior Note Amount is less than $140,000,000 but equal to or greater than $100,000,000, LIBOR + 140 bps; and 

(c) if the Outstanding Senior Note Amount is equal to or greater than $140,000,000, LIBOR + 160 bps. 

“Senior Note Commitment Amount”: $350,000,000. 

“Senior Note Draw Down Limit”: With respect to the Outstanding Senior Note Amount, the following limits: 

(a) prior to the Debt Marketing Date, $100,000,000; 

(b) commencing on the Debt Marketing Date but prior to the Pricing Date, $140,000,000; and 

(c) on and after the Pricing Date (or such earlier date notified by the Arranger), $350,000,000. 

For the avoidance of doubt, on or prior to the relevant milestone date set forth in clauses (a) through (c) above, the Senior
Commitment Party shall have no commitment to lend any amount greater than the applicable amount related to such milestone date. 

  
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 “Senior Note Interest”: The aggregate amount of interest accrued on the
Outstanding Senior Note Amount of the Senior Notes at the Senior Note Interest Rate. 
 “Senior Note Interest Rate”: A per
annum rate equal to the Senior Note Applicable Interest Rate accrued on a daily basis on the then Outstanding Senior Note Amount. 

“Senior Note Required Draw Down Amount”: The meaning specified in Section 2.3. 

“Senior Noteholder”: The registered holder of the Senior Note(s) appearing in the Note Register. 

“Similar Law”: Any federal, state, local, non-U.S. or other law or regulation that
could cause the underlying assets of the Issuer to be treated as assets of the investor in any Note (or any interest therein) by virtue of its interest and thereby subject the Issuer or the Portfolio Manager (or other persons responsible for the
investment and operation of the Issuer’s assets) to Other Plan Law. 
 “Tax Operating Guidelines”: The guidelines set
forth on Annex II. 
 “Termination Event”: The occurrence of any of the following events, as reasonably
determined in good faith by the Arranger or, with the exception of a Portfolio Manager Breach, the Portfolio Manager: 
 (a)
a Portfolio Manager Breach; 
 (b) a Material Adverse Change; 

(c) a Gross Loss Event (x) that is not cured by the Junior Noteholders in accordance with Section 2.5(a) or
(y) that occurs on or after December 24, 2016; 
 (d) the Issuer or the pool of Warehouse Collateral is required to
register as an investment company under the Investment Company Act; 
 (e) a Bankruptcy Event; 

(f) an Agreement Breach; 

(g) an Inability to Close; 

(h) a termination of the Engagement Letter for any reason other than a breach by the Arranger; or 

(i) NewStar Capital LLC transfers or encumbers any of the NS Shares held by it without the prior consent of the Arranger in its
sole discretion. 
 “Trade Date”: The date on which the Issuer commits to acquire any Collateral Debt Obligation. 

  
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 “Trading Gain”: The amount (if positive) equal to the clean sale price minus the
clean purchase price (in each case, expressed as a percentage of par) upon the sale of a Collateral Debt Obligation multiplied by the notional amount of such Collateral Debt Obligation on the sale date. For purposes of this definition, the
“clean” price means the sale or purchase price, as the case may be, excluding any accrued and unpaid interest on such Collateral Debt Obligation. 

“Trading Loss”: The amount (if positive) equal to the clean purchase price minus the clean sale price (in each case, expressed
as a percentage of par) upon the sale of a Collateral Debt Obligation on the sale date multiplied by the notional amount of such Collateral Debt Obligation. For purposes of this definition, the “clean” price means the sale or purchase
price, as the case may be, excluding any accrued and unpaid interest on such Collateral Debt Obligation. 
 “Transfer
Certificate”: A certificate in the form of Exhibit E executed by a transferee of Notes. 
 “Trustee”:
The meaning specified in Section 8.1(d). 
 “Trust Officer”: Any officer within the corporate trust office (or
any successor group of the Bank) including any vice president, assistant vice president or officer of the Warehouse Collateral Administrator or the Trustee customarily performing functions similar to those performed by the persons who at the time
shall be such officers, respectively, or to whom any corporate trust matter is referred at the corporate trust office because of such person’s knowledge of and familiarity with the particular subject and in each case having direct
responsibility for the administration of this Agreement. 
 “UCC”: The Uniform Commercial Code, as in effect from time to
time in the State of New York. 
 “Unfunded Junior Noteholder”: The meaning specified in the definition of “Agreement
Breach.” 
 “United States Person”: A “United States person” within the meaning of section 7701(a)(30) of the
Code. 
 “Unrealized Gain” means, in respect of a Collateral Debt Obligation, the greater of (i) its current Market
Value minus the Original Purchase Price and (ii) zero. 
 “Unrealized Loss” means, in respect of a Collateral Debt
Obligation, the greater of (i) the Original Purchase Price minus its current Market Value and (ii) zero. 
 “Warehouse
Account”: Each account established by the Warehouse Collateral Administrator under the Warehouse Collateral Administration Agreement, including the Interest Account and the Principal Account. 

“Warehouse Collateral”: The meaning specified in Section 8.1. 

“Warehouse Collateral Administrator”: The warehouse collateral administrator under the Warehouse Collateral Administration
Agreement. 

  
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 “Warehouse Collateral Administration Agreement”: The warehouse collateral
administration agreement among the Warehouse Collateral Administrator, the Senior Commitment Party, the Issuer, the Trustee and the Portfolio Manager. 

“Warehouse Interest”: An amount equal to the aggregate amount of Interest during the Warehouse Period, and any earnings
thereon. 
 “Warehouse Period”: The period (a) commencing on the Effective Date and (b) ending on the Maturity
Date. 
 Section 1.2(a) The calculation of Gross Loss and related determinations will be performed by the Arranger in consultation
with the Portfolio Manager. (b) The calculation of the Senior Note Interest will be performed by the Senior Commitment Party. (c) All calculations required to be performed by the Warehouse Collateral Administrator pursuant to this
Agreement shall be performed by the Warehouse Collateral Administrator in consultation with the Arranger and the Portfolio Manager. To the extent the Arranger and the Portfolio Manager disagree with respect to any calculation, the Arranger and the
Portfolio Manager each agree to work diligently to reach an agreement with respect thereto. 
 ARTICLE II 

COMMITMENTS; NOTES; FUNDING 

Section 2.1 Commitment; Notes. 

(a) The Senior Commitment Party hereby agrees to hold available to the Issuer a line of credit in the aggregate amount of the Senior Note
Commitment Amount, subject to the terms and conditions herein. Each Junior Noteholder hereby agrees to hold available to the Issuer a line of credit in the aggregate amount of its Junior Note Commitment Amount, subject to the terms and conditions
herein. 
 (b) On the Effective Date, the Issuer agrees to issue a Senior Note in uncertificated, fully registered form having a face amount
equal to the Senior Note Commitment Amount and registered in the name of Credit Suisse AG, Cayman Islands Branch, in the Note Register. The Outstanding Senior Note Amount will accrue interest daily at the Senior Note Interest Rate for that day for
the Applicable Interest Period, and all accrued Senior Note Interest shall be payable on the Final Settlement Date. Certificates representing such Senior Note will be issued only upon request of the Senior Noteholder and, if issued, will be
substantially in the form of Exhibit C and duly executed by the Issuer. 
 The Issuer shall redeem the Senior Note(s) on the
Final Settlement Date at a redemption price equal to the Outstanding Senior Note Amount (plus accrued and unpaid interest). All payments on the Senior Note(s) shall be subject to the Priority of Payments. All or a portion of the Outstanding Senior
Note Amount of any Senior Note may be prepaid at the discretion of the Issuer. If more than one Senior Note is outstanding at the time of a prepayment, such prepayment will be allocated to each outstanding Senior Note pro rata based upon the
Outstanding Senior Note Amount of such Senior Note. Any prepayment of principal will reduce the Outstanding Senior Note Amount of the Senior Note(s) to which such payments are applied. 

  
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 All or a portion of the Outstanding Senior Note Amount may be transferred to a person that
(i) is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act) and a “qualified purchaser” for purposes of the Investment Company Act, (ii) is acquiring such Senior Note for its own account
and (iii) provides a Transfer Certificate to the Note Registrar. Upon receipt by the Note Registrar of the Transfer Certificate, the Note Registrar shall record the transfer in the Note Register with an Outstanding Senior Note Amount equal to
the transferred principal amount. Any purported transfer in violation of the foregoing requirements shall be null and void ab initio, and the Note Registrar shall not register any such purported transfer. For the avoidance of doubt, a
transfer of an interest in the Senior Note(s) will not reduce the Senior Note Commitment Amount. 
 (c) On the Effective Date, the Issuer
agrees to issue Junior Notes in uncertificated, fully registered form each registered in the name of the applicable Junior Noteholder in the Note Register and having a face amount equal to the respective Junior Note Commitment Amount. The Junior
Notes do not have a stated coupon but will receive on the Final Settlement Date, as interest, any Positive Carry (which shall be reduced by Net Trading Losses if a Liquidation Event occurs). Certificates representing such Junior Notes will be issued
only upon request of the Junior Noteholders and, if issued, will be substantially in the form of Exhibit D and duly executed by the Issuer. 

The Issuer shall redeem the Junior Notes on the Final Settlement Date at the redemption price specified in the Priority of Payments. All
payments on the Junior Notes shall be subject to the Priority of Payments. 
 At any time that the Outstanding Senior Note Amount equals
zero, loans represented by the Junior Notes may be prepaid at the discretion of the Issuer. Any prepayment of principal will reduce the Outstanding Junior Note Amount. The Junior Notes may not be transferred unless (x) such transfer is solely
in respect of the Outstanding Junior Note Amount of a Junior Note, (y) such transfer is to (I) an affiliate (it being understood that for purposes of this clause (I) the term “affiliate” shall include all funds and accounts
managed by NewStar Financial, Inc. or any of its affiliates) or (II) a Junior Noteholder identified as such in the Note Register as of the Effective Date or one of its affiliates and (z) the transferee makes all of the representations and
warranties contained in a Transfer Certificate. 
 (d) The Issuer shall cause to be kept a register (the “Note Register”)
in which, subject to such reasonable regulations as it may prescribe, the Issuer shall provide for (i) the registration of Notes, (ii) the recording of any increases (pursuant to Section 2.2) or decreases (as a result of
principal payments) in the Outstanding Senior Note Amount and the Outstanding Junior Note Amount and (iii) the registration of any transfers of Senior Note(s) pursuant to Section 2.1(b) or Junior Note(s) pursuant to
Section 2.1(c). The Issuer hereby appoints the Bank as the “Note Registrar” to maintain the Note Register. 

(e) Each of the initial Senior Noteholder and Junior Noteholders hereby makes the representations, warranties, acknowledgements and covenants
set forth in Section 7.1(a) through (d), as applicable, and the Issuer hereby makes the representations and warranties set forth in Section 7.1(e). 

  
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 (f) Notwithstanding anything in this Agreement or the Notes to the contrary, the Issuer and the
Junior Noteholders agree for the benefit of the Senior Noteholder that rights of the Junior Noteholders and the Issuer in and to the Warehouse Collateral shall be subordinate and junior to the Senior Note(s) to the extent and in the manner set forth
in this Agreement including, without limitation, as set forth in the Priority of Payments. 
 Section 2.2 Credit Extensions.

 (a) Subject to the terms and conditions of this Agreement, the Issuer may draw upon the Senior Note Commitment Amount prior to
December 24, 2016. The Issuer may not draw upon the Senior Note Commitment Amount on or after December 24, 2016. The Issuer may, in a Notice of Borrowing delivered no later than two Business Days prior to the Draw Date request the Senior
Commitment Party to make, and the Senior Commitment Party shall make, one or more loans, subject to the terms of this Agreement; provided, that the aggregate Outstanding Senior Note Amount (after giving effect to the request set forth in the
Notice of Borrowing) will not exceed the amount of the Senior Note Draw Down Limit. Each loan will be funded by wire to the account specified on the Notice of Borrowing no later than 12:00 p.m. (New York time) on the applicable Draw Date. Upon
funding, the Note Registrar will record a corresponding increase in the Outstanding Senior Note Amount of the Senior Note registered in the name of the Senior Commitment Party or, if applicable, the applicable Senior Noteholder, or, if no Senior
Note is registered in the name of the Senior Commitment Party or such Senior Noteholder at that time, will register in the Note Register a new uncertificated Senior Note in the name of the Senior Commitment Party or such Senior Noteholder with an
Outstanding Senior Note Amount equal to the amount of such funding. 
 (b) Subject to the terms and conditions of this Agreement, the Issuer
may draw upon the Junior Note Commitment Amount prior to December 24, 2016. The Issuer may not draw upon the Junior Note Commitment Amount on or after December 24, 2016. The Issuer may in a Notice of Borrowing request the Junior
Noteholders to make, pro rata and pari passu and in accordance with their respective Junior Note Commitment Amounts, and the Junior Noteholders shall make, no later than two (2) Business Days following the date on which the Notice of Borrowing
is delivered to the Junior Noteholders, one or more loans, subject to the terms of this Agreement; provided, that the Outstanding Junior Note Amount (after giving effect to the request set forth in the Notice of Borrowing but excluding the
Junior Noteholder Aggregate Top-Up Amount) will not exceed the amount of the aggregate Junior Note Commitment Amount. Each loan will be funded by wire to the account specified on the Notice of Borrowing no
later than 12:00 p.m. (New York time) on the applicable Draw Date. Upon funding, the Note Registrar will record a corresponding increase in the Outstanding Junior Note Amount of each applicable Junior Note. 

(c) A Notice of Borrowing delivered under Section 2.2(a) or Section 2.2(b) may be withdrawn by written notice in each
case to the Senior Commitment Party and the Junior Noteholders, no later than one Business Day prior to the related Draw Date. 

  
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 Section 2.3 Conditions Precedent to Credit Extensions. 

(a) The obligation of each of the Senior Commitment Party and the Junior Noteholders to make a loan hereunder shall be subject to the
following conditions precedent: 
 (i) the aggregate amount requested for funding by the Senior Commitment Party and the
amount requested for funding by the Junior Noteholders pursuant to Section 2.2(b) does not exceed the amount the Portfolio Manager reasonably expects will be required to purchase all Collateral Debt Obligations that the Issuer has
entered into commitments to purchase (but which have not yet settled) less amounts standing to the credit of the Principal Account at any such time and Principal Proceeds standing to the credit of the collection account (if any); 

(ii) 50% of the Aggregate Draw Down Amount will be requested from the Junior Noteholders, pro rata and pari passu in accordance
with their respective Junior Note Commitment Amounts, in an amount up to the Junior Note Commitment Limit (such amount, the “Junior Note Required Draw Down Amount”); 

(iii) the aggregate amount requested of the Senior Commitment Party is no greater than the Aggregate Draw Down Amount minus the
Junior Note Required Draw Down Amount (such amount, the “Senior Note Required Draw Down Amount”); 
 (iv)
the Notice of Borrowing includes a certification by the Portfolio Manager that (a) no Portfolio Manager Breach has occurred and (b) to its knowledge, all other Conditions of Accumulation have been satisfied as of the date of such loan with
respect to the purchased (but unsettled) Collateral Debt Obligations to which the proceeds of the borrowing will be applied; and 

(v) the Draw Date (x) is at least two Business Days following the date on which the Notice of Borrowing is delivered to
the Senior Commitment Party and/or, as applicable, the Junior Noteholders and (y) will not occur on or after December 24, 2016. 

Section 2.4 Conditions of Accumulation. 

The Issuer may purchase a Collateral Debt Obligation as directed by the Portfolio Manager, so long as the following conditions are satisfied
as of the date of the commitment to purchase such Collateral Debt Obligation (the “Conditions of Accumulation”): 
 (a) the
Portfolio Manager has delivered to the Warehouse Collateral Administrator and the Senior Commitment Party a certification that the Collateral Debt Obligation satisfies the Eligibility Criteria and that such purchase will not result in a violation of
the Tax Operating Guidelines; for which purpose, delivery of an executed or electronic trade confirmation by the Portfolio Manager to the Warehouse Collateral Administrator will be deemed to provide such certification; 

(b) except as otherwise provided in Section 3.1(a) below with respect to Pre-approved Collateral Debt Obligations, the Senior Commitment
Party has given its approval in writing to the Portfolio Manager (on behalf of the Issuer), with a copy to the Trustee, for a purchase of such Collateral Debt Obligation within the last 30 days and has not withdrawn such approval; 

  
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 (c) no Termination Event has occurred and is continuing (other than as a result
of an Inability to Close or Material Adverse Change); and 
 (d) no Gross Loss Event has occurred and is continuing; 

(e) no Inability to Close has occurred, unless the conditions that gave rise to the Inability to Close no longer exist; 

(f) no Material Adverse Change has occurred (unless the Arranger has provided notice to the Bank and the Portfolio Manager that
it has determined, in its sole discretion, that the conditions giving rise to such Material Adverse Change no longer exist); and 

(g) unless the aggregate amount of all unsettled trades (after giving effect to the purchase of such Collateral Debt
Obligation) is less than the amount on deposit in the Principal Account, the settlement date for such Collateral Debt Obligation is scheduled prior to December 24, 2016 and the Draw Date occurs prior to December 24, 2016. 

Section 2.5 Junior Noteholder Top-Up Amounts. 

(a) Subject to the terms and conditions of this Agreement, upon the occurrence of a Gross Loss Event, the Junior Noteholders may, in their
respective sole discretion, no later than 5:00 p.m. (New York time) on the earlier of (x) the second Business Day immediately after the Issuer or the Portfolio Manager has received written notice of the occurrence of a Gross Loss Event (which
notice shall specify the amount necessary to cure such event) (provided that if such notice is received by the Portfolio Manager on any day which is not a Business Day or on a Business Day after 12:00 p.m. (New York time), it shall be deemed
to have been received on the following Business Day) or (y) December 23, 2016, make payments in immediately available funds to the Issuer (each such payment, a “Junior Noteholder Top-Up
Amount”) in an amount necessary to cause the Gross Loss to be less than 50% of the Junior Note Trigger Amount as of such day. The Junior Noteholders may also, in their respective sole discretion at any time fund a Junior Noteholder Top-Up
Amount in an amount at least equal to $100,000 and integral multiples of $1,000 thereafter. Each Junior Noteholder Top-Up Amount shall be deposited in the Principal Account. Upon funding, the Note Registrar will record a corresponding increase in
the Outstanding Junior Note Amount of the relevant Junior Note. 
 (b) If, on any day after which the Junior Noteholders have made a payment
of any Junior Noteholder Top-Up Amounts, the Gross Loss is less than 50% of the Junior Note Trigger Amount as of such day, then any Junior Noteholder may request in writing that the Issuer return any Junior Noteholder Top-Up Amounts it has funded in
an amount not to exceed the lesser of (x) the aggregate Junior Noteholder Top-Up Amounts funded by such Junior Noteholder and (y) such Junior Noteholder’s pro rata portion (based on the aggregate Junior Note Required Amounts funded)
of the Aggregate Junior Note Return Amount (such lesser amount, the “Junior Note Return Amount”); provided that the aggregate amount of any Junior Note Return Amounts returned on any day shall be at least equal to $100,000
and integral 

  
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multiples of $1,000. Within two Business Days of such request, the Issuer shall pay to the account specified by such Junior Noteholder in immediately available funds the applicable Junior Note
Return Amount. Upon such payment, the Note Registrar will record a corresponding decrease in the Outstanding Junior Note Amount of the relevant Junior Note. 

ARTICLE III 

WAREHOUSING OF COLLATERAL DEBT OBLIGATIONS 

Section 3.1 Purchases and Sales. 

This Section 3.1 shall apply to all purchases and to sales other than sales pursuant to Section 3.2. 

(a) The Issuer will purchase and sell Collateral Debt Obligations and agree to participate in a refinancing or
re-pricing of Collateral Debt Obligations upon the instruction of the Portfolio Manager and approval of the Senior Commitment Party. The Senior Commitment Party will have the ability, in its sole discretion,
to approve or decline to approve the purchase or sale or refinancing or re-pricing of any Collateral Debt Obligation; provided that, in connection with any sale of a Collateral Debt Obligation, no such
approval of the Senior Commitment Party shall be required, and any such sale shall be deemed to have been approved by the Senior Commitment Party, if either (i) the sale price (exclusive of accrued but unpaid interest) of such Collateral Debt
Obligation is equal to, or greater than, the purchase price (exclusive of accrued but unpaid interest) of such Collateral Debt Obligation or (ii) if after giving effect to such sale on such day the Gross Losses would be less than 30% of the
Junior Note Trigger Amount and (b) without duplication, the Junior Noteholder Aggregate Top-Up Amount. The Senior Commitment Party agrees to use its reasonable best efforts to respond on the same Business Day to the Portfolio Manager with
respect to any request for approval of the sale of a Collateral Debt Obligation that requires such approval. Notwithstanding the foregoing, the Portfolio Manager shall not be required to obtain approval with respect to the obligations listed in
Schedule 3 hereto (such obligations, the “Pre-approved Collateral Debt Obligations”). The Portfolio Manager may remove any Collateral Debt Obligation from Schedule 3 at any time by written notice to the Senior Commitment Party and
the Senior Commitment Party may remove any Collateral Debt Obligation from Schedule 3 at any time by written notice from the Senior Commitment Party to the Portfolio Manager; provided that the Senior Commitment Party may not cause a removal
of a Collateral Debt Obligation from Schedule 3 if a trade date has occurred in relation to such Preapproved Collateral Debt Obligation (and the related settlement date has not occurred) until after such settlement date has occurred. Notwithstanding
anything herein to the contrary, no purchase or commitment to purchase the first Collateral Debt Obligation may be made until the Senior Commitment Party has notified the Issuer and the Portfolio Manager in writing that trading may commence. The
Portfolio Manager will promptly notify the Senior Commitment Party of any proposed refinancing or re-pricing of a Collateral Debt Obligation for which it is requesting approval and the Senior Commitment Party
agrees to respond to such request within ten (10) Business Days of the request or, if the Portfolio Manager informs the Senior Commitment Party that approval is required for such proposed refinancing or
re-pricing within less than ten (10) Business Days, the Senior Commitment Party shall respond in such shorter time period; provided that the Senior Commitment Party shall always have at least five
(5) Business Days to respond. 

  
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 (b) The Portfolio Manager will select Collateral Debt Obligations for acquisition or disposition
subject to the Eligibility Criteria set forth in Annex I and the Portfolio Acquisition and Disposition Requirements. 
 (c) No
commitment to purchase a Collateral Debt Obligation may be made if, after giving effect to such proposed purchase, the result of (i) the aggregate outstanding principal amount of all Collateral Debt Obligations purchased or committed to be
purchased as of such date minus (ii) the aggregate outstanding principal amount of all Collateral Debt Obligations to be sold as of such date, would exceed the Maximum Traded Portfolio Amount; provided that the aggregate outstanding
principal amount of all Collateral Debt Obligations on a settled basis shall not exceed the Maximum Commitment Amount. 
 (d) The Issuer
will use commercially reasonable efforts to sell any Defaulted Collateral Debt Obligation within five Business Days of becoming aware that such Collateral Debt Obligation has become a Defaulted Collateral Debt Obligation, subject to approval of the
Senior Commitment Party, except that if the CLO Transaction has not priced, and the Gross Loss is less than $5,000,000, the Portfolio Manager may direct the Issuer not to sell a Collateral Debt Obligation that is a Defaulted Collateral Debt
Obligation solely because of the application of clause (e) in the definition thereof (so long as the total amount of such Collateral Debt Obligations then owned by the Issuer would not exceed the lesser of (i) $5,000,000 and (ii) 10%
of the Outstanding Senior Note Amount); provided, however, that if the CLO Transaction has priced, or if the Gross Loss exceeds $5,000,000, then the Portfolio Manager shall promptly notify the Senior Commitment Party, and the Senior
Commitment Party in its sole discretion may direct the Issuer to sell such Defaulted Collateral Debt Obligations). The Portfolio Manager Parties and the Junior Noteholders will have the right to bid on such Defaulted Collateral Debt Obligation;
provided that the Senior Commitment Party may decline to accept such bid if it is the sole bid on such Defaulted Collateral Debt Obligation. The Portfolio Manager Parties shall also have the right to match the highest bid on such Defaulted
Collateral Debt Obligation. 
 (e) The Issuer will use commercially reasonable efforts to sell any Ineligible Collateral Debt Obligation
within five Business Days of becoming aware that such Collateral Debt Obligation has become an Ineligible Collateral Debt Obligation, but no later than the Closing Date, subject to approval of the Senior Commitment Party. The Portfolio Manager
Parties and the Junior Noteholders will have the right to bid on such Ineligible Collateral Debt Obligation; provided that the Senior Commitment Party may decline to accept such bid if it is the sole bid on such Ineligible Collateral Debt
Obligation. The Portfolio Manager Parties shall also have the right to match the highest bid on such Ineligible Collateral Debt Obligation. 

(f) The proceeds of any sale of Collateral Debt Obligations, Defaulted Collateral Debt Obligations or Ineligible Collateral Obligations, as
the case may be, will be deposited in the Principal Account and will be applied as directed by the Portfolio Manager and, if a Gross Loss Event has occurred and is continuing, to (i) the purchase of additional Collateral Debt Obligations that
have been approved for purchase by the Senior Commitment Party or (ii) the prepayment of principal of and interest on the Senior Notes. For the avoidance of doubt, any such prepayment of principal of and interest on the Senior Notes shall not
decrease the Senior Note Commitment Amount. 

  
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 (g) By acquiring or disposing of any Collateral Debt Obligation pursuant to this
Section 3.1, the Issuer will be deemed to represent and certify to the Trustee that such acquisition and/or disposition of such Collateral Debt Obligations by the Issuer was undertaken in accordance with the Portfolio Acquisition and
Disposition Requirements. 
 Section 3.2 Liquidation. 

(a) Upon a Liquidation Event, the Trustee, at the direction of the Controlling Party, will liquidate all of the Collateral Debt Obligations
and other securities held by the Issuer within five Business Days (or, in the case of a Liquidation Event arising out of a Termination Event under clause (b) of the definition of such term, 60 days) following such Liquidation Event based on the
highest bid prices received by the Trustee (which bids may be from the Arranger, a Junior Noteholder or, as long as a Termination Event resulting from a Portfolio Manager Breach has not occurred, a Portfolio Manager Party). Notwithstanding the
foregoing, the Senior Commitment Party will have approval rights on all sales and sales prices if the aggregate sales are not expected to be sufficient to, in the sole determination of the Arranger, (x) settle all trades with respect to
purchased (but unsettled) Collateral Debt Obligations and (y) repay the Outstanding Senior Note Amount and all accrued and unpaid interest on the Senior Note(s). 

Except with respect to sales pursuant to clause (b) below, the Portfolio Manager will include in each solicitation of bids made by it in
respect of the liquidation of Collateral Debt Obligations pursuant to this Section 3.2(a), potential bidders identified to it by the Arranger or the Controlling Party; provided that the following entities (or their respective
affiliates) shall in all cases be permitted to bid: any Junior Noteholder, Bank of America, NA; Barclays Bank plc; BMO Capital Markets; BNP Paribas; Cantor Fitzgerald; Citibank, N.A.; Credit Suisse; Deutsche Bank AG; GE Capital; Goldman
Sachs & Co.; Jefferies.; J.P. Morgan; Keybank; Morgan Stanley & Co.; Royal Bank of Canada; The Royal Bank of Scotland plc; Scotiabank; Societe Generale; Suntrust; The Toronto-Dominion Bank;
UBS AG; and Wells Fargo Bank, National Association. The Portfolio Manager shall be given prior written notice of any liquidation of the Collateral Debt Obligations by the Trustee, and, as long as a Termination Event resulting from a Portfolio
Manager Breach has not occurred, the Portfolio Manager Parties shall have the right to bid on such Collateral Obligations. As long as a Termination Event resulting from a Portfolio Manager Breach has not occurred, the Portfolio Manager shall also
have the right to match the highest bid on the Collateral Debt Obligations being liquidated in accordance with this Section 3.2. 

If the Closing Date will occur, and there are any Ineligible Collateral Debt Obligations, such Collateral Debt Obligations shall be liquidated
at the direction of the Portfolio Manager prior to the Closing Date. 
 (b) Upon the occurrence of a Liquidation Event (other than a
Termination Event due to a Portfolio Manager Breach), each of the Portfolio Manager Parties and the Junior Noteholders will have the right to purchase in its discretion, in accordance with applicable law and with the applicable provisions of
Section 9.3 hereof, some or all of the Collateral Debt Obligations before any other purchasers are solicited provided that as a result of such purchase 

  
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by the Portfolio Manager Parties and/or the Junior Noteholders together with other sales of Collateral Debt Obligations, the Senior Note(s) (including all accrued and unpaid interest) would be
paid in full and all amounts senior to the Senior Note(s) under the Priority of Payments would be paid in full. 
 (c) With respect to a
liquidation pursuant to Section 3.2(a) above, the Trustee, at the direction of the Controlling Party, may, but shall not be obligated to, also exercise all remedies available to it under the UCC and any other applicable law that arise
out of a default by a debtor, subject to the provisions of Section 3.2(b) above and, to the maximum extent feasible and permitted by law, following the procedures set forth in Section 3.2(a) above. The Trustee shall not incur
any liability as a result of the sale of the Collateral Debt Obligations at any private or public sale conducted in accordance with this Section 3.2 and in accordance with applicable law, including, without limitation, the UCC. 

Section 3.3 The Issuer (and the Portfolio Manager on its behalf) shall comply with the Tax Operating Guidelines at all times before or
during the Warehouse Period unless the Issuer (or the Portfolio Manager on its behalf) has received written advice from Paul Hastings LLP or Seward & Kissel LLP that, under the relevant facts and circumstances with respect to such action or
transaction, the Issuer’s (or Portfolio Manager’s) failure to comply with one or more of such provisions will not cause the Issuer to be treated as engaged in a trade or business within the United States for U.S. federal income tax
purposes or otherwise subject to U.S. federal income tax on a net income basis. 
 ARTICLE IV 

PRIORITY OF PAYMENTS 

Section 4.1 Priority of Payments. 

Available Funds will be distributed in accordance with the following payment priorities (collectively, the “Priority of
Payments”): 
 (a) If the Closing Date occurs, on the Final Settlement Date, in the following order of priority: 

(i) to the payment of (x) fees, costs and expenses payable by the Issuer to the Warehouse Collateral Administrator or the
Trustee and (y) any indemnities payable by the Issuer under this Agreement or the Warehouse Collateral Administration Agreement; provided that the sum of the amounts payable pursuant to this clause (y) shall not exceed $150,000;

 (ii) to the Senior Noteholders, the Senior Note Interest due and payable on the Senior Note(s); 

(iii) to the Senior Noteholders, the Outstanding Senior Note Amount as the redemption price of the Senior Note(s); 

  
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 (iv) to the payment of any amounts payable by the Issuer under this Agreement or
the Warehouse Collateral Administration Agreement not paid pursuant to clause (i) above as a result of the limitation set forth therein; 

(v) to each of the Junior Noteholders, pro rata based on the Outstanding Junior Note Amount of its Junior Notes to the
extent of amounts available under this clause (v), the Positive Carry due and payable to the Junior Notes; 
 (vi) to
each of the Junior Noteholders, pro rata and pari passu based on the Outstanding Junior Note Amount of its Junior Notes, the aggregate Outstanding Junior Note Amount as the redemption price of the Junior Notes; and 

(vii) subject to Section 4.2, all remaining Available Funds will be retained by the Issuer. 

For the avoidance of doubt, if the Closing Date occurs, organizational expenses, fees and expenses (including indemnification payments) payable by the Issuer
under this Agreement or the Warehouse Collateral Administration Agreement and any other expenses of the Issuer will be paid from the proceeds of the CLO Securities, or in the case of indemnification payments that become payable after the Closing
Date, under the terms of the indenture entered into by the Issuer on the Closing Date. Any Net Trading Losses shall be for the account of the Issuer. 

(b) If a Liquidation Event occurs, on the Final Settlement Date, in the following order of priority: 

(i) except to the extent paid by the Arranger or the Portfolio Manager under the Engagement Letter, to the payment of any
accrued and unpaid fees and expenses of the Warehouse Collateral Administrator under the Warehouse Collateral Administration Agreement and the Trustee (including all costs of liquidation and any indemnification payments due and payable by the Issuer
to the Warehouse Collateral Administrator and the Trustee); 
 (ii) to the Senior Noteholders, the Senior Note Interest due
and payable on the Senior Note(s); 
 (iii) to the Senior Noteholders, the Outstanding Senior Note Amount as the redemption
price of the Senior Note(s); 
 (iv) except to the extent paid under the Engagement Letter and if not paid pursuant to clause
(i) above, to the payment of any costs and expenses (including indemnity amounts) of the Issuer relating to this Agreement or the Warehouse Collateral Administration Agreement; 

(v) to each of the Junior Noteholders, pro rata and pari passu based on the Outstanding Junior Note Amount of its
Junior Notes to the extent of amounts available under this clause (v), the Positive Carry due and payable to the Junior Notes; and 

  
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 (vi) to each of the Junior Noteholders, pro rata and pari passu
based on the Outstanding Junior Note Amount of its Junior Notes, all remaining Available Funds. 
 Section 4.2 To the extent that there
is accrued and unpaid Warehouse Interest on (a) the Closing Date, such amounts shall be paid from the proceeds of the sale of the CLO Securities and will constitute Available Funds and be distributed pursuant to Section 4.1, or
(b) the Final Settlement Date after a Liquidation Event occurs, the Arranger shall direct the Warehouse Collateral Administrator to distribute such amounts no later than the next Business Day after their receipt in accordance with
Section 4.1(b). 
 ARTICLE V 

NOTICES 
 Section 5.1
Except as otherwise expressly provided herein, any request, demand, authorization, direction, notice, consent or waiver or other documents provided or permitted by this Agreement to be made upon, given or furnished to, or filed with any of the
parties indicated below shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to and mailed, by certified mail, return receipt requested, hand delivered, sent by overnight courier service guaranteeing next day
delivery or by facsimile in legible form or by electronic mail with delivery confirmed at the address set forth on Schedule 1 (or at any other address provided in writing by the relevant party). Notwithstanding anything herein to the
contrary, any notice delivered to the Arranger and/or the Portfolio Manager by any party hereunder shall also be provided to the Junior Noteholders (including for the avoidance of doubt, any Notice of Borrowing). 

ARTICLE VI 
 REPORTING;
CONFIDENTIALITY 
 Section 6.1 

(a) On each Business Day during the Warehouse Period, the Warehouse Collateral Administrator shall provide to the Senior Commitment Party, the
Arranger, the Junior Noteholders and the Portfolio Manager the Daily Report. Not later than the second Business Day prior to the Closing Date, the Warehouse Collateral Administrator shall provide to the Senior Commitment Party, the Arranger, the
Junior Noteholders and the Portfolio Manager a Pre-Closing Report. 
 (b) Not later than the third
Business Day prior to the Final Settlement Date (provided that the Warehouse Collateral Administrator has been given notice of such Final Settlement Date at least four Business Days prior to the occurrence thereof), the Warehouse Collateral
Administrator shall provide the Senior Commitment Party, the Arranger, the Junior Noteholders and the Portfolio Manager a draft of a Final Settlement Date Report. The Warehouse Collateral Administrator shall provide the Senior Commitment Party, the
Arranger, the Junior Noteholders and the Portfolio Manager, in addition to the Collateral Reports, on the Final Settlement Date, the final version of the Final Settlement Date Report as approved by the Senior Commitment Party, the Junior Noteholders
and the Portfolio Manager prior to any distributions on that date. 

  
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 Each of the Senior Commitment Party, the Arranger, the Junior Noteholders and the Portfolio
Manager agrees and acknowledges that failure of the Warehouse Collateral Administrator to give any information hereunder (including Collateral Reports) or any defect therein, shall not impair or affect the obligations of such parties hereunder
(including under Article III and Article IV). 
 Each Collateral Report will be delivered electronically. 

Section 6.2 
 (a) The
parties hereto agree that the terms and substance of this Agreement and any term sheet setting forth the terms embodied herein shall be kept confidential and shall not be disclosed, directly or indirectly, to any other person except on a need-to-know basis to the respective employees, directors, auditors, accountants, counsel and other advisors of the parties hereto and to the extent required or compelled in a
judicial or administrative proceeding by court decree, subpoena or legal or administrative orders or processes or as otherwise required by relevant law or relevant governmental or legislative authority, regulatory agency or authority, or quasi-regulatory authority, including without limitation, U.S. federal securities laws, rules or regulations; provided that nothing herein shall prohibit the Credit Suisse Parties from disclosing any terms
hereof in the offering document for the CLO Transaction or to prospective providers of financing or credit protection who agree to be bound by terms of this Section 6.2(a). 

(b) Except as provided in clauses (c) and (d) below, each Junior Noteholder agrees to maintain the confidentiality of any material non-public information relating to the Collateral Debt Obligations that it may obtain from any Credit Suisse Party. 

(c) The limitations of clauses (a) and (b) above shall not be applicable to disclosure (i) on a need to know basis to the
respective employees, directors, auditors, accountants, counsel and other advisors of the parties hereto or to the employees, directors, auditors, accountants, counsel and other advisors of any investment advisor or asset manager of a party hereto
(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 required or compelled in a judicial
or administrative proceeding by court decree, subpoena or legal or administrative orders of processes or as otherwise required by relevant law or relevant governmental or legislative authority, regulatory agency or authority or quasi regulatory
authority, including without limitation, U.S. federal securities laws, rules or regulations, (iii) to any other party to this agreement, (iv) to any nationally recognized rating agency, (v) to the extent necessary in connection with
the exercise of any remedy hereunder and (vi) in connection with any litigation or dispute between or among any of the parties hereto. 

(d) The limitations of clause (b) above shall not be applicable with respect to any material non-public information received by a Junior
Noteholder or any of its affiliates independently that such Junior Noteholder obtains from a source other than a Credit Suisse Party, including in connection with such Junior Noteholder’s present or future direct investment in any Collateral
Debt Obligation or indirect investment through another fund or vehicle. 

  
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 Section 6.3 The Arranger shall promptly notify the Portfolio Manager (with a copy to the
Warehouse Collateral Administrator) of the occurrence of the Debt Marketing Date and the Pricing Date for purposes of determining the Senior Note Draw Down Limit. 

ARTICLE VII 

REPRESENTATIONS 

Section 7.1 Representations of the Parties. 

(a) Each of the Junior Noteholders and the Portfolio Manager represents and warrants as to itself to the other parties hereto
as of the date of this Agreement and each Draw Date that: 
 (i) it is duly organized, validly existing and in good standing
under the laws of the jurisdiction in which it is organized; 
 (ii) it has full power and authority and has taken all action
necessary to execute and deliver this Agreement and to fulfill its obligations hereunder and to consummate the transactions hereby; 

(iii) the making and performance by it of this Agreement does not and will not violate any law or regulation of the
jurisdiction under which it exists, any other law or regulation applicable to it, any other agreement to which it is a party or by which it is bound or to which any of its assets is subject, or any provisions of its charter or by-laws; 
 (iv) this Agreement has been duly executed and delivered by it and, when duly
executed by each other party hereto, constitutes the legal, valid and binding obligation, enforceable against it in accordance with its terms (except to the extent that the enforceability thereof may be limited by bankruptcy, insolvency or other
similar laws of general applicability affecting the enforcement of creditors’ rights generally and by a court’s discretion in relation to equitable remedies); 

(v) all approvals, authorizations and other actions by, or filings with, any governmental authority necessary for, the validity
or enforceability of its obligations under this Agreement have been obtained; and 
 (vi) it is not, nor shall it be deemed
to be, a fiduciary of, or otherwise have a trust relationship with, any other party in connection with this Agreement or any transaction contemplated herein and, except as expressly set forth herein, shall have no obligation, duty or responsibility
to such other party. 
 (b) Each of the Junior Noteholders and the Senior Commitment Party represents and warrants as of the date of this
Agreement and (for so long as it holds Junior 

  
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Notes or the Senior Note, as applicable) as of each Draw Date, and the initial Senior Noteholder represents and warrants as of the date of this Agreement and any transferee of a Senior Note or a
Junior Note represents and warrants as of the transfer date and as of each Draw Date, in each case to the Issuer, to each Credit Suisse Party and to the Portfolio Manager that: 

(i) it is (x) a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act) that is also
a “qualified purchaser” for purposes of the Investment Company Act, and it is acquiring the Notes for its own account or (y) in the case of the Junior Notes, a person that is not a “U.S. person” as defined in Regulation S
under the Securities Act, and is acquiring the Junior Notes in an offshore transaction (as defined in Regulation S) in reliance on the exemption from Securities Act registration provided by Regulation S; 

(ii) it understands that: (A) subject to the terms of this Agreement, proceeds from the issuance of the Notes will be
invested in Collateral Debt Obligations; (B) if the Warehouse Collateral is liquidated as a result of a Liquidation Event, such liquidation may take place under market conditions that are not advantageous to the Issuer, and as a result of any
such liquidation, the Noteholders may suffer a loss, which loss could equal its entire investment in the applicable Notes; (C) all payments to the Junior Noteholders are subordinate to payments to the Senior Noteholder pursuant to the Priority
of Payments and (D) all payments to it and any payments upon redemption of the Notes are payable only in accordance with the Priority of Payments to the extent the Issuer has sufficient Available Funds. 

(iii) it has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and
risks of its investment in the Collateral Debt Obligations and is able to bear the economic risk of such investment; 
 (iv)
it understands that an investment in the Collateral Debt Obligations involves certain risks, including the risk that the CLO Transaction will not be completed and the risk of loss of all or a substantial part of its investment; and it has had access
to such financial and other information concerning the Issuer, the Portfolio Manager, the Collateral Debt Obligations and the credit markets as it deemed necessary or appropriate in order to make an informed decision with respect to its entering
into this Agreement; 
 (v) it has made its own independent investigation in connection with its decision to purchase Notes
and is not relying on any advice, counsel or representations (whether written or oral) of the Issuer, any Credit Suisse Party (in the case of the Junior Noteholders), any Portfolio Manager Party (in the case of the Junior Noteholders, the Senior
Commitment Party and initial Senior Noteholder) or any other person in connection therewith; 
 (vi) it is not a member of
the public in the Cayman Islands; 
 (vii) it is not purchasing the Notes with a view to the resale, distribution or other
disposition thereof in violation of the Securities Act. 

  
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 (viii) (A) it is not, and is not acting on behalf of, a Benefit Plan Investor and
(B) if it is a governmental, church, non-U.S. plan or other plan, (x) it is not and, for so long as it holds such Notes or interest therein will not be, subject to Similar Law and (y) its
acquisition, holding and disposition of such Notes will not constitute or result in a non-exempt violation of any Other Plan Law; 

(ix) in the case of the Senior Commitment Party and the initial Senior Noteholder, it understands that the Senior Note(s) are
not transferable except to a transferee that makes all of the representations and warranties contained in a Transfer Certificate or following receipt by the Issuer of an opinion of nationally recognized counsel acceptable to the Issuer to the effect
that, following such transfer, the Senior Note(s) will continue to be exempt from the registration requirements of the Securities Act and that neither the Issuer nor the pool of assets owned by the Issuer will be required to register as an
investment company under the Investment Company Act; 
 (x) it understands that the Issuer’s sole source of funds for
payment of all amounts due under the Note and this Agreement shall be the Warehouse Collateral, and, upon application of the proceeds of the Warehouse Collateral in accordance with the terms and under the circumstances described in this Agreement
(including the Priority of Payments), no recourse shall be had against the Issuer for any amounts still outstanding by the Issuer and all obligations of, and any claims against, the Issuer arising from the Note and this Agreement or any transactions
contemplated hereby shall be extinguished and shall not thereafter revive; 
 (xi) it understands it may not, prior to the
date that is one year (or, if longer, the then applicable preference period) plus one day after termination of this Agreement or, in the event that CLO Securities are issued in respect of the CLO Transaction, the payment in full of all such CLO
Securities institute against, or join any other individual or entity in instituting against the Issuer, any bankruptcy, reorganization, arrangement, winding-up, insolvency, moratorium or liquidation
proceedings, or other proceedings under Cayman Islands bankruptcy laws, United States federal or state bankruptcy laws, or any similar laws; 

(xii) in the case of the Junior Noteholders, it understands that the Junior Notes may not be transferred unless (x) such
transfer is solely in respect of the Outstanding Junior Note Amount of a Junior Note, (y) such transfer is to (I) an affiliate (it being understood that for purposes of this clause (I) the term “affiliate” shall include all
funds and accounts managed by NewStar Financial, Inc. or any of its affiliates) or (II) a Junior Noteholder identified as such in the Note Register as of the Effective Date or one of its affiliates and (z) the transferee makes all of the
representations and warranties contained in a Transfer Certificate; 
 (xiii) in the case of the Junior Noteholders, upon
becoming a holder of a Note and thereafter as required by law or as requested by the Issuer, it will provide the Issuer with a properly completed and signed Internal Revenue Service Form W-9 (or applicable
successor form) in the case of a person that is a United States Person or the appropriate Internal Revenue Service Form W-8 (or applicable successor form) in the case of a person that is not a United States
Person, in each case establishing that it is entitled to receive payments on the Notes free from any U.S. federal withholding tax; 

  
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 (xiv) in the case of the Junior Noteholders, each holder of a Note that is not a
United States Person will make, or by acquiring this Note or an interest in this Note will be deemed to make, a representation to the effect that (i) either (a) it is not a bank (or an entity affiliated with a bank) extending credit
pursuant to a loan agreement entered into in the ordinary course of its trade or business (within the meaning of section 881(c)(3)(A) of the Code), (b) it is a person that is eligible for benefits under an income tax treaty with the United
States that eliminates U.S. federal income taxation of U.S. source interest not attributable to a permanent establishment in the United States, or (c) it has provided an Internal Revenue Service Form
W-8ECI representing that all payments received or to be received by it from the Issuer are effectively connected with the conduct of a trade or business in the United States, and (ii) it is not purchasing
this Note or an interest in this Note in order to reduce its U.S. federal income tax liability pursuant to a tax avoidance plan; and 

(xv) in the case of the Junior Noteholders, it will (i) provide the Issuer (and any of its agents), with any correct,
complete and accurate information that may be required for the Issuer to comply with FATCA and will take any other actions that the Issuer (or any of its agents) deems necessary to comply with FATCA and (ii) update any such information provided
in clause (i) promptly upon learning that any such information previously provided has become obsolete or incorrect or is otherwise required. In the event the holder fails to provide such information, take such actions or update such
information, (a) the Issuer (and any agent acting on its behalf) is authorized to withhold amounts otherwise distributable to the holder as compensation for any cost, loss or liability suffered as a result of such failure and (b) the
Issuer (and any agent acting on its behalf) will have the right to compel the holder to sells its Notes or, if such holder does not sell its Notes within 10 Business Days after notice from the Issuer (or any agent acting on its behalf), to sell such
Notes at a public or private sale called and conducted in any manner permitted by law, and to remit the net proceeds of such sale (taking into account any taxes incurred by the Issuer in connection with such sale) to the holder as payment in full
for such Notes. 
 (c) Each Junior Noteholder represents and warrants to each Credit Suisse Party, and CS (in its capacities as Senior
Commitment Party and initial Senior Noteholder) represents and warrants to each Junior Noteholder, as of the date of this Agreement and as of each Draw Date that: 

(i) no Credit Suisse Party has given the Junior Noteholders, and no Junior Noteholder has given CS (directly or indirectly
through any other person) any assurance, guarantee or representation whatsoever as to the expected or projected success, profitability, return, performance, result, effect, consequence or benefit (including legal, regulatory, tax, financial,
accounting or otherwise) of the Junior Notes; 

  
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 (ii) it acknowledges that, other than as expressly set forth herein, it has no
rights or recourse with respect to the Collateral Debt Obligations or against any Credit Suisse Party, any Junior Noteholder or the Issuer; 

(iii) sales of Collateral Debt Obligations may result in Trading Losses that may reduce the amount payable on the Junior Notes
under the Priority of Payments; 
 (iv) none of the Credit Suisse Parties has a fiduciary, advisory or agency relationship
with the Junior Noteholders or their affiliates in respect of any of the transactions contemplated by this Agreement, irrespective of whether any Credit Suisse Party has advised or is advising the Junior Noteholders (or their affiliates) on other
matters and it waives, to the fullest extent permitted by law, any claims it may have against the Credit Suisse Parties for breach of fiduciary duty or alleged breach of fiduciary duty in respect of any of the transactions contemplated by this
Agreement and agrees that the Credit Suisse Parties shall have no liability (whether direct or indirect) to the Junior Noteholders (or their affiliates) in respect of any such fiduciary duty claim or to any person asserting a fiduciary duty claim on
behalf of or in right of the Junior Noteholders (or their affiliates), including directors, partners, equity holders, employees or creditors of the Junior Noteholders (or their affiliates); 

(v) it has been advised that the Credit Suisse Parties are engaged in a broad range of transactions which may involve interests
that differ from those of the Junior Noteholders (or their affiliates) and agrees that the Credit Suisse Parties have no obligation to disclose such interests and transactions to the Junior Noteholders (or their affiliates) by virtue of any
fiduciary, advisory or agency relationship or otherwise; 
 (vi) the Senior Commitment Party may, in its sole discretion,
decline to approve financing any Collateral Debt Obligations selected by the Portfolio Manager, and act in the interest of the Senior Commitment Party in exercising its rights and remedies under this Agreement; and 

(vii) the Credit Suisse Parties are full service securities firms engaged in securities trading and brokerage activities, as
well as the provision of investment banking and structuring services. In the ordinary course of their business, the Credit Suisse Parties may from time to time effect transactions for their own accounts or for the accounts of customers, and
underwrite, act as placement agent for or hold positions in, securities or options on securities of the Portfolio Manager, its affiliates and obligors of the Collateral Debt Obligations, may act as selling institution with respect to participations
that are Collateral Debt Obligations and may sell certain Collateral Debt Obligations to the Issuer and may buy certain Collateral Debt Obligations from the Issuer; 

(d) Each of the Junior Noteholders represents and warrants as of the date of this Agreement and (for so long as it holds Junior Notes) as of
each Draw Date and any transferee of a Junior Note represents and warrants as of the transfer date and as of each Draw Date, in each case to the Portfolio Manager that: 

  
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 (i) it acknowledges that the Credit Suisse Parties and the Portfolio Manager have
not given it any investment advice, credit information or opinion on whether such Junior Noteholder’s interest in the transactions hereunder are prudent; 

(ii) it acknowledges that (A) the Credit Suisse Parties or the Portfolio Manager may have, and later may come into
possession of, information with respect to the Collateral Debt Obligations, any obligor or any of its affiliates that is not known to such Junior Noteholder and that may be material to a decision to dispose of the Collateral Debt Obligations
(“Junior Noteholder Excluded Information”), (B) a Collateral Debt Obligation may be disposed of hereunder notwithstanding such Junior Noteholder’s lack of knowledge of the Junior Noteholder Excluded Information and
(C) none of the Credit Suisse Parties, nor the Portfolio Manager nor any of their respective affiliates shall have any liability to such Junior Noteholder, and such Junior Noteholder waives and releases any claims that it might have against the
Credit Suisse Parties, the Portfolio Manager or any of their respective Affiliates, whether under applicable securities laws or otherwise, with respect to the nondisclosure of the Junior Noteholder Excluded Information in connection with the
transactions contemplated hereby; provided, however, that the Junior Noteholder Excluded Information shall not and does not affect the truth or accuracy of any express representations or warranties of the Credit Suisse Parties or the
Portfolio Manager in this Agreement; and 
 (iii) The Junior Noteholder acknowledges that the Junior Noteholder:
(A) shall have no recourse to the Senior Commitment Party, except for (x) Senior Commitment Party’s breach of its representations, warranties, covenants or agreements, in each case, as expressly stated in this Agreement, and
(y) as provided under applicable law; and (B) shall have no recourse to the Portfolio Manager, except as provided in Section 9.2. 

(e) The Issuer makes the representations set forth in Section 7.1(a) in respect of itself, and further represents as set forth
below to each Credit Suisse Party, the Junior Noteholders and the Bank as of the date of this Agreement and as of each Draw Date that: 

(i) it (A) has not incurred any material liability or contingent obligation except under the Notes, this Agreement, the
Administration Agreement and the Warehouse Collateral Administration Agreement and as may be satisfied or terminated as of the date hereof and (B) has no subsidiaries (other than any subsidiary formed to be
co-issuer of the CLO Securities). The Issuer has issued no shares or other equity interests other than its Ordinary Shares or NS Shares and no securities other than the Senior Note(s) and Junior Notes. All
payments that the Issuer may make in respect of debt other than the Senior Note(s) or the Junior Notes hereunder are expressly subordinated to the Senior Note(s) and the Junior Notes hereunder; 

(ii) it is the sole owner of and has full power, authority and legal right to pledge and transfer all assets pledged by it
hereunder free and clear of, and such pledge and transfer will not create, any lien thereon (other than the lien created by this Agreement). No filings or recordings are required to perfect the Trustee’s first priority perfected security
interest in such assets other than the filing of a financing statement under the Uniform Commercial Code with the Recorder of Deeds of the District of 

  
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Columbia with respect thereto naming the Issuer as debtor and the Trustee as secured party. The Issuer acquired ownership of such assets for value in good faith without notice of any adverse
claim and has not assigned, pledged or otherwise encumbered any interest in such assets other than hereunder; 
 (iii) its
full and correct legal name as of the date hereof is as set forth in the preamble hereof. It is an exempted company incorporated with limited liability under the laws of the Cayman Islands. Its location (as defined in
Section 9-307 of the Uniform Commercial Code), place of business and chief executive office is: c/o MaplesFS Limited, P.O. Box 1093, Boundary Hall, Cricket Square, Grand Cayman, KY1-1102, Cayman Islands;

 (iv) each acquisition and disposition of Collateral Debt Obligations by the Issuer has been undertaken in accordance with
the Portfolio Acquisition and Disposition Requirements; 
 (v) it is not required to register as an investment company under
the Investment Company Act; and 
 (vi) except in connection with the purchase of Collateral Debt Obligations, it will not
enter into any agreements that provide for a future financial obligation on the part of the Issuer, except for any agreements that contain customary “non-petition” and “limited recourse”
provisions. 
 Section 7.2 Covenants of the Issuer. 

The Issuer hereby covenants to each Credit Suisse Party, the Junior Noteholders, the Portfolio Manager and the Bank that: 

(a) The Issuer will do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and
the rights, licenses, permits, privileges and franchises material to the conduct of its business. The Issuer will (i) ensure that all corporate or other formalities regarding its existence (including, to the extent required by applicable law,
holding board of directors’ and shareholders’, or other similar, meetings) or registrations are followed, (ii) maintain its books and financial statements and records separate from the books and financial statements and records of any
other Person or entity and (iii) conduct its business, and otherwise hold itself out to the public, in its own name, as a separate and independent entity. 

(b) The Issuer will comply with all laws, rules, regulations and orders of any governmental authority applicable to it or its property, except
where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a material adverse effect on the Issuer or the transactions contemplated by this Agreement. 

(c) It will use the proceeds of each draw on the Noteholders solely to acquire Collateral Debt Obligations; provided that, (I) if
the Junior Noteholders elect to fund the full Junior Note Commitment Limit or any portion thereof and (II) if any Junior Noteholder elects to pay any Junior Noteholder Top-Up Amount, and such funding
and/or payment, as applicable is 

  
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in excess of the amount required to acquire Collateral Debt Obligations at that time, the excess may be deposited into the Principal Account and applied on the next date on which a Collateral
Debt Obligation is acquired. 
 (d) The Issuer has complied, and will comply, with all undertakings related to Rule 17g-5 under the Securities Exchange Act of 1934, as amended made by it or on its behalf to each rating agency hired to provide the initial credit ratings on the CLO Securities. 

(e) If the Issuer or the Portfolio Manager on its behalf receives any notice or other communication concerning any amendment,
supplement, consent, waiver or other modification of any Collateral Debt Obligation or any related underlying instrument or rights thereunder (other than, in each case, those that are technical or clerical in nature) (each, an
“Amendment”), or makes or is required to make any affirmative determination to exercise or refrain from exercising any rights or remedies thereunder, the Issuer or the Portfolio Manager on its behalf will give prompt (but in no
event more than ten Business Days) notice thereof to the Senior Noteholder. In the case that an Amendment requires a vote and would, in the commercially reasonable judgment of the Portfolio Manager or the Senior Noteholder, have a material adverse
effect on the Senior Noteholder, the Portfolio Manager cannot vote on behalf of the Issuer unless provided prior written consent by Credit Suisse Parties. The Senior Noteholder shall be under no obligation to inform the Portfolio Manager that it
considers any Amendment would have a material adverse effect on it and failure to do so in relation to one Amendment shall not preclude the Senior Noteholder from doing so in relation to another Amendment. 

(f) The Issuer will not incur any liability or contingent obligation, except as contemplated by this Agreement, and will not
create any subsidiaries or have any other Affiliates other than any subsidiary formed to be co-issuer of the CLO Securities. The Issuer will not issue any preference shares or similar instruments other than
the Ordinary Shares or the NS Shares of the Issuer. 
 (g) The Issuer will not create, incur, assume or permit to exist any
lien on any property or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights in respect of any thereof, except for the lien contemplated by this Agreement. 

(h) The Issuer will not merge into or consolidate with any other Person, or permit any other Person to merge into or
consolidate with it, or sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions) all any substantial part of its assets, except as expressly contemplated by this Agreement. 

(i) The Issuer shall not take any action, or conduct its affairs in a manner, that is likely to result in its separate
existence being ignored or in its assets and liabilities being substantively consolidated with any other Person in a bankruptcy, reorganization, winding-up or other insolvency proceeding. Without limiting the
foregoing, the Issuer shall not (i) (A) have any employees, engage in any transaction with any shareholder that would constitute a conflict of interest or pay dividends; provided that the foregoing shall not prohibit the Issuer from
entering into the transactions contemplated by the Administration Agreement with its corporate 

  
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administrator or (B) pay any amounts other than in accordance with the terms of this Agreement, (ii) commingle its funds with those of any other Person or entity; or (iii) hold
itself out as being liable for the debts of any other entity, nor permit any Person to hold itself out as liable for the debts of the Issuer. 

(j) The Issuer will not engage in any business, undertake any activity or enter into any transaction other than the
transactions contemplated by this Agreement, or other such acts or transactions customarily undertaken or consummated in connection with the issuance of securities under a collateralized loan obligation transaction. 

(k) The Issuer shall take all commercially reasonable measures to comply with FATCA. 

(l) The Issuer will ensure that each acquisition and disposition of Collateral Debt Obligations by the Issuer will be
undertaken in accordance with the Portfolio Acquisition and Disposition Requirements. 
 (m) The Issuer shall redeem the NS
Shares from NewStar Capital LLC in accordance with Article 8 of the Memorandum and Articles. 
 Section 7.3 Covenants of NewStar
Capital LLC. 
 (a) NewStar Capital LLC hereby covenants that on the Closing Date, it shall offer each of its NS Shares for
redemption in accordance with Article 8 of the Memorandum and Articles. 
 (b) NewStar Capital LLC shall indemnify each
Credit Suisse Party for any expenses, losses, claims, damages, judgments, assessments, charges, demands, costs or other liabilities incurred by such Credit Suisse Party in connection NewStar Capital LLC’s failure to comply with
Section 7.3(a). 
 ARTICLE VIII 

THE COLLATERAL 

Section 8.1(a) As collateral security for the prompt payment in full and performance when due (whether at stated maturity, by
acceleration, by liquidation or otherwise) of the Secured Obligations to the Trustee on behalf of the Secured Parties in accordance with the Priority of Payments, the Issuer hereby pledges to the Trustee on behalf of the Secured Parties and grants
the Trustee on behalf of the Secured Parties a first priority continuing security interest in, lien on and right of set-off against, all of the Issuer’s right, title and interest in, to and under all
property of the Issuer, whether now owned or hereafter acquired and whether now existing or hereafter coming into existence, including, without limitation, each Collateral Debt Obligation, all underlying instruments with respect to Collateral Debt
Obligations, all of the Issuer’s rights under the Warehouse Collateral Administration Agreement, the Investment Management Agreement, each Warehouse Account, and all assets credited to and funds on deposit in each Warehouse Account and all
proceeds of the foregoing, other than Excepted Property (collectively, the “Warehouse Collateral”). 

  
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 (b) The Issuer will: 

(i) deliver to the Warehouse Collateral Administrator any and all securities and instruments evidencing or otherwise relating
to Warehouse Collateral, endorsed and/or accompanied by such instruments of assignment and transfer in such form and substance as the Secured Parties may reasonably request, including by taking all steps necessary to ensure that all Collateral Debt
Obligations are credited to the applicable Warehouse Account by the Warehouse Collateral Administrator and held in accordance with the Warehouse Collateral Administration Agreement; 

(ii) 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 hereunder or to enable the Controlling Party to exercise and enforce its rights hereunder with respect to such pledge and security
interest; 
 (iii) promptly furnish or cause to be furnished to the Senior Noteholder or Junior Noteholders any information
that it may reasonably request concerning the Warehouse Collateral; and 
 (iv) preserve and protect the Trustee’s first
priority security interest in Warehouse Collateral, and take or cause any action requested by a Secured Party and necessary to preserve, defend, protect or perfect such first priority security interest. 

(c) Except as expressly permitted hereunder or under the Warehouse Collateral Administration Agreement, the Issuer will not sell, assign,
pledge, grant any security interest in, exchange, transfer, hypothecate or otherwise dispose of or grant any option with respect to such Warehouse Collateral, or agree to do any of the foregoing, without the prior written consent of Senior
Commitment Party. 
 (d) The Secured Parties hereby appoint the Bank as “Trustee” to act on their behalf in accordance with
this Agreement. If a Liquidation Event occurs, the liquidation shall be effected as set forth in Section 3.2. The Bank in each of its capacities under this Agreement shall have the same rights, protections, indemnities and immunities
provided to the Bank as Warehouse Collateral Administrator under the Warehouse Collateral Administration Agreement (in addition to those provided herein). In connection with a resignation of the Bank as Warehouse Collateral Administrator, the Bank
may resign from its other capacities pursuant to this Agreement. 
 (e) The Issuer hereby irrevocably appoints the Trustee as its attorney-in-fact with full power of substitution and authorizes the Trustee to take any action and execute any instruments with respect to the Warehouse Collateral that the
Controlling Party may deem necessary or advisable in connection with (i) the Issuer’s grant of a security interest in the Warehouse Collateral to the Trustee for the benefit of the Secured Parties and any rights and remedies that the
Trustee may exercise in respect thereof upon the occurrence a Liquidation 

  
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Event, (ii) the filing of one or more financing or continuation statements with respect to the Warehouse Collateral, (iii) the filing of one or more termination statements upon the
occurrence of the Closing Date, (iv) the sale, termination or other disposition of any Collateral Debt Obligations as provided herein or (v) accomplishing any other purposes of this Agreement. The Issuer agrees that the powers granted by
this paragraph are exercisable at the direction of the Controlling Party and are not intended to impose the obligations of Issuer on the Trustee. The Trustee shall only be required to take actions or execute instruments under this
Section 8.1(e) (including for the avoidance of doubt anything under Section 3.2) as directed by the Controlling Party. This power of attorney shall be binding upon, and enforceable against, all beneficiaries, successors, assigns,
transferees and legal representatives of the Issuer. 
 (f) The security interest granted to secure the Secured Obligations hereunder shall
be terminated and released and all rights in the Warehouse Collateral will revert to the Issuer upon final payment of all Secured Obligations and termination of all funding obligations of the Noteholders. In connection with such termination and
release, the Trustee shall execute and deliver such documents, instruments and certificates as the Issuer shall reasonably require at the Issuer’s expense. The Secured Parties hereby authorize the Issuer or its agent to file a termination of
any financing statement filed with respect to the Warehouse Collateral on or promptly after the Closing Date. 
 Section 8.2 There
shall at all times be a Trustee hereunder which shall be an independent organization or entity organized and doing business under the laws of the United States of America or of any state thereof, authorized under such laws to exercise corporate
trust powers, having a combined capital and surplus of at least U.S.$200,000,000, subject to supervision or examination by federal or state authority, having a rating of at least “Baa1” by Moody’s and at least “BBB+” by
S&P and having an office within the United States, and who makes the following representations: 
 (a) The Trustee is not affiliated, as
that term is defined under Rule 405 under the Securities Act, with the Issuer or with any Person involved in the organization or operation of the Issuer. 

(b) The Trustee meets the requirements of Rule 3a-7(a)(4)(i) under the Investment Company Act. 

(c) On the date of its appointment as Trustee, the Bank acting as Trustee holds no indebtedness of the Issuer, it does not own any Notes for
its own account and has no present intention of acquiring any Notes. For avoidance of doubt, any indebtedness or Notes held by the Bank in its capacity as custodian, trustee, nominee, agent or any such other capacity for the account of another party
shall not be prohibited. 
 ARTICLE IX 

PORTFOLIO MANAGER 

Section 9.1 Appointment and Standard of Care. (a) The Issuer hereby appoints the Portfolio Manager to be the Issuer’s
portfolio manager for purposes of, and hereby authorizes 

  
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the Portfolio Manager to engage in, the transactions contemplated by this Agreement for so long as this Agreement shall be in effect, and the Portfolio Manager hereby accepts such appointment.
Such appointment shall terminate automatically (x) upon the execution of an investment management agreement among the Issuer, the Portfolio Manager and any appropriate third parties on the Closing Date (the “Investment Management
Agreement”) or (y) if a Liquidation Event occurs, on the Final Settlement Date. Pursuant to this Agreement, the Portfolio Manager shall provide the following services to the Issuer: selecting, supervising, managing, monitoring and
directing on behalf of the Issuer the investment, reinvestment and disposition of Collateral Debt Obligations and assisting the Issuer in fulfilling its obligations, and exercising the rights and obtaining the benefits to which it is entitled,
hereunder and under and in connection with Collateral Debt Obligations. Without limiting the foregoing: 
 (i) the Portfolio
Manager shall, except as otherwise expressly required hereunder, perform its obligations hereunder with reasonable care and in a manner that the Portfolio Manager reasonably believes is consistent with those policies and procedures as are
customarily used by institutional managers of recognized standing in connection with the management of assets of the nature and the character of the Collateral Debt Obligations (and to the extent not inconsistent with the foregoing, the Portfolio
Manager shall follow its customary standards, policies and procedures in performing its duties hereunder); 
 (ii) the
Portfolio Manager shall exercise reasonable care to avoid taking any action that would (A) not be permitted under the organizational documents of the Issuer, (B) cause the Issuer to violate any law, rule or regulation of any governmental
body or agency having jurisdiction over the Issuer, (C) require registration of the Issuer as an “investment company” under the Investment Company Act, (D) cause the Issuer to be engaged in a trade or business in the United
States, or (E) cause the Issuer to violate the terms hereof, provided that the Portfolio Manager will not be treated as violating its obligation under clause (D) of this Section 9.1 with respect to the acquisition, ownership,
or disposition of any Collateral Debt Obligation on behalf of the Issuer if such acquisition, ownership, or disposition (taking into account the Issuer’s other activities) complies with the Tax Operating Guidelines or if the Portfolio Manager
has received written advice from Paul Hastings LLP or Seward & Kissel LLP to the effect that, under the relevant facts and circumstances with respect to such acquisition, ownership, or disposition, taking into account such change in law,
and assuming compliance with the Indenture and all other provisions in the Tax Operating Guidelines, the Issuer’s contemplated transaction or activity would not cause the Issuer to be engaged, or deemed to be engaged, in a trade or business
within the United States for U.S. federal income tax purposes or otherwise to be subject to U.S. federal income tax on a net basis, in each case so long as there has not been a change in law subsequent to the date hereof or the date of such advice
(as the case may be) that the Portfolio Manager actually knows (acting in good faith) could cause the Issuer to be engaged in a trade or business in the United States notwithstanding compliance with the Tax Operating Guidelines or such advice (as
the case may be); 

  
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 (iii) the Portfolio Manager shall comply in all material respects with all laws
and regulations applicable to it in connection with the performance of its duties hereunder; 
 (iv) to the extent it is
necessary or appropriate in the judgment of the Portfolio Manager to perform any services to be performed by it as portfolio manager hereunder and in connection with any related documents and Collateral Debt Obligations, the Portfolio Manager shall
have the power to execute and deliver documents and instruments and take actions in the name of or on behalf of the Issuer with respect thereto (and the Issuer agrees to follow the lawful instructions and directions of the Portfolio Manager in
performing its services hereunder); and 
 (v) the Portfolio Manager shall exercise reasonable care to ensure that each
acquisition and disposition of Collateral Debt Obligations by the Issuer will be undertaken with the Portfolio Acquisition and Disposition Requirements. 

(b) The Portfolio Manager is performing its services hereunder in order to facilitate the closing of the CLO Transaction and will not be paid
a fee hereunder. The Portfolio Manager shall be responsible for its ordinary overhead expenses (including, without limitation, rent, office expenses, and employee salaries, wages and benefits) incurred in connection with the operation of its
business. Except as provided in the immediately preceding sentence, the Issuer shall pay all reasonable third-party expenses, including fees and out-of pocket expenses, incurred by the Portfolio Manager in connection with the services provided under
this Agreement with respect to (1) legal advisers, consultants, rating agencies, accountants and other professionals retained by the Issuer or the Portfolio Manager (on behalf of the Issuer), (2) asset pricing and asset rating services,
compliance services and software, and accounting, programming and data entry services, (3) travel and other miscellaneous expenses incurred and paid by the Portfolio Manager in connection with the Portfolio Manager’s management of the
Collateral Debt Obligations (including without limitation expenses related to the workout of Collateral Debt Obligations), and (4) expenses actually incurred and paid in connection with the purchase or sale or holding of any Collateral Debt
Obligations. To the extent any fees or expenses set forth in the immediately preceding sentence are incurred for the benefit of the Issuer and other entities affiliated with or advised by the Portfolio Manager, the Issuer shall be responsible for
only a pro rata portion of such expenses of the Portfolio Manager, based on a good faith allocation by the Portfolio Manager of such expenses among all such entities and the Issuer. The Issuer shall pay the applicable expenses set forth above
subject to and in accordance with the Priority of Payments. 
 Section 9.2 Limits of Portfolio Manager’s Responsibilities.
The Portfolio Manager assumes no responsibility or liability hereunder other than to render the services required to be performed hereunder in good faith and (subject to the standard of conduct described in Section 9.1(a) above) shall
not be responsible for and shall have no liability for any action or inaction of the Issuer, the Arranger, the Senior Commitment Party, the Warehouse Collateral Administrator or any other person in following or declining to follow any advice,
recommendation or direction of the Portfolio Manager. Notwithstanding anything in this Agreement to the contrary, except to the extent expressly provided in the Engagement Letter in respect of certain of its obligations under the Engagement Letter,
none of the Portfolio Manager, 

  
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its affiliates and any of their respective members, managers, directors, officers, stockholders, agents, partners or employees shall be liable to the Issuer, the Senior Commitment Party or any
other person for any expenses, losses, claims, damages, judgments, assessments, charges, demands, costs or other liabilities (collectively, “Liabilities”) incurred by the Issuer, the Senior Commitment Party or such other person that
arise out of or in connection with this Agreement or any agreement entered into in connection herewith or the performance by the Portfolio Manager of the services required to be performed hereunder or thereunder or for any decrease in the value of
the Collateral Debt Obligations, or any action taken or omitted to be taken hereunder or thereunder, except for Liabilities arising from the Portfolio Manager’s gross negligence or willful misconduct in the performance of its obligations under
this Agreement. 
 Section 9.3 Other Relationships and Interests. 

(a) The Portfolio Manager shall devote such part of its time as is reasonably needed for the performance of the services contemplated by this
Agreement; provided that this Agreement shall not prevent the Portfolio Manager from rendering similar services to other persons. Nothing in this Agreement shall limit or restrict the Portfolio Manager or any of its officers, affiliates or
employees from, as permitted by law, buying, selling or trading in any securities for its own or their own accounts. The Arranger, CS and the Issuer acknowledge that the Portfolio Manager and its officers, affiliates and employees, and the Portfolio
Manager’s other clients may as permitted by law at any time have, acquire, increase, decrease, or dispose of positions in investments which are at the same time being acquired or disposed of by the Issuer. 

(b) The Portfolio Manager shall not purchase any Collateral Debt Obligation for inclusion in the Warehouse Collateral directly from itself or
any of its affiliates as principal or any account or portfolio for which the Portfolio Manager or any of its affiliates serve as investment advisor, or sell directly any Collateral Debt Obligation to itself or any of its affiliates as principal or
any account or portfolio for which the Portfolio Manager or any of its affiliates serve as investment advisor, unless (i) such transaction is exempt from the prohibited transaction rules of ERISA and the Code, if applicable, will not constitute
or result in a non-exempt violation of any Other Plan Law, if applicable and will be consummated on terms prevailing in the market, (ii) the terms of such transaction are substantially as advantageous to the Issuer as the terms the Issuer would
obtain in a comparable arm’s length transaction with a non-affiliate and (iii) such transaction complies with the Adviser’s Act, to the extent applicable. In accordance with the foregoing, the Portfolio Manager may effect client
cross-transactions where the Portfolio Manager causes a transaction to be effected between the Issuer and another fund or another account managed or advised by it or one or more of its affiliates, but neither it nor the affiliate will receive any
commission or similar fee in connection with such cross-transaction. 
 (c) The Portfolio Manager is responsible for the investment
decisions made on behalf of other advisory clients, including certain discretionary accounts. The Portfolio Manager may determine that the Issuer and one or more other clients should purchase or sell the same loans at the same time. In addition,
from time to time, the Portfolio Manager may aggregate purchase or sale orders for loans in the secondary market for clients. In either case, the Portfolio Manager will follow its applicable standard policies. Under some circumstances,

  
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such aggregation or allocation may adversely affect the Issuer with respect to the price or size or the loan positions obtainable or salable. Moreover, it is possible, due to differing investment
objectives or other reasons, that the Portfolio Manager or its affiliates may purchase loans of an issuer for one client and sell such loans for another client, including the Issuer. Therefore, the Issuer may not participate in gains or losses that
were experienced by other client accounts (and the Issuer’s portfolio yield may be higher or lower than that of other client accounts) with similar investment objectives. 

ARTICLE X 
 THE TRUSTEE

 Section 10.1(a) The Trustee undertakes to perform such duties and only such duties as are specifically set forth in this
Agreement, and no implied or fiduciary covenants or obligations shall be read into this Agreement against the Trustee, including, for avoidance of doubt, after the occurrence of a Liquidation Event. Absent receipt of any direction from the Secured
Parties, the Trustee shall have no obligation to take any discretionary action under this Agreement. 
 (b) In the absence of bad faith on
its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Agreement. 

(c) The Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the
direction of Secured Parties in accordance with this Agreement, relating to the time, method and place of conducting any liquidation or exercising any trust or power conferred upon the Trustee under this Agreement; provided, however, that in
the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they substantially conform on
their face to the requirements of this Agreement and shall promptly, but in any event within three Business Days in the case of an Officer’s certificate furnished by the Portfolio Manager, notify the party delivering the same if such
certificate or opinion does not conform. If a corrected form shall not have been delivered to the Trustee within 15 days after such notice from the Trustee, the Trustee shall so notify the Arranger. 

(d) In no event shall the Trustee be liable for special, indirect, punitive or consequential loss or damage (including lost profits) even if
the Trustee has been advised of the likelihood of such damages and regardless of such action. 
 (e) As a condition to the taking or
omitting of any action by it hereunder, the Trustee may consult with counsel and the advice of such counsel or any opinion of counsel shall be full and complete authorization and protection in respect of any action taken or omitted by it hereunder
in good faith and in reliance thereon. 

  
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 (f) The Trustee shall not be bound to make any investigation into the facts or matters stated in
any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, note or other paper or document, but the Trustee, in its discretion, may, and upon the written direction of the Secured Parties, shall
(subject to the right of the Trustee hereunder to be satisfactorily indemnified), make such further inquiry or investigation into such facts or matters as it may see fit or as it shall be directed, and the Trustee shall be entitled, on reasonable
prior notice to the and the Portfolio Manager, to examine the books and records relating to the Warehouse Collateral, personally or by agent or attorney, during the Issuer’s or the Portfolio Manager’s normal business hours; provided that
the Trustee shall, and shall cause its agents to, hold in confidence all such information, except (i) to the extent disclosure may be required by law by any regulatory, administrative or governmental authority and (ii) to the extent that
the Trustee, in its sole discretion, may determine that such disclosure is consistent with its obligations hereunder; provided, further, that the Trustee may disclose on a confidential basis any such information to its agents, attorneys and auditors
in connection with the performance of its responsibilities hereunder. 
 (g) The Trustee shall not be liable for any action it takes or
omits to take in good faith that it reasonably believes to be authorized or within its rights or powers hereunder. 
 (h) The Trustee shall
not be liable for the actions or omissions of, or any inaccuracies in the records of, the Portfolio Manager, the Issuer, or any clearing corporation and without limiting the foregoing, the Trustee shall not be under any obligation to monitor,
evaluate or verify compliance by the Portfolio Manager with the terms hereof or any other agreement, or to verify or independently determine the accuracy of information received by the Trustee from the Portfolio Manager (or from any selling
institution, agent bank, trustee or similar source) with respect to the Warehouse Collateral. 
 (i) Notwithstanding any term hereof to the
contrary, the Trustee shall be under no duty or obligation in connection with the acquisition or Grant by the Issuer to the Trustee of any item constituting the Warehouse Collateral, or to evaluate the sufficiency of the documents or instruments
delivered to it by or on behalf of the Issuer in connection with its Grant or otherwise, or in that regard to examine any underlying instrument, in each case, in order to determine compliance with applicable requirements of and restrictions on
transfer in respect of such Warehouse Collateral. 
 (j) In the event the Bank is also acting in the capacity of Warehouse Collateral
Administrator, the rights, protections, benefits, immunities and indemnities afforded to the Trustee pursuant to this Agreement shall also be afforded to the Bank acting in such capacities; provided that such rights, protections, benefits,
immunities and indemnities shall be in addition to any rights, immunities and indemnities provided in the Warehouse Collateral Administration Agreement or any other documents to which the Bank in such capacity is a party. 

(k) Any permissive right of the Trustee to take or refrain from taking actions enumerated in this Agreement shall not be construed as a duty.

 (l) To the extent permitted by applicable law, the Trustee shall not be required to give any bond or surety in respect of the execution
of this Agreement or otherwise. 

  
 -46- 

 (m) To the extent not inconsistent herewith, the rights, protections and immunities afforded to
the Trustee pursuant to this Agreement also shall be afforded to the Warehouse Collateral Administrator; provided that such rights, immunities and indemnities shall be in addition to any rights, immunities and indemnities provided in the Warehouse
Collateral Administration Agreement. 
 (n) In making or disposing of any investment permitted by this Agreement, the Trustee is authorized
to deal with itself (in its individual capacity) or with any one or more of its affiliates, in each case on an arm’s-length basis, whether it or such affiliate is acting as a subagent of the Trustee or for any third person or dealing as
principal for its own account. 
 (o) The Trustee or its Affiliates are permitted to receive additional compensation that could be deemed to
be in the Trustee’s economic self-interest for (i) serving as investment adviser, administrator, shareholder, servicing agent, custodian or subcustodian with respect to certain of the investments, (ii) using affiliates to effect
transactions in certain investments and (iii) effecting transactions in certain investments. 
 (p) The Trustee shall have no duty
(i) to see to any recording, filing, or depositing of this Agreement or any supplemental Note Purchase Agreement or any financing statement or continuation statement evidencing a security interest, or to see to the maintenance of any such
recording, filing or depositing or to any rerecording, refiling or redepositing of any thereof or (ii) to maintain any insurance. Notwithstanding anything contained herein to the contrary, the Trustee shall not be under any obligation to
exercise any of the rights or powers vested in it by this Agreement or the Warehouse Collateral Administration Agreement unless it has been provided security or indemnity satisfactory to it. 

ARTICLE XI 

MISCELLANEOUS 

Section 11.1 This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York. 

Section 11.2 This Agreement shall remain in full force and effect until the Final Settlement Date. Upon the application of all Available
Funds in accordance with the Priority of Payments, on the Final Settlement Date, this Agreement (except for provisions that expressly survive termination) shall automatically terminate without any further action by the parties hereto. The parties
hereto shall not be bound by any modification, amendment, termination, cancellation, rescission or supersession of this Agreement unless the same shall be in writing and signed by each party. 

Section 11.3 No assignment of this Agreement shall be made by (a) the Junior Noteholders without the prior written consent of the
Senior Commitment Party or (b) prior to the occurrence of a Termination Event, the Senior Commitment Party, (other than to its affiliates) without the prior written consent of the Portfolio Manager (such consent not to be unreasonably
withheld). This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 

  
 -47- 

 Section 11.4 References in this Agreement to “$” refer to United States Dollars.

 Section 11.5 This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which
shall together constitute one and the same instrument. Delivery of executed counterpart of this instrument by electronic means (including email or telecopy) will be effective as delivery of a manually executed counterpart of this instrument. 

Section 11.6 Notwithstanding any other provision of this Agreement, the parties hereto may not, prior to the date that is one year (or,
if longer, the then applicable preference period) plus one day after termination of this Agreement or, in the event that CLO Securities are issued in respect of to the CLO Transaction, the payment in full of all such securities institute against, or
join any other individual or entity in instituting against the Issuer, any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings, winding-up proceedings or other
proceedings under Cayman Islands bankruptcy laws, United States federal or state bankruptcy laws, or any similar laws.; provided, however, that nothing in this clause shall preclude, or be deemed to estop, any party hereto from
taking any action prior to the expiration of the applicable preference period in (x) any case or proceeding voluntarily filed or commenced by the Issuer, or (y) any involuntary insolvency proceeding filed or commenced against the Issuer by
a Person other than any such party. 
 None of the directors, officers, incorporators, shareholders, partners, agents or employees of the
Issuer shall be personally liable for any of the obligations of the Issuer under this Agreement. Notwithstanding anything to the contrary contained herein, the Issuer’s sole source of funds for payment of all amounts due hereunder shall be the
Warehouse Collateral, and, upon application of the proceeds of the Warehouse Collateral in accordance with the terms and under the circumstances described herein (including the Priority of Payments), no recourse shall be had against the Issuer for
any amounts still outstanding by the Issuer and all obligations of, and any claims against, the Issuer arising from this Agreement or any transactions contemplated hereby shall be extinguished and shall not thereafter revive. 

The provisions of this Section 11.6 are a material inducement for the Senior Commitment Party and the Arranger to enter into this
Agreement and the transactions contemplated hereby and are an essential term hereof. Either the Senior Commitment Party or the Arranger may seek and obtain specific performance of such provisions (including injunctive relief), including, without
limitation, in any bankruptcy, reorganization, arrangement, winding-up, insolvency, moratorium, winding-up or liquidation proceedings, or other proceedings under Cayman
Islands bankruptcy laws, United States federal or state bankruptcy laws, or any similar laws. 
 The provisions of this
Section 11.6 shall survive the termination of this Agreement. 
 Section 11.7 The parties hereto irrevocably submit to the non-exclusive jurisdiction of the United States District Court for the Southern District of New York and any court of the State of New York located in the City and County of New York, and any appellate court from
any court thereof, in any action, suit or proceeding brought against it, arising out of or 

  
 -48- 

 
relating to this Agreement or the transactions contemplated hereunder or for recognition or enforcement of any judgment, and the parties hereto hereby irrevocably and unconditionally agree that
all claims in respect of any such action or proceeding may be heard or determined in such New York State court or, to the extent permitted by law, in such federal court. The parties hereto agree that a final judgment in any such action, suit or
proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. To the extent permitted by applicable law, the parties hereto hereby waive and agree not to assert by way of
motion, as a defense or otherwise in any such suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of such courts, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the
suit, action or proceeding is improper or that the related documents or the subject matter thereof may not be litigated in or by such courts. 

Section 11.8 THE PARTIES HERETO VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT OR THE WAREHOUSE COLLATERAL ADMINISTRATION AGREEMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF ANY OF THE
PARTIES HERETO AND THERETO. THE PARTIES HERETO HEREBY AGREE THAT THEY WILL NOT SEEK TO CONSOLIDATE ANY SUCH LITIGATION WITH ANY OTHER LITIGATION IN WHICH A JURY TRIAL HAS NOT OR CANNOT BE WAIVED. THE PROVISIONS OF THIS SECTION 11.8 HAVE BEEN
FULLY NEGOTIATED BY THE PARTIES HERETO AND SHALL BE SUBJECT TO NO EXCEPTIONS. EACH PARTY ACKNOWLEDGES AND AGREES THAT IT HAS RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR EACH
PARTY ENTERING INTO THIS AGREEMENT AND THE WAREHOUSE COLLATERAL ADMINISTRATION AGREEMENT. 
 Section 11.9 Any provision of this
Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of
the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

Section 11.10 The following provisions shall survive any termination or expiration of this Agreement: Section 3.2,
Section 4.1, Section 4.2, Section 6.2, Section 8.1, Section 9.1(b) and Article XI. 

Section 11.11 The Bank, in its capacities as Trustee and Warehouse Collateral Administrator, agrees to accept and act upon instructions
or directions pursuant to this Agreement sent by unsecured email, facsimile transmission or other similar unsecured electronic methods, provided, however, that each party providing such instructions or directions shall provide to the
Bank an incumbency certificate listing persons designated to provide such instructions or directions, which incumbency certificate shall be amended whenever a person is added or deleted from the listing. If such party elects to give the Bank email
or facsimile instructions (or instructions by a similar electronic method) and the Bank in its discretion elects 

  
 -49- 

 
to act upon such instructions, the Bank’s reasonable understanding of such instructions shall be deemed controlling. The Bank shall not be liable for any losses, costs or expenses arising
directly or indirectly from the Bank’s reliance upon and compliance with such instructions notwithstanding such instructions conflicting with or being inconsistent with a subsequent written instruction. Each party hereto agrees to assume all
risks arising out of the use of such electronic methods to submit instructions and directions to the Bank, including without limitation the risk of the Bank acting on unauthorized instructions, and the risk of interception and misuse by third
parties. Any party providing such instructions acknowledges and agrees that there may be more secure methods of transmitting such instructions than the method(s) selected by it and agrees that the security procedures (if any) to be followed in
connection with its transmission of such instructions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances. 

Section 11.12 The Issuer shall indemnify the Senior Commitment Party, each Senior Noteholder, each Junior Noteholder, the Trustee, the
Portfolio Manager, their respective affiliates and each of their respective members, managers, directors, partners, stockholder, officers, agents and employees (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 fees, charges and disbursements of any counsel for any Indemnitee, 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 or any agreement or instrument contemplated 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 financing 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; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that
such losses, claims, damages, liabilities or related expenses 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. In no event
shall the Issuer be liable for special, indirect, punitive or consequential losses or damages. 
 To the extent permitted by applicable law,
the Issuer shall not assert, and hereby waives, any claim against any Indemnitee, 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 or any agreement, instrument or transaction contemplated hereby, or the use of the proceeds of any issuance of notes. 

For the avoidance of doubt, any cost, expense, or indemnification amount payable by the Issuer, under or in connection with this Agreement or
the Warehouse Collateral Administration Agreement, which is not paid in full pursuant to the Priority of Payments shall be paid in accordance with the terms of the Engagement Letter. 

  
 -50- 

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

			
	 CREDIT SUISSE SECURITIES (USA) LLC,

    as Arranger

		
	By:	 	/s/ Brad Larson
		 	Name: Brad Larson
		 	Title: Managing Director

 
			
	
	 CREDIT SUISSE AG, CAYMAN ISLANDS     BRANCH, as Senior Commitment Party and

    Senior Noteholder

		
	By:	 	/s/ Brad Larson
		 	Name: Brad Larson
		 	Title: Authorized Signatory

 
			
		
	By:	 	/s/ Mak Pitke
		 	Name: Mak Pitke
		 	Title: Authorized Signatory

 
			
	
	NEWSTAR CAPITAL LLC, as Portfolio Manager
		
	By:	 	/s/ Scott D’Orsi
		 	Name: Scott D’Orsi
		 	Title: Portfolio Manager

 
			
	 ARCH STREET CLO, LTD., as Issuer

		
	By:	 	/s/ Karen Perkins
		 	Name: Karen Perkins
		 	Title: Director

 
	
	
	/s/ Jade Whitelocke
	 Witness:
 Name: Jade Whitelocke

Occupation: Corporate Assistant

Address:  PO Box 1093

Boundary Hall
 Cricket
Square
 Grand Cayman

Cayman Islands KY1 1102

 
			
	U.S. BANK NATIONAL ASSOCIATION, as Warehouse Collateral Administrator and Trustee
		
	By:	 	/s/ Ralph J. Creasia Jr.
		 	Name: Ralph J. Creasia Jr.
		 	Title: Senior Vice President

 
			
	NEWSTAR CAPITAL LLC, as a Junior Noteholder
		
	By:	 	/s/ Scott D’Orsi
		 	Name: Scott D’Orsi
		 	Title: Portfolio Manager

 SCHEDULE 1 
  

 

			
		  	NOTICE ADDRESSES
		
	 Arranger:
	  	 Credit Suisse Securities (USA) LLC
 11
Madison Avenue
 New York, New York 10010
 Attention: Brad
Larson; Sandeep Hoshing
 telephone number: (212) 325-9207; (212)
325-1819
 fax number: (212) 743-5484

email: list.clo-war@credit-suisse.com

		
	 Senior Commitment Party:
	  	 Credit Suisse AG, Cayman Islands
 11 Madison
Avenue
 New York, New York 10010
 Attention: Brad Larson;
Sandeep Hoshing
 telephone number: (212) 325-9207; (212) 325-1819

fax number: (212) 743-5484

email: list.clo-war@credit-suisse.com

		
	 Senior Noteholder:
	  	 as specified in the Note Register, which shall initially be

Credit Suisse AG, Cayman Islands Branch
 11 Madison Avenue

New York, New York 10010
 Attention: Brad Larson; Sandeep
Hoshing
 telephone number: (212) 325-9207; (212) 325-1819

fax number: (212) 743-5484

email: list.clo-war@credit-suisse.com

		
	 Portfolio Manager:
	  	 NewStar Capital LLC
 One Exeter Plaza

699 Boylston Street
 Boston, MA 02116

Attention: Scott D’Orsi
 telephone number: (857) 403-1254

fax number: (857) 362-1270
 email:
sd’orsi@newstarfin.com

		
	 Junior Noteholder:
	  	 NewStar Capital LLC
 One Exeter Plaza

699 Boylston Street
 Boston, MA 02116

Attention: Scott D’Orsi
 telephone number: (857) 403-1254

fax number: (857) 362-1270
 email: sd’orsi@newstarfin.com

 
 With a copy to:
  

NewStar Financial, Inc.
 500 Boylston Street, Suite 1250

Boston, MA 02116
 Attention: Brian Forde

telephone number: (617) 848-4373
 email:
bforde@newstarfin.com

  
 Schedule 1-1 

			
		
	 Issuer:
	  	 Arch Street CLO, Ltd.
 c/o MaplesFS
Limited
 P.O. Box 1093, Boundary Hall
 Cricket Square, Grand
Cayman, KY1-1102
 Cayman Islands
 Attention: The Directors

fax number: (345) 945-7099

		
	 Warehouse Collateral Administrator and Trustee:    
	  	 U.S. Bank National Association
 One Federal
Street, 3rd Floor
 Boston, MA 02110
 Attention: Corporate Trust
Services—Arch Street CLO, Ltd.
 fax number: (866) 350-3047

  
 Schedule 1-2 

 SCHEDULE 2 

JUNIOR NOTEHOLDERS 
  

					
	 Junior Noteholder
	  	Junior Note
Commitment Amount	 
	 NewStar Capital LLC
	  	$	25,000,000	  

  
 Schedule 2-1 

 SCHEDULE 3 

PRE-APPROVED COLLATERAL DEBT OBLIGATIONS 
  

											
	 Pre-approved List Issuer Name
	  	Facility	    	Par $	    	Spread	    	Maturity	    	Identifier

  
 Schedule 3-1 

 EXHIBIT A 

REPORTING 
 Content of Collateral Reports

 Each Collateral Report will include, to the extent such information is available: 

(a) “Daily Report”, determined as of the close of business on the preceding Business Day: 

(i) For each Collateral Debt Obligation: 
  

	 	•	 	LoanX ID; 

  

	 	•	 	CUSIP, if applicable; 

  

	 	•	 	Obligor country; 

  

	 	•	 	obligor name; 

  

	 	•	 	Asset name; 

  

	 	•	 	Asset type (including whether the Collateral Debt Obligation is a cov-lite loan (as determined by the Portfolio Manager)); 

 

	 	•	 	Spread; 

  

	 	•	 	Maturity Date; 

  

	 	•	 	Principal amount (par balance); 

  

	 	•	 	Purchase Price (expressed as a percentage of par); 

  

	 	•	 	Settlement date; 

  

	 	•	 	LIBOR setting; 

  

	 	•	 	LIBOR floor (as provided by the Portfolio Manager); 

  

	 	•	 	Accrued interest, amount of interest paid; 

  

	 	•	 	 

  

	 	•	 	The amount of any principal proceeds (including any sale proceeds or principal prepayments); 

  

	 	•	 	Date of any principal payment; 

  

	 	•	 	Moody’s corporate family rating; 

  

	 	•	 	Moody’s facility rating; 

  

	 	•	 	S&P rating; 

  

	 	•	 	S&P facility rating; 

  

	 	•	 	Moody’s industry category (as provided by the Portfolio Manager); 

  

	 	•	 	S&P industry classification (as provided by the Portfolio Manager); 

  

	 	•	 	Daily cash statements; 

  

	 	•	 	Market Value (as provided by the Portfolio Manager); 

  
 Exhibit A-1 

	 	•	 	Whether such Collateral Debt Obligation is a Defaulted Collateral Debt Obligation (as provided by the Portfolio Manager); 

  

	 	•	 	Whether such Collateral Debt Obligation is an Ineligible Collateral Debt Obligation (as provided by the Portfolio Manager); 

  

	 	•	 	The seller of such Collateral Debt Obligation to the Issuer (as provided by the Portfolio Manager); and 

  

	 	•	 	Whether or not the settlement date has occurred with respect to such Collateral Debt Obligation (as provided by the Portfolio Manager). 

(ii) For all Collateral Debt Obligations (collectively): 

 

	 	•	 	Weighted average purchase price (expressed as a percentage) multiplied by the aggregate principal amount; 

  

	 	•	 	List of all Re-Priced Collateral Debt Obligation owned by the Issuer on the date of determination that have re-priced since the Effective
Date indicating the date of re-pricing and the Re-Priced Collateral Debt Obligation Market Value (as provided by the Portfolio Manager); 

 

	 	•	 	List of Collateral Debt Obligations that have been repaid, prepaid, redeemed, sold or, as to which a binding commitment to sell has been entered into by, or on behalf of the Issuer and the amount of realized gains and
realized losses, together with the total amount realized gains and realized losses; and 

  

	 	•	 	Aggregate Market Value (as provided by the Portfolio Manager). 

 (iii) With
respect to the Senior Note, 
  

	 	•	 	Outstanding Senior Note Amount; 

  

	 	•	 	Senior Note Interest; and 

  

	 	•	 	LIBOR applicable on such day. 

 (b)
“Pre-Closing Date Report”: 
 (i) For each Collateral Debt
Obligation: 
  

	 	•	 	Diversity Score; 

  

	 	•	 	Moody’s Recovery Rate; 

  

	 	•	 	Weighted Average Moody’s Rating Factor; and 

  

	 	•	 	Weighted Average Spread. 

 (ii) The amount of Warehouse Interest 

(iii) Senior Note Interest 

  
 Exhibit A-2 

 (c) “Final Settlement Date Report”: 

Each Collateral Report will include the information required in the Daily Report and the
Pre-Closing Report. 
  

	II.	Wire instructions 

  

	    	[                                    
    ] 

			
	 ABA:
	  	[●]
	 Acct. Name:
	  	[●]
	 Acct.:
	  	[●]
	 FFC:
	  	[●]
	 Reference:
	  	[●]

  
 Exhibit A-3 

 EXHIBIT B 

FORM OF NOTICE OF BORROWING 

NOTICE OF BORROWING 
 [Date] 

Credit Suisse AG, Cayman Islands 
 Warehouse Collateral
Administrator 

[                          
      ] 
 We refer to the Note Purchase Agreement dated as of March 28, 2016 (the “Agreement”)
providing for a loan to Arch Street CLO, Ltd. (the “Issuer”). Capitalized terms defined in the Agreement and used but not defined herein have the meanings given to them in the Agreement. 

Pursuant to Section 2.2 of the Agreement, the Issuer hereby gives [the Senior Commitment Party]/[the Junior Noteholders] notice that the
Issuer requests to borrow under the Agreement an Aggregate Draw Down Amount equal to $            , comprised of a [Senior Note Required Draw Down Amount]/[Junior Note Required Draw Down
Amount] equal to $              
 No later than 12:00 p.m. (New York time) on
draw date specified below (the “Draw Date”), the proceeds of the borrowing are to be credited to the following account: 
  

	    	[                                    
    ] 

  

			
	 ABA:
	  	[●]
	 Acct. Name:
	  	[●]
	 Acct.:
	  	[●]
	 FFC:
	  	[●]
	 Reference:
	  	[●]

  

	    	Reference: Borrower Name, Type of Payment/Description 

  

	    	Draw Date:                                 

  

			
	[●], Ltd
		
	By:	 	 
		 	Name:
		 	Title:

  
 Exhibit B-1 

 Portfolio Manager Certification: 

The Portfolio Manager certifies that the conditions precedent set forth in Section 2.3 of the Agreement have been satisfied and that the
Conditions of Accumulation have been satisfied with respect to the purchased (but unsettled) Collateral Debt Obligations to which the proceeds of the borrowing will be applied. 

 

			
	[                            ]
		
	By:	 	 
		 	Name:
		 	Title:

  
 Exhibit B-2 

 EXHIBIT C 

FORM OF SENIOR NOTE 
 THIS NOTE
IS SUBJECT TO THE TERMS OF THE AGREEMENT REFERENCED HEREIN. THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THE ISSUER HAS NOT BEEN REGISTERED UNDER
THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “INVESTMENT COMPANY ACT”). THIS SECURITY AND INTERESTS HEREIN MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT (A)(1) TO A QUALIFIED PURCHASER (FOR
PURPOSES OF THE INVESTMENT COMPANY ACT) THAT THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT THAT IS NOT A BROKER-DEALER WHICH OWNS
AND INVESTS ON A DISCRETIONARY BASIS LESS THAN U.S.$25 MILLION IN SECURITIES OF ISSUERS THAT ARE NOT AFFILIATED PERSONS OF THE DEALER AND IS NOT A PLAN REFERRED TO IN PARAGRAPH (a)(1)(i)(D) OR (a)(1)(i)(E) OF RULE 144A OR A TRUST FUND REFERRED
TO IN PARAGRAPH (a)(1)(i)(F) OF RULE 144A THAT HOLDS THE ASSETS OF SUCH A PLAN, IF INVESTMENT DECISIONS WITH RESPECT TO THE PLAN ARE MADE BY THE BENEFICIARIES OF THE PLAN, PURCHASING FOR ITS OWN ACCOUNT OR THE ACCOUNT OF A QUALIFIED
INSTITUTIONAL BUYER, IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT, OR (2) TO A NON-U.S. PERSON IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF
REGULATION S UNDER THE SECURITIES ACT, IN EACH CASE SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE NOTE PURCHASE AGREEMENT REFERRED TO BELOW, AND IN EACH CASE WHICH MAY BE EFFECTED WITHOUT LOSS OF ANY APPLICABLE INVESTMENT
COMPANY ACT EXEMPTION, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. 

THIS NOTE MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH SECTION 2.1 OF THE AGREEMENT REFERENCED BELOW. ANY PURPORTED TRANSFER IN VIOLATION
OF THE REQUIREMENTS SET FORTH THEREIN SHALL BE NULL AND VOID AB INITIO. 
  

			
	[Senior Note Commitment Amount: $[            ]]	 	[DATE]
	Registration Number: S-[        ]	 	

 FOR VALUE RECEIVED, the undersigned promises to pay to the order of [insert registered own name] (the
“Senior Noteholder”) in lawful money of the United States of America and in immediately available funds the principal amount of [            ] Million United States Dollars
(U.S.$[ ]) or, if less, the Outstanding Senior Note Amount on the Final Settlement Date as required under the Note Purchase Agreement dated March 28, 2016 between by and among NewStar Capital LLC, in its capacity as the portfolio manager (the
“Portfolio Manager”); each 

  
 Exhibit C-1 

 
Junior Noteholder identified in the Note Register; Credit Suisse AG, Cayman Islands Branch, in its capacities as the Senior Commitment Party and the Senior Noteholder; Credit Suisse Securities
(USA) LLC (the “Arranger”); Arch Street CLO, Ltd. (the “Issuer”) and U.S. Bank National Association (the “Bank”), in its capacities as Warehouse Collateral Administrator and Trustee (as it may be
amended or modified from time to time, the “Agreement”). Capitalized terms not defined herein will have the meaning specified in the Agreement. 

The undersigned hereby promises to pay the Senior Noteholder all accrued Senior Note Interest in the amounts and on the dates and times set
forth in the Agreement. Although the stated amount hereof may be higher, this Note shall be enforceable, with respect to the undersigned’s obligation to pay the principal amount hereof, and interest hereon, only to the extent of the Outstanding
Senior Note Amount and the Senior Note Interest. Increases and decreases in the principal amount of this Note will be recorded in the Note Register and the books and records of the Warehouse Collateral Administrator. 

Notwithstanding anything to the contrary contained in this Note or the Agreement, the Issuer’s sole source of funds for payment of all
amounts due under this Note and the Agreement shall be the Warehouse Collateral, and, upon application of the proceeds of the Warehouse Collateral in accordance with the terms and under the circumstances described in the Agreement (including the
Priority of Payments), no recourse shall be had against the Issuer for any amounts still outstanding by the Issuer and all obligations of, and any claims against, the Issuer arising from this Note or the Agreement or any transactions contemplated
hereby shall be extinguished and shall not thereafter revive. 
 Notwithstanding anything to the contrary contained in this Note or the
Agreement, the Senior Noteholder may not, prior to the date that is one year (or, if longer, the then applicable preference period) plus one day after termination of the Agreement or, in the event that CLO Securities are issued in respect of the CLO
Transaction, the payment in full of all such CLO Securities institute against, or join any other individual or entity in instituting against the Issuer, any bankruptcy, reorganization, arrangement, winding-up,
insolvency, moratorium or liquidation proceedings, or other proceedings under Cayman Islands bankruptcy laws, United States federal or state bankruptcy laws, or any similar laws. 

No delay on the part of the Senior Noteholder in exercising any of its options, powers or rights, or partial or single exercise thereof, shall
constitute a waiver thereof. The options, powers and rights of the Senior Noteholder specified herein are in addition to those otherwise created. 

This Note is the Senior Note referred to in, and is entitled to, the benefits of the Agreement. 

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

  
 Exhibit C-2 

 
			
	ARCH STREET CLO, LTD.
		
	By:	 	 
		 	Name:
		 	Title:

  
 Exhibit C-3 

 ASSIGNMENT FORM 

For value received
                                         
                                         
   does hereby sell, assign and transfer unto
                                        

 Social security or other identifying number of assignee: 

Name and address, including zip code, of assignee: 

the within Note and does hereby irrevocably constitute and appoint
                                        
Attorney to transfer the Note on the books of the Issuer with full power of substitution in the premises. 
  

					
	Date:
                                    	 		 	Your Signature:
			
		 		 	 
		 		 	(Sign exactly as your name appears on the Note)

  
 Exhibit C-4 

 EXHIBIT D 

FORM OF JUNIOR NOTE 
 THIS NOTE
IS SUBJECT TO THE TERMS OF THE AGREEMENT REFERENCED HEREIN. THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THE ISSUER HAS NOT BEEN REGISTERED UNDER
THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “INVESTMENT COMPANY ACT”). THIS SECURITY AND INTERESTS HEREIN MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT (A)(1) TO A QUALIFIED PURCHASER (FOR
PURPOSES OF THE INVESTMENT COMPANY ACT) THAT THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT THAT IS NOT A BROKER-DEALER WHICH OWNS
AND INVESTS ON A DISCRETIONARY BASIS LESS THAN U.S.$25 MILLION IN SECURITIES OF ISSUERS THAT ARE NOT AFFILIATED PERSONS OF THE DEALER AND IS NOT A PLAN REFERRED TO IN PARAGRAPH (a)(1)(i)(D) OR (a)(1)(i)(E) OF RULE 144A OR A TRUST FUND REFERRED
TO IN PARAGRAPH (a)(1)(i)(F) OF RULE 144A THAT HOLDS THE ASSETS OF SUCH A PLAN, IF INVESTMENT DECISIONS WITH RESPECT TO THE PLAN ARE MADE BY THE BENEFICIARIES OF THE PLAN, PURCHASING FOR ITS OWN ACCOUNT OR THE ACCOUNT OF A QUALIFIED
INSTITUTIONAL BUYER, IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT, OR (2) TO A NON-U.S. PERSON IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF
REGULATION S UNDER THE SECURITIES ACT, IN EACH CASE SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE NOTE PURCHASE AGREEMENT REFERRED TO BELOW, AND IN EACH CASE WHICH MAY BE EFFECTED WITHOUT LOSS OF ANY APPLICABLE INVESTMENT
COMPANY ACT EXEMPTION, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. 

THIS NOTE MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH SECTION 2.1 OF THE AGREEMENT REFERENCED BELOW. ANY PURPORTED TRANSFER IN VIOLATION
OF THE REQUIREMENTS SET FORTH THEREIN SHALL BE NULL AND VOID AB INITIO. 
  

			
	[Junior Note Commitment Amount: $[                    ]]	 	[DATE]
	Registration Number: J-[        ]	 	

 FOR VALUE RECEIVED, the undersigned promises to pay to the order of
[            ] (the “Junior Noteholder”) in lawful money of the United States of America and in immediately available funds the principal amount of
[            ] Million United States Dollars (U.S.$[            ]) or, if less, the Outstanding Junior Note Amount on the Final
Settlement Date as required under the Note Purchase Agreement dated March 28, 2016 between by and among NewStar Capital LLC, in its capacity as the portfolio manager (the “Portfolio Manager”); each

  
 Exhibit D-1 

 
Junior Noteholder identified in the Note Register; Credit Suisse AG, Cayman Islands Branch, in its capacity as the Senior Commitment Party and the Senior Noteholder; Credit Suisse Securities
(USA) LLC (the “Arranger”); Arch Street CLO, Ltd. (the “Issuer”) and U.S. Bank National Association (the “Bank”), in its capacities as Warehouse Collateral Administrator and Trustee (as it may be
amended or modified from time to time, the “Agreement”). Capitalized terms not defined herein will have the meaning specified in the Agreement. 

The undersigned hereby promises to pay the Junior Noteholders interest in the amount (if any) equal to the Positive Carry due and payable on
the Junior Notes in accordance with (and to the extent amounts are available under) the Priority of Payments (which shall be reduced by Net Trading Losses if a Liquidation Event occurs). Although the stated amount hereof may be higher, this Note
shall be enforceable, with respect to the undersigned’s obligation to pay the principal amount hereof, and interest hereon, only to the extent of the Outstanding Junior Note Amount. Increases and decreases in the principal amount of this Note
will be recorded in the Note Register and the books and records of the Warehouse Collateral Administrator. 
 The Junior Noteholders agree
for the benefit of the Senior Noteholder that the rights of the Junior Notes in and to the Warehouse Collateral and of repayment of the Secured Obligations shall be subordinate and junior to the Senior Note to the extent and in the manner set forth
in the Agreement including, without limitation, as set forth in the Priority of Payments. 
 Notwithstanding anything to the contrary
contained in this Note or the Agreement, the Issuer’s sole source of funds for payment of all amounts due under this Note and the Agreement shall be the Warehouse Collateral, and, upon application of the proceeds of the Warehouse Collateral in
accordance with the terms and under the circumstances described in the Agreement (including the Priority of Payments), no recourse shall be had against the Issuer for any amounts still outstanding by the Issuer and all obligations of, and any claims
against, the Issuer arising from this Note or the Agreement, or any transactions contemplated hereby shall be extinguished and shall not thereafter revive. 

Notwithstanding anything to the contrary contained in this Note or the Agreement, no Junior Noteholders may, prior to the date that is one
year (or, if longer, the then applicable preference period) plus one day after termination of the Agreement or, in the event that CLO Securities are issued in respect of the CLO Transaction, the payment in full of all such CLO Securities institute
against, or join any other individual or entity in instituting against the Issuer, any bankruptcy, reorganization, arrangement, winding-up, insolvency, moratorium or liquidation proceedings, or other
proceedings under Cayman Islands bankruptcy laws, United States federal or state bankruptcy laws, or any similar laws. 
 No delay on the
part of the Junior Noteholders in exercising any of its options, powers or rights, or partial or single exercise thereof, shall constitute a waiver thereof. The options, powers and rights of the Junior Noteholders specified herein are in addition to
those otherwise created. 
 This Note is the Junior Note referred to in, and is entitled to, the benefits of the Agreement. 

  
 Exhibit D-2 

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

			
	ARCH STREET CLO, LTD.
		
	By:	 	 
		 	Name:
		 	Title: Director

  
 Exhibit D-3 

 EXHIBIT E 

TRANSFER CERTIFICATE 

Reference is hereby made to the Note Purchase Agreement dated March 28, 2016 by and among NewStar Capital LLC
(“NewStar”), in its capacity as the portfolio manager (the “Portfolio Manager”); each Junior Noteholder identified in the Note Register; Credit Suisse AG, Cayman Islands Branch (“CS”), Credit Suisse
Securities (USA) LLC (the “Arranger”); Arch Street CLO, Ltd. (the “Issuer”) and U.S. Bank National Association (the “Bank”), in its capacities as Warehouse Collateral Administrator and Trustee (as
it may be amended or modified from time to time, the “Note Purchase Agreement”). Capitalized terms not defined herein will have the meaning specified in the Note Purchase Agreement. 

The undersigned (the “Transferee”) wishes to purchase from the undersigned transferor (the “Transferor”)
U.S. $            in principal amount of [Senior][Junior] Notes (the “Notes”) to be registered in the name of
                                         
       . 
 In connection with such transfer, and in respect of such Notes, the Transferee does hereby
certify that such Notes are being transferred (i) pursuant to an exemption from registration under the Securities Act and (ii) in accordance with any applicable securities laws of any state of the United States or any other jurisdiction.
In addition, the Transferee hereby represents, warrants and covenants for the benefit of the Issuer, CS, NewStar, the Bank and their respective counsel that it has received a copy of the Note Purchase Agreement and understood its terms and that:

  

	 	(a)	it is (x) a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act) that is also a “qualified purchaser” for purposes of the Investment Company Act, and it is
acquiring the Notes for its own account or (y) in the case of the Junior Notes, a person that is not a “U.S. person” as defined in Regulation S under the Securities Act, and is acquiring the [Senior][Junior] Notes in an offshore
transaction (as defined in Regulation S) in reliance on the exemption from Securities Act registration provided by Regulation S; 

  

	 	(b)	[(A) it is not, and is not acting on behalf of, a Benefit Plan Investor and (B) if it is a governmental, church, non-U.S. plan or other plan, (x) it is not and, for so
long as it holds such Notes or interest therein will not be, subject to Similar Law and (y) its acquisition, holding and disposition of such Notes will not constitute or result in a non-exempt violation
of any Other Plan Law;]1 

  

	 	(c)	it understands that: (A) subject to the terms of the Note Purchase Agreement, proceeds from the issuance of the Notes will be invested in Collateral Debt Obligations; (B) if the Warehouse Collateral is
liquidated 

  
  

	1 	 Include in each Transfer Certificate in respect of a Junior Note. 

  
 Exhibit E-1 

	 	
pursuant to the Note Purchase Agreement, such liquidation may take place under market conditions that are not advantageous to the Issuer, and as a result of any such liquidation, the Noteholders
may suffer a loss, which loss could equal its entire investment in the applicable Notes; and (C) all payments to it are payable only in accordance with the Priority of Payments to the extent the Issuer has sufficient Available Funds;

  

	 	(d)	it has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of its investment in the Collateral Debt Obligations and is able to bear the economic risk of
such investment; 

  

	 	(e)	it understands that an investment in the Collateral Debt Obligations involves certain risks, including the risk that the CLO Transaction will not be completed and the risk of loss of all or a substantial part of its
investment; and it has had access to such financial and other information concerning the Issuer, the Portfolio Manager, the Collateral Debt Obligations and the credit markets as it deemed necessary or appropriate in order to make an informed
decision with respect to its entering into the Note Purchase Agreement; 

  

	 	(f)	it has made its own independent investigation in connection with its decision to purchase Notes and is not relying on any advice, counsel or representations (whether written or oral) of the Issuer, any Credit Suisse
Party, any Portfolio Manager Party or any other person in connection therewith; 

  

	 	(g)	it is not a member of the public in the Cayman Islands; 

  

	 	(h)	it is not purchasing the Notes with a view to the resale, distribution or other disposition thereof in violation of the Securities Act; 

 

	 	(i)	it understands that the Notes are not transferable except (i) in the case of the Junior Notes, only to a transferee that was a Junior Noteholder identified in the Note Register as of the Effective Date and
(ii) (x) to a transferee that makes all of the representations and warranties contained in a Transfer Certificate or (y) following receipt by the Issuer of an opinion of nationally recognized counsel acceptable to the Issuer to the
effect that, following such transfer, the Notes will continue to be exempt from the registration requirements of the Securities Act and that neither the Issuer nor the pool of assets owned by the Issuer will be required to register as an investment
company under the Investment Company Act; 

  

	 	(j)	none of the Issuer, NewStar or any Credit Suisse Party has given it any assurance, guarantee or representation whatsoever as to the expected or projected success, profitability, return, performance, result, effect,
consequence or benefit (including legal, regulatory, tax, financial, accounting or otherwise) of the Notes; 

  
 Exhibit E-2 

	 	(k)	it acknowledges that, other than as expressly set forth herein, it has no rights or recourse with respect to the Collateral Debt Obligations or against any Credit Suisse Party, NewStar or the Issuer; 

 

	 	(l)	sales of Collateral Debt Obligations may result in Trading Losses that may reduce the amount payable on the Notes under the Priority of Payments; 

 

	 	(m)	none of the Credit Suisse Parties or NewStar has a fiduciary, advisory or agency relationship with it or its affiliates in respect of any of the transactions contemplated by the Note Purchase Agreement, irrespective of
whether any Credit Suisse Party or NewStar has advised or is advising it (or its affiliates) on other matters and it waives, to the fullest extent permitted by law, any claims it may have against the Credit Suisse Parties or NewStar for breach of
fiduciary duty or alleged breach of fiduciary duty in respect of any of the transactions contemplated by the Note Purchase Agreement and agrees that the Credit Suisse Parties and NewStar will have no liability (whether direct or indirect) to it (or
its affiliates) in respect of any such fiduciary duty claim or to any person asserting a fiduciary duty claim on behalf of or in right of it (or its affiliates), including directors, partners, equity holders, employees or creditors of it (or its
affiliates); 

  

	 	(n)	it has been advised that the Credit Suisse Parties and NewStar each are engaged in a broad range of transactions which may involve interests that differ from those it (or its affiliates) and agrees that none of the
Credit Suisse Parties or NewStar have any obligation to disclose such interests and transactions to it (or its affiliates) by virtue of any fiduciary, advisory or agency relationship or otherwise; 

 

	 	(o)	the Senior Commitment Party may, in its sole discretion, decline to purchase or finance any Collateral Debt Obligations selected by the Portfolio Manager, and will be free, in its sole discretion, to follow or decline
to follow any recommendations made by the Portfolio Manager or any other entity with respect to the Collateral Debt Obligations; 

  

	 	(p)	the Credit Suisse Parties are full service securities firms engaged in securities trading and brokerage activities, as well as the provision of investment banking and structuring services. In the ordinary course of
their business, the Credit Suisse Parties may from time to time effect transactions for their own accounts or for the accounts of customers, and underwrite, act as placement agent for or hold positions in, securities or options on securities of the
Portfolio Manager, its affiliates and obligors of the Collateral Debt Obligations, may act as selling institution with respect to participations that are Collateral Debt Obligations and may sell certain Collateral Debt Obligations to the Issuer;

  
 Exhibit E-3 

	 	(q)	none of the directors, officers, incorporators, shareholders, partners, agents or employees of the Issuer shall be personally liable for any of the obligations of the Issuer under the Note Purchase Agreement.
Notwithstanding anything to the contrary contained herein or therein, the Issuer’s sole source of funds for payment of all amounts due hereunder from time to time and at any time shall be the Warehouse Collateral, and, following application of
the proceeds of the Warehouse Collateral in accordance with the terms and under the circumstances described in the Note Purchase Agreement (including the Priority of Payments), no recourse shall be had against the Issuer for any amounts still
outstanding by the Issuer and all obligations of, and any claims against, the Issuer arising from this Agreement or any transactions contemplated hereby shall be extinguished and shall not thereafter revive; 

 

	 	(r)	it may not, prior to the date that is one year (or, if longer, the then applicable preference period) plus one day after termination of the Note Purchase Agreement or, in the event that CLO Securities are issued in
respect of the CLO Transaction, the payment in full of all such CLO Securities institute against, or join any other individual or entity in instituting against the Issuer, any bankruptcy, reorganization, arrangement,
winding-up, insolvency, moratorium or liquidation proceedings, or other proceedings under Cayman Islands bankruptcy laws, United States federal or state bankruptcy laws, or any similar laws; 

 

	 	(s)	the provisions of clauses (p), (q) and (r) above are a material inducement for the Senior Commitment Party and the Arranger to enter into the Note Purchase Agreement and the transactions contemplated
hereby and are an essential term thereof. Either the Senior Commitment Party or the Arranger may seek and obtain specific performance of such provisions (including injunctive relief), including, without limitation, in any bankruptcy, reorganization,
arrangement, winding-up, insolvency, moratorium or liquidation proceedings, or other proceedings under Cayman Islands bankruptcy laws, United States federal or state bankruptcy laws, or any similar laws; and

  

	 	(t)	it will provide notice of the restrictions on transfer of the Notes set forth in the Note Purchase Agreement. 

IN WITNESS WHEREOF, the undersigned Transferee has executed this Transfer Certificate on the date set forth below. 

  
 Exhibit E-4 

 Dated: 
  

			
	 
	(Print Name of Entity)
		
	By:	 	 
		 	Title:

			
		
	Transferee’s Registered Name:	 	 

			
		
	Transferee’s Permanent Address:	 	 

			
		
	Address for notices:	 	 

  

											
		 	Telephone:	 	 	  		  	
		 	Facsimile:	 	 	  		  	
		 	Attention:	 	 	  		  	
			
	 Transferee’s Taxpayer Identification Number

or Social Security Number:
                                         
               
	  		  	
						
	 Wire transfer information:
	 	Bank:	 	 	 	 	  		  	
		 	 Address:
 Bank ABA#:

Account #:
 FAO:

Attention:
	  		  	

  

			
	Acknowledged and agreed by the undersigned Transferor:
	
	 
	(Print Name of Entity)

			
		
	By:	 	
		 	Name:
		 	Title:

  

  
 Exhibit E-5 

 ANNEX I 

ELIGIBILITY CRITERIA 
 A
Collateral Debt Obligation will be eligible for purchase by the Portfolio Manager on behalf of the Issuer if, at the time it is purchased, it: 

(i) is U.S. Dollar denominated and is a senior secured loan, a second lien loan or a DIP Collateral Obligation; 

(ii) is not a Defaulted Collateral Debt Obligation; 

(iii) is not a lease; 
 (iv) is
not a structured finance obligation, pre-funded letter of credit or a synthetic security; 
 (v) provides for a fixed amount of principal
payable on scheduled payment dates and/or at maturity and does not by its terms provide for earlier amortization or prepayment at a price of less than par; 

(vi) does not constitute “margin stock” (as defined under Regulation U issued by the Board of Governors of the United States Federal
Reserve System); 
 (vii) has only payments that do not and will not subject the Issuer to withholding tax or other similar tax (other than
taxes imposed with respect to commitment fees, consent fees, letter of credit fees, or similar fees) unless the related obligor is required to make “gross-up” payments that ensure that the net amount
actually received by the Issuer (after payment of all taxes, whether imposed on such obligor or the Issuer) will equal the full amount that the Issuer would have received had no such taxes been imposed; 

(viii) as of the relevant Trade Date, has an S&P Rating and a Moody’s Rating or is expected to achieve a rating higher than or equal
to “B-/B3” and is not on watch for downgrade; 
 (ix) is not a debt obligation whose
repayment is subject to substantial non-credit related risk, as determined by the Portfolio Manager; provided that with respect to any Collateral Debt Obligation that is committed to be purchased on or
after the pricing date, such Collateral Debt Obligation as of the relevant Trade Date has an S&P Rating and a Moody’s Rating higher than or equal to “CCC/Caa2”; 

(x) is not an obligation pursuant to which any future advances or payments to the borrower or the obligor thereof may be required to be made by
the Issuer; 
 (xi) does not have an “f,” “r,” “p,” “pi,” “q,” “sf” or
“t” subscript assigned by S&P or an “sf” subscript assigned by Moody’s; 

  
 Annex I-1 

 (xii) will not require the Issuer or the pool of collateral to be registered as an investment
company under the Investment Company Act; 
 (xiii) is not a debt obligation that pays scheduled interest less frequently than semi-annually; 
 (xiv) is not subject to a tender offer, voluntary redemption, exchange offer, conversion
or other similar action for a price less than its par amount plus all accrued and unpaid interest; 
 (xv) is not issued pursuant to an
underlying instrument governing the issuance of indebtedness having an aggregate principal amount (whether drawn or undrawn) of less than U.S.$ 125,000,000; 

(xvi) does not mature later than December 31, 2023 except as otherwise agreed by the Senior Commitment Party; 

(xvii) is capable of being sold legally and beneficially or assigned to or participated in by the Issuer and any charge to be granted by the
Issuer in respect of the Collateral Debt Obligation will be legal, valid and binding and will not conflict with any documentation with respect to the Collateral Debt Obligation; and 

(xviii) in the case of a “registration required obligation” (as defined in Section 163(f)(2) of the Code), is issued in
registered form for U.S. federal income tax purposes. 

  
 Annex I-2 

 ANNEX II 

TAX OPERATING GUIDELINES 
 The Issuer (and the
Portfolio Manager and the Independent Investment Professional (as defined below) acting on behalf of the Issuer) and any other person acting on behalf or at the direction of the Issuer, and any affiliate of the Issuer, will comply with all of the
provisions set forth in this Annex II (the “Tax Operating Guidelines”) unless, with respect to a particular transaction, the Portfolio Manager shall have received written advice of Paul Hastings LLP or Seward &
Kissel LLP or an opinion of other counsel of nationally recognized standing in the United States experienced in such matters that, under the relevant facts and circumstances with respect to such transaction, the Portfolio Manager’s failure to
comply with one or more of such provisions will not cause the Issuer to be treated as engaged in a trade or business within the United States for United States federal income tax purposes, or otherwise to be subject to United States federal income
tax on a net basis. 
 The Issuer shall acquire, hold, lend and dispose of Collateral Debt Obligations only for its own account, and shall acquire and hold
its Collateral Debt Obligations solely for investment with the expectation and intention of realizing a profit from income earned on the Collateral Debt Obligations and/or any increase in their value during the interval of time between acquisition
and disposition thereof. 
 Notwithstanding any other provision of these Tax Operating Guidelines, the Issuer shall not (each of the following, a
“Prohibited Activity”): 
 (i) act as, hold itself out as, or engage in any activities customarily undertaken by, an agent,
arranger, or structuring agent with respect to, or negotiate the terms of, any Collateral Debt Obligation or otherwise; provided that, notwithstanding the foregoing, after the date on which the Issuer has acquired a Collateral Debt
Obligation, the Issuer may exercise any voting or other rights available to a holder of a Collateral Debt Obligation under the terms of the Collateral Debt Obligation, and may accept or reject any amendment or modification of the terms of that
Collateral Debt Obligation if (w) the amendment or modification was proposed by the obligor under that Collateral Debt Obligation and does not require or provide for any advance of additional funds, the Collateral Debt Obligation is not an
Affiliate Collateral Debt Obligation (as defined below), neither the Issuer nor the Portfolio Manager, nor any affiliate of either, has participated directly or indirectly in the negotiation of the amendment or modification, and the Issuer is not
the largest holder of the Collateral Debt Obligation, or (x) the modification would not constitute a Significant Modification (for purposes of this clause, “Significant Modification” means any amendment, supplement or
modification that involves (1) a change in interest rate or yield of the Collateral Debt Obligation, (2) a change in the stated maturity or the timing of any material payment on the Collateral Debt Obligation (including deferral of an
interest payment), (3) a change in the obligor of the Collateral Debt Obligation, (4) a change in the principal amount, ranking compared with other liabilities, exchange or conversion rights, conditions to advancing additional funds,
collateral and status as a recourse or nonrecourse obligation or (5) a change in the collateral or security for the Collateral Debt Obligation, including the addition or 

  
 Annex II-1 

 
deletion of a co-obligor or guarantor, all within the meaning of U.S. Treasury Regulation Section 1.1001-3), or (y) in the reasonable judgment of the Portfolio Manager, the obligor is
in financial distress, the obligor was not in financial distress on the date on which the Issuer acquired such Collateral Debt Obligation and such change in terms is desirable to protect the Issuer’s investment, or (z) the Issuer has
received advice of Paul Hastings LLP or Seward & Kissel LLP or an opinion of other counsel of nationally recognized standing in the United States experienced in such matters that the Issuer’s involvement in such amendment, supplement
or modification of the terms of that Collateral Debt Obligation will not cause the Issuer to be treated as engaged in a trade or business in the United States for United States federal income tax purposes; 

(ii) act as, hold itself out as, represent to others that it is, or engage in any activities customarily undertaken by, a dealer, middleman,
market maker, retailer or wholesaler in any Collateral Debt Obligations, reference obligations or hedging or derivative instruments, or hold as inventory for purposes of resale to customers, any Collateral Debt Obligations owned by the Issuer; 

(iii) perform services, or hold itself out as willing to perform services, for any person, or have or seek customers; 

(iv) register as a broker-dealer under the laws of any country or political subdivision thereof, or register as, or become subject to
regulatory supervision or other legal requirements under the laws of any country or political subdivision thereof as, a bank, insurance company, loan originator, finance company or other institution engaged in a similar loan origination or insurance
business; 
 (v) take any action causing it to be treated as a bank, insurance company, loan originator, finance company or other institution
engaged in a similar loan origination or insurance business for purposes of any tax, securities law or other filing or submission made to any governmental authority, any application made to a rating agency, or qualification for any exemption from
tax, securities law or any other legal requirements; 
 (vi) hold itself out to the public as a bank, insurance company, loan originator,
finance company or other institution engaged in a similar loan origination or insurance business, or hold itself out to the public, through advertising or otherwise, as originating loans or making a market in loans or other assets; 

(vii) establish a branch, agency or other place of business within the United States; provided that entering into this Agreement and the
appointment of the Portfolio Manager as described herein shall not be construed as a violation of this clause (vii); 
 (viii) make any tax
election which would cause it to be subject to United States federal, state or local income or franchise tax; 
 (ix) buy any security in
order to earn a dealer spread or dealer mark-up over its cost or purchase any obligation primarily for the purpose of entering into a securities lending agreement with respect thereto; 

  
 -2- 

 (x) buy any security with an expectation or intention of restructuring or entering into a workout
of such security; 
 (xi) disclose the identity of any holder of a Note to any person from whom it purchases Collateral Debt Obligations or
attempt to obtain more favorable terms from any seller as a result of the identity of any holder of a Note; or 
 (xii) allow any non-U.S
bank or lending institution who is a holder of a Note to control or direct the Portfolio Manager’s or Issuer’s decision to invest in a particular asset except as otherwise allowed to such a holder, acting in that capacity, under the
Agreement, or acquire a Collateral Debt Obligation conditioned upon a particular person or entity holding securities. 
 For purposes of this Annex
II, “dealer” means: (a) a merchant of securities with an established place of business who in the ordinary course of business is engaged as a merchant in purchasing securities and selling them to customers with a view to
the gains and profits that may be derived therefrom, and (b) a person that regularly offers to enter into, assume, offset, assign or otherwise terminate positions in derivatives with customers in the ordinary course of a trade or business,
including regularly holding itself out, in the ordinary course of its trade or business, as being willing and able to enter into either side of a derivative transaction. 

Requirements With Respect to Collateral Debt Obligations. 

The Issuer may acquire Collateral Debt Obligations only by assignment or participation, and may not execute any credit agreement whereby Collateral Debt
Obligations are issued. The Issuer shall not acquire any Collateral Debt Obligation, or enter into any understanding, arrangement, forward sale agreement or commitment with any person to acquire any Collateral Debt Obligation (a
“Commitment”), in each case (i) prior to 48 hours after the completion of the issuance and funding of such Collateral Debt Obligation, other than as otherwise permitted under “Forward Purchase Commitments” below, or
(ii) if the Issuer would own more than 50 percent of the loan, obligation, issue, class or tranche that includes the Collateral Debt Obligation or, if the loan, obligation, issue, class or tranche that includes that Collateral Debt Obligation
is part of a larger credit facility, more than 25 percent of that entire credit facility. In the case of any Collateral Debt Obligation that is amended or modified in a manner that constitutes a Significant Modification after issuance and funding of
such Collateral Debt Obligation and before acquisition by the Issuer of such Collateral Debt Obligation, any seasoning requirement set forth herein shall be computed and applied with respect to the date of such Significant Modification. 

The Issuer shall not have any contractual relationship with the borrower or issuer with respect to a Collateral Debt Obligation until the Issuer actually
closes the acquisition of that Collateral Debt Obligation. On the funding date of the Collateral Debt Obligation, the documents relating to the Collateral Debt Obligation shall not list the Issuer as a lender or otherwise as a party to any document
relating to the issuance of the Collateral Debt Obligation. The Issuer shall not be a signatory on any lending agreement or any other document relating to the issuance of the Collateral Debt Obligation. 

The Issuer shall not have any communications or negotiations with the borrower or issuer of any Collateral Debt Obligation (directly or indirectly through the
seller of such Collateral Debt 

  
 -3- 

 
Obligation, the agent, negotiator, originator or structuror thereof, or any other person) prior to the completion of the issuance and funding thereof, in connection with the issuance or funding
of such Collateral Debt Obligation or commitments with respect thereto, or the Issuer’s acquisition of such Collateral Debt Obligation or the Issuer’s Commitment with respect thereto, in each case, except as otherwise permitted under
“Forward Purchase Commitments” below. For the avoidance of doubt, (i) the Issuer, or the Portfolio Manager or the Independent Investment Professional acting on its behalf, may, however, undertake customary due diligence communications
with an issuer or obligor of any Collateral Debt Obligation that would be reasonably necessary in order for an investor or trader to make a reasonably informed decision to acquire any such Collateral Debt Obligation for its own account, and
(ii) nothing contained herein shall prohibit expressions of interest or providing comments as to mistakes or inconsistencies in documents relating to any Collateral Debt Obligation by the Issuer, or by the Portfolio Manager or the Independent
Investment Professional acting on its behalf. 
 The Issuer shall not be entitled to earn or receive from any person any premium, fee, commission or
other compensation for services, whether or not denominated as received for services, in connection with acquiring or disposing of a Collateral Debt Obligation, or entering into a commitment to acquire or dispose of a Collateral Debt Obligation,
including without limitation, in each case, any amount that is attributable or otherwise determined by reference to the amount of any origination, underwriting or similar profit or related or similar fees for services earned by an underwriter,
placement agent, lender, arranger, agent or other similar person in connection with the issuance or funding of a Collateral Debt Obligation. In furtherance and not in limitation of the immediately preceding sentence, the Issuer shall not be entitled
to earn or receive directly from any person any separately stated premium, fee or commission that is compensation for services or that is based upon or otherwise determined by reference to the amount of any such services. For the avoidance of doubt,
the foregoing prohibition against earning or receiving fees and similar amounts shall not apply to (i) any compensation paid other than for a Prohibited Activity pursuant to the terms of any Collateral Debt Obligation (e.g., a prepayment
fee or commitment fee), (ii) any amendment or waiver fee, or (iii) any discount in the price paid by the Issuer for a Collateral Debt Obligation from the price paid by the seller of the Collateral Debt Obligation where such discount is
attributable to the time value of money, credit quality of the related borrower, market conditions, or terms and conditions of the Collateral Debt Obligation. 

Additional Requirements With Respect to Affiliate Collateral Debt Obligations and Transfers to affiliates. 

Except as provided below, the Portfolio Manager shall not cause the Issuer to purchase any Collateral Debt Obligation of any borrower or issuer with respect to
which the Issuer, Portfolio Manager or any of their affiliates: 
 (i) acted as an underwriter, financial advisory, placement or other
agent, arranger, negotiator or structuror in connection with the issuance or origination of such Collateral Debt Obligation, 
 (ii) was an
agent, negotiator, structuring agent, bridge loan provider (where a bridge loan is repaid by any Collateral Debt Obligation) or member of the original lending syndicate with respect to such Collateral Debt Obligation, or 

  
 -4- 

 (iii) earned or received any compensation relating to the origination of such Collateral Debt
Obligation (each such Collateral Debt Obligation, an “Affiliate Collateral Debt Obligation”). 
 The Portfolio Manager on
behalf of the Issuer shall be permitted to cause the Issuer to purchase Affiliate Collateral Debt Obligations, provided that the following conditions are met: 

(I) the Independent Investment Professional shall have approved the purchase by the Issuer of such Affiliate Collateral Debt Obligation after a review of the
terms and conditions thereof and a determination that such transaction shall be effected on an arm’s length basis and that the purchase price represents fair market value (x) by reference to dealer quotes or the price paid by an unrelated
secondary buyer in a material contemporaneous sale on substantially the same terms, or (y) to the extent there is no independent sale or the price paid in such sale is not readily ascertainable, by reference to the fair market value price at
which an unrelated independent secondary market acquirer would acquire such Affiliate Collateral Debt Obligation in an arm’s length transaction; 
 (II)
the Portfolio Manager or its affiliate, as the case may be, originated the Collateral Debt Obligation in the ordinary course of its business and not in contemplation of its acquisition by the Issuer; 

(III) at least 30 days shall have passed since the issuance and funding of such Affiliate Collateral Debt Obligation and the holder of the Collateral Debt
Obligation did not identify the obligation or security as intended for sale to the Issuer within 30 days of its issuance; and 
 (IV) the Issuer may not
purchase any Affiliate Collateral Debt Obligation having a greater principal amount than the principal amount of such Affiliate Collateral Debt Obligation held following such purchase by the Portfolio Manager and its affiliates (excluding the
Issuer). 
 Maintenance of Separate and Independent Status. 

At the written request of the Portfolio Manager, the Issuer may establish a conflicts review board or appoint an independent third party to act on behalf of
the Issuer (such board or party, an “Independent Investment Professional”) with respect to transactions involving any Affiliate Collateral Debt Obligation. Any Independent Investment Professional (i) shall either (A) be an
established financial institution or other financial company with experience in assessing the merits of transactions similar to the transactions involving any Affiliate Collateral Debt Obligation or (B) be a review board comprised of one or
more individuals selected by the Issuer (or at the request of the Issuer, selected by the Portfolio Manager), (ii) shall be required to assess the merits of the transaction involving any Affiliate Collateral Debt Obligation and either grant or
withhold consent to such transaction in its sole judgment and (iii) shall not be (A) affiliated with the Portfolio Manager (other than as a holder or as a passive investor in the Issuer or an affiliate of the Issuer) or (B) involved
in the daily management and control of the Issuer. 
 Neither the Independent Investment Professional nor any of the employees or personnel performing
duties of the Portfolio Manager on behalf of the Issuer relating to the purchase of Affiliate Collateral Debt Obligations shall be directly or indirectly involved in any origination or 

  
 -5- 

 
underwriting activities with respect to any Collateral Debt Obligation, or have access to any files, records, or other information that is not available to independent unrelated secondary market
acquirers concerning the origination or underwriting of any such Collateral Debt Obligation. In addition, neither the Independent Investment Professional nor any of the employees or personnel performing duties of the Portfolio Manager on behalf of
the Issuer relating to the purchase of Affiliate Collateral Debt Obligations shall be a party to any discussions or meetings relating to origination or underwriting activities with respect to any Affiliate Collateral Debt Obligation. No employee or
personnel of the Portfolio Manager who is involved in any origination or underwriting activities with respect to any Affiliate Collateral Debt Obligation shall have any direct or indirect influence over the decision making process of the Issuer or
the Independent Investment Professional with respect to the acquisition or disposition of any Affiliate Collateral Debt Obligation on behalf of the Issuer, but no such employee or personnel shall be prohibited from making recommendations to the
Independent Investment Professional. However, in all cases the decision whether to invest in an Affiliate Collateral Debt Obligation or to sell a Collateral Debt Obligation to the Portfolio Manager or one of its affiliates shall be an independent
decision by the Independent Investment Professional. 
 Revolving Collateral Debt Obligation, Delayed Drawdown Collateral Debt Obligation and Letter of
Credit Facilities. 
 Neither the Issuer nor the Portfolio Manager acting on the Issuer’s behalf shall acquire an interest (including by means of
participation) in a revolving Collateral Debt Obligation or a delayed drawdown Collateral Debt Obligation. 
 Neither the Issuer nor the Portfolio Manager
acting on the Issuer’s behalf shall acquire an interest (including by means of participation) in a letter of credit facility unless: 

(a) such letter of credit facility is not a pre-funded letter of credit; or 

(b)    (I) such letter of credit facility is associated with a term loan to such borrower which has been
fully funded; 
 (II) all terms of such letter of credit facility were fully negotiated and final no later than the time at
which the terms of the related loan were fully negotiated and final; 
 (III) the Issuer, or the Portfolio Manager acting on
behalf of the Issuer, holds the same proportionate interest in such letter of credit facility as the proportionate interest it holds in the term loan(s) associated with such letter of credit facility; and 

(IV) the percentage of the letter of credit held by the Issuer must be less than 50% and the Issuer will only continue to
hold such letter of credit to the extent it continues to hold the requisite proportion of the related term loans. 

  
 -6- 

 Forward Purchase Commitments. 

The Issuer shall not have nor make any Commitment to acquire a Collateral Debt Obligation from a seller before completion of the closing, full funding and
seasoning of the Collateral Debt Obligation, except as permitted in the following provisions. 
 If a Commitment is made to acquire a Collateral Debt
Obligation, other than an Affiliate Collateral Debt Obligation, from a seller before completion of the closing and full funding of the Collateral Debt Obligation by such seller (the “Original Lender”), such commitment shall only be
made pursuant to a forward sale agreement at an agreed price (a “Forward Purchase Commitment”). Any Forward Purchase Commitment with any Original Lender in respect of a Collateral Debt Obligation may only be made after such Original
Lender has delivered its own commitment to acquire its own interest in that Collateral Debt Obligation and after all material terms of the Collateral Debt Obligation have been agreed to. 

In the process of making or negotiating to make a Forward Purchase Commitment, the Issuer shall not negotiate with respect to any term of the Collateral Debt
Obligation to which the Forward Purchase Commitment relates. The Issuer is not prevented from negotiating the terms of the Forward Purchase Commitment, including the price at which the Issuer shall acquire the Collateral Debt Obligation to which the
Forward Purchase Commitment relates. 
 If the Issuer enters into a Forward Purchase Commitment to acquire a Collateral Debt Obligation, the Issuer’s
obligation under the Forward Purchase Commitment shall be conditioned on there being, as of the time the Issuer is to acquire the Collateral Debt Obligation, no material adverse change in the condition of the borrower or issuer, the Collateral Debt
Obligation or the financial markets, and in all other respects, the Forward Purchase Commitment may only be conditional to the extent the related counterparty’s own commitment in the origination process and funding of the Collateral Debt
Obligation is delayed, reduced or eliminated; provided that, notwithstanding the foregoing, a Forward Purchase Commitment shall not be required to be conditioned on the absence of a material adverse change if (y) the Issuer enters into
the Forward Purchase Commitment no sooner than 48 hours after the Original Lender has delivered its own commitment with respect to the related Collateral Debt Obligation and after all material terms of the Collateral Debt Obligation have been agreed
to, and (z) the Issuer’s Commitment is documented in a form for secondary market purchases that is substantially similar to that used for commitments given by all other persons who will acquire an interest in the Collateral Debt Obligation
from the Original Lender (including as to the absence of a material adverse change condition). In the event of any delayed, reduced or eliminated funding, the Issuer shall not receive any premium, fee, or other compensation in connection with having
entered into the Forward Purchase Commitment, other than commitment fees or fees in the nature of commitment fees that are customarily paid in connection with such delays, reductions or eliminations of funding of Collateral Debt Obligations of the
type permitted to be purchased by the Issuer. 
 The Issuer shall not have any contractual relationship with the borrower or issuer with respect to a
Collateral Debt Obligation that will be subject to a Forward Purchase Commitment until the Issuer actually closes the acquisition of that Collateral Debt Obligation. On the funding date of the Collateral Debt Obligation, the documents relating to
the Collateral Debt Obligation shall not list the Issuer as a lender or otherwise as a party to any document relating to the issuance of the Collateral Debt Obligation. The Issuer shall not be a signatory on any lending agreement or any other
document relating to the issuance of the Collateral Debt Obligation. 

  
 -7- 

 The Issuer shall not close any purchase of a Collateral Debt Obligation subject to a Forward Purchase Commitment
earlier than 48 hours after the time of the closing and full funding of the Collateral Debt Obligation. 
 The Issuer shall not enter into any Forward
Purchase Commitment in respect of any Affiliate Collateral Debt Obligation. The Issuer, or the Independent Investment Professional acting on its behalf, may, however, undertake customary due diligence communications with an issuer or obligor of an
Affiliate Collateral Debt Obligation or any other Collateral Debt Obligation that would be reasonably necessary in order for an investor or trader to make a reasonably informed decision to acquire any such Collateral Debt Obligation for its own
account. 
 For the avoidance of doubt, except as provided above with respect to Forward Purchase Commitments, the Issuer may enter into a Commitment with
respect to a Collateral Debt Obligation only when the Collateral Debt Obligation is funded and at least 48 hours have thereafter elapsed. 

Participation in Primary Offerings of Debt Securities. 

The Issuer and the Portfolio Manager acting on behalf of the Issuer will not enter into any Commitment to purchase a debt security (other than a Collateral
Debt Obligation, which must instead satisfy the procedures described elsewhere in this Annex II) from any Person before completion of the legal closing and initial offering of such debt security, unless the further requirements set forth in
the following clauses (i), (ii) or (iii) are satisfied: 
 (i) the obligation or security was issued pursuant to an effective
registration statement under the Securities Act in a firm commitment underwriting for which neither the Portfolio Manager nor an affiliate served as underwriter; 

(ii) the obligation or security was not purchased by the Issuer (a) directly or indirectly from its borrower or issuer or from the
Portfolio Manager, (b) from any Person pursuant to a Commitment made before the issuance of the obligation or security or (c) from an affiliate of the Portfolio Manager or any account or fund managed or controlled by the Portfolio Manager
or any affiliate unless such affiliate, account or fund (1) regularly acquires securities of the same type for its own account, (2) could have held the obligation or security for its own account consistent with its investment policies,
(3) did not identify the obligation or security as intended for sale to the Issuer within 90 days of its issuance, (4) held the obligation or security for at least 90 days and (5) did not originate the obligation or security in
contemplation of its acquisition by the Issuer; or 
 (iii) the obligation or security is a privately placed obligation, or a security
eligible for resale under Rule 144A under the Securities Act or Regulation S under the Securities Act, in each case, or issued pursuant to an effective registration statement in a “best efforts” underwriting under the Securities Act and

  
 -8- 

 (a) the obligation or security was originally issued pursuant to an offering
memorandum, private placement memorandum or similar offering document; 
 (b) the Issuer, the Portfolio Manager and its
affiliates, and accounts and funds managed or controlled by the Portfolio Manager or any affiliate, either (1) did not at original issuance acquire 50 percent or more of the aggregate principal amount of such obligations or securities or 50
percent or more of the aggregate principal amount of any other class of obligations or securities offered by the borrower or issuer of the obligation or security in the offering and any related offering or (2) did not at original issuance
acquire 5 percent or more of the aggregate principal amount of all classes of obligations or securities offered by the borrower or issuer of the obligation or security in the offering and any related offering; and 

(c) the Issuer, the Portfolio Manager and any affiliate did not participate directly or indirectly in negotiating or
structuring the terms of the obligation or security, except for the purposes of (1) commenting on offering documents to an unrelated underwriter or placement agent where the ability to comment on such documents was generally available to
investors and any comments relating to the material commercial terms of the obligation or security addressed only errors or ambiguities in those terms or (2) due diligence of the kind customarily performed by investors in securities consisting
of examining the credit quality of the borrower or issuer, and analyzing the collateral quality, structure and credit enhancement with respect to an obligation or security. 

Equity Restrictions. 
 The Issuer shall not acquire
(whether as part of a “unit” with a Collateral Debt Obligation, in exchange for a Collateral Debt Obligation, or otherwise) any asset that is treated for United States federal income tax purposes as: 

(i) an equity interest in a partnership, a grantor trust or a disregarded entity (unless all of the assets of such trust or disregarded entity
would otherwise qualify either as Collateral Debt Obligations hereunder or as equity interests in entities taxable as corporations for United States federal income tax purposes and any trust is a grantor trust for U.S. federal income tax purposes);

 (ii) a residual interest in a “REMIC” (as such term is defined in the Code); 

(iii) an ownership interest in a “FASIT” (as such term is defined in the Code); or 

(iv) any asset that constitutes a “United States real property interest” (“USRPI”), including certain interests in a
“United States real property holding corporation” (“USRPHC”) (as such terms are defined in the Code). 

  
 -9- 

 Synthetic Securities. 

The Issuer shall not acquire or enter into any swap transaction or security, other than a participation interest in a loan, which swap transaction or security
provides for payments associated with either (i) payments of interest and/or principal on a reference obligation or (ii) the credit performance of a reference obligation. 

  
 -10- 

 ANNEX III 

MOODY’S RATING SCHEDULE 

“Assigned Moody’s Rating”: The monitored publicly available rating or the monitored estimated rating expressly assigned
to a debt obligation (or facility) by Moody’s that addresses the full amount of the principal and interest promised; provided that so long as the Issuer applies for an estimated rating in a timely manner and provides the information
required to obtain such estimate, pending receipt, such debt obligation (or facility) will have a Moody’s Rating of “B3” for purposes of this definition if the Portfolio Manager certifies to the Warehouse Collateral Administrator that
the Portfolio Manager believes that such monitored estimated rating will be at least “B3.” 
 “Corporate Family
Rating”: Moody’s corporate family rating, the successor equivalent rating thereto (or the monitored estimated rating expressly assigned to an obligor by Moody’s) or, if a corporate family rating has not yet been assigned, the
senior implied rating; provided that pending receipt from Moody’s of any such estimate, the Corporate Family Rating will be “B3” so long as the Portfolio Manager has certified to the Warehouse Collateral Administrator in
writing that application for such estimate is pending and such estimate is expected to be at least “B3”; provided, further, that the aggregate principal balance of Collateral Debt Obligations having a Moody’s Rating by
reason of the preceding proviso may not exceed 10% of the portfolio principal balance. 
 “Moody’s Default Probability
Rating”: With respect to any Collateral Debt Obligation, as of any date of determination, the rating determined in accordance with the following, in the following order of priority: 

(a) any Collateral Debt Obligation (other than a Moody’s Non Senior Secured Loan or a DIP loan): 

(i) if the Collateral Debt Obligation’s Obligor has a Corporate Family Rating from Moody’s, such Corporate Family
Rating; and 
 (ii) if the preceding clause does not apply, the Moody’s Obligation Rating of such Collateral Debt
Obligation; 
 (b) with respect to a Moody’s Non Senior Secured Loan: 

(i) if the Obligor has a senior unsecured obligation with an Assigned Moody’s Rating, such rating; and 

(ii) if the preceding clause does not apply, the Moody’s Equivalent Senior Unsecured Rating of the Collateral Debt
Obligation, as applicable; and 
 (c) with respect to a DIP loan, the rating that is one rating subcategory below the
Moody’s Obligation Rating thereof. 

  
 Annex III-1 

 Notwithstanding the foregoing, if the Moody’s rating or ratings used to determine the
Moody’s Default Probability Rating are on watch for downgrade or upgrade by Moody’s, such rating or ratings will be adjusted down one subcategory (if on watch for downgrade) or up one subcategory (if on watch for upgrade). 

“Moody’s Equivalent Senior Unsecured Rating”: With respect to any Collateral Debt Obligation and the Obligor thereof as
of any date of determination, is the rating determined in accordance with the following, in the following order of priority: 

(a) if the Obligor has a senior unsecured obligation with an Assigned Moody’s Rating, such Assigned Moody’s Rating;

 (b) if the preceding clause does not apply, the Moody’s “Issuer Rating” for the Obligor; 

(c) if the preceding clauses do not apply, but the Obligor has a subordinated obligation with an Assigned Moody’s Rating,
then 
 (i) if such Assigned Moody’s Rating is at least “B3” (and, if rated “B3,” not on watch for
downgrade), the Moody’s Equivalent Senior Unsecured Rating shall be the rating which is one rating subcategory higher than such Assigned Moody’s Rating, or 

(ii) if such Assigned Moody’s Rating is less than “B3” (or rated “B3” and on watch for downgrade), the
Moody’s Equivalent Senior Unsecured Rating shall be such Assigned Moody’s Rating; 
 (d) if the preceding clauses
do not apply, but the Obligor has a senior secured obligation with an Assigned Moody’s Rating, then: 
 (i) if such
Assigned Moody’s Rating is at least “Caa3” (and, if rated “Caa3,” not on watch for downgrade), the Moody’s Equivalent Senior Unsecured Rating shall be the rating which is one subcategory below such Assigned Moody’s
Rating, or 
 (ii) if such Assigned Moody’s Rating is less than “Caa3” (or rated “Caa3” and on watch
for downgrade), then the Moody’s Equivalent Senior Unsecured Rating shall be “Ca”; 
 (e) if the preceding
clauses do not apply, but such Obligor has a Corporate Family Rating from Moody’s, the Moody’s Equivalent Senior Unsecured Rating shall be one rating subcategory below such Corporate Family Rating; 

(f) if the preceding clauses do not apply, but the Obligor has a senior unsecured obligation (other than a loan) with a
monitored public rating from S&P (without any postscripts, asterisks or other qualifying notations, that addresses the full amount of principal and interest promised), then the Moody’s Equivalent Senior Unsecured Rating shall be: 

  
 Annex III-2 

 (i) one rating subcategory below the Moody’s equivalent of such S&P
rating if it is “BBB–” or higher, or 
 (ii) two rating subcategories below the Moody’s equivalent of
such S&P rating if it is “BB+” or lower; 
 (g) if the preceding clauses do not apply, but the Obligor has a
subordinated obligation (other than a loan) with a monitored public rating from S&P (without any postscripts, asterisks or other qualifying notations, that addresses the full amount of principal and interest promised), the Assigned Moody’s
Rating shall be deemed to be: 
 (i) one rating subcategory below the Moody’s equivalent of such S&P rating if it is
“BBB–” or higher; or 
 (ii) two rating subcategories below the Moody’s equivalent of such S&P rating
if it is “BB+” or lower, 
 and the Moody’s Equivalent Senior Unsecured Rating shall be determined pursuant to clause (c) above; 

(h) if the preceding clauses do not apply, but the Obligor has a senior secured obligation with a monitored public rating from
S&P (without any postscripts, asterisks or other qualifying notations, that addresses the full amount of principal and interest promised), the Assigned Moody’s Rating shall be deemed to be: 

(i) one rating subcategory below the Moody’s equivalent of such S&P rating if it is “BBB–” or higher;
or 
 (ii) two rating subcategories below the Moody’s equivalent of such S&P rating if it is “BB+” or
lower, 
 and the Moody’s Equivalent Senior Unsecured Rating shall be determined pursuant to clause (d) above; 

(i) if the preceding clauses do not apply and each of the following clauses (i) through (viii) do apply, the
Moody’s Equivalent Senior Unsecured Rating will be “Caa1”: 
 (i) neither the Obligor nor any of its
affiliates is subject to reorganization or bankruptcy proceedings, 
 (ii) no debt securities or obligations of the Obligor
are in default, 
 (iii) neither the Obligor nor any of its affiliates has defaulted on any debt during the preceding two
years, 
 (iv) the Obligor has been in existence for the preceding five years, 

(v) the Obligor is current on any cumulative dividends, 

  
 Annex III-3 

 (vi) the fixed-charge ratio for the
Obligor exceeds 125% for each of the preceding two fiscal years and for the most recent quarter, 
 (vii) the Obligor had a
net profit before tax in the past fiscal year and the most recent quarter, and 
 (viii) the annual financial statements of
such Obligor are unqualified and certified by a firm of Independent accountants, and quarterly statements are unaudited but signed by a corporate officer; 

(j) if the preceding clauses do not apply but each of the following clause (i) and (ii) do apply, the Moody’s
Equivalent Senior Unsecured Rating will be “Caa3”: 
 (i) neither the Obligor nor any of its affiliates is subject
to reorganization or bankruptcy proceedings; and 
 (ii) no debt security or obligation of such Obligor has been in default
during the past two years; and 
 (k) if the preceding clauses do not apply and a debt security or obligation of the Obligor
has been in default during the past two years, the Moody’s Equivalent Senior Unsecured Rating will be “Ca.” 
 Notwithstanding the foregoing,
no more than 10% of the Collateral Debt Obligations, by aggregate principal balance, may be given a Moody’s Equivalent Senior Unsecured Rating based on a rating given by S&P as provided in clauses (f), (g) and (h) above. 

“Moody’s Non Senior Secured Loan”: Any Loan (other than a Moody’s Senior Secured Loan). 

“Moody’s Obligation Rating”: With respect to any Collateral Debt Obligation as of any date of determination, is the
rating determined in accordance with the following, in the following order of priority: 
 (a) any Collateral Debt Obligation
(other than a Moody’s Non Senior Secured Loan or a DIP loan): 
 (i) if it has an Assigned Moody’s Rating, such
Assigned Moody’s Rating; 
 (ii) if the preceding clause does not apply, its Corporate Family Rating; or 

(iii) if the preceding clause does not apply, the rating that is one rating subcategory above the Moody’s Equivalent
Senior Unsecured Rating; and 
 (b) with respect to a Moody’s Non Senior Secured Loan: 

  
 Annex III-4 

 (i) if it has an Assigned Moody’s Rating, such Assigned Moody’s Rating;
or 
 (ii) if the preceding clause does not apply, the Moody’s Equivalent Senior Unsecured Rating; and 

(c) with respect to a DIP loan: 

(i) if it has an Assigned Moody’s Rating, such Assigned Moody’s Rating; or 

(ii) if the preceding clause does not apply, the Moody’s Equivalent Senior Unsecured Rating. 

Notwithstanding the foregoing, if the Moody’s rating or ratings used to determine the Moody’s Obligation Rating are on watch for downgrade or
upgrade by Moody’s, such rating or ratings will be adjusted down one subcategory (if on watch for downgrade) or up one subcategory (if on watch for upgrade). 

“Moody’s Rating”: The Moody’s Default Probability Rating; provided, that, with respect to the Pledged
Collateral Debt Obligations generally, if at any time Moody’s or any successor to it ceases to provide rating services, references to rating categories of Moody’s shall be deemed instead to be references to the equivalent categories of any
other nationally recognized investment rating agency designated in writing by the Portfolio Manager on behalf of the Issuer (with a copy to the Warehouse Collateral Administrator), as of the most recent date on which such other rating agency and
Moody’s published ratings for the type of security in respect of which such alternative rating agency is used. To the extent that the Issuer relies upon a credit estimate for purposes of the Moody’s Rating of any Collateral Debt
Obligation, the Portfolio Manager (on behalf of the Issuer) will apply for renewal of such credit estimate on an annual basis. 

“Moody’s Rating Factor”: With respect to any Collateral Debt Obligation, the number set forth in the table below
opposite the Moody’s Rating of such Collateral Debt Obligation. 
  

							
	 Moody’s

Rating
	 	 Moody’s
 Rating

Factor
	 	 Moody’s

Rating
	 	 Moody’s
 Rating

Factor

	 Aaa*
	 	1	 	Ba1	 	940
	 Aa1
	 	10	 	Ba2	 	1,350
	 Aa2
	 	20	 	Ba3	 	1,766
	 Aa3
	 	40	 	B1	 	2,220
	 A1
	 	70	 	B2	 	2,720
	 A2
	 	120	 	B3	 	3,490
	 A3
	 	180	 	Caa1	 	4,770
	 Baa1
	 	260	 	Caa2	 	6,500
	 Baa2
	 	360	 	Caa3	 	8,070
	 Baa3
	 	610	 	Ca, C or lower	 	10,000

  

	*	or any obligation issued or guaranteed as to the payment of principal and interest by the United States of America or any agency or instrumentality thereof the obligations of which are expressly backed by the full faith
and credit of the United States of America. 

  
 Annex III-5 

 “Moody’s Senior Secured Loan”: Any Loan that is (a) a senior secured
loan or (b) a second lien loan that has an obligation rating from Moody’s that is equal to or greater than its Obligor’s Corporate Family Rating. 

“Obligor”: The obligor under a Collateral Debt Obligation. 

  
 Annex III-6 

 ANNEX IV 

S&P RATING SCHEDULE 

“S&P Rating”: With respect to any Collateral Debt Obligation, the rating determined as follows: provided,
however, (a) if such Collateral Debt Obligation is (x) on watch for upgrade by S&P it shall be treated as upgraded by one rating subcategory or (y) on watch for downgrade by S&P it shall be treated as downgraded by one
rating subcategory, unless S&P has notified the Portfolio Manager in writing that such treatment is no longer required, (b) if it is a DIP loan with a rating by S&P as published by S&P, its S&P Rating shall be such rating,
(c) if it is a structured finance obligation, its S&P Rating shall be determined based on clause (v) and (d) if it is a current pay obligation, its S&P Rating shall be determined based on clause (vi): 

(i) if there is an issuer credit rating by S&P as published by S&P (or rating on a guarantor that unconditionally and
irrevocably guarantees such Collateral Debt Obligation), then the S&P Rating of such Collateral Debt Obligation shall be such rating; 

(ii) if there is not an issuer credit rating by S&P but there is a rating by S&P on a senior unsecured obligation of
the obligor, then the S&P Rating of such Collateral Debt Obligation shall be such rating; 
 (iii) if such Collateral
Debt Obligation is a senior secured or senior unsecured obligation of the obligor: 
 (A) if there is not an issuer credit
rating or a rating on a senior unsecured obligation of the obligor by S&P, but there is a rating by S&P on a senior secured obligation of the obligor, then the S&P Rating of such Collateral Debt Obligation shall be one subcategory below
such rating; and 
 (B) if there is not an issuer credit rating or a rating on a senior unsecured or senior secured
obligation of the obligor by S&P, but there is a rating by S&P on a subordinated obligation of the obligor, then the S&P Rating of such Collateral Debt Obligation shall be one subcategory above such rating if such rating is higher than
“BB+” and will be two subcategories above such rating if such rating is “BB+” or lower; 
 (iv) if
clauses (i) through (iii) do not apply, then the S&P Rating of such Collateral Debt Obligation may be determined using any one of the methods below: 

(A) if an obligation of the obligor has a published rating from Moody’s then the S&P Rating will be determined in
accordance with the methodologies for establishing the Moody’s Rating, except that the S&P Rating of such Collateral Debt Obligation shall be (1) one subcategory below the S&P equivalent of the rating assigned by Moody’s if
such 

  
 Annex IV-1 

 
Collateral Debt Obligation is rated “Baa3” or higher by Moody’s and (2) two subcategories below the S&P equivalent of the rating assigned by Moody’s if such
Collateral Debt Obligation is rated “Ba1” or lower by Moody’s; provided that no more than 15% of the Collateral Debt Obligations, by aggregate principal balance, may be given an S&P Rating based on a rating given by
Moody’s as provided in this subclause (A); or 
 (B) if no other security or obligation of the obligor is rated by
S&P or Moody’s, then the Issuer or the Portfolio Manager on behalf of the Issuer, shall apply to S&P for a rating estimate, which shall be its S&P Rating; provided that, pending receipt, its S&P Rating will be determined
as set forth in clause (vii) below; 
 (v) if it is a structured finance obligation, 

(A) if such obligation has a published rating from S&P, then its S&P Rating shall be such rating; 

(B) if such obligation does not have a published rating from S&P but has a published rating from Moody’s, then the
S&P Rating shall be determined in accordance with the methodologies for establishing the Moody’s Rating, except that the S&P Rating of such structured finance obligation shall be (1) two subcategories below the S&P equivalent
of the rating assigned by Moody’s if such structured finance obligation is rated “Baa3” or higher by Moody’s and (2) three subcategories below the S&P equivalent of the rating assigned by Moody’s if such structured
finance obligation is rated “Ba1” or lower by Moody’s; provided that no more than 15% of the Collateral Debt Obligations, by aggregate principal balance, may be given an S&P Rating based on a rating given by Moody’s as
provided in this subclause (B); or 
 (C) if neither clause (A) nor (B) applies, then the Issuer or the
Portfolio Manager on behalf of the Issuer, shall apply to S&P for a rating estimate, which shall be its S&P Rating; provided that, pending receipt, its S&P Rating will be determined as set forth in clause (vii) below; 

(vi) if it is a current pay obligation, then its S&P Rating will be determined as follows. 

(A) if the Issuer owns only one issue of debt obligation of an issuer with a distressed exchange offer pending, then
(1) with respect to a current pay obligation ranking higher in priority (before and after the exchange) than the obligation subject to the distressed exchange offer, the higher of (x) the rating derived by adjusting such current pay
obligation’s issue rating up or down by the number of notches specified in Table 1 below for its related asset specific recovery rating and (y) “CCC-,” and (ii) with respect to any
other such current pay obligation, “CCC-”, and 

  
 Annex IV-2 

 (B) if the Issuer owns more than one issue of obligations of an issuer with a
distressed exchange offer pending, then with respect to each such current pay obligation, the rating corresponding to the weighted average rating “points” in Table 2 below calculated by dividing (1) the sum of the products of
(x) the outstanding par amount of each current pay obligation multiplied by (y) the rating “points” in Table 2 below corresponding to the rating of such current pay obligation as determined pursuant to clause (A) above by
(2) the aggregate outstanding par amount of all such current pay obligations issued by the issuer with the distressed exchange offer pending. 

Table 1 
  

			
	Asset Specific Recovery Rating	 	 Notches to Derive Rating from
 Issue
Rating

	 1+
	 	-3
	 1
	 	-2
	 2
	 	-1
	 3
	 	0
	 4
	 	0
	 5
	 	+1
	 6
	 	+2
	 None
	 	Not available for notching

 Table 2 
  

			
	Rating	 	Rating “Points”
	 AAA
	 	1
	 AA+
	 	2
	 AA
	 	3
	 AA
	 	4
	 A+
	 	5
	 A
	 	6
	 A
	 	7
	 BBB+
	 	8
	 BBB
	 	9
	 BBB
	 	10
	 BB+
	 	11
	 BB
	 	12
	 BB
	 	13
	 B+
	 	14
	 B
	 	15
	 B
	 	16
	 CCC+
	 	17

 (vii) if the Issuer has applied for a credit estimate at the time of the acquisition of a
Collateral Debt Obligation, pending receipt from S&P of such estimate, the S&P Rating of such Collateral Debt Obligation shall be the credit estimate that the Portfolio Manager believes will be provided by S&P, in each case for no more
than 90 days (unless S&P grants an extension) after which the S&P Rating will be “CCC-”; provided, that to the extent that the Issuer relies upon a credit estimate, it must be renewed
annually, and pending receipt of such 

  
 Annex IV-3 

 
renewal, the S&P Rating shall be that of the expiring credit estimate for no more than 90 days after the 12 month anniversary (unless S&P grants an extension) after which the S&P
Rating will be “CCC-.” 
 With respect to the Collateral Debt Obligations generally, if at
any time S&P (or its successor) ceases to provide rating services, references to rating categories of S&P shall be deemed instead to be references to the equivalent categories of any other nationally recognized investment rating agency
designated in writing by the Portfolio Manager on behalf of the Issuer (with written notice to the Warehouse Collateral Administrator), as of the most recent date on which such other rating agency and S&P published ratings for the type of
security in respect of which such alternative rating agency is used. The Warehouse Collateral Administrator, the Issuer and the Portfolio Manager shall not disclose any such estimated rating received from S&P. 

  
 Annex IV-4

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