Document:

Purchase Agreement, dated August 4, 2011

 Exhibit 10.1 
 TICC CLO LLC 
 NOTES 

U.S. $101,250,000 CLASS A SENIOR SECURED FLOATING RATE NOTES DUE 2021 

PURCHASE AGREEMENT 
 as
of August 4, 2011 
 Guggenheim Securities, LLC, 
 as the Initial Purchaser (the “Initial Purchaser”) 
 135 East
57th Street 

7th
 Floor 
 New York, NY 10022 
 Attention: Paul M. Friedman 
 Ladies and Gentlemen: 

Section 1. Authorization of Notes. 
 TICC Capital Corp. (the “Company”), as designated manager of TICC Capital Corp. 2011-1 Holdings, LLC (the “Depositor”) and the Issuer, has duly authorized the sale of the
TICC CLO LLC Notes, consisting of the Class A Notes (the “Offered Notes”) and the Subordinated Notes (the “Subordinated Notes” and, together with the Offered Notes, the “Notes”) of TICC CLO
LLC, a Delaware limited liability company (the “Issuer”). The Offered Notes will be issued in an aggregate principal amount of $101,250,000 and the Subordinated Notes will be issued in an aggregate principal amount of $123,750,000.
The Notes will be secured by the assets of the Issuer. The Depositor will be the sole equity member of the Issuer. The Notes will be issued pursuant to an Indenture, to be dated as of August 10, 2011 (the “Indenture”), between
the Issuer and The Bank of New York Mellon Trust Company, National Association, as the Trustee (the “Trustee”). The primary assets of the Issuer will be a pool of commercial middle market loans, or participation interests therein,
originated or purchased by the Company (collectively, the “Collateral Obligations”). The Company will sell and/or contribute to the Depositor all of its right, title and interest of the Company in and to the Collateral Obligations
and the Depositor will transfer and assign to the Issuer all of its right, title and interest of the Depositor in and to the Collateral Obligations pursuant to a Master Loan Sale Agreement, to be dated as of August 10, 2011 (the “Master
Loan Sale Agreement”), between the Company, the Depositor and the Issuer. Pursuant to the Indenture, as security for the indebtedness represented by the Notes, the Issuer will pledge and grant to the Trustee a security interest in the
Collateral Obligations, and its rights under the Master Loan Sale Agreement. The Collateral Obligations will be managed by TICC Capital Corp., in its capacity as collateral manager (the “Collateral Manager”) pursuant to a Collateral
Management Agreement, to be dated as of August 10, 2011 (the “Collateral Management Agreement”), between the Issuer and the Collateral Manager. The Issuer has retained The Bank of New York Mellon Trust Company, National
Association (in such capacity, the “Collateral Administrator”), to perform certain administrative duties with respect to the Collateral Obligations pursuant to a Collateral Administration Agreement, to be dated as of August 10,
2011 (the “Collateral Administration Agreement”), between the Issuer and the 

 
Collateral Administrator. This Purchase Agreement (the “Agreement”), the Master Loan Sale Agreement, the Indenture, the Collateral Management Agreement and the Collateral
Administration Agreement are referred to collectively herein as the “Transaction Documents.” 
 Capitalized
terms used herein but not otherwise defined shall have the meanings set forth in the Indenture. 
 The Offered Notes are to be
offered without being registered under the Securities Act of 1933, as amended (the “Securities Act”), (i) to “qualified institutional buyers” in compliance with the exemption from registration provided by Rule 144A
under the Securities Act (“QIBs”), (ii) in offshore transactions in reliance on Regulation S under the Securities Act (“Regulation S”), and (iii) to institutional “accredited investors” (as
defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) (“Institutional Accredited Investors”) who, in each case, are “qualified purchasers” (“Qualified Purchasers”) for purposes of
Section 3(c)(7) under the Investment Company Act of 1940, as amended (the “1940 Act”). 
 In connection
with the sale of the Offered Notes, the Company has prepared a preliminary offering circular dated August 4, 2011 (including any exhibits thereto and all information incorporated therein by reference, the “Pre-Pricing
Memorandum”) and a final offering circular dated August 8, 2011 (including any exhibits, amendments or supplements thereto and all information incorporated therein by reference, the “Final Memorandum”, and each of the
Pre-Pricing Memorandum and the Final Memorandum, a “Memorandum”) including a description of the terms of the Offered Notes, the terms of the offering, and the Issuer. It is understood and agreed that the close of business on
August 4, 2011 constitutes the time of the contract of sale for each purchaser of the Offered Notes offered to the investors for purposes of Rule 159 under the Securities Act (the “Time of Sale”) and that (i) the
Pre-Pricing Memorandum and (ii) the information set forth on Schedule II hereto constitute the entirety of the information conveyed to investors as of the Time of Sale (the “Time of Sale Information”). 

It is understood and agreed that nothing in this Agreement shall prevent the Initial Purchaser from entering into any agency agreements,
underwriting agreements or other similar agreements governing the offer and sale of securities with any issuer or issuers of securities, and nothing contained herein shall be construed in any way as precluding or restricting the Initial
Purchaser’s right to sell or offer for sale any securities issued by any person, including securities similar to, or competing with, the Notes. 
 During each Interest Accrual Period, the Offered Notes shall bear interest at a per annum rate equal to the then applicable LIBOR plus 2.25% per annum. 

Each of the Company, the Depositor and the Issuer, as applicable, hereby agrees with the Initial Purchaser as follows: 

Section 2. Purchase and Sale of Offered Notes. 

Subject to the terms and conditions and in reliance upon the representations and warranties set forth herein, the Issuer agrees to sell
to the Initial Purchaser the Offered Notes, and the Initial Purchaser has agreed to use its commercially reasonable efforts to place the aggregate principal amount of Offered Notes set forth on Schedule I hereto with investors in accordance

  
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with the terms hereof. If purchased, the Offered Notes will be purchased at a price of 100%. It is understood and agreed that the structuring and placement fee payable by the Issuer to the
Initial Purchaser on the Closing Date with respect to the Offered Notes is $2,025,000 (2.0% of the initial principal balance of the Offered Notes). Such fees payable by the Issuer may be netted by the Initial Purchaser against its purchase price
payment for the Offered Notes. It is understood and agreed that the Initial Purchaser is not acquiring, and has no obligation to acquire, the Subordinated Notes (which Subordinated Notes will be acquired by the Depositor on the Closing Date pursuant
to the Master Loan Sale Agreement). It is further understood and agreed that the Initial Purchaser may retain all or any portion of the Offered Notes, purchase the Offered Notes for its own account, or sell the Offered Notes to its affiliates or to
any other investor in accordance with the applicable provisions hereof and of the Indenture. 
 (a) In addition, whether or not
the transaction contemplated hereby shall be consummated, the Company agrees to pay (or cause to be paid by the Issuer) all costs and expenses incident to the performance by the Company of its obligations hereunder and under the documents to be
executed and delivered in connection with the offering, issuance, sale and delivery of the Offered Notes (the “Documents”), including, without limitation or duplication. (i) the fees and disbursements of counsel to the Company;
(ii) the fees and expenses of the Trustee and the Collateral Administrator incurred in connection with the issuance of the Offered Notes and their or its counsel, as applicable; (iii) the fees and expenses of any bank establishing and
maintaining accounts on behalf of the Issuer or in connection with the transaction; (iv) the fees and expenses of the accountants for the Company, including the fees for the “comfort letters” or “agreed—upon procedures
letters” required by the Initial Purchaser, any rating agency or any purchaser in connection with the offering, sale, issuance and delivery of the Offered Notes; (v) all expenses incurred in connection with the preparation and distribution
of each Memorandum and other disclosure materials prepared and distributed and all expenses incurred in connection with the preparation and distribution of the Transaction Documents; (vi) the fees charged by any securities rating agency for
rating the Offered Notes; (vii) the fees for any securities identification service for any CUSIP or similar identification number required by the purchasers or requested by the Initial Purchaser; (viii) the reasonable fees and
disbursements of counsel to the Initial Purchaser; (ix) all expenses in connection with the qualification of the Offered Notes for offering and sale under state securities laws, including the reasonable fees and disbursements of counsel and, if
requested by the Initial Purchaser, the cost of the preparation and reproduction of any “blue sky” or legal investment memoranda; (x) any federal, state or local taxes, registration or filing fees (including Uniform Commercial Code
financing statements) or other similar payments to any federal, state or local governmental authority in connection with the offering, sale, issuance and delivery of the Offered Notes; and (xi) the reasonable fees and expenses of any special
counsel or other experts required to be retained by the Company or the Issuer to provide advice, opinions or assistance in connection with the offering, issuance, sale and delivery of the Offered Notes. 

Section 3. Delivery. 
 Delivery of the Offered Notes shall be made in the form of one or more global certificates delivered to The Depository Trust Company, except that any Offered Note to be sold by the Initial Purchaser to an
Institutional Accredited Investor that is also a Qualified Purchaser for purposes of Section 3(c)(7) of the 1940 Act, but that is not a QIB (as such terms are defined 

  
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herein), shall be delivered in fully registered, certificated form in an amount not less than the applicable minimum denomination set forth in the Final Memorandum at the offices of Dechert LLP
at 10:00a.m. New York City, New York time, on August 10, 2011, or such other place, time or date as may be mutually agreed upon by the Initial Purchaser and the Company (the “Closing Date”). Subject to the foregoing, the
Offered Notes will be registered in such names and such denominations as the Initial Purchaser shall specify in writing to the Company and the Trustee. The Subordinated Notes shall be delivered to the Depositor on the Closing Date in fully
registered, certificated form in the permitted denominations and the required proportions set forth in the Final Memorandum. 

Section 4. Representations and Warranties of the Company. 

The Company represents and warrants to the Initial Purchaser, as of the date hereof and as of the Closing Date, (a) with respect to
the Company, in its individual capacity, (b) with respect to the Depositor, in its capacity as designated manager on behalf of the Depositor, and (c) with respect to the Issuer, in its capacity as designated manager on behalf of the
Issuer, that: 
 (i) Each Memorandum, the “Referenced Information” (as defined in the Final Memorandum)
and any additional information and documents concerning the Offered Notes, including but not limited to one or more marketing books or preliminary offering circulars, delivered by or on behalf of the Company to prospective purchasers of the Offered
Notes (collectively, such additional information and documents, the “Additional Offering Documents”), did not, each as of their respective dates or date on which such statement was made and, with respect to the Final Memorandum, as
of the Closing Date, include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements in each, in light of the circumstances under which they were made, not misleading; provided that
the Company makes no representation or warranty as to the information contained in or omitted from any Memorandum or the Additional Offering Documents in reliance upon and in conformity with information furnished in writing to the Company by or on
behalf of the Initial Purchaser referenced in the last sentence of Section 8(a) herein. 
 (ii) The
Time of Sale Information, as of the Time of Sale, did not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made,
not misleading; provided that the Company makes no representation or warranty as to the information contained in or omitted from the Time of Sale Information in reliance upon and in conformity with information furnished in writing to the
Company by or on behalf of the Initial Purchaser referenced in the last sentence of Section 8(a) herein. 
 (iii) The Company is a Maryland corporation, duly organized and validly existing under the laws of the State of Maryland, has all corporate power and authority necessary to own or hold its properties and
conduct its business in which it is engaged as described in each Memorandum and has all licenses necessary to carry on its business as it is now being conducted and is licensed and qualified in each jurisdiction in which the conduct of its business
(including, without limitation, the origination and acquisition of Collateral Obligations and performing its obligations hereunder and under 

  
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the other Transaction Documents) requires such licensing or qualification except where the failure to be so licensed or qualified would not, individually or in the aggregate, have a material
adverse effect on the business, properties, assets, or condition (financial or otherwise) of the Company (a “Material Adverse Effect”). 
 (iv) This Agreement has been duly authorized, executed and delivered by the Company, the Depositor and the Issuer and, assuming due authorization, execution and delivery thereof by the other parties
hereto, constitutes a valid and legally binding obligation of the Company, the Depositor and the Issuer enforceable against the Company, the Depositor and the Issuer in accordance with its terms, subject, as to enforcement only, to the effect of
bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally or the application of equitable principles in any proceeding, whether at law or in equity. 

(v) Each of the other Transaction Documents has been duly authorized, executed and delivered by the Company, the Depositor
and the Issuer, as applicable, and, assuming due authorization, execution and delivery thereof by the other parties thereto, constitutes the valid and binding agreement of the Company, the Depositor and the Issuer, as applicable, enforceable against
the Company, the Depositor and the Issuer, as applicable, in accordance with their respective terms, subject, as to enforcement only, to the effect of bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting
creditors’ rights generally or the application of equitable principles in any proceeding, whether at law or in equity. 
 (vi) The Offered Notes have been duly authorized, and when executed and authenticated in accordance with the Indenture and delivered to and paid for by the Initial Purchaser in accordance with this
Agreement, the Offered Notes will constitute valid and binding obligations of the Issuer, enforceable against the Issuer in accordance with their terms, subject, as to enforcement only, to the effect of bankruptcy, insolvency, reorganization,
moratorium and other similar laws relating to or affecting creditors’ rights generally or the application of equitable principles in any proceeding, whether at law or in equity, and will be entitled to the benefits of the Indenture. 

(vii) Other than as set forth in or contemplated by each Memorandum, there are no legal or governmental proceedings
pending to which the Company, the Depositor or the Issuer is a party or of which any property or assets of the Company, the Depositor or the Issuer are the subject of which could reasonably be expected to materially adversely affect the financial
position, stockholders’ equity or results of operations of the Company, the Depositor or the Issuer or on the performance by the Company, the Depositor or the Issuer of its obligations hereunder or under the other Transaction Documents; and to
the knowledge of the Company, no such proceedings have been threatened or contemplated by governmental authorities or threatened by others. 
 (viii) The execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a party and the consummation by the Company, the Depositor and the Issuer of the
transactions contemplated herein and 

  
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therein and in all documents relating to the Notes will not result in any breach or violation of, or constitute a default under, or require any consent under any agreement or instrument to which
the Company, the Depositor or the Issuer is a party or to which any of its properties or assets are subject, except for such of the foregoing as to which relevant waivers, consents or amendments have been obtained and are in full force and effect,
nor will any such action result in a violation of the organizational documents of the Company, the Depositor or the Issuer or any applicable law, except, in the case of the Company, for such breaches, violations or defaults that would not,
individually or in the aggregate, have a Material Adverse Effect. 
 (ix) Neither the Issuer, the Depositor nor
the pool of Collateral Obligations is, or after giving effect to the transactions contemplated by the Transaction Documents will be, required to be registered as an “investment company” under the 1940 Act. 

(x) Assuming the Initial Purchaser’s representations herein are true and accurate, it is not necessary in connection
with the offer, sale and delivery of the Offered Notes in the manner contemplated by this Agreement and each Memorandum to register the Offered Notes under the Securities Act or to qualify the Indenture under the Trust Indenture Act of 1939, as
amended. 
 (xi) The Offered Notes satisfy the requirements set forth in Rule 144A(d)(3) under the Securities
Act. As of the Closing Date, the Offered Notes will not be (i) of the same class as securities listed on a national securities exchange in the United States that is registered under Section 6 of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”), or (ii) quoted in any “automated inter-dealer quotation system” (as such term is used in the Exchange Act) in the United States. 

(xii) At the time of execution and delivery of the Master Loan Sale Agreement, the Originator owned the Collateral
Obligations to be conveyed by it to the Depositor on the Closing Date free and clear of all liens, encumbrances, adverse claims or security interests (“Liens”) other than Liens permitted by the Transaction Documents, and the
Originator had the power and authority to transfer such Collateral Obligations to the Depositor. 
 (xiii) At the
time of execution and delivery of the Master Loan Sale Agreement and after giving effect to the transfer from the Originator described in clause (xii) above, the Depositor owned the Collateral Obligations conveyed to it on the Closing Date free
and clear of all Liens other than Liens permitted by the Transaction Documents, and the Depositor had the power and authority to transfer such Collateral Obligations to the Issuer. 

(xiv) Upon the execution and delivery of the Transaction Documents, payment by the Initial Purchaser for the Offered
Notes, delivery to the Initial Purchaser of the Offered Notes and delivery to the Depositor of the Subordinated Notes, the Issuer will own the Collateral Obligations conveyed to it on the Closing Date and the Initial Purchaser will acquire title to
the Offered Notes, in each case free of Liens except such 

  
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Liens as may be created or granted by the Initial Purchaser and those permitted in the Transaction Documents. 

(xv) No consent, authorization or order of, or filing or registration with, any court or governmental agency is required
for the issuance and sale of the Offered Notes or the execution, delivery and performance by the Company, the Depositor or the Issuer, as applicable, of this Agreement or the other Transaction Documents to which it is a party, except such consents,
approvals, authorizations, filings, registrations or qualifications as have been obtained or as may be required under the Securities Act or state securities or blue sky laws or the rules and regulations of the Financial Industry Regulatory Authority
in connection with the sale and delivery of the Offered Notes in the manner contemplated herein. 
 (xvi) The
Collateral Obligations in all material respects have the characteristics described in the Time of Sale Information and the Final Memorandum. 
 (xvii) Each of the representations and warranties of the Company, the Depositor and the Issuer set forth in each of the other Transaction Documents is true and correct in all material respects.

 (xviii) No adverse selection procedures were used in selecting the Collateral Obligations from among the loans
that meet the representations and warranties of the Company contained in the Master Loan Sale Agreement and that are included in the Assets. 
 (xix) Neither the Issuer nor any affiliate (as defined in Rule 501(b) of Regulation D under the Securities Act (“Regulation D”)) of the Issuer nor anyone acting on their behalf has,
directly or indirectly (except to or through the Initial Purchaser), sold or offered, or attempted to offer or sell, or solicited any offers to buy, or otherwise approached or negotiated in respect of, any of the Offered Notes and neither the Issuer
nor any of its affiliates will do any of the foregoing. As used herein, the terms “offer” and “sale” have the meanings specified in Section 2(3) of the Securities Act. 

(xx) Neither the Issuer nor any affiliate (as defined in Rule 501(b) of Regulation D) of the Issuer has directly, or
through any agent, sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of, any security (as defined in the Securities Act) which is or will be integrated with the sale of the Offered Notes in a manner that would
require the registration under the Securities Act of the offering contemplated by each Memorandum or engaged in any form of general solicitation or general advertising in connection with the offering of the Offered Notes. 

(xxi) With respect to any Offered Notes subject to the provisions of Regulation S of the Securities Act, the Issuer has
not offered or sold such Offered Notes during the Distribution Compliance Period to a U.S. person or for the account or benefit of a U.S. person (other than the Initial Purchaser). For this purpose, the term “Distribution Compliance
Period” and “U.S. person” are defined as such term is defined in Regulation S. 

  
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 (xxii) Since the date of the latest un-audited financial statements of the
Company as of June 30, 2011, there has been no change nor any development or event involving a prospective change which has had or could reasonably be expected to have a material adverse change in or effect on (i) the business, operations,
properties, assets, liabilities, stockholders’ equity, earnings, condition (financial or otherwise), results of operations or management of the Company and its subsidiaries, considered as one enterprise, whether or not in the ordinary course of
business, or (ii) the ability of the Company to perform its obligations hereunder or under the other Transaction Documents. 
 (xxiii) The Notes and the Transaction Documents conform in all material respects to the descriptions thereof in the Final Memorandum. 

(xxiv) Any taxes, fees, and other governmental charges in connection with the execution and delivery of this Agreement and
the other Transaction Documents and the execution, delivery, and sale of the Notes have been or will be paid at or before the Closing Date. 
 (xxv) No proceeds received by the Company, the Depositor or the Issuer in respect of the Notes will be used by the Company, the Depositor or the Issuer to acquire any security in any transaction which is
subject to Section 13 or 14 of the Exchange Act. 
 (xxvi) (i) To the extent applicable thereto, each of the
Company, the Issuer and their respective ERISA Affiliates is in compliance in all material respects with ERISA unless any failure to so comply could not reasonably be expected to have a material adverse effect and (ii) no lien under
Section 303(k) of ERISA or Section 430(k) of the Code exists on any of the Assets. As used in this paragraph, the term “ERISA Affiliate” means, with respect to any Person, a corporation, trade or business that is, along
with such Person, a member of a controlled group (as described in Section 414 of the Code or Section 4001 of ERISA). 
 (xxvii) The Company has not paid or agreed to pay to any Person any compensation for soliciting another Person to purchase any of the Offered Notes (except as contemplated by this Agreement). 

(xxviii) The Company has not taken, directly nor indirectly, any action designed to cause or to result in, or that has
constituted or which might reasonably be expected to constitute, the stabilization or manipulation of the price of any Offered Note or to facilitate the sale or resale of the Offered Notes. 

(xxix) On and immediately after the Closing Date, each of the Company, the Depositor and the Issuer (after giving effect
to the issuance of the Notes and to the other transactions related thereto as described in the Time of Sale Information and the Final Memorandum) will be Solvent. As used in this paragraph, the term “Solvent” means, with respect to
a particular date such Person, that on such date (A) the present fair market value (or present fair saleable value) of the assets of such Person is not less than the total amount required to pay the probable liabilities of such Person on its
total 

  
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existing debts and liabilities (including contingent liabilities) as they become absolute and matured, (B) such Person is able to realize upon its assets and pay its debts and other
liabilities, contingent obligations and commitments as they mature and become due in the normal course of business, (C) assuming the sale of the Notes as contemplated by this Agreement, Time of Sale Information and the Final Memorandum, such
Person is not incurring debts or liabilities beyond its ability to pay as such debts and liabilities mature and (D) such Person is not engaged in any business or transaction, and is not about to engage in any business or transaction, for which
its property would constitute unreasonably small capital after giving due consideration to the prevailing practice in the industry in which such Person is engaged. In computing the amount of such contingent liabilities at any time, it is intended
that such liabilities will be computed at the amount that, in the light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability. 

Section 5. Sale of Offered Notes to the Initial Purchaser. 

The sale of the Offered Notes to the Initial Purchaser will be made without registration of the Offered Notes under the Securities Act,
in reliance upon the exemption therefrom provided by Section 4(2) of the Securities Act. 
 (a) The Company, the Initial
Purchaser, the Issuer and the Depositor hereby agree that the Offered Notes will be offered and sold only in transactions exempt from registration under the Securities Act. The Company, the Initial Purchaser, the Issuer and the Depositor will each
reasonably believe at the time of any sale of the Offered Notes by the Issuer through the Initial Purchaser (i) that either (A) each purchaser of the Offered Notes is (1) a QIB who is a Qualified Purchaser purchasing for its own
account (or for the accounts of QIBs who are Qualified Purchasers to whom notice has been given that the resale, pledge or other transfer is being made in reliance on Rule 144A) in transactions meeting the requirements of Rule 144A, or (2) an
Institutional Accredited Investor who is a Qualified Purchaser who purchases for its own account and provides the Initial Purchaser with a written certification in substantially the form attached to the Indenture, or (B) each purchaser is
acquiring the Offered Notes in an offshore transaction meeting the requirements of Regulation S and is a Qualified Purchaser, and (ii) that the offering of the Offered Notes will be made in a manner that will enable the offer and sale of the
Offered Notes to be exempt from registration under state securities or Blue Sky laws; and each such party understands that no action has been taken to permit a public offering in any jurisdiction where action would be required for such purpose. The
Company, the Initial Purchaser, the Issuer and the Depositor each further agree not to (i) engage (and represents that it has not engaged) in any activity that would constitute a public offering of the Offered Notes within the meaning of
Section 4(2) of the Securities Act or (ii) offer or sell the Offered Notes by (and represents that it has not engaged in) any form of general solicitation or general advertising (as those terms are used in Regulation D), including the
methods described in Rule 502(c) of Regulation D, in connection with any offer or sale of the Offered Notes. 
 (b) The Initial
Purchaser hereby represents and warrants to and agrees with the Company, that (i) it is a QIB and a Qualified Purchaser and (ii) it will offer the Offered Notes only (A) to persons who it reasonably believes are QIBs who are Qualified
Purchasers in transactions meeting the requirements of Rule 144A, (B) to institutional investors who it 

  
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reasonably believes are Institutional Accredited Investors who are Qualified Purchasers or (C) to persons it reasonably believes are Qualified Purchasers in offshore transactions in
accordance with Regulation S. The Initial Purchaser further agrees that (i) it will deliver to each purchaser of the Offered Notes, at or prior to the Time of Sale, a copy of the Time of Sale Information, as then amended or supplemented, and
(ii) prior to any sale of the Offered Notes to an Institutional Accredited Investor that it does not reasonably believe is a QIB who is a Qualified Purchaser, it will receive from such Institutional Accredited Investor a written certification
in substantially the applicable form attached to the Indenture. 
 (c) The Initial Purchaser hereby represents that it is duly
authorized and possesses the requisite limited liability company power to enter into this Agreement. 
 (d) The Initial
Purchaser hereby represents there is no action, suit or proceeding pending against or, to the knowledge of the Initial Purchaser, threatened against or affecting, the Initial Purchaser before any court or arbitrator or any government body, agency,
or official which could reasonably be expected to materially adversely affect the ability of the Initial Purchaser to perform its obligations under this Agreement. 
 (e) The Initial Purchaser hereby represents and agrees that all offers and sales of the Offered Notes by it to non-United States persons, prior to the expiration of the Distribution Compliance Period,
will be made only in accordance with the provisions of Rule 903 or Rule 904 of Regulation S and only upon receipt of certification of beneficial ownership of the securities by a non-U.S. person in the form provided in the Indenture. For this
purpose, the term “Distribution Compliance Period” and “U.S. person” are defined as such terms are defined in Regulation S. 
 (f) The Initial Purchaser hereby represents that it (i) has not offered or sold, and it will not offer or sell, any Offered Notes to any Person in the United Kingdom except to (A) investment
professionals as defined in Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) and investment personnel of the foregoing, (B) persons who fall within any of the categories
of persons described in Articles 49(2)(A) to 49(2)(E) of the Order (high net worth companies, unincorporated associations, etc.) and investment personnel of the foregoing and (C) any person to whom it may otherwise lawfully be made, or
otherwise in circumstances that have not resulted and will not result in an offer to the public in the United Kingdom within the meaning of Section 102B of the Financial Services and Markets Act 2000 (the “FSMA”); (ii) has
complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to any Offered Notes in, from or otherwise involving the United Kingdom; and (iii) has only communicated or caused to be
communicated and will only communicate or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) received by it in connection with the issue or sale of any Offered
Notes in circumstances in which Section 21(1) of the FSMA does not apply to the Issuer, or to persons to whom such communication may otherwise lawfully be made. 
 (g) In relation to each Member State of the European Economic Area which has implemented the Prospectus Directive (as defined below) (each, a “Relevant Member State”), the Initial
Purchaser hereby represents and agrees that effective from and including the 

  
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date on which the Prospectus Directive is implemented in that Relevant Member State (the “Relevant Implementation Date”) it has not made and will not make an offer of the Offered
Notes to the public in that Relevant Member State prior to the publication of a prospectus in relation to the Offered Notes which has been approved by the competent authority in that Relevant Member State or, where appropriate, approved in another
Relevant Member State and notified to the competent authority in that Relevant Member State, all in accordance with the Prospectus Directive, except that it may, effective from and including the Relevant Implementation Date, make an offer of the
Offered Notes to the public in that Relevant Member State at any time: 
 (i) to legal entities which are
authorized or regulated to operate in the financial markets or, if not so authorized or regulated, whose corporate purpose is solely to invest in securities: 
 (ii) to any legal entity which has two or more of (1) an average of at least 250 employees during the last financial year; (2) a total balance sheet of more than €43,000,000 and (3) an
annual net turnover of more than €50,000,000, as shown in its last annual or consolidated financial statements; or 
 (iii) in any other circumstances which do not require the publication by the issuer of a prospectus pursuant to Article 3 of the Prospectus Directive. 

For the purposes of this Section 5(g), the expression “offer of Offered Notes to the public” in relation to any
Offered Notes in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the Offered Notes so as to enable an investor to decide to purchase or subscribe the Offered
Notes, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State and the expression “Prospectus Directive” means Directive 2003/71/EC and includes any relevant
implementing measure in each Relevant Member State. 
 Section 6. Certain Agreements of the Company.

 The Company covenants and agrees with the Initial Purchaser as follows: 

(a) If, at any time prior to the 90th day following the Closing Date, any event involving the Company, the Depositor, the Issuer or, to
the knowledge of a Responsible Officer of the Company, the Collateral Manager shall occur as a result of which the Final Memorandum (as then amended or supplemented) would include an untrue statement of a material fact or omit to state any material
fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, the Company will immediately notify the Initial Purchaser and will cause the Issuer to prepare and furnish to the Initial
Purchaser an amendment or supplement to the Final Memorandum that will correct such statement or omission. The Issuer will not at any time amend or supplement the Final Memorandum (i) prior to having furnished the Initial Purchaser with a copy
of the proposed form of the amendment or supplement and giving the Initial Purchaser a reasonable opportunity to review the same or (ii) except to the extent the Company may determine it or the Issuer is required to so disclose pursuant to

  
 11 

 
applicable law and after consultation with the Initial Purchaser (and, in such a circumstance, shall remove all references to the Initial Purchaser therefrom if so requested by the Initial
Purchaser), in a manner to which the Initial Purchaser or its counsel shall object. 
 (b) During the period referred to in
Section 6(a), the Company will furnish to the Initial Purchaser, without charge, copies of the Final Memorandum (including all exhibits and documents incorporated by reference therein), the Transaction Documents, and all amendments or
supplements to such documents, in each case, as soon as reasonably available and in such quantities as the Initial Purchaser may from time to time reasonably request. 
 (c) Subject to compliance with Regulation FD, at all times during the course of the private placement contemplated hereby and prior to the Closing Date, (i) the Company will make available to each
offeree the Additional Offering Documents and such information concerning any other relevant matters as it or any of its affiliates possess or can acquire without unreasonable effort or expense, as determined in good faith by it or such affiliate,
as applicable, (ii) the Company will provide each offeree the opportunity to ask questions of, and receive answers from, it concerning the terms and conditions of the offering and to obtain any additional information, to the extent it or any of
its affiliates possess such information or can acquire it without unreasonable effort or expense (as determined in good faith by it or such affiliate, as applicable), necessary to verify the accuracy of the information furnished to the offeree,
(iii) the Company will not publish or disseminate any material in connection with the offering of the Offered Notes except as contemplated herein or as consented to by the Initial Purchaser or in connection with the Company’s disclosure
obligations under the Exchange Act, provided that no such disclosure under the Exchange Act would result in a requirement that the offering of the Notes be registered under §5 of the Securities Act, (iv) the Company will advise the
Initial Purchaser promptly of the receipt by the Company of any communication from the SEC or any state securities authority concerning the offering or sale of the Offered Notes, (v) the Company will advise the Initial Purchaser promptly of the
commencement of any lawsuit or proceeding to which the Company is a party relating to the offering or sale of the Offered Notes, and (vi) the Company will advise the Initial Purchaser of the suspension of the qualification of the Offered Notes
for offering or sale in any jurisdiction, or the initiation or threat of any procedure for any such purpose. 
 (d) Subject to
compliance with Regulation FD, the Company will furnish, upon the written request of any Noteholder or of any owner of a beneficial interest in a Note, such information as is specified in paragraph (d)(4) of Rule 144A under the Securities Act
(i) to such Noteholder or beneficial owner, (ii) to a prospective purchaser of such Note or interest therein who is a QIB and a Qualified Purchaser designated by such Noteholder or beneficial owner, or (iii) to the Trustee for
delivery to such Noteholder, beneficial owner or prospective purchaser, in order to permit compliance by such Noteholder or beneficial owner with Rule 144A in connection with the resale of such Note or beneficial interest therein by such holder or
beneficial owner in reliance on Rule 144A unless, at the time of such request, the Issuer is subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934 or is exempt from such reporting requirements
pursuant to and in compliance with Rule 12g3-2(b). 

  
 12 

 (e) Except as otherwise provided in the Indenture, each Offered Note will contain legends in
the forms set forth in the Final Memorandum. 
 (f) Neither the Issuer nor any of its affiliates or any other Person acting on
their behalf shall engage, in connection with the offer and sale of the Offered Notes, in any form of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D under the Securities Act, including, but not limited
to, the following: 
 (i) any advertisement, article, notice or other communication published in any newspaper,
magazine or similar medium or broadcast over television or radio; and 
 (ii) any seminar or meeting whose
attendees have been invited by any general solicitation or general advertising. 
 (g) The Issuer shall not solicit any offer to
buy from or offer to sell or sell to any Person any Offered Notes, except through the Initial Purchaser or with the consent of the Initial Purchaser and/or as otherwise specified in the Indenture at any time prior to the Closing Date; on or prior to
the Closing Date, neither the Issuer nor any of its affiliates (except for compliance by the Company with Regulation FD) shall publish or disseminate any material other than the Additional Offering Documents consented to by the Initial Purchaser,
the Time of Sale Information and the Final Memorandum in connection with the offer or sale of the Offered Notes as contemplated by this Agreement, unless the Initial Purchaser shall have consented to the use thereof; if the Issuer or any of its
affiliates makes any press release including “tombstone” announcements, in connection with the Transaction Documents, the Issuer shall permit the Initial Purchaser to review and approve such release in advance. 

(h) The Issuer shall not take, or permit or cause any of its affiliates to take, any action whatsoever which would have the effect of
requiring the registration, under the Securities Act, of the offer or sale of the Offered Notes. 
 (i) The Issuer shall not
take, directly or indirectly, any action designed to or which has constituted or which might reasonably be expected to cause or result, under the Exchange Act or otherwise, in stabilization or manipulation of the price of any Offered Note to
facilitate the sale or resale of the Offered Notes. 
 (j) The Company shall apply the net proceeds from the sale of the Offered
Notes as set forth in the Final Memorandum under the heading “Use of Proceeds”. 
 Section 7. Conditions of
the Initial Purchaser Obligations. 
 The obligation of the Initial Purchaser to purchase the Offered Notes on the
Closing Date will be subject to the accuracy, in all material respects, of the representations and warranties of the Company, the Depositor and the Issuer herein, to the performance, in all material respects, by the Company, the Depositor and the
Issuer of their respective obligations hereunder and to the following additional conditions precedent: 

  
 13 

 (a) The Offered Notes shall have been duly authorized, executed, authenticated, delivered
and issued, the Transaction Documents shall have been duly authorized, executed and delivered by the respective parties thereto and shall be in full force and effect, and the documents required to be delivered pursuant to the Indenture in respect of
the Collateral Obligations shall have been delivered to the Custodian pursuant to and as required by the Transaction Documents. 

(b) The Initial Purchaser shall have received (I) a certificate, dated as of the Closing Date, of the Chief Executive Officer or
Chief Financial Officer of the Company, in its individual capacity (and, with respect to the Depositor, in its capacity as designated manager on behalf of the Depositor and, with respect to the Issuer, in its capacity as designated manager on behalf
of the Issuer), to the effect that such officer has carefully examined this Agreement, the Final Memorandum and the Transaction Documents and that, to the best of such officer’s knowledge (i) since the date information is given in the
Pre-Pricing Memorandum, there has not been any material adverse change in the condition, financial or otherwise, or in the earnings, business affairs or business prospects of the Company, the Depositor or the Issuer whether or not arising in the
ordinary course of business, or the ability of the Company, the Depositor or the Issuer to perform its obligations hereunder or under the Transaction Documents except as contemplated by the Final Memorandum, (ii) each of the Company, the
Depositor and the Issuer has complied in all material respects with all agreements and satisfied all conditions on its part to be performed or satisfied hereunder and under the other Transaction Documents, at or prior to the Closing Date,
(iii) the representations and warranties of the Company, the Depositor and the Issuer in the Transaction Documents are true and correct in all material respects, as of the Closing Date, as though such representations and warranties had been
made on and as of such date, and (iv) nothing has come to the attention of such officer that would lead such officer to believe that (A) the Time of Sale Information, as of the Time of Sale, contained any untrue statement of a material
fact or omits to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, and (B) the Final Memorandum, as of its date and as of the Closing Date, or any
Additional Offering Document, as of its respective date, contained or contains an untrue statement of a material fact or omits to state any material fact necessary in order to make the statements therein, in light of the circumstances under which
they were made, not misleading and (II) a certificate, dated as of the Closing Date, of a senior officer of the Company to the effect that such officer has carefully examined the Final Memorandum and that, to the best of such officer’s
knowledge, nothing has come to the attention of such officer that would lead such officer to believe that the “Collateral Manager Information” (as defined in the Final Memorandum), as of the date of the Final Memorandum and as of the
Closing Date, contained any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. 

(c) The Offered Notes shall have been rated no less than “Aaa” and “AAA” by Moody’s and S&P, respectively,
and such ratings shall not have been rescinded, and no public announcement shall have been made by either of Moody’s or S&P that any ratings of the Offered Notes have been placed under review. 

(d) On the date of the Final Memorandum, Deloitte LLP shall have furnished to the Initial Purchaser an “agreed upon procedures”
letter, dated the date of delivery thereof, in 

  
 14 

 
form and substance satisfactory to the Initial Purchaser, with respect to certain financial and statistical information contained in the Final Memorandum. 

(e) The Initial Purchaser shall have received an opinion, dated the Closing Date, of Locke Lord Bissell & Liddell LLP, counsel
to the Trustee, in form and substance satisfactory to the Initial Purchaser. 
 (f) The Initial Purchaser shall have received
legal opinions of Sutherland Asbill & Brennan LLP, counsel to the Company, the Depositor, the Issuer and the Collateral Manager, (i) with respect to certain corporate matters with respect to the Company and the Collateral Manager and
certain securities law and investment company matters, in form and substance satisfactory to the Initial Purchaser, (ii) with respect to certain “true sale” and “non—consolidation” issues and (iii) “perfection
issues,” in each case, in form and substance satisfactory to the Initial Purchaser. 
 (g) The Initial Purchaser shall have
received an opinion of Dechert LLP, special U.S. federal income tax counsel to the Issuer, with respect to the treatment of the Offered Notes as debt for U.S. federal income tax purposes and in form and substance satisfactory to the Initial
Purchaser. 
 (h) The Initial Purchaser shall have received an opinion of Pepper Hamilton LLP, counsel to the Company, the
Depositor and the Issuer, with respect to certain limited liability company matters with respect to the Depositor and the Issuer in form and substance satisfactory to the Initial Purchaser. 

(i) The Initial Purchaser shall have received from the Trustee a certificate signed by one or more duly authorized officers of the
Trustee, dated as of the Closing Date, in customary form. 
 (j) The Company shall have furnished to the Initial Purchaser and
its counsel such further information, certificates and documents as the Initial Purchaser and its counsel may reasonably have requested, and all proceedings in connection with the transactions contemplated by this Agreement, the other Transaction
Documents and all documents incident hereto shall be in all respects satisfactory in form and substance to the Initial Purchaser and its counsel. 
 (k) The Depositor shall have purchased or otherwise acquired the Subordinated Notes in accordance with the terms of the Master Loan Sale Agreement. 

(l) The Indenture, the Master Loan Sale Agreement, the Collateral Management Agreement and all other documents incident hereto and to the
other Transaction Documents shall be reasonably satisfactory in form and substance to the Initial Purchaser and its counsel. 

If any of the conditions specified in this Section 7 shall not have been fulfilled in all material respects when and as
provided in this Agreement, or if any of the opinions and certificates mentioned above shall not be satisfactory in form and substance to the Initial Purchaser, this Agreement and all of the Initial Purchaser’s obligations hereunder may be
canceled by the Initial Purchaser at or prior to delivery of and payment for the Offered Notes. 

  
 15 

 
Notice of such cancellation shall be given to the Company in writing, or by telephone or facsimile confirmed in writing. 
 Section 8. Indemnification and Contribution. 
 (a) The Company
and the Issuer, jointly and severally (each an “indemnifying party” as such term is used in this Agreement), shall indemnify and hold harmless the Initial Purchaser (whether acting as Initial Purchaser or as placement agent with
respect to any of the Offered Notes), its officers, directors, employees, agents and each person, if any, who controls the Initial Purchaser within the meaning of either the Securities Act or the Exchange Act and the affiliates of the Initial
Purchaser (each an “indemnified party” as such term is used in this Agreement) from and against any loss, claim, damage or liability, joint or several, and any action in respect thereof, to which any indemnified party may become
subject, under the Securities Act or Exchange Act or otherwise, insofar as such loss, claim, damage, liability or action arises out of, or is based upon, any untrue statement or alleged untrue statement of a material fact contained in any
Memorandum, any Additional Offering Document, any “Referenced Information” (as defined in the Final Memorandum) or the Time of Sale Information or arises out of, or is based upon, the omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements therein in light of the circumstances under which they were made not misleading, and shall reimburse any such indemnified party for any legal and other expenses incurred
by such indemnified party in investigating or defending or preparing to defend against any such loss, claim, damage, liability or action; provided, however, that the indemnifying parties shall not be liable to any such indemnified
party in any such case to the extent that any such loss, claim, damage, liability or action arises out of, or is based upon, any untrue statement or alleged untrue statement or omission or alleged omission made in the Time of Sale Information, any
Memorandum or any Additional Offering Document in reliance upon and in conformity with written information furnished to the Company by such indemnified party specifically for inclusion therein; provided, further, that the foregoing
indemnity shall not inure to the benefit of any indemnified party from whom the person asserting any such loss, claim, damage or liability purchased the Offered Notes which are the subject thereof if the indemnified party sold Offered Notes to or
placed Offered Notes with the person alleging such loss, claim, damage or liability without sending or giving a copy of the Time of Sale Information at or prior to the confirmation of the sale of the Offered Notes, if the Company shall have
previously furnished copies thereof to such indemnified party and the loss, claim, damage or liability of such person results from an untrue statement or omission of a material fact contained in the Pre-Pricing Memorandum which was corrected in the
Time of Sale Information. The foregoing indemnity is in addition to any liability that the indemnifying parties may otherwise have to any indemnified party. The indemnifying parties acknowledge that the statements set forth in the Time of Sale
Information and any Memorandum (x) under the caption: “Plan of Distribution” (but solely the second, fourth, seventh, ninth, eleventh and twelfth paragraphs under such caption) of such Memorandum and (y) relating to Guggenheim
Securities, LLC in the last sentence of the first full paragraph on page iii of any Memorandum (other than the Final Memorandum) under the heading “Important Information Regarding Offers and Sales of the Offered Securities” constitute the
only written information furnished to the Company by or on behalf of the indemnified parties specifically for inclusion in the Time of Sale Information, any Memorandum or any Additional Offering Document. 

  
 16 

 (b) Promptly after receipt by an indemnified party under this Section 8 of
notice of any claim or the commencement of any action, the indemnified party shall, if a claim in respect thereof is to be made against an indemnifying party under this Section 8, notify such indemnifying party in writing of the claim or
commencement of that action, provided, however, that the failure to notify an indemnifying party shall not relieve such indemnifying party from any liability that it may have to an indemnified party under this Section 8,
except to the extent that such indemnifying party has been materially prejudiced by such failure and, provided, further, that the failure to notify an indemnifying party shall not relieve such indemnifying party from any liability that it may
have to an indemnified party otherwise than under this Section 8. If any such claim or action shall be brought against an indemnified party, and it shall notify an indemnifying party thereof, such indemnifying party shall be entitled to
participate therein and, to the extent that it wishes, jointly with any other similarly notified indemnifying party, to assume the defense thereof with counsel reasonably satisfactory to such indemnified party. After notice from any such
indemnifying party or parties to the indemnified party or parties of its or their election to assume the defense of such claim or action, any such indemnifying party or parties shall not be liable to the indemnified party under this
Section 8 for any legal or other expenses subsequently incurred by the indemnified party or parties in connection with the defense thereof; provided that the indemnified party seeking such indemnity shall have the right to employ
counsel to represent it and any other indemnified party who may be subject to liability arising out of any claim or action in respect of which indemnity may be sought by an indemnified party against an indemnifying party under this
Section 8, if (i) in the reasonable judgment of counsel, there may be legal defenses available to such indemnified party and any other indemnified party different from or in addition to those available to the Company or the Issuer,
or there is an actual conflict of interest between it and any other indemnified party, on one hand, and the Company or the Issuer, on the other, or (ii) the Company or the Issuer shall fail to select counsel reasonably satisfactory to such
indemnified party or parties, and in such event the fees and expenses of such separate counsel shall be paid by the Company and the Issuer. No indemnifying party shall, without the prior written consent of the indemnified party, effect any
settlement of any pending or threatened proceeding in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement (i) does not include a
statement as to, or admission of, fault, culpability or a failure to act by or on behalf of any such indemnified party, and (ii) includes an unconditional release of such indemnified party from all liability on claims that are the subject
matter of such proceeding. 
 (c) If the indemnification provided for in Section 8 shall for any reason be
unavailable to an indemnified party under subsection 8(a) hereof in respect of any loss, claim, damage or liability, or any action in respect thereof, referred to therein, then each indemnifying party shall, in lieu of indemnifying such
indemnified party, contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability, or action in respect thereof, (i) in such proportion as shall be appropriate to reflect the relative
benefits received by the Company and the Issuer on the one hand (without duplication) and the Initial Purchaser on the other from the offering and sale of the Offered Notes or (ii) if the allocation provided by clause (i) above is
not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company and the Issuer on the one hand and the Initial Purchaser
on the other with respect to the statements or omissions that resulted in such loss, claim, damage or 

  
 17 

 
liability, or action in respect thereof, as well as any other relevant equitable considerations. The relative benefits received by the Company and the Issuer on the one hand (without duplication)
and the Initial Purchaser on the other with respect to such offering shall be deemed to be in the same proportion as the total net proceeds from the offering and sale of the Offered Notes (before deducting expenses) received by the Company and the
Issuer bear (without duplication) to the total fees actually received by the Initial Purchaser with respect to such offering and sale. The relative fault shall be determined by reference to whether the untrue or alleged untrue statement of a
material fact or omission or alleged omission to state a material fact relates to information supplied by the Company and the Issuer or by the Initial Purchaser, the intent of the parties and their relative knowledge, access to information and
opportunity to correct or prevent such statement or omission. The Company, the Issuer and the Initial Purchaser agree that it would not be just and equitable if contributions pursuant to this subsection 8(c) were to be determined by pro rata
allocation or by any other method of allocation that does not take into account the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, damage or liability, or action in
respect thereof, referred to above in this subsection 8(c) shall be deemed to include, for purposes of this subsection 8(c), any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or
defending any such action or claim. Notwithstanding the provisions of this subsection 8(c), the Initial Purchaser shall not be required to contribute any amount in excess of the aggregate fee actually paid to the Initial Purchaser with
respect to the offering of the Offered Notes. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. 
 (d) The indemnity agreements contained in this Section 8 shall survive the delivery of the
Offered Notes, and the provisions of this Section 8 shall remain in full force and effect, regardless of any termination or cancellation of this Agreement or any investigation made by or on behalf of any indemnified party. 

(e) Notwithstanding any other provision in this Section 8, no party shall be entitled to indemnification or contribution
under this Agreement in violation of Section 17(i) of the 1940 Act. 
 Section 9. Termination.

 This Agreement shall be subject to termination in the absolute discretion of the Initial Purchaser, by notice given to the
Company prior to delivery of and payment for the Offered Notes, if prior to such time (i) trading in securities generally on the New York Stock Exchange shall have been suspended or materially limited or any setting of minimum prices for
trading on such exchange shall have occurred, (ii) there shall have been, since the respective dates as of which information is given in the Time of Sale Information or the Final Memorandum, any material adverse change in the condition,
financial or otherwise, or in the properties (including, without limitation, the Collateral Obligations) or the earnings, business affairs or business prospects of the Company, the Depositor, the Issuer or the Collateral Manager, whether or not
arising in the ordinary course of business, that is so material and adverse, in the reasonable judgment of the Initial Purchaser, as to make it impractical or inadvisable to market the Offered Notes; (iii) a general moratorium on commercial
banking activities in New York shall have been 

  
 18 

 
declared by either U.S. federal or New York State authorities, or (iv) there shall have occurred any material outbreak or escalation of hostilities or other calamity or crises the effect of
which on the financial markets of the United States is such as to make it, in the reasonable judgment of the Initial Purchaser, impracticable or inadvisable to market the Offered Notes. 

Section 10. Severability Clause. 
 Any part, provision, representation, or warranty of this Agreement which is prohibited or is held to be void or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such prohibition or unenforceability without invalidating the remaining provisions hereof. 
 Section 11.
Notices. 
 All demands, notices and communications hereunder shall be in writing and shall be
deemed to have been duly given if personally delivered at or mailed by overnight mail, certified mail or registered mail, postage prepaid and effective only upon receipt and if sent to the Initial Purchaser, will be delivered to Guggenheim
Securities, LLC, 135 East 57th Street, 7th Floor, New
York, New York 10022, Attention: Chief Operating Officer and to Guggenheim Securities, LLC, 135 East 57th Street, 7th Floor, New York, New York 10022, Attention: General Counsel; or if sent to the Company, the Depositor or the Issuer will be delivered to such party c/o TICC Capital Corp., 8 Sound Shore
Drive, Suite 255, Greenwich, CT 06830, Attention: Saul Rosenthal, facsimile No. (203) 983-5290. 
 Section 12.
Representations and Indemnities to Survive. 
 The respective agreements, representations, warranties, indemnities
and other statements of the Company, the Depositor, the Issuer and their respective officers and of the Initial Purchaser set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation made by
or on behalf of the Initial Purchaser, the Company, the Depositor, the Issuer or any indemnified party referred to in Section 8 of this Agreement, and will survive delivery of and payment for the Offered Notes. 

Section 13. Successors. 
 This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective successors by merger, consolidation or acquisition of their assets substantially as an entity and
each indemnified party referred to in Section 8 of this Agreement and, except as specifically set forth herein, no other person will have any right or obligation hereunder. 

Section 14. Applicable Law. 
 (a) THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT
OTHERWISE WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES). 

  
 19 

 (b) EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY REQUIREMENTS OF LAW,
ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT. EACH PARTY HERETO (I) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF 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 AND (II) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS
AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 14(b). 
 (c) ANY LEGAL ACTION OR
PROCEEDING WITH RESPECT TO THIS AGREEMENT MAY BE BROUGHT IN THE COURTS OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY HERETO CONSENTS, FOR ITSELF AND IN RESPECT OF ITS
PROPERTY, TO THE NON—EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH SUCH PARTY IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO
THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS AGREEMENT OR ANY DOCUMENT RELATED HERETO. 

Section 15. Counterparts, Etc. 
 This Agreement supersedes all prior or contemporaneous agreements and understandings relating to the subject matter hereof. Neither this Agreement nor any term hereof may be changed, waived, discharged or
terminated except by a writing signed by the party against whom enforcement of such change, waiver, discharge or termination is sought. This Agreement may be signed in any number of counterparts each of which shall be deemed an original, which taken
together shall constitute one and the same instrument. 
 Section 16. No Petition; Limited Recourse.

 (a) The Initial Purchaser covenants and agrees that, prior to the date that is one year and one day (or such longer
preference period as shall then be in effect plus one day) after the payment in full of each Class of Notes rated by any Rating Agency, it will not institute against the Issuer or the Depositor or join any other Person in instituting against the
Issuer or the Depositor any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceedings under the laws of the United States or any state of the United States. 

(b) Notwithstanding anything to the contrary herein, the obligations of the Issuer and the Depositor hereunder are limited recourse
obligations of the Issuer and the Depositor, respectively, payable solely from the Assets securing the Notes, and following the exhaustion of such Assets, any claims of the Initial Purchaser hereunder against the Issuer or the Depositor shall be
extinguished. All payments by the Issuer or the Depositor to the Initial 

  
 20 

 
Purchaser hereunder shall be made subject to and in accordance with the Priority of Payments set forth in the Indenture. 
 (c) This Section 16 will survive the termination of this Agreement. 

Section 17. Arm’s-Length Transaction; Other Transactions. 

(a) Each of the Company, the Depositor and the Issuer acknowledges and agrees that (i) the purchase and sale of the Offered Notes
pursuant to this Agreement, including the determination of the offering price of the Offered Notes and any related discounts and commissions, is an arm’s-length commercial transaction between the Issuer, on the one hand, and the Initial
Purchaser, on the other hand, (ii) in connection with the offering contemplated hereby and the process leading to such transaction, the Initial Purchaser is and has been acting solely as a principal and is not an agent or fiduciary of the
Issuer, the Company or the Depositor or any of their respective equity holders, creditors, employees or any other party, (iii) the Initial Purchaser has not assumed and will not assume an advisory or fiduciary responsibility in favor of the
Issuer, the Company or the Depositor with respect to the offering contemplated hereby or the process leading thereto (irrespective of whether the Initial Purchaser has advised or is currently advising any of the Issuer, the Company or the Depositor
on other matters) and the Initial Purchaser has no obligation to any of the Issuer, the Company or the Depositor with respect to the offering contemplated hereby, except the obligations expressly set forth in this Agreement, and (iv) the
Initial Purchaser has not provided any legal, accounting, regulatory or tax advice with respect to the offering contemplated hereby and each of the Issuer, the Company and the Depositor has consulted its own legal, accounting, regulatory and tax
advisors to the extent it deemed appropriate. 
 (b) Each of the Company, the Depositor and the Issuer acknowledges and agrees
that the Initial Purchaser and its Affiliates may presently have and may in the future have investment and commercial banking, trust and other relationships with parties other than the Company, the Depositor and the Issuer, which parties may have
interests with respect to the purchase and sale of the Offered Notes. Although the Initial Purchaser in the course of such other relationships may acquire information about the purchase and sale of the Offered Notes, potential purchasers of the
Offered Notes or such other parties, the Initial Purchaser shall not have any obligation to disclose such information to any of the Company, the Depositor or the Issuer. Furthermore, each of the Company, the Depositor and the Issuer acknowledges
that the Initial Purchaser may have fiduciary or other relationships whereby the Initial Purchaser may exercise voting power over securities of various persons, which securities may from time to time include securities of any of the Company, the
Depositor or the Issuer or their respective Affiliates or of potential purchasers. Each of the Company, the Depositor and the Issuer acknowledges that the Initial Purchaser may exercise such powers and otherwise perform any functions in connection
with such fiduciary or other relationships without regard to its relationship to the Company, the Depositor or the Issuer hereunder. 
 [REST OF PAGE INTENTIONALLY LEFT BLANK] 

  
 21 

 If the foregoing is in accordance with your understanding of our agreement, please sign and
return to the undersigned a counterpart hereof, whereupon this letter and your acceptance shall represent a binding agreement among the Company, the Depositor, the Issuer and the Initial Purchaser. 

 

					
	Very truly yours,
	
	TICC CAPITAL CORP.
		
	By:	 	  

		 	  Name:	 	  

		 	  Title:	 	  

  

					
		  	S-1	  	
		  		  	

 
					
	 TICC CAPITAL CORP. 2011-1
       HOLDINGS, LLC

		
	By:	 	TICC Capital Corp., its designated manager
		
	By:	 	  

		 	  Name:	 	  

		 	  Title:	 	  

  

					
		  	S-2	  	
		  		  	

 
					
	TICC CLO LLC
		
	By:	 	TICC Capital Corp., its designated manager
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  

					
		  	S-3	  	
		  		  	

 The foregoing Agreement is hereby confirmed and 
 accepted as of the date first above written. 
  

			
	GUGGENHEIM SECURITIES, LLC,
	as the Initial Purchaser
		
	By:	 	  

			
	Name:	 	  

			
	Title:	 	  

  

					
		  	S-4	  	
		  		  	

 SCHEDULE I 

 

					
	 Class of Notes
	  	Principal Amount	 
		
	         A
	  	$	101,250,000	  

  
 Sch. I-1

 SCHEDULE II 

TIME OF SALE INFORMATION 
 TICC CLO LLC **Priced** 144A/Reg S 
  

													
	 CLS
	  	SIZE	 	  	RATING	  	COUPON	 	PRICE	 
					
	 A
	  	$	101,250,000	  	  	Aaa (sf),

AAA(sf)
	  	LIBOR + 2.25%	 	 	100	% 

  
 Sch. II-1Master Loan Sale Agreement, dated August 10, 2011

 Exhibit 10.2 

 
  

 
 MASTER LOAN SALE AGREEMENT

 among 
 TICC CAPITAL CORP., 
 as the Originator, 

TICC CAPITAL CORP. 2011-1 HOLDINGS, LLC, 
 as the Depositor, 
 and 

TICC CLO LLC, 
 as the Issuer 
 Dated as of August 10, 2011 

 
  

 

 TABLE OF CONTENTS 

 

									
	 	 	 	    	 	  	Page	 
		
	 ARTICLE I        DEFINITIONS
	  	 	1	  
				
		 	 Section 1.1.
	    	 Definitions
	  	 	1	  
				
		 	 Section 1.2.
	    	 Other Terms
	  	 	3	  
				
		 	 Section 1.3.
	    	 Computation of Time Periods
	  	 	4	  
				
		 	 Section 1.4.
	    	 Interpretation
	  	 	4	  
				
		 	 Section 1.5.
	    	 References
	  	 	5	  
		
	 ARTICLE II        TRANSFER OF THE CONVEYED COLLATERAL
	  	 	5	  
				
		 	 Section 2.1.
	    	 Transfer of the Conveyed Collateral
	  	 	5	  
				
		 	 Section 2.2.
	    	 Conveyance of Initial Conveyed Collateral
	  	 	7	  
				
		 	 Section 2.3.
	    	 Acceptance of Initial Conveyed Collateral
	  	 	8	  
				
		 	 Section 2.4.
	    	 Conveyance of Subsequent Conveyed Collateral
	  	 	8	  
				
		 	 Section 2.5.
	    	 Optional Substitution of Collateral Obligations
	  	 	9	  
				
		 	 Section 2.6.
	    	 Direct Assignments
	  	 	10	  
				
		 	 Section 2.7.
	    	 Delivery of Documents
	  	 	11	  
		
	 ARTICLE III        REPRESENTATIONS AND WARRANTIES
	  	 	11	  
				
		 	 Section 3.1.
	    	 Representations and Warranties of the Originator
	  	 	11	  
				
		 	 Section 3.2.
	    	 Representations and Warranties Regarding the Collateral Obligations
	  	 	16	  
				
		 	 Section 3.3.
	    	 Representations and Warranties of the Depositor
	  	 	16	  
				
		 	 Section 3.4.
	    	 Additional Representations and Warranties of the Depositor
	  	 	18	  
				
		 	 Section 3.5.
	    	 Representations and Warranties of the Issuer
	  	 	20	  
		
	 ARTICLE IV        PERFECTION OF TRANSFER AND PROTECTION OF SECURITY
INTERESTS
	  	 	21	  
				
		 	 Section 4.1.
	    	 Custody of Collateral Obligation
	  	 	21	  
				
		 	 Section 4.2.
	    	 Filing
	  	 	21	  
				
		 	 Section 4.3.
	    	 Changes in Name, Corporate Structure or Location
	  	 	21	  
				
		 	 Section 4.4.
	    	 Costs and Expenses
	  	 	22	  
				
		 	 Section 4.5.
	    	 Sale Treatment
	  	 	22	  
				
		 	 Section 4.6.
	    	 Separateness
	  	 	22	  
		
	 ARTICLE V        COVENANTS
	  	 	22	  
				
		 	 Section 5.1.
	    	 Covenants of the Originator
	  	 	22	  

  
 i 

 
  

 TABLE OF CONTENTS 

(continued) 
  

									
	 	 	 	    	 	  	Page	 
				
		 	 Section 5.2.
	    	 Covenants of the Depositor
	  	 	24	  
		
	 ARTICLE VI        INDEMNIFICATION BY THE ORIGINATOR
	  	 	25	  
				
		 	 Section 6.1.
	    	 Indemnification
	  	 	25	  
				
		 	 Section 6.2.
	    	 Liabilities to Obligors
	  	 	25	  
				
		 	 Section 6.3.
	    	 Operation of Indemnities
	  	 	26	  
		
	 ARTICLE VII        OPTIONAL AND MANDATORY REPURCHASES
	  	 	26	  
				
		 	 Section 7.1.
	    	 Optional Repurchases
	  	 	26	  
				
		 	 Section 7.2.
	    	 Mandatory Repurchases
	  	 	26	  
				
		 	 Section 7.3.
	    	 Reassignment of Substituted or Repurchased Collateral Obligations
	  	 	27	  
				
		 	 Section 7.4.
	    	 Repurchase and Substitution Limit
	  	 	27	  
		
	 ARTICLE VIII        MISCELLANEOUS
	  	 	27	  
				
		 	 Section 8.1.
	    	 Amendment
	  	 	27	  
				
		 	 Section 8.2.
	    	 Governing Law
	  	 	28	  
				
		 	 Section 8.3.
	    	 Notices
	  	 	29	  
				
		 	 Section 8.4.
	    	 Severability of Provisions
	  	 	29	  
				
		 	 Section 8.5.
	    	 Third Party Beneficiaries
	  	 	29	  
				
		 	 Section 8.6.
	    	 Counterparts
	  	 	29	  
				
		 	 Section 8.7.
	    	 Headings
	  	 	29	  
				
		 	 Section 8.8.
	    	 No Bankruptcy Petition; Disclaimer
	  	 	29	  
				
		 	 Section 8.9.
	    	 Jurisdiction
	  	 	30	  
				
		 	 Section 8.10.
	    	 Prohibited Transactions with Respect to the Issuer
	  	 	30	  
				
		 	 Section 8.11.
	    	 No Partnership
	  	 	30	  
				
		 	 Section 8.12.
	    	 Successors and Assigns
	  	 	30	  
				
		 	 Section 8.13.
	    	 Duration of Agreement
	  	 	30	  
				
		 	 Section 8.14.
	    	 Limited Recourse
	  	 	31	  

  
 ii 

 
  

 THIS MASTER LOAN SALE AGREEMENT, dated as of August 10, 2011 (as amended,
modified, restated, or supplemented from time to time, this “Agreement”), is made by and among TICC CAPITAL CORP., a Maryland corporation (together with its successors and assigns in such capacity, the
“Originator”), TICC CAPITAL CORP. 2011-1 HOLDINGS, LLC, a Delaware limited liability company (together with its successors and assigns in such capacity, the “Depositor”), and TICC CLO LLC, a Delaware
limited liability company (together with its successors and assigns in such capacity, the “Issuer”). 

PREAMBLE 

WHEREAS, in the regular course of its business, the Originator originates and/or otherwise acquires Collateral Obligations;

 WHEREAS, the Depositor desires to acquire the initial Collateral Obligations from the Originator on the Closing Date
(the “Initial Collateral Obligations”) listed on Schedule 1 hereto and may acquire from time to time thereafter certain additional Collateral Obligations (the “Additional Collateral Obligations”) and
Substitute Collateral Obligations, together with certain related property, as more fully described as the “Assets” in the Indenture, dated as of the date hereof (as amended, modified, restated or supplemented from time to time, the
“Indenture”), between the Issuer, as issuer, and The Bank of New York Mellon Trust Company, National Association, as trustee (together with its successors and assigns in such capacity, the “Trustee”); 

WHEREAS, it is a condition to the Depositor’s acquisition of the Collateral Obligations from the Originator that the
Originator make certain representations, warranties and covenants regarding all Collateral Obligations and related Assets transferred pursuant to this Agreement for the benefit of the Depositor as well as the Issuer and it is a condition to the
Issuer’s acquisition of the Collateral Obligations from the Depositor that the Depositor make certain representations, warranties and covenants regarding the Conveyed Collateral for the benefit of the Issuer; and 

WHEREAS, on the Closing Date, the Depositor will transfer all of its right, title and interest in the Initial Collateral
Obligations to the Issuer, and, thereafter, the Issuer will from time to time acquire certain Additional Collateral Obligations and Substitute Collateral Obligations, all pursuant to the terms and conditions set forth herein and in the Indenture.

 NOW, THEREFORE, based upon the above recitals, the mutual premises and agreements contained herein, and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 
 ARTICLE I 
 DEFINITIONS 

Section 1.1. Definitions. 
 Capitalized terms used but not otherwise defined herein shall have the meanings attributed to such terms in the Indenture. In addition, as used herein, the following defined terms, unless the context
otherwise requires, shall have the following meanings: 

 “Additional Collateral Obligations”: The meaning assigned in the Preamble
of this Agreement. 
 “Additional Conveyed Collateral”: The meaning specified in Section 2.1(c).

 “Conveyed Collateral”: Collectively, the Initial Conveyed Collateral and Subsequent Conveyed Collateral.

 “Depositor”: TICC Capital Corp. 2011-1 Holdings, LLC, together with its successors and assigns. 

“Indemnified Party”: The meaning specified in Section 6.1. 

“Ineligible Collateral Obligation”: The meaning specified in Section 7.2. 

“Initial Collateral Obligations”. As defined in the Preamble of this Agreement. 

“Initial Conveyed Collateral”: The meaning specified in Section 2.1(a). 

“Insolvency Law”: The Bankruptcy Code and all other applicable liquidation, conservatorship, bankruptcy, moratorium,
rearrangement, receivership, insolvency, reorganization, suspension of payments, or similar debtor relief laws from time to time in effect affecting the rights of creditors generally. 

“Issuer”: TICC CLO LLC, together with its successors and assigns. 

“Noteless Collateral Obligation”: A Collateral Obligation with respect to which (a) the related Underlying
Documents do not require the Obligor to execute and deliver an Underlying Note to evidence the indebtedness created under such Collateral Obligation and (b) no Underlying Notes are outstanding with respect to the portion of the Collateral
Obligation transferred to the Issuer. 
 “Originator”: TICC Capital Corp., together with its successors and
assigns. 
 “Permitted Liens” means with respect to the interest of the Originator, the Depositor and the
Issuer in the Collateral Obligations included in the Assets: (i) security interests, liens and other encumbrances in favor of the Depositor created pursuant to this Agreement and transferred to the Issuer pursuant hereto, (ii) security
interests, liens and other encumbrances in favor of the Issuer created pursuant to this Agreement, (iii) security interests, liens and other encumbrances in favor of the Trustee created pursuant to the Indenture and/or this Agreement,
(iv) with respect to agented Collateral Obligations, security interests, liens and other encumbrances in favor of the lead agent, the collateral agent or the paying agent on behalf of all holders of indebtedness of such Obligor under the
related facility, (v) with respect to any Equity Security, any security interests, liens and other encumbrances granted on such Equity Security to secure indebtedness of the related Obligor and/or any security interests, liens and other rights
or encumbrances granted under any governing documents or other agreement between or among or binding upon the Issuer as the holder of equity in such Obligor and (vi) security interests, liens and other

  
 2 

 
  

 
encumbrances, if any, which have priority over first priority perfected security interests in the Collateral Obligations or any portion thereof under the UCC or any other applicable law.

 “Repurchase and Substitution Limit”: The meaning specified in Section 7.4. 

“Required Loan Documents”: For each Collateral Obligation, the items set forth below: 

(i) (x) other than in the case of a Noteless Collateral Obligation or a Participation Interest, the original or, if
accompanied by a “lost note” affidavit and indemnity, a copy of the Underlying Note, endorsed by the prior holder of record either in blank or to the Trustee (and evidencing an unbroken chain of endorsements from the prior holder(s)
thereof evidenced in the chain of endorsements in blank or to the Trustee, subject to Section 2.6), with any endorsement to the Trustee to be in the following form: “The Bank of New York Mellon Trust Company, National Association,
its successors and assigns, as Trustee for the Secured Parties,” and (y) in the case of a Noteless Collateral Obligation or a Participation Interest, a copy of each transfer document or assignment agreement relating to such Noteless
Collateral Obligation or Participation Interest evidencing the assignment of such Noteless Collateral Obligation or Participation Interest to the Originator, from the Originator to the Depositor and from the Depositor to the Issuer (subject to
Section 2.6); and 
 (ii) originals or copies of each of the following, to the extent applicable to
the related Collateral Obligation: any related loan agreement or credit agreement. 
 “Schedule of Collateral
Obligations”: The meaning specified in Section 2.1(c). 
 “Subsequent Conveyed
Collateral”: The meaning specified in Section 2.1(c). 
 “Subsequent Transfer Agreement”:
The meaning specified in Section 2.1(c). 
 “Substitute Conveyed Collateral”: The meaning specified
in Section 2.1(c). 
 “Substitution Period”: The meaning specified in Section 2.5(b).

 “Transfer Date”: The meaning specified in Section 2.1(c). 

“Trustee”: As defined in the Preamble of this Agreement. 

“Underlying Note”: One or more promissory notes executed by the applicable Obligor evidencing a Collateral Obligation.

 Section 1.2. Other Terms. 
 All accounting terms used but not specifically defined herein shall be construed in accordance with generally accepted accounting principles as in effect from time to time in the United States.

  
 3 

 
  

 Section 1.3. Computation of Time Periods. 

Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to a later specified date, the
word “from” means “from and including”, the words “to” and “until” each mean “to but excluding”, and the word “within” means “from and excluding a specified date and to and including a
later specified date”. 
 Section 1.4. Interpretation. 

In this Agreement, unless a contrary intention appears: 

(i) the singular number includes the plural number and vice versa; 

(ii) reference to any Person includes such Person’s successors and assigns but, if applicable, only if such
successors and assigns are permitted by the Transaction Documents; 
 (iii) reference to any gender includes each
other gender; 
 (iv) reference to day or days without further qualification means calendar days; 

(v) unless otherwise stated, reference to any time means New York, New York time; 

(vi) references to “writing” include printing, typing, lithography, electronic or other means of reproducing
words in a visible form; 
 (vii) reference to any agreement (including any Transaction Document), document or
instrument means such agreement, document or instrument as amended, modified, supplemented, replaced, restated, waived or extended and in effect from time to time in accordance with the terms thereof and, if applicable, the terms of the other
Transaction Documents, and reference to any promissory note includes any promissory note that is an extension or renewal thereof or a substitute or replacement therefor; 

(viii) reference to any requirement of law means such requirement of law as amended, modified, codified, replaced or
reenacted, in whole or in part, and in effect from time to time, including rules and regulations promulgated thereunder and reference to any Section or other provision of any requirement of law means that provision of such requirement of law from
time to time in effect and constituting the substantive amendment, modification, codification, replacement or reenactment of such Section or other provision; and 

(ix) references to “including” means “including, without limitation”. 

  
 4 

 
  

 Section 1.5. References. 

All Section references (including references to the Preamble), unless otherwise indicated, shall be to Sections (and the Preamble) in
this Agreement. 
 ARTICLE II 
 TRANSFER OF THE CONVEYED COLLATERAL 
 Section 2.1. Transfer of
the Conveyed Collateral. 
 (a) Transfer from the Originator to the Depositor. Subject to and upon the terms and
conditions set forth herein, the Originator hereby sells, conveys and transfers to the Depositor all of the Originator’s right, title and interest in, to and under the Initial Collateral Obligations and any related Assets with respect thereto
(the “Initial Conveyed Collateral”) for a purchase price on the date hereof of $117,910,870.82, which purchase price shall be the value thereof as determined by the board of directors of the Originator in accordance with the 1940
Act (but in no event at less than fair market value). The consideration for the transfer of the Initial Conveyed Collateral from the Originator to the Depositor shall consist of cash paid by the Depositor to the Originator on the date hereof and, to
the extent that such cash so paid on the date hereof is less than the purchase price thereof, the difference shall be deemed a capital contribution from the Originator to the Depositor on the date hereof. 

(b) Transfer from the Depositor to the Issuer. Subject to and upon the terms and conditions set forth herein, the Depositor hereby
sells, conveys and transfers to the Issuer all of the Depositor’s right, title and interest in, to and under the Initial Conveyed Collateral for a purchase price on the date hereof of $117,910,870.82. The consideration for the transfer of the
Initial Conveyed Collateral from the Depositor to the Issuer shall consist of cash paid by the Issuer to the Depositor on the date hereof and the issuance by the Issuer to the Depositor of all of the Subordinated Notes. 

(c) Each of the Originator, the Depositor and the Issuer agrees and acknowledges that the Issuer may, as permitted under the Indenture,
acquire Additional Collateral Obligations and related Assets with respect thereto (the “Additional Conveyed Collateral”), and may acquire Substitute Collateral Obligations and any related Assets as set forth in
Section 2.5 and the Indenture with respect thereto (the “Substitute Conveyed Collateral” and, together with the Additional Conveyed Collateral, the “Subsequent Conveyed Collateral”), in each case,
pursuant to a Subsequent Transfer Agreement, substantially in the form of Exhibit A hereto, duly executed by each of the Originator, the Depositor and the Issuer (each such agreement, a “Subsequent Transfer Agreement”) and
the parties hereto agree that each such Subsequent Transfer Agreement will be deemed to become part of this Agreement as of the date of its execution (each such date, a “Transfer Date”) without further amendment hereof. Nothing
contained herein shall prevent the Issuer from acquiring Collateral Obligations and related Assets with respect thereto from third parties that are not Affiliates of the Originator or the Depositor, and the Issuer’s acquisition of such
Collateral Obligations and related Assets shall not be governed by the terms of this Agreement. 

  
 5 

 
  

 (d) Each of the Originator, the Depositor and the Issuer agrees that (i) the
representations, warranties, covenants and rights of indemnity of the Originator and the Depositor set forth herein will run to and be for the benefit of the Issuer and the Trustee, on behalf of the Secured Parties and (ii) either the Issuer or
the Trustee, on behalf of the Secured Parties, shall have the right to enforce directly without joinder of the Depositor, the repurchase obligations and indemnification obligations of the Originator with respect to breaches of such representations,
warranties and covenants as set forth herein. The parties hereto acknowledge and agree that the Trustee for the benefit of the Secured Parties shall be an express third party beneficiary of such representations, warranties, covenants and rights of
indemnity. 
 (e) Each of the Originator, the Depositor and the Issuer intends and agrees that (i) the transfer of the
Conveyed Collateral by the Originator to the Depositor pursuant to this Agreement, and the transfer of the Conveyed Collateral by the Depositor to the Issuer pursuant to this Agreement is, in each and every case, intended to be an absolute sale,
conveyance and transfer of ownership of the applicable Conveyed Collateral rather than the mere granting of a security interest to secure a financing and (ii) such Conveyed Collateral shall not be part of the Originator’s or the
Depositor’s respective estate in the event of a filing of a bankruptcy petition or other action by or against such Person under any Insolvency Law. In the event, however, that notwithstanding such intent and agreement, any of such transfers are
deemed to secure indebtedness, the Originator hereby Grants to the Depositor, and the Depositor hereby Grants to the Issuer, as the case may be, a security interest in all of its right, title and interest in, to and under such Conveyed Collateral
(whether now existing or hereafter created) and the Issuer hereby further Grants such security interest to the Trustee for the benefit of the Secured Parties. For such purposes, this Agreement shall constitute a security agreement under the UCC,
securing the repayment of the purchase price paid hereunder and the obligations or interests represented by the Notes, in the order and priorities, and subject to the other terms and conditions of, this Agreement and the Indenture, together with
such other obligations or interest as may arise hereunder and thereunder in favor of the parties hereto and thereto. 
 (f) If
any such transfer of Conveyed Collateral by the Originator to the Depositor (whether Initial Conveyed Collateral transferred pursuant to Section 2.1(a) or Subsequent Conveyed Collateral transferred pursuant to Section 2.1(c))
is deemed to be the mere granting of a security interest to secure a financing, the Depositor may, to secure the Depositor’s own obligations under this Agreement (to the extent that the transfer of Conveyed Collateral by the Depositor to the
Issuer hereunder is deemed to be the mere granting of a security interest to secure a financing), repledge and reassign to the Issuer (and the Issuer may repledge and reassign to the Trustee) (1) all or a portion of the Conveyed Collateral
pledged to the Depositor by the Originator and with respect to which the Depositor has not released its security interest at the time of such pledge and assignment and (2) all proceeds thereof. Such repledge and reassignment may be made with or
without a repledge and reassignment by the Depositor of its rights under any agreement with the Originator, and without further notice to or acknowledgement from the Originator. The Originator hereby waives, to the extent permitted by applicable
law, all claims, causes of action and remedies, whether legal or equitable (including any right of setoff), against the Depositor or any assignee relating to such repledge and reassignment in connection with the transactions contemplated by this
Agreement and the other Transaction Documents. The Originator and the Depositor shall file or shall cause to be filed a UCC-1 financing statement 

  
 6 

 
  

 
naming the Originator as debtor, the Depositor as secured party and the Trustee as assignee, listing all of the Conveyed Collateral pledged hereunder as collateral thereunder. 

(g) If any such transfer of Conveyed Collateral by the Depositor to the Issuer (whether Initial Conveyed Collateral transferred pursuant
to Section 2.1(b) or Subsequent Conveyed Collateral transferred pursuant to Section 2.1(c)) is deemed to be the mere granting of a security interest to secure a financing, the Issuer may, to secure the Issuer’s
obligations under the Indenture, repledge and reassign to the Trustee for the benefit of the Secured Parties (1) all or a portion of the Conveyed Collateral pledged to the Issuer by the Depositor and with respect to which the Issuer has not
released its security interest at the time of such pledge and assignment and (2) all proceeds thereof. Such repledge and reassignment may be made with or without a repledge and reassignment by the Issuer of its rights under any agreement with
the Depositor, and without further notice to or acknowledgment from the Depositor. The Depositor hereby waives, to the extent permitted by applicable law, all claims, causes of action and remedies, whether legal or equitable (including any right of
setoff), against the Issuer or any assignee relating to such repledge or reassignment in connection with the transactions contemplated by this Agreement and the other Transaction Documents. The Issuer and the Depositor shall file or shall cause to
be filed a UCC-1 financing statement naming the Depositor as debtor, the Issuer as secured party and the Trustee as assignee, listing all of the Conveyed Collateral pledged hereunder as collateral thereunder. 

(h) To the extent that (i) the consideration received by the Originator from the Depositor in exchange for any Conveyed Collateral
and (ii) the consideration received by the Depositor from the Issuer for any Conveyed Collateral is less than the fair market value of such Conveyed Collateral, the difference between such fair market value and the consideration so received
shall be deemed to be a capital contribution by the Originator to the Depositor (in the case of clause (i) above), and by the Depositor to the Issuer (in the case of clause (ii) above) made on the Closing Date in the case of
the Initial Conveyed Collateral and as of the related Transfer Date in the case of any Subsequent Conveyed Collateral. For all purposes of this Agreement, any contributed Conveyed Assets shall be treated the same as the Conveyed Assets sold for cash
or other property including, without limitation, for purposes of Section 7.2. 
 Section 2.2. Conveyance
of Initial Conveyed Collateral. 
 (a) On or before the Closing Date, the Originator or the Depositor, as applicable,
shall deliver or cause to be delivered to the Trustee each of the documents, certificates and other items as follows: 
 (i) officially certified recent evidence of due formation or incorporation, as applicable, good standing of the Depositor and the Issuer, in each case under the laws of the State of Delaware and good
standing of the Originator under the laws of the State of Maryland; 
 (ii) a copy of a written consent of the
board of directors of TICC Capital Corp., in its capacity as Originator and in its capacities as the designated manager of the Depositor and of the Issuer, approving the execution, delivery and performance of

  
 7 

 
  

 
this Agreement and the transactions contemplated hereunder, certified, in each case as applicable, by an Officer of TICC Capital Corp., in such capacities; 

(iii) a UCC financing statement executed by the Originator, as debtor, naming the Depositor as secured party (and the
Trustee as assignee for the benefit of the Secured Parties) and identifying the Conveyed Collateral as collateral for filing with the office of the Secretary of State for the State of Delaware; and execution and delivery of a UCC financing statement
executed by the Depositor, as debtor, naming the Issuer as secured party (and the Trustee as assignee for the benefit of the Secured Parties) and identifying the Conveyed Collateral as collateral for filing with the office of the Secretary of State
for the State of Delaware; and execution and delivery of UCC financing statements executed by the Issuer, as debtor, and naming the Trustee, for the benefit of the Secured Parties, as secured party and identifying the Conveyed Collateral, as
collateral for filing with the office of the Secretary of State for the State of Delaware; 
 (iv) a fully
executed copy of each Transaction Document; and 
 (v) all Opinions of Counsel required to be delivered pursuant
to Section 3.1(iii) of the Indenture. 
 (b) Concurrently with the transfer of the Initial Conveyed Collateral by the
Originator to the Depositor and by the Depositor to the Issuer, the (i) the Originator shall transfer to the Collection Account all Principal Proceeds and Interest Proceeds received with respect to such Initial Conveyed Collateral, on and after
the Closing Date, (ii) each of the representations and warranties made by the Originator pursuant to Article III applicable to the Initial Conveyed Collateral shall be true and correct as of the Closing Date, and (iii) the
Originator shall, at its own expense, not later than the Closing Date, indicate in its records that ownership of the Initial Conveyed Collateral has been conveyed by it to the Depositor and by the Depositor to the Issuer pursuant to this Agreement.

 Section 2.3. Acceptance of Initial Conveyed Collateral 

On the Closing Date, upon satisfaction of the conditions set forth in Section 2.2, the Issuer hereby instructs the Depositor,
and the Depositor hereby instructs the Originator, and the Originator hereby agrees to deliver, on behalf of the Issuer, the Initial Conveyed Collateral to the Trustee, and such delivery to and acceptance by the Trustee shall be deemed to be
delivery to and acceptance by the Issuer and by the Depositor. 
 Section 2.4. Conveyance of Subsequent Conveyed
Collateral. 
 (a) As and when permitted by the Indenture and subject to this Section 2.4 and the
satisfaction of the conditions imposed under the Indenture with respect to the acquisition of Subsequent Conveyed Collateral, the Originator may at its option (but shall not be obligated to) sell, convey and transfer to the Depositor (by delivery of
an executed Subsequent Transfer Agreement) all the right, title and interest of the Originator in and to the Subsequent Conveyed Collateral identified on Schedule 1 thereto, in each and every case without recourse other than as expressly provided
herein and therein and the Depositor shall be required to purchase from the Originator and sell, convey and transfer to the Issuer (by delivery of an executed Subsequent 

  
 8 

 
  

 
Transfer Agreement) all the right, title and interest of the Depositor in and to the Subsequent Conveyed Collateral identified on Schedule 1 thereto, in each and every case without recourse other
than as expressly provided herein and therein. 
 (b) Concurrently with the transfer of any Subsequent Conveyed Collateral by
the Originator to the Depositor and by the Depositor to the Issuer, (i) the Originator shall transfer to the Collection Account all Principal Proceeds and Interest Proceeds received with respect to such Subsequent Conveyed Collateral, on and
after the related Cut-Off Date, (ii) each of the representations and warranties made by the Originator pursuant to Article III applicable to the Subsequent Conveyed Collateral shall be true and correct as of the related Transfer Date and
(iii) the Originator shall, at its own expense, on or prior to the applicable date of transfer to the Depositor, indicate in its records that ownership of the Subsequent Conveyed Collateral identified in the Subsequent Transfer Agreement has
been sold by the Originator to the Depositor and by the Depositor to the Issuer pursuant to this Agreement. 

Section 2.5. Optional Substitution of Collateral Obligations. 

(a) Subject to Section 12.3 of the Indenture, this Section 2.5 and the Repurchase and Substitution Limit, with respect
to any Collateral Obligation as to which a Substitution Event has occurred, the Originator may (but shall not be obligated to except as required under the Indenture) either (x) convey to the Depositor and cause the Depositor to
contemporaneously convey to the Issuer one or more Collateral Obligations in exchange for such Collateral Obligation or (y) deposit into the Principal Collection Subaccount the Transfer Deposit Amount with respect to such Collateral Obligation
and then, prior to the expiration of the Substitution Period, convey to the Depositor and cause the Depositor to convey to the Issuer one or more Collateral Obligations in exchange for the funds so deposited or a portion thereof. 

(b) Any substitution pursuant to this Section 2.5 shall be initiated by delivery of a Notice of Substitution, as set forth in
the Indenture, by the Originator to the Trustee, the Depositor, the Issuer and the Collateral Manager that the Originator intends to substitute a Collateral Obligation pursuant to this Section 2.5 and shall be completed prior to the
earliest of: (x) the expiration of 90 days after delivery of such notice; (y) delivery of written notice to the Trustee from the Originator stating that the Originator does not intend to convey any additional Substitute Collateral
Obligations to the Issuer in exchange for any remaining amounts deposited in the Principal Collection Subaccount under clause (a)(y) above; or (z) in the case of a Collateral Obligation which has become subject to a Specified Amendment,
the effective date set forth in such Specified Amendment (such period described in clause (x), (y) or (z), as applicable, being the “Substitution Period”). 

(c) Each Notice of Substitution shall specify the Collateral Obligation to be substituted, the reasons for such substitution and the
Transfer Deposit Amount with respect to the Collateral Obligation. On the last day of any Substitution Period, any amounts previously deposited in accordance with clause (a)(y) above which relate to such Substitution Period that have not been
applied to purchase one or more Substitute Collateral Obligations or to fund the Revolver Funding Account if necessary with respect thereto shall be deemed to constitute Principal Proceeds; provided that prior to the expiration of the related
Substitution Period any such amounts shall not be deemed to be Principal Proceeds and shall remain in the Principal 

  
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Collection Subaccount until applied to acquire Substitute Collateral Obligations or to fund the Revolver Funding Account if necessary with respect thereto. The price paid (or deemed paid, in the
case of a contemporaneous conveyance of a Substitute Loan pursuant to Section 2.3(a)(x)) by the Issuer to the Depositor and by the Depositor to the Originator, as applicable, for any Substitute Collateral Obligation shall be an amount
equal to the value thereof, as determined by the board of directors of the Originator in accordance with the 1940 Act (but in no event less than the fair market value thereof). To the extent any cash or other property received by the Issuer in
connection with a Substitute Collateral Obligation exceeds the fair market value thereof, such excess shall be deemed a capital contribution from the Originator to the Depositor and from the Depositor to the Issuer. 

(d) The substitution of any Substitute Collateral Obligation will be subject to the satisfaction of the Substitute Collateral Obligations
Qualification Conditions as of the related Transfer Date for each such Collateral Obligation (after giving effect to such substitution). 
 (e) With respect to any Substitute Collateral Obligations to be conveyed to the Depositor by the Originator as described in this Section 2.5, (i) the Originator hereby sells, transfers,
assigns, sets over and otherwise conveys to the Depositor, without recourse other than as expressly provided herein (and the Depositor shall purchase through cash payment and/or by exchange of one or more related Collateral Obligations released by
the Issuer to the Depositor and by the Depositor to the Issuer on the related Cut-Off Date), all the right, title and interest of the Originator in and to the Substitute Collateral Obligation and (ii) the Depositor hereby sells, transfers,
assigns, sets over and otherwise conveys to the Issuer without recourse other than as expressly provided herein (and the Issuer shall purchase through cash payment and/or by exchange of one or more related Collateral Obligations released by the
Issuer to the Depositor on the related Cut-Off Date), all the right, title and interest of the Depositor in and to the Substitute Collateral Obligation. To the extent any cash or other property received by the Issuer in connection with a Substitute
Collateral Obligation exceeds the fair market value thereof, such excess shall be deemed a capital contribution from the Originator to the Depositor and from the Depositor to the Issuer. 

(f) The Originator and Depositor shall execute and deliver to the Issuer and the Trustee a Subsequent Transfer Agreement with respect to
each Substitute Collateral Obligation and shall cooperate with the Collateral Manager and the Issuer so that they may satisfy their respective obligations with respect to any substitution of Collateral Obligations pursuant to the Indenture.

 (g) The Originator shall bear all transaction costs incurred in connection with a substitution of Collateral Obligations
effected pursuant to this Agreement and the Indenture. 
 Section 2.6. Direct Assignments. 

The Originator, the Depositor and the Issuer acknowledge and agree that, solely for administrative convenience, any transfer document or
assignment agreement (or, in the case of any Underlying Note, any chain of endorsement) required to be executed and delivered in connection with the transfer of a Collateral Obligation in accordance with the terms of related Underlying Documents may
reflect that (i) the Originator (or any third party from whom the 

  
 10 

 
  

 
Originator, the Depositor or the Issuer may purchase a Collateral Obligation) is assigning such Collateral Obligation directly to the Issuer or (ii) the Issuer is acquiring such Collateral
Obligation at the closing of such Collateral Obligation. Nothing in any such transfer document or assignment agreement (or, in the case of any Underlying Note, nothing in such chain of endorsement) shall be deemed to impair the transfers of the
Collateral Obligations by the Originator to the Depositor and the Depositor to the Issuer in accordance with the terms of this Agreement. 
 Section 2.7. Delivery of Documents. 
 With respect to each
Collateral Obligation transferred hereunder as part of the Conveyed Collateral, within five Business Days after the related Transfer Date (or on or prior to the Closing Date, with respect to the Initial Collateral Obligations), the Originator, on
behalf of the Depositor and the Issuer, will deliver or cause to be delivered to the Custodian, to the extent not previously delivered, each of the Required Loan Documents with respect to such Collateral Obligations. 

ARTICLE III 

REPRESENTATIONS AND WARRANTIES 
 The Originator and the Depositor, as applicable, each makes, and upon execution of each Subsequent Transfer Agreement is deemed to make, the following representations and warranties, on which the
Depositor or the Issuer, as applicable, will rely in acquiring the Initial Conveyed Collateral on the Closing Date, and any Subsequent Conveyed Collateral on any applicable Transfer Date pursuant to the applicable Subsequent Transfer Agreement, and
on which, in each case, each of the parties hereto acknowledges and agrees that the Trustee, for the benefit of the Secured Parties, shall be entitled to rely as an express third party beneficiary as a condition of the Issuer entering into the
Transaction Documents to which it is a party and of the Noteholders purchasing the Notes. Each of the parties hereto acknowledges and agrees that such representations and warranties are being made by the Originator and the Depositor for the benefit
of the Issuer and the Trustee, for the benefit of the Secured Parties. 
 The representations and warranties set forth in this
Article III are given as of the Closing Date (or Transfer Date, as applicable), but shall survive the sale, transfer and assignment of the Conveyed Collateral to the Depositor and to the Issuer hereunder or under a Subsequent Transfer
Agreement, as applicable. 
 The representations and warranties set forth in Sections 3.1(j) and 3.4(a) may not be waived
by any Person and shall survive the termination of this Agreement. 
 Section 3.1. Representations and Warranties of
the Originator. 
 By its execution of this Agreement and each Subsequent Transfer Agreement, the Originator represents
and warrants that: 
 (a) Organization and Good Standing. The Originator is a corporation duly incorporated, validly
existing and in good standing under the laws of the State of Maryland, and has full power and authority to own its assets and to transact the business in which it is currently 

  
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engaged, and is duly qualified as a foreign corporation and is in good standing under the laws of each jurisdiction where its ownership or lease of property, the conduct of its business or the
performance of this Agreement or any other Transaction Document applicable to it would require such qualification, except for those jurisdictions in which the failure to be so qualified, authorized or licensed would not have a material adverse
effect on the business operations, assets or financial condition of the Originator or on the validity or enforceability of this Agreement or the provisions of any other Transaction Document applicable to the Originator, or the performance by the
Originator of its duties hereunder or thereunder. 
 (b) Authorization; Valid Sale; Binding Obligations. The Originator
has the power and authority to make, execute, deliver and perform this Agreement and the other Transaction Documents to which it is a party and all of the transactions contemplated under this Agreement and the other Transaction Documents to which it
is a party, and had the power and authority to form the Depositor and cause it to make, execute, deliver and perform its obligations under this Agreement and the other Transaction Documents to which it is a party and has taken all necessary
corporate action to authorize the execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a party. This Agreement and each Subsequent Transfer Agreement, if any, shall effect a valid sale (or
contribution, as the case may be), transfer and assignment of, or Grant of a security interest in, the Conveyed Collateral being so transferred, conveyed and assigned from the Originator to the Depositor, enforceable against the Originator and
creditors of and purchasers from the Originator. This Agreement and the other Transaction Documents to which the Originator is a party constitute the legal, valid and binding obligations of the Originator enforceable in accordance with their terms,
except as enforcement of such terms may be limited by bankruptcy, reorganization, insolvency, moratorium and other laws affecting the enforcement of creditors’ rights generally and general principles of equity, whether considered in a suit at
law or in equity. 
 (c) No Consent Required. No consent of any other Person and no license, permit, order, approval or
authorization of, exemption by, notice or report to, or registration, filing or declaration with, any governmental authority or court or any other Person is required to be obtained by the Originator in connection with this Agreement or any other
Transaction Document to which it is a party or the execution, delivery, performance, validity or enforceability of this Agreement or any other Transaction Document to which it is a party or the obligations imposed on the Originator hereunder or
under the terms of the Indenture or any other Transaction Document to which it is a party other than those that have been obtained or made. 
 (d) No Violations. The execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a party, and the consummation of the transactions contemplated hereby
and thereby, will not violate its articles of incorporation or bylaws or any material requirement of law applicable to the Originator, or constitute a material breach of any mortgage, indenture, contract or other agreement to which the Originator is
a party or by which the Originator or any of the Originator’s properties may be bound, or result in the creation or imposition of any security interest, lien, charge, pledge or encumbrance of any kind upon any of its properties pursuant to the
terms of any such mortgage, indenture, contract or other agreement, other than as contemplated by the Transaction Documents. 

  
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 (e) Litigation. No litigation or administrative proceeding of or before any court,
tribunal or governmental body is currently pending, or to the knowledge of the Originator threatened, against the Originator or any of its properties or with respect to this Agreement, the other Transaction Documents to which it is a party or the
Notes (1) that could be expected to have a material adverse effect on (i) the business, properties, assets or condition (financial or otherwise) of the Originator or (ii) the transactions contemplated by this Agreement or the other
Transaction Documents to which the Originator is a party or (2) seeking to adversely affect the federal income tax or other federal, state or local tax attributes of the Notes. 

(f) Solvency. The Originator, at the time of and after giving effect to each conveyance of Conveyed Collateral hereunder, is
solvent and is not aware of any pending insolvency. 
 (g) Taxes. The Originator has filed or caused to be filed all tax
returns which are required to be filed and has paid all taxes shown to be due and payable on such returns or on any assessments made against it or any of its property and all other taxes, fees or other charges imposed on it or any of its property by
any governmental authority (other than any amount of tax due, the validity of which is currently being contested in good faith by appropriate proceedings and with respect to which reserves in accordance with generally accepted accounting principles
have been provided on its books), except for failures to file or pay that could not be expected to have a material adverse effect on the business operations, assets or financial condition of the Originator or on the validity or enforceability of
this Agreement or the provisions of any other Transaction Document applicable to the Originator, or the performance by the Originator of its duties hereunder or thereunder. 
 (h) Place of Business; No Changes. Except for the change in the Originator’s name from Technology Investment Capital Corp. to TICC Capital Corp. on December 3, 2007, the Originator has
not changed its name or the State under whose laws it is formed, whether by amendment of its articles of incorporation, by reorganization or otherwise. 
 (i) Sale Treatment. Other than for tax and accounting purposes, the Originator has treated the transfer of the Conveyed Collateral to the Depositor for all purposes as a sale and purchase on all of
its relevant books and records. 
 (j) Security Interest. 

(i) in the event that the transfer by the Originator to the Depositor of any Conveyed Collateral is determined not to be
an absolute transfer, this Agreement is effective to create in favor of the Depositor a valid and continuing security interest (as defined in the UCC) in all of the right, title and interest of the Originator in, to and under such Conveyed
Collateral, which security interest is perfected and is prior to all other liens (other than Permitted Liens), and is enforceable as such against, all creditors of and purchasers from the Originator; 

(ii) each Collateral Obligation transferred hereunder constitutes or is evidenced by a Financial Asset, an Instrument, a
Certificated Security or a general intangible (as defined in the UCC); 

  
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 (iii) the Originator owns the Conveyed Collateral being conveyed hereunder,
free and clear of any lien, claim or encumbrance of any Person (other than Permitted Liens), and, upon the transfer by the Originator to the Depositor of any Conveyed Collateral pursuant to this Agreement or any Subsequent Transfer Agreement, the
Depositor will own such Conveyed Collateral free and clear of any and all liens, claims or encumbrances created by, or attaching to property of, the Originator (other than Permitted Liens); 

(iv) the Originator has received all consents and approvals required by the terms of any Conveyed Collateral to the
conveyance of such Conveyed Collateral hereunder to the Depositor; 
 (v) the Originator has caused the filing of
all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in such Conveyed Collateral granted to the Depositor under this Agreement to the extent
perfection can be achieved by filing a financing statement; 
 (vi) other than the conveyance to the Depositor
and the security interest granted to the Depositor pursuant to this Agreement, the Originator has not pledged, assigned, sold, granted a security interest in or otherwise conveyed any of such Conveyed Collateral. The Originator has not authorized
the filing of, and is not aware of, any financing statements against the Originator that include a description of collateral covering such Conveyed Collateral other than (A) any financing statement relating to the security interest Granted to
the Depositor under this Agreement and (B) any financing statement that has been terminated. The Originator is not aware of the filing of any judgment, employee benefit or tax lien filings against it; 

(vii) on or prior to the Closing Date (with respect to the Initial Collateral Obligations) and within five Business Days
after the related Transfer Date (with respect to the Additional Collateral Obligations), copies (which may be in electronic form) (or originals, if required by the definition of “Required Loan Documents”) of the Required Loan Documents
have been delivered to the Custodian; and 
 (viii) none of the Underlying Notes that constitute or evidence the
Conveyed Collateral has any marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Issuer or in blank or to the Trustee. 

(k) Value Given. The cash payments and corresponding increase in the Originator’s equity interest in the Depositor received
by the Originator in respect of the purchase price of all Conveyed Collateral conveyed hereunder constitutes reasonably equivalent value in consideration for the transfer to the Depositor of such Conveyed Collateral under this Agreement, such
transfer was not made for or on account of an antecedent debt owed by the Depositor to the Originator, and such transfer was not and is not voidable or subject to avoidance under any Insolvency Law. 

  
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 (l) No Defaults. The Originator is in not default with respect to any order or decree
of any court or any order, regulation or demand of any federal, state, municipal or governmental agency, which default might have consequences that would materially and adversely affect the condition (financial or otherwise) or operations of it or
its respective properties or might have consequences that would materially and adversely affect its performance hereunder. 

(m) Bulk Transfer Laws. The transfer, assignment and conveyance of the Conveyed Collateral by the Originator pursuant to this
Agreement are not subject to the bulk transfer laws or any similar statutory provisions in effect in any applicable jurisdiction. 
 (n) Origination and Collection Practices. The origination and collection practices used with respect to each Collateral Obligation have been in all material respects legal, proper, and customary in
the Collateral Obligation origination and servicing business. 
 (o) Lack of Intent to Hinder, Delay or Defraud. Neither
the Originator nor any of its Affiliates sold or will sell any interest in any Conveyed Collateral with any intent to hinder, delay or defraud any of their respective creditors. 

(p) Nonconsolidation. The Originator conducts, and will at all times conduct, its affairs such that neither the Depositor nor the
Issuer would be substantively consolidated in the estate of the Originator and their respective separate existences would not be disregarded in the event of a bankruptcy of the Originator. 

(q) Accuracy of Information. All written factual information heretofore furnished by the Originator for purposes of or in
connection with this Agreement or the other Transaction Documents to which the Originator is a party, or any transaction contemplated hereby or thereby is, and all such written factual information hereafter furnished by the Originator to any such
party will be, true and accurate in every material respect, on the date such information is stated or certified; provided that the Originator shall not be responsible for any factual information furnished to it by any third party not
affiliated with it except to the extent that a Responsible Officer of the Originator has actual knowledge that such factual information is inaccurate in any material respect. 
 (r) Investment Company Act. The Originator: (i) has filed an election to be treated as a business development company under the 1940 Act and has not withdrawn such election and qualifies as a
regulated investment company under the Code; (ii) conducts its business and other activities (a) in compliance in all material respects with the applicable provisions of the 1940 Act and any applicable rules, regulations or orders issued
by the Securities and Exchange Commission thereunder and (b) in such a way that the consummation of the transactions contemplated by this Agreement and the other Transaction Documents does not violate in any material respect the provisions of
the 1940 Act or any rules, regulations or orders issued by the Securities and Exchange Commission thereunder. 

  
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 Section 3.2. Representations and Warranties Regarding the Collateral
Obligations. 
 The Originator hereby represents to the Issuer and to the Trustee for the benefit of the Secured Parties
that (i) each Collateral Obligation conveyed hereunder, as of its related Cut-Off Date, satisfies the definition of “Collateral Obligation” under the Indenture and (ii) the information set forth on Schedule 1 hereto or on
Schedule 1 to any Subsequent Transfer Agreement, as applicable, and in the Schedule of Collateral Obligations under the Indenture is true and correct in all material respects. 
 Section 3.3. Representations and Warranties of the Depositor. 

By its execution of this Agreement and each Subsequent Transfer Agreement, the Depositor represents and warrants that: 

(a) Organization and Good Standing. The Depositor is a limited liability company duly organized, validly existing and in good
standing under the law of the State of Delaware, and has full power and authority to own its assets and to transact the business in which it is currently engaged, and is duly qualified as a foreign corporation and is in good standing under the laws
of each jurisdiction where its ownership or lease of property, the conduct of its business or the performance of this Agreement or any other Transaction Document applicable to it would require such qualification, except for those jurisdictions in
which the failure to be so qualified, authorized or licensed would not have a material adverse effect on the business operations, assets or financial condition of the Depositor or on the validity or enforceability of this Agreement or the provisions
of any other Transaction Document applicable to the Depositor, or the performance by the Depositor of its duties hereunder or thereunder. 
 (b) Authorization; Valid Sale; Binding Obligations. The Depositor has the power and authority to make, execute, deliver and perform this Agreement and the other Transaction Documents to which it is
a party and all of the transactions contemplated under this Agreement and the other Transaction Documents to which it is a party, and had the power and authority to form the Issuer and cause it to make, execute, deliver and perform its obligations
under this Agreement and the other Transaction Documents to which it is a party and has taken all necessary limited liability company action to authorize the execution, delivery and performance of this Agreement and the other Transaction Documents
to which it is a party. This Agreement and each Subsequent Transfer Agreement, if any, shall effect a valid sale (or contribution, as the case may be), transfer and assignment of, or Grant of a security interest in, the Conveyed Collateral being so
transferred, conveyed and assigned from the Depositor to the Issuer, enforceable against the Depositor and creditors of and purchasers from the Depositor. This Agreement and the other Transaction Documents to which the Depositor is a party
constitute the legal, valid and binding obligations of the Depositor enforceable in accordance with their terms, except as enforcement of such terms may be limited by bankruptcy, reorganization, insolvency, moratorium and other laws affecting the
enforcement of creditors’ rights generally and general principles of equity, whether considered in a suit at law or in equity. 
 (c) No Consent Required. No consent of any other Person and no license, permit, order, approval or authorization of, exemption by, notice or report to, or registration,

  
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filing or declaration with, any governmental authority or court or any other Person is required to be obtained by the Depositor in connection with this Agreement or any other Transaction Document
to which it is a party or the execution, delivery, performance, validity or enforceability of this Agreement or any other Transaction Document to which it is a party or the obligations imposed on the Depositor hereunder or under the terms of the
Indenture or any other Transaction Document to which it is a party other than those that have been obtained or made. 
 (d)
No Violations. The execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a party by the Depositor, and the consummation of the transactions contemplated hereby and thereby, will not violate
its organizational documents or any material requirement of law applicable to the Depositor, or constitute a material breach of any mortgage, indenture, contract or other agreement to which the Depositor is a party or by which the Depositor or any
of the Depositor’s properties may be bound, or result in the creation or imposition of any security interest, lien, charge, pledge, preference, equity or encumbrance of any kind upon any of its properties pursuant to the terms of any such
mortgage, indenture, contract or other agreement, other than as contemplated by the Transaction Documents. 
 (e)
Litigation. No litigation or administrative proceeding of or before any court, tribunal or governmental body is currently pending, or to the knowledge of the Depositor threatened, against the Depositor or any of its properties or with respect
to this Agreement, the other Transaction Documents to which it is a party or the Notes (1) that could be expected to have a material adverse effect on (i) the business, properties, assets or condition (financial or otherwise) of the
Depositor or (ii) the transactions contemplated by this Agreement or the other Transaction Documents to which the Depositor is a party or (2) seeking to adversely affect the federal income tax or other federal, state or local tax
attributes of the Notes. 
 (f) Solvency. The Depositor, at the time of and after giving effect to each conveyance of
Conveyed Collateral hereunder, is solvent and is not aware of any pending insolvency. 
 (g) Taxes. The Depositor has
filed or caused to be filed all tax returns which are required to be filed and has paid all taxes shown to be due and payable on such returns or on any assessments made against it or any of its property and all other taxes, fees or other charges
imposed on it or any of its property by any governmental authority (other than any amount of tax due, the validity of which is currently being contested in good faith by appropriate proceedings and with respect to which reserves in accordance with
generally accepted accounting principles have been provided on its books); no tax lien has been filed and no claim is being asserted, with respect to any such tax, fee or other charge. 

(h) Place of Business; No Changes. The Depositor has not changed its name or the State under whose laws it is formed, whether by
amendment of its certificate of formation, by reorganization or otherwise. 
 (i) Sale Treatment. Other than for tax and
accounting purposes, the Depositor has treated each of (1) the acquisition of the Conveyed Collateral from the Originator 

  
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and (2) the transfer of the Conveyed Collateral to the Issuer for all purposes as a sale and purchase on all of its relevant books and records. 

(j) No Defaults. The Depositor is not in default with respect to any order or decree of any court or any order, regulation or
demand of any federal, state, municipal or governmental agency, which default might have consequences that would materially and adversely affect the condition (financial or otherwise) or operations of it or its respective properties or might have
consequences that would materially and adversely affect its performance hereunder. 
 (k) Bulk Transfer Laws. The
transfer, assignment and conveyance of the Conveyed Collateral by the Depositor pursuant to this Agreement are not subject to the bulk transfer laws or any similar statutory provisions in effect in any applicable jurisdiction. 

(l) Lack of Intent to Hinder, Delay or Defraud. The Depositor did not and will not sell any interest in any Conveyed Collateral
with any intent to hinder, delay or defraud any of its creditors. 
 (m) Nonconsolidation. The Depositor conducts, and
will at all times conduct, its affairs such that neither the Issuer nor the Originator would be substantively consolidated in the estate of the Depositor and their respective separate existences would not be disregarded in the event of the
Depositor’s bankruptcy. 
 (n) Accuracy of Information. All written factual information heretofore furnished by the
Depositor for purposes of or in connection with this Agreement or the other Transaction Documents to which the Depositor is a party, or any transaction contemplated hereby or thereby is, and all such written factual information hereafter furnished
by the Depositor to any such party will be, true and accurate in every material respect, on the date such information is stated or certified; provided that the Depositor shall not be responsible for any factual information furnished to it by
any third party not affiliated with it, or the Originator, except to the extent that a Responsible Officer of the Depositor has actual knowledge that such factual information is inaccurate in any material respect. 

(o) Investment Company Act. The Depositor is not required to register as an “investment company” under the 1940 Act.

 Section 3.4. Additional Representations and Warranties of the Depositor. 

By its execution of this Agreement and each Subsequent Transfer Agreement, the Depositor additionally represents and warrants that:

 (a) Security Interest. 
 (i) In the event that the transfer by the Depositor to the Issuer of any Conveyed Collateral is determined not to be an absolute transfer, this Agreement is effective to create in favor of the Issuer a
valid and continuing security interest (as defined in the UCC) in all of the right, title and interest of the Depositor in, to and under such Conveyed Collateral, which security interest is perfected and is prior to all other

  
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liens (other than Permitted Liens), and is enforceable as such against, all creditors of and purchasers from the Depositor; 

(ii) Each Collateral Obligation transferred hereunder constitutes or is evidenced by a Financial Asset, an Instrument, a
Certificated Security or a general intangible (as defined in the UCC); 
 (iii) Upon the transfer by the
Depositor to the Issuer of any Conveyed Collateral pursuant to this Agreement or any Subsequent Transfer Agreement, the Issuer will own such Conveyed Collateral free and clear of any and all liens, claims or encumbrances created by, or attaching to
property of, the Depositor (other than Permitted Liens); 
 (iv) The Depositor has received all consents and
approvals required by the terms of any Conveyed Collateral to the conveyance of such Conveyed Collateral hereunder to the Depositor; 
 (v) The Depositor has caused the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest
in such Conveyed Collateral granted to the Issuer under this Agreement to the extent perfection can be achieved by filing a financing statement; 
 (vi) Other than the conveyance to the Issuer and the security interest granted to the Issuer pursuant to this Agreement, the Depositor has not pledged, assigned, sold, granted a security interest in or
otherwise conveyed any of such Conveyed Collateral. The Depositor has not authorized the filing of, and is not aware of, any financing statements against the Depositor that include a description of such Conveyed Collateral other than any financing
statement that has been terminated. The Depositor is not aware of the filing of any judgment, employee benefit or tax lien filings against it; 
 (vii) On or prior to the Closing Date (with respect to the Initial Collateral Obligations) and within five Business Days after the related Transfer Date (with respect to the Additional Collateral
Obligations), copies (or originals, if required by the definition of “Required Loan Documents”) of the Required Loan Documents have been delivered to the Custodian; and 

(viii) None of the Underlying Notes that constitute or evidence the Conveyed Collateral has any marks or notations
indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Issuer or in blank or to the Trustee. 
 (b) Value Given. The cash payments and corresponding increase in the Depositor’s equity interest in the Issuer received by the Depositor in respect of the purchase price of all Conveyed
Collateral conveyed hereunder constitutes reasonably equivalent value in consideration for the transfer to the Issuer of such Conveyed Collateral under this Agreement, such transfer was not made for or on account of an antecedent debt owed by the
Issuer to the 

  
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Depositor, and such transfer was not and is not voidable or subject to avoidance under any Insolvency Law. 
 Section 3.5. Representations and Warranties of the Issuer. 
 By
its execution of this Agreement and each Subsequent Transfer Agreement, the Issuer represents and warrants to the Depositor and the Originator that: 
 (a) Organization and Good Standing. The Issuer is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware and in each jurisdiction
where the conduct of its business requires such license, qualification or good standing, except where the failure to be so licensed or qualified or in good standing would not have a material adverse effect the ownership or use of its assets, the
validity or enforceability of the Transaction Documents to which it is a party, or the ability of the Issuer to perform its obligations hereunder or thereunder. 
 (b) Power and Authority. The Issuer has the power and authority to execute and deliver the Transaction Documents and all other documents and agreements contemplated hereby and thereby to which it
is a party, as well as to carry out the terms hereof and thereof. 
 (c) Valid Execution; Binding Obligations. The Issuer
has taken all necessary action, including but not limited to all requisite limited liability company action, to authorize the execution, delivery and performance of the Transaction Documents and all other documents and agreements contemplated hereby
and thereby to which it is a party. When executed and delivered by the Issuer each of the Transaction Documents will constitute the legal, valid and binding obligation of the Issuer enforceable in accordance with its terms subject, as to
enforcement, to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect affecting the enforcement of creditors rights in general, and except as such enforceability may be limited by general
principles of equity (whether considered in a suit at law or in equity). 
 (d) Authorizations. All authorizations,
licenses, permits, certificates, franchises, consents, approvals and undertakings which are required to be obtained by the Issuer under any applicable law which are material to (i) the conduct of its business, (ii) the ownership, use,
operation or maintenance of its properties or (iii) the performance by the Issuer of its obligations under or in connection with the Transaction Documents to which it is a party, have been received and all such authorizations, licenses,
permits, certificates, franchises, consents, approvals and undertakings are in full force and effect. 
 (e) No
Violations. The execution, issuance and delivery of, and performance by the Issuer of its obligations under, the Transaction Documents to which it is a party and any and all instruments or documents required to be executed or delivered pursuant
to or in connection herewith or therewith were and are within the powers of the Issuer and will not violate any provision of any law, regulation, decree or governmental authorization applicable to the Issuer or its limited liability company
agreement, and will not violate or cause a default under any provision of any contract, agreement, mortgage, indenture or other undertaking to which the Issuer is a party or which is binding upon the Issuer or any of its property or assets, and will
not 

  
 20 

 
  

 
result in the imposition or creation of any lien, charge or encumbrance upon any of the properties or assets of the Issuer pursuant to the provisions of any such contract, agreement, mortgage,
indenture or undertaking, other than as specifically set forth in the Indenture. 
 (f) Litigation. There are no legal,
governmental or regulatory proceedings pending to which the Issuer is a party or to which any of its property is subject, which if determined adversely to the Issuer could individually or in the aggregate have a material adverse effect on the
performance by the Issuer of the Transaction Documents to which it is a party or the consummation of the transactions contemplated hereunder or thereunder, and to the best of its knowledge, no such proceedings are threatened or contemplated.

 ARTICLE IV 
 PERFECTION OF TRANSFER 
 AND PROTECTION OF SECURITY INTERESTS

 Section 4.1. Custody of Collateral Obligation. 

On or prior to the Closing Date (with respect to the Initial Collateral Obligations) and within five Business Days after the related
Transfer Date (with respect to the Additional Collateral Obligations), copies (or originals, if required by the definition of Required Loan Documents) of the Required Loan Documents shall be delivered to the Custodian. 

Section 4.2. Filing. 
 On or prior to the Closing Date, the Originator shall cause the UCC financing statement(s) referred to in Section 2.2(a)(iii) hereof to be filed. Notwithstanding the obligation of the
Originator set forth in the preceding sentence, each of the Originator, the Depositor and the Issuer hereby authorizes the Collateral Manager to prepare and file, at the expense of the Collateral Manager, such UCC financing statements (including but
not limited to renewal, continuation or in lieu statements) and amendments or supplements thereto or other instruments as the Collateral Manager may from time to time deem necessary or appropriate in order to perfect and maintain the security
interests granted hereunder in accordance with the UCC. 
 Section 4.3. Changes in Name, Corporate Structure or
Location. 
 (a) During the term of this Agreement, neither the Originator nor the Depositor shall change its name,
structure or state of formation without first giving at least 30 days’ prior written notice to the Trustee and the Collateral Manager. 
 (b) If any change in the Originator’s or the Depositor’s name, structure, state of formation, location or other action would make any financing or continuation statement or notice of ownership
interest or lien relating to any Conveyed Collateral seriously misleading within the meaning of applicable provisions of the UCC or any title statute, the Originator or the Depositor, as applicable, no later than five Business Days after the
effective date of such change, shall file such amendments as may be required to preserve and protect the Depositor’s, the Issuer’s and the Trustee’s respective interests in the Conveyed Collateral. 

  
 21 

 
  

 Section 4.4. Costs and Expenses. 

The Collateral Manager under the Collateral Management Agreement will be obligated to pay all reasonable costs and disbursements in
connection with the perfection and the maintenance of perfection, as against all third parties, of the Depositor’s, Issuer’s and Trustee’s respective right, title and interest in and to the Conveyed Collateral (including, without
limitation, the security interests provided for in the Indenture). 
 Section 4.5. Sale Treatment.

 Other than for tax and accounting purposes, the Originator and the Depositor shall treat the transfer of Conveyed Collateral
made hereunder for all purposes as a sale and purchase on all of its relevant books and records. 
 Section 4.6.
Separateness. 
 The Originator agrees to take or refrain from taking or engaging in (with respect to the Depositor
and the Issuer) and the Depositor agrees to take or refrain from taking or engaging in (with respect to the Originator and the Issuer) each of the actions or activities specified in the “substantive consolidation” opinion of Sutherland
Asbill & Brennan LLP (including any certificates delivered in connection therewith) delivered on the Closing Date, upon which the conclusions and opinions therein are based. 

ARTICLE V 

COVENANTS 

Section 5.1. Covenants of the Originator. 
 The Originator makes the following covenants, on which the Depositor will rely in conveying the Initial Conveyed Collateral on the Closing Date (and any Subsequent Conveyed Collateral on any applicable
Transfer Date) to the Issuer, and on which the Originator acknowledges and agrees that the Issuer and the Trustee, for the benefit of the Secured Parties, shall be entitled to rely as an express third party beneficiary as a condition of the Issuer
and the Trustee entering into the Transaction Documents to which each of them is a party and as a condition to the Noteholders purchasing the Notes. The Depositor acknowledges that such covenants are being made by the Originator for the benefit of
the Issuer and for the benefit of the Trustee, for the benefit of the Secured Parties. 
 (a) Corporate Existence. During
the term of this Agreement, the Originator will keep in full force and effect its existence, rights and franchises as a corporation under the laws of the jurisdiction of its organization and will obtain and preserve its qualification to do business
in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Agreement, the other Transaction Documents and each other instrument or agreement necessary or appropriate to the proper
administration of this Agreement and the transactions contemplated hereby. In addition, all transactions and dealings between the Originator and the Depositor will be conducted on an arm’s length basis. 

  
 22 

 
  

 (b) Collateral Obligations Not to Be Evidenced by Promissory Notes. In the event that
any Collateral Obligation not originally evidenced by a promissory note is evidenced by an Instrument, the Originator shall deliver such Instrument to the Custodian. 
 (c) Security Interests. Except as expressly provided herein, the Originator will not sell, pledge, assign or transfer to any other Person, or grant, create, incur, assume or suffer to exist any
lien on any Conveyed Collateral. The Originator will promptly notify the Depositor, the Issuer and the Trustee of the existence of any lien on any Conveyed Collateral; and the Originator shall defend the respective right, title and interest of the
Depositor and the Issuer in, to and under the Conveyed Collateral against all claims of third parties; provided that nothing in this Section 5.1(c) shall prevent or be deemed to prohibit the Originator from suffering to exist
Permitted Liens upon any of the Conveyed Collateral. The Originator shall promptly take all actions required (including, but not limited to, all filings and other acts necessary or advisable under the UCC of each relevant jurisdiction) in order to
continue (subject to Permitted Liens) the first priority perfected security interest of the Depositor in all Conveyed Collateral which has not been released pursuant to the Indenture. 

(d) Compliance with Law. The Originator hereby agrees to comply in all respects with all requirements of law applicable to it
except where the failure to do so would not have a material adverse effect on the Issuer. 
 (e) Location. The Originator
shall not move its jurisdiction of formation outside of the State of Maryland without 30 days’ prior written notice to the Depositor, the Issuer and the Trustee. 
 (f) Merger or Consolidation of the Originator. 
 (i) Any
Person into which the Originator may be merged or consolidated, or any Person resulting from such merger or consolidation to which the Originator is a party, or any Person succeeding by acquisition or transfer to substantially all of the assets and
the business of the Originator shall be the successor to the Originator hereunder and the other Transaction Documents to which the Originator is a party, without execution or filing of any paper or any further act on the part of any of the parties
hereto, notwithstanding anything herein to the contrary. 
 (ii) Upon the merger or consolidation of the
Originator or transfer of substantially all of its assets and its business as described in this Section 5.1(f), the Originator shall provide the Depositor, the Trustee, the Issuer and the Rating Agencies notice of such merger,
consolidation or transfer of substantially all of the assets and business within 30 days after completion of the same. 
 (g)
Regulatory Filings. The Originator shall make, or shall cause to be made, any filings, reports, notices, applications and registrations with, and seek any consents or authorizations from, the Securities and Exchange Commission and any state
securities authority on behalf of the Originator, the Depositor and the Issuer as may be necessary or that the Originator deems advisable to comply with any federal or state securities or reporting

  
 23 

 
  

 
requirements laws relating to the transactions contemplated by the Transaction Documents or as may be otherwise required by applicable law. 

Section 5.2. Covenants of the Depositor. 
 The Depositor makes the following covenants, on which the Originator and the Issuer will rely in connection with the conveyance of Initial Conveyed Collateral on the Closing Date (and any Subsequent
Conveyed Collateral on any applicable Transfer Date) to the Depositor and the Issuer, and on which the Depositor acknowledges and agrees the Issuer and the Trustee for the benefit of the Secured Parties shall be entitled to rely as an express third
party beneficiary as a condition of the Issuer and the Trustee entering into the Transaction Documents to which each of them is a party and as a condition to the Noteholders purchasing the Notes. Each of the Originator and the Issuer acknowledges
that such covenants are being made by the Depositor for the benefit of the Originator, the Issuer and the Trustee for the benefit of the Secured Parties. 
 (a) Legal Existence. During the term of this Agreement, the Depositor will keep in full force and effect its existence, rights and franchises as a limited liability company under the laws of the
jurisdiction of its organization and will obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Agreement, the other
Transaction Documents and each other instrument or agreement necessary or appropriate to the proper administration of this Agreement and the transactions contemplated hereby. In addition, all transactions and dealings between (i) the Depositor
and the Originator, and (ii) the Depositor and the Issuer will be conducted on an arm’s length basis. 
 (b)
Collateral Obligations Not to Be Evidenced by Promissory Notes. In the event that any Collateral Obligation not originally evidenced by a promissory note is evidenced by an Instrument, the Depositor shall deliver such Instrument to the
Custodian. 
 (c) Security Interests. Except as expressly provided herein, the Depositor will not sell, pledge, assign or
transfer to any other Person, or grant, create, incur, assume or suffer to exist any lien on any Conveyed Collateral. The Depositor will promptly notify the Originator, the Issuer and the Trustee of the existence of any lien on any Conveyed
Collateral; and the Depositor shall defend the respective right, title and interest of the Issuer in, to and under the Conveyed Collateral against all claims of third parties; provided that nothing in this Section 5.2(c) shall
prevent or be deemed to prohibit the Grant of the Conveyed Collateral to the Trustee under the Indenture. The Depositor shall promptly take all actions required (including, but not limited to, all filings and other acts necessary or advisable under
the UCC of each relevant jurisdiction) in order to continue (subject to any Permitted Lien) the first priority perfected security interest of the Issuer in all Conveyed Collateral which has not been released pursuant to the Indenture. 

(d) Compliance with Law. The Depositor hereby agrees to comply in all respects with all requirements of law applicable to it
except where the failure to do so would not have a material adverse effect on the Issuer. 

  
 24 

 
  

 (e) Location. The Depositor shall not move its jurisdiction of formation outside of
the State of Delaware without 30 days’ prior written notice to the Issuer and the Trustee. 
 (f) Merger or
Consolidation; Sales. The Depositor shall not enter into any transaction of merger or consolidation, or liquidate or dissolve itself (or suffer any liquidation or dissolution) or acquire or be acquired by any Person, or convey, sell, lease or
otherwise dispose of all or substantially all of its property or business other than to the Issuer in accordance with the Transaction Documents. 
 ARTICLE VI 
 INDEMNIFICATION BY THE ORIGINATOR 

Section 6.1. Indemnification. 
 The Originator agrees to indemnify, defend and hold the Depositor, the Issuer, the Trustee and any of their respective managers, members, officers, directors, employees and agents (any one of which is an
“Indemnified Party”) harmless from and against any and all claims, losses, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments and any other reasonable costs, fees and expenses (provided that any
indemnification for damages is limited to actual damages, not consequential, special or punitive damages) that such Person may sustain as a result of the failure of the Originator to perform its duties in compliance in all material respects with the
terms of this Agreement, except to the extent arising from the gross negligence, willful misconduct or fraud by the Person claiming indemnification; provided that, for the avoidance of doubt, the obligations of the Originator set forth in
Section 7.2 shall constitute the sole recourse to the Originator for any breach of the representations or warranties set forth in Section 3.2. An Indemnified Party shall promptly notify the Originator if a claim is made by a
third party with respect to this Agreement, and the Originator shall assume (with the consent of the Indemnified Party) the defense and any settlement of any such claim and pay all expenses in connection therewith, including reasonable counsel fees,
and promptly pay, discharge and satisfy any judgment or decree which may be entered against the Indemnified Party in respect of such claim. If the consent of the Indemnified Party required in the immediately preceding sentence is unreasonably
withheld with respect to any claim, the Originator shall be relieved of its indemnification obligations hereunder with respect to such claim. The parties agree that the provisions of this Section 6.1 shall not be interpreted to provide
recourse to the Originator against loss by reason of the bankruptcy, insolvency or lack of creditworthiness of an Obligor with respect to a Collateral Obligation. The Originator shall have no liability for making indemnification hereunder to the
extent any such indemnification constitutes recourse for uncollectible or uncollected amounts payable under any Collateral Obligation. 
 Section 6.2. Liabilities to Obligors. 
 Except with respect to
the funding commitment or letter of credit participations assumed by the Issuer with respect to any Delayed Drawdown Collateral Obligation or Revolving Collateral Obligation, the Originator hereby acknowledges and agrees that no obligation or
liability of the Originator to any Obligor under any of the Collateral Obligations is intended to be 

  
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assumed by the Depositor, the Issuer, the Trustee or the Noteholders under or as a result of this Agreement, any Subsequent Transfer Agreement and the transactions contemplated hereby and under
the other Transaction Documents, and the Trustee for the benefit of the Secured Parties is expressly named as a third party beneficiary of this Agreement for purposes of this Section 6.2. 

Section 6.3. Operation of Indemnities. 
 If the Originator has made any indemnity payments to any Indemnified Party pursuant to this Article VI and such Indemnified Party thereafter collects any such amounts from others, such Indemnified
Party will repay such amounts collected to the Originator. 
 ARTICLE VII 

OPTIONAL AND MANDATORY REPURCHASES 
 Section 7.1. Optional Repurchases. 
 In addition to the right
to substitute for any Collateral Obligations that become subject to a Substitution Event, the Originator shall have the right, but not the obligation, to repurchase from the Issuer any such Collateral Obligation subject to the Repurchase and
Substitution Limit and the conditions set forth in the Indenture. In the event of such a repurchase, the Originator shall deposit in the Collection Account an amount equal to the Transfer Deposit Amount for such Collateral Obligation (or applicable
portion thereof) as of the date of such repurchase. The Originator, the Depositor and the Issuer shall execute and deliver such instruments, consents or other documents and perform all acts reasonably requested by the Originator and the Collateral
Manager in order to effect the transfer and release of any of the Issuer’s interests in the Collateral Obligations (together with the Assets related thereto) that are being repurchased and the release thereof from the lien of the Indenture.

 Section 7.2. Mandatory Repurchases. 

Upon discovery by a Responsible Officer of the Collateral Manager of a breach of the representation set forth in Section 3.2
which materially and adversely affects the value of the Collateral Obligations or the interest of the Noteholders or which materially and adversely affects the interests of the Noteholders in the related Collateral Obligation in the case of a
representation and warranty relating to a particular Collateral Obligation (each such Collateral Obligation, an “Ineligible Collateral Obligation”), the Collateral Manager shall give prompt written notice of such breach or failure
to the parties hereunder and the Trustee. Within 30 days of the earlier of its discovery or its receipt of notice of any such breach, the Originator shall (a) promptly cure such breach in all material respects, (b) purchase the Collateral
Obligation by depositing in the Collection Account, within such 30-day period, an amount equal to the Transfer Deposit Amount of such Collateral Obligation or (c) remove such Collateral Obligation from the Issuer and substitute therefor one or
more Substitute Collateral Obligations satisfying the criteria listed under Section 2.5 of this Agreement and Section 12.3 of the Indenture by not later than 30 days after notice or discovery of such breach. Such repurchase
and substitution obligations constitute the sole remedy available for a breach of Section 3.2. 

  
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 Section 7.3. Reassignment of Substituted or Repurchased Collateral
Obligations. 
 Upon (i) receipt by the Trustee for deposit in the Collection Account of the Transfer Deposit
Amount, in the case of any repurchased Collateral Obligation or (ii) or upon the Cut-Off Date related to a Substitute Collateral Obligation described in Section 2.5, the Issuer hereby assigns to the Depositor and the Depositor
hereby assigns to the Originator all of the Issuer’s (or Depositor’s, as applicable) right, title and interest in the Collateral Obligation being repurchased or substituted (together with the Assets related thereto) without recourse,
representation or warranty. Such reassigned Collateral Obligation (together with the Assets related thereto) shall no longer thereafter be deemed a part of the Assets. 
 Section 7.4. Repurchase and Substitution Limit. 
 At all times,
(i) the Aggregate Principal Balance of all Collateral Obligations that are Substitute Collateral Obligations (excluding substitutions occurring as a result of a Substitution Event pursuant to clause (v) of the definition thereof)
plus (ii) the Aggregate Principal Balance related to all Collateral Obligations that have been repurchased by the Originator hereunder pursuant to its right of optional repurchase or substitution (other than a substitution occurring as a
result of a Substitution Event pursuant to clause (v) of the definition thereof) and not subsequently applied to purchase a Substitute Collateral Obligation may not exceed an amount equal to 20% of the Net Purchased Loan Balance;
provided that clause (ii) above shall not include (A) the principal balance related to any Collateral Obligation that is repurchased by the Originator in connection with a proposed Specified Amendment to such Collateral Obligation
so long as (x) the Originator certifies in writing to the Collateral Manager and the Trustee that such purchase is, in the commercially reasonable business judgment of the Originator, necessary or advisable in connection with the restructuring
of such Collateral Obligation and such restructuring is expected to result in a Specified Amendment to such Collateral Obligation, and (y) the Collateral Manager certifies in writing to the Trustee that the Collateral Manager either would not
be permitted to or would not elect to enter into such Specified Amendment pursuant to the Collateral Manager Standard or any provision of the Indenture or the Collateral Management Agreement or (B) the purchase price of any Collateral
Obligations or, for the avoidance of doubt, any Equity Securities sold by the Issuer to the Originator as described in Section 12.1 of the Indenture. The foregoing provisions in this paragraph constitute the “Repurchase and Substitution
Limit”. 
 ARTICLE VIII 
 MISCELLANEOUS 
 Section 8.1. Amendment. 

(a) This Agreement may be amended or waived from time to time by the parties hereto by written agreement without consent of the
Noteholders, to (i) cure any ambiguity or to correct or supplement any provisions herein, (ii) comply with any changes in the Code, (iii) to enable the Issuer or Depositor to rely upon any exemption from registration under the
Securities Act or the 1940 Act, (iv) to enable the Issuer, Depositor or Originator to comply with any applicable securities law or U.S. securities laws (including the regulations implementing such laws), (v) conform this Agreement to the
Offering Circular and (vi) to evidence the 

  
 27 

 
  

 
succession of another Person to the Issuer, Depositor or Originator, as applicable and the assumption by any such successor Person of the covenants of the Issuer, Depositor or Originator, as
applicable herein. Any other amendment or waiver to this Agreement shall be subject to the consent of a Majority of the Controlling Class; provided that no such amendment or waiver shall reduce in any manner the amount of, or delay the timing
of, any amounts received on Collateral Obligations which are required to be distributed on any Note without the consent of the related Noteholder, or change the rights or obligations of any other party hereto without the consent of such party.

 (b) Prior to the execution of any such amendment or waiver, the Originator shall furnish to the Trustee and the Trustee shall
furnish to each Rating Agency and each Noteholder written notification of the substance of such proposed amendment or waiver, together with a copy thereof. 
 (c) Promptly after the execution of any such amendment or waiver, the Trustee shall furnish written notification of the substance of such amendment or waiver to the Rating Agencies and to each Noteholder.
It shall not be necessary for the consent of any Noteholders pursuant to Section 8.1(a) to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof.
The manner of obtaining such consents and of evidencing the authorization by Noteholders of the execution thereof shall be subject to such reasonable requirements as the Trustee may prescribe. 

(d) Prior to the execution of any amendment to this Agreement, the Issuer and the Trustee shall be entitled to receive and rely upon an
Opinion of Counsel (which Opinion of Counsel may rely upon an Officer’s certificate of the Issuer or of the Collateral Manager with respect to the effect of any such amendment or waiver on the economic interests of the Noteholders) stating that
the execution of such amendment is authorized or permitted by this Agreement. The Trustee may, but shall not be obligated to, consent to any such amendment that affects such Trustee’s own rights, duties or immunities under this Agreement or
otherwise. 
 (e) The Trustee, by its signature below, acknowledges and agrees to be bound by the provisions of this
Section 8.1. 
 Section 8.2. Governing Law. 

(a) This Agreement shall be construed in accordance with, and this Agreement and all matters arising out of or relating in any way
whatsoever (whether in contract, tort or otherwise) to this Agreement shall be governed by, the law of the State of New York 

(b) EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN
RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT. Each party hereto (i) certifies that no representative, agent or attorney of 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 and (ii) acknowledges that it and the other parties hereto have been induced to 

  
 28 

 
  

 
enter into this Agreement by, among other things, the mutual waivers and certifications in this Section 8.2(b). 

Section 8.3. Notices. 
 All notices, demands, certificates, requests, directions and communications hereunder (notices) shall be in writing and shall be effective (a) upon receipt when sent through the U.S. mails,
registered or certified mail, return receipt requested, postage prepaid, with such receipt to be effective the date of delivery indicated on the return receipt, (b) one Business Day after delivery to an overnight courier, (c) on the date
personally delivered to a Responsible Officer of the party to which sent, or (d) on the date transmitted by legible facsimile transmission or electronic mail transmission with a confirmation of receipt, in all cases addressed to the recipient
at such recipient’s address for notices set forth in Schedule 2. 
 Section 8.4. Severability of
Provisions. 
 If one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any
reason whatsoever prohibited or held invalid or unenforceable, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect
the validity or enforceability of the other provisions of this Agreement and any such prohibition, invalidity or unenforceability in any jurisdiction shall not invalidate or render unenforceable such covenant, agreement, provision or term in any
other jurisdiction. 
 Section 8.5. Third Party Beneficiaries. 

The parties hereto hereby manifest their intent that except as otherwise expressly provided herein, no third party (other than the
Trustee, on behalf of the Secured Parties) shall be deemed a third party beneficiary of this Agreement, and specifically that the Obligors are not third party beneficiaries of this Agreement. 

Section 8.6. Counterparts. 
 This Agreement may be executed by facsimile signature and in several counterparts, each of which shall be an original and all of which shall together constitute but one and the same instrument.

 Section 8.7. Headings. 
 The headings of the various Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof. 

Section 8.8. No Bankruptcy Petition; Disclaimer. 

(a) Each of the Originator and the Depositor covenants and agrees that, prior to the date that is one year and one day after the
satisfaction and discharge of the Indenture or, if longer, the applicable preference period then in effect, it will not institute against the Depositor (in the case of the Originator), or the Issuer (in the case of the Originator or the Depositor),
or 

  
 29 

 
  

 
join any other Person in instituting against the Depositor or the Issuer, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceedings under the
laws of the United States or any state of the United States. This Section 8.8 will survive the termination of this Agreement. 
 (b) The provisions of this Section 8.8 shall be for the third party benefit of those entitled to rely thereon, including the Trustee for the benefit of the Secured Parties, and shall survive
the termination of this Agreement. 
 Section 8.9. Jurisdiction. 

Each party hereto hereby irrevocably submits to the non-exclusive jurisdiction of any New York State or Federal court sitting in the
Borough of Manhattan in The City of New York in any action or proceeding arising out of or relating this Agreement, and hereby irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined in such New York
State or Federal court. Each party hereto hereby irrevocably waives, to the fullest extent that it may legally do so, the defense of an inconvenient forum to the maintenance of such action or proceeding. Each party hereto irrevocably consents to the
service of any and all process in any action or proceeding by the mailing or delivery of copies of such process to it the address set forth in Schedule 2. Each party hereto agrees that a final judgment in any such action or proceeding shall
be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 

Section 8.10. Prohibited Transactions with Respect to the Issuer. 

The Originator shall not: 
 (a) Provide credit to any Noteholder for the purpose of enabling such Noteholder to purchase Notes; or 
 (b) Purchase any Notes in an agency or trustee capacity. 
 Section 8.11.
No Partnership. 
 Nothing herein contained shall be deemed or construed to create a co-partnership or joint venture
between the parties hereto. 
 Section 8.12. Successors and Assigns. 

This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and permitted
assigns. 
 Section 8.13. Duration of Agreement. 

This Agreement shall continue in existence and effect until the satisfaction and discharge of the Indenture. 

  
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 Section 8.14. Limited Recourse. 

The obligations of the Issuer, the Depositor and the Originator under this Agreement and the other Transaction Documents are solely the
limited liability company or corporate obligations, as applicable, of the Issuer, the Depositor and Originator, respectively. No recourse shall be had for the payment of any amount owing by the Issuer, the Depositor or Originator under this
Agreement, any Transaction Document or for the payment by the Issuer, the Depositor or Originator of any fee in respect hereof or any other obligation or claim of or against the Issuer, the Depositor or Originator arising out of or based upon this
Agreement or any Transaction Document, against any employee, officer, director, shareholder, partner, member or manager of the Issuer, the Depositor or Originator or of any Affiliate of such Person (other than the Originator, the Depositor or the
Issuer, as applicable). The provisions of this Section 8.14 shall survive the termination of this Agreement. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

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

			
	TICC CAPITAL CORP.
		
	By:	 	  

		 	Name:
		 	Title:
	
	 TICC CAPITAL CORP. 2011-1 HOLDINGS, LLC

		
	By:	 	TICC Capital Corp., its designated manager
		
	By:	 	  

		 	Name:
		 	Title:
	
	TICC CLO LLC
		
	By:	 	TICC Capital Corp., its designated manager
		
	By:	 	  

		 	Name:
		 	Title:

  
 32 

 
  

 SCHEDULE 1 

Schedule of Initial Conveyed Collateral 

  
 S-1-1

  
  

 SCHEDULE 2 

NOTICE INFORMATION 

Originator: 
 TICC Capital Corp.

 8 Sound Shore Drive, Suite 255 

Greenwich, CT 06830 
 Telephone No.:
(203) 983-5275 
 Facsimile No.: (203) 983-5290 
 Attention: Saul Rosenthal 
 Depositor: 

TICC Capital Corp. 2011-1 Holdings, LLC 
 8 Sound
Shore Drive, Suite 255 
 Greenwich, CT 06830 
 Telephone No.: (203) 983-5275 
 Facsimile No.: (203) 983-5290 

Attention: Saul Rosenthal 
 Issuer:

 TICC CLO LLC 
 8 Sound Shore Drive,
Suite 255 
 Greenwich, CT 06830 

Telephone No.: (203) 983-5275 
 Facsimile
No.: (203) 983-5290 
 Attention: Saul Rosenthal 
 Collateral Manager: 
 TICC Capital Corp. 

8 Sound Shore Drive, Suite 255 
 Greenwich, CT
06830 
 Telephone No.: (203) 983-5275 
 Facsimile No.: (203) 983-5290 
 Attention: Saul Rosenthal 

Trustee: 
 The Bank of New York Mellon
Trust Company, National Association 
 601 Travis Street, 16th Floor 

Houston, TX 77002 
 Telephone No.: 713-483-6000

 Facsimile No.: 713-483-6001 

Attention: Global Corp Trust – TICC CLO LLC 

  
 A-2

 EXHIBIT A 

FORM OF SUBSEQUENT TRANSFER AGREEMENT 
                  , 20     
 This Subsequent Transfer Agreement, dated as of                  , 20     (this
“Agreement”), is made by and among TICC CAPITAL CORP. (the “Originator”), TICC CAPITAL CORP. 2011-1 HOLDINGS, LLC (the “Depositor”) and TICC CLO LLC (the “Issuer”). Capitalized
terms used but not defined herein have the respective meanings attributed to such terms in that certain Master Loan Sale Agreement, dated as of August 10, 2011 (such agreement as amended, restated, supplemented or modified from time to time,
the “Master Loan Sale Agreement”), among the Originator, the Depositor and the Issuer. 
 Subject to and upon
the terms and conditions set forth in the Master Loan Sale Agreement, in exchange for good and valuable consideration, the adequacy of which is duly acknowledged by the Originator and the Depositor, the Originator hereby absolutely transfers to the
Depositor as of the date hereof (the “Transfer Date”) all of the Originator’s right, title and interest in, to and under the Subsequent Conveyed Collateral identified in Schedule I hereto. 

Subject to and upon the terms and conditions set forth in the Master Loan Sale Agreement, the Depositor hereby absolutely transfers, in
exchange for good and valuable consideration, the adequacy of which is duly acknowledged by the Depositor and the Issuer, to the Issuer as of the Transfer Date all of the Depositor’s right, title and interest in, to and under the Subsequent
Conveyed Collateral identified in Schedule I hereto. 
 By its execution of this Agreement each of the parties hereto
makes the representations and warranties set forth in Article III of the Master Loan Sale Agreement, as applicable, as of the Transfer Date and the provisions of Section 8.14 of the Master Loan Sale Agreement are hereby incorporated herein by
reference. 
 [Remainder of page intentionally left blank.] 

  
 A-3

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of
the date first above written. 
  

			
	TICC CAPITAL CORP.
		
	By:	 	  

		 	Name:
		 	Title:
	
	 TICC CAPITAL CORP. 2011-1 HOLDINGS, LLC

		
	By:	 	TICC Capital Corp., its designated manager
		
	By:	 	  

		 	Name:
		 	Title:
	
	TICC CLO LLC
		
	By:	 	TICC Capital Corp., its designated manager
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-4

 Schedule I 
 to Subsequent Transfer Agreement 
 Subsequent Conveyed Collateral

  
 A-5

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