Document:

EX-4.1

 Exhibit 4.1 

Subscription Documents For 

BLACKSTONE / GSO SECURED LENDING FUND 

(FOR U.S. INVESTORS) 

 BLACKSTONE / GSO SECURED LENDING FUND 

DIRECTIONS FOR THE COMPLETION 

OF THE SUBSCRIPTION DOCUMENTS 

Prospective investors must complete all of the subscription documents (the “Subscription Documents”) contained in this
package in the manner described below. For purposes of these Subscription Documents, the “Investor” is the person or entity for whose account the common shares of beneficial interest of the Fund (the “Shares”) are
being purchased. Another person or entity with investment authority may execute the Subscription Documents on behalf of the Investor but should indicate the capacity in which it is doing so and the name of the Investor. Capitalized terms not defined
and used herein are as defined in the Confidential Private Placement Memorandum (the “Memorandum”) of Blackstone / GSO Secured Lending Fund (the “Fund”), a Delaware statutory trust (as amended from time to time).

  

	1.	 Subscription Agreement: 

 

	 	(a)	 Each Investor should fill in the amount of the Capital Commitment (as defined herein) on the signature page of
the Subscription Agreement. 

  

	 	(b)	 Each Investor should date, print the name of the Investor and sign (and print name, capacity and title of
signatory, if applicable) on the signature page to the Subscription Agreement and provide a copy of government-issued photo identification for each signatory. 

 

	 	(c)	 Each Investor should complete the appropriate acknowledgment form (making any changes necessary to reflect the
Investor’s particular circumstances) and have the form notarized. 

  

	2.	 Investor Data Sheet: 

Each Investor should complete the Investor Data Sheet attached hereto. 

 

	3.	 Investor Questionnaire: 

 

	 	(a)	 Each Investor should print the name of the Investor and provide other requested information in the space
provided in Section A. 

  

	 	(b)	 Each Investor should check the box or boxes in Section B that are next to the category or categories
under which the Investor qualifies as an “accredited investor.” 

  

	 	(c)	 Each Investor that is an entity should provide the information and respond to the questions in Section
C. 

  

	 	(d)	 Each Investor should respond to the questions in Section D. 

 

	 	(e)	 Each Investor who is a natural person should respond to Section E. 

 

	 	(f)	 Each Investor should check the appropriate boxes, provide the requested information and respond to the
questions in Section F. 

  

	 	(g)	 Each Investor should respond to the questions in Section G. 

  
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 BLACKSTONE / GSO SECURED LENDING FUND 

 

	 	(h)	 Each Investor should check the appropriate boxes, provide the requested information and response to the
questions in Section H. 

  

	 	(i)	 Each Investor should print the name of the Investor and sign (and print name, capacity and title, if
applicable) on the signature page to the Investor Questionnaire. 

  

	4.	 W-9 Tax Form: 

Each Investor should fill in and sign and date an Internal Revenue Service (“IRS”) Form W-9
in accordance with the instructions to the Form (see Annex 2). 
  

	5.	 Evidence of Authorization and Further Documentation: 

Investors must provide a notarized acknowledgment form (referenced in Item 1(c) above) based on the type of Investor (e.g.,
individual, partnership, corporation). In addition, additional evidence of authorization must be submitted as follows for the following types of Investors: 

For Individuals: 

Individuals should provide a copy of a passport or a driver’s license with their photograph and country of citizenship. If an individual
Investor is using a third party to act on his/her behalf, a copy of the driver’s license or passport of that third party should be provided. If the copy of the passport or driver’s license of the Investor or third party does not contain
the individual’s current address, then an additional government-issued identification document certifying the individual’s name and current address is required. 

For Corporations: 

Corporations must submit certified corporate resolutions authorizing the subscription and identifying the corporate officer empowered to sign
the Subscription Documents. Corporations must also provide a copy of the certificate of incorporation or other information identifying the place of incorporation. Privately-held corporations must submit a copy of government-issued photo
identification for any person ultimately beneficially owning 10% or more equity. Publicly-held corporations must provide a Form 10-K. 

For Partnerships: 

Partnerships must submit a certified copy of the partnership certificate (in the case of limited partnerships) or partnership agreement
identifying the general partner(s) and the place of formation, as well as a document identifying authorized signatories and a copy of government-issued photo identification for any person ultimately beneficially owning 10% or more equity. 

For Limited Liability Companies: 

Limited liability companies must submit a copy of the operating agreement identifying the manager or managing member, as applicable, as well as
a copy of the certificate of formation or other information identifying the place of formation, a document identifying authorized signatories and a copy of government-issued photo identification for any person ultimately beneficially owning 10% or
more equity. 

  
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 For Sovereign Wealth Funds or Non-U.S. State-Owned
Funds/Companies: 
 Sovereign Wealth Funds and Non-U.S. State-Owned Funds/Companies must submit a
document identifying authorized signatories. 
 For Trusts: 

Trusts must submit a copy of the trust agreement, certificate of trust or equivalent, a document identifying authorized signatories and proof
of identify (as applicable) of the (i) settlor and/or grantor, (ii) trustee(s), and other controlling persons, (iii) trust beneficiaries (who receive 10% or more of the economic benefit of the trust) and (iv) any person
ultimately beneficially owning 10% or more of such beneficiaries’ equity, partnership, membership or other similar ownership interest. 

For Pension Plans: 

Pension plans must submit a copy of the trust agreement, certificate of trust or equivalent and a certificate of an appropriate officer
certifying that the subscription has been authorized and identifying the individual empowered to sign the Subscription Documents. 
 For
Foundations: 
 Foundations must submit a copy of the certificate of incorporation, an IRS
Non-Profit Determination, 501(c)(3) Letter or Form 990 (or equivalent) and a document identifying authorized signatories. 

See also Annex 1 to determine that appropriate documentation has been provided. 

Investors may be requested to furnish other or additional documentation evidencing the authority to invest in the Fund. 

6. Source of Funds: 

Each Investor must submit a record of the source of the funds with which the Investor is purchasing Shares in the Fund. Examples of an
acceptable record of source of funds may include: (i) the first page of the Investor’s bank statement or (ii) an email certification from the Investor indicating (x) the nature of an Investor’s business and (y) the
source of the Investor’s funds. Each individual listed in question 16 of Section C of the Investor Questionnaire must also submit a record of source of funds. 

Investors may be requested to furnish other or additional documentation evidencing the source of funds used to invest in the Fund. 

 

	7.	 Delivery of Subscription Documents: 

Subscription Documents, consisting of the following completed documents: 

(a) one signed copy of the Subscription Agreement; 

(b) the appropriate completed, executed and notarized acknowledgment form; 

(c) the Investor Data Sheet; 

  
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 BLACKSTONE / GSO SECURED LENDING FUND 

 

 (d) a signed Investor Questionnaire; 

(e) a signed Form W-9; and 

(f) any required evidence of authorization, as described above and in Annex 1 hereto, should be delivered as soon as possible to Joe
Soares at the following address: 
 Blackstone / GSO Secured Lending Fund 

Attn: Joe Soares 
 345 Park Avenue

 30th Floor 

New York, NY 10154 
 In addition,
please send (a) the completed and executed signature page of the Subscription Agreement, (b) the appropriate completed, executed and notarized acknowledgment form, (c) the Investor Data Sheet, (d) the completed and executed
Investor Questionnaire, (e) the completed Form W-9, and (f) any required evidence of authorization, as described above, by electronic mail to Joe Soares at joe.soares@gsocap.com as soon as possible.

 Inquiries regarding subscription procedures (including, if the Investor Questionnaire indicates that any Investor’s response to a
question requires further information) should be directed to Simpson Thacher & Bartlett LLP at List-BGSL-Fund@stblaw.com. If the Investor’s subscription is accepted by the Fund (in whole or in part), a fully executed set of the
Subscription Documents will be returned to the Investor. 
 Please send one (1) original of all completed and executed documents via
courier to: 
 Blackstone /GSO Secured Lending Fund 

Attn: Joe Soares 
 345 Park Avenue

 30th Floor 

New York, NY 10154 
 * * * 

[Remainder of Page Intentionally Left Blank] 

  
 iv 

 BLACKSTONE / GSO SECURED LENDING FUND 

SUBSCRIPTION AGREEMENT 
 Blackstone / GSO
Secured Lending Fund 
 GSO Capital Partners LP 
 345 Park
Avenue 
 31st Floor 
 New York, NY 10154 

Ladies and Gentlemen: 
 1. Subscription.

 (a) The signatory hereto (the “Investor”) subscribes for and agrees to purchase common shares of
beneficial interest, par value $0.001 (“Shares”) of Blackstone / GSO Secured Lending Fund, a Delaware statutory trust (“we,” “us,” “our,” or the “Fund”) with a
Capital Commitment (as defined herein) set forth on the signature page below upon the terms and conditions set forth herein. The Investor acknowledges and agrees that this subscription is irrevocable on the part of the Investor and that the Fund may
accept or reject this subscription in whole or in part at any time on or prior to its acceptance and in its sole discretion. If the subscription is rejected in its entirety, this subscription agreement (the “Subscription
Agreement”) shall have no force or effect. The Investor agrees to be bound by all the terms and provisions of the Fund’s confidential private placement memorandum (as amended or supplemented from time to time, the
“Memorandum”), the Fund’s declaration of trust, as amended from time to time (the “Declaration of Trust”), the Fund’s Bylaws, as amended from time to time (the “Bylaws”), the Investment
Advisory Agreement with GSO Asset Management LLC, our investment adviser (the “Adviser”), as and when in effect and as amended from time to time (the “Advisory Agreement”), the Administration Agreement between the
Fund and GSO Capital Partners LP, our administrator (the “Administrator”), as and when in effect and as amended from time to time (the “Administration Agreement,” and together with the Memorandum, the Declaration of
Trust, the Bylaws and the Advisory Agreement, the “Operative Documents”). Capitalized terms not defined herein are used as defined in the Memorandum. The Fund has entered into or expects to enter into separate subscription
agreements (the “Other Subscription Agreements” and, together with this Subscription Agreement, the “Subscription Agreements”) with other purchasers (the “Other Investors”), providing for the sale
to the Other Investors of Shares. This Subscription Agreement and the Other Subscription Agreements are separate agreements, and the sales of Shares to the Investor and the Other Investors are separate sales. 

(b) The Investor agrees to purchase Shares for an aggregate purchase price equal to the amount set forth on the signature page
hereto (the “Capital Commitment”), payable at such times and in such amounts as required by the Fund, under the terms and subject to the conditions set forth herein. On each Drawdown Date (as defined below), the Investor agrees to
purchase from the Fund, and the Fund agrees to issue to the Investor, a number of Shares equal to the Drawdown Share Amount (as defined below) at an aggregate price equal to the Drawdown Purchase Price (as defined below); provided,
however, that in no circumstance will an Investor be required to purchase Shares for an amount in excess of its Unused Capital Commitment (as defined below). Such Capital Commitment shall constitute a binding commitment to purchase Shares no
earlier than the Fund’s election to be treated as a business development company pursuant to Section 54(a) of the Investment Company Act of 1940, as amended (the “Investment Company Act”). 

  
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 BLACKSTONE / GSO SECURED LENDING FUND 

 

 “Drawdown Purchase Price” shall mean, for each Drawdown
Date, an amount in U.S. dollars determined by multiplying (i) the aggregate amount of Capital Commitments being drawn down by the Fund from all Investors on that Drawdown Date, by (ii) a fraction, the numerator of which is the Unused
Capital Commitment of the Investor and the denominator of which is the aggregate Unused Capital Commitments of all Investors that are not Defaulting Investors or Excluded Investors (as defined below). 

“Drawdown Share Amount” shall mean, for each Drawdown Date, a number of Shares determined by dividing
(i) the Drawdown Purchase Price for that Drawdown Date by (ii) the applicable Per Share Price (as defined below), subject to adjustment in accordance with the procedures set forth in Section III – Overview of the Fund –
Valuation Procedures in the Memorandum (as those procedures may be changed from time to time), with the resulting quotient adjusted to the nearest whole number to avoid the issuance of fractional shares. 

“Per Share NAV” shall mean, for any Drawdown Date or Catch-Up Date (as
defined below), net asset value per Share as of the end of the most recent calendar quarter, determined in accordance with the procedures set forth in Section III – Overview of the Fund – Valuation Procedures in the Memorandum (as
those procedures may be changed from time to time) in a manner consistent with the limitations of the Investment Company Act as of the last day of the Fund’s calendar quarter immediately preceding such date. 

“Per Share Price” shall mean, for any Drawdown Date or Catch-Up Date
(as defined below), the Per Share NAV; provided, that the Per Share Price shall be subject to the limitations of Section 23 under the Investment Company Act (which generally prohibits us from issuing Shares at a price below the
then-current net asset value of the Shares as determined within 48 hours, excluding Sundays and holidays, of such issuance, (taking into account any investment valuation adjustments from the latest quarterly valuation date in accordance with the
Fund’s valuation policy) subject to certain exceptions); provided, further, however, in the event that the Per Share NAV is less than zero as of the first Drawdown Date that occurs immediately following the Initial Closing Date
(as defined below), then solely for the purpose of such Drawdown Date, the Per Share Price for the Initial Drawdown Date shall be deemed to equal $25.00. 

“Unused Capital Commitment” shall mean, with respect to an Investor, the amount of such Investor’s
Capital Commitment as of any date reduced by the aggregate amount of contributions made by that Investor at all previous Drawdown Dates and any Catch-Up Date pursuant to Section 1(b)
and Section 2(c), respectively. 
 2. Closings. 

(a) The closing of each Subscription Agreement will take place on such date as determined by the Fund at the offices of the
Adviser, 345 Park Avenue, 31st Floor, New York, New York, 10154 (each closing of a Subscription Agreement, a “Closing Date,” and the date upon which the first closing of a Subscription Agreement occurs being referred to herein as
the “Initial Closing Date”). Closings of Subscription Agreements will occur, from time to time in the Adviser’s sole discretion, during a period starting with the Initial Closing Date and ending twelve months thereafter (the
“Initial Closing Period”), but the Adviser may modify the Initial Closing Period if approved by the Fund’s Board of Trustees (the “Board”). After the Initial Closing Period and prior to the end of the Initial
Drawdown Period (as defined below), the Fund may permit one or more additional closings (“Subsequent Closings”) as additional capital commitments are obtained. The Fund currently does not expect to draw any Capital Commitments from
Subsequent Closings (“Subsequent Capital Commitments”) until 100% of the Capital Commitments from the Initial Closing Period (“Initial Capital Commitments”) have been drawn down, unless otherwise determined by the
Board. 

  
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 (b) The Investor agrees to provide any information reasonably requested by
the Fund to verify the accuracy of the representations contained herein, including, without limitation, the Investor Questionnaire. Promptly after the Closing Date, the Fund will deliver to the Investor or its nominee, if the Investor’s
subscription has been accepted, confirmation of the Fund’s acceptance of the Investor’s subscription. 

(c) (i) The Fund may enter into Other Subscription Agreements with Other Investors during the Initial Closing Period but
after the Initial Drawdown Date (such closings, “Additional Closings”) and any Other Investor whose subscription has been accepted at such Additional Closing referred to as an “Additional Investor.” Notwithstanding
the provisions of Sections 1(b) and 3, on one or more dates to be determined by the Fund that occur on or following an Additional Closing Date but no later than the next succeeding Drawdown Date (each, a “Catch-Up Date”), each Additional Investor shall be required to purchase, on no less than ten (10) Business Days prior notice, from the Fund a number of Shares with an aggregate purchase price necessary
to ensure that, upon payment of the aggregate purchase price for such Shares by the Additional Investor in the aggregate for all Catch-Up Dates, such Additional Investor’s Net Contributed Capital
Percentage (as defined below) shall be equal to the Net Contributed Capital Percentage of all prior Investors (other than any Defaulting Investors, Excluded Investors or any Other Investor who has subscribed on prior Additional Closing Dates and
have not yet funded the Catch-Up Purchase Price) (the “Catch-Up Purchase Price”). Upon payment of the Catch-Up
Purchase Price by the Investor on a Catch-Up Date and payment by Other Investors of the requisite amount, the Fund shall issue to each such Additional Investor a number of Shares determined by dividing
(A) the Catch-Up Purchase Price for such Additional Investor minus the Organizational Expense Allocation (as defined below) by (B) the Per Share Price for such Additional Investor as of a Catch-Up Date. For the avoidance of doubt, in the event that the Catch-Up Date and a Drawdown Date occur on the same calendar day, such
Catch-Up Date (and the application of the provisions of this Section 2(c)) shall be deemed to have occurred immediately prior to the relevant Drawdown Date. 

(ii) For the purposes of this Subscription Agreement: 

(A) “Business Day” means any day, other than Saturday, Sunday or a U.S. federal holiday, and shall consist of
the time period from 12:01 a.m. through 12:00 midnight Eastern time. 
 (B) “Net Contributed Capital
Percentage” means, with respect to an Investor holding Initial Capital Commitments, the percentage determined by dividing such Investor’s Net Contributed Capital (as defined below) by such Investor’s total Initial Capital
Commitments (whether or not funded). 
 (C) “Net Contributed Capital” means, with respect to an Investor
holding Initial Capital Commitments, the aggregate amount of capital contributions from such Investor’s Initial Capital Commitments that have been funded by such Investor to purchase Shares. For the avoidance of doubt, Net Contributed Capital
will not take into account distributions of the Fund’s investment income (i.e., proceeds received in respect of interest payments, dividends or fees, net of expenses) to the investors or the reinvestment of distributions in Shares pursuant to
our dividend reinvestment plan. 

  
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 (D) “Organizational Expense Allocation” means, with respect
to an Investor, the product obtained by multiplying (i) a fraction, the numerator of which is such Investor’s Capital Commitment and the denominator of which is the total Capital Commitments received by the Fund through such date by
(ii) the total amount of organizational expenses spent by the Fund in connection with the Fund’s formation. 
 (d)
At each Drawdown Date following any Additional Closing Date, all Investors, including Additional Investors, shall purchase Shares in accordance with the provisions of Section 1(b); provided, however, that
notwithstanding the foregoing, the definitions of Drawdown Share Amount and Per Share Price and the provisions of Section 3(b), nothing in this Subscription Agreement shall prohibit the Fund from issuing Shares to
Additional Investors at a Per Share Price greater than the Per Share NAV at the time of issuance. 
 (e) In the event that
any Investor is permitted by the Fund to make an additional capital commitment to purchase Shares on a date after its initial subscription has been accepted, such Investor will be required to enter into a separate Subscription Agreement with the
Fund. 
 3. Drawdowns. 

(a) Subject to Section 3(f), purchases of Shares will take place on dates selected by the Fund in its
sole discretion (each, a “Drawdown Date”) and shall be made in accordance with the provisions of Section 1(b). For purposes of this
Section 3, a Drawdown Date includes a Catch-Up Date. 
 (b)
The Fund shall deliver to the Investor, at least ten (10) Business Days prior to each Drawdown Date, a notice (a “Drawdown Notice”) setting forth (i) the Drawdown Date, (ii) the aggregate number of Shares to be sold
to all Investors on the Drawdown Date and the aggregate purchase price for such Shares, (iii) the applicable Drawdown Share Amount, Drawdown Purchase Price and Per Share Price and (iv) the account to which the Drawdown Purchase Price
should be wired. 
 (c) The delivery of a Drawdown Notice to the Investor shall be the sole and exclusive condition to the
Investor’s obligation to pay the Drawdown Purchase Price identified in each Drawdown Notice. 
 (d) On each Drawdown
Date, the Investor shall pay the Drawdown Purchase Price to the Fund by bank wire transfer in immediately available funds in U.S. dollars to the account specified in the Drawdown Notice. For purposes of this Section 3, a
Drawdown Purchase Price includes a Catch-Up Purchase Price. 
 (e) DST Systems will
act as transfer agent and registrar for the Shares (the “Transfer Agent”), unless and until, either the Fund or the Transfer Agent decides to terminate the agreement between such parties. 

(f) The “Initial Drawdown Period” will begin when Initial Capital Commitments are made and continue until the
earlier of (i) an Exchange Listing and (ii) the two year anniversary of the end of the Initial Closing Period. During the Initial Drawdown Period and any drawdown period applicable to Subsequent Capital Commitments, the Adviser may issue
Drawdown Notices for any permitted Fund purpose and Investors will remain obligated to fund the applicable Drawdown Purchase Price. Subject to the share repurchase program described herein, the Fund generally does not intend to return any drawn
Capital Commitments. An “Exchange Listing” is a quotation or listing of the Fund’s securities on a national securities 

  
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exchange (including through an initial public offering) or a sale of all or substantially all of the Fund’s assets to, or a merger or other liquidity transaction with, an entity in which the
Fund’s Shareholders receive shares of a publicly traded company which continues to be managed by the Adviser or an affiliate thereof. 

(g) Notwithstanding anything to the contrary contained in this Subscription Agreement, the Fund shall have the right (a
“Limited Exclusion Right”) to exclude any Investor (such Investor, an “Excluded Investor”) from purchasing Shares from the Fund on any Drawdown Date if, in the reasonable discretion of the Fund, there is a
substantial likelihood that such Investor’s purchase of Shares at such time would (i) result in a violation of, or noncompliance with, any law or regulation to which such Investor, the Fund, the Adviser, any Other Investor or a portfolio
company would be subject or (ii) cause the investments of “benefit plan investors” (within the meaning of Section 3(42) of the U.S. Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and the
regulations thereunder) to be significant and the assets of the Fund to be considered “plan assets” for purposes of Title I of ERISA or Section 4975 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”).
In the event that any Limited Exclusion Rights is exercised, the Fund shall be authorized to issue an additional Drawdown Notice to the non-Excluded Investors to make up any applicable shortfall caused by such
Limited Exclusion Right. 
 (h) In addition, notwithstanding anything to the contrary contained in this Subscription
Agreement, the Fund will have the power to take certain actions to avoid having (i) the assets of the Fund characterized as “plan assets,” for purposes of the fiduciary responsibility or prohibited transaction provisions of ERISA,
Section 4975 of the Code or Similar Laws (as defined below) including, without limitation, the right to cause an Investor that is a “benefit plan investor” (within the meaning of Section 3(42) of ERISA) to withdraw from the Fund
in whole or in part and (ii) the Fund and the Adviser being considered a fiduciary of any Investor for purposes of Title I of ERISA, Section 4975 of the Code or any applicable Similar Law. While the Fund does not expect that it will need
to exercise such power, the Fund cannot give any assurance that such power will not be exercised. 
 4. Pledging. Without
limiting the generality of the foregoing, the Investor specifically agrees and consents that the Fund may, at any time, and without further notice to or consent from the Investor, grant security over and, in connection therewith, Transfer (as
defined in Section 7(h)) some or all of the Unused Capital Commitments of the Investor, including the Fund’s right to deliver Drawdown Notices or otherwise draw down capital from the Investor pursuant to
Section 3 and receive the Drawdown Purchase Price (and any related rights and remedies of the Fund related thereto), to lenders or other creditors or holders of other obligations or guarantees of the Fund, in connection
with any indebtedness, guarantee or surety of the Fund (such right of the Fund with respect to the Investor and Other Investors, collectively, the “Assigned Rights”); provided, that, for the avoidance of doubt, any such
grantee’s right to draw down capital shall be subject to the limitations on the Fund’s right to draw down capital pursuant to Section 3; provided, further, that, for the avoidance of doubt, the Fund
may exclude from such Assigned Rights all or a portion of the Assigned Rights of any Investors to the extent restricted under, or considered by the Board to be necessary or desirable to facilitate compliance with, applicable laws or regulations,
including the ERISA, the Investment Company Act and the Sarbanes-Oxley Act of 2002, as amended. In connection with any such secured financing (a “Subscription Facility”), the Investor specifically agrees, for the benefit of the Fund
and such lenders, to the following: 

  
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 (a) The Fund may incur indebtedness for Fund purposes pursuant to a
Subscription Facility and secure such facility by (i) the Unused Capital Commitments, (ii) the Fund’s rights to issue Drawdown Notices, (iii) the Fund’s right to exercise remedies against the Investors and the Other
Investors for failure to pay for such Shares as required by the Drawdown Notices, (iv) the bank account into which the payments for such Shares will be wired on the applicable Drawdown Dates and/or
Catch-Up Dates, and (v) any related collateral and proceeds thereof, (b) the Investor acknowledges and agrees that the lender (or agent for the lenders) under a Subscription Facility is relying on
each Investor’s Unused Capital Commitment as its primary source of repayment and may issue future Drawdown Notices and may exercise all remedies of the Fund with respect thereto as part of such lenders’ remedies under the Subscription
Facility, (c) in the event of a failure by any Investor to pay for such Shares, the Fund and such lender is entitled to pursue any and all remedies available to it under this Subscription Agreement, including issuing additional Drawdown Notices
to non-Defaulting Investors in order to make up any deficiency caused by the default of the Investor, whose ownership in the Fund would be diluted as a result, (d) the Investor agrees that its obligation
to fund Drawdown Notices pursuant to Section 3 is irrevocable, and shall be without setoff, counterclaim or defense of any kind, including any defense pursuant to Section 365 of the U.S. Bankruptcy Code;
provided that (x) any such agreement to make capital contributions without defense, counterclaim or offset of any kind shall not be effective with respect to any Shareholder that is a Plan (defined below) subject to Title I of ERISA or
Section 4975 of the Code unless such agreement shall not constitute a non-exempt prohibited transaction under section 406 of ERISA or section 4975 of the Code, (y) in no event shall the Shareholders
be obligated to make capital contributions in excess of their respective Unused Capital Commitments and (z) such pledge (or equivalent grant of security interest) and/or acknowledgement and agreement to make capital contributions shall not
result in the loss of a Shareholder’s limited liability status under this Subscription Agreement and the Declaration of Trust or act as a waiver by such Shareholder of its right to assert independently any claim that it may have against the
Fund under this Subscription Agreement, except that in connection with the foregoing the Fund shall have right to agree to subordinate distributions to the Shareholders hereunder to payments required in connection with any indebtedness contemplated
hereunder, (e) the Investor has received full and adequate consideration on the date hereof for its Shares notwithstanding that they are to be paid and issued in subsequent installments, and any defense of
non-consideration or similar defenses for its subscription are hereby waived by the Investor, whether in bankruptcy, insolvency, receivership or similar proceedings or otherwise, including any failure or
inability of the Fund to issue Shares or for any such Shares to have positive value on the date of a Drawdown Notice, (f) the Fund may use the proceeds of any Share issuance for repaying outstanding loans under the Subscription Facility,
(g) the Investor agrees that the Fund may reveal the Investor’s identity on a confidential basis to the lenders under a Subscription Facility, (h) upon the reasonable request of the Fund, the Investor will provide the Fund with copies
of its financial statements to the extent such financial statements are not otherwise publically available and information about the Investor’s Beneficial Owners (as defined below) to enable the Fund to comply with underwriting requests from
any lender under a Subscription Facility, (i) any payment of a claim that the Investor may have against the Fund or another Investor in the Fund shall be subordinate to the payment of any claim a lender under the Subscription Facility may have
against the Fund or such Investor, (j) from time to time upon request, the Investor will provide for the benefit of any lender under a Subscription Facility a certificate setting forth such Investor’s then Unused Capital Commitment,
(k) it acknowledges and confirms that the terms of the applicable Subscription Facility and each agreement executed in connection therewith can be modified (including, without limitation, increases, decreases or renewals of credit extended, or
the release of any guarantee or security) without further notice to such Investor and without its consent; provided, however, that in no event shall any such modification of any such document alter an Investor’s rights or
obligations hereunder without such Investor’s written consent, (l) each Investor acknowledges that the making and performance of its obligations hereunder constitute private and commercial acts rather than governmental or public acts, and
that neither it nor any of its properties or revenues has any right of immunity from suit, court jurisdiction, execution of a judgment or from any other legal process with respect to its obligations hereunder, and to the extent that it may hereafter
be entitled to claim any such 

  
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immunity, or to the extent that there may be attributed to it such an immunity (whether or not claimed), unless otherwise agreed in writing by the Fund, it hereby irrevocably agrees not to claim
and hereby irrevocably waives such immunity, (m) upon the withdrawal or transfer of the Investor’s interest in the Fund in accordance with the terms hereof, such Investor acknowledges that it may be required prior to the effectiveness of
such withdrawal or transfer to fund a Drawdown Notice to repay amounts outstanding under the Subscription Facility equal to its share thereof; provided that such Investor shall not be required to fund a Drawdown Notice in excess of its Unused
Capital Commitment, and (n) that the lenders under a Subscription Facility are third party beneficiaries of this Subscription Agreement who may rely on the Investor’s agreements in this Section 4 in providing a
Subscription Facility to the Fund. 
 5. Distributions; Dividend Reinvestment Program. As described more fully in the Memorandum, the
Fund generally intends to distribute, out of assets legally available for distribution, substantially all of its available earnings, on a quarterly basis, as determined by the Fund’s Board in its discretion. The Fund will reinvest all cash
dividends declared by the Board on behalf of Investors who do not elect to receive their dividends in cash, crediting to each such Investor a number of Shares equal to the quotient determined by dividing the cash value of the dividend payable to
such Investor by the Per Share NAV as of the date such dividend was declared. The Investor may elect to receive any or all such dividends in cash by notifying the Adviser in writing no later than 10 days prior to the record date for the first
dividend that the Investor wishes to receive in cash. The Investor and the Fund agree and acknowledge that any dividends received by the Investor or reinvested by the Fund on the Investor’s behalf shall have no effect on the amount of the
Investor’s Unused Capital Commitment. 
 6. Remedies Upon Investor Capital Drawdown Default. In the event that an Investor fails
to pay all or any portion of the purchase price due from such Investor on any Catch-Up Date or Drawdown Date and such default remains uncured for a period of ten (10) Business Days after the written
notice of such failure is given by the Fund to the Investor, the Fund shall be permitted to declare such Investor to be in default of its obligations under this Subscription Agreement (any such Investor, a “Defaulting Investor”) and
shall be permitted to pursue one or any combination of the following remedies: 
 (a) The Fund may prohibit the Defaulting
Investor from purchasing additional Shares on any future Drawdown Date or otherwise participating in any future investments in the Fund; 

(b) Fifty percent (50%) of the Shares then held by the Defaulting Investor shall be automatically transferred on the books of
the Fund, without any further action being required on the part of the Fund or the Defaulting Investor, to the Other Investors (other than any defaulting Other Investor), pro rata in accordance with their respective Capital Commitments;
provided, however, that notwithstanding anything to the contrary contained in this Subscription Agreement, no Shares shall be transferred to any Other Investor pursuant to this Section 6(b) in the event that
such transfer would (A) violate the Securities Act of 1933, as amended (the “Securities Act”), Investment Company Act or any state (or other jurisdiction) securities or “Blue Sky” laws applicable to the Fund or such
transfer would, (B) constitute a non-exempt “prohibited transaction” under Section 406 of ERISA or Section 4975 of the Code or (C) cause all or any portion of the assets of the
Fund to constitute “plan assets” under ERISA or Section 4975 of the Code (it being understood that this proviso shall operate only to extent necessary to avoid the occurrence of the consequences contemplated herein and shall not
prevent the Investor from receiving a partial allocation of its pro rata portion of Shares); provided, further, that any Shares that have not been transferred to one or more Other Investors pursuant to the previous proviso shall be
allocated among the participating Other Investors pro rata in accordance with their respective Capital Commitments. The mechanism described in this Section 6(b) is intended to

  
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operate as a liquidated damage provision, since the damage to the Fund and Other Investors resulting from a default by the Defaulting Investor is both significant and not easily quantified. By
entry into this Subscription Agreement, the Investor agrees to this transfer and acknowledges that it constitutes a reasonable liquidated damage remedy for any default in the Investor’s obligation of the type described; and 

(c) The Fund may pursue any other remedies against the Defaulting Investor available to the Fund, subject to applicable law.
The Investor agrees that this Section 6 is for the benefit of the Fund and shall be interpreted by the Fund against a Defaulting Investor in the discretion of the Fund. The Investor further agrees that the Investor cannot
and will not seek to enforce this Section 6 against the Fund or any other investor in the Fund. 
 7.
Representations and Warranties of the Investor. To induce the Fund to accept this subscription, the Investor represents and warrants as follows: 

(a) The Investor has been furnished with and has carefully read the Memorandum, this Subscription Agreement, and each Operative
Document, in each case as amended, restated and/or supplemented through the Closing Date of the Investor’s subscription for Shares. The Investor has such knowledge and experience in financial, tax and business matters as to be capable of
evaluating the merits and risks of an investment in the Shares, is able to bear the risks of an investment in the Shares and understands the risks of, and other considerations relating to, a purchase of a Share, including the matters set forth under
the captions “Risk Factors” and “Potential Conflicts of Interest” in the Memorandum. The Investor acknowledges that it has made an independent decision to invest in the Fund and that, in making its decision to
subscribe for a Share, the Investor has relied solely upon the Memorandum and independent investigations made by the Investor. The Investor is not relying on the Fund, the Adviser, any placement agent of the Fund (a “Placement
Agent”) or any other person or entity with respect to the legal, tax and other economic considerations involved in this investment other than the Investor’s own advisers. The Investor’s investment in the Shares is consistent with
the investment purposes, objectives and cash flow requirements of the Investor and will not adversely affect the Investor’s overall need for diversification and liquidity. 

(b) If the Investor is a natural person or an individual retirement account, the Investor has been furnished with and has
carefully read the Fund’s privacy notice attached hereto as Schedule 1, and the Investor authorizes the Fund and its affiliates to deliver the privacy notice and any amendments thereto by electronic mail and/or
web-based reporting. 
 (c) The Shares to be acquired hereunder are being acquired by
the Investor for the Investor’s own account for investment purposes only and not with a view to resale or distribution. 

(d) The Investor understands that the Fund (i) intends to file an election to be treated as a business development company
under the Investment Company Act and (ii) intends to file an election to be treated as a regulated investment company within the meaning of Section 851 of the Code, for U.S. federal income tax purposes; pursuant to those elections, the
Investor will be required to furnish certain information to the Fund as required under Treasury Regulations § 1.852-6(a) and other regulations. If the Investor is unable or refuses to provide such
information directly to the Fund, the Investor understands that it will be required to include additional information on its income tax return as provided in Treasury Regulations § 1.852-7. The Fund
intends to file a registration statement on Form 10 (the “Form 10 Registration Statement”) for its common shares of beneficial interest with the U.S. Securities and Exchange Commission (the “SEC”) under the
Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Form 10 Registration Statement is not the offering document pursuant to which the Fund is conducting this offering and may not include all information regarding
the Fund contained in the 

  
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Memorandum; accordingly, Investors should rely exclusively on information contained in the Operative Documents in making their investment decisions. The Investor acknowledges it may be required
to make filings with the SEC pursuant to Section 13 or Section 16 of the Exchange Act, as applicable. 
 (e) The
Investor understands that the Fund requires each investor in the Fund to be an “accredited investor” as defined in Rule 501(a) of Regulation D of the Securities Act (“Accredited Investor”) and the Investor represents and
warrants that it is an Accredited Investor. The Investor understands that the offering and sale of the Shares in non-U.S. jurisdictions may be subject to additional restrictions and limitations, and represents
and warrants that it is acquiring its Shares in compliance with all applicable laws, rules, regulations and other legal requirements applicable to the Investor including, without limitation, the legal requirements of jurisdictions in which the
Investor is resident and in which such acquisition is being consummated. Furthermore, the Investor understands that all offerings and sales made outside of the United States will be made pursuant to Regulation S under the Securities Act. 

(f) To the full satisfaction of the Investor, the Investor has been furnished any materials the Investor has requested relating
to the Fund, the offering of Shares or any statement made in the Memorandum, and the Investor has been afforded the opportunity to ask questions of representatives of the Fund concerning the terms and conditions of the offering and to obtain any
additional information necessary to verify the accuracy of any representations or information set forth in the Memorandum. 

(g) Other than as set forth herein or in the Memorandum, the Operative Documents and the Subscription Agreement, the Investor
is not relying upon any other information (including, without limitation, any general solicitation, advertisement, article, notice or other communication published in any newspaper, magazine or similar media (including any internet site whose
information about the Fund is not password protected) or broadcast over television or radio, and any seminars or meetings whose attendees have been invited by any general solicitation or advertising), representation or warranty by the Fund, the
Adviser, their affiliates or any agent or representative of them, written or otherwise, in determining to invest in the Fund. The Investor has consulted, to the extent deemed appropriate by the Investor, with the Investor’s own advisers as to
the financial, tax, legal, accounting, regulatory and related matters concerning an investment in the Shares and on that basis understands the financial, tax, legal, accounting, regulatory and related consequences of an investment in the Shares and
believes that an investment in the Shares is suitable and appropriate for the Investor. 
 (h) The Investor understands that
the Shares have not been and will not be registered under the Securities Act or any U.S. state securities laws or the securities laws of any other jurisdiction. The Investor will notify the Fund prior to any sale, offer for sale, exchange, transfer,
assignment, pledge, hypothecation or otherwise disposal of (each, a “Transfer”) the Shares or any beneficial interest therein. The Investor will not Transfer the Shares without the prior written consent of the Fund and the Adviser,
which may be granted or withheld in their sole discretion, and unless the Shares are registered or Transfer is exempt from registration and otherwise complies with all applicable securities laws. The Investor understands that the Fund and the
Adviser may elect not to grant such consent even following an Exchange Listing, including because of any lock-up period following the Exchange Listing as agreed upon by the Fund, the Adviser and the
underwriters for such Exchange Listing. No Transfer will require the Fund to register the Shares under the Securities Act, under any U.S. state securities laws or under the laws of any other jurisdiction. No Shares shall be transferred in the event
that such Transfer would (A) violate the Securities Act, Investment Company Act or any state (or other jurisdiction) securities or “Blue Sky” laws applicable to the Fund or such Transfer would, (B) constitute a non-exempt

  
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“prohibited transaction” under Section 406 of ERISA or Section 4975 of the Code or (C) cause all or any portion of the assets of the Fund to constitute “plan
assets” under ERISA or Section 4975 of the Code. The Investor understands that the Fund has no intention to register the Shares under the Securities Act or any state and is under no obligation to assist the Investor in obtaining or
complying with any exemption from registration. The Investor understands that the Fund may require that a proposed transferee meet appropriate financial and other suitability standards and that the Investor furnish a legal opinion satisfactory to
the Fund and its counsel that the proposed transfer complies with any applicable federal, state and any other securities laws. The Investor understands that an appropriate legend evidencing such restrictions may be placed on any certificates issued
representing the Shares and appropriate stop transfer instructions may be placed with respect to the Shares. 
 (i) The
Investor acknowledges that the Investor is aware and understands that there are other substantial restrictions on the transferability of Shares or Capital Commitment under this Subscription Agreement, the Operative Documents and under applicable law
including, but not limited to, the fact that (A) there is no established market for the Shares and it is likely that no public market for the Shares will develop; and (B) the Investor may have to hold the Shares herein subscribed for and
bear the economic risk of this investment indefinitely, and it may not be possible for the Investor to liquidate its investment in the Fund. The Investor acknowledges that it has no need for liquidity in this investment, has the ability to bear the
economic risk of this investment, has the ability to retain its Shares for an indefinite period and at the present time and in the foreseeable future can afford a complete loss of this investment. 

(ii) Notwithstanding any other provisions of this Subscription Agreement, the Investor covenants that it will not Transfer all
or any part of the Shares or its Capital Commitment (or purport to do so) if such Transfer would cause (A) the Fund or the Adviser to be in violation of the U.S. Bank Secrecy Act, as amended, the U.S. Money Laundering Control Act of 1986, as
amended, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, as amended, or any similar U.S. federal, state or non-U.S. law or
regulation; or (B) the Shares to be held by a country, territory, entity or individual currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”) or any
entity or individual that resides or has a place of business in, or is organized under the laws of, a country or territory that is subject to any sanctions administered by OFAC. 

(i) The Investor understands that: 

(i) No U.S. federal or state agency has passed upon the Shares or made any findings or determination as to the fairness of this
investment; and 
 (ii) The certifications, representations, warranties, covenants, agreements, undertakings and
acknowledgments made by the Investor in this Subscription Agreement will be relied upon by the Fund, the Adviser and the Placement Agent (as applicable) in determining the Investor’s suitability as a purchaser of a Share and the Fund’s
compliance with U.S. federal and state securities laws, and shall survive the Investor’s admission as a Shareholder. 

(j) If the Investor is not a natural person, (i) the Investor has the power, authority and legal capacity to enter into
this Subscription Agreement and each other document required to be executed and delivered by the Investor in connection with this subscription for Shares, and to perform its obligations hereunder and thereunder and consummate the transactions
contemplated 

  
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hereby and thereby, and (ii) the person signing this Subscription Agreement on behalf of the Investor has been duly authorized to execute and deliver this Subscription Agreement and each
other document required to be executed and delivered by the Investor in connection with this subscription for Shares and, upon request by the Fund, will furnish to the Fund true and correct copies of any instruments governing the Investor, including
all amendments thereto. If the Investor is an individual, the Investor has all requisite power, authority and legal capacity to acquire and hold the Shares and to execute, deliver and comply with the terms of each of the documents required to
be executed and delivered by the Investor in connection with this subscription for Shares. The execution and delivery by or on behalf of the Investor of, and compliance by the Investor with, this Subscription Agreement and each other document
required to be executed and delivered by or on behalf of the Investor in connection with this subscription for Shares does not violate or represent a breach of, or constitute a default under, any instruments governing the Investor, any law,
regulation or order, or any agreement to which the Investor is a party or by which the Investor is bound. This Subscription Agreement has been duly executed by the Investor and constitutes a valid and legally binding agreement of the Investor,
enforceable against it in accordance with its terms (subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally, by equitable
principles (whether considered in a proceeding in equity or at law) and by an implied covenant of good faith and fair dealing). 

(k) The Investor: (i) is not registered or required to be registered as an investment company under the Investment Company
Act; (ii) has not elected to be regulated as a business development company under the Investment Company Act; and (iii) either (A) is not relying on the exception from the definition of “investment company” under the Investment
Company Act set forth in Section 3(c)(1) or 3(c)(7) thereunder or (B) is otherwise permitted to acquire and hold more than 3% of the outstanding voting securities of a business development company. 

(l) If the Investor is, or is acting (directly or indirectly) on behalf of, a “Plan” (as defined below) that is
subject to Title I of ERISA, Section 4975 of the Code, or any provisions of any other U.S. or non-U.S. federal, state, local, or other laws or regulations that are similar to those provisions contained in
such portions of ERISA or the Code (collectively, “Similar Laws”): (1) the decision to invest in the Fund was made by a fiduciary (within the meaning of Section 3(21) of ERISA and the regulations thereunder, or as defined under
applicable Similar Laws, as applicable) (a “Fiduciary”) of the Plan who is professionally advised, independent of and unrelated to, the Board, the Adviser, the Administrator, the Fund and their respective affiliates (collectively,
the “Relevant Entities”) and who is: (i) duly authorized to make such an investment decision on behalf of the Plan, (ii) capable of evaluating investment risks independently, both in general and with respect to particular
transactions and investment strategies, and (iii) responsible for exercising independent judgment in evaluating the investment in the Fund; (2) the Fiduciary has taken into consideration its fiduciary duties under any applicable law,
including ERISA or any applicable Similar Laws, including the diversification requirements of Section 404(a)(1)(C) of ERISA (if applicable), in authorizing the Plan’s investment in the Fund and has concluded that such investment is
prudent; (3) the Plan’s subscription to invest in the Fund and the purchase of Shares contemplated thereby is in accordance with the terms of the Plan’s governing instruments and complies with all applicable requirements of ERISA, the
Code and all applicable Similar Laws and does not constitute a non-exempt prohibited transaction under ERISA or Section 4975 of the Code or a similar violation under any applicable Similar Laws; and
(4) the Fiduciary acknowledges and agrees that none of the Relevant Entities will be a fiduciary with respect to the Plan as a result of the Plan’s investment in the Fund, pursuant to the provisions of ERISA or any applicable Similar Laws,
or otherwise, and the Fiduciary has not relied on, and is not relying on, the investment advice of any such person with respect to the Plan’s investment in the Fund and no such investment advice has

  
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been given in connection with the Plan’s investment in the Fund. If the Investor is (directly or indirectly) investing the assets of a Plan that is not subject to Title I of ERISA or
Section 4975 of the Code but is subject to any Similar Laws neither the Fund and the Adviser (or other persons responsible for the operation of the Fund and/or the investment of the Fund’s assets) will be subject to Similar Laws and the
Fund’s assets would not constitute the assets of such Plan under the provisions of any applicable Similar Law. “Plan” includes (i) an employee benefit plan (within the meaning of Section 3(3) of ERISA), whether or not
such plan is subject to Title I of ERISA, (ii) a plan, individual retirement account or other arrangement that is described in Section 4975 of the Code, whether or not such plan, account or arrangement is subject to Section 4975 of
the Code, (iii) a plan, fund or other similar program that is established or maintained outside the United States that provides for retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination
of employment, (iv) an insurance company using general account assets, if such general account assets are deemed to include assets of any of the foregoing types of plans, accounts or arrangements for purposes of Title I of ERISA or
Section 4975 of the Code under Section 401(c) of ERISA or the regulations promulgated thereunder, and (v) an entity which is deemed to hold the assets of any of the foregoing types of plans, accounts, funds, programs or arrangements,
pursuant to ERISA or otherwise. 
 (m) The Investor was offered the Shares through private negotiations, not through any
general solicitation or general advertising. If the Investor is a U.S. person, the Investor was offered the Shares in the jurisdiction listed in the Investor’s permanent address set forth in the Investor Questionnaire attached hereto or
previously provided to the Fund and, to the extent any state securities laws govern the Investor’s subscription (in addition to applicable U.S. federal securities laws), the securities laws of such jurisdiction shall govern. 

(n) The Investor acknowledges, or, if the Investor is acting as agent, representative or nominee for a subscriber (a
“Beneficial Owner”), the Investor has advised the Beneficial Owner that the Fund has entered, or may enter, into an agreement with a Placement Agent providing for a payment from the Fund of a
one-time or ongoing fee based upon the Shares of any Investor introduced to the Fund by such Placement Agent. 

(o) If the Investor is a “charitable remainder trust” within the meaning of Section 664 of the Code, the
Investor has advised the Fund in writing of such fact and the Investor acknowledges that it understands the risks, including specifically the tax risks, if any, associated with its investment in the Fund. 

(p) The Investor understands and agrees that the Fund and the Adviser may present this Subscription Agreement and the
information provided in answers to it to such parties (e.g., affiliates, attorneys, auditors, banks, lenders, brokers and regulators) as it deems necessary or advisable to facilitate the acceptance and management of the Investor’s
Capital Commitments and the operation of the Fund, including, but not limited to, in connection with anti-money laundering and similar laws, if called upon to establish the availability under any applicable law of an exemption from registration of
the Shares, the compliance with applicable law and any relevant exemptions thereto by the Fund and the Adviser or their affiliates, or if the contents thereof are relevant to any issue in any action, suit or proceeding to which the Fund and the
Adviser or their affiliates are a party or by which they are or may be bound or if the information is required to facilitate the Fund’s investments. The Fund may also release information about the Investor if directed to do so by the Investor,
if compelled to do so by law or in connection with any government or self-regulatory organization request or investigation. 

  
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 (q) If the Investor is acting as agent, representative or nominee for a
Beneficial Owner, the Investor understands and acknowledges that the representations, warranties and agreements made herein are made by the Investor: (i) with respect to the Investor; and (ii) with respect to the Beneficial Owner. The
Investor represents and warrants that it: (1) has all requisite power and authority from said Beneficial Owner to execute and perform the obligations under this Subscription Agreement and has determined that any investment in the Fund is
consistent with any obligation the Investor may have to the Beneficial Owner; and (2) has informed each Beneficial Owner that (A) the Investor (and not the Beneficial Owner) will be the record owner of any Shares purchased hereunder; and
(B) such Beneficial Owner will not have any recourse directly to the Fund or other entity associated with the Fund. The Investor also covenants and agrees to indemnify and hold harmless the Fund, the Adviser (for itself and as agent and on
trust for one of the persons indemnified hereunder), the Administrator and each of their respective affiliates and the directors, officers, partners, members, employees, agents, stockholders and any person who serves at the specific request of the
Fund or the Adviser on behalf of the Fund as a partner, member, officer, director, employee or agent of any other entity, from and against any and all loss, liability, claim, damage, cost and expense whatsoever (including, without limitation, legal
fees and disbursements) arising out of or based upon the Investor’s misrepresentation or misstatement contained herein or the Investor’s assertion of lack of proper authorization from the Beneficial Owner to enter into this Subscription
Agreement or perform the obligations hereunder. 
 (r) The Investor will provide promptly, and update periodically, at any
times requested by the Fund, any information (or verification thereof) the Fund deems necessary to comply with any requirement imposed by Sections 1471 through 1474 of the Code and any U.S. Department of Treasury Regulations, forms, instructions or
other guidance issued pursuant thereto in order to reduce or eliminate withholding taxes. The information required to be provided by the preceding sentence may include, but shall not be limited to: (i) information the Fund deems necessary to
determine whether the Investor is a “foreign financial institution,” as defined in Section 1471(d)(4) of the Code, or a “non-financial foreign entity,” as defined in
Section 1472(d) of the Code; (ii) if the Investor is a foreign financial institution, any certification, statement or other information the Fund deems necessary to determine whether the Investor meets the requirements of
Section 1471(b) of the Code (including entering into an agreement with the U.S. Internal Revenue Service (the “IRS”) pursuant to Section 1471(b) of the Code and complying with the terms thereof) or is otherwise exempt from
withholding required under Section 1471 of the Code; and (iii) if the Investor is a non-financial foreign entity, any certification, statement or other information the Fund deems necessary to
determine whether the Investor meets the requirements of Section 1472(b) of the Code (which information may be given to the IRS pursuant to Section 1472(b)(3) of the Code) or is otherwise exempt from withholding required under
Section 1472 of the Code. The Investor acknowledges that if it fails to supply such information on a timely basis, it may be subject to a 30% U.S. withholding tax imposed on (a) U.S.-sourced dividends, interest and certain other income,
and (b) gross proceeds from the sale or other disposition of U.S. stocks, debt instruments and certain other assets and/or may be required to withdraw from the Fund. 

(s) The Investor will promptly notify the Fund in writing if (i) the IRS terminates any agreement entered into with the
Investor under Section 1471(b) of the Code, or (ii) any information provided to the Fund pursuant to Section 7(r) above changes. 

(t) 

(i) Neither the Investor, nor any of its affiliates or Beneficial Owners, (A) appears on the Specially Designated
Nationals and Blocked Persons List of the OFAC, nor are they otherwise a party with which any entity is prohibited to deal under the laws of the United States, or (B) is a person identified as a terrorist organization on any other relevant
lists maintained by governmental authorities. 

  
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 (ii) To comply with applicable U.S. anti-money laundering laws and
regulations, all payments and contributions by the Investor to the Fund and all payments and distributions to the Investor from the Fund will only be made in the Investor’s name and to and from a bank account or a bank based or incorporated in
or formed under the laws of the United States or of a bank that is regulated in and either based or incorporated in or formed under the laws of the United States that is not a “foreign shell bank” within the meaning of the U.S. Bank
Secrecy Act (31 U.S.C. § 5311 et seq.), as amended, and the regulations promulgated thereunder by the U.S. Department of the Treasury, as such regulations may be amended from time to time, and that the proceeds from the Investor’s
investment in the Shares will be used to finance any illegal activities. 
 (u) The Investor represents on its behalf and
that of any Investor Party that it is not an investor which is situated, domiciled, or has its registered office in a member state of the European Economic Area. “Investor Party” means the Beneficial Owner(s) of the Investor where
the Investor acts as trustee, agent, nominee or representative for, or is otherwise investing on behalf of, such Beneficial Owner(s), and/or any party relied upon by the Investor in reaching the decision to subscribe, including (without limitation)
any investment manager, investment advisor, or consultant of the Investor. 
 (v) The Investor understands that Simpson
Thacher & Bartlett LLP acts as U.S. counsel to the Adviser, the Administrator and the Fund. The Investor also understands that, in connection with this offering of Shares and ongoing advice to the Fund, the Adviser and the Administrator,
Simpson Thacher & Bartlett LLP will not be representing investors in the Fund, including the Investor, and no independent counsel has been retained to represent investors in the Fund. 

 (w) Simpson Thacher & Bartlett LLP’s representation of the Adviser, the Administrator and the Fund is
limited to specific matters as to which it has been consulted by the Adviser, the Administrator and the Fund. There may exist other matters which could have a bearing on the Adviser, the Administrator and the Fund as to which Simpson
Thacher & Bartlett LLP has not been consulted. In addition, Simpson Thacher & Bartlett LLP does not undertake to monitor the compliance of the Adviser, the Administrator and the Fund with the investment program, valuation
procedures and other guidelines set forth in the Memorandum, or to monitor compliance with applicable laws. In preparing the Memorandum, Simpson Thacher & Bartlett LLP relied on information furnished to it by the Adviser, the Administrator
and/or the Fund, and did not investigate or verify the accuracy or completeness of the information set forth therein concerning the Adviser, the Administrator and the Fund. 

(x) Unless expressly acknowledged in writing by the Fund in connection with the Investor’s investment in the Fund on or
prior to the date hereof, none of the Investor or any the Investor’s officers, agents or other persons who took part in the Investor’s decision to invest in the Fund were located in the European Economic Area or Switzerland either when the
Shares were marketed to the Investor or when the Investor decided to invest in the Fund. 
 8. Tax Information. The Investor
certifies under penalties of perjury that (i) the Investor’s name, taxpayer identification and/or social security number and address provided in the Investor Data Sheet are correct and (ii) the Investor will complete and return with
this Subscription Agreement Form W-9. The Investor agrees to execute properly and provide to the Fund in a timely manner any tax documentation or information that may be reasonably required by the Fund in
connection with the Investor’s subscription for Shares (including, but not limited to, (a) the name, address and taxpayer identification number of any “substantial U.S. owner” of the Investor or other information required to
reduce or eliminate any withholding tax directly or indirectly imposed on or collected by or with respect to the Fund or avoid any other penalty pursuant to Sections 1471 through 1474 of the Code, 

  
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any present or future regulations promulgated thereunder or official interpretations thereof or any forms, instructions or other guidance issued pursuant thereto, any agreements entered into
pursuant to Section 1471(b) of the Code, any intergovernmental agreements entered into in connection with such Sections of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any such intergovernmental
agreements or similar regimes or any legislation or regime that implements, or implements rules similar to, any intergovernmental agreement entered into for the automatic exchange of tax information or the U.S. Foreign Account Tax Compliance Act
(collectively, “FATCA”) and (b) any other information reasonably requested by the Fund that is necessary for the Fund to comply with its obligations pursuant to FATCA). 

9. Source and Use of Funds. 

(a) The Investor represents and warrants that the Investor (i) has conducted thorough due diligence with respect to all of
its Beneficial Owners, (ii) has established the identities of all direct and indirect Beneficial Owners and the source of each of such Beneficial Owner’s funds, (iii) will retain evidence of any such identities, any such source of
funds and any such due diligence and (iv) if it is itself a collective investment flow-through vehicle for unaffiliated third party investors, has implemented controls to monitor or has engaged an internationally recognized financial
institution licensed to provide financial services in Financial Action Task Force cooperative countries to monitor (x) Beneficial Owners and ensure such Beneficial Owners are not sanctioned parties under OFAC (as defined herein) and
European Union sanctions regimes and (y) suspicious activities and ensure that such activities are reported, as required, to appropriate government agencies. 

(b) Neither the Investor, nor any of its affiliates or any person having a direct or indirect beneficial interest in the Shares
to be acquired, appears on the Specially Designated Nationals and Blocked Persons List of the OFAC, nor are they otherwise a party with which the Fund is prohibited to deal under the laws of the United States. The Investor further represents and
warrants that: (i) if the Investor is a natural person, the Investor is not a person who is or has been entrusted with prominent public functions, such as a Head of State or of government, a senior politician, a senior government, judicial or
military official, a senior executive of a state-owned corporation or an important political party official, or a close family member or close associate of any such person; and (ii) the monies used to fund the investment in the Shares are not
derived from, invested for the benefit of, or related in any way to, the governments of, or persons within, any country that (A) is under a U.S. embargo enforced by OFAC, (B) has been designated as a
“non-cooperative country or territory” by the Financial Action Task Force on Money Laundering, or (C) has been designated by the U.S. Secretary of the Treasury as a “primary
money-laundering concern.” The Investor further represents and warrants that the Investor: (x) has conducted thorough due diligence with respect to all of its beneficial owners, (y) has established the identities of all beneficial owners
and the source of each of the beneficial owner’s funds and (z) will retain evidence of any such identities, any such source of funds and any such due diligence. The Investor further represents and warrants that the Investor does not know
or have any reason to suspect that (1) the monies used to fund the Investor’s investment in the Shares have been or will be derived from or related to any illegal activities, including but not limited to, money laundering activities, and
(2) the proceeds from the Investor’s investment in the Shares will be used to finance any illegal activities. The Investor further represents that to, the best of its knowledge, no person for whom the Investor is acting as agent or nominee
in connection with this investment is a person identified as a terrorist organization by the United Nations, United States or European Union, a senior foreign political figure1 or any immediate
family member2 or close 
  

	1 	 A “senior foreign political figure” is defined as a senior official in the executive,
legislative, administrative, military or judicial branches of a non-U.S. government (whether elected or not), a senior official of a major non-U.S. political party, or a
senior executive of a non-U.S. government-owned corporation. In addition, a “senior foreign political figure” includes any corporation, business or other entity that has been formed by, or for the
benefit of, a senior foreign political figure. 

	2 	 “Immediate family” of a senior foreign political figure typically includes the figure’s
parents, siblings, spouse, children and in-laws. 

  
 Page 15 of 59 

 BLACKSTONE / GSO SECURED LENDING FUND 

 

 
associate3 of a senior foreign political figure as such terms are defined in the footnotes below. The Investor represents that in the event
that it is, receives deposits from, makes payments to or conducts transactions relating to a non-U.S. banking institution (a “Non-U.S. Bank”) in
connection with the Investor’s investment in Shares, such Non-U.S. Bank: (I) has a fixed address, other than an electronic address or a post office box, in a country in which it is authorized to
conduct banking activities; (II) employs one or more individuals on a full-time basis; (III) maintains operating records related to its banking activities; (IV) is subject to inspection by the banking authority that licensed it to
conduct banking activities; and (V) does not provide banking services to any other Non-U.S. Bank that does not have a physical presence in any country and that is not a registered affiliate. The Investor
further agrees and acknowledges that, among other remedial measures, (X) the Fund may be obligated to “freeze the account” of such Investor, either by prohibiting additional investments by the Investor and/or segregating assets of the
Investor in compliance with governmental regulations and/or if the Fund determines in its sole discretion that such action is in the best interests of the Fund and (Y) the Fund may be required to report such action or confidential information
relating to the Investor (including, without limitation, disclosing the Investor’s identity) to the regulatory authorities. 
 10.
Further Advice and Assurances. All information that the Investor has provided to the Fund, including the information in this Subscription Agreement, including the Investor Data Sheet and Investor Questionnaire, is true, correct and complete
as of the date hereof, and the Investor agrees to notify the Fund immediately if any representation, warranty or information contained in this Subscription Agreement, including the Investor Data Sheet and Investor Questionnaire, becomes untrue at
any time. The Investor agrees to provide, if requested, any additional information and execute and deliver such documents regarding itself and all of its Beneficial Owners as may reasonably be required to determine the eligibility of the Investor to
purchase Shares in the Fund, to verify the accuracy of the Investor’s representations and warranties herein or to comply with any law, rule or regulation to which the Fund may be subject, including compliance with anti-money laundering laws and
regulations, or for any other reasonable purpose. If any answers provided or background documentation required under this Subscription Agreement, including the Investor Data Sheet and Investor Questionnaire, is found to be false, forged or
misleading, the Investor understands that the Fund may require such Investor to fully withdraw from the Fund as permitted under the Fund’s Declaration of Trust. 

11. Power of Attorney. The Investor by executing this Subscription Agreement hereby irrevocably constitutes and appoints the Fund, with
full power of substitution, as the Investor’s true and lawful attorney-in-fact and agent, to make, execute, sign, acknowledge, verify, swear to, deliver, record and
file, in its or its assignee’s name, place and stead, all instruments, documents and certificates which may from time to time be required by the laws of the State of Delaware, any other jurisdiction in which the Fund conducts or plans to
conduct its affairs, or any political subdivision or agency thereof to effectuate, implement and continue the valid existence and affairs of the Fund, including, without limitation, the power and authority to make, execute, sign, verify, swear to,
acknowledge, deliver, record and file: 
 (a) all certificates and other instruments deemed advisable by the Fund in order
for the Fund to enter into any borrowing or pledging arrangement; 
  

	3 	 A “close associate” of a senior foreign political figure is a person who is widely and
publicly known to maintain an unusually close relationship with the senior foreign political figure, and includes a person who is in a position to conduct substantial U.S. and non-U.S. financial transactions
on behalf of the senior foreign political figure. 

  
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 BLACKSTONE / GSO SECURED LENDING FUND 

 

 (b) all certificates and other instruments deemed advisable by the Fund to
comply with the provisions of this Subscription Agreement and applicable law or to permit the Fund to become or to continue as a business development company; and 

(c) all other instruments or papers not inconsistent with the terms of this Subscription Agreement which may be required by law
to be filed on behalf of the Fund. 
 With respect to the Investor and the Fund, the foregoing power of attorney: 

(a) is coupled with an interest and shall be irrevocable; 

(b) may be exercised by the Fund either by signing separately as attorney-in-fact for the Investor or, after listing all of the Investors executing an instrument, by a single signature of the Fund acting as
attorney-in-fact for all of them; 
 (c)
shall survive the assignment by the Investor of the whole or any fraction of its Shares; 
 (d) shall terminate concurrently
with the termination of the Capital Commitment, in accordance with Section 3(f); and 
 (e) may not
be used by the Fund in any manner that is inconsistent with the terms of this Subscription Agreement and any other written agreement between the Fund and the Investor. 

12. Indemnity. 

(a) The Investor understands that the information provided herein will be relied upon by the Fund for the purpose of
determining the eligibility of the Investor to purchase Shares in the Fund. The Investor agrees to notify the Fund immediately if any representation or warranty or information contained in this Subscription Agreement, including the Investor Data
Sheet and Investor Questionnaire, becomes untrue at any time. To the fullest extent permitted by law, the Investor agrees to indemnify and hold harmless the Fund, the Adviser, the Administrator and each of their respective affiliates and the
directors, officers, partners, members, employees, agents, stockholders, and any person who serves at the specific request of the Fund or Adviser on behalf of the Fund as a partner, member, officer, director, employee or agent of any other entity,
from and against any loss, damage, claim, liability or expense whatsoever (including all expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) due to or arising out of or in connection with:
(i) a breach of any representation, warranty or agreement of the Investor contained in this Subscription Agreement (including the Investor Data Sheet and Investor Questionnaire attached hereto) or in any other document provided by the Investor
to the Fund or in any agreement executed by the Investor with the Fund in connection with the Investor’s investment in the Shares; (ii) any action for securities law violations instituted by the Investor which is finally resolved by
judgment against the Investor; or (iii) any damages resulting from the Investor’s misrepresentation or misstatement contained herein, of the assertion of lack of proper authorization from the Beneficial Owner to enter into this
Subscription Agreement or perform the obligations hereof. Notwithstanding any provision of this Subscription Agreement, the Investor does not waive any rights granted to it under applicable securities laws. 

(b) Notwithstanding any other term of this Subscription Agreement, the consent of any person who is not a party to this
Subscription Agreement (including, without limitation, any persons indemnified pursuant to this Subscription Agreement) is not required for any variation of, amendment to, or release, rescission, or termination of, this Subscription Agreement. 

  
 Page 17 of 59 

 BLACKSTONE / GSO SECURED LENDING FUND 

 

 13. Miscellaneous.  

(a) This Subscription Agreement is not assignable by the Investor without the prior written consent of the Fund. The
representations and warranties made by the Investor in this Subscription Agreement (including the Investor Data Sheet and Investor Questionnaire attached hereto) shall survive the closing of the transactions contemplated hereby and any investigation
made by the Fund. The Investor Questionnaire, including, without limitation, the representations and warranties contained therein, is an integral part of this Subscription Agreement and shall be deemed incorporated by reference herein. This
Subscription Agreement may be executed in one or more counterparts, all of which together shall constitute one instrument, and shall be governed by and construed in accordance with the laws of the State of Delaware. If any provision of this
Subscription Agreement is invalid or unenforceable under any applicable law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such applicable law. Any provision
hereof which may be held invalid or unenforceable under any applicable law shall not affect the validity or enforceability of any other provisions hereof, and to this extent the provisions hereof shall be severable. This Subscription Agreement:
(i) shall be binding upon the Investor and the heirs, legal representatives, successors and permitted assigns of the Investor and shall inure to the benefit of the Fund and its successors and assigns, (ii) shall survive the acceptance of
the Investor as a Shareholder and (iii) shall, if the Investor consists of more than one person, be the joint and several obligation of each such person. The Investor hereby irrevocably agrees that any action or proceeding with respect to this
Subscription Agreement, the Fund and any or all transactions relating hereto may be brought and enforced in the courts of the State of Delaware or the United States District Court for the District of Delaware, to the extent subject matter
jurisdiction exists therefor, and the parties irrevocably submit to the jurisdiction of such courts in respect of any such action or proceeding. The parties irrevocably waive, to the fullest extent permitted by law, any objection that they may now
or hereafter have to the laying of venue of any such action or proceeding in the courts of the State of Delaware or the United States District Court for the District of Delaware and any claim that any such action or proceeding brought in any such
court has been brought in any inconvenient forum. The Fund may, in its sole discretion, (x) agree to arbitration with respect to any dispute arising between an Investor on the one hand and the Adviser, the Fund and/or their respective
affiliates on the other hand where the Investor or its affiliates has so agreed and (y) agree with any Investor that the provisions of this Section 13 shall not apply, in whole or in part as the Fund may determine, to
such Investor. 
 (b) To the extent that the Investor does not deliver the entire Subscription Agreement, but delivers its
signature page and any completed pages in respect of this Subscription Agreement, the Investor directs the Fund to append its signature page to the final form of this Subscription Agreement hereby constituting delivery of this Subscription Agreement
by the Investor. 
 14. Confidentiality. 

(a) The Investor agrees to keep confidential, and not to make any use of (other than for purposes reasonably related to its
investment in the Fund) or disclose to any person, any information or matter relating to the Fund and its affairs and any information or matter related to any investment of the Fund; provided that (i) the Investor may make such
disclosure to the extent that (x) the information to be disclosed is publicly known at the time of proposed disclosure by the Investor, (y) the information otherwise is or becomes legally known to the Investor other than through disclosure
by the Fund or by a party known by the Investor to have an obligation of confidentiality to the Fund, or (z) such disclosure is required by law or in response to any governmental agency request or in connection with an examination by any
regulatory authorities; provided that such agency, regulatory authorities or association is aware of the confidential nature 

  
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of the information disclosed; (ii) if a nominee is submitting this Subscription Agreement, the nominee may make such disclosure to its client; (iii) the Investor may make such
disclosure to the Investor’s Beneficial Owners to the extent required under the terms of its arrangements with such Beneficial Owners; and (iv) the Investor will be permitted, after written notice to the Fund, to correct any false or
misleading information which becomes public concerning the Investor’s relationship to the Fund. Prior to making any disclosure required by law, the Investor shall use its best efforts to notify the Fund of such disclosure. Prior to any
disclosure to any authorized representative or Beneficial Owner, the Investor shall advise such persons of the confidentiality obligations set forth herein and each such person shall agree to be bound by such obligations. Notwithstanding the
foregoing, the Investor may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of an investment in the Fund and all materials of any kind (including opinions or other tax analyses) that are provided
in connection with this Subscription Agreement to the Investor relating to such tax treatment or tax structure. 
 (b) The
Investor acknowledges and agrees that the Fund shall be entitled to retain any information about an Investor it receives in such manner as it shall, in its sole discretion, consider appropriate. The Investor hereby unconditionally and irrevocably
authorizes the Fund and Adviser to disclose any information held by them, including, without limitation, by providing this Subscription Agreement (whether an original or a copy) and any other information in relation to any Investor, whether or not
confidential in nature: (i) to other existing or prospective Investors and to their respective advisors or other service providers, in each case if the Advisor or the Fund (as applicable) considers such disclosure necessary or appropriate in
their sole discretion; (ii) if such disclosure is required by any applicable law (including, without limitation, FATCA) or order of any court of competent jurisdiction or pursuant to any direction, request or requirement (whether or not having
the force of law) of any central bank or any regulatory, tax or government agency or authority or (iii) to counterparties and service providers to the Fund, the Adviser or portfolio company as determined by the Fund in its sole discretion. 

15. Notices. All notices, consents, requests, demands, offers, reports, and other communications (collectively,
“Notices”) required or permitted to be given pursuant to this Subscription Agreement shall be in writing and shall be given, made or delivered by personal hand-delivery, by facsimile transmission, by electronic mail, or by air
courier guaranteeing overnight delivery, addressed as set forth below. Any notice shall be deemed to have been duly given if (i) personally delivered or delivered by facsimile, when received, or (ii) sent by United States Express Mail or
recognized overnight courier on the second following Business Day (or third following Business Day if mailed outside the United States), (iii) delivered by e-mail, when received; or (iv) posted on a
password protected website maintained by the Fund or its affiliates and for which any Investor has received confirmation of such posting and access instructions by electronic mail, when such confirmation is sent. 

If to the Fund, to: 
 Blackstone / GSO Secured
Lending Fund 
 345 Park Avenue 

New York, NY 10154 
 Phone: 212-503-2182 
 Attention: Joe Soares 

E-mail: Joe.Soares@gsocap.com 

and, if to the Investor, to the address or e-mail address set forth in the Investor Data Sheet or such other mailing
address or facsimile number of which such Investor shall advise the Fund in writing. The Fund or the Investor may change its address by giving notices to the other in the manner described herein on or before the date of any such change. 

  
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 16. Independent Nature of Investors’ Obligations and Rights; Third-Party
Beneficiaries. The obligations of the Investor hereunder are several and not joint with the obligations of any Other Investor. Nothing contained herein or in any other agreement or document delivered at any closing, and no action taken by the
Investor pursuant hereto or thereto, shall be deemed to constitute the Investors as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Investors are in any way acting in concert with respect
to such obligations or the transactions contemplated by this Subscription Agreement. This Subscription Agreement is not intended to confer upon any person, other than the parties hereto, except as provided in Sections 4 and 13, any
rights or remedies hereunder. 
 17. Distributions. Distributions to the Investor in respect of its Shares shall be made to the
account specified in the Investor Data Sheet or as otherwise specified in writing by the Investor to the Fund. 
 18. Certain
Definitions. For purposes hereof, “United States” shall have the meaning set forth in Regulation S of the Securities Act. 

[Remainder of Page Intentionally Left Blank] 

  
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 SIGNATURE PAGE 

IN WITNESS WHEREOF, the undersigned Investor has executed and unconditionally delivered this Subscription Agreement on the date set forth
below, and this Subscription Agreement shall be and become a binding agreement between the Fund and the undersigned Investor on the date that the undersigned Investor’s Capital Commitment is accepted by the Fund below. 

 

			
	INDIVIDUALS	  	ENTITIES
	  
	  	  

	Signature	  	Print Name of Entity
	  
	  	
	Print Name	  	 By:
                                         
                                         
      
         Authorized Signature

	  
	  	  

	Social Security Number	  	U.S. Taxpayer Identification Number
	  
	  	  

	Additional Investor Signature, if applicable	  	Print Name and Title
	  
	  	
	Print Name	  	

  

							
		
	Capital Commitment Requested:	  	Capital Commitment Requested:
				
	$	  	  
	  	$	  	  

				
	Date:	  	  
	  	Date:	  	  

				
		  		  		  	

  
 Page 21 of 59 

 BLACKSTONE / GSO SECURED LENDING FUND 

 

 ACCEPTANCE OF SUBSCRIPTION 

(to be filled out only by the Fund) 
 The
Fund hereby accepts the above application for subscription for Shares. 
  

			
	*Amount of Capital Commitment Accepted:	  	$
                                         
                                         
          

  

			
	BLACKSTONE / GSO SECURED LENDING FUND
		
	By:	 	  

		 	Name:
		 	Title:
		
	Date:	 	  

  

	*	 In accordance with Section 1 of this Subscription Agreement, the Fund hereby accepts
the amount of Capital Commitment indicated above, which may represent only a portion of the amount subscribed for by the Investor. The Fund may, on or prior to the end of the Initial Closing Period, elect to accept all or any portion of the
Investor’s remaining subscribed Capital Commitment, which is not hereby accepted. Notwithstanding the foregoing, the aggregate Amount of Capital Commitment so accepted by the Fund may not exceed the Capital Commitment amount subscribed for by
the Investor as indicated on the Investor’s signature.

  
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 ACKNOWLEDGMENT FOR INDIVIDUAL SUBSCRIBERS 

STATE OF
                                    ) 

                          
                              : ss.: 

COUNTY
OF                                 ) 

On this      day of
                    , 201    , before me, the undersigned, a Notary Public of said State, duly commissioned and sworn, personally
appeared                                 , known to me to be the person (or persons)
whose name is (or whose names are) subscribed to on the within instrument, and acknowledged that he (or she or they) executed the same. 
 IN WITNESS
WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written. 
  

					
		  		  	  

		  		  	Notary Public
			
	[SEAL]	  		  	Address:
			
		  		  	  

 My commission expires: 

                       
                  

  
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 PARTNERSHIP ACKNOWLEDGMENT 

STATE
OF                                 ) 

                          
                          : ss.: 

COUNTY
OF                             ) 

On the      day of         , 201    , before me personally
came                                    , to me known to be the
individual described in and who executed the foregoing instrument, and acknowledged that he (she) executed the same as a general partner of the foregoing partnership. 

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written. 

 

					
		  		  	  

		  		  	Notary Public
			
	[SEAL]	  		  	Address:
			
		  		  	  

 My commission expires: 

                       
                  

  
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 CORPORATE ACKNOWLEDGMENT 

STATE OF                     ) 

                          
              : ss.: 
 COUNTY
OF                 ) 
 On the      day
of            , 201    , before me personally came
                    , to me known, who, being by me duly sworn, did depose and say that he (she) is the
                     of                     , the
corporation described in and which executed the foregoing instrument; that he (she) executed said instrument on behalf of said corporation by authority of its board of directors or pursuant to its by-laws and
that the same is the free act and deed by said corporation. 
 IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year
in this certificate first above written. 
  

					
		  		  	  

		  		  	Notary Public
			
	[SEAL]	  		  	Address:
			
		  		  	  

 My commission expires: 

                       
                  

  
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 TRUST ACKNOWLEDGMENT 

STATE OF                     ) 

                          
              : ss.: 
 COUNTY
OF                 ) 
 On this      day
of         , 201    , before me personally appeared                     , to me known,
who duly acknowledged to me that he (she) (they) (it) is (are) the trustee(s) of                         , the trust described in
the foregoing instrument, that the foregoing instrument was signed on behalf of said trust and that the same is the free act and deed of said trust. 
 IN
WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written. 
  

					
		  		  	  

		  		  	Notary Public
			
	[SEAL]	  		  	Address:
			
		  		  	  

 My commission expires: 

                       
                  

  
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 LIMITED LIABILITY COMPANY ACKNOWLEDGMENT 

STATE OF                     ) 

                          
              : ss.: 
 COUNTY
OF                 ) 
 On the      day of
        , 201    , before me personally came                     , to me known to be the
individual described in and who executed the foregoing instrument, and acknowledged that he (she) executed the same as a managing member of the foregoing limited liability company. 

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written. 

 

					
		  		  	  

		  		  	Notary Public
			
	[SEAL]	  		  	Address:
			
		  		  	  

 My commission expires: 

                       
                  
  

  
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 GOVERNMENTAL PLAN ACKNOWLEDGMENT 

STATE OF                 ) 

                          
          : ss.: 
 COUNTY OF            
) 
 On the      day of                 ,
201    , before me personally came                 , to me known, who, being by me duly sworn, did depose and say that he (she) is (a) (an)
                            of
                                , the governmental plan described in and which executed
the foregoing instrument; that he (she) executed said instrument on behalf of said governmental plan by authority of its board of directors or pursuant to its by-laws and that the same is the free act and deed
by said governmental plan. 
 IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above
written. 
  

					
		  		  	  

		  		  	Notary Public
			
	[SEAL]	  		  	Address:
			
		  		  	  

 My commission expires: 

                       
                  
  

  
 Page 28 of 59 

 BLACKSTONE / GSO SECURED LENDING FUND 

 

 INVESTOR DATA SHEET 

1. Individual—Print Full Name of Investor: 
  

					
	First	  	Middle	  	Last
			
	Social Security Number	  	 	  	 

 OR 

Partnership, Corporation, Trust, Limited Liability Company, Custodial Account, Other: 

 
  

Name of Entity 
  

 
 U.S. Taxpayer Identification Number 

 

	
	 2. Please indicate the appropriate investor type (Investor must select only one of the options below).

 

	 ☐   Individual that is a United States person (including a trust of
any such individual)
 ☐   Individual that is a not a United States person (including
a trust of any such individual)
 ☐   Broker-dealer

☐   Insurance company

☐   Investment company registered with the SEC under the Investment Company Act

☐   An issuer that would be an investment company as defined in Section 3 of the
Investment Company Act but for Section 3(c)(1) or 3(c)(7) thereof

☐   Non-profit organization

☐   Pension plan (excluding governmental pension plans)

☐   Banking or thrift institution (proprietary)

☐   (i) Any state or political subdivision of a state, including any agency, authority, or
instrumentality of the state or political subdivision; (ii) a plan or pool of assets controlled by the state or political subdivision or any agency, authority, or instrumentality thereof; and (iii) any officer, agent, or employee of the
state or political subdivision or any agency, authority, or instrumentality thereof, acting in its official capacity (excluding governmental pension plans)

☐   State or municipal governmental pension plan

☐   Sovereign wealth fund or foreign official institution

☐   Other

  
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	3. Primary Contact Information:
		
	 Name
	 	  

	 Title
	 	  

	 Company
	 	  

	 Street Address
	 	  

	 Floor or Suite No.
	 	  

	 City, State, Zip
	 	  

	 Country
	 	  

	 Telephone
	 	  

	 Fax
	 	  

	 Email
	 	  

 4. Investor Permanent Address (if different from address for notices above): 

 

			
	 Street Address
	 	  

	 Floor or Suite No.
	 	  

	 City, State, Zip
	 	  

	 Country
	 	  

  

			
	5. Additional Contact Information for Parties Receiving Copies4:
		
	 Name
	 	  

	 Title
	 	  

	 Company
	 	  

	 Street Address
	 	  

	 Floor or Suite No.
	 	  

	 City, State, Zip
	 	  

	 Country
	 	  

	 Telephone
	 	  

	 Fax
	 	  

	 Email
	 	  

		
	 Name
	 	  

	 Title
	 	  

  
  

	4 	 If additional space is required, please provide the information in a separate attachment to this questionnaire
or copy this page to add additional contacts. 

  
 Page 30 of 59 

 BLACKSTONE / GSO SECURED LENDING FUND 

 

			
	 Company
	 	  

	 Street Address
	 	  

	 Floor or Suite No.
	 	  

	 City, State, Zip
	 	  

	 Country
	 	  

	 Telephone
	 	  

	 Fax
	 	  

	 Email
	 	  

  

			
	6. Wiring Instructions for Cash Distributions: 5
	
	
	 Name of bank (the “Wiring Bank”):
	  	  

			
	 ABA number:
	  	  

	 Account name:
	  	  

	 Account number:
	  	  

	 FFC name:
	  	  

	 FFC number:
	  	  

	 Contact name:
	  	  

	 Contact telephone:
	  	  

 

					
	6.a. Is the Wiring Bank located in an approved FATF Country*?	  	YES	  	NO
	  	☐	  	☐
	If yes, please answer question (b) below.
	  
 6.b. Are you a customer of the Wiring
Bank?
	  	YES	  	NO
	  	☐	  	☐
	
	If the Investor responded “No” to question 6.a. or 6.b. above, additional information will be required from the Investor.
	
	 7. General description on investor’s source of wealth:

 
  

  
  

 
  

	5 	 If additional space is required, please provide these instructions in a separate attachment to this
questionnaire. Alternatively, if instructions are not available at this time, they may be furnished directly to the Fund as soon as they are available. Please be advised that any disbursements will automatically be sent as indicated above unless the
Fund is notified otherwise in writing. 

  
 Page 31 of 59 

 BLACKSTONE / GSO SECURED LENDING FUND 

 

					
	8. Were the funds for this investment generated by the Investor’s occupation or the business of the entity investing in the
Fund?
			
		  	☐    Yes         ☐    No	  	
	
	If the question above was answered “no”, please provide a brief statement explaining the source of the funds being invested:
	
	                                
                                         
                                         
                                      
	
	                                
                                         
                                         
                                      
	
	9. Delivery instructions for Securities Distributions:6
		
	 Firm name:
	  	  

		
	 DTC number:
	  	  

		
	 Account name:
	  	  

		
	 Account number:
	  	  

		
	 Name of contact person at firm:
	  	  

		
	 Telephone number of contact:
	  	  

  

	6	 If additional space is required, please provide these
instructions in a separate attachment to this questionnaire. Alternatively, if instructions are not available at this time, they may be furnished directly to the Fund as soon as they are available. Please be advised that if the above information is
not provided or electronic share delivery is not reasonably practicable, distributions in-kind will be sent to the Investor at the Investor’s address provided above, unless the Fund is notified otherwise
in writing. 

	*	 As of the date hereof, countries that are approved members of the Financial Action Task Force on Money
Laundering (each, an “Approved FATF Country”) are: Argentina, Australia, Austria, Belgium, Brazil, Canada, China, Denmark, Finland, France, Germany, Greece, Hong Kong, Iceland, India, Ireland, Italy, Japan, Republic of Korea,
Luxembourg, Malaysia, Mexico, Kingdom of the Netherlands, New Zealand, Norway, Portugal, Russian Federation, Singapore, South Africa, Spain, Sweden, Switzerland, Turkey, United Kingdom and the United States. 

  
 Page 32 of 59 

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 INVESTOR QUESTIONNAIRE 

A. General Information 
  

			
	Print Full Name of Investor:	  	Individual:
		
		  	                                      
                                         
                             
		  	First
                                        
Middle                                        
Last
		
		  	Partnership, Corporation, Trust, Limited Liability Company, Custodial Account, Other:
		
		  	                                      
                                         
                             
		  	Name of Entity

 B. Accredited Investor Status 

The Investor represents and warrants that the Investor is an “accredited investor” within the meaning of Rule 501 of Regulation D under the United
States Securities Act of 1933, as amended (the “Securities Act”), and has checked the box or boxes below which are next to the category or categories under which the Investor qualifies as an accredited investor: 

FOR INDIVIDUALS: 
  

					
	☐	  	(A)	  	A natural person with individual net worth (or joint net worth with spouse) in excess of $1 million. For purposes of this item, “net worth” means the excess of total assets at fair market value, including automobiles
and other personal property but excluding the value of the primary residence of such natural person (and including property owned by a spouse other than the primary residence of the spouse), over total liabilities. (For this purpose, the amount of
any mortgage or other indebtedness secured by an investor’s primary residence should not be included as a “liability,” except to the extent the fair market value of the residence is less than the amount of such mortgage or other
indebtedness, provided that if such mortgage or other indebtedness is incurred within sixty (60) days preceding the date of the Investor’s subscription for Shares and is not in connection with the purchase of the primary residence, such
mortgage or other indebtedness should be treated as a “liability”).
			
	☐	  	(B)	  	A natural person with individual income (not including any income of the Investor’s spouse) in excess of $200,000, or joint income with spouse in excess of $300,000, in each of the two most recent years and who reasonably
expects to reach the same income level in the current year.

  
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 FOR ENTITIES: 
  

					
	☐	  	(C)	  	An entity, including a grantor trust, in which all of the equity owners are accredited investors (for this purpose, a beneficiary of a trust is not an equity owner, but the grantor of a grantor trust is an equity owner).
			
	☐	  	(D)	  	A bank as defined in Section 3(a)(2) of the Securities Act, or any savings and loan association or other institution as defined in Section 3(a)(5)(A) of the Securities Act whether acting in its individual or fiduciary
capacity.
			
	☐	  	(E)	  	An insurance company as defined in Section 2(a)(13) of the Securities Act.
			
	☐	  	(F)	  	A broker-dealer registered pursuant to Section 15 of the United States Securities Exchange Act of 1934, as amended (the “Exchange Act”).
			
	☐	  	(G)	  	An investment company registered under the United States Investment Company Act of 1940, as amended (the “Investment Company Act”).
			
	☐	  	(H)	  	A business development company as defined in Section 2(a)(48) of the Investment Company Act.
			
	☐	  	(I)	  	A small business investment company licensed by the Small Business Administration under Section 301(c) or (d) of the United States Small Business Investment Act of 1958, as amended.
			
	☐	  	(J)	  	A private business development company as defined in Section 202(a)(22) of the United States Investment Advisers Act of 1940, as amended (the “Investment Advisers Act”).
			
	☐	  	(K)	  	A corporation, Massachusetts or similar business trust, limited liability company, partnership, or an organization described in Section 501(c)(3) of the United States Internal Revenue Code of 1986, as amended (the
“Code”), not formed for the specific purpose of acquiring Shares, with total assets in excess of $5 million.
			
	☐	  	(L)	  	A trust with total assets in excess of $5 million not formed for the specific purpose of acquiring Shares, whose purchase is directed by a person with such knowledge and experience in financial, tax and business matters as to
be capable of evaluating the merits and risks of an investment in the Shares.
			
	☐	  	(M)	  	An employee benefit plan within the meaning of the United States Employee Retirement Income Security Act of 1974, as amended (“ERISA”) if the decision to invest in the Shares is made by a plan fiduciary, as defined
in Section 3(21) of ERISA, which is either a bank, savings and loan association, insurance company, or registered investment adviser, or if the employee benefit plan has total assets in excess of $5 million or, if a self-directed plan,
with investment decisions made solely by persons that are accredited investors.
			
	☐	  	(N)	  	A plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions for the benefit of its employees, if the plan has total assets in excess of
$5 million.

  
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 C. Supplemental Data for Entities 

 

	1.	 If the Investor is not a natural person, furnish the following supplemental data (natural persons may skip
this Section of the Investor Questionnaire): 

 Legal form of entity (trust, corporation, partnership, limited
liability company, benefit plan, etc.): 
  

                       
                                         
                                         
                                         
                                         
            
 Jurisdiction of organization:
                                        
                                         
                                         
                               

 

	2.	 Are shareholders, partners or other holders of equity or beneficial interests in the Investor able to decide
individually whether to participate, or the extent of their participation, in the Investor’s investment in the Fund (i.e., can shareholders, partners or other holders of equity or beneficial interests in the Investor determine whether
their capital will form part of the capital invested by the Investor in the Fund)? 

☐    Yes         ☐    No 

If the answer to the above question is “Yes,” please contact Simpson Thacher & Bartlett LLP for additional information that
will be required. 
  

	3.a.	 Please indicate whether or not the Investor is, or is acting (directly or indirectly) on behalf of, (i) an
employee benefit plan (within the meaning of Section 3(3) of ERISA), whether or not such plan is subject to Title I of ERISA, (ii) a plan, individual retirement account or other arrangement that is described in Section 4975 of the
Code, whether or not such plan, individual retirement account or arrangement is subject to Section 4975 of the Code, (iii) a plan, fund or other similar program that is established or maintained outside the United States that provides for
retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of employment, (iv) an insurance company using general account assets, if such general account assets are deemed to include the
assets of any of the foregoing types of plans, accounts or arrangements for purposes of Title I of ERISA or Section 4975 of the Code under Section 401(c)(1)(A) of ERISA or the regulations promulgated thereunder, or (v) an entity which
is deemed to hold the assets of any of the foregoing types of plans, accounts, funds, programs or arrangements, pursuant to ERISA or otherwise (each of the foregoing described in clauses (i), (ii), (iii), (iv) and (v) being referred to as a
“Plan”). 

 ☐    Yes        
☐    No 
  

	3.b.	 If the Investor is, or is acting (directly or indirectly) on behalf of, such a Plan, please indicate whether or
not the Plan is subject to Title I of ERISA or Section 4975 of the Code. 

 ☐    Yes
        ☐    No 
 If the answer to question 3.b. above is “Yes”,
please indicate what percentage of the Plan’s assets invested in the Fund are considered to be the assets of “benefit plan investors” within the meaning of Section 3(42) of ERISA and the regulations thereunder: 

                       
             % 
  

	3.c.	 If the Investor is investing the assets of an insurance company general account, please indicate what
percentage of the insurance company general account’s assets invested in the Fund are the assets of “benefit plan investors” within the meaning of Section 401(c)(1)(A) of ERISA or the regulations promulgated thereunder:

  
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         % 
  

	3.d.	 If the Investor is a Plan, please check the applicable box, below. 

 

	 	☐	 It is a Plan (i) subject to Part 4 of Title I of ERISA; (ii) does not permit plan participants to
direct the investment into the Fund (e.g., a U.S. corporate defined benefit plan or Taft-Hartley plan); and (iii) the fiduciary directing the investment in the Fund has more than $50 million in assets under its management or control and/or
is, or is advised by, a bank, insurance company, registered investment adviser or registered broker-dealer. 

  

	 	☐	 It is a Plan (i) subject to Part 4 of Title I of ERISA; (ii) is a “self-directed” plan
(e.g., a 401(k) plan); and (iii) the investment in the Fund is directed by or based on advice from a bank, insurance company, registered investment adviser or registered broker-dealer. 

 

	 	☐	 It is a Plan (i) subject to Section 4975 of the Code (and has not checked 1 or 2 above) (e.g., an
IRA); and (ii) the investment in the Fund is directed by or based on advice from a bank, insurance company, registered investment adviser or registered broker-dealer. 

 

	4.	 Please indicate whether the Investor is a person or entity (other than a “benefit plan investor”
within the meaning of Section 3(42) of ERISA and the regulations thereunder) that has discretionary authority or control with respect to any assets of the Fund or who provides investment advice for a fee (direct or indirect) with respect to any
assets of the Fund, or an affiliate of any such person. For this purpose, an “affiliate” of a person includes any person, directly or indirectly, through one or more intermediaries, controlling, controlled by, or under common control with,
such person. “Control” with respect to a person other than an individual means the power to exercise a controlling influence over the management or policies of such person. 

☐    Yes         ☐    No 

 

	5.a.	 Is the Investor a private investment company which is not registered under the Investment Company Act in
reliance on: 

 Section 3(c)(1) thereof?
                                         
              ☐    Yes         ☐    No 

Section 3(c)(7) thereof?
                                         
              ☐    Yes         ☐    No 

 

	5.b.	 Is the Investor an “investment company” registered or required to be registered under the Investment
Company Act? 

 ☐    Yes
        ☐    No 
  

	5.c.	 If the answer to question 5.a. or 5.b. is “Yes,” is the Investor structured in a manner to comply
with Section 12(d)(1)(6) of the Investment Company Act? 

 ☐    Yes
        ☐    No 
  

	6.	 Does the amount of the Investor’s subscription for Shares in the Fund exceed 40% of the total assets (on a
consolidated basis with its subsidiaries) of the Investor? 

 ☐    Yes
        ☐    No 

  
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 If the answer to the above question is “Yes,” please contact Simpson
Thacher & Bartlett LLP for additional information that will be required. 
  

	7.a.	 Is the Investor exempt from U.S. federal income taxation (which would include, for these purposes, being exempt
under Section 501 of the Code)? 

 ☐    Yes
        ☐    No 
  

	7.b.	 If question 7.a. was answered “Yes,” please indicate the basis on which the Investor is exempt from
U.S. federal income taxation in the space below: 

  

                       
                                         
                                         
                                         
                                         
              
  

                       
                                         
                                         
                                         
                                         
              
  

	8.	 Is the Investor a “BHC Investor”7?

 ☐    Yes         ☐    No

  

	9.	 If the Investor’s tax year ends on a date other than December 31, please indicate such date below:

  
  

 

	10.	 Is the Investor subject to Section 552(a) of Title 5 of the United States Code (commonly known as the
“Freedom of Information Act”) or any public disclosure law, rule or regulation of any governmental or non-governmental entity that could require similar or broader public disclosure of
confidential information provided to such Investor (collectively such laws, rules or regulations, “FOIA”)? 

☐    Yes         ☐    No 

If the question above was answered “Yes,” please indicate the relevant laws to which the Investor is subject and provide any
additional explanatory information in the space below: 
  

                       
                                         
                                         
                                         
                                         
              
  

                       
                                         
                                         
                                         
                                         
              
  

	11.a.	 Is the Investor a governmental entity or any political subdivision thereof, whether state or local, or any
agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government? 

☐    Yes         ☐    No 

 

	11.b.	 If question 11.a. was answered “Yes,” is the Investor entitled to any sovereign or other immunity in
respect of itself, its property, or any litigation in any jurisdiction, court, or venue? 

☐    Yes         ☐    No 

 
  

	7 	 A “BHC Investor” is defined as an Investor that is a bank holding company, as defined in
Section 2(a) of the Bank Holding Company Act of 1956, as amended (the “BHC Act”), a non-bank subsidiary (for purposes of the BHC Act) of a bank holding company, a foreign banking organization,
as defined in Regulation K of the Board of Governors of the Federal Reserve System (12 C.F.R. § 211.23) or any successor regulation, or a non-bank subsidiary (for purposes of the BHC Act) of a foreign
banking organization which subsidiary is engaged, directly or indirectly in business in the United States and which in any case holds Shares for its own account. 

  
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 If question 11.b. was answered “Yes,” please contact Simpson Thacher &
Bartlett LLP for additional information that will be required. 
  

	12.	 What percentage of the Investor is owned by non-United States persons
or entities? 

                 %

  

	13.	 Is the Investor (a) a trust any portion of which is treated (under subpart E of part I of subchapter J of
chapter 1 of subtitle A of the Code) as owned by a natural person (e.g., a grantor trust), (b) an entity disregarded for U.S. federal income tax purposes and owned (or treated as owned) by a natural person or a trust described in clause
(a) of this sentence (e.g., a limited liability company with a single member), (c) an organization described in Section 401(a), Section 501(c)(17) or Section 509(a) of the Code, or (d) a trust permanently set aside or
to be used for a charitable purpose? 

 ☐    Yes
        ☐    No 
 If the question above was answered “Yes,”
please indicate below which of clauses (a)-(d) is applicable: 
  

					
	☐	  	(a)	  	A trust any portion of which is treated (under subpart E of part I of subchapter J of chapter 1 of subtitle A of the Code) as owned by a natural person (e.g., a grantor trust).
			
	☐	  	(b)	  	An entity disregarded for U.S. federal income tax purposes and owned (or treated as owned) by a natural person or a trust described in clause (a) of this sentence (e.g., a limited liability company with a single
member).
			
	☐	  	(c)	  	An organization described in Section 401(a), Section 501(c)(17) or Section 509(a) of the Code.
			
	☐	  	(d)	  	A trust permanently set aside or to be used for a charitable purpose.

  

	14.	 Does any individual ultimately beneficially own 10% or more of the ownership or voting interests in the
Investor? 

 ☐    Yes
        ☐    No 
 If the question above was answered “Yes,”
please identify such individual(s) in the space below: 
  

			
	Name	 	  

		
	Address	 	  

		
	City, State, Zip or Province                	 	  

		
	Country	 	  

		
	Citizenship	 	  

  
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 D. Related Parties 
  

	1.	 To the best of the Investor’s knowledge, does the Investor control, or is the Investor controlled by or
under common control with, any other investor in the Fund? 

 ☐    Yes
        ☐    No 
 If question 1 was answered “Yes,” please
identify such related investor(s) below. 
 Name(s) of related investor(s):
                                         
                                         
               
  

	2.	 Will any other person or entity have a beneficial interest in the Shares to be acquired hereunder (other than
as a shareholder, partner, policy owner or other Beneficial Owner of equity interests in the Investor)? (By way of example, and not limitation, “conduit” Investors would be required to check “Yes” below.) 

☐    Yes         ☐    No 

If either question above was answered “Yes,” please contact Simpson Thacher & Bartlett LLP for additional information that
will be required. 
 E. Supplemental Data for Individuals 
  

	1.	 Is the Investor investing the assets of any retirement plan account, employee benefit plan or other similar
arrangement? 

 ☐    Yes
        ☐    No 
 If the answer to the above question is “Yes,”
please contact Simpson Thacher & Bartlett LLP for additional information that will be required. 
 F. Eligibility for New Issues 

The Fund from time to time may consider direct or indirect investments in “new issues,” as defined in the rules of the Financial Industry Regulatory
Authority (“FINRA”), as such rules may be amended or replaced from time to time. In order for the Fund to determine whether it is eligible to participate in profits and losses from such new issues, the Investor8 represents and warrants with respect to itself, or, if the undersigned is a corporation, partnership, trust or other entity or account, with
respect to any person having a beneficial interest9 in the Fund through such corporation, partnership trust or other entity or account (an
“Owner”), as follows: 
  
  

	8 	 If the Investor is a corporation, partnership, trust or any other entity or a nominee for another person, the
person completing this questionnaire must be the Investor’s beneficial owner(s), a person authorized to represent such beneficial owner (s), or a bank, foreign bank, broker-dealer, investment adviser or other conduit acting on behalf of the
beneficial owners of the Investor. 

	9 	 “Beneficial interest” means any economic interest, such as the right to share in gains or
losses. The receipt of a management or performance-based fee for operating a collective investment account, or other fees for acting in a fiduciary capacity, is not considered a beneficial interest in the account; however, if such fee is
subsequently invested into the account (as a deferred fee arrangement or otherwise), it is considered a beneficial interest in the account. 

  
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	 1. DETERMINATION OF RESTRICTED PERSON STATUS:

			
		 		 	The Investor or an Owner is:
				
		 		 		 	Broker-Dealers and their Personnel
				
	 ☐

True
	 	 ☐

False
	 	(1)	 	a FINRA member or other broker-dealer;
				
	 ☐

True
	 	 ☐

False
	 	(2)	 	an officer, director, general partner, associated person, or employee of a FINRA member or other broker-dealer (other than a limited business broker-dealer10);
				
	 ☐

True
	 	 ☐

False
	 	(3)	 	an agent of a FINRA member or other broker-dealer (other than a limited business broker-dealer) that is engaged in the investment banking or securities business;
				
	 ☐

True
	 	 ☐

False
	 	(4)	 	an immediate family member11 of a person described in (2) and (3) above if the person described in items (2) or (3)
(i) materially supports, or receives material support from, the immediate family member, (ii) is employed by or associated with a FINRA member or an affiliate of a FINRA member that sells or has sold new issues to the immediate family member,
or (iii) has an ability to control the allocation of new issues;
				
		 		 		 	Finders and Fiduciaries
				
	 ☐

True
	 	 ☐

False
	 	(5)	 	a finder or fiduciary to a managing underwriter, including, but not limited to, attorneys, accountants and financial consultants;
				
	 ☐

True
	 	 ☐

False
	 	(6)	 	an immediate family member of a person described in (5) above who materially supports,12 or receives material support
from, the immediate family member;
				
		 		 		 	Portfolio Managers
				
	 ☐

True
	 	 ☐

False
	 	(7)	 	a person who has authority to buy or sell securities for a bank, savings and loan institution, insurance company, investment company, investment advisor, or collective investment
account;13
				
	 ☐

True
	 	 ☐

False
	 	(8)	 	an immediate family member of a person described in (7) above who materially supports, or receives material support from, the immediate family member;
				
		 		 		 	Persons Owning a Broker-Dealer14

  
  

	10 	 “Limited business broker-dealer” is any broker-dealer whose authorization to engage in the
securities business is limited solely to the purchase and sale of investment company/variable contracts securities and direct participation program securities. 

	11 	 “Immediate family member” of a person means such person’s parents, mother-in-law, father-in-law, husband, wife, brother, sister, brother-in-law, sister-in-law, son-in-law, daughter-in-law, children and any other individual to whom such person provides material support as defined in footnote 12 below. 

	12 	 “Material support” means directly or indirectly providing more than 25% of a person’s
income in the prior calendar year. Immediate family members living in the same household are deemed to be providing each other with material support. 

	13 	 “Collective investment account” is any hedge fund, investment partnership, investment
corporation, or any other collective investment vehicle that is engaged primarily in the purchase and/or sale of securities. The term does not include a family investment vehicle that is beneficially owned solely by immediate family members or an
investment club where a group of friends, neighbors, business associates, or others pool their money to invest in stock or other securities and are collectively responsible for making investment decisions. 

	14 	 FINRA has stated that an owner of a broker-dealer will be viewed as having a “beneficial interest” in
an account held by a subsidiary (i.e., a sister company of the broker-dealer). Accordingly, an affiliate of a broker-dealer will be a Restricted Person. 

  
 Page 40 of 59 

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	 ☐

True
	 	 ☐

False
	 	(9)	 	a person listed, or required to be listed, in Schedule A, B or C of a Form BD (other than with respect to a limited business broker-dealer), except persons whose listing on Schedule A, B or C is related to a person identified by an
ownership code of less than 10%; 
				
	 ☐

True
	 	 ☐

False
	 	(10)	 	a person that directly or indirectly owns (i) 10% or more of a public reporting company listed, or required to be listed, in Schedule A of a Form BD or (ii) 25% or more of a public reporting company listed, or required to be listed,
in Schedule B of a Form BD, in each case other than a reporting company that is listed on a national securities exchange or is traded on the NASDAQ National Market, and other than with respect to a limited business broker-dealer;
				
	 ☐

True
	 	 ☐

False
	 	(11)	 	an immediate family member of a person described in items (9) and (10) if the person described in items (9) and (10) (i) materially supports, or receives material support from, the immediate family member; (ii) is
employed by or associated with a FINRA member or an affiliate of a FINRA member that sells or has sold new issues to the immediate family member, or (iii) has an ability to control the allocation of new issues;
				
		 		 		 	Executive Officers and Directors of Public Companies and Covered Non-Public Companies
				
	 ☐

True
	 	 ☐

False
	 	(12)	 	an executive officer or director of a Public Company15 or a Covered Non-Public
Company;16

 If the question above was answered “True,” please provide the name of the applicable
company/companies in the space below: 
  

                       
                                         
                                         
                
  

                       
                                         
                                         
                
  

                       
                                         
                                         
                
  

 

	15 	 “Public Company” means any company that is registered under Section 12 of the United
States Securities Exchange Act of 1934, as amended, or that files periodic reports pursuant to Section 15(d) thereof. 

	16 	 “Covered Non-Public Company” means any non-public company satisfying the following criteria: (i) income of at least $1 million in the last fiscal year or in two of the last three fiscal years and shareholders’ equity of at least
$15 million; (ii) shareholders’ equity of at least $30 million and a two-year operating history; or (iii) total assets and total revenue of at least $75 million in the latest
fiscal year or in two of the last three fiscal years. 

  
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	 ☐

True
	 	 ☐

False
	 	(13)	  	a person materially supported17 by a person described in (12) above;
				
		 		 		  	 If the question above was answered “True,” please provide the name of the applicable company/companies in the
space below:

				
		 		 		  	
                      
                                         
                                         
            

				
		 		 		  	
                      
                                         
                                         
            

				
		 		 		  	
                      
                                         
                                         
            

				
		 		 		  	Entity Investors with Restricted Beneficial Owners
				
	 ☐

True
	 	 ☐

False
	 	(14)	  	any entity (including a corporation, partnership, limited liability company, trust or other entity) or account in which any person or persons described in (1) through (13) above has a beneficial interest;18
				
	 ☐

True
	 	 ☐

False
	 	(15)	  	NONE OF THE ABOVE CATEGORIES APPLY AND THE INVESTOR IS ELIGIBLE TO PARTICIPATE IN NEW ISSUES.
	
	2. DETERMINATION OF EXEMPT STATUS:
				
		 		 		  	The Investor is:
				
	 ☐

True
	 	 ☐

False
	 	(1)	  	an investment company registered under the 1940 Act;
				
	 ☐

True
	 	 ☐

False
	 	(2)	  	a common trust fund or similar fund as described in Section 3(a)(12)(A)(iii) of the United States Securities Exchange Act of 1934, as amended, and the trust (i) has investments from 1,000 or more accounts, and
(ii) does not limit beneficial interests in the fund principally to trust accounts of restricted persons described in Section F(1)(1)-(14) above (“Restricted Persons”);
				
	 ☐

True
	 	 ☐

False
	 	(3)	  	an insurance company general, separate or investment account and (i) the account is funded by premiums from 1,000 or more policyholders or, if a general account, the insurance company has 1,000 or more policyholders, and
(ii) the insurance company does not limit the policyholders whose premiums are used to fund the account principally to Restricted Persons, or, if a general account, the insurance company does not limit its policyholders principally to
Restricted Persons;
				
	 ☐

True
	 	 ☐

False
	 	 (4)
	  	a corporation, partnership, limited liability company, trust or another entity and the beneficial interests of Restricted Persons do not exceed in the aggregate 10% of such
entity;19

  
  

	17 	 As defined in footnote 12 above. 

	18 	 As defined in footnote 9 above. 

	19 	 If the Investor limits the participation by Restricted Persons to no more than 10% of the profits and losses
relating to new issues, it may check the box above the word “True.” 

  
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	 ☐

True
	 	 ☐

False
	 	 (5)
	  	a corporation, partnership, limited liability company, trust or another entity and the aggregate beneficial interests of persons described in Section F(1)(12) and F(1)(13) (“Covered Company Investors”) do not
exceed in the aggregate 25% of such entity;20
				
	 ☐

True
	 	 ☐

False
	 	(6)	  	a publicly traded entity (other than a broker/dealer or an affiliate of a broker/dealer where such broker/dealer is authorized to engage in the public offering of new issues either as a selling group member or underwriter) that
(i) is listed on a national securities exchange or traded on the NASDAQ National Market, or (ii) is a foreign issuer whose securities meet the quantitative designation criteria for a listing on a national securities exchange or trading on
the NASDAQ National Market;
				
	 ☐

True
	 	 ☐

False
	 	(7)	  	an investment company organized under the laws of a foreign jurisdiction that (i) does not limit its ownership to high net worth investors, (ii) the investment company is listed on a foreign exchange or authorized for sale
to the public by a foreign regulatory authority and (iii) no person owning more than 5% of the shares of the investment company is a Restricted Person;
				
	 ☐

True
	 	 ☐

False
	 	(8)	  	an employee benefits plan under ERISA that is qualified under Section 401(a) of the Code, and such plan is not sponsored solely by a broker-dealer;
				
	 ☐

True
	 	 ☐

False
	 	(9)	  	a state or municipal government benefits plan that is subject to state and/or municipal regulation;
				
	 ☐

True
	 	 ☐

False
	 	(10)	  	a tax-exempt charitable organization under Section 501(c)(3) of the Code; or
				
	 ☐

True
	 	 ☐

False
	 	(11)	  	a church plan under Section 414(e) of the Code.

 3. ENTITY INVESTORS 

If the Investor is an entity (including a corporation, partnership, limited liability company, trust or other entity), including, without
limitation, a “fund of funds,” a feeder fund or a similar investment vehicle, please complete the following: 
 Restricted Persons
(as described in Section F(1)(1)-(14) above) own, in the aggregate,                     % of the beneficial interest of the Investor. 

Covered Company Investors (as described in Section F(1)(12) and F(1)(13) above) own, in the aggregate,
                    % of the beneficial interest of the Investor. Please provide the name of the applicable company/companies in the space below:

  

                       
                                         
                                         
            
  

                       
                                         
                                         
            
  

                       
                                         
                                         
            
  

 

	20 	 If the Investor limits the participation by Covered Company Investors to no more than 25% of the profits and
losses relating to new issues, it may check the box above the word “True.” 

  
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 BLACKSTONE / GSO SECURED LENDING FUND 

 

 G. Bad Actor Disqualification 

1. DISQUALIFYING EVENTS 
 Please check all appropriate
boxes below that are next to the category or categories of “Disqualifying Events.” If none of boxes (i) through (viii) below is applicable, please check box (ix). 

You and/or any person who through your interest in the Fund (including anyone who has investment discretion on your behalf), beneficially owns 20% or more of
the Shares in the Fund: 
 ☐ (i) Have been convicted, within the past 10 years, of any felony or misdemeanor within the United States:

 (A) in connection with the purchase or sale of any security; 

(B) involving the making of any false filing with the U.S. Securities and Exchange Commission (“SEC”); or 

(C) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid
solicitor of purchasers of securities. 
 ☐ (ii) Are subject to any order, judgment or decree of any court of competent jurisdiction,
entered within the past 5 years, that restrains or enjoins you from engaging or continuing to engage in any conduct or practice: 

(A) in connection with the purchase or sale of any security; 

(B) involving the making of any false filing with the SEC; or 

(C) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid
solicitor of purchasers of securities. 
 ☐ (iii) Are subject to a final order21
of a state securities commission (or an agency or officer of a state performing like functions); a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission (or an agency or officer of a
state performing like functions); an appropriate federal banking agency; the U.S. Commodity Futures Trading Commission; or the National Credit Union Administration that: 

(A) Bars you from: 

(1) Association with an entity regulated by such commission, authority, agency or officer; 

(2) Engaging in the business of securities, insurance or banking; or 

(3) Engaging in savings association or credit union activities; or 

 
  

	21 	 Final order means a written directive or declaratory statement issued by a federal or state agency under
applicable statutory authority that provides for notice and an opportunity for hearing, which constitutes a final disposition or action by that federal or state agency. 

  
 Page 44 of 59 

 BLACKSTONE / GSO SECURED LENDING FUND 

 

 (B) Constitutes a final order based on a violation of any law or regulation that prohibits
fraudulent, manipulative, or deceptive conduct entered within the past 10 years. 
 ☐ (iv) Are subject to an order of the SEC entered
pursuant to Section 15(b) or 15B(c) of the United States Securities Exchange Act of 1934 or Section 203(e) or (f) of the Investment Advisers Act that: 

(A) Suspends or revokes your registration as a broker, dealer, municipal securities dealer or investment adviser; 

(B) Places limitations on your activities, functions or operations; 

(C) Bars you from being associated with any entity or from participating in the offering of any penny stock. 

☐ (v) Are subject to any order of the SEC entered within the past 5 years that orders you to cease and desist from committing or causing
a violation or future violation of: 
 (A) Any scienter-based anti-fraud provision of the federal securities laws, including without
limitation Section 17(a)(1) of the United States Securities Act of 1933, Section 10(b) of the United States Securities Exchange Act of 1934 and 17 CFR 240.10b-5, Section 15(c)(1) of the United
States Securities Exchange Act of 1934 and Section 206(1) of the Investment Advisers Act, or any other rule or regulation thereunder; or 

(B) Section 5 of the United States Securities Act of 1933. 

☐ (vi) Are suspended or expelled from membership in, or suspended or barred from association with a member of, a registered national
securities exchange or a registered national or affiliated securities association for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade. 

☐ (vii) Have filed (as a registrant or issuer), or were or were named as an underwriter in, any registration statement or Regulation A
offering statement filed with the SEC that, within the past 5 years, was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or is the subject of an investigation or proceeding to determine whether a stop
order or suspension order should be issued. 
 ☐ (viii) Are subject to a United States Postal Service false representation order
entered within the past 5 years, or are subject to temporary restraining order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute a scheme or device for obtaining money or property through the
mail by means of false representation. 
 ☐ (ix) NONE OF THE ABOVE. 

If you checked box or boxes (i) through (viii) above, please provide a description of each disqualifying event in the space provided
below, including the date such conviction, order, judgment, decree, suspension, expulsion or bar occurred: 
  

                       
                                         
                                         
                                         
                                       

 

                       
                                         
                                         
                                         
                                       

 

                       
                                         
                                         
                                         
                                       

 

                       
                                         
                                         
                                         
                                       

 

  
 Page 45 of 59 

 BLACKSTONE / GSO SECURED LENDING FUND 

 

 Waivers 

Please check a box below indicating whether Disqualifying Event(s) described above is/are subject to one of the following waivers: 

(i) the SEC has issued an exemption from paragraph (d)(1) of Rule 506 with respect to a Disqualifying Event; and/or 

(ii) a court or regulatory authority that entered the relevant order, judgment or decree has advised in writing that a Disqualifying Event
should not arise as a consequence of such order, judgment or decree. 
  

			
	☐ Yes, a waiver applies	  	☐ No, a waiver does not apply

 If you checked the “Yes” box, please provide a copy of the document evidencing the waiver. 

If you checked box or boxes (i) through (viii) above and the disqualifying event occurred before September 23, 2013, does the
description you provided above sufficiently disclose any disqualifying event that would have triggered disqualification under Rule 506(d)(1) under the United States Securities Act of 1933, but occurred before September 23, 2013. 

 

			
	☐ Yes	  	☐ No

 2. DISCRETIONARY MANAGEMENT 

Please check a box below indicating whether any third party has discretion to make such investment in the Fund on your behalf: 

☐
Yes                                    ☐ No 

If the answer to the above question is “Yes”, please list the name of the discretionary manager below. 

 

                       
                                         
                                         
                                         
                                       

 

                       
                                         
                                         
                                         
                                       

 

                       
                                         
                                         
                                         
                                       

 

                       
                                         
                                         
                                         
                                       

H. Third Party Referrals 
  

	1.	 Has the Investor been referred to the Partnership by an external third-party (not an employee of GSO)?

 ☐
Yes                                    ☐ No 

If yes, please provide the name of the third-party. 
  

                       
                                         
                                         

  
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 BLACKSTONE / GSO SECURED LENDING FUND 

 

	2.	 If Question 1 was answered “Yes,” in connection with the third-party referral, did the Investor
receive a disclosure statement acknowledging any fees that such third-party may receive in connection with such referral and certain other matters related thereto? 

☐
Yes                                    ☐ No 

If you have answered “No”, please contact Simpson Thacher & Bartlett LLP for further information that may be required. 

[Remainder of Page Intentionally Left Blank] 

  
 Page 47 of 59 

 BLACKSTONE / GSO SECURED LENDING FUND 

 

 INVESTOR QUESTIONNAIRE SIGNATURE PAGE 

The Investor understands that the foregoing information will be relied upon by the Fund for the purpose of determining the eligibility of the
Investor to purchase and own Shares in the Fund. The Investor agrees to notify the Fund immediately if any representation, warranty or information contained in this Subscription Agreement, including the Investor Data Sheet and Investor
Questionnaire, becomes untrue at any time. The Investor agrees to provide such information and execute and deliver such documents regarding itself and all of its beneficial owners as the Fund may reasonably request from time to time to substantiate
the Investor’s status as an accredited investor and a qualified purchaser or to otherwise determine the eligibility of the Investor to purchase Shares in the Fund, to verify the accuracy of the Investor’s representations and warranties
herein or to comply with any law, rule or regulation to which the Fund and/or Adviser may be subject, including compliance with anti-money laundering laws and regulations, or for any other reasonable purpose. To the fullest extent permitted by law,
the Investor agrees to indemnify and hold harmless the Fund, the Adviser, the Administrator and each of their respective affiliates and the directors, officers, partners, members, employees, agents, stockholders, and any person who serves at the
specific request of the Fund or the Adviser on behalf of the Fund as a partner, member, officer, director, employee or agent of any other entity, from and against any loss, damage, claim, liability or expense whatsoever (including all expenses
reasonably incurred in investigating, preparing or defending against any claim whatsoever) due to or arising out of or in connection with: (i) a breach of any representation, warranty or agreement of the Investor contained in this
Subscription Agreement (including the Investor Data Sheet and Investor Questionnaire attached hereto) or in any other document provided by the Investor to the Fund or in any agreement executed by the Investor with the Fund or the Adviser in
connection with the Investor’s investment in the Shares; (ii) any action for securities law violations instituted by the Investor which is finally resolved by judgment against the Investor; or (iii) any damages resulting from the
Investor’s misrepresentation or misstatement contained herein, of the assertion of lack of proper authorization from the Beneficial Owner to enter into this Subscription Agreement or perform the obligations hereof. 

Signatures: 
  

					
	INDIVIDUAL	 		  	PARTNERSHIP, CORPORATION, LIMITED LIABILITY COMPANY, TRUST, CUSTODIAL ACCOUNT, OTHER INVESTOR
			
	  
 Signature
	 		  	  
 Print Name of Entity

			
	  
	 		  	By:                                     
                                         
                                 
	Print Name	 		  	       Signature
			
	  
 Social Security Number
	 		  	  
 Print Name and Title

			
		 		  	  
 U.S. Taxpayer Identification
Number

  
 Page 48 of 59 

 BLACKSTONE / GSO SECURED LENDING FUND 

 

 Schedule 1 

BLACKSTONE / GSO SECURED LENDING FUND PRIVACY POLICY 

This privacy policy sets forth the Adviser’s policies with respect to nonpublic personal information of individual investors, shareholders, prospective
investors and former investors of investment funds managed by the Adviser. These policies apply to individuals only and are subject to change. 
  

			
	FACTS	  	WHAT DOES BLACKSTONE / GSO SECURED LENDING FUND DO WITH YOUR PERSONAL INFORMATION?
		
	Why?	  	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal
information. Please read this notice carefully to understand what we do.
		
	What?	  	 The types of personal information we collect and share depend on the product or service you have with us. This information can include:

 
 •  Social Security number and
income
  
 •  Assets and
investment experience
  

•  Risk tolerance and transaction history

		
	How?	  	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the
reasons Blackstone / GSO Secured Lending Fund chooses to share; and whether you can limit this sharing.

  

					
	 Reasons we can share your personal

information
	  	 Do Blackstone Registered
Funds share?
	  	
Can you limit this sharing?

	 For our everyday business purposes—

such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus
	  	Yes	  	No
			
	For our marketing purposes—
to offer our products and services to you	  	Yes	  	No
			
	For joint marketing with other financial companies	  	No	  	We don’t share
			
	 For our affiliates’ everyday business purposes—

information about your transactions and experiences
	  	No	  	We don’t share
			
	For our affiliates’ everyday business purposes—
information about your creditworthiness	  	No	  	We don’t share
			
	For our affiliates to market to you	  	No	  	We don’t share
			
	For nonaffiliates to market to you	  	No	  	We don’t share

  
 Page 49 of 59 

 BLACKSTONE / GSO SECURED LENDING FUND 

 

			
	Questions?	  	Email us at GLB.privacy@blackstone.com
		
	Who we are	  	
		
	Who is providing this notice?	  	Blackstone / GSO Secured Lending Fund
		
	What we do	  	
		
	How does Blackstone / GSO Secured Lending Fund protect my personal information?	  	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
		
	How does Blackstone / GSO Secured Lending Fund collect my personal information?	  	 We collect your personal information, for example, when you:
  

•  open an account or give us your income information

 
 •  provide employment
information or give us your contact information
  

•  tell us about your investment or retirement portfolio

 
 We also collect your personal information from others, such as credit bureaus,
affiliates, or other companies.

		
	Why can’t I limit all sharing?	  	 Federal law gives you the right to limit only:
  

•  sharing for affiliates’ everyday business purposes—information about your
creditworthiness
  

•  affiliates from using your information to market to you

 
 •  sharing for nonaffiliates to
market to you
  
 State laws and individual companies may give you additional rights to
limit sharing. See below for more on your rights under state law.

		
	What happens when I limit sharing for an account I hold jointly with someone else?	  	Your choices will apply to everyone on your account—unless you tell us otherwise.

  
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 BLACKSTONE / GSO SECURED LENDING FUND 

 

			
	Definitions	  	
		
	Affiliates	  	 Companies related by common ownership or control. They can be financial and nonfinancial companies.

 
 •  Our affiliates include
companies with a Blackstone name and financial companies such as GSO Capital Partners LP and Strategic Partners Fund Solutions.

		
	Nonaffiliates	  	 Companies not related by common ownership or control. They can be financial and nonfinancial companies.

 
 •  Blackstone / GSO Secured
Lending Fund does not share with nonaffiliates so they can market to you.

		
	Joint marketing	  	 A formal agreement between nonaffiliated financial companies that together market financial products or services to you.

 
 •  Our joint marketing partners
include financial services companies.

	Other important information

 California Residents—In accordance with California law, we will not share information we collect about California
residents with nonaffiliates except as permitted by law, such as with the consent of the customer or to service the customer’s accounts. We will also limit the sharing of information about you with our affiliates to the extent required by
applicable California law. 
 Vermont Residents—In accordance with Vermont law, we will not share information we collect about Vermont residents
with nonaffiliates except as permitted by law, such as with the consent of the customer or to service the customer’s accounts. We will not share creditworthiness information about Vermont residents among Blackstone / GSO Secured Lending
Fund’s affiliates except with the authorization or consent of the Vermont resident. 

  
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 BLACKSTONE / GSO SECURED LENDING FUND 

 

 Annex 1 

“KNOW YOUR CUSTOMER” DOCUMENTATION 

In compliance with U.S. law, GSO Capital Partners LP is required to conduct certain “Know Your Customer” reviews prior to accepting an investor
commitment. In order to expedite our review, please provide the documentation requested below either in advance of or together with your subscription document. If you have previously invested in a
GSO-sponsored fund using the same “investor,” we may be able to utilize documents you have previously provided. However, if a particular document, such as a license or passport copy, has expired, you
may be asked to provide a valid copy of the new document. 
 Kindly note that we will make our best effort to limit
follow-up requests, but GSO may need to contact you for additional documentation. If you do not have a particular document or are concerned it may not be applicable, please submit the subscription document
with the information that you have and we would be happy to review it and revert to you. 
  

			
	 Investor Type (based upon the
actual
 investor listed in the subscription

document)
	  	 Document Request

	Individual	  	 Proof of identity:
 ☐ Copy of
government-issued photo identification;
 ☐ Proof of address (only if not listed on photo identification);

☐ Copy of signatory’s government-issued identification, if signing subscription document under a power of attorney; and

☐ IRS Form W9/W8.

		
	Privately Held Corporation or Non-U.S. Publicly Held Corporation	  	 Proof of identity:
 ☐ Copy of
Certificate of Incorporation;
 ☐ Document identifying authorized signatories;

☐ IRS Form W9/W8; and
 ☐ Copy of government issued
photo identification for any person ultimately beneficially owning 10% or more equity.

		
	Publicly Held U.S. Corporation	  	 Proof of identity:
 ☐ Form 10-K;
 ☐ Copy of Certificate of Incorporation; and

☐ IRS Form W9.

		
	Partnership	  	 Proof of identity:
 ☐ Copy of
certificate of limited partnership or equivalent;
 ☐ Document identifying authorized signatories;

☐ IRS Form W9/W8; and
 ☐ Copy of government issued
photo identification for any person ultimately beneficially owning 10% or more equity.

		
	Limited Liability Company	  	 Proof of identity:
 ☐ Copy of
certificate of formation or equivalent;
 ☐ Document identifying authorized signatories;

☐ IRS Form W9/W8; and
 ☐ Copy of government issued
photo identification for any person ultimately beneficially owning 10% or more equity.

  
 Page 52 of 59 

 BLACKSTONE / GSO SECURED LENDING FUND 

 

			
	 Investor Type (based upon the
actual
 investor listed in the subscription

document)
	  	 Document Request

	Sovereign Wealth Fund or Non-U.S. State-Owned Fund/Company	  	 Proof of identity:
 ☐ Document
identifying authorized signatories; and
 ☐ IRS Form W9/W8.

		
	Trust	  	 Proof of identity:
 ☐ Copy of trust
agreement, certificate of trust, or equivalent;
 ☐ Document identifying authorized signatories;

☐ IRS Form W9/W8; and
 ☐ Proof of identity (as
applicable) of the (i) settlor and/or grantor, (ii) trustee(s), and other controlling persons, (iii) trust beneficiaries (who receive 10% or more of the economic benefit of the trust), and (iv) any person ultimately beneficially
owning 10% or more of such beneficiaries’ equity, partnership, membership or other similar ownership interest.

		
	Pension Plan	  	 Proof of identity:
 ☐ Copy of trust
agreement, certificate of trust, or equivalent;
 ☐ Certificate of an appropriate officer certifying that the subscription has been authorized and
identifying authorized signatories; and
 ☐ IRS Form W9/W8.

		
	Foundation	  	 Proof of identity:
 ☐ Copy of
Certificate of Incorporation;
 ☐ IRS Non-Profit Determination, 501(c)(3) Letter, or Form 990 (or
equivalent);
 ☐ Document identifying authorized signatories; and

☐ IRS Form W9/W8.

  
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 Page 59 of 59EX-10.1

 Exhibit 10.1 

INVESTMENT ADVISORY AGREEMENT 

This Investment Advisory Agreement, dated and effective as of October 1, 2018, is made by and between Blackstone / GSO Secured Lending
Fund, a Delaware statutory trust (herein referred to as the “Fund”) and GSO Asset Management LLC, a Delaware limited liability company (herein referred to as the “Adviser”) (this “Agreement”). 

1. Appointment of Adviser. The Adviser hereby undertakes and agrees, upon the terms and conditions herein set forth, to provide overall
investment advisory services for the Fund and in connection therewith to, in accordance with the Fund’s investment objective, policies and restrictions as in effect from time to time: 

(i) determining the composition of the Fund’s portfolio, the nature and timing of the changes to the Fund’s portfolio and the manner
of implementing such changes in accordance with the Fund’s investment objective, policies and restrictions; 
 (ii) identifying
investment opportunities and making investment decisions for the Fund, including negotiating the terms of investments in, and dispositions of, portfolio securities and other instruments on the Fund’s behalf; 

(iii) monitoring the Fund’s investments; 

(iv) performing due diligence on prospective portfolio companies; 

(v) exercising voting rights in respect of portfolio securities and other investments for the Fund; 

(vi) serving on, and exercising observer rights for, boards of directors and similar committees of the Fund’s portfolio companies; 

(vii) negotiating, obtaining and managing financing facilities and other forms of leverage; and 

(viii) providing the Fund with such other investment advisory and related services as the Fund may, from time to time, reasonably require for
the investment of capital, which may include, without limitation: 
  

	 	a.	 making, in consultation with the Fund’s board of trustees (the “Board of Trustees”), investment
strategy decisions for the Fund; 

  

	 	b.	 reasonably assisting the Board of Trustees and the Fund’s other service providers with the valuation of
the Fund’s assets; 

  

	 	c.	 directing investment professionals of the Adviser or non-investment
professionals of the Administrator (as defined below) to provide managerial assistance to portfolio companies of the Fund as requested by the Fund, from time to time; and 

 

	 	d.	 exercising voting rights in respect of the Fund’s portfolio securities and other investments.

 Subject to the supervision of the Board of Trustees, the Adviser shall have the power and
authority on behalf of the Fund to effectuate its investment decisions for the Fund, including the execution and delivery of all documents relating to the Fund’s investments, the placing of orders for other purchase or sale transactions on
behalf of the Fund and causing the Fund to pay investment-related expenses. In the event that the Fund determines to acquire debt financing, the Adviser will arrange for such financing on the Fund’s behalf. If it is necessary or appropriate for
the Adviser to make investments on behalf of the Fund through a special purpose vehicle, the Adviser shall have authority to create or arrange for the creation of such special purpose vehicle and to make such investments through such special purpose
vehicle (in accordance with the Investment Company Act of 1940, as amended (the “1940 Act”)). 
 Subject to the prior approval of
a majority of the Board of Trustees, including a majority of the Board of Trustees who are not “interested persons” of the Fund and, to the extent required by the 1940 Act and the rules and regulations thereunder, subject to any applicable
guidance or interpretation of the Securities and Exchange Commission (“SEC”) or its staff, by the shareholders of the Fund, as applicable, the Adviser may, from time to time, delegate to a
sub-adviser or other service provider any of the Adviser’s duties under this Agreement, including the management of all or a portion of the assets being managed. The Fund acknowledges that the Adviser
makes no warranty that any investments made by the Adviser hereunder will not depreciate in value or at any time not be affected by adverse tax consequences, nor does it give any warranty as to the performance or profitability of the assets or the
success of any investment strategy recommended or used by the Adviser. 
 2. Expenses. In connection herewith, the Adviser agrees to
maintain a staff within its organization to furnish the above services to the Fund. The Adviser shall bear all expenses arising out of its duties hereunder, except as provided in this Section 2. 

Except as specifically provided below and above in Section 1 hereof, the Fund anticipates that all investment professionals and staff of
the Adviser, when and to the extent engaged in providing investment advisory services to the Fund, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, will be provided and
paid for by the Adviser. The Fund will bear all other costs and expenses of the Fund’s operations, administration and transactions, including, but not limited to: 

(a) investment advisory fees, including management fees and incentive fees, to the Adviser, pursuant to this Agreement; 

(b) the Fund’s allocable portion of compensation, overhead (including rent, office equipment and utilities) and other expenses incurred by
GSO Capital Partners LP (the “Administrator”) in performing its administrative obligations under the administration agreement between the Fund and the Administrator (the “Administration Agreement”), including but not limited to:
(i) the Fund’s chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the
Administrator that perform duties for the Fund; and (iii) any internal audit group personnel of The Blackstone Group L.P. or any of its affiliates; and 

(c) all other expenses of the Fund’s operations and transactions including, without limitation, those relating to: 

(i) the cost of the Fund’s organization and offering, subject to a cap of 0.10% of the Fund’s total capital commitments
(“Capital Commitments”); 
 (ii) the cost of calculating the Fund’s net asset value, including the cost of any third-party
valuation services; 
 (iii) the cost of effecting any sales and repurchases of the Fund’s common shares of beneficial interest
(“Shares”) and other securities; 

 (iv) fees and expenses payable under any dealer manager and placement agent agreements, if
any; 
 (v) debt service (including interest, fees and expenses) and other costs arising out of all borrowings, leverage, guarantees or other
financing arrangements, including, but not limited to, the arranging thereof; 
 (vi) all fees, costs and expenses of any loan servicers and
other service providers and of any custodians, lenders, investment banks and other financing sources; 
 (vii) costs incurred in connection
with the formation or maintenance of entities or vehicles to hold the Fund’s assets for tax or other purposes; 
 (viii) costs of
derivatives and hedging; 
 (ix) expenses, including travel, entertainment, lodging and meal expenses, incurred by the Adviser, or members of
its investment team, or payable to third parties, in evaluating, developing, negotiating, structuring and performing due diligence on prospective portfolio companies, including such expenses related to potential investments that were not
consummated, and, if necessary, enforcing the Fund’s rights; 
 (x) expenses (including the allocable portions of compensation and out-of-pocket expenses such as travel expenses) or an appropriate portion thereof of employees of the Adviser to the extent such expenses relate to attendance at meetings of
the Board of Trustees or any committees thereof; 
 (xi) all fees, costs and expenses, if any, incurred by or on behalf of the Fund in
developing, negotiating and structuring prospective or potential investments that are not ultimately made, including without limitation any legal, tax, administrative, accounting, travel and entertainment, advisory, consulting and printing expenses,
reverse termination fees and any liquidated damages, forfeited deposits or similar payments; 
 (xii) the allocated costs incurred by the
Adviser and the Administrator in providing managerial assistance to those portfolio companies that request it; 
 (xiii) all brokerage costs,
prime brokerage fees, custodial expenses, agent bank and other bank service fees; private placement fees, appraisal fees, commitment fees, underwriting costs and commissions, including commissions and other compensation payable to brokers or
dealers; costs and expenses of any lenders, investment banks and other financing sources, and other investment costs, fees and expenses actually incurred in connection with evaluating, making, holding, settling, monitoring or disposing of actual
investments (including, without limitation, travel, entertainment, lodging and meal expenses, any costs or expenses relating to currency conversion in the case of investments denominated in a currency other than U.S. dollars) and expenses arising
out of trade settlements (including any delayed compensation expenses); 
 (xiv) investment costs, including all fees, costs and expenses
incurred in evaluating, developing, negotiating, structuring, trading, settling, monitoring and holding actual investments including, without limitation, any financing, legal, filing, auditing, tax, accounting, compliance, loan administration,
advisory, consulting, engineering and other professional fees, costs and expenses in connection therewith (to the extent the Adviser is not reimbursed by a prospective or actual issuer of the applicable investment or other third parties or
capitalized as part of the acquisition price of the transaction) and any costs and expenses associated with vehicles through which the Fund directly or indirectly participate in investments; 

 (xv) transfer agent, dividend agent and custodial fees; 

(xvi) fees and expenses associated with marketing efforts; 

(xvii) federal and state registration fees, franchise fees, any stock exchange listing fees and fees payable to rating agencies; 

(xviii) independent trustees’ fees and expenses including reasonable travel, entertainment, lodging and meal expenses, and any legal
counsel or other advisors retained by, or at the discretion or for the benefit of, the independent trustees; 
 (xix) costs of preparing
financial statements and maintaining books and records, costs of Sarbanes-Oxley Act of 2002 compliance and attestation and costs of preparing and filing reports or other documents with the SEC, Financial Industry Regulatory Authority, U.S. Commodity
Futures Trading Commission (“CFTC”) and other regulatory bodies and other reporting and compliance costs, including registration and exchange listing and the costs associated with reporting and compliance obligations under the 1940 Act and
any other applicable federal and state securities laws, and the compensation of professionals responsible for the foregoing; 
 (xx) all
fees, costs and expenses associated with the preparation and issuance of the Fund’s periodic reports and related statements (e.g., financial statements and tax returns) and other printing and reporting-related expenses (including other notices
and communications) in respect of the Fund and its activities (including internal expenses, charges and/or related costs incurred, charged or specifically attributed or allocated by the Fund or the Adviser or its affiliates in connection with such
provision of services thereby); 
 (xxi) the costs of any reports, proxy statements or other notices to shareholders (including printing and
mailing costs) and the costs of any Shareholder or trustee meetings; 
 (xxii) proxy voting expenses; 

(xxiii) costs associated with an Exchange Listing (defined below); 

(xxiv) costs of registration rights granted to certain investors; 

(xxv) any taxes and/or tax-related interest, fees or other governmental charges (including any
penalties incurred where the Adviser lacks sufficient information from third parties to file a timely and complete tax return) levied against the Fund and all expenses incurred in connection with any tax audit, investigation, litigation, settlement
or review of the Fund and the amount of any judgments, fines, remediation or settlements paid in connection therewith; 
 (xxvi) all fees,
costs and expenses of any litigation involving the Fund or its portfolio companies and the amount of any judgments or settlements paid in connection therewith, trustees and officers, liability or other insurance (including costs of title insurance)
and indemnification (including advancement of any fees, costs or expenses to persons entitled to indemnification) or extraordinary expense or liability relating to the Fund’s affairs; 

 (xxvii) all fees, costs and expenses associated with the Fund’s information,
technology, communication, market data and research (including news and quotation equipment and services and including costs allocated by the Adviser’s or its affiliates internal research group (which are generally based on time spent, assets
under management, usage rates, proportionate holdings, or a combination thereof or other reasonable methods determined by the Administrator)), reporting costs (which includes notices and other communications and internally allocated charges), and
dues and expenses incurred in connection with membership in industry or trade organizations; 
 (xxviii) the costs of specialty and custom
software for monitoring risk, compliance and the overall portfolio, including any development costs incurred prior to the filing of the Fund’s election to be treated as a business development company (“BDC”); 

(xxix) costs associated with individual or group shareholders; 

(xxx) fidelity bond, trustees and officers errors and omissions liability insurance and other insurance premiums; 

(xxxi) direct costs and expenses of administration, including printing, mailing, long distance telephone, copying and secretarial and other
staff; 
 (xxxii) fees, costs and expenses of winding up and liquidating the Fund’s assets; 

(xxxiii) extraordinary expenses (such as litigation or indemnification); 

(xxxiv) all fees, costs and expenses related to compliance-related matters (such as developing and implementing specific policies and
procedures in order to comply with certain regulatory requirements) and regulatory filings related to the Fund’s activities (including, without limitation, expenses relating to the preparation and filing of reports to be filed with the CFTC,
reports, disclosures, filings and notifications prepared in connection with the laws and/or regulations of jurisdictions in which the Fund engages in activities, including any notices, reports and/or filings required under The Directive 2011/61/EU
of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and any applicable legislation implemented by an EEA Member state in connection with such Directive, in all cases as amended from time to time
and any related regulations, and other regulatory filings, notices or disclosures of the Adviser relating to the Fund and its activities) and/or other regulatory filings, notices or disclosures of the Adviser and its affiliates relating to the Fund
and its activities; 
 (xxxv) costs and expenses (including travel) in connection with the diligence and oversight of the Fund’s service
providers; and 
 (xxxvi) all other expenses incurred by the Administrator in connection with administering the Fund’s business. 

With respect to 2(c)(i) above, if actual organization and offering costs incurred exceed 0.10% of the Fund’s total Capital Commitments,
the Adviser or its affiliates will bear the excess costs. To the extent the Fund’s Capital Commitments later increase, the Adviser or its affiliates may be reimbursed for past payments of excess organization and offering costs made on the
Fund’s behalf provided that the total organization and offering costs borne by the Fund do not exceed 0.10% of total Capital Commitments and provided further that the Adviser or its affiliates may not be reimbursed for payment of excess
organization and offering expenses that were incurred more than three years prior to the proposed reimbursement. Any sales load, platform fees, servicing fees or similar fees or expenses charged directly to an investor in an offering by a placement
agent or similar party will not be considered organization or offering expenses of the Fund for purposes of the Fund’s cap on organization and offering expenses. 

 From time to time, the Adviser, the Administrator or their affiliates may pay third-party
providers of goods or services. The Fund will reimburse the Adviser, the Administrator or such affiliates thereof for any such amounts paid on the Fund’s behalf. From time to time, the Adviser or the Administrator may defer or waive fees and/or
rights to be reimbursed for expenses. All of the foregoing expenses will ultimately be borne by the Fund’s shareholders, subject to the cap on organization and offering expenses described above. 

3. Transactions with Affiliates. The Adviser is authorized on behalf of the Fund, from time to time when deemed to be in the best
interests of the Fund and to the extent permitted by applicable law, to purchase and/or sell securities in which the Adviser or any of its affiliates underwrites, deals in and/or makes a market and/or may perform or seek to perform investment
banking services for issuers of such securities. The Adviser is further authorized, to the extent permitted by applicable law, to select brokers (including any brokers affiliated with the Adviser) for the execution of trades for the Fund. 

4. Best Execution; Research Services. The Adviser is authorized, for the purchase and sale of the Fund’s portfolio securities, to
employ such dealers and brokers as may, in the judgment of the Adviser, implement the policy of the Fund to obtain the best results, taking into account such factors as price, including dealer spread, the size, type and difficulty of the transaction
involved, the firm’s general execution and operational facilities and the firm’s risk in positioning the securities involved. Consistent with this policy, the Adviser is authorized to direct the execution of the Fund’s portfolio
transactions to dealers and brokers furnishing statistical information or research deemed by the Adviser to be useful or valuable to the performance of its investment advisory functions for the Fund. It is understood that in these circumstances, as
contemplated by Section 28(e) of the Securities Exchange Act of 1934, as amended, the commissions paid may be higher than those which the Fund might otherwise have paid to another broker if those services had not been provided. Information so
received will be in addition to and not in lieu of the services required to be performed by the Adviser. It is understood that the expenses of the Adviser will not necessarily be reduced as a result of the receipt of such information or research.
Research services furnished to the Adviser by brokers who effect securities transactions for the Fund may be used by the Adviser in servicing other investment companies, entities or funds and accounts which it manages. Similarly, research services
furnished to the Adviser by brokers who effect securities transactions for other investment companies, entities or funds and accounts which the Adviser manages may be used by the Adviser in servicing the Fund. It is understood that not all of these
research services are used by the Adviser in managing any particular account, including the Fund. 
 The Adviser and its affiliates may
aggregate purchase or sale orders for the assets with purchase or sale orders for the same security for other clients’ accounts of the Adviser or of its affiliates, the Adviser’s own accounts and hold proprietary positions in accordance
with its current aggregation and allocation policy (collectively, the “Advisory Clients”), but only if (x) in the Adviser’s reasonable judgment such aggregation results in an overall economic or other benefit to the assets taking
into consideration the advantageous selling or purchase price, brokerage commission and other expenses and factors and (y) the Adviser’s actions with respect to aggregating orders for multiple Advisory Clients, as well as the Fund, are
consistent with applicable law. However, the Adviser is under no obligation to aggregate any such orders under any circumstances. 

 5. Remuneration. 

The Fund agrees to pay, and the Adviser agrees to accept, as compensation for the services provided by the Adviser hereunder, a base management
fee and an incentive fee as hereinafter set forth. The Fund shall make any payments due hereunder to the Adviser or to the Adviser’s designee as the Adviser may otherwise direct. 

(a) Management Fee. The management fee is payable quarterly in arrears at an annual rate of (i) prior to the Fund’s Shares
being listed on a national securities exchange (including through an initial public offering) or a sale of all or substantially all of the Fund’s assets to, or a merger or other liquidity transaction with, an entity in which the Fund’s
shareholders receive shares of a publicly traded company which continues to be managed by the Adviser or an affiliate thereof (an “Exchange Listing”), 0.75%, and (ii) following an Exchange Listing, 1.0%, in each case of the average
value of the Fund’s gross assets at the end of the two most recently completed calendar quarters. For the first calendar quarter in which the Fund has operations, gross assets will be measured as the average of gross assets at the date of the
initial drawdown from investors and at the end of such first calendar quarter. For purposes of this Agreement, gross assets means the Fund’s total assets determined on a consolidated basis in accordance with generally accepted accounting
principles in the United States (“GAAP”), excluding undrawn commitments but including assets purchased with borrowed amounts. If an Exchange Listing occurs on a date other than the first day of a calendar quarter, the management fee shall
be calculated for such calendar quarter at a weighted rate calculated based on the fee rates applicable before and after the Exchange Listing based on the number of days in such calendar quarter before and after the Exchange Listing. 

(b) Incentive Fee. The incentive fee will consist of two components that are independent of each other, with the result that one
component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of the Fund’s income and a portion is based on a percentage of the Fund’s capital gains, each as described below. 

(i) Incentive Fee on Pre-Incentive Fee Net Investment Income. The portion based
on the Fund’s income is based on Pre-Incentive Fee Net Investment Income Returns. “Pre-Incentive Fee Net Investment Income Returns” means, as the context
requires, either the dollar value of, or percentage rate of return on the value of the Fund’s net assets at the end of the immediate preceding quarter from, interest income, dividend income and any other income (including any other fees (other
than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Fund receives from portfolio companies) accrued during the calendar quarter, minus the Fund’s
operating expenses accrued for the quarter (including the management fee, expenses payable under the Administration Agreement, and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and
outstanding preferred shares, but excluding the incentive fee). 
 Pre-Incentive Fee
Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with pay-in-kind
interest and zero coupon securities), accrued income that the Fund has not yet received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital
losses or unrealized capital appreciation or depreciation. 
 Pre-Incentive Fee Net
Investment Income Returns, expressed as a rate of return on the value of the Fund’s net assets at the end of the immediate preceding quarter, is compared to a “hurdle rate” of return of 1.5% per quarter (6.0% annualized). 

Prior to an Exchange Listing, the Fund will pay the Adviser an incentive fee quarterly in arrears with respect to the
Fund’s Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows: 

	 	•	 	 no incentive fee based on Pre-Incentive Fee Net Investment Income Returns
in any calendar quarter in which the Fund’s Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.5%; 

 

	 	•	 	 100% of the dollar amount of the Fund’s Pre-Incentive Fee Net
Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.76% (7.06%
annualized); and 

  

	 	•	 	 15% of the dollar amount of the Fund’s Pre-Incentive Fee Net
Investment Income Returns, if any, that exceed a rate of return of 1.76% (7.06% annualized). 

 Following
an Exchange Listing, the Fund will pay the Adviser an incentive fee quarterly in arrears with respect to the Fund’s Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows:

  

	 	•	 	 no incentive fee based on Pre-Incentive Fee Net Investment Income Returns
in any calendar quarter in which the Fund’s Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.5%; 

 

	 	•	 	 100% of the dollar amount of the Fund’s Pre-Incentive Fee Net
Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.82% (7.27%
annualized); and 

  

	 	•	 	 17.5% of the dollar amount of the Fund’s Pre-Incentive Fee Net
Investment Income Returns, if any, that exceed a rate of return of 1.82% (7.27% annualized). 

 If an
Exchange Listing occurs on a date other than the first day of a calendar quarter, the incentive fee shall be calculated for such calendar quarter at a weighted rate calculated based on the fee rates applicable before and after the Exchange Listing
based on the number of days in such calendar quarter before and after the Exchange Listing. 
 (ii) Incentive Fee Based on
Capital Gains. The second component of the incentive fee, the capital gains incentive fee, is payable at the end of each calendar year (or at the time of an Exchange Listing) in arrears. 

Prior to an Exchange Listing, the amount payable equals: 

 

	 	•	 	 15% of cumulative realized capital gains from inception through the end of such calendar year (or upon an
Exchange Listing), computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with GAAP.

 Following an Exchange Listing, the amount payable equals: 

 

	 	•	 	 17.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of
all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with GAAP. 

If an Exchange Listing occurs on a date other than the first day of a fiscal year, a capital gains incentive fee shall be
calculated as of the day before the Exchange Listing, with such capital gains incentive fee paid to the Adviser following the end of the fiscal year in which the Exchange Listing occurred. For the avoidance of doubt, such capital gains incentive fee
shall be 

 
equal to 15% of the Fund’s realized capital gains on a cumulative basis from inception through the day before the Exchange Listing, computed net of all realized capital losses and unrealized
capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gains incentive fees. Solely for purposes of calculating the capital gains incentive fee after an Exchange Listing, the Fund will be deemed to have
previously paid capital gains incentive fees prior to an Exchange Listing equal to the product obtained by multiplying (a) the actual aggregate amount of previously paid capital gains incentive fees for all periods prior to an Exchange Listing
by (b) the percentage obtained by dividing (x) 17.5% by (y) 15%. 
 Each year, the fee paid for the capital gains
incentive fee is net of the aggregate amount of any previously paid capital gains incentive fee for all prior periods. The Fund will accrue, but will not pay, a capital gains incentive fee with respect to unrealized appreciation because a capital
gains incentive fee would be owed to the Adviser if the Fund were to sell the relevant investment and realize a capital gain. In no event will the capital gains incentive fee payable pursuant to this Agreement be in excess of the amount permitted by
the Investment Advisers Act of 1940, as amended (the “Advisers Act”), including Section 205 thereof. 
 The fees that are
payable under this Agreement for any partial period will be appropriately prorated. 
 6. Representations and Warranties. The Adviser
represents and warrants that it is duly registered and authorized as an investment adviser under the Advisers Act and the Adviser agrees to maintain effective all material requisite registrations, authorizations and licenses, as the case may be,
until the termination of this Agreement. 
 7. Services Not Deemed Exclusive. The Fund and the Board of Trustees acknowledge and agree
that: 
 (a) the services provided hereunder by the Adviser are not to be deemed exclusive, and the Adviser and any of its affiliates or
related persons are free to render similar services to others and to use the research developed in connection with this Agreement for other Advisory Clients or affiliates. The Fund agrees that the Adviser may give advice and take action with respect
to any of its other Advisory Clients which may differ from advice given or the timing or nature of action taken with respect to any client or account so long as it is the Adviser’s policy, to the extent practicable, to allocate investment
opportunities to the client or account on a fair and equitable basis relative to its other Advisory Clients. It is understood that the Adviser shall not have any obligation to recommend for purchase or sale any loans which its principals, affiliates
or employees may purchase or sell for its or their own accounts or for any other client or account if, in the opinion of the Investment Adviser, such transaction or investment appears unsuitable, impractical or undesirable for the Fund. Nothing
herein shall be construed as constituting the Adviser an agent of the Fund; and 
 (b) the Adviser and its affiliates may face conflicts of
interest as described in the Fund’s Private Placement Memorandum and/or the Fund’s periodic filings with the SEC (as such disclosures may be updated from time to time) and such disclosures have been provided, and any updates will be
provided, to the Board of Trustees in connection with its consideration of this Agreement and any future renewal of this Agreement. 
 8.
Limit of Liability. The Adviser and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with it (the “Indemnified Parties”) shall not be liable for any error of
judgment or mistake of law or for any act or omission or any loss suffered by the Fund in connection with the matters to which this Agreement relates, provided that the Adviser shall not be protected against any liability to the Fund or its
shareholders to which the Adviser would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or by reason of the reckless disregard of its duties and obligations

 
(“disabling conduct”). An Indemnified Party may consult with counsel and accountants in respect of the Fund’s affairs and shall be fully protected and justified in any action or
inaction which is taken in accordance with the advice or opinion of such counsel and accountants; provided, that such counsel or accountants were selected with reasonable care. Absent disabling conduct, the Fund will indemnify the Indemnified
Parties against, and hold them harmless from, any damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) arising from the rendering of the Adviser’s services under this
Agreement or otherwise as adviser for the Fund. The Indemnified Parties shall not be liable under this Agreement or otherwise for any loss due to the mistake, action, inaction, negligence, dishonesty, fraud or bad faith of any broker or other agent;
provided, that such broker or other agent shall have been selected, engaged or retained and monitored by the Adviser in good faith, unless such action or inaction was made by reason of disabling conduct, or in the case of a criminal action or
proceeding, where the Adviser had reasonable cause to believe its conduct was unlawful. 
 Indemnification shall be made only following:
(i) a final decision on the merits by a court or other body before which the proceeding was brought that the Indemnified Party was not liable by reason of disabling conduct or (ii) in the absence of such a decision, a reasonable
determination, based upon a review of the facts, that the Indemnified Party was not liable by reason of disabling conduct by (a) the vote of a majority of a quorum of trustees of the Fund who are neither “interested persons” of the
Fund nor parties to the proceeding (“disinterested non-party trustees”) or (b) an independent legal counsel in a written opinion. 

An Indemnified Party shall be entitled to advances from the Fund for payment of the reasonable expenses (including reasonable counsel fees and
expenses) incurred by it in connection with the matter as to which it is seeking indemnification in the manner and to the fullest extent permissible under law. Prior to any such advance, the Indemnified Party shall provide to the Fund a written
affirmation of its good faith belief that the standard of conduct necessary for indemnification by the Fund has been met and a written undertaking to repay any such advance if it should ultimately be determined that the standard of conduct has not
been met. In addition, at least one of the following additional conditions shall be met: (a) the Indemnified Party shall provide a security in form and amount acceptable to the Fund for its undertaking; (b) the Fund is insured against
losses arising by reason of the advance; or (c) a majority of a quorum of disinterested non-party trustees or independent legal counsel, in a written opinion, shall have determined, based on a review of
facts readily available to the Fund at the time the advance is proposed to be made, that there is reason to believe that the Indemnified Party will ultimately be found to be entitled to indemnification. 

9. Duration and Termination. 

(a) This Agreement shall become effective as of the date first written above. This Agreement may be terminated at any time, without the payment
of any penalty, on 60 days’ written notice, by the vote of a majority of the outstanding voting securities of the Fund or by the vote of the Fund’s trustees or by the Adviser. The provisions of Section 8 of this Agreement shall remain
in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement. Further, notwithstanding the termination or expiration of this Agreement as aforesaid, the Adviser shall be
entitled to any amounts owed under Sections 2 or 5 through the date of termination or expiration, and Section 8 shall continue in force and effect and apply to the Adviser and its representatives as and to the extent applicable. 

(b) This Agreement shall continue in effect for two years from the date hereof, or to the extent consistent with the requirements of the 1940
Act, from the date of the Fund’s election to be regulated as a BDC under the 1940 Act, and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by
(i) the vote of the Board, or by the vote of a majority of the outstanding voting securities of the Fund and (ii) the vote of a majority of the Fund’s Board of Trustees who are not parties to this Agreement or “interested
persons” (as such term is defined in Section 2(a)(19) of the 1940 Act) of any such party, in accordance with the requirements of the 1940 Act. 

 (c) This Agreement will automatically terminate in the event of its “assignment”
(as such term is defined for purposes of Section 15(a)(4) of the 1940 Act). 
 10. Governing Law. This Agreement shall be
governed, construed and interpreted in accordance with the laws of the State of New York, provided, however, that nothing herein shall be construed as being inconsistent with the 1940 Act. 

11. Notices. Any notice hereunder shall be in writing and shall be delivered in person or by telex or facsimile (followed by delivery in
person) to the parties at the addresses set forth below. 
 If to the Fund: 

Blackstone / GSO Secured Lending Fund 

345 Park Avenue, 31st Floor 

New York, New York 10154 

Attn: Chairman, President, Chief Executive Officer and Trustee 

If to the Adviser: 

GSO Asset Management LLC 

345 Park Avenue, 31st Floor 

New York, New York 10154 

Attn: Marisa Beeney, General Counsel 

or to such other address as to which the recipient shall have informed the other party in writing. 

Unless specifically provided elsewhere, notice given as provided above shall be deemed to have been given, if by personal delivery, on the day
of such delivery, and, if by facsimile and mail, on the date on which such facsimile or mail is sent. 
 12. Counterparts. This
Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument. 

[Remainder of Page Intentionally Left Blank.] 

 IN WITNESS WHEREOF, the parties hereto caused their duly authorized signatories to execute
this Agreement as of the day and year first written above. 
  

			
	BLACKSTONE / GSO SECURED LENDING FUND
		
	By:	 	 /s/ Marisa J. Beeney

	Name:	 	Marisa J. Beeney
	Title:	 	Chief Legal Officer, Chief Compliance Officer and Secretary
	
	GSO ASSET MANAGEMENT LLC
		
	By:	 	 /s/ Marisa J. Beeney

	Name:	 	Marisa J. Beeney
	Title:	 	Authorized Signatory

 [Signature page to the Investment Advisory Agreement]

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