Document:

EX-10.4

 Exhibit 10.4 

LOAN SALE AGREEMENT 
 between

 CORE INCOME FUNDING I LLC 

as Seller 
 and 

OWL ROCK CLO VIII, LLC 
 as
Purchaser 
 Dated as of October 21, 2022 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	1	 
		
	 SECTION 1.1 Definitions
	  	 	1	 
		
	 SECTION 1.2 Other Terms
	  	 	3	 
		
	 SECTION 1.3 Computation of Time Periods
	  	 	3	 
		
	 SECTION 1.4 Interpretation
	  	 	3	 
		
	 SECTION 1.5 References
	  	 	3	 
		
	 ARTICLE II CONVEYANCES OF TRANSFERRED ASSETS
	  	 	4	 
		
	 SECTION 2.1 Conveyances
	  	 	4	 
		
	 SECTION 2.2 [Reserved]
	  	 	5	 
		
	 SECTION 2.3 [Reserved]
	  	 	5	 
		
	 SECTION 2.4 Actions Pending Completion of Conveyance
	  	 	5	 
		
	 SECTION 2.5 Indemnification
	  	 	6	 
		
	 SECTION 2.6 Assignment of Rights and Indemnities
	  	 	7	 
		
	 ARTICLE III CONSIDERATION AND PAYMENT
	  	 	7	 
		
	 SECTION 3.1 Purchase Price
	  	 	7	 
		
	 SECTION 3.2 Payment of Purchase Price
	  	 	7	 
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES
	  	 	7	 
		
	 SECTION 4.1 Seller’s Representations and
Warranties
	  	 	7	 
		
	 ARTICLE V COVENANTS OF THE SELLER
	  	 	10	 
		
	 SECTION 5.1 Covenants of the Seller
	  	 	10	 
		
	 ARTICLE VI MISCELLANEOUS PROVISIONS
	  	 	11	 
		
	 SECTION 6.1 Amendments, Etc.
	  	 	11	 
		
	 SECTION 
6.2 Governing Law: Submission to Jurisdiction; Waiver of Jury Trial
	  	 	11	 
		
	 SECTION 6.3 Notices
	  	 	13	 
		
	 SECTION 6.4 Severability of Provisions
	  	 	13	 
		
	 SECTION 6.5 Further Assurances
	  	 	13	 
		
	 SECTION 6.6 No Waiver; Cumulative Remedies
	  	 	13	 
		
	 SECTION 6.7 Counterparts
	  	 	14	 
		
	 SECTION 6.8
Non-Petition
	  	 	14	 
		
	 SECTION 6.9 Transfer of Seller’s Interest
	  	 	14	 

  
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 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	Page	 
		
	 SECTION 
6.10 Binding Effect; Third-Party Beneficiaries and Assignability
	  	 	14	 
		
	 SECTION 6.11 Merger and Integration
	  	 	14	 
		
	 SECTION 6.12 Headings
	  	 	14	 

  
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 This LOAN SALE AGREEMENT, dated as of October 21, 2022 (as amended, supplemented or
otherwise modified and in effect from time to time, this “Agreement”), between CORE INCOME FUNDING I LLC, a Delaware limited liability company, as seller (in such capacity, the “Seller”) and OWL ROCK CLO VIII, LLC,
a Delaware limited liability company, as purchaser (in such capacity, the “Purchaser”). 
 WITNESSETH: 

WHEREAS, on and after the date hereof, the Seller wishes to sell, transfer, and otherwise convey, to the Purchaser, without recourse except to
the extent specifically provided herein, and the Purchaser wishes to purchase all right, title and interest of the Seller (whether now owned or hereafter acquired or arising, and wherever located) in and to the Loan Assets (as defined below)
mutually agreed by the Seller and the Purchaser; and 
 WHEREAS, it is the Seller’s and the Purchaser’s intention that the
conveyance of the Transferred Assets (as defined below) under each assignment agreement and this Agreement is a “true sale” for all purposes, such that, upon payment of the purchase price therefor, the Transferred Assets will constitute
property of the Purchaser from and after the applicable transfer date; 
 NOW, THEREFORE, for good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, it is hereby agreed by and between the Purchaser and the Seller as follows: 
 
ARTICLE I 
 DEFINITIONS 

SECTION 1.1 Definitions. As used in this Agreement, the following terms shall have the following
meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined). All capitalized terms used herein but not defined herein shall have the respective meanings specified in, or incorporated by reference
into, the Indenture and Security Agreement, dated as of October 21, 2022 (as amended, supplemented or otherwise modified and in effect from time to time, the “Indenture”), by and among the Purchaser, as Issuer, and State Street
Bank and Trust Company, as collateral trustee (in such capacity, the “Collateral Trustee”). 
 “Agreement”
has the meaning set forth in the preamble hereto. 
 “Convey” means to sell, transfer, assign, or otherwise convey assets
hereunder (each such conveyance being herein called a “Conveyance”). 
 “Excluded Amounts” means, with
respect to the Loan Assets, (i) any amount that is attributable to the reimbursement of payment by or on behalf of the Seller of any taxes, fee or other charge imposed by any governmental authority on any Loan Asset, (ii) any interest or
fees (including origination, agency, structuring, management or other up-front fees) that are for the account of the Seller, (iii) any escrows relating to Taxes, insurance and other amounts in connection
with Loan Assets which are held in an escrow account for the benefit of the obligor 

  
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and the secured party pursuant to escrow arrangements under the related underlying instruments, (iv) to the extent paid using amounts other than proceeds of the Loan Assets and proceeds of
Loans, as applicable, any amount paid in respect of reimbursement for expenses owed in respect of any Loan Asset pursuant to the related underlying instrument or (v) any amount paid to the Purchaser in error. 

“Indorsement” has the meaning specified in Section 8-102(a)(11) of the UCC, and
“Indorsed” has a corresponding meaning. 
 “Loan Asset” means each commercial loan identified on Schedule A
hereto 
 “Proceeds” has the meaning set forth in Section 4.1(n). 

“Purchase Price” has the meaning set forth in Section 3.1(a). 

“Purchaser” has the meaning set forth in the preamble hereto. 

“Related Property” means, with respect to any Loan Asset, the property identified in clauses (i) – (iii) below, and all
accounts, cash and currency, chattel paper, tangible chattel paper, electronic chattel paper, copyrights, copyright licenses, equipment, fixtures, general intangibles, instruments, commercial tort claims, deposit accounts, inventory, investment
property, letter-of-credit rights, accessions, proceeds and other property consisting of, arising out of, or related to any of the following (in each case, excluding the
Retained Interest and Excluded Amounts): 
 i. all monies due, to become due or paid in respect of such Loan Asset, on and after the date
hereof (other than accrued and unpaid interest due with respect to the period prior to the date hereof), including but not limited to all collections on such Loan Asset, and other recoveries thereon, in each case as they arise after the date hereof;

 ii. any liens, security interests, property or assets designated and pledged or mortgaged as collateral to secure repayment of such Loan
Asset, including, without limitation, Underlying Documents, mortgaged property and/or a pledge of the stock, membership or other ownership interests in the related obligor or its subsidiaries; and 

iii. all income and proceeds of the foregoing. 

“Retained Interest” means, with respect to any Loan Asset, (a) all of the obligations, if any, of the agent(s) under the
documentation evidencing such Loan Asset and (b) the applicable portion of the interests, rights and obligations under the documentation evidencing such Loan Asset that relate to such portion(s) of the indebtedness and interest in other
obligations that are owned by another lender. 
 “Seller” has the meaning set forth in the preamble hereto. 

“Transferred Asset” means each asset, including any Loan Asset (including, if any, the Participation thereof), Conveyed by
the Seller to the Purchaser hereunder, including with respect to each such asset, all Related Property; provided that the foregoing will exclude the Retained Interest and the Excluded Amounts. 

  
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 SECTION 1.2 Other Terms. All accounting terms not
specifically defined herein shall be construed in accordance with generally accepted accounting principles. All terms used in Article 9 of the UCC, and not specifically defined herein, are used herein as defined in such Article 9. 

SECTION 1.3 Computation of Time Periods. Unless otherwise stated in this Agreement, in the
computation of a period of time from a specified date to a later specified date, the word “from” means “from and including” and the words “to” and “until” each means “to but excluding.” 

SECTION 1.4 Interpretation. In this Agreement, unless a contrary intention appears: 

(i) reference to any Person includes such Person’s successors and assigns; 

(ii) reference to any gender includes each other gender; 

(iii) reference to day or days without further qualification means calendar days; 

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

(v) references to “writing” include printing, typing, lithography, electronic or other means of reproducing words in
a visible form; 
 (vi) reference to any agreement, document or instrument means such agreement, document or instrument as
amended, modified, supplemented, replaced, restated, waived or extended and in effect from time to time in accordance with the terms thereof and reference to any promissory note includes any promissory note that is an extension or renewal thereof or
a substitute or replacement therefor; 
 (vii) reference to any requirement of law means such requirement of law as amended,
modified, codified, replaced or reenacted, in whole or in part, and in effect from time to time, including rules and regulations promulgated thereunder and reference to any section or other provision of any requirement of law means that provision of
such requirement of law from time to time in effect and constituting the substantive amendment, modification, codification, replacement or reenactment of such section or other provision; and 

(viii) references to “including” mean “including, without limitation”. 

SECTION 1.5 References. 

  
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 All Section references (including references to the Preamble), unless otherwise indicated, shall
be to Sections (and the Preamble) in this Agreement. 
 ARTICLE II 

CONVEYANCES OF TRANSFERRED ASSETS 

SECTION 2.1 Conveyances. 

(a) On the terms and subject to the conditions set forth in this Agreement, the Seller Conveys to the Purchaser without recourse, and the
Purchaser accepts such Conveyance, on the date hereof, all of the Seller’s right, title and interest (whether now owned or hereafter acquired or arising, and wherever located) in and to each Loan Asset on the Schedule A as of the date hereof
and the Related Property, together with all proceeds of the foregoing. 
 (b) It is the express intent of the Seller and the Purchaser
that each Conveyance of Transferred Assets by the Seller to the Purchaser pursuant to this Agreement be construed as an absolute sale of such Transferred Assets by the Seller to the Purchaser providing Purchaser with the full risks and benefits of
ownership of the Transferred Assets. Further, it is not the intention of the Seller and the Purchaser that any Conveyance be deemed a grant of a security interest in the Transferred Assets by the Seller to the Purchaser to secure a debt or other
obligation of the Seller. However, to protect the Purchaser’s rights in the event that, notwithstanding the intent of the parties expressed herein, the Conveyances hereunder are characterized as secured financings and not as sales, the Seller
hereby grants to the Purchaser, a first priority security interest (subject only to Permitted Liens) in, to and under all of the Seller’s right, title and interest in, to and under, whether now owned or hereafter acquired, such Transferred
Assets and all proceeds of the foregoing to secure an obligation of the Seller to pay over and transfer to the Purchaser any and all distributions received by the Seller (other than Excluded Amounts) in relation to the Transferred Assets from time
to time, whether in cash or in kind, so that the Purchaser will receive all distributions under, proceeds of and benefits of ownership of the Transferred Assets and to secure all other obligations of the Seller hereunder. If the Conveyances
hereunder shall be characterized as secured financings and not as sales, the Purchaser and its assignees (including the Collateral Agent for the benefit of the Secured Parties) shall have, with respect to such Transferred Assets and other related
rights, in addition to all the other rights and remedies available to the Purchaser and its assignees (including the Collateral Agent for the benefit of the Secured Parties) hereunder and under the underlying instruments, all the rights and remedies
of a secured party under any applicable UCC. 
 (c) The Seller and the Purchaser shall, to the extent consistent with this Agreement, take
such actions as may be necessary to ensure that, if this Agreement were deemed to create a security interest in the Transferred Assets to secure a debt or other obligation, such security interest would be deemed to be a first priority perfected
security interest in favor of the Purchaser under applicable law and will be maintained as such throughout the term of this Agreement. The Seller represents and warrants that the Transferred Assets are being transferred with the intention of
removing them from the Seller’s estate pursuant to Section 541 of the Bankruptcy Code. The Purchaser assumes all risk relating to nonpayment or failure by the obligors to make any distributions owed by them under the Transferred Assets.
Except with respect to the representations, warranties and covenants expressly stated in this Agreement, the Seller assigns each Transferred Asset “as is,” and makes no covenants, representations or warranties regarding the Transferred
Assets. 

  
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 (d) In connection with this Agreement, the Seller agrees to file (or cause to be filed) on or
prior to the Closing Date, at its own expense, a financing statement or statements with respect to the Transferred Assets Conveyed by the Seller hereunder from time to time meeting the requirements of applicable state law in the jurisdiction of the
Seller’s organization to perfect and protect the interests of the Purchaser created hereby under the UCC against all creditors of, and purchasers from, the Seller, and to deliver a file-stamped copy of
such financing statements or other evidence of such filings to the Purchaser as soon as reasonably practicable after its receipt thereof and to keep such financing statements effective at all times during the term of this Agreement. 

(e) The Seller agrees that from time to time, at its expense, it will promptly execute and deliver all instruments and documents and take all
actions as may be reasonably necessary or as the Purchaser may request, in order to perfect or protect the interest of the Purchaser in the Transferred Assets Conveyed hereunder or to enable the Purchaser to exercise or enforce any of its rights
hereunder. Without limiting the foregoing, the Seller will, in order to accurately reflect the Conveyances contemplated by this Agreement, execute and file such financing or continuation statements or amendments thereto or assignments thereof (as
permitted pursuant hereto) or other documents or instruments as may be reasonably necessary or as requested by the Purchaser and mark its records noting the Conveyance to the Purchaser of the Transferred Assets. The Seller hereby authorizes the
Purchaser to file and, to the fullest extent permitted by applicable law the Purchaser shall be permitted to sign (if necessary) and file, initial financing statements, continuation statements and amendments thereto and assignments thereof without
further acts of the Seller; provided that the description of collateral contained in such financing statements shall be limited to only Transferred Assets. Carbon, photographic or other reproduction of this Agreement or any financing
statement shall be sufficient as a financing statement. 
 (f) Each of the Seller and the Purchaser agree that prior to the time of
Conveyance of any Loan Assets hereunder, the Purchaser has no rights to or claim of benefit from any Loan Asset (or any interest therein) owned by the Seller. 

(g) The Transferred Assets acquired, transferred to and assumed by the Purchaser from the Seller shall include the Seller’s entitlement
to any surplus or responsibility for any deficiency that, in either case, arises under, out of, in connection with, or as a result of, the foreclosure upon or acceleration of any such Transferred Assets (other than Excluded Amounts). 

SECTION 2.2 [Reserved]. 

SECTION 2.3 [Reserved]. 

SECTION 2.4 Actions Pending Completion of Conveyance. 

  
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 (a) Pending the receipt of any required consents to, and the effectiveness of, the sale of any
Loan Assets from the Seller to the Purchaser on the date hereof in accordance with the applicable underlying instrument, the Seller hereby sells to the Purchaser a 100% participation in such Loan Asset and its related right, title and interest
(each, a “Participation”). The Participations will not include any rights that are not permitted to be participated pursuant to the terms of the underlying instruments. Such sale of the Participations shall be without recourse to
the Seller (including with regard to collectability), and shall constitute an absolute sale of each such Participation. Each of the Participations has the following characteristics: 

(i) the Participation represents an undivided participating interest in 100% of the underlying Loan Asset and its proceeds
(including the Proceeds); 
 (ii) the Seller does not provide any guaranty of payments to the holder of the Participation or
other form of recourse (except as otherwise expressly provided in the representations and warranties set forth in Article IV) or credit support; 

(iii) the Participation represents a pass through of all of the payments made on the Loan Asset (including the Proceeds) and
will last for the same length of time as such Loan Asset except that each Participation will terminate automatically upon the settlement of the assignment of the underlying right, title and interest of the related Loan Asset from the Seller to the
Purchaser; and 
 (iv) the Seller holds title in such participated Loan Assets for the benefit of the Purchaser and shall
exercise the same care in the administration of the participated Loan Assets as it would exercise for loans held for its own account. 
 (b)
Each party hereto shall use commercially reasonable efforts to, as soon as reasonably practicable after the Closing Date, cause the Purchaser to become a lender under the underlying instrument with respect to the Seller’s interest in each
Transferred Asset and take such action as shall be mutually agreeable in connection therewith and in accordance with the terms and conditions of the underlying instrument and consistent with the terms of this Agreement. 

(c) Pending completion of the assignment of the Seller’s interest in each Transferred Asset in accordance with the applicable underlying
instruments, to the extent feasible under applicable law, the Seller shall comply with any written instructions provided to the Seller by or on behalf of the Purchaser with respect to voting rights to be exercised by holders of such Transferred
Assets and shall refrain from taking any action with respect to the participated Loan Assets other than as instructed by the Purchaser, other than with respect to any voting rights that are not permitted to be participated pursuant to the terms of
the applicable underlying instrument (and such restrictions, requirements or prohibitions are hereby incorporated by reference as if set forth herein). 

SECTION 2.5 Indemnification. 

(a) The Seller hereby agrees to indemnify the Purchaser and its successors, transferees, and assigns (including each Secured Party) or any of
such Person’s respective shareholders, officers, employees, agents or Affiliates (each of the foregoing Persons being individually called an “Indemnified Party”) against, and hold each Indemnified Party harmless from, any and
all costs, losses, claims, damages, liabilities and related expenses (including the reasonable and documented out-of-pocket fees, charges and disbursements of any
outside counsel for any Indemnitee) (all of the foregoing being collectively called “Indemnified Amounts”) 

  
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incurred by any Indemnified Party or awarded against any Indemnified Party in favor of any Person (including the Seller) other than such Indemnified Party arising out of the fraud, bad faith or
willful misconduct on the part of the Seller with respect to this Agreement; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such Indemnified Amounts (i) are determined by a court of
competent jurisdiction by final and nonappealable judgment to have resulted from the fraud, bad faith or willful misconduct of such Indemnified Party or (ii) the uncollectability of any Loan Asset due to an Obligor’s failure to pay any
amounts due under the applicable loan agreement in accordance with its terms. 
 (b) If the Seller has made any payment pursuant to this
Section 2.5 and the recipient thereof later collects any payments from others (including insurance companies) in respect of such amounts or is found in a final and nonappealable judgment by a court of competent jurisdiction
not to be entitled to such indemnification, then the recipient agrees that it shall promptly repay to the Seller such amounts collected. 
 
SECTION 2.6 Assignment of Rights and Indemnities. The Seller acknowledges that, pursuant to the Indenture, the Purchaser shall assign all of its right, title and interest in, to and under this Agreement, including its rights of
indemnity granted hereunder, to the Collateral Trustee, for the benefit of the Secured Parties. Upon such assignment, (a) the Collateral Trustee, for the benefit of the Secured Parties, shall have all rights of the Purchaser hereunder and may
in turn assign such rights, and (b) the obligations of the Seller under Section 2.5 and Section 2.6 shall inure to the Collateral Trustee, for the benefit of the Secured Parties. The Seller
agrees that, upon such assignment, the Collateral Trustee, for the benefit of the Secured Parties, may enforce directly, without joinder of the Purchaser, the indemnities set forth in Section 2.5 and
Section 2.6. 
 ARTICLE III 

CONSIDERATION AND PAYMENT 

SECTION 3.1 Purchase Price. The purchase price (the “Purchase Price”) for each Loan
Asset Conveyed by the Seller to the Purchaser shall be a dollar amount at least equal to the Fair Market Value of such Loan Asset Conveyed as of such date. 

SECTION 3.2 Payment of Purchase Price. The Purchase Price, along with any fees from
origination of the applicable Loan Asset, for the Transferred Assets Conveyed from the Seller to the Purchaser shall be paid in cash in immediately available funds. 

ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

SECTION 4.1 Seller’s Representations and Warranties. The Seller represents and
warrants to the Purchaser as of the Closing Date: 

  
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 (a) Existence, Qualification and Power. The Seller (i) is duly organized, validly
existing and in good standing under the laws of its jurisdiction of organization, (ii) has all requisite power and authority to own and operate its properties, to carry on its business as now conducted and as proposed to be conducted, to enter
into this Agreement and to carry out the transactions contemplated thereby and (iii) is qualified to do business and in good standing in every jurisdiction where its assets are located and wherever necessary to carry out its business and
operations, except in jurisdictions where the failure to be so qualified or in good standing has not had, and could not be reasonably expected to have, a material adverse effect on the Purchaser. 

(b) Authorization; No Contravention. The execution, delivery and performance of the Seller and the consummation of the transactions
contemplated by this Agreement do not and will not (i) violate (1) any provision of any law or any governmental rule or regulation applicable to it, (2) any of its organizational documents or (3) any order, judgment or decree of any
court or other agency of government binding on it or its properties (except where the violation could not reasonably be expected to have a material adverse effect on the Purchaser); (ii) conflict with, result in a breach of or constitute (with due
notice or lapse of time or both) a default under any of its contractual obligations (except where the violation could not reasonably be expected to have a material adverse effect on the Purchaser); (iii) result in or require the creation or
imposition of any Lien upon any of its properties or assets (other than any Liens created under the Indenture in favor of the Collateral Trustee for the benefit of the Secured Parties); or (iv) require any approval of its stockholders, members
or partners or any approval or consent of any other Person. 
 (c) Governmental Authorization; Other Consents. The execution,
delivery and performance by the Seller and the consummation of the transactions contemplated by this Agreement do not and will not require any registration with, consent or approval of, or notice to, or other action to, with or by, any governmental
authority, except for filings and recordings with respect to the Collateral to be made, or otherwise delivered to the Collateral Trustee for filing and/or recordation, as of the Closing Date. 

(d) No Adverse Proceeding; Title. There is no litigation, adverse proceeding or investigation pending or threatened against the Seller,
before any governmental authority (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or (iii) seeking any determination or ruling that
would reasonably be expected to have a material adverse effect on the Purchaser. The Seller is not (A) in violation of any applicable laws that, individually or in the aggregate, could reasonably be expected to have a material adverse effect on
the Purchaser or (B) subject to or in default with respect to any final judgments, writs, injunctions, decrees, rules or regulations of any court or any federal, state, municipal or other governmental department, commission, board, bureau,
agency or instrumentality, domestic or foreign, that, individually or in the aggregate, could reasonably be expected to have a material adverse effect on the Purchaser. 

(e) Good and Marketable Title. The Seller owns and has good and marketable title to the Transferred Assets and free and clear of any
lien (other than the liens in favor of the Collateral Trustee for the benefit of the Secured Parties pursuant to the Indenture and inchoate liens arising by operation of law, Permitted Liens or any lien that will be released prior to or
contemporaneously with the applicable Conveyance) and there are no financing statements naming the Seller as debtor and covering the Transferred Assets other than any financing statements in favor of the Collateral Trustee for the benefit of the
Secured Parties pursuant to the Indenture, Permitted Liens or any lien that will be released prior to or contemporaneously with the Conveyance. 

  
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 (f) Backup Security Interest. In the event that, notwithstanding the intent of the
parties, the Conveyances hereunder shall be characterized as loans and not as sales, then: 
 (i) this Agreement creates a
valid and continuing lien and security interest on the Seller’s right, title and interest in and to the Transferred Assets in favor of the Purchaser and the Collateral Trustee, as assignee, for the benefit of the Secured Parties, which security
interest is validly perfected under Article 9 of the UCC (to the extent such security interest may be perfected by filing a UCC financing statement under such article), and is enforceable as such against creditors of and purchasers from the Seller;

 (ii) the Transferred Assets are comprised of interests in instruments, security entitlements, general intangibles,
accounts, certificated securities, uncertificated securities, securities accounts, deposit accounts, supporting obligations, insurance, investment property and proceeds (each as defined in the UCC) and such other categories of collateral under the
UCC as to which the Seller has complied with its obligations as set forth herein; 
 (iii) the Seller has received all
consents and approvals required by the terms of any Loan Asset to the sale and granting of a security interest in the Loan Assets hereunder to the Purchaser and the Collateral Trustee, as assignee on behalf of the Secured Parties; the Seller has
taken all necessary steps to file or authorize the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in that portion of the
Transferred Assets in which a security interest may be perfected by filing pursuant to Article 9 of the UCC as in effect in Delaware; 

(iv) none of the underlying promissory notes that constitute or evidence the Loan Assets has any marks or notations indicating
that they have been pledged, assigned or otherwise conveyed to any Person other than the Purchaser and the Collateral Trustee, as assignee on behalf of the Secured Parties; and 

(v) with respect to a Transferred Asset that constitutes a “certificated security,” such certificated security has
been delivered to the Collateral Trustee, or will be delivered to the Collateral Trustee and, if in registered form, has been specially Indorsed to the Collateral Trustee or in blank by an effective Indorsement or has been registered in the name of
the Collateral Trustee upon original issue or registration of transfer by the Seller of such certificated security, in each case, promptly upon receipt; provided that any file-stamped document,
promissory note and certificates relating to any Loan Asset shall be delivered as soon as they are reasonably available; and in the case of an uncertificated security, by (A) causing the Collateral Trustee to become the registered owner of such
uncertificated security and (B) causing such registration to remain effective. 
 (g) Fair Consideration; No Avoidance for Loan
Asset Payments. With respect to each Transferred Asset sold hereunder, the Seller sold such Transferred Asset to the Purchaser in exchange for payment, made in accordance with the provisions of this Agreement, in an amount which constitutes fair
consideration and reasonably equivalent value. Each such Conveyance referred to in the preceding sentence shall not have been made for or on account of an antecedent debt owed by the Seller to the Purchaser and, accordingly, no such sale is or may
be voidable or subject to avoidance under the Bankruptcy Code and the rules and regulations thereunder. 

  
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 (h) Adequate Capitalization; No Insolvency. As of such date it is, and after giving effect
to any Conveyance it will be, solvent and it is not entering into this Agreement or consummating any transaction contemplated hereby with any intent to hinder, delay or defraud any of its creditors. 

(i) True Sale. Each Transferred Asset sold hereunder shall have been sold by the Seller to the Purchaser in a “true sale.”

 (j) Notice to Agents and Obligors. The Seller will direct any agent, administrative agent or obligor for any Loan Asset included
in the Transferred Assets to remit all payments and collections with respect to such Loan Asset directly to the relevant Collection Account. 

(k) Proceeds. The Seller acknowledges that all Collections received by it or its Affiliates with respect to the Transferred Assets
(other than Excluded Amounts) (the “Proceeds”) Conveyed to the Purchaser are held and shall be held in trust for the benefit of the Purchaser and its assignees until deposited into the Interest Collection Subaccount or the
Principal Collection Subaccount. The Seller shall promptly remit to the Purchaser or the Purchaser’s designee any payment or any other sums relating to, or otherwise payable on account of, the Transferred Assets (other than Excluded Amounts)
that the Seller receives after the Closing Date. 
 ARTICLE V 

COVENANTS OF THE SELLER 
 
SECTION 5.1 Covenants of the Seller. The Seller hereby covenants and agrees with the Purchaser that, from the date hereof until the termination of this Agreement, unless the Purchaser otherwise consents in writing: 

(a) Deposit of Collections. The Seller shall transfer, or cause to be transferred, all Collections (if any) it receives in respect of
the Loan Assets (other than Excluded Amounts) to the Collateral Trustee promptly following the date such Collections are received by the Seller. 

(b) Books and Records. The Seller shall maintain proper books of record and account of the transactions contemplated hereby, in which
full, true and correct entries in conformity with GAAP consistently applied shall be made of all financial transactions contemplated hereunder. 

(c) Accounting of Purchases. Other than for consolidated accounting purposes, the Seller will not account for or treat the transactions
contemplated hereby in any manner other than as a sale of the Transferred Assets by the Seller to the Purchaser; provided that solely for federal income tax reporting purposes, the Purchaser is treated as a “disregarded entity” of
the sole owner of the Seller and, therefore, the Conveyance of Transferred Assets by the Seller to the Purchaser hereunder will not be recognized. 

  
 -10- 

 (d) Liens. The Seller shall not create, incur, assume or permit to exist any Lien on or
with respect to any of its rights in the Transferred Assets (other than the liens in favor of the Collateral Trustee for the benefit of the Secured Parties pursuant to the Indenture, Permitted Liens and any lien that will be released prior to or
contemporaneously with the applicable Conveyance). For the avoidance of doubt, this Section 5.1(d) shall not apply to any property retained by the Seller and not Conveyed or purported to be Conveyed hereunder. 

(e) Change of Name, Etc. The Seller shall not change its name, or name under which it does business, in any manner that would make any
financing statement or continuation statement filed by the Seller or Purchaser pursuant hereto (or by the Collateral Trustee on behalf of the Seller or Purchaser) or change its jurisdiction of organization, unless the Seller shall have given the
Purchaser at least 30 days prior written notice thereof, and shall promptly file appropriate amendments to all previously filed financing statements and continuation statements and, in the case of a change in jurisdiction, new financing statements.
The Seller shall do or cause to be done, all things necessary to preserve and keep in full force and effect its existence, its material rights and its material privileges, obligations, licenses and franchises for so long as any Participations remain
outstanding pursuant to Section 2.4. 
 (f) Sale Characterization. The Seller shall not make statements or
disclosures, or treat the transactions contemplated by this Agreement (other than for consolidated accounting purposes) in any manner other than as a true sale or absolute assignment of the title to and sole record and beneficial ownership interest
of the Transferred Assets Conveyed or purported to be Conveyed hereunder; provided that the Seller may consolidate the Purchaser and/or its properties and other assets for accounting purposes in accordance with GAAP if any consolidated
financial statements of the Seller contain footnotes that the Transferred Assets have been sold to the Purchaser. 
 (g) Expenses.
The Seller shall pay its operating expenses and liabilities from its own assets. 
 (h) Commingling. The Seller shall not, and shall
not permit any of its Affiliates to, deposit or permit the deposit of any funds that do not constitute Collections of any Loan Asset into the Interest Collection Subaccount or the Principal Collection Subaccount. 

ARTICLE VI 

MISCELLANEOUS PROVISIONS 

SECTION 6.1 Amendments, Etc. This Agreement and the rights and obligations of the parties hereunder
may not be amended, supplemented, waived or otherwise modified except in an instrument in writing signed by the Purchaser and the Seller and permitted under the Indenture; provided that the prior written consent of a Majority of the Controlling
Class is required with respect to any amendments or modifications that could have a Material Adverse Effect on the Holders of the Debt. Any reconveyance executed in accordance with the provisions hereof shall not be considered an amendment or
modification to this Agreement. 
 SECTION 6.2 Governing Law: Submission to Jurisdiction; Waiver of
Jury Trial. 

  
 -11- 

 (a) THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER (INCLUDING ANY CLAIMS
SOUNDING IN CONTRACT LAW OR TORT LAW ARISING OUT OF THE SUBJECT MATTER HEREOF AND ANY DETERMINATIONS WITH RESPECT TO POST-JUDGMENT INTEREST) SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK. 

(b) ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY PARTY ARISING OUT OF OR RELATING HERETO, OR ANY OF THE OBLIGATIONS, SHALL BE BROUGHT IN ANY
FEDERAL COURT OF THE UNITED STATES OF AMERICA SITTING IN THE BOROUGH OF MANHATTAN OR, IF THAT COURT DOES NOT HAVE SUBJECT MATTER JURISDICTION, IN ANY STATE COURT LOCATED IN THE CITY AND COUNTY OF NEW YORK. BY EXECUTING AND DELIVERING THIS AGREEMENT,
EACH PARTY, FOR ITSELF, IN CONNECTION WITH ITS PROPERTIES, IRREVOCABLY AND TO THE FULLEST EXTENT IT IS LEGALLY PERMITTED TO DO SO (A) ACCEPTS GENERALLY AND UNCONDITIONALLY THE EXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS; (B) WAIVES ANY
DEFENSE OF FORUM NON CONVENIENS; (C) AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO THE APPLICABLE PARTY AT ITS ADDRESS PROVIDED IN
ACCORDANCE WITH SECTION 6.3 AND (D) AGREES THAT SERVICE AS PROVIDED IN CLAUSE (C) ABOVE IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER THE APPLICABLE PARTY IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES
EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT. 
 (c) EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY
TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING HEREUNDER OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT OR THE PURCHASER/SELLER RELATIONSHIP THAT IS BEING ESTABLISHED. THE SCOPE OF THIS WAIVER IS INTENDED
TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.
EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN ITS
RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS
WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 6.2 AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY
TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THE LOANS MADE HEREUNDER. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE
COURT. 

  
 -12- 

 SECTION 6.3 Notices. All notices and other
communications provided for hereunder shall, unless otherwise stated herein, be in writing (including electronic communication) and shall be personally delivered or sent by certified or registered mail (return receipt requested), by overnight
delivery service (with all charges paid), by electronic mail (“e-mail”) or by hand delivery, to the intended party at the address of such party set forth below: 

 

	 	(a)	 in the case of the Purchaser, as provided under the Indenture; 

 

	 	(b)	 in the case of the Seller: 

CORE INCOME FUNDING I LLC 
 399
Park Avenue, 38th Floor 
 New York, New York 10022 

Attention: Bryan Cole 
 Email:

 Phone: 
 All such notices and
correspondence shall be deemed given (a) if sent by certified or registered mail, three (3) Business Days after being postmarked, (b) if sent by overnight delivery service or by hand delivery, when received at the above stated
addresses or when delivery is refused and (c) 
if sent by e-mail, when received. 
 SECTION 6.4 Severability
of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall for any reason whatsoever be held invalid, then such covenants, agreements, provisions, or terms shall be deemed severable from the
remaining covenants, agreements, provisions, or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement. 

SECTION 6.5 Further Assurances. The Purchaser and the Seller each agree that at any time and from
time to time, at its expense and upon reasonable request of the Collateral Trustee, it shall promptly execute and deliver all further instruments and documents, and take all reasonable further action, that is necessary or desirable to perfect and
protect the Conveyances and security interests granted or purported to be granted by this Agreement or to enable the Collateral Trustee or any of the Secured Parties to exercise and enforce its rights and remedies under this Agreement with respect
to any Transferred Assets. 
 SECTION 6.6 No Waiver; Cumulative Remedies. No failure to exercise
and no delay in exercising, on the part of the Purchaser, the Seller or the Collateral Trustee, any right, remedy, power or privilege hereunder, shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power
or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exhaustive of any rights,
remedies, powers and privilege provided by law. 

  
 -13- 

 SECTION 6.7 Counterparts. This Agreement may be
executed in two or more counterparts including telecopy transmission thereof (and by different parties on separate counterparts), each of which shall be an original, but all of which together shall constitute one and the same instrument. Delivery of
an executed counterpart of a signature page to this Agreement by facsimile or e-mail in portable document format (.pdf) shall be effective as delivery of a manually executed counterpart of this Agreement. The
parties agree that this Agreement may be electronically signed and that such electronic signatures appearing on the Agreement are the same as handwritten signatures for purposes of validity, enforceability and admissibility. 

SECTION 6.8 Non-Petition. The Seller covenants and
agrees that, prior to the date that is one year (or, if longer, any applicable preference period) and one day after the payment in full of all Debt (other than contingent reimbursement and indemnification obligations which are unknown, unmatured and
for which no claim has been made), no party hereto shall institute against, or join any other Person in instituting against, the Purchaser any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar
proceedings under any federal, state or foreign bankruptcy or similar law. This Section 6.8 shall survive termination of the Agreement. 

SECTION 6.9 Transfer of Seller’s Interest. With respect to each transfer of a
Transferred Asset, (a) the Purchaser shall, as to each Transferred Asset, be a party to the relevant underlying instruments and have the rights and obligations of a lender thereunder, and (b) the Seller shall, to the extent provided in
this Agreement, and the applicable underlying instruments, relinquish its rights and be released from its obligations, as to each Transferred Asset. The obligors or agents on the Transferred Asset were or will be notified of the transfer of the
Transferred Asset to the Purchaser to the extent required under the applicable underlying instruments. The Collateral Trustee will have possession of the related underlying instrument (including the underlying promissory notes, if any). 

SECTION 6.10 Binding Effect; Third-Party Beneficiaries
and Assignability. This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns. The Collateral Trustee, for the benefit of the Secured Parties, and the Collateral
Trustee are each intended by the parties hereto to be an express third-party beneficiary of this Agreement. Notwithstanding anything to the contrary contained herein, this Agreement may not be assigned by the
Purchaser or the Seller without the prior written consent of the Collateral Trustee. 
 SECTION 6.11
Merger and Integration. Except as specifically stated otherwise herein, this Agreement sets forth the entire understanding of the parties relating to the subject matter hereof, and all prior understandings, written or oral, are superseded by
this Agreement. 
 SECTION 6.12 Headings. The headings herein are for purposes of reference only
and shall not otherwise affect the meaning or interpretation of any provision hereof. 

  
 -14- 

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 -15- 

 IN WITNESS WHEREOF, the Purchaser and the Seller each have caused this Loan Sale Agreement to be
duly executed by their respective officers as of the day and year first above written. 
  

			
	 CORE INCOME FUNDING I LLC,

    as Seller

		
	By:	 	 /s/ Bryan Cole

		 	Name: Bryan Cole
		 	Title: Authorized Signatory
	
	 OWL ROCK CLO VIII, LLC,

    as Purchaser

		
	By:	 	 /s/ Donald J. Puglisi

		 	Name: Donald J. Puglisi
		 	Title: President

 [Signature Page to the Loan Sale Agreement] 

 Schedule A 

SCHEDULE OF LOAN ASSETS 

[see attached] 

 CORE INCOME FUNDING I LLC Asset Purchase October 21, 2022 

 

																	
	 Company
	  	Facility	 	 	Funded Par	 	  	Price	 	 	Cash Purchase Price	 
	 Alera Group, Inc.
	  	 	Initial Term Loan	 	 	$	10,000,000.00	 	  	 	97.93	% 	 	$	9,793,000.00	 
	 Associations, Inc.
	  	 	Term Loan A	 	 	$	9,325,000.00	 	  	 	99.00	% 	 	$	9,231,750.00	 
	 AxiomSL Group, Inc.
	  	 	Initial Term Loan	 	 	$	10,000,000.00	 	  	 	97.50	% 	 	$	9,750,000.00	 
	 BCPE Osprey Buyer, Inc.
	  	 	Initial Term Loan	 	 	$	10,000,000.00	 	  	 	97.00	% 	 	$	9,700,000.00	 
	 Conair Holdings, LLC
	  	 
 
	Initial Term Loan
 (Second Lien)
	 
  
	 	$	5,000,000.00	 	  	 	91.00	% 	 	$	4,550,000.00	 
	 Patriot Acquisition TopCo S.A.R.L
	  	 	Initial Term Loan	 	 	$	8,700,000.00	 	  	 	98.00	% 	 	$	8,526,000.00	 
	 Denali BuyerCo, LLC
	  	 	Initial Term Loan	 	 	$	10,000,000.00	 	  	 	97.75	% 	 	$	9,775,000.00	 
	 Global Music Rights, LLC
	  	 	Closing Date Term Loan	 	 	$	7,000,000.00	 	  	 	98.00	% 	 	$	6,860,000.00	 
	 IG Investments Holdings, LLC
	  	 	Closing Date Term Loan	 	 	$	8,000,000.00	 	  	 	97.50	% 	 	$	7,800,000.00	 
	 Individual Foodservice Holdings, LLC
	  	 	2021 Tranche B Term Loan	 	 	$	8,000,000.00	 	  	 	98.75	% 	 	$	7,900,000.00	 
	 The Shade Store, LLC
	  	 	Incremental Term Loan	 	 	$	8,000,000.00	 	  	 	97.00	% 	 	$	7,760,000.00	 
	 Shearer’s Foods, LLC
	  	 
 
	Refinancing Term Loan
 (First Lien)
	 
  
	 	$	10,000,000.00	 	  	 	92.63	% 	 	$	9,262,500.00	 
	 Lignetics Investment Corp.
	  	 	Initial Term Loan	 	 	$	9,000,000.00	 	  	 	96.25	% 	 	$	8,662,500.00	 
		  				 	  
	  
	 	  				 	  
	  
	 
	 Totals
	  				 	$	113,025,000.00	 	  				 	$	109,570,750.00EX-10.5

 Exhibit 10.5 

EXECUTION VERSION 

October 21, 2022 

OWL ROCK CLO VIII, LLC, 

as Borrower 
 STATE
STREET BANK AND TRUST COMPANY, 
 as Collateral Trustee and Loan Agent 

and 
 EACH OF THE CLASS A-L LENDERS PARTY HERETO 
  

 
 CLASS A-L LOAN AGREEMENT 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	1	 
			
	 Section 1.01.
	 	Defined Terms	  	 	1	 
			
	 Section 1.02.
	 	Terms Generally	  	 	3	 
			
	 Section 1.03.
	 	Conflict between Transaction Documents	  	 	3	 
		
	 ARTICLE II THE CLASS A-L LOANS

	  	 	4	 
			
	 Section 2.01.
	 	Commitments of the Class A-L Lenders	  	 	4	 
			
	 Section 2.02.
	 	Class A-L Loan Notes	  	 	4	 
			
	 Section 2.03.
	 	Principal; Interest Rate	  	 	5	 
			
	 Section 2.04.
	 	Establishment of Class A-L Loan Account; Distributions	  	 	5	 
			
	 Section 2.05.
	 	Loan Register	  	 	6	 
			
	 Section 2.06.
	 	Additional Class A-L Loans	  	 	7	 
			
	 Section 2.07.
	 	Conversion to Class A-T Notes	  	 	7	 
			
	 Section 2.08.
	 	No Gross Up	  	 	8	 
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES
	  	 	8	 
			
	 Section 3.01.
	 	Representations and Warranties	  	 	8	 
			
	 Section 3.02.
	 	Several Representations and Covenants of Each Class A-L Lender	  	 	9	 
		
	 ARTICLE IV CONDITIONS
	  	 	16	 
			
	 Section 4.01.
	 	Closing Date	  	 	16	 
		
	 ARTICLE V THE LOAN AGENT
	  	 	16	 
			
	 Section 5.01.
	 	Appointment	  	 	16	 
			
	 Section 5.02.
	 	Certain Duties and Responsibilities	  	 	16	 
			
	 Section 5.03.
	 	Compensation	  	 	16	 
			
	 Section 5.04.
	 	Resignation and Removal; Appointment of a Successor	  	 	17	 
			
	 Section 5.05.
	 	Acceptance of Appointment by Successor	  	 	18	 
			
	 Section 5.06.
	 	Loan Agent Criteria	  	 	19	 
		
	 ARTICLE VI CLASS A-L LOAN
 EVENT OF DEFAULT
	  	 	19	 
			
	 Section 6.01.
	 	Class A-L Loan Event of Default	  	 	19	 
			
	 Section 6.02.
	 	Rights Under Indenture; Remedies Cumulative	  	 	19	 
		
	 ARTICLE VII MISCELLANEOUS
	  	 	20	 
			
	 Section 7.01.
	 	Notices	  	 	20	 
			
	 Section 7.02.
	 	Waivers; Amendments	  	 	20	 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	Page	 
	 Section 7.03.
	 	Successors and Assigns	  	 	21	 
			
	 Section 7.04.
	 	Survival	  	 	22	 
			
	 Section 7.05.
	 	Counterparts; Integration; Effectiveness	  	 	22	 
			
	 Section 7.06.
	 	Severability	  	 	23	 
			
	 Section 7.07.
	 	Governing Law; Jurisdiction; Consent to Service of Process; Waiver of Jury Trial Right	  	 	23	 
			
	 Section 7.08.
	 	Benefits of Indenture	  	 	24	 
			
	 Section 7.09.
	 	Headings	  	 	24	 
			
	 Section 7.10.
	 	Recourse against Certain Parties	  	 	24	 
			
	 Section 7.11.
	 	Limited-Recourse Obligations	  	 	25	 
			
	 Section 7.12.
	 	Non-Petition	  	 	25	 
			
	 Section 7.13.
	 	Appointment of Collateral Trustee	  	 	26	 
			
	 Section 7.14.
	 	Acknowledgment of Indenture Provisions	  	 	26	 
			
	 Section 7.15.
	 	USA Patriot Act Notice	  	 	26	 
			
	 Section 7.16.
	 	Confidential Information	  	 	26	 

  

			
	SCHEDULE I	  	CLASS A-L LENDER INFORMATION
		
	EXHIBIT A	  	FORM OF ASSIGNMENT AND ACCEPTANCE
	EXHIBIT B	  	FORM OF CLASS A-L LOAN NOTE

  
 -ii- 

 CLASS A-L LOAN AGREEMENT, dated as of
October 21, 2022 (the “Closing Date”), (as amended, restated, supplemented or modified from time to time, this “Agreement”), among: 

(1) Owl Rock CLO VIII, LLC, a Delaware limited liability company (the “Borrower”); 

(2) each of the Class A-L Lenders party hereto; and 

(3) State Street Bank and Trust Company, a Massachusetts trust company, as agent for the Class A-L
Lenders (in such capacity, together with its successors in such capacity, the “Loan Agent”); and 
 (4) State Street Bank
and Trust Company, as Collateral Trustee (as defined herein). 
 WHEREAS, the Borrower and State Street Bank and Trust Company, as
collateral trustee (in such capacity, together with its permitted successors in such capacity, the “Collateral Trustee”), are party to an Indenture and Security Agreement, dated as of October 21, 2022 (as may be amended,
restated, modified or supplemented from time to time, the “Indenture”), pursuant to which the Borrower has authorized and issued the Securities (as defined in the Indenture); 

WHEREAS, the Borrower wishes to borrow from the Class A-L Lenders, and the Class A-L Lenders wish to lend to the Borrower, term loans under and in accordance with the terms set forth in this Agreement (the “Class A-L Loans”),
which loans shall constitute the Class A-L Loans outstanding hereunder and be evidenced by this Agreement and subject to the terms and conditions set forth in this Agreement and which loans will rank
pari passu with the Class A-F and the Class A-T Notes issued under (and as defined in) the Indenture; 

WHEREAS, the Borrower, under and in accordance with the terms of the Indenture, granted on the Closing Date to the Collateral Trustee, for the
benefit and security of the Class A-L Lenders and the other Secured Parties (as defined in the Indenture) specified therein, as their respective interests may appear, all of its right, title and interest
in, to all of the Collateral Obligations (as defined in the Indenture) and other Assets; and 
 NOW THEREFORE, in consideration of the
foregoing premises and the mutual agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 ARTICLE I 

DEFINITIONS 
 
Section 1.01. Defined Terms. Capitalized terms used but not defined herein shall have the respective meanings ascribed thereto in the Indenture. In the event of any inconsistency between the definition of any term as set forth herein
and the definition for such term as set forth in the Indenture, the definition for such term as set forth in the Indenture shall control. As used in this Agreement, the following terms shall have the meanings specified below: 

  
 1 

 “Additional Class A-L
Lender” has the meaning specified in Section 2.06(a). 
 “Additional Class A-L Loan” has the meaning specified in Section 2.06(a). 

“Additional Incurrence Date” means the date of issuance of any Additional
Class A-L Loans pursuant to Section 2.06. 
 “Assignment and
Acceptance” means an assignment and acceptance entered into by a Class A-L Lender and an assignee of such Class A-L Lender substantially in the form
of Exhibit A. 
 “Business Day” means any day other than (i) a Saturday or a Sunday or (ii) a day on which
commercial banks are authorized or required by applicable law, regulation or executive order to close in New York, New York or in the city in which the principal Corporate Trust Office of the Collateral Trustee or the Loan Agent is located or, for
any final payment of principal, in the relevant place of presentation. 
 “Class A-L
Lenders” means each Person who is a lender hereunder (including any Additional Class A-L Lender) or who becomes a lender hereunder by virtue of assignment via an Assignment and Acceptance. 

“Class A-L Loan” has the meaning specified in the Recitals. For the avoidance of
doubt, references to “Class A-L Loans” include any Additional Class A-L Loans. 

“Class A-L Loan Event of Default” has the meaning specified in
Section 6.01. 
 “Class A-L Loan Note” means a note
signed by the Borrower substantially in the form of Exhibit B. 
 “Collateral Manager” means Owl Rock Capital
Advisors LLC, a Delaware limited liability company, until a successor Person shall have become the Collateral Manager pursuant to the provisions of the Collateral Management Agreement, and thereafter “Collateral Manager” shall mean such
successor Person. 
 “Conforming Amendment” means (a) an amendment to this Agreement to make corresponding changes to
this Agreement to reflect any changes to the Indenture effected pursuant to Article VIII of the Indenture and (b) amendments to remove conflicts or inconsistencies with the Indenture as determined by the Collateral Manager. 

“Conversion Date” has the meaning specified in Section 2.07(a). 

“Default” means any condition or event that constitutes a Class A-L Loan Event
of Default or that, with the giving of notice or lapse of time or both, would, unless cured or waived, become a Class A-L Loan Event of Default. 

“Eligible Account Bank” means a financial institution (x) having combined capital and surplus of at least
U.S.$200,000,000 and (y)(a) that is a federal or state-chartered depository institution has a rating of at least “A” and “A-1” by S&P (or at
least “A+” by S&P if such institution 

  
 2 

 
has no short-term rating) and is subject to regulations regarding fiduciary funds on deposit similar to Title 12 of the Code of Federal Regulations Section 9.10(b) or (b) in segregated
trust accounts with the corporate trust department of a federal or state-chartered deposit institution subject to regulations regarding fiduciary funds on deposit similar to Title 12 of the Code of Federal
Regulation Section 9.10(b) that has a rating of at least “A” and “A-1” by S&P (or at least “A+” by S&P if such institution has no short-term rating). 

“Governmental Authority” means the government of the United States or any other nation, or of any political subdivision
thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining
to government (including any supra-national bodies such as the European Union or the European Central Bank). 
 “Loan
Agent” has the meaning specified in the Recitals. 
 “Loan Register” and “Loan Registrar” have
the respective meanings specified in Section 2.05(a). 
 “Transaction Parties” means the
Borrower, the Collateral Administrator, the Retention Holder, Placement Agent, ORCIC, ORCIC Financing Subsidiary, the Collateral Trustee, the Collateral Manager and the Loan Agent. 

Section 1.02. Terms Generally. The definitions of terms herein shall apply equally to the singular
and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed
to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise, (a) any definition of or
reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such
amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein,” “hereof” and
“hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof and (d) all references herein to Articles, Sections, Exhibits and Schedules shall be
construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement. 

Section 1.03. Conflict between Transaction Documents. If there is any conflict between this Agreement
and the Indenture or any other Transaction Document, this Agreement, the Indenture and such other Transaction Document shall be interpreted and construed, if possible, so as to avoid or minimize such conflict but, to the extent (and only to the
extent) of such conflict, the Indenture shall prevail and control and in any other case this Agreement shall prevail and control. It is understood and agreed that matters under the Indenture that require the consent of, or any act by, all or any
portion of the Class A Debt (as a whole, as opposed to the Class A-L Lenders alone) shall be governed exclusively by the Indenture (including as amended or supplemented from time to time),
notwithstanding the fact that such matters are also addressed herein. The parties hereto acknowledge that the Class A-L Loans made under this Agreement are the “Class
A-L Loan” referred to in the Indenture. 

  
 3 

 ARTICLE II 

THE CLASS A-L LOANS 

Section 2.01. Commitments of the Class A-L
Lenders. 
 (a) Subject to the terms and conditions set forth in Section 4.01 herein, each Class A-L Lender as of the Closing Date agrees to make a Class A-L Loan to the Borrower on the Closing Date in an amount equal to the amount set forth opposite such Class A-L Lender’s name on Schedule I attached hereto. The initial aggregate principal amount of all Class A-L Loans made hereunder shall be U.S.$30,000,000. On
the Closing Date, the initial aggregate principal amount of all Class A-L Loans shall be wired to the Class A-L Loan Account in accordance with the wiring
instructions set forth on Schedule 1 attached hereto. In addition, on any Additional Incurrence Date, each Class A-L Lender with respect to Additional
Class A-L Loans shall fund its Class A-L Loan in the applicable amount. No amount borrowed and consequently repaid or prepaid hereunder can be re-borrowed. 
 (b) Subject to the terms and conditions set forth in Section 3.01
herein, each Class A-L Lender shall fund its Class A-L Loans by wire transfer of immediately available funds by 10:00 a.m., New York time, on each applicable
Additional Incurrence Date in accordance with the wiring instructions and to the account set forth on Schedule I attached hereto. 
 
Section 2.02. Class A-L Loan Notes. 
 (a) The Borrower shall, if requested by any Class A-L Lender, (i) sign a Class A-L Loan Note in the name of such Class A-L Lender, dated the Closing Date or
applicable Additional Incurrence Date and (ii) deliver such Class A-L Loan Note to the Loan Agent on behalf of such Class A-L Lender for delivery by the
Loan Agent to such Class A-L Lender. 
 (b) Notwithstanding anything to the contrary contained
above in this Section 2.02 or elsewhere in this Agreement, Class A-L Loan Notes shall be delivered only to Class A-L Lenders that at
any time specifically request the delivery of such Class A-L Loan Notes. No failure of any Class A-L Lender to request or obtain a Class A-L Loan Note evidencing its Class A-L Loans to the Borrower shall affect or in any manner impair the obligations of the Borrower to pay the Class A-L Loans incurred by the Borrower that would otherwise be evidenced thereby in accordance with the requirements of this Agreement, and shall not in any way affect the security therefor provided pursuant
to the Indenture. At any time (including, without limitation, to replace any Class A-L Loan Note that has been destroyed or lost) when any Class A-L Lender
requests the delivery of a Class A-L Loan Note to evidence any of its Class A-L Loans, the Borrower shall promptly execute and deliver to such Class A-L Lender the requested Class A-L Loan Note in the appropriate amount or amounts to evidence such Class A-L
Loans; provided that, in the case of a substitute or replacement Class A-L Loan Note, the Borrower shall have received from such requesting Class A-L
Lender (i) an affidavit of loss or destruction and (ii) a customary lost/destroyed Class A-L Loan Note indemnity, in each case, in form and substance reasonably acceptable to the Borrower and
such requesting Class A-L Lender, and duly executed by such requesting Class A-L Lender. 

  
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 (c) As a condition to the repayment in full of any
Class A-L Loans, the Loan Agent or the Collateral Trustee may require the related Class A-L Lender to present and surrender its
Class A-L Loan Note on or prior to such repayment; provided that if the Borrower shall have received (i) an affidavit of loss or destruction or an undertaking thereafter to surrender such Class A-L Loan Note and (ii) a customary lost/destroyed Class A-L Loan Note indemnity, in each case, in form and substance reasonably acceptable to the Borrower
and such requesting Class A-L Lender, and duly executed by such requesting Class A-L Lender, then such final payment shall be made without presentation or
surrender. 
 Section 2.03. Principal; Interest Rate. 

(a) Principal of the Class A-L Loans, including mandatory and optional principal prepayments,
shall be paid by the Borrower in part or in whole at the times and in the manner set forth in the Indenture, including (x) in connection with the Borrower’s repayment of such Debt pursuant to Section 2.8 of the Indenture, (y) in
connection with a repayment, Redemption, Re-Pricing or Refinancing of the Class A-L Loans pursuant to Article IX of the Indenture, or (z) otherwise, in
accordance with the Priority of Payments. Unless earlier repaid, the Class A-L Loans shall mature, and the remaining principal amount thereof shall be due and payable in full, on the Stated Maturity. 

(b) Interest shall accrue on each Class A-L Loan or portion thereof which remains unpaid at the
applicable Interest Rate (which as of the Closing Date, is the Benchmark for such Interest Accrual Period plus the spread specified in Section 2.3 of the Indenture) and shall be due and payable at the times and in the manner set forth in the
Indenture. 
 (c) Each repayment, redemption, and prepayment of a Loan shall be subject to the terms of the Indenture (including the
subordination provisions set forth in Article XIII thereof and the Priority of Payments set forth in Section 
11.1 thereof). 
 Section 2.04. Establishment of
Class A-L Loan Account; Distributions. 
 (a) The Loan Agent has established,
prior to the Closing Date, a single, segregated non-interest bearing account in the name of State Street Bank and Trust Company, as Collateral Trustee, for the benefit of the
Class A-L Lenders, which was designated as the “Class A-L Loan Account” and which shall be governed solely by the terms of this Agreement. Such
account shall be held in trust in the name of the Collateral Trustee for the benefit of the Class A-L Lenders and the Collateral Trustee shall have exclusive control over such account, subject to the Loan
Agent’s right to give instructions specified herein. Any and all funds at any time on deposit in, or otherwise to the credit of, the Class A-L Loan Account shall be held in trust by the Collateral
Trustee for the benefit of the Class A-L Lenders. The only permitted withdrawal from or application of funds on deposit in, or otherwise to the credit of, the
Class A-L Loan Account shall be to pay the interest on and the principal of the Class A-L Loans in accordance with the provisions of this Agreement and the
Indenture. The Loan Agent agrees to give the Borrower, the Collateral Trustee and the Class A-L Lenders prompt notice if a Trust Officer of it receives notice that the

  
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Class A-L Loan Account or any funds on deposit therein, or otherwise to the credit of the Class A-L Loan
Account, shall become subject to any writ, order, judgment, warrant of attachment, execution or similar process. The Class A-L Loan Account shall remain at all times with an Eligible Account Bank. 

(b) On each Payment Date on which amounts are deposited into the Class A-L Loan Account for
distribution to the Class A-L Lenders pursuant to Section 11.1 of the Indenture, the Loan Agent shall distribute such amounts to the Class A-L Lenders,
pro rata, allocated based on amounts due thereto. 
 Section 2.05. Loan Register. 

(a) The Borrower shall cause to be kept a register (the “Loan Register”) at the office of the Loan Agent, acting solely for
this purpose as a non-fiduciary agent of the Borrower, in which, subject to such reasonable procedures as it may prescribe, the Borrower shall provide for the recording and registering of the following
information with respect to each Class A-L Lender: 
 (i) the name, notice
details, wiring instructions and taxpayer identification number of such Class A-L Lender, together with the names of the authorized representatives of such
Class A-L Lender and their mailing address, electronic mail address, telephone and facsimile numbers; 

(ii) the Aggregate Outstanding Amount of (and stated interest thereon) Class A-L
Loans funded or otherwise held by such Class A-L Lender; and 
 (iii) the
Closing Date or applicable Additional Incurrence Date with respect to the Class A-L Loans of such Class A-L Lender. 

The Loan Agent is hereby appointed “Loan Registrar” for the purpose of registering and recording the information described in
clauses (i), (ii) and (iii) above. 
 The Loan Agent shall update the information contained in the Loan Register upon (i) the
transfer of any Class A-L Loan, (ii) the funding of any Additional Class A-L Loan and (iii) the receipt of written notice from the Borrower or the
applicable Class A-L Lender confirming a change in the notice details or the authorized representatives of any Class A-L Lender. 

Absent manifest error, the information contained in the Loan Register will be conclusive evidence of the rights and obligations of each Class A-L Lender with respect to the Class A-L Loans held by such Class A-L Lender and each party hereto shall treat
each person whose name is recorded in the Loan Register pursuant to the terms hereof as a Class A-L Lender hereunder for all purposes of this Agreement. 

On the Closing Date, on the date of each amendment hereto and from time to time upon request from the Notes Registrar under the Indenture, the
Loan Registrar shall provide to the Collateral Trustee, the Notes Registrar, the Borrower or the Collateral Manager, a copy of the information contained in the Loan Register and, upon request at any time by a
Class A-L Lender, the Loan Registrar shall provide such Class A-L Lender a copy of the information contained in the Loan Register relating to the Class A-L Loans held by such Class A-L Lender. 

  
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 Section 2.06. Additional Class A-L Loans. 
 (a) On any Business Day during the Reinvestment Period and upon satisfaction of the
conditions to such incurrence set forth in Section 2.4 of the Indenture, the Borrower may incur additional Class A-L Loans hereunder (each an “Additional Class A-L Loan”). The existing Class A-L Lenders shall have the first opportunity to make each Additional Class A-L
Loan in such amounts as are necessary to preserve (as closely as reasonably practicable taking into consideration minimum denomination requirements) their pro rata holdings of Class A-L Loans or, if they
decline, additional Persons (each an “Additional Class A-L Lender”) may deliver a signature page and become Class A-L Lenders
for all purposes hereunder. 
 (b) Any Additional Class A-L Loans issued pursuant to this
Section 2.06 shall constitute Class A-L Loans for all purposes hereunder and under the Indenture and shall be subject to the terms of this Agreement and the Indenture as if such
Additional Class A-L Loans had been incurred on the Closing Date, except that (for the avoidance of doubt) interest shall accrue with respect to any Additional
Class A-L Loans from the applicable Additional Incurrence Date, the spread or fixed rate of interest on such Additional Class A-L Loans (after giving effect to
any original issue discount) of such Secured Debt may be lower (or higher) than those of the initial Class A-L Loans, the CUSIP numbers (if any), date of issuance and price of such Additional Class A-L Loans do not have to be identical to those of the initial Class A-L Loans and the Non-Call Period for such
Additional Class A-L Loans may differ. 
 Section 2.07.
Conversion to Class A-T Notes. 
 (a) Upon written notice from 100% of the Class A-L Lenders to the Loan Agent, the Collateral Trustee, S&P and the Borrower, the Class A-L Lenders may elect a Business Day (such Business Day, the
“Conversion Date”) upon which all, but not less than all, of the Aggregate Outstanding Amount of the Class A-L Loans shall be converted into
Class A-T Notes subject to and in accordance with the provisions of Section 2.14 of the Indenture and this Agreement; provided that (x) the Conversion Date shall be no earlier than the
fifth Business Day following the date such notice is delivered (or such later date as may be reasonably agreed to by the Class A-L Lenders, the Loan Agent and the Collateral Trustee) and may not be
between a Record Date and the related Payment Date or Redemption Date, as applicable and (y) the conversion option may only be exercised if the entire Aggregate Outstanding Amount of the Class A-L
Loans will be converted into Class A-T Notes. 
 (b) Upon satisfaction of the conditions
specified in Section 2.14(b) of the Indenture and this Agreement, the Loan Agent shall cause the Class A-L Loans to be cancelled, record the conversion in the Loan Register and shall notify the
Collateral Trustee, who shall approve the instructions at DTC, concurrently with such cancellation, to credit or cause to be credited to the securities account of each applicable Person specified in such instructions a beneficial interest in the
applicable Class A-T Note equal to the principal amount of the Class A-L Loans converted. 

  
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 (c) Upon satisfaction of the requirements specified above, the
Class A-L Loans will cease to be Outstanding and will be deemed to have been repaid in full for all purposes under the Indenture and this Agreement. On the Conversion Date, the Aggregate Outstanding
Amount of the Class A-T Notes will be increased by the current outstanding principal amount of the Class A-L Loans so converted. Interest accrued on the Class A-L Loans since the prior Payment Date (or the Closing Date or Additional Incurrence Date, as applicable, if no Payment Date has occurred since such date) will, as of the Conversion Date, be deemed to
have been Outstanding on the corresponding Class A-T Notes since such prior Payment Date (or the Closing Date or Additional Incurrence Date, as applicable, if no Payment Date has occurred since such date)
and will thereafter accrue at the Interest Rate applicable to the Class A-T Notes. For the avoidance of doubt, (x) not less than all of the Aggregate Outstanding Amount of the Class A-L Loans may be converted into Class A-T Notes and, once exercised, the conversion option may not be exercised again and (y) neither Class A-T Notes nor any other Securities may be converted into Class A-L Loans. 

Section 2.08. No Gross Up. The Borrower shall not be obligated to pay any additional amounts to the Class A-L Lenders or beneficial owners of the Class A-L Loans as a result of any withholding or deduction for, or on account of, any present or future taxes, duties,
assessments or governmental charges imposed on payments in respect of the Class A-L Loans. 

ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

Section 3.01. Representations and Warranties. 

(a) The Borrower represents and warrants to the Class A-L Lenders, the Loan Agent, the Collateral
Manager and the Collateral Trustee that: 
 (i) The Borrower is a limited liability company, duly formed and validly existing
and in good standing under the law of the State of Delaware. 
 (ii) [Reserved]. 

(iii) It has the power to execute and deliver this Agreement and the Indenture and to perform its obligations under this
Agreement and the Indenture and has taken all necessary action to authorize such execution, delivery and performance. 
 (iv)
Assuming (A) that all representations and warranties of the Class A-L Lenders in this Agreement are true and correct and assuming compliance by each such
Class A-L Lender with applicable transfer restriction provisions and other provisions herein and in the Indenture and (B) that all representations and warranties of all of the holders of the Notes in
the Indenture (whether deemed or delivered in any representation letter required under the Indenture) are true and correct and assuming compliance by each holder of Notes with applicable transfer restriction provisions and other provisions in the
Indenture, (x) such execution, delivery and performance do not violate or conflict with any law applicable to it, any provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to it
or any of its assets or any contractual restriction binding on or affecting it or any of its assets, (y) all 

  
 8 

 
governmental and other consents that are required to have been obtained by it with respect to the execution, delivery and performance of this Agreement and the Indenture have been obtained and
are in full force and effect and all conditions of any such consents have been complied with, and (z) it is not required to register as an investment company under the Investment Company Act of 1940, as amended. 

(v) Its obligations under this Agreement and the Indenture constitute its legal, valid and binding obligations, enforceable
against it in accordance with their respective terms (subject to applicable bankruptcy, reorganization, winding up, insolvency, moratorium or other similar laws affecting creditors’ rights generally and subject, as to enforceability, to
equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)). 
 (b) The
Loan Agent hereby represents and warrants that: 
 (i) the Loan Agent is duly organized and validly existing under the laws
of its jurisdiction of formation, with power and authority to execute, deliver and perform its obligations hereunder and under the Indenture, and is duly eligible and qualified to act as Loan Agent hereunder and under the Indenture; 

(ii) each of this Agreement and the Indenture has been duly authorized, executed and delivered by the Loan Agent, and
constitutes the valid and binding obligation of the Loan Agent, enforceable against it in accordance with its terms except (A) as limited by bankruptcy, fraudulent conveyance, fraudulent transfer, insolvency, reorganization, liquidation,
receivership, moratorium or other similar laws now or hereafter in effect relating to creditors’ rights generally and by general equitable principles, regardless of whether considered in a proceeding in equity or at law, and (B) that the
remedy of specific performance and injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceeding therefore may be brought; and 

(iii) neither the execution or delivery by the Loan Agent of this Agreement or the Indenture, nor performance by the Loan Agent
of its obligations hereunder and thereunder requires the consent or approval of, the giving notice to or the registration or filing with, any Governmental Authority or agency under any existing law governing the Loan Agent which has not been
obtained. 
 Section 3.02. Several Representations and Covenants of Each Class A-L Lender. Each Class A-L Lender severally represents and warrants (as to itself only) to the Borrower, the Loan Agent, the Collateral Manager and the
Collateral Trustee, as of the date hereof, as of the date each transferee becomes a Class A-L Lender in accordance with Section 7.03 hereof and as of the date of each Class A-L Loan, and covenants as follows: 
 (a) It has the power to execute and deliver this
Agreement and to perform its obligations under this Agreement and has taken all necessary action to authorize such execution, delivery and performance. 

  
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 (b) Its obligations under this Agreement constitute its legal, valid and binding obligations,
enforceable against it in accordance with their respective terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors’ rights generally and subject, as to enforceability, to equitable
principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)). 
 (c) Its execution
and delivery of this Agreement and its performance of its obligations hereunder do not violate or conflict with any law applicable to it, any provision of its constitutional documents, any order or judgment of any court or other agency of government
applicable to it or any of its assets or any contractual restriction binding on or affecting it or any of its assets, except in each case for any violation or conflict as would not have a material and adverse effect on its performance of its
obligations hereunder. 
 (d) Such Class A-L Lender is capable of evaluating the merits and
risks of an investment in the Debt. Such Class A-L Lender is able to bear the economic risks of an investment in the Debt, including the loss of all or a substantial part of its investment under certain
circumstances. Such Class A-L Lender has had access to such information concerning Transaction Parties and the Debt as it deems necessary or appropriate to make an informed investment decision, including
an opportunity to ask questions and receive information from the Transaction Parties or any of their respective Affiliates, and it has received all information that it has requested concerning its purchase of the Debt. Such Class A-L Lender has, to the extent it deems necessary, consulted with its own legal, regulatory, tax, business, investment, financial and accounting advisers (its “Advisors”) with respect to
its purchase of the Debt. 
 (e) Such Class A-L Lender agrees that in connection with its
purchase of the Debt that (A) none of the Transaction Parties or any of their respective Affiliates is acting as a fiduciary or financial or investment adviser for such Class A-L Lender;
(B) such Class A-L Lender is not relying (for purposes of making any investment decision or otherwise) upon any advice, counsel or representations (whether written or oral) of the Transaction Parties
or any of their respective Affiliates other than any statements in the Offering Circular (if any), and such beneficial owner has read and understands the Offering Circular; (C) such Class A-L Lender
has consulted with its own legal, regulatory, tax, business, investment, financial and accounting advisers to the extent it has deemed necessary and has made its own investment decisions (including decisions regarding the suitability of any
transaction pursuant to this Agreement or the Indenture) based upon its own judgment and upon any advice from such advisers as it has deemed necessary and not upon any view expressed by the Transaction Parties or any of their respective Affiliates.

 (f) Either: 

(i) (x) such Class A-L Lender understands that the Debt is offered to and
purchased by it in an offshore transaction not involving any public offering in the United States, in reliance on the exemption from registration provided by Regulation S, and that the Debt will not be registered or qualified under the Securities
Act or any state securities laws, (y) such Class A-L Lender is not a U.S. Person or U.S. resident for purposes of the Investment Company Act and (z) such
Class A-L Lender is a Qualified Purchaser; or 

  
 10 

 (ii) (x) such Class A-L Lender
understands that the Debt is offered to and purchased by it in a transaction not involving any public offering in the United States, in reliance on the exemption from registration provided by Rule 144A, and that the Debt will not be registered or
qualified under the Securities Act or any state securities laws and (y) such Class A-L Lender is both a Qualified Institutional Buyer and a Qualified Purchaser, but is: 

(A) not a dealer of the type described in paragraph (a)(1)(ii) of Rule 144A unless it, as applicable, owns and invests on a
discretionary basis not less than $25,000,000 in securities of non-affiliated issuers of the dealer; and 

(B) not a participant-directed employee plan (such as a 401(k) plan), or any other type of plan referred to in paragraph
(a)(1)(i)(D) or (a)(1)(i)(E) of Rule 144A, or a trust fund referred to in paragraph (a)(1)(i)(F) of Rule 144A that holds the assets of such a plan, unless investment decisions with respect to such plan are made solely by the fiduciary, trustee or
sponsor of such plan and not by beneficiaries of the plan. 
 (g) Such Class A-L Lender is
acquiring the Debt solely as principal for its own account for investment and not for sale in connection with any distribution thereof. Such Class A-L Lender and each such account was not formed solely
for the purpose of investing in the Debt and is not a (i) partnership, (ii) common trust fund or (iii) special trust, pension fund or retirement plan in which the partners, beneficiaries or participants, as applicable, may designate the
particular investments to be made. Such Class A-L Lender agrees that it will not hold such Debt for the benefit of any other person and will be the sole beneficial owner thereof for all purposes and that,
except pursuant to a written agreement with the Borrower requiring compliance with the provisions of the Indenture and this Agreement applicable to the transfer of an interest in such Debt, it will not sell participation interests in the Debt or
enter into any other arrangement pursuant to which any other person will be entitled to a beneficial interest in the distributions on the Debt and further that the Debt purchased directly or indirectly by it constitute an investment of no more than
40% of such Class A-L Lender’s assets. Such Class A-L Lender understands that neither the Borrower, nor the pool of Assets has been registered under the
Investment Company Act, and that the Borrower is exempt from registration as such by virtue of Section 3(c)(7) of the Investment Company Act. 

(h) Such Class A-L Lender is not purchasing the Debt with a view to the resale, distribution or
other disposition thereof in violation of the Securities Act. Such Class A-L Lender will not, at any time, offer to buy or offer to sell the Debt by any form of general solicitation or advertising,
including, but not limited to, any advertisement, article, notice or other communication published in any newspaper, magazine or similar medium or broadcast over television or radio or seminar or meeting whose attendees have been invited by general
solicitations or advertising. 
 (i) Such Class A-L Lender understands that any transfer of any
interest in the Debt may be made only pursuant to an exemption from registration or qualification under the Securities Act and any applicable state or foreign securities laws and in compliance with the transfer restrictions set forth in the
Indenture. In addition: 

  
 11 

 (i) Rule 144A Global Notes may not at any time be held by or on behalf of persons
that are not both Qualified Institutional Buyers and Qualified Purchasers. Before any interest in a Rule 144A Global Note may be resold, pledged or otherwise transferred to a Person who takes delivery in the form of an interest in a Regulation S
Global Note, the transferor will be required to provide the Notes Registrar with a certificate in the form of Exhibit B-1 attached to the Indenture stating that the transfer of such interest has been made in
compliance with the transfer restrictions applicable to the Global Notes including that the transferee is not a U.S. person (as defined in Regulation S), is a Qualified Purchaser and is acquiring such interest in an offshore transaction pursuant to
and in accordance with Regulation S. 
 (ii) Regulation S Global Notes may not at any time be held by or on behalf of U.S.
Persons that are also Qualified Purchasers. Before any interest in a Regulation S Global Note may be resold, pledged or otherwise transferred to a person who takes delivery in the form of an interest in a Rule 144A Global Note, the transferor will
be required to provide the Notes Registrar with a certificate in the form of Exhibit B-2 attached to the Indenture stating, among other things, that the transferor reasonably believes that the Person acquiring
such interest in a Rule 144A Global Note is both a Qualified Institutional Buyer and a Qualified Purchaser, obtaining such beneficial interest in a transaction meeting the requirements of Rule 144A and in accordance with any applicable securities
laws of any state of the United States or any other jurisdiction. 
 (iii) Before any interest in Notes may be resold,
pledged or otherwise transferred to a Person that will hold an interest in a Certificated Secured Note, the transferee will be required to provide the Collateral Trustee with a certificate in the form of Exhibit
B-3 attached to the Indenture. 
 (j) Such Class A-L
Lender is not a member of an “expanded group” (as defined in Treasury regulations section 1.385-1(c)(4)) with respect to which a beneficial owner of Preferred Shares is a “covered member”
(as defined in Treasury regulations section 1.385-1(c)(2)), except to the extent that the Borrower or its agents have provided such beneficial owner with an express waiver of this representation. 

(k) With respect to the Class A-L Loans, (a) if it is, or is acting on behalf of, a Benefit
Plan Investor, its acquisition, holding and disposition of such Debt (or any interest therein) will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or
Section 4975 of the Code, and (b) if it is a governmental, church, non-U.S. or other plan which is subject to any Other Plan Law, its acquisition, holding and disposition of such Debt (or any
interest therein) will not constitute or result in a violation of any such Other Plan Law. If such Person is, or is acting on behalf of, a Benefit Plan Investor, (x) none of the Borrower, the Placement Agent, the Collateral Trustee, the Loan
Agent, the Collateral Manager or any of their respective affiliates has provided any investment recommendation or investment advice on which it, or any Plan Fiduciary, has relied as a primary basis in connection with its decision to invest in the
Debt, and they are not otherwise undertaking to act as a fiduciary, as defined in Section 3(21) of ERISA or Section 4975(e)(3) of the Code, to the Benefit Plan Investor or the Plan Fiduciary in connection with the Benefit Plan
Investor’s acquisition of the Debt and (y) the Plan Fiduciary is exercising its own independent judgment in evaluating the investment in the Debt. 

  
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 Such Class A-L Lender understands that the
representations made in this Section 3.02 will be deemed to be made on each day from the date that such Class A-L Lender acquires an interest in the Debt until the date it has
disposed of its interests in such Debt. In the event that any representation in this Section 3.02 becomes untrue, such Class A-L Lender will immediately notify the Loan Agent
(or, after the Conversion Date, the Collateral Trustee). 
 (l) Such Class A-L Lender will
provide notice to each Person to whom it proposes to transfer any interest in the Class A-L Loans of the transfer restrictions and representations set forth in this Section 3.02, Section 2.6 of
the Indenture and Section 2.13 of the Indenture, including the Exhibits referenced therein. 
 (m) Such
Class A-L Lender agrees to treat the Class A-L Loans as indebtedness for all U.S. federal, state and local income tax purposes and will take no action
inconsistent with such treatment unless required by law. Either (x) its principal place of business is not located within any Federal Reserve District or (y) it has satisfied and will satisfy any applicable registration or other
requirements of the FRB, including, without limitation, Regulation U, in connection with its acquisition of the Securities. 
 (n) Such Class A-L Lender will timely furnish the Borrower, the Collateral Trustee or their respective agents with any tax forms or certifications (including, without limitation, an IRS Form W-9 or an applicable IRS Form W-8 (together with all applicable attachments), or any successors to such IRS forms, that the Borrower, the Collateral Trustee or their
respective agents reasonably request in order to (A) make payments to the beneficial owner without, or at a reduced rate of, withholding, (B) qualify for a reduced rate of withholding in any jurisdiction from or through which they receive
payments, and (C) satisfy reporting and other obligations under the Code, Treasury regulations, or any other applicable law or regulation, and will update or replace such tax forms or certifications in accordance with their terms or subsequent
amendments. Such beneficial owner acknowledges that the failure to provide, update or replace any such tax forms or certifications may result in the imposition of withholding or back-up withholding on payments
to the beneficial owner, or to the Borrower. Amounts withheld by the Borrower or its agents that are, in their sole judgment, required to be withheld pursuant to applicable tax laws will be treated as having been paid to such beneficial owner by the
Borrower. Amounts withheld pursuant to applicable tax laws will be treated as having been paid to it by the Borrower. 
 (o) Such Class A-L Lender will represent or deemed to represent that, if it is not a United States person for U.S. federal income tax purposes, it: (A) is (1) not a bank (or an entity affiliated with a bank)
extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business (within the meaning of Section 881(c)(3)(A) of the Code); (2) not a “10 percent shareholder” with respect to the holder or
any beneficial owners of the Preferred Shares within the meaning of Section 871(h)(3) or Section 881(c)(3)(B) of the Code; and (3) not a “controlled foreign corporation” that is related to the holder or any beneficial owners
of the Preferred Shares within the meaning of section 881(c)(3)(C) of the Code; (B) has provided an IRS Form W-8ECI representing that all payments received or to be received by it from the Borrower are
effectively connected with its conduct of a trade or business in the United States and includible in its gross income; or (C) is eligible for benefits under an income tax treaty with the United States that eliminates U.S. federal income
taxation of payments on the Debt. Such Class A-L Lender will be required or deemed to agree to provide the Borrower and the Collateral Trustee with certifications necessary to establish that it is not subject
to withholding tax under FATCA. 

  
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 (p) Such Class A-L Lender will provide the Borrower
or its agents with any correct, complete and accurate information or documentation that may be required for the Borrower to comply with FATCA and the CRS and to prevent the imposition of U.S. federal withholding tax under FATCA on payments to or for
the benefit of the Borrower. In the event such Holder fails to provide such information or documentation, or to the extent that its ownership of Debt would otherwise cause the Borrower to be subject to any tax under FATCA, (A) the Borrower (and
any agent acting on its behalf) is authorized to withhold amounts otherwise distributable to the investor as compensation for any amounts withheld from payments to or for the benefit of the Borrower as a result of such failure or such ownership, and
(B) to the extent necessary to avoid an adverse effect on the Borrower as a result of such failure or such ownership, the Borrower will have the right to compel the investor to sell its Debt and, if such person does not sell its Debt within 10
Business Days after notice from the Borrower or its agents, the Borrower will have the right to sell such Debt at a public or private sale called and conducted in any manner permitted by law, and to remit the net proceeds of such sale (taking into
account, in addition to other related costs and charges, any taxes incurred by the Borrower in connection with such sale) to such person as payment in full for such Debt. The Borrower may also assign each such Debt a separate securities identifier
in the Borrower’s sole discretion. Each Holder agrees that the Borrower, the Collateral Trustee and/or their agents or representatives may (1) provide any information and documentation concerning its investment in its Debt to the U.S.
Internal Revenue Service and any other relevant tax authority and (2) take such other steps as they deem necessary or helpful to ensure that the Borrower complies with FATCA and the CRS. 

(q) Such Class A-L Lender understands that such Debt is being offered only in a transaction not
involving any public offering in the United States within the meaning of the Securities Act, such Debt has not been and will not be registered under the Securities Act, and, if in the future such beneficial owner decides to offer, resell, pledge or
otherwise transfer such Debt, such Debt may be offered, resold, pledged or otherwise transferred only in accordance with the provisions of the Indenture and the legend on such Debt (as applicable). Such beneficial owner acknowledges that no
representation has been made as to the availability of any exemption under the Securities Act or any state securities laws for resale of such Debt. Such beneficial owner understands that neither the Borrower nor the pool of Assets has been
registered under the 1940 Act, and that they are exempt from registration as such by virtue of Section 3(c)(7) of the 1940 Act. 
 (r)
Such Class A-L Lender agrees (i) to provide a properly completed and executed applicable IRS Form W-8 (or applicable successor form) with appropriate
attachments or IRS Form W-9 (or applicable successor form) on or prior to the date it becomes a Class A-L Lender, and (ii) to update any form or information
previously provided promptly upon any form or information becomes incorrect, obsolete or expired. 
 (s) Such
Class A-L Lender understands and agrees that such Class A-L Loans is from time to time and at any time limited recourse obligations of the Borrower, payable
solely from proceeds of the Assets available at such time in accordance with the Priority of Payments, and following realization of the Assets and application of the proceeds thereof in accordance with the Indenture, all obligations of and any
claims against the Borrower thereunder or in connection therewith after such realization will be extinguished and will not thereafter revive. 

  
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 (t) Such Class A-L Lender agrees not to seek to
commence in respect of the Borrower, or cause the Borrower to commence, a bankruptcy or winding up proceeding before a year and a day has elapsed since the payment in full to the holders of the Securities issued pursuant to this Agreement and the
Indenture, or, if longer, the applicable preference period (plus one day) then in effect. 
 (u) Such
Class A-L Lender agrees that (a)(i) the express terms of the Indenture govern the rights of the holders to direct the commencement of a Proceeding against any Person, (ii) the Indenture contains
limitations on the rights of the holders to direct the commencement of any such Proceeding, and (iii) each holder shall comply with such express terms if it seeks to direct the commencement of any such Proceeding; (b) there are no implied
rights under the Indenture to direct the commencement of any such Proceeding; and (c) notwithstanding any provision of the Indenture, the Debt, the Preferred Shares, the Collateral Management Agreement, the Collateral Administration Agreement,
this Agreement or any other agreement, the Borrower shall be under no duty or obligation of any kind to the holders of the Debt, or any of them, to institute any legal or other proceedings of any kind, against any person or entity, including,
without limitation, the Collateral Trustee, the Loan Agent, the Collateral Manager, the Collateral Administrator or the Calculation Agent. 

(v) Such Class A-L Lender agrees to be subject to the Bankruptcy Subordination Agreement. 

(w) Such Class A-L Lender agrees that (i) any sale, pledge or other transfer of the Debt (or
any interest therein) made in violation of the transfer restrictions set forth herein or made based upon any false or inaccurate representation made by such Class A-L Lender or a transferee to the
Borrower will be null and void ab initio and of no force or effect and (ii) none of the Transaction Parties or any of their respective Affiliates has any obligation to recognize any sale, pledge or other transfer of the Debt (or any
interest therein) made in violation of any such transfer restriction or made based upon any such false or inaccurate representation. 
 (x)
It will comply with the provisions of the Indenture applicable to it as a Holder. 
 (y) To the extent required by the Borrower, as
determined by the Borrower or the Collateral Manager on behalf of the Borrower, the Borrower may, upon written notice to the Collateral Trustee, impose additional transfer restrictions on the Debt to comply with the Uniting and Strengthening America
by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the “USA Patriot Act”), or the Code and other similar laws or regulations, including, without limitation, requiring each transferee of Debt to
make representations to the Borrower in connection with such compliance. 
 (y) Such Class A-L
Lender understands and acknowledges that the Collateral Management Agreement contains certain limitations on the potential liability of the Collateral Manager. 

  
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 ARTICLE IV 

CONDITIONS 
 
Section 4.01. Closing Date. The obligations of the Class A-L Lenders to enter into the this Agreement shall not become effective until the time on the Closing Date that (x) the
Indenture and this Agreement are executed and delivered and (y) the Class A-L Loans have been assigned a rating of “AAA(sf)” by S&P. 

ARTICLE V 

THE LOAN AGENT 
 
Section 5.01. Appointment. Each of the Class A-L Lenders hereby irrevocably appoints the Loan Agent as its agent and authorizes the Loan Agent to take such actions on its behalf and to
exercise such powers as are delegated to the Loan Agent by the terms hereof, together with such actions and powers as are reasonably incidental thereto. 

Section 5.02. Certain Duties and Responsibilities. 

(a) Each of the Loan Agent and the Collateral Trustee undertakes to perform such duties and only such duties as are specifically set forth in
this Agreement, and no implied covenants or obligations shall be read into this Agreement against the Loan Agent or the Collateral Trustee, and the Collateral Trustee and the Loan Agent shall satisfy those duties expressly set forth herein so long
as it acts in good faith and without gross negligence or willful misconduct. 
 (b) Each of the rights, protections, benefits, immunities and
indemnities afforded to the Collateral Trustee under the Indenture, shall also apply to the Loan Agent and the Collateral Trustee under this Agreement, mutatis mutandis. 

(c) Whether or not therein expressly so provided, every provision of this Agreement relating to the conduct or affecting the liability of or
affording protection to the Loan Agent and the Collateral Trustee shall be subject to the provisions of this Section 5.02. 

Section 5.03. Compensation. 

(a) The Borrower agrees, subject to Section 5.03(b): 

(i) except as otherwise expressly provided herein, to reimburse the Loan Agent in a timely manner upon its request for all
reasonable expenses, disbursements and advances incurred or made by the Loan Agent in accordance with any provision of this Agreement or the Indenture (including the reasonable compensation and expenses and disbursements of its agents and legal
counsel, except any such expense, disbursement or advance as may be attributable to its gross negligence, willful misconduct or bad faith); and 

  
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 (ii) to indemnify the Loan Agent and the Collateral Trustee and their respective
officers, directors, employees and agents for, and to hold them harmless against, any loss, liability or expense incurred without gross negligence, willful misconduct or bad faith on their part, arising out of or in connection with the acceptance or
administration of any of the Loan Agent’s or Collateral Trustee’s, as applicable, obligations or duties under this Agreement or the Indenture, including the
out-of-pocket costs and expenses of defending themselves against any claim or liability in connection with the exercise or performance of any of its powers or duties
hereunder or the enforcement of the Borrower’s obligations hereunder. 
 (b) Any amounts payable to the Loan Agent pursuant to this
Agreement shall constitute Administrative Expenses of the Borrower, payable on each Payment Date only to the extent that funds are available for such purpose in accordance with the Priority of Payments, and any such amounts not paid on or prior to
any Payment Date shall remain outstanding and shall be payable on the next Payment Date on which funds are available for such purpose pursuant to the Priority of Payments. 

(c) Notwithstanding any other provision of this Agreement, the Loan Agent shall not, prior to the date which is one year (or, if longer, the
applicable preference period then in effect) plus one day after the payment in full of all Securities, institute against, or join any other Person in instituting against, the Borrower any bankruptcy, reorganization, arrangement, insolvency, winding
up, moratorium or liquidation proceedings, or other proceedings under federal or state bankruptcy or similar laws of any jurisdiction. Nothing in this Section 5.03(c) shall preclude, or be deemed to estop, the Loan Agent
(A) from taking any action prior to the expiration of the aforementioned one year and one day (or longer) period in (1) any case or proceeding voluntarily filed or commenced by the Borrower or (2) any involuntary insolvency proceeding
filed or commenced by a Person other than the Loan Agent or its Affiliates, or (B) from commencing against the Borrower or any of its properties any legal action which is not a bankruptcy, winding up, reorganization, arrangement, insolvency,
winding up, moratorium or liquidation proceeding. 
 (d) The provisions of this Section 5.03 shall survive the
termination of this Agreement and the removal or resignation of the Loan Agent or the Collateral Trustee (to the extent of any fees or indemnified liabilities, costs, expenses and other amounts arising or incurred prior to, or arising out of actions
or omissions occurring prior to, such termination, resignation or removal). 
 Section 5.04.
Resignation and Removal; Appointment of a Successor. 
 (a) No resignation or removal of the Loan Agent and no appointment of a
successor Loan Agent pursuant to this Section 5.04 shall become effective until the acceptance of appointment by the successor Loan Agent pursuant to Section 5.05. 

(b) The Loan Agent may resign at any time by giving not less than 60 days’ written notice thereof to the Borrower, the Collateral Manager,
the Collateral Trustee, the Class A-L Lenders, and S&P. 

  
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 (c) The Loan Agent may be removed with 30 days’ notice at any time by Act of a Majority of
the Class A-L Loans, delivered to the Loan Agent, the Collateral Trustee, the Collateral Manager, and the Borrower. In addition, if at any time the Loan Agent shall breach its obligations hereunder or
under the Indenture, or shall become incapable of acting or shall be adjudged as bankrupt or insolvent or a receiver or liquidator of the Loan Agent or of its property shall be appointed or any public officer shall take charge or control of the Loan
Agent or of its property or affairs for the purpose of rehabilitation, conservation or liquidation then, in any such case (subject to Section 5.04(a)), (i) the Borrower may, by written direction, remove the Loan Agent, or
(ii) any Class A-L Lender may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Loan Agent and the appointment of a successor
Loan Agent. 
 (d) If the Loan Agent shall resign or be removed in accordance with the terms hereof, or if a vacancy shall occur in the
office of the Loan Agent for any reason, the Borrower, by written direction, shall promptly appoint a successor Loan Agent by written instrument executed by an Authorized Officer of each of the Borrower and the successor Loan Agent; provided,
that such successor Loan Agent shall be appointed only upon the written consent of a Majority of the Class A-L Loans. If the Borrower shall fail to appoint a successor Loan Agent within 30 days after such
notice of resignation, removal or the occurrence of such vacancy, a successor Loan Agent may be appointed by a Majority of the Class A-L Loans delivered to the Borrower and the retiring Loan Agent. The
successor Loan Agent so appointed shall, forthwith upon its acceptance of such appointment, become the successor Loan Agent and supersede any successor Loan Agent proposed by the Borrower. If no successor Loan Agent shall have been so appointed by
the Borrower or such Class A-L Lenders and shall have accepted appointment in the manner hereinafter provided, the retiring Loan Agent or any Class A-L Lender
may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Loan Agent. 

(e) The Borrower shall give prompt notice of each resignation and each removal of the Loan Agent and each appointment of a successor Loan Agent
to the Collateral Trustee, the Collateral Manager, S&P and each Class A-L Lender, as their names and addresses appear in the Loan Register in the manner set forth herein or in the Indenture. Each
notice shall include the name and address of the successor Loan Agent. If the Borrower fails to mail any such notice within 10 days after acceptance of appointment by the successor Loan Agent, the successor Loan Agent shall cause such notice to be
given at the expense of the Borrower. 
 (f) The Collateral Trustee shall be removed and replaced as a party to this Agreement automatically
upon the removal and replacement of the Collateral Trustee pursuant to the Indenture. 
 Section 5.05.
Acceptance of Appointment by Successor. Every successor Loan Agent appointed hereunder shall execute, acknowledge and deliver to the Borrower and the retiring Loan Agent an instrument accepting such appointment. Upon delivery of the required
instrument, the resignation or removal of the retiring Loan Agent shall become effective and such successor Loan Agent, without any other act, deed or conveyance, shall become vested with all the rights, powers, duties and obligations of the
retiring Loan Agent; provided that upon request of the Borrower or a Majority of the Class A-L Loans or the successor Loan Agent, such retiring Loan Agent shall, upon payment of its fees and
expenses then unpaid, execute and deliver an instrument transferring to such successor Loan Agent all the rights, powers, duties and obligations of the retiring Loan Agent. 

  
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 Section 5.06. Loan Agent Criteria. The Loan Agent, and
any entity appointed as a successor Loan Agent, shall be an Eligible Account Bank. If at any time the Loan Agent shall cease to be an Eligible Account Bank, it shall resign immediately in the manner and with the effect hereinafter specified in this
Article V. 
 ARTICLE VI 

CLASS A-L LOAN EVENT OF DEFAULT 

Section 6.01. Class A-L Loan Event of Default. 

(a) If an Event of Default under Section 5.1 of the Indenture shall have occurred and be continuing (such occurrence, a “Class A-L Loan Event of Default”), the Borrower shall immediately, upon notice or knowledge thereof, notify the Collateral Trustee, the Loan Agent and each Class A-L
Lender thereof in writing. 
 (b) Upon the occurrence of a Class A-L Loan Event of Default and
the acceleration of the Borrower’s obligations under the Indenture pursuant to the terms of Section 5.2 of the Indenture, the unpaid principal amount of the Class A-L Loans, together with the
interest accrued thereon and all other amounts payable by the Borrower hereunder in respect of the Class A-L Loans, shall automatically become immediately due and payable by the Borrower hereunder,
subject to and in accordance with the applicable provisions of the Indenture, without presentment, demand, protest or other formalities of any kind, all of which are hereby expressly waived by the Borrower; provided that upon the rescission
or annulment of the related Event of Default and acceleration under the Indenture in accordance with the terms thereof, any such acceleration shall automatically be rescinded and annulled for all purposes hereunder; provided, however,
that no such action shall affect any subsequent Default or Class A-L Loan Event of Default or impair any right consequent thereon. For the avoidance of doubt, the obligations under this Agreement in
respect of the Class A-L Loans shall not be accelerated prior to maturity unless the Borrower’s obligations under the Indenture have been concurrently accelerated. 

Section 6.02. Rights Under Indenture; Remedies Cumulative. 

(a) Each Class A-L Lender shall have the right to exercise any and all rights of the Class A-L Lenders set forth in the Indenture, including but not limited to enforcement of rights following an Event of Default under the Indenture and exercise of such rights shall not preclude any Class A-L Lender from exercising any of its rights hereunder. 
 (b) No remedy conferred in this
Agreement or in the Indenture upon any Class A-L Lender is intended to be exclusive of any other remedy and each and every such remedy shall be cumulative and shall be in addition to every other remedy
given hereunder or now or hereafter existing at law or in equity or by statute or otherwise. 

  
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 (c) No course of dealing between the Borrower and any
Class A-L Lender and no delay or failure in exercising any rights hereunder or under the Indenture in respect thereof shall operate as a waiver of any of the rights of any
Class A-L Lender. 
 (d) Each Class A-L Lender
hereby acknowledges and agrees that any Money collected by the Collateral Trustee with respect to the Debt pursuant to Article V of the Indenture and any Money that may then be held or thereafter received by the Collateral Trustee with respect to
the Debt hereunder and under the Indenture shall be applied, subject to Section 13.2 of the Indenture and in accordance with the Priority of Payments, at the date or dates fixed by the Collateral Trustee pursuant to the Indenture. 

ARTICLE VII 

MISCELLANEOUS 
 
Section 7.01. Notices. All notices and other communications provided for herein (including each consent, notice, direction or request) shall be sufficient for every purpose hereunder if given in accordance with the applicable
provisions of Sections 14.3 and 14.4 of the Indenture to the applicable parties at the following addresses: 
 (a) if to the Borrower, the
Collateral Manager or the Collateral Trustee, at its address or fax number set forth in the Indenture; 
 (b) if to the Loan Agent, at its
address or fax number set forth on Schedule I or at such other address as shall be designated by the Loan Agent in a notice to the Borrower, each Class A-L Lender, the Collateral Manager and the
Collateral Trustee; 
 (c) if to any Class A-L Lender, at its address or fax number set forth on
Schedule I (in the case of any initial Class A-L Lender) or in the Assignment and Acceptance delivered by it; or at such other address as shall be designated by a
Class A-L Lender in a notice to the Borrower, the Collateral Manager, the Loan Agent and the Collateral Trustee; and 

(d) if to S&P, in the manner specified in the Indenture. 

All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have
been given on the date of receipt. In all instances where a notice is delivered to the Loan Agent pursuant to the Indenture, the Loan Agent shall promptly deliver such notice to the Class A-L1 Lenders.

 Section 7.02. Waivers; Amendments. 

(a) Each waiver of any provision of this Agreement and consent to any departure by the Borrower therefrom shall be effective only in the
specific instance and for the purpose for which given. The making of a Class A-L Loan shall not be construed as a waiver of any Event of Default, regardless of whether the Collateral Trustee, the Loan
Agent, the Collateral Manager, any Class A-L Lender or any Holder may have had notice or knowledge of such Event of Default at the time. 

  
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 (b) This Agreement may only be waived, amended or modified in writing by the Borrower and the
Loan Agent, subject to and in accordance with Article VIII of the Indenture. For the avoidance of doubt, no consent of the Lenders shall be required in connection with a Conforming Amendment other than to the extent required pursuant to Article VIII
of the Indenture. Each Class A-L Lender hereby directs and authorizes the Collateral Trustee and the Loan Agent to enter into any such Conforming Amendment. 

(c) A failure or delay in exercising any right, power or privilege in respect of this Agreement will not be presumed to operate as a waiver,
and a single or partial exercise of any right, power or privilege will not be presumed to preclude any subsequent or further exercise, of that right, power or privilege or the exercise of any other right, power or privilege. 

(d) The Borrower shall provide notice to S&P of any waiver, amendment or modification of this Agreement. 

Section 7.03. Successors and Assigns. 

(a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and
transferees. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto and their respective successors and transferees) any benefit or any legal or equitable right, remedy or claim
under or by reason of this Agreement. Any purported transfer not in compliance with this Section 7.03 shall be null and void. 

(b) The Borrower may not assign or delegate any of its rights or obligations under this Agreement without the prior consent of each Class A-L Lender, the Loan Agent and the Collateral Trustee; provided that each Class A-L Lender, the Loan Agent and the Collateral Trustee each hereby
acknowledge that, pursuant to the terms of the Collateral Management Agreement, the Borrower has granted the Collateral Manager the right to take certain actions hereunder on its behalf. 

(c) Each Class A-L Lender may transfer to one or more transferees all or a portion of its Class A-L Loans and the related rights and obligations under this Agreement if (A) with respect to any transfer by a Class A-L Lender of less than all of its Class A-L Loans, after giving effect to such transfer, each of the transferor and the transferee shall hold Class A-L Loans in minimum denominations of $250,000 and
integral multiples of $1.00 in excess thereof, (B) all conditions precedent to the transfer of the relevant Class A-L Loan specified herein and in the Indenture have been satisfied, (C) the
parties to such transfer have executed and delivered to the Loan Agent (with a copy to the Collateral Trustee) a duly completed Assignment and Acceptance and the Borrower shall have consented to such transfer (such consent not to be unreasonably
withheld) and (D) the Class A-L Lender effecting the transfer has paid a sum sufficient to Borrower (as determined in the Borrower’s reasonable discretion) as may be necessary to cover any tax
or other governmental charge payable by Borrower in connection with such transfer. Upon acceptance and recording pursuant to Section 7.03(d), from and after the effective date specified in each Assignment and Acceptance,
(x) the transferee thereunder shall be a party hereto, (y) the Loan Register shall be updated to reflect such transfer and the Collateral Trustee shall be notified of such update and (z) to the extent of the interest transferred by
such Assignment and Acceptance, 

  
 21 

 
the transferee shall have the rights and obligations of a Class A-L Lender under this Agreement, and the transferring
Class A-L Lender thereunder shall, to the extent of the interest transferred by such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and
Acceptance covering all of the transferring Class A-L Lender’s rights and obligations under this Agreement and in respect of Class A-L Loans, such Class A-L Lender shall cease to be a party hereto). The Borrower shall provide, or cause to be provided, notice of any such transfer to S&P. Nothing in this Agreement shall prevent or prohibit any Class A-L Lender from pledging its Class A-L Loans to a Federal Reserve Bank in support of borrowings made by such
Class A-L Lender from such Federal Reserve Bank. 
 (d) Upon its receipt of a duly completed
Assignment and Acceptance executed by a transferring Class A-L Lender and a transferee, the Loan Agent shall accept such Assignment and Acceptance and record the
Class A-L Lender identification and amount transferred in the Loan Register. No transfer shall be effective for purposes of this Agreement unless it has been recorded in the Loan Register as provided in
this paragraph. 
 Section 7.04. Survival. All covenants, agreements, representations and
warranties made by the Borrower, the Collateral Trustee, the Loan Agent and each Class A-L Lender herein and in the certificates or other instruments delivered in connection with or pursuant to this
Agreement or the Indenture shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement and the making of any Class A-L Loans,
regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Collateral Trustee, the Loan Agent or any Class A-L Lender may have had notice or knowledge of
any Event of Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as any Class A-L Loan or any amount payable
under this Agreement or the Indenture in respect of any Class A-L Loan is outstanding and unpaid. 

Section 7.05. Counterparts; Integration; Effectiveness. This Agreement may be executed in any number
of counterparts and by the different parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. Delivery of an executed
counterpart signature page of this Agreement by e-mail (.pdf) or facsimile shall be effective as delivery of a manually executed counterpart of this Agreement. Any signature (including, without limitation, any
facsimile or electronic transmission, including .pdf file, .jpeg file or electronic signature complying with the U.S. federal ESIGN Act of 2000, including Orbit, Adobe Sign, DocuSign, or any other similar platform identified by the Borrower and
reasonably available at no undue burden or expense to the Loan Agent (including any symbol or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract
or record)) hereto or to any other certificate, agreement or document related to the transactions contemplated by this Agreement, and any contract formation or record-keeping, in each case, through electronic means, including, without limitation,
through e-mail or portable document format, shall have the same legal validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted
by applicable law. For the avoidance of doubt, the foregoing also applies to any amendment, supplement, restatement, extension or renewal of this Agreement. Each party hereto represents and warrants to the other parties hereto that (i) it has
the corporate or other applicable entity capacity and authority to execute 

  
 22 

 
this Agreement (and any other documents to be delivered in connection therewith) through electronic means, (ii) any electronic signatures of such party appearing on this Agreement (or such
other documents) shall be treated in the same way as handwritten signatures for the purposes of validity, enforceability and admissibility of this Agreement (or any such other document) and (iii) the execution of this Agreement (or any such
other document) by such party through such electronic means is not restricted by, and does not contravene, such party’s constitutive documents or applicable law. Any document electronically signed in a manner consistent with the foregoing
provisions shall be valid so long as it is delivered by an Authorized Officer of the executing Person or by any person reasonably understood to be acting on behalf of such Person. This Agreement shall become effective on the Closing Date upon
satisfaction of the conditions set forth in Section 4.01 and the Indenture. 
 Section 7.06.
Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any respect in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability in
such matter without affecting the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not
invalidate such provision in any other jurisdiction. 
 Section 7.07. Governing Law; Jurisdiction;
Consent to Service of Process; Waiver of Jury Trial Right. 
 (a) THIS AGREEMENT AND ALL DISPUTES ARISING THEREFROM OR RELATING THERETO
SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED IN ALL RESPECT (WHETHER IN CONTRACT OR IN TORT) BY THE LAW OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THAT
WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK. 
 (b) EACH PARTY HERETO HEREBY IRREVOCABLY
(I) SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY FEDERAL OR NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO
THE CLASS A-L LOANS OR THIS AGREEMENT, (II) AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH FEDERAL OR NEW YORK STATE COURT AND (III) WAIVES, TO THE
FULLEST EXTENT THAT IT MAY LEGALLY DO SO, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING. THE BORROWER IRREVOCABLY CONSENTS TO THE SERVICE OF ANY AND ALL PROCESS IN ANY ACTION OR PROCEEDING BY THE MAILING OR
DELIVERY OF COPIES OF SUCH PROCESS TO IT AT THE OFFICE OF THE BORROWER’S NOTICE AGENT SET FORTH IN SECTION 7.2 OF THE INDENTURE. THE BORROWER, THE COLLATERAL TRUSTEE AND THE LOAN AGENT AGREE THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR
PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. 

  
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 (c) Each party (other than the Borrower) to this Agreement irrevocably consents to service of
process in the manner provided for notices in Section 7.01. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

(d) THE COLLATERAL TRUSTEE, THE LOAN AGENT, THE CLASS A-L LENDERS AND THE BORROWER EACH HEREBY
KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT, THE CLASS
A-L LOANS OR ANY OTHER RELATED DOCUMENTS, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF THE COLLATERAL TRUSTEE, LOAN AGENT OR THE BORROWER. EACH OF THE
BORROWER, THE COLLATERAL TRUSTEE, THE LOAN AGENT AND THE CLASS A-L LENDERS ACKNOWLEDGES AND AGREES THAT IT HAS RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION AND THAT THIS PROVISION IS A
MATERIAL INDUCEMENT FOR SUCH PARTIES ENTERING INTO THIS AGREEMENT OR ACCEPTING ANY OF THE BENEFITS OF THE CLASS A-L LOANS. 

Section 7.08. Benefits of Indenture. Each of the
Class A-L Lenders hereby acknowledges and approves the pledge and assignment by the Borrower of all of its right, title and interest in, to and under this Agreement to the Collateral Trustee for the
benefit and security of the Secured Parties pursuant to the Indenture. 
 Section 7.09. Headings.
Article and Section headings (including those used in cross-references herein) and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into
consideration in interpreting, this Agreement. 
 Section 7.10. Recourse against Certain Parties.
No recourse under or with respect to any obligation, covenant or agreement of any Class A-L Lender or any other agreement, instrument or document entered into by it pursuant hereto or in connection
herewith shall be had against any incorporator, stockholder, affiliate, officer, member, manager, partner, employee or director of such Class A-L Lender, as such, by the enforcement of any assessment, by
any legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that the agreements of such Class A-L Lender contained in this Agreement and all of the
other agreements, instruments and documents entered into by it pursuant hereto or in connection herewith are, in each case, solely the corporate obligations of such Class A-L Lender, and that no personal
liability whatsoever shall attach to or be incurred by the any incorporator, stockholder, affiliate, officer, member, manager, partner, employee or director of such Class A-L Lender, as such, or any of
them, under or by reason of any of the obligations, covenants or agreements of such Class A-L Lender contained in this Agreement or in any other such instrument, document or agreement, or which are
implied therefrom, and that any and all personal liability of every such incorporator, stockholder, Affiliate, officer, employee, member, manager, partner or director of such Class A-L Lender for breaches
by such Class A-L Lender of any such obligations, covenants or agreements, which liability may arise either at common law or at equity, by statute or constitution, or otherwise, is hereby expressly waived
as a condition of and in consideration for the execution of this Agreement. The provisions of this Section 7.10 shall survive the termination of this Agreement. 

  
 24 

 Section 7.11. Limited-Recourse Obligations. The Class A-L Loans and all obligations of the Borrower under this Agreement are at all times limited-recourse obligations of the Borrower. The Class A-L Loans are
payable solely from the Assets and other assets pledged by the Borrower to secure the Debt. Upon realization of the Assets and such other assets and the application of the proceeds thereof in accordance with the Indenture, any outstanding
obligations of the Borrower hereunder shall be extinguished and shall not thereafter revive. None of the Collateral Trustee, the Collateral Manager, the Loan Agent, any of their respective affiliates, security holders (including shareholders),
members, partners, officers, directors or employees, or the security holders (including shareholders), members, partners, officers, directors, employees or incorporators of the Borrower or any other person or entity will be obligated to make
payments on the Class A-L Loans. Consequently, the Class A-L Lenders must rely solely on amounts received in respect of the Assets and other assets pledged to
secure the Debt for the payment of principal thereof and interest thereon. This section shall survive the termination of this Agreement. 
 
Section 7.12. Non-Petition. Notwithstanding any other provision of this Agreement, none of the Collateral Trustee, the Loan Agent or the Class A-L
Lenders may, prior to the date which is one year (or if longer, any applicable preference period) and one day after the payment in full of all Securities, institute against, or join any other Person in instituting against the Borrower or any
Borrower subsidiary, any bankruptcy, reorganization, arrangement, insolvency, winding up, moratorium or liquidation Proceedings, or other Proceedings under U.S. federal or state bankruptcy or similar laws. Notwithstanding anything to the contrary in
Article V of the Indenture, in the event that any Proceeding described in the immediately preceding sentence is commenced against the Borrower or any Borrower subsidiary, the Borrower or such Borrower subsidiary, as applicable, subject to the
availability of funds as described in the immediately following sentence, will promptly object to the institution of any such proceeding against it and to take all necessary or advisable steps to cause the dismissal of any such Proceeding
(including, without limiting the generality of the foregoing, to timely file an answer and any other appropriate pleading objecting to (i) the institution of any Proceeding to have the Borrower or such Borrower subsidiary, as the case may be,
adjudicated as bankrupt or insolvent or (ii) the filing of any petition seeking relief, reorganization, arrangement, adjustment or composition or in respect of the Borrower or any Borrower subsidiary, as the case may be, under applicable
bankruptcy law or any other applicable law). The reasonable fees, costs, charges and expenses incurred by the Borrower or any Borrower subsidiary (including reasonable attorney’s fees and expenses) in connection with taking any such action will
be paid as Administrative Expenses. Any person who acquires a Class A-L Loan shall be deemed to have accepted and agreed to the foregoing restrictions. Nothing in this
Section 7.12 shall preclude, or be deemed to stop, the Loan Agent or any Class A-L Lender (i) from taking any action prior to the expiration of the aforementioned one year
and one day (or longer) period in (A) any case or proceeding voluntarily filed or commenced by the Borrower or (B) any involuntary insolvency proceeding filed or commenced by a Person other than the Loan Agent or a Class A-L Lender or any Affiliate of either, or (ii) from commencing against the Borrower or any of their properties any legal action which is not a bankruptcy, winding up, reorganization, arrangement,
insolvency, moratorium or liquidation proceeding, subject to Section 7.11. The restrictions described in the first paragraph of this Section 7.12 are a material inducement for each
Class A-L Lender to acquire such Class A-L Loan and for the Borrower and the Collateral Manager to enter 

  
 25 

 
into the Indenture, this Agreement and the other applicable transaction documents and are an essential term of this Agreement. Any Class A-L Lender,
any Borrower subsidiary or the Borrower may seek and obtain specific performance of such restrictions (including injunctive relief), including, without limitation, in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation
proceedings, or other proceedings under United States federal or state bankruptcy law or similar laws. This Section shall survive the termination of this Agreement. 

Section 7.13. Appointment of Collateral Trustee. The
Class A-L Lenders hereby appoint the Collateral Trustee to act exclusively as the agent for purposes of perfection of a security interest in the Assets to act as specified in the Indenture and the other
Transaction Documents to which the Collateral Trustee is a party. The duties and obligations of the Collateral Trustee under this Section 7.13 shall be as set forth in the Indenture. The Collateral Trustee undertakes to
perform such duties and only such duties as are specifically set forth in the Indenture and this Agreement. 

Section 7.14. Acknowledgment of Indenture Provisions. The
Class A-L Lenders hereby acknowledge and agree to the provisions of the Indenture expressly applicable to the Class A-L Lenders. 

Section 7.15. USA Patriot Act Notice. The Class A-L
Lenders hereby notify the Borrower that pursuant to the requirements of the USA Patriot Act, it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and
other information that will allow the Class A-L Lenders to identify the Borrower in accordance with the USA Patriot Act. 

Section 7.16. Confidential Information. Section 14.15 of the Indenture shall also apply to this
Agreement, mutatis mutandis. 
 [Remainder intentionally left blank | Signature pages follow] 

  
 26 

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

			
	 OWL ROCK CLO VIII, LLC,

    as Borrower

		
	By:	 	 /s/ Donald J. Puglisi

		 	Name: Donald J. Puglisi
		 	Title: President

 Signature Page to Class A-L Loan Agreement 

 
			
	STATE STREET BANK AND TRUST COMPANY, as Collateral Trustee
		
	By:	 	 /s/ Scott Berry

		 	Name: Scott Berry
		 	Title: Vice President
	
	STATE STREET BANK AND TRUST COMPANY, as Loan Agent
		
	By:	 	 /s/ Scott Berry

		 	Name: Scott Berry
		 	Title: Vice President

 Signature Page to Class A-L Loan Agreement 

 
			
	 AZB FUNDING 11 LIMITED,

     as Class A-L Lender

		
	By:	 	 /s/ Ryo Hoshi

		 	Name: Ryo Hoshi
		 	Title: Authorized Signatory

 Signature Page to Class A-L Loan Agreement 

 SCHEDULE I 

CLASS A-L LENDER INFORMATION 

 

					
	 Name of Class A-L
Lender
	  	Funded
Amount	  	 Addresses for Notices

	AZB Funding 11 Limited	  	$30,000,000	  	 AZB Funding 11 Limited
  

Primary Operational Contact:
 Taylor Potts

190 S. LaSalle Street, 8th Floor
 Chicago, IL 60603

Phone: (312) 332-7830

Email: taylor.potts@usbank.com
 Chicago.Aozora.Team@usbank.com

 
 Corporate Banking Service Division

Phone: 81-3-6752-1147

Email: afadmin@aozorabank.co.jp
  

Credit Contact:
 Aozora Bank, Ltd

6-1-1, Kojimachi, Chiyoda-ku

Tokyo, Japan 102-8660

Phone: 81-3-6752-1147

Fax: 81-3-3556-3634

Email: afadmin@aozorbank.co.jp

icad@aozorabank.co.jp

  
 Sch. I 

 LOAN AGENT INFORMATION 

Loan Agent: 
 STATE STREET BANK AND TRUST COMPANY. 

State Street Bank and Trust Company 
 1776 Heritage Drive 

Mail Code: JAB0527 
 North Quincy, Massachusetts 02171 

Attention: Owl Rock CLO VIII, LLC 
 Account for Funding of
Class A-L Loans: 
  

	
	 Bank Name: State Street Bank

	 ABA:
011-000-028

	 Acct Name: OWL ROCK CLO VIII, LLC OR9U

	 DDA: 11978707

  
 Sch. I 

 EXHIBIT A 

ASSIGNMENT AND ACCEPTANCE 

Reference is made to the Class A-L Loan Agreement dated as of October 21, 2022 (as amended,
modified, restated and supplemented from time to time, the “Class A-L Loan Agreement”) among Owl Rock CLO VIII, LLC, a Delaware limited liability company (the “Borrower”), the
Class A-L Lenders party thereto (the “Lenders”) and State Street Bank and Trust Company, as loan agent (the “Loan Agent”), relating to the
Class A-L Loan made thereunder and secured under the Indenture and Security Agreement dated as of October 21, 2022 (as amended, modified, restated and supplemented from time to time, the
“Indenture”), entered into by the Borrower and State Street Bank and Trust Company, as collateral trustee (together with any successor under the Indenture, the “Collateral Trustee”). Terms used but not defined
herein have the respective meanings given to such terms in (or incorporated by reference in) the Class A-L Loan Agreement. 

The Assignor named on the signature pages hereof (the “Assignor”) hereby sells and assigns to the Assignee named on the
signature pages hereof (the “Assignee”), and the Assignee hereby purchases and assumes from the Assignor, effective as of the Assignment Date set forth below, the interests set forth below (the “Assigned Interest”)
in the Assignor’s rights and obligations under the Class A-L Loan Agreement, including, without limitation, the interests set forth below in the Class A-L
Loan held by (and outstanding principal amount of the Class A-L Loan held by) the Assignor on the Assignment Date. The Assignee hereby acknowledges receipt of a copy of the
Class A-L Loan Agreement and the Indenture. From and after the Assignment Date (A) the Assignee shall be a party to and be bound by the provisions of the
Class A-L Loan Agreement and, to the extent of the Assigned Interest, have the rights and obligations of a Lender thereunder and (B) the Assignor shall, to the extent of the Assigned Interest,
relinquish its rights and be released from its obligations under the Class A-L Loan Agreement. The Assignor hereby represents and warrants to the Assignee that, as of the Assignment Date, the Assignor
owns the Assigned Interest free and clear of any lien or other encumbrance. The Assignee hereby makes to the Assignor, the Borrower, the Collateral Manager, and the Collateral Trustee all of the representations and warranties, and agrees to comply
with the applicable covenants of the Class A-L Lenders, set forth in Section 3.02 of the Class A-L Loan Agreement. 

Each of the parties hereby covenants and agrees that so long as the Assignee is a registered Lender: 

(1) it waives any right to set-off and to appropriate and apply any and all deposits and any other
indebtedness at any time held or owing thereby to or for the credit or the account of the Assignee against and on account of the obligations and liabilities of the Assignee to such party under this Agreement; and 

(2) notwithstanding anything to the contrary herein, no provision of this Agreement adversely affecting the rights or duties of the Assignee
may be amended or waived without the written consent of the Assignee. 
 [Remainder intentionally left blank] 

  
 A-1 

 THIS ASSIGNMENT AND ACCEPTANCE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF
THE STATE OF NEW YORK. 
 Legal Name of Assignor: 
 Legal Name
of Assignee: 
 Assignee’s Address for Notices: 
 Fax No.:

 Details of electronic messaging system: 
 Payment
Instructions: 
 Federal Taxpayer ID No. of Assignee: 

Effective Date of Assignment (“Assignment Date”): 
  

									
	 	  	Amount Assigned	 	  	Amount Retained	 
	 Outstanding Principal
	  				  			
			
	 Amount of Class A-L Loan:
	  	 	U.S.$[___________]	 	  	 	U.S.$ [___________]	 

  

			
	The terms set forth above are hereby agreed to:
	
	[Name of Assignor], as Assignor
		
	By:	 	              

		 	Name:
		 	Title:
	
	[Name of Assignee], as Assignee
		
	By:	 	              

		 	Name:
		 	Title:

  
 A-2 

 EXHIBIT B 

FORM OF CLASS A-L LOAN NOTE 

Principal Amount: $[_____________] 
 Issuance Date:
October 21, 2022 
 Stated Maturity: November 20, 2034 

FOR VALUE RECEIVED, the undersigned, OWL ROCK CLO VIII, LLC (the “Borrower”), hereby promises to pay to [____________________]
or its registered assigns (the “Class A-L Lender”), in lawful money of the United States of America and in immediately available funds, the principal amount of
[__________________________________] DOLLARS. The principal amount shall be paid in the amounts and on the dates specified in the Class A-L Loan Agreement. Terms used but not defined herein have the
respective meanings given to such terms in (or incorporated by reference in) the Class A-L Loan Agreement. 

The Borrower further promises to pay interest in like money on the unpaid principal amount hereof from the date hereof until such principal
amount is paid in full, at such interest rates and at such times as provided in the Class A-L Loan Agreement. If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest,
from the due date thereof until the date of actual payment (and before as well as after judgment) computed at the per annum rate set forth in the Class A-L Loan Agreement. 

This Note is one of the Class A-L Loan Notes referred to in the
Class A-L Loan Agreement dated as of October 21, 2022 (as amended, modified, restated and supplemented from time to time, the “Class A-L Loan
Agreement”) among the Borrower, the Class A-L Lenders party thereto (including the Class A-L Lender) and State Street Bank and Trust Company, as Loan
Agent, and is entitled to the benefits thereof, of the Indenture and Security Agreement dated as of October 21, 2022 (as amended, modified, restated and supplemented from time to time, the “Indenture”), entered into by the
Borrower and State Street Bank and Trust Company, as Collateral Trustee, and of the other Transaction Documents. This Class A-L Loan Note is secured as provided in the Indenture and the Transaction
Documents. Reference is hereby made to the Indenture and the Transaction Documents for a description of the properties and assets in which a security interest has been granted, the nature and extent of the security, the terms and conditions upon
which the security interests were granted and the rights of the holder of this Class A-L Loan Note in respect thereof. 

This Class A-L Loan Note may be prepaid in whole or in part subject to the terms and conditions
provided in the Class A-L Loan Agreement and, upon the occurrence and continuation of a Class A-L Loan Event of Default specified in the Class A-L Loan Agreement, all amounts then remaining unpaid on this Class A-L Loan Note shall become immediately due and payable as provided in the Class A-L Loan Agreement. The Class A-L Lender may attach schedules to this Class A-L Loan Note and endorse thereon the
date, amount and type of its Class A-L Loans and payments with respect thereto. 
 The
Borrower, for itself and its respective successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest, demand, dishonor and non-payment of this Class A-L Loan Note, except for any applicable notices expressly provided for in the Class A-L Loan Agreement. In the event of any conflict between the provisions of
this Note and those of the Class A-L Loan Agreement, the provisions of the Class A-L Loan Agreement shall prevail. 

  
 B-1 

 The Class A-L Lender agrees that, for U.S. federal,
state and local income and franchise tax purposes, it will treat the Class A-L Loan as debt of the Borrower’s sole owner for U.S. federal tax purposes, and to report all income (or loss) in
accordance with such treatment and not take any action inconsistent with such treatment unless otherwise required by an applicable taxing authority. 

The failure to provide the Borrower, the Collateral Trustee and any paying agent with the properly completed and signed tax certifications
(generally, in the case of U.S. federal income tax, an IRS Form W-9 (or applicable successor form) in the case of a person that is a United States Tax Person or the appropriate IRS Form W-8 (or applicable successor form) in the case of a person that is not a United States Tax Person) may result in withholding from payments in respect of this Class A-L
Loan Note, including U.S. federal withholding or back-up withholding. 
 [Remainder intentionally
left blank | Signature pages follow] 

  
 B-2 

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

 

			
	 OWL ROCK CLO VIII, LLC,

    as Borrower

		
	By:	 	              

		 	Name:
		 	Title:

  
 B-3

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