Document:

EX-10.3

 Exhibit 10.3 

EXECUTION VERSION 
  

 
  

SECURITY AGREEMENT 
 By 

ORCIC JV WH LLC, 
 as Pledgor 

and 
 BANK OF AMERICA, N.A., 

as Administrative Agent on behalf of the Secured Parties 
  

 
 Dated as of
August 24, 2022 
  
  

 
  

							
	 TABLE OF CONTENTS
	  

		  		  	 	Page	 
	PREAMBLE	  		  	 	3	 
	RECITALS	  		  	 	3	 
	AGREEMENT	  		  	 	3	 
	  
 ARTICLE I
	 
  

	  

DEFINITIONS AND INTERPRETATION

 
	 
  

	 SECTION 1.1.
	  	DEFINITIONS	  	 	4	 
	 SECTION 1.2.
	  	INTERPRETATION	  	 	6	 
	 SECTION 1.3.
	  	RESOLUTION OF DRAFTING AMBIGUITIES	  	 	6	 
	  
 ARTICLE II

 
 GRANT OF SECURITY AND OBLIGATIONS

 
	 
  

  

	 SECTION 2.1.
	  	GRANT OF SECURITY INTEREST	  	 	6	 
	 SECTION 2.2.
	  	FILINGS	  	 	8	 
	
	 ARTICLE III

 
	  
 

	 PERFECTION; SUPPLEMENTS; FURTHER ASSURANCES;
	  

	 USE OF COLLATERAL
  
	  
 

	 SECTION 3.1.
	  	FINANCING STATEMENTS AND OTHER FILINGS; MAINTENANCE OF PERFECTED SECURITY INTEREST	  	 	8	 
	 SECTION 3.2.
	  	OTHER ACTIONS	  	 	9	 
	 SECTION 3.3.
	  	SUPPLEMENTS; FURTHER ASSURANCES	  	 	9	 
	  

ARTICLE IV
  

REPRESENTATIONS, WARRANTIES AND COVENANTS

 
	 
  

  

	 SECTION 4.1.
	  	TITLE	  	 	10	 
	 SECTION 4.2.
	  	VALIDITY OF SECURITY INTEREST	  	 	11	 
	 SECTION 4.3.
	  	DEFENSE OF CLAIMS; TRANSFERABILITY OF COLLATERAL	  	 	11	 
	 SECTION 4.4.
	  	OTHER FINANCING STATEMENTS	  	 	11	 
	 SECTION 4.5.
	  	CONSENTS, ETC.	  	 	12	 

							
	 ARTICLE V
  
	  
 

	 TRANSFERS
  
	  
 

	 SECTION 5.1.
	  	 TRANSFERS OF COLLATERAL
	  	 	12	 
	  
 ARTICLE VI

 
	 
  

	 REMEDIES
  
	  
 

	 SECTION 6.1.
	  	 REMEDIES
	  	 	12	 
	 SECTION 6.2.
	  	 NOTICE OF SALE
	  	 	17	 
	 SECTION 6.3.
	  	 WAIVER OF NOTICE AND CLAIMS
	  	 	17	 
	 SECTION 6.4.
	  	 NO WAIVER; CUMULATIVE REMEDIES
	  	 	17	 
	  
 ARTICLE VII

 
	 
  

	 APPLICATION OF PROCEEDS

 
	  
 

	 SECTION 7.1.
	  	 APPLICATION OF PROCEEDS
	  	 	18	 
	  
 ARTICLE VIII

 
	 
  

	 MISCELLANEOUS
  
	  
 

	 SECTION 8.1.
	  	 CONCERNING ADMINISTRATIVE AGENT
	  	 	18	 
	 SECTION 8.2.
	  	 ADMINISTRATIVE AGENT MAY PERFORM; ADMINISTRATIVE AGENT APPOINTED ATTORNEY-IN-FACT
	  	 	19	 
	 SECTION 8.3.
	  	 CONTINUING SECURITY INTEREST; ASSIGNMENT
	  	 	19	 
	 SECTION 8.4.
	  	 TERMINATION; RELEASE
	  	 	20	 
	 SECTION 8.5.
	  	 MODIFICATION IN WRITING
	  	 	20	 
	 SECTION 8.6.
	  	 NOTICES
	  	 	21	 
	 SECTION 8.7.
	  	 SUFFICIENCY OF REMEDIES; GOVERNING LAW; JURISDICTION; ETC.; WAIVER OF JURY TRIAL; NON-RECOURSE OBLIGATIONS; NO PETITION
	  	 	21	 
	 SECTION 8.8.
	  	 SEVERABILITY OF PROVISIONS
	  	 	21	 
	 SECTION 8.9.
	  	 EXECUTION IN COUNTERPARTS
	  	 	21	 
	 SECTION 8.10.
	  	 NO CREDIT FOR PAYMENT OF TAXES OR IMPOSITION
	  	 	21	 
	 SECTION 8.11.
	  	 NO CLAIMS AGAINST ADMINISTRATIVE AGENT
	  	 	21	 
	 SECTION 8.12.
	  	 NO RELEASE
	  	 	21	 
	 SECTION 8.13.
	  	 ADMINISTRATIVE AGENT
	  	 	22	 

  

  
 2 

 SECURITY AGREEMENT 

This SECURITY AGREEMENT dated as of August 24, 2022 (as may be amended, amended and restated, supplemented or otherwise modified from time to
time in accordance with the provisions hereof, this “Agreement”) made by ORCIC JV WH LLC, a Delaware limited liability company (the “Borrower” or the “Pledgor”), as pledgor, assignor and debtor, in
favor of BANK OF AMERICA, N.A., in its capacity as administrative agent pursuant to the Credit Agreement (as hereinafter defined), as pledgee, assignee and secured party (in such capacities and together with any successors in such capacities, the
“Administrative Agent”). 
 R E C I T A L S : 

A. The Borrower, the Administrative Agent, and the Lenders have, in connection with the execution and delivery of this Agreement and the
Collateral Administration Agreement (defined below), entered into that certain credit agreement, dated as of even date herewith (as may be amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”; which term shall also include and refer to any increase in the amount of indebtedness under the Credit Agreement). 

B. The Borrower, the Administrative Agent, U.S. Bank Trust Company, National Association, as collateral administrator (in such capacity, the
“Collateral Administrator”) and U.S. Bank National Association, as intermediary (in such capacity, the “Intermediary”), have, in connection with the execution and delivery of this Agreement and the Credit Agreement,
entered into that certain collateral administration and account control agreement, dated as of even date herewith (as may be amended, amended and restated, supplemented or otherwise modified from time to time, the “Collateral Administration
Agreement”). 
 C. This Agreement is given by the Pledgor in favor of the Administrative Agent for the benefit of the Secured
Parties to secure the payment and performance of all of the Obligations. 
 D. It is a condition to the obligations of the Lenders to make
Loans under the Credit Agreement that the Pledgor execute and deliver the applicable Loan Documents, including this Agreement. 
 A
G R E E M E N T : 
 NOW THEREFORE, in consideration of the foregoing premises and
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Pledgor and the Administrative Agent hereby agree as follows: 

  
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 ARTICLE I 

DEFINITIONS AND INTERPRETATION 

SECTION 1.1. Definitions. 

(a) Capitalized terms not defined herein shall have the meanings ascribed to them in the Credit Agreement, or if not defined therein, in the
UCC; provided that in any event, the following terms shall have the meanings assigned to them in the UCC: 

“Account”; “Bank”; “Chattel Paper”; “Deposit Account”;
“Document” “Entitlement Order”; “Financial Asset”; “General Intangible”; “Goods”; “Investment Property”; “Letter-of-Credit Right”; “Money”; “Payment Intangible”; “Proceeds”; “ Record”; “Securities Account”;
“Securities Intermediary”; “Security Entitlement” and “Supporting Obligation”. 
 (b)
Section 1.02 of the Credit Agreement shall apply herein mutatis mutandis. 
 (c) The following terms shall have the following
meanings: 
 “Administrative Agent” shall have the meaning assigned to such term in the Preamble. 

“Agreement” shall have the meaning assigned to such term in the Preamble. 

“Borrower” shall have the meaning assigned to such term in the Preamble. 

“Collateral” shall have the meaning assigned to such term in Section 2.1. 

“Collateral Account” shall mean the account established and designated as such under the Collateral Administration Agreement.

 “Collateral Administration Agreement” shall have the meaning assigned to such term in Recital B. 

“Collateral Administrator” shall have the meaning assigned to such term in Recital B. 

“Collection Account” shall mean a collective reference to the Interest Proceeds Account and the Principal Proceeds Account.

 “Continuing Event of Default” shall mean any Event of Default that has occurred and is continuing and has not been
waived or cured in accordance with the provisions of the Credit Agreement. For the avoidance of doubt, any Event of Default that is not waived or cured prior to the exercise by the Administrative Agent of remedies under
Section 8.02 of the Credit Agreement shall be a Continuing Event of Default notwithstanding any subsequent cure. 

  
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 “Contracts” shall mean, collectively, with respect to the Pledgor, all
sale, service, performance, equipment or property lease contracts, agreements and grants and all other contracts, agreements or grants (in each case, whether written or oral, or third party or intercompany), between the Pledgor and any third party,
and all assignments, amendments, restatements, supplements, extensions, renewals, replacements or modifications thereof. 

“Control” shall mean “control,” as such term is defined in
Section 8-106 of the UCC. 
 “Credit Agreement” shall have the meaning
assigned to such term in Recital A. 
 “Deliver” and “Delivery” shall have the meaning assigned to
such term in the Collateral Administration Agreement. 
 “Distributions” shall mean, collectively, with respect to the
Pledgor, all dividends, cash, options, warrants, rights, instruments, distributions, returns of capital or principal, income, interest, profits and other property, interests (debt or equity) or proceeds, including as a result of a split, revision,
reclassification or other like change of the Collateral Assets, from time to time received, receivable or otherwise distributed to the Pledgor in respect of or in exchange for any or all of the Collateral. 

“Excluded Property” shall mean (i) any lease, permit, license, property right, Contract, agreement or other document to
which the Pledgor is a party or any of its rights or interests thereunder if and for so long as the grant of a security interest hereunder shall constitute or result in (a) the abandonment, invalidation or unenforceability of any right, title
or interest of the Pledgor therein or (b) a breach or termination pursuant to the terms of, or a default under, any such lease, license, Contract, or agreement (other than to the extent that any such term would be rendered ineffective pursuant
to Sections 9-406, 9-407, 9-408, or 9-409 of the UCC (or any successor provision or
provisions) of any relevant jurisdiction or any other applicable requirements of any Laws or principles of equity); provided that such security interest shall attach immediately and automatically at such time as the condition causing such
abandonment, invalidation or unenforceability shall be remedied and, to the extent severable, shall attach immediately to any portion of such lease, license, Contract, or agreement that does not result in any of the consequences specified in
(a) or (b), including any Proceeds of such lease, license, Contract, or agreement, (ii) any asset to the extent that any requirement of Applicable Laws prohibits the creation of a Lien thereon or requires the consent of any Governmental
Authority that is not possible to obtain and (iii) any Excluded Amounts. 
 “Instruments” shall mean, collectively,
with respect to the Pledgor, all “instruments,” as such term is defined in Article 9, rather than Article 3, of the UCC, and shall include all promissory notes, drafts, bills of exchange or acceptances. 

“Interest Proceeds Account” shall mean the account established and designated as such under the Collateral Administration
Agreement. 
 “Notice of Exclusive Control” shall have the meaning assigned to such term in the Collateral Administration
Agreement. 

  
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 “Permitted Collateral Administrator Liens” shall have the meaning assigned
to such term in the Collateral Administration Agreement. 
 “Pledgor” shall have the meaning assigned to such term in the
Preamble. 
 “Principal Proceeds Account” shall mean the account established and designated as such under the Collateral
Administration Agreement. 
 “Secured Parties” shall mean the Lenders and the Administrative Agent. 

“Transaction Accounts” means each of the Collateral Account, the Interest Proceeds Account, the Principal Proceeds Account
and the Unfunded Exposure Account. 
 “UCC” shall mean the Uniform Commercial Code as in effect from time to time in the
State of New York; provided that, at any time, if by reason of mandatory provisions of Law, any or all of the perfection or priority of the Administrative Agent’s and the Lenders’ security interest in any item or portion of the
Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial Code as in effect, at such time, in such other jurisdiction for
purposes of the provisions hereof relating to such perfection or priority and for purposes of definitions relating to such provisions. 

“Unfunded Exposure Account” shall mean the account established and designated as such under the Collateral Administration
Agreement. 
 SECTION 1.2. Interpretation. The rules of interpretation specified in Article I of the Credit Agreement
(including Section 1.02 thereof) shall be applicable to this Agreement. 
 SECTION 1.3. Resolution of Drafting
Ambiguities. The Pledgor acknowledges and agrees that it was represented by counsel in connection with the execution and delivery hereof, that it and its counsel reviewed and participated in the preparation and negotiation hereof and that, to
the maximum extent permitted by Applicable Law, any rule of construction to the effect that ambiguities are to be resolved against the drafting party (i.e., the Administrative Agent) shall not be employed in the interpretation hereof. 

ARTICLE II 
 GRANT OF SECURITY AND
OBLIGATIONS 
 SECTION 2.1. Grant of Security Interest. As collateral security for the payment and performance in full of all the
Obligations, the Pledgor hereby pledges, mortgages, charges, assigns by way of security interest or otherwise and grants to the Administrative Agent for the benefit of the Secured Parties, a Lien on and security interest in all of the right, title
and interest of the Pledgor in, to and under all property of the Pledgor and in particular (but without limitation) the following property, wherever located, and whether now existing or hereafter arising or acquired from time to time (collectively,
the “Collateral”): 
  

	 	(i)	 the Collateral Assets; 

 

	 	(ii)	 all Instruments; 

  
 6 

	 	(iii)	 all Investment Property, including all Securities Accounts, and all Financial Assets; 

 

	 	(iv)	 all General Intangibles, including, without limitation, all Payment Intangibles; 

 

	 	(v)	 all Money and all Deposit Accounts; 

 

	 	(vi)	 all Chattel Paper; 

  

	 	(vii)	 all Letter-of-Credit Rights

  

	 	(viii)	 all Documents; 

  

	 	(ix)	 all Supporting Obligations; 

 

	 	(x)	 all books and Records relating to the Collateral; 

 

	 	(xi)	 all Accounts; 

  

	 	(xii)	 all Transaction Accounts; 

 

	 	(xiii)	 all Goods; 

  

	 	(xiv)	 all rights arising under the Loan Documents; 

 

	 	(xv)	 all Cash and Cash Equivalents (a) held in, or expressly required to be deposited into, the Transaction
Accounts, or (b) received by the Administrative Agent or any Lender as a result of the exercise of remedies in accordance with the Loan Documents in respect of the Collateral Assets; provided that Cash and Cash Equivalents that would
otherwise constitute Collateral pursuant to this clause (xv) shall cease to be Collateral immediately and automatically upon their release from the Transaction Accounts to a third party pursuant to the terms of the Collateral Administration
Agreement; and 

  

	 	(xvi)	 to the extent not covered by clauses (i) through (xv) of this sentence, all Proceeds and products of each
of the foregoing and all accessions to, substitutions and replacements for, and rents, profits and products of, each of the foregoing, and any and all Proceeds of any insurance, indemnity, warranty or guaranty payable to the Pledgor from time to
time with respect to any of the foregoing. 

  
 7 

 Notwithstanding the foregoing, the Lien and security interest created by this Agreement
shall not extend to, and the term “Collateral” shall not include, and the component definitions thereof shall not include, any Excluded Property. 

SECTION 2.2. Filings. (a) The Pledgor hereby irrevocably authorizes the Administrative Agent at any time and from time to time to
file in any relevant jurisdiction any financing statements and amendments thereto that contain the information required by Article 9 of the Uniform Commercial Code of each applicable jurisdiction for the filing of any financing statement or
amendment relating to the Collateral, including the location of the Pledgor, whether the Pledgor is an organization, the type of organization of the Pledgor and any organizational identification number issued to the Pledgor. The Pledgor agrees to
provide all information described in the immediately preceding sentence to the Administrative Agent promptly upon request by the Administrative Agent. Any financing statement filed by the Administrative Agent may describe the Collateral in the same
manner as described herein or may contain an indication or description of collateral that describes such property as “all assets in which the Pledgor now or hereafter has rights” or words of similar effect. 

(b) The Pledgor hereby ratifies its authorization for the Administrative Agent to file in any relevant jurisdiction any financing statements
as described in Section 2.2(a) relating to the Collateral if filed prior to the date hereof; provided that, if the transactions contemplated by the Loan Documents are not consummated, the Administrative Agent shall
file, at its own expense, such termination statements within three (3) Business Days as are necessary to terminate any such financing statements so filed. 

ARTICLE III 
 PERFECTION;
SUPPLEMENTS; FURTHER ASSURANCES; 
 USE OF COLLATERAL 

SECTION 3.1. Financing Statements and Other Filings; Maintenance of Perfected Security Interest. The Pledgor represents and warrants
that all financing statements, agreements, instruments and other documents necessary to perfect the security interest granted by it to the Administrative Agent in respect of the Collateral have been delivered to the Administrative Agent in completed
and, to the extent necessary or appropriate, duly executed form for filing in each relevant governmental, municipal or other office. The Pledgor agrees that at its sole cost and expense, the Pledgor will maintain the security interest created by
this Agreement in the Collateral as a perfected first priority security interest for so long as the Credit Agreement is in effect, subject only to, with respect to the Collection Account, Permitted Collateral Administrator Liens and, with respect to
all other Collateral, Permitted Liens. 

  
 8 

 SECTION 3.2. Other Actions. In order to further ensure the attachment, perfection and
priority of, and the ability of the Administrative Agent to enforce, the Administrative Agent’s security interest in the Collateral, the Pledgor represents and warrants as follows and agrees, in each case at the Pledgor’s own expense, to
take the following actions with respect to the following Collateral: 
 (a) Instruments. If any amount then payable under or in
connection with any of the Collateral shall be evidenced by any Instrument, the Pledgor shall promptly Deliver the same to the Collateral Administrator pursuant to the Collateral Administration Agreement (subject to the definition of the term
“Deliver” as provided therein). 
 (b) Securities Accounts. 

 

	 	(i)	 As of the date hereof, the Pledgor has no Securities Accounts other than the Transaction Accounts. The
Administrative Agent, so long as this Agreement is in effect, has a first priority security interest in the Transaction Accounts subject only to Permitted Collateral Administrator Liens, which security interest is perfected by Control. The Pledgor
shall not hereafter establish and maintain any Securities Account without the written consent of the Administrative Agent. The Pledgor shall accept any cash and Investment Property in trust for the benefit of the Administrative Agent and Deliver any
and all cash and Investment Property received by it into the applicable Transaction Account pursuant to the Collateral Administration Agreement. The Administrative Agent agrees with the Pledgor that the Administrative Agent shall not issue a Notice
of Exclusive Control, give any Entitlement Orders or instructions or directions to any Securities Intermediary, unless an Event of Default has occurred and either (i) such Event of Default is continuing or (ii) the Administrative Agent has
already issued a Notice of Exclusive Control; provided that nothing in the foregoing shall restrict the Administrative Agent from delivering a BBD Notice under the Collateral Administration Agreement and requiring compliance with the
provisions of the Collateral Administration Agreement in connection therewith. The Pledgor shall not grant Control over any cash or Investment Property to any Person other than the Administrative Agent; provided that nothing contained in this
Section 3.2(b) shall release or relieve any Securities Intermediary of its duties and obligations to the Pledgor or any other Person under any applicable requirements of any Law. 

 

	 	(ii)	 As between the Administrative Agent and the Pledgor, the Pledgor shall bear the investment risk with respect to
the Investment Property, and the risk of loss of, damage to, or the destruction of the Investment Property, whether in the possession of, or maintained as a Security Entitlement or deposit by, or subject to the Control of, the Administrative Agent,
a Securities Intermediary, the Pledgor or any other Person. 

 SECTION 3.3. Supplements; Further Assurances. The
Pledgor shall at its sole expense take such further actions, and execute and/or deliver to the Administrative Agent such additional financing statements, amendments, assignments, agreements, notices, supplements, powers and instruments, lists,
schedules, descriptions and designations of Collateral, invoices, confirmatory assignments, additional security agreements, conveyances, transfer endorsements, certificates, reports and other assurances, documents or instruments as the
Administrative Agent 

  
 9 

 
may reasonably request from time to time, or otherwise as necessary or desirable in order to create, perfect, preserve or otherwise protect the security interest in the Collateral or any part
thereof as provided herein and the rights and interests granted to the Administrative Agent hereunder and under the other Loan Documents, to carry into effect the purposes hereof or to better assure and confirm the validity, enforceability and
priority of the Administrative Agent’s security interest in the Collateral or permit the Administrative Agent to exercise and enforce its rights, powers and remedies hereunder and under the other Loan Documents with respect to any Collateral,
including the filing of financing statements, continuation statements, amendments thereto and assignments thereof and other documents (including this Agreement) under the UCC (or other similar Laws) in any applicable jurisdiction with respect to the
security interest created hereby, all in form reasonably satisfactory to the Administrative Agent and in such offices wherever required by Law to perfect, continue and maintain the validity, enforceability and priority of the security interest in
the Collateral as provided herein and to preserve the other rights and interests granted to the Administrative Agent hereunder, as against third parties, with respect to the Collateral. The Pledgor shall file and shall promptly pay the reasonable
costs of, or incidental to, any recording or filing of any such financing or continuation statements concerning the Collateral. The Pledgor authorizes the Administrative Agent and its agents, at the Pledgor’s expense, to file any such financing
or continuation statements. 
 Without limiting the generality of the foregoing, the Pledgor shall make, execute, endorse, acknowledge, file
or refile and/or deliver to the Administrative Agent from time to time upon reasonable request by the Administrative Agent such lists, schedules, descriptions and designations of the Collateral, invoices, schedules, confirmatory assignments,
supplements, additional security agreements, conveyances, financing statements, transfer endorsements, certificates, reports and other assurances or instruments as the Administrative Agent shall reasonably request. If a Continuing Event of Default
exists, the Administrative Agent may institute and maintain, in its own name or in the name of the Pledgor, such suits and proceedings as the Administrative Agent may be advised by counsel shall be necessary or expedient to prevent any impairment of
the security interest in or the perfection thereof in the Collateral. All of the foregoing shall be at the sole cost and expense of the Pledgor. 

ARTICLE IV 
 REPRESENTATIONS,
WARRANTIES AND COVENANTS 
 The Pledgor represents, warrants and covenants as follows: 

SECTION 4.1. Title. Except for the security interest granted to the Administrative Agent for the benefit of the Secured Parties pursuant
to this Agreement, the Pledgor owns and has rights and, as to Collateral acquired by it from time to time after the date hereof, will own and have rights in each item of Collateral pledged by it hereunder, free and clear of any and all Liens or
claims of others, other than Permitted Liens. 

  
 10 

 SECTION 4.2. Validity of Security Interest. 

(a) The security interest in and Lien on the Collateral granted to the Administrative Agent for the benefit of the Secured Parties hereunder
constitutes, and will at all times constitute, under the Law of each relevant jurisdiction (i) a legal and valid security interest in all the Collateral securing the payment and performance of the Obligations subject to bankruptcy, insolvency
and similar Laws affecting the enforceability of creditors’ rights generally and to general principles of equity, and (ii) a perfected first priority security interest in all of the Collateral, prior to all other Liens on the Collateral
subject only to, with respect to the Collection Account, Permitted Collateral Administrator Liens and, with respect to all other Collateral, Permitted Liens. 

(b) With respect to each Collateral Asset, the pledge hereunder to the Administrative Agent for the benefit of the Secured Parties is
permitted under the Collateral Asset Documents and creates a valid security interest that would be respected under the Law of each relevant jurisdiction. 

SECTION 4.3. Defense of Claims; Transferability of Collateral. Subject to Section 6.04 of the Credit
Agreement, the Pledgor shall, at its own cost and expense, defend title to the Collateral pledged by it hereunder and the security interest therein and Liens thereon granted to the Administrative Agent and the priority thereof against all claims and
demands of all Persons at any time claiming any interest therein adverse to the Administrative Agent or any other Lender, other than Permitted Liens. There is no agreement, order, judgment or decree, and the Pledgor shall not enter into any
agreement or take any other action, that would restrict the transferability of any of the Collateral or otherwise impair or conflict with the Pledgor’s obligations or the rights of the Administrative Agent hereunder. Upon Delivery of any
Collateral as provided in the Collateral Administration Agreement, the Pledgor will have received all consents and approvals required by the terms of any item of Collateral for the grant of a security interest and Lien to the Administrative Agent
for the benefit of the Secured Parties pursuant to this Agreement in and on the Pledgor’s interest and rights in such Collateral, the Delivery of such Collateral to the Collateral Administrator and any exercise of the Administrative
Agent’s rights and remedies hereunder. 
 SECTION 4.4. Other Financing Statements. The Pledgor has not filed or authorized any
third party to file and shall not file or authorize any third party to file, any valid or effective financing statement (or similar statement, instrument of registration or public notice under the Law of any jurisdiction) covering or purporting to
cover any interest of any kind in the Collateral, except such as have been filed in favor of the Administrative Agent pursuant to this Agreement. The Pledgor shall not execute, authorize or permit to be filed in any public office any financing
statement (or similar statement, instrument of registration or public notice under the Law of any jurisdiction) relating to any Collateral, except in favor of the Administrative Agent pursuant to this Agreement. 

  
 11 

 SECTION 4.5. Consents, etc. If during a Continuing Event of Default, the
Administrative Agent desires to exercise any remedies, voting or consensual rights or attorney-in-fact powers set forth in the Loan Documents and determines it necessary
to obtain any approvals or consents of any Governmental Authority or any other Person therefor, then, upon the reasonable request of the Administrative Agent, the Pledgor agrees to use its reasonable best efforts to assist and aid the Administrative
Agent to obtain as soon as practicable any necessary approvals or consents for the exercise of any such remedies, rights and powers. 

ARTICLE V 
 TRANSFERS 

SECTION 5.1. Transfers of Collateral. The Pledgor shall not sell, convey, assign or otherwise dispose of, or grant any option with
respect to, any of the Collateral pledged by it hereunder except as expressly permitted by the Credit Agreement or the Collateral Administration Agreement. 

ARTICLE VI 
 REMEDIES 

SECTION 6.1. Remedies. 

(a) During a Continuing Event of Default, the Administrative Agent may from time to time exercise in respect of the Collateral, in addition to
the other rights and remedies provided for herein or otherwise available to it, the following remedies, to the fullest extent permitted by Applicable Laws: 
  

	 	(i)	 Personally, or by agents, nominees or attorneys, immediately take possession of the Collateral or any part
thereof, from the Pledgor or any other Person who then has possession of any part thereof with or without notice or process of Law, and for that purpose may enter upon the Pledgor’s premises where any of the Collateral is located, remove such
Collateral, remain present at such premises to receive copies of all communications and remittances relating to the Collateral and use in connection with such removal and possession any and all services, supplies, aids and other facilities of the
Pledgor. 

  

	 	(ii)	 Demand, sue for, collect or receive any money or property at any time payable or receivable in respect of the
Collateral including instructing the obligor or obligors on any agreement, instrument or other obligation constituting part of the Collateral to make any payment required by the terms of such agreement, instrument or other obligation directly to the
Administrative Agent, and in connection with any of the foregoing, compromise, settle, extend the time for payment and make other modifications with respect thereto; provided that in the event that any such payments are made directly to the
Pledgor, the Pledgor shall hold all amounts received pursuant thereto in trust for the benefit of the Administrative Agent and shall promptly (but in no event later than three (3) Business Days after receipt thereof) pay such amounts to the
Administrative Agent. 

  
 12 

	 	(iii)	 Withdraw all moneys, instruments, securities and other property in any bank, financial securities, deposit or
other account of the Pledgor constituting Collateral for application to the Obligations as provided in Article VII. 

  

	 	(iv)	 Retain and apply the Distributions to the Obligations as provided in Article VII. 

 

	 	(v)	 Exercise any and all rights as beneficial and legal owner of the Collateral, including perfecting assignment of
and exercising any and all voting, consensual and other rights and powers with respect to any Collateral. 

  

	 	(vi)	 Sell, assign, give option or options to purchase or otherwise dispose of Collateral as provided in
Section 6.1(b). 

  

	 	(vii)	 Exercise all the rights and remedies of a secured party on a default under the UCC (whether or not the UCC
applies to the affected Collateral) or any other Applicable Law (including, without limitation, any law governing the exercise of a bank’s right of setoff or bankers’ Lien) when a debtor is in default under a security agreement.

  

	 	(viii)	 Deliver a Notice of Exclusive Control or any other instruction or Entitlement Order, to the Collateral
Administrator and the Intermediary and take any other action provided under the Loan Documents with respect to the Collateral. 

  

	 	(ix)	 Prior to the disposition of the Collateral as provided in Section 6.1(b), hold, use,
collect, receive, assemble, store, process, repair or recondition the Collateral, or any part thereof, or prepare the Collateral for such disposition, in each case in any manner to the extent the Administrative Agent deems appropriate for the
purpose of preserving the Collateral or the value of the Collateral, or for any other purpose deemed appropriate by the Administrative Agent. 

(b) Sale of Collateral. Subject in all cases to the purchase right set forth in Section 8.04 of the Credit Agreement, the
Administrative Agent may take any of the following actions: 
  

	 	(i)	 Without otherwise limiting the rights and remedies of a secured party on default under the UCC, during a
Continuing Event of Default, the Administrative Agent may in its sole discretion, without demand of performance or other demand, presentment, protest, advertisement or notice (except as specified in Section 6.2), in such
circumstances forthwith collect, receive, appropriate and realize upon the Collateral, or any part 

  
 13 

	 	
thereof, and/or may forthwith sell, assign, give option or options to purchase or otherwise dispose of and deliver the Collateral or any part thereof (or contract to do any of the foregoing) in
one or more parcels at public or private sale or sales in the over-the-counter market, at any exchange, broker’s board or office of the Administrative Agent or
elsewhere upon such terms and conditions as it may deem advisable and at such prices as it may deem best in its commercially reasonable discretion, for cash or on credit or for future delivery without assumption of any credit risk. To the fullest
extent permitted by Applicable Law, the Administrative Agent or any other Lender or any of their respective Affiliates may be the purchaser, licensee, assignee or recipient of the Collateral or any part thereof at any such sale and shall be
entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold, assigned or licensed at such sale, to use and apply any of the Obligations owed to such Person as a credit on
account of the purchase price of the Collateral or any part thereof payable by such Person at such sale. Each purchaser, assignee, licensee or recipient at any such sale shall acquire the property sold, assigned or licensed absolutely free from any
claim or right on the part of the Pledgor, and the Pledgor hereby waives, to the fullest extent permitted by Law, all rights of redemption, stay and/or appraisal which it now has or may at any time in the future have under any rule of Law or statute
now existing or hereafter enacted. The Administrative Agent shall not be obligated to make any sale of the Collateral or any part thereof regardless of notice of sale having been given pursuant to Section 6.2 of this
Agreement. The Administrative Agent may adjourn any such sale, whether public or private, or cause the same to be adjourned from time to time by announcement prior to or at the time and place fixed therefor, and such sale may, without further notice
or publication, be made at the time and place to which it was so adjourned. The Administrative Agent shall have the right upon any such public sale or sales, and, to the extent permitted by Law, upon any such private sale or sales, to purchase the
whole or any part of the Collateral so sold, free of any right or equity of redemption of the Pledgor, which right or equity of redemption is hereby waived or released. 

 

	 	(ii)	 The Administrative Agent may sell the Collateral without giving any warranties as to the Collateral and may
specifically disclaim or modify any warranties of title or the like. 

  

	 	(iii)	 The Pledgor recognizes that, by reason of certain prohibitions contained in Law, rules, regulations or orders
of any Governmental Authority, the Administrative Agent may be compelled, with respect to any sale of all or any part of the Collateral under Section 6.1, to limit purchasers to those who meet the requirements of such
Governmental Authority. The Pledgor acknowledges that any such sales may be at prices and on terms less 

  
 14 

	 	
favorable to the Administrative Agent than those obtainable through a public sale without such restrictions, and, notwithstanding such circumstances, agrees that any such restricted sale shall be
deemed to have been made in a commercially reasonable manner and that, except as may be required by Applicable Law, the Administrative Agent shall have no obligation to engage in public sales. 

 

	 	(iv)	 The Pledgor shall use its best efforts to do or cause to be done all such other acts as may be reasonably
necessary to make any sale or sales of all or any portion of the Collateral pursuant to this Section 6.1 valid and binding and in compliance with any and all other requirements of Applicable Law. 

 

	 	(v)	 The Pledgor further agrees that a breach of any of the covenants contained in this
Section 6.1(b) will cause irreparable injury to the Administrative Agent and the other Lenders, that the Administrative Agent and the other Lenders have no adequate remedy at Law in respect of such breach and, as a
consequence, that, to the maximum extent permitted by Applicable Law, each and every covenant contained in this Section 6.1(b) shall be specifically enforceable against the Pledgor, and, to the maximum extent permitted by
Applicable Law, the Pledgor hereby waives and agrees not to assert any defenses against an action for specific performance of such covenants except for a defense that no Continuing Event of Default exists. 

 

	 	(vi)	 Section 9-610 of the UCC states that in certain circumstances the
Administrative Agent is able to purchase certain Collateral only if the Collateral is sold at a public sale. The Administrative Agent has advised the Pledgor that SEC staff personnel have issued various no action letters (“No Action
Letters”) describing procedures which, in the view of the SEC staff, permit a foreclosure sale of securities to occur in a manner that is public for purposes of Article 9 of the UCC, yet not public for purposes of Section 4(a)(2) of
the Securities Act. The UCC permits the Pledgor to agree on the standards for determining whether the Lender has complied with its obligations under Article 9 of the UCC. Pursuant to the UCC, the Pledgor hereby specifically agrees (x) that it
shall not raise any objection to the Administrative Agent’s purchase of the Collateral (through bidding on the obligations or otherwise) in connection with a sale conducted under this Section 6.1 and (y) that a
foreclosure sale conducted in conformity with the principles set forth in the No Action Letters promulgated by the SEC staff (1) shall be considered to be a “public” sale for purposes of the UCC, (2) shall be considered
commercially reasonable notwithstanding that the Administrative Agent has not registered or sought to register any securities constituting the Collateral under the Securities Act, even if the Pledgor agrees to pay all costs of the registration
process, and (3) shall be considered to be commercially reasonable notwithstanding that the Administrative Agent purchases the Collateral at such a sale. 

  
 15 

	 	(vii)	 The Pledgor agrees that the Administrative Agent shall not have any general duty or obligation to make any
effort to obtain or pay any particular price for any Collateral sold by the Administrative Agent pursuant to this Agreement. The Administrative Agent may, in its sole discretion, among other things, accept the first bid received, or decide to
approach or not to approach any potential purchasers. The Pledgor hereby agrees that the Administrative Agent shall have the right to conduct, and shall not incur any liability as a result of, the sale of any Collateral, or any part thereof, at any
sale conducted in a commercially reasonable manner, it being agreed by the parties hereto that some or all of the Collateral is or may be of one or more types that threaten to decline speedily in value, is customarily sold on a recognized market or
is the subject of widely distributed standard price quotations. Without in any way limiting the Administrative Agent’s or Lender’s right to conduct a foreclosure sale in any manner which is considered commercially reasonable, the Pledgor
hereby agrees that any foreclosure sale conducted in accordance with the following provisions shall be considered a commercially reasonable sale, and the Pledgor hereby irrevocably waives any right to contest any such sale conducted in accordance
with the following provisions: 

  

	 	(1)	 the Administrative Agent or Lender conducts such foreclosure sale in the State of New York;

  

	 	(2)	 such foreclosure sale is conducted in accordance with the laws of the State of New York; and

  

	 	(3)	 not more than thirty (30) days before, and not less than three (3) Business Days in advance of such
foreclosure sale, the Administrative Agent notifies the Pledgor at the address set forth in the Credit Agreement of the place of such foreclosure sale and time on or after which such foreclosure sale will occur, except for any Collateral that
threatens to decline speedily in value, including, without limitation, securities, is of a type customarily sold on a recognized market or is the subject of widely distributed standard price quotations. 

(c) For purposes of Section 9-623 of the UCC, a written agreement to purchase the Collateral or
any portion thereof shall be treated as a sale thereof, the Administrative Agent shall be free to carry out such sale pursuant to such agreement and the Pledgor shall not be entitled to the return of the Collateral or any portion thereof subject
thereto, notwithstanding the fact that after the Administrative Agent shall have entered into such an agreement all Events of Default shall have been remedied, cured or waived and the Obligations paid in full. 

  
 16 

 SECTION 6.2. Notice of Sale. The Pledgor acknowledges and agrees (without limiting
Section 6.1(b)(vii)) that, to the extent notice of sale or other disposition of the Collateral or any part thereof shall be required by Law, three (3) Business Days’ prior notice to the Pledgor of (i) the
place of any public sale or private sale or other intended disposition is to take place and (ii) the time on or after which such public sale, private sale or other intended disposition is intended to occur shall be commercially reasonable
notification of such matters and Pledgor agrees that such notice constitutes a “reasonable authenticated notification of disposition” within the meaning of Section 9-611 of the UCC. No notice
need be given to the Pledgor if it has signed, after the occurrence of an Event of Default, a statement renouncing or modifying any right to notice of sale or other intended disposition. Notwithstanding anything to the contrary herein, the Pledgor
agrees that except as provided in Section 6.1 or this Section 6.2, no other notice of sale or other disposition need be given to the Pledgor. 

SECTION 6.3. Waiver of Notice and Claims. The Pledgor hereby waives, to the fullest extent permitted by Applicable Law, notice of
judicial hearing in connection with the Administrative Agent’s taking possession or the Administrative Agent’s disposition of the Collateral or any part thereof, including any and all prior notice and hearing for any prejudgment remedy or
remedies and any such right which the Pledgor would otherwise have under Law, and the Pledgor hereby further waives, to the fullest extent permitted by Applicable Law: (i) all damages occasioned by such taking of possession, (ii) all other
requirements as to the time, place and terms of sale or other requirements with respect to the enforcement of the Administrative Agent’s rights hereunder, (iii) all rights of redemption, appraisal, valuation, stay, extension or moratorium
now or hereafter in force under any Applicable Law and (iv) any claims against the Administrative Agent arising out of the exercise by the Administrative Agent of any of its rights hereunder (in each case, except for any claims, damages and
demands it may have against the Administrative Agent arising from the willful misconduct or gross negligence of the Administrative Agent), including by reason of the fact that the price at which the Collateral or any part thereof may have been sold,
assigned or licensed at such a private sale was less than the price which might have been obtained at a public sale, even if the Administrative Agent accepts the first offer received and does not offer such Collateral to more than one offeree. 

The Administrative Agent shall not be liable for any incorrect or improper payment made pursuant to this Agreement in the absence of gross
negligence or willful misconduct on the part of the Administrative Agent. Any sale of, or the grant of options to purchase, or any other realization upon, any Collateral shall operate to divest all right, title, interest, claim and demand, either at
Law or in equity, of the Pledgor therein and thereto, and shall be a perpetual bar both at Law and in equity against the Pledgor and against any and all Persons claiming or attempting to claim the Collateral so sold, optioned or realized upon, or
any part thereof, from, through or under the Pledgor. 
 SECTION 6.4. No Waiver; Cumulative Remedies. No failure on the part of the
Administrative Agent to exercise, no course of dealing with respect to, and no delay on the part of the Administrative Agent in exercising, any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial
exercise of any such right, power, privilege or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right, power, privilege or remedy; nor shall the Administrative Agent be required to (i) demand upon,
or pursue or exhaust any of its rights or remedies against, the Pledgor, any other obligor, guarantor, pledgor or any other Person with respect to the payment of the Obligations or 

  
 17 

 
to pursue or exhaust any of its rights or remedies with respect to any Collateral therefor or any direct or indirect guarantee thereof, (ii) look first to, enforce or exhaust any other
security, collateral or guaranties, (iii) marshal the Collateral or any guarantee of the Obligations or (iv) effect a public sale of any Collateral. All rights and remedies herein provided are cumulative and are not exclusive of any rights
or remedies provided by Law or otherwise available. 
 ARTICLE VII 

APPLICATION OF PROCEEDS 
 SECTION
7.1. Application of Proceeds. The proceeds received by the Administrative Agent in respect of any sale of, collection from or other realization upon all or any part of the Collateral pursuant to the exercise by the Administrative Agent of its
remedies shall be applied, together with any other sums then held by the Administrative Agent pursuant to this Agreement, in accordance with Section 8.03 of the Credit Agreement. 

ARTICLE VIII 
 MISCELLANEOUS 

SECTION 8.1. Concerning Administrative Agent. 

(a) The Administrative Agent has been appointed as administrative agent pursuant to the Credit Agreement. The actions of the Administrative
Agent hereunder are subject to the provisions of the Credit Agreement. The Administrative Agent shall have the right hereunder to make demands, to give notices, to exercise or refrain from exercising any rights, and to take or refrain from taking
action (including the release or substitution of the Collateral), in accordance with this Agreement and the Credit Agreement. The Administrative Agent may employ agents and
attorneys-in-fact in connection herewith and shall not be liable for the negligence or misconduct of any such agents or attorneys-in-fact selected by it in good faith and with due care. The Administrative Agent may resign and a successor Administrative Agent may be appointed in the manner provided in the Credit Agreement. Upon
the acceptance of any appointment as the Administrative Agent by a successor Administrative Agent, that successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring
Administrative Agent under this Agreement, and the retiring Administrative Agent shall thereupon be discharged from its duties and obligations under this Agreement. After any retiring Administrative Agent’s resignation, the provisions hereof
shall inure to its benefit as to any actions taken or omitted to be taken by it under this Agreement while it was the Administrative Agent. 

(b) Except for the exercise of reasonable care in the custody of any Collateral in its possession and the accounting for moneys actually
received by it hereunder, the Administrative Agent shall have no duty as to any Collateral or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any Collateral. The Administrative Agent
shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if such Collateral is accorded treatment 

  
 18 

 
substantially equivalent to that which the Administrative Agent, in its individual capacity, accords its own property consisting of similar instruments or interests, it being understood that
neither the Administrative Agent nor any of the Lenders shall have responsibility for (i) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relating to any Collateral, whether or
not the Administrative Agent or any other Lender has or is deemed to have knowledge of such matters or (ii) taking any necessary steps to preserve rights against any Person with respect to any Collateral. 

(c) The Administrative Agent shall be entitled to rely upon any written notice, statement, certificate, order or other document or any
telephone message believed by it in good faith to be genuine and correct and to have been signed, sent or made by the proper Person, and, with respect to all matters pertaining to this Agreement and its duties hereunder, upon advice of outside
counsel selected by it with due care. 
 SECTION 8.2. Administrative Agent May Perform; Administrative Agent Appointed Attorney-in-Fact. If the Pledgor shall fail to perform any covenants contained in this Agreement (including the Pledgor’s covenants to (i) pay and discharge any
material Tax liabilities upon it or its properties or assets and all lawful claims which, if unpaid, would by Law become a Lien upon its property, (ii) discharge Liens or (iii) pay or perform any obligations of the Pledgor under any
Collateral) or if any representation or warranty on the part of the Pledgor contained herein shall be breached, the Administrative Agent may (but shall not be obligated to) do the same or cause it to be done or remedy any such breach, and may expend
funds for such purpose; provided that the Administrative Agent shall in no event be bound to inquire into the validity of any tax, Lien, imposition or other obligation which the Pledgor fails to pay or perform as and when required hereby. Any
and all amounts so expended by the Administrative Agent shall be paid by the Pledgor in accordance with the provisions of Section 10.04 of the Credit Agreement. Neither the provisions of this
Section 8.2 nor any action taken by the Administrative Agent pursuant to the provisions of this Section 8.2 shall prevent any such failure to observe any covenant contained in this Agreement nor
any breach of representation or warranty from constituting an Event of Default. The Pledgor hereby appoints the Administrative Agent (effective during a Continuing Event of Default) its
attorney-in-fact, with full power and authority in the place and stead of the Pledgor and in the name of the Pledgor, or otherwise, from time to time in the
Administrative Agent’s discretion to take any action and to execute any instrument consistent with the terms of the Credit Agreement, this Agreement and the other Loan Documents which the Administrative Agent may deem necessary or advisable to
accomplish the purposes hereof (but the Administrative Agent shall not be obligated to and shall have no liability to the Pledgor or any third party for failure to so do or take action). The foregoing grant of authority is a power of attorney
coupled with an interest and such appointment shall be irrevocable for the term hereof. The Pledgor hereby ratifies all that such attorney shall lawfully do or cause to be done by virtue hereof. 

SECTION 8.3. Continuing Security Interest; Assignment. This Agreement shall create a continuing security interest in the Collateral and
shall (i) be binding upon the Pledgor, its respective successors and assigns and (ii) inure, together with the rights and remedies of the Administrative Agent hereunder, to the benefit of the Administrative Agent and the other Lenders and
each of their respective successors, permitted transferees and permitted assigns. No 

  
 19 

 
other Persons (including any other creditor of the Pledgor) shall have any interest herein or any right or benefit with respect hereto. Without limiting the generality of the foregoing
clause (ii), subject to the provisions of the Credit Agreement, any Lender may assign or otherwise transfer any indebtedness held by it secured by this Agreement to any other Person, and such other Person shall thereupon become vested with all
the benefits in respect thereof granted to such Lender, herein or otherwise, subject however, to the provisions of the Credit Agreement. The Pledgor agrees that its obligations hereunder and the security interest created hereunder shall continue to
be effective or be reinstated, as applicable, if at any time payment, or any part thereof, of all or any part of the Obligations is rescinded, avoided, declared to be fraudulent or preferential or must otherwise be restored by the Administrative
Agent or any Lender upon the insolvency, bankruptcy or reorganization of the Pledgor or otherwise. 
 SECTION 8.4. Termination;
Release. This Agreement shall terminate upon (a) the irrevocable repayment, satisfaction and discharge in full of all Obligations (other than contingent reimbursement and indemnification obligations which are unknown, unmatured and for
which no claim has been made) and (b) the termination of all Aggregate Commitments. Upon termination of this Agreement, the Collateral shall be released automatically from the Lien of this Agreement. Upon such release or any release of
Collateral or any part thereof in accordance with the provisions of the Loan Documents, the Administrative Agent shall, upon the request and at the sole cost and expense of the Pledgor, assign, transfer and deliver to the Pledgor, against receipt
and without recourse to or warranty by the Administrative Agent except as to the fact that the Administrative Agent has not encumbered the released assets, such of the Collateral or any part thereof to be released (in the case of a release) as may
be in possession of the Administrative Agent and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect to any other Collateral, proper documents and instruments (including
UCC-3 termination financing statements or releases) acknowledging the termination hereof or the release of such Collateral, as the case may be. In addition, the security interest created hereby in the relevant
Collateral shall be automatically and immediately released when such Collateral is transferred out of the applicable Transaction Account to a third party in accordance with the provisions of the Collateral Administration Agreement, without further
action by the Administrative Agent, the Collateral Administrator, the Pledgor, any Lender or any other Person. 
 SECTION 8.5.
Modification in Writing. No amendment, modification, supplement, termination or waiver of or to any provision hereof, nor consent to any departure by the Pledgor therefrom, shall be effective unless the same shall be made in accordance with
the terms of the Credit Agreement. Any amendment, modification or supplement of or to any provision hereof, any waiver of any provision hereof and any consent to any departure by the Pledgor from the terms of any provision hereof in each case shall
be effective only in the specific instance and for the specific purpose for which made or given. Except where notice is specifically required by this Agreement or any other document evidencing the Obligations, no notice to or demand on the Pledgor
in any case shall entitle the Pledgor to any other or further notice or demand in similar or other circumstances. 

  
 20 

 SECTION 8.6. Notices. Unless otherwise provided herein or in the Credit Agreement,
any notice or other communication herein required or permitted to be given shall be given in the manner and become effective as set forth in the Credit Agreement, as to the Pledgor, addressed to it at the address of the Borrower set forth in the
Credit Agreement and as to the Administrative Agent, addressed to it at the address set forth in the Credit Agreement, or in each case at such other address as shall be designated by such party in a written notice to the other party complying as to
delivery with the terms of this Section 8.6. 
 SECTION 8.7. Sufficiency of Remedies; Governing Law;
Jurisdiction; Etc.; Waiver of Jury Trial; Non-Recourse Obligations; No Petition. Sections 10.04(f), 10.14, 10.15, and 10.20 of the Credit Agreement are
incorporated herein, mutatis mutandis, as if a part hereof. 
 SECTION 8.8. Severability of Provisions. Any provision hereof
which is invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without invalidating the remaining provisions hereof or affecting the
validity, legality or enforceability of such provision in any other jurisdiction. 
 SECTION 8.9. Execution in Counterparts. This
Agreement and any amendments, waivers, consents or supplements hereto may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an
original, but all such counterparts together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page of this Agreement by telecopier or other electronic imaging means (e.g. “pdf” or
“tiff”) shall be effective as delivery of a manually executed counterpart of this Agreement. 
 SECTION 8.10. No Credit for
Payment of Taxes or Imposition. The Pledgor shall not be entitled to any credit against the principal, premium, if any, or interest payable under the Credit Agreement, and the Pledgor shall not be entitled to any credit against any other sums
which may become payable under the terms thereof or hereof, by reason of the payment of any Tax on the Collateral or any part thereof. 

SECTION 8.11. No Claims Against Administrative Agent. Nothing contained in this Agreement shall constitute any consent or request by
the Administrative Agent, express or implied, for the performance of any labor or services or the furnishing of any materials or other property in respect of the Collateral or any part thereof, nor as giving the Pledgor any right, power or authority
to contract for or permit the performance of any labor or services or the furnishing of any materials or other property in such fashion as would permit the making of any claim against the Administrative Agent in respect thereof or any claim that any
Lien based on the performance of such labor or services or the furnishing of any such materials or other property is prior to the Lien hereof. 

SECTION 8.12. No Release. Nothing set forth in this Agreement or any other Loan Document, nor the exercise by the Administrative Agent
of any of the rights or remedies hereunder, shall relieve the Pledgor from the performance of any term, covenant, condition or agreement on the Pledgor’s part to be performed or observed under or in respect of any of the Collateral or from any
liability to any Person under or in respect of any of the Collateral or shall impose any obligation on the Administrative Agent or any other Lender to perform or observe 

  
 21 

 
any such term, covenant, condition or agreement on the Pledgor’s part to be so performed or observed or shall impose any liability on the Administrative Agent or any other Lender for any act
or omission on the part of the Pledgor relating thereto or for any breach of any representation or warranty on the part of the Pledgor contained in this Agreement, the Credit Agreement or the other Loan Documents, or under or in respect of the
Collateral or made in connection herewith or therewith. Anything herein to the contrary notwithstanding, neither the Administrative Agent nor any other Lender shall have any obligation or liability under any Contracts, agreements and other documents
included in the Collateral by reason of this Agreement, nor shall the Administrative Agent or any other Lender be obligated to perform any of the obligations or duties of the Pledgor thereunder or to take any action to collect or enforce any such
Contract, agreement or other document included in the Collateral hereunder. The obligations of the Pledgor contained in this Section 8.12 shall survive the termination hereof and the discharge of the Pledgor’s other
obligations under this Agreement, the Credit Agreement and the other Loan Documents. 
 SECTION 8.13. Administrative Agent. It is
agreed that the Administrative Agent is entering into this Agreement in its capacity as Administrative Agent under the Credit Agreement, and the provisions of Article IX of the Credit Agreement applicable to the Administrative Agent
thereunder shall also apply to the Administrative Agent hereunder. 
 [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.] 

  
 22 

 IN WITNESS WHEREOF, the Pledgor and the Administrative Agent have caused this Security
Agreement to be duly executed and delivered by their duly authorized officers as of the date first above written. 
  

			
	 ORCIC JV WH LLC,
 as
Pledgor

		
	By:	 	/s/ Bryan Cole
		 	Name: Bryan Cole
		 	Title: Authorized Signatory

 
			
	 BANK OF AMERICA, N.A.,
 as
Administrative Agent

		
	By:	 	/s/ Bryson Brannon
		 	Name: Bryson Brannon
		 	Title: DirectorEX-10.4

 Exhibit 10.4 

EXECUTION VERSION 
  

 
 MASTER SALE AND PARTICIPATION
AGREEMENT 
 August 24, 2022 

Owl Rock Core Income Corp. 

and 
 ORCIC JV WH LLC

  
  

 

 TABLE OF CONTENTS 

 

							
		 		  	 	Page	 
			
	 ARTICLE I
	 	TRANSFER	  	 	2	 
			
	 Section 1.1
	 	Transfer; Purchase	  	 	2	 
	 Section 1.2
	 	Income Collections; Payments of Income Collections and Other Payments Received After the Transfer Closing Date	  	 	3	 
	 Section 1.3
	 	Deliveries	  	 	3	 
	 Section 1.4
	 	Conditions	  	 	3	 
	 Section 1.5
	 	Treatment of Transfer; Backup Grant of Security Interest	  	 	3	 
	 Section 1.6
	 	Compliance with Law	  	 	5	 
			
	 ARTICLE II
	 	REPRESENTATIONS AND WARRANTIES	  	 	5	 
			
	 Section 2.1
	 	Representations and Warranties of Each Party	  	 	5	 
	 Section 2.2
	 	Representations and Warranties of the Transferor	  	 	6	 
		
	 ARTICLE III MISCELLANEOUS
	  	 	7	 
			
	 Section 3.1
	 	Elevation	  	 	7	 
	 Section 3.2
	 	Amendments	  	 	8	 
	 Section 3.3
	 	Communications	  	 	8	 
	 Section 3.4
	 	Certain Definitions; Interpretation	  	 	9	 
	 Section 3.5
	 	Governing Law	  	 	10	 
	 Section 3.6
	 	Submission to Jurisdiction	  	 	10	 
	 Section 3.7
	 	Waiver of Venue	  	 	10	 
	 Section 3.8
	 	No Liability	  	 	10	 
	 Section 3.9
	 	Conduct of Business	  	 	11	 
	 Section 3.10
	 	Custodian	  	 	11	 
	 Section 3.11
	 	Parties Benefited	  	 	11	 
	 Section 3.12
	 	Severability	  	 	11	 
	 Section 3.13
	 	Indemnity	  	 	12	 
	 Section 3.14
	 	Documents	  	 	12	 
	 Section 3.15
	 	Counterparts	  	 	12	 
	 Section 3.16
	 	No Proceedings	  	 	12	 
		
	 ARTICLE IV ADDITIONAL REPRESENTATIONS, WARRANTIES, COVENANTS AND INDEMNITIES OF
THE TRANSFEROR
	  	 	12	 
			
	 Section 4.1
	 	Protection of Transferee’s Interest	  	 	12	 
	 Section 4.2
	 	Indemnification	  	 	13	 
	 Section 4.3
	 	Additional Representations and Warranties of the Transferor	  	 	13	 
	 Section 4.4
	 	Covenants of the Transferor	  	 	14	 
	 Section 4.5
	 	Waiver of Jury Trial	  	 	15	 

  
 -i- 

 MASTER SALE AND PARTICIPATION AGREEMENT 

Master Sale and Participation Agreement (this “Agreement”) dated as of August 24, 2022 between: 

 

	(1)	 Owl Rock Core Income Corp., a Maryland corporation (the “Transferor”); and

  

	(2)	 ORCIC JV WH LLC, a Delaware limited liability company (the “Transferee”).

 RECITALS 
  

	(A)	 The Transferor owns certain collateral assets described on the annex delivered to the Transferee by the
Transferor on or after the date hereof to be attached as on Annex A hereto (the “Collateral Assets”). 

  

	(B)	 Transferee desires to purchase from Transferor each such Collateral Asset on the applicable date set forth on
Annex A (with respect to each such Collateral Asset, the “Transfer Closing Date”). The Transferor desires to sell to the Transferee each Collateral Asset (or, if such sale is not able to be effected on or prior to the Transfer
Closing Date, to grant an undivided 100% participation interest therein until such sale is effected) to the Transferee, and the Transferee desires to purchase each Collateral Asset (or, if such sale is not able to be effected on the Transfer Closing
Date, to acquire an undivided 100% participation interest therein until such sale is effected) from the Transferor. Each such sale and purchase (or grant and acquisition) of each Collateral Asset (or participation therein, as applicable) is referred
to herein as the “Transfer” of such Collateral Asset. 

  

	(C)	 To the extent that the Transferor and the Transferee are able to satisfy on or prior to the Transfer Closing
Date all conditions specified in the related credit agreement, loan agreement or similar governing document (the “Underlying Credit Agreement”) to the transfer of record ownership of a Collateral Asset to the Transferee, the related
Transfer will take the form of a sale by assignment of such Collateral Asset on the Transfer Closing Date from the Transferor to the Transferee (each such Collateral Asset, a “Sold Collateral Asset”). To the extent that all
conditions specified in the Underlying Credit Agreement to the transfer of record ownership of a Collateral Asset to the Transferee have not been satisfied on or prior to the Transfer Closing Date, the related Transfer will take the form of the
grant of an undivided 100% participation interest in such Collateral Asset on the Transfer Closing Date (each such Collateral Asset, a “Participated Collateral Asset”). With respect to any Participated Collateral Asset, the
Transferor and Transferee will cause the relevant participation to be elevated to an assignment to the Transferee (or, with the Administrative Agent’s prior written consent (including via email), to a Person identified to the Transferor as a
designee of the Transferee) as soon as reasonably practicable pursuant to the provisions of Section 3.1 after the Transfer Closing Date, at which time such Collateral Asset shall become a Sold Collateral Asset. Such elevation is referred to
herein as the “Elevation” with respect to any Participated Collateral Asset, and the date of any Elevation of such Participated Collateral Asset is referred to herein as the related “Elevation Date”.

  

	(D)	 The Transferee is obtaining financing by obtaining a loan or loans under the Credit Agreement (such financing,
the “Loan”) entered into with the lender parties thereto (the “Lending Transaction”). 

 The
parties hereto wish to provide for various matters in connection with the foregoing. 
 AGREEMENT 

Accordingly, in consideration of the mutual agreements set forth herein and other valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto hereby agree as follows: 

 ARTICLE I 

TRANSFER 
 Section 1.1 Transfer;
Purchase 
  

	 	(a)	 Transfer. Upon the terms and subject to the conditions hereof on the Transfer Closing Date, the
Transferor and the Transferee hereby effect each Transfer, and, accordingly: 

  

	 	(i)	 with respect to each Sold Collateral Asset, the Transferor hereby sells, transfers, assigns and conveys to the
Transferee, and the Transferee hereby purchases from the Transferor, in each case for settlement of Transfer on the Transfer Closing Date, all the Transferor’s right, title, benefit and interest in and to such Collateral Asset, including any
rights to accrued and unpaid interest, any payment or other periodic distributions as provided in Section 1.2 below; and 

  

	 	(ii)	 with respect to each Participated Collateral Asset, the Transferor irrevocably agrees to sell, transfer and
grant to the Transferee absolutely, and the Transferee agrees to acquire from the Transferor, a 100% undivided participation interest in such Participated Collateral Asset, which interest shall be understood to include, any rights to accrued and
unpaid interest, any payment or other periodic distributions to the extent provided in Section 1.2 below, and to the extent permitted to be transferred under the terms governing such Collateral Asset and under applicable law, all claims, causes
of action and any other right of the Transferor (in its capacity as a lender under any credit documentation executed and delivered in connection with a Collateral Asset), whether known or unknown, against any obligor or any of its affiliates,
agents, representatives, contractors, advisors or other Person arising under or in connection with such documentation or that is in any way based on or related to any of the foregoing or the loan transactions governed thereby, including contract
claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and purchased pursuant to this Agreement, (each, a “Participation Interest” and
collectively, the “Participation Interests”), in each case, for settlement of Transfer on the Transfer Closing Date upon the terms and subject to the conditions set forth in this Agreement. In the case of any Collateral Asset, the
Transferor shall assign such Collateral Asset to the Transferee in accordance with the transfer criteria in this Section 1.1. For the avoidance of doubt, the Transferor and the Transferee agree that the tenor, interest rate
and other terms of a Participated Collateral Asset shall be coextensive with those of the underlying Collateral Asset. 

  

	 	(b)	 Purchase. 

  

	 	(i)	 The purchase price for (i) any Sold Collateral Asset and (ii) each Participation Interest sold on the
Transfer Closing Date by the Transferor to the Transferee, shall be an amount equal to the fair market value thereof as determined by the Transferor and the Transferee and such transaction shall be on terms no less favorable to the Transferor than
it would obtain in a comparable arm’s length transaction with a Person that is not an Affiliate (in each case, the “Purchase Price”). 

  

	 	(ii)	 The Purchase Price for each Collateral Asset set forth on Annex A acquired by the Transferee from the
Transferor on the Transfer Closing Date pursuant to this Agreement and any participation interest in a Collateral Asset acquired by the Transferee from the Transferor on the Transfer Closing Date pursuant to this Agreement shall be paid in a
combination of (A) immediately available funds in 

  
 2 

	 	
cash and (B) if the Buyer does not have sufficient funds in cash to pay the full amount of the Purchase Price, by a means of a contribution of Transferor to the Transferee in exchange for
Equity Interests in the Transferee (“Warehouse Borrower Equity Interests”), which may be in the form of a deemed contribution by the Transferor to the Borrower Parent in exchange for Equity Interests in the Borrower Parent and a
deemed contribution by the Borrower Parent to the Transferee in exchange for the Warehouse Borrower Equity Interests. Such Warehouse Borrower Equity Interests shall be issued to the Transferor (or the designee of the Transferor as identified to by
the Transferor to the Transferee). To the extent the fair market value of any Collateral Asset purchased or acquired by the Transferee pursuant to this Agreement exceeds the amount of cash paid or other consideration exchanged therefore, such excess
shall be deemed to be a capital contribution from the Transferor to the Transferee. In addition, the Transferor may also from time to time elect to contribute capital to the Transferee for any other purpose. 

Section 1.2 Income Collections; Payments of Income Collections and Other Payments Received After the Transfer Closing Date 

 

	 	(a)	 With respect to each Collateral Asset, the Transferee shall acquire from the Transferor all rights to accrued
and unpaid interest, any payment or other periodic distributions (“Income Collections”) that, as of the Transfer Closing Date, are accrued but unpaid with respect to the period both from and after the Transfer Closing Date.

  

	 	(b)	 If at any time after the Transfer Closing Date the Transferor receives any Income Collection, the Transferor
shall deliver such Income Collection on the business day following receipt to the Transferee. If at any time after the Transfer Closing Date the Transferor receives any other payment with respect to a Collateral Asset, the Transferor shall deliver
such payment within five business days following receipt to the Transferee. 

 Section 1.3 Deliveries 

 

	 	(a)	 On or prior to the Transfer Closing Date with respect to any Sold Collateral Asset or the relevant Elevation
Date with respect to any Participated Collateral Asset, the Transferor shall cause the Transferee or its designee to become the record owner of the related Collateral Asset, including by giving any required notice or obtaining any required consent.

  

	 	(b)	 Each party agrees to execute and deliver all such further documents as may be reasonably requested by the other
party in order to effect each Transfer as contemplated hereby. 

 Section 1.4 Conditions 

The obligations of the parties to effect each Transfer are subject to the condition that no injunction or order of any court or regulatory agency of competent
jurisdiction prohibiting or restraining such Transfer shall be in effect. 
 Section 1.5 Treatment of Transfer; Backup Grant of Security Interest

  

	 	(a)	 Each party hereto (i) agrees that each Transfer shall be a sale for all relevant purposes (other than for
tax purposes) and (ii) intends, and has as its business objective, that (x) each Transfer be an absolute transfer and not be a transfer as security for a loan; provided that, with respect to any Participated Collateral Asset, the
Transferee shall not be the record owner of legal title of the Collateral Asset until the Elevation Date of such Participated Collateral Asset, and (y) each Transfer as contemplated by this Agreement constitutes a conveyance, transfer and
assignment of such Sold Collateral Asset or 

  
 3 

	 	
Participation Interest, as applicable, including all beneficial and economic interests in the applicable Collateral Asset from the Transferor to the Transferee, leaving, in the case of a
Participation Interest, the Transferor with only “bare legal title” to such underlying loan and the proceeds and any related collateral, such that the Sold Collateral Asset or Participation Interest (including such beneficial interest in
the underlying loan and the proceeds and any related collateral) shall not be part of the Transferor’s estate, as determined pursuant to Section 541(d) of Title 11 of the United States Code (as amended, the “Bankruptcy
Code”), in the event of the filing of a bankruptcy petition by or against the Transferor under the Bankruptcy Code. The relationship between the Transferor and Transferee shall be that of seller and buyer. No party hereto is a trustee or
agent for the other or has any fiduciary obligations to any other party. This Agreement shall not be construed to create a partnership or joint venture between the parties hereto. 

 

	 	(b)	 If, notwithstanding such intention of the parties, any Transfer is characterized by a court of competent
jurisdiction as a transfer as security for a loan rather than a sale, or any Transfer shall for any reason be ineffective to transfer to the Transferee all of the Transferor’s right, title and interest in any Collateral Asset (including the
Income Collections thereon) then the Transferor shall be deemed to have granted to the Transferee and the Transferor hereby grants to the Transferee, a security interest in and lien on all the Transferor’s right, title and interest in and to
such Collateral Asset (including the Income Collections thereon) and, to the extent permitted to be transferred under applicable law and under the Underlying Credit Agreement, all claims, causes of action and any other right of the Transferor (in
its capacity as a lender under such Underlying Credit Agreement), whether known or unknown, against any obligor or any of its affiliates, agents, representatives, contractors, advisors or other Person arising under or in connection with such
documentation or that is in any way based on or related to any of the foregoing or the loan transactions governed thereby, including contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related
to the rights and obligations sold and purchased pursuant to this Agreement, whether now existing or hereafter acquired, in order to secure such loan and all other obligations of the Transferor hereunder. This Agreement shall constitute a security
agreement within the meaning of the UCC. The Transferor, by execution and delivery of this Agreement, authorizes the Transferee to file, on or after the Transfer Closing Date, UCC financing statements naming the Transferor as the
“debtor/seller”, the Transferee as “assignor secured party/buyer” and the Administrative Agent, on behalf of the Secured Parties, as “assignee of assignor secured party” in each jurisdiction that the Transferee deems
necessary in order to perfect or protect its security interest in any such Collateral Asset (including the Income Collections thereon). 

  

	 	(c)	 For so long as the Transferee owns any Participated Collateral Asset, the Transferee shall record in the
Transferee’s books and records the fact that the Transferee is the owner of such Participated Collateral Asset. After the Transfer Closing Date, the Transferor shall record in its books and records the fact that the Transferor is no longer the
beneficial owner of such Participated Collateral Asset and, after the relevant Elevation Date with respect to any Participated Collateral Asset, Transferor shall record in its books and records the fact that it is no longer the record owner of such
Participated Collateral Asset. 

  

	 	(d)	 In connection with this Agreement, the Transferor 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 Transferor hereunder from time to time meeting the requirements of applicable state law in the jurisdiction of the
Transferor’s organization to perfect and protect the interests of the Transferee created hereby under the UCC against all creditors of, and Transferees from, the Transferor, and to deliver a file-stamped copy of such financing statements or
other evidence of such filings to the Transferee as soon as reasonably practicable after its receipt thereof. 

  
 4 

	 	(e)	 The Transferor 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 Transferee may request, in order to perfect or protect the interest of the Transferee in the Transferred Assets conveyed hereunder or to enable the Transferee to
exercise or enforce any of its rights hereunder. Without limiting the foregoing, the Transferor 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 requested by the Transferee and mark its records noting the conveyance to the Transferee of the Transferred Assets. The Transferor
hereby authorizes the Transferee to file and, to the fullest extent permitted by applicable law the Transferee 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 Transferor; 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)	 Any assignment of a Collateral Asset from the Transferor to the Transferee shall be subject to the terms of
this Section 1.5. 

 Section 1.6 Compliance with Law 

Each of the Transferee and the Transferor shall observe, in all material respects, all applicable laws of the jurisdiction of its formation relating to the
conduct of its business and its assets. 
 ARTICLE II 

REPRESENTATIONS AND WARRANTIES 

Section 2.1 Representations and Warranties of Each Party 

Each party hereto (each, the “Representing Party”) represents and warrants to the other party as follows: 

 

	 	(a)	 The Representing Party is duly formed or incorporated (as applicable) and validly existing as an entity and is
in good standing under the laws of its jurisdiction of formation. 

  

	 	(i)	 The Representing Party has the requisite power and authority to enter into, deliver and perform this Agreement.

  

	 	(ii)	 This Agreement has been duly authorized by all necessary action on the part of the Representing Party, has been
duly executed by the Representing Party and is the valid and binding agreement of the Representing Party enforceable against such party in accordance with its terms, subject to (x) debtor relief laws, (y) general principals of equity,
regardless of whether applied in a proceeding in equity or at law, and (z) the effects of possible judicial application of foreign laws or foreign governmental or judicial action affecting creditors’ rights. 

 

	 	(iii)	 The Representing Party is adequately capitalized in light of its contemplated business or activities.

  

	 	(iv)	 No Transfer will be a transfer of property in connection with any
pre-existing indebtedness owed to its transferee. 

  

	 	(v)	 There are no agreements or understandings between the Representing Parties (other than this Agreement) relating
to or affecting the Collateral Assets and the proceeds thereof. This Agreement is not an attempt to hide the true agreement between the parties and the parties to this Agreement do not and will not depart from its terms with respect to the matters
subject hereof. 

  
 5 

	 	(vi)	 The Representing Party (other than the Transferor) conducts its business or activities solely in its own name.

  

	 	(vii)	 Other than as expressly contemplated by the Credit Agreement, the Representing Party (other than the
Transferor) provides for the payment of its debts, expenses and liabilities from its own funds as the same shall become due. 

  

	 	(viii)	 Other than as expressly contemplated by the Credit Agreement, the Representing Party maintains separate
financial records that enable its assets to be readily ascertained as separate and apart from those of the other party. 

  

	 	(ix)	 The Representing Party has not guaranteed and is not otherwise contractually liable for the payment of any
liability of the other party. Neither the assets nor the creditworthiness of the Representing Party is generally held out as being available for the payment of any liability of the other party. The Representing Party maintains an arm’s-length relationship with the other party. 

  

	 	(x)	 The Representing Party shall not commingle or pool any of its funds or assets with those of the other party.

  

	 	(xi)	 None of the execution, delivery and performance of this Agreement by the Representing Party will:

  

	 	(A)	 conflict with, result in any breach of or constitute a default (or an event which, with the giving of notice or
passage of time, or both, would constitute a default) under, any term or provision of the organizational documents of the Representing Party or any indenture, agreement, order, decree or other instrument to which the Representing Party is a party or
by which the Representing Party is bound, which conflict, breach or default would materially and adversely affect the Representing Party’s ability to perform its obligations hereunder; or 

 

	 	(B)	 violate any provision of any law, rule or regulation applicable to the Representing Party of any regulatory
body, administrative agency or other governmental instrumentality having jurisdiction over the Representing Party or its properties, which violation would materially and adversely affect the Representing Party’s ability to perform its
obligations hereunder. 

 Section 2.2 Representations and Warranties of the Transferor 

The Transferor represents and warrants to the Transferee as follows: 
  

	 	(a)	 On the Transfer Closing Date with respect to each Collateral Asset, immediately prior to entering into this
Agreement, the Transferor will own such Collateral Asset, will have good and marketable title thereto, free and clear of any pledge, lien, security interest, charge, claim, equity or encumbrance of any kind (subject only to Permitted Liens), and
upon the Elevation on the relevant Elevation Date with respect to any Participated Collateral Asset, the Transferee will receive good and marketable title to such Collateral Asset, free and clear of any pledge, lien, investment interest, charge,
claim, equity or encumbrance of any kind. The participation in each Participated Collateral Asset will be granted to the Transferee free and clear of any encumbrance, equity, participation interest, lien, pledge, charge, claim or security interest
(other than the Transferor’s record ownership of the related Collateral Asset). 

  
 6 

	 	(b)	 No consent, license, approval or authorization from, or registration or qualification with, any governmental
body, agency or authority, nor any consent, approval, waiver or notification of any creditor or lessor is required in connection with the execution, delivery and performance by the Transferor of this Agreement, except such as have been obtained and
are in full force and effect or the failure of which to obtain would not materially and adversely affect the Transferor’s ability to perform its obligations hereunder. 

 

	 	(c)	 The Transferor has valid business reasons for transferring the Collateral Assets to the Transferee rather than
obtaining a secured loan with the Collateral Assets as collateral. The Transferor is not effecting any Transfer in contemplation of the Transferor’s insolvency or with any actual intent to hinder, delay or defraud any of its creditors or for an
improper purpose or willfully to defeat an obligation owed to a creditor. 

  

	 	(d)	 The Transferor has been solvent at all relevant times before each Transfer and will not be rendered insolvent
by any Transfer. At all relevant times before the date hereof, the Transferor did not engage in or have plans to engage in any business or transaction as a result of which the total assets remaining with the Transferor would constitute an
unreasonably small amount of capital. The Transferor has not incurred and does not intend to incur, debts that would be beyond its ability to pay as they mature. 

 

	 	(e)	 The Purchase Price paid by the Transferee to the Transferor for each Sold Collateral Asset and Participated
Collateral Asset represents the fair market value of such assets as of the date of determination. 

  

	 	(f)	 The Transferor is not the subject of any insolvency or bankruptcy proceeding under any Applicable Law.

  

	 	(g)	 The Transferor will not take any action inconsistent with the Transferee’s ownership of any Sold
Collateral Asset or Participated Collateral Asset. If a third party, including a potential purchaser of the Collateral Assets, should inquire with respect to any Collateral Asset which has not been elevated, Transferor will disclose that such
Participated Collateral Asset has been sold to Transferee and will claim no beneficial interest in the Collateral Assets. 

  

	 	(h)	 Upon consummation of the sale of any Sold Collateral Asset or of the respective Participation Interests in each
Participated Collateral Asset on the date hereof, the Transferor acknowledges that it is not the beneficial owner of any Collateral Asset, has no right to any payments on any Collateral Asset and is not liable for failure by any underlying obligor
to make any payment on any Collateral Asset. 

 ARTICLE III 

MISCELLANEOUS 
 Section 3.1
Elevation 
  

	 	(a)	 Subject to the terms and provisions of the applicable Participated Collateral Assets, the Transferor and the
Transferee shall use commercially reasonable efforts to effect an Elevation, as soon as reasonably practicable and in all events within 90 days of the Transfer Closing Date, with respect to each such Participated Collateral Asset and take such
action (including the execution and delivery of an assignment agreement) as shall be mutually agreeable in connection therewith and in accordance with the terms and conditions of each such Participated Collateral Asset and consistent with the terms
of this Agreement. The Transferee shall pay any elevation fees, transfer fees and other expenses payable in connection with an Elevation and any expenses of administering each Participated Collateral Asset prior to its Elevation.

  
 7 

	 	(b)	 If the Transferor is dissolved, each party agrees (so far as the same is within its power and control) that the
Participation Interests in each of the Participated Collateral Assets shall elevate automatically and immediately to an assignment and all of Transferor’s rights, title, interests and ownership of such Participated Collateral Assets shall vest
in Transferee. Transferor shall be deemed to have consented and agreed to Elevation for each of the Participated Collateral Assets upon the execution of this Agreement. Transferor agrees that, following Transferor’s dissolution, Transferee
shall be permitted to take any and all action necessary to effectuate an Elevation and/or finalize an assignment of any of the Collateral Assets, and in furtherance of the foregoing, effective immediately upon a dissolution of Transferor, Transferor
hereby makes, constitutes and appoints Transferee, with full power of substitution, as its true and lawful agent and attorney-in-fact, with full power and authority in
its name, place and stead, to sign, execute, certify, swear to, acknowledge, deliver, file, receive and record any and all documents that the Transferee reasonably deems appropriate or necessary in connection with any Elevation or finalization of an
assignment of any of the Collateral Assets. The foregoing power of attorney is (x) hereby declared to be irrevocable and a power coupled with an interest, and it shall survive and not be affected by the bankruptcy or insolvency or dissolution
of the Transferor and (y) expressly limited to the foregoing actions taken with respect to Participated Collateral Assets. 

  

	 	(c)	 Prior to the Elevation Date, the Transferor shall not agree to any amendments, supplements, or other
modifications of any credit documentation, loan agreement or similar governing document in respect of a Participated Collateral Asset to the extent that such amendment, supplement, or modification would (i) extend or increase the commitment of
any lender thereunder, (ii) postpone any date fixed thereunder for any payment of principal, interest, or other payments or periodic distributions due to the lenders thereunder, or (iii) reduce the amount of any such payment of principal
or interest owing to such lenders, (iv) reduce the rate of interest payable to such lenders as specified therein or (v) release any material portion of, any Participated Collateral Asset, without the prior written consent of the
Transferee. 

 Section 3.2 Amendments 

This Agreement may not be amended, altered, supplemented or otherwise modified, except by the execution and delivery of a written agreement by each of the
parties hereto; provided that, Annex A hereto may be amended, altered, supplemented or otherwise modified prior to the Transfer Closing Date of the applicable Transfer by agreement of each of the parties hereto (with the consent of the
Administrative Agent) via email. 
 Section 3.3 Communications 

Except as may be otherwise agreed between the parties, all communications hereunder shall be made in writing to the relevant party by courier or by email: 

To the Transferor: 
 Owl Rock
Core Income Corp.  
 399 Park Avenue, 38th Floor 

New York, NY 10022 
 Attention:
Accounting 
 Telephone: 212-419-3035 

Email: Accounting@blueowl.com 

  
 8 

 To the Transferee: 

ORCIC JV WH LLC  
 c/o
Puglisi & Associates 
 850 Library Avenue, Suite 204 

Newark, Delaware 19711 

Attention: Don Puglisi 
 Email:
dpuglisi@puglisiassoc.com 
 or to such other address, email or telephone number as either party may notify to the other party in accordance with the terms
hereof from time to time. Any communications hereunder shall be effective upon receipt. 
 Section 3.4 Certain Definitions; Interpretation 

 

	 	(a)	 As used herein: 

“Credit Agreement” means the Credit Agreement, dated as of August 24, 2022 by and among the Transferee, as Borrower, Bank
of America, N.A., as administrative agent, and the lenders party from time to time thereto. 
 “Proceeding” means any suit
in equity, action at law or other judicial or administrative proceeding thereof. 
 “Transferred Assets” means, all, right,
title and interest in each Sold Collateral Asset and Participated Collateral Asset conveyed to the Transferee pursuant to this Agreement. 
  

	 	(b)	 Except as otherwise specified herein or as the context may otherwise require: 

 

	 	(i)	 capitalized terms used in this Agreement have the respective meanings assigned to them herein for all purposes
of this Agreement, and, to the extent not defined herein, have the meanings ascribed to them in the Credit Agreement; 

  

	 	(ii)	 the definitions of terms herein are equally applicable both to the singular and plural forms of such terms and
to the masculine, feminine and neuter genders of such terms; 

  

	 	(iii)	 the terms “payment” and “distribution” are synonymous; 

 

	 	(iv)	 the words “herein”, “hereof” and “hereunder” and other words of similar import
refer to this Agreement as a whole (including any attachments hereto) and not to any particular Article, Section or other subdivision; 

  

	 	(v)	 the word “including” and correlative words shall be deemed to be followed by the phrase “without
limitation” unless actually followed by such phrase or a phrase of like import; 

  

	 	(vi)	 the word “or” is always used inclusively herein (for example, the phrase “A or B” means
“A or B or both”, not “either A or B but not both”) when not used in an “either/or” construction; 

  

	 	(vii)	 references to a Person include references to such Person’s successors and assigns (but this clause
(vii) shall not permit any assignment of any right hereunder or any delegation of any obligation hereunder that is prohibited or limited hereby); 

  
 9 

	 	(viii)	 references to an agreement or other document are to it as amended, supplemented, restated and otherwise
modified from time to time and to any successor document; 

  

	 	(ix)	 references to a statute, regulation or other government rule are to it as amended from time to time and, as
applicable, are to corresponding provisions of successor governmental rules; 

  

	 	(x)	 references to an “Article”, a “Section”, an “Exhibit” or a “Schedule”
are to an article hereof, a section hereof, an exhibit hereto or a schedule hereto; and 

  

	 	(xi)	 the titles of Articles and Sections hereof are for convenience only, and they neither form a part of this
Agreement nor are to be used in the construction or interpretation hereof. 

 Section 3.5 Governing Law 

This Agreement shall be governed by and construed and interpreted in accordance with the law of the State of New York. 

Section 3.6 Submission to Jurisdiction 
 The
Transferee irrevocably and unconditionally agrees that it will not commence any action, litigation or proceeding of any kind of description, whether in law or equity, whether in contract or in tort or otherwise, against the Transferor in any way
relating to this Agreement or the transactions relating hereto, in any forum other than the courts of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate
court from any thereof, and each of the parties hereto irrevocably and unconditionally submits to the exclusive jurisdiction of such courts and agrees that all claims in respect of any such action, litigation or proceeding may be heard and
determined in such New York state court or, to the fullest extent permitted by applicable law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action, litigation 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. Nothing in this Agreement shall affect any right that the Transferor may otherwise have to bring any action or proceeding relating to this Agreement
against the Transferee or its properties in the courts of any jurisdiction. 
 Section 3.7 Waiver of Venue 

The Transferee irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any objection that it may now or hereafter have to
the laying of venue of any action or proceeding arising out of or relating to this Agreement in any court referred to in Section 3.8. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, the
defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 
 Section 3.8 No Liability 

 

	 	(a)	 The Transferor and the Transferee make no representation or warranty, express or implied, and assume no
responsibility, with respect to the genuineness, authorization, execution, delivery, validity, legality, value, sufficiency, perfection, priority, enforceability or collectability of any Collateral Asset or credit documentation executed and
delivered in connection with a Collateral Asset. The Transferor and the Transferee assume no responsibility for (i) (except as otherwise expressly provided herein) any representation or warranty made by, or the accuracy, completeness, correctness or
sufficiency of any information (or the validity, completeness or adequate disclosure of assumptions underlying any estimates, forecasts or projections contained in such information) provided

  
 10 

	 	
directly or indirectly by, any obligor in respect of a Collateral Asset or any credit documentation thereof or by any other Person, (ii) the performance or observance by any obligor of any
of the provisions of any credit documentation in respect of a Collateral Asset (whether on, before or after the Transfer Closing Date), (iii) the filing, recording, or taking of any action with respect to any credit documentation in respect of a
Collateral Asset, (iv) the financial condition of any obligor in respect of a Collateral Asset or of any other Person or (v) (except as otherwise expressly provided herein) any other matter whatsoever relating to any obligor in respect of
a Collateral Asset, any other Person or the Collateral Assets. 

  

	 	(b)	 In making, handling and transferring the Sold Collateral Assets and the Participated Collateral Assets, each of
the Transferor and the Transferee shall exercise the same care as it normally exercises with respect to similar loans or commitments, but neither the Transferor nor the Transferee shall have any further responsibility to the Transferee except with
respect to the duties expressly provided herein and except for its own gross negligence or willful misconduct which results in actual loss to the Transferee. 

Section 3.9 Conduct of Business 
 Transferor
represents, warrants and agrees that, from and after the date hereof, it shall not grant a security interest in or lien on or otherwise pledge, mortgage, hypothecate or encumber (or permit such to occur or suffer such to exist other than pursuant to
this Agreement), any part of the Sold Collateral Assets and/or the Participated Collateral Assets. 
 Section 3.10 Custodian 

Transferor agrees (a) to cause the custodian of the bank accounts of Transferor established to receive proceeds of the Sold Collateral Assets or the
Participated Collateral Assets, as applicable, to, on the business day following receipt thereof, remit such proceeds to Transferee and (b) on the business day following receipt thereof, to forward to Transferee any notices, requests or other
communications received in respect of the Sold Collateral Assets or the Participated Collateral Assets, as applicable. 
 Section 3.11 Parties
Benefited 
 This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.
Neither this Agreement nor any right or obligation in or under this Agreement may be transferred (whether by way of security or otherwise) or delegated by either party without the prior written consent of the other party, except that (i) a
party may make a transfer of all (but not less than all) of its rights and obligations under this Agreement pursuant to a consolidation or amalgamation with, or merger with or into, or transfer of all or substantially all its assets to, another
entity and (ii) the Transferee may grant a lien on all of its rights under this Agreement under and in accordance with the Credit Agreement entered into in connection with the Lending Transaction. Any purported transfer that is not in
compliance with this provision will be void. No Person shall be a third party beneficiary of this Agreement. 
 Section 3.12 Severability 

If any term, provision, covenant or condition of this Agreement, or the application thereof to the Transferor or Transferee or any circumstance, is held to be
unenforceable, invalid or illegal (in whole or in part) for any reason (in any relevant jurisdiction), the remaining terms, provisions, covenants and conditions of this Agreement, modified by the deletion of the unenforceable, invalid or illegal
portion (in any relevant jurisdiction), will continue in full force and effect, and such unenforceability, invalidity, or illegality will not otherwise affect the enforceability, validity or legality of the remaining terms, provisions, covenants and
conditions of this Agreement so long as this Agreement as so modified continues to express, without material change, the original intentions of the Transferor and Transferee as to the subject matter hereof and the deletion of such portion of this
Agreement will not substantially impair the respective expectations 

  
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of the Transferor and Transferee or the practical realization of the benefits hereof that would otherwise be conferred upon the Transferor and the Transferee. The Transferor will endeavor in good
faith negotiations with the Transferee to replace the prohibited or unenforceable provision with a valid provision, the economic effect of which comes as close as possible to that of the prohibited or unenforceable provision. 

Section 3.13 Indemnity 
 The Transferee shall
reimburse the Transferor for any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses, and disbursements, including reasonable legal fees, which may be incurred or made by the Transferor in
connection with any action which may be taken by the Transferor to collect the principal of or interest on the Collateral Assets in which the Transferee is participating or for the preservation or enforcement of any rights conferred by any credit
documentation in respect of a Collateral Asset for which the Transferor is not reimbursed at any time by or on behalf of any obligor under such credit documentation. 

Section 3.14 Documents 
 If requested by Transferee,
the Transferor shall furnish to the Transferee copies of any credit documentation in its possession in respect of a Collateral Asset and, as and when available to the Transferor, a copy of each amendment, consent or waiver in connection with any
such documentation. The Transferee agrees that it shall maintain the confidentiality of any such documents to the extent required therein and to the same extent as if it were the Transferor and shall, upon the Transferor’s request, provide to
the Transferor a confidentiality undertaking to such effect in accordance with the terms of the such documentation prior to the delivery thereof. 

Section 3.15 Counterparts 
 This Agreement (and each
amendment, modification and waiver in respect of it) may be executed in any number of counterparts (including by facsimile transmission or other form of electronic transmission), each of which shall be an original, but all of which together shall
constitute one and the same agreement. 
 Section 3.16 No Proceedings 

Each of the parties hereto agrees that neither it nor any assignee hereunder will institute against, or join, cooperate with or encourage any other Person in
instituting against, the Transferor or the Transferee any bankruptcy or other insolvency proceedings so long as there shall not have elapsed one year and one day (or such longer preference period as shall then be in effect) since the termination of
the Lending Transaction. The provisions of this Section 3.16 are a material inducement for the Secured Parties to enter into the and the Credit Agreement and the transactions contemplated thereby and are an essential term hereof. The parties
hereby agree that monetary damages are not adequate for a breach of the provisions of this Section 3.16 and the Administrative Agent may seek and obtain specific performance of such provisions (including injunctive relief), including, without
limitation, in any bankruptcy, reorganization, arrangement, winding up, insolvency, moratorium, winding up or liquidation proceedings, or other proceedings under United States federal or state bankruptcy laws, or any similar laws. Each Transfer
under this Agreement shall be on a fully non-recourse basis. 
 ARTICLE IV 

ADDITIONAL REPRESENTATIONS, WARRANTIES, COVENANTS AND INDEMNITIES OF THE TRANSFEROR 

Section 4.1 Protection of Transferee’s Interest 

The Transferor in its capacity as Transferor hereunder, agrees as that it shall to the extent consistent with this Agreement, take such actions as may be
reasonably requested by the Administrative Agent to ensure that, if this Agreement were deemed to create a security interest in the applicable Transferred Assets to secure a debt or other obligation, such security interest would be deemed to be a
perfected security interest in favor of the Transferee under applicable law. The Transferor represents and warrants that the Transferred Assets are being transferred with the intention of removing them from the Transferor’s estate pursuant to
Section 541 of the Bankruptcy Code. 

  
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 Section 4.2 Indemnification 

Without limiting any other rights which any such Person may have hereunder or under applicable law, the Transferor, in its capacity as Transferor hereunder,
agrees to indemnify on a net after-tax basis (including, for example, taking into account the deductibility of an applicable underlying damage, loss, liability or related cost and expense) the Transferee and
its successors, transferees, and assigns (including each Secured Party) and all officers, directors, shareholders, controlling persons, employees and agents of any of the foregoing (each of the foregoing Persons being individually called an
“Indemnified Party”), forthwith on demand, from and against any and all damages, losses, claims, liabilities and related costs and expenses, including reasonable attorneys’ fees and disbursements (all of the foregoing being
collectively called “Indemnified Amounts”) awarded against or incurred by any of them arising out of any breach by the Transferor of any of its obligations hereunder or arising as a result of the failure of any representation or warranty
of the Transferor herein to be true and correct on the date such representation or warranty was made, excluding, however, (a) Indemnified Amounts in respect of any Transferred Asset due to the creditworthiness of the obligor of such Transferred
Asset, (b) Indemnified Amounts payable to an Indemnified Party to the extent determined by a court of competent jurisdiction to have resulted from gross negligence, bad faith or willful misconduct on the part of any Indemnified Party or its
agent or subcontractor, (c) non-payment by any obligor of any Transferred Asset of an amount due and payable with respect to a Transferred Asset, (d) any Excluded Taxes and any Taxes indemnifiable
under the Credit Agreement and (e) Indemnified Amounts resulting from the performance or non-performance of the Transferred Assets. 

Section 4.3 Additional Representations and Warranties of the Transferor 

The Transferor, in its capacity as Transferor hereunder, represents and warrants to the Transferee as of the Effective Date: 

 

	 	(a)	 Fair Consideration; No Avoidance for Collateral Asset Payments. With respect to each Transferred Asset,
the Transferor shall transfer such Transferred Asset to the Transferee upon payment by Transferee of the Purchase Price in cash (or, if applicable, in a combination of cash and Warehouse Borrower Equity Interests), 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
Transferor to the Transferee. In addition, no such conveyance shall have been made with the intent to hinder or delay payment to or defraud any creditor of the Transferor. 

 

	 	(b)	 Eligibility of Transferred Collateral Assets. Each Transferred Asset is an Eligible Collateral Asset.
Annex A to this Agreement is an accurate and complete listing of all Transferred Assets as of the Effective Date. 

  

	 	(c)	 True and Complete Information. All information heretofore or hereafter furnished by or on behalf of the
Transferor in writing to any Lender, the Collateral Custodian or the Administrative Agent in connection with this Agreement, the other Loan Documents, the Transferred Assets, or any transaction contemplated hereby is and will be (when taken as a
whole) true, correct and complete in all material respects. 

  

	 	(d)	 Payment in Full. The Transferor had no actual knowledge at the time of conveyance of a Transferred Asset
of any fact which would lead it to know that any payments on such Transferred Asset will not be paid in full when due or to expect any other material adverse effect on the Transferred Assets or the interests of the Transferor therein.

  
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	 	(e)	 No Brokers or Finders. No broker or finder acting on behalf of the Transferor was employed or utilized
in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby and the Transferor has no obligation to any Person in respect of any finder’s or brokerage fees in connection therewith.

  

	 	(f)	 Restricted Payments. The Transferor shall not cause the Transferee to make any payments or distributions
which would violate Section 7.06 (Restricted Payments) of the Credit Agreement. 

  

	 	(g)	 Special Purpose Entity. The Transferee is an entity with assets and liabilities distinct from those of
the Transferor and any Affiliates thereof, and the Transferor hereby acknowledges that the Administrative Agent and each of the Lenders are entering into the transactions contemplated by the Credit Agreement in reliance upon the Transferee’s
identity as a separate legal entity. Therefore, from and after the date of execution and delivery of this Agreement, the Transferor shall take all reasonable steps, including all steps that the Transferee or the Administrative Agent may from time to
time reasonably request, to maintain the Transferee’s identity as a legal entity that is separate from the Transferor and from each other Affiliate of the Transferor, and to make it manifest to third parties that the Transferee is an entity
with assets and liabilities distinct from those of the Transferor and each other Affiliate thereof and not just a division of the Transferor or any such other Affiliate. 

 

	 	(h)	 Set–Off, etc. At the time of conveyance of a Transferred Asset and to the knowledge of the
Transferor after reasonable inquiry, such Transferred Asset has not been compromised, adjusted, extended, satisfied, subordinated, rescinded, set-off or modified by the Transferor or by the obligor of such
Transferred Asset thereof, and at such time such Transferred Asset is not subject to compromise, adjustment, extension, satisfaction, subordination, rescission, set-off, counterclaim, defense, abatement,
suspension, deferment, deduction, reduction, termination or modification, whether arising out of transactions concerning such Transferred Asset or otherwise, by the Transferor or by the obligor of such Transferred Asset with respect thereto, except,
in each case, for amendments, extensions and modifications, if any, to such Transferred Asset otherwise permitted under the Loan Documents. 

  

	 	(i)	 No Liens, Etc. The Collateral and each part thereof is owned by the Transferor free and clear of any
Adverse Claim (other than Permitted Liens) or restrictions on transferability and the Transferor has the full right, power and lawful authority to assign by way of security, charge, transfer and pledge the same and interests therein. The Transferor
has not pledged, assigned, sold, granted a security interest in or otherwise conveyed any of the Collateral. 

  

	 	(j)	 Selection Procedures. In selecting the Collateral Assets hereunder, no selection procedures were
employed which are intended to be adverse to the interests of the Administrative Agent, any Agent or any Lender. 

 Section 4.4
Covenants of the Transferor 
 The Transferor, in its capacity as Transferor hereunder, hereby covenants and agrees with the Transferee that: 

 

	 	(a)	 Taxes. The Transferor will file on a timely basis all federal and other material Tax returns required to
be filed and will pay all federal and other material Taxes due and payable by it (other than any amount the validity of which is contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP are
provided on the books of the Transferor). 

  
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	 	(b)	 Change of Name, Etc. The Transferor shall not change its name, identity or corporate structure in any
manner that would make any financing statement or continuation statement filed by the Transferor (or by the Administrative Agent on behalf of the Transferor) in accordance with this Agreement seriously misleading or change its jurisdiction of
organization, unless the Transferor shall have given the Transferee at least 10 days prior written notice thereof, and shall promptly file appropriate amendments to all previously filed financing statements and continuation statements.

  

	 	(c)	 Sale Characterization. Other than for tax purposes, in which case this clause (c) shall not apply,
the Transferor shall not make statements or disclosures, or treat the transactions contemplated by this Agreement in any manner other than as a true sale and absolute assignment of the title to and sole record and beneficial ownership interest of
the Transferred Assets; provided that the Transferor may consolidate the Transferee and/or its properties and other assets for accounting purposes in accordance with GAAP. 

 

	 	(d)	 Nonconsolidation Opinions. The Transferor shall not take any action contrary to the assumptions
contained in the opinion of Milbank LLP, dated as of the date hereof, relating to certain nonconsolidation, or equivalent, matters. 

Section 4.5 Waiver of Jury Trial 
 Each party hereto
hereby irrevocably waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in any legal proceeding directly or indirectly arising out of or relating to this Agreement or the transactions contemplated
hereby (whether based on contract, tort or any other theory). Each party hereto (a) certifies that no representative, agent or attorney of any other person has represented, expressly or otherwise, that such other person would not, in the event
of litigation, seek to enforce the foregoing waiver and (b) acknowledges that it and the other parties hereto have been induced to enter into this Agreement by, among other things, the mutual waivers and certifications in this Section. 

[Remainder of page intentionally left blank] 

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

			
	Owl Rock Core Income Corp., as Transferor
		
	By:	 	 /s/ Jonathan Lamm

	Name:	 	Jonathan Lamm
	Title:	 	Chief Financial Officer

  
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	ORCIC JV WH LLC, as Transferee
		
	By:	 	 /s/ Bryan Cole

	Name:	 	Bryan Cole
	Title:	 	Authorized SIgnatory

  
 17 

 Annex A 

Schedule of Collateral Assets 

[Provided Separately] 

  
 Ann. A-1

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